Executives of United Financial Bancorp, the holding company of United Bank, were pleased with their second quarter earnings results, particularly on the income they generated associated with interest rate swaps.

Net income for the quarter was $16.2 million, up from $9.1 million one year ago.

Earnings-per-share for the $6.8 billion asset bank was $.32 per diluted share, up from $.18 per diluted share one year ago.

Total deposits are closing in on $5 billion, up more than $200 million since last quarter and nearly $450 million from one year ago.

Net interest income for the quarter was $46.3 million, up a little less than $5 million from the second quarter of 2016.

“For the last four consecutive quarters, the company has averaged a return on average assets of 0.89 percent, a return on average equity of 8.94 percent, and a return on average tangible common equity of 11.15 percent,” William H.W. Crawford IV, CEO of the company and bank, in a statement. “Tangible book value increased 9.7 percent annualized from the linked quarter after paying our 2.83 percent annualized dividend yield.”

Noninterest income increased to $9.5 million for the quarter, up close to $4 million from the second quarter of last year.

The increase was largely driven by an increase in service charges and fees, which United executives say can be attributed to higher swap revenues as a result of higher originations in variable rate mortgage products.

A presentation from United on quarterly earnings shows net swap revenue made up almost 4 percent of total revenue in the quarter. Overall, mortgage revenue made up 6.5 percent of total revenue in the quarter, surpassing the 10-quarter average of 6.2 percent.

United executives, who are moving the company’s headquarters to Hartford later this year, said with a flat yield curve, there would like be more variable rate asset production and therefore more interest rate swap revenue.

Total loans passed $5 billion, up from $4.7 billion one year ago, driven by growth in commercial business, commercial real estate, home equity and other consumer loans.

Total non-performing loans for the quarter were valued at $32.5 million, down $6.5 million from the second quarter of last year.