Rockville Financial Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 27, 2014 at 04:13 pm
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Rockville Financial Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net interest income was $16,976,000 against $17,027,000 a year ago. Income before income taxes was $2,040,000 against $6,254,000 a year ago. Net income was $1,757,000 or $0.07 basic and diluted per share against $4,325,000 or $0.16 basic and diluted per share a year ago. Return on average assets was 0.31% and return on average equity was 2.39% against 0.88% and 5.34%, respectively a year ago. Total interest and dividend income was $19,748,000 against $19,656,000 a year ago. Net interest income after provision for loan losses was $16,256,000 against $16,118,000 a year ago. Total core net income was $3,296,000 or $0.13 per diluted share against $3,641,000 or $0.13 per diluted share a year ago. Total core operating revenue was $19,935,000 against $20,719,000 a year ago. Total operating revenue was $19,935,000 against $22,191,000 a year ago. The company reported core return on average assets (ROA) of 0.59% and core return on tangible common equity (ROTCE) of 4.42% for the fourth quarter of 2013. The decrease in operating revenue is primarily attributable to the pre-tax $1.5 million reduction in gains on sales of residential mortgages to the secondary market. Tangible book value increased by $0.20 during the quarter to $11.49 at December 31, 2013 from $11.29 at September 30, 2013, primarily due to a $0.17 increase in the post-retirement benefits asset.
For the year, the company reported net interest income of $67,057,000 against $67,008,000 a year ago. Income before income taxes was $19,596,000 against $22,432,000 a year ago. Net income was $14,227,000 or $0.54 diluted per share against $15,797,000 or $0.56 diluted per share a year ago. ROA was 0.84% for the year 2012. Total interest and dividend income was $77,517,000 against $77,952,000 a year ago. Net interest income after provision for loan losses was $65,011,000 against $63,421,000 a year ago. Total core net income was $16,300,000 or $0.6+2 per diluted share against $15,700,000 or $0.56 per diluted share a year ago. Total core operating revenue was $83,523,000 against $79,908,000 a year ago. Operating revenue was $84,108,000 against $81,715,000 a year ago. Operating revenue for the year was further driven by the commercial banking business's focus on borrower facing loan level hedges.
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.