United Financial Bancorp Reports Solid Third Quarter 2012 Results
WEST SPRINGFIELD, Mass., Oct. 19, 2012 /PRNewswire/ -- United Financial Bancorp, Inc. (the "Company") (NASDAQ Global Select Market: UBNK), the holding company for United Bank (the "Bank"), reported net income of $2.9 million, or $0.20 per diluted share, for the third quarter of 2012 compared to net income of $3.1 million, or $0.20 per diluted share, for the corresponding period in 2011. Excluding acquisition related expenses of $366,000 ($254,000 net of tax benefit) and impairment charges on securities of $202,000 ($119,000 net of tax benefit), net income would have been $3.3 million, or $0.22 per diluted share, for the third quarter of 2012.
For the nine months ended September 30, 2012, the Company's net income was $8.4 million, or $0.56 per diluted share, compared to net income of $8.2 million, or $0.54 per diluted share, for the same period in 2011. Excluding acquisition related expenses of $958,000 ($818,000 net of tax benefit) and impairment charges on securities of $202,000 ($119,000 net of tax benefit), net income would have been $9.3 million, or $0.63 per diluted share, for the nine months of 2012. The Company also announced a quarterly cash dividend of $0.10 per share, payable on December 3, 2012 to shareholders of record as of November 9, 2012.
Financial Highlights:
- Excluding acquisition related expenses of $366,000 ($254,000 net of tax benefit) and impairment charges on securities of $202,000 ($119,000 net of tax benefit), diluted EPS for the third quarter increased by 10% compared to the same period last year.
- Total loans increased by $96.1 million, or 9%, to $1.218 billion at September 30, 2012 from $1.122 billion at December 31, 2011, primarily due to 14% growth in commercial mortgages and commercial business loans.
- Credit quality remained solid, as demonstrated by the non-performing loans to total loans ratio of 73 basis points at September 30, 2012 and an annualized net charge-offs to average loans ratio of 9 basis points for the third quarter of 2012.
- Core deposits increased by $53.9 million, or 7%, to $862.1 million at September 30, 2012 from $808.2 million at December 31, 2011.
- Tangible book value per share increased 3% to $14.31 at September 30, 2012 from $13.90 at December 31, 2011. Book value per share also increased 3% to $14.88 at September 30, 2012 as compared to $14.47 at December 31, 2011.
"We are pleased with our performance this quarter, which reflects strong growth in commercial loans and core deposits," commented Richard B. Collins, President and Chief Executive Officer. "Our asset quality metrics are excellent and we have a healthy balance sheet with solid capital and liquidity positions. We expect to close our pending acquisition of New England Bancshares, Inc. and New England Bank before year end and believe we are well positioned for the future."
Earnings Summary (Q3 2012 compared to Q3 2011)
Excluding the impact of acquisition related expenses of $366,000 ($254,000 net of tax benefit) and impairment charges on securities totaling $202,000 ($119,000 net of tax benefit), net income would have been $3.3 million for the third quarter of 2012, $217,000, or 7% above the same period last year. The improved results are largely due to increased net interest income and non-interest income and a decrease in non-interest expense (excluding acquisition related expenses), offset in part by an increase in the provision for loan losses.
- Net interest income increased $151,000, or 1%, to $13.6 million for the third quarter of 2012 mainly as a result of an increase in average interest-earning assets, partially offset by a contraction in the net interest margin. Total average interest-earning assets increased $39.8 million, or 3%, to $1.544 billion for the third quarter of 2012 driven by strong loan growth partially offset by decreases in interest-earning cash balances and investment securities. The net interest margin decreased by 5 basis points to 3.51% for the three months ended September 30, 2012 reflecting lower yields on loans and investments as a result of the lower interest rate environment, offset in part by reduced funding costs.
- Provision for loan losses increased $300,000, or 40%, to $1.1 million for the three months ended September 30, 2012 primarily reflecting an increase in general reserves associated with stronger commercial loan origination activity.
- Non-interest income increased $88,000, or 4%, to $2.5 million for the three months ended September 30, 2012. Net gains from sales of loans increased $137,000 due to improved pricing on sales of 30-year fixed rate loans, and to a lesser extent, increased sales volume. Other income increased $50,000, or 19%, as a result of higher loan prepayment penalties. Fee income on deposit accounts grew $32,000, or 2%, driven by an increase in debit card income. Wealth management income increased $31,000, or 13%, reflecting higher fee-based assets under management and transaction-based commissions. These positive items were reduced in part by an increase of $169,000 in impairment charges on securities.
- Non-interest expense increased $191,000, or 2%, to $11.2 million in the third quarter of 2012. Excluding acquisition related costs of $366,000, non-interest expense would have declined by $175,000, or 2%. Low income housing tax credit fund expense decreased by $232,000 as a result of a prior period adjustment. Professional fees fell by $201,000, or 35%, due in large part to legal and consulting costs incurred in 2011 in connection with strategic initiatives. Other expenses decreased $91,000, or 5%, reflecting a lower write-down of mortgage servicing rights. These items were partially reduced by higher compensation and data processing expenses. Salaries and benefits increased by $197,000, or 3%, mainly due to a new loan production office opened in Glastonbury, Connecticut during the second quarter of 2012, annual salary increases and a higher short-term incentive plan accrual related to improved performance. Data processing expenses increased $148,000, or 15%, attributable to a larger loan and deposit base as well as increased costs related to software licenses, online banking and debit cards.
- Income taxes decreased $96,000, or 10%, to $890,000 for the three months ended September 30, 2012 primarily due to a lower effective tax rate and a decrease in pre-tax income.
Balance Sheet Activity:
- Total assets increased $59.9 million, or 4%, to $1.684 billion at September 30, 2012 from $1.624 billion at December 31, 2011 reflecting strong growth in loans partially offset by lower cash balances.
- Total loans increased $96.1 million, or 9%, to $1.218 billion at September 30, 2012 from year-end due in large part to strong growth in the commercial mortgages and commercial and industrial portfolios, partially offset by modest run-off in residential mortgages and consumer loans. The increases of $63.3 million, or 14%, in commercial mortgages and $24.9 million, or 14%, in commercial and industrial loans were primarily attributable to business development efforts, competitive products and pricing, and significant origination activity in the loan production offices. The decrease in residential mortgages was driven by sales of 30-year fixed rate loans and payments, offset to a large extent by originations of 10 and 15-year fixed rate loans.
- Cash and cash equivalents decreased $33.2 million, or 54%, to $28.3 million at September 30, 2012 mainly driven by the use of excess cash to fund new loans.
- Total deposits increased $45.2 million, or 4%, to $1.275 billion at September 30, 2012 reflecting growth of $53.9 million, or 7%, in core account balances, partially offset by a decrease of $8.7 million, or 2%, in certificates of deposit. The strong growth in core account balances is mainly due to the success of sales and marketing initiatives, competitive products and pricing and excellent customer service. Core deposit balances were $862.1 million, or 68% of total deposits at September 30, 2012 compared to $808.2 million, or 66% at December 31, 2011.
- Long-term debt increased $13.4 million, or 11%, to $140.3 million at September 30, 2012 as new advances were secured to fund loan growth.
Credit Quality:
- Non-performing assets totaled $10.4 million, or 0.61% of total assets, at September 30, 2012 compared to $10.6 million, or 0.65% of total assets, at December 31, 2011. The $224,000 decline in non-performing assets reflects a decrease in real estate owned due to sales of properties, offset in part by a slight increase in non-accrual loans.
- At September 30, 2012, the ratio of the allowance for loan losses to total loans was 1.03%, an increase of 4 basis points from December 31, 2011. Excluding the impact of acquired loans totaling $124.9 million at September 30, 2012 and $165.1 million at December 31, 2011, the ratio of the allowance for loan losses to total loans would have been 1.15% at September 30, 2012 and 1.16% at December 31, 2011. Net charge-offs totaled $1.1 million, or 0.11%, of average loans outstanding (annualized) for the nine months ended September 30, 2012 as compared to net charge-offs of $ 1.5 million, or 0.18%, of average loans outstanding (annualized) for the same period in 2011.
Capital and Liquidity:
- At September 30, 2012, the Company remains well capitalized with a tangible equity-to-tangible assets ratio of 13.21% and an equity-to-assets ratio of 13.67%.
- At September 30, 2012, the Company continued to have considerable liquidity consisting of significant balances at the Federal Reserve Bank of Boston, a large amount of marketable loans and investment securities, substantial unused borrowing capacity at the Federal Home Loan Bank of Boston and the Federal Reserve Bank of Boston and access to funding through the repurchase agreement and brokered deposit markets.
United Financial Bancorp, Inc. is a publicly owned corporation and the holding company for United Bank, a federally chartered bank headquartered at 95 Elm Street, West Springfield, MA, 01090. The Company's common stock is traded on the NASDAQ Global Select Market under the symbol UBNK. United Bank provides an array of financial products and services through its 16 branch offices and two express drive-up branches in the Springfield region of Western Massachusetts and six branches in the Worcester region of Central Massachusetts. The bank also operates loan production offices located in Beverly, Massachusetts and Glastonbury, Connecticut. Through its Wealth Management Group, the Bank offers access to a wide range of investment and insurance products and services, as well as financial, estate and retirement strategies and products. For more information regarding the Bank's products and services and for United Financial Bancorp, Inc. investor relations information please visit www.bankatunited.com or on Facebook at facebook.com/bankatunited.
Except for the historical information contained in this press release, the matters discussed may be deemed to be forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties, including changes in economic conditions in the Company's market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Company's market area, competition, and other risks detailed from time to time in the Company's SEC reports. Actual strategies and results in future periods may differ materially from those currently expected. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
For More Information Contact:
Mark A. Roberts
Executive Vice President & CFO
(413) 787-1700
UNITED FINANCIAL BANCORP, INC. AND SUBSIDIARY |
||||||
CONSOLIDATED STATEMENTS OF CONDITION |
||||||
(Dollars in thousands, except per share amounts) |
||||||
September 30, |
December 31, |
September 30, |
||||
Assets |
2012 |
2011 |
2011 |
|||
(unaudited) |
(audited) |
(unaudited) |
||||
Cash and cash equivalents |
$ 28,344 |
$ 61,518 |
$ 28,749 |
|||
Investment securities |
330,311 |
337,710 |
354,892 |
|||
Loans held for sale |
- |
53 |
522 |
|||
Loans: |
||||||
Residential mortgages |
312,600 |
314,839 |
319,157 |
|||
Commercial mortgages |
513,524 |
450,180 |
440,521 |
|||
Construction loans |
34,724 |
30,271 |
28,928 |
|||
Commercial loans |
201,017 |
176,086 |
176,188 |
|||
Home equity loans |
143,052 |
135,518 |
138,060 |
|||
Consumer loans |
13,090 |
14,985 |
15,887 |
|||
Total loans |
1,218,007 |
1,121,879 |
1,118,741 |
|||
Net deferred loan costs and fees |
2,445 |
2,194 |
2,133 |
|||
Allowance for loan losses |
(12,550) |
(11,132) |
(10,741) |
|||
Loans, net |
1,207,902 |
1,112,941 |
1,110,133 |
|||
Federal Home Loan Bank of Boston stock, at cost |
14,454 |
15,365 |
15,365 |
|||
Other real estate owned |
1,349 |
2,054 |
2,490 |
|||
Deferred tax asset, net |
13,771 |
14,006 |
9,579 |
|||
Premises and equipment, net |
18,145 |
16,438 |
16,488 |
|||
Bank-owned life insurance |
41,869 |
40,688 |
40,264 |
|||
Goodwill |
8,192 |
8,192 |
8,192 |
|||
Other intangible assets |
699 |
752 |
805 |
|||
Other assets |
18,648 |
14,035 |
19,079 |
|||
Total assets |
$ 1,683,684 |
$ 1,623,752 |
$ 1,606,558 |
|||
Liabilities and Stockholders' Equity |
||||||
Deposits: |
||||||
Demand |
$ 234,191 |
$ 205,902 |
$ 191,829 |
|||
NOW |
67,279 |
52,899 |
44,544 |
|||
Savings |
264,942 |
247,664 |
243,125 |
|||
Money market |
295,674 |
301,770 |
289,545 |
|||
Certificates of deposit |
413,074 |
421,740 |
430,523 |
|||
Total deposits |
1,275,160 |
1,229,975 |
1,199,566 |
|||
Short-term borrowings |
14,579 |
17,260 |
24,632 |
|||
Long-term debt |
140,287 |
126,857 |
133,157 |
|||
Subordinated debentures |
5,608 |
5,539 |
5,516 |
|||
Escrow funds held for borrowers |
1,892 |
2,103 |
2,221 |
|||
Due to broker |
- |
- |
700 |
|||
Capitalized lease obligations |
4,753 |
4,874 |
4,909 |
|||
Accrued expenses and other liabilities |
11,242 |
9,783 |
9,101 |
|||
Total liabilities |
1,453,521 |
1,396,391 |
1,379,802 |
|||
Stockholders' Equity: |
||||||
Preferred stock, par value $0.01 per share, authorized 50,000,000 shares; |
||||||
none issued |
- |
- |
- |
|||
Common stock, par value $0.01 per share; authorized 100,000,000 shares; |
||||||
shares issued: 18,706,933 at September 30, 2012, December 31, 2011 and |
||||||
September 30, 2011 |
187 |
187 |
187 |
|||
Additional paid-in capital |
183,476 |
182,433 |
182,122 |
|||
Retained earnings |
93,317 |
89,019 |
87,358 |
|||
Unearned compensation |
(9,523) |
(10,047) |
(10,233) |
|||
Accumulated other comprehensive income, net of taxes |
7,514 |
6,752 |
7,076 |
|||
Treasury stock, at cost (3,239,112 shares at September 30, 2012, 2,994,036 shares |
||||||
at December 31, 2011 and 2,916,427 shares at September 30, 2011) |
(44,808) |
(40,983) |
(39,754) |
|||
Total stockholders' equity |
230,163 |
227,361 |
226,756 |
|||
Total liabilities and stockholders' equity |
$ 1,683,684 |
$ 1,623,752 |
$ 1,606,558 |
|||
UNITED FINANCIAL BANCORP, INC. AND SUBSIDIARY |
|||||||
CONSOLIDATED INCOME STATEMENTS |
|||||||
(Dollars in thousands, except per share amounts) |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
September 30, |
September 30, |
||||||
2012 |
2011 |
2012 |
2011 |
||||
(unaudited) |
(unaudited) |
||||||
Interest and dividend income: |
|||||||
Loans |
$ 14,494 |
$ 14,529 |
$ 42,750 |
$ 43,719 |
|||
Investments |
2,549 |
3,249 |
8,171 |
9,827 |
|||
Other interest-earning assets |
27 |
22 |
119 |
100 |
|||
Total interest and dividend income |
17,070 |
17,800 |
51,040 |
53,646 |
|||
Interest expense: |
|||||||
Deposits |
2,444 |
3,014 |
7,795 |
9,505 |
|||
Borrowings |
1,076 |
1,387 |
3,301 |
4,569 |
|||
Total interest expense |
3,520 |
4,401 |
11,096 |
14,074 |
|||
Net interest income before provision for loan losses |
13,550 |
13,399 |
39,944 |
39,572 |
|||
Provision for loan losses |
1,050 |
750 |
2,450 |
2,231 |
|||
Net interest income after provision for loan losses |
12,500 |
12,649 |
37,494 |
37,341 |
|||
Non-interest income: |
|||||||
Fee income on depositors' accounts |
1,452 |
1,420 |
4,389 |
4,085 |
|||
Wealth management income |
279 |
248 |
795 |
702 |
|||
Income from bank-owned life insurance |
448 |
468 |
1,324 |
1,192 |
|||
Net gain on sales of loans |
188 |
51 |
458 |
124 |
|||
Net gain on sales of securities |
27 |
- |
27 |
1 |
|||
Impairment charges on securities |
(202) |
(33) |
(202) |
(92) |
|||
Other income |
319 |
269 |
863 |
771 |
|||
Total non-interest income |
2,511 |
2,423 |
7,654 |
6,783 |
|||
Non-interest expense: |
|||||||
Salaries and benefits |
6,375 |
6,178 |
19,103 |
18,861 |
|||
Occupancy expenses |
823 |
823 |
2,567 |
2,472 |
|||
Marketing expenses |
316 |
339 |
1,257 |
1,421 |
|||
Data processing expenses |
1,109 |
961 |
3,140 |
2,933 |
|||
Professional fees |
372 |
573 |
1,282 |
1,641 |
|||
Acquisition related expenses |
366 |
- |
958 |
- |
|||
FDIC insurance assessments |
264 |
237 |
800 |
811 |
|||
Low income housing tax credit fund |
- |
232 |
243 |
627 |
|||
Other expenses |
1,567 |
1,658 |
4,585 |
4,578 |
|||
Total non-interest expense |
11,192 |
11,001 |
33,935 |
33,344 |
|||
Income before income taxes |
3,819 |
4,071 |
11,213 |
10,780 |
|||
Income tax expense |
890 |
986 |
2,853 |
2,576 |
|||
Net income |
$ 2,929 |
$ 3,085 |
$ 8,360 |
$ 8,204 |
|||
Earnings per share: |
|||||||
Basic |
$ 0.20 |
$ 0.21 |
$ 0.57 |
$ 0.55 |
|||
Diluted |
$ 0.20 |
$ 0.20 |
$ 0.56 |
$ 0.54 |
|||
Weighted average shares outstanding: |
|||||||
Basic |
14,522 |
14,952 |
14,578 |
14,998 |
|||
Diluted |
14,708 |
15,207 |
14,828 |
15,258 |
|||
UNITED FINANCIAL BANCORP, INC. AND SUBSIDIARY |
|||||||||||
SELECTED DATA AND RATIOS (unaudited) |
|||||||||||
(Dollars in thousands, except per share amounts) |
|||||||||||
At or For The Quarters Ended |
|||||||||||
Sep. 30 |
Jun. 30 |
Mar. 31 |
Dec. 31 |
Sep. 30 |
|||||||
2012 |
2012 |
2012 |
2011 |
2011 |
|||||||
Operating Results: |
|||||||||||
Net interest income |
$ 13,550 |
$ 13,294 |
$ 13,100 |
$ 13,241 |
$ 13,399 |
||||||
Loan loss provision |
1,050 |
750 |
650 |
1,011 |
750 |
||||||
Non-interest income |
2,511 |
(1) |
2,570 |
2,573 |
2,570 |
2,423 |
|||||
Non-interest expense |
11,192 |
(2) |
11,468 |
(2) |
11,275 |
10,718 |
11,001 |
||||
Net income |
2,929 |
2,582 |
2,849 |
2,980 |
3,085 |
||||||
Performance Ratios (annualized): |
|||||||||||
Return on average assets |
0.71% |
(3) |
0.62% |
(3) |
0.70% |
0.74% |
0.77% |
||||
Return on average equity |
5.10% |
(3) |
4.53% |
(3) |
5.00% |
5.24% |
5.41% |
||||
Net interest margin |
3.51% |
3.44% |
3.43% |
3.51% |
3.56% |
||||||
Non-interest income to average total assets |
0.61% |
(4) |
0.62% |
0.63% |
0.64% |
0.60% |
|||||
Non-interest expense to average total assets |
2.71% |
(5) |
2.78% |
(5) |
2.77% |
2.66% |
2.74% |
||||
Efficiency ratio (6) |
69.74% |
(5) |
73.04% |
(5) |
72.44% |
68.41% |
69.61% |
||||
Per Share Data: |
|||||||||||
Diluted earnings per share |
$ 0.20 |
$ 0.17 |
$ 0.19 |
$ 0.20 |
$ 0.20 |
||||||
Book value per share |
$ 14.88 |
$ 14.70 |
$ 14.57 |
$ 14.47 |
$ 14.36 |
||||||
Tangible book value per share |
$ 14.31 |
(7) |
$ 14.12 |
(7) |
$ 14.00 |
(7) |
$ 13.90 |
(7) |
$ 13.79 |
(7) |
|
Market price at period end |
$ 14.47 |
$ 14.38 |
$ 15.82 |
$ 16.09 |
$ 13.69 |
||||||
Risk Profile |
|||||||||||
Equity as a percentage of assets |
13.67% |
13.80% |
13.69% |
14.00% |
14.11% |
||||||
Tangible equity as a percentage of tangible assets |
13.21% |
(7) |
13.33% |
(7) |
13.22% |
(7) |
13.53% |
(7) |
13.63% |
(7) |
|
Net charge-offs to average loans outstanding (annualized) |
0.09% |
0.11% |
0.16% |
0.22% |
0.23% |
||||||
Non-performing assets as a percent of total assets |
0.61% |
0.68% |
0.70% |
0.65% |
0.85% |
||||||
Non-performing loans as a percent of total loans |
0.73% |
0.74% |
0.79% |
0.75% |
1.00% |
||||||
Allowance for loan losses as a percent of total loans |
1.03% |
(8) |
1.01% |
(8) |
0.99% |
(8) |
0.99% |
(8) |
0.96% |
(8) |
|
Allowance for loan losses as a percent of non-performing loans |
140.49% |
136.43% |
125.65% |
131.68% |
96.22% |
||||||
Average Balances |
|||||||||||
Loans |
$ 1,178,802 |
$ 1,151,141 |
$ 1,133,543 |
$ 1,119,511 |
$ 1,113,672 |
||||||
Securities |
338,352 |
340,086 |
338,405 |
346,939 |
358,929 |
||||||
Total interest-earning assets |
1,543,779 |
1,547,132 |
1,526,015 |
1,509,079 |
1,503,940 |
||||||
Total assets |
1,650,148 |
1,652,997 |
1,628,071 |
1,611,447 |
1,605,844 |
||||||
Deposits |
1,254,148 |
1,256,780 |
1,231,285 |
1,211,957 |
1,186,530 |
||||||
FHLBB advances |
103,915 |
103,632 |
105,302 |
111,762 |
132,544 |
||||||
Stockholders' Equity |
229,614 |
227,855 |
227,854 |
227,678 |
228,278 |
||||||
Average Yields/Rates (annualized) |
|||||||||||
Loans |
4.92% |
4.93% |
4.97% |
5.18% |
5.22% |
||||||
Securities |
3.01% |
3.25% |
3.37% |
3.34% |
3.62% |
||||||
Total interest-earning assets |
4.42% |
4.39% |
4.45% |
4.62% |
4.73% |
||||||
Savings accounts |
0.45% |
0.51% |
0.58% |
0.69% |
0.71% |
||||||
Money market/NOW accounts |
0.41% |
0.45% |
0.55% |
0.62% |
0.64% |
||||||
Certificates of deposit |
1.74% |
1.78% |
1.82% |
1.88% |
1.91% |
||||||
FHLBB advances |
3.04% |
3.16% |
3.12% |
3.17% |
3.26% |
||||||
Total interest-bearing liabilities |
1.20% |
1.24% |
1.31% |
1.43% |
1.50% |
||||||
(1) |
Includes $202,000 other-than-temporary impairment ("OTTI") charge for the quarter ended September 30, 2012. |
||||||||||
(2) |
Includes acquisition related expenses totaling $366,000 and $592,000 for the quarters ended September 30, 2012 and June 30, 2012. |
||||||||||
(3) |
Exclusive of acquisition related expenses totaling $254,000, (after tax) and $592,000 for the quarters ended September 30, 2012 and June 30, 2012, respectively, and a $119,000, (after tax) other-than-temporary impairment charge for the quarter ended September 30, 2012, the return on average assets would have been 0.80% and 0.77% and the return on average equity would have been 5.75% and 5.57%, respectively. |
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(4) |
Exclusive of the $202,000 other-than-temporary impairment charge, non-interest income to average total assets would have been 0.66% for the quarter ended September 30, 2012. |
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(5) |
Excluding acquisition related expenses totaling $366,000 and $592,000 for the quarters ended September 30, 2012 and June 30, 2012, non-interest expense to average total assets would have been 2.62% and 2.63% and the efficiency ratio would have been 67.46% and 69.27%, respectively. |
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(6) |
Excludes gains/losses on sales of securities and loans and impairment charges on securities. |
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(7) |
Excludes the impact of goodwill and other intangible assets of $8.9 million at September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011 and $9.0 million at September 30, 2011. |
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(8) |
Excluding acquired loans of $118.6 million, $126.4 million, $136.4 million, $146.0 million and $156.2 million, and loans purchased from other financial institutions of $6.3 million, $6.4 million, $18.3 million, $19.1 million and $19.3 million at September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011, respectively, allowance for loan losses as a percent of total loans, gross would have been 1.15%, 1.14%, 1.15%,1.16% and 1.14% for the quarters ended September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011, respectively. |
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SOURCE United Financial Bancorp, Inc.
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