UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 16, 2015
Peoples United Financial, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-33326 |
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20-8447891 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
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850 Main Street, Bridgeport, CT |
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06604 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code (203) 338-7171
Not Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. |
Results of Operations and Financial Condition. |
On April 16, 2015, Peoples United Financial,
Inc. (the Company) issued a press release announcing its results of operations for the three-month period ended March 31, 2015. A copy of that press release is being furnished herewith as Exhibit 99.1.
The information contained in and accompanying this Form 8-K with respect to Item 2.02 (including Exhibit 99.1 hereto) is being furnished to, and not
filed with, the Securities and Exchange Commission in accordance with General Instruction B.2 to Form 8-K.
Item 7.01. |
Regulation FD Disclosure. |
The Company hereby furnishes the Investor Presentation attached hereto as
Exhibit 99.2.
The information contained in and accompanying this Form 8-K with respect to Item 7.01 (including Exhibit 99.2 hereto) is being
furnished to, and not filed with, the Securities and Exchange Commission in accordance with General Instruction B.2 to Form 8-K.
Item 9.01. |
Financial Statements and Exhibits |
(d) |
The following Exhibits are submitted herewith. |
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Exhibit No. |
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Description |
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99.1 |
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Earnings Press Release dated April 16, 2015 |
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99.2 |
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Investor Presentation dated April 16, 2015 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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Peoples United Financial, Inc. |
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(Registrant) |
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Date: April 16, 2015 |
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By: |
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/s/ Andrew
Hersom |
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(Signature) |
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Name: |
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Andrew Hersom |
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Title: |
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Senior Vice President, Investor Relations |
EXHIBIT INDEX
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Exhibit No. |
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Description |
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Page |
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99.1 |
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Earnings Press Release dated April 16, 2015 |
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99.1-1 |
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99.2 |
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Investor Presentation dated April 16, 2015 |
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99.2-1 |
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Exhibit 99.1
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INVESTOR CONTACT: |
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Andrew S. Hersom |
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Investor Relations |
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203.338.4581 |
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Andrew.Hersom@peoples.com |
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MEDIA CONTACT: |
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Valerie Carlson |
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Corporate Communications |
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203.338.2351 |
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Valerie.Carlson@peoples.com |
FOR IMMEDIATE RELEASE
April 16, 2015
PEOPLES UNITED FINANCIAL
REPORTS FIRST QUARTER
NET INCOME OF $0.20 PER SHARE AND OPERATING EARNINGS OF $0.21
PER SHARE; ANNOUNCES DIVIDEND INCREASE
BRIDGEPORT,
CT Peoples United Financial, Inc. (NASDAQ: PBCT) today reported net income of $59.2 million, or $0.20 per share, for the first quarter of 2015, compared to $53.1 million, or $0.18 per share, for the first quarter of 2014, and $64.7
million, or $0.22 per share, for the fourth quarter of 2014. Operating earnings were $63.2 million, or $0.21 per share, for the first quarter of 2015, compared to $56.5 million, or $0.19 per share, for the first quarter of 2014, and $65.1 million,
or $0.22 per share, for the fourth quarter of 2014.
The Companys Board of Directors voted to increase the common stock dividend to an annual rate
of $0.67 per share. Based on the closing stock price on April 15, 2015, the dividend yield on Peoples United Financial common stock is 4.4 percent. The quarterly dividend of $0.1675 per share is payable May 15, 2015 to shareholders
of record on May 1, 2015.
Our performance this quarter is an encouraging start to the year, especially given the persistent low interest rate
environment as well as the severe winter weather across our markets, commented Jack Barnes, President and Chief Executive Officer. We are pleased our continued focus on improving profitability led to a 12 percent increase in operating
earnings from a year ago. While the first quarter is typically a seasonally slower period, we achieved solid annualized loan growth of five percent and the success of our deposit gathering initiatives drove annualized organic deposit growth of over
17 percent.
Barnes continued, Additionally, as previously reported we received a national banking association charter during the quarter.
This charter is best aligned to our commercial banking business model.
Barnes concluded, Finally, we are pleased to announce our 22nd consecutive annual dividend increase which reflects our continued commitment to delivering value for shareholders through a consistent return of capital.
more
Peoples United Financial, Inc. Reports 1Q Earnings
Page
2
The first quarter results reflect our continued focus on improving operating leverage through revenue
growth and effective expense management, stated David Rosato, Senior Executive Vice President and Chief Financial Officer. Revenues grew three percent from the prior year quarter mostly due to higher non-interest income, while operating
expenses remained flat. The net interest margin decline from the fourth quarter was in line with expectations and primarily resulted from the impact of two fewer calendar days and continued strong loan originations at rates lower than the existing
portfolio.
Rosato concluded, We are comfortable with our capital structure and balance sheet strength. Asset quality was once again
exceptional as net charge-offs improved from an already low level. Capital ratios continue to be strong, especially in light of the Companys low risk business model.
At March 31, 2015, Peoples United Financials common equity tier 1 capital and total risk-based capital ratios were 10.0 percent and 12.0
percent, respectively, and the tangible equity ratio stood at 7.5 percent. Peoples United Bank N.A.s common equity tier 1 capital and total risk-based capital ratios were 10.6 percent and 13.0 percent, respectively, at March 31,
2015.
Net loan charge-offs as a percentage of average total loans on an annualized basis were 0.11 percent in the first quarter of 2015, an improvement
from 0.13 percent in the fourth quarter of 2014 and 0.12 percent in the first quarter of 2014. For the originated loan portfolio, non-performing loans equaled 0.68 percent of loans at March 31, 2015, compared to 0.77 percent at
December 31, 2014 and 0.84 percent at March 31, 2014.
Operating return on average assets of 0.71 percent for the first quarter of 2015 declined
from 0.75 percent in the fourth quarter of 2014, but improved from 0.69 percent in the first quarter of 2014. Operating return on average tangible stockholders equity of 9.9 percent in the first quarter of 2015 declined from 10.1 percent in
the fourth quarter of 2014, but improved from 9.3 percent in the first quarter of 2014.
Peoples United Financial, a diversified financial services
company with over $36 billion in assets, provides commercial and retail banking, as well as wealth management services through a network of over 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. Through its
subsidiaries, Peoples United Financial provides equipment financing, brokerage and insurance services. Assets managed and administered, which are not reported as assets of Peoples United Financial, totaled $15.7 billion at March 31,
2015 compared to $16.4 billion at December 31, 2014.
more
Peoples United Financial, Inc. Reports 1Q Earnings
Page
3
1Q 2015 Financial Highlights
Summary
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Net income was $59.2 million, or $0.20 per share. |
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Operating earnings were $63.2 million, or $0.21 per share. |
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Net interest income totaled $228.1 million in both 1Q15 and 4Q14. |
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Interest income on acquired loans decreased $1.7 million to $15.3 million. |
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Net interest margin decreased nine basis points from 4Q14 to 2.91% reflecting: |
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Two fewer calendar days in 1Q15 (decrease of five basis points). |
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New loan volume at rates lower than the existing portfolio (decrease of two basis points). |
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Increase in average investment and deposit balances (decrease of two basis points). |
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Provision for loan losses totaled $9.8 million. |
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Net loan charge-offs totaled $7.2 million, of which $3.2 million related to loans with previously-established specific reserves. |
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Net loan charge-off ratio of 0.11% in 1Q15. |
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Reflects a $6.2 million increase in the originated allowance for loan losses due to loan growth and a $0.4 million allowance reversal related to acquired loans. |
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Non-interest income was $89.0 million in 1Q15 compared to $86.8 million in 4Q14. |
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Commercial banking lending fees increased $3.7 million. |
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Net gains on sales of acquired loans increased $2.2 million |
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Customer interest rate swap income increased $2.1 million. |
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Insurance revenue increased $1.0 million, primarily reflecting the seasonal nature of insurance renewals. |
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Bank service charges decreased $1.9 million. |
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Net security gains decreased $2.7 million. |
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Assets under administration and those under full discretionary management, neither of which are reported as assets of Peoples United Financial, totaled $10.0 billion and $5.7 billion, respectively, at
March 31, 2015, compared to $10.8 billion and $5.6 billion, respectively, at December 31, 2014. |
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Non-interest expense totaled $217.6 million in 1Q15 compared to $207.7 million in 4Q14. |
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Operating non-interest expense was $211.6 million in 1Q15 compared to $207.1 million in 4Q14. |
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Compensation and benefits increased $6.6 million, primarily reflecting seasonally-higher payroll and benefit-related costs in 1Q15. |
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Occupancy and equipment expense increased $2.4 million and professional and outside services expense increased $1.1 million. |
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The efficiency ratio in 1Q15 increased to 61.9% from 61.3% in 4Q14 (see page 14). |
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Non-operating expenses totaled $6.0 million in 1Q15 compared to $0.6 million in 4Q14. |
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The effective income tax rate was 34.0% for 1Q15 and 33.9% for the full-year of 2014. |
more
Peoples United Financial, Inc. Reports 1Q Earnings
Page
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Commercial Banking
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Commercial loans increased $238 million, or 5% annualized, from December 31, 2014. |
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Average commercial loans totaled $19.3 billion in 1Q15, an increase of $235 million, or 5% annualized, from 4Q14. |
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The ratio of originated non-performing commercial loans to originated commercial loans was 0.64% at March 31, 2015 compared to 0.76% at December 31, 2014. |
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Non-performing commercial assets, excluding acquired non-performing loans, totaled $135.4 million at March 31, 2015 compared to $154.9 million at December 31, 2014. |
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Net loan charge-offs totaled $6.0 million, or 0.12% annualized, of average commercial loans in 1Q15, compared to $6.5 million, or 0.14% annualized, in 4Q14. |
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For the originated commercial portfolio, the allowance for loan losses as a percentage of loans was 0.91% at both March 31, 2015 and December 31, 2014. |
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The commercial originated allowance for loan losses represented 143% of originated non-performing commercial loans at March 31, 2015 compared to 120% at December 31, 2014. |
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Commercial deposits totaled $7.8 billion at March 31, 2015 compared to $7.2 billion at December 31, 2014. |
Retail Banking
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Residential mortgage loans increased $119 million, or 10% annualized, from December 31, 2014. |
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Average residential mortgage loans totaled $5.0 billion in 1Q15, an increase of $132 million, or 11% annualized, from 4Q14. |
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The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 0.78% at March 31, 2015 compared to 0.80% at December 31, 2014. |
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Net loan charge-offs totaled $0.4 million, or 0.03% annualized, of average residential mortgage loans in 1Q15, compared to $0.2 million, or 0.02% annualized, in 4Q14. |
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Home equity loans decreased $14 million, or 3% annualized, from December 31, 2014. |
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Average home equity loans totaled $2.1 billion in 1Q15, an increase of $4 million, or 1% annualized, from 4Q14. |
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The ratio of originated non-performing home equity loans to originated home equity loans was 0.93% at March 31, 2015 compared to 0.85% at December 31, 2014. |
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Net loan charge-offs totaled $0.5 million, or 0.10% annualized, of average home equity loans in 1Q15, compared to $1.3 million, or 0.24% annualized, in 4Q14. |
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Retail deposits (excluding brokered deposits) totaled $16.7 billion at March 31, 2015 compared to $16.3 billion at December 31, 2014. |
more
Peoples United Financial, Inc. Reports 1Q Earnings
Page
5
Conference Call
On April 16, 2015, at 8 a.m., Eastern Time, Peoples 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 Peoples United Banks 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 Peoples United Financials 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
managements 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 Peoples
United Financials actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to Peoples 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) changes in accounting and regulatory guidance applicable to banks; (7) price levels and conditions in the public securities markets generally; (8) competition and its effect on
pricing, spending, third-party relationships and revenues; and (9) changes in regulation resulting from or relating to financial reform legislation. Peoples 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 Peoples United Financial at www.peoples.com.
Peoples United Financial, Inc.
FINANCIAL HIGHLIGHTS
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Three Months Ended |
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(dollars in millions, except per share data) |
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March 31, 2015 |
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Dec. 31, 2014 |
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Sept. 30, 2014 |
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June 30, 2014 |
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March 31, 2014 |
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Earnings Data: |
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Net interest income (fully taxable equivalent) |
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$ |
233.9 |
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$ |
233.2 |
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$ |
233.3 |
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$ |
232.8 |
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$ |
231.8 |
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Net interest income |
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228.1 |
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228.1 |
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228.5 |
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228.2 |
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227.1 |
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Provision for loan losses |
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9.8 |
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9.9 |
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12.4 |
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8.8 |
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9.5 |
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Non-interest income (1) |
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89.0 |
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86.8 |
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84.0 |
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100.1 |
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79.9 |
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Non-interest expense |
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217.6 |
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207.7 |
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208.8 |
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208.3 |
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216.7 |
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Operating non-interest expense (2) |
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211.6 |
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207.1 |
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206.7 |
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206.7 |
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211.5 |
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Income before income tax expense |
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89.7 |
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97.3 |
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91.3 |
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111.2 |
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80.8 |
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Net income |
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59.2 |
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64.7 |
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61.6 |
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72.3 |
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53.1 |
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Operating earnings (2) |
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63.2 |
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65.1 |
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63.0 |
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59.9 |
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56.5 |
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Selected Statistical Data: |
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Net interest margin (3) |
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2.91 |
% |
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3.00 |
% |
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3.05 |
% |
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3.13 |
% |
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3.17 |
% |
Return on average assets (3) |
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0.66 |
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0.74 |
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0.72 |
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0.87 |
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0.65 |
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Operating return on average assets (2), (3) |
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0.71 |
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0.75 |
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0.74 |
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0.72 |
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0.69 |
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Return on average tangible assets (3) |
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0.70 |
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0.79 |
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0.77 |
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0.93 |
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0.69 |
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Return on average stockholders equity (3) |
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5.1 |
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5.5 |
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5.3 |
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6.3 |
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4.7 |
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Return on average tangible stockholders equity (3) |
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9.2 |
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10.1 |
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9.7 |
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11.6 |
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8.7 |
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Operating return on average tangible stockholders equity (2), (3) |
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9.9 |
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10.1 |
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9.9 |
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9.6 |
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9.3 |
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Efficiency ratio (2) |
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61.9 |
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61.3 |
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61.4 |
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61.8 |
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63.9 |
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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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$ |
0.22 |
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$ |
0.21 |
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$ |
0.24 |
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$ |
0.18 |
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Operating earnings per share (2) |
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0.21 |
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0.22 |
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0.21 |
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0.20 |
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0.19 |
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Dividends paid per share |
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0.165 |
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0.165 |
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0.165 |
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0.165 |
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0.1625 |
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Dividend payout ratio |
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83.7 |
% |
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76.5 |
% |
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80.2 |
% |
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68.4 |
% |
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91.5 |
% |
Operating dividend payout ratio (2) |
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78.3 |
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76.0 |
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78.4 |
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82.5 |
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86.0 |
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Book value per share (end of period) |
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$ |
15.55 |
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$ |
15.44 |
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$ |
15.52 |
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$ |
15.46 |
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$ |
15.35 |
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Tangible book value per share (end of period) (2) |
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8.58 |
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8.43 |
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8.49 |
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8.41 |
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8.26 |
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Stock price: |
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High |
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15.45 |
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15.50 |
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15.32 |
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15.23 |
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15.70 |
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Low |
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13.97 |
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13.61 |
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14.24 |
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14.00 |
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13.73 |
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Close (end of period) |
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15.20 |
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15.18 |
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14.47 |
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15.17 |
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14.87 |
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Common shares (end of period) (in millions) |
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301.18 |
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300.13 |
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299.92 |
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299.79 |
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299.49 |
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Weighted average diluted common shares (in millions) |
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299.15 |
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298.65 |
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298.44 |
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298.24 |
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297.72 |
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(1) |
Three months ended June 30, 2014 includes a $20.6 million net gain resulting from the formation of a merchant services joint venture. |
(2) |
See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13. |
6
Peoples United Financial, Inc.
FINANCIAL HIGHLIGHTS - Continued
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As of and for the Three Months Ended |
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(dollars in millions) |
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March 31, 2015 |
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Dec. 31, 2014 |
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Sept. 30, 2014 |
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June 30, 2014 |
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March 31, 2014 |
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Financial Condition Data: |
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General: |
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Total assets |
|
$ |
36,407 |
|
|
$ |
35,997 |
|
|
$ |
34,775 |
|
|
$ |
33,921 |
|
|
$ |
33,112 |
|
Loans |
|
|
26,929 |
|
|
|
26,592 |
|
|
|
25,954 |
|
|
|
25,455 |
|
|
|
24,629 |
|
Securities |
|
|
5,577 |
|
|
|
5,012 |
|
|
|
4,687 |
|
|
|
4,580 |
|
|
|
4,690 |
|
Short-term investments (1) |
|
|
250 |
|
|
|
769 |
|
|
|
508 |
|
|
|
99 |
|
|
|
73 |
|
Allowance for loan losses |
|
|
201 |
|
|
|
198 |
|
|
|
197 |
|
|
|
193 |
|
|
|
190 |
|
Goodwill and other acquisition-related intangible assets |
|
|
2,097 |
|
|
|
2,103 |
|
|
|
2,109 |
|
|
|
2,115 |
|
|
|
2,121 |
|
Deposits |
|
|
27,150 |
|
|
|
26,138 |
|
|
|
25,261 |
|
|
|
24,089 |
|
|
|
23,666 |
|
Borrowings |
|
|
3,143 |
|
|
|
3,692 |
|
|
|
3,416 |
|
|
|
3,773 |
|
|
|
3,887 |
|
Notes and debentures |
|
|
1,042 |
|
|
|
1,034 |
|
|
|
1,022 |
|
|
|
1,040 |
|
|
|
639 |
|
Stockholders equity |
|
|
4,682 |
|
|
|
4,633 |
|
|
|
4,655 |
|
|
|
4,636 |
|
|
|
4,596 |
|
Total risk-weighted assets (2) |
|
|
28,195 |
|
|
|
27,487 |
|
|
|
26,967 |
|
|
|
26,591 |
|
|
|
25,749 |
|
Non-performing assets (3) |
|
|
209 |
|
|
|
224 |
|
|
|
229 |
|
|
|
233 |
|
|
|
231 |
|
Net loan charge-offs |
|
|
7.2 |
|
|
|
8.5 |
|
|
|
8.1 |
|
|
|
6.5 |
|
|
|
7.0 |
|
|
|
|
|
|
|
Average Balances: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
26,504 |
|
|
$ |
26,136 |
|
|
$ |
25,611 |
|
|
$ |
24,856 |
|
|
$ |
24,248 |
|
Securities (4) |
|
|
5,325 |
|
|
|
4,718 |
|
|
|
4,691 |
|
|
|
4,674 |
|
|
|
4,908 |
|
Short-term investments (1) |
|
|
276 |
|
|
|
276 |
|
|
|
254 |
|
|
|
206 |
|
|
|
121 |
|
Total earning assets |
|
|
32,105 |
|
|
|
31,130 |
|
|
|
30,556 |
|
|
|
29,736 |
|
|
|
29,277 |
|
Total assets |
|
|
35,768 |
|
|
|
34,763 |
|
|
|
34,150 |
|
|
|
33,273 |
|
|
|
32,799 |
|
Deposits |
|
|
26,579 |
|
|
|
25,781 |
|
|
|
24,660 |
|
|
|
23,851 |
|
|
|
22,863 |
|
Borrowings |
|
|
3,018 |
|
|
|
2,854 |
|
|
|
3,443 |
|
|
|
3,793 |
|
|
|
4,348 |
|
Notes and debentures |
|
|
1,041 |
|
|
|
1,027 |
|
|
|
1,022 |
|
|
|
661 |
|
|
|
639 |
|
Total funding liabilities |
|
|
30,638 |
|
|
|
29,662 |
|
|
|
29,125 |
|
|
|
28,305 |
|
|
|
27,850 |
|
Stockholders equity |
|
|
4,663 |
|
|
|
4,679 |
|
|
|
4,648 |
|
|
|
4,609 |
|
|
|
4,564 |
|
|
|
|
|
|
|
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs to average total loans (annualized) |
|
|
0.11 |
% |
|
|
0.13 |
% |
|
|
0.13 |
% |
|
|
0.10 |
% |
|
|
0.12 |
% |
Non-performing assets to originated loans, real estate owned and repossessed assets (3) |
|
|
0.80 |
|
|
|
0.88 |
|
|
|
0.92 |
|
|
|
0.96 |
|
|
|
1.00 |
|
Originated allowance for loan losses to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans (3) |
|
|
0.74 |
|
|
|
0.74 |
|
|
|
0.75 |
|
|
|
0.75 |
|
|
|
0.78 |
|
Originated non-performing loans (3) |
|
|
107.5 |
|
|
|
95.5 |
|
|
|
94.1 |
|
|
|
91.7 |
|
|
|
92.7 |
|
Average stockholders equity to average total assets |
|
|
13.0 |
|
|
|
13.5 |
|
|
|
13.6 |
|
|
|
13.9 |
|
|
|
13.9 |
|
Stockholders equity to total assets |
|
|
12.9 |
|
|
|
12.9 |
|
|
|
13.4 |
|
|
|
13.7 |
|
|
|
13.9 |
|
Tangible stockholders equity to tangible assets (5) |
|
|
7.5 |
|
|
|
7.5 |
|
|
|
7.8 |
|
|
|
7.9 |
|
|
|
8.0 |
|
Total risk-based capital (2) |
|
|
12.0 |
|
|
|
12.2 |
|
|
|
12.3 |
|
|
|
12.5 |
|
|
|
11.2 |
|
(1) |
Includes securities purchased under agreements to resell. |
(2) |
Consolidated. Effective January 1, 2015, calculated in accordance with Basel III capital rules. March 31, 2015 amounts are preliminary. |
(3) |
Excludes acquired loans. |
(4) |
Average balances for securities are based on amortized cost. |
(5) |
See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13. |
7
Peoples United Financial, Inc.
CONSOLIDATED STATEMENTS OF CONDITION
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
March 31, 2015 |
|
|
Dec. 31, 2014 |
|
|
March 31, 2014 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
306.8 |
|
|
$ |
345.1 |
|
|
$ |
427.7 |
|
Short-term investments |
|
|
250.0 |
|
|
|
668.6 |
|
|
|
72.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents |
|
|
556.8 |
|
|
|
1,013.7 |
|
|
|
500.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities purchased under agreements to resell |
|
|
|
|
|
|
100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Trading account securities, at fair value |
|
|
8.3 |
|
|
|
8.3 |
|
|
|
8.3 |
|
Securities available for sale, at fair value |
|
|
4,356.8 |
|
|
|
3,993.7 |
|
|
|
3,848.1 |
|
Securities held to maturity, at amortized cost |
|
|
897.4 |
|
|
|
834.3 |
|
|
|
658.1 |
|
Federal Home Loan Bank and Federal Reserve Bank stock, at cost |
|
|
314.2 |
|
|
|
175.7 |
|
|
|
175.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities |
|
|
5,576.7 |
|
|
|
5,012.0 |
|
|
|
4,690.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
|
49.7 |
|
|
|
34.2 |
|
|
|
17.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
10,226.8 |
|
|
|
10,055.1 |
|
|
|
8,971.6 |
|
Commercial real estate |
|
|
9,470.4 |
|
|
|
9,404.3 |
|
|
|
9,003.7 |
|
Residential mortgage |
|
|
5,050.6 |
|
|
|
4,932.0 |
|
|
|
4,505.4 |
|
Consumer |
|
|
2,181.5 |
|
|
|
2,200.6 |
|
|
|
2,148.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
|
26,929.3 |
|
|
|
26,592.0 |
|
|
|
24,629.2 |
|
Less allowance for loan losses |
|
|
(200.9 |
) |
|
|
(198.3 |
) |
|
|
(190.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans, net |
|
|
26,728.4 |
|
|
|
26,393.7 |
|
|
|
24,438.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and other acquisition-related intangible assets |
|
|
2,096.6 |
|
|
|
2,102.5 |
|
|
|
2,121.1 |
|
Bank-owned life insurance |
|
|
344.4 |
|
|
|
343.3 |
|
|
|
340.3 |
|
Premises and equipment |
|
|
268.4 |
|
|
|
277.8 |
|
|
|
292.5 |
|
Other assets |
|
|
786.3 |
|
|
|
719.9 |
|
|
|
711.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
36,407.3 |
|
|
$ |
35,997.1 |
|
|
$ |
33,112.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing |
|
$ |
5,761.9 |
|
|
$ |
5,655.1 |
|
|
$ |
5,372.8 |
|
Savings, interest-bearing checking and money market |
|
|
16,086.4 |
|
|
|
15,252.4 |
|
|
|
13,858.1 |
|
Time |
|
|
5,301.6 |
|
|
|
5,230.7 |
|
|
|
4,434.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
|
|
27,149.9 |
|
|
|
26,138.2 |
|
|
|
23,665.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank advances |
|
|
2,165.9 |
|
|
|
2,291.7 |
|
|
|
2,619.0 |
|
Federal funds purchased |
|
|
496.0 |
|
|
|
913.0 |
|
|
|
775.0 |
|
Customer repurchase agreements |
|
|
480.0 |
|
|
|
486.0 |
|
|
|
486.6 |
|
Other borrowings |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
6.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total borrowings |
|
|
3,142.9 |
|
|
|
3,691.7 |
|
|
|
3,887.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes and debentures |
|
|
1,042.3 |
|
|
|
1,033.5 |
|
|
|
639.3 |
|
Other liabilities |
|
|
390.3 |
|
|
|
500.6 |
|
|
|
324.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
31,725.4 |
|
|
|
31,364.0 |
|
|
|
28,516.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
3.9 |
|
|
|
3.9 |
|
|
|
3.9 |
|
Additional paid-in capital |
|
|
5,304.2 |
|
|
|
5,291.2 |
|
|
|
5,276.4 |
|
Retained earnings |
|
|
833.2 |
|
|
|
826.7 |
|
|
|
778.2 |
|
Accumulated other comprehensive loss |
|
|
(140.6 |
) |
|
|
(168.2 |
) |
|
|
(137.5 |
) |
Unallocated common stock of Employee Stock Ownership Plan, at cost |
|
|
(157.2 |
) |
|
|
(159.0 |
) |
|
|
(164.4 |
) |
Treasury stock, at cost |
|
|
(1,161.6 |
) |
|
|
(1,161.5 |
) |
|
|
(1,160.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders equity |
|
|
4,681.9 |
|
|
|
4,633.1 |
|
|
|
4,595.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders equity |
|
$ |
36,407.3 |
|
|
$ |
35,997.1 |
|
|
$ |
33,112.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
Peoples United Financial, Inc.
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
(in millions, except per share data) |
|
March 31, 2015 |
|
|
Dec. 31, 2014 |
|
|
Sept. 30, 2014 |
|
|
June 30, 2014 |
|
|
March 31, 2014 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
88.9 |
|
|
$ |
89.1 |
|
|
$ |
89.1 |
|
|
$ |
87.5 |
|
|
$ |
85.3 |
|
Commercial real estate |
|
|
85.3 |
|
|
|
87.7 |
|
|
|
89.2 |
|
|
|
88.6 |
|
|
|
88.7 |
|
Residential mortgage |
|
|
40.2 |
|
|
|
39.8 |
|
|
|
38.1 |
|
|
|
37.8 |
|
|
|
37.8 |
|
Consumer |
|
|
18.1 |
|
|
|
18.7 |
|
|
|
18.5 |
|
|
|
18.4 |
|
|
|
18.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest on loans |
|
|
232.5 |
|
|
|
235.3 |
|
|
|
234.9 |
|
|
|
232.3 |
|
|
|
230.1 |
|
Securities |
|
|
27.5 |
|
|
|
24.0 |
|
|
|
23.6 |
|
|
|
24.1 |
|
|
|
25.1 |
|
Loans held for sale |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
|
0.1 |
|
Short-term investments |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest and dividend income |
|
|
260.3 |
|
|
|
259.6 |
|
|
|
258.9 |
|
|
|
256.7 |
|
|
|
255.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
22.2 |
|
|
|
21.7 |
|
|
|
20.2 |
|
|
|
19.7 |
|
|
|
19.3 |
|
Borrowings |
|
|
2.6 |
|
|
|
2.4 |
|
|
|
2.8 |
|
|
|
2.8 |
|
|
|
3.1 |
|
Notes and debentures |
|
|
7.4 |
|
|
|
7.4 |
|
|
|
7.4 |
|
|
|
6.0 |
|
|
|
5.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
|
32.2 |
|
|
|
31.5 |
|
|
|
30.4 |
|
|
|
28.5 |
|
|
|
28.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
228.1 |
|
|
|
228.1 |
|
|
|
228.5 |
|
|
|
228.2 |
|
|
|
227.1 |
|
Provision for loan losses |
|
|
9.8 |
|
|
|
9.9 |
|
|
|
12.4 |
|
|
|
8.8 |
|
|
|
9.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan losses |
|
|
218.3 |
|
|
|
218.2 |
|
|
|
216.1 |
|
|
|
219.4 |
|
|
|
217.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank service charges |
|
|
30.1 |
|
|
|
32.0 |
|
|
|
33.3 |
|
|
|
32.8 |
|
|
|
30.5 |
|
Commercial banking lending fees |
|
|
12.3 |
|
|
|
8.6 |
|
|
|
8.6 |
|
|
|
7.4 |
|
|
|
8.8 |
|
Investment management fees |
|
|
10.8 |
|
|
|
10.5 |
|
|
|
10.7 |
|
|
|
10.6 |
|
|
|
9.8 |
|
Operating lease income |
|
|
10.8 |
|
|
|
10.2 |
|
|
|
10.2 |
|
|
|
9.9 |
|
|
|
11.3 |
|
Insurance revenue |
|
|
7.6 |
|
|
|
6.6 |
|
|
|
8.8 |
|
|
|
6.8 |
|
|
|
7.7 |
|
Customer interest rate swap income, net |
|
|
5.3 |
|
|
|
3.2 |
|
|
|
1.8 |
|
|
|
2.2 |
|
|
|
1.4 |
|
Brokerage commissions |
|
|
3.2 |
|
|
|
3.4 |
|
|
|
3.4 |
|
|
|
3.6 |
|
|
|
3.2 |
|
Net gains (losses) on sales of acquired loans |
|
|
1.9 |
|
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
(0.4 |
) |
|
|
|
|
Net gains on sales of residential mortgage loans |
|
|
0.7 |
|
|
|
1.0 |
|
|
|
1.1 |
|
|
|
|
|
|
|
0.8 |
|
Net security gains |
|
|
|
|
|
|
2.7 |
|
|
|
0.2 |
|
|
|
|
|
|
|
0.1 |
|
Gain on merchant services joint venture, net of expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.6 |
|
|
|
|
|
Other non-interest income |
|
|
6.3 |
|
|
|
8.9 |
|
|
|
6.1 |
|
|
|
6.6 |
|
|
|
6.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest income (1) |
|
|
89.0 |
|
|
|
86.8 |
|
|
|
84.0 |
|
|
|
100.1 |
|
|
|
79.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
114.8 |
|
|
|
108.2 |
|
|
|
108.1 |
|
|
|
109.3 |
|
|
|
110.4 |
|
Occupancy and equipment |
|
|
38.7 |
|
|
|
36.3 |
|
|
|
36.4 |
|
|
|
36.6 |
|
|
|
38.0 |
|
Professional and outside services |
|
|
15.8 |
|
|
|
14.7 |
|
|
|
14.3 |
|
|
|
14.9 |
|
|
|
15.3 |
|
Regulatory assessments |
|
|
9.3 |
|
|
|
9.4 |
|
|
|
8.5 |
|
|
|
9.0 |
|
|
|
8.7 |
|
Operating lease expense |
|
|
9.3 |
|
|
|
8.9 |
|
|
|
8.7 |
|
|
|
8.7 |
|
|
|
11.1 |
|
Amortization of other acquisition-related intangible assets |
|
|
5.9 |
|
|
|
6.2 |
|
|
|
6.2 |
|
|
|
6.2 |
|
|
|
6.2 |
|
Other non-interest expense |
|
|
23.8 |
|
|
|
24.0 |
|
|
|
26.6 |
|
|
|
23.6 |
|
|
|
27.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense (1) |
|
|
217.6 |
|
|
|
207.7 |
|
|
|
208.8 |
|
|
|
208.3 |
|
|
|
216.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
|
|
89.7 |
|
|
|
97.3 |
|
|
|
91.3 |
|
|
|
111.2 |
|
|
|
80.8 |
|
Income tax expense |
|
|
30.5 |
|
|
|
32.6 |
|
|
|
29.7 |
|
|
|
38.9 |
|
|
|
27.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
59.2 |
|
|
$ |
64.7 |
|
|
$ |
61.6 |
|
|
$ |
72.3 |
|
|
$ |
53.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per common share |
|
$ |
0.20 |
|
|
$ |
0.22 |
|
|
$ |
0.21 |
|
|
$ |
0.24 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Total non-interest income includes $20.6 million of non-operating income for the three months ended June 30, 2014. Total non-interest expense includes $6.0 million, $0.6 million, $2.1 million, $1.6 million and $5.2
million of non-operating expenses for the three months ended March 31, 2015, Dec. 31, 2014, Sept. 30, 2014, June 30, 2014 and March 31, 2014, respectively. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on
page 13. |
9
Peoples United Financial, Inc.
AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015 |
|
|
December 31, 2014 |
|
|
March 31, 2014 |
|
Three months ended
(dollars in millions) |
|
Average Balance |
|
|
Interest |
|
|
Yield/ Rate |
|
|
Average Balance |
|
|
Interest |
|
|
Yield/ Rate |
|
|
Average Balance |
|
|
Interest |
|
|
Yield/ Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments (2) |
|
$ |
275.9 |
|
|
$ |
0.1 |
|
|
|
0.20 |
% |
|
$ |
276.1 |
|
|
$ |
0.1 |
|
|
|
0.20 |
% |
|
$ |
120.9 |
|
|
$ |
0.1 |
|
|
|
0.19 |
% |
Securities (3) |
|
|
5,325.0 |
|
|
|
30.7 |
|
|
|
2.31 |
|
|
|
4,718.4 |
|
|
|
26.7 |
|
|
|
2.26 |
|
|
|
4,907.9 |
|
|
|
27.3 |
|
|
|
2.23 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial (4) |
|
|
9,896.0 |
|
|
|
91.5 |
|
|
|
3.70 |
|
|
|
9,694.2 |
|
|
|
91.5 |
|
|
|
3.78 |
|
|
|
8,702.7 |
|
|
|
87.8 |
|
|
|
4.04 |
|
Commercial real estate |
|
|
9,401.6 |
|
|
|
85.3 |
|
|
|
3.63 |
|
|
|
9,368.8 |
|
|
|
87.7 |
|
|
|
3.75 |
|
|
|
8,904.5 |
|
|
|
88.7 |
|
|
|
3.98 |
|
Residential mortgage |
|
|
5,010.1 |
|
|
|
40.4 |
|
|
|
3.23 |
|
|
|
4,877.8 |
|
|
|
40.0 |
|
|
|
3.28 |
|
|
|
4,482.4 |
|
|
|
37.9 |
|
|
|
3.38 |
|
Consumer |
|
|
2,196.4 |
|
|
|
18.1 |
|
|
|
3.30 |
|
|
|
2,195.0 |
|
|
|
18.7 |
|
|
|
3.40 |
|
|
|
2,158.7 |
|
|
|
18.3 |
|
|
|
3.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
|
26,504.1 |
|
|
|
235.3 |
|
|
|
3.55 |
|
|
|
26,135.8 |
|
|
|
237.9 |
|
|
|
3.64 |
|
|
|
24,248.3 |
|
|
|
232.7 |
|
|
|
3.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total earning assets |
|
|
32,105.0 |
|
|
$ |
266.1 |
|
|
|
3.32 |
% |
|
|
31,130.3 |
|
|
$ |
264.7 |
|
|
|
3.40 |
% |
|
|
29,277.1 |
|
|
$ |
260.1 |
|
|
|
3.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
3,663.3 |
|
|
|
|
|
|
|
|
|
|
|
3,633.1 |
|
|
|
|
|
|
|
|
|
|
|
3,521.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
35,768.3 |
|
|
|
|
|
|
|
|
|
|
$ |
34,763.4 |
|
|
|
|
|
|
|
|
|
|
$ |
32,798.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing |
|
$ |
5,603.2 |
|
|
$ |
|
|
|
|
|
% |
|
$ |
5,575.7 |
|
|
$ |
|
|
|
|
|
% |
|
$ |
5,187.5 |
|
|
$ |
|
|
|
|
|
% |
Savings, interest-bearing checking and money market |
|
|
15,692.0 |
|
|
|
10.0 |
|
|
|
0.26 |
|
|
|
15,035.6 |
|
|
|
9.8 |
|
|
|
0.26 |
|
|
|
13,278.3 |
|
|
|
8.6 |
|
|
|
0.26 |
|
Time |
|
|
5,284.1 |
|
|
|
12.2 |
|
|
|
0.92 |
|
|
|
5,169.5 |
|
|
|
11.9 |
|
|
|
0.92 |
|
|
|
4,397.6 |
|
|
|
10.7 |
|
|
|
0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
|
|
26,579.3 |
|
|
|
22.2 |
|
|
|
0.33 |
|
|
|
25,780.8 |
|
|
|
21.7 |
|
|
|
0.34 |
|
|
|
22,863.4 |
|
|
|
19.3 |
|
|
|
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank advances |
|
|
2,058.0 |
|
|
|
2.2 |
|
|
|
0.42 |
|
|
|
1,943.4 |
|
|
|
2.0 |
|
|
|
0.42 |
|
|
|
3,221.6 |
|
|
|
2.6 |
|
|
|
0.32 |
|
Customer repurchase agreements |
|
|
486.6 |
|
|
|
0.2 |
|
|
|
0.18 |
|
|
|
461.1 |
|
|
|
0.2 |
|
|
|
0.19 |
|
|
|
507.6 |
|
|
|
0.2 |
|
|
|
0.19 |
|
Federal funds purchased |
|
|
472.5 |
|
|
|
0.2 |
|
|
|
0.17 |
|
|
|
447.8 |
|
|
|
0.2 |
|
|
|
0.16 |
|
|
|
610.3 |
|
|
|
0.3 |
|
|
|
0.17 |
|
Other borrowings |
|
|
1.0 |
|
|
|
|
|
|
|
1.78 |
|
|
|
1.3 |
|
|
|
|
|
|
|
1.36 |
|
|
|
8.3 |
|
|
|
|
|
|
|
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total borrowings |
|
|
3,018.1 |
|
|
|
2.6 |
|
|
|
0.34 |
|
|
|
2,853.6 |
|
|
|
2.4 |
|
|
|
0.34 |
|
|
|
4,347.8 |
|
|
|
3.1 |
|
|
|
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes and debentures |
|
|
1,040.7 |
|
|
|
7.4 |
|
|
|
2.83 |
|
|
|
1,027.5 |
|
|
|
7.4 |
|
|
|
2.90 |
|
|
|
639.2 |
|
|
|
5.9 |
|
|
|
3.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funding liabilities |
|
|
30,638.1 |
|
|
$ |
32.2 |
|
|
|
0.42 |
% |
|
|
29,661.9 |
|
|
$ |
31.5 |
|
|
|
0.43 |
% |
|
|
27,850.4 |
|
|
$ |
28.3 |
|
|
|
0.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
467.1 |
|
|
|
|
|
|
|
|
|
|
|
422.3 |
|
|
|
|
|
|
|
|
|
|
|
384.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
31,105.2 |
|
|
|
|
|
|
|
|
|
|
|
30,084.2 |
|
|
|
|
|
|
|
|
|
|
|
28,234.7 |
|
|
|
|
|
|
|
|
|
Stockholders equity |
|
|
4,663.1 |
|
|
|
|
|
|
|
|
|
|
|
4,679.2 |
|
|
|
|
|
|
|
|
|
|
|
4,564.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders equity |
|
$ |
35,768.3 |
|
|
|
|
|
|
|
|
|
|
$ |
34,763.4 |
|
|
|
|
|
|
|
|
|
|
$ |
32,798.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/spread (5) |
|
|
|
|
|
$ |
233.9 |
|
|
|
2.90 |
% |
|
|
|
|
|
$ |
233.2 |
|
|
|
2.97 |
% |
|
|
|
|
|
$ |
231.8 |
|
|
|
3.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
|
|
2.91 |
% |
|
|
|
|
|
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
3.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Average yields earned and rates paid are annualized. |
(2) |
Includes securities purchased under agreements to resell. |
(3) |
Average balances and yields for securities are based on amortized cost. |
(4) |
Includes commercial and industrial loans and equipment financing loans. |
(5) |
The fully taxable equivalent adjustment was $5.8 million, $5.1 million and $4.7 million for the three months ended March 31, 2015, December 31, 2014 and March 31, 2014, respectively.
|
10
Peoples 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 portfolios 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
|
March 31, 2015 |
|
|
Dec. 31, 2014 |
|
|
Sept. 30, 2014 |
|
|
June 30, 2014 |
|
|
March 31, 2014 |
|
Originated non-performing loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
43.3 |
|
|
$ |
60.2 |
|
|
$ |
56.0 |
|
|
$ |
59.7 |
|
|
$ |
60.1 |
|
Commercial and industrial |
|
|
42.6 |
|
|
|
55.8 |
|
|
|
52.8 |
|
|
|
45.8 |
|
|
|
41.7 |
|
Equipment financing |
|
|
34.9 |
|
|
|
25.4 |
|
|
|
29.3 |
|
|
|
30.7 |
|
|
|
22.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
120.8 |
|
|
|
141.4 |
|
|
|
138.1 |
|
|
|
136.2 |
|
|
|
123.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
37.5 |
|
|
|
37.6 |
|
|
|
41.8 |
|
|
|
44.8 |
|
|
|
51.3 |
|
Home equity |
|
|
19.4 |
|
|
|
17.9 |
|
|
|
16.6 |
|
|
|
18.0 |
|
|
|
19.0 |
|
Other consumer |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
57.0 |
|
|
|
55.6 |
|
|
|
58.5 |
|
|
|
62.9 |
|
|
|
70.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total originated non-performing loans (1) |
|
|
177.8 |
|
|
|
197.0 |
|
|
|
196.6 |
|
|
|
199.1 |
|
|
|
194.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
|
16.5 |
|
|
|
13.6 |
|
|
|
16.2 |
|
|
|
14.9 |
|
|
|
17.0 |
|
Commercial |
|
|
10.2 |
|
|
|
11.0 |
|
|
|
12.4 |
|
|
|
13.9 |
|
|
|
16.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total REO |
|
|
26.7 |
|
|
|
24.6 |
|
|
|
28.6 |
|
|
|
28.8 |
|
|
|
33.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repossessed assets |
|
|
4.3 |
|
|
|
2.5 |
|
|
|
3.5 |
|
|
|
4.8 |
|
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing assets |
|
$ |
208.8 |
|
|
$ |
224.1 |
|
|
$ |
228.7 |
|
|
$ |
232.7 |
|
|
$ |
231.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired non-performing loans (contractual amount) (2) |
|
$ |
74.8 |
|
|
$ |
103.6 |
|
|
$ |
116.3 |
|
|
$ |
118.3 |
|
|
$ |
145.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated non-performing loans as a percentage of originated loans |
|
|
0.68 |
% |
|
|
0.77 |
% |
|
|
0.79 |
% |
|
|
0.82 |
% |
|
|
0.84 |
% |
Non-performing assets as a percentage of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans, REO and repossessed assets |
|
|
0.80 |
|
|
|
0.88 |
|
|
|
0.92 |
|
|
|
0.96 |
|
|
|
1.00 |
|
Tangible stockholders equity and originated allowance for loan losses |
|
|
7.52 |
|
|
|
8.24 |
|
|
|
8.37 |
|
|
|
8.61 |
|
|
|
8.72 |
|
(1) |
Reported net of government guarantees totaling $17.5 million at March 31, 2015, $17.6 million at Dec. 31, 2014, $18.1 million at Sept. 30, 2014, $18.4 million at June 30, 2014 and $19.2 million at
March 31, 2014. |
(2) |
Represents acquired loans that meet Peoples United Financials 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. |
11
Peoples United Financial, Inc.
PROVISION AND ALLOWANCE FOR LOAN LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
(dollars in millions) |
|
March 31, 2015 |
|
|
Dec. 31, 2014 |
|
|
Sept. 30, 2014 |
|
|
June 30, 2014 |
|
|
March 31, 2014 |
|
Allowance for loan losses on originated loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
188.1 |
|
|
$ |
185.0 |
|
|
$ |
182.5 |
|
|
$ |
180.0 |
|
|
$ |
177.5 |
|
Charge-offs |
|
|
(8.1 |
) |
|
|
(9.7 |
) |
|
|
(9.1 |
) |
|
|
(8.1 |
) |
|
|
(6.4 |
) |
Recoveries |
|
|
0.9 |
|
|
|
1.2 |
|
|
|
1.2 |
|
|
|
2.6 |
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs |
|
|
(7.2 |
) |
|
|
(8.5 |
) |
|
|
(7.9 |
) |
|
|
(5.5 |
) |
|
|
(5.5 |
) |
Provision for loan losses |
|
|
10.2 |
|
|
|
11.6 |
|
|
|
10.4 |
|
|
|
8.0 |
|
|
|
8.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of period |
|
|
191.1 |
|
|
|
188.1 |
|
|
|
185.0 |
|
|
|
182.5 |
|
|
|
180.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses on acquired loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
|
10.2 |
|
|
|
11.9 |
|
|
|
10.1 |
|
|
|
10.3 |
|
|
|
10.3 |
|
Charge-offs |
|
|
|
|
|
|
|
|
|
|
(0.2 |
) |
|
|
(1.0 |
) |
|
|
(1.5 |
) |
Provision for loan losses |
|
|
(0.4 |
) |
|
|
(1.7 |
) |
|
|
2.0 |
|
|
|
0.8 |
|
|
|
1.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of period |
|
|
9.8 |
|
|
|
10.2 |
|
|
|
11.9 |
|
|
|
10.1 |
|
|
|
10.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for loan losses |
|
$ |
200.9 |
|
|
$ |
198.3 |
|
|
$ |
196.9 |
|
|
$ |
192.6 |
|
|
$ |
190.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial originated allowance for loan loss as a percentage of originated commercial loans |
|
|
0.91 |
% |
|
|
0.91 |
% |
|
|
0.92 |
% |
|
|
0.92 |
% |
|
|
0.95 |
% |
Retail originated allowance for loan losses as a percentage of originated retail loans |
|
|
0.26 |
|
|
|
0.27 |
|
|
|
0.29 |
|
|
|
0.30 |
|
|
|
0.32 |
|
Total originated allowance for loan losses as a percentage of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans |
|
|
0.74 |
|
|
|
0.74 |
|
|
|
0.75 |
|
|
|
0.75 |
|
|
|
0.78 |
|
Originated non-performing loans |
|
|
107.5 |
|
|
|
95.5 |
|
|
|
94.1 |
|
|
|
91.7 |
|
|
|
92.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOAN CHARGE-OFFS (RECOVERIES)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
(dollars in millions) |
|
March 31, 2015 |
|
|
Dec. 31, 2014 |
|
|
Sept. 30, 2014 |
|
|
June 30, 2014 |
|
|
March 31, 2014 |
|
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
2.8 |
|
|
$ |
3.3 |
|
|
$ |
4.2 |
|
|
$ |
3.0 |
|
|
$ |
2.9 |
|
Commercial and industrial |
|
|
2.1 |
|
|
|
3.2 |
|
|
|
1.8 |
|
|
|
1.8 |
|
|
|
0.6 |
|
Equipment financing |
|
|
1.1 |
|
|
|
|
|
|
|
(0.1 |
) |
|
|
0.1 |
|
|
|
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
6.0 |
|
|
|
6.5 |
|
|
|
5.9 |
|
|
|
4.9 |
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
0.4 |
|
|
|
0.2 |
|
|
|
0.7 |
|
|
|
0.5 |
|
|
|
1.0 |
|
Home equity |
|
|
0.5 |
|
|
|
1.3 |
|
|
|
1.2 |
|
|
|
0.8 |
|
|
|
1.7 |
|
Other consumer |
|
|
0.3 |
|
|
|
0.5 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
1.2 |
|
|
|
2.0 |
|
|
|
2.2 |
|
|
|
1.6 |
|
|
|
3.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
7.2 |
|
|
$ |
8.5 |
|
|
$ |
8.1 |
|
|
$ |
6.5 |
|
|
$ |
7.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs to average total loans (annualized) |
|
|
0.11 |
% |
|
|
0.13 |
% |
|
|
0.13 |
% |
|
|
0.10 |
% |
|
|
0.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
Peoples United Financial, Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP
In addition to evaluating
Peoples United Financials 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 Peoples
United Financials underlying operating performance and trends, and facilitates comparisons with the performance of other financial institutions. Further, the efficiency ratio and operating earnings metrics are used by management in its
assessment of financial performance, including non-interest expense control, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength of Peoples United Financials capital position.
The efficiency ratio, which represents an approximate measure of the cost required by Peoples 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). In addition, operating lease expense is excluded from total non-interest expense and netted against operating lease income within
non-interest income to conform with the reporting approach applied to fee-based businesses already presented on a net basis. Peoples 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), Peoples United Financials results can be measured and assessed on a more consistent basis from period to period. Items excluded from operating earnings, which include, but are not limited to:
(i) non-recurring gains/losses; (ii) writedowns of banking house assets; (iii) severance-related costs; (iv) merger-related expenses, including acquisition integration and other costs; and (v) charges related to
executive-level management separation costs, 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 total 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.
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 Peoples United Financial for determining
the non-GAAP financial measures discussed above may differ from those used by other financial institutions.
13
Peoples United Financial, Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - continued
OPERATING NON-INTEREST EXPENSE AND EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
(dollars in millions) |
|
March 31, 2015 |
|
|
Dec. 31, 2014 |
|
|
Sept. 30, 2014 |
|
|
June 30, 2014 |
|
|
March 31, 2014 |
|
Total non-interest expense |
|
$ |
217.6 |
|
|
$ |
207.7 |
|
|
$ |
208.8 |
|
|
$ |
208.3 |
|
|
$ |
216.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to arrive at operating non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Writedowns of banking house assets |
|
|
(5.3 |
) |
|
|
|
|
|
|
(1.8 |
) |
|
|
|
|
|
|
(4.4 |
) |
Severance-related costs |
|
|
(0.7 |
) |
|
|
(0.6 |
) |
|
|
(0.3 |
) |
|
|
(1.6 |
) |
|
|
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
(6.0 |
) |
|
|
(0.6 |
) |
|
|
(2.1 |
) |
|
|
(1.6 |
) |
|
|
(5.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating non-interest expense |
|
|
211.6 |
|
|
|
207.1 |
|
|
|
206.7 |
|
|
|
206.7 |
|
|
|
211.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease expense (1) |
|
|
(9.3 |
) |
|
|
(8.9 |
) |
|
|
(8.7 |
) |
|
|
(8.7 |
) |
|
|
(11.1 |
) |
Amortization of other acquisition-related intangible assets |
|
|
(5.9 |
) |
|
|
(6.2 |
) |
|
|
(6.2 |
) |
|
|
(6.2 |
) |
|
|
(6.2 |
) |
Other (2) |
|
|
(2.0 |
) |
|
|
(2.4 |
) |
|
|
(2.2 |
) |
|
|
(3.7 |
) |
|
|
(2.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense for efficiency ratio |
|
$ |
194.4 |
|
|
$ |
189.6 |
|
|
$ |
189.6 |
|
|
$ |
188.1 |
|
|
$ |
192.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (FTE basis) |
|
$ |
233.9 |
|
|
$ |
233.2 |
|
|
$ |
233.3 |
|
|
$ |
232.8 |
|
|
$ |
231.8 |
|
Total non-interest income |
|
|
89.0 |
|
|
|
86.8 |
|
|
|
84.0 |
|
|
|
100.1 |
|
|
|
79.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
322.9 |
|
|
|
320.0 |
|
|
|
317.3 |
|
|
|
332.9 |
|
|
|
311.7 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease expense (1) |
|
|
(9.3 |
) |
|
|
(8.9 |
) |
|
|
(8.7 |
) |
|
|
(8.7 |
) |
|
|
(11.1 |
) |
BOLI FTE adjustment |
|
|
0.6 |
|
|
|
0.9 |
|
|
|
0.7 |
|
|
|
0.6 |
|
|
|
0.6 |
|
Net security gains |
|
|
|
|
|
|
(2.7 |
) |
|
|
(0.2 |
) |
|
|
|
|
|
|
(0.1 |
) |
Gain on merchant services joint venture, net of expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20.6 |
) |
|
|
|
|
Other (3) |
|
|
|
|
|
|
0.1 |
|
|
|
(0.5 |
) |
|
|
|
|
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues for efficiency ratio |
|
$ |
314.2 |
|
|
$ |
309.4 |
|
|
$ |
308.6 |
|
|
$ |
304.2 |
|
|
$ |
301.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
61.9 |
% |
|
|
61.3 |
% |
|
|
61.4 |
% |
|
|
61.8 |
% |
|
|
63.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Operating lease expense is excluded from total non-interest expense and netted against operating lease income within non-interest income to conform with the reporting approach applied to fee-based businesses already
presented on a net basis. |
(2) |
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. |
(3) |
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. |
14
Peoples United Financial, Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - continued
OPERATING EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
(dollars in millions, except per share data) |
|
March 31, 2015 |
|
|
Dec. 31, 2014 |
|
|
Sept. 30, 2014 |
|
|
June 30, 2014 |
|
|
March 31, 2014 |
|
Net income, as reported |
|
$ |
59.2 |
|
|
$ |
64.7 |
|
|
$ |
61.6 |
|
|
$ |
72.3 |
|
|
$ |
53.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to arrive at operating earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Writedowns of banking house assets |
|
|
5.3 |
|
|
|
|
|
|
|
1.8 |
|
|
|
|
|
|
|
4.4 |
|
Severance-related costs |
|
|
0.7 |
|
|
|
0.6 |
|
|
|
0.3 |
|
|
|
1.6 |
|
|
|
0.8 |
|
Gain on merchant services joint venture, net of expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax adjustments |
|
|
6.0 |
|
|
|
0.6 |
|
|
|
2.1 |
|
|
|
(19.0 |
) |
|
|
5.2 |
|
Tax effect |
|
|
(2.0 |
) |
|
|
(0.2 |
) |
|
|
(0.7 |
) |
|
|
6.6 |
|
|
|
(1.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments, net of tax |
|
|
4.0 |
|
|
|
0.4 |
|
|
|
1.4 |
|
|
|
(12.4 |
) |
|
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
63.2 |
|
|
$ |
65.1 |
|
|
$ |
63.0 |
|
|
$ |
59.9 |
|
|
$ |
56.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, as reported |
|
$ |
0.20 |
|
|
$ |
0.22 |
|
|
$ |
0.21 |
|
|
$ |
0.24 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to arrive at operating earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Writedowns of banking house assets |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01 |
|
Severance-related costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on merchant services joint venture, net of expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments per share |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
(0.04 |
) |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings per share |
|
$ |
0.21 |
|
|
$ |
0.22 |
|
|
$ |
0.21 |
|
|
$ |
0.20 |
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
$ |
35,768 |
|
|
$ |
34,763 |
|
|
$ |
34,150 |
|
|
$ |
33,273 |
|
|
$ |
32,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average assets (annualized) |
|
|
0.71 |
% |
|
|
0.75 |
% |
|
|
0.74 |
% |
|
|
0.72 |
% |
|
|
0.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING RETURN ON AVERAGE TANGIBLE STOCKHOLDERS EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
(dollars in millions) |
|
March 31, 2015 |
|
|
Dec. 31, 2014 |
|
|
Sept. 30, 2014 |
|
|
June 30, 2014 |
|
|
March 31, 2014 |
|
Operating earnings |
|
$ |
63.2 |
|
|
$ |
65.1 |
|
|
$ |
63.0 |
|
|
$ |
59.9 |
|
|
$ |
56.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders equity |
|
$ |
4,663 |
|
|
$ |
4,679 |
|
|
$ |
4,648 |
|
|
$ |
4,609 |
|
|
$ |
4,564 |
|
Less: Average goodwill and average other acquisition-related intangible assets |
|
|
2,100 |
|
|
|
2,106 |
|
|
|
2,112 |
|
|
|
2,118 |
|
|
|
2,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible stockholders equity |
|
$ |
2,563 |
|
|
$ |
2,573 |
|
|
$ |
2,536 |
|
|
$ |
2,491 |
|
|
$ |
2,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average tangible stockholders equity (annualized) |
|
|
9.9 |
% |
|
|
10.1 |
% |
|
|
9.9 |
% |
|
|
9.6 |
% |
|
|
9.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
Peoples United Financial, Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - continued
OPERATING DIVIDEND PAYOUT RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
(dollars in millions) |
|
March 31, 2015 |
|
|
Dec. 31, 2014 |
|
|
Sept. 30, 2014 |
|
|
June 30, 2014 |
|
|
March 31, 2014 |
|
Dividends paid |
|
$ |
49.5 |
|
|
$ |
49.5 |
|
|
$ |
49.4 |
|
|
$ |
49.4 |
|
|
$ |
48.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
63.2 |
|
|
$ |
65.1 |
|
|
$ |
63.0 |
|
|
$ |
59.9 |
|
|
$ |
56.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating dividend payout ratio |
|
|
78.3 |
% |
|
|
76.0 |
% |
|
|
78.4 |
% |
|
|
82.5 |
% |
|
|
86.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE EQUITY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
|
March 31, 2015 |
|
|
Dec. 31, 2014 |
|
|
Sept. 30, 2014 |
|
|
June 30, 2014 |
|
|
March 31, 2014 |
|
Total stockholders equity |
|
$ |
4,682 |
|
|
$ |
4,633 |
|
|
$ |
4,655 |
|
|
$ |
4,636 |
|
|
$ |
4,596 |
|
Less: Goodwill and other acquisition-related intangible assets |
|
|
2,097 |
|
|
|
2,103 |
|
|
|
2,109 |
|
|
|
2,115 |
|
|
|
2,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders equity |
|
$ |
2,585 |
|
|
$ |
2,530 |
|
|
$ |
2,546 |
|
|
$ |
2,521 |
|
|
$ |
2,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
36,407 |
|
|
$ |
35,997 |
|
|
$ |
34,775 |
|
|
$ |
33,921 |
|
|
$ |
33,112 |
|
Less: Goodwill and other acquisition-related intangible assets |
|
|
2,097 |
|
|
|
2,103 |
|
|
|
2,109 |
|
|
|
2,115 |
|
|
|
2,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets |
|
$ |
34,310 |
|
|
$ |
33,894 |
|
|
$ |
32,666 |
|
|
$ |
31,806 |
|
|
$ |
30,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity ratio |
|
|
7.5 |
% |
|
|
7.5 |
% |
|
|
7.8 |
% |
|
|
7.9 |
% |
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except per share data) |
|
March 31, 2015 |
|
|
Dec. 31, 2014 |
|
|
Sept. 30, 2014 |
|
|
June 30, 2014 |
|
|
March 31, 2014 |
|
Tangible stockholders equity |
|
$ |
2,585 |
|
|
$ |
2,530 |
|
|
$ |
2,546 |
|
|
$ |
2,521 |
|
|
$ |
2,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issued |
|
|
397.81 |
|
|
|
396.85 |
|
|
|
396.71 |
|
|
|
396.66 |
|
|
|
396.45 |
|
Less: Shares classified as treasury shares |
|
|
89.05 |
|
|
|
89.05 |
|
|
|
89.04 |
|
|
|
89.03 |
|
|
|
89.03 |
|
Unallocated ESOP shares |
|
|
7.58 |
|
|
|
7.67 |
|
|
|
7.75 |
|
|
|
7.84 |
|
|
|
7.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares |
|
|
301.18 |
|
|
|
300.13 |
|
|
|
299.92 |
|
|
|
299.79 |
|
|
|
299.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share |
|
$ |
8.58 |
|
|
$ |
8.43 |
|
|
$ |
8.49 |
|
|
$ |
8.41 |
|
|
$ |
8.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
|
First Quarter 2015 Results
April 16, 2015
NASDAQ: PBCT
Exhibit 99.2 |
|
1
Forward-Looking Statement
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 Peoples 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) changes in accounting and regulatory guidance applicable to
banks; (7) price levels and conditions in the public securities markets generally; (8)
competition and its effect on pricing, spending, third-party relationships and
revenues; and (9) 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. |
|
2
First Quarter 2015 Overview
Net
interest
income
1
of
$228
million,
consistent
with
recent
quarters
Net interest margin of 2.91%, a decrease of 9 basis points
Loan growth of $337 million, 5.1% annualized growth rate
Organic deposit growth of $1.0 billion, 17.3% annualized growth rate
Non-interest income of $89 million, increased 3% from the fourth quarter and
11% from the prior year quarter
Operating expenses of $212 million, a modest increase due to traditionally higher
first quarter costs, but flat compared to the prior year quarter
Efficiency ratio was 61.9%, a slight increase from 61.3%, but improved from 63.9%
in the prior year quarter
Net loan charge-offs were 0.11%, an improvement from 0.13%
(Comparisons versus fourth quarter 2014, unless noted differently)
1
Net interest income on a fully taxable equivalent basis for 4Q 2014 and 1Q 2015
was $233.2 million and $233.9 million, respectively. Operating earnings of $63.2 million, an
increase of 12% from the prior year quarter |
|
3
Net Interest Income
($ in millions)
Linked Quarter Change
Linked Quarter Change
$3.4
$2.8
($1.1)
($0.1)
$228.1
$228.1
($1.7)
($3.3)
1
Net interest income on a fully taxable equivalent basis for 4Q 2014 and 1Q 2015
was $233.2 million and $233.9 million, respectively. 4Q 2014
Investments
Originated
Loans
Calendar
Acquired
Deposits
Borrowings
1Q 2015
Days
Loans
1 |
|
4
Net Interest Margin
Linked Quarter Change
Linked Quarter Change
(0.05%)
(0.02%)
3.00%
2.91%
(0.01%)
(0.01%)
4Q 2014
Calendar
New Loan
Deposits
Investments
1Q 2015
Days
Volume & Mix |
|
5
Loans
($ in millions)
Linked Quarter Change
Linked Quarter Change
$317
$113
($93)
$26,592
$26,929
Annualized linked quarter change: +5.1%
December 31, 2014
Commercial
Retail
Acquired
March 31, 2015 |
|
6
Deposits
Linked Quarter Change
$635
$377
Retail
²
$18,926
($ in millions)
Annualized linked quarter change: +15.5%
Commercial
¹
$7,212
Commercial
¹
$7,847
$26,138
$27,150
Retail
²
$19,303
1
Commercial includes Municipal deposits of $1,458 at 12/31/2014 and $1,608 at
3/31/2015 2
Retail includes brokered deposits of $2,633 at 12/31/2014 and $2,629 at
3/31/2015 December 31, 2014
Commercial
Retail
March 31, 2015 |
|
7
Non-Interest Income
($ in millions)
Linked Quarter Change
$3.7
$1.9
$86.8
$2.1
$89.0
($2.7)
($1.9)
$1.0
($1.9)
4Q 2014
Commercial
Banking Lending
Fees
Customer
Interest
Rate Swap
Income
Net Gain on
Sale of Loans
Insurance
Net
Security
Gains
Bank Service
Charges
Other
1Q 2015 |
|
8
Non-Interest Expense
($ in millions)
Linked Quarter Change
($3.1)
$207.1
$5.4
$6.6
$211.6
$0.6
$207.7
$217.6
Operating
Non-Operating
$6.0
($1.4)
$2.4
4Q 2014
Non-Operating
Compensation
& Benefits
Occupancy
& Equipment
Advertising
& Promotion
Other
1Q 2015 |
|
9
Efficiency Ratio
63.9%
61.8%
61.4%
61.3%
61.9%
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015 |
|
10
Asset Quality
NPAs / Loans & REO (%)
1
Source: SNL Financial and Company filings
Notes: Top 50 Banks represents the largest 50 banks by total assets in each
respective quarter PBCT
Peer Group (Median)
Top 50 Banks (Median)
0.80
0.5
1.0
1.5
2.0
2.5
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
Non-performing assets (excluding acquired non-performing loans) as a percentage of
originated loans plus all REO and repossessed
assets; acquired non-performing loans excluded as risk of loss has been considered by virtue of
(i) our estimate of acquisition-date fair
value, (ii) the existence of an FDIC loss sharing agreement, and/or (iii) allowance for loan losses
established subsequent to acquisition
1 |
|
11
Asset Quality
Net Charge-Offs / Average Loans (%)
1
1
Source: SNL Financial and Company filings
Notes: Top 50 Banks represents the largest 50 banks by total assets in each
respective quarter PBCT
Peer Group (Median)
Top 50 Banks (Median)
0.11
0.0
0.1
0.2
0.3
0.4
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
Excluding acquired loan charge-offs, PBCTs charge-off ratio was 0.11%, 0.13%, 0.12%,
0.09%, and 0.09%, in 1Q 2015, 4Q 2014, 3Q 2014, 2Q 2014,
and 1Q 2014, respectively |
|
12
Growing Future Earnings Per Share
Loans
Deposits
Deposits per Share
Loans per Share
Loans ($ in billions)
Deposits ($ in billions)
$90.02
$45
$55
$65
$75
$85
$95
$16
$18
$20
$22
$24
$26
$28
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
$45
$55
$65
$75
$85
$95
$16
$18
$20
$22
$24
$26
$28
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
$90.76 |
|
13
Operating Return on Average Assets
0.69%
0.72%
0.74%
0.75%
0.71%
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015 |
|
14
Operating Return on Average Tangible Equity
9.3%
9.6%
9.9%
10.1%
9.9%
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015 |
|
15
Capital Ratios
(Effective January 1, 2015, all ratios calculated in accordance with Basel
III) 1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
Peoples United Financial
Tang. Com. Equity/Tang. Assets
8.0%
7.9%
7.8%
7.5%
7.5%
Tier 1 Leverage
1, 5
8.4%
8.3%
8.1%
7.9%
8.3%
Common Equity Tier 1 Capital
2, 5
10.1%
10.0%
9.9%
9.8%
10.0%
Tier 1 Risk-Based Capital
3, 5
10.1%
10.0%
9.9%
9.8%
10.0%
Total Risk-Based Capital
4, 5
11.2%
12.5%
12.3%
12.2%
12.0%
Peoples United Bank
Tier 1 Leverage
1, 5
9.1%
9.0%
8.8%
8.5%
8.8%
Common Equity Tier 1 Capital
2, 5
11.0%
10.8%
10.7%
10.5%
10.6%
Tier 1 Risk-Based Capital
3, 5
11.0%
10.8%
10.7%
10.5%
10.6%
Total Risk-Based Capital
4, 5
12.2%
13.5%
13.3%
13.0%
13.0%
Basel III Notes:
1.
Tier 1 Leverage ratio represents Tier 1 Capital divided by Average Total Assets (less goodwill, other
acquisition-related intangibles and other deductions from Common Equity Tier 1 Capital) 2.
Common Equity Tier 1 Capital ratio represents total stockholders equity, excluding: (i)
after-tax net unrealized gains (losses) on certain securities classified as available for sale; (ii) goodwill
and other acquisition-related intangibles; and (iii) the amount recorded in accumulated other
comprehensive income (loss) relating to pension and other postretirement benefits divided by Total
Risk-Weighted Assets
3.
Tier 1 Risk-Based Capital ratio represents Common Equity Tier 1 Capital plus additional Tier 1
Capital (together, "Tier 1 Capital") divided by Total Risk-Weighted Assets 4.
Total Risk-Based Capital ratio represents Tier 1 Capital plus subordinated notes and
debentures, up to certain limits, and the allowance for loan losses, up to 1.25% of Total Risk-Weighted
Assets, divided by Total Risk-Weighted Assets
5.
Well capitalized limits under Basel III capital rules are: Tier 1 Leverage Ratio, 5%; Common Equity
Tier 1 Capital Ratio, 6.5%; Tier 1 Risk-Based Capital Ratio, 8%; and Total Risk-Based
Capital Ratio, 10% |
|
16
Interest Rate Risk Profile
Net Interest Income (NII) Sensitivity
1
Immediate Parallel Shock
Est. Change in NII
Yield Curve Twist
1
Est. Change in NII
Mar. 31, 2015
Dec. 31, 2014
-1.3%
3.9%
7.6%
10.2%
12.5%
-1.1%
3.4%
6.9%
9.2%
11.1%
Down 25
Up 100
Up 200
Up 300
Up 400
-0.3%
1.3%
3.2%
-4.7%
2.7%
5.0%
-0.2%
1.1%
2.7%
-4.1%
2.6%
4.9%
Short End -25
Short End +100
Short End +200
Long End -100
Long End +100
Long End +200
Yield curve twist pivot point is 18 month point on yield curve. Short End defined as overnight
to 18 months. Long End defined as terms
greater than 18 months. |
|
17
Experienced
leadership team
Operate in large &
attractive Northeast
markets
with significant
knowledge at the local
level
Commitment to
relationship-based
banking
Breadth of products
& services
Conservative & well-
defined underwriting
culture
Premium brand built
over 170 years
Deep focus on
expense management
Summary
A Uniquely Positioned Franchise |
|
19
Asset Quality
Originated Portfolio Coverage Detail as of March 31, 2015
ALLLs / Loans
NPLs / Loans
ALLLs / NPLs
Note
ALLLs: Commercial: $173 million, Retail: $18 million, Total: $191 million
0.91%
0.26%
0.74%
Commercial
Retail
Total
0.64%
0.82%
0.68%
Commercial
Retail
Total
143%
32%
107%
Commercial
Retail
Total |
|
20
Peer Group
Firm
Ticker
City
State
1
Associated
ASB
Green Bay
WI
2
BancorpSouth
BXS
Tupelo
MS
3
City National
CYN
Los Angeles
CA
4
Comerica
CMA
Dallas
TX
5
Commerce
CBSH
Kansas City
MO
6
Cullen/Frost
CFR
San Antonio
TX
7
East West
EWBC
Pasadena
CA
8
First Niagara
FNFG
Buffalo
NY
9
FirstMerit
FMER
Akron
OH
10
Fulton
FULT
Lancaster
PA
11
Huntington
HBAN
Columbus
OH
12
M&T
MTB
Buffalo
NY
13
New York Community
NYCB
Westbury
NY
14
Signature
SBNY
New York
NY
15
Susquehanna
SUSQ
Lititz
PA
16
Synovus
SNV
Columbus
GA
17
Valley National
VLY
Wayne
NJ
18
Webster
WBS
Waterbury
CT
19
Wintrust
WTFC
Lake Forest
IL
20
Zions
ZION
Salt Lake City
UT |
|
For more information, investors may contact:
Andrew S. Hersom
(203) 338-4581
andrew.hersom@ peoples.com
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