United Financial Bancorp Announces Q2 Earnings
HARTFORD, Conn. — United Financial Bancorp Inc., the holding company for United Bank, announced results for the quarter ended June 30, 2018.
The company reported net income of $15.6 million, or $0.31 per diluted share, for the quarter ended June 30, 2018, compared to net income for the linked quarter of $15.8 million, or $0.31 per diluted share. The company reported net income of $16.2 million, or $0.32 per diluted share, for the quarter ended June 30, 2017.
“In the second quarter of 2018, United Financial Bancorp, Inc.’s earnings results reflected solid linked quarter net interest margin expansion and net interest income growth. Our company continues to grow loans, deposits, particularly checking accounts, and tangible book value while maintaining strong asset quality, capital, and liquidity,” said William Crawford IV, CEO and president of the company and the bank. “I want to thank our United Bank employees for their steadfast support of our customers and communities.”
Assets totaled $7.21 billion at June 30, 2018 and increased $139.9 million, or 2.0%, from $7.07 billion at March 31, 2018. At June 30, 2018, total loans were $5.48 billion, representing an increase of $93.2 million, or 1.7%, from the linked quarter. Changes to loan balances during the second quarter of 2018 were highlighted by an $85.1 million, or 4.6%, increase in investor non-owner occupied commercial real-estate loans, a $22.0 million, or 7.1%, increase in other consumer loans, a $16.8 million, or 1.4%, increase in residential real-estate loans, and a $6.4 million, or 1.1%, increase in home-equity loans. Loans held for sale increased $22.1 million, or 34.8%, from the linked quarter, as the company observed an increase in saleable residential loan volumes during the second quarter of 2018. Total cash and cash equivalents increased $39.9 million, or 57.7%, from the linked quarter.
Deposits totaled $5.39 billion at June 30, 2018 and increased by $110.9 million, or 2.1%, from $5.28 billion at March 31, 2018. Increases in deposit balances during the second quarter of 2018 were highlighted by a $202 million, or 14.5%, increase in money market account balances, a $21.2 million, or 2.6%, increase in NOW checking account balances, and a $17.4 million, or 2.3%, increase in demand deposit account balances. Offsetting these increases were a $116.2 million, or 6.5%, decrease in certificate-of-deposit balances and a $13.5 million, or 2.6%, decrease in savings deposits.