First Connecticut Bancorp, Inc. Announces Fourth Quarter 2013 Results

First Connecticut Bancorp, Inc. Announces Fourth Quarter 2013 Results

FARMINGTON, Conn., Jan. 30, 2014 (GLOBE NEWSWIRE) -- First Connecticut
Bancorp, Inc. (the "Company") (Nasdaq:FBNK), the holding company for
Farmington Bank (the "Bank"), reported net interest income of $14.2 million
and net income of $1.1 million for the quarter ended December 31, 2013.
Diluted earnings per share were $0.07 compared with $0.06 per diluted share
for the third quarter of 2013 and $0.19 per diluted share for the fourth
quarter of 2012. Earnings per share for the fourth quarter of 2012 included
$0.06 related to the freezing of retirement plans.

"We continue to be encouraged that core earnings are building as a direct
result of our annual increase in loans of $282 million and $89 million for the
quarter. This organic growth coupled with the stabilization of our net
interest margin and flat operating expenses resulted in a $0.45 increase in
tangible book value per share for the year," stated John J. Patrick Jr., First
Connecticut Bancorp's Chairman, President & CEO.

"During the year we completed our strategic exit of the resort financing
market, opened two new branch offices and our 22^nd branch office in Rocky
Hill, CT in January, 2014. The opening of the Rocky Hill branch office
completes the Company's strategic de novo branch expansion."

Financial Highlights

  *Net interest income increased $939,000 or 7% to $14.2 million in the
    fourth quarter of 2013 compared to $13.3 million in the linked quarter.
  *Noninterest expense to average assets was 2.80% in the fourth quarter of
    2013 compared to 2.95% in the linked quarter.
  *Strong organic loan growth continued during the quarter as total loans
    increased $89.3 million or 5% to $1.8 billion at December 31, 2013 and
    increased $282.3 million or 18% for the year ended December 31, 2013.
  *Strong organic loan originations totaled $185.8 million during the
    quarter. Compared to prior quarter, the Commercial and Industrial,
    Commercial Real Estate and Residential Real Estate portfolios increased by
    $38.9 million, $48.1 million and $18.2 million, respectively.
  *Tangible book value per share grew to $14.08 compared to $13.86 on a
    linked quarter basis and $13.63 at the quarter ended December 31, 2012.
  *Checking accounts grew by 3.0% or 1,165 net new accounts in the fourth
    quarter of 2013.
  *Asset quality remained stable as non-accrual loans represented 0.81% of
    total loans compared to 0.80% of total loans on a linked quarter basis.
    Loan delinquencies 30 days and greater decreased slightly to 0.85% of
    total loans at December 31, 2013 compared to 0.87% of total loans at
    September 30, 2013.
  *The provision for loan losses was $660,000 in the fourth quarter compared
    to $215,000 in the linked quarter due to continued loan growth,
    specifically in Commercial Real Estate and Commercial and Industrial
    portfolios.
  *During the fourth quarter of 2013, we repurchased 48,585 shares of common
    stock at an average price per share of $14.75 at a total cost of $717,000.
    Repurchased shares will be held as treasury stock and will be available
    for general corporate purposes.
  *We paid a cash dividend of $0.03 per share on December 16, 2013. This
    marks the ninth consecutive quarter we have paid a dividend since First
    Connecticut Bancorp, Inc. became a public company on June 29, 2011.

Fourth quarter 2013 compared with third quarter 2013

Net interest income

  *Net interest income increased $939,000 to $14.2 million in the fourth
    quarter of 2013 compared to the linked quarter due primarily to an $118.5
    million increase in the average loan balance and despite a 6 basis point
    decrease in the yield on loans.
  *Yield on average interest earning assets decreased 7 basis points from the
    linked quarter to 3.43% for the quarter ended December 31, 2013. Net
    interest margin decreased 2 basis points to 2.92% in the fourth quarter of
    2013 compared to the linked quarter.
  *The cost of interest-bearing deposits decreased slightly to 59 basis
    points for the quarter ended December 31, 2013 compared to 62 basis points
    on a linked quarter basis.

Provision for loan losses

  *Provision for loan losses was $660,000 for the fourth quarter of 2013
    compared to $215,000 for the linked quarter.
  *Net charge-offs in the quarter were $24,000 or 0.01% to average loans
    (annualized) compared to $42,000 or 0.01% to average loans (annualized) in
    the linked quarter.
  *The allowance for loan losses represented 1.01% of total loans at December
    31, 2013 compared to 1.02% for the linked quarter.

Noninterest income

  *Total noninterest income decreased $60,000 to $2.2 million for the fourth
    quarter of 2013 compared to the linked quarter primarily due to a $304,000
    decrease in gain on sale of investments offset by a $267,000 increase in
    other income.
  *Other income increased $267,000 primarily due to a $202,000 reduction in
    the mortgage banking derivatives loss due primarily to a decrease in
    volume in our secondary market residential lending program in the fourth
    quarter of 2013 when compared to the linked quarter.

Noninterest expense

  oNoninterest expense increased $275,000 or 2% to $14.4 million in the
    fourth quarter of 2013 compared to the linked quarter as a result of an
    increase in salaries and employee benefits, including severance, and
    increases in other operating expenses to support growth.

Income tax provision

  oIncome tax provision was $288,000 in the fourth quarter of 2013 compared
    to $292,000 in the linked quarter.

Fourth quarter 2013 compared with fourth quarter 2012

Net interest income

  *Net interest income increased $130,000 to $14.2 million compared to $14.1
    million in the fourth quarter of 2012. The increase was despite a decrease
    in interest income on the resort portfolio of $561,000 in the current
    quarter compared to the fourth quarter of 2012.
  *Net interest margin decreased 45 basis points to 2.92% in the fourth
    quarter of 2013 compared to 3.37% in the fourth quarter of 2012 primarily
    due to a lower interest rate environment, lower prepayment penalty fees
    and a $30.7 million decline in the average balance of the resort
    portfolio. Excluding resort and prepayment penalty fee income for both
    quarters, the net interest margin decreased 26 basis points.
  *The cost of interest-bearing deposits declined slightly to 59 basis points
    in the fourth quarter of 2013 compared to 62 basis points in the fourth
    quarter of 2012.

Provision for loan losses

  *Provision for loan losses was $660,000 for the fourth quarter of 2013
    compared to $315,000 for the prior year quarter.
  *Net charge-offs in the quarter were $24,000 or 0.01% to average loans
    (annualized) compared to $1.0 million or 0.27% to average loans
    (annualized) in the prior year quarter.
  *The allowance for loan losses represented 1.01% of total loans at December
    31, 2013 compared to 1.12% for the prior year quarter.

Noninterest income

  *Total noninterest income decreased $1.9 million to $2.2 million compared
    to the prior year quarter primarily due to decreases in net gains on loans
    sold of $1.4 million, bank owned life insurance of $270,000 and other
    income of $465,000 offset by a $202,000 increase in fees for customer
    service.
  *Other income decreased $465,000 due to a $121,000 loss in the mortgage
    banking derivatives in the fourth quarter of 2013 compared to a $355,000
    gain in the prior year quarter. The loss in the fourth quarter of 2013 was
    due to a decrease in volume in our secondary market residential lending
    program in the fourth quarter of 2013 when compared to the prior year
    quarter.

Noninterest expense

  *Noninterest expense, excluding the $1.5 million reduction in pension and
    other post-retirement benefits expense recognized in the prior year
    quarter due to the freezing of these plans, decreased $513,000 to $14.4
    million in the fourth quarter of 2013 compared to the prior year quarter.
  *Salaries and employee benefits, excluding the pension and other
    post-retirement benefits recognized in the prior year quarter, decreased
    $351,000 to $8.7 million compared to the prior year quarter.
  *Marketing expense decreased $219,000 or 37% compared to the prior year
    quarter primarily due to general expense control initiatives.

Income tax provision

  oIncome tax provision was $288,000 in the fourth quarter of 2013 compared
    to $1.3 million in the prior year quarter.

December 31, 2013 compared to September 30, 2013

Financial condition

  *Total assets increased $117.5 million or 6% at December 31, 2013 to $2.1
    billion compared to September 30, 2013 largely reflecting an increase in
    loans and securities.
  *Our investment portfolio totaled $163.9 million at December 31, 2013
    compared to $123.4 million at September 30, 2013, an increase of $40.5
    million.
  *Net loans increased $88.5 million at December 31, 2013 to $1.8 billion
    compared to September 30, 2013 due to our continued focus on commercial
    and residential lending which, combined, increased $98.0 million, offset
    by an $8.5 million decrease in resort loans as we completed our planned
    exit of the resort financing market.
  *Deposits decreased $37.1 million at December 31, 2013 compared to
    September 30, 2013, due to a $65.6 million seasonal decline in municipal
    deposits offset by a $30.2 million increase in noninterest bearing
    customer deposits as we continue to develop and grow relationships in the
    geographical areas we serve.
  *Federal Home Loan Bank of Boston advances increased $155.0 million to
    $259.0 million at December 31, 2013 compared to September 30, 2013 to
    support loan and securities growth.
  *Stockholders' equity increased $4.3 million to $231.8 million at December
    31, 2013 compared to September 30, 2013.

Asset Quality

  *At December 31, 2013, the allowance for loan losses represented 1.01% of
    total loans and 123.74% of non-accrual loans, compared to 1.02% of total
    loans and 127.30% of non-accrual loans at September 30, 2013.
  *Non-accrual loans represented 0.81% of total loans at December 31, 2013
    compared to 0.80% of total loans at September 30, 2013.
  *Loan delinquencies 30 days and greater decreased slightly to 0.85% of
    total loans at December 31, 2013 compared to 0.87% of total loans at
    September 30, 2013.

Capital and Liquidity

  *The Company remained well-capitalized with an estimated total capital to
    risk-weighted asset ratio of 15.48% at December 31, 2013.
  *Tangible book value per share was $14.08 compared to $13.86 on a linked
    quarter basis and $13.63 from a year ago.
  *At December 31, 2013, the Company continued to have adequate liquidity
    including significant unused borrowing capacity at the Federal Home Loan
    Bank of Boston and the Federal Reserve Bank, as well as access to funding
    through brokered deposits.

About First Connecticut Bancorp, Inc.

First Connecticut Bancorp, Inc. (Nasdaq:FBNK) is a Maryland-chartered stock
holding company that wholly owns Farmington Bank. Farmington Bank is a
full-service, community bank with 22 branch locations throughout central
Connecticut. Established in 1851, Farmington Bank is a diversified consumer
and commercial bank with an ongoing commitment to contribute to the betterment
of the communities in our region. For more information regarding the Bank's
products and services and for First Connecticut Bancorp, Inc. investor
relations information, please visit www.farmingtonbankct.com.

Forward Looking Statements

In addition to historical information, this earnings release may contain
forward-looking statements for purposes of applicable securities laws. Any
statements contained herein that are not statements of historical fact may be
deemed to be forward-looking statements. Such forward-looking statements may
or may not 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 are subject
to numerous assumptions, risks and uncertainties. There are a number of
important factors described in documents previously filed by the Company with
the Securities and Exchange Commission, and other factors that could cause the
Company's actual results to differ materially from those contemplated by such
forward-looking statements. The Company undertakes no obligation to publicly
release the results of any revisions to those forward-looking statements which
may be made to reflect events or circumstances after the date of this release
or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Measures

In addition to evaluating the Company's financial performance in accordance
with U.S. generally accepted accounting principles ("GAAP"), management
routinely supplements their evaluation with an analysis of certain non-GAAP
financial measures, such as core net income, the efficiency ratio and tangible
book value per share. A reconciliation to the most directly comparable GAAP
financial measure; net income in the case of core net income and the
efficiency ratio and stockholders' equity in the case of tangible book value
per share, appears in tabular form in the accompanying Reconciliation of
Non-GAAP Financial Measures table.

We believe that providing certain non-GAAP financial measures provides
investors with information useful in understanding our financial performance,
our performance trends and financial position. Specifically, we provide
measures based on what we believe are our operating earnings on a consistent
basis and exclude non-core operating items which affect the GAAP reporting of
results of operations. The Company believes that core net income is useful for
both investors and management to understand the effects of items that are
non-recurring and infrequent in nature. The Company believes that the
efficiency ratio, which measures the costs expended to generate a dollar of
revenue, is useful in the assessment of financial performance, including
non-interest expense control. The Company believes that tangible book value
per share is useful to evaluate the relative strength of the Company's capital
position. The Company does not have goodwill and intangible assets for any of
the periods presented. As such, tangible book value per common share is equal
to book value per common share.

We utilize these measures for internal planning and forecasting purposes.
These non-GAAP financial measures should not be considered a substitute for
GAAP basis measures and results, and we strongly encourage investors to review
our consolidated financial statements in their entirety and not to rely on any
single financial measure.

First Connecticut Bancorp, Inc.
Selected Financial Data (Unaudited)

                At or for the Three Months Ended
                December 31, September    June 30,     March 31,    December 31,
                              30,
(Dollars in
thousands,       2013         2013         2013         2013         2012
except per share
data)
Selected
Financial                                                        
Condition Data:
                                                                
Total assets     $2,109,716 $1,992,201 $1,845,116 $1,799,392 $1,822,946
Cash and cash    38,799      50,323      36,650      34,946      50,641
equivalents
Held to maturity 12,983      3,002       3,003       3,003       3,006
securities
Available for    150,886     120,382     112,801     108,787     138,241
sale securities
Federal Home
Loan Bank of     13,136      8,383       8,383       8,383       8,939
Boston stock, at
cost
Loans            1,800,987   1,712,507   1,588,080   1,544,687   1,520,170
receivable, net
Deposits         1,513,501   1,550,627   1,452,319   1,376,092   1,330,455
Federal Home
Loan Bank of     259,000     104,000     51,250      76,000      128,000
Boston advances
Total
stockholders'    231,797     227,536     231,180     242,869     241,522
equity
Allowance for    18,314      17,678      17,505      17,332      17,229
loan losses
Non-accrual      14,800      13,887      14,325      13,911      13,782
loans
Impaired loans   39,623      42,587      39,159      39,210      36,857
                                                                
Selected                                                         
Operating Data:
                                                                
Interest income  $16,697    $15,806    $15,336    $15,047    $16,507
Interest expense 2,475       2,523       2,449       2,395       2,415
Net interest     14,222      13,283      12,887      12,652      14,092
income
Provision for
allowance for    660         215         256         399         315
loan losses
Net interest
income after     13,562      13,068      12,631      12,253      13,777
provision for
loan losses
Noninterest      2,175       2,235       2,974       3,538       4,054
income
Noninterest      14,385      14,110      14,555      14,699      13,411
expense
Income before    1,352       1,193       1,050       1,092       4,420
income taxes
Provision for    288         292         248         279         1,250
income taxes
                                                                
Net income       $1,064     $901       $802       $813       $3,170
                                                                
Performance
Ratios                                                           
(annualized):
                                                                
Return on        0.21%        0.19%        0.17%        0.18%        0.71%
average assets
Return on        1.85%        1.55%        1.36%        1.33%        5.20%
average equity
Interest rate    2.77%        2.77%        2.83%        2.89%        3.19%
spread (1)
Net interest     2.92%        2.94%        3.01%        3.07%        3.37%
rate margin (2)
Non-interest
expense to       2.80%        2.95%        3.17%        3.28%        3.01%
average assets
Efficiency ratio 88.51%       92.74%       92.09%       88.16%       86.99%
(3)
Average
interest-earning
assets to        129.65%      130.77%      132.30%      132.04%      131.80%
average
interest-bearing
liabilities
                                                                
Asset Quality                                                    
Ratios:
                                                                
Allowance for
loan losses as a 1.01%        1.02%        1.09%        1.11%        1.12%
percent of total
loans
Allowance for
loan losses as a
percent of       123.74%      127.30%      122.20%      124.59%      125.01%
non-accrual
loans
Net charge-offs
to average loans 0.01%        0.01%        0.02%        0.08%        0.27%
(annualized)
Non-accrual
loans as a       0.81%        0.80%        0.89%        0.89%        0.90%
percent of total
loans
Non-accrual
loans as a       0.70%        0.70%        0.78%        0.77%        0.76%
percent of total
assets
                                                                
Per Share                                                        
Related Data:
                                                                
Basic earnings   $0.07      $0.06      $0.05      $0.05      $0.19
per share
Diluted earnings $0.07      $0.06      $0.05      $0.05      $0.19
per share
Dividends
declared per     $0.03      $0.03      $0.03      $0.03      $0.03
share
Tangible book    $14.08     $13.86     $13.79     $13.76     $13.63
value (4)
Common stock
shares           16,457,642   16,416,427   16,763,516   17,644,449   17,714,481
outstanding
                                                                
(1) Represents the difference between the weighted-average yield on average
interest-earning assets and the weighted-average cost of interest-bearing
liabilities.
(2) Represents net interest income as a percent of average interest-earning
assets.
(3) Represents noninterest expense divided by the sum of net interest income and
noninterest income, adjusted for non-recurring items.See "Reconciliation of
Non-GAAP Financial Measures" table.
(4) Represents ending stockholders' equity less goodwill and intangible assets
(excluding mortgage servicing rights) divided by ending common shares
outstanding. The Company does not have goodwill and intangible assets for any of
the periods presented.See "Reconciliation of Non-GAAP Financial Measures" table.


First Connecticut Bancorp, Inc.
Selected Financial Data (Unaudited)

                   At or for the Three Months Ended
                                                                   
                   December 31, September    June 30,     March 31,    December 31,
                                 30,
(Dollars in         2013         2013         2013         2013         2012
thousands)
Capital Ratios:                                                     
                                                                   
Equity to total
assets at end of    10.99%       11.42%       12.53%       13.50%       13.25%
period
Average equity to   11.22%       12.11%       12.83%       13.62%       13.68%
average assets
Total capital to
risk-weighted       15.48%*      16.12%       17.48%       18.61%       18.78%
assets
Tier I capital to
risk-weighted       14.34%*      14.96%       16.25%       17.37%       17.53%
assets
Tier I capital to
total average       11.45%*      12.18%       12.92%       13.84%       13.88%
assets
Total equity to
total average       11.28%       11.88%       12.59%       13.56%       13.56%
assets
                                                                   
* Estimated                                                         
                                                                   
Loans and Allowance                                                 
for Loan Losses:
                                                                   
Real estate                                                         
Residential         $693,046    $674,804    $625,345    $619,741    $620,991
Commercial          633,764     585,628     533,072     504,722     473,788
Construction        78,191      90,033      80,198      66,508      64,362
Installment         4,516       4,671       5,384       5,949       6,719
Commercial          252,032     213,103     199,328     200,610     192,210
Collateral          1,600       1,819       1,801       1,945       2,086
Home equity line of 151,606     147,026     144,548     143,992     142,543
credit
Demand              85          --          --          --          25
Revolving credit    94          78          62          73          65
Resort              1,374       9,849       12,425      15,252      31,232
Total loans         1,816,308    1,727,011    1,602,163    1,558,792    1,534,021
Less:                                                               
Allowance for loan  (18,314)    (17,678)    (17,505)    (17,332)    (17,229)
losses
Net deferred loan   2,993       3,174       3,422       3,227       3,378
costs
Loans, net          $1,800,987 $1,712,507 $1,588,080 $1,544,687 $1,520,170
                                                                   
Deposits:                                                           
                                                                   
Noninterest-bearing $308,459    $278,275    $275,781    $245,912    $247,586
demand deposits
Interest-bearing                                                    
NOW accounts        285,392     339,350     280,462     234,450     227,205
Money market        387,225     386,682     349,621     352,759     317,030
Savings accounts    193,937     187,040     191,688     186,171     179,290
Time deposits       338,488     359,280     354,767     356,800     359,344
Total
interest-bearing    1,205,042   1,272,352   1,176,538   1,130,180   1,082,869
deposits
Total deposits      $1,513,501  $1,550,627  $1,452,319  $1,376,092  $1,330,455



First Connecticut Bancorp, Inc.
Consolidated Statements of Condition
                                                               
                                      December 31, September 30, December 31,
(Dollars in thousands)                 2013         2013          2012
Assets                                                          
Cash and cash equivalents              $38,799     $50,323      $50,641
Securities held-to-maturity, at        12,983       3,002         3,006
amortized cost
Securities available-for-sale, at fair 150,886      120,382       138,241
value
Loans held for sale                    3,186        5,357         9,626
Loans, net                             1,800,987    1,712,507     1,520,170
Premises and equipment, net            20,619       21,013        19,967
Federal Home Loan Bank of Boston       13,136       8,383         8,939
stock, at cost
Accrued income receivable              4,917        4,579         4,415
Bank-owned life insurance              38,556       38,255        37,449
Deferred income taxes                  15,157       16,095        15,682
Prepaid expenses and other assets      10,490       12,305        14,810
Total assets                           $2,109,716  $1,992,201   $1,822,946
                                                               
Liabilities and Stockholders' Equity                            
Deposits                                                        
Interest-bearing                       $1,205,042  $1,272,352   $1,082,869
Noninterest-bearing                    308,459      278,275       247,586
                                      1,513,501    1,550,627     1,330,455
Federal Home Loan Bank of Boston       259,000      104,000       128,000
advances
Repurchase agreement borrowings        21,000       21,000        21,000
Repurchase liabilities                 50,816       50,432        54,187
Accrued expenses and other liabilities 33,602       38,606        47,782
Total liabilities                      1,877,919    1,764,665     1,581,424
                                                               
Commitments and contingencies          --           --            --
                                                               
Stockholders' Equity                                            
Common stock                           181          181           181
Additional paid-in-capital             175,612      174,817       172,247
Unallocated common stock held by ESOP  (13,747)     (14,014)      (14,806)
Treasury stock, at cost                (22,599)     (23,053)      (4,860)
Retained earnings                      96,592       95,873        94,890
Accumulated other comprehensive loss   (4,242)      (6,268)       (6,130)
Total stockholders' equity             231,797      227,536       241,522
Total liabilities and stockholders'    $2,109,716  $1,992,201   $1,822,946
equity



First Connecticut Bancorp, Inc.
Consolidated Statements of Income

                       Three Months Ended               For the Years Ended
                       December   September  December   December 31,
                        31,       30,       31,
(Dollars in thousands,  2013       2013       2012       2013       2012
except per share data)
Interest income                                                 
Interest and fees on                                            
loans
Mortgage                $13,007   $12,381   $12,415   $48,728   $45,867
Other                   3,437      3,199      3,770      13,183     15,445
Interest and dividends                                          
on investments
United States
Government and agency   134        103        190        478        939
obligations
Other bonds             53         59         61         230        266
Corporate stocks        64         62         66         252        275
Other interest income   2          2          5          15         68
Total interest income   16,697     15,806     16,507     62,886     62,860
Interest expense                                                
Deposits                1,845      1,914      1,649      7,291      6,691
Interest on borrowed    398        383        511        1,651      1,953
funds
Interest on repo        181        181        187        713        727
borrowings
Interest on repurchase  51         45         68         187        257
liabilities
Total interest expense  2,475      2,523      2,415      9,842      9,628
Net interest income     14,222     13,283     14,092     53,044     53,232
Provision for allowance 660        215        315        1,530      1,380
for loan losses
Net interest income
after provision for     13,562     13,068     13,777     51,514     51,852
loan losses
Noninterest income                                              
Fees for customer       1,250      1,230      1,048      4,559      3,714
services
Net gain on sales of    --         304        --         340        --
investments
Net gain on loans sold  581        625        1,935      4,825      3,151
Brokerage and insurance 40         37         32         150        123
fee income
Bank owned life         301        303        571        1,316      1,537
insurance income
Other                   3          (264)      468        (268)      965
Total noninterest       2,175      2,235      4,054      10,922     9,490
income
Noninterest expense                                             
Salaries and employee   8,678      8,571      7,542      34,838     32,828
benefits
Occupancy expense       1,181      1,175      1,095      4,722      4,491
Furniture and equipment 964        998        1,050      4,079      4,381
expense
FDIC assessment         329        341        342        1,272      1,170
Marketing               368        423        587        1,995      2,455
Other operating         2,865      2,602      2,795      10,843     10,753
expenses
Total noninterest       14,385     14,110     13,411     57,749     56,078
expense
Income before income    1,352      1,193      4,420      4,687      5,264
taxes
Provision for income    288        292        1,250      1,107      1,341
taxes
Net income              $1,064    $901      $3,170    $3,580    $3,923
                                                               
Earnings per share:                                            
Basic                   $0.07    $0.06    $0.19    $0.23    $0.24
Diluted                 0.07      0.06      0.19      0.23      0.24
Weighted average shares                                         
outstanding:
Basic                   15,281,296 15,445,082 16,632,586 15,744,574 16,643,566
Diluted                 15,347,912 15,445,082 16,632,586 15,761,365 16,643,566



First Connecticut Bancorp, Inc.
Consolidated Average Balances, Yields and Rates (Unaudited)

                   For The Three Months Ended
                   December 31, 2013           September 30, 2013          December 31, 2012
                    Average    Interest  Yield/ Average    Interest  Yield/ Average     Interest  Yield/
                   Balance    and       Cost   Balance    and       Cost   Balance     and       Cost
                               Dividends                   Dividends                    Dividends
(Dollars in                                                                               
thousands)
Interest-earning                                                                          
assets:
Loans, net          $         $16,444 3.69%  $         $15,580 3.75%  $1,504,834 $16,185 4.28%
                    1,767,468                   1,648,948
Securities         148,653   243       0.65%  131,602   216       0.65%  139,396    308       0.88%
Federal Home Loan
Bank of Boston      10,338    8         0.31%  8,383     8         0.38%  8,670      9         0.41%
stock
Federal funds and
other earning       5,093     2         0.16%  3,288     2         0.24%  10,598     5         0.19%
assets
Total
interest-earning    1,931,552 16,697    3.43%  1,792,221 15,806    3.50%  1,663,498  16,507    3.95%
assets
Noninterest-earning 123,577                  122,566                  118,273             
assets
Total assets       $                        $                        $1,781,771          
                    2,055,129                   1,914,787
                                                                                         
Interest-bearing                                                                          
liabilities:
NOW accounts        $305,045 $172    0.22%  $303,882 $180    0.24%  $215,266  $117    0.22%
Money market        388,503   773      0.79%  371,614   794      0.85%  299,408    487      0.65%
Savings accounts   190,258   78        0.16%  185,732   79        0.17%  178,959    99        0.22%
Certificates of     346,977   822       0.94%  356,994   861       0.96%  358,047    946       1.05%
deposit
Total
interest-bearing    1,230,783 1,845     0.59%  1,218,222 1,914     0.62%  1,051,680  1,649     0.62%
deposits
Advances from the
Federal Home Loan   170,000   398       0.93%  74,101    383       2.05%  118,339    511       1.72%
Bank
Repurchase
agreement           21,000    181       3.42%  21,000    181       3.42%  21,000     187       3.54%
borrowings
Repurchase          68,122    51        0.30%  57,187    45        0.31%  71,115     68        0.38%
liabilities
Total
interest-bearing    1,489,905 2,475     0.66%  1,370,510 2,523     0.73%  1,262,134  2,415     0.76%
liabilities
Noninterest-bearing 294,071                  272,621                  232,286             
deposits
Other
noninterest-bearing 40,557                   39,810                   43,663              
liabilities
Total liabilities  1,824,533                1,682,941                1,538,083           
Stockholders'       230,596                  231,846                  243,688             
equity
Total liabilities   $                          $
and stockholders'   2,055,129                 1,914,787                 $1,781,771          
equity
                                                                                         
Net interest                  $14,222                 $13,283                  $14,092 
income
Net interest rate                      2.77%                     2.77%                      3.19%
spread ^(1)
Net
interest-earning    $441,647                $421,711                $401,364           
assets ^(2)
Net interest margin                    2.92%                     2.94%                      3.37%
^(3)
Average
interest-earning
assetsto average             129.64%                   130.77%                    131.80%   
interest-bearing
liabilities
                                      
(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 represent total interest-earning assets less total interest-bearing
liabilities.
(3) Net interest margin represents net interest income divided by average total interest-earning assets.


First Connecticut Bancorp, Inc.
Consolidated Average Balances, Yields and Rates (Unaudited)

                   For The Years Ended December 31,
                   2013                          2012
                    Average      Interest  Yield/ Average      Interest  Yield/
                   Balance      and       Cost   Balance      and       Cost
                                 Dividends                     Dividends
(Dollars in                                                         
thousands)
Interest-earning                                                    
assets:
Loans, net          $1,629,921 $61,911 3.80%  $1,410,822 $61,312 4.35%
Securities         130,593     927      0.71%  136,062     1,443    1.06%
Federal Home Loan
Bank of Boston      8,981       33       0.37%  7,714       37       0.48%
stock
Federal funds and
other earning       8,398       15       0.18%  33,521      68       0.20%
assets
Total
interest-earning    1,777,893   62,886   3.54%  1,588,119   62,860   3.96%
assets
Noninterest-earning 121,981                    117,449              
assets
Total assets       $1,899,874                $1,705,568          
                                                                   
Interest-bearing                                                    
liabilities:
NOW accounts        $277,698   $638    0.23%  $208,161   $389    0.19%
Money market        362,914     2,878    0.79%  278,179     2,017    0.73%
Savings accounts   182,952     315      0.17%  171,871     291       0.17%
Certificates of     353,677     3,460    0.98%  367,380     3,994     1.09%
deposit
Total
interest-bearing    1,177,241   7,291    0.62%  1,025,591   6,691     0.65%
deposits
Federal Home Loan
Bank of Boston      98,486      1,651    1.68%  89,419      1,953     2.18%
advances
Repurchase
agreement           21,000      713      3.40%  21,000      727       3.46%
borrowings
Repurchase          56,891      187      0.33%  66,436      257       0.39%
liabilities
Total
interest-bearing    1,353,618   9,842    0.73%  1,202,446   9,628     0.80%
liabilities
Noninterest-bearing 266,217                    213,697              
deposits
Other
noninterest-bearing 44,577                     41,223               
liabilities
Total liabilities  1,664,411                  1,457,366            
Stockholders'       235,463                    248,202              
equity
Total liabilities
and stockholders'   $1,899,874                $1,705,568          
equity
                                                                   
Net interest                    $53,044                   $53,232 
income
Net interest rate                        2.81%                       3.16%
spread ^(1)
Net
interest-earning    $424,275                  $385,673            
assets ^(2)
Net interest margin                      2.98%                       3.35%
^(3)
Average
interest-earning
assets to average                                                   
interest-bearing
liabilities
                               131.34%                    132.07%
                                                                   
(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 represent total interest-earning assets less
total interest-bearing liabilities.
(3) Net interest margin represents net interest income divided by average total
interest-earning assets.



First Connecticut Bancorp, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)

The table below presents a reconciliation of non-GAAP financial measures with
financial measures defined by GAAP for the three months ended December 31,
2013, September 30, 2013, June 30, 2013, March 31, 2013, and December 31,
2012. The Company believes the use of these non-GAAP financial measures
provides additional clarity in assessing the results of the Company.

                    At or for the Three Months Ended
                                                               
                    December 31,  September  June 30,   March 31,  December
                                   30,                              31,
(Dollars in
thousands, except    2013          2013       2013       2013       2012
per share data)
Net Income           $1,064      $901     $802     $813     $3,170
Adjustments:                                                    
Less: Prepayment     (144)         --         (20)      (127)     (771)
penalty fees
Less: Net gain on    --            (304)     (36)      --         --
sales of investments
Less: Bank-owned
life insurance       --            --         --         (108)     (249)
proceeds
Less: Pension prior  --            --         --         --         (1,208)
service cost (1)
Less: Post
retirement service   --            --         --         --         (279)
cost (1)
Plus: Accelerated
vesting of stock     --            --         --         633       --
compensation (2)
Total core
adjustments before   (144)         (304)      (56)      398       (2,507)
taxes
Tax benefit
(provision) - 34%    49            --         19        (135)     852
rate
Total core
adjustments after    (95)          (304)      (37)      263       (1,655)
taxes
Total core net       $969        $597     $765     $1,076   $1,515
income
                                                               
Total net interest   $14,222     $13,283  $12,887  $12,652  $14,092
income
Less: Prepayment     (144)         --         (20)      (127)     (771)
penalty fees
Total core net       $14,078     $13,283  $12,867  $12,525  $13,321
interest income
                                                               
Total noninterest    $2,175      $2,235   $2,974   $3,538   $4,054
income
Less: Net gain on    --            (304)     (36)      --         --
sales of investments
Less: Bank-owned
life insurance       --            --         --         (108)     (249)
proceeds
Total core           $2,175      $1,931   $2,938   $3,430   $3,805
noninterest income
                                                               
Total noninterest    $14,385     $14,110  $14,555  $14,699  $13,411
expense
Plus: Pension prior  --            --         --         --         1,208
service cost (1)
Plus: Post
retirement service   --            --         --         --         279
cost (1)
Plus: Loss on sale
of non-strategic     --            --         --         --         --
properties
Less: Accelerated
vesting of stock     --            --         --         (633)     --
compensation (2)
Total core           $14,385     $14,110  $14,555  $14,066  $14,898
noninterest expense
                                                               
Core earnings per
common share,        $0.06       $0.05    $0.05    $0.07    $0.09
diluted
                                                               
Core return on       0.19%         0.15%      0.17%      0.24%      0.34%
assets (annualized)
Core return on       1.68%         1.21%      1.30%      1.76%      2.45%
equity (annualized)
Efficiency ratio     88.51%        92.74%     92.09%     88.16%     86.99%
(3)
                                                               
Tangible book value  $14.08      $13.86   $13.79   $13.76   $13.63
(4)
                                                               
(1) Represents recognizingthe unrecognized prior service cost as a result of
the freeze of the Company's non-contributory defined benefit and other
post-retirement plans.
(2) Represents the passing of a key executive in the first quarter of 2013 and
20% vesting of the 2012 Stock Incentive Plan in the third quarter of 2012.
(3) Represents noninterest expense divided by the sum of net interest income
and noninterest income, adjusted for non-recurring items.
(4) Represents ending stockholders' equity less goodwill and intangible assets
(excluding mortgage servicing rights) divided by ending common shares
outstanding. The Company does not have goodwill and intangible assets for any
of the periods presented.

CONTACT: Jennifer H. Daukas
         Investor Relations Officer
         One Farm Glen Boulevard, Farmington, CT 06032
         P 860-284-6359
         F 860-409-3316
         jdaukas@farmingtonbankct.com

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