United Financial Bancorp (UBNK), the holding company for United Bank, swung to a net loss for the quarter ended Jun. 30, 2014. The company has booked a net loss of $5.57 million or $0.13 a share in the second quarter compared with a net profit of $3.30 million or $0.12 a share, a year ago. Adjusted loss per share came in at $0.08, when analysts expected $0.13.
Revenue during the second-quarter jumped 2.08 times to $43.20 million from $20.81 million in the last year period.
Net interest income for the quarter surged 2.21 times over the prior year period to $36.88 million.
Non-interest income for the quarter rose 53.82 percent over the last year period to $6.32 million.
United Financial Bancorp has made provision of $2.08 million for loan losses during the quarter, which was higher by 416.13 percent from $0.40 million in the same period last year.
"During the second quarter, Rockville Financial, Inc. and United Financial Bancorp, Inc. successfully completed their merger of equals. Organic earning asset growth and operating earnings results for the quarter were strong, despite including only two months as a combined organization," stated William H. W. Crawford, IV, CEO of United Financial Bancorp, Inc. and United Bank. "The team is intensely focused on integrating the two companies and is on target to complete the data conversion in the fourth quarter of 2014."
Total assets stood at $5159.48 million as on Jun. 30, 2014, up 110.73 percent compared with $2448.35 million on Jun. 30, 2013.
While total liabilities stood at $4506.84 million as on Jun. 30, 2014, up 109.81 percent from $2148.03 million on Jun. 30, 2013.
Equity capital of United Financial Bancorp. increased 117.32 percent to $652.64 million as on Jun. 30, 2014 compared with $300.32 million on Jun. 30, 2013.
Shares of the company went down by 2 cents or 0.16 percent to close at $12.51 on Friday.