BRIDGEPORT, Conn., Oct. 19, 2017 /PRNewswire/ -- People's
United Financial, Inc. (NASDAQ: PBCT) today reported net income of
$90.8 million, or $0.26 per common share, for the third quarter of
2017, compared to $73.7 million, or
$0.24 per common share, for the third
quarter of 2016, and $69.3 million,
or $0.19 per common share, for the
second quarter of 2017.
Included in this quarter's results were merger-related expenses
of $3.0 million ($2.0 million after-tax), or less than
$0.01 per common share, compared to
$3.1 million ($2.1 million after-tax), or $0.01 per common share, for the third quarter of
2016, and $24.8 million ($16.8 million after-tax), or $0.05 per common share, for the second quarter of
2017.
The Company's Board of Directors declared a $0.1725 per common share quarterly dividend
payable November 15, 2017 to
shareholders of record on November 1,
2017. Based on the closing stock price on October 18, 2017, the dividend yield on People's
United Financial common stock is 3.8 percent.
"Our third quarter performance demonstrates the success of our
strategy to improve earnings growth for shareholders," commented
Jack Barnes, President and Chief
Executive Officer. "We reported record quarterly net income of
$90.8 million, an increase of 23
percent from a year ago, and a return on average tangible common
equity of 11.8 percent. The positive operating trends in the
quarter reflect specific actions we have taken to enhance financial
performance. We have recently closed three successful acquisitions,
made various investments in organic growth capabilities and
maintained tight control of expenses. The result of these efforts
was a widening of our net interest margin, improvement in operating
leverage and increases in profitability metrics. We are pleased
with this progress and remain focused on executing our strategy to
further enhance returns."
Barnes concluded, "During the fourth quarter, People's United
will celebrate its 175th anniversary. Over this time,
the Company developed a premium brand by understanding that value
creation begins with a steadfast dedication to superior service
combined with offering a full range of products. Our customer
centric approach has enabled us to develop long-lasting
relationships that profitably fulfill client needs. This approach
differentiates the franchise enabling us to further strengthen our
presence in the markets we serve."
"Third quarter financial results were highlighted by an eight
basis point linked-quarter increase in net interest margin to 3.04
percent, the strongest level in three years," stated David Rosato, Senior Executive Vice President
and Chief Financial Officer. "The expansion was primarily driven by
a 16 basis point increase in loan yields resulting from the
acquisition of LEAF Commercial Capital, which closed in early
August, and repricing of floating rate loans. Deposit costs
remained well-controlled and were up only four basis points."
Rosato continued, "Higher revenues along with thoughtful expense
control generated a third quarter efficiency ratio of 57.3 percent,
an improvement of 110 basis points from the most recent quarter.
Total revenues increased two percent as a result of further growth
in net interest income, partially offset by a modest decline in
non-interest income primarily due to lower commercial loan
prepayment fees. Expenses, excluding merger-related costs, were up
less than one percent from the second quarter, despite the addition
of LEAF."
Rosato concluded, "Period-end loans and deposits increased ten
percent and nine percent, respectively, on an annualized basis from
the end of the second quarter. Loan growth was primarily
attributable to the addition of LEAF as well as solid results in
residential mortgage and middle market commercial and industrial
lending. These increases were partially offset by lower mortgage
warehouse lending balances. The expected rebound in organic deposit
growth primarily reflected continued success gathering commercial
deposits as well as seasonal inflows in our municipal
business."
Net loan charge-offs as a percentage of average total loans on
an annualized basis were 0.06 percent in the third quarter of 2017,
an improvement from 0.09 percent in the second quarter of 2017, but
an increase from 0.04 percent in the third quarter of 2016.
For the originated loan portfolio, non-performing loans equaled
0.59 percent of loans at September 30,
2017, an improvement from 0.60 percent at June 30, 2017, but an increase from 0.54 percent
at September 30, 2016.
Return on average assets of 0.84 percent for the third quarter
of 2017 was an increase from both 0.65 percent (0.77 percent on an
operating basis) in the second quarter of 2017 and 0.73 percent in
the third quarter of 2016. Return on average tangible common
equity of 11.8 percent in the third quarter of 2017 was an increase
from both 8.7 percent (10.9 percent on an operating basis) in the
second quarter of 2017 and 10.7 percent in the third quarter of
2016.
At September 30, 2017, People's
United Financial's common equity tier 1 capital and total
risk-based capital ratios were 9.5 percent and 12.0 percent,
respectively, and the tangible common equity ratio stood at 7.1
percent. For People's United Bank, N.A., common equity tier 1
capital and total risk-based capital ratios were 10.7 percent and
12.6 percent, respectively, at September 30,
2017.
People's United Financial, Inc., a diversified financial
services company with $44 billion in
total assets, provides commercial and retail banking, as well as
wealth management services through a network of approximately 400
branches in Connecticut,
New York, Massachusetts, Vermont, New
Hampshire and Maine.
3Q 2017 Financial Highlights
Summary
- Net income totaled $90.8 million,
or $0.26 per common share.
-
- Net income available to common shareholders totaled
$87.3 million.
- Net interest income totaled $284.6
million in 3Q17 compared to $274.9
million in 2Q17.
- Net interest margin increased eight basis points from 2Q17 to
3.04% reflecting:
-
- Higher yields on the loan portfolio (increase of 12 basis
points).
- One additional calendar day in 3Q17 (increase of two basis
points).
- Higher yields on the securities portfolio (increase of one
basis point).
- Higher rates on deposits and borrowings (decrease of seven
basis points).
- Provision for loan losses totaled $7.0
million.
-
- Net loan charge-offs totaled $5.2
million.
- Net loan charge-off ratio of 0.06% in 3Q17.
- Non-interest income totaled $89.3
million in 3Q17 compared to $91.6
million in 2Q17.
-
- Insurance revenue increased $2.2
million, reflecting the seasonality of commercial insurance
renewals.
- Investment management fees increased $0.6 million.
- Bank service charges increased $0.3
million.
- Commercial banking lending fees decreased $4.5 million.
- At September 30, 2017, assets
under administration, which are not reported as assets of People's
United Financial, totaled $23.0
billion, of which $8.9 billion
are under discretionary management, compared to $22.9 billion and $8.5
billion, respectively, at June 30,
2017.
- Non-interest expense totaled $237.1
million in 3Q17 compared to $257.3
million in 2Q17.
-
- Operating non-interest expense totaled $234.1 million in 3Q17 (See Non-GAAP Financial
Measures and Reconciliation to GAAP).
- Compensation and benefits expense, excluding $3.4 million of merger-related expenses in 2Q17,
increased $1.4 million, primarily
reflecting additional employees resulting from the LEAF
acquisition.
- Professional and outside services expense, excluding
$2.7 million and $10.8 million of merger-related expenses in 3Q17
and 2Q17, respectively, decreased $0.8
million.
- Other non-interest expense in 2Q17 includes $10.6 million of merger-related expenses.
- The efficiency ratio was 57.3% for 3Q17 compared to 58.4% for
2Q17 (See Non-GAAP Financial Measures and Reconciliation to
GAAP).
- The effective income tax rate was 30.0% for 3Q17 and 31.0% for
the first nine months of 2017, compared to 31.4% for the full-year
of 2016.
Commercial Banking
- Commercial loans totaled $23.5
billion at September 30, 2017,
an increase of $719 million from
June 30, 2017.
-
- Organic loan growth of 1% annualized.
- The mortgage warehouse portfolio decreased $164 million from June 30,
2017.
- Average commercial loans totaled $23.1
billion in 3Q17, an increase of $577
million from 2Q17.
-
- The average mortgage warehouse portfolio increased $147 million from 2Q17.
- Commercial deposits totaled $12.0
billion at September 30, 2017
compared to $11.3 billion at
June 30, 2017.
- The ratio of originated non-performing commercial loans to
originated commercial loans was 0.59% at September 30, 2017 compared to 0.62% at
June 30, 2017.
- Non-performing commercial assets, excluding acquired
non-performing loans, totaled $137.4
million at September 30, 2017
compared to $144.8 million at
June 30, 2017.
- For the originated commercial loan portfolio, the allowance for
loan losses as a percentage of loans was 0.94% at both September 30, 2017 and June 30, 2017.
- The originated commercial allowance for loan losses represented
159% of originated non-performing commercial loans at September 30, 2017 compared to 151% at
June 30, 2017.
Retail Banking
- Residential mortgage loans totaled $6.8
billion at September 30, 2017,
an increase of $93 million, or 6%
annualized, from June 30, 2017.
-
- Average residential mortgage loans totaled $6.7 billion in 3Q17, an increase of $38 million, or 2% annualized, from 2Q17.
- Home equity loans totaled $2.0
billion at September 30, 2017,
a decrease of $36 million from
June 30, 2017.
-
- Average home equity loans totaled $2.1
billion in 3Q17, a decrease of $21
million from 2Q17.
- Retail deposits totaled $20.6
billion at September 30, 2017
compared to $20.5 billion at
June 30, 2017.
- The ratio of originated non-performing residential mortgage
loans to originated residential mortgage loans was 0.52% at
September 30, 2017 compared to 0.48%
at June 30, 2017.
- The ratio of originated non-performing home equity loans to
originated home equity loans was 0.74% at September 30, 2017 compared to 0.79% at
June 30, 2017.
Conference Call
On October 19,
2017, at 5 p.m., Eastern Time,
People's United Financial will host a conference call to discuss
this earnings announcement. The call may be heard through
www.peoples.com by selecting "Investor Relations" in the "About Us"
section on the home page, and then selecting "Conference Calls" in
the "News and Events" section. Additional materials relating
to the call may also be accessed at People's United Bank's web
site. The call will be archived on the web site and available
for approximately 90 days.
Certain statements contained in this release are forward-looking
in nature. These include all statements about People's United
Financial's plans, objectives, expectations and other statements
that are not historical facts, and usually use words such as
"expect," "anticipate," "believe," "should" and similar
expressions. Such statements represent management's current
beliefs, based upon information available at the time the
statements are made, with regard to the matters addressed. All
forward-looking statements are subject to risks and uncertainties
that could cause People's United Financial's actual results or
financial condition to differ materially from those expressed in or
implied by such statements. Factors of particular importance to
People's United Financial include, but are not limited to: (1)
changes in general, international, national or regional economic
conditions; (2) changes in interest rates; (3) changes in loan
default and charge-off rates; (4) changes in deposit levels; (5)
changes in levels of income and expense in non-interest income and
expense related activities; (6) changes in accounting and
regulatory guidance applicable to banks; (7) price levels and
conditions in the public securities markets generally; (8)
competition and its effect on pricing, spending, third-party
relationships and revenues; (9) the successful integration of
acquisitions; and (10) changes in regulation resulting from or
relating to financial reform legislation. People's United Financial
does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Access Information About People's United
Financial at www.peoples.com.
People's United
Financial, Inc.
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FINANCIAL
HIGHLIGHTS
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Three Months
Ended
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Sept. 30,
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June 30,
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March 31,
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Dec. 31,
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Sept. 30,
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(dollars in millions,
except per common share data)
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2017
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2017
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2017
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2016
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2016
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Earnings
Data:
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Net interest
income (fully taxable equivalent)
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$
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295.8
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$
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285.2
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$
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258.1
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$
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255.2
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$
|
254.2
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Net interest
income
|
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284.6
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274.9
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248.6
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246.8
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245.3
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Provision for
loan losses
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7.0
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7.1
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4.4
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7.7
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8.4
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Non-interest
income
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89.3
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91.6
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84.7
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84.2
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90.8
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Non-interest
expense (1)
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237.1
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257.3
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226.1
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217.2
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221.4
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Income before
income tax expense
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129.8
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102.1
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102.8
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106.1
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106.3
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Net
income
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|
90.8
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69.3
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|
70.8
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|
75.9
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73.7
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Net income
available to common shareholders (1)
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87.3
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65.8
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67.3
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74.1
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73.7
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Selected
Statistical Data:
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Net interest
margin (2)
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3.04
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%
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2.96
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%
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2.82
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%
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2.78
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%
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2.80
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%
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Return on
average assets (1), (2)
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0.84
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0.65
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0.70
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0.75
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0.73
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Return on
average common equity (2)
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6.4
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4.8
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5.5
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6.1
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6.1
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Return on
average tangible common equity (1), (2)
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11.8
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8.7
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9.6
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10.7
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10.7
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Efficiency
ratio (1)
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57.3
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58.4
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59.4
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59.3
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59.9
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Common Share
Data:
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Basic and
diluted earnings per common share (1)
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$
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0.26
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$
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0.19
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$
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0.22
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$
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0.24
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$
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0.24
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Dividends paid
per common share
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0.1725
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0.1725
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0.17
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0.17
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0.17
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Common
dividend payout ratio (1)
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66.8
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%
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88.6
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%
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78.3
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%
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69.8
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%
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70.1
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%
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Book value per
common share (end of period)
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$
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16.29
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$
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16.18
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$
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15.94
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$
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15.85
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$
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15.99
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Tangible book
value per common share (end of period) (1)
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8.68
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8.99
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9.07
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8.92
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9.18
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Stock
price:
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High
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18.26
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18.21
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19.85
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20.13
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16.40
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Low
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15.97
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16.44
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17.47
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15.28
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14.22
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Close (end of period)
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18.14
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17.66
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18.20
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19.36
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15.82
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Common shares
(end of period) (in millions)
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337.84
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337.51
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310.51
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308.97
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304.02
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Weighted
average diluted common shares (in millions)
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338.82
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338.51
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311.08
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306.23
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303.24
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(1) See Non-GAAP
Financial Measures and Reconciliation to GAAP.
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(2)
Annualized.
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People's United
Financial, Inc.
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FINANCIAL
HIGHLIGHTS
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Nine Months
Ended
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September
30,
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(dollars in millions,
except per common share data)
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2017
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2016
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Earnings
Data:
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Net interest
income (fully taxable equivalent)
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$
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839.1
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$
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749.3
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Net interest
income
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808.1
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725.4
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Provision for
loan losses
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18.5
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28.9
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Non-interest
income
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265.6
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258.5
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Non-interest
expense (1)
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720.5
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651.6
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Income before
income tax expense
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334.7
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303.4
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Net
income
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230.9
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205.1
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Net income
available to common shareholders (1)
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220.4
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205.1
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Selected
Statistical Data:
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Net interest
margin (2)
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2.94
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%
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2.80
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%
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Return on
average assets (1), (2)
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0.73
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0.69
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Return on
average common equity (2)
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5.6
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5.7
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Return on
average tangible common equity (1), (2)
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10.0
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10.1
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Efficiency
ratio (1)
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58.3
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61.0
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Common Share
Data:
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Basic and
diluted earnings per common share (1)
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$
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0.67
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$
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0.68
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Dividends paid
per common share
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0.5150
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0.5075
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Common
dividend payout ratio (1)
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76.8
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%
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75.1
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%
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Book value per
common share (end of period)
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$
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16.29
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$
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15.99
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Tangible book
value per common share (end of period) (1)
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8.68
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9.18
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Stock
price:
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High
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19.85
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16.68
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Low
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15.97
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13.62
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Close (end of period)
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18.14
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15.82
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Common shares
(end of period) (in millions)
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337.84
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304.02
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Weighted
average diluted common shares (in millions)
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329.59
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302.76
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(1) See Non-GAAP
Financial Measures and Reconciliation to GAAP.
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(2)
Annualized.
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People's United
Financial, Inc.
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FINANCIAL
HIGHLIGHTS - Continued
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As of and for the
Three Months Ended
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Sept. 30,
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June 30,
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March 31,
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Dec. 31,
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Sept. 30,
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(dollars in
millions)
|
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2017
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2017
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2017
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2016
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2016
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Financial
Condition Data:
|
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Total assets
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$
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43,998
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$
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43,023
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$
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40,230
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$
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40,610
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$
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40,692
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Loans
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32,384
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31,611
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29,687
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29,745
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29,368
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Securities
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6,914
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|
6,880
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|
6,424
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6,738
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|
7,046
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Short-term investments
|
|
303
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|
216
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|
392
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|
182
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|
373
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Allowance for loan losses
|
|
233
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|
232
|
|
231
|
|
229
|
|
226
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|
Goodwill and other acquisition-related intangible assets
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|
2,568
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|
2,426
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|
2,136
|
|
2,142
|
|
2,070
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|
Deposits
|
|
32,547
|
|
31,815
|
|
30,506
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|
29,861
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|
29,656
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|
Borrowings
|
|
4,144
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|
4,084
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|
3,183
|
|
4,057
|
|
4,437
|
|
Notes and debentures
|
|
906
|
|
907
|
|
904
|
|
1,030
|
|
1,054
|
|
Stockholders' equity
|
|
5,746
|
|
5,704
|
|
5,195
|
|
5,142
|
|
4,862
|
|
Total risk-weighted assets (1):
|
|
|
|
|
|
|
|
|
|
|
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People's United
Financial, Inc.
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|
32,967
|
|
32,095
|
|
30,229
|
|
30,540
|
|
30,451
|
|
People's United
Bank, N.A.
|
|
32,919
|
|
32,050
|
|
30,202
|
|
30,489
|
|
30,415
|
|
Non-performing assets (2)
|
|
191
|
|
198
|
|
183
|
|
167
|
|
180
|
|
Net loan charge-offs
|
|
5.2
|
|
6.8
|
|
2.4
|
|
4.7
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances:
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
31,994
|
$
|
31,400
|
$
|
29,355
|
$
|
29,346
|
$
|
29,107
|
|
Securities (3)
|
|
6,559
|
|
6,728
|
|
6,831
|
|
7,074
|
|
6,873
|
|
Short-term investments
|
|
347
|
|
355
|
|
371
|
|
308
|
|
361
|
|
Total earning assets
|
|
38,900
|
|
38,483
|
|
36,557
|
|
36,728
|
|
36,341
|
|
Total assets
|
|
43,256
|
|
42,666
|
|
40,317
|
|
40,623
|
|
40,304
|
|
Deposits
|
|
32,065
|
|
32,024
|
|
29,923
|
|
29,773
|
|
29,437
|
|
Borrowings
|
|
4,010
|
|
3,498
|
|
3,709
|
|
4,148
|
|
4,296
|
|
Notes and debentures
|
|
909
|
|
907
|
|
966
|
|
1,045
|
|
1,056
|
|
Total funding liabilities
|
|
36,984
|
|
36,429
|
|
34,598
|
|
34,966
|
|
34,789
|
|
Stockholders' equity
|
|
5,722
|
|
5,696
|
|
5,166
|
|
5,039
|
|
4,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs to average total loans (annualized)
|
|
0.06
|
%
|
0.09
|
%
|
0.03
|
%
|
0.06
|
%
|
0.04
|
%
|
Non-performing assets to originated loans,
|
|
|
|
|
|
|
|
|
|
|
|
real estate owned and
repossessed assets (2)
|
|
0.64
|
|
0.67
|
|
0.63
|
|
0.57
|
|
0.63
|
|
Originated allowance for loan losses to:
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans
(2)
|
|
0.77
|
|
0.77
|
|
0.77
|
|
0.77
|
|
0.76
|
|
Originated
non-performing loans (2)
|
|
131.6
|
|
128.1
|
|
140.9
|
|
150.6
|
|
142.0
|
|
Average stockholders' equity to average total assets
|
|
13.2
|
|
13.4
|
|
12.8
|
|
12.4
|
|
12.0
|
|
Stockholders' equity to total assets
|
|
13.1
|
|
13.3
|
|
12.9
|
|
12.7
|
|
11.9
|
|
Tangible common equity to tangible assets (4)
|
|
7.1
|
|
7.5
|
|
7.4
|
|
7.2
|
|
7.2
|
|
Total risk-based capital (1):
|
|
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
12.0
|
|
12.6
|
|
12.7
|
|
12.5
|
|
11.5
|
|
People's United
Bank, N.A.
|
|
12.6
|
|
13.3
|
|
13.4
|
|
13.3
|
|
12.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) September 30,
2017 amounts and ratios are preliminary.
|
|
|
|
|
|
|
|
|
(2) Excludes acquired
loans.
|
|
|
|
|
|
|
|
|
|
|
|
(3) Average balances
for securities are based on amortized cost.
|
|
|
|
|
|
|
|
(4) See Non-GAAP
Financial Measures and Reconciliation to GAAP.
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CONDITION
|
|
|
|
|
|
|
|
|
|
|
Sept. 30,
|
June 30,
|
Dec. 31,
|
Sept. 30,
|
(in
millions)
|
2017
|
2017
|
2016
|
2016
|
Assets
|
|
|
|
|
Cash and due from
banks
|
$
414.1
|
$
455.9
|
$
432.4
|
$
347.5
|
Short-term
investments
|
302.5
|
216.3
|
181.7
|
372.8
|
Total cash and cash equivalents
|
716.6
|
672.2
|
614.1
|
720.3
|
Securities:
|
|
|
|
|
Trading
account securities, at fair value
|
8.3
|
7.8
|
6.8
|
6.8
|
Securities
available for sale, at fair value
|
3,197.5
|
3,682.3
|
4,409.9
|
4,906.5
|
Securities
held to maturity, at amortized cost
|
3,387.6
|
2,875.6
|
2,005.4
|
1,817.5
|
Federal Home
Loan Bank and Federal Reserve Bank stock, at cost
|
320.9
|
314.3
|
315.8
|
315.5
|
Total securities
|
6,914.3
|
6,880.0
|
6,737.9
|
7,046.3
|
Loans held for
sale
|
15.0
|
26.5
|
39.3
|
46.5
|
Loans:
|
|
|
|
|
Commercial
real estate
|
11,180.5
|
11,164.2
|
10,247.3
|
10,001.7
|
Commercial and
industrial
|
8,624.7
|
8,709.7
|
8,125.1
|
8,201.2
|
Equipment
financing
|
3,705.6
|
2,918.3
|
3,032.5
|
2,987.6
|
Total Commercial Portfolio
|
23,510.8
|
22,792.2
|
21,404.9
|
21,190.5
|
Residential
mortgage
|
6,781.0
|
6,687.7
|
6,216.7
|
6,028.0
|
Home equity
and other consumer
|
2,092.7
|
2,131.3
|
2,123.3
|
2,149.3
|
Total Retail Portfolio
|
8,873.7
|
8,819.0
|
8,340.0
|
8,177.3
|
Total loans
|
32,384.5
|
31,611.2
|
29,744.9
|
29,367.8
|
Less allowance
for loan losses
|
(233.4)
|
(231.6)
|
(229.3)
|
(226.3)
|
Total loans, net
|
32,151.1
|
31,379.6
|
29,515.6
|
29,141.5
|
Goodwill and other
acquisition-related intangible assets
|
2,567.9
|
2,426.3
|
2,142.1
|
2,070.3
|
Bank-owned life
insurance
|
405.6
|
404.7
|
349.1
|
347.8
|
Premises and
equipment, net
|
264.7
|
270.2
|
244.5
|
245.1
|
Other
assets
|
963.0
|
963.7
|
967.2
|
1,074.3
|
Total assets
|
$ 43,998.2
|
$ 43,023.2
|
$ 40,609.8
|
$ 40,692.1
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits:
|
|
|
|
|
Non-interest-bearing
|
$
7,655.3
|
$
7,566.4
|
$
6,660.8
|
$
6,521.8
|
Savings
|
4,513.1
|
4,668.6
|
4,397.7
|
4,391.4
|
Interest-bearing checking and money market
|
15,143.1
|
14,887.0
|
14,260.1
|
14,055.5
|
Time
|
5,235.8
|
4,692.7
|
4,542.2
|
4,686.8
|
Total deposits
|
32,547.3
|
31,814.7
|
29,860.8
|
29,655.5
|
Borrowings:
|
|
|
|
|
Federal Home
Loan Bank advances
|
3,074.1
|
3,130.8
|
3,061.1
|
3,261.8
|
Federal funds
purchased
|
543.0
|
629.0
|
617.0
|
844.0
|
Customer
repurchase agreements
|
295.8
|
324.0
|
343.3
|
330.7
|
Other
borrowings
|
231.1
|
0.6
|
35.4
|
-
|
Total borrowings
|
4,144.0
|
4,084.4
|
4,056.8
|
4,436.5
|
Notes and
debentures
|
906.2
|
906.5
|
1,030.1
|
1,053.9
|
Other
liabilities
|
654.6
|
514.1
|
520.2
|
683.9
|
Total liabilities
|
38,252.1
|
37,319.7
|
35,467.9
|
35,829.8
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Preferred
stock
|
244.1
|
244.1
|
244.1
|
-
|
Common
stock
|
4.3
|
4.3
|
4.0
|
4.0
|
Additional paid-in
capital
|
5,972.2
|
5,965.0
|
5,446.1
|
5,359.8
|
Retained
earnings
|
996.4
|
967.8
|
949.3
|
927.3
|
Unallocated common
stock of Employee Stock Ownership Plan, at cost
|
(139.1)
|
(141.0)
|
(144.6)
|
(146.4)
|
Accumulated other
comprehensive loss
|
(169.7)
|
(174.6)
|
(195.0)
|
(120.4)
|
Treasury stock, at
cost
|
(1,162.1)
|
(1,162.1)
|
(1,162.0)
|
(1,162.0)
|
Total stockholders' equity
|
5,746.1
|
5,703.5
|
5,141.9
|
4,862.3
|
Total liabilities and stockholders' equity
|
$ 43,998.2
|
$ 43,023.2
|
$ 40,609.8
|
$ 40,692.1
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Sept. 30,
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
(in millions, except
per common share data)
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
Interest and
dividend income:
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$ 105.6
|
|
$ 105.3
|
|
$
88.6
|
|
$
86.8
|
|
$
85.7
|
Commercial and
industrial
|
80.0
|
|
74.1
|
|
64.6
|
|
65.0
|
|
66.9
|
Equipment
financing
|
41.5
|
|
31.5
|
|
31.6
|
|
31.8
|
|
32.8
|
Residential
mortgage
|
52.5
|
|
52.3
|
|
49.3
|
|
47.0
|
|
45.7
|
Home equity
and other consumer
|
21.0
|
|
19.9
|
|
18.4
|
|
18.1
|
|
18.4
|
Total interest on loans
|
300.6
|
|
283.1
|
|
252.5
|
|
248.7
|
|
249.5
|
Securities
|
37.2
|
|
37.9
|
|
37.0
|
|
36.9
|
|
34.2
|
Loans held for
sale
|
0.3
|
|
0.1
|
|
0.3
|
|
0.3
|
|
0.4
|
Short-term
investments
|
1.1
|
|
0.9
|
|
0.7
|
|
0.4
|
|
0.4
|
Total interest and dividend income
|
339.2
|
|
322.0
|
|
290.5
|
|
286.3
|
|
284.5
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
34.4
|
|
30.9
|
|
27.1
|
|
25.1
|
|
25.2
|
Borrowings
|
12.7
|
|
8.9
|
|
7.3
|
|
6.4
|
|
6.1
|
Notes and
debentures
|
7.5
|
|
7.3
|
|
7.5
|
|
8.0
|
|
7.9
|
Total interest expense
|
54.6
|
|
47.1
|
|
41.9
|
|
39.5
|
|
39.2
|
Net interest income
|
284.6
|
|
274.9
|
|
248.6
|
|
246.8
|
|
245.3
|
Provision for loan
losses
|
7.0
|
|
7.1
|
|
4.4
|
|
7.7
|
|
8.4
|
Net interest income after provision for loan losses
|
277.6
|
|
267.8
|
|
244.2
|
|
239.1
|
|
236.9
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
Bank service
charges
|
25.3
|
|
25.0
|
|
23.5
|
|
24.2
|
|
25.3
|
Investment
management fees
|
16.9
|
|
16.3
|
|
16.0
|
|
14.2
|
|
11.6
|
Operating
lease income
|
10.9
|
|
11.0
|
|
10.2
|
|
9.5
|
|
11.2
|
Insurance
revenue
|
9.7
|
|
7.5
|
|
9.1
|
|
6.8
|
|
9.8
|
Commercial
banking lending fees
|
7.0
|
|
11.5
|
|
8.2
|
|
7.2
|
|
7.1
|
Cash
management fees
|
6.8
|
|
6.5
|
|
6.3
|
|
6.2
|
|
6.5
|
Brokerage
commissions
|
2.8
|
|
3.4
|
|
3.0
|
|
2.8
|
|
3.2
|
Bank-owned
life insurance
|
2.1
|
|
1.9
|
|
0.8
|
|
1.5
|
|
1.2
|
Customer
interest rate swap income, net
|
1.9
|
|
2.4
|
|
2.8
|
|
3.8
|
|
3.7
|
Net gains on
sales of residential mortgage loans
|
1.1
|
|
0.7
|
|
0.9
|
|
2.6
|
|
1.9
|
Net security
gains (losses)
|
-
|
|
0.1
|
|
(15.7)
|
|
(6.0)
|
|
-
|
Other
non-interest income
|
4.8
|
|
5.3
|
|
19.6
|
|
11.4
|
|
9.3
|
Total non-interest income
|
89.3
|
|
91.6
|
|
84.7
|
|
84.2
|
|
90.8
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation
and benefits
|
128.0
|
|
130.0
|
|
125.6
|
|
114.0
|
|
116.1
|
Occupancy and
equipment
|
40.2
|
|
39.8
|
|
38.6
|
|
37.8
|
|
37.7
|
Professional
and outside services
|
19.2
|
|
28.1
|
|
15.5
|
|
16.3
|
|
17.7
|
Regulatory
assessments
|
10.3
|
|
9.9
|
|
9.6
|
|
10.4
|
|
9.9
|
Operating
lease expense
|
8.8
|
|
8.7
|
|
8.8
|
|
8.3
|
|
9.7
|
Amortization
of other acquisition-related intangible assets
|
7.9
|
|
7.9
|
|
6.3
|
|
6.2
|
|
5.8
|
Other
non-interest expense
|
22.7
|
|
32.9
|
|
21.7
|
|
24.2
|
|
24.5
|
Total non-interest expense (1)
|
237.1
|
|
257.3
|
|
226.1
|
|
217.2
|
|
221.4
|
Income before income tax expense
|
129.8
|
|
102.1
|
|
102.8
|
|
106.1
|
|
106.3
|
Income tax
expense
|
39.0
|
|
32.8
|
|
32.0
|
|
30.2
|
|
32.6
|
Net income
|
90.8
|
|
69.3
|
|
70.8
|
|
75.9
|
|
73.7
|
Preferred stock
dividend
|
3.5
|
|
3.5
|
|
3.5
|
|
1.8
|
|
-
|
Net income available to common shareholders
|
$
87.3
|
|
$
65.8
|
|
$
67.3
|
|
$
74.1
|
|
$
73.7
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per common share
|
$
0.26
|
|
$
0.19
|
|
$
0.22
|
|
$
0.24
|
|
$
0.24
|
|
|
|
|
|
|
|
|
|
|
(1) Total
non-interest expense includes $3.0 million, $24.8 million, $1.2
million, $1.6 million and $3.1 million of
|
|
non-operating expenses for
the three months ended September 30, 2017, June 30, 2017, March 31,
2017,
|
|
December 31, 2016 and
September 30, 2016, respectively. See Non-GAAP Financial Measures
and Reconciliation
|
to GAAP.
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
September
30,
|
(in millions, except
per common share data)
|
2017
|
|
2016
|
Interest and
dividend income:
|
|
|
|
Commercial
real estate
|
$
299.5
|
|
$
257.8
|
Commercial and
industrial
|
218.7
|
|
190.0
|
Equipment
financing
|
104.6
|
|
99.1
|
Residential
mortgage
|
154.1
|
|
133.4
|
Home equity
and other consumer
|
59.3
|
|
55.4
|
Total interest on loans
|
836.2
|
|
735.7
|
Securities
|
112.1
|
|
103.4
|
Loans held for
sale
|
0.7
|
|
0.8
|
Short-term
investments
|
2.7
|
|
1.1
|
Total interest and dividend income
|
951.7
|
|
841.0
|
Interest
expense:
|
|
|
|
Deposits
|
92.4
|
|
75.8
|
Borrowings
|
28.9
|
|
16.4
|
Notes and
debentures
|
22.3
|
|
23.4
|
Total interest expense
|
143.6
|
|
115.6
|
Net interest income
|
808.1
|
|
725.4
|
Provision for loan
losses
|
18.5
|
|
28.9
|
Net interest income after provision for loan losses
|
789.6
|
|
696.5
|
Non-interest
income:
|
|
|
|
Bank service
charges
|
73.8
|
|
73.8
|
Investment
management fees
|
49.2
|
|
34.1
|
Operating
lease income
|
32.1
|
|
31.7
|
Commercial
banking lending fees
|
26.7
|
|
24.4
|
Insurance
revenue
|
26.3
|
|
26.1
|
Cash
management fees
|
19.6
|
|
18.8
|
Brokerage
commissions
|
9.2
|
|
9.4
|
Customer
interest rate swap income, net
|
7.1
|
|
10.6
|
Bank-owned
life insurance
|
4.8
|
|
4.2
|
Net gains on
sales of residential mortgage loans
|
2.7
|
|
3.7
|
Net security
(losses) gains
|
(15.6)
|
|
0.1
|
Other
non-interest income
|
29.7
|
|
21.6
|
Total non-interest income
|
265.6
|
|
258.5
|
Non-interest
expense:
|
|
|
|
Compensation
and benefits
|
383.6
|
|
341.6
|
Occupancy and
equipment
|
118.6
|
|
112.6
|
Professional
and outside services
|
62.8
|
|
51.5
|
Regulatory
assessments
|
29.8
|
|
27.1
|
Operating
lease expense
|
26.3
|
|
28.0
|
Amortization
of other acquisition-related intangible assets
|
22.1
|
|
17.4
|
Other
non-interest expense
|
77.3
|
|
73.4
|
Total non-interest expense (1)
|
720.5
|
|
651.6
|
Income before income tax expense
|
334.7
|
|
303.4
|
Income tax
expense
|
103.8
|
|
98.3
|
Net income
|
230.9
|
|
205.1
|
Preferred stock
dividend
|
10.5
|
|
-
|
Net income available to common shareholders
|
$
220.4
|
|
$
205.1
|
|
|
|
|
Basic and diluted
earnings per common share
|
$
0.67
|
|
$
0.68
|
|
|
|
|
(1) Total
non-interest expense includes $29.0 million and $3.1 million of
non-operating expenses for
|
the nine months ended
September 30, 2017 and 2016, respectively. See Non-GAAP
Financial
|
Measures and
Reconciliation to GAAP.
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
AVERAGE BALANCE
SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2017
|
|
June 30,
2017
|
|
September 30,
2016
|
Three months
ended
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(dollars in
millions)
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
$
347.3
|
$
1.1
|
1.25%
|
|
$
354.8
|
$
0.9
|
0.97%
|
|
$
361.0
|
$
0.4
|
0.47%
|
Securities
(2)
|
6,558.8
|
44.4
|
2.71
|
|
6,727.5
|
44.6
|
2.65
|
|
6,872.5
|
38.9
|
2.26
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
11,169.8
|
105.6
|
3.78
|
|
11,371.4
|
105.3
|
3.70
|
|
9,978.8
|
85.7
|
3.44
|
Commercial and
industrial
|
8,580.0
|
84.0
|
3.91
|
|
8,276.1
|
77.7
|
3.75
|
|
8,053.2
|
71.1
|
3.53
|
Equipment
financing
|
3,399.5
|
41.5
|
4.89
|
|
2,924.8
|
31.5
|
4.31
|
|
2,984.7
|
32.8
|
4.39
|
Residential
mortgage
|
6,731.7
|
52.8
|
3.13
|
|
6,693.3
|
52.4
|
3.14
|
|
5,935.3
|
46.1
|
3.11
|
Home equity
and other consumer
|
2,112.6
|
21.0
|
3.97
|
|
2,134.8
|
19.9
|
3.73
|
|
2,155.4
|
18.4
|
3.41
|
Total loans
|
31,993.6
|
304.9
|
3.81
|
|
31,400.4
|
286.8
|
3.65
|
|
29,107.4
|
254.1
|
3.49
|
Total earning assets
|
38,899.7
|
$350.4
|
3.60%
|
|
38,482.7
|
$332.3
|
3.45%
|
|
36,340.9
|
$293.4
|
3.23%
|
Other
assets
|
4,356.7
|
|
|
|
4,183.1
|
|
|
|
3,963.1
|
|
|
Total assets
|
$ 43,256.4
|
|
|
|
$ 42,665.8
|
|
|
|
$ 40,304.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
$
7,609.1
|
$
-
|
- %
|
|
$
7,399.5
|
$
-
|
- %
|
|
$
6,325.3
|
$
-
|
- %
|
Savings,
interest-bearing checking
|
|
|
|
|
|
|
|
|
|
|
|
and money market
|
19,529.1
|
21.4
|
0.44
|
|
19,895.8
|
19.6
|
0.39
|
|
18,356.6
|
13.3
|
0.29
|
Time
|
4,926.8
|
13.0
|
1.06
|
|
4,728.7
|
11.3
|
0.96
|
|
4,755.1
|
11.9
|
1.00
|
Total deposits
|
32,065.0
|
34.4
|
0.43
|
|
32,024.0
|
30.9
|
0.39
|
|
29,437.0
|
25.2
|
0.34
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home
Loan Bank advances
|
2,834.3
|
9.4
|
1.33
|
|
2,546.6
|
7.1
|
1.11
|
|
3,306.7
|
5.1
|
0.62
|
Federal funds
purchased
|
649.9
|
2.1
|
1.26
|
|
625.2
|
1.6
|
1.04
|
|
674.1
|
0.9
|
0.51
|
Customer
repurchase agreements
|
311.3
|
0.1
|
0.19
|
|
313.9
|
0.1
|
0.19
|
|
314.8
|
0.1
|
0.19
|
Other
borrowings
|
214.2
|
1.1
|
2.06
|
|
11.8
|
0.1
|
0.79
|
|
-
|
-
|
-
|
Total borrowings
|
4,009.7
|
12.7
|
1.27
|
|
3,497.5
|
8.9
|
1.02
|
|
4,295.6
|
6.1
|
0.57
|
Notes and
debentures
|
908.9
|
7.5
|
3.29
|
|
907.2
|
7.3
|
3.24
|
|
1,056.4
|
7.9
|
2.97
|
Total funding liabilities
|
36,983.6
|
$
54.6
|
0.59%
|
|
36,428.7
|
$
47.1
|
0.52%
|
|
34,789.0
|
$
39.2
|
0.45%
|
Other
liabilities
|
550.6
|
|
|
|
541.0
|
|
|
|
674.5
|
|
|
Total liabilities
|
37,534.2
|
|
|
|
36,969.7
|
|
|
|
35,463.5
|
|
|
Stockholders'
equity
|
5,722.2
|
|
|
|
5,696.1
|
|
|
|
4,840.5
|
|
|
Total liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
stockholders'
equity
|
$ 43,256.4
|
|
|
|
$ 42,665.8
|
|
|
|
$ 40,304.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/spread (3)
|
|
$295.8
|
3.01%
|
|
|
$285.2
|
2.93%
|
|
|
$254.2
|
2.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
3.04%
|
|
|
|
2.96%
|
|
|
|
2.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Average yields
earned and rates paid are annualized.
|
|
|
|
|
|
|
|
|
|
(2) Average balances
and yields for securities are based on amortized cost.
|
|
|
|
|
|
|
(3) The fully taxable
equivalent adjustment was $11.2 million, $10.3 million and $8.9
million for the three months ended September 30, 2017,
June 30, 2017 and September 30, 2016,
respectively.
|
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
AVERAGE BALANCE
SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)
|
|
|
|
|
|
|
|
|
|
September 30,
2017
|
|
September 30,
2016
|
Nine months
ended
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(dollars in
millions)
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
|
Short-term
investments
|
$
357.4
|
$
2.7
|
1.01%
|
|
$
335.7
|
$
1.1
|
0.46%
|
Securities
(2)
|
6,704.9
|
132.2
|
2.63
|
|
6,690.4
|
116.7
|
2.33
|
Loans:
|
|
|
|
|
|
|
|
Commercial
real estate
|
10,913.9
|
299.5
|
3.66
|
|
9,991.1
|
257.8
|
3.44
|
Commercial and
industrial
|
8,192.8
|
229.6
|
3.74
|
|
7,754.1
|
200.6
|
3.45
|
Equipment
financing
|
3,100.5
|
104.6
|
4.50
|
|
2,972.7
|
99.1
|
4.44
|
Residential
mortgage
|
6,601.2
|
154.8
|
3.13
|
|
5,719.3
|
134.2
|
3.13
|
Home equity
and other consumer
|
2,117.6
|
59.3
|
3.73
|
|
2,173.1
|
55.4
|
3.40
|
Total loans
|
30,926.0
|
847.8
|
3.66
|
|
28,610.3
|
747.1
|
3.48
|
Total earning assets
|
37,988.3
|
$982.7
|
3.45%
|
|
35,636.4
|
$864.9
|
3.24%
|
Other
assets
|
4,102.3
|
|
|
|
3,866.2
|
|
|
Total assets
|
$ 42,090.6
|
|
|
|
$ 39,502.6
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Non-interest-bearing
|
$
7,152.2
|
$
-
|
- %
|
|
$
6,139.3
|
$
-
|
- %
|
Savings,
interest-bearing checking
|
|
|
|
|
|
|
|
and money market
|
19,446.5
|
57.4
|
0.39
|
|
18,138.6
|
38.9
|
0.29
|
Time
|
4,746.5
|
35.0
|
0.98
|
|
4,802.7
|
36.9
|
1.02
|
Total deposits
|
31,345.2
|
92.4
|
0.39
|
|
29,080.6
|
75.8
|
0.35
|
Borrowings:
|
|
|
|
|
|
|
|
Federal Home
Loan Bank advances
|
2,698.0
|
22.3
|
1.10
|
|
3,115.5
|
14.1
|
0.61
|
Federal funds
purchased
|
627.6
|
4.9
|
1.03
|
|
497.2
|
1.8
|
0.45
|
Customer
repurchase agreements
|
311.6
|
0.4
|
0.19
|
|
340.0
|
0.5
|
0.19
|
Other
borrowings
|
102.5
|
1.3
|
1.71
|
|
-
|
-
|
-
|
Total borrowings
|
3,739.7
|
28.9
|
1.03
|
|
3,952.7
|
16.4
|
0.55
|
Notes and
debentures
|
927.1
|
22.3
|
3.21
|
|
1,049.7
|
23.4
|
2.97
|
Total funding liabilities
|
36,012.0
|
$143.6
|
0.53%
|
|
34,083.0
|
$115.6
|
0.45%
|
Other
liabilities
|
548.5
|
|
|
|
620.6
|
|
|
Total liabilities
|
36,560.5
|
|
|
|
34,703.6
|
|
|
Stockholders'
equity
|
5,530.1
|
|
|
|
4,799.0
|
|
|
Total liabilities and
|
|
|
|
|
|
|
|
stockholders'
equity
|
$ 42,090.6
|
|
|
|
$ 39,502.6
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/spread (3)
|
|
$839.1
|
2.92%
|
|
|
$749.3
|
2.79%
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
2.94%
|
|
|
|
2.80%
|
|
|
|
|
|
|
|
|
(1) Average yields
earned and rates paid are annualized.
|
|
|
|
|
|
(2) Average balances
and yields for securities are based on amortized cost.
|
|
|
(3) The fully taxable
equivalent adjustment was $31.0 million and $23.9 million for the
nine months ended
|
September 30, 2017 and
2016, respectively.
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired in a
business combination are initially recorded at fair value with no
carryover of an acquired entity's previous established allowance
for loan losses. Accordingly, selected asset quality metrics have
been highlighted to distinguish between the 'originated' portfolio
and the 'acquired' portfolio.
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sept. 30,
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
Originated
non-performing loans:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
|
36.7
|
$
|
42.9
|
$
|
23.4
|
$
|
22.3
|
$
|
23.4
|
|
Commercial and
industrial
|
|
34.9
|
|
40.2
|
|
47.4
|
|
41.5
|
|
40.0
|
|
Equipment
financing
|
|
54.1
|
|
48.2
|
|
47.4
|
|
39.4
|
|
46.0
|
|
Total
|
|
125.7
|
|
131.3
|
|
118.2
|
|
103.2
|
|
109.4
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
33.8
|
|
30.8
|
|
26.3
|
|
27.4
|
|
28.2
|
|
Home
equity
|
|
14.8
|
|
15.8
|
|
15.2
|
|
17.4
|
|
16.5
|
|
Other
consumer
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total
|
|
48.6
|
|
46.6
|
|
41.5
|
|
44.8
|
|
44.7
|
|
Total originated non-performing loans (1)
|
|
174.3
|
|
177.9
|
|
159.7
|
|
148.0
|
|
154.1
|
|
REO:
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
4.7
|
|
6.7
|
|
10.9
|
|
8.1
|
|
7.9
|
|
Commercial
|
|
6.3
|
|
4.3
|
|
4.1
|
|
4.0
|
|
11.2
|
|
Total REO
|
|
11.0
|
|
11.0
|
|
15.0
|
|
12.1
|
|
19.1
|
|
Repossessed
assets
|
|
5.4
|
|
9.2
|
|
8.2
|
|
7.2
|
|
6.9
|
|
Total non-performing assets
|
$
|
190.7
|
$
|
198.1
|
$
|
182.9
|
$
|
167.3
|
$
|
180.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
non-performing loans (contractual amount)
|
$
|
26.6
|
$
|
26.4
|
$
|
22.1
|
$
|
24.7
|
$
|
24.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated
non-performing loans as a percentage
|
|
|
|
|
|
|
|
|
|
|
|
of originated
loans
|
|
0.59
|
%
|
0.60
|
%
|
0.55
|
%
|
0.51
|
%
|
0.54
|
%
|
Non-performing assets
as a percentage of:
|
|
|
|
|
|
|
|
|
|
|
|
Originated
loans, REO and repossessed assets
|
|
0.64
|
|
0.67
|
|
0.63
|
|
0.57
|
|
0.63
|
|
Tangible
stockholders' equity and originated
|
|
|
|
|
|
|
|
|
|
|
|
allowance for loan
losses
|
|
5.60
|
|
5.65
|
|
5.57
|
|
5.19
|
|
5.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reported net of
government guarantees totaling $4.0 million at September 30, 2017,
$4.2 million at June 30, 2017,
|
|
$4.4 million at March 31,
2017, $13.1 million at December 31, 2016 and $13.0 million at
September 30, 2016.
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
PROVISION AND
ALLOWANCE FOR LOAN LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Sept. 30,
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
Allowance for loan
losses on originated loans:
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period
|
$
|
227.9
|
$
|
225.0
|
$
|
223.0
|
$
|
219.0
|
$
|
213.0
|
|
Charge-offs
|
|
(5.8)
|
|
(6.7)
|
|
(4.6)
|
|
(4.7)
|
|
(3.8)
|
|
Recoveries
|
|
1.5
|
|
1.8
|
|
2.2
|
|
1.0
|
|
1.4
|
|
Net loan charge-offs
|
|
(4.3)
|
|
(4.9)
|
|
(2.4)
|
|
(3.7)
|
|
(2.4)
|
|
Provision for
loan losses
|
|
5.6
|
|
7.8
|
|
4.4
|
|
7.7
|
|
8.4
|
|
Balance at end of period
|
|
229.2
|
|
227.9
|
|
225.0
|
|
223.0
|
|
219.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses on acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period
|
|
3.7
|
|
6.3
|
|
6.3
|
|
7.3
|
|
7.4
|
|
Charge-offs
|
|
(1.0)
|
|
(1.9)
|
|
-
|
|
(1.0)
|
|
(0.1)
|
|
Recoveries
|
|
0.1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Net loan charge-offs
|
|
(0.9)
|
|
(1.9)
|
|
-
|
|
(1.0)
|
|
(0.1)
|
|
Provision for
loan losses
|
|
1.4
|
|
(0.7)
|
|
-
|
|
-
|
|
-
|
|
Balance at end of period
|
|
4.2
|
|
3.7
|
|
6.3
|
|
6.3
|
|
7.3
|
|
Total allowance for loan losses
|
$
|
233.4
|
$
|
231.6
|
$
|
231.3
|
$
|
229.3
|
$
|
226.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated commercial
allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
as a
percentage of originated commercial loans
|
0.94
|
%
|
0.94
|
%
|
0.94
|
%
|
0.95
|
%
|
0.94
|
%
|
Originated retail
allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
as a
percentage of originated retail loans
|
|
0.35
|
|
0.35
|
|
0.36
|
|
0.30
|
|
0.30
|
|
Total originated
allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
as a
percentage of:
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans
|
|
0.77
|
|
0.77
|
|
0.77
|
|
0.77
|
|
0.76
|
|
Originated non-performing loans
|
|
131.6
|
|
128.1
|
|
140.9
|
|
150.6
|
|
142.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOAN
CHARGE-OFFS (RECOVERIES)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Sept. 30,
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
|
1.5
|
$
|
1.2
|
$
|
-
|
$
|
0.9
|
$
|
0.2
|
|
Commercial and
industrial
|
|
2.0
|
|
1.8
|
|
0.8
|
|
1.1
|
|
0.4
|
|
Equipment
financing
|
|
0.5
|
|
2.7
|
|
0.5
|
|
1.3
|
|
1.3
|
|
Total
|
|
4.0
|
|
5.7
|
|
1.3
|
|
3.3
|
|
1.9
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
0.1
|
|
0.1
|
|
0.1
|
|
-
|
|
0.4
|
|
Home
equity
|
|
0.9
|
|
0.7
|
|
1.1
|
|
1.3
|
|
0.1
|
|
Other
consumer
|
|
0.2
|
|
0.3
|
|
(0.1)
|
|
0.1
|
|
0.1
|
|
Total
|
|
1.2
|
|
1.1
|
|
1.1
|
|
1.4
|
|
0.6
|
|
Total net loan charge-offs
|
$
|
5.2
|
$
|
6.8
|
$
|
2.4
|
$
|
4.7
|
$
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
to
|
|
|
|
|
|
|
|
|
|
|
|
average total
loans (annualized)
|
|
0.06
|
%
|
0.09
|
%
|
0.03
|
%
|
0.06
|
%
|
0.04
|
%
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In addition to
evaluating People's United Financial Inc. ("People's United")
results of operations in accordance with U.S. generally accepted
accounting principles ("GAAP"), management routinely supplements
its evaluation with an analysis of certain non-GAAP financial
measures, such as the efficiency and tangible common equity ratios,
tangible book value per common share and operating earnings
metrics. Management believes these non-GAAP financial measures
provide information useful to investors in understanding People's
United's underlying operating performance and trends, and
facilitates comparisons with the performance of other financial
institutions. Further, the efficiency ratio and operating earnings
metrics are used by management in its assessment of financial
performance, including non-interest expense control, while the
tangible common equity ratio and tangible book value per common
share are used to analyze the relative strength of People's
United's capital position.
|
|
The efficiency ratio,
which represents an approximate measure of the cost required by
People's United to generate a dollar of revenue, is the ratio of
(i) total non-interest expense (excluding operating lease expense,
goodwill impairment charges, amortization of other
acquisition-related intangible assets, losses on real estate assets
and non-recurring expenses) (the numerator) to (ii) net interest
income on a fully taxable equivalent ("FTE") basis plus total
non-interest income (including the FTE adjustment on bank-owned
life insurance ("BOLI") income, the netting of operating lease
expense and excluding gains and losses on sales of assets other
than residential mortgage loans and acquired loans, and
non-recurring income) (the denominator). People's United generally
considers an item of income or expense to be non-recurring if it is
not similar to an item of income or expense of a type incurred
within the last two years and is not similar to an item of income
or expense of a type reasonably expected to be incurred within the
following two years.
|
|
Operating earnings
exclude from net income available to common shareholders those
items that management considers to be of such a non-recurring or
infrequent nature that, by excluding such items (net of income
taxes), People's United's results can be measured and assessed on a
more consistent basis from period to period. Items excluded from
operating earnings, which include, but are not limited to: (i)
non-recurring gains/losses; (ii) merger-related expenses, including
acquisition integration and other costs; (iii) writedowns of
banking house assets and related lease termination costs; (iv)
severance-related costs; and (v) charges related to executive-level
management separation costs, are generally also excluded when
calculating the efficiency ratio. Effective in 2016, recurring
writedowns of banking house assets and certain severance-related
costs are no longer considered to be non-operating expenses.
Operating earnings per common share ("EPS") is derived by
determining the per common share impact of the respective
adjustments to arrive at operating earnings and adding
(subtracting) such amounts to (from) EPS, as reported. Operating
return on average assets is calculated by dividing operating
earnings (annualized) by average total assets. Operating return on
average tangible common equity is calculated by dividing operating
earnings (annualized) by average tangible common equity. The
operating common dividend payout ratio is calculated by dividing
common dividends paid by operating earnings for the respective
period.
|
|
The tangible common
equity ratio is the ratio of (i) tangible common equity (total
stockholders' equity less preferred stock, goodwill and other
acquisition-related intangible assets) (the numerator) to (ii)
tangible assets (total assets less goodwill and other
acquisition-related intangible assets) (the denominator). Tangible
book value per common share is calculated by dividing tangible
common equity by common shares (total common shares issued, less
common shares classified as treasury shares and unallocated
Employee Stock Ownership Plan ("ESOP") common shares).
|
|
In light of diversity
in presentation among financial institutions, the methodologies
used by People's United for determining the non-GAAP financial
measures discussed above may differ from those used by other
financial institutions.
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP - Continued
|
|
|
OPERATING
NON-INTEREST EXPENSE AND EFFICIENCY RATIO
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
Sept. 30,
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
Sept. 30,
|
|
Sept. 30,
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
Total non-interest
expense
|
|
$
237.1
|
|
$
257.3
|
|
$
226.1
|
|
$
217.2
|
|
$
221.4
|
|
$
720.5
|
|
$
651.6
|
Adjustments to arrive
at operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expenses
|
|
(3.0)
|
|
(24.8)
|
|
(1.2)
|
|
(0.9)
|
|
(3.1)
|
|
(29.0)
|
|
(3.1)
|
Acquisition
integration and other costs
|
|
-
|
|
-
|
|
-
|
|
(0.7)
|
|
-
|
|
-
|
|
-
|
Total
|
|
(3.0)
|
|
(24.8)
|
|
(1.2)
|
|
(1.6)
|
|
(3.1)
|
|
(29.0)
|
|
(3.1)
|
Operating non-interest expense
|
|
234.1
|
|
232.5
|
|
224.9
|
|
215.6
|
|
218.3
|
|
691.5
|
|
648.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease
expense
|
|
(8.8)
|
|
(8.7)
|
|
(8.8)
|
|
(8.3)
|
|
(9.7)
|
|
(26.3)
|
|
(28.0)
|
Amortization of other
acquisition-related
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible assets
|
|
(7.9)
|
|
(7.9)
|
|
(6.3)
|
|
(6.2)
|
|
(5.8)
|
|
(22.1)
|
|
(17.4)
|
Other (1)
|
|
(1.5)
|
|
(0.4)
|
|
(1.8)
|
|
(0.6)
|
|
(1.8)
|
|
(3.7)
|
|
(5.1)
|
Total non-interest expense for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
efficiency
ratio
|
|
$
215.9
|
|
$
215.5
|
|
$
208.0
|
|
$
200.5
|
|
$
201.0
|
|
$
639.4
|
|
$
598.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(FTE basis)
|
|
$
295.8
|
|
$
285.2
|
|
$
258.1
|
|
$
255.2
|
|
$
254.2
|
|
$
839.1
|
|
$
749.3
|
Total non-interest
income
|
|
89.3
|
|
91.6
|
|
84.7
|
|
84.2
|
|
90.8
|
|
265.6
|
|
258.5
|
Total revenues
|
|
385.1
|
|
376.8
|
|
342.8
|
|
339.4
|
|
345.0
|
|
1,104.7
|
|
1,007.8
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net security
(gains) losses
|
|
-
|
|
(0.1)
|
|
15.7
|
|
6.0
|
|
-
|
|
15.6
|
|
(0.1)
|
Operating
lease expense
|
|
(8.8)
|
|
(8.7)
|
|
(8.8)
|
|
(8.3)
|
|
(9.7)
|
|
(26.3)
|
|
(28.0)
|
BOLI FTE
adjustment
|
|
1.2
|
|
1.0
|
|
0.4
|
|
0.7
|
|
0.6
|
|
2.6
|
|
2.1
|
Other
(2)
|
|
(0.2)
|
|
-
|
|
0.2
|
|
0.2
|
|
(0.3)
|
|
-
|
|
(1.0)
|
Total revenues for efficiency ratio
|
|
$
377.3
|
|
$
369.0
|
|
$
350.3
|
|
$
338.0
|
|
$
335.6
|
|
$ 1,096.6
|
|
$
980.8
|
Efficiency ratio
|
|
57.3%
|
|
58.4%
|
|
59.4%
|
|
59.3%
|
|
59.9%
|
|
58.3%
|
|
61.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Items
classified as "other" and deducted from non-interest expense for
purposes of calculating the efficiency ratio include
|
certain franchise
taxes and real estate owned expenses.
|
|
|
|
|
|
|
|
|
|
|
(2) Items
classified as "other" and (deducted from) added to total revenues
for purposes of calculating the efficiency ratio include,
as
|
applicable, asset
write-offs and gains associated with the sale of branch
locations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP - Continued
|
|
|
|
|
OPERATING
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
Sept. 30,
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
Sept. 30,
|
|
Sept. 30,
|
(dollars in millions,
except per common share data)
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
Net income available
to common shareholders
|
|
$
87.3
|
|
$
65.8
|
|
$
67.3
|
|
$
74.1
|
|
$
73.7
|
|
$
220.4
|
|
$
205.1
|
Adjustments to arrive
at operating earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expenses
|
|
3.0
|
|
24.8
|
|
1.2
|
|
0.9
|
|
3.1
|
|
29.0
|
|
3.1
|
Acquisition
integration and other costs
|
|
-
|
|
-
|
|
-
|
|
0.7
|
|
-
|
|
-
|
|
-
|
Total pre-tax adjustments
|
|
3.0
|
|
24.8
|
|
1.2
|
|
1.6
|
|
3.1
|
|
29.0
|
|
3.1
|
Tax effect
(1)
|
|
(1.0)
|
|
(8.0)
|
|
(0.4)
|
|
(0.6)
|
|
(1.0)
|
|
(9.2)
|
|
(1.0)
|
Total adjustments, net of tax
|
|
2.0
|
|
16.8
|
|
0.8
|
|
1.0
|
|
2.1
|
|
19.8
|
|
2.1
|
Operating earnings(1)
|
|
$
89.3
|
|
$
82.6
|
|
$
68.1
|
|
$
75.1
|
|
$
75.8
|
|
$
240.2
|
|
$
207.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS, as
reported
|
|
$
0.26
|
|
$
0.19
|
|
$
0.22
|
|
$
0.24
|
|
$
0.24
|
|
$
0.67
|
|
$
0.68
|
Adjustments to arrive
at operating EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expenses
|
|
-
|
|
0.05
|
|
-
|
|
-
|
|
0.01
|
|
0.06
|
|
0.01
|
Acquisition
integration and other costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total adjustments per share (1)
|
|
-
|
|
0.05
|
|
-
|
|
-
|
|
0.01
|
|
0.06
|
|
0.01
|
Operating EPS(1)
|
|
$
0.26
|
|
$
0.24
|
|
$
0.22
|
|
$
0.24
|
|
$
0.25
|
|
$
0.73
|
|
$
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$43,256
|
|
$42,666
|
|
$40,317
|
|
$40,623
|
|
$40,304
|
|
$42,091
|
|
$39,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return
on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets (annualized)
|
|
0.83%
|
|
0.77%
|
|
0.68%
|
|
0.74%
|
|
0.75%
|
|
0.76%
|
|
0.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The sum of the
quarterly amounts do not equal the nine months amounts due to
rounding and/or changes in common share count.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING RETURN
ON AVERAGE TANGIBLE COMMON EQUITY
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
Sept. 30,
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
Sept. 30,
|
|
Sept. 30,
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
Operating
earnings
|
|
$
89.3
|
|
$
82.6
|
|
$
68.1
|
|
$
75.1
|
|
$
75.8
|
|
$
240.2
|
|
$
207.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity
|
|
$
5,722
|
|
$
5,696
|
|
$
5,166
|
|
$
5,039
|
|
$
4,841
|
|
$
5,530
|
|
$
4,799
|
Less: Average
preferred stock
|
|
244
|
|
244
|
|
244
|
|
165
|
|
-
|
|
244
|
|
-
|
Average common
equity
|
|
5,478
|
|
5,452
|
|
4,922
|
|
4,874
|
|
4,841
|
|
5,286
|
|
4,799
|
Less: Average
goodwill and average other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
acquisition-related intangible assets
|
|
2,524
|
|
2,415
|
|
2,134
|
|
2,094
|
|
2,073
|
|
2,359
|
|
2,079
|
Average tangible
common equity
|
|
$
2,954
|
|
$
3,037
|
|
$
2,788
|
|
$
2,780
|
|
$
2,768
|
|
$
2,927
|
|
$
2,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return
on average tangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common
equity (annualized)
|
|
12.1%
|
|
10.9%
|
|
9.8%
|
|
10.8%
|
|
11.0%
|
|
10.9%
|
|
10.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING COMMON
DIVIDEND PAYOUT RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
Sept. 30,
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
Sept. 30,
|
|
Sept. 30,
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
Common dividends
paid
|
|
$
58.3
|
|
$
58.3
|
|
$
52.7
|
|
$
51.7
|
|
$
51.7
|
|
$
169.3
|
|
$
154.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings
|
|
$
89.3
|
|
$
82.6
|
|
$
68.1
|
|
$
75.1
|
|
$
75.8
|
|
$
240.2
|
|
$
207.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating common
dividend payout ratio
|
|
65.3%
|
|
70.6%
|
|
77.3%
|
|
68.8%
|
|
68.2%
|
|
70.5%
|
|
74.4%
|
People's United
Financial, Inc.
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP - Continued
|
TANGIBLE COMMON
EQUITY RATIO
|
|
|
|
|
|
|
|
Sept. 30,
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
Total stockholders'
equity
|
|
$
5,746
|
|
$
5,704
|
|
$
5,195
|
|
$
5,142
|
|
$
4,862
|
Less: Preferred
stock
|
|
244
|
|
244
|
|
244
|
|
244
|
|
-
|
Common
equity
|
|
5,502
|
|
5,460
|
|
4,951
|
|
4,898
|
|
4,862
|
Less: Goodwill and
other
|
|
|
|
|
|
|
|
|
|
|
acquisition-related intangible assets
|
|
2,568
|
|
2,426
|
|
2,136
|
|
2,142
|
|
2,070
|
Tangible common
equity
|
|
$
2,934
|
|
$
3,034
|
|
$
2,815
|
|
$
2,756
|
|
$
2,792
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$43,998
|
|
$43,023
|
|
$40,230
|
|
$40,610
|
|
$40,692
|
Less: Goodwill and
other
|
|
|
|
|
|
|
|
|
|
|
acquisition-related intangible assets
|
|
2,568
|
|
2,426
|
|
2,136
|
|
2,142
|
|
2,070
|
Tangible
assets
|
|
$41,430
|
|
$40,597
|
|
$38,094
|
|
$38,468
|
|
$38,622
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio
|
|
7.1%
|
|
7.5%
|
|
7.4%
|
|
7.2%
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK
VALUE PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
Sept. 30,
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
(in millions, except
per common share data)
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
Tangible common
equity
|
|
$
2,934
|
|
$
3,034
|
|
$
2,815
|
|
$
2,756
|
|
$
2,792
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
issued
|
|
433.59
|
|
433.34
|
|
406.43
|
|
405.00
|
|
400.13
|
Less: Shares
classified as treasury shares
|
|
89.04
|
|
89.04
|
|
89.04
|
|
89.06
|
|
89.05
|
Unallocated ESOP shares
|
|
6.71
|
|
6.79
|
|
6.88
|
|
6.97
|
|
7.06
|
Common
shares
|
|
337.84
|
|
337.51
|
|
310.51
|
|
308.97
|
|
304.02
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book
value per common share
|
|
$
8.68
|
|
$
8.99
|
|
$
9.07
|
|
$
8.92
|
|
$
9.18
|
View original
content:http://www.prnewswire.com/news-releases/peoples-united-financial-reports-third-quarter-net-income-of-908-million-or-026-per-common-share-300539977.html
SOURCE People's United Financial, Inc.