Rockville Financial Inc., the parent company of Rockville Bank, has posted record first quarter earnings of $3.9 million, Bank officials said in a news release issued Thursday.
Here are the first quarter highlights. Revenue and expense comparisons are to the prior year first quarter results, unless noted otherwise.
• Net income of $3.9 million is a record for first quarter earnings.
• 20.4 percent net interest income growth due to average loan growth and decreased funding costs.
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• 24.6 percent operating revenue growth (net interest income plus non-interest income).
• 13.2 percent operating expense increase, excluding the foundation expense.
• Efficiency ratio increased to 65.67 percent from 63.20 percent.
• 3.83 percent tax equivalent net interest margin, compared to 3.10 percent in the first quarter of 2011 and 3.77 percent in the fourth quarter of 2011.
• 0.91 percent cost of interest bearing liabilities, decreased 71 basis points from the prior year and 16 basis points from prior quarter.
• 5.9 percent linked quarter commercial loan growth.
• 2.77 percent non-interest expense as a percentage of average assets decreased from 3.47 percent in the prior period and increased from 2.70 percent in the prior quarter.
• 13 percent dividend increase to 9 cents in the second quarter 2012 from 8 cents per share in the first quarter 2012.
The bank's performance earned it a chance to ring the Nasdaq closing bell on Tuesday.