West Springfield-based United Financial Bancorp Inc., the holding company for United Bank, reported net income of $1.2 million for the fourth quarter compared to net income of $959,000 for the same period in 2008.

Excluding acquisition-related costs totaling $1.4 million ($1.1 million net of tax benefit) net income would have been $2.3 million, according to a statement.

The improved quarterly operating results were due to growth in average interest earning assets and core deposits, expansion in net interest margin and an increase in non-interest income.

In 2009, the company’s net income was $5.8 million compared to net income of $7.3 million in 2008.

On Nov. 30, 2009, the company acquired CNB Financial Corp. and Commonwealth National Bank for $24.8 million. As a result of this transaction, the company added six branches, $289.3 million in assets, $242.9 million in loans and $195.2 million in deposits to its franchise, according to a statement.

"We are extremely pleased with our acquisition of Commonwealth National Bank," said Richard B. Collins, president and chief executive officer. "The cultures of our two organizations are quite similar and thus far the transition has been seamless. We look forward to the systems conversion in February and the opportunity to fully deploy our brand of banking in the Worcester area."

He added: "As a result of this transaction, we expect 2010 earnings accretion to exceed the initial projection of 9 percent, reflecting growth in the balance sheet and revenue enhancements combined with the previously announced cost savings estimate of 15 percent."

The company also announced a quarterly cash dividend of $0.07 per share, payable on March 9 to shareholders of record as of Feb. 16.