United Financial Bancorp Announces First-quarter Earnings
HARTFORD, Conn. — United Financial Bancorp Inc., the holding company for United Bank, announced results for the quarter ended March 31, 2018.
The company reported net income of $15.8 million, or $0.31 per diluted share, for the quarter ended March 31, 2018, compared to net income for the linked quarter of $9.5 million, or $0.19 per diluted share. The company reported net income of $13.7 million, or $0.27 per diluted share, for the quarter ended March 31, 2017.
“I am pleased to report 15% year-over-year earnings per diluted share (EPS) growth, along with 10% growth in total deposits, and 9% growth in non-interest bearing deposits, total tangible book value plus dividend returns, and loans year over year. Asset quality, capital, and liquidity remain strong and stable,” said William H.W. Crawford IV, CEO and president of the company and the bank. “I would like to thank our United Bank teammates and directors for their continued, steadfast focus on servicing our customers and communities.”
Assets totaled $7.07 billion at March 31, 2018 and decreased $45.5 million, or 0.6%, from $7.11 billion at December 31, 2017. At March 31, 2018, total loans were $5.38 billion, representing an increase of $42.3 million, or 0.8%, from the linked quarter. Changes to loan balances during the first quarter of 2018 were highlighted by a $30.8 million, or 2.6, increase in residential real-estate loans; a $17.7 million, or 6.0%, increase in other consumer loans; a $6.6 million, or 8.5%, increase in commercial construction loans; and a $5.9 million, or 0.7%, increase in commercial business loans.
The company observed an $11.6 million, or 0.6%, decrease in investor non-owner-occupied commercial real-estate loans; and a $2.9 million, or 0.6%, decrease in owner-occupied commercial real-estate loans, which were attributable to higher payoffs in the existing loan portfolio. Loans held for sale decreased $50.7 million, or 44.4%, from the linked quarter, as the company delivered a significant level of loans held for sale to third-party investors during the first quarter of 2018. Total cash and cash equivalents decreased $19.4 million, or 21.9%, from the linked quarter.
Deposits totaled $5.28 billion at March 31, 2018 and increased by $84.3 million, or 1.6%, from $5.20 billion at December 31, 2017. Increases in deposit balances during the first quarter of 2018 were highlighted by a $72.1 million, or 5.4%, increase in money market account balances; a $23.9 million, or 3.0%, increase in NOW checking balances; and a $9.5 million, or 1.9%, increase in savings account balances. Offsetting these increases was a $25.0 million, or 3.2%, decline in non-interest-bearing checking deposits, largely due to seasonal outflows that are typical of commercial DDA accounts in the first quarter.