2014

United Financial Bancorp Reports Third Quarter 2013 Results

WEST SPRINGFIELD, Mass., Oct. 17, 2013 /PRNewswire/ -- United Financial Bancorp, Inc. (the "Company") (NASDAQ Global Select Market: UBNK), the holding company for United Bank (the "Bank"), reported net income of $4.6 million, or $0.23 per diluted share, for the third quarter of 2013 compared to net income of $2.9 million, or $0.20 per diluted share, for the corresponding period in 2012. Excluding acquisition-related expenses of $366,000 ($254,000 net of tax benefit) resulting from the Company's acquisition of New England Bancshares, Inc. and impairment charges on securities of $202,000 ($119,000 net of tax benefit), net income would have been $3.3 million, or $0.22 per diluted share, for the third quarter of 2012.

For the nine months ended September 30, 2013, net income was $13.4 million, or $0.67 per diluted share, compared to net income of $8.4 million, or $0.56 per diluted share, for the same period in 2012.  Excluding branch closing costs totaling $987,000 ($584,000 net of tax benefit), acquisition-related expenses of $281,000 ($270,000 net of tax benefit), a $206,000 gain related to an investment in a venture capital fund accounted for on a cash basis ($122,000 net of tax expense), and a net loss of $50,000 on sales of investment securities ($30,000 net of tax benefit),  net income would have been $14.2 million, or $0.71 per diluted share, for the nine months ended September 30, 2013. Excluding acquisition-related expenses of $958,000 ($818,000 net of tax benefit) and impairment charges on securities of $202,000 ($119,000 net of tax benefit), net income would have been $9.3 million, or $0.63 per diluted share, for the first nine months of 2012.

The Company also announced a quarterly cash dividend of $0.11 per share, payable on November 29, 2013 to shareholders of record as of November 7, 2013. Based upon the closing share price of $16.43 as of October 16, 2013 and the annualized dividend of $0.44, the dividend yield on the Company's common stock is 2.68%.

Financial Highlights:

  • Total loans increased by $77.4 million, or 4%, to $1.89 billion at September 30, 2013 from $1.82 billion at December 31, 2012, primarily due to growth of $57.6 million, or 7%, in commercial mortgages, $17.8 million, or 4%, in residential mortgages and $7.0 million, or 13%, in construction loans.
  • Credit quality remained strong, as demonstrated by the non-performing loans to total loans ratio of 65 basis points at September 30, 2013 and an annualized net charge-offs to average loans ratio of 10 basis points for the nine months ended September 30, 2013.
  • Core deposits increased by $70.1 million, or 6%, to $1.21 billion at September 30, 2013 from $1.14 billion at December 31, 2012. 
  • Tangible book value per share was $13.09 at September 30, 2013.  During the nine months of 2013, the Company repurchased 489,351 shares of its common stock at an average price of $14.88 per share. At September 30, 2013, the Company had approximately 1.2 million shares authorized for future repurchases under current plans.   

"We are pleased with our improved performance this quarter. Asset quality remained strong and compares favorably to industry averages and those of our peers. Our balance sheet remains very healthy with solid capital and liquidity positions," commented Richard B. Collins, President and Chief Executive Officer.  "Our performance reflects solid loan and deposit growth. As we approach the one year mark of our acquisition of New England Bank, our brand is gaining momentum in the Connecticut region and customers are responding to our unique approach to banking. In all regions, we are focused on growing our franchise and maximizing relationships with existing customers."

Earnings Summary

  • Net interest income increased $5.8 million, or 43%, to $19.3 million for the third quarter of 2013 as a result of an increase in average interest-earning assets partially offset by a reduction in the net interest margin.  Total average interest-earning assets increased $729.0 million, or 47%, to $2.27 billion for the third quarter of 2013 driven by the acquisition of New England Bank in the fourth quarter of 2012 and solid organic loan growth. The net interest margin declined 11 basis points to 3.40% for the three months ended September 30, 2013 compared to the same period last year reflecting a decrease in spreads in response to the challenging interest rate environment.
  • Non-interest income increased by $465,000, or 19%, to $3.0 million for the three months ended September 30, 2013 due to growth in other income, deposit services charges and bank-owned life insurance income. Other income increased by $237,000, or 74%, reflecting higher loan prepayment penalties and increased credit enhancement fees related to residential loans sold to the Federal Home Loan Bank of Boston. Fee income on depositors' accounts increased $181,000, or 12%, driven by a larger deposit base related to the New England Bank acquisition, offset to a large extent by the negative impact of new regulations, including the Durbin Amendment, on debit card fee income. Bank-owned life insurance income increased $70,000, or 16%, primarily attributable to the acquisition of the New England Bank portfolio, partially offset by a decrease in the yield on the portfolio assets.
  • Non-interest expense increased $3.6 million, or 33%, to $14.8 million in the third quarter of 2013.  Excluding acquisition-related expenses totaling $366,000 for the third quarter of 2012, non-interest expense would have increased by $4.0 million, or 37%, as compared to the same period one year ago primarily reflecting costs to operate, expand and promote our new Connecticut franchise, expenses related to a new branch established in Northborough, Massachusetts during the fourth quarter of 2012, annual wage increases and higher expenses related to loan workout and collection activities.
  • Income taxes increased $824,000, or 93%, to $1.7 million for the three months ended September 30, 2013 primarily due to an increase in pre-tax income.  

Balance Sheet Activity:

  • Total assets increased $88.4 million, or 4%, to $2.49 billion at September 30, 2013 from $2.40 billion at December 31, 2012 reflecting growth in loans and cash balances offset in part by a decrease in the investment securities portfolio.
  • Total loans increased $77.4 million, or 4%, to $1.89 billion at September 30, 2013 due to growth in commercial mortgages ($57.6 million), residential mortgages ($17.8 million) and construction loans ($7.0 million) as a result of successful business development efforts and competitive products and pricing.  These items were partially reduced by modest runoff in the consumer and commercial segments.
  • Cash and cash equivalents increased $28.3 million, or 92%, to $59.0 million at September 30, 2013 due to a temporary increase in interest-earning balances held at the Federal Reserve Bank of Boston.
  • Total investment securities decreased $14.9 million, or 4%, to $362.4 million at September 30, 2013 as a portion of cash flows from existing bonds were used to fund loan originations.
  • Total deposits increased $98.2 million, or 5%, to $1.95 billion at September 30, 2013 reflecting growth of $70.1 million, or 6%, in core account balances and an increase of $28.1 million, or 4%, in certificates of deposit.  The growth in core deposit account balances was driven by sales and marketing initiatives, competitive products and pricing, and a focus on providing excellent customer service. Core deposit balances were $1.21 billion, or 62% of total deposits, at September 30, 2013 compared to $1.14 billion, or 62%, at December 31, 2012.
  • Short-term borrowings decreased $18.8 million, or 24%, to $60.4 million at September 30, 2013 and long term-debt increased by $19.7 million, or 15%, to $153.7 million at September 30, 2013 as the Bank elected to extend the term of certain short-term FHLB advances.

Credit Quality:

  • Non-performing assets totaled $14.6 million, or 0.59% of total assets, at September 30, 2013 compared to $17.3 million, or 0.72% of total assets, at December 31, 2012.  The $2.7 million decrease in non-performing assets reflects sales of OREO properties and successful loan workout activities.
  • The ratio of the allowance for loan losses to total loans was 0.72% at September 30, 2013 as compared to 0.67% at December 31, 2012.  Excluding the aggregate impact of acquired loans totaling $549.5 million at September 30, 2013 and $664.6 million at December 31, 2012, the ratio of the allowance for loan losses to total loans would have been 1.02% at September 30, 2013 and 1.05% at December 31, 2012.  Net charge-offs totaled $1.4 million or 0.10% of average loans outstanding for the nine months ended September 30, 2013 as compared to net charge-offs of $1.1 million or 0.11% of average loans outstanding for the same period in 2012.    

Capital and Liquidity:

  • At September 30, 2013, the Company remained well capitalized with a tangible equity-to-tangible assets ratio of 10.53% and an equity-to-assets ratio of 12.16%.
  • At September 30, 2013, the Company continued to have considerable liquidity consisting of significant balances at the Federal Reserve Bank of Boston, a large amount of marketable loans and investment securities, substantial unused borrowing capacity at the Federal Home Loan Bank of Boston and the Federal Reserve Bank of Boston and access to funding through the repurchase agreement and brokered deposit markets.

United Financial Bancorp, Inc. is a publicly owned corporation and the holding company for United Bank, a federally chartered bank headquartered at 95 Elm Street, West Springfield, MA, 01090.  The Company's common stock is traded on the NASDAQ Global Select Market under the symbol UBNK.   The Company had total consolidated assets of approximately $2.49 billion as of September 30, 2013. United Bank provides an array of financial products and services through its 16 branch offices and two express drive-up branches in the Springfield region of Western Massachusetts; seven branches in the Worcester region of Central Massachusetts; and 12 branches in Connecticut's Hartford, Tolland and New Haven counties.  The Bank also operates loan production offices located in Beverly, Massachusetts and Glastonbury, Connecticut. Through its Wealth Management Group, the Bank offers access to a wide range of investment and insurance products and services, as well as financial, estate and retirement strategies and products.  For more information regarding the Bank's products and services and for United Financial Bancorp, Inc. investor relations information please visit www.bankatunited.com or on Facebook at facebook.com/bankatunited.

Except for the historical information contained in this press release, the matters discussed may be deemed to be forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties, including changes in economic conditions in the Company's market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Company's market area, competition, and other risks detailed from time to time in the Company's SEC reports.  Actual strategies and results in future periods may differ materially from those currently expected.   These forward-looking statements represent the Company's judgment as of the date of this release.  The Company disclaims, however, any intent or obligation to update these forward-looking statements.

CONFERENCE CALL:

United Financial Bancorp, Inc. will host a conference call at 10:00 a.m. Eastern time on Friday, October 18, 2013 to discuss the results for the quarter.  Participants should dial-in to the call a few minutes before it begins. 

Audio:

Dial in number: 1-888-317-6016

Replay:

Dial in number: 1-877-344-7529

Conference number: 10034398

A telephone replay of the call will be available one hour after the end of the conference call through November 18, 2013 at 9:00 a.m. EDT.

UNITED FINANCIAL BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CONDITION (unaudited)

(Dollars in thousands, except per share amounts)































































September 30,


December 31,


September 30,


Sep. 2013 vs. Dec. 2012


Sep. 2013 vs. Sep. 2012

Assets


2013


2012


2012


$ Change


% Change


$ Change


% Change































Cash and cash equivalents


$        58,960


$       30,679


$         28,344


$   28,281


92.18%


$   30,616


108.02%

Investment securities  


362,414


377,308


330,311


(14,894)


(3.95)%


32,103


9.72%

Loans held for sale


-


632


-


(632)


(100.00)%


-


0.00%
















Loans:















Residential mortgages


459,714


441,874


312,600


17,840


4.04%


147,114


47.06%

Commercial mortgages


872,340


814,692


513,524


57,648


7.08%


358,816


69.87%

Construction loans


59,788


52,778


34,724


7,010


13.28%


25,064


72.18%

Commercial loans


304,228


306,192


201,017


(1,964)


(0.64)%


103,211


51.34%

Home equity loans


179,507


179,039


143,052


468


0.26%


36,455


25.48%

Consumer loans


17,920


21,501


13,090


(3,581)


(16.66)%


4,830


36.90%

   Total loans


1,893,497


1,816,076


1,218,007


77,421


4.26%


675,490


55.46%
















Net deferred loan costs and fees


2,653


3,414


2,445


(761)


(22.29)%


208


8.51%

Allowance for loan losses


(13,642)


(12,089)


(12,550)


(1,553)


12.85%


(1,092)


8.70%

   Loans, net


1,882,508


1,807,401


1,207,902


75,107


4.16%


674,606


55.85%
















Federal Home Loan Bank of Boston stock, at cost 


17,334


18,554


14,454


(1,220)


(6.58)%


2,880


19.93%

Other real estate owned


2,206


2,578


1,349


(372)


(14.43)%


857


63.53%

Deferred tax asset, net


21,226


20,178


13,771


1,048


5.19%


7,455


54.14%

Premises and equipment, net 


25,474


25,064


18,145


410


1.64%


7,329


40.39%

Bank-owned life insurance


54,157


52,876


41,869


1,281


2.42%


12,288


29.35%

Goodwill


40,992


39,852


8,192


1,140


2.86%


32,800


400.39%

Other intangible assets


4,160


4,514


699


(354)


(7.84)%


3,461


495.14%

Other assets 


21,306


22,667


18,648


(1,361)


(6.00)%


2,658


14.25%
















Total assets


$    2,490,737


$   2,402,303


$    1,683,684


$   88,434


3.68%


$  807,053


47.93%
















Liabilities and Stockholders' Equity






























Deposits: 















Demand


$      333,206


$      307,302


$       234,191


$   25,904


8.43%


$   99,015


42.28%

NOW


86,545


87,983


67,279


(1,438)


(1.63)%


19,266


28.64%

Savings


335,623


350,188


264,942


(14,565)


(4.16)%


70,681


26.68%

Money market


455,547


395,293


295,674


60,254


15.24%


159,873


54.07%

Certificates of deposit


735,477


707,409


413,074


28,068


3.97%


322,403


78.05%

   Total deposits


1,946,398


1,848,175


1,275,160


98,223


5.31%


671,238


52.64%
















Short-term borrowings 


60,446


79,229


14,579


(18,783)


(23.71)%


45,867


314.61%

Long-term debt


153,662


133,969


140,287


19,693


14.70%


13,375


9.53%

Subordinated debentures


5,933


9,630


5,608


(3,697)


(38.39)%


325


5.80%

Escrow funds held for borrowers


3,375


4,315


1,892


(940)


(21.78)%


1,483


78.38%

Capitalized lease obligations


4,583


4,711


4,753


(128)


(2.72)%


(170)


(3.58)%

Accrued expenses and other liabilities 


13,582


15,085


11,242


(1,503)


(9.96)%


2,340


20.81%

Total liabilities


2,187,979


2,095,114


1,453,521


92,865


4.43%


734,458


50.53%
















Stockholders' Equity:















Preferred stock, par value $0.01 per share, 















  authorized 50,000,000 shares; none issued


-


-


-


-


-


-


-

Common stock, par value $0.01 per share;  















  authorized 100,000,000 shares; shares issued: 















  24,266,428 at September 30, 2013 and     















  December 31, 2012 and 18,706,933  















  at September 30, 2012  


243


243


187


-


0.00%


56


29.95%

Additional paid-in capital


273,121


272,822


183,476


299


0.11%


89,645


48.86%

Retained earnings


94,219


87,153


93,317


7,066


8.11%


902


0.97%

Unearned compensation


-


-


(9,523)


-


0.00%


9,523


(100.00)%

Accumulated other comprehensive income, net of taxes

681


5,401


7,514


(4,720)


(87.39)%


(6,833)


(90.94)%

Treasury stock, at cost (4,588,394 shares at    















  September 30, 2013, 4,114,310 shares at















  December 31, 2012 and 3,239,112 shares at















  September 30, 2012)  


(65,506)


(58,430)


(44,808)


(7,076)


12.11%


(20,698)


46.19%

    Total stockholders' equity


302,758


307,189


230,163


(4,431)


(1.44)%


72,595


31.54%
















    Total liabilities and stockholders' equity


$    2,490,737


$   2,402,303


$    1,683,684


$   88,434


3.68%


$  807,053


47.93%































 

UNITED FINANCIAL BANCORP, INC. AND SUBSIDIARY


CONSOLIDATED INCOME STATEMENTS (unaudited)


(Dollars in thousands, except per share amounts)































































Three Months Ended  










September 30, 


 June 30,


September 30, 


Sep. 2013 vs Jun. 2013


Sep. 2013 vs. Sep. 2012



2013


2013


2012


$ Change


% Change


$ Change


% Change













Interest and dividend income:















Loans

$         20,974


$     21,277


$         14,494


$       (303)


(1.42)%


$      6,480


44.71%


Investments

2,226


2,248


2,549


(22)


(0.98)%


(323)


(12.67)%


Other interest-earning assets 

26


24


27


2


8.33%


(1)


(3.70)%


Total interest and dividend income 

23,226


23,549


17,070


(323)


(1.37)%


6,156


36.06%

















Interest expense:















Deposits

2,898


2,851


2,444


47


1.65%


454


18.58%


Borrowings

982


999


1,076


(17)


(1.70)%


(94)


(8.74)%


Total interest expense

3,880


3,850


3,520


30


0.78%


360


10.23%

















Net interest income before provision for loan losses

19,346


19,699


13,550


(353)


(1.79)%


5,796


42.77%

















Provision for loan losses 

1,125


892


1,050


233


26.12%


75


7.14%

















Net interest income after provision for loan losses

18,221


18,807


12,500


(586)


(3.12)%


5,721


45.77%

















Non-interest income:















Fee income on depositors' accounts

1,633


1,597


1,452


36


2.25%


181


12.47%


Wealth management income

269


247


279


22


8.91%


(10)


(3.58)%


Income from bank-owned life insurance

518


510


448


8


1.57%


70


15.63%


Net gain on sales of loans

-


107


188


(107)


(100.00)%


(188)


(100.00)%


Net gain on sales of securities

-


-


27


-


0.00%


(27)


(100.00)%


Impairment charges on securities

-


-


(202)


-


0.00%


202


(100.00)%


Other income

556


554


319


2


0.36%


237


74.29%


Total non-interest income

2,976


3,015


2,511


(39)


(1.29)%


465


18.52%

















Non-interest expense:















Salaries and benefits

8,109


8,145


6,375


(36)


(0.44)%


1,734


27.20%


Occupancy expenses

1,362


1,327


823


35


2.64%


539


65.49%


Marketing expenses 

426


693


316


(267)


(38.53)%


110


34.81%


Data processing expenses

1,428


1,608


1,109


(180)


(11.19)%


319


28.76%


Professional fees

587


649


372


(62)


(9.55)%


215


57.80%


Acquisition related expenses

-


123


366


(123)


(100.00)%


(366)


(100.00)%


Branch closing expenses

-


477


-


(477)


(100.00)%


-


0.00%


FDIC insurance assessments

408


525


264


(117)


(22.29)%


144


54.55%


Tax credit funds

390


365


-


25


6.85%


390


0.00%


Other expenses

2,126


2,357


1,567


(231)


(9.80)%


559


35.67%


Total non-interest expense 

14,836


16,269


11,192


(1,433)


(8.81)%


3,644


32.56%

















Income before income taxes

6,361


5,553


3,819


808


14.55%


2,542


66.56%

















Income tax expense

1,714


1,504


890


210


13.96%


824


92.58%

















Net income

$           4,647


$      4,049


$           2,929


$        598


14.77%


$      1,718


58.65%

















Earnings per share:















Basic

$            0.24


$        0.21


$            0.20


$       0.03


14.29%


$       0.04


20.00%


Diluted

$            0.23


$        0.20


$            0.20


$       0.03


15.00%


$       0.03


15.00%

















Weighted average shares outstanding:















Basic

19,653


19,717


14,522


(64)


(0.32)%


5,131


35.33%


Diluted

19,973


19,979


14,708


(6)


(0.03)%


5,265


35.80%
































 

UNITED FINANCIAL BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED INCOME STATEMENTS (unaudited)

(Dollars in thousands, except per share amounts)







































Nine Months Ended  






September 30, 


September 30, 


Sep. 2013 vs. Sep. 2012



2013


2012


$ Change


% Change








Interest and dividend income:









Loans


$         64,307


$         42,750


$    21,557


50.43%

Investments


6,787


8,171


(1,384)


(16.94)%

Other interest-earning assets 


68


119


(51)


(42.86)%

Total interest and dividend income 


71,162


51,040


20,122


39.42%










Interest expense:









Deposits


8,552


7,795


757


9.71%

Borrowings


3,072


3,301


(229)


(6.94)%

Total interest expense


11,624


11,096


528


4.76%










Net interest income before provision for loan losses


59,538


39,944


19,594


49.05%










Provision for loan losses 


2,967


2,450


517


21.10%










Net interest income after provision for loan losses


56,571


37,494


19,077


50.88%










Non-interest income:









Fee income on depositors' accounts


4,729


4,389


340


7.75%

Wealth management income


727


795


(68)


(8.55)%

Income from bank-owned life insurance


1,541


1,324


217


16.39%

Net gain on sales of loans


213


458


(245)


(53.49)%

Net (loss) gain on sales of securities


(50)


27


(77)


(285.19)%

Impairment charges on securities


-


(202)


202


(100.00)%

Other income


1,629


863


766


88.76%

Total non-interest income


8,789


7,654


1,135


14.83%










Non-interest expense:









Salaries and benefits


24,733


19,103


5,630


29.47%

Occupancy expenses


4,317


2,567


1,750


68.17%

Marketing expenses 


1,657


1,257


400


31.82%

Data processing expenses


4,243


3,140


1,103


35.13%

Professional fees


1,914


1,282


632


49.30%

Acquisition related expenses


281


958


(677)


(70.67)%

Branch closing expenses


987


-


987


0.00%

FDIC insurance assessments


1,231


800


431


53.88%

Tax credit funds


930


243


687


282.72%

Other expenses


6,662


4,585


2,077


45.30%

Total non-interest expense 


46,955


33,935


13,020


38.37%










Income before income taxes


18,405


11,213


7,192


64.14%










Income tax expense


5,008


2,853


2,155


75.53%










Net income


$         13,397


$           8,360


$      5,037


60.25%










Earnings per share:









Basic


$            0.68


$            0.57


$       0.11


19.30%

Diluted


$            0.67


$            0.56


$       0.11


19.64%










Weighted average shares outstanding:









Basic


19,801


14,578


5,223


35.83%

Diluted


20,079


14,827


5,252


35.42%










 

UNITED FINANCIAL BANCORP, INC. AND SUBSIDIARY

SELECTED DATA AND RATIOS (unaudited)

(Dollars in thousands, except per share amounts)



























At or For The Quarters Ended
















Sep. 30


Jun. 30


Mar. 31


Dec. 31


Sep. 30




2013


2013


2013


2012


2012














Operating Results:











Net interest income (1)

$        19,346


$        19,699


$        20,493


$        16,235


$        13,550


Loan loss provision

1,125


892


950


689


1,050


Non-interest income

2,976

(2)

3,015

(2)

2,798


2,969


2,511

(2)

Non-interest expense

14,836


16,269

(3)

15,850

(3)

22,305

(3)

11,192

(3)

Net income (loss) 

4,647


4,049


4,701


(4,732)


2,929














Performance Ratios (annualized):











Return (loss) on average assets 

0.76%


0.67%

(4)

0.78%

(4)

(0.93)%


0.71%

(4)

Return (loss) on average equity

6.17%


5.32%

(4)

6.13%

(4)

(7.00)%


5.10%

(4)

Net interest margin (1)

3.40%


3.53%


3.70%


3.43%


3.51%


Non-interest income to average total assets

0.49%


0.50%


0.47%


0.58%


0.61%

(5)

Non-interest expense to average total assets

2.42%


2.70%

(6)

2.64%

(6)

4.37%

(6)

2.71%

(6)

Efficiency ratio (7)

66.46%


71.96%

(6)

68.22%

(6)

118.71%

(6)

69.74%

(6)













Per Share Data:











Diluted earnings (loss) per share

$            0.23


$            0.20


$            0.23


$          (0.28)


$            0.20


Book value per share

$          15.39


$          15.28


$          15.36


$          15.24


$          14.88


Tangible book value per share (8)

$          13.09


$          13.00


$          13.16


$          13.04


$          14.31


Market price at period end

$          16.17


$          15.15


$          15.20


$          15.72


$          14.47














Risk Profile











Equity as a percentage of assets

12.16%


12.27%


12.61%


12.79%


13.67%


Tangible equity as a percentage of tangible assets (8)

10.53%


10.62%


11.00%


11.15%


13.21%


Net charge-offs to average loans outstanding (annualized)

0.12%


0.11%


0.07%


0.30%


0.09%


Non-performing assets as a percent of total assets

0.59%


0.65%


0.64%


0.72%


0.61%


Non-performing loans as a percent of total loans

0.65%


0.75%


0.77%


0.81%


0.73%


Allowance for loan losses as a percent of total loans (9)

0.72%


0.70%


0.69%


0.67%


1.03%


Allowance for loan losses as a percent of non-performing loans

111.04%

(10)

93.59%

(10)

89.41%

(10)

82.20%

(10)

140.49%














Average Balances











Loans

$    1,882,898


$    1,845,581


$    1,830,620


$    1,519,877


$    1,178,802


Securities

358,535


358,184


365,237


350,572


338,352


Total interest-earning assets

2,272,811


2,230,323


2,217,842


1,893,447


1,543,779


Total assets

2,452,663


2,407,811


2,397,027


2,043,983


1,650,148


Deposits

1,926,478


1,902,130


1,854,974


1,571,613


1,254,148


FHLBB advances

138,474


112,439


136,627


122,331


103,915


Stockholders' equity

301,031


304,355


306,553


270,564


229,614














Average Yields/Rates (annualized)











Loans

4.46%


4.61%


4.82%


4.65%


4.92%


Securities

2.48%


2.51%


2.53%


2.71%


3.01%


Total interest-earning assets

4.09%


4.22%


4.40%


4.25%


4.42%














Savings accounts

0.32%


0.37%


0.38%


0.44%


0.45%


Money market/NOW accounts

0.36%


0.38%


0.40%


0.42%


0.41%


Certificates of deposit 

1.17%


1.12%


1.11%


1.35%


1.74%


FHLBB advances

2.02%


2.55%


2.32%


3.03%


3.04%


Total interest-bearing liabilities

0.86%


0.87%


0.88%


1.05%


1.20%


(1)    Includes amortization of acquisition accounting adjustments totaling $753,000, $1.3 million, $1.8 million, $633,000 and $715,000 for the quarters ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively.







(2)    Includes gains related to an investment in a venture capital fund which is accounted for on a cost basis totaling $6,000 and $200,000 for the quarters ended September 30, 2013 and June 30, 2013 and a $202,000 other-than-temporary impairment charge on securities for the quarter ended September 30, 2012. 





(3)    Includes branch closing costs totaling $477,000 and $510,000 for the quarters ended June 30, 2013 and March 31, 2013, an ESOP plan termination expense of $4.5 million for the quarter ended December 31, 2012 and acquisition-related expenses totaling $123,000, $158,000, $4.0 million and $366,000 for the quarters ended June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively. 






(4)    Exclusive of branch closing costs totaling $282,000 (after tax) and $302,000 (after tax) for the quarters ended June 30, 2013 and March 31, 2013, acquisition-related expenses totaling $117,000 (after tax), $152,000 (after tax) and $254,000 (after tax) for the quarters ended June 30, 2013, March 31, 2013 and September 30, 2012, respectively, and a $119,000 (after tax) other-than-temporary impairment charge for the quarter ended September 30, 2012, the return on average assets would have been 0.74%, 0.86% and 0.80% and the return on average equity would have been 5.85%, 6.73% and 5.75%, respectively.







(5)    Exclusive of the $202,000 other-than-temporary impairment charge, non-interest income to average total assets would have been 0.66% for the quarter ended September 30, 2012.




(6)    Excluding the branch closing costs totaling $477,000 and $510,000 for the quarters ended June 30, 2013 and March 31, 2013, respectively, ESOP plan termination expense of $4.5 million and FHLBB prepayment penalties of $207,000 for the quarter ended December 31, 2012 and acquisition-related expenses totaling $123,000, $158,000, $4.0 million and $366,000 for the quarters ended June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, non-interest expense to average total assets would have been 2.60%, 2.53%, 2.67% and 2.62% and the efficiency ratio would have been 69.31%, 65.34%, 72.50% and 67.46%, respectively.  







(7)    Excludes gains/losses on sales of securities and loans and impairment charges on securities.




(8)    Excludes the impact of goodwill and other intangible assets of $45.2 million at September 30, 2013, $45.0 million at June 30, 2013, $44.0 million at March 31, 2013, $44.4 million at December 31, 2012 and $8.9 million at September 30, 2012.





(9)    Excluding acquired loans of $544.7 million, $583.6 million, $611.3 million, $659.6 million and $118.6 million, and loans purchased from other financial  institutions of $4.7 million, $4.8 million, $4.9 million, $5.0 million and $6.3 million at September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively, allowance for loan losses as a percent of total loans, gross would have been 1.02%, 1.03%, 1.04%, 1.05% and 1.15% for the quarters ended September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012  and September 30, 2012, respectively. 







(10)  Excluding acquired non-performing loans of $2.2 million, $3.4 million, $4.4 million and $7.0 million at September 30, 2013, June 30, 2013, March 31, 2013 and December 31, 2012, allowance for loan losses as a percent of total non-performing loans would have been 135.26%, 123.58%, 129.78% and 157.72%, respectively. 



For More Information Contact:
Mark A. Roberts
Executive Vice President & CFO
(413) 787-1700

SOURCE United Financial Bancorp, Inc.



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