United Financial Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 24, 2017 at 04:30 pm
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United Financial Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest and dividend income of $53,621,000 compared to $49,714,000 a year ago. Net interest income was $43,172,000 compared to $40,693,000 a year ago. Income before income taxes was $15,456,000 compared to $10,071,000 a year ago. Net income was $14,550,000 or $0.29 per basic and diluted share compared to $9,902,000 or $0.20 per basic and diluted share a year ago. Return on average assets (annualized) was 0.90% compared to 0.66% a year ago. Return on average equity (annualized) was 8.95% compared to 6.35% a year ago. On a non-GAAP basis, net interest income increased by $119,000 to $42.8 million during the fourth quarter of 2016 as compared to the linked quarter.
For the year, the company reported total interest and dividend income of $212,152,000 compared to $196,345,000 a year ago. Net interest income was $171,099,000 compared to $164,582,000 a year ago. Income before income taxes was $53,773,000 compared to $55,869,000 a year ago. Net income was $49,661,000 or $0.99 per diluted share compared to $49,640,000 or $1.00 per diluted share a year ago. Non-GAAP net income for the year ended December 31, 2016 was $49.6 million compared to $44.2 million for the year ended December 31, 2015. Tangible book value per share decreased to $10.53 at December 31, 2016 from $10.60 at September 30, 2016. The decrease was primarily due to a net contraction in accumulated other comprehensive income as a result of the increase in interest rates during the fourth quarter of 2016 as well as the cash dividend payment to shareholders of $0.12 per share, which reduced shareholders' equity by $6.0 million.
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.