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United Financial Bancorp, Inc. (UBNK) Reports Higher Net Income Adjusted for Acquisition Costs

United Financial Bancorp, Inc. reported net income of $1.8 million, or $0.11 per diluted share, for the first quarter of 2010. This was down slightly from the $2.1 million, or $0.14 per diluted share, earned in the first quarter of 2010.

United Financial Bancorp, Inc. said that excluding acquisition costs of approximately $1 million, net income would have shown a strong improvement on a year over year basis.

The management of United Financial Bancorp, Inc. attributed the better performance to higher fee income, growth in total assets and margin expansion. The bank also bought back stock during the quarter, helping to boost earnings per share through a lower share count.

United Financial Bancorp, Inc. also reported the smooth integration of Commonwealth National Bank, an acquisition completed in November 2009. Richard B. Collins, the CEO of United Financial Bancorp, Inc., said “We are extremely pleased to report that the integration of United Bank and Commonwealth National Bank was completed in the first quarter with the successful conversion of all systems. Beginning in March, we were able to devote our resources to fully deploying our brand of banking in the Worcester area.”

United Financial Bancorp, Inc. is a bank holding company that owns United Bank, a federally chartered savings bank located in Massachusetts. United Bank has 24 branches located in Worcester, Hampden and Hampshire Counties.

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