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Rockville Financial, Inc. Announces Second Quarter Earnings And EPS Up 9% From Prior Year

Stocks in this article: RCKB

ROCKVILLE, Conn., July 25, 2013 (GLOBE NEWSWIRE) -- Rockville Financial, Inc. ("Rockville Financial" or the "Company") (Nasdaq:RCKB), the holding company for Rockville Bank (the "Bank"), today announced net income of $3.3 million, or $0.12 per diluted share, for the quarter ended June 30, 2013, compared to net income of $2.9 million, or $0.11 per diluted share, for the quarter ended June 30, 2012. Core operating earnings for the second quarter of 2013 were $4.1 million (Non-GAAP), or $0.15 per diluted share, adjusted for expense reduction actions the Company completed during the second quarter that will improve the Company's non-interest expense run rate by $1.5 million annually. The adjustments to GAAP earnings for the quarter ended June 30, 2013 are comprised of expenses of $809,000 (pre-tax) for the impact of a branch lease termination agreement and $561,000 (pre-tax) for termination expense related to position eliminations, as well as income of $329,000 (pre-tax) for securities gains.

"I am pleased to announce that Rockville Financial, Inc. reported solid second quarter core operating earnings of $4.1 million (Non-GAAP). The quarter included 29% annualized commercial loan growth, strong residential mortgage originations, particularly purchase mortgages, significant deposit growth in our new West Hartford Banking Center and new fee income sources, combined with share count and legacy expense reductions. Both the Company's strong loan and deposit growth and flat linked quarter core operating expense reflect Rockville's strategy for continued organic growth and commitment to enhancement of long term shareholder value," stated William H. W. Crawford, IV, President and Chief Executive Officer of Rockville Financial, Inc. and Rockville Bank.

"Given market conditions and the impact of increased interest rates on security portfolio valuations and capital, the Company's net earnings and tangible book value performed well during the second quarter. Rockville continues to balance reinvestment in the Company with current period profits, and remains mindful of operating leverage, protecting tangible book value and mitigating interest rate risk. Each quarter we remain focused on enhancing long term shareholder value. I would like to thank our team of dedicated employees who deliver a superior customer experience every day."

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