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Rockville Bank Declares Quarterly Income of $1.8 Million

The numbers were posted on Monday.

Photo Credit: Chris Dehnel
Photo Credit: Chris Dehnel
Rockville Financial, Inc., the parent company of Rockville Bank, has announced net income of $1.8 million, or 7 cents per diluted share, for the quarter ended Dec. 31.

The earnings statement was were posted on Monday afternoon, just before the close of business.
 
The figure compares to net income of $4.3 million, or 16 cents per diluted share, for the quarter ended Dec. 31, 2012.

Core net income for the fourth quarter of 2013 was $3.3 million (non-GAAP), or 13 cents per diluted share. The report indicates that was adjusted for pre-tax expenses of $2.1 million related to the merger with with United Financial Bancorp, Inc., the parent company of United Bank.
 
The merger was announced on Nov. 15. 

Core net income for the fourth quarter of 2012 was $3.6 million (non-GAAP), or 13 cents per diluted share. The figure was adjusted for $579,000 (pre-tax) net gains on sales of securities, as well as a $893,000 (pre-tax) payment received from the company’s core processor and expenses totaling $503,000 (pre-tax), both due to service disruption during Hurricane/Tropical Storm Sandy.

For the year 2013, net income totaled $14.2 million, or 54 cents per diluted share, compared to $15.8 million, or 56 cents per diluted share, for the year 2012. 

Core net income for 2013 was $16.3 million, or 62 cents per diluted share, adjusted for $2.1 million (pre-tax) worth of merger expenses in the fourth quarter of 2013, $1.4 million (pre-tax) of non-recurring expense reduction actions the company completed in the second quarter of 2013, and $585,000 (pre-tax) net gains on sales of securities. 

Core net income for 2012 was $15.7 million, or 56 cents per diluted share, adjusted for $914,000 (pre-tax) net gains on sales of securities and $1.2 million (pre-tax) related to conversion grant stock based compensation expense, as well as a $893,000 (pre-tax) payment from the company’s core processor and $503,000 (pre-tax) of expense, both due to service disruption during Hurricane/Tropical Storm Sandy.

“I am pleased to announce that Rockville Financial, Inc. achieved core diluted earnings per share growth of 11 percent in 2013," said said William H. W. Crawford IV, president and chief executive officer of Rockville Financial, Inc. and Rockville Bank. "In the fourth quarter, mortgage sales declined significantly due to market factors and rate volatility, but linked quarter annualized loan growth was 15 percent and annualized residential mortgage growth was 14 percent. Rockville continues to increase its capacity to generate consumer loan product and is forecasting stronger consumer loan production in 2014.” 

Crawford continued, “Overall it was a strong year. The Company reported 17 percent commercial loan growth, 15 percent deposit growth, flat core operating expense and continued excellent asset quality. Rockville’s total shareholder return was 14percent for the year and 95 percent for the last three years.”

In the report, the bank stated that full-time-equivalent positions were up by six - to 342.

New hires primarily in revenue driving divisions, the report indicated. The roster included the newly created position of senior vice president of virtual banking, according to the report. 

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