United Financial Bancorp Reports Earnings Per Share of $0.15, Declares Dividend of $0.07 Per Share and Announces Strong Capital and Liquidity Position

United Financial Bancorp, Inc. (the "Company") (UBNK:13.99, -0.51, -3.5%) , the holding company for United Bank (the "Bank"), reported net income of $2.4 million, or $0.15 per diluted share, for the third quarter of 2008 compared to net income of $1.3 million, or $0.08 per diluted share, for the corresponding period in 2007. The Company's improved results were largely due to a significant increase in net interest income, driven by net interest margin expansion and growth in average earning assets, and to a lesser extent, growth in non- interest income. The quarterly operating performance was also affected by increases in the provision for loan losses and non-interest expenses. For the nine months ended September 30, 2008 the Company's net income was $6.3 million, or $0.39 per diluted share, compared to net income of $3.1 million, or $0.18 per diluted share, for the same period in 2007. The Company also announced a quarterly cash dividend of $0.07 per share, payable on December 1, 2008 to shareholders of record as of November 6, 2008. read more
Source:http://www.marketwatch.com/news/story/united-financial-bancorp-reports-earnings/story.aspx?guid={0B4456E2-7252-4BB5-ADD4-179129B60A7B}&dist=hppr