BRIDGEPORT, Conn., July 21, 2016 /PRNewswire/ -- People's
United Financial, Inc. (NASDAQ: PBCT) today reported net income of
$68.5 million, or $0.23 per share, for the second quarter of 2016,
compared to $61.7 million, or
$0.20 per share, for the second
quarter of 2015, and $62.9 million,
or $0.21 per share, for the first
quarter of 2016.
The Company's Board of Directors declared a $0.17 per share quarterly dividend, payable
August 15, 2016 to shareholders of
record on August 1, 2016. Based
on the closing stock price on July 20,
2016, the dividend yield on People's United Financial common
stock is 4.4 percent.
"We are pleased with the Company's performance this quarter,"
commented Jack Barnes, President and
Chief Executive Officer. "Net income of $68.5 million increased 11 percent from the prior
year quarter and generated a return on average tangible equity of
10.1 percent. As expected, loan production rebounded in the second
quarter as the portfolio grew more than seven percent on an
annualized basis, with particularly strong results in commercial
and industrial lending as well as residential mortgage. While
deposit balances were modestly lower due to seasonal declines in
our retail and municipal businesses, franchise-wide cross-sell and
commercial deposit gathering efforts continue to be
successful."
Barnes continued, "Our announced acquisitions of Suffolk Bancorp
and Gerstein Fisher are two more successful steps in
executing our strategy of growing and strengthening People's
United in the New York metro area.
Suffolk, with its impressive
Long Island footprint, outstanding
deposit base and commitment to relationship banking, further
bolsters our presence in this attractive banking market.
Gerstein Fisher, a New York City-based investment management
firm, with its well-known quantitative investment approach and
scalable technology platform, will complement our excellent range
of wealth management client solutions as well as further diversify
revenues through additional non-interest income. We are excited to
welcome each of these respected companies to People's United and
look forward to building upon their successes."
"Second quarter results reflect our continued focus on improving
operating leverage," stated David
Rosato, Senior Executive Vice President and Chief Financial
Officer. "Ongoing revenue growth and proactive expense management
drove an efficiency ratio of 60.4 percent, a decrease of 120 basis
points from the prior year quarter. Revenues grew four percent from
the prior year quarter as a result of improvements in both net
interest income and non-interest income. Total expenses increased
modestly from a year ago, but declined on a linked quarter basis as
expected."
Rosato concluded, "Capital ratios continue to be strong,
especially given the Company's diversified business mix and history
of exceptional credit risk management. Our conservative and
well-defined underwriting philosophy remains a hallmark of the
franchise, as evidenced by net charge-offs as a percentage of
average loans of only seven basis points for the quarter. We
continue to build the business for the long-term and will not
sacrifice asset quality to achieve growth."
At June 30, 2016, People's United
Financial's common equity tier 1 capital and total risk-based
capital ratios were 9.6 percent and 11.4 percent, respectively, and
the tangible equity ratio stood at 7.2 percent. For People's
United Bank N.A., common equity tier 1 capital and total risk-based
capital ratios were 10.8 percent and 12.8 percent, respectively, at
June 30, 2016.
Net loan charge-offs as a percentage of average total loans on
an annualized basis were 0.07 percent in the second quarter of
2016, a decrease from 0.09 percent in the first quarter of 2016,
but a slight increase from 0.05 percent in the second quarter of
2015. For the originated loan portfolio, non-performing loans
equaled 0.56 percent of loans at June 30,
2016, compared to 0.61 percent at March 31, 2016 and 0.71 percent at June 30, 2015.
Return on average assets of 0.70 percent for the second quarter
of 2016 increased from 0.65 percent in the first quarter of 2016
and 0.67 percent in the second quarter of 2015. Return on
average tangible stockholders' equity of 10.1 percent in the second
quarter of 2016 increased from 9.4 percent in the first quarter of
2016 and 9.5 percent in the second quarter of 2015.
People's United Financial, Inc., a diversified financial
services company with $40 billion in
total assets, provides commercial and retail banking, as well as
wealth management services through a network of approximately 400
branches in Connecticut,
New York, Massachusetts, Vermont, New
Hampshire and Maine. Through its subsidiaries,
People's United Financial provides equipment financing, brokerage
and insurance services.
2Q 2016 Financial Highlights
Summary
- Net income totaled $68.5 million,
or $0.23 per share.
- Net interest income totaled $240.0
million in 2Q16 compared to $240.1
million in 1Q16.
- Net interest margin decreased four basis points from 1Q16 to
2.79% reflecting:
- New loan volume at rates lower than the existing portfolio
(decrease of three basis points).
- Increase in average investment balances (decrease of one basis
point).
- Provision for loan losses totaled $10.0
million.
- Net loan charge-offs totaled $5.1
million, of which $1.2 million
related to loans with previously-established specific
reserves.
- Net loan charge-off ratio of 0.07% in 2Q16.
- Reflects a $6.6 million increase
in the originated allowance for loan losses.
- Non-interest income was $85.4
million in 2Q16 compared to $82.3
million in 1Q16.
- Commercial banking lending fees increased $1.1 million.
- Bank-owned life insurance increased $1.0
million.
- Bank service charges increased $0.9
million.
- Insurance revenue decreased $2.3
million.
- Other non-interest income in 2Q16 includes a $1.2 million gain on the sale of an interest in a
real estate investment.
- At June 30, 2016, assets under
administration, which are not reported as assets of People's United
Financial, totaled $16.5 billion, of
which $5.6 billion are under
discretionary management, compared to $16.4
billion and $5.6 billion,
respectively, at March 31, 2016.
- Non-interest expense totaled $212.9
million in 2Q16 compared to $217.3
million in 1Q16.
- Compensation and benefits decreased $2.7
million, primarily reflecting lower payroll and
benefit-related costs in 2Q16.
- Professional and outside services expense decreased
$1.0 million.
- Regulatory assessments expense increased $1.2 million.
- The efficiency ratio was 60.4% in 2Q16 compared to 62.7% in
1Q16 (see Non-GAAP Financial Measures and Reconciliation to
GAAP).
- The effective income tax rate was 33.2% for 2Q16 and 33.3% for
the first six months of 2016, compared to 33.4% for the full-year
of 2015.
Commercial Banking
- Commercial loans totaled $21.1
billion at June 30, 2016, an
increase of $352 million, or 7%
annualized, from March 31, 2016.
- The mortgage warehouse portfolio increased $217 million from March
31, 2016.
- Average commercial loans totaled $20.7
billion in 2Q16, an increase of $279
million, or 5% annualized, from 1Q16.
- The average mortgage warehouse portfolio increased $203 million in 2Q16.
- Commercial deposits totaled $9.5
billion at June 30, 2016
compared to $9.4 billion at
March 31, 2016.
- The ratio of originated non-performing commercial loans to
originated commercial loans was 0.53% at June 30, 2016 compared to 0.59% at March 31, 2016.
- Non-performing commercial assets, excluding acquired
non-performing loans, totaled $125.0
million at June 30, 2016
compared to $131.2 million at
March 31, 2016.
- For the originated commercial portfolio, the allowance for loan
losses as a percentage of loans was 0.92% at both June 30, 2016 and March
31, 2016.
- The commercial originated allowance for loan losses represented
172% of originated non-performing commercial loans at June 30, 2016 compared to 156% at March 31, 2016.
Retail Banking
- Residential mortgage loans increased $188 million, or 13% annualized, from
March 31, 2016.
- Average residential mortgage loans totaled $5.7 billion in 2Q16, an increase of $140 million, or 10% annualized, from 1Q16.
- Home equity loans decreased $14
million from March 31, 2016.
- Average home equity loans totaled $2.1
billion in 2Q16, unchanged from 1Q16.
- Retail deposits (excluding brokered deposits) totaled
$16.9 billion at June 30, 2016 compared to $17.1 billion at March 31,
2016.
- The ratio of originated non-performing residential mortgage
loans to originated residential mortgage loans was 0.53% at
June 30, 2016 compared to 0.57% at
March 31, 2016.
- The ratio of originated non-performing home equity loans to
originated home equity loans was 0.83% at June 30, 2016 compared to 0.90% at March 31, 2016.
Conference Call
On July 21, 2016, 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) 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.
Access Information About People's United Financial at
www.peoples.com.
People's United
Financial, Inc.
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FINANCIAL
HIGHLIGHTS
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Three Months
Ended
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June 30,
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March 31,
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Dec. 31,
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Sept. 30,
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June 30,
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(dollars in millions,
except per share data)
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2016
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2016
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2015
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2015
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2015
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Earnings
Data:
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Net interest
income (fully taxable equivalent)
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$
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247.7
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$
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247.4
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$
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245.3
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$
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241.1
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$
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237.0
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Net interest
income
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240.0
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240.1
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238.8
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234.8
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230.4
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Provision for
loan losses
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10.0
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10.5
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9.7
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6.2
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7.7
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Non-interest
income (1)
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85.4
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82.3
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93.3
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87.1
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83.0
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Non-interest
expense
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212.9
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217.3
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217.0
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214.2
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211.8
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Operating
non-interest expense (2)
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n/a
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n/a
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213.2
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214.1
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208.8
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Income before
income tax expense
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102.5
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94.6
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105.4
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101.5
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93.9
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Net
income
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68.5
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62.9
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70.8
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68.4
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61.7
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Operating
earnings (2)
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n/a
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n/a
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67.2
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68.4
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63.7
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Selected
Statistical Data:
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Net interest
margin (3)
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2.79
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%
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2.83
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%
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2.87
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%
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2.87
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%
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2.88
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%
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Return on
average assets (3)
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0.70
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0.65
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0.75
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0.73
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0.67
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Operating
return on average assets (2), (3)
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n/a
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n/a
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0.71
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0.73
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0.70
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Return on
average tangible assets (3)
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0.73
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0.69
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0.79
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0.78
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0.71
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Return on
average stockholders' equity (3)
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5.7
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5.3
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6.0
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5.8
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5.3
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Return on
average tangible stockholders' equity (3)
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10.1
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9.4
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10.7
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10.5
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9.5
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Operating
return on average tangible
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stockholders' equity (2), (3)
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n/a
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n/a
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10.2
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10.5
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9.8
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Efficiency
ratio (2)
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60.4
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62.7
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61.0
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61.7
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61.6
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Common Share
Data:
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Basic and
diluted earnings per share
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$
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0.23
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$
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0.21
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$
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0.23
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$
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0.23
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$
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0.20
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Operating
earnings per share (2)
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n/a
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n/a
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0.22
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0.23
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0.21
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Dividends paid
per share
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0.17
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0.1675
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0.1675
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0.1675
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0.1675
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Dividend
payout ratio
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75.4
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%
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80.6
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%
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71.5
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%
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73.9
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%
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81.8
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%
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Operating
dividend payout ratio (2)
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n/a
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n/a
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75.3
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73.9
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79.2
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Book value per
share (end of period)
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$
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15.91
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$
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15.80
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$
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15.62
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$
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15.64
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$
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15.51
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Tangible book
value per share (end of period) (2)
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9.07
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8.94
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8.73
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8.75
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8.59
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Stock
price:
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High
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16.68
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16.27
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16.93
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16.95
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16.64
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Low
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13.80
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13.62
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15.00
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14.69
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14.92
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Close (end of period)
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14.66
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15.93
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16.15
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15.73
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16.21
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Common shares
(end of period) (in millions)
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303.55
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303.27
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302.86
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302.39
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302.11
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Weighted
average diluted common shares (in millions)
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302.48
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301.86
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301.38
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301.00
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300.09
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(1) Three months
ended December 31, 2015 includes a $9.2 million net gain resulting
from the sale of People's United
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Bank's payroll
services business.
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(2) Effective with
the quarter ended March 31, 2016, certain expenses are no longer
considered to be non-operating
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expenses. Accordingly,
operating metrics are not applicable. See Non-GAAP Financial
Measures and Reconciliation
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to GAAP.
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(3)
Annualized.
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People's United
Financial, Inc.
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FINANCIAL
HIGHLIGHTS
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Six Months
Ended
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June 30,
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(dollars in millions,
except per share data)
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2016
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2015
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Earnings
Data:
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Net interest
income (fully taxable equivalent)
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$
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495.1
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$
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470.9
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Net interest
income
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480.1
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458.5
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Provision for
loan losses
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20.5
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17.5
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Non-interest
income
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167.7
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172.0
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Non-interest
expense
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430.2
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429.4
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Operating
non-interest expense (1)
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n/a
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420.4
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Income before
income tax expense
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197.1
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183.6
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Net
income
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131.4
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120.9
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Operating
earnings (1)
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n/a
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126.9
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Selected
Statistical Data:
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Net interest
margin (2)
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2.81
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%
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2.90
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%
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Return on
average assets (2)
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0.67
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0.67
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Operating
return on average assets (1), (2)
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n/a
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0.70
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Return on
average tangible assets (2)
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0.71
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0.71
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Return on
average stockholders' equity (2)
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5.5
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5.2
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Return on
average tangible stockholders' equity (2)
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9.8
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9.4
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Operating
return on average tangible
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stockholders' equity (1), (2)
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n/a
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9.8
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Efficiency
ratio (1)
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61.5
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61.7
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Common Share
Data:
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Basic and
diluted earnings per share
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$
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0.43
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$
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0.40
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Operating
earnings per share (1)
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n/a
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0.42
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Dividends paid
per share
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0.3375
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0.3325
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Dividend
payout ratio
|
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77.9
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%
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82.7
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%
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Operating
dividend payout ratio (1)
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n/a
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78.8
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Book value per
share (end of period)
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$
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15.91
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$
|
15.51
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Tangible book
value per share (end of period) (1)
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9.07
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8.59
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Stock
price:
|
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High
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16.68
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16.64
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Low
|
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13.62
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13.97
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Close (end of period)
|
|
14.66
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16.21
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Common shares
(end of period) (in millions)
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303.55
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302.11
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Weighted
average diluted common shares (in millions)
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302.17
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|
299.62
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(1) Effective with
the quarter ended March 31, 2016, certain expenses are no
longer
|
considered to be
non-operating expenses. Accordingly, operating metrics are
not
|
applicable. See
Non-GAAP Financial Measures and Reconciliation to GAAP.
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(2)
Annualized.
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People's United
Financial, Inc.
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FINANCIAL
HIGHLIGHTS - Continued
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As of and for the
Three Months Ended
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June 30,
|
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March 31,
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Dec. 31,
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Sept. 30,
|
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June 30,
|
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(dollars in
millions)
|
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2016
|
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2016
|
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2015
|
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2015
|
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2015
|
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Financial
Condition Data:
|
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Total assets
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$
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40,150
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$
|
39,264
|
$
|
38,947
|
$
|
37,507
|
$
|
37,208
|
|
Loans
|
|
29,038
|
|
28,511
|
|
28,411
|
|
27,672
|
|
27,562
|
|
Securities
|
|
6,785
|
|
6,732
|
|
6,449
|
|
5,921
|
|
5,756
|
|
Short-term investments (1)
|
|
364
|
|
251
|
|
380
|
|
245
|
|
196
|
|
Allowance for loan losses
|
|
220
|
|
216
|
|
211
|
|
208
|
|
205
|
|
Goodwill and other acquisition-related intangible assets
|
|
2,076
|
|
2,079
|
|
2,088
|
|
2,085
|
|
2,091
|
|
Deposits
|
|
28,999
|
|
29,105
|
|
28,417
|
|
28,280
|
|
27,435
|
|
Borrowings
|
|
4,563
|
|
3,717
|
|
4,307
|
|
2,997
|
|
3,563
|
|
Notes and debentures
|
|
1,058
|
|
1,050
|
|
1,033
|
|
1,039
|
|
1,024
|
|
Stockholders' equity
|
|
4,830
|
|
4,791
|
|
4,732
|
|
4,731
|
|
4,686
|
|
Total risk-weighted assets (2):
|
|
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
30,279
|
|
29,832
|
|
29,646
|
|
28,990
|
|
28,688
|
|
People's United
Bank, N.A.
|
|
30,245
|
|
29,826
|
|
29,621
|
|
28,953
|
|
28,648
|
|
Non-performing assets (3)
|
|
182
|
|
189
|
|
182
|
|
210
|
|
221
|
|
Net loan charge-offs
|
|
5.1
|
|
6.0
|
|
6.2
|
|
4.1
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances:
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
28,558
|
$
|
28,159
|
$
|
27,853
|
$
|
27,496
|
$
|
27,125
|
|
Securities (4)
|
|
6,699
|
|
6,498
|
|
6,133
|
|
5,880
|
|
5,577
|
|
Short-term investments (1)
|
|
298
|
|
348
|
|
247
|
|
245
|
|
223
|
|
Total earning assets
|
|
35,555
|
|
35,005
|
|
34,233
|
|
33,621
|
|
32,925
|
|
Total assets
|
|
39,422
|
|
38,773
|
|
37,955
|
|
37,284
|
|
36,645
|
|
Deposits
|
|
29,079
|
|
28,721
|
|
28,481
|
|
27,810
|
|
27,236
|
|
Borrowings
|
|
3,895
|
|
3,664
|
|
3,187
|
|
3,304
|
|
3,215
|
|
Notes and debentures
|
|
1,049
|
|
1,044
|
|
1,037
|
|
1,028
|
|
1,034
|
|
Total funding liabilities
|
|
34,023
|
|
33,429
|
|
32,705
|
|
32,142
|
|
31,485
|
|
Stockholders' equity
|
|
4,795
|
|
4,761
|
|
4,736
|
|
4,700
|
|
4,689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs to average total loans (annualized)
|
|
0.07
|
%
|
0.09
|
%
|
0.09
|
%
|
0.06
|
%
|
0.05
|
%
|
Non-performing assets to originated loans,
|
|
|
|
|
|
|
|
|
|
|
|
real estate owned and
repossessed assets (3)
|
|
0.64
|
|
0.68
|
|
0.66
|
|
0.78
|
|
0.83
|
|
Originated allowance for loan losses to:
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans
(3)
|
|
0.75
|
|
0.75
|
|
0.73
|
|
0.74
|
|
0.73
|
|
Originated
non-performing loans (3)
|
|
135.3
|
|
123.3
|
|
127.3
|
|
108.1
|
|
102.9
|
|
Average stockholders' equity to average total assets
|
|
12.2
|
|
12.3
|
|
12.5
|
|
12.6
|
|
12.8
|
|
Stockholders' equity to total assets
|
|
12.0
|
|
12.2
|
|
12.2
|
|
12.6
|
|
12.6
|
|
Tangible stockholders' equity to tangible assets (5)
|
|
7.2
|
|
7.3
|
|
7.2
|
|
7.5
|
|
7.4
|
|
Total risk-based capital (2):
|
|
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
11.4
|
|
11.5
|
|
11.7
|
|
11.8
|
|
11.8
|
|
People's United
Bank, N.A.
|
|
12.8
|
|
12.9
|
|
12.6
|
|
12.8
|
|
12.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
securities purchased under agreements to resell.
|
|
|
|
|
|
|
|
|
|
|
(2) June 30, 2016
amounts and ratios 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.
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CONDITION
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
March 31,
|
Dec. 31,
|
June 30,
|
(in
millions)
|
2016
|
2016
|
2015
|
2015
|
Assets
|
|
|
|
|
Cash and due from
banks
|
$
343.9
|
$
302.7
|
$
334.8
|
$
362.8
|
Short-term
investments
|
363.9
|
251.0
|
380.5
|
195.5
|
Total cash and cash equivalents
|
707.8
|
553.7
|
715.3
|
558.3
|
Securities:
|
|
|
|
|
Trading
account securities, at fair value
|
6.8
|
6.8
|
6.7
|
8.3
|
Securities
available for sale, at fair value
|
4,711.8
|
4,746.1
|
4,527.7
|
4,518.7
|
Securities
held to maturity, at amortized cost
|
1,749.4
|
1,678.8
|
1,609.6
|
913.6
|
Federal Home
Loan Bank and Federal Reserve Bank stock, at cost
|
317.4
|
299.9
|
305.4
|
315.1
|
Total securities
|
6,785.4
|
6,731.6
|
6,449.4
|
5,755.7
|
Loans held for
sale
|
61.4
|
31.5
|
34.5
|
56.8
|
Loans:
|
|
|
|
|
Commercial
real estate
|
10,011.3
|
10,046.4
|
10,028.8
|
9,600.4
|
Commercial and
industrial
|
8,066.1
|
7,707.1
|
7,748.7
|
7,761.0
|
Equipment
financing (1)
|
3,005.9
|
2,977.8
|
2,973.3
|
2,819.9
|
Residential
mortgage
|
5,789.0
|
5,600.8
|
5,457.0
|
5,191.6
|
Consumer
|
2,166.0
|
2,178.6
|
2,203.1
|
2,189.4
|
Total loans
|
29,038.3
|
28,510.7
|
28,410.9
|
27,562.3
|
Less allowance
for loan losses
|
(220.4)
|
(215.5)
|
(211.0)
|
(205.4)
|
Total loans, net
|
28,817.9
|
28,295.2
|
28,199.9
|
27,356.9
|
Goodwill and other
acquisition-related intangible assets
|
2,076.1
|
2,078.9
|
2,087.8
|
2,090.6
|
Bank-owned life
insurance
|
346.8
|
346.7
|
346.5
|
345.9
|
Premises and
equipment
|
249.5
|
252.1
|
257.8
|
262.9
|
Other
assets
|
1,105.1
|
974.1
|
855.5
|
781.2
|
Total assets
|
$ 40,150.0
|
$ 39,263.8
|
$ 38,946.7
|
$ 37,208.3
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits:
|
|
|
|
|
Non-interest-bearing
|
$
6,226.8
|
$
6,091.4
|
$
6,178.6
|
$
5,893.1
|
Savings,
interest-bearing checking and money market
|
18,040.2
|
18,134.9
|
17,420.7
|
16,084.2
|
Time
|
4,732.1
|
4,879.2
|
4,818.1
|
5,457.5
|
Total deposits
|
28,999.1
|
29,105.5
|
28,417.4
|
27,434.8
|
Borrowings:
|
|
|
|
|
Federal Home
Loan Bank advances
|
3,562.4
|
3,063.1
|
3,463.8
|
2,615.2
|
Federal funds
purchased
|
680.0
|
303.0
|
374.0
|
474.0
|
Customer
repurchase agreements
|
320.8
|
351.2
|
469.5
|
472.6
|
Other
borrowings
|
-
|
-
|
-
|
1.0
|
Total borrowings
|
4,563.2
|
3,717.3
|
4,307.3
|
3,562.8
|
Notes and
debentures
|
1,058.2
|
1,050.4
|
1,033.1
|
1,023.9
|
Other
liabilities
|
699.8
|
599.4
|
457.3
|
501.1
|
Total liabilities
|
35,320.3
|
34,472.6
|
34,215.1
|
32,522.6
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Common
stock
|
3.9
|
3.9
|
3.9
|
3.9
|
Additional paid-in
capital
|
5,350.4
|
5,344.3
|
5,337.7
|
5,319.6
|
Retained
earnings
|
905.8
|
889.6
|
880.8
|
843.8
|
Accumulated other
comprehensive loss
|
(120.3)
|
(134.7)
|
(177.2)
|
(164.5)
|
Unallocated common
stock of Employee Stock Ownership Plan, at cost
|
(148.1)
|
(150.0)
|
(151.8)
|
(155.4)
|
Treasury stock, at
cost
|
(1,162.0)
|
(1,161.9)
|
(1,161.8)
|
(1,161.7)
|
Total stockholders' equity
|
4,829.7
|
4,791.2
|
4,731.6
|
4,685.7
|
Total liabilities and stockholders' equity
|
$ 40,150.0
|
$ 39,263.8
|
$ 38,946.7
|
$ 37,208.3
|
|
|
|
|
|
(1) Represents loans
and leases held by People's Capital and Leasing Corp. and People's
United Equipment Finance Corp.
|
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)
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
Interest and
dividend income:
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
85.3
|
|
$
86.8
|
|
$
86.1
|
|
$
85.7
|
|
$
86.4
|
|
Commercial and
industrial
|
62.8
|
|
60.3
|
|
59.6
|
|
59.3
|
|
58.7
|
|
Equipment
financing (1)
|
33.0
|
|
33.3
|
|
33.1
|
|
33.2
|
|
31.6
|
|
Residential
mortgage
|
43.8
|
|
43.9
|
|
43.0
|
|
41.9
|
|
40.3
|
|
Consumer
|
18.4
|
|
18.6
|
|
18.1
|
|
18.1
|
|
18.0
|
|
Total interest on loans
|
243.3
|
|
242.9
|
|
239.9
|
|
238.2
|
|
235.0
|
|
Securities
|
34.7
|
|
34.5
|
|
33.8
|
|
31.2
|
|
29.0
|
|
Loans held for
sale
|
0.2
|
|
0.2
|
|
0.3
|
|
0.4
|
|
0.4
|
|
Short-term
investments
|
0.3
|
|
0.4
|
|
0.2
|
|
0.1
|
|
0.1
|
|
Total interest and dividend income
|
278.5
|
|
278.0
|
|
274.2
|
|
269.9
|
|
264.5
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
25.4
|
|
25.2
|
|
24.6
|
|
24.8
|
|
23.9
|
|
Borrowings
|
5.3
|
|
5.0
|
|
3.3
|
|
2.9
|
|
2.7
|
|
Notes and
debentures
|
7.8
|
|
7.7
|
|
7.5
|
|
7.4
|
|
7.5
|
|
Total interest expense
|
38.5
|
|
37.9
|
|
35.4
|
|
35.1
|
|
34.1
|
|
Net interest income
|
240.0
|
|
240.1
|
|
238.8
|
|
234.8
|
|
230.4
|
|
Provision for loan
losses
|
10.0
|
|
10.5
|
|
9.7
|
|
6.2
|
|
7.7
|
|
Net interest income after provision for loan losses
|
230.0
|
|
229.6
|
|
229.1
|
|
228.6
|
|
222.7
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
Bank service
charges
|
24.7
|
|
23.8
|
|
25.0
|
|
26.1
|
|
25.4
|
|
Investment
management fees
|
11.4
|
|
11.1
|
|
10.8
|
|
10.8
|
|
11.3
|
|
Operating
lease income
|
10.1
|
|
10.4
|
|
10.5
|
|
10.5
|
|
10.5
|
|
Commercial
banking lending fees
|
9.2
|
|
8.1
|
|
9.2
|
|
10.3
|
|
9.8
|
|
Insurance
revenue
|
7.0
|
|
9.3
|
|
7.5
|
|
9.1
|
|
6.5
|
|
Cash
management fees
|
6.3
|
|
6.0
|
|
6.1
|
|
6.4
|
|
6.1
|
|
Customer
interest rate swap income, net
|
3.6
|
|
3.3
|
|
3.6
|
|
3.4
|
|
2.2
|
|
Brokerage
commissions
|
3.2
|
|
3.0
|
|
3.1
|
|
3.1
|
|
3.2
|
|
Bank-owned
life insurance
|
2.0
|
|
1.0
|
|
1.0
|
|
1.1
|
|
1.4
|
|
Net gains on
sales of residential mortgage loans
|
0.9
|
|
0.9
|
|
1.3
|
|
1.5
|
|
2.0
|
|
Gain on sale
of business, net of expenses
|
-
|
|
-
|
|
9.2
|
|
-
|
|
-
|
|
Other
non-interest income
|
7.0
|
|
5.4
|
|
6.0
|
|
4.8
|
|
4.6
|
|
Total non-interest income (2)
|
85.4
|
|
82.3
|
|
93.3
|
|
87.1
|
|
83.0
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Compensation
and benefits
|
111.4
|
|
114.1
|
|
112.0
|
|
113.4
|
|
109.3
|
|
Occupancy and
equipment
|
37.4
|
|
37.5
|
|
37.0
|
|
37.0
|
|
36.8
|
|
Professional
and outside services
|
16.4
|
|
17.4
|
|
17.9
|
|
17.0
|
|
17.3
|
|
Operating
lease expense
|
9.1
|
|
9.2
|
|
9.4
|
|
9.2
|
|
9.2
|
|
Regulatory
assessments
|
9.2
|
|
8.0
|
|
7.1
|
|
9.5
|
|
9.2
|
|
Amortization
of other acquisition-related intangible assets
|
5.8
|
|
5.8
|
|
6.1
|
|
5.9
|
|
6.0
|
|
Other
non-interest expense
|
23.6
|
|
25.3
|
|
27.5
|
|
22.2
|
|
24.0
|
|
Total non-interest expense (2)
|
212.9
|
|
217.3
|
|
217.0
|
|
214.2
|
|
211.8
|
|
Income before income tax expense
|
102.5
|
|
94.6
|
|
105.4
|
|
101.5
|
|
93.9
|
|
Income tax
expense
|
34.0
|
|
31.7
|
|
34.6
|
|
33.1
|
|
32.2
|
|
Net income
|
$
68.5
|
|
$
62.9
|
|
$
70.8
|
|
$
68.4
|
|
$
61.7
|
|
Basic and diluted
earnings per common share
|
$
0.23
|
|
$
0.21
|
|
$
0.23
|
|
$
0.23
|
|
$
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents loans
and leases held by People's Capital and Leasing Corp. and People's
United Equipment Finance Corp.
|
(2) Total
non-interest income includes $9.2 million of non-operating income
for the three months ended December 31, 2015.
|
Total non-interest
expense includes $3.8 million, $0.1 million and $3.0 million of
non-operating expenses for the three
|
months ended December
31, 2015, September 30, 2015 and June 30, 2015, 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)
|
2016
|
|
2015
|
Interest and
dividend income:
|
|
|
|
Commercial
real estate
|
$
172.1
|
|
$
171.7
|
Commercial and
industrial
|
123.1
|
|
115.9
|
Equipment
financing (1)
|
66.3
|
|
63.3
|
Residential
mortgage
|
87.7
|
|
80.5
|
Consumer
|
37.0
|
|
36.1
|
Total interest on loans
|
486.2
|
|
467.5
|
Securities
|
69.2
|
|
56.5
|
Loans held for
sale
|
0.4
|
|
0.6
|
Short-term
investments
|
0.7
|
|
0.2
|
Total interest and dividend income
|
556.5
|
|
524.8
|
Interest
expense:
|
|
|
|
Deposits
|
50.6
|
|
46.1
|
Borrowings
|
10.3
|
|
5.3
|
Notes and
debentures
|
15.5
|
|
14.9
|
Total interest expense
|
76.4
|
|
66.3
|
Net interest income
|
480.1
|
|
458.5
|
Provision for loan
losses
|
20.5
|
|
17.5
|
Net interest income after provision for loan losses
|
459.6
|
|
441.0
|
Non-interest
income:
|
|
|
|
Bank service
charges
|
48.5
|
|
49.6
|
Investment
management fees
|
22.5
|
|
22.1
|
Operating
lease income
|
20.5
|
|
21.3
|
Commercial
banking lending fees
|
17.3
|
|
23.1
|
Insurance
revenue
|
16.3
|
|
14.1
|
Cash
management fees
|
12.3
|
|
12.0
|
Customer
interest rate swap income, net
|
6.9
|
|
7.5
|
Brokerage
commissions
|
6.2
|
|
6.4
|
Bank-owned
life insurance
|
3.0
|
|
2.5
|
Net gains on
sales of residential mortgage loans
|
1.8
|
|
2.7
|
Net gains on
sales of acquired loans
|
-
|
|
1.7
|
Other
non-interest income
|
12.4
|
|
9.0
|
Total non-interest income
|
167.7
|
|
172.0
|
Non-interest
expense:
|
|
|
|
Compensation
and benefits
|
225.5
|
|
224.1
|
Occupancy and
equipment
|
74.9
|
|
75.5
|
Professional
and outside services
|
33.8
|
|
33.1
|
Operating
lease expense
|
18.3
|
|
18.5
|
Regulatory
assessments
|
17.2
|
|
18.5
|
Amortization
of other acquisition-related intangible assets
|
11.6
|
|
11.9
|
Other
non-interest expense
|
48.9
|
|
47.8
|
Total non-interest expense (2)
|
430.2
|
|
429.4
|
Income before income tax expense
|
197.1
|
|
183.6
|
Income tax
expense
|
65.7
|
|
62.7
|
Net income
|
$
131.4
|
|
$
120.9
|
|
|
|
|
Basic and diluted
earnings per common share
|
$
0.43
|
|
$
0.40
|
|
|
|
|
(1) Represents loans
and leases held by People's Capital and Leasing Corp. and People's
United
|
Equipment Finance
Corp.
|
|
|
|
(2) Total
non-interest expense includes $9.0 million of non-operating
expenses for the six months
|
ended June 30, 2015.
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,
2016
|
|
March 31,
2016
|
|
June 30,
2015
|
Three months
ended
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(dollars in
millions)
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments (2)
|
$
297.8
|
$
0.3
|
0.42%
|
|
$
347.8
|
$
0.4
|
0.47%
|
|
$
223.3
|
$
0.1
|
0.21%
|
Securities
(3)
|
6,698.7
|
39.2
|
2.34
|
|
6,498.0
|
38.7
|
2.38
|
|
5,577.3
|
32.5
|
2.33
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
9,997.0
|
85.3
|
3.41
|
|
9,997.6
|
86.8
|
3.47
|
|
9,568.4
|
86.4
|
3.61
|
Commercial and
industrial
|
7,727.8
|
66.0
|
3.42
|
|
7,478.1
|
63.4
|
3.39
|
|
7,418.0
|
61.8
|
3.33
|
Equipment
financing
|
2,981.4
|
33.0
|
4.43
|
|
2,951.9
|
33.3
|
4.52
|
|
2,809.6
|
31.6
|
4.50
|
Residential
mortgage
|
5,679.9
|
44.0
|
3.10
|
|
5,540.3
|
44.1
|
3.18
|
|
5,140.3
|
40.7
|
3.17
|
Consumer
|
2,172.5
|
18.4
|
3.38
|
|
2,191.7
|
18.6
|
3.40
|
|
2,188.4
|
18.0
|
3.28
|
Total loans
|
28,558.6
|
246.7
|
3.46
|
|
28,159.6
|
246.2
|
3.50
|
|
27,124.7
|
238.5
|
3.52
|
Total earning assets
|
35,555.1
|
$286.2
|
3.22%
|
|
35,005.4
|
$285.3
|
3.26%
|
|
32,925.3
|
$271.1
|
3.29%
|
Other
assets
|
3,866.9
|
|
|
|
3,767.7
|
|
|
|
3,719.5
|
|
|
Total assets
|
$ 39,422.0
|
|
|
|
$ 38,773.1
|
|
|
|
$ 36,644.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
$
6,098.3
|
$
-
|
- %
|
|
$
5,992.3
|
$
-
|
- %
|
|
$
5,695.9
|
$
-
|
- %
|
Savings,
interest-bearing checking
|
|
|
|
|
|
|
|
|
|
|
|
and money market
|
18,151.0
|
12.9
|
0.28
|
|
17,905.6
|
12.7
|
0.29
|
|
16,155.6
|
10.9
|
0.27
|
Time
|
4,830.1
|
12.5
|
1.04
|
|
4,823.6
|
12.5
|
1.03
|
|
5,384.9
|
13.0
|
0.97
|
Total deposits
|
29,079.4
|
25.4
|
0.35
|
|
28,721.5
|
25.2
|
0.35
|
|
27,236.4
|
23.9
|
0.35
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home
Loan Bank advances
|
3,157.8
|
4.7
|
0.59
|
|
2,880.0
|
4.4
|
0.61
|
|
2,365.6
|
2.3
|
0.40
|
Federal funds
purchased
|
421.5
|
0.5
|
0.48
|
|
394.0
|
0.4
|
0.44
|
|
395.7
|
0.2
|
0.19
|
Customer
repurchase agreements
|
315.9
|
0.1
|
0.19
|
|
389.6
|
0.2
|
0.19
|
|
452.3
|
0.2
|
0.19
|
Other
borrowings
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
1.0
|
-
|
1.75
|
Total borrowings
|
3,895.2
|
5.3
|
0.55
|
|
3,663.6
|
5.0
|
0.54
|
|
3,214.6
|
2.7
|
0.34
|
Notes and
debentures
|
1,048.8
|
7.8
|
2.98
|
|
1,043.8
|
7.7
|
2.96
|
|
1,033.5
|
7.5
|
2.89
|
Total funding liabilities
|
34,023.4
|
$
38.5
|
0.45%
|
|
33,428.9
|
$
37.9
|
0.45%
|
|
31,484.5
|
$
34.1
|
0.43%
|
Other
liabilities
|
603.3
|
|
|
|
583.4
|
|
|
|
471.7
|
|
|
Total liabilities
|
34,626.7
|
|
|
|
34,012.3
|
|
|
|
31,956.2
|
|
|
Stockholders'
equity
|
4,795.3
|
|
|
|
4,760.8
|
|
|
|
4,688.6
|
|
|
Total liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
stockholders'
equity
|
$ 39,422.0
|
|
|
|
$ 38,773.1
|
|
|
|
$ 36,644.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/spread (4)
|
|
$247.7
|
2.77%
|
|
|
$247.4
|
2.81%
|
|
|
$237.0
|
2.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
2.79%
|
|
|
|
2.83%
|
|
|
|
2.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) The fully taxable
equivalent adjustment was $7.7 million, $7.3 million and $6.6
million for the three months ended June 30, 2016,
|
March 31, 2016 and
June 30, 2015, respectively.
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)
|
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
June 30,
2015
|
Six months
ended
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(dollars in
millions)
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
|
Short-term
investments (2)
|
$
322.8
|
$
0.7
|
0.45%
|
|
$
249.4
|
$
0.2
|
0.20%
|
Securities
(3)
|
6,598.3
|
77.9
|
2.36
|
|
5,451.8
|
63.2
|
2.32
|
Loans:
|
|
|
|
|
|
|
|
Commercial
real estate
|
9,997.3
|
172.1
|
3.44
|
|
9,485.5
|
171.7
|
3.62
|
Commercial and
industrial
|
7,603.0
|
129.4
|
3.41
|
|
7,241.5
|
121.6
|
3.36
|
Equipment
financing
|
2,966.6
|
66.3
|
4.47
|
|
2,821.2
|
63.3
|
4.49
|
Residential
mortgage
|
5,610.1
|
88.1
|
3.14
|
|
5,075.5
|
81.1
|
3.20
|
Consumer
|
2,182.1
|
37.0
|
3.39
|
|
2,192.4
|
36.1
|
3.29
|
Total loans
|
28,359.1
|
492.9
|
3.48
|
|
26,816.1
|
473.8
|
3.53
|
Total earning assets
|
35,280.2
|
$571.5
|
3.24%
|
|
32,517.3
|
$537.2
|
3.30%
|
Other
assets
|
3,817.3
|
|
|
|
3,705.3
|
|
|
Total assets
|
$ 39,097.5
|
|
|
|
$ 36,222.6
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Non-interest-bearing
|
$
6,045.3
|
$
-
|
- %
|
|
$
5,649.8
|
$
-
|
- %
|
Savings,
interest-bearing checking
|
|
|
|
|
|
|
|
and money market
|
18,028.3
|
25.6
|
0.28
|
|
15,925.1
|
20.9
|
0.26
|
Time
|
4,826.8
|
25.0
|
1.04
|
|
5,334.7
|
25.2
|
0.95
|
Total deposits
|
28,900.4
|
50.6
|
0.35
|
|
26,909.6
|
46.1
|
0.34
|
Borrowings:
|
|
|
|
|
|
|
|
Federal Home
Loan Bank advances
|
3,018.9
|
9.1
|
0.60
|
|
2,212.6
|
4.5
|
0.41
|
Federal funds
purchased
|
407.7
|
0.9
|
0.46
|
|
433.9
|
0.4
|
0.18
|
Customer
repurchase agreements
|
352.8
|
0.3
|
0.19
|
|
469.4
|
0.4
|
0.18
|
Other
borrowings
|
-
|
-
|
-
|
|
1.0
|
-
|
1.75
|
Total borrowings
|
3,779.4
|
10.3
|
0.55
|
|
3,116.9
|
5.3
|
0.34
|
Notes and
debentures
|
1,046.3
|
15.5
|
2.97
|
|
1,034.0
|
14.9
|
2.87
|
Total funding liabilities
|
33,726.1
|
$
76.4
|
0.45%
|
|
31,060.5
|
$
66.3
|
0.43%
|
Other
liabilities
|
583.3
|
|
|
|
486.1
|
|
|
Total liabilities
|
34,309.4
|
|
|
|
31,546.6
|
|
|
Stockholders'
equity
|
4,788.1
|
|
|
|
4,676.0
|
|
|
Total liabilities and
|
|
|
|
|
|
|
|
stockholders'
equity
|
$ 39,097.5
|
|
|
|
$ 36,222.6
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/spread (4)
|
|
$495.1
|
2.79%
|
|
|
$470.9
|
2.87%
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
2.81%
|
|
|
|
2.90%
|
|
|
|
|
|
|
|
|
(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) The fully taxable
equivalent adjustment was $15.0 million and $12.4 million for the
six months ended
|
June 30, 2016 and
2015, respectively.
|
|
|
|
|
|
|
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)
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
|
Originated
non-performing loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment
financing
|
$
|
40.0
|
$
|
41.1
|
$
|
27.5
|
$
|
29.4
|
$
|
38.3
|
|
|
Commercial
real estate
|
|
35.4
|
|
35.9
|
|
30.2
|
|
31.8
|
|
36.5
|
|
|
Commercial and
industrial
|
|
34.7
|
|
41.5
|
|
44.9
|
|
62.9
|
|
52.4
|
|
|
Total
|
|
110.1
|
|
118.5
|
|
102.6
|
|
124.1
|
|
127.2
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
29.9
|
|
31.1
|
|
37.2
|
|
38.2
|
|
40.9
|
|
|
Home
equity
|
|
17.4
|
|
18.9
|
|
19.5
|
|
21.0
|
|
21.4
|
|
|
Other
consumer
|
|
-
|
|
-
|
|
0.1
|
|
-
|
|
0.1
|
|
|
Total
|
|
47.3
|
|
50.0
|
|
56.8
|
|
59.2
|
|
62.4
|
|
|
Total originated non-performing loans (1)
|
|
157.4
|
|
168.5
|
|
159.4
|
|
183.3
|
|
189.6
|
|
|
REO:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
9.7
|
|
8.2
|
|
7.1
|
|
10.8
|
|
14.8
|
|
|
Commercial
|
|
3.3
|
|
5.4
|
|
5.5
|
|
8.2
|
|
10.6
|
|
|
Total REO
|
|
13.0
|
|
13.6
|
|
12.6
|
|
19.0
|
|
25.4
|
|
|
Repossessed
assets
|
|
11.6
|
|
7.3
|
|
9.5
|
|
7.3
|
|
5.5
|
|
|
Total non-performing assets
|
$
|
182.0
|
$
|
189.4
|
$
|
181.5
|
$
|
209.6
|
$
|
220.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
non-performing loans (contractual amount) (2)
|
$
|
25.5
|
$
|
27.4
|
$
|
30.0
|
$
|
38.4
|
$
|
41.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated
non-performing loans as a percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
of originated
loans
|
|
0.56
|
%
|
0.61
|
%
|
0.58
|
%
|
0.68
|
%
|
0.71
|
%
|
|
Non-performing assets
as a percentage of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated
loans, REO and repossessed assets
|
|
0.64
|
|
0.68
|
|
0.66
|
|
0.78
|
|
0.83
|
|
|
Tangible
stockholders' equity and originated
|
|
|
|
|
|
|
|
|
|
|
|
|
allowance for loan
losses
|
|
6.14
|
|
6.49
|
|
6.38
|
|
7.37
|
|
7.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reported net of
government guarantees totaling $15.8 million at June 30, 2016,
$16.2 million at March 31, 2016,
|
|
|
$16.9 million at December
31, 2015, $17.3 million at September 30, 2015 and $16.6 million at
June 30, 2015.
|
|
|
(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)
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
Allowance for loan
losses on originated loans:
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period
|
$
|
207.6
|
$
|
202.9
|
$
|
198.1
|
$
|
195.1
|
$
|
191.1
|
|
Charge-offs
|
|
(6.1)
|
|
(7.4)
|
|
(7.8)
|
|
(6.1)
|
|
(6.0)
|
|
Recoveries
|
|
1.0
|
|
1.7
|
|
1.6
|
|
2.0
|
|
2.8
|
|
Net loan charge-offs
|
|
(5.1)
|
|
(5.7)
|
|
(6.2)
|
|
(4.1)
|
|
(3.2)
|
|
Provision for
loan losses
|
|
10.5
|
|
10.4
|
|
11.0
|
|
7.1
|
|
7.2
|
|
Balance at end of period
|
|
213.0
|
|
207.6
|
|
202.9
|
|
198.1
|
|
195.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses on acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period
|
|
7.9
|
|
8.1
|
|
9.4
|
|
10.3
|
|
9.8
|
|
Charge-offs
|
|
-
|
|
(0.3)
|
|
-
|
|
-
|
|
-
|
|
Provision for
loan losses
|
|
(0.5)
|
|
0.1
|
|
(1.3)
|
|
(0.9)
|
|
0.5
|
|
Balance at end of period
|
|
7.4
|
|
7.9
|
|
8.1
|
|
9.4
|
|
10.3
|
|
Total allowance for loan losses
|
$
|
220.4
|
$
|
215.5
|
$
|
211.0
|
$
|
207.5
|
$
|
205.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial originated
allowance for loan loss
|
|
|
|
|
|
|
|
|
|
|
|
as a
percentage of originated commercial loans
|
0.92
|
%
|
0.92
|
%
|
0.90
|
%
|
0.91
|
%
|
0.90
|
%
|
Retail originated
allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
as a
percentage of originated retail loans
|
|
0.30
|
|
0.30
|
|
0.28
|
|
0.28
|
|
0.26
|
|
Total originated
allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
as a
percentage of:
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans
|
|
0.75
|
|
0.75
|
|
0.73
|
|
0.74
|
|
0.73
|
|
Originated non-performing loans
|
|
135.3
|
|
123.3
|
|
127.3
|
|
108.1
|
|
102.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOAN
CHARGE-OFFS (RECOVERIES)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
(dollars in
millions)
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
Equipment
financing
|
$
|
2.1
|
$
|
1.6
|
$
|
1.4
|
$
|
1.0
|
$
|
0.5
|
|
Commercial and
industrial
|
|
1.1
|
|
2.2
|
|
3.5
|
|
1.4
|
|
1.4
|
|
Commercial
real estate
|
|
(0.1)
|
|
0.7
|
|
(0.1)
|
|
0.5
|
|
(0.4)
|
|
Total
|
|
3.1
|
|
4.5
|
|
4.8
|
|
2.9
|
|
1.5
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
|
1.2
|
|
1.4
|
|
1.1
|
|
0.6
|
|
1.1
|
|
Residential
mortgage
|
|
0.7
|
|
-
|
|
0.1
|
|
0.4
|
|
0.5
|
|
Other
consumer
|
|
0.1
|
|
0.1
|
|
0.2
|
|
0.2
|
|
0.1
|
|
Total
|
|
2.0
|
|
1.5
|
|
1.4
|
|
1.2
|
|
1.7
|
|
Total net loan charge-offs
|
$
|
5.1
|
$
|
6.0
|
$
|
6.2
|
$
|
4.1
|
$
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
to
|
|
|
|
|
|
|
|
|
|
|
|
average total
loans (annualized)
|
|
0.07
|
%
|
0.09
|
%
|
0.09
|
%
|
0.06
|
%
|
0.05
|
%
|
People's United Financial, Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO
GAAP
In addition to evaluating People's United Financial Inc.
("People's United") results of operations in accordance with U.S.
generally accepted accounting principles ("GAAP"), management
routinely supplements its evaluation with an analysis of certain
non-GAAP financial measures, such as the efficiency and tangible
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's underlying operating performance and trends, and
facilitates comparisons with the performance of other financial
institutions. Further, the efficiency ratio and operating earnings
metrics are used by management in its assessment of financial
performance, including non-interest expense control, while the
tangible equity ratio and tangible book value per share are used to
analyze the relative strength of People's United's capital
position.
The efficiency ratio, which represents an approximate measure of
the cost required by People's United to generate a dollar of
revenue, is the ratio of (i) total non-interest expense (excluding
goodwill impairment charges, amortization of other
acquisition-related intangible assets, losses on real estate assets
and non-recurring expenses, which are also excluded in arriving at
operating non-interest expense) (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. People's United generally considers an item of income
or expense to be non-recurring if it is not similar to an item of
income or expense of a type incurred within the last two years and
is not similar to an item of income or expense of a type reasonably
expected to be incurred within the following two years.
Operating earnings exclude from net income those items that
management considers to be of such a non-recurring or infrequent
nature that, by excluding such items (net of income taxes),
People's United's results can be measured and assessed on a more
consistent basis from period to period. Items excluded from
operating earnings, which include, but are not limited to: (i)
non-recurring gains/losses; (ii) writedowns of banking house assets
and related lease termination costs; (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. Effective with the quarter ended March 31, 2016, recurring writedowns of banking
house assets and certain severance-related costs are no longer
considered to be non-operating expenses. 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 People's United for
determining the non-GAAP financial measures discussed above may
differ from those used by other financial institutions.
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO
AND OPERATING NON-INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Six Months
Ended
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
(dollars in
millions)
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
Total non-interest
expense
|
|
$
212.9
|
|
$
217.3
|
|
$
217.0
|
|
$
214.2
|
|
$
211.8
|
|
$
430.2
|
|
$
429.4
|
Adjustments to arrive
at operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Writedowns of
banking house assets
|
|
-
|
|
-
|
|
(2.5)
|
|
-
|
|
(2.7)
|
|
-
|
|
(8.0)
|
Severance-related costs
|
|
-
|
|
-
|
|
(1.3)
|
|
(0.1)
|
|
(0.3)
|
|
-
|
|
(1.0)
|
Total
|
|
-
|
|
-
|
|
(3.8)
|
|
(0.1)
|
|
(3.0)
|
|
-
|
|
(9.0)
|
Operating non-interest expense
|
|
n/a
|
|
n/a
|
|
213.2
|
|
214.1
|
|
208.8
|
|
n/a
|
|
420.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease
expense (1)
|
|
(9.1)
|
|
(9.2)
|
|
(9.4)
|
|
(9.2)
|
|
(9.2)
|
|
(18.3)
|
|
(18.5)
|
Amortization of other
acquisition-related
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible assets
|
|
(5.8)
|
|
(5.8)
|
|
(6.1)
|
|
(5.9)
|
|
(6.0)
|
|
(11.6)
|
|
(11.9)
|
Other (2)
|
|
(1.8)
|
|
(1.5)
|
|
(2.2)
|
|
(1.8)
|
|
(1.8)
|
|
(3.3)
|
|
(3.8)
|
Total non-interest expense for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
efficiency
ratio
|
|
$
196.2
|
|
$
200.8
|
|
$
195.5
|
|
$
197.2
|
|
$
191.8
|
|
$
397.0
|
|
$
386.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(FTE basis)
|
|
$
247.7
|
|
$
247.4
|
|
$
245.3
|
|
$
241.1
|
|
$
237.0
|
|
$
495.1
|
|
$
470.9
|
Total non-interest
income
|
|
85.4
|
|
82.3
|
|
93.3
|
|
87.1
|
|
83.0
|
|
167.7
|
|
172.0
|
Total revenues
|
|
333.1
|
|
329.7
|
|
338.6
|
|
328.2
|
|
320.0
|
|
662.8
|
|
642.9
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
lease expense (1)
|
|
(9.1)
|
|
(9.2)
|
|
(9.4)
|
|
(9.2)
|
|
(9.2)
|
|
(18.3)
|
|
(18.5)
|
BOLI FTE
adjustment
|
|
1.0
|
|
0.5
|
|
0.5
|
|
0.6
|
|
0.7
|
|
1.5
|
|
1.3
|
Net security
gains
|
|
-
|
|
(0.1)
|
|
-
|
|
-
|
|
-
|
|
(0.1)
|
|
-
|
Gain on sale
of business, net of expenses
|
-
|
|
-
|
|
(9.2)
|
|
-
|
|
-
|
|
-
|
|
-
|
Other
(3)
|
|
-
|
|
(0.7)
|
|
-
|
|
(0.1)
|
|
-
|
|
(0.7)
|
|
-
|
Total revenues for efficiency ratio
|
|
$
325.0
|
|
$
320.2
|
|
$
320.5
|
|
$
319.5
|
|
$
311.5
|
|
$
645.2
|
|
$
625.7
|
Efficiency ratio
|
|
60.4%
|
|
62.7%
|
|
61.0%
|
|
61.7%
|
|
61.6%
|
|
61.5%
|
|
61.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP - continued
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE EQUITY
RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
(dollars in
millions)
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
Total stockholders'
equity
|
|
$
4,830
|
|
$
4,791
|
|
$
4,732
|
|
$
4,731
|
|
$
4,686
|
Less: Goodwill and
other
|
|
|
|
|
|
|
|
|
|
|
acquisition-related intangible assets
|
|
2,076
|
|
2,079
|
|
2,088
|
|
2,085
|
|
2,091
|
Tangible
stockholders' equity
|
|
$
2,754
|
|
$
2,712
|
|
$
2,644
|
|
$
2,646
|
|
$
2,595
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$40,150
|
|
$39,264
|
|
$38,947
|
|
$37,507
|
|
$37,208
|
Less: Goodwill and
other
|
|
|
|
|
|
|
|
|
|
|
acquisition-related intangible assets
|
|
2,076
|
|
2,079
|
|
2,088
|
|
2,085
|
|
2,091
|
Tangible
assets
|
|
$38,074
|
|
$37,185
|
|
$36,859
|
|
$35,422
|
|
$35,117
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity
ratio
|
|
7.2%
|
|
7.3%
|
|
7.2%
|
|
7.5%
|
|
7.4%
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK
VALUE PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
(in millions, except
per share data)
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
Tangible
stockholders' equity
|
|
$
2,754
|
|
$
2,712
|
|
$
2,644
|
|
$
2,646
|
|
$
2,595
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
issued
|
|
399.74
|
|
399.54
|
|
399.24
|
|
398.84
|
|
398.66
|
Less: Shares
classified as treasury shares
|
|
89.05
|
|
89.04
|
|
89.06
|
|
89.05
|
|
89.06
|
Unallocated ESOP shares
|
|
7.14
|
|
7.23
|
|
7.32
|
|
7.40
|
|
7.49
|
Common
shares
|
|
303.55
|
|
303.27
|
|
302.86
|
|
302.39
|
|
302.11
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book
value per share
|
|
$
9.07
|
|
$
8.94
|
|
$
8.73
|
|
$
8.75
|
|
$
8.59
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP - continued
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
June 30,
|
|
(dollars in millions,
except per share data)
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
Net income, as
reported
|
|
$
70.8
|
|
$
68.4
|
|
$
61.7
|
|
$
120.9
|
|
Adjustments to arrive
at operating earnings:
|
|
|
|
|
|
|
|
|
Writedowns of
banking house assets
|
|
2.5
|
|
-
|
|
2.7
|
|
8.0
|
|
Severance-related costs
|
|
1.3
|
|
0.1
|
|
0.3
|
|
1.0
|
|
Gain on sale
of business, net of expenses
|
(9.2)
|
|
-
|
|
-
|
|
-
|
|
Total pre-tax adjustments
|
|
(5.4)
|
|
0.1
|
|
3.0
|
|
9.0
|
|
Tax effect
|
|
1.8
|
|
(0.1)
|
|
(1.0)
|
|
(3.0)
|
|
Total adjustments, net of tax
|
|
(3.6)
|
|
-
|
|
2.0
|
|
6.0
|
|
Operating earnings
|
|
$
67.2
|
|
$
68.4
|
|
$
63.7
|
|
$
126.9
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share,
as reported
|
|
$
0.23
|
|
$
0.23
|
|
$
0.20
|
|
$
0.40
|
|
Adjustments to arrive
at operating
|
|
|
|
|
|
|
|
|
|
earnings per
share:
|
|
|
|
|
|
|
|
|
|
Writedowns of
banking house assets
|
|
0.01
|
|
-
|
|
0.01
|
|
0.02
|
|
Severance-related costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Gain on sale
of business, net of expenses
|
(0.02)
|
|
-
|
|
-
|
|
-
|
|
Total adjustments per share
|
|
(0.01)
|
|
-
|
|
0.01
|
|
0.02
|
|
Operating earnings per share
|
|
$
0.22
|
|
$
0.23
|
|
$
0.21
|
|
$
0.42
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$37,955
|
|
$37,284
|
|
$36,645
|
|
$
36,223
|
|
|
|
|
|
|
|
|
|
|
|
Operating return
on
|
|
|
|
|
|
|
|
|
|
average assets
(annualized)
|
|
0.71%
|
|
0.73%
|
|
0.70%
|
|
0.70%
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING RETURN
ON AVERAGE TANGIBLE STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
June 30,
|
|
(dollars in
millions)
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
Operating
earnings
|
|
$
67.2
|
|
$
68.4
|
|
$
63.7
|
|
$
126.9
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity
|
|
$
4,736
|
|
$
4,700
|
|
$
4,689
|
|
$
4,676
|
|
Less: Average
goodwill and average other
|
|
|
|
|
|
|
|
|
acquisition-related intangible assets
|
|
2,092
|
|
2,088
|
|
2,094
|
|
2,094
|
|
Average tangible
stockholders' equity
|
|
$
2,644
|
|
$
2,612
|
|
$
2,595
|
|
$
2,579
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average tangible
|
|
|
|
|
|
|
|
|
|
stockholders'
equity (annualized)
|
|
10.2%
|
|
10.5%
|
|
9.8%
|
|
9.8%
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING DIVIDEND
PAYOUT RATIO
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
June 30,
|
|
(dollars in
millions)
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
Dividends
paid
|
|
$
50.6
|
|
$
50.6
|
|
$
50.5
|
|
$
100.0
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings
|
|
$
67.2
|
|
$
68.4
|
|
$
63.7
|
|
$
126.9
|
|
|
|
|
|
|
|
|
|
|
|
Operating dividend
payout ratio
|
|
75.3%
|
|
73.9%
|
|
79.2%
|
|
78.8%
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/peoples-united-financial-reports-second-quarter-net-income-of-685-million-or-023-per-share-300302299.html
SOURCE People's United Financial, Inc.