LSB Corp., whose subsidiary is People’s United Bank’s recently acquired RiverBank, reported $1.6 million in net income for the second quarter, compared to $846,000 for the second period last year.

Net income for the six months ended June 30, totaled $3.1 million, compared to $1.7 million for the same period of 2009.

Earlier this month, People’s United Financial of Bridgeport, Conn., acquired North Andover’s RiverBank for $96 million.

"I am pleased to report earnings of $0.35 per diluted share for the second quarter of 2010. Despite the slowdown in the economy, we have been able to sustain our growth, with loans and core deposits up 2 percent and 17 percent, respectively, on an annualized basis," said President and CEO Gerald T. Mulligan. "The focus on our community banking strategy has been the key to our success."

He added: "We are excited by the opportunities presented by our pending merger with People’s United. We look forward to the ability to offer our retail customers an expanded array of products and services and larger loan limits and other ancillary products for our commercial customers."

The company also announced a quarterly cash dividend of 9-cents per share to be paid on Aug. 19 to shareholders of record as of Aug. 5.