The parent of Farmington Bank had solid profits in the second quarter as it prepares to be acquired.

The company reported net income of $6.7 million, or $0.42 diluted earnings per share, compared to net income of $5 million, or $0.32 diluted earnings per share, for the quarter ended June 30, 2017.

Net interest income increased to $22 million in the second quarter, up $2.2 million from the second quarter of 2017. The margin remained relatively flat, ending the quarter at 2.9 percent, down two basis points from one year ago.

The big news in the quarter came when the roughly $44 billion asset People’s United Bank announced it would acquire Farmington in an all stock transaction valued at roughly $544 million and 180 percent tangible book value. The transaction is expected to be completed in the fourth quarter of this year.

“I am pleased to report solid core second quarter earnings for the company, as indicated earnings were impacted by certain one-time charges related to our acquisition by Peoples United Financial Inc.,” John J. Patrick Jr., the company’s chairman, president and CEO, said in a statement. “The board of directors and senior management have always focused on shareholder value and we believe this acquisition maximized shareholder value at a time when, we believe, the operating paradigm is changing for smaller community banks. I would also like to thank our dedicated employees who executed our strategy, which maximized our results for shareholders.”

Total assets reached $3.28 billion at the end of the second quarter, up more than $280 million year-over-year. Total deposits remained flat from the linked quarter, but are up close to $200 million year-over-year.

Total loans reached roughly $2.9 billion at the end of the quarter, up more than $250 million year-over-year, led mostly by gains in residential real estate. Non-interest income for the quarter was about $3.3 million, down nearly $600,000 from the second quarter of 2017.

The provision for loan losses in the quarter was $69,000, down from $465,000 in the linked quarter and $710,000 in the second quarter of last year. Non-performing assets at the end of the second quarter made up .42 percent of total assets.