United Financial Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. The company had net income of $9.9 million, or $0.20 per diluted share, for the quarter ended December 31, 2015, compared to net income for the linked quarter of $13.4 million, or $0.27 per diluted share. Operating net income for the fourth quarter of 2015 was $11.3 million (Non-GAAP), or $0.23 per diluted share, compared to $10.9 million, or $0.22 per diluted share for the linked quarter. The Company reported net income of $1.4 million, or $0.03 per diluted share, for the quarter ended December 31, 2014. Return on average assets (annualized) was 0.66% against 0.11% a year ago. Return on average equity (annualized) was 6.35% against 0.90% a year ago. Net interest income was $40.693 million against $41.892 million a year ago. Income before income taxes was $10.071 million against loss of $4.516 million a year ago. Total operating revenue was $47.021 million against $42.201 million a year ago. Headline GAAP earnings per share for the fourth quarter of 2015 was only $0.20 per share.

Net income for the year ended December 31, 2015 was $49.6 million, or $1.00 per diluted share, and increased from $6.8 million or $0.16 per diluted share for the year ended December 31, 2014. Operating net income of $44.2 million (Non-GAAP), or $0.90 per diluted share for the year ended December 31, 2015 increased from $26.7 million, or $0.62 per diluted share for the year ended December 31, 2014. For 2015, the company's return on average assets (ROA) was 0.87%, and return on average equity (ROE) was 8.08%, resulting from strong commercial loan growth, and consistent mortgage banking activity. Tangible book value per share increased to $10.07 at December 31, 2015 from $10.06 at September 30, 2015, primarily due to the impact of the Company's net income of $9.9 million and awards granted under the 2015 Omnibus Stock Incentive Plan in the fourth quarter. These increases were partially offset by the cash dividend payment to shareholders of $0.12 per share. Book value per share at December 31, 2015 was $12.53. Net interest income was $164.582 million against $137.872 million a year ago. Income before income taxes was $55.869 million against $0.549 million a year ago. Total operating revenue was $183.259 million against $141.722 million a year ago.

The company provided earnings guidance for 2016. The company expects continued revenue growth from commercial banking, retail banking and financial advisory in 2016, including high single-digit fee income growth from the new teams it listed out in late 2014, early 2015. Overall in 2016, the company expects double-digit operating revenue growth, with mid-single-digit expense growth, which should yield attractive operating leverage. The company expects to focus in 2016 is to grow its operating pretax, pre-provision, return on assets, so it moves from around the third quartile into the $10 billion banks nationally, to near the first quartile over next few years. Currently, its effective tax rate is anticipated to change from 11% to 25% in 2016. By moving from third quartile, PTPP ROA to near first quartile, the company will drive stronger core earnings. The company is expecting to have a stable operating net interest margin for the year 2016 as compared to 2015. The company's operating net interest margin is expected to be stable for 2016.