Glastonbury lender United Financial Bancorp Inc. posted a smaller net profit for the fourth quarter and all of 2013, a year in which the cost of last spring’s merger of its Connecticut and Massachusetts predecessors impacted its bottom line.
For three months ended Dec. 31, the United Bank parent netted $1.4 million, or 3 cents a diluted share, down from the $1.8 million, or 7 cents a diluted share, that predecessor Rockville Financial earned the same period a year earlier.
United’s operating net income for the quarter was $10.4 million, after adjusting for pre-tax merger expenses, vs. Rockville’s $3.3 million netted a year earlier.
For the year, new United Financial netted $6.8 million, or 16 cents a diluted share, down from $14.2 million, or 54 cents a diluted share, that Rockville netted in the final quarter of 2013.
United’s full-year operating net was $26.7 million, down from Rockville’s operating net of $16.3 million a year earlier.
United’s results reflect a $10.6 million pre-tax earnings adjustment to cover merger costs, United CEO William H. W. Crawford IV said.
“As we close the books on 2014, I am pleased … that we reported impressive organic loan growth, successfully completed the conversion to one core operating system, and have materially achieved the company’s objectives related to eliminating redundant expenses by the end of the fourth quarter,” Crawford said in a statement. “Looking forward to 2015, the operational environment will be challenging; however, I am confident that our strategy to reduce expenses and improve efficiency will enhance long-term shareholder value, while maintaining superior service for our customers.”
United declared its regular dime-a-share dividend, payable Feb. 17 to common stockholders on record by Feb. 6.
