The parent company of the merged Rockville and United banks on Wednesday announced a net loss in the second quarter, pulled down by $21.3 million in merger expenses.
United Financial Bancorp Inc. posted a net loss of $5.6 million, or 13 cents a diluted share, for the quarter ended June 30. The quarter's results include earnings for one month of the former Rockville Financial Inc. and two months of the merged banks.
Rockville Financial, the parent of Rockville Bank, and United Financial, parent of United Bank, completed a merger April 30, taking the United name.
The earnings release compared the quarter's earnings to net income of $3.3 million at Rockville Financial for the same period in 2013.
Without merger expenses and other one-time costs, net income would have been $5.8 million, or 13 cents a diluted share, in the most recent quarter.
William H.W. Crawford IV, United Financial's chief executive, said the bank saw its assets grow by winning new business in the quarter, and net income excluding one-time expenses "were strong, despite including only two months as a combined organization."
The company is on track to complete the merging of its computer systems in the fourth quarter, Crawford said.
United Financial shares closed at $12.75 Wednesday, up 13 cents, on the Nasdaq Global Select Market.