The predecessor to Glastonbury’s United Bank posted lower first-quarter net income after reflecting the costs of former Rockville Bank’s recent $369 million merger with a West Springfield lender of the same name.
For three months ended March 31, former Rockville Bank said Wednesday it netted $947,000, or 4 cents a diluted share, down from $4.6 million, or 17 cents a share, netted the same quarter a year ago.
Parents of Rockville Bank and former United Bank of West Springfield officially merged exactly one week ago in a $369 million all-stock deal.
Core net profit for the quarter was a non-GAAP $2.2 million, or 8 cents a diluted share, after adjusting for $1.8 million in pre-tax merger expenses, as well as a $268,000 pre-tax net gains on sales of securities.
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