United Financial Bancorp, Inc Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Announces Net Charge-Offs for the Quarter Ended September 30, 2018
October 16, 2018 at 04:36 pm EDT
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United Financial Bancorp, Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported net interest income was $48,429,000 compared to $46,768,000 a year ago. Income before income taxes was $17,034,000 compared to $17,366,000 a year ago. Net income was $16,308,000 or $0.32 basic and diluted per share compared to $15,191,000 or $0.30 basic and diluted per share a year ago. Total interest and dividend income was at $70,191,000 compared to $60,799,000 reported last year. Return on average assets was 0.91% compared to 0.88% for the same period a year ago. Return on average equity was 9.26% compared to 8.92% for the same period a year ago. On non-GAAP basis, the company reported total revenue of $58,042,000 million compared to $55,036,000 reported last year. Non-GAAP net income was $14,465,000 compared to $15,088,000 a year ago.
For the nine-month period, the company reported net interest income was $143,153,000 compared to $137,393,000 a year ago. Income before income taxes was $50,012,000 compared to $51,718,000 a year ago. Net income was $47,741,000 or $0.94 diluted per share compared to $45,117,000 or $0.89 diluted per share a year ago. Total interest and dividend income was at $200,815,000 compared to $174,527,000 reported last year. Tangible book value per share increased to $11.55 at September 30, 2018 from $11.40 at June 30, 2018. The increase was primarily driven by the impact of the Company's net income of $16.3 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 September 30, 2018 was $13.88, as compared to $13.73 in the linked quarter.
The company announced net charge-offs for the quarter ended September 30, 2018 totaled $1.3 million as compared to $1.1 million for the quarter ended June 30, 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 Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Announces Net Charge-Offs for the Quarter Ended September 30, 2018