AP NEWS

United Financial Bancorp, Inc. Announces Record Annual Earnings of $59.9 Million; $1.17 Earnings Per Share

January 22, 2019

HARTFORD, Conn., Jan. 22, 2019 (GLOBE NEWSWIRE) -- United Financial Bancorp, Inc. (“United Financial” or the “Company”) (NASDAQ Global Select Stock Market: “UBNK”), the holding company for United Bank (the “Bank”), announced results for the quarter ended December 31, 2018.

The Company reported net income of $12.2 million, or $0.24 per diluted share, for the quarter ended December 31, 2018, compared to net income for the linked quarter of $16.3 million, or $0.32 per diluted share. The Company reported net income of $9.5 million, or $0.19 per diluted share, for the quarter ended December 31, 2017. Net income for the year ended December 31, 2018 was $59.9 million, or $1.17 per diluted share, compared to net income of $54.6 million, or $1.07 per diluted share, for the year ended December 31, 2017.

“In the fourth quarter of 2018, United Financial Bancorp, Inc. delivered annualized linked quarter loan growth of 9% and deposit growth of 12%, while maintaining pristine asset quality and a strong balance sheet,” stated William H.W. Crawford, IV, Chief Executive Officer and President of the Company and the Bank. “I would like to thank our United employees for their continued steadfast focus on serving the needs of our customers and communities.”

Balance Sheet

Assets totaled $7.36 billion at December 31, 2018, increasing $149.4 million from $7.21 billion at September 30, 2018. At December 31, 2018, total loans were $5.66 billion, representing an increase of $127.9 million, or 2.3%, from the linked quarter. Changes to loan balances during the fourth quarter of 2018 were highlighted by a $40.5 million, or 10.9%, increase in other consumer loans, a $30.2 million, or 2.4%, increase in residential real estate loans, a $25.7 million, or 3.0%, increase in commercial business loans, a $22.2 million, or 1.2%, increase in investor non-owner occupied commercial real estate loans, a $9.3 million, or 11.8%, increase in commercial construction loans, and an $8.5 million, or 2.0%, increase in owner-occupied commercial real estate loans. Slightly offsetting the increased loan balances above was a $12.1 million, or 37.0%, decrease in residential construction loans from the linked quarter. Loans held for sale also decreased $8.2 million, or 9.4%, from the linked quarter. Total cash and cash equivalents increased $19.4 million, or 24.6%, from the linked quarter.

Deposits totaled $5.67 billion at December 31, 2018 and increased by $170.2 million, or 3.1%, from $5.50 billion at September 30, 2018. The increase in deposits was positively impacted by the Webster Bank deposit acquisition of $109.4 million that occurred in the beginning of October 2018. Increases in deposit balances during the fourth quarter of 2018 were highlighted by a $121.2 million, or 7.3%, increase in certificates of deposit balances, a $40.6 million, or 5.3%, increase in demand deposit balances, a $17.1 million, or 3.6%, increase in savings deposit balances, and an $11.8 million, or 1.4%, increase in NOW checking account balances. Slightly offsetting these increases was a $20.5 million, or 1.2%, decrease in money market account balances. The growth in the certificate of deposit account balances was attributable to the success of two retail pricing campaigns executed during the fourth quarter.

Total Federal Home Loan Bank advances decreased by $15.7 million, or 1.9%, over the linked quarter as the Company utilized excess cash from deposit growth to pay off maturing advances.

Net Interest Income

Net interest income decreased by $67,000, or 0.1%, on a linked quarter basis, to $48.4 million, primarily attributable to an increase in loan interest income of $2.2 million, or 3.5%, to $63.2 million, offset by an increase in interest expense of $2.1 million, or 9.6%, to $23.9 million. Average interest-earning assets increased by $37.3 million, or 0.6%, on a linked quarter basis, primarily due to growth in average loan balances, which increased by $61.8 million, or 1.1%. Average loan balance growth was driven by a $38.3 million, or 10.9%, increase in average other consumer loans, a $21.7 million, or 1.6%, increase in average residential real estate loans, and a $19.4 million, or 2.3%, increase in average commercial business loans. Slightly offsetting the increases was a $17.6 million, or 0.8%, decrease in average commercial real estate loans.

Interest expense increased by $2.1 million, or 9.6%, to $23.9 million during the fourth quarter of 2018, from $21.8 million in the linked quarter. Average interest-bearing deposit balances increased by $141.5 million, or 3.0%, on a linked quarter basis, primarily driven by a $68.3 million, or 2.7%, increase in average NOW and money market account balances, a $68.0 million, or 4.0%, increase in average certificates of deposits, and a $5.2 million, or 1.0%, increase in average savings account balances. Average non-interest bearing deposits increased by $18.4 million, or 2.5%, as compared to the linked quarter. Average Federal Home Loan Bank of Boston advances decreased by $111.2 million, or 13.2%, as the Company used funds obtained through deposit growth to pay down the maturing advances. The overall growth observed in average account balances is attributable to the continued success of the Company’s retail deposit acquisition strategies.

The tax-equivalent net interest margin decreased by two basis points to 2.90% in the fourth quarter of 2018, from 2.92% in the linked period. The decline in the net interest margin was driven by a 14 basis point increase in the cost of interest-bearing liabilities, which was partially offset by a ten basis point increase in the yield of interest-earning assets. The interest-earning asset yield improvement was largely driven by a 33 basis point increase in the yield on commercial business loans, a 25 basis point increase in the yield on home equity loans, an eight basis point increase in the yield on residential real estate loans, and a three basis point increase in the yield on commercial real estate loans. The total cost of funds increased by 12 basis points to 1.48% in the fourth quarter of 2018 driven by a 16 basis point increase in the cost of interest-bearing deposits and a 17 basis point increase in the cost of Federal Home Loan Bank of Boston advances.

Provision for Loan Losses

The provision for loan losses totaled $2.6 million for the quarter ended December 31, 2018 as compared to $2.0 million for the linked quarter. Net charge-offs for the quarter ended December 31, 2018 totaled $891,000, or 0.06%, as a percentage of average loans outstanding, as compared to $1.3 million, or 0.09%, as a percentage of average loans for the quarter ended September 30, 2018. Factors considered in the provision for loan losses include, but are not limited to, historical charge-offs, the composition of the portfolio, the current level of non-performing loans and charge-offs, local and national economic and credit conditions, the direction of real estate values and delinquency trends.

Non-Interest Income

Total non-interest income decreased slightly by $62,000, or 0.6%, to $9.5 million for the quarter ended December 31, 2018 from $9.6 million in the linked quarter. The decrease in the fourth quarter’s non-interest income was driven primarily by decreases in income from mortgage banking activities and other income. Additionally, there were higher losses on limited partnership investments as compared to the linked quarter, which contributed to the overall decrease in non-interest income. These decreases were offset primarily by an increase in service charges and fees, as well as bank-owned life insurance income.

Non-Interest Expense

Non-interest expense for the quarter ended December 31, 2018 totaled $43.7 million and increased by $4.8 million, or 12.3%, from the linked quarter. The increase in non-interest expense during the quarter was primarily due to increases in salaries and employee benefits, occupancy and equipment, and the core deposit intangible amortization. These increases were primarily offset by decreases in other expenses and FDIC insurance assessment expenses as compared to the linked quarter.

The primary driver of the increase in non-interest expense occurred late in the quarter as the Company shifted its mortgage banking strategy to reflect our customers’ preference to conduct business with us over the internet and through our direct sales channel. Consequently, we reduced staffing in our mortgage division, resulting in a $2.2 million severance expense (pre-tax) in the quarter ending December 31, 2018. Other notable increases in the quarter included a change in Company policy related to the carryover of unused vacation days by employees year-over-year, resulting in the Company recording $439,000 of additional expense. The Company also recorded lease impairment expense of $466,000 as a result of branch consolidation. Additionally, the Webster Bank branch acquisition also closed in the fourth quarter, resulting in $371,000 of other expenses related to this transaction.

Asset Quality

Asset quality remained strong and stable for the period, with non-performing assets increasing by $3.0 million to $32.1 million at December 31, 2018 from $29.0 million at September 30, 2018. The ratio of non-performing assets to total assets for the quarter ended December 31, 2018 was 0.44%, as compared to 0.40% in the linked quarter.

Capital

The Company reported Tangible Common Equity (“TCE”) of $589.7 million, or 8.1% of average assets, for the quarter ended December 31, 2018. Tangible book value per share decreased slightly to $11.54 at December 31, 2018 from $11.55 at September 30, 2018. The decrease was primarily driven by the cash dividend payment to shareholders of $0.12 per share, an increase in intangibles associated with the Webster Bank branch acquisition, and the continued repurchase of Company stock during the quarter, which was slightly offset by the Company’s net income of $12.2 million. Book value per share at December 31, 2018 was $13.94, as compared to $13.88 in the linked quarter.

Dividend

The Board of Directors declared a cash dividend on the Company’s common stock of $0.12 per share to shareholders of record at the close of business on February 1, 2019 and payable on February 13, 2019. This dividend equates to a 3.04% annualized yield based on the $15.78 average closing price of the Company’s common stock in the fourth quarter of 2018. The Company has paid dividends for 51 consecutive quarters.

Investor Conference Call

United Financial Bancorp, Inc. will host a conference call on Wednesday, January 23, 2019 at 10:00 a.m. Eastern Time (ET) to discuss the Company’s fourth quarter results. Those wishing to participate in the call may dial toll-free 1-800-544-8281. A telephone replay of the call will be available through February 6, 2019 by calling 1-877-344-7529 and entering conference number 10127439. A podcast will be available on the Company’s website for an extended period of time, as well as on the Company’s investor relations app.

Investor Presentation

United Financial Bancorp, Inc. has prepared and furnished a visual slide presentation to accompany the earnings press release and investor conference call. The presentation has been furnished as an exhibit to the SEC Form 8-K, but is not included in this press release. Copies of the presentation may be accessed on the Company’s investor relations website ( www.unitedfinancialinc.com ) by selecting “News & Market Data,” then “Presentations;” or via the IRapp and selecting “Presentations;” or directly from SEC EDGAR.

Annual Meeting

The Board of Directors approved May 13, 2019 as the date of the Company’s 2019 Annual Meeting of Shareholders (the “Annual Meeting”) and set the record date on which the Company’s shareholders who will be eligible to vote at the Annual Meeting as the close of business on March 4, 2019.

About United Financial Bancorp, Inc.

United Financial Bancorp, Inc. is the holding company for United Bank, a full service financial services firm offering a complete line of commercial, small business, wealth management and consumer banking products and services to customers throughout Connecticut, Massachusetts and Rhode Island. United Bank is a financially strong, leading New England bank headquartered in Hartford, Connecticut with more than 50 branches in three states. United Financial Bancorp, Inc. trades on the NASDAQ Global Select Stock Exchange under the ticker symbol “UBNK.” At December 31, 2018, the Company had $7.36 billion in assets.

For more information about United Bank’s services and products call (866) 959-BANK or visit www.bankatunited.com. For more information about United Financial Bancorp, Inc., visit www.unitedfinancialinc.com or download the Company’s free Investor Relations app on your Apple or Android device. To download United Financial Bancorp, Inc.’s investor relations app on your iPhone or on your iPad, which offers access to SEC documents, press releases, videos, audiocasts and more, please visit: https://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=725271098&mt=8 or https://play.google.com/store/apps/details?id=com.theirapp.ubnk for your Android mobile device.

Non-GAAP Financial Measures

This document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”). These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. A reconciliation of non-GAAP financial measures to GAAP measures is included in the accompanying financial tables. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector.

Forward Looking Statements

This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.

United Financial Bancorp, Inc. and SubsidiariesConsolidated Statements of Net Income(Unaudited)

For the Three Months For the Year Ended Ended December 31, December 31, 2018 2017 2018 2017 ---------- ---------- ----------- ----------- Interest and dividend income: (In thousands, except share data) Loans $ 63,227 $ 52,758 $ 237,026 $ 200,734 Securities-taxable interest 5,705 5,643 22,994 22,550 Securities-non-taxable interest 2,339 2,571 9,469 9,679 Securities-dividends 702 669 2,823 2,902 Interest-bearing deposits 250 86 726 389 -------- - --------- - --------- - Total interest and dividend income 72,223 61,727 273,038 236,254 -------- - -------- - --------- - --------- - Interest expense: Deposits 18,183 9,958 57,841 33,565 Borrowed funds 5,678 4,920 23,682 18,447 -------- - --------- - --------- - Total interest expense 23,861 14,878 81,523 52,012 -------- - -------- - --------- - --------- - Net interest income 48,362 46,849 191,515 184,242 Provision for loan losses 2,618 2,250 8,914 9,396 -------- - --------- - --------- - Net interest income after provision for loan losses 45,744 44,599 182,601 174,846 -------- - -------- - --------- - --------- - Non-interest income: Service charges and fees 7,447 6,031 26,771 25,374 Net gain from sales of securities 25 72 145 782 Income from mortgage banking activities 698 1,184 4,759 5,539 Bank-owned life insurance income 1,517 1,939 6,294 5,462 Net loss on limited partnership investments (405 ) (1,441 ) (2,176 ) (3,023 ) Other income (loss) 211 (204 ) 904 431 -------- - --------- - --------- - Total non-interest income 9,493 7,581 36,697 34,565 -------- - -------- - --------- - --------- - Non-interest expense: Salaries and employee benefits 25,341 20,752 91,295 80,061 Service bureau fees 2,309 2,304 8,901 9,263 Occupancy and equipment 6,384 5,036 20,488 16,902 Professional fees 1,136 996 4,418 4,305 Marketing and promotions 1,108 1,011 4,101 4,047 FDIC insurance assessments 611 821 2,740 3,076 Core deposit intangible amortization 420 336 1,350 1,411 Other 6,409 5,981 24,474 23,685 -------- - --------- - --------- - Total non-interest expense 43,718 37,237 157,767 142,750 -------- - -------- - --------- - --------- - Income before income taxes 11,519 14,943 61,531 66,661 Provision (benefit) for income taxes (646 ) 5,442 1,625 12,043 -------- - --------- - --------- - Net income $ 12,165 $ 9,501 $ 59,906 $ 54,618 - ------ - - ------ - - ------- - - ------- - Net income per share: Basic $ 0.24 $ 0.19 $ 1.18 $ 1.09 Diluted $ 0.24 $ 0.19 $ 1.17 $ 1.07 Weighted-average shares outstanding: 50,613,49 50,392,38 50,555,212 50,283,071 Basic 8 2 50,970,00 51,024,88 51,012,239 50,922,652 Diluted 0 1

United Financial Bancorp, Inc. and SubsidiariesConsolidated Statements of Net Income(Unaudited)

For the Three Months Ended December September June 30, March 31, December 31, 30, 2018 2018 31, 2018 2018 2017 ---------- ---------- ---------- ---------- ---------- Interest and dividend income: (In thousands, except share data) Loans $ 63,227 $ 61,061 $ 57,958 $ 54,780 $ 52,758 Securities-taxable interest 5,705 5,822 5,969 5,498 5,643 Securities-non-taxable interest 2,339 2,347 2,354 2,429 2,571 Securities-dividends 702 748 736 637 669 Interest-bearing deposits 250 213 113 150 86 Total interest and dividend income 72,223 70,191 67,130 63,494 61,727 -------- - -------- - -------- - -------- - -------- - Interest expense: Deposits 18,183 15,767 12,864 11,027 9,958 Borrowed funds 5,678 5,995 6,085 5,924 4,920 Total interest expense 23,861 21,762 18,949 16,951 14,878 -------- - -------- - -------- - -------- - -------- - Net interest income 48,362 48,429 48,181 46,543 46,849 Provision for loan losses 2,618 2,007 2,350 1,939 2,250 Net interest income after provision for loan 45,744 46,422 45,831 44,604 44,599 losses -------- - -------- - -------- - -------- - -------- - Non-interest income: Service charges and fees 7,447 6,623 6,542 6,159 6,031 Net gain (loss) from sales of securities 25 (58 ) 62 116 72 Income from mortgage banking activities 698 1,486 846 1,729 1,184 Bank-owned life insurance income 1,517 1,460 1,671 1,646 1,939 Net loss on limited partnership investments (405 ) (221 ) (960 ) (590 ) (1,441 ) Other income (loss) 211 265 199 229 (204 ) Total non-interest income 9,493 9,555 8,360 9,289 7,581 -------- - -------- - -------- - -------- - -------- - Non-interest expense: Salaries and employee benefits 25,341 22,643 22,113 21,198 20,752 Service bureau fees 2,309 2,209 2,165 2,218 2,304 Occupancy and equipment 6,384 4,487 4,668 4,949 5,036 Professional fees 1,136 1,013 1,105 1,164 996 Marketing and promotions 1,108 1,119 1,189 685 1,011 FDIC insurance assessments 611 655 735 739 821 Core deposit intangible amortization 420 288 305 337 336 Other 6,409 6,529 6,090 5,446 5,981 Total non-interest expense 43,718 38,943 38,370 36,736 37,237 -------- - -------- - -------- - -------- - -------- - Income before income taxes 11,519 17,034 15,821 17,157 14,943 Provision (benefit) for income taxes (646 ) 726 175 1,370 5,442 Net income $ 12,165 $ 16,308 $ 15,646 $ 15,787 $ 9,501 - ------ - - ------ - - ------ - - ------ - - ------ - Net income per share: Basic $ 0.24 $ 0.32 $ 0.31 $ 0.31 $ 0.19 Diluted $ 0.24 $ 0.32 $ 0.31 $ 0.31 $ 0.19 Weighted-average shares outstanding: 50,613,49 50,624,83 50,504,27 50,474,94 50,392,38 Basic 8 2 3 2 2 50,970,00 51,104,77 50,974,28 50,996,59 51,024,88 Diluted 0 6 3 6 1

United Financial Bancorp, Inc. and SubsidiariesConsolidated Statements of Condition(Unaudited)

December 31, September 30, June 30, March 31, December 31, 2018 2018 2018 2018 2017 ------------- ------------- ------------- ------------- ------------- ASSETS (In thousands) Cash and cash equivalents: Cash and due from banks $ 36,434 $ 48,786 $ 62,188 $ 45,332 $ 56,661 Short-term investments 61,530 29,809 46,987 23,910 32,007 ----------- - ----------- - ----------- - ----------- - ----------- - Total cash and cash equivalents 97,964 78,595 109,175 69,242 88,668 Available for sale securities – At 973,347 972,035 1,006,135 1,031,277 1,050,787 fair value Held to maturity securities – At — — — — 13,598 amortized cost Loans held for sale 78,788 86,948 85,458 63,394 114,073 Loans: Commercial real estate loans: Owner-occupied 443,398 434,906 418,338 442,938 445,820 Investor non-owner occupied 1,911,070 1,888,848 1,927,960 1,842,898 1,854,459 Construction 87,493 78,235 82,883 84,717 78,083 Total commercial real estate loans 2,441,961 2,401,989 2,429,181 2,370,553 2,378,362 Commercial business loans 886,770 861,030 841,142 846,182 840,312 Consumer loans: Residential real estate 1,313,373 1,283,126 1,252,001 1,235,197 1,204,401 Home equity 583,454 579,907 588,638 582,285 583,180 Residential construction 20,632 32,750 32,063 37,579 40,947 Other consumer 410,249 369,781 332,402 310,439 292,781 Total consumer loans 2,327,708 2,265,564 2,205,104 2,165,500 2,121,309 Total loans 5,656,439 5,528,583 5,475,427 5,382,235 5,339,983 Net deferred loan costs and 17,786 16,603 15,502 14,724 14,794 premiums Allowance for loan losses (51,636 ) (49,909 ) (49,163 ) (47,915 ) (47,099 ) Loans receivable - net 5,622,589 5,495,277 5,441,766 5,349,044 5,307,678 Federal Home Loan Bank of Boston 41,407 42,032 46,734 49,895 50,194 stock, at cost Accrued interest receivable 24,823 25,485 23,209 22,333 22,332 Deferred tax asset, net 32,706 31,473 30,190 28,710 25,656 Premises and equipment, net 68,657 67,612 67,614 67,619 67,508 Goodwill 116,769 115,281 115,281 115,281 115,281 Core deposit intangible asset 6,027 3,561 3,849 4,154 4,491 Cash surrender value of bank-owned 193,429 181,928 180,490 179,556 148,300 life insurance Other assets 100,368 107,271 98,695 88,169 105,593 ----------- - ----------- - ----------- - ----------- - ----------- - Total assets $ 7,356,874 $ 7,207,498 $ 7,208,596 $ 7,068,674 $ 7,114,159 - --------- - - --------- - - --------- - - --------- - - --------- - December 31, September 30, June 30, March 31, December 31, 2018 2018 2018 2018 2017 ------------- ------------- ------------- ------------- ------------- LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities: Deposits: Non-interest-bearing $ 799,785 $ 759,210 $ 770,982 $ 753,575 $ 778,576 Interest-bearing 4,870,814 4,741,153 4,622,394 4,528,935 4,419,645 ----------- - ----------- - ----------- - ----------- - ----------- - Total deposits 5,670,599 5,500,363 5,393,376 5,282,510 5,198,221 Mortgagors’ and investor escrow 4,685 9,597 14,526 11,096 7,545 accounts Federal Home Loan Bank advances and 899,626 926,592 1,041,896 1,030,735 1,165,054 other borrowings Accrued expenses and other 69,446 61,128 56,921 51,333 50,011 liabilities ----------- - ----------- - ----------- - ----------- - ----------- - Total liabilities 6,644,356 6,497,680 6,506,719 6,375,674 6,420,831 Total stockholders’ equity 712,518 709,818 701,877 693,000 693,328 ----------- - ----------- - ----------- - ----------- - ----------- - Total liabilities and stockholders’ $ 7,356,874 $ 7,207,498 $ 7,208,596 $ 7,068,674 $ 7,114,159 equity - --------- - - --------- - - --------- - - --------- - - --------- -

United Financial Bancorp, Inc. and SubsidiariesSelected Financial Highlights(Dollars In Thousands, Except Share Data)(Unaudited)

At or For the Three Months Ended December 31, September June 30, March 31, December 31, 2018 30, 2018 2018 2017 2018 ------------ ----------- ----------- ---------- ------------ Share Data: Basic net income per share $ 0.24 $ 0.32 $ 0.31 $ 0.31 $ 0.19 Diluted net income per share 0.24 0.32 0.31 0.31 0.19 Dividends declared per share 0.12 0.12 0.12 0.12 0.12 Tangible book value per share $ 11.54 $ 11.55 $ 11.40 $ 11.25 $ 11.24 Key Statistics: Total revenue $ 57,855 $ 57,984 $ 56,541 $ 55,832 $ 54,430 Total non-interest expense 43,718 38,943 38,370 36,736 37,327 Average earning assets 6,708,701 6,671,424 6,584,938 6,568,168 6,480,966 Key Ratios: Return on average assets (annualized) 0.67 % 0.91 % 0.88 % 0.89 % 0.54 % Return on average equity (annualized) 6.89 % 9.26 % 9.00 % 9.15 % 5.50 % Tax-equivalent net interest margin 2.90 % 2.92 % 2.97 % 2.90 % 2.98 % (annualized) Residential Mortgage Production: Dollar volume (total) $ 128,209 $ 143,673 $ 140,409 $ 94,433 $ 135,522 Mortgages originated for purchases 101,266 111,555 110,351 63,193 83,181 Loans sold 108,663 99,372 99,637 99,899 94,738 Income from mortgage banking activities 698 1,486 846 1,729 1,184 Non-performing Assets: Residential real estate $ 13,217 $ 11,949 $ 11,221 $ 11,663 $ 11,824 Home equity 4,735 4,005 4,607 4,698 4,968 Investor-owned commercial real estate 1,131 1,525 2,400 2,863 1,821 Owner-occupied commercial real estate 2,450 1,202 2,176 2,326 1,664 Construction 199 243 250 273 1,398 Commercial business 944 985 1,196 1,579 1,477 Other consumer 1,030 597 237 34 35 --------- -- --------- - --------- - -------- - --------- -- Non-accrual loans 23,706 20,506 22,087 23,436 23,187 Troubled debt restructured – non-accruing 6,971 6,706 7,330 8,308 8,475 --------- -- --------- - --------- - -------- - --------- -- Total non-performing loans 30,677 27,212 29,417 31,744 31,662 Other real estate owned 1,389 1,808 1,855 1,935 2,154 --------- -- --------- - --------- - -------- - --------- -- Total non-performing assets $ 32,066 $ 29,020 $ 31,272 $ 33,679 $ 33,816 - ------- -- - ------- - - ------- - - ------ - - ------- -- Non-performing loans to total loans 0.54 % 0.49 % 0.54 % 0.59 % 0.59 % Non-performing assets to total assets 0.44 % 0.40 % 0.43 % 0.48 % 0.48 % Allowance for loan losses to non-performing 168.32 % 183.41 % 167.12 % 150.94 % 148.76 % loans Allowance for loan losses to total loans 0.91 % 0.90 % 0.90 % 0.89 % 0.88 % Non-GAAP Ratios: (1) Non-interest expense to average assets 2.41 % 2.17 % 2.16 % 2.08 % 2.13 % (annualized) Efficiency ratio (2) 69.18 % 65.61 % 65.18 % 63.97 % 63.53 % Cost of funds (annualized) (3) 1.48 % 1.36 % 1.20 % 1.07 % 0.96 % Total revenue growth rate (0.22 )% 2.55 % 1.27 % 2.58 % (1.38 )% Total revenue growth rate (annualized) (0.89 )% 10.21 % 5.08 % 10.30 % (5.54 )% Average earning asset growth rate 0.56 % 1.31 % 0.26 % 1.35 % 0.89 % Average earning asset growth rate 2.24 % 5.25 % 1.02 % 5.38 % 3.56 % (annualized) Return on average tangible common equity 8.55 % 11.30 % 11.03 % 11.25 % 6.81 % (annualized) (2) Pre-provision net revenue to average assets 1.00 % 1.12 % 1.14 % 1.15 % 1.19 % (2)

(1) Non-GAAP ratios are not financial measurements required by generally accepted accounting principles; however, management believes such information is useful to investors in evaluating Company performance. (2) Calculations of these non-GAAP metrics are provided after the reconciliations of non-GAAP financial measures and appear on page F-10 through page F-12. (3) The cost of funds ratio represents interest incurred on liabilities as a percentage of average non-interest bearing deposits and interest-bearing liabilities.

United Financial Bancorp, Inc. and SubsidiariesAverage Balance Sheets, Interest and Yields/Costs(Dollars In Thousands)(Unaudited)

For the Three Months Ended December 31, 2018 December 31, 2017 Average Interest Yield/Cos Average Interest Yield/Cos Balance and t Balance and t Dividends Dividends ------------- --------- -------- ------------- --------- -------- Interest-earning assets: Residential real estate $ 1,397,669 $ 12,929 3.70 % $ 1,310,352 $ 11,343 3.47 % Commercial real estate 2,302,741 26,085 4.43 2,234,878 23,089 4.04 Construction 113,617 1,405 4.84 122,151 1,453 4.66 Commercial business 861,311 10,481 4.76 813,457 7,994 3.85 Home equity 585,178 7,848 5.32 569,021 6,293 4.39 Other consumer 390,237 4,931 5.01 278,465 3,309 4.71 Investment securities 967,881 8,564 3.53 1,074,840 9,713 3.60 Federal Home Loan Bank stock 40,428 665 6.58 47,964 564 4.71 Other earning assets 49,639 253 2.02 29,838 86 1.15 ----------- - -------- ----------- - -------- Total interest-earning assets 6,708,701 73,161 4.31 6,480,966 63,844 3.89 Allowance for loan losses (50,754 ) (46,880 ) Non-interest-earning assets 586,449 542,596 ----------- - ----------- - Total assets $ 7,244,396 $ 6,976,682 - --------- - - --------- - Interest-bearing liabilities: NOW and money market $ 2,583,982 $ 9,641 1.48 % $ 2,125,177 $ 4,286 0.80 % Savings 506,880 76 0.06 517,993 77 0.06 Certificates of deposit 1,759,382 8,466 1.91 1,765,007 5,595 1.26 ----------- - -------- ----------- - -------- Total interest-bearing deposits 4,850,244 18,183 1.49 4,408,177 9,958 0.90 Federal Home Loan Bank advances 732,995 4,307 2.30 954,159 3,538 1.45 Other borrowings 107,365 1,371 5.00 117,578 1,382 4.60 ----------- - -------- ----------- - -------- Total interest-bearing liabilities 5,690,604 23,861 1.66 5,479,914 14,878 1.07 -------- -------- Non-interest-bearing deposits 768,916 740,007 Other liabilities 78,752 65,757 ----------- - ----------- - Total liabilities 6,538,272 6,285,678 Stockholders’ equity 706,124 691,004 ----------- - ----------- - Total liabilities and stockholders’ $ 7,244,396 $ 6,976,682 equity - --------- - - --------- - Net interest-earning assets $ 1,018,097 $ 1,001,052 - --------- - - --------- - Tax-equivalent net interest income 49,300 48,966 Tax-equivalent net interest rate spread 2.65 % 2.82 % (1) Tax-equivalent net interest margin(2) 2.90 % 2.98 % Average interest-earning assets to 117.89 % 118.27 % average interest-bearing liabilities Less tax-equivalent adjustment 938 2,117 -------- -------- Net interest income $ 48,362 $ 46,849 - ------ - ------

(1) Tax-equivalent net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. (2) Tax-equivalent net interest rate margin represents tax-equivalent net interest income divided by average interest-earning assets.

United Financial Bancorp, Inc. and SubsidiariesAverage Balance Sheets, Interest and Yields/Costs(Dollars In Thousands)(Unaudited)

For the Three Months Ended December 31, 2018 September 30, 2018 Average Interest Yield/Cos Average Interest Yield/Cos Balance and t Balance and t Dividends Dividends ------------- --------- -------- ------------- --------- -------- Interest-earning assets: Residential real estate $ 1,397,669 $ 12,929 3.70 % $ 1,375,948 $ 12,451 3.62 % Commercial real estate 2,302,741 26,085 4.43 2,320,375 26,105 4.40 Construction 113,617 1,405 4.84 114,068 1,379 4.73 Commercial business 861,311 10,481 4.76 841,936 9,531 4.43 Home equity 585,178 7,848 5.32 584,706 7,471 5.07 Other consumer 390,237 4,931 5.01 351,892 4,532 5.11 Investment securities 967,881 8,564 3.53 995,405 8,686 3.48 Federal Home Loan Bank stock 40,428 665 6.58 45,016 715 6.35 Other earning assets 49,639 253 2.02 42,078 216 2.04 ----------- - -------- ----------- - -------- Total interest-earning assets 6,708,701 73,161 4.31 6,671,424 71,086 4.21 Allowance for loan losses (50,754 ) (49,823 ) Non-interest-earning assets 586,449 569,471 ----------- - ----------- - Total assets $ 7,244,396 $ 7,191,072 - --------- - - --------- - Interest-bearing liabilities: NOW and money market $ 2,583,982 $ 9,641 1.48 % $ 2,515,660 $ 8,461 1.33 % Savings 506,880 76 0.06 501,700 75 0.06 Certificates of deposit 1,759,382 8,466 1.91 1,691,382 7,231 1.70 ----------- - -------- ----------- - -------- Total interest-bearing deposits 4,850,244 18,183 1.49 4,708,742 15,767 1.33 Federal Home Loan Bank advances 732,995 4,307 2.30 844,207 4,591 2.13 Other borrowings 107,365 1,371 5.00 111,760 1,404 4.92 ----------- - -------- ----------- - -------- Total interest-bearing liabilities 5,690,604 23,861 1.66 5,664,709 21,762 1.52 -------- -------- Non-interest-bearing deposits 768,916 750,503 Other liabilities 78,752 71,554 ----------- - ----------- - Total liabilities 6,538,272 6,486,766 Stockholders’ equity 706,124 704,306 ----------- - ----------- - Total liabilities and stockholders’ $ 7,244,396 $ 7,191,072 equity - --------- - - --------- - Net interest-earning assets $ 1,018,097 $ 1,006,715 - --------- - - --------- - Tax-equivalent net interest income 49,300 49,324 Tax-equivalent net interest rate spread 2.65 % 2.69 % (1) Tax-equivalent net interest margin(2) 2.90 % 2.92 % Average interest-earning assets to 117.89 % 117.77 % average interest-bearing liabilities Less tax-equivalent adjustment 938 895 -------- -------- Net interest income $ 48,362 $ 48,429 - ------ - ------

(1) Tax-equivalent net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. (2) Tax-equivalent net interest rate margin represents tax-equivalent net interest income divided by average interest-earning assets.

United Financial Bancorp, Inc. and SubsidiariesAverage Balance Sheets, Interest and Yields/Costs(Dollars In Thousands)(Unaudited)

For the Years Ended December 31, 2018 December 31, 2017 Average Interest Yield/Cos Average Interest Yield/Cos Balance and t Balance and t Dividends Dividends ------------- ---------- -------- ------------- ---------- -------- Interest-earning assets: Residential real estate $ 1,356,746 $ 48,905 3.60 % $ 1,291,852 $ 43,422 3.36 % Commercial real estate 2,303,075 100,608 4.31 2,175,197 88,716 4.02 Construction 115,507 5,440 4.65 129,636 5,714 4.35 Commercial business 840,594 37,533 4.40 779,262 30,504 3.86 Home equity 584,204 28,903 4.95 542,579 23,168 4.27 Other consumer 341,295 17,326 5.08 243,631 11,890 4.88 Investment securities 1,005,823 34,869 3.46 1,083,616 38,078 3.51 Federal Home Loan Bank stock 46,475 2,689 5.78 51,735 2,195 4.24 Other earning assets 40,078 740 1.85 34,484 389 1.13 ----------- - --------- ----------- - --------- Total interest-earning assets 6,633,797 277,013 4.15 6,331,992 244,076 3.83 Allowance for loan losses (49,255 ) (45,480 ) Non-interest-earning assets 566,511 526,914 ----------- - ----------- - Total assets $ 7,151,053 $ 6,813,426 - --------- - - --------- - Interest-bearing liabilities: NOW and money market $ 2,377,309 $ 29,157 1.23 % $ 2,002,146 $ 13,282 0.66 % Savings 509,316 301 0.06 529,006 312 0.06 Certificates of deposit 1,748,873 28,383 1.62 1,731,434 19,971 1.15 ----------- - --------- ----------- - --------- Total interest-bearing deposits 4,635,498 57,841 1.25 4,262,586 33,565 0.79 Federal Home Loan Bank advances 891,626 18,135 2.01 978,673 12,763 1.29 Other borrowings 112,280 5,547 4.87 133,364 5,684 4.20 ----------- - --------- ----------- - --------- Total interest-bearing liabilities 5,639,404 81,523 1.44 5,374,623 52,012 0.96 --------- --------- Non-interest-bearing deposits 742,990 695,713 Other liabilities 69,582 67,810 ----------- - ----------- - Total liabilities 6,451,976 6,138,146 Stockholders’ equity 699,077 675,280 ----------- - ----------- - Total liabilities and stockholders’ $ 7,151,053 $ 6,813,426 equity - --------- - - --------- - Net interest-earning assets $ 994,393 $ 957,369 - --------- - - --------- - Tax-equivalent net interest income 195,490 192,064 Tax-equivalent net interest rate 2.71 % 2.87 % spread (1) Tax-equivalent net interest margin(2) 2.92 % 3.01 % Average interest-earning assets to 117.63 % 117.81 % average interest-bearing liabilities Less tax-equivalent adjustment 3,975 7,822 --------- --------- Net interest income $ 191,515 $ 184,242 - ------- - -------

(1) Tax-equivalent net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. (2) Tax-equivalent net interest rate margin represents tax-equivalent net interest income divided by average interest-earning assets.

United Financial Bancorp, Inc. and SubsidiariesReconciliation of Non-GAAP Financial Measures(Dollars In Thousands)(Unaudited)

In addition to evaluating the Company’s results of operations in accordance with GAAP, management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures. These non-GAAP measures are intended to provide the reader with additional perspectives on operating results, financial condition, and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company’s GAAP financial information.

The efficiency ratio is used as a common measure by banks as a comparable metric to understand the Company’s expense structure relative to its total revenue; in other words, for every dollar of total revenue we recognize, how much of that dollar is expended. In order to improve the comparability of the ratio to our peers, we remove non-core items. To improve transparency, and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure.

Pre-provision net revenue is a measure that the Company uses to understand fundamental operating performance before credit related expenses and tax expense. It is often expressed as a ratio relative to average assets which demonstrates the “core” performance and can be viewed as an alternative measure of how efficiently the Company services its asset base.

Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors.

The Company believes that disclosing these non-GAAP metrics is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included on pages F-10 through F-12 in the following press release tables:

Three Months Ended Years Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2018 2018 2018 2018 2017 2018 2017 ------------- ------------- ------------- ------------- ------------- ------------- ------------- (Dollars in thousands) Net Income $ 12,165 $ 16,308 $ 15,646 $ 15,787 $ 9,501 $ 59,906 $ 54,618 (GAAP) Non-GAAP adjustments: Non-interest (25 ) 58 (271 ) (342 ) 745 (580 ) 27 income Non-interest 2,677 (129 ) 215 — 536 2,763 536 expense Income tax (benefit) expense (1,717 ) — — — 1,609 (1,717 ) 1,609 related to tax reform Related income tax (557 ) 15 (93 ) 72 2,074 (563 ) 2,325 (benefit) expense ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - Net 378 (56 ) (149 ) (270 ) 4,964 (97 ) 4,497 adjustment ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - Total net income $ 12,543 $ 16,252 $ 15,497 $ 15,517 $ 14,465 $ 59,809 $ 59,115 (non-GAAP) - --------- - - --------- - - --------- - - --------- - - --------- - - --------- - - --------- - Non-interest $ 9,493 $ 9,555 $ 8,360 $ 9,289 $ 7,581 $ 36,697 $ 34,565 income (GAAP) Non-GAAP adjustments: Net loss (gain) on (25 ) 58 (62 ) (116 ) (72 ) (145 ) (782 ) sales of securities Limited partnership — — — — 1,214 — 1,214 writedown(1) Loss on sale of premises — — — — 401 — 401 and equipment BOLI claim — — (209 ) (226 ) (798 ) (435 ) (806 ) benefit Net (25 ) 58 (271 ) (342 ) 745 (580 ) 27 adjustment ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - Total non-interest 9,468 9,613 8,089 8,947 8,326 36,117 34,592 income (non-GAAP) Total net interest 48,362 48,429 48,181 46,543 46,849 191,515 184,242 income ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - Total revenue $ 57,830 $ 58,042 $ 56,270 $ 55,490 $ 55,175 $ 227,632 $ 218,834 (non-GAAP) - --------- - - --------- - - --------- - - --------- - - --------- - - --------- - - --------- - Non-interest expense $ 43,718 $ 38,943 $ 38,370 $ 36,736 $ 37,237 $ 157,767 $ 142,750 (GAAP) Non-GAAP adjustments: Lease exit/disposal (466 ) 129 (215 ) — (536 ) (552 ) (536 ) cost obligation Effect of position (2,211 ) — — — — (2,211 ) — eliminations Net (2,677 ) 129 (215 ) — (536 ) (2,763 ) (536 ) adjustment ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - Total non-interest $ 41,041 $ 39,072 $ 38,155 $ 36,736 $ 36,701 $ 155,004 $ 142,214 expense (non-GAAP) - --------- - - --------- - - --------- - - --------- - - --------- - - --------- - - --------- - Total loans $ 5,656,439 $ 5,528,583 $ 5,475,427 $ 5,382,235 $ 5,339,983 $ 5,656,439 $ 5,339,983 Non-covered (675,112 ) (708,621 ) (729,947 ) (771,802 ) (780,776 ) (675,112 ) (780,776 ) loans(2) ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - ----------- - Total covered $ 4,981,327 $ 4,819,962 $ 4,745,480 $ 4,610,433 $ 4,559,207 $ 4,981,327 $ 4,559,207 loans - --------- - - --------- - - --------- - - --------- - - --------- - - --------- - - --------- - Allowance for $ 51,636 $ 49,909 $ 49,163 $ 47,915 $ 47,099 $ 51,636 $ 47,099 loan losses Allowance for loan losses 0.91 % 0.90 % 0.90 % 0.89 % 0.88 % 0.91 % 0.88 % to total loans Allowance for loan losses 1.04 % 1.04 % 1.04 % 1.04 % 1.03 % 1.04 % 1.03 % to total covered loans

(1) Represents limited partnership writedowns related to the reduction of the Company’s tax rate in December 2017. (2) Represents acquired loans that were recorded at fair value. These loans carry no allowance for loan losses for the periods reflected above.

Three Months Ended Years Ended December September June 30, March 31, December December December 31, 30, 2018 2018 31, 31, 31, 2018 2018 2017 2018 2017 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Efficiency Ratio: Non-Interest $ 43,718 $ 38,943 $ 38,370 $ 36,736 $ 37,237 $ 157,767 $ 142,750 Expense (GAAP) Non-GAAP adjustments: Other real estate (108 ) (256 ) (163 ) (167 ) (157 ) (694 ) (764 ) owned expense Lease exit/disposal (466 ) 129 (215 ) — (536 ) (552 ) (536 ) cost obligation Effect of position (2,211 ) — — — — (2,211 ) — eliminations Non-Interest Expense for $ 40,933 $ 38,816 $ 37,992 $ 36,569 $ 36,544 $ 154,310 $ 141,450 Efficiency Ratio (non-GAAP) - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - Net Interest Income $ 48,362 $ 48,429 $ 48,181 $ 46,543 $ 46,849 $ 191,515 $ 184,242 (GAAP) Non-GAAP adjustments: Tax-equivalent adjustment for tax-exempt loans 938 895 1,059 1,083 2,117 3,975 7,822 and investment securities Non-Interest Income 9,493 9,555 8,360 9,289 7,581 36,697 34,565 (GAAP) Non-GAAP adjustments: Net (gain) loss on (25 ) 58 (62 ) (116 ) (72 ) (145 ) (782 ) sales of securities Net loss on limited partnership 405 221 960 590 1,441 2,176 3,023 investments Loss on sale of premises and — — — — 401 — 401 equipment BOLI claim benefit — — (209 ) (226 ) (798 ) (435 ) (806 ) --------- - --------- - Total Revenue for Efficiency Ratio $ 59,173 $ 59,158 $ 58,289 $ 57,163 $ 57,519 $ 233,783 $ 228,465 (non-GAAP) - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - Efficiency Ratio (Non-Interest Expense for Efficiency Ratio 69.18 % 65.61 % 65.18 % 63.97 % 63.53 % 66.01 % 61.91 % (non-GAAP)/Total Revenue for Efficiency Ratio (non-GAAP)) Three Months Ended Years Ended December September June 30, March 31, December December December 31, 30, 2018 2018 31, 31, 31, 2018 2018 2017 2018 2017 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Pre-Provision Net Revenue (“PPNR”) to Average Assets (Annualized): Net Interest income $ 48,362 $ 48,429 $ 48,181 $ 46,543 $ 46,849 $ 191,515 $ 184,242 (GAAP) Non-GAAP adjustments: Tax-equivalent adjustment for tax-exempt loans 938 895 1,059 1,083 2,117 3,975 7,822 and investment securities --------- - Total tax-equivalent net $ 49,300 $ 49,324 $ 49,240 $ 47,626 $ 48,966 $ 195,490 $ 192,064 interest income (A) - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - Non Interest Income 9,493 9,555 8,360 9,289 7,581 36,697 34,565 (GAAP) Non-GAAP adjustments: Net (gain) loss on (25 ) 58 (62 ) (116 ) (72 ) (145 ) (782 ) sales of securities Net loss on limited partnership 405 221 960 590 1,441 2,176 3,023 investments Loss on sale of premises and — — — — 401 — 401 equipment BOLI claim benefit — — (209 ) (226 ) (798 ) (435 ) (806 ) --------- - --------- - Non-Interest Income for PPNR (non-GAAP) $ 9,873 $ 9,834 $ 9,049 $ 9,537 $ 8,553 $ 38,293 $ 36,401 (B) - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - Non-Interest $ 43,718 $ 38,943 $ 38,370 $ 36,736 $ 37,237 $ 157,767 $ 142,750 Expense (GAAP) Non-GAAP adjustments: Lease exit/disposal (466 ) 129 (215 ) — (536 ) (552 ) (536 ) cost obligation Effect of position (2,211 ) — — — — (2,211 ) — eliminations Non-Interest Expense for PPNR $ 41,041 $ 39,072 $ 38,155 $ 36,736 $ 36,701 $ 155,004 $ 142,214 (non-GAAP) (C) - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - Total PPNR (non-GAAP) (A + B - $ 18,132 $ 20,086 $ 20,134 $ 20,427 $ 20,818 $ 78,779 $ 86,251 C) : Average Assets 7,244,396 7,191,072 7,091,721 7,074,721 6,976,682 7,151,053 6,813,426 PPNR to Average 1.00 % 1.12 % 1.14 % 1.15 % 1.19 % 1.10 % 1.27 % Assets (Annualized) Return on Average Tangible Common Equity (Annualized): Net Income (GAAP) $ 12,165 $ 16,308 $ 15,646 $ 15,787 $ 9,501 $ 59,906 $ 54,618 Non-GAAP adjustments: Intangible assets amortization, tax 332 228 241 266 219 1,067 917 effected (1) --------- - --------- - Net Income excluding intangible assets $ 12,497 $ 16,536 $ 15,887 $ 16,053 $ 9,720 $ 60,973 $ 55,535 amortization, tax effected (1) - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - Average stockholders’ $ 706,124 $ 704,306 $ 695,301 $ 690,345 $ 691,004 $ 699,077 $ 675,280 equity (non-GAAP) Average goodwill & other intangible 121,614 119,009 119,288 119,611 119,962 119,883 120,465 assets (non-GAAP) --------- - --------- - Average tangible common $ 584,510 $ 585,297 $ 576,013 $ 570,734 $ 571,042 $ 579,194 $ 554,815 stockholders’ equity (non-GAAP) - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - - ------- - Return on Average Tangible Common 8.55 % 11.30 % 11.03 % 11.25 % 6.81 % 10.53 % 10.01 % Equity (non-GAAP)

Intangible assets amortization is tax effected at 21% for quarters and year ended 2018, and at 35% for (1) all prior periods due to the Tax Cuts and Jobs Act of 2017 that was signed into law in December 2017, lowering the corporate federal tax rate from 35% to 21%.

Investor Relations Contact: Media Relations Contact: Marliese L. Shaw Adam J. Jeamel Executive Vice President, Investor Relations Officer Regional President, Corporate Communications United Bank United Bank 860-291-3622 860-291-3765 MShaw@bankatunited.com AJeamel@bankatunited.com

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