United Financial Bancorp Inc., in its third quarter as the merged Rockville and United banks, posted first quarter profits Tuesday and announced a 20 percent increase in its quarterly shareholder dividend.
Net income for the quarter at the Glastonbury-based parent of United Bank ended March 31 was $13 million, or 26 cents a diluted share.
Results for the first quarter of 2014 do not directly compare because the parent companies of Rockville and United banks had not yet merged.
Rockville Financial Inc. earned $947,000, or 4 cents a diluted share, in the first quarter of 2014.
The board of directors said the bank’s dividend on a share of common stock will rise to 12 cents, up from 10 cents. The increase, the company said, was driven by the bank’s goal to share strong operating performance with shareholders.
The dividend is payable on May 13 to shareholders of record as of May 1.
The two banks completed a merger April 30, 2014, taking the United Bank name, under Glastonbury-based United Financial Bancorp.
William H.W. Crawford IV, United’s chief executive, said Tuesday the bank saw higher revenue and lower operating expenses in the quarter, evidence the combined banks will meet the financial goals of their merger.
For the rest of 2015, United is targeting high, single-digit loan growth, increased fee income and building deposits and keeping expenses in check, Crawford said.
Commercial loan growth didn’t meet targets in the first quarter, but “we have record commercial and robust mortgage loan pipelines,” Crawford said.
United Financial’s shares closed Tuesday at $12.81, down 18 cents.
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