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United Financial Bancorp Announces Second-quarter Results

GLASTONBURY, Conn. — United Financial Bancorp Inc., the holding company for United Bank, announced results for the quarter ended June 30. These results include one month of the pre-merger Rockville Financial Inc. net income, and net income of the combined entity beginning on May 1.

Rockville was the legal acquirer in the merger of equals with legacy United Financial Bancorp Inc., in a transaction that closed on April 30, and Rockville changed its name to United Financial Bancorp Inc. at that time.

The company had a net loss of $5.6 million, or $(0.13) per diluted share, for the quarter ended June 30, 2014, compared to Rockville’s net income of $3.3 million, or $0.12 per diluted share, for the quarter ended June 30, 2013. Operating net income for the second quarter of 2014 was $5.8 million (non-GAAP), or $0.13 per diluted share, adjusted for $21.3 million (pre-tax) of expenses related to the merger, $4.9 million (pre-tax) net impact of the amortization and accretion of the purchase-accounting adjustments (or fair-value adjustments) as a result of the merger, and $589,000 (pre-tax) net gains on sales of securities.

Operating net income for the quarter ending March 31 was $2.2 million (non-GAAP), or $0.08 per diluted share, adjusted for $1.8 million (pre-tax) of expenses related to the merger of equals between Rockville Financial Inc. and United Financial Bancorp Inc., as well as income of $268,000 (pre-tax) from net gains on sales of securities. Operating net income for the second quarter of 2013 was $4.0 million (non-GAAP), or $0.15 per diluted share, adjusted for $809,000 (pre-tax) for the impact of a branch lease-termination agreement and $561,000 (pre-tax) for termination expense related to position eliminations, as well as income of $329,000 (pre-tax) from net gains on sales of securities.

“During the second quarter, Rockville Financial Inc. and United Financial Bancorp Inc. successfully completed their merger of equals. Organic earning asset growth and operating earnings results for the quarter were strong, despite including only two months as a combined organization,” said William Crawford IV, CEO of United Financial Bancorp Inc. and United Bank. “The team is intensely focused on integrating the two companies and is on target to complete the data conversion in the fourth quarter of 2014.” Earnings in both 2014 and 2013 were affected by non-operating income and expense.

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