United Bank announces results

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GLASTONBURY, Conn. - United Financial Bancorp Inc, the holding company for United Bank, announced that it had a net income of $9.1 million, or 18 cents  per share, for the quarter ended June 30, 2016.

That is a 23.5 percent decrease from the  $11.9 million, or 24 per share recorded in the previous quarter.

Operating net income for the second quarter of 2016 was $10 million, or 20 cents  per share, compared to $10.9 million, or 22 cents  per diluted share for previous quarter, a 9 percent increase.

CEO William H. W. Crawford IV said:

"In the second quarter of 2016, operating revenue increased 2 percent, but operating net income declined to $0.20 per diluted share from 22 cents  per diluted share for the linked quarter. Despite record low interest rates, our operating net interest margin declined only one basis point and we maintained strong expense discipline evidenced in our ratio of operating non-interest expense to average assets at 2.08 percent. Management remains focused on its previously disclosed four key objectives to enhance shareholder value in this difficult operating environment for banks. Tangible book value per share increased to $10.39 from $10.20 after paying a dividend of 12 cents  per share. Asset quality remains strong and non-interest bearing deposits increased by 10 percent year over year."

  • Total assets
  • Total loans
  • Deposits

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