United Bank Posts Quarterly Earnings Results

United Financial Bancorp, Inc., the holding company for United Bank, has announced results for the quarter ended March 31, 2019.

The Company reported net income of $12.7 million, or 25 cents per diluted share, for the quarter ended March 31, 2019, compared to net income for the quarter ended Dec. 31, 2018 of

$12.2 million, or 24 cents per diluted share.

The Company reported net income of $15.8 million, or 31 cents per diluted share, for the quarter ended March 31, 2018.

"Despite the challenging operating environment, the United Financial Bancorp Inc. team is focused on expanding and winning new client relationships, maintaining strong asset quality and ample capital, and providing superior customer service," United Bank Chief Executive Officer
President William H.W. Crawford IV said. "Having a talented and dedicated team of employees to serve the needs of our customers and communities continues to be a strong value proposition of the company and will protect and enhance franchise value."

Here are a few balance sheet highlights:

• Assets totaled $7.34 billion on March 31, decreasing $16.9 million from $7.36 billion at December 31, 2018.
• At March 31, 2019, total available for sale securities were $848.5 million, representing a decrease of $124.8 million, or 12.8 percent, from the linked quarter. The overall decrease was primarily due to sales of lower yielding collateralized mortgage obligations and municipal securities at a gain during the quarter, and a portion of the proceeds were utilized to pay off maturing Federal Home Loan Bank advances.
• At March 31, 2019, total loans were $5.73 billion, representing an increase of $75.1 million, or 1.3 percent, from the linked quarter.
• Deposits totaled $5.66 billion at March 31, 2019 and decreased by $6.3 million, or 0.1 percent, from $5.67 billion at December 31, 2018. Decreases in deposit balances during the first quarter of 2019 were primarily due to a $97.4 million, or 5.6 percent, decrease in money market account balances and a $21.8 million, or 2.7 percent, decrease in non-interest bearing checking deposits, largely due to seasonal outflows that are typical of commercial DDA accounts in the first quarter. Offsetting these decreases was a $61.0 million, or 7.1 percent, increase in NOW checking account balances and a $51.8 million, or 2.9 percent, increase in certificates of deposit balances.
• Total Federal Home Loan Bank advances decreased by $60.2 million, or 7.6 percent, over the linked quarter as the Company utilized proceeds from sales of investment securities to pay off maturing advances.

United Bank stock was trading at $13.40 at midday Wednesday, down $1.54. It trades on the NASDAQ Global Select Stock Market under the symbol UBNK.