Vernon bank holding company Rockville Financial, which last week completed its conversion to a fully public company, reported a 27 percent increase in profits for 2010.
The parent of Rockville Bank said net income for the year ended Dec. 31 totaled $12.3 million, or 66 cents a share, up from $9.7 million, or 53 cents a share, Â earned for all of 2009.
The holding company and its bank, which has 21 branches, did not provide a breakdown of its fourth quarter earnings. It’s quarterly filing with federal securities regulators has yet to be made public.
The year-over-year profit increase was spurred by revenue gains from interest income on loans and other interest-bearing assets. Net interest income increased by $7.3 million, or 15.7 percent during the quarter.
Total assets grew $106.9 million, or 6.8 percent, to $1.68 billion at the end of 2010.
Rockville attributed the growth primarily due to a $49.5 million increase in net loans, a $41.4 million increase in cash and cash equivalents and a $17.3 million increase in investment securities.
