BRIDGEPORT, Conn., Sept. 15, 2020 /PRNewswire/ -- People's United
Financial, Inc. (NASDAQ: PBCT) today announced the amount of loans
in forbearance has significantly improved since the end of the
second quarter. As of September 11,
2020, total deferrals were approximately $1.6 billion, compared to more than $7.1 billion at June 30,
2020. The current forbearance level is comprised of
$1.4 billion of second deferrals and
$249 million of loans still in the
first deferral period.
"While we remain committed to supporting customers during these
challenging economic times, we are pleased by the reduction in
loans needing relief," said Jack
Barnes, Chairman and Chief Executive Officer. "As expected,
the largest concentration of second deferrals is in the hospitality
sector. However, we have confidence that the strength and
experience of the hotel owner-operators in our portfolio should
enable them to successfully navigate the pandemic-driven industry
slowdown. Overall, the significant improvement in forbearance and
sustained excellent credit quality further reflect our long-held,
conservative underwriting approach and high quality, cycle-tested
customer base."
People's United Bank, N.A. is a subsidiary of People's United
Financial, Inc., a diversified, community-focused financial
services company headquartered in the Northeast with over
$61 billion in assets. Founded in
1842, People's United Bank offers commercial and retail banking
through a network of over 400 retail locations in Connecticut, New
York, Massachusetts,
Vermont, New Hampshire and Maine, as well as wealth management and
insurance solutions. The company also provides specialized
commercial services to customers nationwide.
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; (10) changes in regulation resulting from or relating
to financial reform legislation; and (11) the COVID-19 pandemic and
its effect on the economic and business environment in which we
operate. 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.
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SOURCE People's United Financial, Inc.