BRIDGEPORT, Conn., July 20, 2017 /PRNewswire/ -- People's United
Financial, Inc. (NASDAQ: PBCT) today reported net income of
$69.3 million, or $0.19 per common share, for the second quarter of
2017, compared to $68.5 million, or
$0.23 per common share, for the
second quarter of 2016, and $70.8
million, or $0.22 per common
share, for the first quarter of 2017.
Included in this quarter's results were merger-related expenses
of $24.8 million ($16.8 million after-tax), or $0.05 per common share, compared to $1.2 million ($0.8
million after-tax), or less than $0.01 per common share, for the first quarter of
2017.
The Company's Board of Directors declared a $0.1725 per common share quarterly dividend
payable August 15, 2017 to
shareholders of record on August 1,
2017. Based on the closing stock price on July 19, 2017, the dividend yield on People's
United Financial common stock is 3.9 percent.
"The Company's strong second quarter results reflect our ongoing
commitment to deliver exceptional service to clients and profitable
growth to shareholders," commented Jack
Barnes, President and Chief Executive Officer. "Operating
earnings of $82.6 million increased
21 percent from the prior year quarter. The quarter benefited from
the Suffolk acquisition and
continued net interest margin expansion resulting from higher
yields on new business and repricing of floating rate loans.
Additionally, we achieved further improvement in operating
leverage, organic loan growth and sustained exceptional asset
quality across our diverse portfolio of businesses. We are pleased
with the Company's performance in the quarter and remain optimistic
about opportunities in the second half of the year."
Barnes continued, "The integration of Suffolk has progressed extremely well. The
outstanding efforts of our experienced teams provided a seamless
transition for clients. We successfully completed the core system
conversion in early May and are on track to realize projected year
one cost saves. The economics of the transaction remain positive
and we look forward to taking advantage of the revenue synergies
created by this combination to further enhance earnings."
Barnes concluded, "We were excited to announce the all-cash
acquisition of LEAF Commercial Capital, one of the largest
independent commercial equipment finance companies in the U.S. The
addition of LEAF will diversify our equipment finance portfolio
into the small-ticket leasing segment and enable us to leverage
their highly scalable, tech-enabled origination platform. At
closing, our equipment finance units will have approximately
$4 billion of assets and rank as the
sixteenth largest bank-owned equipment finance entity in the
country. The transaction is financially compelling and will be
immediately accretive to earnings."
"Executing on revenue producing initiatives is a key focus of
the Company," stated David Rosato,
Senior Executive Vice President and Chief Financial Officer. "As
such, we are pleased total revenues grew 13 percent from the prior
year quarter. Growth was attributable to increases in both
net interest income and non-interest income. Net interest income
benefited from the net interest margin widening 14 basis points
compared to the most recent quarter. Higher revenues along
with our constant oversight of expenses produced an efficiency
ratio of 58.4 percent and helped generate an operating return on
average tangible common equity of 10.9 percent."
Rosato concluded, "Period-end loan and deposit balances
increased 26 percent and 17 percent, respectively, on an annualized
basis from the end of the first quarter largely due to the addition
of Suffolk. Loan growth also
benefited from a rebound in mortgage warehouse lending balances and
solid organic growth in the commercial real estate portfolio. On an
average balance basis, both loans and deposits increased 28 percent
annualized for the quarter. In our wealth management business,
discretionary assets grew 12 percent annualized during the quarter
primarily due to market performance and net client inflows."
At June 30, 2017, People's United
Financial's common equity tier 1 capital and total risk-based
capital ratios were 10.1 percent and 12.6 percent, respectively,
and the tangible common equity ratio stood at 7.5 percent.
For People's United Bank, N.A., common equity tier 1 capital
and total risk-based capital ratios were 11.3 percent and 13.3
percent, respectively, at June 30,
2017.
Net loan charge-offs as a percentage of average total loans on
an annualized basis were 0.09 percent in the second quarter of
2017, an increase from both 0.03 percent in the first quarter of
2017 and 0.07 percent in the second quarter of 2016. For the
originated loan portfolio, non-performing loans equaled 0.60
percent of loans at June 30, 2017, an
increase from both 0.55 percent at March 31,
2017 and 0.56 percent at June 30,
2016.
Return on average assets of 0.65 percent for the second quarter
of 2017 was a decrease from 0.70 percent in both the first quarter
of 2017 and second quarter of 2016. Return on average
tangible common equity of 8.7 percent in the second quarter of 2017
was a decrease from both 9.6 percent in the first quarter of 2017
and 10.1 percent in the second quarter of 2016. Returns in the
second quarter of 2017 were impacted by merger-related expenses. On
an operating basis, return on average assets was 0.77 percent and
return on average tangible common equity was 10.9 percent.
People's United Financial, Inc., a diversified financial
services company with $43 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 2017 Financial Highlights
Summary
- Net income totaled $69.3 million,
or $0.19 per common share.
-
- Net income available to common shareholders totaled
$65.8 million.
- Operating earnings totaled $82.6
million, or $0.24 per common
share (see Non-GAAP Financial Measures and Reconciliation to
GAAP).
- Net interest income totaled $274.9
million in 2Q17 compared to $248.6
million in 1Q17.
- Net interest margin increased 14 basis points from 1Q17 to
2.96% reflecting:
-
- Higher yields on the loan portfolio (increase of 15 basis
points).
- Higher yield on the securities portfolio (increase of three
basis points).
- One additional calendar day in 2Q17 (increase of two basis
points).
- Higher rates on deposits and borrowings (decrease of six basis
points).
- Provision for loan losses totaled $7.1
million.
-
- Net loan charge-offs totaled $6.8
million.
- Net loan charge-off ratio of 0.09% in 2Q17.
- Non-interest income was $91.6
million in 2Q17 compared to $84.7
million in 1Q17.
-
- Commercial banking lending fees increased $3.3 million.
- Bank service charges increased $1.5
million.
- Bank-owned life insurance increased $1.1
million.
- Insurance revenue decreased $1.6
million, reflecting the seasonality of commercial insurance
renewals.
- At June 30, 2017, assets under
administration, which are not reported as assets of People's United
Financial, totaled $22.9 billion, of
which $8.5 billion are under
discretionary management, compared to $22.0
billion and $8.2 billion,
respectively, at March 31, 2017.
- Non-interest expense totaled $257.3
million in 2Q17 compared to $226.1
million in 1Q17.
-
- Operating non-interest expense totaled $232.5 million in 2Q17 (see Non-GAAP Financial
Measures and Reconciliation to GAAP).
- Compensation and benefits expense, excluding $3.4 million of merger-related expenses in 2Q17,
increased $1.0 million, primarily
reflecting additional employees resulting from the Suffolk acquisition.
- Professional and outside services expense, excluding
$10.8 million and $0.7 million of merger-related expenses in 2Q17
and 1Q17, respectively, increased $2.5
million.
- Other non-interest expense in 2Q17 includes $10.6 million of merger-related expenses.
- The efficiency ratio was 58.4% in 2Q17 compared to 59.4% in
1Q17 (see Non-GAAP Financial Measures and Reconciliation to
GAAP).
- The effective income tax rate was 32.1% for 2Q17 and 31.6% for
the first six months of 2017, compared to 31.4% for the full-year
of 2016.
Commercial Banking
- Commercial loans totaled $22.8
billion at June 30, 2017, an
increase of $1.7 billion from
March 31, 2017.
-
- Organic loan growth of 7% annualized.
- The mortgage warehouse portfolio increased $366 million from March
31, 2017.
- Average commercial loans totaled $22.6
billion in 2Q17, an increase of $1.7
billion from 1Q17.
-
- The average mortgage warehouse portfolio increased $172 million from 1Q17.
- Commercial deposits totaled $11.3
billion at June 30, 2017
compared to $10.5 billion at
March 31, 2017.
- The ratio of originated non-performing commercial loans to
originated commercial loans was 0.62% at June 30, 2017 compared to 0.57% at March 31, 2017.
- Non-performing commercial assets, excluding acquired
non-performing loans, totaled $144.8
million at June 30, 2017
compared to $130.4 million at
March 31, 2017.
- For the originated commercial loan portfolio, the allowance for
loan losses as a percentage of loans was 0.94% at both June 30, 2017 and March
31, 2017.
- The originated commercial allowance for loan losses represented
151% of originated non-performing commercial loans at June 30, 2017 compared to 165% at March 31, 2017.
Retail Banking
- Residential mortgage loans totaled $6.7
billion at June 30, 2017, an
increase of $200 million from
March 31, 2017.
-
- Organic loan growth of 2% annualized.
- Average residential mortgage loans totaled $6.7 billion in 2Q17, an increase of $319 million from 1Q17.
- Home equity loans totaled $2.1
billion at June 30, 2017, an
increase of $40 million from
March 31, 2017.
-
- Organic loan growth of 3% annualized.
- Average home equity loans totaled $2.1
billion in 2Q17, an increase of $25
million from 1Q17.
- Retail deposits totaled $20.5
billion at June 30, 2017
compared to $20.0 billion at
March 31, 2017.
- The ratio of originated non-performing residential mortgage
loans to originated residential mortgage loans was 0.48% at
June 30, 2017 compared to 0.41% at
March 31, 2017.
- The ratio of originated non-performing home equity loans to
originated home equity loans was 0.79% at June 30, 2017 compared to 0.76% at March 31, 2017.
Conference Call
On July 20, 2017, at 5 p.m., Eastern Time, People's United Financial
will host a conference call to discuss this earnings
announcement. The call may be heard through www.peoples.com
by selecting "Investor Relations" in the "About Us" section on the
home page, and then selecting "Conference Calls" in the "News and
Events" section. Additional materials relating to the call
may also be accessed at People's United Bank's web site. The
call will be archived on the web site and available for
approximately 90 days.
Certain statements contained in this release are forward-looking
in nature. These include all statements about People's United
Financial's plans, objectives, expectations and other statements
that are not historical facts, and usually use words such as
"expect," "anticipate," "believe," "should" and similar
expressions. Such statements represent management's current
beliefs, based upon information available at the time the
statements are made, with regard to the matters addressed. All
forward-looking statements are subject to risks and uncertainties
that could cause People's United Financial's actual results or
financial condition to differ materially from those expressed in or
implied by such statements. Factors of particular importance to
People's United Financial include, but are not limited to: (1)
changes in general, international, national or regional economic
conditions; (2) changes in interest rates; (3) changes in loan
default and charge-off rates; (4) changes in deposit levels; (5)
changes in levels of income and expense in non-interest income and
expense related activities; (6) changes in accounting and
regulatory guidance applicable to banks; (7) price levels and
conditions in the public securities markets generally; (8)
competition and its effect on pricing, spending, third-party
relationships and revenues; (9) the successful integration of
acquisitions; and (10) changes in regulation resulting from or
relating to financial reform legislation. People's United Financial
does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Access Information About People's United
Financial at www.peoples.com.
People's United
Financial, Inc.
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FINANCIAL
HIGHLIGHTS
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People's United
Financial completed its acquisition of Suffolk Bancorp effective
April 1, 2017. Accordingly, Suffolk's
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results of operations
are included beginning with the effective date, and prior period
results have not been restated to
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include
Suffolk.
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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 common share data)
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2017
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2017
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2016
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2016
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2016
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Earnings
Data:
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Net interest
income (fully taxable equivalent)
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$
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285.2
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$
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258.1
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$
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255.2
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$
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254.2
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$
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247.7
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Net interest
income
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274.9
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248.6
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246.8
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245.3
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240.0
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Provision for
loan losses
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7.1
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4.4
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7.7
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8.4
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10.0
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Non-interest
income
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91.6
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84.7
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84.2
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90.8
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85.4
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Non-interest
expense (1)
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257.3
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226.1
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217.2
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221.4
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212.9
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Income before
income tax expense
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102.1
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102.8
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106.1
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106.3
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102.5
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Net
income
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69.3
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70.8
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75.9
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73.7
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68.5
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Net income
available to common shareholders (1)
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65.8
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67.3
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74.1
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73.7
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68.5
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Selected
Statistical Data:
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Net interest
margin (2)
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2.96
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%
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2.82
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%
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2.78
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%
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2.80
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%
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2.79
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%
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Return on
average assets (1), (2)
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0.65
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0.70
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0.75
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0.73
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0.70
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Return on
average common equity (2)
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4.8
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5.5
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6.1
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6.1
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5.7
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Return on
average tangible common equity (1), (2)
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8.7
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9.6
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10.7
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10.7
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10.1
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Efficiency
ratio (1)
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58.4
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59.4
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59.3
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59.9
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60.4
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Common Share
Data:
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Basic and
diluted earnings per common share (1)
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$
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0.19
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$
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0.22
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$
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0.24
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$
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0.24
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$
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0.23
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Dividends paid
per common share
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0.1725
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0.17
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0.17
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0.17
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0.17
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Common
dividend payout ratio (1)
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88.6
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%
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78.3
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%
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69.8
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%
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70.1
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%
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75.4
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%
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Book value per
common share (end of period)
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$
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16.18
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$
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15.94
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$
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15.85
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$
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15.99
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$
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15.91
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Tangible book
value per common share (end of period) (1)
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8.99
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9.07
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8.92
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9.18
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9.07
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Stock
price:
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High
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18.21
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19.85
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20.13
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16.40
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16.68
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Low
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16.44
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17.47
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15.28
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14.22
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13.80
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Close (end of period)
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17.66
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18.20
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19.36
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15.82
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14.66
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Common shares
(end of period) (in millions)
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337.51
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310.51
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308.97
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304.02
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303.55
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Weighted
average diluted common shares (in millions)
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338.51
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311.08
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306.23
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303.24
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302.48
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(1) See Non-GAAP
Financial Measures and Reconciliation to GAAP.
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(2)
Annualized.
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People's United
Financial, Inc.
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FINANCIAL
HIGHLIGHTS
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People's United
Financial completed its acquisition of Suffolk Bancorp effective
April 1, 2017.
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Accordingly,
Suffolk's results of operations are included beginning with the
effective date, and prior
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period results have
not been restated to include Suffolk.
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Six Months
Ended
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June
30,
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(dollars in millions,
except per common share data)
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2017
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2016
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Earnings
Data:
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Net interest
income (fully taxable equivalent)
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$
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543.3
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$
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495.1
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Net interest
income
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523.5
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480.1
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Provision for
loan losses
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11.5
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20.5
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Non-interest
income
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176.3
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167.7
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Non-interest
expense (1)
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483.4
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430.2
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Income before
income tax expense
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204.9
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197.1
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Net
income
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140.1
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131.4
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Net income
available to common shareholders (1)
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133.1
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131.4
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Selected
Statistical Data:
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Net interest
margin (2)
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2.90
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%
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2.81
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%
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Return on
average assets (1), (2)
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0.68
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0.67
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Return on
average common equity (2)
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5.1
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5.5
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Return on
average tangible common equity (1), (2)
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9.1
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9.8
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Efficiency
ratio (1)
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58.9
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61.5
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Common Share
Data:
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Basic and
diluted earnings per common share (1)
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$
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0.41
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$
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0.43
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Dividends paid
per common share
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0.3425
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0.3375
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Common
dividend payout ratio (1)
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83.4
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%
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77.9
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%
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Book value per
common share (end of period)
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$
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16.18
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$
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15.91
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Tangible book
value per common share (end of period) (1)
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8.99
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9.07
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Stock
price:
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High
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19.85
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16.68
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Low
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16.44
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13.62
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Close (end of period)
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17.66
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14.66
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Common shares
(end of period) (in millions)
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337.51
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303.55
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Weighted
average diluted common shares (in millions)
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324.89
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302.17
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(1) See Non-GAAP
Financial Measures and Reconciliation to GAAP.
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(2)
Annualized.
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People's United
Financial, Inc.
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FINANCIAL
HIGHLIGHTS - Continued
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People's United
Financial completed its acquisition of Suffolk Bancorp effective
April 1, 2017. Accordingly, Suffolk's results of
operations are included beginning with
the effective date, and prior period results have not been restated
to include Suffolk.
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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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2017
|
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2017
|
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2016
|
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2016
|
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2016
|
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Financial
Condition Data:
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Total assets
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$
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43,023
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$
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40,230
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$
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40,610
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$
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40,692
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$
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40,150
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Loans
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31,611
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29,687
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|
29,745
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29,368
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29,038
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Securities
|
|
6,880
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|
6,424
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|
6,738
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|
7,046
|
|
6,785
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|
Short-term investments
|
|
216
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|
392
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|
182
|
|
373
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|
364
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Allowance for loan losses
|
|
232
|
|
231
|
|
229
|
|
226
|
|
220
|
|
Goodwill and other acquisition-related intangible assets
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|
2,426
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|
2,136
|
|
2,142
|
|
2,070
|
|
2,076
|
|
Deposits
|
|
31,815
|
|
30,506
|
|
29,861
|
|
29,656
|
|
28,999
|
|
Borrowings
|
|
4,086
|
|
3,183
|
|
4,057
|
|
4,437
|
|
4,563
|
|
Notes and debentures
|
|
907
|
|
904
|
|
1,030
|
|
1,054
|
|
1,058
|
|
Stockholders' equity
|
|
5,704
|
|
5,195
|
|
5,142
|
|
4,862
|
|
4,830
|
|
Total risk-weighted assets (1):
|
|
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
32,169
|
|
30,229
|
|
30,540
|
|
30,451
|
|
30,267
|
|
People's United
Bank, N.A.
|
|
32,124
|
|
30,202
|
|
30,489
|
|
30,415
|
|
30,232
|
|
Non-performing assets (2)
|
|
198
|
|
183
|
|
167
|
|
180
|
|
182
|
|
Net loan charge-offs
|
|
6.8
|
|
2.4
|
|
4.7
|
|
2.5
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances:
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
31,400
|
$
|
29,355
|
$
|
29,346
|
$
|
29,107
|
$
|
28,558
|
|
Securities (3)
|
|
6,728
|
|
6,831
|
|
7,074
|
|
6,873
|
|
6,699
|
|
Short-term investments
|
|
355
|
|
371
|
|
308
|
|
361
|
|
298
|
|
Total earning assets
|
|
38,483
|
|
36,557
|
|
36,728
|
|
36,341
|
|
35,555
|
|
Total assets
|
|
42,666
|
|
40,317
|
|
40,623
|
|
40,304
|
|
39,422
|
|
Deposits
|
|
32,024
|
|
29,923
|
|
29,773
|
|
29,437
|
|
29,079
|
|
Borrowings
|
|
3,502
|
|
3,709
|
|
4,148
|
|
4,296
|
|
3,895
|
|
Notes and debentures
|
|
907
|
|
966
|
|
1,045
|
|
1,056
|
|
1,049
|
|
Total funding liabilities
|
|
36,433
|
|
34,598
|
|
34,966
|
|
34,789
|
|
34,023
|
|
Stockholders' equity
|
|
5,696
|
|
5,166
|
|
5,039
|
|
4,841
|
|
4,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs to average total loans (annualized)
|
|
0.09
|
%
|
0.03
|
%
|
0.06
|
%
|
0.04
|
%
|
0.07
|
%
|
Non-performing assets to originated loans,
|
|
|
|
|
|
|
|
|
|
|
|
real estate owned and
repossessed assets (2)
|
|
0.67
|
|
0.63
|
|
0.57
|
|
0.63
|
|
0.64
|
|
Originated allowance for loan losses to:
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans
(2)
|
|
0.77
|
|
0.77
|
|
0.77
|
|
0.76
|
|
0.75
|
|
Originated
non-performing loans (2)
|
|
128.1
|
|
140.9
|
|
150.6
|
|
142.0
|
|
135.3
|
|
Average stockholders' equity to average total assets
|
|
13.4
|
|
12.8
|
|
12.4
|
|
12.0
|
|
12.2
|
|
Stockholders' equity to total assets
|
|
13.3
|
|
12.9
|
|
12.7
|
|
11.9
|
|
12.0
|
|
Tangible common equity to tangible assets (4)
|
|
7.5
|
|
7.4
|
|
7.2
|
|
7.2
|
|
7.2
|
|
Total risk-based capital (1):
|
|
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
12.6
|
|
12.7
|
|
12.5
|
|
11.5
|
|
11.5
|
|
People's United
Bank, N.A.
|
|
13.3
|
|
13.4
|
|
13.3
|
|
12.8
|
|
12.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) June 30, 2017
amounts and ratios are preliminary.
|
|
|
|
|
|
|
|
(2) Excludes acquired
loans.
|
|
|
|
|
|
|
|
|
|
(3) Average balances
for securities are based on amortized cost.
|
|
|
|
|
|
(4) See Non-GAAP
Financial Measures and Reconciliation to GAAP.
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CONDITION
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
March 31,
|
Dec. 31,
|
June 30,
|
(in
millions)
|
2017
|
2017
|
2016
|
2016
|
Assets
|
|
|
|
|
Cash and due from
banks
|
$
455.9
|
$
380.8
|
$
432.4
|
$
343.9
|
Short-term
investments
|
216.3
|
392.2
|
181.7
|
363.9
|
Total cash and cash equivalents
|
672.2
|
773.0
|
614.1
|
707.8
|
Securities:
|
|
|
|
|
Trading
account securities, at fair value
|
7.8
|
7.8
|
6.8
|
6.8
|
Securities
available for sale, at fair value
|
3,682.3
|
3,772.1
|
4,409.9
|
4,711.8
|
Securities
held to maturity, at amortized cost
|
2,875.6
|
2,324.0
|
2,005.4
|
1,749.4
|
Federal Home
Loan Bank and Federal Reserve Bank stock, at cost
|
314.3
|
319.6
|
315.8
|
317.4
|
Total securities
|
6,880.0
|
6,423.5
|
6,737.9
|
6,785.4
|
Loans held for
sale
|
26.5
|
17.1
|
39.3
|
61.4
|
Loans:
|
|
|
|
|
Commercial
real estate
|
11,164.2
|
10,225.3
|
10,247.3
|
10,011.3
|
Commercial and
industrial
|
8,709.7
|
7,918.3
|
8,125.1
|
8,066.1
|
Equipment
financing
|
2,918.3
|
2,969.5
|
3,032.5
|
3,005.9
|
Total Commercial Portfolio
|
22,792.2
|
21,113.1
|
21,404.9
|
21,083.3
|
Residential
mortgage
|
6,687.7
|
6,487.7
|
6,216.7
|
5,789.0
|
Home equity
and other consumer
|
2,131.3
|
2,086.5
|
2,123.3
|
2,166.0
|
Total Retail Portfolio
|
8,819.0
|
8,574.2
|
8,340.0
|
7,955.0
|
Total loans
|
31,611.2
|
29,687.3
|
29,744.9
|
29,038.3
|
Less allowance
for loan losses
|
(231.6)
|
(231.3)
|
(229.3)
|
(220.4)
|
Total loans, net
|
31,379.6
|
29,456.0
|
29,515.6
|
28,817.9
|
Goodwill and other
acquisition-related intangible assets
|
2,426.2
|
2,135.8
|
2,142.1
|
2,076.1
|
Bank-owned life
insurance
|
404.7
|
348.8
|
349.1
|
346.8
|
Premises and
equipment
|
270.2
|
239.4
|
244.5
|
249.5
|
Other
assets
|
963.8
|
836.0
|
967.2
|
1,105.1
|
Total assets
|
$ 43,023.2
|
$ 40,229.6
|
$ 40,609.8
|
$ 40,150.0
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits:
|
|
|
|
|
Non-interest-bearing
|
$
7,566.4
|
$
6,669.5
|
$
6,660.8
|
$
6,226.8
|
Savings
|
4,668.6
|
4,451.7
|
4,397.7
|
4,292.3
|
Interest-bearing checking and money market
|
14,887.0
|
14,813.9
|
14,260.1
|
13,747.9
|
Time
|
4,692.7
|
4,570.6
|
4,542.2
|
4,732.1
|
Total deposits
|
31,814.7
|
30,505.7
|
29,860.8
|
28,999.1
|
Borrowings:
|
|
|
|
|
Federal Home
Loan Bank advances
|
3,130.8
|
2,160.4
|
3,061.1
|
3,562.4
|
Federal funds
purchased
|
629.0
|
613.0
|
617.0
|
680.0
|
Customer
repurchase agreements
|
324.0
|
327.7
|
343.3
|
320.8
|
Other
borrowings
|
2.3
|
81.9
|
35.4
|
-
|
Total borrowings
|
4,086.1
|
3,183.0
|
4,056.8
|
4,563.2
|
Notes and
debentures
|
906.5
|
903.9
|
1,030.1
|
1,058.2
|
Other
liabilities
|
512.4
|
442.0
|
520.2
|
699.8
|
Total liabilities
|
37,319.7
|
35,034.6
|
35,467.9
|
35,320.3
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Preferred
stock
|
244.1
|
244.1
|
244.1
|
-
|
Common
stock
|
4.3
|
4.1
|
4.0
|
3.9
|
Additional paid-in
capital
|
5,965.0
|
5,472.7
|
5,446.1
|
5,350.4
|
Retained
earnings
|
967.8
|
960.9
|
949.3
|
905.8
|
Unallocated common
stock of Employee Stock Ownership Plan, at cost
|
(141.0)
|
(142.8)
|
(144.6)
|
(148.1)
|
Accumulated other
comprehensive loss
|
(174.6)
|
(181.9)
|
(195.0)
|
(120.3)
|
Treasury stock, at
cost
|
(1,162.1)
|
(1,162.1)
|
(1,162.0)
|
(1,162.0)
|
Total stockholders' equity
|
5,703.5
|
5,195.0
|
5,141.9
|
4,829.7
|
Total liabilities and stockholders' equity
|
$ 43,023.2
|
$ 40,229.6
|
$ 40,609.8
|
$ 40,150.0
|
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 common share data)
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
Interest and
dividend income:
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$ 105.3
|
|
$
88.6
|
|
$
86.8
|
|
$
85.7
|
|
$
85.3
|
Commercial and
industrial
|
74.1
|
|
64.6
|
|
65.0
|
|
66.9
|
|
62.8
|
Equipment
financing
|
31.5
|
|
31.6
|
|
31.8
|
|
32.8
|
|
33.0
|
Residential
mortgage
|
52.3
|
|
49.3
|
|
47.0
|
|
45.7
|
|
43.8
|
Home equity
and other consumer
|
19.9
|
|
18.4
|
|
18.1
|
|
18.4
|
|
18.4
|
Total interest on loans
|
283.1
|
|
252.5
|
|
248.7
|
|
249.5
|
|
243.3
|
Securities
|
37.9
|
|
37.0
|
|
36.9
|
|
34.2
|
|
34.7
|
Loans held for
sale
|
0.1
|
|
0.3
|
|
0.3
|
|
0.4
|
|
0.2
|
Short-term
investments
|
0.9
|
|
0.7
|
|
0.4
|
|
0.4
|
|
0.3
|
Total interest and dividend income
|
322.0
|
|
290.5
|
|
286.3
|
|
284.5
|
|
278.5
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
30.9
|
|
27.1
|
|
25.1
|
|
25.2
|
|
25.4
|
Borrowings
|
8.9
|
|
7.3
|
|
6.4
|
|
6.1
|
|
5.3
|
Notes and
debentures
|
7.3
|
|
7.5
|
|
8.0
|
|
7.9
|
|
7.8
|
Total interest expense
|
47.1
|
|
41.9
|
|
39.5
|
|
39.2
|
|
38.5
|
Net interest income
|
274.9
|
|
248.6
|
|
246.8
|
|
245.3
|
|
240.0
|
Provision for loan
losses
|
7.1
|
|
4.4
|
|
7.7
|
|
8.4
|
|
10.0
|
Net interest income after provision for loan losses
|
267.8
|
|
244.2
|
|
239.1
|
|
236.9
|
|
230.0
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
Bank service
charges
|
25.0
|
|
23.5
|
|
24.2
|
|
25.3
|
|
24.7
|
Investment
management fees
|
16.3
|
|
16.0
|
|
14.2
|
|
11.6
|
|
11.4
|
Commercial
banking lending fees
|
11.5
|
|
8.2
|
|
7.2
|
|
7.1
|
|
9.2
|
Operating
lease income
|
11.0
|
|
10.2
|
|
9.5
|
|
11.2
|
|
10.1
|
Insurance
revenue
|
7.5
|
|
9.1
|
|
6.8
|
|
9.8
|
|
7.0
|
Cash
management fees
|
6.5
|
|
6.3
|
|
6.2
|
|
6.5
|
|
6.3
|
Brokerage
commissions
|
3.4
|
|
3.0
|
|
2.8
|
|
3.2
|
|
3.2
|
Customer
interest rate swap income, net
|
2.4
|
|
2.8
|
|
3.8
|
|
3.7
|
|
3.6
|
Bank-owned
life insurance
|
1.9
|
|
0.8
|
|
1.5
|
|
1.2
|
|
2.0
|
Net gains on
sales of residential mortgage loans
|
0.7
|
|
0.9
|
|
2.6
|
|
1.9
|
|
0.9
|
Net security
gains (losses)
|
0.1
|
|
(15.7)
|
|
(6.0)
|
|
-
|
|
0.1
|
Other
non-interest income
|
5.3
|
|
19.6
|
|
11.4
|
|
9.3
|
|
6.9
|
Total non-interest income
|
91.6
|
|
84.7
|
|
84.2
|
|
90.8
|
|
85.4
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation
and benefits
|
130.0
|
|
125.6
|
|
114.0
|
|
116.1
|
|
111.4
|
Occupancy and
equipment
|
39.8
|
|
38.6
|
|
37.8
|
|
37.7
|
|
37.4
|
Professional
and outside services
|
28.1
|
|
15.5
|
|
16.3
|
|
17.7
|
|
16.4
|
Regulatory
assessments
|
9.9
|
|
9.6
|
|
10.4
|
|
9.9
|
|
9.2
|
Operating
lease expense
|
8.7
|
|
8.8
|
|
8.3
|
|
9.7
|
|
9.1
|
Amortization
of other acquisition-related intangible assets
|
7.9
|
|
6.3
|
|
6.2
|
|
5.8
|
|
5.8
|
Other
non-interest expense
|
32.9
|
|
21.7
|
|
24.2
|
|
24.5
|
|
23.6
|
Total non-interest expense (1)
|
257.3
|
|
226.1
|
|
217.2
|
|
221.4
|
|
212.9
|
Income before income tax expense
|
102.1
|
|
102.8
|
|
106.1
|
|
106.3
|
|
102.5
|
Income tax
expense
|
32.8
|
|
32.0
|
|
30.2
|
|
32.6
|
|
34.0
|
Net income
|
69.3
|
|
70.8
|
|
75.9
|
|
73.7
|
|
68.5
|
Preferred stock
dividend
|
3.5
|
|
3.5
|
|
1.8
|
|
-
|
|
-
|
Net income available to common shareholders
|
$
65.8
|
|
$
67.3
|
|
$
74.1
|
|
$
73.7
|
|
$
68.5
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per common share
|
$
0.19
|
|
$
0.22
|
|
$
0.24
|
|
$
0.24
|
|
$
0.23
|
|
|
|
|
|
|
|
|
|
|
(1) Total
non-interest expense includes $24.8 million, $1.2 million, $1.6
million and $3.1 million of non-operating
expenses for the three months
ended June 30, 2017, March 31, 2017, December 31, 2016 and
September 30, 2016, respectively.
See Non-GAAP Financial
Measures and Reconciliation to GAAP.
|
People's United
Financial, Inc.
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
(in millions, except
per common share data)
|
2017
|
|
2016
|
Interest and
dividend income:
|
|
|
|
Commercial
real estate
|
$
193.9
|
|
$
172.1
|
Commercial and
industrial
|
138.7
|
|
123.1
|
Equipment
financing
|
63.1
|
|
66.3
|
Residential
mortgage
|
101.6
|
|
87.7
|
Home equity
and other consumer
|
38.3
|
|
37.0
|
Total interest on loans
|
535.6
|
|
486.2
|
Securities
|
74.9
|
|
69.2
|
Loans held for
sale
|
0.4
|
|
0.4
|
Short-term
investments
|
1.6
|
|
0.7
|
Total interest and dividend income
|
612.5
|
|
556.5
|
Interest
expense:
|
|
|
|
Deposits
|
58.0
|
|
50.6
|
Borrowings
|
16.2
|
|
10.3
|
Notes and
debentures
|
14.8
|
|
15.5
|
Total interest expense
|
89.0
|
|
76.4
|
Net interest income
|
523.5
|
|
480.1
|
Provision for loan
losses
|
11.5
|
|
20.5
|
Net interest income after provision for loan losses
|
512.0
|
|
459.6
|
Non-interest
income:
|
|
|
|
Bank service
charges
|
48.5
|
|
48.5
|
Investment
management fees
|
32.3
|
|
22.5
|
Operating
lease income
|
21.2
|
|
20.5
|
Commercial
banking lending fees
|
19.7
|
|
17.3
|
Insurance
revenue
|
16.6
|
|
16.3
|
Cash
management fees
|
12.8
|
|
12.3
|
Brokerage
commissions
|
6.4
|
|
6.2
|
Customer
interest rate swap income, net
|
5.2
|
|
6.9
|
Bank-owned
life insurance
|
2.7
|
|
3.0
|
Net gains on
sales of residential mortgage loans
|
1.6
|
|
1.8
|
Net security
(losses) gains
|
(15.6)
|
|
0.1
|
Other
non-interest income
|
24.9
|
|
12.3
|
Total non-interest income
|
176.3
|
|
167.7
|
Non-interest
expense:
|
|
|
|
Compensation
and benefits
|
255.6
|
|
225.5
|
Occupancy and
equipment
|
78.4
|
|
74.9
|
Professional
and outside services
|
43.6
|
|
33.8
|
Regulatory
assessments
|
19.5
|
|
17.2
|
Operating
lease expense
|
17.5
|
|
18.3
|
Amortization
of other acquisition-related intangible assets
|
14.2
|
|
11.6
|
Other
non-interest expense
|
54.6
|
|
48.9
|
Total non-interest expense (1)
|
483.4
|
|
430.2
|
Income before income tax expense
|
204.9
|
|
197.1
|
Income tax
expense
|
64.8
|
|
65.7
|
Net income
|
140.1
|
|
131.4
|
Preferred stock
dividend
|
7.0
|
|
-
|
Net income available to common shareholders
|
$
133.1
|
|
$
131.4
|
|
|
|
|
Basic and diluted
earnings per common share
|
$
0.41
|
|
$
0.43
|
|
|
|
|
(1) Total
non-interest expense includes $26.0 million of non-operating
expenses for the six months
|
ended June 30, 2017.
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,
2017
|
|
March 31,
2017
|
|
June 30,
2016
|
Three months
ended
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(dollars in
millions)
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
$
354.8
|
$
0.9
|
0.97%
|
|
$
370.5
|
$
0.7
|
0.81%
|
|
$
297.8
|
$
0.3
|
0.42%
|
Securities
(2)
|
6,727.5
|
44.6
|
2.65
|
|
6,831.4
|
43.2
|
2.53
|
|
6,698.7
|
39.2
|
2.34
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
11,371.4
|
105.3
|
3.70
|
|
10,189.7
|
88.6
|
3.48
|
|
9,997.0
|
85.3
|
3.41
|
Commercial and
industrial
|
8,276.1
|
77.7
|
3.75
|
|
7,704.4
|
67.9
|
3.53
|
|
7,727.8
|
66.0
|
3.42
|
Equipment
financing
|
2,924.8
|
31.5
|
4.31
|
|
2,980.8
|
31.6
|
4.24
|
|
2,981.4
|
33.0
|
4.43
|
Residential
mortgage
|
6,693.3
|
52.4
|
3.14
|
|
6,374.8
|
49.6
|
3.11
|
|
5,679.9
|
44.0
|
3.10
|
Home equity
and other consumer
|
2,134.8
|
19.9
|
3.73
|
|
2,105.4
|
18.4
|
3.50
|
|
2,172.5
|
18.4
|
3.38
|
Total loans
|
31,400.4
|
286.8
|
3.65
|
|
29,355.1
|
256.1
|
3.49
|
|
28,558.6
|
246.7
|
3.46
|
Total earning assets
|
38,482.7
|
$332.3
|
3.45%
|
|
36,557.0
|
$300.0
|
3.28%
|
|
35,555.1
|
$286.2
|
3.22%
|
Other
assets
|
4,183.1
|
|
|
|
3,760.3
|
|
|
|
3,866.9
|
|
|
Total assets
|
$ 42,665.8
|
|
|
|
$ 40,317.3
|
|
|
|
$ 39,422.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
|
$
7,399.5
|
$
-
|
- %
|
|
$
6,435.0
|
$
-
|
- %
|
|
$
6,098.3
|
$
-
|
- %
|
Savings,
interest-bearing checking
|
|
|
|
|
|
|
|
|
|
|
|
and money market
|
19,895.8
|
19.6
|
0.39
|
|
18,907.9
|
16.4
|
0.35
|
|
18,151.0
|
12.9
|
0.28
|
Time
|
4,728.7
|
11.3
|
0.96
|
|
4,580.3
|
10.7
|
0.93
|
|
4,830.1
|
12.5
|
1.04
|
Total deposits
|
32,024.0
|
30.9
|
0.39
|
|
29,923.2
|
27.1
|
0.36
|
|
29,079.4
|
25.4
|
0.35
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home
Loan Bank advances
|
2,546.6
|
7.1
|
1.11
|
|
2,711.9
|
5.8
|
0.86
|
|
3,157.8
|
4.7
|
0.59
|
Federal funds
purchased
|
625.2
|
1.6
|
1.04
|
|
607.5
|
1.2
|
0.78
|
|
421.5
|
0.5
|
0.48
|
Customer
repurchase agreements
|
313.9
|
0.1
|
0.19
|
|
309.5
|
0.1
|
0.19
|
|
315.9
|
0.1
|
0.19
|
Other
borrowings
|
16.0
|
0.1
|
1.43
|
|
79.9
|
0.2
|
0.78
|
|
-
|
-
|
-
|
Total borrowings
|
3,501.7
|
8.9
|
1.02
|
|
3,708.8
|
7.3
|
0.79
|
|
3,895.2
|
5.3
|
0.55
|
Notes and
debentures
|
907.2
|
7.3
|
3.24
|
|
965.8
|
7.5
|
3.10
|
|
1,048.8
|
7.8
|
2.98
|
Total funding liabilities
|
36,432.9
|
$
47.1
|
0.52%
|
|
34,597.8
|
$
41.9
|
0.48%
|
|
34,023.4
|
$
38.5
|
0.45%
|
Other
liabilities
|
536.8
|
|
|
|
553.6
|
|
|
|
603.3
|
|
|
Total liabilities
|
36,969.7
|
|
|
|
35,151.4
|
|
|
|
34,626.7
|
|
|
Stockholders'
equity
|
5,696.1
|
|
|
|
5,165.9
|
|
|
|
4,795.3
|
|
|
Total liabilities and
|
|
|
|
|
|
|
|
|
|
|
|
stockholders'
equity
|
$ 42,665.8
|
|
|
|
$ 40,317.3
|
|
|
|
$ 39,422.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/spread (3)
|
|
$285.2
|
2.93%
|
|
|
$258.1
|
2.80%
|
|
|
$247.7
|
2.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
2.96%
|
|
|
|
2.82%
|
|
|
|
2.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Average yields
earned and rates paid are annualized.
|
|
|
|
|
|
|
|
|
|
(2) Average balances
and yields for securities are based on amortized cost.
|
|
|
|
|
|
|
(3) The fully taxable
equivalent adjustment was $10.3 million, $9.5 million and $7.7
million for the three months ended June 30, 2017,
|
March 31, 2017 and
June 30, 2016, respectively.
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017
|
|
June 30,
2016
|
Six months
ended
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
(dollars in
millions)
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
|
Short-term
investments
|
$
362.6
|
$
1.6
|
0.89%
|
|
$
322.8
|
$
0.7
|
0.45%
|
Securities
(2)
|
6,779.2
|
87.8
|
2.59
|
|
6,598.3
|
77.9
|
2.36
|
Loans:
|
|
|
|
|
|
|
|
Commercial
real estate
|
10,783.8
|
193.9
|
3.60
|
|
9,997.3
|
172.1
|
3.44
|
Commercial and
industrial
|
7,996.0
|
145.6
|
3.64
|
|
7,603.0
|
129.4
|
3.41
|
Equipment
financing
|
2,948.5
|
63.1
|
4.28
|
|
2,966.6
|
66.3
|
4.47
|
Residential
mortgage
|
6,534.9
|
102.0
|
3.12
|
|
5,610.1
|
88.1
|
3.14
|
Home equity
and other consumer
|
2,120.2
|
38.3
|
3.62
|
|
2,182.1
|
37.0
|
3.39
|
Total loans
|
30,383.4
|
542.9
|
3.57
|
|
28,359.1
|
492.9
|
3.39
|
Total earning assets
|
37,525.2
|
$632.3
|
3.37%
|
|
35,280.2
|
$571.5
|
3.24%
|
Other
assets
|
3,972.8
|
|
|
|
3,817.3
|
|
|
Total assets
|
$ 41,498.0
|
|
|
|
$ 39,097.5
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Non-interest-bearing
|
$
6,919.9
|
$
-
|
- %
|
|
$
6,045.3
|
$
-
|
- %
|
Savings,
interest-bearing checking
|
|
|
|
|
|
|
|
and money market
|
19,404.6
|
36.0
|
0.37
|
|
18,028.3
|
25.6
|
0.28
|
Time
|
4,654.9
|
22.0
|
0.95
|
|
4,826.8
|
25.0
|
1.04
|
Total deposits
|
30,979.4
|
58.0
|
0.37
|
|
28,900.4
|
50.6
|
0.35
|
Borrowings:
|
|
|
|
|
|
|
|
Federal Home
Loan Bank advances
|
2,628.7
|
12.9
|
0.98
|
|
3,018.9
|
9.1
|
0.60
|
Federal funds
purchased
|
616.4
|
2.8
|
0.91
|
|
407.7
|
0.9
|
0.46
|
Customer
repurchase agreements
|
311.7
|
0.2
|
0.19
|
|
352.8
|
0.3
|
0.19
|
Other
borrowings
|
47.8
|
0.3
|
0.89
|
|
-
|
-
|
-
|
Total borrowings
|
3,604.6
|
16.2
|
0.90
|
|
3,779.4
|
10.3
|
0.55
|
Notes and
debentures
|
936.3
|
14.8
|
3.17
|
|
1,046.3
|
15.5
|
2.97
|
Total funding liabilities
|
35,520.3
|
$
89.0
|
0.50%
|
|
33,726.1
|
$
76.4
|
0.45%
|
Other
liabilities
|
545.3
|
|
|
|
593.3
|
|
|
Total liabilities
|
36,065.6
|
|
|
|
34,319.4
|
|
|
Stockholders'
equity
|
5,432.4
|
|
|
|
4,778.1
|
|
|
Total liabilities and
|
|
|
|
|
|
|
|
stockholders'
equity
|
$ 41,498.0
|
|
|
|
$ 39,097.5
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/spread (3)
|
|
$543.3
|
2.87%
|
|
|
$495.1
|
2.79%
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
2.90%
|
|
|
|
2.81%
|
|
|
|
|
|
|
|
|
(1) Average yields
earned and rates paid are annualized.
|
|
|
|
|
|
(2) Average balances
and yields for securities are based on amortized cost.
|
|
|
(3) The fully taxable
equivalent adjustment was $19.8 million and $15.0 million for the
six months ended
|
June 30, 2017 and
2016, respectively.
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired in
connection with business combinations are initially recorded at
fair value, including an estimate of future credit
losses, with no carryover of the
respective portfolio's historical allowance for loan losses. As
such, selected asset quality metrics have been highlighted to distinguish between the
'originated' portfolio and the 'acquired' portfolio.
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
Originated
non-performing loans:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
|
42.9
|
$
|
23.4
|
$
|
22.3
|
$
|
23.4
|
$
|
35.4
|
|
Commercial and
industrial
|
|
40.2
|
|
47.4
|
|
41.5
|
|
40.0
|
|
34.7
|
|
Equipment
financing
|
|
48.2
|
|
47.4
|
|
39.4
|
|
46.0
|
|
40.0
|
|
Total
|
|
131.3
|
|
118.2
|
|
103.2
|
|
109.4
|
|
110.1
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
30.8
|
|
26.3
|
|
27.4
|
|
28.2
|
|
29.9
|
|
Home
equity
|
|
15.8
|
|
15.2
|
|
17.4
|
|
16.5
|
|
17.4
|
|
Other
consumer
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total
|
|
46.6
|
|
41.5
|
|
44.8
|
|
44.7
|
|
47.3
|
|
Total originated non-performing loans (1)
|
|
177.9
|
|
159.7
|
|
148.0
|
|
154.1
|
|
157.4
|
|
REO:
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
6.7
|
|
10.9
|
|
8.1
|
|
7.9
|
|
9.7
|
|
Commercial
|
|
4.3
|
|
4.1
|
|
4.0
|
|
11.2
|
|
3.3
|
|
Total REO
|
|
11.0
|
|
15.0
|
|
12.1
|
|
19.1
|
|
13.0
|
|
Repossessed
assets
|
|
9.2
|
|
8.2
|
|
7.2
|
|
6.9
|
|
11.6
|
|
Total non-performing assets
|
$
|
198.1
|
$
|
182.9
|
$
|
167.3
|
$
|
180.1
|
$
|
182.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
non-performing loans (contractual amount)
|
$
|
26.4
|
$
|
22.1
|
$
|
24.7
|
$
|
24.6
|
$
|
25.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated
non-performing loans as a percentage
|
|
|
|
|
|
|
|
|
|
|
|
of originated
loans
|
|
0.60
|
%
|
0.55
|
%
|
0.51
|
%
|
0.54
|
%
|
0.56
|
%
|
Non-performing assets
as a percentage of:
|
|
|
|
|
|
|
|
|
|
|
|
Originated
loans, REO and repossessed assets
|
|
0.67
|
|
0.63
|
|
0.57
|
|
0.63
|
|
0.64
|
|
Tangible
stockholders' equity and originated
|
|
|
|
|
|
|
|
|
|
|
|
allowance for loan
losses
|
|
5.65
|
|
5.57
|
|
5.19
|
|
5.98
|
|
6.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reported net of
government guarantees totaling $4.2 million at June 30, 2017, $4.4
million at March 31, 2017,
|
|
$13.1 million at December
31, 2016, $13.0 million at September 30, 2016 and $15.8 million at
June 30, 2016.
|
|
|
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)
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
Allowance for loan
losses on originated loans:
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period
|
$
|
225.0
|
$
|
223.0
|
$
|
219.0
|
$
|
213.0
|
$
|
207.6
|
|
Charge-offs
|
|
(6.7)
|
|
(4.6)
|
|
(4.7)
|
|
(3.8)
|
|
(6.1)
|
|
Recoveries
|
|
1.8
|
|
2.2
|
|
1.0
|
|
1.4
|
|
1.0
|
|
Net loan charge-offs
|
|
(4.9)
|
|
(2.4)
|
|
(3.7)
|
|
(2.4)
|
|
(5.1)
|
|
Provision for
loan losses
|
|
7.8
|
|
4.4
|
|
7.7
|
|
8.4
|
|
10.5
|
|
Balance at end of period
|
|
227.9
|
|
225.0
|
|
223.0
|
|
219.0
|
|
213.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses on acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period
|
|
6.3
|
|
6.3
|
|
7.3
|
|
7.4
|
|
7.9
|
|
Charge-offs
|
|
(1.9)
|
|
-
|
|
(1.0)
|
|
(0.1)
|
|
-
|
|
Provision for
loan losses
|
|
(0.7)
|
|
-
|
|
-
|
|
-
|
|
(0.5)
|
|
Balance at end of period
|
|
3.7
|
|
6.3
|
|
6.3
|
|
7.3
|
|
7.4
|
|
Total allowance for loan losses
|
$
|
231.6
|
$
|
231.3
|
$
|
229.3
|
$
|
226.3
|
$
|
220.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated commercial
allowance for loan loss
|
|
|
|
|
|
|
|
|
|
|
|
as a
percentage of originated commercial loans
|
0.94
|
%
|
0.94
|
%
|
0.95
|
%
|
0.94
|
%
|
0.92
|
%
|
Originated retail
allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
as a
percentage of originated retail loans
|
|
0.35
|
|
0.36
|
|
0.30
|
|
0.30
|
|
0.30
|
|
Total originated
allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
as a
percentage of:
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans
|
|
0.77
|
|
0.77
|
|
0.77
|
|
0.76
|
|
0.75
|
|
Originated non-performing loans
|
|
128.1
|
|
140.9
|
|
150.6
|
|
142.0
|
|
135.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOAN
CHARGE-OFFS (RECOVERIES)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
|
1.2
|
$
|
-
|
$
|
0.9
|
$
|
0.2
|
$
|
(0.1)
|
|
Commercial and
industrial
|
|
1.8
|
|
0.8
|
|
1.1
|
|
0.4
|
|
1.1
|
|
Equipment
financing
|
|
2.7
|
|
0.5
|
|
1.3
|
|
1.3
|
|
2.1
|
|
Total
|
|
5.7
|
|
1.3
|
|
3.3
|
|
1.9
|
|
3.1
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
0.1
|
|
0.1
|
|
-
|
|
0.4
|
|
0.7
|
|
Home
equity
|
|
0.7
|
|
1.1
|
|
1.3
|
|
0.1
|
|
1.2
|
|
Other
consumer
|
|
0.3
|
|
(0.1)
|
|
0.1
|
|
0.1
|
|
0.1
|
|
Total
|
|
1.1
|
|
1.1
|
|
1.4
|
|
0.6
|
|
2.0
|
|
Total net loan charge-offs
|
$
|
6.8
|
$
|
2.4
|
$
|
4.7
|
$
|
2.5
|
$
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
to
|
|
|
|
|
|
|
|
|
|
|
|
average total
loans (annualized)
|
|
0.09
|
%
|
0.03
|
%
|
0.06
|
%
|
0.04
|
%
|
0.07
|
%
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
addition to evaluating People's United Financial Inc. ("People's
United") results of operations in accordance with
U.S. generally accepted accounting
principles ("GAAP"), management routinely supplements its
evaluation with an analysis of
certain non-GAAP financial measures, such as the efficiency and
tangible common equity ratios, tangible book value per common share and operating earnings
metrics. Management believes these non-GAAP financial
measures provide information
useful to investors in understanding People's United's underlying
operating performance and trends,
and facilitates comparisons with the performance of other financial
institutions. Further, the efficiency ratio and operating earnings metrics are used by management in
its assessment of financial performance, including
non-interest expense control,
while the tangible common equity ratio and tangible book value per
common share are used to analyze the relative strength of People's United's capital
position.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The efficiency ratio, which represents an approximate measure of
the cost required by People's United to generate a
dollar of revenue, is the ratio of
(i) total non-interest expense (excluding operating lease
expense, goodwill impairment charges, amortization of other acquisition-related
intangible assets, losses on real estate assets and non-recurring
expenses, 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, the netting of operating lease
expense and excluding gains and losses on sales of assets other
than residential mortgage loans
and acquired loans, and non-recurring income) (the denominator).
People's United generally considers an item of income or expense to be
non-recurring if it is not similar to an item of income or expense
of a type incurred within the last
two years and is not similar to an item of income or expense of a
type reasonably expected to be incurred
within the following two years.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings exclude from net income available to common
shareholders those items that management considers to
be of such a non-recurring or infrequent
nature that, by excluding such items (net of income taxes),
People's United's results can be
measured and assessed on a more consistent basis from period to
period. Items excluded from operating earnings, which include, but are not limited to: (i)
non-recurring gains/losses; (ii) merger-related expenses, including
acquisition integration and other
costs; (iii) writedowns of banking house assets and related lease
termination costs; (iv)
severance-related costs; and (v) charges related to executive-level
management separation costs, are generally also excluded when calculating the efficiency ratio.
Effective in 2016, recurring writedowns of banking house assets and
certain severance-related costs
are no longer considered to be non-operating expenses. Operating
earnings per common share ("EPS")
is derived by determining the per common share impact of the
respective adjustments to arrive at operating earnings
and adding (subtracting) such amounts to
(from) EPS, as reported. Operating return on average assets is
calculated by dividing operating
earnings (annualized) by average total assets. Operating return on
average tangible common equity is calculated by dividing operating earnings
(annualized) by average tangible common equity. The operating
common dividend payout ratio is
calculated by dividing common dividends paid by operating earnings
for the respective period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The tangible common equity ratio is the ratio of (i) tangible
common equity (total stockholders' equity less preferred
stock, goodwill and other
acquisition-related intangible assets) (the numerator) to
(ii) tangible assets (total assets less goodwill
and other acquisition-related intangible
assets) (the denominator). Tangible book value per common share is
calculated by dividing tangible
common equity by common shares (total common shares issued, less
common shares classified as treasury shares and unallocated Employee Stock Ownership Plan
("ESOP") common shares).
|
|
|
|
|
|
|
|
|
|
In
light of diversity in presentation among financial institutions,
the methodologies used by People's United for
|
|
determining the
non-GAAP financial measures discussed above may differ from those
used by other financial
|
|
institutions.
|
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP - Continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
NON-INTEREST EXPENSE AND EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
Total non-interest
expense
|
|
$
257.3
|
|
$
226.1
|
|
$
217.2
|
|
$
221.4
|
|
$
212.9
|
|
$
483.4
|
|
$
430.2
|
Adjustments to arrive
at operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expenses
|
|
(24.8)
|
|
(1.2)
|
|
(0.9)
|
|
(3.1)
|
|
-
|
|
(26.0)
|
|
-
|
Acquisition
integration and other costs
|
|
-
|
|
-
|
|
(0.7)
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
|
|
(24.8)
|
|
(1.2)
|
|
(1.6)
|
|
(3.1)
|
|
n/a
|
|
(26.0)
|
|
n/a
|
Operating non-interest expense
|
|
232.5
|
|
224.9
|
|
215.6
|
|
218.3
|
|
n/a
|
|
457.4
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease
expense
|
|
(8.7)
|
|
(8.8)
|
|
(8.3)
|
|
(9.7)
|
|
(9.1)
|
|
(17.5)
|
|
(18.3)
|
Amortization of other
acquisition-related
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible assets
|
|
(7.9)
|
|
(6.3)
|
|
(6.2)
|
|
(5.8)
|
|
(5.8)
|
|
(14.2)
|
|
(11.6)
|
Other (1)
|
|
(0.4)
|
|
(1.8)
|
|
(0.6)
|
|
(1.8)
|
|
(1.8)
|
|
(2.2)
|
|
(3.3)
|
Total non-interest expense for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
efficiency
ratio
|
|
$
215.5
|
|
$
208.0
|
|
$
200.5
|
|
$
201.0
|
|
$
196.2
|
|
$
423.5
|
|
$
397.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(FTE basis)
|
|
$
285.2
|
|
$
258.1
|
|
$
255.2
|
|
$
254.2
|
|
$
247.7
|
|
$
543.3
|
|
$
495.1
|
Total non-interest
income
|
|
91.6
|
|
84.7
|
|
84.2
|
|
90.8
|
|
85.4
|
|
176.3
|
|
167.7
|
Total revenues
|
|
376.8
|
|
342.8
|
|
339.4
|
|
345.0
|
|
333.1
|
|
719.6
|
|
662.8
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net security
(gains) losses
|
|
(0.1)
|
|
15.7
|
|
6.0
|
|
-
|
|
(0.1)
|
|
15.6
|
|
(0.1)
|
Operating
lease expense
|
|
(8.7)
|
|
(8.8)
|
|
(8.3)
|
|
(9.7)
|
|
(9.1)
|
|
(17.5)
|
|
(18.3)
|
BOLI FTE
adjustment
|
|
1.0
|
|
0.4
|
|
0.7
|
|
0.6
|
|
1.0
|
|
1.4
|
|
1.5
|
Other
(2)
|
|
-
|
|
0.2
|
|
0.2
|
|
(0.3)
|
|
-
|
|
0.2
|
|
(0.7)
|
Total revenues for efficiency ratio
|
|
$
369.0
|
|
$
350.3
|
|
$
338.0
|
|
$
335.6
|
|
$
324.9
|
|
$
719.3
|
|
$
645.2
|
Efficiency ratio
|
|
58.4%
|
|
59.4%
|
|
59.3%
|
|
59.9%
|
|
60.4%
|
|
58.9%
|
|
61.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a For both
the three and six months ended June 30, 2016, no expenses were
considered to be non-operating expenses. Accordingly,
|
operating metrics were
not applicable.
|
|
|
|
|
(1) Items
classified as "other" and deducted from non-interest expense for
purposes of calculating the efficiency ratio include, as
|
applicable, certain
franchise taxes, real estate owned expenses, contract termination
costs and non-recurring expenses.
|
(2) Items
classified as "other" and added to (deducted from) total revenues
for purposes of calculating the efficiency ratio include,
as
|
applicable, asset
write-offs and gains associated with the sale of branch
locations.
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP - Continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
(dollars in millions,
except per common share data)
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
Net income available
to common shareholders
|
|
$
65.8
|
|
$
67.3
|
|
$
74.1
|
|
$
73.7
|
|
$
68.5
|
|
$
133.1
|
|
$
131.4
|
Adjustments to arrive
at operating earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expenses
|
|
24.8
|
|
1.2
|
|
0.9
|
|
3.1
|
|
-
|
|
26.0
|
|
-
|
Acquisition
integration and other costs
|
|
-
|
|
-
|
|
0.7
|
|
-
|
|
-
|
|
-
|
|
-
|
Total pre-tax adjustments
|
|
24.8
|
|
1.2
|
|
1.6
|
|
3.1
|
|
n/a
|
|
26.0
|
|
n/a
|
Tax effect
|
|
(8.0)
|
|
(0.4)
|
|
(0.6)
|
|
(1.0)
|
|
n/a
|
|
(8.4)
|
|
n/a
|
Total adjustments, net of tax
|
|
16.8
|
|
0.8
|
|
1.0
|
|
2.1
|
|
n/a
|
|
17.6
|
|
n/a
|
Operating earnings
|
|
$
82.6
|
|
$
68.1
|
|
$
75.1
|
|
$
75.8
|
|
n/a
|
|
$
150.7
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS, as
reported
|
|
$
0.19
|
|
$
0.22
|
|
$
0.24
|
|
$
0.24
|
|
$
0.23
|
|
$
0.41
|
|
$
0.43
|
Adjustments to arrive
at operating EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expenses
|
|
0.05
|
|
-
|
|
-
|
|
0.01
|
|
-
|
|
0.05
|
|
-
|
Acquisition
integration and other costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total adjustments per share
|
|
0.05
|
|
-
|
|
-
|
|
0.01
|
|
n/a
|
|
0.05
|
|
n/a
|
Operating EPS
|
|
$
0.24
|
|
$
0.22
|
|
$
0.24
|
|
$
0.25
|
|
n/a
|
|
$
0.46
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$42,666
|
|
$40,317
|
|
$40,623
|
|
$40,304
|
|
$39,422
|
|
$41,498
|
|
$39,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return
on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets (annualized)
|
|
0.77%
|
|
0.68%
|
|
0.74%
|
|
0.75%
|
|
n/a
|
|
0.73%
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING RETURN
ON AVERAGE TANGIBLE COMMON EQUITY
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
Operating
earnings
|
|
$
82.6
|
|
$
68.1
|
|
$
75.1
|
|
$
75.8
|
|
n/a
|
|
$
150.7
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity
|
|
$
5,696
|
|
$
5,166
|
|
$
5,039
|
|
$
4,841
|
|
$
4,795
|
|
$
5,432
|
|
$
4,778
|
Less: Average
preferred stock
|
|
244
|
|
244
|
|
165
|
|
-
|
|
-
|
|
244
|
|
-
|
Average common
equity
|
|
5,452
|
|
4,922
|
|
4,874
|
|
4,841
|
|
4,795
|
|
5,188
|
|
4,778
|
Less: Average
goodwill and average other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
acquisition-related intangible assets
|
|
2,415
|
|
2,134
|
|
2,094
|
|
2,073
|
|
2,079
|
|
2,275
|
|
2,082
|
Average tangible
common equity
|
|
$
3,037
|
|
$
2,788
|
|
$
2,780
|
|
$
2,768
|
|
$
2,716
|
|
$
2,913
|
|
$
2,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return
on average tangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common
equity (annualized)
|
|
10.9%
|
|
9.8%
|
|
10.8%
|
|
11.0%
|
|
n/a
|
|
10.3%
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING COMMON
DIVIDEND PAYOUT RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
Common dividends
paid
|
|
$
58.3
|
|
$
52.7
|
|
$
51.7
|
|
$
51.7
|
|
$
51.7
|
|
$
111.0
|
|
$
102.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings
|
|
$
82.6
|
|
$
68.1
|
|
$
75.1
|
|
$
75.8
|
|
n/a
|
|
$
150.7
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating common
dividend payout ratio
|
|
70.6%
|
|
77.3%
|
|
68.8%
|
|
68.2%
|
|
n/a
|
|
73.7%
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a For both
the three and six months ended June 30, 2016, no expenses were
considered to be non-operating expenses. Accordingly,
|
operating metrics were
not applicable.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
People's United
Financial, Inc.
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND RECONCILIATION TO GAAP - Continued
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON
EQUITY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
(dollars in
millions)
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
Total stockholders'
equity
|
|
$
5,704
|
|
$
5,195
|
|
$
5,142
|
|
$
4,862
|
|
$
4,830
|
Less: Preferred
stock
|
|
244
|
|
244
|
|
244
|
|
-
|
|
-
|
Common
equity
|
|
5,460
|
|
4,951
|
|
4,898
|
|
4,862
|
|
4,830
|
Less: Goodwill and
other
|
|
|
|
|
|
|
|
|
|
|
acquisition-related intangible assets
|
|
2,426
|
|
2,136
|
|
2,142
|
|
2,070
|
|
2,076
|
Tangible common
equity
|
|
$
3,034
|
|
$
2,815
|
|
$
2,756
|
|
$
2,792
|
|
$
2,754
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$43,023
|
|
$40,230
|
|
$40,610
|
|
$40,692
|
|
$40,150
|
Less: Goodwill and
other
|
|
|
|
|
|
|
|
|
|
|
acquisition-related intangible assets
|
|
2,426
|
|
2,136
|
|
2,142
|
|
2,070
|
|
2,076
|
Tangible
assets
|
|
$40,597
|
|
$38,094
|
|
$38,468
|
|
$38,622
|
|
$38,074
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio
|
|
7.5%
|
|
7.4%
|
|
7.2%
|
|
7.2%
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK
VALUE PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
(in millions, except
per common share data)
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
Tangible common
equity
|
|
$
3,034
|
|
$
2,815
|
|
$
2,756
|
|
$
2,792
|
|
$
2,754
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
issued
|
|
433.34
|
|
406.43
|
|
405.00
|
|
400.13
|
|
399.74
|
Less: Shares
classified as treasury shares
|
|
89.04
|
|
89.04
|
|
89.06
|
|
89.05
|
|
89.05
|
Unallocated ESOP shares
|
|
6.79
|
|
6.88
|
|
6.97
|
|
7.06
|
|
7.14
|
Common
shares
|
|
337.51
|
|
310.51
|
|
308.97
|
|
304.02
|
|
303.55
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book
value per common share
|
|
$
8.99
|
|
$
9.07
|
|
$
8.92
|
|
$
9.18
|
|
$
9.07
|
View original
content:http://www.prnewswire.com/news-releases/peoples-united-financial-reports-second-quarter-net-income-of-693-million-or-019-per-common-share-300491691.html
SOURCE People's United Financial, Inc.