West Springfield-based United Financial Bancorp Inc., the holding company for United Bank, has reported net income of $560,000 for the second quarter due to the acquisition of Commonwealth National Bank and an FDIC insurance assessment.

That compared to net income of $2 million for the corresponding period in 2008 – a 72 percent decrease.

Results for the quarter include nondeductible expenses totaling $1.2 million related to the acquisition of Commonwealth National Bank and a special FDIC insurance assessment of $538,000 ($312,000 net of taxes). Excluding these items, the company said net income would have been $2 million for the quarter.

The results for the 2009 period also reflect gains of $461,000 from sales of securities and $238,000 from sales of loans, offset in part by lower net interest income and higher non-interest expenses.

For the six months ended June 30, the company’s net income was $2.7 million, compared to net income of $4 million for the same period in 2008 – a 32.5 percent decline. Excluding the acquisition-related expenses and the after-tax impact of the special FDIC insurance assessment, net income would have been $4.2 million, the compant added.

The company also announced a quarterly cash dividend of $0.07 per share, payable Aug. 28 to shareholders of record as of Aug. 7.