United Financial Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter Ended June 30, 2018; Reports Net Charge Offs for the First Quarter Ended June 30, 2018
July 17, 2018 at 04:37 pm EDT
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United Financial Bancorp, Inc. announced unaudited consolidated earnings results for the second quarter ended June 30, 2018. For the quarter, the company reported revenue of $56,540,000 compared to $56,160,000 a year ago. The company reported net interest income of $48,181,000 compared to $46,328,000 a year ago. Income before income taxes was $15,821,000 compared to $18,533,000 a year ago. Net income was $15,646,000 or $0.31 per basic and diluted share compared to $16,200,000 or $0.32 per basic and diluted share a year ago. Total revenue was $56,541,000 compared to $56,154,000 a year ago. Return on average assets (annualized) was 0.88% compared to 0.96% a year ago. Return on average equity (annualized) was 9.00% compared to 9.66% a year ago. Return on average tangible common equity (annualized) was 11.03% compared to 11.95% a year ago. Non-GAAP total net income was $15,497,000 compared to $16,138,000 a year ago. Non-GAAP total revenue was $56,270,000 compared to $56,059,000 a year ago. Book value per share at March 31, 2018 was $13.59. Tangible book value per share increased to $11.40 at June 30, 2018 from $11.25 at March 31, 2018. The increase was primarily driven by the impact of the company's net income of $15.6 million, partially offset by the cash dividend payment to shareholders of $0.12 per share, as well as increases in accumulated other comprehensive losses as a result of a decrease in the market value of the company's investment portfolio, as compared to the previous quarter. Book value per share at June 30, 2018 was $13.73. Total interest and dividend income was $67,130,000 against $58,562,000 a year ago. Non-GAAP return on average tangible common equity (annualized) was 11.03% compared to 11.95% a year ago. The Street view was $56.7 million in revenue.
For the six months, the company reported net interest income of $94,724,000 compared to $90,625,000 a year ago. Income before income taxes was $32,978,000 compared to $34,352,000 a year ago. Net income was $31,433,000 or $0.62 per diluted share compared to $29,926,000 or $0.59 per diluted share a year ago. Total interest and dividend income was $130,624,000 against $113,728,000 a year ago.
Net charge-offs for the quarter ended June 30, 2018 totaled $1.1 million, or 0.08% as a percentage of average loans outstanding for both quarters ended June 30, 2018 and March 31, 2018.
United Financial Bancorp, Inc. is a bank holding company. The Company, through its subsidiary United Bank (the Bank) and various subsidiaries, delivers financial services to individuals, families and businesses in Connecticut and Massachusetts, including retail, commercial and consumer banking, as well as financial advisory services. The Company's operations include the delivery of loan and deposit products to customers. Personal and business banking customers also bank with the Company online through its Website at www.bankatunited.com, as well as its mobile and telephone banking channels. The Company originates commercial loans, commercial real estate loans, residential and commercial construction loans, residential real estate loans collateralized by one- to four-family residences, home equity lines of credit and fixed rate loans and other consumer loans. The principal lending activity of the Bank is to originate loans secured by first mortgages on one- to four-family residences.
United Financial Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter Ended June 30, 2018; Reports Net Charge Offs for the First Quarter Ended June 30, 2018