United Financial Bancorp (UBNK) Tops Q2 EPS by 2c with Record Revenues and Earnings

United Financial Bancorp (NASDAQ: UBNK) reported Q2 EPS of $0.27, $0.02 better than the analyst estimate of $0.25. Revenue for the quarter came in at a record $50.3 million versus the consensus estimate of $41.93 million.

"I am pleased to report that during the second quarter of 2015, United Financial Bancorp, Inc. delivered record results for earnings, revenue, fee income, commercial loan growth and residential mortgage production. We continue to make substantial progress toward our merger goals announced in November 2013. The quarter's results included a 0.96% return on average assets ("ROA"), an 8.69% return on average equity ("ROE"), an 11.12% return on average tangible common equity ("ROTCE"), a 57% efficiency ratio, 17% annualized total loan growth and $0.27 earnings per diluted share for the quarter ended June 30, 2015," stated William H. W. Crawford, IV, Chief Executive Officer of United Financial Bancorp, Inc. and United Bank. "These results were driven by 4% linked quarter revenue growth combined with a 1% decrease in non-interest expense compared to the linked quarter."

"The quarter ended June 30, 2015 represents United Financial's second consecutive quarter of record revenue and record earnings. Non-interest expense exceeded our earlier forecast due to higher costs related to record mortgage production, significantly increased consumer loan originations and greater loan level hedge expense, all of which are variable expenses that increased commensurate with higher than projected revenue," further stated Chief Executive Officer Crawford. "Commercial and residential mortgage loan pipelines remain robust, continuing the expectation that the Company will achieve high single digit total loan growth for 2015. The Company's capital and infrastructure investments will support continued commercial loan growth."

For earnings history and earnings-related data on United Financial Bancorp (UBNK) click here.

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