HARTFORD, Conn., Jan. 23, 2018 /PRNewswire/ -- United Financial
Bancorp, Inc. ("United Financial" or the "Company") (NASDAQ Global
Select Stock Market: "UBNK"), the holding company for United Bank
(the "Bank"), announced results for the quarter ended
December 31, 2017.
The Company reported net income of $9.5
million, or $0.19 per diluted
share, for the quarter ended December 31, 2017, compared to
net income for the linked quarter of $15.2
million, or $0.30 per diluted
share. The Company reported net income of $14.6 million, or $0.29 per diluted share, for the quarter ended
December 31, 2016. Net income for the year ended December 31, 2017 was $54.6 million, or $1.07 per diluted share, compared to net income
of $49.7 million, or $0.99 per diluted share, for the year ended
December 31, 2016.
On December 22, 2017, President
Donald Trump signed into law the Tax
Cuts and Jobs Act of 2017, that, among other things, lowered the
corporate tax rate from 35% to 21%. Companies must recognize the
effect of tax law changes in the period of enactment under the
generally accepted accounting principles ("GAAP"). This tax reform
resulted in a $2.8 million negative
net income impact in the fourth quarter of 2017. Of the
$2.8 million impact, $1.6 million flowed directly through the
provision for income taxes, and was primarily related to a
re-measurement of the Company's deferred tax asset. Additionally,
there was a $1.2 million pre-tax
adjustment related to the write-down of legacy United limited
partnerships due to the aforementioned tax reform. Other
significant events during the quarter included the Company
surrendering $32.8 million of
under-performing bank-owned life insurance ("BOLI") policy value,
resulting in a $2.4 million negative
impact to the provision for income taxes. The Company subsequently
re-invested $30.0 million into higher
yielding product in early January
2018.
"The United Bank team delivered strong loan and non-interest
bearing deposit growth in the fourth quarter of 2017. Asset
quality, capital, and liquidity remained strong and stable," stated
William H.W. Crawford, IV, Chief
Executive Officer and President of the Company and the Bank. "I
want to thank our United Bank teammates for their steadfast focus
on serving our customers and communities."
Balance Sheet
Assets totaled $7.11 billion at
December 31, 2017 and increased $137.7
million, or 2.0%, from $6.98
billion at September 30, 2017.
At December 31, 2017, total loans were $5.34 billion, representing an increase of
$134.2 million, or 2.6%, from the
linked quarter. Changes to loan balances during the fourth quarter
of 2017 were highlighted by a $76.7
million, or 4.3%, increase in investor non-owner occupied
commercial real estate loans, a $24.9
million, or 9.3%, increase in other consumer loans, a
$21.4 million, or 3.8%, increase in
home equity loans, and a $18.9
million, or 2.3%, increase in commercial business loans.
Loans held for sale increased $24.7
million, or 27.6%, from the linked quarter, as the Company
increased the held-for-sale portfolio for delivery to third party
investors at the end of the quarter. Total cash and cash
equivalents decreased $9.8 million,
or 10.0%, from the linked quarter.
Deposits totaled $5.20 billion at
December 31, 2017 and increased by $45.2 million, or 0.9%, from $5.15 billion at September
30, 2017. Increases in deposit balances during the fourth
quarter of 2017 were highlighted by a $53.4
million, or 7.4%, increase in non-interest-bearing checking
deposits, as well as a $77.3 million,
or 4.5%, increase in certificates of deposit. Offsetting these
increases was a $75.5 million, or
3.4%, decline in NOW checking and money market deposits, largely
due to seasonal withdrawals in municipal funds that are experienced
during the fourth quarter.
Total Federal Home Loan Bank advances increased by $95.9 million, or 10.1%, over the linked quarter
as a source of funding for loan demand and municipal deposit
outflows.
Net Interest Income
Net interest income increased by $81,000, or 0.2%, on a linked quarter basis, to
$46.8 million, primarily attributable
to an increase in interest income of $928,000, or 1.5%, to $61.7 million. Average interest-earning
assets increased by $57.2 million, or
0.9%, primarily due to growth in average loan balances, which
increased by $90.4 million, or
1.7%. Average loan balance growth was driven by a
$32.5 million, or 6.1%, increase in
home equity loans, a $25.9 million,
or 10.3%, increase in other consumer loans, a $23.3 million, or 1.1%, increase in average
commercial real estate loans, and a $21.9
million, or 2.8%, increase in average commercial business
loans. Average residential real estate loan balances declined by
$12.9 million, or 1.0%, as the
Company continues to actively sell loan originations in the
secondary market.
Interest expense increased by $847,000, or 6.0%, to $14.9 million during the fourth quarter of 2017,
from $14.0 million in the linked
quarter. Average balance shifts in the fourth quarter of 2017
included a $19.4 million, or 0.9%,
increase in average NOW and money market deposits, and a
$33.3 million, or 1.9%, increase in
average certificates of deposit. Slightly offsetting the
aforementioned increases was a $9.6
million, or 1.8%, decrease in average savings account
balances. The overall growth observed in average deposit balances
was largely driven by continued success in new account acquisition
strategies.
The tax equivalent net interest margin decreased by two basis
points to 2.98% in the fourth quarter from the linked period. As
compared to the linked quarter, the decline was largely driven by
an increase of five basis points in the cost of interest-bearing
liabilities to 1.07%, offset by a three basis point increase in the
yield on interest-earning assets to 3.89%. The interest-earning
asset yield improvement was largely driven by a 14 basis point
increase in the yield on residential real estate loans, which
represents 20.2% of the Company's interest-earning assets, an eight
basis point increase in the average investment portfolio yield, and
a one basis point increase in the average home equity loan yield.
The total cost of funds increased by five basis points to 0.96% in
the fourth quarter driven by a seven basis point increase in the
cost of interest-bearing deposits, while the cost of Federal Home
Loan Bank advances increased five basis points. The Company
observed favorable growth of $37.1
million, or 5.3%, in average non-interest bearing deposit
balances on a linked quarter basis.
Provision for Loan Losses
The provision for loan losses remained relatively flat, totaling
$2.3 million for the quarter ended
December 31, 2017 as compared to $2.6
million for the linked quarter. Net charge-offs for the
quarter ended December 31, 2017 totaled $1.5 million, or 0.11%, as a percentage of
average loans outstanding, as compared to $1.3 million, or 0.10% as a percentage of average
loans for the quarter ended September 30, 2017. Factors
considered in the provision for loan losses include, but are not
limited to, historical charge-offs, the composition of the
portfolio, the current level of non-performing loans and
charge-offs, local economic and credit conditions, the direction of
real estate values and delinquency trends.
Non-Interest Income
Total non-interest income decreased by $727,000, or 9.0%, to $7.3
million for the quarter ended December 31, 2017 from
$8.1 million in the linked
quarter. The decrease in the fourth quarter's non-interest
income was driven primarily by decreases in services charges and
fees and other income. There was also a decrease in limited
partnership investments as a result of the previously discussed
writedown due to the Tax Cuts and Jobs Act, which was signed into
law in December 2017, resulting in a
decrease of future tax benefits of these investments. These
decreases were offset by an increase in bank-owned life insurance
income due to the receipt of a death benefit settlement.
Non-Interest Expense
Non-interest expense for the quarter ended December 31,
2017 totaled $37.0 million and
increased by $2.1 million, or 6.0%,
from the linked quarter. The increase in non-interest expense
during the quarter was primarily due to an increase in occupancy
and equipment, mainly due to accelerated lease expense recognized
in the fourth quarter on a property that the Company no longer
occupies, as well as an increase in salaries and employee benefits.
These increases were partially offset by decreases in professional
fees and marketing and promotions, as compared to the linked
quarter.
Asset Quality
Asset quality remained strong and stable for the period, with
non-performing assets decreasing by $45,000 to $33.8
million at December 31, 2017 from $33.9 million at September 30, 2017. The
ratio of non-performing assets to total assets for the quarter
ended December 31, 2017 was 0.48%, as compared to 0.49% in the
linked quarter.
Capital
The Company reported Tangible Common Equity ("TCE") of
$573.6 million, or 8.2% of average
assets, for the quarter ended December 31, 2017. Tangible book
value per share increased to $11.24
at December 31, 2017 from $11.23
at September 30, 2017. The increase was primarily driven by
the impact of the Company's net income of $9.5 million, partially offset by the cash
dividend payment to shareholders of $0.12 per share, as well as a decrease in
accumulated other comprehensive income 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 December 31,
2017 was $13.58.
Dividend
The Board of Directors declared a cash dividend on the Company's
common stock of $0.12 per share to
shareholders of record at the close of business on February 2, 2018 and payable on February 14, 2018. This dividend equates to a
2.64% annualized yield based on the $18.20 average closing price of the Company's
common stock in the fourth quarter of 2017. The Company has paid
dividends for 47 consecutive quarters.
Investor Conference Call
United Financial Bancorp, Inc. will host a conference call on
Wednesday, January 24, 2018 at
10:00 a.m. Eastern Time (ET) to
discuss the Company's fourth quarter results. Those wishing to
participate in the call may dial toll-free 1-800-544-8281. A
telephone replay of the call will be available through February 7, 2018 by calling 1-877-344-7529 and
entering conference number 10115483. A podcast will be available on
the Company's website for an extended period of time, as well as on
the Company's investor relations app.
Investor Presentation
United Financial Bancorp, Inc. has prepared and furnished a
visual slide presentation to accompany the earnings press release
and investor conference call. The presentation has been
furnished as an exhibit to the SEC Form 8-K, but is not included in
this press release. Copies of the presentation may be accessed
on the Company's investor relations website
(www.unitedfinancialinc.com) by selecting "News & Market Data,"
then "Presentations;" or via the IRapp and selecting
"Presentations;" or directly from SEC EDGAR.
Annual Meeting
The Board of Directors approved May 17,
2018 as the date of the Company's 2018 Annual Meeting of
Shareholders (the "Annual Meeting") and set the record date on
which the Company's shareholders who will be eligible to vote at
the Annual Meeting as the close of business on March 8, 2018.
About United Financial Bancorp, Inc.
United Financial Bancorp, Inc. is the holding company for United
Bank, a full service financial services firm offering a complete
line of commercial, business, and consumer banking products and
services to customers throughout Connecticut and Massachusetts. United Bank is a financially
strong, leading New England bank with more than 50 branches in two
states and several commercial and residential loan production
offices. United Financial Bancorp, Inc. trades on the NASDAQ Global
Select Stock Exchange under the ticker symbol "UBNK." At
December 31, 2017, the Company had $7.11 billion in assets.
For more information about United Bank's services and products
call (866) 959-BANK or visit www.bankatunited.com. For more
information about United Financial Bancorp, Inc., visit
www.unitedfinancialinc.com or download the Company's free Investor
Relations app on your Apple or Android device. To download United
Financial Bancorp, Inc.'s investor relations app on your iPhone or
on your iPad, which offers access to SEC documents, press releases,
videos, audiocasts and more, please visit:
https://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=725271098&mt=8
or https://play.google.com/store/apps/details?id=com.theirapp.ubnk
for your Android mobile device.
Non-GAAP Financial Measures
This document contains certain non-GAAP financial measures in
addition to results presented in accordance with Generally Accepted
Accounting Principles ("GAAP"). These non-GAAP measures provide
supplemental perspectives on operating results, performance trends,
and financial condition. They are not a substitute for GAAP
measures; they should be read and used in conjunction with the
Company's GAAP financial information. A reconciliation of non-GAAP
financial measures to GAAP measures is included in the accompanying
financial tables. These non-GAAP financial measures provide
information for investors to effectively analyze financial trends
of our business activities, and to enhance comparability with peers
across the financial services sector.
Forward Looking Statements
This press release may contain certain forward-looking
statements about the Company. Forward-looking statements include
statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements, by their nature, are
subject to risks and uncertainties. Certain factors that could
cause actual results to differ materially from expected results
include increased competitive pressures, changes in the interest
rate environment, general economic conditions or conditions within
the securities markets, and legislative and regulatory changes that
could adversely affect the business in which the Company and its
subsidiaries are engaged.
United Financial
Bancorp, Inc. and Subsidiaries
|
Consolidated
Statements of Net Income
|
(Unaudited)
|
|
|
|
|
|
|
|
For the Three
Months Ended
December 31,
|
|
For the Year
Ended
December 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Interest and
dividend income:
|
|
(In thousands,
except share data)
|
Loans
|
|
$
|
52,758
|
|
|
$
|
45,460
|
|
|
$
|
200,734
|
|
|
$
|
179,819
|
|
Securities-taxable
interest
|
|
5,643
|
|
|
4,848
|
|
|
22,550
|
|
|
19,678
|
|
Securities-non-taxable interest
|
|
2,571
|
|
|
2,191
|
|
|
9,679
|
|
|
8,392
|
|
Securities-dividends
|
|
669
|
|
|
986
|
|
|
2,902
|
|
|
3,920
|
|
Interest-bearing
deposits
|
|
86
|
|
|
136
|
|
|
389
|
|
|
343
|
|
Total interest and
dividend income
|
|
61,727
|
|
|
53,621
|
|
|
236,254
|
|
|
212,152
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
Deposits
|
|
9,958
|
|
|
6,649
|
|
|
33,565
|
|
|
25,576
|
|
Borrowed
funds
|
|
4,920
|
|
|
3,800
|
|
|
18,447
|
|
|
15,477
|
|
Total interest
expense
|
|
14,878
|
|
|
10,449
|
|
|
52,012
|
|
|
41,053
|
|
Net interest
income
|
|
46,849
|
|
|
43,172
|
|
|
184,242
|
|
|
171,099
|
|
Provision for loan
losses
|
|
2,250
|
|
|
3,359
|
|
|
9,396
|
|
|
13,437
|
|
Net interest income
after provision for loan losses
|
|
44,599
|
|
|
39,813
|
|
|
174,846
|
|
|
157,662
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
Service charges and
fees
|
|
5,796
|
|
|
5,580
|
|
|
24,209
|
|
|
20,259
|
|
Net gain from sales
of securities
|
|
72
|
|
|
94
|
|
|
782
|
|
|
1,961
|
|
Income from mortgage
banking activities
|
|
1,184
|
|
|
2,838
|
|
|
5,539
|
|
|
8,227
|
|
Bank-owned life
insurance income
|
|
1,939
|
|
|
863
|
|
|
5,462
|
|
|
3,394
|
|
Net loss on limited
partnership investments
|
|
(1,441)
|
|
|
(705)
|
|
|
(3,023)
|
|
|
(3,995)
|
|
Other income
(loss)
|
|
(204)
|
|
|
266
|
|
|
431
|
|
|
238
|
|
Total non-interest
income
|
|
7,346
|
|
|
8,936
|
|
|
33,400
|
|
|
30,084
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
20,752
|
|
|
19,279
|
|
|
80,061
|
|
|
75,384
|
|
Service bureau
fees
|
|
2,069
|
|
|
1,767
|
|
|
8,098
|
|
|
7,986
|
|
Occupancy and
equipment
|
|
5,036
|
|
|
3,656
|
|
|
16,902
|
|
|
14,986
|
|
Professional
fees
|
|
996
|
|
|
1,024
|
|
|
4,305
|
|
|
3,917
|
|
Marketing and
promotions
|
|
1,011
|
|
|
778
|
|
|
4,047
|
|
|
3,049
|
|
FDIC insurance
assessments
|
|
821
|
|
|
773
|
|
|
3,076
|
|
|
3,573
|
|
Core deposit
intangible amortization
|
|
336
|
|
|
385
|
|
|
1,411
|
|
|
1,604
|
|
FHLBB prepayment
penalties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,454
|
|
Other
|
|
5,981
|
|
|
5,631
|
|
|
23,685
|
|
|
22,020
|
|
Total non-interest
expense
|
|
37,002
|
|
|
33,293
|
|
|
141,585
|
|
|
133,973
|
|
Income before income
taxes
|
|
14,943
|
|
|
15,456
|
|
|
66,661
|
|
|
53,773
|
|
Provision for income
taxes
|
|
5,442
|
|
|
906
|
|
|
12,043
|
|
|
4,112
|
|
Net
income
|
|
$
|
9,501
|
|
|
$
|
14,550
|
|
|
$
|
54,618
|
|
|
$
|
49,661
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.19
|
|
|
$
|
0.29
|
|
|
$
|
1.09
|
|
|
$
|
1.00
|
|
Diluted
|
|
$
|
0.19
|
|
|
$
|
0.29
|
|
|
$
|
1.07
|
|
|
$
|
0.99
|
|
Weighted-average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
50,392,382
|
|
|
50,070,710
|
|
|
50,283,071
|
|
|
49,731,149
|
|
Diluted
|
|
51,024,881
|
|
|
50,602,494
|
|
|
50,922,652
|
|
|
50,089,030
|
|
United Financial
Bancorp, Inc. and Subsidiaries
|
Consolidated
Statements of Net Income
|
(Unaudited)
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
Interest and
dividend income:
|
|
(In thousands,
except share data)
|
Loans
|
|
$
|
52,758
|
|
|
$
|
51,809
|
|
|
$
|
49,674
|
|
|
$
|
46,493
|
|
|
$
|
45,460
|
|
Securities-taxable
interest
|
|
5,643
|
|
|
5,604
|
|
|
5,793
|
|
|
5,510
|
|
|
4,848
|
|
Securities-non-taxable interest
|
|
2,571
|
|
|
2,499
|
|
|
2,355
|
|
|
2,254
|
|
|
2,191
|
|
Securities-dividends
|
|
669
|
|
|
736
|
|
|
689
|
|
|
808
|
|
|
986
|
|
Interest-bearing
deposits
|
|
86
|
|
|
151
|
|
|
51
|
|
|
101
|
|
|
136
|
|
Total interest and
dividend income
|
|
61,727
|
|
|
60,799
|
|
|
58,562
|
|
|
55,166
|
|
|
53,621
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
9,958
|
|
|
9,185
|
|
|
7,603
|
|
|
6,819
|
|
|
6,649
|
|
Borrowed
funds
|
|
4,920
|
|
|
4,846
|
|
|
4,631
|
|
|
4,050
|
|
|
3,800
|
|
Total interest
expense
|
|
14,878
|
|
|
14,031
|
|
|
12,234
|
|
|
10,869
|
|
|
10,449
|
|
Net interest
income
|
|
46,849
|
|
|
46,768
|
|
|
46,328
|
|
|
44,297
|
|
|
43,172
|
|
Provision for loan
losses
|
|
2,250
|
|
|
2,566
|
|
|
2,292
|
|
|
2,288
|
|
|
3,359
|
|
Net interest income
after provision for loan losses
|
|
44,599
|
|
|
44,202
|
|
|
44,036
|
|
|
42,009
|
|
|
39,813
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
Service charges and
fees
|
|
5,796
|
|
|
6,161
|
|
|
6,834
|
|
|
5,418
|
|
|
5,580
|
|
Net gain from sales
of securities
|
|
72
|
|
|
158
|
|
|
95
|
|
|
457
|
|
|
94
|
|
Income from mortgage
banking activities
|
|
1,184
|
|
|
1,204
|
|
|
1,830
|
|
|
1,321
|
|
|
2,838
|
|
Bank-owned life
insurance income
|
|
1,939
|
|
|
1,167
|
|
|
1,149
|
|
|
1,207
|
|
|
863
|
|
Net loss on limited
partnership investments
|
|
(1,441)
|
|
|
(864)
|
|
|
(638)
|
|
|
(80)
|
|
|
(705)
|
|
Other income
(loss)
|
|
(204)
|
|
|
247
|
|
|
206
|
|
|
182
|
|
|
266
|
|
Total non-interest
income
|
|
7,346
|
|
|
8,073
|
|
|
9,476
|
|
|
8,505
|
|
|
8,936
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
20,752
|
|
|
20,005
|
|
|
19,574
|
|
|
19,730
|
|
|
19,279
|
|
Service bureau
fees
|
|
2,069
|
|
|
1,983
|
|
|
1,943
|
|
|
2,103
|
|
|
1,767
|
|
Occupancy and
equipment
|
|
5,036
|
|
|
3,740
|
|
|
3,657
|
|
|
4,469
|
|
|
3,656
|
|
Professional
fees
|
|
996
|
|
|
1,048
|
|
|
952
|
|
|
1,309
|
|
|
1,024
|
|
Marketing and
promotions
|
|
1,011
|
|
|
1,087
|
|
|
1,237
|
|
|
712
|
|
|
778
|
|
FDIC insurance
assessments
|
|
821
|
|
|
780
|
|
|
796
|
|
|
679
|
|
|
773
|
|
Core deposit
intangible amortization
|
|
336
|
|
|
337
|
|
|
353
|
|
|
385
|
|
|
385
|
|
Other
|
|
5,981
|
|
|
5,929
|
|
|
6,467
|
|
|
5,308
|
|
|
5,631
|
|
Total non-interest
expense
|
|
37,002
|
|
|
34,909
|
|
|
34,979
|
|
|
34,695
|
|
|
33,293
|
|
Income before
income taxes
|
|
14,943
|
|
|
17,366
|
|
|
18,533
|
|
|
15,819
|
|
|
15,456
|
|
Provision for income
taxes
|
|
5,442
|
|
|
2,175
|
|
|
2,333
|
|
|
2,093
|
|
|
906
|
|
Net
income
|
|
$
|
9,501
|
|
|
$
|
15,191
|
|
|
$
|
16,200
|
|
|
$
|
13,726
|
|
|
$
|
14,550
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.19
|
|
|
$
|
0.30
|
|
|
$
|
0.32
|
|
|
$
|
0.27
|
|
|
$
|
0.29
|
|
Diluted
|
|
$
|
0.19
|
|
|
$
|
0.30
|
|
|
$
|
0.32
|
|
|
$
|
0.27
|
|
|
$
|
0.29
|
|
Weighted-average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
50,392,382
|
|
|
50,263,602
|
|
|
50,217,212
|
|
|
50,257,825
|
|
|
50,070,710
|
|
Diluted
|
|
51,024,881
|
|
|
50,889,987
|
|
|
50,839,091
|
|
|
50,935,382
|
|
|
50,602,494
|
|
United Financial
Bancorp, Inc. and Subsidiaries
|
Consolidated
Statements of Condition
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
ASSETS
|
|
(In
thousands)
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
56,661
|
|
|
$
|
59,456
|
|
|
$
|
57,137
|
|
|
$
|
45,279
|
|
|
$
|
47,248
|
|
Short-term
investments
|
|
32,007
|
|
|
39,061
|
|
|
17,714
|
|
|
39,381
|
|
|
43,696
|
|
Total cash and cash
equivalents
|
|
88,668
|
|
|
98,517
|
|
|
74,851
|
|
|
84,660
|
|
|
90,944
|
|
Available for sale
securities – At fair value
|
|
1,050,787
|
|
|
1,068,055
|
|
|
1,073,384
|
|
|
1,075,729
|
|
|
1,043,411
|
|
Held to maturity
securities – At amortized
cost
|
|
13,598
|
|
|
13,693
|
|
|
13,792
|
|
|
13,937
|
|
|
14,038
|
|
Loans held for
sale
|
|
114,073
|
|
|
89,419
|
|
|
157,487
|
|
|
87,031
|
|
|
62,517
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans:
|
|
|
|
|
|
|
|
|
|
|
Owner-occupied
|
|
445,820
|
|
|
442,989
|
|
|
429,848
|
|
|
433,358
|
|
|
416,718
|
|
Investor non-owner
occupied
|
|
1,854,459
|
|
|
1,777,716
|
|
|
1,761,940
|
|
|
1,697,414
|
|
|
1,705,319
|
|
Construction
|
|
78,083
|
|
|
82,688
|
|
|
74,980
|
|
|
85,533
|
|
|
98,794
|
|
Total commercial real
estate loans
|
|
2,378,362
|
|
|
2,303,393
|
|
|
2,266,768
|
|
|
2,216,305
|
|
|
2,220,831
|
|
Commercial business
loans
|
|
840,312
|
|
|
821,372
|
|
|
792,918
|
|
|
769,153
|
|
|
724,557
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
Residential real
estate
|
|
1,204,401
|
|
|
1,211,783
|
|
|
1,172,540
|
|
|
1,167,428
|
|
|
1,156,227
|
|
Home
equity
|
|
583,180
|
|
|
561,814
|
|
|
538,130
|
|
|
516,325
|
|
|
536,772
|
|
Residential
construction
|
|
40,947
|
|
|
39,460
|
|
|
46,117
|
|
|
49,456
|
|
|
53,934
|
|
Other
consumer
|
|
292,781
|
|
|
267,921
|
|
|
237,708
|
|
|
225,317
|
|
|
209,393
|
|
Total consumer
loans
|
|
2,121,309
|
|
|
2,080,978
|
|
|
1,994,495
|
|
|
1,958,526
|
|
|
1,956,326
|
|
Total
loans
|
|
5,339,983
|
|
|
5,205,743
|
|
|
5,054,181
|
|
|
4,943,984
|
|
|
4,901,714
|
|
Net deferred loan
costs and premiums
|
|
14,794
|
|
|
15,297
|
|
|
15,413
|
|
|
13,273
|
|
|
11,636
|
|
Allowance for loan
losses
|
|
(47,099)
|
|
|
(46,368)
|
|
|
(45,062)
|
|
|
(43,304)
|
|
|
(42,798)
|
|
Loans receivable -
net
|
|
5,307,678
|
|
|
5,174,672
|
|
|
5,024,532
|
|
|
4,913,953
|
|
|
4,870,552
|
|
Federal Home Loan
Bank of Boston stock, at
cost
|
|
50,194
|
|
|
46,758
|
|
|
54,760
|
|
|
52,707
|
|
|
53,476
|
|
Accrued interest
receivable
|
|
22,332
|
|
|
20,893
|
|
|
19,751
|
|
|
19,126
|
|
|
18,771
|
|
Deferred tax asset,
net
|
|
25,656
|
|
|
30,999
|
|
|
27,034
|
|
|
37,040
|
|
|
39,962
|
|
Premises and
equipment, net
|
|
67,508
|
|
|
61,063
|
|
|
54,480
|
|
|
51,299
|
|
|
51,757
|
|
Goodwill
|
|
115,281
|
|
|
115,281
|
|
|
115,281
|
|
|
115,281
|
|
|
115,281
|
|
Core deposit
intangible asset
|
|
4,491
|
|
|
4,827
|
|
|
5,164
|
|
|
5,517
|
|
|
5,902
|
|
Cash surrender value
of bank-owned life insurance
|
|
148,300
|
|
|
171,300
|
|
|
170,144
|
|
|
169,007
|
|
|
167,823
|
|
Other
assets
|
|
105,593
|
|
|
81,019
|
|
|
85,503
|
|
|
71,333
|
|
|
65,086
|
|
Total
assets
|
|
$
|
7,114,159
|
|
|
$
|
6,976,496
|
|
|
$
|
6,876,163
|
|
|
$
|
6,696,620
|
|
|
$
|
6,599,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
778,576
|
|
|
$
|
725,130
|
|
|
$
|
721,917
|
|
|
$
|
690,516
|
|
|
$
|
708,050
|
|
Interest-bearing
|
|
4,419,645
|
|
|
4,427,892
|
|
|
4,271,562
|
|
|
4,099,843
|
|
|
4,003,122
|
|
Total
deposits
|
|
5,198,221
|
|
|
5,153,022
|
|
|
4,993,479
|
|
|
4,790,359
|
|
|
4,711,172
|
|
Mortgagors' and
investor escrow accounts
|
|
7,545
|
|
|
9,641
|
|
|
15,045
|
|
|
10,925
|
|
|
13,354
|
|
Federal Home Loan
Bank advances and other borrowings
|
|
1,165,054
|
|
|
1,068,814
|
|
|
1,138,817
|
|
|
1,180,053
|
|
|
1,169,619
|
|
Accrued expenses and
other liabilities
|
|
50,011
|
|
|
54,366
|
|
|
49,358
|
|
|
49,300
|
|
|
49,509
|
|
Total
liabilities
|
|
6,420,831
|
|
|
6,285,843
|
|
|
6,196,699
|
|
|
6,030,637
|
|
|
5,943,654
|
|
Total stockholders'
equity
|
|
693,328
|
|
|
690,653
|
|
|
679,464
|
|
|
665,983
|
|
|
655,866
|
|
Total liabilities and
stockholders' equity
|
|
$
|
7,114,159
|
|
|
$
|
6,976,496
|
|
|
$
|
6,876,163
|
|
|
$
|
6,696,620
|
|
|
$
|
6,599,520
|
|
United Financial
Bancorp, Inc. and Subsidiaries
|
Selected Financial
Highlights
|
(Dollars In
Thousands, Except Share Data)
|
(Unaudited)
|
|
|
|
At or For the
Three Months Ended
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
Share
Data:
|
|
|
|
|
|
|
|
|
|
Basic net income per
share
|
$
|
0.19
|
|
|
$
|
0.30
|
|
|
$
|
0.32
|
|
|
$
|
0.27
|
|
|
$
|
0.29
|
|
Diluted net income
per share
|
0.19
|
|
|
0.30
|
|
|
0.32
|
|
|
0.27
|
|
|
0.29
|
|
Dividends declared
per share
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
Tangible book value
per share
|
$
|
11.24
|
|
|
$
|
11.23
|
|
|
$
|
11.01
|
|
|
$
|
10.75
|
|
|
$
|
10.53
|
|
Key
Statistics:
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
54,195
|
|
|
$
|
54,841
|
|
|
$
|
55,804
|
|
|
$
|
52,802
|
|
|
$
|
52,108
|
|
Total non-interest
expense
|
37,002
|
|
|
34,909
|
|
|
34,979
|
|
|
34,695
|
|
|
33,293
|
|
Average earning
assets
|
6,480,966
|
|
|
6,423,741
|
|
|
6,304,849
|
|
|
6,113,363
|
|
|
6,054,347
|
|
Key
Ratios:
|
|
|
|
|
|
|
|
|
|
Return on average
assets (annualized)
|
0.54
|
%
|
|
0.88
|
%
|
|
0.96
|
%
|
|
0.83
|
%
|
|
0.90
|
%
|
Return on average
equity (annualized)
|
5.50
|
%
|
|
8.92
|
%
|
|
9.66
|
%
|
|
8.35
|
%
|
|
8.95
|
%
|
Tax-equivalent net
interest margin (annualized)
|
2.98
|
%
|
|
3.00
|
%
|
|
3.04
|
%
|
|
3.01
|
%
|
|
2.93
|
%
|
Residential
Mortgage Production:
|
|
|
|
|
|
|
|
|
|
Dollar volume
(total)
|
$
|
135,522
|
|
|
$
|
133,462
|
|
|
$
|
186,220
|
|
|
$
|
134,022
|
|
|
$
|
160,512
|
|
Mortgages originated
for purchases
|
83,181
|
|
|
97,132
|
|
|
129,165
|
|
|
77,613
|
|
|
77,549
|
|
Loans sold
|
94,738
|
|
|
152,551
|
|
|
61,363
|
|
|
51,826
|
|
|
87,626
|
|
Income from mortgage
banking activities
|
1,184
|
|
|
1,204
|
|
|
1,830
|
|
|
1,321
|
|
|
2,838
|
|
Non-performing
Assets:
|
|
|
|
|
|
|
|
|
|
Residential real
estate
|
$
|
11,824
|
|
|
$
|
11,330
|
|
|
$
|
11,190
|
|
|
$
|
12,185
|
|
|
$
|
11,357
|
|
Home
equity
|
4,968
|
|
|
4,206
|
|
|
5,211
|
|
|
4,307
|
|
|
4,043
|
|
Investor-owned
commercial real estate
|
1,821
|
|
|
2,957
|
|
|
3,512
|
|
|
3,809
|
|
|
4,016
|
|
Owner-occupied
commercial real estate
|
1,664
|
|
|
2,084
|
|
|
2,184
|
|
|
2,314
|
|
|
2,642
|
|
Construction
|
1,398
|
|
|
1,748
|
|
|
287
|
|
|
1,355
|
|
|
1,701
|
|
Commercial
business
|
1,477
|
|
|
2,427
|
|
|
2,624
|
|
|
2,369
|
|
|
2,000
|
|
Other
consumer
|
35
|
|
|
37
|
|
|
40
|
|
|
37
|
|
|
1,000
|
|
Non-accrual
loans
|
23,187
|
|
|
24,789
|
|
|
25,048
|
|
|
26,376
|
|
|
26,759
|
|
Troubled debt
restructured – non-accruing
|
8,475
|
|
|
6,628
|
|
|
7,475
|
|
|
8,252
|
|
|
7,304
|
|
Total non-performing
loans
|
31,662
|
|
|
31,417
|
|
|
32,523
|
|
|
34,628
|
|
|
34,063
|
|
Other real estate
owned
|
2,154
|
|
|
2,444
|
|
|
1,770
|
|
|
1,786
|
|
|
1,890
|
|
Total non-performing
assets
|
$
|
33,816
|
|
|
$
|
33,861
|
|
|
$
|
34,293
|
|
|
$
|
36,414
|
|
|
$
|
35,953
|
|
Non-performing loans
to total loans
|
0.59
|
%
|
|
0.60
|
%
|
|
0.64
|
%
|
|
0.70
|
%
|
|
0.69
|
%
|
Non-performing assets
to total assets
|
0.48
|
%
|
|
0.49
|
%
|
|
0.50
|
%
|
|
0.54
|
%
|
|
0.54
|
%
|
Allowance for loan
losses to non-performing loans
|
148.76
|
%
|
|
147.59
|
%
|
|
138.55
|
%
|
|
125.05
|
%
|
|
125.64
|
%
|
Allowance for loan
losses to total loans
|
0.88
|
%
|
|
0.89
|
%
|
|
0.89
|
%
|
|
0.88
|
%
|
|
0.87
|
%
|
Non-GAAP
Ratios: (1)
|
|
|
|
|
|
|
|
|
|
Non-interest expense
to average assets (annualized)
|
2.12
|
%
|
|
2.02
|
%
|
|
2.06
|
%
|
|
2.11
|
%
|
|
2.05
|
%
|
Efficiency ratio
(2)
|
63.38
|
%
|
|
60.22
|
%
|
|
59.51
|
%
|
|
63.93
|
%
|
|
60.62
|
%
|
Cost of funds
(annualized) (3)
|
0.96
|
%
|
|
0.91
|
%
|
|
0.81
|
%
|
|
0.74
|
%
|
|
0.73
|
%
|
Total revenue growth
rate
|
(1.18)%
|
|
|
(1.73)%
|
|
|
5.69
|
%
|
|
1.33
|
%
|
|
2.34
|
%
|
Total revenue growth
rate (annualized)
|
(4.71)%
|
|
|
(6.90)%
|
|
|
22.74
|
%
|
|
5.33
|
%
|
|
9.35
|
%
|
Average earning asset
growth rate
|
0.89
|
%
|
|
1.89
|
%
|
|
3.13
|
%
|
|
0.97
|
%
|
|
1.16
|
%
|
Average earning asset
growth rate (annualized)
|
3.56
|
%
|
|
7.54
|
%
|
|
12.53
|
%
|
|
3.90
|
%
|
|
4.64
|
%
|
Return on average
tangible common equity (annualized) (2)
|
6.81
|
%
|
|
10.99
|
%
|
|
11.95
|
%
|
|
10.42
|
%
|
|
11.19
|
%
|
Pre-provision net
revenue to average assets (2)
|
1.19
|
%
|
|
1.31
|
%
|
|
1.38
|
%
|
|
1.18
|
%
|
|
1.31
|
%
|
|
|
|
|
(1)
|
Non-GAAP ratios are
not financial measurements required by generally accepted
accounting principles; however, management believes such
information is useful to investors in evaluating Company
performance.
|
(2)
|
Calculations of these
non-GAAP metrics are provided after the reconciliations of non-GAAP
financial measures and appear on page F-10 through page
F-13.
|
(3)
|
The cost of funds
ratio represents interest incurred on liabilities as a percentage
of average non-interest bearing deposits and interest-bearing
liabilities.
|
United Financial
Bancorp, Inc. and Subsidiaries
|
Average Balance
Sheets, Interest and Yields/Costs
|
(Dollars In
Thousands)
|
(Unaudited)
|
|
|
|
For the Three
Months Ended
|
|
December 31,
2017
|
|
December 31,
2016
|
|
Average
Balance
|
|
Interest
and
Dividends
|
|
Yield/Cost
|
|
Average
Balance
|
|
Interest
and
Dividends
|
|
Yield/Cost
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Residential real
estate
|
$
|
1,310,352
|
|
|
$
|
11,343
|
|
|
3.47
|
%
|
|
$
|
1,222,681
|
|
|
$
|
9,878
|
|
|
3.23
|
%
|
Commercial real
estate
|
2,234,878
|
|
|
23,089
|
|
|
4.04
|
|
|
2,104,146
|
|
|
20,843
|
|
|
3.88
|
|
Construction
|
122,151
|
|
|
1,453
|
|
|
4.66
|
|
|
146,688
|
|
|
1,621
|
|
|
4.32
|
|
Commercial
business
|
813,457
|
|
|
7,994
|
|
|
3.85
|
|
|
670,795
|
|
|
6,297
|
|
|
3.67
|
|
Home
equity
|
569,021
|
|
|
6,293
|
|
|
4.39
|
|
|
496,379
|
|
|
4,817
|
|
|
3.86
|
|
Other
consumer
|
278,465
|
|
|
3,309
|
|
|
4.71
|
|
|
210,473
|
|
|
2,542
|
|
|
4.80
|
|
Investment
securities
|
1,074,840
|
|
|
9,713
|
|
|
3.60
|
|
|
1,047,419
|
|
|
8,662
|
|
|
3.30
|
|
Federal Home Loan
Bank stock
|
47,964
|
|
|
564
|
|
|
4.71
|
|
|
52,861
|
|
|
537
|
|
|
4.06
|
|
Other earning
assets
|
29,838
|
|
|
86
|
|
|
1.15
|
|
|
102,905
|
|
|
136
|
|
|
0.53
|
|
Total
interest-earning assets
|
6,480,966
|
|
|
63,844
|
|
|
3.89
|
|
|
6,054,347
|
|
|
55,333
|
|
|
3.61
|
|
Allowance for loan
losses
|
(46,880)
|
|
|
|
|
|
|
(42,176)
|
|
|
|
|
|
Non-interest-earning
assets
|
542,596
|
|
|
|
|
|
|
478,800
|
|
|
|
|
|
Total
assets
|
$
|
6,976,682
|
|
|
|
|
|
|
$
|
6,490,971
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money
market
|
$
|
2,125,177
|
|
|
$
|
4,286
|
|
|
0.80
|
%
|
|
$
|
1,620,960
|
|
|
$
|
1,597
|
|
|
0.39
|
%
|
Savings
|
517,993
|
|
|
77
|
|
|
0.06
|
|
|
526,426
|
|
|
80
|
|
|
0.06
|
|
Certificates of
deposit
|
1,765,007
|
|
|
5,595
|
|
|
1.26
|
|
|
1,869,223
|
|
|
4,972
|
|
|
1.06
|
|
Total
interest-bearing deposits
|
4,408,177
|
|
|
9,958
|
|
|
0.90
|
|
|
4,016,609
|
|
|
6,649
|
|
|
0.66
|
|
Federal Home Loan
Bank advances
|
954,159
|
|
|
3,538
|
|
|
1.45
|
|
|
926,828
|
|
|
2,425
|
|
|
1.02
|
|
Other
borrowings
|
117,578
|
|
|
1,382
|
|
|
4.60
|
|
|
122,751
|
|
|
1,375
|
|
|
4.39
|
|
Total
interest-bearing liabilities
|
5,479,914
|
|
|
14,878
|
|
|
1.07
|
|
|
5,066,188
|
|
|
10,449
|
|
|
0.82
|
|
Non-interest-bearing
deposits
|
740,007
|
|
|
|
|
|
|
691,871
|
|
|
|
|
|
Other
liabilities
|
65,757
|
|
|
|
|
|
|
82,322
|
|
|
|
|
|
Total
liabilities
|
6,285,678
|
|
|
|
|
|
|
5,840,381
|
|
|
|
|
|
Stockholders'
equity
|
691,004
|
|
|
|
|
|
|
650,590
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
6,976,682
|
|
|
|
|
|
|
$
|
6,490,971
|
|
|
|
|
|
Net interest-earning
assets
|
$
|
1,001,052
|
|
|
|
|
|
|
$
|
988,159
|
|
|
|
|
|
Tax-equivalent net
interest income
|
|
|
48,966
|
|
|
|
|
|
|
44,884
|
|
|
|
Tax-equivalent net
interest rate spread (1)
|
|
|
|
|
2.82
|
%
|
|
|
|
|
|
2.79
|
%
|
Tax-equivalent net
interest margin (2)
|
|
|
|
|
2.98
|
%
|
|
|
|
|
|
2.93
|
%
|
Average
interest-earning assets to average interest-bearing
liabilities
|
|
|
|
|
118.27
|
%
|
|
|
|
|
|
119.50
|
%
|
Less tax-equivalent
adjustment
|
|
|
2,117
|
|
|
|
|
|
|
1,712
|
|
|
|
Net interest
income
|
|
|
$
|
46,849
|
|
|
|
|
|
|
$
|
43,172
|
|
|
|
|
|
|
|
(1)
|
Tax-equivalent net
interest rate spread represents the difference between yield on
average interest-earning assets and the cost of average
interest-bearing liabilities.
|
(2)
|
Tax-equivalent net
interest rate margin represents tax-equivalent net interest income
divided by average interest-earning assets.
|
United Financial
Bancorp, Inc. and Subsidiaries
|
Average Balance
Sheets, Interest and Yields/Costs
|
(Dollars In
Thousands)
|
(Unaudited)
|
|
|
|
For the Three
Months Ended
|
|
December 31,
2017
|
|
September 30,
2017
|
|
Average
Balance
|
|
Interest
and
Dividends
|
|
Yield/Cost
|
|
Average
Balance
|
|
Interest
and
Dividends
|
|
Yield/Cost
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Residential real
estate
|
$
|
1,310,352
|
|
|
$
|
11,343
|
|
|
3.47
|
%
|
|
$
|
1,323,262
|
|
|
$
|
11,017
|
|
|
3.33
|
%
|
Commercial real
estate
|
2,234,878
|
|
|
23,089
|
|
|
4.04
|
|
|
2,211,601
|
|
|
23,063
|
|
|
4.08
|
|
Construction
|
122,151
|
|
|
1,453
|
|
|
4.66
|
|
|
122,511
|
|
|
1,301
|
|
|
4.16
|
|
Commercial
business
|
813,457
|
|
|
7,994
|
|
|
3.85
|
|
|
791,547
|
|
|
8,163
|
|
|
4.04
|
|
Home
equity
|
569,021
|
|
|
6,293
|
|
|
4.39
|
|
|
536,509
|
|
|
5,917
|
|
|
4.38
|
|
Other
consumer
|
278,465
|
|
|
3,309
|
|
|
4.71
|
|
|
252,532
|
|
|
3,063
|
|
|
4.81
|
|
Investment
securities
|
1,074,840
|
|
|
9,713
|
|
|
3.60
|
|
|
1,090,559
|
|
|
9,621
|
|
|
3.52
|
|
Federal Home Loan
Bank stock
|
47,964
|
|
|
564
|
|
|
4.71
|
|
|
51,722
|
|
|
572
|
|
|
4.43
|
|
Other earning
assets
|
29,838
|
|
|
86
|
|
|
1.15
|
|
|
43,498
|
|
|
151
|
|
|
1.38
|
|
Total
interest-earning assets
|
6,480,966
|
|
|
63,844
|
|
|
3.89
|
|
|
6,423,741
|
|
|
62,868
|
|
|
3.86
|
|
Allowance for loan
losses
|
(46,880)
|
|
|
|
|
|
|
(46,479)
|
|
|
|
|
|
Non-interest-earning
assets
|
542,596
|
|
|
|
|
|
|
529,937
|
|
|
|
|
|
Total
assets
|
$
|
6,976,682
|
|
|
|
|
|
|
$
|
6,907,199
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money
market
|
$
|
2,125,177
|
|
|
$
|
4,286
|
|
|
0.80
|
%
|
|
$
|
2,105,796
|
|
|
$
|
3,992
|
|
|
0.75
|
%
|
Savings
|
517,993
|
|
|
77
|
|
|
0.06
|
|
|
527,641
|
|
|
77
|
|
|
0.06
|
|
Certificates of
deposit
|
1,765,007
|
|
|
5,595
|
|
|
1.26
|
|
|
1,731,658
|
|
|
5,116
|
|
|
1.17
|
|
Total
interest-bearing deposits
|
4,408,177
|
|
|
9,958
|
|
|
0.90
|
|
|
4,365,095
|
|
|
9,185
|
|
|
0.83
|
|
Federal Home Loan
Bank advances
|
954,159
|
|
|
3,538
|
|
|
1.45
|
|
|
951,760
|
|
|
3,404
|
|
|
1.40
|
|
Other
borrowings
|
117,578
|
|
|
1,382
|
|
|
4.60
|
|
|
135,173
|
|
|
1,442
|
|
|
4.18
|
|
Total
interest-bearing liabilities
|
5,479,914
|
|
|
14,878
|
|
|
1.07
|
|
|
5,452,028
|
|
|
14,031
|
|
|
1.02
|
|
Non-interest-bearing
deposits
|
740,007
|
|
|
|
|
|
|
702,916
|
|
|
|
|
|
Other
liabilities
|
65,757
|
|
|
|
|
|
|
70,853
|
|
|
|
|
|
Total
liabilities
|
6,285,678
|
|
|
|
|
|
|
6,225,797
|
|
|
|
|
|
Stockholders'
equity
|
691,004
|
|
|
|
|
|
|
681,402
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
6,976,682
|
|
|
|
|
|
|
$
|
6,907,199
|
|
|
|
|
|
Net interest-earning
assets
|
$
|
1,001,052
|
|
|
|
|
|
|
$
|
971,713
|
|
|
|
|
|
Tax-equivalent net
interest income
|
|
|
48,966
|
|
|
|
|
|
|
48,837
|
|
|
|
Tax-equivalent net
interest rate spread (1)
|
|
|
|
|
2.82
|
%
|
|
|
|
|
|
2.84
|
%
|
Tax-equivalent net
interest margin (2)
|
|
|
|
|
2.98
|
%
|
|
|
|
|
|
3.00
|
%
|
Average
interest-earning assets to average interest-bearing
liabilities
|
|
|
|
|
118.27
|
%
|
|
|
|
|
|
117.82
|
%
|
Less tax-equivalent
adjustment
|
|
|
2,117
|
|
|
|
|
|
|
2,069
|
|
|
|
Net interest
income
|
|
|
$
|
46,849
|
|
|
|
|
|
|
$
|
46,768
|
|
|
|
|
|
|
|
(1)
|
Tax-equivalent net
interest rate spread represents the difference between yield on
average interest-earning assets and the cost of average
interest-bearing liabilities.
|
(2)
|
Tax-equivalent net
interest rate margin represents tax-equivalent net interest income
divided by average interest-earning assets.
|
United Financial
Bancorp, Inc. and Subsidiaries
|
Average Balance
Sheets, Interest and Yields/Costs
|
(Dollars In
Thousands)
|
(Unaudited)
|
|
|
For the Years
Ended
|
|
December 31,
2017
|
|
December 31,
2016
|
|
Average
Balance
|
|
Interest
and
Dividends
|
|
Yield/Cost
|
|
Average
Balance
|
|
Interest
and
Dividends
|
|
Yield/Cost
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Residential real
estate
|
$
|
1,291,852
|
|
|
$
|
43,422
|
|
|
3.36
|
%
|
|
$
|
1,214,681
|
|
|
$
|
39,691
|
|
|
3.27
|
%
|
Commercial real
estate
|
2,175,197
|
|
|
88,716
|
|
|
4.02
|
|
|
2,055,441
|
|
|
83,996
|
|
|
4.02
|
|
Construction
|
129,636
|
|
|
5,714
|
|
|
4.35
|
|
|
159,677
|
|
|
6,855
|
|
|
4.22
|
|
Commercial
business
|
779,262
|
|
|
30,504
|
|
|
3.86
|
|
|
646,308
|
|
|
24,064
|
|
|
3.66
|
|
Home
equity
|
542,579
|
|
|
23,168
|
|
|
4.27
|
|
|
460,439
|
|
|
16,487
|
|
|
3.58
|
|
Other
consumer
|
243,631
|
|
|
11,890
|
|
|
4.88
|
|
|
216,708
|
|
|
10,743
|
|
|
4.95
|
|
Investment
securities
|
1,083,616
|
|
|
38,078
|
|
|
3.51
|
|
|
1,074,593
|
|
|
34,605
|
|
|
3.21
|
|
Federal Home Loan
Bank stock
|
51,735
|
|
|
2,195
|
|
|
4.24
|
|
|
54,344
|
|
|
1,903
|
|
|
3.50
|
|
Other earning
assets
|
34,484
|
|
|
389
|
|
|
1.13
|
|
|
62,367
|
|
|
343
|
|
|
0.55
|
|
Total
interest-earning assets
|
6,331,992
|
|
|
244,076
|
|
|
3.83
|
|
|
5,944,558
|
|
|
218,687
|
|
|
3.65
|
|
Allowance for loan
losses
|
(45,480)
|
|
|
|
|
|
|
(38,133)
|
|
|
|
|
|
Non-interest-earning
assets
|
526,914
|
|
|
|
|
|
|
479,333
|
|
|
|
|
|
Total
assets
|
$
|
6,813,426
|
|
|
|
|
|
|
$
|
6,385,758
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money
market
|
$
|
2,002,146
|
|
|
$
|
13,282
|
|
|
0.66
|
%
|
|
$
|
1,555,182
|
|
|
$
|
6,547
|
|
|
0.42
|
%
|
Savings
|
529,006
|
|
|
312
|
|
|
0.06
|
|
|
527,544
|
|
|
309
|
|
|
0.06
|
|
Certificates of
deposit
|
1,731,434
|
|
|
19,971
|
|
|
1.15
|
|
|
1,805,623
|
|
|
18,720
|
|
|
1.04
|
|
Total
interest-bearing deposits
|
4,262,586
|
|
|
33,565
|
|
|
0.79
|
|
|
3,888,349
|
|
|
25,576
|
|
|
0.66
|
|
Federal Home Loan
Bank advances
|
978,673
|
|
|
12,763
|
|
|
1.29
|
|
|
988,847
|
|
|
9,931
|
|
|
0.99
|
|
Other
borrowings
|
133,364
|
|
|
5,684
|
|
|
4.20
|
|
|
128,617
|
|
|
5,546
|
|
|
4.24
|
|
Total
interest-bearing liabilities
|
5,374,623
|
|
|
52,012
|
|
|
0.96
|
|
|
5,005,813
|
|
|
41,053
|
|
|
0.82
|
|
Non-interest-bearing
deposits
|
695,713
|
|
|
|
|
|
|
657,842
|
|
|
|
|
|
Other
liabilities
|
67,810
|
|
|
|
|
|
|
83,236
|
|
|
|
|
|
Total
liabilities
|
6,138,146
|
|
|
|
|
|
|
5,746,891
|
|
|
|
|
|
Stockholders'
equity
|
675,280
|
|
|
|
|
|
|
638,867
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
6,813,426
|
|
|
|
|
|
|
$
|
6,385,758
|
|
|
|
|
|
Net interest-earning
assets
|
$
|
957,369
|
|
|
|
|
|
|
$
|
938,745
|
|
|
|
|
|
Tax-equivalent net
interest income
|
|
|
192,064
|
|
|
|
|
|
|
177,634
|
|
|
|
Tax-equivalent net
interest rate spread (1)
|
|
|
|
|
2.87
|
%
|
|
|
|
|
|
2.83
|
%
|
Tax-equivalent net
interest margin (2)
|
|
|
|
|
3.01
|
%
|
|
|
|
|
|
2.96
|
%
|
Average
interest-earning assets to average interest-bearing
liabilities
|
|
|
|
|
117.81
|
%
|
|
|
|
|
|
118.75
|
%
|
Less tax-equivalent
adjustment
|
|
|
7,822
|
|
|
|
|
|
|
6,535
|
|
|
|
Net interest
income
|
|
|
$
|
184,242
|
|
|
|
|
|
|
$
|
171,099
|
|
|
|
|
|
|
|
(1)
|
Tax-equivalent net
interest rate spread represents the difference between yield on
average interest-earning assets and the cost of average
interest-bearing liabilities.
|
(2)
|
Tax-equivalent net
interest rate margin represents tax-equivalent net interest income
divided by average interest-earning assets.
|
United Financial Bancorp, Inc. and
Subsidiaries
Reconciliation of Non-GAAP Financial
Measures
(Dollars In
Thousands)
(Unaudited)
In addition to evaluating the Company's results of operations in
accordance with GAAP, management periodically supplements this
evaluation with an analysis of certain non-GAAP financial measures.
These non-GAAP measures are intended to provide the reader with
additional perspectives on operating results, financial condition,
and performance trends, while facilitating comparisons with the
performance of other financial institutions. Non-GAAP financial
measures are not a substitute for GAAP measures, rather, they
should be read and used in conjunction with the Company's GAAP
financial information.
The efficiency ratio is used as a common measure by banks as a
comparable metric to understand the Company's expense structure
relative to its total revenue; in other words, for every dollar of
total revenue we recognize, how much of that dollar is expended. In
order to improve the comparability of the ratio to our peers, we
remove non-core items. To improve transparency, and acknowledging
that banks are not consistent in their definition of the efficiency
ratio, we include our calculation of this non-GAAP measure.
Pre-provision net revenue is a measure that the Company uses to
understand fundamental operating performance before credit related
expenses and tax expense. It is often expressed as a ratio relative
to average assets which demonstrates the "core" performance and can
be viewed as an alternative measure of how efficiently the Company
services its asset base.
Return on average tangible common equity is used by management
and readers of our financial statements to understand how
efficiently the Company is deploying its common
equity. Companies that are able to demonstrate more efficient
use of common equity are more likely to be viewed favorably by
current and prospective investors.
The Company believes that disclosing these non-GAAP metrics is
both useful internally and is expected by our investors and
analysts in order to understand the overall performance of the
Company. Other companies may calculate and define their
supplemental data differently. A reconciliation of GAAP financial
measures to non-GAAP measures and other performance ratios, as
adjusted, are included on pages F-10 through F-13 in the following
press release tables:
|
|
Three Months
Ended
|
|
Years
Ended
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
December 31,
2017
|
|
December 31,
2016
|
|
|
(Dollars in
thousands)
|
|
|
|
Net Income
(GAAP)
|
|
$
|
9,501
|
|
|
$
|
15,191
|
|
|
$
|
16,200
|
|
|
$
|
13,726
|
|
|
$
|
14,550
|
|
|
$
|
54,618
|
|
|
$
|
49,661
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
745
|
|
|
(158)
|
|
|
(95)
|
|
|
(465)
|
|
|
(94)
|
|
|
27
|
|
|
(2,031)
|
|
Non-interest
expense
|
|
536
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
107
|
|
|
536
|
|
|
3,019
|
|
Income tax expense
related
to tax reform
|
|
1,609
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,609
|
|
|
—
|
|
Related income tax
(benefit) expense
|
|
2,074
|
|
|
55
|
|
|
33
|
|
|
163
|
|
|
(5)
|
|
|
2,325
|
|
|
(346)
|
|
Net
adjustment
|
|
4,964
|
|
|
(103)
|
|
|
(62)
|
|
|
(302)
|
|
|
8
|
|
|
4,497
|
|
|
642
|
|
Total net income
(non-GAAP)
|
|
$
|
14,465
|
|
|
$
|
15,088
|
|
|
$
|
16,138
|
|
|
$
|
13,424
|
|
|
$
|
14,558
|
|
|
$
|
59,115
|
|
|
$
|
50,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
|
$
|
7,346
|
|
|
$
|
8,073
|
|
|
$
|
9,476
|
|
|
$
|
8,505
|
|
|
$
|
8,936
|
|
|
$
|
33,400
|
|
|
$
|
30,084
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on sales of
securities
|
|
(72)
|
|
|
(158)
|
|
|
(95)
|
|
|
(457)
|
|
|
(94)
|
|
|
(782)
|
|
|
(1,961)
|
|
Limited partnership
writedown
|
|
1,214
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,214
|
|
|
—
|
|
Loss on sale of
premises and equipment
|
|
401
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
401
|
|
|
—
|
|
BOLI claim
benefit
|
|
(798)
|
|
|
—
|
|
|
—
|
|
|
(8)
|
|
|
—
|
|
|
(806)
|
|
|
(70)
|
|
Net
adjustment
|
|
745
|
|
|
(158)
|
|
|
(95)
|
|
|
(465)
|
|
|
(94)
|
|
|
27
|
|
|
(2,031)
|
|
Total non-interest
income (non-GAAP)
|
|
8,091
|
|
|
7,915
|
|
|
9,381
|
|
|
8,040
|
|
|
8,842
|
|
|
33,427
|
|
|
28,053
|
|
Total net interest
income
|
|
46,849
|
|
|
46,768
|
|
|
46,328
|
|
|
44,297
|
|
|
43,172
|
|
|
184,242
|
|
|
171,099
|
|
Total revenue
(non-GAAP)
|
|
$
|
54,940
|
|
|
$
|
54,683
|
|
|
$
|
55,709
|
|
|
$
|
52,337
|
|
|
$
|
52,014
|
|
|
$
|
217,669
|
|
|
$
|
199,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP)
|
|
$
|
37,002
|
|
|
$
|
34,909
|
|
|
$
|
34,979
|
|
|
$
|
34,695
|
|
|
$
|
33,293
|
|
|
$
|
141,585
|
|
|
$
|
133,973
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease exit/disposal
cost obligation
|
|
(536)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(536)
|
|
|
—
|
|
Effect of position
eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(107)
|
|
|
—
|
|
|
(1,565)
|
|
FHLBB prepayment
penalties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,454)
|
|
Net
adjustment
|
|
(536)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(107)
|
|
|
(536)
|
|
|
(3,019)
|
|
Total non-interest
expense (non-GAAP)
|
|
$
|
36,466
|
|
|
$
|
34,909
|
|
|
$
|
34,979
|
|
|
$
|
34,695
|
|
|
$
|
33,186
|
|
|
$
|
141,049
|
|
|
$
|
130,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans
|
|
$
|
5,339,983
|
|
|
$
|
5,205,743
|
|
|
$
|
5,054,181
|
|
|
$
|
4,943,984
|
|
|
$
|
4,901,714
|
|
|
$
|
5,339,983
|
|
|
$
|
4,901,714
|
|
Non-covered loans
(1)
|
|
(780,776)
|
|
|
(739,376)
|
|
|
(699,938)
|
|
|
(691,054)
|
|
|
(744,763)
|
|
|
(780,776)
|
|
|
(744,763)
|
|
Total covered
loans
|
|
$
|
4,559,207
|
|
|
$
|
4,466,367
|
|
|
$
|
4,354,243
|
|
|
$
|
4,252,930
|
|
|
$
|
4,156,951
|
|
|
$
|
4,559,207
|
|
|
$
|
4,156,951
|
|
Allowance for loan
losses
|
|
$
|
47,099
|
|
|
$
|
46,368
|
|
|
$
|
45,062
|
|
|
$
|
43,304
|
|
|
$
|
42,798
|
|
|
$
|
47,099
|
|
|
$
|
42,798
|
|
Allowance for loan
losses to total loans
|
|
0.88
|
%
|
|
0.89
|
%
|
|
0.89
|
%
|
|
0.88
|
%
|
|
0.87
|
%
|
|
0.88
|
%
|
|
0.87
|
%
|
Allowance for loan
losses to total covered loans
|
|
1.03
|
%
|
|
1.04
|
%
|
|
1.03
|
%
|
|
1.02
|
%
|
|
1.03
|
%
|
|
1.03
|
%
|
|
1.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) As required
by GAAP, the Company recorded acquired loans at fair value. These
loans carry no allowance for loan losses for the periods reflected
above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
December 31,
2017
|
|
December 31,
2016
|
|
|
(Dollars in
thousands)
|
Efficiency
Ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense
(GAAP)
|
|
$
|
37,002
|
|
|
$
|
34,909
|
|
|
$
|
34,979
|
|
|
$
|
34,695
|
|
|
$
|
33,293
|
|
|
$
|
141,585
|
|
|
$
|
133,973
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned expense
|
|
(157)
|
|
|
(211)
|
|
|
(293)
|
|
|
(103)
|
|
|
(191)
|
|
|
(764)
|
|
|
(343)
|
|
Lease exit/disposal
cost obligation
|
|
(536)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(536)
|
|
|
—
|
|
Effect of position
eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(107)
|
|
|
—
|
|
|
(1,565)
|
|
FHLBB prepayment
penalties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,454)
|
|
Non-Interest Expense
for Efficiency Ratio (non-GAAP)
|
|
$
|
36,309
|
|
|
$
|
34,698
|
|
|
$
|
34,686
|
|
|
$
|
34,592
|
|
|
$
|
32,995
|
|
|
$
|
140,285
|
|
|
$
|
130,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(GAAP)
|
|
$
|
46,849
|
|
|
$
|
46,768
|
|
|
$
|
46,328
|
|
|
$
|
44,297
|
|
|
$
|
43,172
|
|
|
$
|
184,242
|
|
|
$
|
171,099
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent
adjustment for tax-exempt loans and investment
securities
|
|
2,117
|
|
|
2,069
|
|
|
1,943
|
|
|
1,693
|
|
|
1,712
|
|
|
7,822
|
|
|
6,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Income
(GAAP)
|
|
7,346
|
|
|
8,073
|
|
|
9,476
|
|
|
8,505
|
|
|
8,936
|
|
|
33,400
|
|
|
30,084
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on sales of
securities
|
|
(72)
|
|
|
(158)
|
|
|
(95)
|
|
|
(457)
|
|
|
(94)
|
|
|
(782)
|
|
|
(1,961)
|
|
Net loss on limited
partnership investments
|
|
1,441
|
|
|
864
|
|
|
638
|
|
|
80
|
|
|
705
|
|
|
3,023
|
|
|
3,995
|
|
Loss on sale of
premises and equipment
|
|
401
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
401
|
|
|
—
|
|
BOLI claim
benefit
|
|
(798)
|
|
|
—
|
|
|
—
|
|
|
(8)
|
|
|
—
|
|
|
(806)
|
|
|
(70)
|
|
Total Revenue for
Efficiency Ratio (non-GAAP)
|
|
$
|
57,284
|
|
|
$
|
57,616
|
|
|
$
|
58,290
|
|
|
$
|
54,110
|
|
|
$
|
54,431
|
|
|
$
|
227,300
|
|
|
$
|
209,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
(Non-Interest Expense for Efficiency Ratio (non-GAAP)/Total Revenue
for Efficiency Ratio (non-GAAP))
|
|
63.38
|
%
|
|
60.22
|
%
|
|
59.51
|
%
|
|
63.93
|
%
|
|
60.62
|
%
|
|
61.72
|
%
|
|
62.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
December 31,
2017
|
|
December 31,
2016
|
|
|
(Dollars in
thousands)
|
Pre-Provision Net
Revenue ("PPNR") to
Average Assets (Annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest income
(GAAP)
|
|
$
|
46,849
|
|
|
$
|
46,768
|
|
|
$
|
46,328
|
|
|
$
|
44,297
|
|
|
$
|
43,172
|
|
|
$
|
184,242
|
|
|
$
|
171,099
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent
adjustment for tax-exempt loans and investment
securities
|
|
2,117
|
|
|
2,069
|
|
|
1,943
|
|
|
1,693
|
|
|
1,712
|
|
|
7,822
|
|
|
6,535
|
|
Total tax equivalent
net interest income (A)
|
|
$
|
48,966
|
|
|
$
|
48,837
|
|
|
$
|
48,271
|
|
|
$
|
45,990
|
|
|
$
|
44,884
|
|
|
$
|
192,064
|
|
|
$
|
177,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Interest Income
(GAAP)
|
|
7,346
|
|
|
8,073
|
|
|
9,476
|
|
|
8,505
|
|
|
8,936
|
|
|
33,400
|
|
|
30,084
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on sales of
securities
|
|
(72)
|
|
|
(158)
|
|
|
(95)
|
|
|
(457)
|
|
|
(94)
|
|
|
(782)
|
|
|
(1,961)
|
|
Net loss on limited
partnership investments
|
|
1,441
|
|
|
864
|
|
|
638
|
|
|
80
|
|
|
705
|
|
|
3,023
|
|
|
3,995
|
|
Loss on sale of
premises and equipment
|
|
401
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
401
|
|
|
—
|
|
BOLI claim
benefit
|
|
(798)
|
|
|
—
|
|
|
—
|
|
|
(8)
|
|
|
—
|
|
|
(806)
|
|
|
(70)
|
|
Non-Interest Income
for PPNR (non-GAAP) (B)
|
|
$
|
8,318
|
|
|
$
|
8,779
|
|
|
$
|
10,019
|
|
|
$
|
8,120
|
|
|
$
|
9,547
|
|
|
$
|
35,236
|
|
|
$
|
32,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense
(GAAP)
|
|
$
|
37,002
|
|
|
$
|
34,909
|
|
|
$
|
34,979
|
|
|
$
|
34,695
|
|
|
$
|
33,293
|
|
|
$
|
141,585
|
|
|
$
|
133,973
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease exit/disposal
cost obligation
|
|
(536)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(536)
|
|
|
—
|
|
Effect of position
eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(107)
|
|
|
—
|
|
|
(1,565)
|
|
FHLBB prepayment
penalties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,454)
|
|
Non-Interest Expense
for PPNR (non-GAAP) (C)
|
|
$
|
36,466
|
|
|
$
|
34,909
|
|
|
$
|
34,979
|
|
|
$
|
34,695
|
|
|
$
|
33,186
|
|
|
$
|
141,049
|
|
|
$
|
130,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total PPNR (non-GAAP)
(A + B - C) :
|
|
$
|
20,818
|
|
|
$
|
22,707
|
|
|
$
|
23,311
|
|
|
$
|
19,415
|
|
|
$
|
21,245
|
|
|
$
|
86,251
|
|
|
$
|
78,728
|
|
Average
Assets
|
|
6,976,682
|
|
|
6,907,199
|
|
|
6,780,336
|
|
|
6,584,138
|
|
|
6,490,971
|
|
|
6,813,426
|
|
|
6,385,758
|
|
PPNR to Average
Assets (Annualized)
|
|
1.19
|
%
|
|
1.31
|
%
|
|
1.38
|
%
|
|
1.18
|
%
|
|
1.31
|
%
|
|
1.27
|
%
|
|
1.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
December 31,
2017
|
|
December 31,
2016
|
|
|
(Dollars in
thousands)
|
Return on Average
Tangible Common
Equity (Annualized):
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(GAAP)
|
|
$
|
9,501
|
|
|
$
|
15,191
|
|
|
$
|
16,200
|
|
|
$
|
13,726
|
|
|
$
|
14,550
|
|
|
$
|
54,618
|
|
|
$
|
49,661
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible Assets
amortization, tax effected at 35%
|
|
219
|
|
|
219
|
|
|
229
|
|
|
250
|
|
|
250
|
|
|
917
|
|
|
1,043
|
|
Net Income excluding
intangible assets amortization, tax effected at 35%
|
|
$
|
9,720
|
|
|
$
|
15,410
|
|
|
$
|
16,429
|
|
|
$
|
13,976
|
|
|
$
|
14,800
|
|
|
$
|
55,535
|
|
|
$
|
50,704
|
|
Average stockholders'
equity (non-GAAP)
|
|
$
|
691,004
|
|
|
$
|
681,402
|
|
|
$
|
670,526
|
|
|
$
|
657,755
|
|
|
$
|
650,590
|
|
|
$
|
675,280
|
|
|
$
|
638,867
|
|
Average goodwill
& other intangible assets (non-GAAP)
|
|
119,962
|
|
|
120,275
|
|
|
120,631
|
|
|
121,004
|
|
|
121,383
|
|
|
120,465
|
|
|
121,976
|
|
Average tangible
common stockholders' equity (non-GAAP)
|
|
$
|
571,042
|
|
|
$
|
561,127
|
|
|
$
|
549,895
|
|
|
$
|
536,751
|
|
|
$
|
529,207
|
|
|
$
|
554,815
|
|
|
$
|
516,891
|
|
Return on Average
Tangible Common Equity (non-GAAP)
|
|
6.81
|
%
|
|
10.99
|
%
|
|
11.95
|
%
|
|
10.42
|
%
|
|
11.19
|
%
|
|
10.01
|
%
|
|
9.81
|
%
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/united-financial-bancorp-inc-announces-fourth-quarter-earnings-and-quarterly-dividend-300587124.html
SOURCE United Financial Bancorp, Inc.