Glastonbury’s United Financial Bancorp Inc. says costs tied to its merger three months ago with a former Springfield rival drove its profits into the red in the second quarter.
For three months ended June 30, United Bank’s parent lost a net $5.6 million, or 13 cents a diluted share, reversing the $3.3 million, or 12 cents a diluted share, netted the same quarter a year earlier when it was Rockville Financial.
Second-quarter operating net income, including its adjustment for $21.3 million in pre-tax expenses from former Rockville Financial’s merger with former United Financial Bancorp of West Springfield, was $5.6 million vs. $4 million a year ago.
The quarter reflects only one-month of operating results from the merged banks. Their $369 million all-stock merger closed April 30.
United Financial Chief Executive William H.W. “Bill’’ Crawford IV said United is making progress integrating the two institutions’ operations and is on target to complete their data conversion in the fourth quarter.
Loans and deposits both grew in the quarter.
At June 30, United had combined assets of $5.2 billion vs. Rockville’s $2.2 billion a year earlier.