United Financial Bancorp Announces 13% Increase in Quarterly Dividend Payment to $0.09/Share

United Financial Bancorp UBNK, the holding company for United Bank, reported net income of $2.7 million, or $0.18 per diluted share, for the second quarter of 2011 compared to net income of $2.9 million, or $0.19 per diluted share, for the corresponding period in 2010. For the six months ended June 30, 2011, net income was $5.1 million, or $0.33 per diluted share, compared to net income of $4.7 million or $0.30 per diluted share, for the same period in 2010. The Company also announced a 13% increase in its quarterly cash dividend to $0.09 per share, payable on September 2, 2011 to shareholders of record as of August 12, 2011. "We are pleased with our ability to profitably grow our franchise while maintaining excellent asset quality and a strong capital position," commented Richard B. Collins, President and Chief Executive Officer. "While our performance continues to be affected by a challenging economic environment and a very competitive local market, we remain committed to improving our financial performance and enhancing shareholder value. As a result of our consistent, stable financial results we are pleased to reward our shareholders with a 13% increase in our quarterly dividend payment."