Second quarter earnings at West Springfield’s United Financial Bancorp Inc., the holding company for United Bank, jumped to $2.9 million, compared to net income of $560,000 for the same period last year.

The improved results were primarily due to growth in net interest income, driven by net interest margin expansion and an increase in average interest earning assets, as well as a reduction in the provision for loan losses and growth in fee income, according to a statement.

Excluding expenses totaling $1.2 million related to the acquisition of Commonwealth National Bank, net income would have been $1.7 million for the second quarter of 2009, according to a statement.

For the six months ended June 30, net income was $4.7 million, compared to net income of $2.7 million for the same period in 2009.

The company also announced a 14 percent increase in its quarterly cash dividend to 8-cents per share. The dividend will be paid Aug. 27 to shareholders of record as of Aug. 6.

"We are very pleased with our financial results which reflect net interest margin expansion, growth in average loans and deposits, lower provision for loan losses and an increase in fee income," said Richard B. Collins, president and chief executive officer. "Our performance is indicative of a positive contribution from our new Worcester market, as well as our focus on profitably growing our franchise, maintaining solid asset quality and improving our operating efficiency. We believe we are well positioned for this challenging economic environment given our healthy balance sheet, substantial capital base and strong liquidity level."