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Rockville Financial Inc. Reports Operating Results (10-Q)

November 09, 2009 | About:
10qk

10qk

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Rockville Financial Inc. (RCKB) filed Quarterly Report for the period ended 2009-09-30.

ROCKVILLE FINANCIAL, INC. operates as the holding company for Rockville Bank, which provides banking services to consumer and commercial customers in Hartford, New London and Tolland Counties in Connecticut. Rockville Financial Inc. has a market cap of $198.1 million; its shares were traded at around $10.13 with and P/S ratio of 2.9. The dividend yield of Rockville Financial Inc. stocks is 2%.

Highlight of Business Operations:

Net income increased by $7.6 million to $2.3 million for the quarter ended September 30, 2009 from a loss of $5.3 million for the same period in the prior year. The increase in net income primarily resulted from an increase in non-interest income of $11.8 million, which was partially offset by an increase in non-interest expense of $609,000 and an increase in the income tax provision of $3.6 million. Other-than-temporary impairment of securities was negligible for the third quarter of 2009 compared to $11.5 million in the third quarter of 2008 accounting for the increase in non-interest income. Net-interest income for the quarter increased $96,000 to $11.3 million from $11.2 million in the same quarter the prior year. Income before taxes increased $11.3 million to $3.6 million for the quarter ending September 30, 2009 from a loss of $7.7 million in the third quarter of 2008.

Net income increased by $9.6 million to $6.9 million for the nine months ended September 30, 2009 from a loss of $2.8 million for the same period in the prior year. The increase in net income primarily resulted from an increase in non-interest income of $13.6 million, which was partially offset by an increase in non-interest expense of $1.7 million and an increase in the income tax provision of $4.6 million. The increase in non-interest income was attributable to the decline in other-than-temporary impairment of securities which was $357,000 for the nine months ended September 30, 2009 compared to $12.7 million for the same period in the prior year. The increase in non-interest expense was mainly the result of increased insurance and FDIC assessments which increased by $1.7 million compared to the prior period. Net interest income for the nine months ended September 30, 2009 increased $2.7 million to $33.9 million from $31.2 million in the same period the prior year. Income before taxes increased $14.2 million to $10.3 million for the nine months ending September 30, 2009 from a loss of $3.9 million in the same period last year.

Read the The complete Report

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