Decline is due to recognition of a pre-tax, non-cash charge of $1.4m
United Financial Bancorp has reported a net income of $959,000, or $0.06 per diluted share, for the fourth quarter of 2008, compared to a net income of $1.3 million, or $0.08 per diluted share, for the corresponding period in 2007.
The decline in net income and earnings per share was primarily due to the recognition of a pre-tax, non-cash charge of $1.4 million for other-than-temporary impairment of all of the company’s trust preferred securities and one municipal security, according to United Financial Bancorp.
Net interest income increased $2.5 million, or 32.1%, to $10.3 million, for the fourth quarter of 2008 from the same period in 2007, as a result of net interest margin expansion and growth in average earning assets. Net interest margin increased 44 basis points to 3.46%.
For the year ended December 31, 2008, the company’s net income was $7.3 million, or $0.45 per diluted share, compared to a net income of $4.4 million, or $0.26 per diluted share, for the year ended December 31, 2007.
Net interest income for the year 2008 was $9.91 million, an increase as compared to $7.82 million, for the year 2007.