BRIDGEPORT, Conn., July 18, 2013 /PRNewswire/ -- People's
United Financial, Inc. (NASDAQ: PBCT) today reported net income of
$62.1 million, or $0.20 per share, for the second quarter of 2013,
compared to $64.6 million, or
$0.19 per share, for the second
quarter of 2012, and $52.5 million,
or $0.16 per share, for the first
quarter of 2013. Operating earnings were $62.4 million, or $0.20 per share, for the second quarter of 2013,
compared to $67.0 million, or
$0.20 per share, for the second
quarter of 2012, and $57.9 million,
or $0.18 per share, for the first
quarter of 2013.
The Company's Board of Directors declared a $0.1625 per share quarterly dividend, payable
August 15, 2013 to shareholders of
record on August 1, 2013. Based
on the closing stock price on July 17,
2013, the dividend yield on People's United Financial common
stock is 4.2 percent.
During the second quarter of 2013 the Company repurchased 11.2
million shares of People's United Financial common stock at a
weighted average price of $13.63 per
share and, during the first six months of 2013, the Company
repurchased 22.4 million shares of common stock at a weighted
average price of $13.30 per share.
Under the existing share repurchase authorization, 11.0
million shares of common stock remain available for repurchase.
"Our results continue to reflect the benefits from the
investments we have made in talent over the past three years that
have strengthened, and will continue to strengthen, both our robust
product offerings and expanded geographic footprint," stated
Jack Barnes, President and Chief
Executive Officer. "This quarter we experienced annualized loan
growth of 13 percent and deposit growth of 4 percent. Our continued
progress in loan growth, both this quarter and over the past 11
quarters, is a tribute to both our relationship managers and our
customers. These relationships bring our brand to life every
day."
Barnes concluded, "As we expected, our net interest margin has
now largely stabilized. This should allow net interest income to
increase at a pace more closely aligned with our earning asset
growth in the quarters ahead and, in fact, net interest income this
quarter increased slightly from the first quarter. Our strong
business fundamentals, ongoing ability to leverage our brand in
attractive markets, and prospects for growth continue to be the
foundations of our strength relative to others in the
industry."
"On an operating basis, earnings were $62
million, or 20 cents per
share, this quarter," stated Kirk W.
Walters, Senior Executive Vice President and Chief Financial
Officer. "The net interest margin reflects the impact of
strong loan originations and the benefit of one more calendar day
in this quarter, while non-interest income demonstrates the ongoing
improvement in most of our fee-based businesses. Cost control
continues to remain an important area of focus. The modest
increase in operating expenses this quarter primarily reflects the
timing of certain advertising and promotion expenses."
Walters concluded, "We certainly are pleased with the continued
improvement in asset quality. Our low loan charge-off ratio
is a reflection of the Company's historically strong underwriting
standards, the economic strength of the geography in which we
operate and the resilience of our customers. Of particular
note, non-performing loans in the acquired portfolio declined
$22 million, or 12 percent, from
March 31, 2013."
Net loan charge-offs as a percentage of average loans on an
annualized basis were 0.19 percent in the second quarter of 2013
compared to 0.24 percent in the first quarter of 2013. For
the originated loan portfolio, non-performing loans equaled 1.18
percent of loans at June 30, 2013,
compared to 1.25 percent at March 31,
2013 and 1.52 percent at June
30, 2012. Non-performing assets (excluding acquired
non-performing loans) equaled 1.33 percent of originated loans, REO
and repossessed assets at June 30,
2013, compared to 1.42 percent at March 31, 2013 and 1.67 percent at June 30, 2012.
Operating return on average assets was 0.81 percent for the
second quarter of 2013, compared to 0.77 percent for the first
quarter of 2013 and 0.97 percent for the second quarter of 2012.
Operating return on average tangible stockholders' equity was
9.3 percent for the second quarter of 2013, compared to 8.1 percent
for the first quarter of 2013 and 8.9 percent for the second
quarter of 2012.
At June 30, 2013, People's United
Financial's tier 1 common and total risk-based capital ratios were
10.8 percent and 12.8 percent, respectively, and the tangible
equity ratio stood at 8.7 percent. People's United Bank's tier 1
and total risk-based capital ratios were 11.9 percent and 13.2
percent, respectively, at June 30,
2013.
People's United Financial, a diversified financial services
company with $31 billion in assets,
provides commercial and retail banking, as well as wealth
management services through a network of 418 branches in
Connecticut, New York, Massachusetts, Vermont, New
Hampshire and Maine. Through its subsidiaries,
People's United Financial provides equipment financing, brokerage
and insurance services. Assets managed and administered,
which are not reported as assets of People's United Financial,
totaled $15.5 billion at June 30, 2013.
2Q 2013 Financial Highlights
Summary
- Net income was $62.1 million, or
$0.20 per share.
- Operating earnings were $62.4
million, or $0.20 per
share.
- Net interest income totaled $220.9
million in 2Q13 compared to $219.3
million in 1Q13.
- Interest income on acquired loans decreased $3.1 million from 1Q13 to $34.0 million.
- Net interest margin decreased 5 basis points from 1Q13 to
3.33%.
- The effect of one more calendar day in 2Q13 benefited the
margin by 2 basis points.
- The effects of new loan volume at lower rates, and loan
repricing and amortization reduced the margin by 5 and 1 basis
points, respectively.
- Provision for loan losses totaled $9.2
million.
- Net loan charge-offs totaled $10.8
million, of which $4.3 million
related to loans with specific reserves established in prior
periods.
- Reflects a $3.6 million increase
in the originated allowance for loan losses due to loan growth and
a $0.9 million allowance reversal
related to acquired loans sold during the period.
- Non-interest income was $86.1
million in 2Q13 compared to $82.9
million in 1Q13.
- Bank service charges increased $2.0
million from 1Q13, in part due to the seasonal nature of
certain fee categories.
- Investment management fees increased $0.4 million from 1Q13.
- Insurance revenue decreased $1.2
million from 1Q13, primarily reflecting the seasonal nature
of insurance renewals.
- Net gains on sales of acquired loans totaled $5.8 million in 2Q13.
- Assets under administration and those under full discretionary
management, neither of which are reported as assets of People's
United Financial, totaled $10.7
billion and $4.8 billion,
respectively, at June 30, 2013.
- Non-interest expense totaled $205.8
million in 2Q13 compared to $212.0
million in 1Q13.
- Operating non-interest expense was $205.4 million in 2Q13 compared to $204.0 million in 1Q13. Excluding operating lease
expense and amortization of acquisition-related intangible assets,
operating non-interest expense totaled $191.2 million in 2Q13 compared to $190.0 million in 1Q13.
- Compensation and benefits expense decreased $3.8 million from 1Q13, primarily reflecting
lower payroll-related costs in 2Q13.
- Compared to 1Q13, real estate owned expenses increased
$2.0 million, advertising and
promotion expenses increased $1.9
million and professional and outside service fees increased
$1.0 million.
- Efficiency ratio in 2Q13 decreased to 62.7% from 64.1% in 1Q13,
primarily reflecting the increase in total revenues.
- Effective income tax rate was 32.5% for 2Q13 and 32.4% for the
full year of 2012.
Commercial Banking
- Commercial banking loans, excluding acquired loans, increased
$747 million from March 31, 2013.
- Average commercial banking loans totaled $16.2 billion in 2Q13, an increase of
$538 million, or 14% annualized, from
1Q13.
- The ratio of originated non-performing commercial banking loans
to originated commercial banking loans was 1.10% at June 30, 2013 compared to 1.13% at March 31, 2013.
- Non-performing commercial banking assets, excluding acquired
non-performing loans, totaled $183.8
million at June 30, 2013
compared to $179.0 million at
March 31, 2013.
- Net loan charge-offs totaled $6.9
million, or 0.17% annualized, of average commercial banking
loans in 2Q13, compared to $9.4
million, or 0.24% annualized, in 1Q13.
- Excluding acquired loan charge-offs, net loan charge-offs
totaled $6.4 million, or 0.16%
annualized, in 1Q13.
- For the originated commercial banking portfolio, the allowance
for loan losses as a percentage of loans was 1.05% at June 30, 2013 compared to 1.11% at March 31, 2013.
- The commercial banking originated allowance for loan losses
represented 96% of originated non-performing commercial banking
loans at June 30, 2013, compared to
98% at March 31, 2013.
- Commercial deposits totaled $5.8
billion at June 30, 2013
compared to $5.6 billion at
March 31, 2013.
Retail Banking
- Residential mortgage loans, excluding acquired loans, increased
$144 million from March 31, 2013.
- Average residential mortgage loans totaled $4.0 billion in 2Q13, an increase of $116 million, or 12% annualized, from 1Q13.
- The ratio of originated non-performing residential mortgage
loans to originated residential mortgage loans was 1.58% at
June 30, 2013 compared to 1.84% at
March 31, 2013.
- Net loan charge-offs totaled $2.3
million, or 0.23% annualized, of average residential
mortgage loans in 2Q13, compared to $1.9
million, or 0.19% annualized, in 1Q13.
- Home equity loans, excluding acquired loans, increased
$21 million from March 31, 2013.
- Average home equity loans totaled $2.0
billion in 2Q13, unchanged from 1Q13.
- The ratio of originated non-performing home equity loans to
originated home equity loans was 1.06% at June 30, 2013 compared to 1.13% at March 31, 2013.
- Net loan charge-offs totaled $1.4
million, or 0.28% annualized, of average home equity loans
in 2Q13, compared to $1.5 million, or
0.30% annualized, in 1Q13.
- Retail deposits totaled $16.2
billion at both June 30, 2013
and March 31, 2013.
Conference Call
On July 18,
2013, 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, 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 acquisitions; and (11) 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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|
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Three Months
Ended
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|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
(dollars in millions,
except per share data)
|
2013
|
2013
|
2012
|
2012
|
2012
|
Earnings
Data:
|
|
|
|
|
|
Net interest
income
|
$
220.9
|
$
219.3
|
$
225.1
|
$
234.8
|
$
235.6
|
Provision for
loan losses
|
9.2
|
12.4
|
12.0
|
15.1
|
10.6
|
Non-interest
income
|
86.1
|
82.9
|
84.3
|
81.4
|
75.7
|
Non-interest
expense
|
205.8
|
212.0
|
207.4
|
208.9
|
205.7
|
Operating
non-interest expense (1)
|
205.4
|
204.0
|
204.5
|
205.7
|
202.1
|
Income before
income tax expense
|
92.0
|
77.8
|
90.0
|
92.2
|
95.0
|
Net
income
|
62.1
|
52.5
|
61.2
|
62.2
|
64.6
|
Operating
earnings (1)
|
62.4
|
57.9
|
63.2
|
64.4
|
67.0
|
|
|
|
|
|
|
Selected Statistical
Data:
|
|
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|
|
|
Net interest
margin (2)
|
3.33%
|
3.38%
|
3.63%
|
3.89%
|
3.96%
|
Operating net
interest margin (1), (2)
|
3.33
|
3.38
|
3.63
|
3.82
|
3.88
|
Return on
average assets (2)
|
0.81
|
0.70
|
0.85
|
0.88
|
0.93
|
Operating
return on average assets (1), (2)
|
0.81
|
0.77
|
0.87
|
0.91
|
0.97
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Return on
average tangible assets (2)
|
0.87
|
0.75
|
0.91
|
0.95
|
1.01
|
Return on
average stockholders' equity (2)
|
5.2
|
4.2
|
4.8
|
4.8
|
5.0
|
Return on
average tangible stockholders' equity (2)
|
9.3
|
7.4
|
8.3
|
8.3
|
8.5
|
Operating
return on average tangible
|
|
|
|
|
|
stockholders' equity (1), (2)
|
9.3
|
8.1
|
8.6
|
8.6
|
8.9
|
Efficiency
ratio (1)
|
62.7
|
64.1
|
63.0
|
61.4
|
61.4
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Common Share
Data:
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|
Basic and
diluted earnings per share
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$
0.20
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$
0.16
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$
0.18
|
$
0.18
|
$
0.19
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Operating
earnings per share (1)
|
0.20
|
0.18
|
0.19
|
0.19
|
0.20
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Dividends paid
per share
|
0.1625
|
0.16
|
0.16
|
0.16
|
0.16
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Dividend
payout ratio
|
83.6%
|
100.6%
|
87.4%
|
87.3%
|
85.4%
|
Operating
dividend payout ratio (1)
|
83.2
|
91.2
|
84.8
|
84.3
|
82.2
|
Book value per
share (end of period)
|
$
15.11
|
$
15.24
|
$
15.21
|
$
15.20
|
$
15.09
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Tangible book
value per share (end of period) (1)
|
8.20
|
8.54
|
8.71
|
8.77
|
8.72
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Stock
price:
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High
|
15.00
|
13.61
|
12.50
|
12.55
|
13.50
|
Low
|
12.62
|
12.22
|
11.36
|
11.20
|
11.25
|
Close (end of period)
|
14.90
|
13.42
|
12.09
|
12.14
|
11.61
|
Common shares
(end of period) (in millions)
|
309.59
|
320.65
|
331.27
|
335.95
|
340.33
|
Weighted
average diluted common shares (in millions)
|
313.52
|
325.21
|
331.39
|
336.48
|
340.67
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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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Six Months
Ended
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June 30,
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|
(dollars in millions,
except per share data)
|
2013
|
2012
|
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|
Earnings
Data:
|
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|
Net interest
income
|
$
440.2
|
$
468.8
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|
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Provision for
loan losses
|
21.6
|
22.1
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Non-interest
income
|
169.0
|
148.1
|
|
|
|
Non-interest
expense
|
417.8
|
414.3
|
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|
Operating
non-interest expense (1)
|
409.4
|
407.7
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|
Income before
income tax expense
|
169.8
|
180.5
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Net
income
|
114.6
|
121.9
|
|
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|
Operating
earnings (1)
|
120.3
|
126.3
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Selected Statistical
Data:
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Net interest
margin (2)
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3.35%
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3.97%
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Operating net
interest margin (1), (2)
|
3.35
|
3.93
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Return on
average assets (2)
|
0.75
|
0.88
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Operating
return on average assets (1), (2)
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0.79
|
0.91
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Return on
average tangible assets (2)
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0.81
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0.96
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Return on
average stockholders' equity (2)
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4.7
|
4.7
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Return on
average tangible stockholders' equity (2)
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8.3
|
8.0
|
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Operating
return on average tangible
|
|
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|
|
stockholders' equity (1), (2)
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8.7
|
8.3
|
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Efficiency
ratio (1)
|
63.4
|
62.5
|
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Common Share
Data:
|
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Basic and
diluted earnings per share
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$
0.36
|
$
0.36
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|
Operating
earnings per share (1)
|
0.38
|
0.38
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|
Dividends paid
per share
|
0.3225
|
0.3175
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|
Dividend
payout ratio
|
91.3%
|
90.3%
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|
|
Operating
dividend payout ratio (1)
|
87.0
|
87.1
|
|
|
|
Book value per
share (end of period)
|
$
15.11
|
$
15.09
|
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|
Tangible book
value per share (end of period) (1)
|
8.20
|
8.72
|
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|
|
Stock
price:
|
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High
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15.00
|
13.79
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Low
|
12.22
|
11.25
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Close (end of period)
|
14.90
|
11.61
|
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|
Common shares
(end of period) (in millions)
|
309.59
|
340.33
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|
Weighted
average diluted common shares (in millions)
|
319.33
|
342.82
|
|
|
|
|
|
|
|
|
|
(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
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
(dollars in
millions)
|
2013
|
2013
|
2012
|
2012
|
2012
|
Financial Condition
Data:
|
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|
General:
|
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|
Total assets
|
$
31,345
|
$
30,598
|
$
30,324
|
$
28,576
|
$
28,137
|
Loans
|
22,866
|
22,161
|
21,737
|
21,040
|
20,588
|
Securities
|
4,618
|
4,716
|
4,669
|
3,787
|
3,702
|
Short-term investments
|
120
|
127
|
131
|
64
|
73
|
Allowance for loan losses
|
186
|
187
|
188
|
186
|
180
|
Goodwill and other acquisition-related intangible assets
|
2,140
|
2,147
|
2,154
|
2,160
|
2,166
|
Deposits
|
21,982
|
21,792
|
21,751
|
21,363
|
21,458
|
Borrowings
|
3,626
|
2,849
|
2,386
|
1,524
|
960
|
Notes and debentures
|
639
|
659
|
659
|
160
|
160
|
Stockholders' equity
|
4,678
|
4,886
|
5,039
|
5,107
|
5,135
|
Total risk-weighted assets (1)
|
23,498
|
22,918
|
22,764
|
21,682
|
21,841
|
Non-performing assets (2)
|
281
|
285
|
290
|
294
|
295
|
Net loan charge-offs
|
10.8
|
13.1
|
10.0
|
9.4
|
13.5
|
|
|
|
|
|
|
Average
Balances:
|
|
|
|
|
|
Loans
|
$
22,369
|
$
21,727
|
$
21,211
|
$
20,758
|
$
20,514
|
Securities
|
4,557
|
4,548
|
3,867
|
3,608
|
2,964
|
Short-term investments
|
153
|
146
|
128
|
108
|
562
|
Total earning assets
|
27,079
|
26,421
|
25,206
|
24,474
|
24,040
|
Total assets
|
30,799
|
30,178
|
28,991
|
28,234
|
27,753
|
Deposits
|
21,835
|
21,558
|
21,557
|
21,372
|
21,190
|
Total funding liabilities
|
25,548
|
24,726
|
23,487
|
22,709
|
22,184
|
Stockholders' equity
|
4,825
|
5,005
|
5,107
|
5,161
|
5,188
|
|
|
|
|
|
|
Ratios:
|
|
|
|
|
|
Net loan charge-offs to average loans (annualized)
|
0.19%
|
0.24%
|
0.19%
|
0.18%
|
0.26%
|
Non-performing assets to originated loans,
|
|
|
|
|
|
real estate owned and
repossessed assets (2)
|
1.33
|
1.42
|
1.48
|
1.59
|
1.67
|
Originated allowance for loan losses to:
|
|
|
|
|
|
Originated loans
(2)
|
0.85
|
0.88
|
0.91
|
0.95
|
1.00
|
Originated
non-performing loans (2)
|
71.8
|
70.6
|
70.3
|
66.0
|
65.6
|
Average stockholders' equity to average total assets
|
15.7
|
16.6
|
17.6
|
18.3
|
18.7
|
Stockholders' equity to total assets
|
14.9
|
16.0
|
16.6
|
17.9
|
18.3
|
Tangible stockholders' equity to tangible assets (3)
|
8.7
|
9.6
|
10.2
|
11.2
|
11.4
|
Total risk-based capital (1)
|
12.8
|
13.7
|
14.7
|
15.6
|
15.6
|
|
|
|
|
|
|
(1)
Consolidated.
|
|
|
|
|
|
(2) Excludes acquired
loans.
|
|
|
|
|
|
(3) See Non-GAAP
financial measures and reconciliation to GAAP.
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CONDITION
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
March 31,
|
Dec. 31,
|
June 30,
|
|
(in
millions)
|
2013
|
2013
|
2012
|
2012
|
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
379.6
|
$
320.5
|
$
470.0
|
$
415.1
|
|
Short-term
investments
|
119.5
|
127.2
|
131.4
|
72.8
|
|
Total cash and cash equivalents
|
499.1
|
447.7
|
601.4
|
487.9
|
|
Securities:
|
|
|
|
|
|
Trading
account securities, at fair value
|
6.4
|
6.4
|
6.5
|
12.0
|
|
Securities
available for sale, at fair value
|
4,439.9
|
4,570.4
|
4,532.3
|
3,560.0
|
|
Securities
held to maturity, at amortized cost
|
56.1
|
56.1
|
56.2
|
56.4
|
|
Federal Home
Loan Bank stock, at cost
|
115.4
|
83.0
|
73.7
|
73.7
|
|
Total securities
|
4,617.8
|
4,715.9
|
4,668.7
|
3,702.1
|
|
Loans held for
sale
|
68.3
|
50.7
|
77.0
|
57.1
|
|
Loans:
|
|
|
|
|
|
Commercial
|
8,560.8
|
8,469.5
|
8,400.0
|
7,590.1
|
|
Commercial
real estate
|
8,077.3
|
7,599.2
|
7,294.2
|
6,999.7
|
|
Residential
mortgage
|
4,084.2
|
3,958.8
|
3,886.1
|
3,831.9
|
|
Consumer
|
2,143.9
|
2,133.4
|
2,156.3
|
2,166.7
|
|
Total loans
|
22,866.2
|
22,160.9
|
21,736.6
|
20,588.4
|
|
Less allowance
for loan losses
|
(185.7)
|
(187.3)
|
(188.0)
|
(180.3)
|
|
Total loans, net
|
22,680.5
|
21,973.6
|
21,548.6
|
20,408.1
|
|
Goodwill and other
acquisition-related intangible assets
|
2,140.4
|
2,147.0
|
2,153.5
|
2,166.4
|
|
Premises and
equipment
|
320.1
|
327.0
|
330.4
|
337.4
|
|
Bank-owned life
insurance
|
337.2
|
336.3
|
336.5
|
334.6
|
|
Other
assets
|
681.5
|
600.0
|
608.3
|
643.0
|
|
Total assets
|
$ 31,344.9
|
$ 30,598.2
|
$ 30,324.4
|
$ 28,136.6
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Non-interest-bearing
|
$
5,116.0
|
$
4,994.3
|
$
5,084.3
|
$
4,799.2
|
|
Savings,
interest-bearing checking and money market
|
12,278.6
|
12,210.8
|
11,959.8
|
11,617.9
|
|
Time
|
4,587.2
|
4,586.5
|
4,706.4
|
5,040.7
|
|
Total deposits
|
21,981.8
|
21,791.6
|
21,750.5
|
21,457.8
|
|
Borrowings:
|
|
|
|
|
|
Federal Home
Loan Bank advances
|
2,206.4
|
1,407.4
|
1,178.3
|
330.3
|
|
Federal funds
purchased
|
931.0
|
934.0
|
619.0
|
150.0
|
|
Retail
repurchase agreements
|
487.7
|
506.9
|
588.2
|
452.7
|
|
Other
borrowings
|
1.0
|
1.0
|
1.0
|
26.6
|
|
Total borrowings
|
3,626.1
|
2,849.3
|
2,386.5
|
959.6
|
|
Notes and
debentures
|
638.9
|
659.3
|
659.0
|
160.1
|
|
Other
liabilities
|
420.2
|
411.9
|
489.6
|
423.7
|
|
Total liabilities
|
26,667.0
|
25,712.1
|
25,285.6
|
23,001.2
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
Common
stock
|
3.9
|
3.9
|
3.9
|
3.9
|
|
Additional paid-in
capital
|
5,268.8
|
5,265.2
|
5,261.3
|
5,258.5
|
|
Retained
earnings
|
763.1
|
753.6
|
756.2
|
743.2
|
|
Treasury stock, at
cost
|
(1,009.3)
|
(856.4)
|
(712.2)
|
(602.9)
|
|
Accumulated other
comprehensive loss
|
(178.8)
|
(108.5)
|
(96.9)
|
(90.2)
|
|
Unallocated common
stock of Employee Stock Ownership Plan, at cost
|
(169.8)
|
(171.7)
|
(173.5)
|
(177.1)
|
|
Total stockholders' equity
|
4,677.9
|
4,886.1
|
5,038.8
|
5,135.4
|
|
Total liabilities and stockholders' equity
|
$ 31,344.9
|
$ 30,598.2
|
$ 30,324.4
|
$ 28,136.6
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
(in millions, except
per share data)
|
2013
|
2013
|
2012
|
2012
|
2012
|
Interest and dividend
income:
|
|
|
|
|
|
Commercial
|
$
87.2
|
$
86.7
|
$
90.7
|
$
91.3
|
$
91.1
|
Commercial
real estate
|
87.2
|
85.5
|
86.0
|
91.3
|
96.4
|
Residential
mortgage
|
34.3
|
34.5
|
34.6
|
37.1
|
35.8
|
Consumer
|
18.7
|
18.8
|
19.5
|
19.8
|
20.0
|
Total interest on loans
|
227.4
|
225.5
|
230.8
|
239.5
|
243.3
|
Securities
|
22.2
|
22.7
|
20.7
|
20.3
|
18.3
|
Loans held for
sale
|
0.4
|
0.4
|
0.4
|
0.5
|
0.4
|
Short-term
investments
|
0.1
|
0.1
|
0.1
|
-
|
0.4
|
Total interest and dividend income
|
250.1
|
248.7
|
252.0
|
260.3
|
262.4
|
Interest
expense:
|
|
|
|
|
|
Deposits
|
20.5
|
20.8
|
21.9
|
22.1
|
23.6
|
Borrowings
|
2.6
|
2.3
|
2.0
|
1.8
|
1.6
|
Notes and
debentures
|
6.1
|
6.3
|
3.0
|
1.6
|
1.6
|
Total interest expense
|
29.2
|
29.4
|
26.9
|
25.5
|
26.8
|
Net interest income
|
220.9
|
219.3
|
225.1
|
234.8
|
235.6
|
Provision for loan
losses
|
9.2
|
12.4
|
12.0
|
15.1
|
10.6
|
Net interest income after provision for loan losses
|
211.7
|
206.9
|
213.1
|
219.7
|
225.0
|
Non-interest
income:
|
|
|
|
|
|
Bank service
charges
|
32.1
|
30.1
|
31.4
|
33.0
|
32.5
|
Investment
management fees
|
9.4
|
9.0
|
8.9
|
8.7
|
8.7
|
Insurance
revenue
|
7.1
|
8.3
|
6.7
|
9.5
|
7.2
|
Brokerage
commissions
|
3.4
|
3.3
|
2.9
|
2.8
|
3.4
|
Operating
lease income
|
8.1
|
8.3
|
8.5
|
8.3
|
7.7
|
Net gains on
sales of residential mortgage loans
|
4.2
|
5.7
|
6.1
|
3.6
|
2.8
|
Net gains on
sales of acquired loans
|
5.8
|
-
|
0.3
|
-
|
0.7
|
Merchant
services income, net
|
1.2
|
1.2
|
1.3
|
1.2
|
1.3
|
Bank-owned
life insurance
|
1.0
|
0.9
|
1.1
|
1.3
|
1.2
|
Other
non-interest income
|
13.8
|
16.1
|
17.1
|
13.0
|
10.2
|
Total non-interest income
|
86.1
|
82.9
|
84.3
|
81.4
|
75.7
|
Non-interest
expense:
|
|
|
|
|
|
Compensation
and benefits
|
104.4
|
108.2
|
97.4
|
106.7
|
104.5
|
Occupancy and
equipment
|
36.9
|
37.9
|
37.9
|
36.5
|
34.1
|
Professional
and outside service fees
|
14.9
|
13.9
|
16.8
|
15.8
|
17.5
|
Operating
lease expense
|
7.6
|
7.5
|
7.5
|
6.8
|
6.4
|
Amortization
of other acquisition-related intangible assets
|
6.6
|
6.5
|
6.7
|
6.7
|
6.8
|
Other
non-interest expense
|
35.4
|
38.0
|
41.1
|
36.4
|
36.4
|
Total non-interest expense (1)
|
205.8
|
212.0
|
207.4
|
208.9
|
205.7
|
Income before income tax expense
|
92.0
|
77.8
|
90.0
|
92.2
|
95.0
|
Income tax
expense
|
29.9
|
25.3
|
28.8
|
30.0
|
30.4
|
Net income
|
$
62.1
|
$
52.5
|
$
61.2
|
$
62.2
|
$
64.6
|
|
|
|
|
|
|
Basic and diluted
earnings per common share
|
$
0.20
|
$
0.16
|
$
0.18
|
$
0.18
|
$
0.19
|
|
|
|
|
|
|
(1) Total
non-interest expense includes $0.4 million, $8.0 million, $2.9
million, $3.2 million and $3.6 million of
|
|
|
non-operating expenses
for the three months ended June 30, 2013, March 31, 2013, Dec. 31,
2012, Sept. 30, 2012
|
|
and June 30, 2012,
respectively. See Non-GAAP financial measures and reconciliation to
GAAP.
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
June 30,
|
|
|
|
(in millions, except
per share data)
|
2013
|
2012
|
|
|
|
Interest and dividend
income:
|
|
|
|
|
|
Commercial
|
$
173.9
|
$
183.9
|
|
|
|
Commercial
real estate
|
172.7
|
188.1
|
|
|
|
Residential
mortgage
|
68.8
|
72.0
|
|
|
|
Consumer
|
37.5
|
40.7
|
|
|
|
Total interest on loans
|
452.9
|
484.7
|
|
|
|
Securities
|
44.9
|
36.3
|
|
|
|
Loans held for
sale
|
0.8
|
0.9
|
|
|
|
Short-term
investments
|
0.2
|
0.7
|
|
|
|
Total interest and dividend income
|
498.8
|
522.6
|
|
|
|
Interest
expense:
|
|
|
|
|
|
Deposits
|
41.3
|
46.7
|
|
|
|
Borrowings
|
4.9
|
3.3
|
|
|
|
Notes and
debentures
|
12.4
|
3.8
|
|
|
|
Total interest expense
|
58.6
|
53.8
|
|
|
|
Net interest income
|
440.2
|
468.8
|
|
|
|
Provision for loan
losses
|
21.6
|
22.1
|
|
|
|
Net interest income after provision for loan losses
|
418.6
|
446.7
|
|
|
|
Non-interest
income:
|
|
|
|
|
|
Bank service
charges
|
62.2
|
62.8
|
|
|
|
Investment
management fees
|
18.4
|
17.3
|
|
|
|
Insurance
revenue
|
15.4
|
15.6
|
|
|
|
Brokerage
commissions
|
6.7
|
6.5
|
|
|
|
Operating
lease income
|
16.4
|
14.4
|
|
|
|
Net gains on
sales of residential mortgage loans
|
9.9
|
6.4
|
|
|
|
Net gains on
sales of acquired loans
|
5.8
|
0.7
|
|
|
|
Merchant
services income, net
|
2.4
|
2.4
|
|
|
|
Bank-owned
life insurance
|
1.9
|
3.0
|
|
|
|
Other
non-interest income
|
29.9
|
19.0
|
|
|
|
Total non-interest income
|
169.0
|
148.1
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
Compensation
and benefits
|
212.6
|
214.8
|
|
|
|
Occupancy and
equipment
|
74.8
|
67.5
|
|
|
|
Professional
and outside service fees
|
28.8
|
32.8
|
|
|
|
Operating
lease expense
|
15.1
|
12.0
|
|
|
|
Amortization
of other acquisition-related intangible assets
|
13.1
|
13.4
|
|
|
|
Other
non-interest expense
|
73.4
|
73.8
|
|
|
|
Total non-interest expense (1)
|
417.8
|
414.3
|
|
|
|
Income before income tax expense
|
169.8
|
180.5
|
|
|
|
Income tax
expense
|
55.2
|
58.6
|
|
|
|
Net income
|
$
114.6
|
$
121.9
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per common share
|
$
0.36
|
$
0.36
|
|
|
|
|
|
|
|
|
|
(1) Total
non-interest expense includes $8.4 million and $6.6 million of
non-operating expenses for
|
|
|
the six months ended
June 30, 2013 and 2012, respectively. See Non-GAAP financial
measures
|
|
|
and reconciliation to
GAAP.
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)
|
|
|
|
|
|
|
|
|
|
|
June 30,
2013
|
March 31,
2013
|
Three months
ended
|
Average
|
|
Yield/
|
Average
|
|
Yield/
|
(dollars in
millions)
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
Short-term
investments
|
$
152.4
|
$
0.1
|
0.18%
|
$
146.3
|
$
0.1
|
0.21%
|
Securities
(2)
|
4,556.9
|
24.3
|
2.13
|
4,548.2
|
24.5
|
2.15
|
Loans:
|
|
|
|
|
|
|
Commercial
(3)
|
8,424.6
|
89.4
|
4.25
|
8,244.1
|
88.9
|
4.31
|
Commercial
real estate
|
7,757.5
|
87.2
|
4.50
|
7,399.5
|
85.5
|
4.62
|
Residential
mortgage
|
4,048.5
|
34.7
|
3.43
|
3,934.5
|
34.9
|
3.55
|
Consumer
|
2,138.6
|
18.7
|
3.49
|
2,148.1
|
18.8
|
3.50
|
Total loans
|
22,369.2
|
230.0
|
4.11
|
21,726.2
|
228.1
|
4.20
|
Total earning assets
|
27,078.5
|
$
254.4
|
3.76%
|
26,420.7
|
$
252.7
|
3.83%
|
Other
assets
|
3,720.3
|
|
|
3,757.3
|
|
|
Total assets
|
$
30,798.8
|
|
|
$
30,178.0
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Non-interest-bearing
|
$
4,960.8
|
$
-
|
- %
|
$
4,879.0
|
$
-
|
- %
|
Savings,
interest-bearing checking
|
|
|
|
|
|
|
and money market
|
12,316.4
|
8.3
|
0.27
|
12,042.2
|
8.0
|
0.27
|
Time
|
4,558.2
|
12.2
|
1.07
|
4,637.2
|
12.8
|
1.10
|
Total deposits
|
21,835.4
|
20.5
|
0.38
|
21,558.4
|
20.8
|
0.39
|
Borrowings:
|
|
|
|
|
|
|
Federal Home
Loan Bank advances
|
1,778.3
|
2.0
|
0.44
|
1,344.0
|
1.7
|
0.52
|
Federal funds
purchased
|
788.0
|
0.4
|
0.19
|
603.3
|
0.3
|
0.20
|
Retail
repurchase agreements
|
492.3
|
0.2
|
0.19
|
559.6
|
0.3
|
0.20
|
Other
borrowings
|
1.0
|
-
|
1.75
|
1.1
|
-
|
1.60
|
Total borrowings
|
3,059.6
|
2.6
|
0.34
|
2,508.0
|
2.3
|
0.37
|
Notes and
debentures
|
653.1
|
6.1
|
3.75
|
659.1
|
6.3
|
3.81
|
Total funding liabilities
|
25,548.1
|
$
29.2
|
0.46%
|
24,725.5
|
$
29.4
|
0.48%
|
Other
liabilities
|
425.8
|
|
|
448.0
|
|
|
Total liabilities
|
25,973.9
|
|
|
25,173.5
|
|
|
Stockholders'
equity
|
4,824.9
|
|
|
5,004.5
|
|
|
Total liabilities and
|
|
|
|
|
|
|
stockholders'
equity
|
$
30,798.8
|
|
|
$
30,178.0
|
|
|
|
|
|
|
|
|
|
Net interest
income/spread (4)
|
|
$
225.2
|
3.30%
|
|
$
223.3
|
3.35%
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
3.33%
|
|
|
3.38%
|
|
|
|
|
|
|
|
Operating net
interest margin (5)
|
|
|
3.33%
|
|
|
3.38%
|
|
|
|
|
|
|
|
(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) Includes
commercial and industrial loans and equipment financing
loans.
|
|
|
|
(4) The fully taxable
equivalent adjustment was $4.3 million, $4.0 million and $2.7
million for the three months ended
|
June 30, 2013, March 31,
2013 and June 30, 2012, respectively.
|
|
|
|
(5) See Non-GAAP
financial measures and reconciliation to GAAP.
|
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)
|
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
Three months
ended
|
Average
|
|
Yield/
|
|
|
|
(dollars in
millions)
|
Balance
|
Interest
|
Rate
|
|
|
|
Assets:
|
|
|
|
|
|
|
Short-term
investments
|
$
561.6
|
$
0.4
|
0.25%
|
|
|
|
Securities
(2)
|
2,964.4
|
19.1
|
2.58
|
|
|
|
Loans:
|
|
|
|
|
|
|
Commercial
(3)
|
7,493.5
|
93.0
|
4.97
|
|
|
|
Commercial
real estate
|
7,011.9
|
96.4
|
5.50
|
|
|
|
Residential
mortgage
|
3,832.5
|
36.2
|
3.78
|
|
|
|
Consumer
|
2,176.0
|
20.0
|
3.68
|
|
|
|
Total loans
|
20,513.9
|
245.6
|
4.79
|
|
|
|
Total earning assets
|
24,039.9
|
$
265.1
|
4.41%
|
|
|
|
Other
assets
|
3,713.2
|
|
|
|
|
|
Total assets
|
$
27,753.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Non-interest-bearing
|
$
4,596.5
|
$
-
|
- %
|
|
|
|
Savings,
interest-bearing checking
|
|
|
|
|
|
|
and money market
|
11,511.4
|
10.1
|
0.35
|
|
|
|
Time
|
5,081.8
|
13.5
|
1.06
|
|
|
|
Total deposits
|
21,189.7
|
23.6
|
0.45
|
|
|
|
Borrowings:
|
|
|
|
|
|
|
Federal Home
Loan Bank advances
|
330.8
|
1.2
|
1.48
|
|
|
|
Federal funds
purchased
|
10.5
|
-
|
0.21
|
|
|
|
Retail
repurchase agreements
|
465.9
|
0.3
|
0.27
|
|
|
|
Other
borrowings
|
26.8
|
0.1
|
0.98
|
|
|
|
Total borrowings
|
834.0
|
1.6
|
0.77
|
|
|
|
Notes and
debentures
|
160.0
|
1.6
|
4.05
|
|
|
|
Total funding liabilities
|
22,183.7
|
$
26.8
|
0.48%
|
|
|
|
Other
liabilities
|
381.4
|
|
|
|
|
|
Total liabilities
|
22,565.1
|
|
|
|
|
|
Stockholders'
equity
|
5,188.0
|
|
|
|
|
|
Total liabilities and
|
|
|
|
|
|
|
stockholders'
equity
|
$
27,753.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/spread (4)
|
|
$
238.3
|
3.93%
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
3.96%
|
|
|
|
|
|
|
|
|
|
|
Operating net
interest margin (5)
|
|
|
3.88%
|
|
|
|
|
|
|
|
|
|
|
(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) Includes
commercial and industrial loans and equipment financing
loans.
|
|
|
|
(4) The fully taxable
equivalent adjustment was $4.3 million, $4.0 million and $2.7
million for the three months ended
|
June 30, 2013, March 31,
2013 and June 30, 2012, respectively.
|
|
|
|
(5) See Non-GAAP
financial measures and reconciliation to GAAP.
|
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
AVERAGE BALANCE
SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)
|
|
|
|
|
|
|
|
|
|
|
June 30,
2013
|
June 30,
2012
|
Six months
ended
|
Average
|
|
Yield/
|
Average
|
|
Yield/
|
(dollars in
millions)
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
Short-term
investments
|
$
149.4
|
$
0.2
|
0.19%
|
$
548.3
|
$
0.7
|
0.25%
|
Securities
(2)
|
4,552.5
|
48.8
|
2.14
|
2,857.5
|
37.8
|
2.65
|
Loans:
|
|
|
|
|
|
|
Commercial
(3)
|
8,334.8
|
178.3
|
4.28
|
7,433.5
|
187.6
|
5.05
|
Commercial
real estate
|
7,579.5
|
172.7
|
4.56
|
7,065.3
|
188.1
|
5.32
|
Residential
mortgage
|
3,991.8
|
69.6
|
3.49
|
3,792.4
|
72.9
|
3.84
|
Consumer
|
2,143.3
|
37.5
|
3.50
|
2,188.7
|
40.7
|
3.72
|
Total loans
|
22,049.4
|
458.1
|
4.16
|
20,479.9
|
489.3
|
4.78
|
Total earning assets
|
26,751.3
|
$
507.1
|
3.79%
|
23,885.7
|
$
527.8
|
4.42%
|
Other
assets
|
3,738.8
|
|
|
3,722.1
|
|
|
Total assets
|
$
30,490.1
|
|
|
$
27,607.8
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Non-interest-bearing
|
$
4,920.1
|
$
-
|
- %
|
$
4,501.6
|
$
-
|
- %
|
Savings,
interest-bearing checking and money market
|
12,180.0
|
16.3
|
0.27
|
11,349.0
|
21.1
|
0.37
|
Time
|
4,597.5
|
25.0
|
1.09
|
5,165.9
|
25.6
|
0.99
|
Total deposits
|
21,697.6
|
41.3
|
0.38
|
21,016.5
|
46.7
|
0.45
|
Borrowings:
|
|
|
|
|
|
|
Federal Home
Loan Bank advances
|
1,562.3
|
3.7
|
0.48
|
331.4
|
2.4
|
1.48
|
Federal funds
purchased
|
696.2
|
0.7
|
0.19
|
7.9
|
-
|
0.19
|
Retail
repurchase agreements
|
525.8
|
0.5
|
0.20
|
480.3
|
0.7
|
0.28
|
Other
borrowings
|
1.0
|
-
|
1.67
|
26.9
|
0.2
|
0.98
|
Total borrowings
|
2,785.3
|
4.9
|
0.35
|
846.5
|
3.3
|
0.77
|
Notes and
debentures
|
656.1
|
12.4
|
3.78
|
159.9
|
3.8
|
4.76
|
Total funding liabilities
|
25,139.0
|
$
58.6
|
0.47%
|
22,022.9
|
$
53.8
|
0.49%
|
Other
liabilities
|
436.9
|
|
|
382.4
|
|
|
Total liabilities
|
25,575.9
|
|
|
22,405.3
|
|
|
Stockholders'
equity
|
4,914.2
|
|
|
5,202.5
|
|
|
Total liabilities and stockholders' equity
|
$
30,490.1
|
|
|
$
27,607.8
|
|
|
|
|
|
|
|
|
|
Net interest
income/spread (4)
|
|
$
448.5
|
3.32%
|
|
$
474.0
|
3.93%
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
3.35%
|
|
|
3.97%
|
|
|
|
|
|
|
|
Operating net
interest margin (5)
|
|
|
3.35%
|
|
|
3.93%
|
|
|
|
|
|
|
|
(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) Includes
commercial and industrial loans and equipment financing
loans.
|
|
|
|
(4) The fully taxable
equivalent adjustment was $8.3 million and $5.2 million for the six
months ended June 30, 2013 and
|
2012,
respectively.
|
|
|
|
|
|
|
(5) See Non-GAAP
financial measures and reconciliation to GAAP.
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired
in connection with business combinations are initially recorded at
fair value, determined based
|
upon an estimate of
expected cash flows, including a reduction for estimated credit
losses, and without carryover
|
of the respective
portfolio's historical allowance for loan losses. A decrease
in expected cash flows in subsequent
|
periods may indicate
that a loan is impaired, which would require the establishment of
an allowance for loan
|
|
losses. As
such, selected asset quality metrics have been highlighted to
distinguish between the 'originated'
|
|
portfolio and the
'acquired' portfolio.
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
(dollars in
millions)
|
2013
|
2013
|
2012
|
2012
|
2012
|
Originated
non-performing loans:
|
|
|
|
|
|
Commercial
Banking:
|
|
|
|
|
|
Commercial
real estate
|
$
70.2
|
$
86.5
|
$
84.4
|
$
88.5
|
$
90.5
|
Commercial and
industrial
|
68.6
|
50.9
|
54.8
|
64.6
|
62.2
|
Equipment
financing
|
27.8
|
24.8
|
27.2
|
37.4
|
37.3
|
Total
|
166.6
|
162.2
|
166.4
|
190.5
|
190.0
|
Retail:
|
|
|
|
|
|
Residential
mortgage
|
59.6
|
66.8
|
65.0
|
60.6
|
63.7
|
Home
equity
|
21.0
|
22.2
|
21.0
|
14.6
|
13.7
|
Other
consumer
|
0.1
|
0.2
|
0.3
|
0.3
|
0.2
|
Total
|
80.7
|
89.2
|
86.3
|
75.5
|
77.6
|
Total originated non-performing loans (1)
|
247.3
|
251.4
|
252.7
|
266.0
|
267.6
|
REO:
|
|
|
|
|
|
Residential
|
16.0
|
16.9
|
17.2
|
7.2
|
5.6
|
Commercial
|
10.9
|
9.6
|
11.4
|
12.6
|
14.1
|
Total REO
|
26.9
|
26.5
|
28.6
|
19.8
|
19.7
|
Repossessed
assets
|
6.3
|
7.2
|
8.3
|
8.2
|
7.2
|
Total non-performing assets
|
$
280.5
|
$
285.1
|
$
289.6
|
$
294.0
|
$
294.5
|
|
|
|
|
|
|
Acquired
non-performing loans (contractual amount) (2)
|
$
159.0
|
$
180.7
|
$
181.6
|
$
202.0
|
$
236.6
|
|
|
|
|
|
|
Originated
non-performing loans as a percentage
|
|
|
|
|
|
of originated
loans
|
1.18%
|
1.25%
|
1.30%
|
1.45%
|
1.52%
|
Non-performing assets
as a percentage of:
|
|
|
|
|
|
Originated
loans, REO and repossessed assets
|
1.33
|
1.42
|
1.48
|
1.59
|
1.67
|
Tangible
stockholders' equity and originated
|
|
|
|
|
|
allowance for loan
losses
|
10.33
|
9.78
|
9.45
|
9.41
|
9.37
|
|
|
|
|
|
|
(1) Reported net of
government guarantees totaling $20.4 million at June 30, 2013, $9.9
million at March 31, 2013,
|
$9.7 million at Dec. 31,
2012, $14.1 million at Sept. 30, 2012 and $14.8 million at June 30,
2012.
|
|
|
(2) Represents
acquired loans that meet People's United Financial's definition of
a non-performing loan but are not,
|
under the accounting model
for acquired loans, subject to classification as non-accrual in the
same manner as
|
originated loans. Because
acquired loans are initially recorded at an amount estimated to be
collectible, losses on
|
such loans, when incurred,
are first applied against the non-accretable difference established
in purchase accounting
|
and then to any allowance
for loan losses recognized subsequent to acquisition.
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION AND
ALLOWANCE FOR LOAN LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
(dollars in
millions)
|
2013
|
2013
|
2012
|
2012
|
2012
|
Allowance for loan
losses on originated loans:
|
|
|
|
|
|
Balance at
beginning of period
|
$
177.5
|
$
177.5
|
$
175.5
|
$
175.5
|
$
175.5
|
Charge-offs
|
(12.0)
|
(11.3)
|
(11.6)
|
(11.1)
|
(12.3)
|
Recoveries
|
1.9
|
1.5
|
1.6
|
1.7
|
1.5
|
Net loan charge-offs
|
(10.1)
|
(9.8)
|
(10.0)
|
(9.4)
|
(10.8)
|
Provision for
loan losses
|
10.1
|
9.8
|
12.0
|
9.4
|
10.8
|
Balance at end of period
|
177.5
|
177.5
|
177.5
|
175.5
|
175.5
|
|
|
|
|
|
|
Allowance for loan
losses on acquired loans:
|
|
|
|
|
|
Balance at
beginning of period
|
9.8
|
10.5
|
10.5
|
4.8
|
7.7
|
Charge-offs
|
(0.7)
|
(3.3)
|
-
|
-
|
(2.7)
|
Provision for
loan losses
|
(0.9)
|
2.6
|
-
|
5.7
|
(0.2)
|
Balance at end of period
|
8.2
|
9.8
|
10.5
|
10.5
|
4.8
|
Total allowance for loan losses
|
$
185.7
|
$
187.3
|
$
188.0
|
$
186.0
|
$
180.3
|
|
|
|
|
|
|
Originated allowance
for loan losses as a percentage of:
|
|
|
|
|
|
Originated loans
|
0.85%
|
0.88%
|
0.91%
|
0.95%
|
1.00%
|
Originated non-performing loans
|
71.8
|
70.6
|
70.3
|
66.0
|
65.6
|
Commercial banking
originated allowance
|
|
|
|
|
|
for loan
losses as a percentage of
|
|
|
|
|
|
originated
commercial banking loans
|
1.05
|
1.11
|
1.13
|
1.22
|
1.29
|
Retail originated
allowance for loan losses
|
|
|
|
|
|
as a
percentage of originated retail loans
|
0.31
|
0.32
|
0.36
|
0.35
|
0.37
|
|
|
|
|
|
|
NET LOAN CHARGE-OFFS
(RECOVERIES)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
(dollars in
millions)
|
2013
|
2013
|
2012
|
2012
|
2012
|
Commercial
Banking:
|
|
|
|
|
|
Commercial
real estate
|
$
4.7
|
$
6.1
|
$
2.5
|
$
3.5
|
$
6.1
|
Commercial and
industrial
|
1.5
|
3.7
|
2.7
|
2.6
|
3.1
|
Equipment
financing
|
0.7
|
(0.4)
|
1.0
|
1.1
|
1.2
|
Total
|
6.9
|
9.4
|
6.2
|
7.2
|
10.4
|
Retail:
|
|
|
|
|
|
Residential
mortgage
|
2.3
|
1.9
|
1.7
|
1.3
|
1.4
|
Home
equity
|
1.4
|
1.5
|
1.7
|
0.6
|
1.4
|
Other
consumer
|
0.2
|
0.3
|
0.4
|
0.3
|
0.3
|
Total
|
3.9
|
3.7
|
3.8
|
2.2
|
3.1
|
Total
|
$
10.8
|
$
13.1
|
$
10.0
|
$
9.4
|
$
13.5
|
|
|
|
|
|
|
Net loan charge-offs
to average loans (annualized)
|
0.19%
|
0.24%
|
0.19%
|
0.18%
|
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 their
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 metrics. 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 metrics 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 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, 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 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: (i) merger-related expenses, including
acquisition integration and other costs;
|
(ii) charges related
to executive-level management separation costs; (iii)
severance-related costs; and
|
(iv) writedowns of
banking house assets, are generally also excluded when calculating
the efficiency ratio.
|
Operating earnings
per share is derived by determining the per share impact of the
respective adjustments to
|
arrive at operating
earnings and adding (subtracting) such amounts to (from) GAAP
earnings per share. Operating
|
return on average
assets is calculated by dividing operating earnings (annualized) by
average assets. Operating
|
return on average
tangible stockholders' equity is calculated by dividing operating
earnings (annualized) by average
|
tangible
stockholders' equity. The operating dividend payout ratio is
calculated by dividing dividends paid by
|
operating earnings
for the respective period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net interest margin excludes from the net interest margin
those items that management considers to
|
be of such a discrete
nature that, by excluding such items, People's United Financial's
net interest margin can be
|
measured and assessed
on a more consistent basis from period to period. Excluded from
operating net interest
|
margin is cost
recovery income on acquired loans. Operating net interest
margin is calculated by dividing
|
operating net
interest income (annualized) by average earning assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The tangible equity ratio is the ratio of (i) tangible
stockholders' equity (total stockholders' equity less
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 share is calculated by
|
dividing tangible
stockholders' 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
|
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
|
|
|
|
|
|
|
|
|
|
|
OPERATING
NON-INTEREST EXPENSE AND EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
June 30,
|
June 30,
|
(dollars in
millions)
|
2013
|
2013
|
2012
|
2012
|
2012
|
2013
|
2012
|
Total non-interest
expense
|
$
205.8
|
$
212.0
|
$
207.4
|
$
208.9
|
$
205.7
|
$
417.8
|
$
414.3
|
Adjustments to arrive
at operating
|
|
|
|
|
|
|
|
non-interest
expense:
|
|
|
|
|
|
|
|
Writedowns of
banking house assets
|
-
|
(6.2)
|
-
|
-
|
-
|
(6.2)
|
-
|
Severance-related costs
|
(0.4)
|
(1.5)
|
(2.9)
|
(0.9)
|
(1.1)
|
(1.9)
|
(3.5)
|
Acquisition
integration and other costs
|
-
|
(0.3)
|
-
|
(2.3)
|
(2.5)
|
(0.3)
|
(3.1)
|
Total
|
(0.4)
|
(8.0)
|
(2.9)
|
(3.2)
|
(3.6)
|
(8.4)
|
(6.6)
|
Operating non-interest expense
|
205.4
|
204.0
|
204.5
|
205.7
|
202.1
|
409.4
|
407.7
|
|
|
|
|
|
|
|
|
Amortization
of other acquisition-related
|
|
|
|
|
|
|
|
intangible assets
|
(6.6)
|
(6.5)
|
(6.7)
|
(6.7)
|
(6.8)
|
(13.1)
|
(13.4)
|
Other
(1)
|
(3.4)
|
(1.5)
|
(0.6)
|
(2.7)
|
(2.1)
|
(4.9)
|
(4.5)
|
Total
|
$
195.4
|
$
196.0
|
$
197.2
|
$
196.3
|
$
193.2
|
$
391.4
|
$
389.8
|
|
|
|
|
|
|
|
|
Net interest income
(FTE basis)
|
$
225.2
|
$
223.3
|
$
228.6
|
$
237.8
|
$
238.3
|
$
448.5
|
$
474.0
|
Total non-interest
income
|
86.1
|
82.9
|
84.3
|
81.4
|
75.7
|
169.0
|
148.1
|
Total
revenues
|
311.3
|
306.2
|
312.9
|
319.2
|
314.0
|
617.5
|
622.1
|
Adjustments:
|
|
|
|
|
|
|
|
BOLI FTE
adjustment
|
0.4
|
0.4
|
0.6
|
0.7
|
0.6
|
0.8
|
1.5
|
Other
(2)
|
(0.2)
|
(0.7)
|
(0.7)
|
-
|
-
|
(0.9)
|
-
|
Total
|
$
311.5
|
$
305.9
|
$
312.8
|
$
319.9
|
$
314.6
|
$
617.4
|
$
623.6
|
Efficiency ratio
|
62.7%
|
64.1%
|
63.0%
|
61.4%
|
61.4%
|
63.4%
|
62.5%
|
|
|
|
|
|
|
|
|
(1) Items
classified as "other" and deducted from non-interest expense for
purposes of calculating the efficiency ratio
include,
|
as applicable,
certain franchise taxes, real estate owned expenses, contract
termination costs and non-recurring expenses.
|
(2) Items
classified as "other" and added to (deducted from) 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
|
Six Months
Ended
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
June 30,
|
June 30,
|
(dollars in millions,
except per share data)
|
2013
|
2013
|
2012
|
2012
|
2012
|
2013
|
2012
|
Net income, as
reported
|
$
62.1
|
$
52.5
|
$
61.2
|
$
62.2
|
$
64.6
|
$
114.6
|
$
121.9
|
Adjustments to arrive
at operating earnings:
|
|
|
|
|
|
|
Writedowns of
banking house assets
|
-
|
6.2
|
-
|
-
|
-
|
6.2
|
-
|
Severance-related costs
|
0.4
|
1.5
|
2.9
|
0.9
|
1.1
|
1.9
|
3.5
|
Acquisition
integration and other costs
|
-
|
0.3
|
-
|
2.3
|
2.5
|
0.3
|
3.1
|
Total pre-tax adjustments
|
0.4
|
8.0
|
2.9
|
3.2
|
3.6
|
8.4
|
6.6
|
Tax effect
|
(0.1)
|
(2.6)
|
(0.9)
|
(1.0)
|
(1.2)
|
(2.7)
|
(2.2)
|
Total adjustments, net of tax
|
0.3
|
5.4
|
2.0
|
2.2
|
2.4
|
5.7
|
4.4
|
Operating earnings
|
$
62.4
|
$
57.9
|
$
63.2
|
$
64.4
|
$
67.0
|
$
120.3
|
$
126.3
|
|
|
|
|
|
|
|
|
Earnings per share,
as reported
|
$
0.20
|
$
0.16
|
$
0.18
|
$
0.18
|
$
0.19
|
$
0.36
|
$
0.36
|
Adjustments to arrive
at operating
|
|
|
|
|
|
|
|
earnings per
share:
|
|
|
|
|
|
|
|
Writedowns of
banking house assets
|
-
|
0.02
|
-
|
-
|
-
|
0.02
|
-
|
Severance-related costs
|
-
|
-
|
0.01
|
-
|
-
|
-
|
0.01
|
Acquisition
integration and other costs
|
-
|
-
|
-
|
0.01
|
0.01
|
-
|
0.01
|
Total adjustments per share
|
-
|
0.02
|
0.01
|
0.01
|
0.01
|
0.02
|
0.02
|
Operating earnings per share
|
$
0.20
|
$
0.18
|
$
0.19
|
$
0.19
|
$
0.20
|
$
0.38
|
$
0.38
|
|
|
|
|
|
|
|
|
Average total
assets
|
$
30,799
|
$
30,178
|
$
28,991
|
$
28,234
|
$
27,753
|
$
30,490
|
$
27,608
|
|
|
|
|
|
|
|
|
Operating return
on
|
|
|
|
|
|
|
|
average assets
(annualized)
|
0.81%
|
0.77%
|
0.87%
|
0.91%
|
0.97%
|
0.79%
|
0.91%
|
|
|
|
|
|
|
|
|
OPERATING NET
INTEREST MARGIN
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
June 30,
|
June 30,
|
(dollars in
millions)
|
2013
|
2013
|
2012
|
2012
|
2012
|
2013
|
2012
|
Net interest income
(FTE basis)
|
$
225.2
|
$
223.3
|
$
228.6
|
$
237.8
|
$
238.3
|
$
448.5
|
$
474.0
|
Adjustments to arrive
at operating
|
|
|
|
|
|
|
|
net interest
income:
|
|
|
|
|
|
|
|
Cost recovery
income
|
-
|
-
|
-
|
(4.1)
|
(4.7)
|
-
|
(4.7)
|
Total adjustments
|
-
|
-
|
-
|
(4.1)
|
(4.7)
|
-
|
(4.7)
|
Operating net interest income
|
$
225.2
|
$
223.3
|
$
228.6
|
$
233.7
|
$
233.6
|
$
448.5
|
$
469.3
|
|
|
|
|
|
|
|
|
Net interest margin,
as reported (1)
|
3.33%
|
3.38%
|
3.63%
|
3.89%
|
3.96%
|
3.35%
|
3.97%
|
Adjustments to arrive
at operating
|
|
|
|
|
|
|
|
net
interest margin (1):
|
|
|
|
|
|
|
|
Cost recovery
income
|
-
|
-
|
-
|
(0.07)
|
(0.08)
|
-
|
(0.04)
|
Total adjustments
|
-
|
-
|
-
|
(0.07)
|
(0.08)
|
-
|
(0.04)
|
Operating net interest margin (1)
|
3.33%
|
3.38%
|
3.63%
|
3.82%
|
3.88%
|
3.35%
|
3.93%
|
|
|
|
|
|
|
|
|
Average total earning
assets
|
$
27,079
|
$
26,421
|
$
25,206
|
$
24,474
|
$
24,040
|
$
26,751
|
$
23,886
|
(1)
Annualized.
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP - continued
|
|
|
|
|
|
|
|
|
|
OPERATING RETURN ON
AVERAGE TANGIBLE STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
June 30,
|
June 30,
|
(dollars in
millions)
|
2013
|
2013
|
2012
|
2012
|
2012
|
2013
|
2012
|
Operating
earnings
|
$
62.4
|
$
57.9
|
$
63.2
|
$
64.4
|
$
67.0
|
$
120.3
|
$
126.3
|
|
|
|
|
|
|
|
|
Average stockholders'
equity
|
$
4,825
|
$
5,005
|
$
5,107
|
$
5,161
|
$
5,188
|
$
4,914
|
$
5,203
|
Less: Average
goodwill and average other
|
|
|
|
|
|
|
acquisition-related intangible assets
|
2,144
|
2,151
|
2,157
|
2,164
|
2,166
|
2,147
|
2,169
|
Average tangible
stockholders' equity
|
$
2,681
|
$
2,854
|
$
2,950
|
$
2,997
|
$
3,022
|
$
2,767
|
$
3,034
|
|
|
|
|
|
|
|
|
Operating return on
average tangible
|
|
|
|
|
|
|
|
stockholders'
equity (annualized)
|
9.3%
|
8.1%
|
8.6%
|
8.6%
|
8.9%
|
8.7%
|
8.3%
|
|
|
|
|
|
|
|
|
OPERATING DIVIDEND
PAYOUT RATIO
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
June 30,
|
June 30,
|
(dollars in
millions)
|
2013
|
2013
|
2012
|
2012
|
2012
|
2013
|
2012
|
Dividends
paid
|
$
51.9
|
$
52.8
|
$
53.6
|
$
54.3
|
$
55.1
|
$
104.7
|
$
110.0
|
|
|
|
|
|
|
|
|
Operating
earnings
|
$
62.4
|
$
57.9
|
$
63.2
|
$
64.4
|
$
67.0
|
$
120.3
|
$
126.3
|
|
|
|
|
|
|
|
|
Operating dividend
payout ratio
|
83.2%
|
91.2%
|
84.8%
|
84.3%
|
82.2%
|
87.0%
|
87.1%
|
|
|
|
|
|
|
|
|
TANGIBLE EQUITY
RATIO
|
|
|
|
|
|
|
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|
|
(dollars in
millions)
|
2013
|
2013
|
2012
|
2012
|
2012
|
|
|
Total stockholders'
equity
|
$
4,678
|
$
4,886
|
$
5,039
|
$
5,107
|
$
5,135
|
|
|
Less: Goodwill and
other
|
|
|
|
|
|
|
|
acquisition-related intangible assets
|
2,140
|
2,147
|
2,154
|
2,160
|
2,166
|
|
|
Tangible
stockholders' equity
|
$
2,538
|
$
2,739
|
$
2,885
|
$
2,947
|
$
2,969
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$31,345
|
$30,598
|
$30,324
|
$28,576
|
$28,137
|
|
|
Less: Goodwill and
other
|
|
|
|
|
|
|
|
acquisition-related intangible assets
|
2,140
|
2,147
|
2,154
|
2,160
|
2,166
|
|
|
Tangible
assets
|
$29,205
|
$28,451
|
$28,170
|
$26,416
|
$25,971
|
|
|
|
|
|
|
|
|
|
|
Tangible equity
ratio
|
8.7%
|
9.6%
|
10.2%
|
11.2%
|
11.4%
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE
PER SHARE
|
|
|
|
|
|
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|
|
(in millions, except
per share data)
|
2013
|
2013
|
2012
|
2012
|
2012
|
|
|
Tangible
stockholders' equity
|
$
2,538
|
$
2,739
|
$
2,885
|
$
2,947
|
$
2,969
|
|
|
|
|
|
|
|
|
|
|
Common shares
issued
|
396.32
|
396.24
|
395.81
|
395.88
|
395.87
|
|
|
Less: Shares
classified as treasury shares
|
78.54
|
67.31
|
56.18
|
51.48
|
47.00
|
|
|
Unallocated ESOP shares
|
8.19
|
8.28
|
8.36
|
8.45
|
8.54
|
|
|
Common
shares
|
309.59
|
320.65
|
331.27
|
335.95
|
340.33
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per share
|
$
8.20
|
$
8.54
|
$
8.71
|
$
8.77
|
$
8.72
|
|
|
SOURCE People's United Financial, Inc.