8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 13, 2015

SI FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Maryland	0-54241	80-0643149
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

803 Main Street, Willimantic, Connecticut 06226

(Address of principal executive offices) (Zip Code)

(860) 423-4581

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

On May 13, 2015, Rheo A. Brouillard, President and Chief Executive Officer of SI Financial Group, Inc. made a presentation at the 2015 Annual Meeting of Shareholders. A copy of the slides used in that presentation are attached as Exhibit 99.1 and incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Number	Description
99.1	Slides presented at 2015 Annual Meeting of Shareholders

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SI FINANCIAL GROUP, INC.
Date: May 13, 2015	By:	/s/ Rheo A. Brouillard
		Rheo A. Brouillard
		President and Chief Executive Officer

EX-99.1

Annual Shareholders’

Meeting

May 13, 2015

Forward Looking Statements

This presentation contains forward-looking statements, which can be identified by the use of words such as “believes,”

“expects,”

“anticipates,”

“estimates”

or similar expressions. These forward-looking statements include, but are not limited to:

statements of our goals, intentions and expectations;

statements regarding our business plans, prospects, growth and operating strategies;

statements regarding the asset quality of our loan and investment portfolios; and

estimates of our risks and future costs and benefits.

These forward-looking statements which are based on our current beliefs and expectations, are subject to significant risks and

uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements due to, among others,

the following factors:

general economic conditions, either nationally or in our market areas, that are different than expected;

changes in the interest rate environment that reduce our margins

or reduce the fair value of financial instruments;

increased competitive pressures among financial services companies;

changes in consumer spending, borrowing and savings habits;

legislative or regulatory changes that adversely affect our business;

adverse changes in the securities and credit markets; and

changes in accounting policies and practices, as may be adopted by bank regulatory agencies or the Financial Accounting

Standards Board.

Any forward-looking statements made by us speak only as of the date hereof. Any of the forward-looking statements that we make in

this presentation may later prove incorrect because of inaccurate assumptions, the factors illustrated above or other factors that we

cannot foresee.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these

forward-looking statements.  We do not undertake, and specifically disclaim any obligation, to revise any forward-looking statements

contained in this presentation.

2

(1)

Closing price

(2)

See Appendix –

Non-GAAP Financial Measures

(3)

Quarterly dividend increased to $0.04 in January 2015

Market Summary

Issuer:

March 31, 2014

March 31, 2015

Listing/Ticker Symbol:

Nasdaq Global Market/”SIFI”

Market Price Per Share:

(1)

$11.27

$12.15

Shares Outstanding:

12,822,157

12,776,315

Market Capitalization:

$144.5 million

$155.2 million

Tangible Book Value Per

Share:

(2)

$10.52

$11.00

Price to Tangible Book Value:

107.13%

110.45%

Dividend Yield:

(3)

1.06%

1.32%

3

Company Overview

Headquartered in Willimantic, CT

Established in 1842

Total assets in 1995: $252 million

Total assets as of December 31, 2014:  $1.35 billion

5

Business Strategy

Community oriented focus by offering a full range of financial products and

services

Optimize future growth opportunities by executing a proven business model and

by opportunistically seeking branch or whole bank acquisitions in areas in or

adjacent to existing market area

Prudently diversify the asset mix and geographic concentration by selectively

increasing the percentage of commercial business loans, multi-family and

commercial real estate loans locally and in the New England region and by

expanding the existing portfolio of time share and homeowner association loans

Continue

conservative

underwriting

practices

and

maintain

a

high

quality

loan

portfolio

Increase core deposits by emphasizing exceptional customer service, cross-selling

our full range of financial products and increasing our commercial deposits

Supplement noninterest income through expanded mortgage banking and wealth

management operations

6

Financial Highlights

Assets as of December 31, 2014 -

$1.35 billion

8

Cash & cash equivalents

3%

Securities -

AFS

13%

Loans receivable, net

77%

FHLB stock

1%

Bank-owned life ins.

2%

Other assets

4%

Securities Portfolio Comparison

9

38%

16%

39%

2%

4%

1%

December 31, 2014

US Govt & Agency

Govt-spons. Enter.

MBS -

Agency

Oblig State/Political

Tax-exempt

Other

($173 million)

32%

15%

45%

3%

2%

3%

December 31, 2013

US Govt & Agency

Govt-spons. Enter.

MBS -

Agency

Oblig State/Political

Tax-exempt

Other

($170 million)

Loan Portfolio Comparison

10

($1.04 billion)

($1.05 billion)

41%

28%

1%

11%

13%

6%

December 31, 2014

Residential RE

Commercial RE

Construction

SBA/USDA Purchased

Com'l Bus. -

Other

Consumer

43%

27%

1%

13%

11%

5%

December 31, 2013

Residential RE

Commercial RE

Construction

SBA/USDA Purchased

Com'l Bus. -

Other

Consumer

Asset Quality –

Improving Trend

Savings Institute has maintained high asset quality with solid reserve coverage

Aggressive with early recognition of nonperforming loans

2010

2011

2012

2013

2014

3/31/15

Nonperforming loans

$ 4,925

$ 10,591

$ 7,654

$ 6,993

$ 5,002

$4,760

Other real estate owned

1,285

976

1,293

2,429

1,271

1,324

Nonperforming assets

6,210

11,567

8,947

9,422

6,273

6,084

NPLs/Loans

0.81%

1.70%

1.11%

0.66%

0.48%

0.45%

NPAs/Assets

0.67%

1.21%

0.94%

0.70%

0.46%

0.45%

Reserves/Loans

0.79%

0.80%

0.93%

0.66%

0.74%

0.77%

Reserves/NPLs

97.44%

46.93%

83.45%

98.90%

155.88%

169.81%

Dollars in thousands.

11

Deposits

Total deposits exclude mortgagors’

and investors’

escrow accounts.

Dollars in thousands.                                           

Average Rate on

Interest-Bearing

Deposits

1.55%

1.18%

0.97%

0.75%

0.62%

0.63%

12

$66,845

$85,958

$89,836

$139,428

$146,062

$137,639

$304,306

$343,331

$338,076

$494,765

$487,165

$508,387

$289,563

$272,637

$277,236

$350,556

$377,486

$383,621

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

2010

2011

2012

2013

2014

3/31/2015

Demand

NOW/Savings/MMDA

Time

Operating Results

2012

2013

2014

03/31/15

(3 Mos.)

Net Interest

Margin

2.88%

2.93%

3.11%

3.07%

Net Income (Loss)

$1,118

($855)

$4,411

$921

EPS (Diluted)

$0.11

($0.08)

$0.36

$0.07

Non-Interest

Income

$8,717

$8,305

$10,166

$2,337

Dollars in thousands, except per share amounts.

13

Expenses/Efficiencies

2012

2013

2014

03/31/15

(3 Mos.)

Non-Interest

Expenses

$43.7 million

(1)

$37.7 million

(3)

$41.5 million

$10.1 million

Efficiency Ratio

88.19%

(2)

96.10%

84.05%

85.55%

FTEs

248

(2)

294

280

280

Assets/FTEs

$3.8 million

$4.6 million

$4.8 million

$4.9 million

(1)

2012 represents total for both SI Financial Group, Inc. and Newport Federal Savings Bank as independent banks.

(2)

SI Financial Group, Inc. only.

(3)

Only four months as a combined institution.

14

Financial Strength –

December 31, 2014

* Represents regulatory capital ratios for Savings Institute.  

Ratio *

Minimum

Required

Well

Capitalized

Risk-Based Capital

15.87%

8.00%

10.00%

Tier 1 Risk-Based

Capital

14.86%

4.00%

6.00%

Tier 1 Capital

9.37%

4.00%

5.00%

15

Stock Repurchase Program

Company announced the Board of Directors approved the repurchase

of up to 5%, or 630,000 shares, in March 2015

Repurchased 500,000 shares in the aggregate as of May 8, 2015

Average price of repurchased shares –

$11.99 per share

16

2015 Initiatives

Add Commercial Lenders

Right Size Branch Network

Charter Change

EMV Chip Card

17

Appendix –

Non-GAAP Financial Measures

Non-GAAP Financial Measures

Tangible Book Value Per Share:

12

Book value per share

$12.03

$12.45

Effect of intangible assets per share

(1.51)

(1.45)

Tangible book value per share

$10.52

$11.00

Tangible Common Equity:

Equity

$154,298

$159,028

Less:  Intangible assets

(19,402)

(18,547)

Tangible equity

$134,896

$140,481

Dollars in thousands, except per share amounts.

19

3/31/14

3/31/15