West Springfield’s United Financial Bancorp Inc., the holding company for United Bank, has reported $2.7 million in net income for the fourth quarter of 2010, up from $1.2 million in net income for the same period in 2009.

The improved results were largely due to an increase in net interest income, driven by growth in average earning assets, and a lower provision for loan losses.

"We are pleased to report improved operating results which reflect the positive impact of our expansion into Worcester County and better credit quality metrics," said Richard B. Collins, president and chief executive officer. "Our performance also demonstrates our continued success in attracting and retaining core loan and deposit relationships. Moving forward we will continue to focus on profitably growing our franchise while maintaining a strong balance sheet and actively managing the health of our asset portfolio."

For the 12 months ended Dec. 31, 2010, net income was $10 million, compared to net income of $5.8 million for the same period in 2009. Excluding acquisition-related expenses of $1.1 million ($819,000 net of tax benefit), net income would have been $10.9 million in 2010. Excluding acquisition-related expenses totaling $2.9 million ($2.5 million net of tax benefit), net income would have been $8.3 million for the comparable 2009 period. Full year results improved over last year as a result of growth in net interest income and a lower provision for loan losses, offset in part by an increase in non-interest expense.

The company also announced a quarterly cash dividend of 8-cents per share, payable on March 8 to shareholders of record as of Feb. 14.