BRIDGEPORT, Conn., April 20, 2011 /PRNewswire/ -- People's United
Financial, Inc. (Nasdaq: PBCT) today announced net income of
$51.7 million, or $0.15 per share, for the first quarter of 2011,
compared to $32.0 million, or
$0.09 per share, for the fourth
quarter of 2010, and $13.6 million,
or $0.04 per share, for the first
quarter of 2010. The company's Board of Directors voted to
increase the common stock dividend to an annual dividend rate of
$0.63 per share. Based on the
closing stock price on April 19,
2011, the dividend yield on People's United Financial common
stock is 4.9 percent. The quarterly dividend of $0.1575 per share is payable May 15, 2011 to shareholders of record on
May 1, 2011.
First quarter 2011 earnings were driven by higher net interest
income and continued growth in fee-based businesses, partially
offset by an increase in the provision for loan losses. In
the first quarter of 2011, the return on average assets was 0.84
percent and the return on average tangible stockholders' equity was
6.4 percent, compared to 0.56 percent and 3.7 percent,
respectively, for the fourth quarter of 2010. At March 31, 2011, People's United Financial's
tangible equity ratio stood at 13.9 percent.
"Our performance this quarter reflects meaningful organic loan
and deposit growth, encouraging trends in asset quality, as well as
the benefit of acquisitions completed in 2010," stated Jack Barnes, President and Chief Executive
Officer. "In fact, on an annualized basis, both loans and
deposits increased over 4 percent this quarter; our net interest
margin reached its highest level since the end of 2007; and our
non-performing assets ratio declined to under 2 percent."
Barnes added, "We continue to invest in our commercial, retail
and business banking, and wealth management businesses throughout
our franchise. Increases in our originated commercial banking and
retail banking loan portfolios of $277
million, or 11 percent annualized, and $136 million, or 12 percent annualized,
respectively, were effectively funded by growth in our retail
deposits. The revenue increases in all of our wealth
management product lines this quarter are further evidence of the
progress we are making in this highly competitive area. In
addition, our efforts with respect to both the Bank of Smithtown
integration and Danversbank planning are well under way. We
expect to close the Danversbank acquisition later in the second
quarter, pending regulatory and shareholder approvals."
Barnes concluded, "We are pleased to reward our shareholders
with a 19th consecutive annual dividend increase. Operating
from a position of competitive strength, characterized by our
strong business fundamentals, the ability to further leverage our
brand in attractive markets and our prospects for organic growth,
continues to set us apart from most in the industry.
Furthermore, we have demonstrated our ability to prudently
and effectively deploy capital through organic loan and deposit
growth, adherence to a strong dividend policy, share repurchases
and a thoughtful acquisition strategy."
"The company's performance this quarter reflects a solid
improvement in the net interest margin and continued positive
momentum in our fee businesses, which were partially offset by our
decision to increase the allowance for loan losses in response to
loan growth," said Kirk W. Walters,
Senior Executive Vice President and Chief Financial Officer.
Walters continued, "The net interest margin improved 29 basis
points to 4.16 percent, primarily reflecting the benefit of our two
acquisitions completed during the fourth quarter of 2010, an
increase in investment income, a reduction in our cost of deposits
and additional interest accretion from the Financial Federal
acquisition as a result of better than expected credit experience
and slower than anticipated pre-payment activity. If credit
experience within acquired loan portfolios continues to be better
than originally expected, we will likely benefit from additional
interest accretion over the remaining life of those loans."
Regarding asset quality, Walters stated, "While the overall
level of non-performing loans is reflective of a period of
prolonged economic weakness, we are pleased with the improvements
noted over the past few quarters. In addition, the decline in
acquired non-performing loans this quarter reflects our efforts to
proactively reduce this portfolio through loan sales. During
the first quarter, loans with a contractual balance of
approximately $50 million (carrying
amount of approximately $25 million)
were sold at a gain of approximately $6
million and we continue to evaluate loan sales from within
the acquired loan portfolios. The increase in the allowance
for loan losses this quarter was driven by loan growth and is not
an indication of weakening asset quality."
Loans acquired in connection with acquisitions have been
recorded at fair value, including a reduction for estimated credit
losses, and without carryover of the respective portfolio's
historical allowance for loan losses. As such, selected asset
quality metrics have been highlighted to distinguish between the
'originated' portfolio and the 'acquired' portfolios.
For the originated portfolio, representing all loans other than
those acquired, non-performing loans totaled $240.5 million at March
31, 2011, or 1.62 percent of originated loans, compared to
$245.2 million and 1.70 percent,
respectively, at December 31, 2010.
Non-performing loans in the acquired portfolios, which
represent the contractual balances of loans acquired that meet our
definition of non-performing but for which the risk of loss has
already been considered by virtue of our estimate of
acquisition-date fair value and/or the existence of an FDIC
loss-share agreement, totaled $324.4
million at March 31, 2011
compared to $359.8 million at
December 31, 2010.
Non-performing assets (excluding acquired non-performing loans)
totaled $292.1 million at
March 31, 2011, down from
$303.1 million at December 31, 2010. Non-performing assets
equaled 1.96 percent of originated loans, REO and repossessed
assets at March 31, 2011 compared to
2.09 percent at December 31,
2010.
First quarter net loan charge-offs totaled $9.6 million compared to $10.9 million in the fourth quarter of 2010.
Net loan charge-offs as a percent of average loans on an
annualized basis were 0.22 percent in the first quarter of 2011
compared to 0.28 percent in the prior year's fourth quarter.
The provision for loan losses in the first quarter of 2011
reflects a $5.0 million increase in
the allowance for loan losses to $177.5
million at March 31, 2011 due
to strong growth in the commercial and residential mortgage loan
portfolios.
At March 31, 2011, the allowance
for loan losses as a percentage of originated loans was 1.19
percent and as a percentage of originated non-performing loans was
74 percent, compared to 1.19 percent and 70 percent, respectively,
at December 31, 2010. For the
originated commercial banking portfolio, the allowance for loan
losses ratio was 1.61 percent at both March
31, 2011 and December 31,
2010. The commercial banking allowance for loan losses
represented 104 percent of non-performing commercial banking loans
at March 31, 2011.
People's United Financial, a diversified financial services
company with $25 billion in assets,
provides commercial banking, retail and business banking, and
wealth management services through a network of 341 branches in
Connecticut, Vermont, New
York, New Hampshire,
Maine and Massachusetts. Through its subsidiaries,
People's United Financial provides equipment financing, asset
management, brokerage and financial advisory services, and
insurance services.
Conference Call
On April 20, 2011, 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.
1Q 2011 Financial Highlights
Summary
- Net income totaled $51.7 million,
or $0.15 per share.
- Operating earnings were $53.8
million, or $0.15 per
share.
- Net interest income totaled $220.3
million.
- Net interest margin increased 29 basis points from 4Q10 to
4.16%.
- Additional interest accretion on acquired loans of $9.0 million in 1Q11 contributed 16 basis
points.
- The interest cost on deposits declined 5 basis points to 59
basis points from 4Q10.
- Provision for loan losses totaled $14.6
million.
- Net loan charge-offs totaled $9.6
million or 0.22% of average loans.
- Non-interest income totaled $74.6
million in 1Q11 compared to $68.1
million in 4Q10.
- 1Q11 includes a full quarter of non-interest income from
acquisitions completed on November 30,
2010 (approximately a $2.0
million increase in 1Q11).
- 1Q11 includes $5.5 million of net
gains on sales of acquired non-performing loans.
- Net gains on sales of residential mortgages declined
$1.1 million from 4Q10.
- Other non-interest income includes a $2.2 million charge for other asset
write-offs.
- Non-interest expense totaled $202.8
million in 1Q11 compared to $199.1
million in 4Q10.
- 1Q11 and 4Q10 include a total of $3.1
million and $7.0 million,
respectively, of merger-related expenses and core system conversion
costs.
- 1Q11 includes a full quarter of non-interest expense from
acquisitions completed on November 30,
2010 (approximately a $7.2
million increase in 1Q11).
- Effective income tax rate was 33.3% in 1Q11 compared to 32.5%
for 2010.
- 1Q11 rate reflects a higher state effective income tax rate
resulting from our further expansion into states with higher income
tax rates.
Commercial Banking
- Excluding acquired loans, commercial banking loans increased
$277 million, or 11% annualized, from
December 31, 2010.
- Approximately $875 million of
loans secured, in part, by owner-occupied commercial properties
were reclassified from commercial real estate loans to commercial
and industrial loans as of March 31,
2011.
- Average commercial banking loans totaled $12.4 billion, a $1.3
billion increase from 4Q10.
- Non-performing commercial banking assets, excluding acquired
non-performing loans, totaled $192.2
million at March 31, 2011, a
slight decrease from December 31,
2010.
- The ratio of originated non-performing commercial banking loans
to originated commercial banking loans was 1.54% at March 31, 2011 compared to 1.56% at December 31, 2010.
- Net loan charge-offs totaled $6.8
million, or 0.22% annualized, of average commercial banking
loans in 1Q11, compared to $7.0
million, or 0.25% annualized, in 4Q10.
- For the originated commercial banking portfolio, the allowance
for loan losses as a percentage of loans was 1.61% at both
March 31, 2011 and December 31, 2010.
- The commercial banking allowance for loan losses represented
104 percent of non-performing commercial banking loans at
March 31, 2011.
Retail and Business Banking
- Excluding acquired loans, residential mortgage loans increased
$183 million, or 32% annualized, from
December 31, 2010.
- Average residential mortgage loans totaled $2.7 billion, a $248
million increase from 4Q10.
- Net loan charge-offs totaled $1.6
million, or 0.23% annualized, of average residential
mortgage loans in 1Q11, compared to $2.0
million, or 0.32% annualized, in 4Q10.
- The ratio of originated non-performing residential mortgage
loans to originated residential mortgage loans was 2.84% at
March 31, 2011 compared to 3.44% at
December 31, 2010.
- Excluding acquired loans, home equity loans declined
$38 million, or 8% annualized, from
December 31, 2010.
- Average home equity loans totaled $2.0
billion in 1Q11, unchanged from 4Q10.
- Net loan charge-offs totaled $0.8
million, or 0.16% annualized, of average home equity loans
in 1Q11, compared to $1.1 million, or
0.23% annualized, in 4Q10.
Wealth Management
- Wealth Management income increased $1.6
million from 4Q10.
- Insurance revenue increased $1.0
million and investment management fees and brokerage
commissions each increased $0.3
million.
- Assets under administration and those under full discretionary
management, neither of which are reported as assets of People's
United Financial, totaled $12.7
billion and $4.3 billion,
respectively.
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" 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, 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) residential
mortgage and secondary market activity; (7) changes in accounting
and regulatory guidance applicable to banks; (8) price levels and
conditions in the public securities markets generally; (9)
competition and its effect on pricing, spending, third-party
relationships and revenues; (10) the successful integration of
acquired companies; and (11) possible changes in regulation
resulting from or relating to recently enacted 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.
|
|
FINANCIAL HIGHLIGHTS
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
(dollars in millions, except per
share data)
|
2011
|
2010
|
2010
|
2010
|
2010
|
|
Earnings Data:
|
|
|
|
|
|
|
Net interest
income
|
$
220.3
|
$
189.8
|
$
175.8
|
$
173.8
|
$
159.6
|
|
Provision for loan
losses
|
14.6
|
10.9
|
21.8
|
17.8
|
9.5
|
|
Non-interest income
(1)
|
74.6
|
68.1
|
68.0
|
69.7
|
64.2
|
|
Non-interest expense (1),
(2)
|
202.8
|
199.1
|
186.3
|
202.7
|
193.9
|
|
Income before income tax
expense
|
77.5
|
47.9
|
35.7
|
23.0
|
20.4
|
|
Net income
|
51.7
|
32.0
|
24.1
|
16.0
|
13.6
|
|
Operating earnings
(3)
|
53.8
|
36.7
|
27.7
|
31.8
|
29.2
|
|
|
|
|
|
|
|
|
Selected Statistical
Data:
|
|
|
|
|
|
|
Net interest margin
(4)
|
4.16%
|
3.87%
|
3.74%
|
3.69%
|
3.49%
|
|
Return on average assets
(4)
|
0.84
|
0.56
|
0.44
|
0.29
|
0.26
|
|
Return on average tangible
assets (4)
|
0.91
|
0.61
|
0.48
|
0.32
|
0.28
|
|
Return on average
stockholders' equity (4)
|
4.0
|
2.4
|
1.8
|
1.2
|
1.0
|
|
Return on average tangible
stockholders' equity (4)
|
6.4
|
3.7
|
2.7
|
1.7
|
1.5
|
|
Efficiency ratio
(3)
|
66.2
|
71.1
|
71.2
|
72.2
|
75.2
|
|
|
|
|
|
|
|
|
Per Common Share
Data:
|
|
|
|
|
|
|
Basic and diluted earnings
per share
|
$
0.15
|
$
0.09
|
$
0.07
|
$
0.04
|
$
0.04
|
|
Dividends paid per
share
|
0.1550
|
0.1550
|
0.1550
|
0.1550
|
0.1525
|
|
Dividend payout
ratio
|
104.9%
|
172.5%
|
230.4%
|
352.0%
|
376.2%
|
|
Book value (end of
period)
|
$
14.92
|
$
14.91
|
$
15.04
|
$
15.10
|
$
15.12
|
|
Tangible book value (end
of period) (3)
|
9.27
|
9.30
|
10.07
|
10.14
|
10.25
|
|
Stock price:
|
|
|
|
|
|
|
High
|
14.49
|
14.17
|
14.35
|
16.79
|
17.08
|
|
Low
|
12.17
|
12.20
|
12.56
|
13.49
|
15.07
|
|
Close (end of
period)
|
12.58
|
14.01
|
13.09
|
13.50
|
15.62
|
|
Common shares (end of
period) (in millions)
|
345.97
|
350.07
|
356.73
|
358.51
|
362.25
|
|
Weighted average diluted
common shares (in millions)
|
346.01
|
352.53
|
354.99
|
358.24
|
344.82
|
|
|
|
|
|
|
|
|
(1) Income and expenses
associated with merchant services and customer derivatives are
presented net within
|
|
|
|
non-interest
income for all periods.
|
|
|
|
|
|
|
(2) Includes a total of $3.1
million, $7.0 million, $5.3 million, $23.2 million and $23.4
million of merger-related expenses,
|
|
|
core system
conversion costs and one-time charges for the three months ended
March 31, 2011, Dec. 31, 2010,
|
|
|
Sept. 30,
2010, June 30, 2010 and March 31, 2010, respectively.
|
|
|
|
|
|
(3) See non-GAAP financial
measures and reconciliation to GAAP beginning on page
12.
|
|
|
|
|
(4) Annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
People's United Financial,
Inc.
|
|
FINANCIAL HIGHLIGHTS -
Continued
|
|
|
|
|
As of and
for the Three Months Ended
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
(dollars in millions)
|
2011
|
2010
|
2010
|
2010
|
2010
|
|
Financial Condition
Data:
|
|
|
|
|
|
|
General:
|
|
|
|
|
|
|
Total
assets
|
$
24,962
|
$
25,037
|
$
21,897
|
$
21,950
|
$
21,588
|
|
Loans
|
17,523
|
17,328
|
15,120
|
15,140
|
15,253
|
|
Securities
|
3,203
|
3,033
|
2,478
|
1,787
|
886
|
|
Short-term
investments (1)
|
926
|
1,120
|
1,218
|
1,944
|
2,527
|
|
Allowance for loan
losses
|
178
|
173
|
173
|
173
|
173
|
|
Goodwill and other
acquisition-related intangibles
|
1,953
|
1,962
|
1,772
|
1,778
|
1,767
|
|
Deposits
|
18,110
|
17,933
|
15,675
|
15,834
|
15,397
|
|
Borrowings
|
1,158
|
1,011
|
254
|
141
|
175
|
|
Subordinated notes
and debentures
|
176
|
182
|
183
|
183
|
182
|
|
Stockholders'
equity
|
5,160
|
5,219
|
5,365
|
5,413
|
5,479
|
|
Non-performing
assets (2)
|
292
|
303
|
312
|
285
|
248
|
|
Net loan
charge-offs
|
9.6
|
10.9
|
21.8
|
17.8
|
9.5
|
|
|
|
|
|
|
|
|
Average
Balances:
|
|
|
|
|
|
|
Loans
|
$
17,290
|
$
15,770
|
$
15,120
|
$
15,247
|
$
14,589
|
|
Securities
|
3,089
|
2,457
|
1,856
|
1,097
|
888
|
|
Short-term
investments (1)
|
843
|
1,418
|
1,892
|
2,533
|
2,901
|
|
Residential
mortgage loans held for sale
|
52
|
52
|
47
|
38
|
36
|
|
Total earning
assets
|
21,274
|
19,697
|
18,915
|
18,915
|
18,414
|
|
Total
assets
|
24,623
|
22,961
|
21,955
|
21,872
|
21,260
|
|
Deposits
|
17,944
|
16,531
|
15,801
|
15,704
|
15,202
|
|
Total funding
liabilities
|
19,121
|
17,236
|
16,175
|
16,052
|
15,573
|
|
Stockholders'
equity
|
5,185
|
5,335
|
5,404
|
5,458
|
5,275
|
|
|
|
|
|
|
|
|
Ratios:
|
|
|
|
|
|
|
Net loan
charge-offs to
|
|
|
|
|
|
|
average
loans (annualized)
|
0.22%
|
0.28%
|
0.58%
|
0.47%
|
0.26%
|
|
Non-performing
assets to originated loans,
|
|
|
|
|
|
|
real estate
owned and repossessed assets (2)
|
1.96
|
2.09
|
2.19
|
2.02
|
1.75
|
|
Allowance for loan
losses to:
|
|
|
|
|
|
|
Originated
loans (2)
|
1.19
|
1.19
|
1.22
|
1.23
|
1.22
|
|
Originated
non-performing loans (2)
|
73.8
|
70.3
|
68.6
|
78.5
|
89.7
|
|
Average
stockholders' equity to average total assets
|
21.1
|
23.2
|
24.6
|
25.0
|
24.8
|
|
Stockholders'
equity to total assets
|
20.7
|
20.8
|
24.5
|
24.7
|
25.4
|
|
Tangible
stockholders' equity to tangible assets (3)
|
13.9
|
14.1
|
17.8
|
18.0
|
18.7
|
|
Total risk-based
capital (4)
|
14.9
|
14.5
|
16.4
|
16.6
|
16.3
|
|
|
|
|
|
|
|
|
(1) Includes securities
purchased under agreements to resell.
|
|
|
|
|
|
|
(2) Excludes acquired
loans.
|
|
|
|
|
|
|
(3) See non-GAAP financial
measures and reconciliation to GAAP beginning on page
12.
|
|
|
|
|
(4) Total risk-based capital
ratios are for People's United Bank and, as such, do not reflect
the additional capital residing
|
|
|
at People's
United Financial, Inc. People's United Bank's March 31, 2011 total
risk-based capital ratio is preliminary.
|
|
|
|
|
|
|
|
|
People's United Financial,
Inc.
|
|
CONSOLIDATED STATEMENTS OF
CONDITION
|
|
|
|
|
March
31,
|
Dec.
31,
|
March
31,
|
|
(in millions)
|
2011
|
2010
|
2010
|
|
Assets
|
|
|
|
|
Cash and due from
banks
|
$
315.2
|
$
354.7
|
$
296.3
|
|
Short-term
investments
|
926.2
|
599.8
|
2,527.3
|
|
Total cash and cash
equivalents
|
1,241.4
|
954.5
|
2,823.6
|
|
Securities purchased under
agreements to resell
|
-
|
520.0
|
-
|
|
Securities:
|
|
|
|
|
Trading account
securities, at fair value
|
84.9
|
83.5
|
75.7
|
|
Securities available for
sale, at fair value
|
3,003.8
|
2,831.1
|
724.1
|
|
Securities held to
maturity, at amortized cost
|
55.1
|
55.1
|
55.3
|
|
Federal Home Loan Bank
stock, at cost
|
59.5
|
63.6
|
31.1
|
|
Total
securities
|
3,203.3
|
3,033.3
|
886.2
|
|
Residential mortgage loans held
for sale
|
18.0
|
88.5
|
54.9
|
|
Loans:
|
|
|
|
|
Commercial real estate
(1)
|
6,565.7
|
7,306.3
|
5,442.1
|
|
Commercial (1)
|
6,046.7
|
5,196.0
|
5,178.3
|
|
Residential
mortgage
|
2,783.6
|
2,647.5
|
2,409.6
|
|
Consumer
|
2,127.1
|
2,177.9
|
2,222.6
|
|
Total
loans
|
17,523.1
|
17,327.7
|
15,252.6
|
|
Less allowance for loan
losses
|
(177.5)
|
(172.5)
|
(172.5)
|
|
Total loans,
net
|
17,345.6
|
17,155.2
|
15,080.1
|
|
Goodwill and other
acquisition-related intangibles
|
1,952.6
|
1,962.0
|
1,766.5
|
|
Premises and
equipment
|
326.0
|
325.1
|
258.2
|
|
Bank-owned life
insurance
|
291.8
|
291.8
|
251.1
|
|
Other assets
|
583.6
|
706.7
|
467.5
|
|
Total
assets
|
$
24,962.3
|
$
25,037.1
|
$
21,588.1
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits:
|
|
|
|
|
Non-interest-bearing
|
$
3,789.5
|
$
3,872.6
|
$
3,305.7
|
|
Savings, interest-bearing
checking and money market
|
9,255.7
|
8,897.8
|
7,649.1
|
|
Time
|
5,064.9
|
5,162.7
|
4,442.6
|
|
Total
deposits
|
18,110.1
|
17,933.1
|
15,397.4
|
|
Borrowings:
|
|
|
|
|
Federal Home Loan Bank
advances
|
481.6
|
509.3
|
10.5
|
|
Repurchase
agreements
|
476.3
|
501.3
|
164.1
|
|
Federal funds
purchased
|
200.0
|
-
|
-
|
|
Total
borrowings
|
1,157.9
|
1,010.6
|
174.6
|
|
Subordinated notes and
debentures
|
176.3
|
182.2
|
182.2
|
|
Other liabilities
|
357.7
|
691.9
|
355.3
|
|
Total
liabilities
|
19,802.0
|
19,817.8
|
16,109.5
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
Common stock ($0.01 par value;
1.95 billion shares authorized;
|
|
|
|
|
377.0 million shares,
376.6 million shares and 374.8 million shares issued)
|
3.7
|
3.7
|
3.8
|
|
Additional paid-in
capital
|
4,981.5
|
4,978.8
|
4,924.6
|
|
Retained earnings
|
767.2
|
772.6
|
874.5
|
|
Treasury stock, at cost (22.0
million shares, 17.5 million shares and 3.2 million
shares)
|
(307.6)
|
(248.9)
|
(58.2)
|
|
Accumulated other comprehensive
loss
|
(98.4)
|
(99.0)
|
(72.8)
|
|
Unallocated common stock of
Employee Stock Ownership Plan, at cost
|
|
|
|
|
(9.0 million shares, 9.1
million shares and 9.3 million shares)
|
(186.1)
|
(187.9)
|
(193.3)
|
|
Total stockholders'
equity
|
5,160.3
|
5,219.3
|
5,478.6
|
|
Total liabilities
and stockholders' equity
|
$
24,962.3
|
$
25,037.1
|
$
21,588.1
|
|
|
|
|
|
|
(1) Approximately $875 million
of loans secured, in part, by owner-occupied commercial properties
were reclassified from
|
|
|
commercial
real estate loans to commercial loans as of March 31,
2011.
|
|
|
|
|
|
|
|
|
People's United Financial,
Inc.
|
|
CONSOLIDATED STATEMENTS OF
INCOME
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
(in millions, except per share
data)
|
2011
|
2010
|
2010
|
2010
|
2010
|
|
Interest and dividend
income:
|
|
|
|
|
|
|
Commercial real
estate
|
$
101.6
|
$
85.9
|
$
76.3
|
$
75.6
|
$
74.3
|
|
Commercial
|
78.6
|
70.5
|
68.1
|
69.7
|
58.0
|
|
Residential
mortgage
|
29.3
|
27.1
|
26.5
|
27.7
|
28.1
|
|
Consumer
|
20.9
|
22.1
|
22.2
|
22.5
|
22.8
|
|
Total interest on
loans
|
230.4
|
205.6
|
193.1
|
195.5
|
183.2
|
|
Securities
|
21.0
|
13.6
|
12.6
|
9.2
|
8.1
|
|
Residential mortgage loans
held for sale
|
0.7
|
0.7
|
0.6
|
0.6
|
0.5
|
|
Short-term
investments
|
0.6
|
0.6
|
0.8
|
1.5
|
1.7
|
|
Securities purchased under
agreements to resell
|
0.1
|
0.3
|
0.4
|
0.1
|
0.1
|
|
Total interest and
dividend income
|
252.8
|
220.8
|
207.5
|
206.9
|
193.6
|
|
Interest expense:
|
|
|
|
|
|
|
Deposits
|
26.6
|
26.5
|
27.6
|
29.0
|
29.7
|
|
Borrowings
|
2.5
|
1.2
|
0.3
|
0.3
|
0.5
|
|
Subordinated notes and
debentures
|
3.4
|
3.3
|
3.8
|
3.8
|
3.8
|
|
Total interest
expense
|
32.5
|
31.0
|
31.7
|
33.1
|
34.0
|
|
Net interest
income
|
220.3
|
189.8
|
175.8
|
173.8
|
159.6
|
|
Provision for loan
losses
|
14.6
|
10.9
|
21.8
|
17.8
|
9.5
|
|
Net interest income
after provision for loan losses
|
205.7
|
178.9
|
154.0
|
156.0
|
150.1
|
|
Non-interest income:
|
|
|
|
|
|
|
Investment management
fees
|
8.2
|
7.9
|
7.6
|
8.6
|
7.9
|
|
Insurance
revenue
|
7.9
|
6.9
|
8.3
|
6.3
|
7.3
|
|
Brokerage
commissions
|
3.2
|
2.9
|
2.8
|
2.8
|
2.8
|
|
Total wealth
management income
|
19.3
|
17.7
|
18.7
|
17.7
|
18.0
|
|
Bank service
charges
|
31.0
|
30.7
|
31.5
|
32.9
|
31.2
|
|
Net gains on sales of
loans
|
8.6
|
4.2
|
2.4
|
2.7
|
2.8
|
|
Bank-owned life
insurance
|
1.2
|
1.0
|
1.4
|
2.6
|
1.8
|
|
Merchant services income,
net
|
1.0
|
1.1
|
1.1
|
1.1
|
1.0
|
|
Net security gains
(losses)
|
0.1
|
(1.0)
|
-
|
-
|
-
|
|
Other non-interest
income
|
13.4
|
14.4
|
12.9
|
12.7
|
9.4
|
|
Total non-interest
income
|
74.6
|
68.1
|
68.0
|
69.7
|
64.2
|
|
Non-interest expense:
|
|
|
|
|
|
|
Compensation and
benefits
|
105.4
|
98.3
|
93.2
|
92.6
|
96.3
|
|
Occupancy and
equipment
|
33.1
|
28.1
|
28.0
|
28.5
|
29.8
|
|
Professional and outside
service fees
|
15.9
|
19.8
|
18.5
|
20.8
|
13.6
|
|
Amortization of other
acquisition-related intangibles
|
5.9
|
6.1
|
6.1
|
4.8
|
4.7
|
|
Merger-related
expenses
|
3.1
|
4.8
|
1.0
|
2.8
|
14.7
|
|
Other non-interest
expense
|
39.4
|
42.0
|
39.5
|
53.2
|
34.8
|
|
Total non-interest
expense
|
202.8
|
199.1
|
186.3
|
202.7
|
193.9
|
|
Income before
income tax expense
|
77.5
|
47.9
|
35.7
|
23.0
|
20.4
|
|
Income tax expense
|
25.8
|
15.9
|
11.6
|
7.0
|
6.8
|
|
Net
income
|
$
51.7
|
$
32.0
|
$
24.1
|
$
16.0
|
$
13.6
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per
common share
|
$
0.15
|
$
0.09
|
$
0.07
|
$
0.04
|
$
0.04
|
|
|
|
|
|
|
|
People's United Financial,
Inc.
|
|
AVERAGE BALANCE SHEET, INTEREST
AND YIELD/RATE ANALYSIS (1)
|
|
|
|
|
March 31,
2011
|
Dec. 31,
2010
|
|
Three months ended
|
Average
|
|
Yield/
|
Average
|
|
Yield/
|
|
(dollars in millions)
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|
Assets:
|
|
|
|
|
|
|
|
Short-term
investments
|
$
732.4
|
$
0.6
|
0.31%
|
$
814.7
|
$
0.6
|
0.29%
|
|
Securities purchased
under
|
|
|
|
|
|
|
|
agreements to
resell
|
110.6
|
0.1
|
0.17
|
603.9
|
0.3
|
0.21
|
|
Securities (2)
|
3,088.5
|
21.2
|
2.75
|
2,456.7
|
13.6
|
2.22
|
|
Residential mortgage loans held
for sale
|
52.5
|
0.7
|
5.78
|
51.7
|
0.7
|
5.74
|
|
Loans:
|
|
|
|
|
|
|
|
Commercial real
estate
|
7,053.3
|
101.6
|
5.76
|
6,054.3
|
85.9
|
5.67
|
|
Commercial
|
5,377.3
|
79.6
|
5.92
|
5,086.5
|
71.4
|
5.62
|
|
Residential
mortgage
|
2,707.9
|
29.3
|
4.33
|
2,459.9
|
27.1
|
4.41
|
|
Consumer
|
2,151.2
|
20.9
|
3.88
|
2,169.5
|
22.1
|
4.07
|
|
Total
loans
|
17,289.7
|
231.4
|
5.35
|
15,770.2
|
206.5
|
5.24
|
|
Total earning
assets
|
21,273.7
|
$
254.0
|
4.78%
|
19,697.2
|
$
221.7
|
4.50%
|
|
Other assets
|
3,348.8
|
|
|
3,263.3
|
|
|
|
Total
assets
|
$
24,622.5
|
|
|
$
22,960.5
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders'
equity:
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Non-interest-bearing
|
$
3,797.4
|
$
-
|
- %
|
$
3,633.5
|
$
-
|
- %
|
|
Savings, interest-bearing
checking
|
|
|
|
|
|
|
|
and money
market
|
9,015.1
|
12.1
|
0.54
|
8,249.0
|
11.5
|
0.56
|
|
Time
|
5,131.5
|
14.5
|
1.13
|
4,648.4
|
15.0
|
1.29
|
|
Total
deposits
|
17,944.0
|
26.6
|
0.59
|
16,530.9
|
26.5
|
0.64
|
|
Borrowings:
|
|
|
|
|
|
|
|
Federal Home Loan Bank
advances
|
499.6
|
1.9
|
1.49
|
178.2
|
0.7
|
1.68
|
|
Repurchase
agreements
|
492.8
|
0.6
|
0.46
|
350.0
|
0.5
|
0.54
|
|
Other
|
4.7
|
-
|
0.09
|
5.2
|
-
|
0.39
|
|
Total
borrowings
|
997.1
|
2.5
|
0.98
|
533.4
|
1.2
|
0.92
|
|
Subordinated notes and
debentures
|
179.7
|
3.4
|
7.61
|
171.3
|
3.3
|
7.75
|
|
Total funding
liabilities
|
19,120.8
|
$
32.5
|
0.68%
|
17,235.6
|
$
31.0
|
0.72%
|
|
Other liabilities
|
316.3
|
|
|
390.0
|
|
|
|
Total
liabilities
|
19,437.1
|
|
|
17,625.6
|
|
|
|
Stockholders' equity
|
5,185.4
|
|
|
5,334.9
|
|
|
|
Total liabilities
and stockholders' equity
|
$
24,622.5
|
|
|
$
22,960.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/spread
(3)
|
|
$
221.5
|
4.10%
|
|
$
190.7
|
3.78%
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
4.16%
|
|
|
3.87%
|
|
|
|
|
|
|
|
|
|
(1) Average yields earned
and rates paid are annualized.
|
|
|
|
|
|
|
(2) Average balances and
yields for securities available for sale are based on amortized
cost.
|
|
|
|
|
(3) The FTE adjustment was
$1.2 million, $0.9 million and $0.8 million for the three months
ended March 31, 2011, Dec. 31. 2010
|
|
and
March 31, 2010, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
People's United Financial,
Inc.
|
|
AVERAGE BALANCE SHEET, INTEREST
AND YIELD/RATE ANALYSIS (1)
|
|
|
|
|
|
March 31,
2010
|
|
|
Three months ended
|
Average
|
|
Yield/
|
|
(dollars in millions)
|
Balance
|
Interest
|
Rate
|
|
Assets:
|
|
|
|
|
Short-term
investments
|
$
2,673.5
|
$
1.7
|
0.26%
|
|
Securities purchased
under
|
|
|
|
|
agreements to
resell
|
226.7
|
0.1
|
1.15
|
|
Securities (2)
|
888.3
|
8.1
|
3.65
|
|
Residential mortgage loans held
for sale
|
36.3
|
0.5
|
5.51
|
|
Loans:
|
|
|
|
|
Commercial real
estate
|
5,392.7
|
74.2
|
5.51
|
|
Commercial
|
4,545.3
|
58.9
|
5.18
|
|
Residential
mortgage
|
2,415.9
|
28.1
|
4.66
|
|
Consumer
|
2,235.5
|
22.8
|
4.07
|
|
Total
loans
|
14,589.4
|
184.0
|
5.04
|
|
Total earning
assets
|
18,414.2
|
$
194.4
|
4.22%
|
|
Other assets
|
2,845.4
|
|
|
|
Total
assets
|
$
21,259.6
|
|
|
|
|
|
|
|
|
Liabilities and stockholders'
equity:
|
|
|
|
|
Deposits:
|
|
|
|
|
Non-interest-bearing
|
$
3,267.2
|
$
-
|
- %
|
|
Savings, interest-bearing
checking
|
|
|
|
|
and money
market
|
7,417.8
|
11.6
|
0.62
|
|
Time
|
4,516.8
|
18.1
|
1.60
|
|
Total
deposits
|
15,201.8
|
29.7
|
0.78
|
|
Borrowings:
|
|
|
|
|
Federal Home Loan Bank
advances
|
11.2
|
0.1
|
5.49
|
|
Repurchase
agreements
|
164.6
|
0.2
|
0.45
|
|
Other
|
13.6
|
0.2
|
5.06
|
|
Total
borrowings
|
189.4
|
0.5
|
1.08
|
|
Subordinated notes and
debentures
|
182.0
|
3.8
|
8.31
|
|
Total funding
liabilities
|
15,573.2
|
$
34.0
|
0.87%
|
|
Other liabilities
|
411.3
|
|
|
|
Total
liabilities
|
15,984.5
|
|
|
|
Stockholders' equity
|
5,275.1
|
|
|
|
Total liabilities
and stockholders' equity
|
$
21,259.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/spread
(3)
|
|
$
160.4
|
3.35%
|
|
|
|
|
|
|
Net interest margin
|
|
|
3.49%
|
|
|
|
|
|
|
(1) Average yields earned
and rates paid are annualized.
|
|
|
|
(2) Average balances and
yields for securities available for sale are based on amortized
cost.
|
|
(3) The FTE adjustment was
$1.2 million, $0.9 million and $0.8 million for the three months
ended March 31, 2011, Dec. 31. 2010
|
|
and
March 31, 2010, respectively.
|
|
|
|
|
|
|
|
|
People's United Financial,
Inc.
|
|
NON-PERFORMING ASSETS
|
|
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
(dollars in millions)
|
2011
|
2010
|
2010
|
2010
|
2010
|
|
Originated non-performing
loans:
|
|
|
|
|
|
|
Commercial Banking:
|
|
|
|
|
|
|
Commercial real estate
(1)
|
$
71.7
|
$
82.5
|
$
85.0
|
$
67.2
|
$
65.8
|
|
Commercial and industrial
(1)
|
48.9
|
38.2
|
34.3
|
25.2
|
28.9
|
|
Equipment
financing
|
38.6
|
36.0
|
35.1
|
37.0
|
23.1
|
|
Retail Banking:
|
|
|
|
|
|
|
Residential
mortgage
|
70.4
|
78.8
|
87.0
|
80.9
|
66.7
|
|
Home equity
|
10.5
|
9.1
|
9.3
|
8.5
|
7.0
|
|
Other consumer
|
0.4
|
0.6
|
0.7
|
0.9
|
0.8
|
|
Total originated
non-performing loans (2)
|
240.5
|
245.2
|
251.4
|
219.7
|
192.3
|
|
Repossessed assets
|
13.5
|
18.1
|
25.7
|
27.6
|
31.8
|
|
REO
|
38.1
|
39.8
|
34.9
|
37.2
|
23.4
|
|
Total
non-performing assets
|
$
292.1
|
$
303.1
|
$
312.0
|
$
284.5
|
$
247.5
|
|
Acquired non-performing loans
(contractual amount) (3)
|
$
324.4
|
$
359.8
|
$
59.4
|
$
60.1
|
$
51.7
|
|
|
|
|
|
|
|
|
Originated non-performing loans
as a percentage of originated loans
|
1.62%
|
1.70%
|
1.77%
|
1.57%
|
1.36%
|
|
Non-performing assets as a
percentage of:
|
|
|
|
|
|
|
Originated loans, REO and
repossessed assets
|
1.96
|
2.09
|
2.19
|
2.02
|
1.75
|
|
Tangible stockholders'
equity and allowance for loan losses
|
8.63
|
8.84
|
8.29
|
7.47
|
6.37
|
|
|
|
|
|
|
|
|
(1) Non-performing commercial
and industrial loans at March 31, 2011 include approximately $10.7
million of loans secured, in part,
|
|
by
owner-occupied commercial properties that were previously
classified as non-performing commercial real estate
loans.
|
|
(2) Reported net of government
guarantees totaling $10.0 million at March 31, 2011, $9.4 million
at Dec. 31, 2010, $8.8 million at
|
|
Sept. 30,
2010, $6.8 million at June 30, 2010 and $7.3 million at March 31,
2010.
|
|
(3) Represents acquired loans
that meet People's United's definition of a non-performing loan but
for which the risk of credit loss has
|
|
been
considered by virtue of our estimate of acquisition-date fair value
and/or the existence of an FDIC loss-share agreement.
|
|
Because
acquired loans are initially recorded at an amount estimated to be
collectible, losses on such loans, when incurred, are
|
|
charged
against the non-accretable difference established in purchase
accounting and, as such, are not reported as
charge-offs.
|
|
|
|
|
|
|
|
PROVISION AND ALLOWANCE FOR LOAN
LOSSES
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
(dollars in millions)
|
2011
|
2010
|
2010
|
2010
|
2010
|
|
Balance at beginning of
period
|
$
172.5
|
$
172.5
|
$
172.5
|
$
172.5
|
$
172.5
|
|
Charge-offs
|
(10.4)
|
(12.2)
|
(22.6)
|
(19.0)
|
(10.9)
|
|
Recoveries
|
0.8
|
1.3
|
0.8
|
1.2
|
1.4
|
|
Net loan
charge-offs
|
(9.6)
|
(10.9)
|
(21.8)
|
(17.8)
|
(9.5)
|
|
Provision for loan
losses
|
14.6
|
10.9
|
21.8
|
17.8
|
9.5
|
|
Balance at end of
period
|
$
177.5
|
$
172.5
|
$
172.5
|
$
172.5
|
$
172.5
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of:
|
|
|
|
|
|
|
Originated
loans
|
1.19%
|
1.19%
|
1.22%
|
1.23%
|
1.22%
|
|
Originated non-performing
loans
|
73.8
|
70.3
|
68.6
|
78.5
|
89.7
|
|
Commercial banking allowance for
loan losses as a percentage of
|
|
|
|
|
|
|
originated commercial
banking loans
|
1.61
|
1.61
|
1.66
|
1.71
|
1.73
|
|
Retail banking allowance for
loan losses as a percentage of
|
|
|
|
|
|
|
originated retail banking
loans
|
0.26
|
0.25
|
0.24
|
0.21
|
0.18
|
|
|
|
|
|
|
|
|
NET LOAN CHARGE-OFFS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
(dollars in millions)
|
2011
|
2010
|
2010
|
2010
|
2010
|
|
Commercial Banking:
|
|
|
|
|
|
|
Commercial real
estate
|
$
3.3
|
$
2.6
|
$
13.5
|
$
4.8
|
$
5.8
|
|
Commercial and
industrial
|
2.3
|
1.4
|
3.1
|
8.0
|
0.8
|
|
Equipment
financing
|
1.2
|
3.0
|
1.6
|
3.7
|
0.9
|
|
Retail Banking:
|
|
|
|
|
|
|
Residential
mortgage
|
1.6
|
2.0
|
1.2
|
0.4
|
0.1
|
|
Home equity
|
0.8
|
1.1
|
1.3
|
0.1
|
0.9
|
|
Other consumer
|
0.4
|
0.8
|
1.1
|
0.8
|
1.0
|
|
Total
|
$
9.6
|
$
10.9
|
$
21.8
|
$
17.8
|
$
9.5
|
|
|
|
|
|
|
|
|
Net loan charge-offs to average
loans (annualized)
|
0.22%
|
0.28%
|
0.58%
|
0.47%
|
0.26%
|
|
|
|
|
|
|
|
People's United Financial, Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP
In addition to evaluating People's United Financial's results of
operations in accordance with U.S. generally accepted accounting
principles ("GAAP"), management routinely supplements this
evaluation with an analysis of certain non-GAAP financial measures,
such as the efficiency and tangible equity ratios, tangible book
value per share, and operating earnings. Management believes these
non-GAAP financial measures provide information useful to investors
in understanding People's United Financial's underlying operating
performance and trends, and facilitates comparisons with the
performance of other banks and thrifts. Further, the efficiency
ratio and operating earnings are used by management in its
assessment of financial performance, including non-interest expense
control, while the tangible equity ratio and tangible book value
per share are used to analyze the relative strength of People's
United Financial's capital position.
The efficiency ratio, which represents an approximate measure of
the cost required by People's United Financial to generate a dollar
of revenue, is the ratio of (i) total non-interest expense
(excluding goodwill impairment charges, amortization of other
acquisition-related intangibles and fair value adjustments, losses
on real estate assets and non-recurring expenses) (the numerator)
to (ii) net interest income on a fully taxable equivalent
basis (excluding fair value adjustments) plus total non-interest
income (including the fully taxable equivalent adjustment on
bank-owned life insurance income, and excluding gains and losses on
sales of assets, other than residential mortgage loans, and
non-recurring income) (the denominator). People's United Financial
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 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 Financial'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,
merger-related expenses, core system conversion costs, and one-time
charges related to executive-level management separation
agreements, are generally also excluded when calculating the
efficiency ratio. Operating earnings per share is calculated
by dividing operating earnings by the weighted average number of
dilutive common shares outstanding for the respective period.
The tangible equity ratio is the ratio of (i) tangible
stockholders' equity (total stockholders' equity less goodwill and
other acquisition-related intangibles) (the numerator) to (ii)
tangible assets (total assets less goodwill and other
acquisition-related intangibles) (the denominator). Tangible book
value per share is calculated by dividing tangible stockholders'
equity by common shares (total common shares issued, less common
shares classified as treasury shares and unallocated ESOP common
shares).
In light of diversity in presentation among financial
institutions, the methodologies used by People's United Financial
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
|
|
|
|
EFFICIENCY RATIO
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
(dollars in millions)
|
2011
|
2010
|
2010
|
2010
|
2010
|
|
Total non-interest
expense
|
$
202.8
|
$
199.1
|
$
186.3
|
$
202.7
|
$
193.9
|
|
Less: Amortization of
other
|
|
|
|
|
|
|
acquisition-related intangibles
|
5.9
|
6.1
|
6.1
|
4.8
|
4.7
|
|
Fair
value adjustments
|
0.8
|
0.8
|
0.8
|
0.8
|
0.8
|
|
Merger-related expenses
|
3.1
|
4.8
|
1.0
|
2.8
|
14.7
|
|
Executive-level separation agreement
|
-
|
-
|
-
|
15.3
|
-
|
|
Other
|
2.1
|
2.7
|
3.0
|
0.8
|
2.9
|
|
Total
|
$
190.9
|
$
184.7
|
$
175.4
|
$
178.2
|
$
170.8
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
$
221.5
|
$
190.7
|
$
176.6
|
$
174.6
|
$
160.4
|
|
Total non-interest
income
|
74.6
|
68.1
|
68.0
|
69.7
|
64.2
|
|
Add: Fair value
adjustments
|
-
|
-
|
1.0
|
1.0
|
1.6
|
|
Net
security losses
|
-
|
1.0
|
-
|
-
|
-
|
|
BOLI
FTE adjustment (1)
|
0.6
|
0.5
|
0.7
|
1.4
|
1.0
|
|
Less: Fair value
adjustments
|
5.0
|
0.6
|
-
|
-
|
-
|
|
Net
security gains
|
0.1
|
-
|
-
|
-
|
-
|
|
Other
|
3.3
|
-
|
-
|
-
|
-
|
|
Total
|
$
288.3
|
$
259.7
|
$
246.3
|
$
246.7
|
$
227.2
|
|
Efficiency ratio
|
66.2%
|
71.1%
|
71.2%
|
72.2%
|
75.2%
|
|
|
|
|
|
|
|
|
(1) Fully taxable
equivalent
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EARNINGS
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
(in millions, except per share
data)
|
2011
|
2010
|
2010
|
2010
|
2010
|
|
Net income, as
reported
|
$
51.7
|
$
32.0
|
$
24.1
|
$
16.0
|
$
13.6
|
|
Adjustments, net of tax
(1)
|
2.1
|
4.7
|
3.6
|
15.8
|
15.6
|
|
Operating
earnings
|
$
53.8
|
$
36.7
|
$
27.7
|
$
31.8
|
$
29.2
|
|
|
|
|
|
|
|
|
Earnings per share, as
reported
|
$
0.15
|
$
0.09
|
$
0.07
|
$
0.04
|
$
0.04
|
|
Adjustments
|
-
|
0.01
|
0.01
|
0.05
|
0.04
|
|
Operating earnings
per share
|
$
0.15
|
$
0.10
|
$
0.08
|
$
0.09
|
$
0.08
|
|
|
|
|
|
|
|
|
(1) Represents pre-tax
merger-related expenses, core system conversion costs and one-time
charges totaling
|
|
$3.1
million, $7.0 million, $5.3 million, $23.2 million and $23.4
million for the three months ended March 31, 2011,
|
|
Dec. 31,
2010, Sept. 30, 2010, June 30, 2010 and March 31, 2010,
respectively, less related income taxes.
|
|
|
|
|
|
|
|
People's United Financial,
Inc.
|
|
NON-GAAP FINANCIAL MEASURES AND
RECONCILIATION TO GAAP - continued
|
|
|
|
TANGIBLE EQUITY RATIO
|
|
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
(dollars in millions)
|
2011
|
2010
|
2010
|
2010
|
2010
|
|
Total stockholders'
equity
|
$
5,160
|
$
5,219
|
$
5,365
|
$
5,413
|
$
5,479
|
|
Less: Goodwill and
other
|
|
|
|
|
|
|
acquisition-related intangibles
|
1,953
|
1,962
|
1,772
|
1,778
|
1,767
|
|
Tangible stockholders'
equity
|
$
3,207
|
$
3,257
|
$
3,593
|
$
3,635
|
$
3,712
|
|
|
|
|
|
|
|
|
Total assets
|
$
24,962
|
$
25,037
|
$
21,897
|
$
21,950
|
$
21,588
|
|
Less: Goodwill and
other
|
|
|
|
|
|
|
acquisition-related intangibles
|
1,953
|
1,962
|
1,772
|
1,778
|
1,767
|
|
Tangible assets
|
$
23,009
|
$
23,075
|
$
20,125
|
$
20,172
|
$
19,821
|
|
Tangible equity ratio
|
13.9%
|
14.1%
|
17.8%
|
18.0%
|
18.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER
SHARE
|
|
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
(in millions, except per share
data)
|
2011
|
2010
|
2010
|
2010
|
2010
|
|
Tangible stockholders'
equity
|
$
3,207
|
$
3,257
|
$
3,593
|
$
3,635
|
$
3,712
|
|
|
|
|
|
|
|
|
Common shares issued
|
376.95
|
376.62
|
374.63
|
374.64
|
374.76
|
|
Less: Common shares classified
as treasury shares
|
22.01
|
17.49
|
8.75
|
6.90
|
3.19
|
|
Unallocated ESOP common shares
|
8.97
|
9.06
|
9.15
|
9.23
|
9.32
|
|
Common shares
|
345.97
|
350.07
|
356.73
|
358.51
|
362.25
|
|
Tangible book value per
share
|
$
9.27
|
$
9.30
|
$
10.07
|
$
10.14
|
$
10.25
|
|
|
|
|
|
|
|
SOURCE People's United Financial, Inc.