United Financial Bancorp, Inc (UBNK) has reported 15.40 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $13.73 million, or $0.27 a share in the quarter, compared with $11.89 million, or $0.24 a share for the same period last year. Revenue during the quarter grew 6.48 percent to $50.51 million from $47.44 million in the previous year period. Net interest income for the quarter rose 2.06 percent over the prior year period to $44.30 million. Non-interest income for the quarter rose 26.43 percent over the last year period to $8.50 million.
United Financial Bancorp, Inc has made provision of $2.29 million for loan losses during the quarter, down 14.88 percent from $2.69 million in the same period last year.
Net interest margin contracted 6 basis points to 3.03 percent in the quarter from 3.09 percent in the last year period. Efficiency ratio for the quarter deteriorated to 63.95 percent from 63 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"Over the last three consecutive quarters, United Financial Bancorp, Inc. has averaged a Return on Average Assets (ROA) of 0.87% and a Return on Average Tangible Common Equity (ROTCE) of 10.89%, as the Company continues to make progress on its Four Key Objectives communicated in April 2016," stated William H.W. Crawford, IV, Chief Executive Officer of the Company and the Bank. "I want to thank our dedicated employees, executives, and Board of Directors for their relentless focus on making United Bank a better bank for our customers and communities each day."
Deposits stood at $4,790.36 million as on Mar. 31, 2017, up 5.65 percent compared with $4,534.04 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $690.52 million or 14.41 percent of total deposits on Mar. 31, 2017, compared with $657.14 million or 14.49 percent of total deposits on Mar. 31, 2016.
Investments stood at $1,089.67 million as on Mar. 31, 2017, down 1.38 percent or $15.27 million from year-ago. Shareholders equity was at $665.98 million as on Mar. 31, 2017.
Return on average assets moved up 7 basis points to 0.83 percent in the quarter from 0.76 percent in the last year period. At the same time, return on average equity increased 76 basis points to 8.35 percent in the quarter from 7.59 percent in the last year period.
Nonperforming assets moved down 1.81 percent or $0.67 million to $36.41 million on Mar. 31, 2017 from $37.09 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.54 percent in the quarter, down from 0.59 percent in the last year period.
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