Rockville Bank Reports a Record Quarter

Rockville Financial Inc., the holding company for Rockville Bank,  announced on Monday that it has posted record third-quarter net income.

Net income totaled $4.1 million, or 14 cents per diluted share, compared to third quarter 2010 net income of $3.3 million, or 12 cents per diluted share, according to the quarterly report. 

The increase resulted from continued organic growth during the third quarter, together with a slight restricting of the bank's balance sheet, the report states.

Here are three highlights for the quarter, according to the report:

• Year-over-year net interest income grew 13.4 percent to $15.4 million because of average loan growth and decreased funding costs.

• The bank strengthened its management team across a number of lines ands departments to better position the company for balance sheet growth and to meet "evolving regulatory requirements."

• The bank recruited the former NewAlliance Bank head of C and I lending, Commercial Real Estate lending and Cash Management/Treasury services along with five commercial relationship managers.

• The Bank doubled  its commercial banking staff after after receiving regulatory approval for New Haven County Commercial Banking Office.