October 26, 2012

Rockville Financial sees record 3Q profits

Rockville Financial on Friday said it recorded record earnings in the third quarter as the community lender saw its profits soar 15 percent.

The parent to Vernon's Rockville Bank said earnings for the third quarter hit $4.7 million, or 17 cents a share, compared with $4.1 million, or 14 cents a share, in the year ago period.

The bank's board of directors also rewarded shareholders by increasing the dividend 11 percent to 10 cents per share. It will be given to shareholders of record at the close of business on Nov. 5 and payable on Nov. 13.

The quarter's results were driven in part by the recognition of $2.5 million of gains on sales of loans due to the expansion of the bank's mortgage banking business.

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