Glastonbury community lender United Financial Bancorp Inc. posted lower fourth-quarter net profit, partly the result of launching into the marine-financing market and buying packages of loans.
For three months ended Dec. 31, the parent of United Bank netted $9.9 million, or 20 cents a diluted share, down from $13.4 million, or 27 cents a share, netted the same three-month period in 2014. The bank said results reflect a series of recent loan-portfolio purchases, and expenses tied to the elimination of its chief operating officer slot and related severance.
For all of 2015, United Financial netted $49.6 million, or $1 a diluted share, up from $44.2 million, or 90 cents a share, netted in the 12 months of 2014.
William H. W. “Bill” Crawford announced Tuesday the establishment of the bank’s LH-Finance division. Based in Baltimore, it will originate and underwrite floor-plan loans to premium boat builders and their retail buyers.
United Financial ended 2015 with $6.2 billion in assets vs. $5.5 billion in 2014.
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