West Springfield’s United Financial Bancorp Inc., the holding company for United Bank, has reported $2.7 million in net income for the third quarter, up from $1.9 million in net income during the same period last year.

Excluding expenses totaling $270,000 related to the acquisition of Commonwealth National Bank, net income would have been $2.2 million for the third quarter of 2009, according to a statement.

For the nine months ended Sept. 30, net income was $7.4 million, compared to net income of $4.6 million for the same period in 2009. Excluding acquisition-related expenses of $1.1 million, losses from sales of securities totaling $189,000, impairment charges on securities of $145,000 and the related tax benefit of $446,000, net income would have been $8.4 million in 2010. Excluding non-deductible acquisition-related expenses totaling $1.4 million, net income would have been $6 million for the comparable 2009 period.

The company also announced a quarterly cash dividend of 8-cents per share. The dividend will be paid Dec. 7 to shareholders of record as of Nov. 15.

"We are pleased with our overall performance, which reflects improvement in net interest margin, growth in average loans and deposits, fee income expansion and a very positive contribution from our Worcester franchise," said Richard B. Collins, president and chief executive officer. "We continue to diligently manage our asset quality while also focusing on executing our business plan and maintaining a healthy balance sheet, a substantial capital base and a strong liquidity level."