(Mark
One)
|
||
ý
|
Quarterly
report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
|
o
|
Transition
report pursuant to section 13 or 15(d) of the Securities Exchange Act of
1934
|
Maryland
|
74-3242562
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
Number)
|
Large
accelerated filer ¨
|
Accelerated
filer x
|
Non-accelerated
filer ¨
|
Smaller
reporting company ¨
|
INDEX
|
||
Page
|
||
|
||
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
14
|
||
30
|
||
30
|
||
30
|
||
30
|
||
31
|
||
31
|
||
31
|
||
32
|
||
33
|
||
34
|
Certification
of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
35
|
|
Certification
of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
36
|
|
Statement
of Chief Executive Officer Furnished Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
37
|
|
Statement
of Chief Financial Officer Furnished Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
38
|
June
30,
|
December
31,
|
|||||||
2008
|
2007
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Cash
and due from banks
|
$ | 16,499 | $ | 14,219 | ||||
Interest-bearing
deposits
|
619 | 35 | ||||||
Total
cash and cash equivalents
|
17,118 | 14,254 | ||||||
Short-term
investments
|
1,055 | 1,030 | ||||||
Securities
available for sale, at fair value
|
292,684 | 201,257 | ||||||
Securities
to be held to maturity, at amortized cost (fair value $3,583
at
|
||||||||
June
30, 2008 and $3,631 at December 31, 2007)
|
3,603 | 3,632 | ||||||
Loans,
net of allowance for loan losses of $8,162 at June 30, 2008
and
|
||||||||
$7,714
at December 31, 2007
|
852,157 | 819,117 | ||||||
Other
real estate owned
|
630 | 880 | ||||||
Accrued
interest receivable
|
4,624 | 4,477 | ||||||
Deferred
tax asset, net
|
8,765 | 4,953 | ||||||
Stock
in the Federal Home Loan Bank of Boston
|
10,257 | 10,257 | ||||||
Banking
premises and equipment, net
|
12,087 | 10,600 | ||||||
Bank-owned
life insurance
|
6,945 | 6,652 | ||||||
Other
assets
|
4,281 | 2,172 | ||||||
TOTAL
ASSETS
|
$ | 1,214,206 | $ | 1,079,281 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Liabilities:
|
||||||||
Deposits:
|
||||||||
Interest-bearing
|
$ | 662,892 | $ | 616,672 | ||||
Non-interest-bearing
|
111,815 | 102,010 | ||||||
Total
deposits
|
774,707 | 718,682 | ||||||
Federal
Home Loan Bank of Boston advances
|
190,389 | 107,997 | ||||||
Repurchase
agreements
|
8,963 | 13,864 | ||||||
Escrow
funds held for borrowers
|
1,324 | 1,356 | ||||||
Capitalized
lease obligations
|
3,169 | 1,890 | ||||||
Due
to broker
|
2,829 | - | ||||||
Accrued
expenses and other liabilities
|
6,199 | 9,372 | ||||||
Total
liabilities
|
987,580 | 853,161 | ||||||
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;
|
||||||||
17,763,747
shares issued at June 30, 2008 and December 31, 2007
|
178 | 178 | ||||||
Paid-in
capital
|
166,171 | 165,920 | ||||||
Retained
earnings
|
74,858 | 73,026 | ||||||
Unearned
compensation
|
(12,486 | ) | (12,835 | ) | ||||
Accumulated
other comprehensive loss, net of taxes
|
(2,095 | ) | (169 | ) | ||||
Total
stockholders’ equity
|
226,626 | 226,120 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 1,214,206 | $ | 1,079,281 | ||||
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Interest
and dividend income:
|
||||||||||||||||
Loans
|
$ | 12,295 | $ | 12,350 | $ | 24,842 | $ | 24,305 | ||||||||
Investments
|
3,560 | 1,850 | 6,178 | 3,832 | ||||||||||||
Other
interest-earning assets
|
118 | 313 | 359 | 688 | ||||||||||||
Total
interest and dividend income
|
15,973 | 14,513 | 31,379 | 28,825 | ||||||||||||
Interest
expense:
|
||||||||||||||||
Deposits
|
4,359 | 5,477 | 9,332 | 10,658 | ||||||||||||
Borrowings
|
1,706 | 1,901 | 3,108 | 4,076 | ||||||||||||
Total
interest expense
|
6,065 | 7,378 | 12,440 | 14,734 | ||||||||||||
Net
interest income before provision for loan losses
|
9,908 | 7,135 | 18,939 | 14,091 | ||||||||||||
Provision
for loan losses
|
651 | 320 | 835 | 604 | ||||||||||||
Net
interest income after provision for loan losses
|
9,257 | 6,815 | 18,104 | 13,487 | ||||||||||||
Non-interest
income:
|
||||||||||||||||
Fee
income on depositors’ accounts
|
1,156 | 1,097 | 2,233 | 2,135 | ||||||||||||
Net
(loss) gain on sale of securities
|
- | (43 | ) | 8 | (29 | ) | ||||||||||
Wealth
management income
|
136 | 170 | 286 | 291 | ||||||||||||
Other
income
|
282 | 211 | 566 | 436 | ||||||||||||
Total
non-interest income
|
1,574 | 1,435 | 3,093 | 2,833 | ||||||||||||
Non-interest
expense:
|
||||||||||||||||
Salaries
and benefits
|
4,199 | 3,735 | 8,240 | 7,573 | ||||||||||||
Occupancy
expenses
|
578 | 481 | 1,087 | 972 | ||||||||||||
Marketing
expenses
|
441 | 449 | 799 | 771 | ||||||||||||
Data
processing expenses
|
815 | 653 | 1,534 | 1,295 | ||||||||||||
Professional
fees
|
372 | 263 | 815 | 652 | ||||||||||||
Other
expenses
|
1,145 | 994 | 2,251 | 1,959 | ||||||||||||
Total
non-interest expense
|
7,550 | 6,575 | 14,726 | 13,222 | ||||||||||||
Income
before income taxes
|
3,281 | 1,675 | 6,471 | 3,098 | ||||||||||||
Income
tax expense
|
1,272 | 697 | 2,496 | 1,286 | ||||||||||||
Net
income
|
$ | 2,009 | $ | 978 | $ | 3,975 | $ | 1,812 | ||||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$ | 0.12 | $ | 0.06 | $ | 0.24 | $ | 0.11 | ||||||||
Diluted
|
$ | 0.12 | $ | 0.06 | $ | 0.24 | $ | 0.11 | ||||||||
Weighted
average shares outstanding:
|
||||||||||||||||
Basic
|
16,248,424 | 16,888,326 | 16,239,635 | 16,912,764 | ||||||||||||
Diluted
|
16,336,409 | 16,975,157 | 16,303,907 | 16,987,144 |
FOR
THE SIX MONTHS ENDED JUNE 30, 2008 and
2007
|
Accumulated
|
||||||||||||||||||||||||||||||||
Common
|
Other
|
|||||||||||||||||||||||||||||||
Shares
|
Common
|
Paid-In
|
Retained
|
Unearned
|
Treasury
|
Comprehensive
|
||||||||||||||||||||||||||
Outstanding
|
Stock
|
Capital
|
Earnings
|
Compensation
|
Stock
|
Loss
|
Total
|
|||||||||||||||||||||||||
Balances
at December 31, 2006
|
17,154,550 | $ | 172 | $ | 75,520 | $ | 70,406 | $ | (5,772 | ) | $ | (664 | ) | $ | (1,951 | ) | $ | 137,711 | ||||||||||||||
Net
income
|
- | - | - | 1,812 | - | - | - | 1,812 | ||||||||||||||||||||||||
Other
comprehensive loss
|
- | - | - | - | - | - | (239 | ) | (239 | ) | ||||||||||||||||||||||
Total
comprehensive income
|
1,573 | |||||||||||||||||||||||||||||||
Cash
dividends paid ($0.12 per share)
|
- | - | - | (881 | ) | - | - | - | (881 | ) | ||||||||||||||||||||||
Treasury
stock purchases
|
(82,697 | ) | - | - | - | - | (1,209 | ) | - | (1,209 | ) | |||||||||||||||||||||
Stock-based
compensation
|
- | - | 1,077 | - | - | - | - | 1,077 | ||||||||||||||||||||||||
ESOP
shares committed to be released
|
- | - | 103 | - | 222 | - | - | 325 | ||||||||||||||||||||||||
Balances
at June 30, 2007
|
17,071,853 | $ | 172 | $ | 76,700 | $ | 71,337 | $ | (5,550 | ) | $ | (1,873 | ) | $ | (2,190 | ) | $ | 138,596 | ||||||||||||||
Balances
at December 31, 2007
|
17,763,747 | $ | 178 | $ | 165,920 | $ | 73,026 | $ | (12,835 | ) | $ | - | $ | (169 | ) | $ | 226,120 | |||||||||||||||
Net
income
|
- | - | - | 3,975 | - | - | - | 3,975 | ||||||||||||||||||||||||
Other
comprehensive loss
|
- | - | - | - | - | - | (1,926 | ) | (1,926 | ) | ||||||||||||||||||||||
Total
comprehensive income
|
2,049 | |||||||||||||||||||||||||||||||
Net
costs from issuance of common stock
|
||||||||||||||||||||||||||||||||
pursuant
to second-step conversion
|
- | - | (26 | ) | - | - | - | - | (26 | ) | ||||||||||||||||||||||
Repurchase
of stock to fund the 2008 Equity
|
|
|
||||||||||||||||||||||||||||||
Incentive
Plan
|
- | - | (537 | ) | - | - | - | - | (537 | ) | ||||||||||||||||||||||
Cash
dividends paid ($0.13 per share)
|
- | - | - | (2,143 | ) | - | - | - | (2,143 | ) | ||||||||||||||||||||||
Stock-based
compensation
|
- | - | 761 | - | - | - | - | 761 | ||||||||||||||||||||||||
ESOP
shares committed to be released
|
- | - | 53 | - | 349 | - | - | 402 | ||||||||||||||||||||||||
Balances
at June 30, 2008
|
17,763,747 | $ | 178 | $ | 166,171 | $ | 74,858 | $ | (12,486 | ) | $ | - | $ | (2,095 | ) | $ | 226,626 | |||||||||||||||
Six
Months Ended June 30,
|
||||||||
2008
|
2007
|
|||||||
Change
in unrealized holding losses on available-for-sale
securities
|
$ | (3,194 | ) | $ | (385 | ) | ||
Reclassification
adjustment for (gains) losses realized in income
|
(8 | ) | 29 | |||||
Net
change in unrealized losses
|
(3,202 | ) | (356 | ) | ||||
Tax
effect
|
(1,276 | ) | (117 | ) | ||||
Other
comprehensive loss
|
$ | (1,926 | ) | $ | (239 | ) | ||
2008
|
2007
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 3,975 | $ | 1,812 | ||||
Adjustments
to reconcile net income to net cash provided by (used in)
operating
|
||||||||
activities:
|
||||||||
Provision
for loan losses
|
835 | 604 | ||||||
ESOP
expense
|
402 | 325 | ||||||
Stock-based
compensation
|
761 | 1,077 | ||||||
Amortization
of premiums and discounts
|
73 | 64 | ||||||
Depreciation
and amortization
|
406 | 442 | ||||||
Amortization
of intangible assets
|
15 | 15 | ||||||
Net
loss (gain) on sale of other real estate owned
|
9 | (14 | ) | |||||
Net
(gain) loss on sale of securities
|
(8 | ) | 29 | |||||
Net
loss on sale of loans
|
- | 5 | ||||||
Increase
in cash surrender value of bank-owned life insurance
|
(293 | ) | (211 | ) | ||||
(Increase)
decrease in accrued interest receivable
|
(147 | ) | 25 | |||||
Increase
in other assets
|
(4,660 | ) | (490 | ) | ||||
Decrease
in accrued expenses and other liabilities
|
(2,670 | ) | (1,820 | ) | ||||
Net
cash (used in) provided by operating activities
|
(1,302 | ) | 1,863 | |||||
Cash
flows from investing activities:
|
||||||||
Purchases
of securities available for sale
|
(167,496 | ) | (21,947 | ) | ||||
Proceeds
from sales of securities available for sale
|
28,407 | 5,424 | ||||||
Proceeds
from maturities, calls and principal repayments of securities available
for sale
|
46,871 | 45,146 | ||||||
Purchases
of securities held to maturity
|
- | (675 | ) | |||||
Proceeds
from maturities, calls and principal repayments of securities
held to maturity
|
25 | 225 | ||||||
Investment
in short term time deposits
|
(25 | ) | (1,004 | ) | ||||
Purchases
of Federal Home Loan Bank of Boston stock
|
- | (611 | ) | |||||
Proceeds
from sales of other real estate owned
|
391 | 576 | ||||||
Net
loan originations and principal repayments
|
(34,025 | ) | (43,545 | ) | ||||
Proceeds
from sales of loans
|
- | 1,881 | ||||||
Purchases
of property and equipment
|
(579 | ) | (298 | ) | ||||
Cash
paid to acquire Levine Financial Group
|
(82 | ) | (55 | ) | ||||
Net
cash used in investing activities
|
(126,513 | ) | (14,883 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Net
increase in deposits
|
56,025 | 40,067 | ||||||
Increase
(decrease) in short term borrowings
|
53,145 | (17,000 | ) | |||||
Proceeds
of Federal Home Loan Bank of Boston long term advances
|
45,000 | 15,000 | ||||||
Repayments
of Federal Home Loan Bank of Boston long term advances
|
(15,753 | ) | (25,287 | ) | ||||
Net
decrease in repurchase agreements
|
(4,901 | ) | (2,435 | ) | ||||
Net
decrease in escrow funds held for borrowers
|
(32 | ) | (8 | ) | ||||
Repurchases
of common stock to fund the 2008 Equity Incentive Plan
|
(537 | ) | - | |||||
Treasury
stock purchases
|
- | (1,209 | ) | |||||
Cash
dividends paid
|
(2,143 | ) | (881 | ) | ||||
Costs
from issuance of common stock pursuant to second-step
conversion
|
(26 | ) | - | |||||
Payments
on capitalized lease obligations
|
(99 | ) | (85 | ) | ||||
Net
cash provided by financing activities
|
130,679 | 8,162 | ||||||
Increase
(decrease) in cash and cash equivalents
|
2,864 | (4,858 | ) | |||||
Cash
and cash equivalents at beginning of period
|
14,254 | 25,419 | ||||||
Cash
and cash equivalents at end of period
|
$ | 17,118 | $ | 20,561 | ||||
Supplemental
Disclosure of Cash Flow Information:
|
||||||||
Cash
paid during the period:
|
||||||||
Interest
on deposits, borrowings and other interest bearing
liabilities
|
$ | 12,400 | $ | 14,854 | ||||
Income
taxes – net
|
8,330 | 2,463 | ||||||
Non-cash
items:
|
||||||||
Capitalized
lease asset and obligations
|
$ | 1,308 | $ | 1,932 | ||||
Transfer
of loans to other real estate owned
|
150 | - | ||||||
Trade
date accounting for securities purchased
|
2,471 | - |
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Net
income
|
$ | 2,009 | $ | 978 | $ | 3,975 | $ | 1,812 | ||||||||
Weighted
average common shares applicable to
|
||||||||||||||||
basic EPS (1,
4)
|
16,248,424 | 16,888,326 | 16,239,635 | 16,912,764 | ||||||||||||
Effect of dilutive potential
common shares (2, 3)
|
87,985 | 86,831 | 64,272 | 74,380 | ||||||||||||
Weighted
average common shares applicable to
|
||||||||||||||||
diluted
EPS
|
16,336,409 | 16,975,157 | 16,303,907 | 16,987,144 | ||||||||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$ | 0.12 | $ | 0.06 | $ | 0.24 | $ | 0.11 | ||||||||
Diluted
|
$ | 0.12 | $ | 0.06 | $ | 0.24 | $ | 0.11 |
|
||||||||||||||||
(1) In
December 2007, the Company completed a second step conversion and offering
in which each outstanding minority share
|
||||||||||||||||
was exchanged for 1.04079 shares and 9,564,570 shares were sold in
a subscription and syndicate offering. All share data in
|
||||||||||||||||
prior periods have been adjusted by the exhange ratio.
|
||||||||||||||||
(2) For
the six months ended June 30, 2008 and June 30, 2007, options to purchase
1,557,698 and 778,510 shares, respectively,
|
||||||||||||||||
were outstanding but not included in the computation of earnings per share
because they were antidilutive.
|
||||||||||||||||
(3) Includes
incremental shares related to stock options and restricted
stock.
|
||||||||||||||||
(4) Includes
shares repurchased in June 2008 to fund the 2008 Equity Incentive
Plan.
|
Stock
Awards Outstanding
|
Stock
Options Outstanding
|
|||||||||||||||||||
Weighted-
|
Weighted-
|
|||||||||||||||||||
Shares
|
Average
|
Average
|
||||||||||||||||||
Available
|
Number
of
|
Grant
|
Number
of
|
Exercise
|
||||||||||||||||
for
Grant
|
Shares
|
Price
|
Shares
|
Price
|
||||||||||||||||
Balance
at December 31, 2007
|
140,850 | 233,970 | $ | 12.35 | 785,275 | $ | 12.36 | |||||||||||||
New
Incentive Plan
|
1,258,534 | - | - | - | - | |||||||||||||||
Granted
|
(1,068,500 | ) | 313,500 | 11.66 | 779,500 | 11.55 | ||||||||||||||
Stock
options exercised
|
- | - | - | - | - | |||||||||||||||
Shares
vested
|
- | - | - | - | - | |||||||||||||||
Forfeited
|
- | - | - | (7,077 | ) | 11.66 | ||||||||||||||
Cancelled
|
- | - | - | - | - | |||||||||||||||
Balance
at June 30, 2008
|
330,884 | 547,470 | $ | 11.95 | 1,557,698 | $ | 11.96 | |||||||||||||
Weighted
average fair value
|
$ | 2.57 | ||
Expected
term
|
6.50
years
|
|||
Volatility
|
19.30 | % | ||
Expected
dividend yield
|
1.88 | % | ||
Risk-free
interest rate
|
3.89 | % |
Stock
Options
|
||||||||
Outstanding
|
Exercisable
|
|||||||
Total
number of shares
|
1,557,698 | 181,962 | ||||||
Weighted
average exercise price
|
$ | 11.96 | $ | 12.36 | ||||
Aggregate
intrinsic value
|
$ | - | $ | - | ||||
Weighted
average remaining contractual term
|
9.0
years
|
8.1
years
|
June
30,
|
December
31,
|
|||||||
2008
|
2007
|
|||||||
One-to-four
family residential real estate
|
$ | 357,103 | $ | 339,470 | ||||
Commercial
real estate
|
232,669 | 214,776 | ||||||
Construction
|
37,312 | 42,059 | ||||||
Home
equity
|
117,422 | 116,241 | ||||||
Commercial
and industrial
|
83,918 | 81,562 | ||||||
Automobile
|
20,093 | 22,461 | ||||||
Consumer
|
9,517 | 8,126 | ||||||
Total
loans
|
858,034 | 824,695 | ||||||
Net
deferred loan costs and fees
|
2,285 | 2,136 | ||||||
Allowance
for loan losses
|
(8,162 | ) | (7,714 | ) | ||||
Loans,
net
|
$ | 852,157 | $ | 819,117 |
June
30,
|
December
31,
|
|||||||
2008
|
2007
|
|||||||
Non-accrual
loans:
|
||||||||
Residential
mortgages
|
$ | 1,500 | $ | 328 | ||||
Commercial
mortgages
|
1,404 | 553 | ||||||
Construction
|
800 | 577 | ||||||
Home
equity
|
75 | 52 | ||||||
Commercial
and industrial
|
307 | 275 | ||||||
Automobile
|
- | - | ||||||
Other
consumer
|
49 | - | ||||||
Total
non-accrual loans
|
4,135 | 1,785 | ||||||
Accruing
loans 90 days or more past due
|
- | - | ||||||
Total
non-performing loans
|
4,135 | 1,785 | ||||||
Other
real estate owned
|
630 | 880 | ||||||
Total
non-performing assets
|
$ | 4,765 | $ | 2,665 | ||||
Ratios:
|
||||||||
Total
non-performing loans to total loans
|
0.48 | % | 0.22 | % | ||||
Total
non-performing assets to total assets
|
0.39 | % | 0.25 | % |
For
the Six Months Ended June 30,
|
||||||||
2008
|
2007
|
|||||||
Balance
at beginning of period
|
$ | 7,714 | $ | 7,218 | ||||
Provision
for loan losses
|
835 | 604 | ||||||
Charge-offs
|
(397 | ) | (107 | ) | ||||
Recoveries
|
10 | 6 | ||||||
Balance
at end of period
|
$ | 8,162 | $ | 7,721 | ||||
Ratios:
|
||||||||
Net
charge-offs to average loans
|
||||||||
outstanding
(annualized)
|
0.09 | % | 0.03 | % | ||||
Allowance
for loan losses to non-performing
|
||||||||
loans
at end of period
|
197.39 | % | 259.79 | % | ||||
Allowance
for loan losses to total
|
||||||||
loans
at end of period
|
0.95 | % | 0.96 | % | ||||
June
30,
|
December
31,
|
|||||||
2008
|
2007
|
|||||||
Unused
lines of credit
|
$ | 150,387 | $ | 146,579 | ||||
Amounts
due mortgagors
|
24,098 | 31,168 | ||||||
Standby
letters of credit
|
863 | 1,627 | ||||||
Commitments
to originate loans
|
10,677 | 15,890 |
June
30,
|
December
31,
|
|||||||
2008
|
2007
|
|||||||
Demand
|
$ | 111,815 | $ | 102,010 | ||||
NOW
|
38,783 | 35,207 | ||||||
Regular
savings
|
88,230 | 65,711 | ||||||
Money
market
|
167,115 | 168,107 | ||||||
Certificates
of deposit
|
368,764 | 347,647 | ||||||
$ | 774,707 | $ | 718,682 |
At
June 30, 2008
|
||||||||||||||||
Assets/Liabilities
|
||||||||||||||||
Level
1
|
Level
2
|
Level
3
|
at
Fair Value
|
|||||||||||||
Assets:
|
||||||||||||||||
Securities
available for sale
|
$ | 282,284 | $ | 10,400 | $ | - | $ | 292,684 | ||||||||
Mortgage
servicing rights
|
- | - | 129 | 129 | ||||||||||||
Total
assets
|
$ | 282,284 | $ | 10,400 | $ | 129 | $ | 292,813 | ||||||||
Balance
as of January 1, 2008
|
$ | 136 | ||
Total
realized/unrealized gains (losses) included in net income
|
(7 | ) | ||
Purchases,
sales, issuances and settlements
|
- | |||
Transfers
in and out of Level 3
|
- | |||
Balance
as of June 30, 2008
|
$ | 129 | ||
Loans
Delinquent For
|
||||||||||||||||||||||||
60
- 89 Days
|
90
Days and Over
|
Total
|
||||||||||||||||||||||
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
At June 30,
2008
|
||||||||||||||||||||||||
Residential
mortgages
|
4 | $ | 393 | 6 | $ | 1,500 | 10 | $ | 1,893 | |||||||||||||||
Commercial
mortgage
|
6 | 1,106 | 11 | 1,404 | 17 | 2,510 | ||||||||||||||||||
Construction
|
- | - | 7 | 800 | 7 | 800 | ||||||||||||||||||
Home
equity
|
6 | 377 | 1 | 75 | 7 | 452 | ||||||||||||||||||
Commercial
and industrial
|
16 | 290 | 7 | 307 | 23 | 597 | ||||||||||||||||||
Automobile
|
7 | 45 | - | - | 7 | 45 | ||||||||||||||||||
Other
consumer
|
1 | 4 | 1 | 49 | 2 | 53 | ||||||||||||||||||
Total
|
40 | $ | 2,215 | 33 | $ | 4,135 | 73 | $ | 6,350 | |||||||||||||||
At December 31,
2007
|
||||||||||||||||||||||||
Residential
mortgages
|
2 | $ | 595 | 4 | $ | 328 | 6 | $ | 923 | |||||||||||||||
Commercial
mortgage
|
11 | 1,546 | 5 | 555 | 16 | 2,101 | ||||||||||||||||||
Construction
|
- | - | 3 | 578 | 3 | 578 | ||||||||||||||||||
Home
equity
|
11 | 489 | 3 | 52 | 14 | 541 | ||||||||||||||||||
Commercial
and industrial
|
20 | 948 | 10 | 272 | 30 | 1,220 | ||||||||||||||||||
Automobile
|
5 | 46 | - | - | 5 | 46 | ||||||||||||||||||
Other
consumer
|
4 | 58 | - | - | 4 | 58 | ||||||||||||||||||
Total
|
53 | $ | 3,682 | 25 | $ | 1,785 | 78 | $ | 5,467 | |||||||||||||||
At
June 30,
|
At
December 31,
|
|||||||
2008
|
2007
|
|||||||
(In
thousands)
|
||||||||
Residential Real Estate
(1):
|
||||||||
Substandard
|
$ | 1,846 | (2) | $ | 1,278 | |||
All
Other Loans:
|
||||||||
Special
mention
|
18,960 | 13,800 | ||||||
Substandard
|
20,505 | 19,377 | ||||||
Doubtful
|
606 | 244 | ||||||
Loss
|
- | - | ||||||
Foreclosed
Assets:
|
||||||||
Other
real estate owned
|
630 | 880 | ||||||
Total
classified assets
|
$ | 42,547 | $ | 35,579 | ||||
(1) Includes
one-to-four family loans and home equity loans and lines of
credit.
|
||||||||
(2) Includes
nine residential loans, five of which are in foreclosure or liquidation
proceedings.
|
||||||||
Three
Months Ended June 30,
|
||||||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||
Interest
|
Interest
|
|||||||||||||||||||||||
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||
Residential
real estate
|
$ | 356,721 | $ | 4,926 | 5.52 | % | $ | 340,716 | $ | 4,809 | 5.65 | % | ||||||||||||
Commercial
real estate
|
257,831 | 4,010 | 6.22 | % | 236,840 | 3,898 | 6.58 | % | ||||||||||||||||
Home
equity
|
117,106 | 1,643 | 5.61 | % | 118,140 | 1,938 | 6.56 | % | ||||||||||||||||
Commercial
and industrial
|
83,228 | 1,302 | 6.26 | % | 71,990 | 1,323 | 7.35 | % | ||||||||||||||||
Consumer
and other
|
30,418 | 414 | 5.44 | % | 30,065 | 382 | 5.08 | % | ||||||||||||||||
Total
loans
|
845,304 | 12,295 | 5.82 | % | 797,751 | 12,350 | 6.19 | % | ||||||||||||||||
Investment
securities
|
288,502 | 3,560 | 4.94 | % | 166,163 | 1,850 | 4.45 | % | ||||||||||||||||
Other
interest-earning assets
|
12,591 | 118 | 3.75 | % | 21,605 | 313 | 5.79 | % | ||||||||||||||||
Total
interest-earning assets
|
1,146,397 | 15,973 | 5.57 | % | 985,519 | 14,513 | 5.89 | % | ||||||||||||||||
Noninterest-earning
assets
|
37,230 | 32,990 | ||||||||||||||||||||||
Total
assets
|
$ | 1,183,627 | $ | 1,018,509 | ||||||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
Savings
accounts
|
$ | 82,335 | 235 | 1.14 | % | $ | 65,304 | 149 | 0.91 | % | ||||||||||||||
Money
market accounts
|
173,958 | 784 | 1.80 | % | 180,940 | 1,442 | 3.19 | % | ||||||||||||||||
NOW
accounts
|
33,332 | 45 | 0.54 | % | 34,959 | 47 | 0.54 | % | ||||||||||||||||
Certificates
of deposit
|
364,017 | 3,295 | 3.62 | % | 335,626 | 3,839 | 4.58 | % | ||||||||||||||||
Total
interest-bearing deposits
|
653,642 | 4,359 | 2.67 | % | 616,829 | 5,477 | 3.55 | % | ||||||||||||||||
FHLB
advances
|
170,052 | 1,603 | 3.77 | % | 149,853 | 1,779 | 4.75 | % | ||||||||||||||||
Other
interest-bearing liabilities
|
12,579 | 103 | 3.28 | % | 10,997 | 122 | 4.44 | % | ||||||||||||||||
Total
interest-bearing liabilities
|
836,273 | 6,065 | 2.90 | % | 777,679 | 7,378 | 3.79 | % | ||||||||||||||||
Demand
deposits
|
108,348 | 98,343 | ||||||||||||||||||||||
Other
noninterest-bearing liabilities
|
10,765 | 3,591 | ||||||||||||||||||||||
Total
liabilities
|
955,386 | 879,613 | ||||||||||||||||||||||
Stockholders'
equity
|
228,241 | 138,896 | ||||||||||||||||||||||
Total
liabilities and stockholders' equity
|
$ | 1,183,627 | $ | 1,018,509 | ||||||||||||||||||||
Net
interest income
|
$ | 9,908 | $ | 7,135 | ||||||||||||||||||||
Interest
rate spread(1)
|
2.67 | % | 2.10 | % | ||||||||||||||||||||
Net
interest-earning assets(2)
|
$ | 310,124 | $ | 207,840 | ||||||||||||||||||||
Net
interest margin(3)
|
3.46 | % | 2.90 | % | ||||||||||||||||||||
Average
interest-earning assets to
|
||||||||||||||||||||||||
average
interest-bearing liabilities
|
137.08 | % | 126.73 | % | ||||||||||||||||||||
|
(1)
|
Net
interest rate spread represents the difference between the yield on
average interest-earning assets and the cost of average
interest-bearing liabilities.
|
|
(2)
|
Net
interest-earning assets represents total interest-earning assets less
total interest-bearing liabilities.
|
|
(3)
|
Net
interest margin represents annualized net interest income divided by
average total interest-earning
assets.
|
Three
Months Ended June 30,
|
||||||||||||
2008
vs. 2007
|
||||||||||||
Increase
(Decrease) Due to
|
||||||||||||
Volume
|
Rate
|
Net
|
||||||||||
(In
thousands)
|
||||||||||||
Interest-earning
assets:
|
||||||||||||
Loans:
|
||||||||||||
Residential
real estate
|
$ | 223 | $ | (106 | ) | $ | 117 | |||||
Commercial
real estate
|
333 | (221 | ) | 112 | ||||||||
Home
equity
|
(17 | ) | (278 | ) | (295 | ) | ||||||
Commercial
and industrial
|
191 | (212 | ) | (21 | ) | |||||||
Consumer
and other
|
4 | 28 | 32 | |||||||||
Total
loans
|
734 | (789 | ) | (55 | ) | |||||||
Investment
securities
|
1,491 | 219 | 1,710 | |||||||||
Other
interest-earning assets
|
(106 | ) | (89 | ) | (195 | ) | ||||||
Total
interest-earning assets
|
2,119 | (659 | ) | 1,460 | ||||||||
Interest-bearing
liabilities:
|
||||||||||||
Savings
accounts
|
44 | 42 | 86 | |||||||||
Money
market accounts
|
(54 | ) | (604 | ) | (658 | ) | ||||||
NOW
accounts
|
(2 | ) | - | (2 | ) | |||||||
Certificates
of deposit
|
305 | (849 | ) | (544 | ) | |||||||
Total
interest-bearing deposits
|
293 | (1,411 | ) | (1,118 | ) | |||||||
FHLB
advances
|
221 | (397 | ) | (176 | ) | |||||||
Other
interest-bearing liabilities
|
16 | (35 | ) | (19 | ) | |||||||
Total
interest-bearing liabilities
|
530 | (1,843 | ) | (1,313 | ) | |||||||
Change
in net interest income
|
$ | 1,589 | $ | 1,184 | $ | 2,773 | ||||||
Six
Months Ended June 30,
|
||||||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||
Interest
|
Interest
|
|||||||||||||||||||||||
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||
Residential
real estate
|
$ | 352,739 | $ | 9,849 | 5.58 | % | $ | 338,814 | $ | 9,555 | 5.64 | % | ||||||||||||
Commercial
real estate
|
253,397 | 8,032 | 6.34 | % | 231,046 | 7,601 | 6.58 | % | ||||||||||||||||
Home
equity loans
|
117,181 | 3,437 | 5.87 | % | 116,934 | 3,812 | 6.52 | % | ||||||||||||||||
Commercial
and industrial
|
82,803 | 2,690 | 6.50 | % | 70,363 | 2,581 | 7.34 | % | ||||||||||||||||
Consumer
and other
|
30,684 | 834 | 5.44 | % | 29,929 | 756 | 5.05 | % | ||||||||||||||||
Total
loans
|
836,804 | 24,842 | 5.94 | % | 787,086 | 24,305 | 6.18 | % | ||||||||||||||||
Investment
securities
|
250,191 | 6,178 | 4.94 | % | 173,287 | 3,832 | 4.42 | % | ||||||||||||||||
Other
interest-earning assets
|
17,193 | 359 | 4.18 | % | 24,944 | 688 | 5.52 | % | ||||||||||||||||
Total
interest-earning assets
|
1,104,188 | 31,379 | 5.68 | % | 985,317 | 28,825 | 5.85 | % | ||||||||||||||||
Noninterest-earning
assets
|
35,558 | 32,128 | ||||||||||||||||||||||
Total
assets
|
$ | 1,139,746 | $ | 1,017,445 | ||||||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
Savings
accounts
|
$ | 74,943 | 400 | 1.07 | % | $ | 65,114 | 289 | 0.89 | % | ||||||||||||||
Money
market accounts
|
174,380 | 1,793 | 2.06 | % | 177,586 | 2,799 | 3.15 | % | ||||||||||||||||
NOW
accounts
|
32,629 | 85 | 0.52 | % | 34,547 | 91 | 0.53 | % | ||||||||||||||||
Certificates
of deposit
|
359,024 | 7,054 | 3.93 | % | 329,837 | 7,479 | 4.53 | % | ||||||||||||||||
Total
interest-bearing deposits
|
640,976 | 9,332 | 2.91 | % | 607,084 | 10,658 | 3.51 | % | ||||||||||||||||
FHLB
advances
|
143,285 | 2,904 | 4.05 | % | 160,232 | 3,802 | 4.75 | % | ||||||||||||||||
Other
interest-bearing liabilities
|
12,085 | 204 | 3.38 | % | 11,812 | 274 | 4.64 | % | ||||||||||||||||
Total
interest-bearing liabilities
|
796,346 | 12,440 | 3.12 | % | 779,128 | 14,734 | 3.78 | % | ||||||||||||||||
Demand
deposits
|
105,066 | 96,333 | ||||||||||||||||||||||
Other
noninterest-bearing liabilities
|
10,507 | 3,386 | ||||||||||||||||||||||
Total
liabilities
|
911,919 | 878,847 | ||||||||||||||||||||||
Stockholders'
equity
|
227,827 | 138,598 | ||||||||||||||||||||||
Total
liabilities and stockholders' equity
|
$ | 1,139,746 | $ | 1,017,445 | ||||||||||||||||||||
Net
interest income
|
$ | 18,939 | $ | 14,091 | ||||||||||||||||||||
Interest
rate spread(1)
|
2.56 | % | 2.07 | % | ||||||||||||||||||||
Net
interest-earning assets(2)
|
$ | 307,842 | $ | 206,189 | ||||||||||||||||||||
Net
interest margin(3)
|
3.43 | % | 2.86 | % | ||||||||||||||||||||
Average
interest-bearing assets to
|
||||||||||||||||||||||||
average
interest-bearing liabilities
|
138.66 | % | 126.46 | % | ||||||||||||||||||||
(1)
|
Net
interest rate spread represents the difference between the yield on
average interest-earning assets and the cost of average interest-bearing
liabilities.
|
(2)
|
Net
interest-earning assets represents total interest-earning assets less
total interest-bearing liabilities.
|
(3)
|
Net
interest margin represents net interest income divided by average total
interest-earning assets.
|
Six
Months Ended June 30,
|
||||||||||||
2008
vs. 2007
|
||||||||||||
Increase
(Decrease) Due to
|
||||||||||||
Volume
|
Rate
|
Net
|
||||||||||
(In
thousands)
|
||||||||||||
Interest-earning
assets:
|
||||||||||||
Loans:
|
||||||||||||
Residential
real estate
|
$ | 390 | $ | (96 | ) | $ | 294 | |||||
Commercial
real estate
|
715 | (284 | ) | 431 | ||||||||
Home
equity loans
|
8 | (383 | ) | (375 | ) | |||||||
Commercial
and industrial
|
424 | (315 | ) | 109 | ||||||||
Consumer
and other
|
19 | 59 | 78 | |||||||||
Total
loans
|
1,556 | (1,019 | ) | 537 | ||||||||
Investment
securities
|
1,858 | 488 | 2,346 | |||||||||
Other
interest-earning assets
|
(185 | ) | (144 | ) | (329 | ) | ||||||
Total
interest-earning assets
|
3,229 | (675 | ) | 2,554 | ||||||||
Interest-bearing
liabilities:
|
||||||||||||
Savings
accounts
|
48 | 63 | 111 | |||||||||
Money
market accounts
|
(50 | ) | (956 | ) | (1,006 | ) | ||||||
NOW
accounts
|
(5 | ) | (1 | ) | (6 | ) | ||||||
Certificates
of deposit
|
627 | (1,052 | ) | (425 | ) | |||||||
Total
interest-bearing deposits
|
620 | (1,946 | ) | (1,326 | ) | |||||||
FHLB
advances
|
(377 | ) | (521 | ) | (898 | ) | ||||||
Other
interest-bearing liabilities
|
6 | (76 | ) | (70 | ) | |||||||
Total
interest-bearing liabilities
|
249 | (2,543 | ) | (2,294 | ) | |||||||
Change
in net interest income
|
$ | 2,980 | $ | 1,868 | $ | 4,848 | ||||||
Net
Interest Income At-Risk
|
||||
Estimated
Increase (Decrease)
|
Estimated
Increase (Decrease)
|
|||
Change
in Interest Rates
|
in
NII
|
in
NII
|
||
(Basis
Points)
|
(June
30, 2008)
|
(December
31, 2007)
|
||
-100
|
1.6%
|
1.7%
|
||
Stable
|
0.0%
|
0.0%
|
||
+200
|
(3.1)%
|
(4.2)%
|
||
June
30, 2008
|
||||||||||||||||||||||
NPV
as a Percentage of Present
|
||||||||||||||||||||||
Value
of Assets (3)
|
||||||||||||||||||||||
Change
in
|
Estimated
Increase (Decrease) in
NPV |
Increase
|
||||||||||||||||||||
Interest
Rates
|
Estimated
|
(Decrease)
|
||||||||||||||||||||
(basis
points) (1)
|
NPV (2)
|
Amount
|
Percent
|
NPV
Ratio (4)
|
(basis
points)
|
|||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||
+300 | $ | 95,461 | $ | (74,021 | ) | (44 | )% | 8.81 | % | (534 | ) | |||||||||||
+200 | 119,966 | (49,516 | ) | (29 | ) | 10.72 | (343 | ) | ||||||||||||||
+100 | 145,251 | (24,231 | ) | (14 | ) | 12.54 | (160 | ) | ||||||||||||||
0 | 169,482 | 14.15 | ||||||||||||||||||||
-100 | 186,745 | 17,263 | 10 | 15.15 | 101 |
(1)
|
Assumes
an instantaneous 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.
|
||||||||||
December
31, 2007
|
||||||||||||||||||||||
NPV
as a Percentage of Present
|
||||||||||||||||||||||
Value
of Assets (3)
|
||||||||||||||||||||||
Change
in
|
Estimated
Increase (Decrease) in
NPV |
Increase
|
||||||||||||||||||||
Interest
Rates
|
Estimated
|
(Decrease)
|
||||||||||||||||||||
(basis
points) (1)
|
NPV (2)
|
Amount
|
Percent
|
NPV
Ratio (4)
|
(basis
points)
|
|||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||
+300 | $ | 108,167 | $ | (64,752 | ) | (37 | )% | 11.24 | % | (504 | ) | |||||||||||
+200 | 130,569 | (42,351 | ) | (24 | ) | 13.13 | (316 | ) | ||||||||||||||
+100 | 153,090 | (19,829 | ) | (11 | ) | 14.88 | (140 | ) | ||||||||||||||
0 | 172,919 | 16.29 | ||||||||||||||||||||
-100 | 186,881 | 13,962 | 8 | 17.14 | 86 |
(1)
|
Assumes
an instantaneous 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.
|
||||||||||
Payments
Due by Period (in thousands)
|
||||||||||||||||||||
Less
Than
|
One
to Three
|
Three
to Five
|
More
than
|
|||||||||||||||||
One
Year
|
Years
|
Years
|
Five
Years
|
Total
|
||||||||||||||||
Contractual
Obligations:
|
||||||||||||||||||||
Certificates
of deposit
|
$ | 294,006 | $ | 69,330 | $ | 5,428 | $ | - | $ | 368,764 | ||||||||||
Federal
Home Loan Bank advances
|
58,687 | 55,339 | 46,362 | 30,001 | 190,389 | |||||||||||||||
Repurchase
agreements
|
8,963 | - | - | - | 8,963 | |||||||||||||||
Standby
letters of credit
|
863 | - | - | - | 863 | |||||||||||||||
Operating
leases
|
544 | 1,002 | 726 | 2,935 | 5,207 | |||||||||||||||
Capitalized
leases
|
252 | 504 | 503 | 4,137 | 5,396 | |||||||||||||||
Future
benefits to be paid under
|
||||||||||||||||||||
retirement
plans
|
196 | - | 3,257 | 610 | 4,063 | |||||||||||||||
Total
|
$ | 363,511 | $ | 126,175 | $ | 56,276 | $ | 37,683 | $ | 583,645 | ||||||||||
Commitments
to extend credit
|
$ | 186,026 | $ | - | $ | - | $ | - | $ | 186,026 | ||||||||||
As
of June 30, 2008:
|
||||
Total
risk-based capital
|
19.49 | % | ||
Tier
1 risk-based capital
|
18.51 | % | ||
Tier
1 (core) capital
|
12.70 | % | ||
Tangible
equity
|
12.70 | % | ||
As
of December 31, 2007:
|
||||
Total
risk-based capital
|
20.25 | % | ||
Tier
1 risk-based capital
|
19.25 | % | ||
Tier
1 (core) capital
|
14.00 | % | ||
Tangible
equity
|
14.00 | % | ||
(c)
|
(d)
|
|||||||||||||||
Total
Number of
|
Maximum
Number
|
|||||||||||||||
Shares
|
(or
Approximate
|
|||||||||||||||
(a)
|
(b)
|
(or
Units)
|
Dollar
Value) of
|
|||||||||||||
Total
Number
|
Average
Price
|
Purchased
as Part
|
Shares
(or Units) that
|
|||||||||||||
of
Shares
|
Paid
Per
|
of
Publicly
|
May
Yet Be
|
|||||||||||||
(or
Units)
|
Share
|
Announced
Plans
|
Purchased
Under the
|
|||||||||||||
Period:
|
Purchased
|
(or
Unit)
|
or
Programs
|
Plans
or Programs
|
||||||||||||
April
1 - 30, 2008
|
- | $ | - | - | - | |||||||||||
May
1 - 31, 2008
|
- | - | - | - | ||||||||||||
June
1 - 30, 2008
|
47,934 | 11.19 | 47,934 | 311,647 | ||||||||||||
Total
|
47,934 | $ | 11.19 | 47,934 |
The
annual meeting of the stockholders of the Company was held on June 10,
2008.
|
||||||||
1.
|
The
following individuals were elected as directors, each for a three-year
term by the following vote:
|
|||||||
FOR
|
WITHHELD
|
|||||||
Richard
B. Collins
|
14,491,491
|
788,279
|
||||||
G.
Todd Marchant
|
14,547,372
|
732,398
|
||||||
Michael
F. Werenski
|
14,549,182
|
730,588
|
||||||
The
terms of office of the following directors continued after the annual
meeting of stockholders:
|
||||||||
TERM EXPIRING
|
|
|||||||
Kevin
E. Ross
|
2009
|
|||||||
Robert
A. Stewart, Jr.
|
2009
|
|||||||
Thomas
H. Themistos
|
2009
|
|||||||
Michael
F. Crowley
|
2010
|
|||||||
Carol
Moore Cutting
|
2010
|
|||||||
Carol
A. Leary
|
2010
|
|||||||
2.
|
The
approval of the United Financial Bancorp, Inc. 2008 Equity Incentive Plan
by the following vote:
|
|||||||
BROKER
|
||||||||
FOR
|
AGAINST
|
ABSTENTIONS
|
NON-VOTE
|
|||||
10,619,507
|
1,031,874
|
923,989
|
2,704,400
|
|||||
3.1
|
Articles
of Incorporation of United Financial Bancorp, Inc. (1)
|
3.2
|
Bylaws
of United Financial Bancorp, Inc. (2)
|
4
|
Form
of Common Stock Certificate of United Financial Bancorp, Inc.
(1)
|
10.1
|
Form
of Employee Stock Ownership Plan (3)
|
10.2
|
Employment
Agreement by and between United Bank and Richard B. Collins
(4)
|
10.3
|
Change
in Control Agreement by and between United Bank and Keith E. Harvey
(4)
|
10.4
|
Change
in Control Agreement by and between United Bank and J. Jeffrey Sullivan
(4)
|
10.5
|
Change
in Control Agreement by and between United Bank and Mark A. Roberts
(4)
|
10.6
|
United
Bank 2007 Supplemental Retirement Plan for Senior Executives
(4)
|
10.7
|
Split
Dollar Life Insurance Agreement by and between United Bank and Richard B.
Collins (5)
|
10.8
|
Split
Dollar Life Insurance Agreement by and between United Bank and Keith E.
Harvey (5)
|
10.9
|
Split
Dollar Life Insurance Agreement by and between United Bank and John J.
Patterson (5)
|
10.10
|
United
Bank 2006 Stock-Based Incentive Plan (6)
|
10.11
|
United
Bank 2008 Annual Incentive Plan (7)
|
10.12
|
United
Bank 2007 Director Retirement Plan (8)
|
10.13
|
Directors
Fee Continuation Plan (3)
|
10.14
|
Deferred
Income Agreement by and between United Bank and Donald G. Helliwell
(3)
|
10.15
|
Deferred
Income Agreement by and between United Bank and Robert W. Bozenhard, Jr.
(3)
|
10.16
|
Deferred
Income Agreement by and between United Bank and George W. Jones
(3)
|
10.17
|
United
Financial Bancorp, Inc. 2008 Equity Incentive Plan (9)
|
11
|
Statement
Regarding Computation of Per Share Earnings (refer to Note D of Part
I,
|
Item
1- Consolidated Financial Statements
|
|
21
|
Subsidiaries
of Registrant (1)
|
31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
32.1
|
Certification
of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
|
32.2
|
Certification
of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
|
(1)
|
Incorporated
by reference to the Registration Statement on Form S-1 of United Financial
Bancorp, Inc. (File No. 333-144245), originally filed with the Securities
and Exchange Commission on June 29, 2007.
|
(2)
|
Incorporated
by reference to the Form 8-K of United Financial Bancorp, Inc. filed with
the Securities and Exchange Commission on April 22,
2008.
|
(3)
|
Incorporated
by reference to the Registration Statement on Form S-1 of United Financial
Bancorp, Inc. (File No. 333-123371), originally filed with the
Securities and Exchange Commission on March 16,
2005.
|
(4)
|
Incorporated
by reference to the Form 8-K of United Financial Bancorp, Inc. filed with
the Securities and Exchange Commission on November 29,
2007.
|
(5)
|
Incorporated
by reference to the Form 8-K of United Financial Bancorp, Inc. filed with
the Securities and Exchange Commission on January 2,
2008.
|
(6)
|
Incorporated
by reference to Appendix B to the proxy statement for the 2006 Annual
Meeting of Stockholders of United Financial Bancorp, Inc. (File No.
000-51369), filed by United Financial Bancorp, Inc. under the Securities
Exchange Act of 1934, on June 12, 2006.
|
(7)
|
Incorporated
by reference to the Form 10-K of United Financial Bancorp, Inc. filed with
the Securities and Exchange Commission on March 17,
2008.
|
(8)
|
Incorporated
by reference to the Form 8-K of United Financial Bancorp, Inc. filed with
the Securities and Exchange Commission on November 21,
2007.
|
(9)
|
Incorporated
by reference to Appendix A of the Company's Definitive Proxy Statement for
the Annual Meeting of Stockholders (File No. 000-52947), as filed with the
SEC on April 29, 2008).
|
United Financial Bancorp, Inc.
|
|
Date:
August
8, 2008
|
By: /s/ Richard B.
Collins
|
Richard
B. Collins
|
|
Chairman,
President and Chief Executive Officer
|
|
Date:
August
8, 2008
|
By: /s/ Mark A.
Roberts
|
Mark
A. Roberts
|
|
Executive
Vice President and Chief Financial
Officer
|