0001501364-19-000112.txt : 20191018 0001501364-19-000112.hdr.sgml : 20191018 20191018073522 ACCESSION NUMBER: 0001501364-19-000112 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20191018 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191018 DATE AS OF CHANGE: 20191018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: United Financial Bancorp, Inc. CENTRAL INDEX KEY: 0001501364 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 273577029 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35028 FILM NUMBER: 191156620 BUSINESS ADDRESS: STREET 1: 225 ASYLUM STREET CITY: HARTFORD STATE: CT ZIP: 06103 BUSINESS PHONE: 860-291-3600 MAIL ADDRESS: STREET 1: 225 ASYLUM STREET CITY: HARTFORD STATE: CT ZIP: 06103 FORMER COMPANY: FORMER CONFORMED NAME: Rockville Financial, Inc. /CT/ DATE OF NAME CHANGE: 20110303 FORMER COMPANY: FORMER CONFORMED NAME: Rockville Financial New, Inc. DATE OF NAME CHANGE: 20100914 8-K 1 a8-k20190930.htm 8-K Document
falseQ320190001501364NASDAQ 0001501364 2019-10-18 2019-10-18


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) October 18, 2019  
__________________________ 
United Financial Bancorp, Inc.
__________________________ 
 
 
 
 
 
Connecticut
 
001-35028
 
27-3577029
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
 
 
 
225 Asylum Street
 
06103
Hartford,
CT
 
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (860) 291-3600

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))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, no par value
UBNK
NASDAQ Global Select Stock Market




Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐




Item 2.02.
Results of Operations and Financial Condition
On October 18, 2019, United Financial Bancorp, Inc. issued a press release describing its results of operations for the quarter ended September 30, 2019. The press release announcing financial results is included as Exhibit 99.1 to this report and incorporated herein by reference.

Item 9.01.
Financial Statements and Exhibits
 
(a)
Not applicable.
(b)
Not applicable.
(c)
Not applicable.
(d)
Exhibit.
 
 
 
 
Number
  
Description
 
  
Press Release Dated October 18, 2019.
 
 
 

 
 
 
 
 





Exhibit Index
 
 
 
 
 
Number
  
Description
 
  
Press Release Dated October 18, 2019.
 
 
 

 
 
 
 
 




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 hereunto duly authorized.
 
 
 
 
 
 
 
 
Dated: October 18, 2019
 
 
 
UNITED FINANCIAL BANCORP, INC.
Registrant
 
 
 
 
 
 
 
 
By: 
 
/s/ Eric R. Newell
 
 
 
 
 
 
Eric R. Newell
Executive Vice President/
Chief Financial Officer



 EX-99.1 2 ex-99120190930.htm EXHIBIT 99.1 Exhibit



Exhibit 99.1
 a8kgraphica01a01a18.jpg
 
 
 
For Immediate Release:
 
October 18, 2019
 
 
Investor Relations Contact:
Marliese L. Shaw
Executive Vice President, Investor Relations Officer
United Bank
860-291-3622
MShaw@bankatunited.com
 
Media Relations Contact:
Adam J. Jeamel
Regional President, Corporate Communications
United Bank
860-291-3765
AJeamel@bankatunited.com

UNITED FINANCIAL BANCORP, INC. ANNOUNCES
THIRD QUARTER EARNINGS

HARTFORD, Conn., October 18, 2019 – United Financial Bancorp, Inc. ("United Financial" or the "Company") (NASDAQ Global Select Stock Market: “UBNK”), the holding company for United Bank (the "Bank"), announced results for the quarter ended September 30, 2019.

The Company reported net income of $12.7 million, or $0.25 per diluted share, for the quarter ended September 30, 2019, compared to a net loss for the quarter ended June 30, 2019 ("linked quarter") of $3.2 million, or $0.06 per diluted share. The net loss for the linked quarter was primarily due to an impairment charge recorded on the Company's investments in D.C. Solar LLCs of $6.3 million (after tax) and the related establishment of an additional tax reserve of $8.7 million during the three months ended June 30, 2019. The Company reported net income of $16.3 million, or $0.32 per diluted share, for the quarter ended September 30, 2018.

On July 15, 2019, United Financial and People's United Financial, Inc. announced the signing of a definitive agreement and plan of merger pursuant to which United Financial will merge with and into People's United Financial, Inc., with People's United Financial, Inc. surviving the merger, in an all stock transaction valued at approximately $759.0 million as of July 15, 2019. Consummation of the merger is expected to be effective on November 1, 2019, subject to receipt of the requisite approval by United Financial’s shareholders and satisfaction of other customary closing conditions. A special meeting of United Financial’s shareholders to consider and vote upon the approval of the merger and related matters is scheduled to be held on October 22, 2019.

Balance Sheet

Assets totaled $7.18 billion at September 30, 2019, representing a decrease of $155.9 million, or 2.1%, from $7.34 billion at June 30, 2019. At September 30, 2019, total available for sale securities were $823.2 million, representing a decrease of $17.3 million, or 2.1%, from the linked quarter. The overall decrease was primarily due to sales of lower yielding, higher risk weighted securities, offset by purchases of various mortgage-backed securities and corporate bonds. At September 30, 2019, total loans were $5.68 billion, representing a decrease of $79.9 million, or 1.4%, from the linked quarter. Changes to loan balances during the third quarter of 2019 were highlighted by a $74.0 million, or 8.1%, decrease in commercial business loans, a $22.3 million, or 3.9%, decrease in home equity loans, a $7.4 million, or 58.7%, decrease in residential construction loans, a $6.5 million, or 0.3%, decrease in investor non-owner occupied commercial real estate loans, a $5.6 million, or

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0.4%, decrease in residential real estate loans and a $2.0 million, or 0.4%, decrease in owner-occupied commercial real estate loans from the linked quarter. Slightly offsetting the decreased loan balances above were a $26.8 million, or 6.1%, increase in other consumer loans and an $11.1 million, or 13.8%, increase in commercial construction loans. Loans held for sale decreased $27.7 million, or 71.4%, from the linked quarter due to a change in pipeline delivery terms. Total cash and cash equivalents decreased $12.3 million, or 10.7%, from the linked quarter as the Company utilized excess cash to pay off maturing Federal Home Loan Bank advances.

Deposits totaled $5.65 billion at September 30, 2019 and decreased by $74.5 million, or 1.3%, from $5.73 billion at June 30, 2019. Decreases in deposit balances during the third quarter of 2019 were primarily due to a $116.2 million, or 6.4%, decrease in certificates of deposit balances, a $20.8 million, or 4.3%, decrease in regular savings accounts and a $5.0 million, or 0.6%, decrease in non-interest bearing checking deposits. Offsetting these decreases was a $48.6 million, or 5.4%, increase in NOW checking account balances and an $18.7 million, or 1.1%, increase in money market account balances in the third quarter.

Total Federal Home Loan Bank advances decreased by $98.2 million, or 15.1%, over the linked quarter as the Company utilized excess cash generated from proceeds from loan and security cash flows to pay off maturing advances as noted above.

Investment in D.C. Solar Tax-Advantaged Funds

The Company continues to monitor developments in its investments in Solar Eclipse Investment Fund X, LLC, Solar Eclipse Investment Fund XV, LLC, and Solar Eclipse Investment Fund XXII, LLC ("LLC investments"), all of which are borrowers of and lessees to D.C. Solar Solutions, Inc. and D.C. Solar Distribution, Inc., respectively. In late January and early February 2019, D.C Solar Solutions, Inc., D.C. Solar Distribution, Inc. and several affiliated companies filed for Chapter 11 bankruptcy. On March 22, 2019, all cases were converted to cases under Chapter 7 of the Bankruptcy Code.

During the linked quarter, the Company recorded an impairment charge to the investment in the LLCs of $6.3 million (after tax) and an additional tax reserve of $8.7 million to reflect the loss and the associated uncertain tax positions. The net impact to net income for the linked quarter was $15.0 million. There was no additional measurable loss identified during the three months ended September 30, 2019. Given the facts and circumstances that we are aware of at the time of the issuance of this release, the Company does not believe a full loss or total tax benefit reversal to be likely.

Net Interest Income

Net interest income decreased by $604,000, or 1.3%, on a linked quarter basis, to $46.4 million, primarily attributable to a decrease in interest and dividend income of $900,000, or 1.2%, to $72.5 million, being partially offset by a decrease in interest expense of $296,000, or 1.1%, to $26.1 million. Average interest-earning assets decreased by $26.2 million, or 0.4%, on a linked quarter basis, primarily due to a $20.4 million, or 33.8%, decrease in average other earning asset balances, as well as a $3.1 million, or 9.0%, decrease in average FHLB stock and a $2.7 million, or 0.3%, decrease in average investments as a result of sales of lower yielding, higher risk weighted securities.

Interest expense decreased by $296,000, or 1.1%, to $26.1 million during the third quarter of 2019, from $26.4 million in the linked quarter. Average interest-bearing deposit balances increased by $10.2 million, or 0.2%, on a linked quarter basis, primarily driven by a $93.0 million, or 3.7%, increase in average NOW and money market account balances, offset by a $61.3 million, or 3.3%, decrease in average certificates of deposit and a

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$21.5 million, or 4.3%, decrease in average savings account balances. Average non-interest bearing deposits increased by $14.0 million, or 1.8%, as compared to the linked quarter. Average Federal Home Loan Bank advances decreased by $85.5 million, or 12.3%.

The tax-equivalent net interest margin decreased by 5 basis points to 2.77% in the third quarter of 2019, from 2.82% in the linked period. The decrease in the tax-equivalent net interest margin was driven by a 7 basis point decrease in the yield of interest-earning assets slightly offset by a 1 basis point decrease in the cost of interest-bearing liabilities. The interest-earning asset yield decline was largely driven by a 25 basis point decrease in the yield on commercial business loans, a 12 basis point decrease in the yield on commercial real estate loans and a 6 basis point decrease in the yield on home equity loans. In addition, there was a 37 basis point decrease in the yield on Federal Home Loan Bank Stock and a 15 basis point decrease in the yield on investment securities. These decreases were offset by an 11 basis point increase in the yield on residential real estate loans, an 8 basis point increase in the yield on construction loans, a 5 basis point increase in the yield on other earning assets and a 2 basis point increase in the yield on other consumer loans. The total cost of funds remained unchanged at 1.64% as compared to the linked quarter.

Provision for Loan Losses

The provision for loan losses totaled $2.0 million for the quarter ended September 30, 2019 as compared to $2.5 million for the linked quarter. Net charge-offs for the quarter ended September 30, 2019 totaled $1.5 million, or 0.10%, as a percentage of average loans outstanding, as compared to $1.3 million, or 0.09%, as a percentage of average loans for the quarter ended June 30, 2019. Factors considered in the provision for loan losses include, but are not limited to, historical charge-offs, the composition of the portfolio, the current level of non-performing loans and charge-offs, local and national economic and credit conditions, the direction of real estate values and delinquency trends.

Non-Interest Income

Total non-interest income increased by $8.3 million to $9.2 million for the quarter ended September 30, 2019 from $840,000 in the linked quarter. The increase in the third quarter's non-interest income was driven primarily by a $7.7 million decrease in net loss on limited partnership investments as compared to the linked quarter, due mainly to the $7.8 million impairment charge on the D.C. Solar LLC investments recorded in the linked quarter as discussed above. There was no similar impairment recorded during the quarter ended September 30, 2019. Other increases included a $933,000, or 227.6%, increase in income from mortgage banking activities and an increase of $493,000, or 32.4%, in bank-owned life insurance income as compared to the linked quarter. These increases were offset by a decrease of $922,000, or 12.2%, in service charges and fee income primarily resulting from lower swap fee income as compared to the linked quarter.

Non-Interest Expense

Non-interest expense for the quarter ended September 30, 2019 totaled $38.6 million and decreased by $903,000, or 2.3%, from the linked quarter. The decrease in non-interest expense during the quarter was driven by an $832,000, or 108.2%, decrease in FDIC insurance assessment expense due to receipt of FDIC credits, a $378,000, or 1.7%, decrease in salaries and employee benefits expense and a $302,000, or 5.1%, decrease in other non-interest expense. These decreases were offset by a $543,000, or 22.5%, increase in professional fees largely due to legal expenses pertaining to the proposed acquisition by People's United Financial, Inc. as compared to the linked quarter.

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Provision for Income Taxes

The provision for income taxes was $2.3 million for the quarter ended September 30, 2019 as compared to $9.2 million in the linked quarter. The effective tax rate was 15.0% at September 30, 2019 as compared to 154.9% at June 30, 2019. The effective tax rate is lower compared to the linked quarter due to the recognition of uncertain tax positions of $8.7 million associated with D.C. Solar LLC investments during the linked quarter as discussed above.

Asset Quality

Asset quality remained strong and stable for the period, with non-performing assets decreasing by $1.3 million to $30.7 million at September 30, 2019 from $32.0 million at June 30, 2019. The ratio of non-performing assets to total assets for the quarter ended September 30, 2019 was 0.43%, as compared to 0.44% in the linked quarter.

Capital

The Company reported Tangible Common Equity ("TCE") of $608.7 million, or 8.4% of average assets, for the quarter ended September 30, 2019. Tangible book value per share increased to $11.90 at September 30, 2019 from $11.71 at June 30, 2019. The increase was primarily driven by the impact of the Company's net income of $12.7 million and an increase in accumulated other comprehensive income as a result of an increase in the market value of the Company’s investment portfolio as compared to the previous quarter, offset by the cash dividend payment to shareholders of $0.12 per share during the quarter. Book value per share at September 30, 2019 was $14.27, as compared to $14.09 in the linked quarter.

Dividend

On October 9, 2019, the Board of Directors of United Financial Bancorp, Inc. declared a cash dividend of $0.12 per share to shareholders of record at the close of business on October 21, 2019, payable on October 23, 2019.

About United Financial Bancorp, Inc.

United Financial Bancorp, Inc. is the holding company for United Bank, a full service financial services firm offering a complete line of commercial, small business, wealth management and consumer banking products and services to customers throughout Connecticut, Massachusetts and Rhode Island. United Bank is a financially strong, leading New England bank headquartered in Hartford, Connecticut with more than 50 branches in three states. United Financial Bancorp, Inc. trades on the NASDAQ Global Select Stock Exchange under the ticker symbol “UBNK.” At September 30, 2019, the Company had $7.18 billion in assets.

For more information about United Bank’s services and products, call (866) 959-BANK or visit www.bankatunited.com. For more information about United Financial Bancorp, Inc., visit www.unitedfinancialinc.com or download the Company’s free Investor Relations app on your Apple or Android device. To download United Financial Bancorp, Inc.'s investor relations app on your iPhone or on your iPad, which offers access to SEC documents, press releases, videos, audiocasts and more, please visit:
https://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=725271098&mt=8
or https://play.google.com/store/apps/details?id=com.theirapp.ubnk for your Android mobile device.


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Non-GAAP Financial Measures

This document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”). These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. A reconciliation of non-GAAP financial measures to GAAP measures is included on pages F-10 through F-12 in the accompanying financial tables. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector.

Forward Looking Statements

This press release contains certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events, such as the anticipated effect of the Company's LLC investments and the proposed merger with People's United Financial, Inc., and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include the outcome of the D.C. Solar bankruptcy, delays or difficulties in obtaining the requisite approvals for the merger with People's United Financial, Inc., increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.

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United Financial Bancorp, Inc. and Subsidiaries
Consolidated Statements of Net Income
(Unaudited)
 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Interest and dividend income:
 
(In thousands, except share data)
Loans
 
$
65,255

 
$
61,061

 
$
195,669

 
$
173,799

Securities-taxable interest
 
5,823

 
5,822

 
18,415

 
17,289

Securities-non-taxable interest
 
623

 
2,347

 
2,361

 
7,130

Securities-dividends
 
572

 
748

 
1,881

 
2,121

Interest-bearing deposits
 
232

 
213

 
798

 
476

Total interest and dividend income
 
72,505

 
70,191

 
219,124

 
200,815

Interest expense:
 
 
 
 
 
 
 
 
Deposits
 
20,740

 
15,767

 
61,235

 
39,658

Borrowed funds
 
5,359

 
5,995

 
17,536

 
18,004

Total interest expense
 
26,099

 
21,762

 
78,771

 
57,662

Net interest income
 
46,406

 
48,429

 
140,353

 
143,153

Provision for loan losses
 
2,037

 
2,007

 
6,552

 
6,296

Net interest income after provision for loan losses
 
44,369

 
46,422

 
133,801

 
136,857

Non-interest income:
 
 
 
 
 
 
 
 
Service charges and fees
 
6,616

 
6,623

 
20,339

 
19,324

Net gain (loss) from sales of securities
 
107

 
(58
)
 
981

 
120

Income from mortgage banking activities
 
523

 
1,486

 
704

 
4,061

Bank-owned life insurance income
 
2,014

 
1,460

 
5,481

 
4,777

Net loss on limited partnership investments
 
(244
)
 
(221
)
 
(8,745
)
 
(1,771
)
Other income
 
149

 
265

 
225

 
693

Total non-interest income
 
9,165

 
9,555

 
18,985

 
27,204

Non-interest expense:
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
21,545

 
22,643

 
65,670

 
65,954

Service bureau fees
 
2,360

 
2,209

 
6,595

 
6,592

Occupancy and equipment
 
5,136

 
4,487

 
15,787

 
14,104

Professional fees
 
2,957

 
1,013

 
6,664

 
3,282

Marketing and promotions
 
677

 
1,119

 
2,317

 
2,993

FDIC insurance assessments
 
(63
)
 
655

 
1,365

 
2,129

Core deposit intangible amortization
 
372

 
288

 
1,179

 
930

Other
 
5,570

 
6,529

 
17,621

 
18,065

Total non-interest expense
 
38,554

 
38,943

 
117,198

 
114,049

Income before income taxes
 
14,980

 
17,034

 
35,588

 
50,012

Provision for income taxes
 
2,250

 
726

 
13,449

 
2,271

Net income
 
$
12,730

 
$
16,308

 
$
22,139

 
$
47,741

 
 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.25

 
$
0.32

 
$
0.44

 
$
0.94

Diluted
 
$
0.25

 
$
0.32

 
$
0.44

 
$
0.94

Weighted-average shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
50,651,762

 
50,624,832

 
50,629,153

 
50,535,569

Diluted
 
50,813,908

 
51,104,776

 
50,780,547

 
51,026,105


 
F - 1
 



United Financial Bancorp, Inc. and Subsidiaries
Consolidated Statements of Net Income
(Unaudited)
 
 
For the Three Months Ended
 
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
September 30,
2018
Interest and dividend income:
 
(In thousands, except share data)
Loans
 
$
65,255

 
$
65,650

 
$
64,764

 
$
63,227

 
$
61,061

Securities-taxable interest
 
5,823

 
6,117

 
6,475

 
5,705

 
5,822

Securities-non-taxable interest
 
623

 
644

 
1,094

 
2,339

 
2,347

Securities-dividends
 
572

 
653

 
656

 
702

 
748

Interest-bearing deposits
 
232

 
341

 
225

 
250

 
213

Total interest and dividend income
 
72,505

 
73,405

 
73,214

 
72,223

 
70,191

Interest expense:
 
 
 
 
 
 
 
 
 
 
Deposits
 
20,740

 
20,564

 
19,931

 
18,183

 
15,767

Borrowed funds
 
5,359

 
5,831

 
6,346

 
5,678

 
5,995

Total interest expense
 
26,099

 
26,395

 
26,277

 
23,861

 
21,762

Net interest income
 
46,406

 
47,010

 
46,937

 
48,362

 
48,429

Provision for loan losses
 
2,037

 
2,472

 
2,043

 
2,618

 
2,007

Net interest income after provision for loan losses
 
44,369

 
44,538

 
44,894

 
45,744

 
46,422

Non-interest income:
 
 
 
 
 
 
 
 
 
 
Service charges and fees
 
6,616

 
7,538

 
6,185

 
7,447

 
6,623

Net gain (loss) from sales of securities
 
107

 
137

 
737

 
25

 
(58
)
Income (loss) from mortgage banking activities
 
523

 
(410
)
 
591

 
698

 
1,486

Bank-owned life insurance income
 
2,014

 
1,521

 
1,946

 
1,517

 
1,460

Net loss on limited partnership investments
 
(244
)
 
(7,898
)
 
(603
)
 
(405
)
 
(221
)
Other income (loss)
 
149

 
(48
)
 
124

 
211

 
265

Total non-interest income
 
9,165

 
840

 
8,980

 
9,493

 
9,555

Non-interest expense:
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
21,545

 
21,923

 
22,202

 
25,341

 
22,643

Service bureau fees
 
2,360

 
2,198

 
2,037

 
2,309

 
2,209

Occupancy and equipment
 
5,136

 
5,111

 
5,540

 
6,384

 
4,487

Professional fees
 
2,957

 
2,414

 
1,293

 
1,136

 
1,013

Marketing and promotions
 
677

 
782

 
858

 
1,108

 
1,119

FDIC insurance assessments
 
(63
)
 
769

 
659

 
611

 
655

Core deposit intangible amortization
 
372

 
388

 
420

 
420

 
288

Other
 
5,570

 
5,872

 
6,178

 
6,409

 
6,529

Total non-interest expense
 
38,554

 
39,457

 
39,187

 
43,718

 
38,943

Income before income taxes
 
14,980

 
5,921

 
14,687

 
11,519

 
17,034

Provision (benefit) for income taxes
 
2,250

 
9,169

 
2,030

 
(646
)
 
726

Net income (loss)
 
$
12,730

 
$
(3,248
)
 
$
12,657

 
$
12,165

 
$
16,308

 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per share:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.25

 
$
(0.06
)
 
$
0.25

 
$
0.24

 
$
0.32

Diluted
 
$
0.25

 
$
(0.06
)
 
$
0.25

 
$
0.24

 
$
0.32

Weighted-average shares outstanding:
 
 
 
 
 
 
 
 
 
 
Basic
 
50,651,762

 
50,620,236

 
50,615,059

 
50,613,498

 
50,624,832

Diluted
 
50,813,908

 
50,620,236

 
50,907,092

 
50,970,000

 
51,104,776


 
F - 2
 



United Financial Bancorp, Inc. and Subsidiaries
Consolidated Statements of Condition
(Unaudited)
 
 
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
September 30,
2018
ASSETS
 
(In thousands)
Cash and cash equivalents:
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
 
$
66,727

 
$
67,939

 
$
50,823

 
$
36,434

 
$
48,786

Short-term investments
 
35,731

 
46,807

 
104,350

 
61,530

 
29,809

Total cash and cash equivalents
 
102,458

 
114,746

 
155,173

 
97,964

 
78,595

Available for sale securities – At fair value
 
823,247

 
840,500

 
848,541

 
973,347

 
972,035

Loans held for sale
 
11,108

 
38,809

 
16,172

 
78,788

 
86,948

Loans:
 
 
 
 
 
 
 
 
 
 
Commercial real estate loans:
 
 
 
 
 
 
 
 
 
 
Owner-occupied
 
457,601

 
459,648

 
439,366

 
443,398

 
434,906

Investor non-owner occupied
 
1,964,650

 
1,971,103

 
1,932,137

 
1,911,070

 
1,888,848

Construction
 
91,143

 
80,063

 
94,649

 
87,493

 
78,235

Total commercial real estate loans
 
2,513,394

 
2,510,814

 
2,466,152

 
2,441,961

 
2,401,989

Commercial business loans
 
836,476

 
910,473

 
920,165

 
886,770

 
861,030

Consumer loans:
 
 
 
 
 
 
 
 
 
 
Residential real estate
 
1,300,676

 
1,306,208

 
1,322,423

 
1,313,373

 
1,283,126

Home equity
 
553,349

 
575,683

 
583,368

 
583,454

 
579,907

Residential construction
 
5,183

 
12,542

 
13,620

 
20,632

 
32,750

Other consumer
 
466,204

 
439,413

 
425,854

 
410,249

 
369,781

Total consumer loans
 
2,325,412

 
2,333,846

 
2,345,265

 
2,327,708

 
2,265,564

Total loans
 
5,675,282

 
5,755,133

 
5,731,582

 
5,656,439

 
5,528,583

Net deferred loan costs and premiums
 
17,002

 
17,965

 
17,901

 
17,786

 
16,603

Allowance for loan losses
 
(53,751
)
 
(53,206
)
 
(52,041
)
 
(51,636
)
 
(49,909
)
Loans receivable - net
 
5,638,533

 
5,719,892

 
5,697,442

 
5,622,589

 
5,495,277

Federal Home Loan Bank of Boston stock, at cost
 
29,421

 
34,335

 
37,702

 
41,407

 
42,032

Accrued interest receivable
 
23,930

 
24,938

 
25,061

 
24,823

 
25,485

Deferred tax asset, net
 
25,561

 
27,366

 
27,600

 
32,706

 
31,473

Premises and equipment, net
 
60,748

 
62,304

 
63,863

 
68,657

 
67,612

Operating lease right-of-use assets
 
42,079

 
43,171

 
44,377

 
—

 
—

Financing lease right-of-use assets
 
4,177

 
4,266

 
4,356

 
—

 
—

Goodwill
 
116,709

 
116,709

 
116,727

 
116,769

 
115,281

Core deposit intangible asset
 
4,847

 
5,219

 
5,607

 
6,027

 
3,561

Cash surrender value of bank-owned life insurance
 
196,239

 
195,993

 
194,496

 
193,429

 
181,928

Other assets
 
100,999

 
107,707

 
102,823

 
100,368

 
107,271

Total assets
 
$
7,180,056

 
$
7,335,955

 
$
7,339,940

 
$
7,356,874

 
$
7,207,498

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
F - 3
 



 
 
 
 
 
 
 
 
 
 
 
 
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
September 30,
2018
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
Non-interest-bearing
 
$
838,913

 
$
843,926

 
$
777,969

 
$
799,785

 
$
759,210

Interest-bearing
 
4,813,137

 
4,882,622

 
4,886,283

 
4,870,814

 
4,741,153

Total deposits
 
5,652,050

 
5,726,548

 
5,664,252

 
5,670,599

 
5,500,363

Mortgagors’ and investor escrow accounts
 
7,498

 
14,541

 
11,510

 
4,685

 
9,597

Federal Home Loan Bank advances and other borrowings
 
643,501

 
741,989

 
826,668

 
899,626

 
926,592

Operating lease liabilities
 
54,163

 
55,197

 
56,265

 
—

 
—

Financing lease liabilities
 
4,450

 
4,518

 
4,585

 
—

 
—

Accrued expenses and other liabilities
 
88,112

 
73,140

 
52,562

 
69,446

 
61,128

Total liabilities
 
6,449,774

 
6,615,933

 
6,615,842

 
6,644,356

 
6,497,680

Total stockholders’ equity
 
730,282

 
720,022

 
724,098

 
712,518

 
709,818

Total liabilities and stockholders’ equity
 
$
7,180,056

 
$
7,335,955

 
$
7,339,940

 
$
7,356,874

 
$
7,207,498




 
F - 4
 



United Financial Bancorp, Inc. and Subsidiaries
Selected Financial Highlights
(Dollars In Thousands, Except Share Data)
(Unaudited)
 
At or For the Three Months Ended
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
September 30,
2018
Share Data:
 
 
 
 
 
 
 
 
 
Basic net income (loss) per share
$
0.25

 
$
(0.06
)
 
$
0.25

 
$
0.24

 
$
0.32

Diluted net income (loss) per share
0.25

 
(0.06
)
 
0.25

 
0.24

 
0.32

Dividends declared per share
0.12

 
0.12

 
0.12

 
0.12

 
0.12

Tangible book value per share
$
11.90

 
$
11.71

 
$
11.78

 
$
11.54

 
$
11.55

Key Statistics:
 
 
 
 
 
 
 
 
 
Total revenue
$
55,571

 
$
47,850

 
$
55,917

 
$
57,855

 
$
57,984

Total non-interest expense
38,554

 
39,457

 
39,187

 
43,718

 
38,943

Average earning assets
6,680,059

 
6,706,237

 
6,783,604

 
6,708,701

 
6,671,424

Key Ratios:
 
 
 
 
 
 
 
 
 
Return (loss) on average assets (annualized)
0.70
%
 
(0.18
%)
 
0.69
%
 
0.67
%
 
0.91
%
Return (loss) on average equity (annualized)
7.05
%
 
(1.79
%)
 
7.13
%
 
6.89
%
 
9.26
%
Tax-equivalent net interest margin (annualized)
2.77
%
 
2.82
%
 
2.81
%
 
2.90
%
 
2.92
%
Non-interest expense to average assets (annualized)
2.13
%
 
2.16
%
 
2.13
%
 
2.41
%
 
2.17
%
Cost of funds (annualized) (1)
1.64
%
 
1.64
%
 
1.61
%
 
1.48
%
 
1.36
%
Total revenue growth rate
16.14
%
 
(14.43
%)
 
(3.35
%)
 
(0.22
)%
 
2.55
%
Total revenue growth rate (annualized)
64.54
%
 
(57.71
%)
 
(13.40
%)
 
(0.89
)%
 
10.21
%
Average earning asset growth rate
(0.39
%)
 
(1.14
%)
 
1.12
%
 
0.56
%
 
1.31
%
Average earning asset growth rate (annualized)
(1.56
%)
 
(4.56
%)
 
4.47
%
 
2.24
%
 
5.25
%
Residential Mortgage Production:
 
 
 
 
 
 
 
 
 
Dollar volume (total)
$
62,878

 
$
46,549

 
$
31,882

 
$
128,209

 
$
143,673

Mortgages originated for purchases
31,241

 
24,409

 
21,434

 
101,266

 
111,555

Loans sold
68,031

 
22,352

 
89,980

 
108,663

 
99,372

Income (loss) from mortgage banking activities
523

 
(410
)
 
591

 
698

 
1,486

Non-performing Assets:
 
 
 
 
 
 
 
 
 
Residential real estate
$
13,015

 
$
12,893

 
$
13,742

 
$
13,217

 
$
11,949

Home equity
4,890

 
5,051

 
4,577

 
4,735

 
4,005

Investor-owned commercial real estate
1,928

 
2,357

 
739

 
1,131

 
1,525

Owner-occupied commercial real estate
1,408

 
1,989

 
1,830

 
2,450

 
1,202

Construction
—

 
137

 
171

 
199

 
243

Commercial business
1,660

 
1,666

 
1,627

 
944

 
985

Other consumer
1,143

 
657

 
1,034

 
1,030

 
597

Non-accrual loans
24,044

 
24,750

 
23,720

 
23,706

 
20,506

Troubled debt restructured – non-accruing
5,309

 
5,820

 
5,479

 
6,971

 
6,706

Total non-performing loans
29,353

 
30,570

 
29,199

 
30,677

 
27,212

Other real estate owned
1,347

 
1,455

 
1,429

 
1,389

 
1,808

Total non-performing assets
$
30,700

 
$
32,025

 
$
30,628

 
$
32,066

 
$
29,020

Non-performing loans to total loans
0.52
%
 
0.53
%
 
0.51
%
 
0.54
%
 
0.49
%
Non-performing assets to total assets
0.43
%
 
0.44
%
 
0.42
%
 
0.44
%
 
0.40
%
Allowance for loan losses to non-performing loans
183.12
%
 
174.05
%
 
178.23
%
 
168.32
%
 
183.41
%
Allowance for loan losses to total loans
0.95
%
 
0.92
%
 
0.91
%
 
0.91
%
 
0.90
%
Non-GAAP Ratios: (2)
 
 
 
 
 
 
 
 
 
Efficiency ratio 
65.33
%
 
69.99
%
 
69.67
%
 
69.18
%
 
65.61
%
Return (loss) on average tangible common equity (annualized)
8.68
%
 
(1.94
%)
 
8.85
%
 
8.55
%
 
11.30
%
Pre-provision net revenue to average assets
1.06
%
 
0.92
%
 
0.92
%
 
1.00
%
 
1.12
%
(1)
The cost of funds ratio represents interest incurred on liabilities as a percentage of average non-interest-bearing deposits and interest-bearing liabilities.
(2)
Non-GAAP ratios are not financial measurements required by generally accepted accounting principles; however, management believes such information is useful to investors in evaluating Company performance. Calculations of these non-GAAP metrics are provided after the reconciliations of non-GAAP financial measures and appear on pages F-11 and F-12.


 
F - 5
 



United Financial Bancorp, Inc. and Subsidiaries
Average Balance Sheets, Interest and Yields/Costs
(Dollars In Thousands)
(Unaudited)
 
 
For the Three Months Ended
 
September 30, 2019
 
September 30, 2018
 
Average
Balance
 
Interest
and
Dividends
 
Yield/Cost
 
Average
Balance
 
Interest
and
Dividends
 
Yield/Cost
Interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
Residential real estate
$
1,353,068

 
$
12,939

 
3.82
%
 
$
1,375,948

 
$
12,451

 
3.65
%
Commercial real estate
2,430,138

 
27,662

 
4.45

 
2,320,375

 
26,105

 
4.40

Construction
93,461

 
1,260

 
5.27

 
114,068

 
1,379

 
4.73

Commercial business
874,423

 
10,532

 
4.71

 
841,936

 
9,428

 
4.38

Home equity
561,172

 
7,561

 
5.35

 
584,706

 
7,471

 
5.07

Other consumer
451,562

 
5,800

 
5.10

 
351,892

 
4,532

 
5.11

Investment securities
843,963

 
6,604

 
3.11

 
995,405

 
8,686

 
3.48

Federal Home Loan Bank stock
32,310

 
534

 
6.61

 
45,016

 
715

 
6.35

Other earning assets
39,962

 
236

 
2.34

 
42,078

 
216

 
2.04

Total interest-earning assets
6,680,059

 
73,128

 
4.32

 
6,671,424

 
70,983

 
4.21

Allowance for loan losses
(53,741
)
 
 
 
 
 
(49,823
)
 
 
 
 
Non-interest-earning assets
629,146

 
 
 
 
 
569,471

 
 
 
 
Total assets
$
7,255,464

 
 
 
 
 
$
7,191,072

 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
NOW and money market
$
2,610,253

 
$
10,511

 
1.60
%
 
$
2,515,660

 
$
8,461

 
1.33
%
Savings
482,639

 
75

 
0.06

 
501,700

 
75

 
0.06

Certificates of deposit
1,769,455

 
10,154

 
2.28

 
1,691,382

 
7,231

 
1.70

Total interest-bearing deposits
4,862,347

 
20,740

 
1.69

 
4,708,742

 
15,767

 
1.33

Federal Home Loan Bank advances
608,551

 
4,074

 
2.62

 
844,207

 
4,591

 
2.13

Other borrowings
87,707

 
1,285

 
5.73

 
111,760

 
1,404

 
4.92

Total interest-bearing liabilities
5,558,605

 
26,099

 
1.86

 
5,664,709

 
21,762

 
1.52

Non-interest-bearing deposits
810,523

 
 
 
 
 
750,503

 
 
 
 
Other liabilities
163,994

 
 
 
 
 
71,554

 
 
 
 
Total liabilities
6,533,122

 
 
 
 
 
6,486,766

 
 
 
 
Stockholders’ equity
722,342

 
 
 
 
 
704,306

 
 
 
 
Total liabilities and stockholders’ equity
$
7,255,464

 
 
 
 
 
$
7,191,072

 
 
 
 
Net interest-earning assets
$
1,121,454

 
 
 
 
 
$
1,006,715

 
 
 
 
Tax-equivalent net interest income
 
 
47,029

 
 
 
 
 
49,221

 
 
Tax-equivalent net interest rate spread (1)
 
 
 
 
2.46
%
 
 
 
 
 
2.69
%
Tax-equivalent net interest margin (2)
 
 
 
 
2.77
%
 
 
 
 
 
2.92
%
Average interest-earning assets to average interest-bearing liabilities
 
 
 
 
120.18
%
 
 
 
 
 
117.77
%
Less tax-equivalent adjustment
 
 
623

 
 
 
 
 
792

 
 
Net interest income
 
 
$
46,406

 
 
 
 
 
$
48,429

 
 

(1) Tax-equivalent net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(2) Tax-equivalent net interest rate margin represents tax-equivalent net interest income divided by average interest-earning assets.

 
F - 6
 



United Financial Bancorp, Inc. and Subsidiaries
Average Balance Sheets, Interest and Yields/Costs
(Dollars In Thousands)
(Unaudited)
 
 
For the Three Months Ended
 
September 30, 2019
 
June 30, 2019
 
Average
Balance
 
Interest
and
Dividends
 
Yield/Cost
 
Average
Balance
 
Interest
and
Dividends
 
Yield/Cost
Interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
Residential real estate
$
1,353,068

 
$
12,939

 
3.82
%
 
$
1,351,571

 
$
12,520

 
3.71
%
Commercial real estate
2,430,138

 
27,662

 
4.45

 
2,379,330

 
27,503

 
4.57

Construction
93,461

 
1,260

 
5.27

 
105,801

 
1,387

 
5.19

Commercial business
874,423

 
10,532

 
4.71

 
916,928

 
11,487

 
4.96

Home equity
561,172

 
7,561

 
5.35

 
576,046

 
7,771

 
5.41

Other consumer
451,562

 
5,800

 
5.10

 
433,971

 
5,496

 
5.08

Investment securities
843,963

 
6,604

 
3.11

 
846,711

 
6,921

 
3.26

Federal Home Loan Bank stock
32,310

 
534

 
6.61

 
35,513

 
620

 
6.98

Other earning assets
39,962

 
236

 
2.34

 
60,366

 
344

 
2.29

Total interest-earning assets
6,680,059

 
73,128

 
4.32

 
6,706,237

 
74,049

 
4.39

Allowance for loan losses
(53,741
)
 
 
 
 
 
(52,680
)
 
 
 
 
Non-interest-earning assets
629,146

 
 
 
 
 
636,544

 
 
 
 
Total assets
$
7,255,464

 
 
 
 
 
$
7,290,101

 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
NOW and money market
$
2,610,253

 
$
10,511

 
1.60
%
 
$
2,517,212

 
$
10,267

 
1.64
%
Savings
482,639

 
75

 
0.06

 
504,186

 
81

 
0.06

Certificates of deposit
1,769,455

 
10,154

 
2.28

 
1,830,763

 
10,215

 
2.24

Total interest-bearing deposits
4,862,347

 
20,740

 
1.69

 
4,852,161

 
20,563

 
1.70

Federal Home Loan Bank advances
608,551

 
4,074

 
2.62

 
694,082

 
4,542

 
2.59

Other borrowings
87,707

 
1,285

 
5.73

 
87,875

 
1,290

 
5.81

Total interest-bearing liabilities
5,558,605

 
26,099

 
1.86

 
5,634,118

 
26,395

 
1.87

Non-interest-bearing deposits
810,523

 
 
 
 
 
796,504

 
 
 
 
Other liabilities
163,994

 
 
 
 
 
134,924

 
 
 
 
Total liabilities
6,533,122

 
 
 
 
 
6,565,546

 
 
 
 
Stockholders’ equity
722,342

 
 
 
 
 
724,555

 
 
 
 
Total liabilities and stockholders’ equity
$
7,255,464

 
 
 
 
 
$
7,290,101

 
 
 
 
Net interest-earning assets
$
1,121,454

 
 
 
 
 
$
1,072,119

 
 
 
 
Tax-equivalent net interest income
 
 
47,029

 
 
 
 
 
47,654

 
 
Tax-equivalent net interest rate spread (1)
 
 
 
 
2.46
%
 
 
 
 
 
2.52
%
Tax-equivalent net interest margin (2)
 
 
 
 
2.77
%
 
 
 
 
 
2.82
%
Average interest-earning assets to average interest-bearing liabilities
 
 
 
 
120.18
%
 
 
 
 
 
119.03
%
Less tax-equivalent adjustment
 
 
623

 
 
 
 
 
644

 
 
Net interest income
 
 
$
46,406

 
 
 
 
 
$
47,010

 
 

(1) Tax-equivalent net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(2) Tax-equivalent net interest rate margin represents tax-equivalent net interest income divided by average interest-earning assets.





 
F - 7
 



United Financial Bancorp, Inc. and Subsidiaries
Average Balance Sheets, Interest and Yields/Costs
(Dollars In Thousands)
(Unaudited)
 
 
For the Nine Months Ended
 
September 30, 2019
 
September 30, 2018
 
Average
Balance
 
Interest
and
Dividends
 
Yield/Cost
 
Average
Balance
 
Interest
and
Dividends
 
Yield/Cost
Interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
Residential real estate
$
1,361,721

 
$
38,345

 
3.75
%
 
$
1,342,955

 
$
35,977

 
3.59
%
Commercial real estate
2,389,734

 
82,467

 
4.55

 
2,303,188

 
74,522

 
4.27

Construction
103,422

 
4,073

 
5.19

 
116,144

 
4,035

 
4.58

Commercial business
893,211

 
32,632

 
4.82

 
833,612

 
26,949

 
4.26

Home equity
573,056

 
23,206

 
5.41

 
583,876

 
21,056

 
4.82

Other consumer
434,652

 
16,470

 
5.07

 
324,802

 
12,394

 
5.10

Investment securities
885,389

 
21,344

 
3.21

 
1,018,609

 
26,305

 
3.44

Federal Home Loan Bank stock
36,069

 
1,781

 
6.59

 
48,513

 
2,024

 
5.56

Other earning assets
45,667

 
808

 
2.37

 
36,856

 
487

 
1.77

Total interest-earning assets
6,722,921

 
221,126

 
4.36

 
6,608,555

 
203,749

 
4.09

Allowance for loan losses
(52,842
)
 
 
 
 
 
(48,750
)
 
 
 
 
Non-interest-earning assets
635,164

 
 
 
 
 
559,792

 
 
 
 
Total assets
$
7,305,243

 
 
 
 
 
$
7,119,597

 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
NOW and money market
$
2,565,190

 
$
31,089

 
1.62
%
 
$
2,307,660

 
$
19,517

 
1.13
%
Savings
495,599

 
230

 
0.06

 
510,137

 
225

 
0.06

Certificates of deposit
1,807,829

 
29,916

 
2.21

 
1,745,332

 
19,916

 
1.53

Total interest-bearing deposits
4,868,618

 
61,235

 
1.68

 
4,563,129

 
39,658

 
1.16

Federal Home Loan Bank advances
700,461

 
13,660

 
2.57

 
945,085

 
13,829

 
1.93

Other borrowings
88,109

 
3,876

 
5.80

 
113,937

 
4,175

 
4.83

Total interest-bearing liabilities
5,657,188

 
78,771

 
1.86

 
5,622,151

 
57,662

 
1.37

Non-interest-bearing deposits
784,334

 
 
 
 
 
734,253

 
 
 
 
Other liabilities
144,741

 
 
 
 
 
66,491

 
 
 
 
Total liabilities
6,586,263

 
 
 
 
 
6,422,895

 
 
 
 
Stockholders’ equity
718,980

 
 
 
 
 
696,702

 
 
 
 
Total liabilities and stockholders’ equity
$
7,305,243

 
 
 
 
 
$
7,119,597

 
 
 
 
Net interest-earning assets
$
1,065,733

 
 
 
 
 
$
986,404

 
 
 
 
Tax-equivalent net interest income
 
 
142,355

 
 
 
 
 
146,087

 
 
Tax-equivalent net interest rate spread (1)
 
 
 
 
2.50
%
 
 
 
 
 
2.72
%
Tax-equivalent net interest margin (2)
 
 
 
 
2.80
%
 
 
 
 
 
2.93
%
Average interest-earning assets to average interest-bearing liabilities
 
 
 
 
118.84
%
 
 
 
 
 
117.54
%
Less tax-equivalent adjustment
 
 
2,002

 
 
 
 
 
2,934

 
 
Net interest income
 
 
$
140,353

 
 
 
 
 
$
143,153

 
 

(1) Tax-equivalent net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(2) Tax-equivalent net interest rate margin represents tax-equivalent net interest income divided by average interest-earning assets.


 
F - 8
 



United Financial Bancorp, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
(Dollars In Thousands)
(Unaudited)

In addition to evaluating the Company’s results of operations in accordance with GAAP, management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures. These non-GAAP measures are intended to provide the reader with additional perspectives on operating results, financial condition, and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company’s GAAP financial information.

    The efficiency ratio is used as a common measure by banks as a comparable metric to understand the Company’s expense structure relative to its total revenue; in other words, for every dollar of total revenue we recognize, how much of that dollar is expended. In order to improve the comparability of the ratio to our peers, we remove non-core items. To improve transparency, and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure.

Pre-provision net revenue is a measure that the Company uses to understand fundamental operating performance before credit related expenses and tax expense. It is often expressed as a ratio relative to average assets which demonstrates the “core” performance and can be viewed as an alternative measure of how efficiently the Company services its asset base.

Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors.

The Company believes that disclosing these non-GAAP metrics is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included on pages F-10 through F-12 in the following press release tables:

 
F - 9
 



 
Three Months Ended
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
September 30,
2018
 
(Dollars in thousands)
Net Income (Loss) (GAAP)
$
12,730

 
$
(3,248
)
 
$
12,657

 
$
12,165

 
$
16,308

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Non-interest income
(638
)
 
(137
)
 
(1,158
)
 
(25
)
 
58

Non-interest expense
1,932

 
570

 
—

 
2,677

 
(129
)
Income tax benefit related to tax reform
—

 
—

 
—

 
(1,717
)
 
—

Related income tax expense (benefit)
(116
)
 
29

 
155

 
(557
)
 
15

Net adjustment
1,178

 
462

 
(1,003
)
 
378

 
(56
)
Total net income (loss) (non-GAAP)
$
13,908

 
$
(2,786
)
 
$
11,654

 
$
12,543

 
$
16,252

 
 
 
 
 
 
 
 
 
 
Non-interest income (GAAP)
$
9,165

 
$
840

 
$
8,980

 
$
9,493

 
$
9,555

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Net (gain) loss on sales of securities
(107
)
 
(137
)
 
(737
)
 
(25
)
 
58

BOLI claim benefit
(531
)
 
—

 
(421
)
 
—

 
—

Net adjustment
(638
)
 
(137
)
 
(1,158
)
 
(25
)
 
58

Total non-interest income (non-GAAP)
8,527

 
703

 
7,822

 
9,468

 
9,613

Total net interest income
46,406

 
47,010

 
46,937

 
48,362

 
48,429

Total revenue (non-GAAP)
$
54,933

 
$
47,713

 
$
54,759

 
$
57,830

 
$
58,042

 
 
 
 
 
 
 
 
 
 
Non-interest expense (GAAP)
$
38,554

 
$
39,457

 
$
39,187

 
$
43,718

 
$
38,943

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Merger related expense
(1,932
)
 
(570
)
 
—

 
—

 
—

Lease exit/disposal cost obligation
—

 
—

 
—

 
(466
)
 
129

Effect of position eliminations
—

 
—

 
—

 
(2,211
)
 
—

Net adjustment
(1,932
)
 
(570
)
 
—

 
(2,677
)
 
129

Total non-interest expense (non-GAAP)
$
36,622

 
$
38,887

 
$
39,187

 
$
41,041

 
$
39,072

 
 
 
 
 
 
 
 
 
 
Total loans
$
5,675,282

 
$
5,755,133

 
$
5,731,582

 
$
5,656,439

 
$
5,528,583

Non-covered loans (1)
(585,555
)
 
(618,176
)
 
(658,455
)
 
(675,112
)
 
(708,621
)
Total covered loans
$
5,089,727

 
$
5,136,957

 
$
5,073,127

 
$
4,981,327

 
$
4,819,962

Allowance for loan losses
$
53,751

 
$
53,206

 
$
52,041

 
$
51,636

 
$
49,909

Allowance for loan losses to total loans
0.95
%
 
0.92
%
 
0.91
%
 
0.91
%
 
0.90
%
Allowance for loan losses to total covered loans
1.06
%
 
1.04
%
 
1.03
%
 
1.04
%
 
1.04
%
(1) Represents acquired loans that were recorded at fair value. These loans carry no allowance for loan losses for the periods reflected above.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
F - 10
 



 
 
 
 
 
 
 
 
 
 

Three Months Ended

September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
September 30,
2018


Efficiency Ratio:
 
 
 
 
 
 
 
 
 
Non-Interest Expense (GAAP)
$
38,554

 
$
39,457

 
$
39,187

 
$
43,718

 
$
38,943

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Other real estate owned expense
(170
)
 
(83
)
 
(105
)
 
(108
)
 
(256
)
Merger related expense
(1,932
)
 
(570
)
 
—

 
—

 
—

Lease exit/disposal cost obligation
—

 
—

 
—

 
(466
)
 
129

Effect of position eliminations
—

 
—

 
—

 
(2,211
)
 
—

Non-Interest Expense for Efficiency Ratio (non-GAAP)
$
36,452

 
$
38,804

 
$
39,082

 
$
40,933

 
$
38,816

 
 
 
 
 
 
 
 
 
 
Net Interest Income (GAAP)
$
46,406

 
$
47,010

 
$
46,937

 
$
48,362

 
$
48,429

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Tax-equivalent adjustment for tax-exempt loans and investment securities
623

 
644

 
736

 
938


895

 
 
 
 
 
 
 
 
 
 
Non-Interest Income (GAAP)
9,165

 
840

 
8,980

 
9,493

 
9,555

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Net (gain) loss on sales of securities
(107
)
 
(137
)
 
(737
)
 
(25
)
 
58

Net loss on limited partnership investments
244

 
7,898

 
603

 
405

 
221

BOLI claim benefit
(531
)
 
—

 
(421
)
 
—

 
—

Total Revenue for Efficiency Ratio (non-GAAP)
$
55,800

 
$
56,255

 
$
56,098

 
$
59,173

 
$
59,158

 
 
 
 
 
 
 
 
 
 
Efficiency Ratio (Non-Interest Expense for Efficiency Ratio (non-GAAP)/Total Revenue for Efficiency Ratio (non-GAAP))
65.33
%
 
68.98
 %
 
69.67
%
 
69.18
%
 
65.61
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
F - 11
 



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
September 30,
2019
 
June 30,
2019
 
March 31,
2019
 
December 31,
2018
 
September 30,
2018
 

Pre-Provision Net Revenue ("PPNR") to Average Assets (Annualized):
 
 
 
 
Net Interest Income (GAAP)
$
46,406

 
$
47,010

 
$
46,937

 
$
48,362

 
$
48,429

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Tax-equivalent adjustment for tax-exempt loans and investment securities
623

 
644

 
736

 
938

 
895

Total tax-equivalent net interest income (A)
$
47,029

 
$
47,654

 
$
47,673

 
$
49,300

 
$
49,324

 
 
 
 
 
 
 
 
 
 
Non-Interest Income (GAAP)
9,165

 
840

 
8,980

 
9,493

 
9,555

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Net (gain) loss on sales of securities
(107
)
 
(137
)
 
(737
)
 
(25
)
 
58

Net loss on limited partnership investments
244

 
7,898

 
603

 
405

 
221

BOLI claim benefit
(531
)
 
—

 
(421
)
 
—

 
—

Non-Interest Income for PPNR (non-GAAP) (B)
$
8,771

 
$
8,601

 
$
8,425

 
$
9,873

 
$
9,834

 
 
 
 
 
 
 
 
 
 
Non-Interest Expense (GAAP)
$
38,554

 
$
39,457

 
$
39,187

 
$
43,718

 
$
38,943

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Merger related expense
(1,932
)
 
(570
)
 
—

 
—

 
—

Lease exit/disposal cost obligation
—

 
—

 
—

 
(466
)
 
129

Effect of position eliminations
—

 
—

 
—

 
(2,211
)
 
—

Non-Interest Expense for PPNR (non-GAAP) (C)
$
36,622

 
$
38,887

 
$
39,187

 
$
41,041

 
$
39,072

 
 
 
 
 
 
 
 
 
 
Total PPNR (non-GAAP)  (A + B - C) :
$
19,178

 
$
17,368

 
$
16,911

 
$
18,132

 
$
20,086

Average Assets
7,255,464

 
7,290,101

 
7,371,438

 
7,244,396

 
7,191,072

PPNR to Average Assets (Annualized)
1.06
%
 
0.95
 %
 
0.92
%
 
1.00
%
 
1.12
%
 
 
 
 
 
 
 
 
 
 
Return on Average Tangible Common Equity (Annualized):
 
 
 
 
Net Income (Loss) (GAAP)
$
12,730

 
$
(3,248
)
 
$
12,657

 
$
12,165

 
$
16,308

Non-GAAP adjustments:
 
 
 
 
 
 
 
 
 
Intangible assets amortization, tax effected at 21%
294

 
307

 
332

 
332

 
228

Net Income (Loss) excluding intangible assets amortization, tax effected at 21%
$
13,024

 
$
(2,941
)
 
$
12,989

 
$
12,497

 
$
16,536

Average stockholders' equity (non-GAAP)
$
722,342

 
$
724,555

 
$
709,905

 
$
706,124

 
$
704,306

Average goodwill & other intangible assets (non-GAAP)
122,132

 
119,287

 
122,597

 
121,614

 
119,009

Average tangible common stockholders' equity (non-GAAP)
$
600,210

 
$
605,268

 
$
587,308

 
$
584,510

 
$
585,297

Return (Loss) on Average Tangible Common Equity (non-GAAP)
8.68
%
 
(1.94
)%
 
8.85
%
 
8.55
%
 
11.30
%


 
F - 12
 
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