United Financial Bancorp Inc. Announces Second-quarter Results
GLASTONBURY, Conn. — United Financial Bancorp Inc., the holding company for United Bank, announced results for the quarter ended June 30, 2017. The company reported net income of $16.2 million, or $0.32 per diluted share, for the quarter ended June 30, 2017, compared to net income for the linked quarter of $13.7 million, or $0.27 per diluted share. The company reported net income of $9.1 million, or $0.18 per diluted share, for the quarter ended June 30, 2016.
“I am pleased to announce that United Financial Bancorp Inc. delivered record earnings of $0.32 per diluted share in the second quarter of 2017 driven by record revenue, expense control, and continued excellent asset quality. For the last four consecutive quarters, the company has averaged a return on average assets of 0.89%, a return on average equity of 8.94%, and a return on average tangible common equity of 11.15%. Tangible book value increased 9.7% annualized from the linked quarter after paying our 2.83% annualized dividend yield,” said William Crawford IV, CEO of the company and the bank. “I would like to thank our United Bank team for the continued steadfast focus on serving the needs of our customers and communities.”
Assets totaled $6.88 billion at June 30, 2017 and increased $179.5 million, or 2.7%, from $6.70 billion at March 31, 2017. At June 30, 2017, total loans were $5.05 billion, representing an increase of $110.2 million, or 2.2%, from the linked quarter. Changes to loan balances during the second quarter of 2017 were highlighted by a $64.5 million, or 3.8%, increase in investor non-owner occupied commercial real-estate loans, a $23.8 million, or 3.1%, increase in commercial business loans, and a $21.8 million, or 4.2%, increase in home-equity loans. Total residential mortgages increased during the second quarter of 2017 by $5.1 million, or 0.4%. Total cash and cash equivalents decreased $9.8 million, or 11.6%, from the linked quarter, while the available-for-sale securities portfolio remained relatively flat, with a slight decrease of $2.3 million, or 0.2%.
Deposits totaled $4.99 billion at June 30, 2017 and increased by $203.1 million, or 4.2%, from $4.79 billion at March 31, 2017. In the second quarter of 2017, NOW checking deposits increased by $96.5 million, or 17.9%, from the linked quarter, while non-interest-bearing checking deposits increased by $31.4 million, or 4.5%; the increases are reflective of success in new account-acquisition strategies deployed throughout the first half of 2017. The company experienced an increase of $99.7 million, or 6.0%, in certificates of deposit as compared to the linked quarter. These increases were offset by a $25.7 million, or 1.9%, decrease in money-market accounts, which is typically experienced in the second quarter due to seasonal withdrawals in municipal deposit accounts.