United Financial Bancorp Posts Record Earnings in Fourth Quarter
GLASTONBURY, Conn. — United Financial Bancorp Inc., the holding company for United Bank, announced results for the quarter ended Dec. 31, 2016.
The company reported net income of $14.6 million, or $0.29 per diluted share, for the quarter, compared to net income for the linked quarter of $14.2 million, or $0.28 per diluted share. The company reported net income of $9.9 million, or $0.20 per diluted share, for the quarter ended Dec. 31, 2015.
“In the fourth quarter of 2016, the United Financial Bancorp Inc. team delivered record revenue, record earnings per share, and strong loan growth, all supported by an attractive cost structure and excellent asset quality,” said William Crawford IV, CEO of the company and the bank. “I want to thank our employees for their relentless focus on serving the financial needs of our customers.”
Total assets at Dec. 31, 2016 increased by $54.7 million to $6.60 billion from $6.54 billion at Sept. 30, 2016. Total loans were $4.90 billion, representing an increase of $181.0 million, or 3.8%, from the linked quarter. Changes to loan balances during the fourth quarter of 2016 were highlighted by a $63.9 million, or 9.7%, increase in commercial business loans and a $24.6 million, or 6.3%, increase in owner-occupied commercial real-estate loans. Total residential mortgages increased during the fourth quarter of 2016 by $27.1 million, and total held-for-sale loans decreased $20.8 million. Total cash and cash equivalents decreased $123.3 million, or 57.6%, during the linked quarter, partially due to the company funding loan originations.
Deposits totaled $4.71 billion at Dec. 31, 2016 and increased by $15.7 million, or 0.3%, from $4.70 billion at Sept. 30, 2016. Reflective of growth in newly acquired deposit relationships, increases in the fourth quarter of 2016 included a $20.2 million, or 2.9%, increase in non-interest bearing deposits and a $65.6 million, or 15.2%, increase in NOW checking deposits. These increases were offset by a $115.4 million, or 6.2%, decrease in certificates of deposit, some of which migrated to money-market deposit accounts that reflected growth of $40.5 million, or 3.4%, during the quarter ended Dec. 31, 2016.