Federal
|
83-0395247
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
Number)
|
Large
accelerated filer o
|
Accelerated
filer o
|
Non-accelerated
filer ý
|
Page
|
|
1
|
|
1
|
|
2
|
|
3
|
|
4
|
|
6
|
|
8
|
|
13
|
|
13
|
|
14
|
|
14
|
|
14
|
|
14
|
|
14
|
|
14
|
|
14
|
|
14
|
|
15
|
16
|
|||
17
|
|||
18
|
|||
19
|
March
31,
|
December
31,
|
||||||
2006
|
2005
|
||||||
(unaudited)
|
|||||||
ASSETS
|
|||||||
Cash
and due from banks
|
$
|
16,473
|
$
|
15,841
|
|||
Interest-bearing
deposits
|
35,942
|
2
|
|||||
Liquidity
and cash funds
|
385
|
—
|
|||||
Total
cash and cash equivalents
|
52,800
|
15,843
|
|||||
Securities
available for sale, at fair value
|
220,485
|
226,465
|
|||||
Securities
to be held to maturity, at amortized cost (fair value $3,298 at March
31,
2006 and $3,298 at December 31, 2005)
|
3,323
|
3,325
|
|||||
Loans,
net of allowance for loan losses of $6,580 at March 31, 2006 and
$6,382 at
December 31, 2005
|
641,008
|
630,558
|
|||||
Other
real estate owned
|
—
|
1,602
|
|||||
Accrued
interest receivable
|
4,202
|
3,928
|
|||||
Deferred
tax asset, net
|
1,494
|
1,245
|
|||||
Stock
in the Federal Home Loan Bank of Boston
|
6,684
|
6,588
|
|||||
Banking
premises and equipment, net
|
8,141
|
8,236
|
|||||
Bank-owned
life insurance
|
6,113
|
6,031
|
|||||
Other
assets
|
3,319
|
2,692
|
|||||
TOTAL
ASSETS
|
$
|
947,569
|
$
|
906,513
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Liabilities:
|
|||||||
Deposits:
|
|||||||
Interest-bearing
|
$
|
593,019
|
$
|
560,310
|
|||
Non-interest
bearing
|
92,762
|
93,301
|
|||||
Total
deposits
|
685,781
|
653,611
|
|||||
Federal
Home Loan Bank of Boston advances
|
112,542
|
101,880
|
|||||
Repurchase
agreements
|
6,388
|
8,434
|
|||||
Escrow
funds held for borrowers
|
1,259
|
1,129
|
|||||
Accrued
expenses and other liabilities
|
4,307
|
4,454
|
|||||
Total
liabilities
|
810,277
|
769,508
|
|||||
Stockholders’
equity:
|
|||||||
Preferred
stock, par value $0.01 per share, authorized 5,000,000 shares;
none
issued
|
—
|
—
|
|||||
Common
stock, par value $0.01 per share, authorized 60,000,000 shares;
17,205,995
shares issued at March 31, 2006 and at December 31, 2005
|
172
|
172
|
|||||
Paid-in
capital
|
78,460
|
78,446
|
|||||
Retained
earnings
|
67,928
|
66,944
|
|||||
Unearned
ESOP shares
|
(6,012
|
)
|
(6,092
|
)
|
|||
Accumulated
other comprehensive (loss), net of taxes
|
(3,256
|
)
|
(2,465
|
)
|
|||
Total
stockholders’ equity
|
137,292
|
137,005
|
|||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
947,569
|
$
|
906,513
|
Three
Months Ended
March
31,
|
|||||||
2006
|
2005
|
||||||
Interest
and dividend income:
|
|||||||
Loans
|
$
|
9,600
|
$
|
8,048
|
|||
Investments
|
2,305
|
1,528
|
|||||
Other
interest-earning assets
|
242
|
140
|
|||||
Total
interest and dividend income
|
12,147
|
9,716
|
|||||
Interest
expense:
|
|||||||
Deposits
|
4,042
|
2,580
|
|||||
Short-term
borrowings
|
576
|
268
|
|||||
Long-term
debt
|
621
|
521
|
|||||
Total
interest expense
|
5,239
|
3,369
|
|||||
Net
interest income before provision for loan losses
|
6,908
|
6,347
|
|||||
Provision
for loan losses
|
162
|
275
|
|||||
Net
interest income after provision for loan losses
|
6,746
|
6,072
|
|||||
Non-interest
income:
|
|||||||
Fee
income on depositors’ accounts
|
1,044
|
903
|
|||||
Income
from bank-owned life insurance
|
81
|
81
|
|||||
Other
income
|
231
|
231
|
|||||
Total
non-interest income
|
1,356
|
1,215
|
|||||
Non-interest
expense:
|
|||||||
Salaries
and benefits
|
3,029
|
2,638
|
|||||
Occupancy
expenses
|
403
|
340
|
|||||
Marketing
expenses
|
415
|
345
|
|||||
Data
processing expenses
|
730
|
746
|
|||||
Contributions
and sponsorships
|
31
|
73
|
|||||
Professional
fees
|
256
|
111
|
|||||
Other
expenses
|
1,010
|
764
|
|||||
Total
non-interest expense
|
5,874
|
5,017
|
|||||
Income
before income taxes
|
2,228
|
2,270
|
|||||
Income
tax expense
|
873
|
904
|
|||||
NET
INCOME
|
$
|
1,355
|
$
|
1,366
|
|||
Basic
and diluted earnings per share
|
$
|
.08
|
NA
|
||||
Weighted-average
common shares outstanding
|
|||||||
for
basic and diluted earnings per share
|
|
16,601
|
NA
|
Common
Stock
|
Paid-In
Capital
|
Retained
Earnings
|
Unearned
ESOP
Shares
|
Other
Comprehensive
(Loss)
|
Total
|
||||||||||||||
Balances
at December 31, 2004
|
$
|
—
|
$
|
—
|
$
|
62,667
|
$
|
—
|
$
|
(412
|
)
|
$
|
62,255
|
||||||
Net
income
|
—
|
—
|
1,366
|
—
|
—
|
1,366
|
|||||||||||||
Net
unrealized loss on securities available for sale, net of tax
|
—
|
—
|
—
|
—
|
(1,156
|
)
|
(1,156
|
)
|
|||||||||||
Total
comprehensive income
|
210
|
||||||||||||||||||
Balances
at March 31, 2005
|
$
|
—
|
$
|
—
|
$
|
64,033
|
$
|
—
|
$
|
(1,568
|
)
|
$
|
62,465
|
||||||
Balances
at December 31, 2005
|
$
|
172
|
78,446
|
$
|
66,944
|
$
|
(6,092
|
)
|
$
|
(2,465
|
)
|
$
|
137,005
|
||||||
Net
income
|
—
|
—
|
1,355
|
—
|
—
|
1,355
|
|||||||||||||
Net
unrealized loss on securities available for sale, net of
tax
|
—
|
—
|
—
|
—
|
(791
|
)
|
(791
|
)
|
|||||||||||
Total
comprehensive income
|
564
|
||||||||||||||||||
Cash
dividends declared ($.05 per share)
|
(371
|
)
|
(371
|
)
|
|||||||||||||||
ESOP
shares committed to be released
|
—
|
14
|
—
|
80
|
—
|
94
|
|||||||||||||
Balances
at March 31, 2006
|
$
|
172
|
$
|
78,460
|
$
|
67,928
|
$
|
(6,012
|
)
|
$
|
(3,256
|
)
|
$
|
137,292
|
|||||
Three
Months Ended
March
31,
|
|||||||
2006
|
2005
|
||||||
Cash
flows from operating activities:
|
|||||||
Net
income
|
$
|
1,355
|
$
|
1,366
|
|||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||
Provision
for loan losses
|
162
|
275
|
|||||
ESOP
expense
|
94
|
—
|
|||||
Amortization
of premiums and discounts
|
100
|
187
|
|||||
Provision
for other real estate owned
|
34
|
—
|
|||||
Depreciation
and amortization
|
193
|
156
|
|||||
Deferred
(prepaid) income tax expense
|
(458
|
)
|
(281
|
)
|
|||
Increase
in Bank-owned life insurance
|
(81
|
)
|
(81
|
)
|
|||
Increase
in accrued interest receivable
|
(274
|
)
|
(274
|
)
|
|||
Increase
in other assets
|
(329
|
)
|
(354
|
)
|
|||
Decrease
in accrued expenses and other liabilities
|
(348
|
)
|
(733
|
)
|
|||
Net
cash provided by operating activities
|
448
|
261
|
|||||
Cash
flows from investing activities:
|
|||||||
Cash
paid to acquire Levine Financial Group
|
(100
|
)
|
—
|
||||
Purchases
of securities available for sale
|
(6,872
|
)
|
(30,879
|
)
|
|||
Proceeds
from sales, maturities and principal repayments of securities available
for sale
|
12,172
|
7,688
|
|||||
Purchases
of Federal Home Loan Bank of Boston stock
|
(96
|
)
|
—
|
||||
Net
loan originations and principal repayments
|
(9,044
|
)
|
3,035
|
||||
Purchases
of property and equipment
|
(97
|
)
|
(64
|
)
|
|||
Net
cash used in investing activities
|
(4,037
|
)
|
(20,220
|
)
|
Three
Months Ended
March
31,
|
|||||||
2006
|
2005
|
||||||
Cash
flows from financing activities:
|
|||||||
Net
increase in deposits
|
$
|
32,170
|
$
|
24,389
|
|||
Proceeds
of Federal Home Loan Bank of Boston advances
|
29,612
|
—
|
|||||
Repayments
of Federal Home Loan Bank of Boston advances
|
(18,949
|
)
|
(2,027
|
)
|
|||
Net
increase (decrease) in repurchase agreements
|
(2,046
|
)
|
1,938
|
||||
Net
increase in escrow funds held for borrowers
|
130
|
223
|
|||||
Cash
dividends paid
|
(371
|
)
|
—
|
||||
Net
cash provided by financing activities
|
40,546
|
24,523
|
|||||
Increase
in cash and cash equivalents
|
36,957
|
4,564
|
|||||
Cash
and cash equivalents at beginning of year
|
15,843
|
23,233
|
|||||
Cash
and cash equivalents at end of period
|
$
|
52,800
|
$
|
27,797
|
|||
Supplemental
Disclosure of Cash Flow Information:
|
|||||||
Cash
paid during the period:
|
|||||||
Interest
on deposits and other borrowings
|
$
|
5,240
|
$
|
3,385
|
|||
Income
taxes - net
|
312
|
726
|
March
31,
|
December
31,
|
||||||
2006
|
2005
|
||||||
Real
estate - Residential (1-4 Family)
|
$
|
374,972
|
$
|
371,281
|
|||
-
Commercial
|
154,637
|
150,099
|
|||||
Construction
|
30,167
|
28,872
|
|||||
Commercial
and industrial
|
58,734
|
59,591
|
|||||
Consumer
|
27,863
|
25,949
|
|||||
646,373
|
635,792
|
||||||
Other
Items:
|
|||||||
Net
deferred loan costs
|
1,215
|
1,148
|
|||||
Allowance
for loan losses
|
(6,580
|
)
|
(6,382
|
)
|
|||
$
|
641,008
|
$
|
630,558
|
March
31,
|
December
31,
|
||||||
2006
|
2005
|
||||||
Type
|
|||||||
Demand
|
$
|
92,762
|
$
|
93,301
|
|||
NOW
|
38,714
|
39,922
|
|||||
Regular
Savings
|
84,646
|
87,253
|
|||||
Money
Market
|
157,103
|
154,177
|
|||||
Retirement
|
54,809
|
52,694
|
|||||
Term
Certificates
|
257,747
|
226,264
|
|||||
$
|
685,781
|
$
|
653,611
|
Three
Months Ended March 31,
2006
vs. 2005
|
||||||||||
Increase
(Decrease) Due to
|
Net
|
|||||||||
Volume
|
Rate
|
|||||||||
Interest-earning
assets:
|
||||||||||
Loans
|
$
|
974
|
$
|
578
|
$
|
1,552
|
||||
Investment
securities
|
643
|
134
|
777
|
|||||||
Other
interest-earning assets
|
1
|
101
|
102
|
|||||||
Total
interest-earning assets
|
1,618
|
813
|
2,431
|
|||||||
Interest-bearing
liabilities:
|
||||||||||
Savings
accounts
|
(17
|
)
|
44
|
27
|
||||||
Money
market/NOW accounts
|
53
|
563
|
616
|
|||||||
Certificates
of deposit
|
147
|
672
|
819
|
|||||||
Total
interest-bearing deposits
|
183
|
1,279
|
1,462
|
|||||||
FHLB
Advances
|
261
|
114
|
375
|
|||||||
Other
interest-bearing liabilities
|
16
|
17
|
33
|
|||||||
Total
interest-bearing liabilities
|
460
|
1,410
|
1,870
|
|||||||
Change
in net interest income
|
$
|
1,158
|
$
|
(597
|
)
|
$
|
561
|
|
NPV
as a Percentage of
Present
Value of Assets (3)
|
|||||||||||||||||||
Change
in Interest Rates |
Estimated
|
Estimated
Increase (Decrease)
in
NPV
|
NPV
Ratio
|
Increase
(Decrease)
|
||||||||||||||||
(basis
points) (1)
|
NPV
(2)
|
Amount
|
Percent
|
(4)
|
(basis
points)
|
|||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||
+300
|
$
|
82,555
|
$
|
(45,280
|
)
|
(35
|
)%
|
9.82
|
%
|
|
(440
|
)
|
||||||||
+200
|
97,384
|
(30,451
|
)
|
(24
|
)
|
11.32
|
(289
|
)
|
||||||||||||
+100
|
112,584
|
(15,251
|
)
|
(12
|
)
|
12.80
|
(141
|
)
|
||||||||||||
0
|
127,835
|
—
|
—
|
14.21
|
—
|
|||||||||||||||
-100
|
138,372
|
10,537
|
8
|
15.12
|
91
|
|||||||||||||||
-200
|
139,084
|
11,248
|
9
|
15.08
|
87
|
|||||||||||||||
_____________ |
(1)
|
Assumes
an instantaneous and parallel uniform change in interest rates at
all
maturities.
|
(2)
|
NPV
is the discounted present value of expected cash flows from assets,
liabilities and off-balance sheet
contracts.
|
(3)
|
Present
value of assets represents the discounted present value of incoming
cash
flows on interest-earning assets.
|
(4)
|
NPV
Ratio represents NPV divided by the present value of
assets.
|
As
of March 31, 2006:
|
|
Risk-based
capital
|
18.0%
|
Core
capital
|
11.2%
|
Tangible
capital
|
11.2%
|
As
of December 31, 2005:
|
|
Risk-based
capital
|
18.3%
|
Core
capital
|
11.6%
|
Tangible
capital
|
11.6%
|
Quantitative
and Qualitative Disclosures About Market
Risk
|
Controls
and Procedures
|
ITEM
1.
|
ITEM
3.
|
ITEM
5.
|
ITEM
6.
|
United
Financial Bancorp, Inc.
|
||||
Date:
|
May
5, 2006
|
By:
|
/s/
Richard B. Collins
|
|
Richard
B. Collins
|
||||
President
and Chief Executive Officer
|
||||
Date:
|
May
5, 2006
|
By:
|
/s/
Donald F. X. Lynch
|
|
Donald
F.X. Lynch
|
||||
Executive
Vice President and Chief
Financial
Officer
|