West Springfield-based United Financial Bancorp Inc., the holding company for United Bank, reported net income almost doubled to $4 million for the second quarter of 2013 compared with $2.6 million for the same period last year.

Excluding branch closing costs totaling $477,000, acquisition related expenses of $123,000 resulting from the company’s acquisition of New England Bancshares Inc. in November 2012 and a $200,000 gain related to an investment in a venture capital fund which is accounted for on a cost basis, net income would have been $4.3 million for the second quarter of 2013. Excluding acquisition related expenses totaling $592,000, net income would have been $3.2 million for the second quarter of 2012.

For the six months ended June 30, net income was $8.8 million, compared with $5.4 million for the same period in 2012.  Excluding branch closing costs totaling $987,000, acquisition related expenses of $281,000 resulting from the company’s acquisition of New England Bancshares Inc. and a $200,000 gain related to a cost basis investment, net income would have been $9.5 million for the six months ended June 30.  Excluding acquisition related expenses of $592,000, net income would have been $6 million for the first six months of 2012. 

The company also announced a quarterly cash dividend of 11 cents per share, payable on Aug. 29 to shareholders of record as of Aug. 8. Based upon the closing share price of $15.92 as of July 17, and the annualized dividend of 44 cents, the dividend yield on the company’s common stock is 2.76 percent.