BRIDGEPORT, Conn., April 15 /PRNewswire-FirstCall/ -- People's Bank
(Nasdaq: PBCT), an $11 billion financial services company, today announced
record net income of $119.2 million, or $1.91 per share, for the first quarter
of 2004, compared to $16.0 million, or $0.26 per share, for the first quarter
of 2003.
People's Board of Directors voted to increase the quarterly dividend on
its common stock by $0.045 per share, or 12 percent, to $0.435 per share. The
dividend is payable on May 15, 2004, to stockholders of record on May 1, 2004.
In addition, the Board of Directors authorized a 3-for-2 stock split,
effective on May 15, 2004, for stockholders of record as of May 1, 2004. On a
split-adjusted basis, the new quarterly dividend rate will be $0.29 per share.
People's Mutual Holdings, which owns 36.5 million shares (54.7 million shares
on a split-adjusted basis) of People's Bank common stock, will accept
dividends on only 3 percent of its shares. Based on the closing stock price on
April 14, 2004, the dividend yield on People's Bank common stock is 3.8
percent.
John A. Klein, president and chief executive officer, stated, "We are
pleased to reward our shareholders with a 12th consecutive annual dividend
increase. In addition, the decision by the Board of Directors to authorize a
stock split reflects our positive outlook for People's future."
Klein continued, "Results for the quarter reflect the significant net
positive impact of the previously announced plan to transform People's Bank,
including the sale of our credit card operation and the subsequent prepayment
of over $1.0 billion in high-cost wholesale liabilities. The additional net
earnings generated by these transactions totaled $169 million on a pre-tax
basis, or $1.76 per share, for the quarter."
Excluding the additional net earnings from these transactions, net
security losses of $4.8 million and nonrecurring expenses totaling $10.2
million, earnings would have been $19.5 million, or $0.31 per share, for the
first quarter of 2004. This translates into a 22 percent increase compared to
net income for the first quarter of 2003.
"Stockholders' equity increased by $205 million, or 22 percent, since last
March and book value grew by $3.13 on a per share basis to $18.56. This
significantly bolsters our capital levels and provides ample room to support
continued strong internal loan growth and to pursue potential acquisition
opportunities," added Klein.
Klein continued, "Following the transformational events of the first
quarter, we are concentrating our energies on our core consumer and commercial
banking businesses, including further strengthening of our valuable franchise
in Connecticut. People's is the only major bank in the state that is uniquely
focused on Connecticut's consumers and businesses. Our 'The Switch Is On'
marketing campaign is designed to encourage competitors' customers to switch
their banking relationship to People's.
"We generated solid growth across our lending businesses, with $545
million added to our average commercial banking, residential mortgage and home
equity loan portfolios since the first quarter of 2003, an increase of 8
percent," added Klein. "On the deposit side, we grew average checking balances
by $151 million, or 8 percent, on a year-over-year basis." Additionally,
combined average savings, money market and interest-bearing checking balances
increased $412 million, or 11 percent, on a year-over-year basis.
"Other key drivers of the bank's performance this quarter were continued
expense control and outstanding asset quality," said Philip R. Sherringham,
executive vice president and chief financial officer. "Excluding liability
restructuring costs and nonrecurring expenses referred to earlier, non-
interest expense declined $1.6 million, or 2 percent, compared to the first
quarter of 2003."
Commenting on asset quality, excluding the recently sold credit card
portfolio, Sherringham added, "Bankwide asset quality was strong, with first
quarter net loan charge-offs of only $2.1 million, a 50 percent improvement
from the first quarter of 2003. Annualized net loan charge-offs as a percent
of average loans for the quarter were 0.11 percent, compared to 0.25 percent a
year ago. Non-performing assets equaled 0.46 percent of total loans, REO and
other assets at March 31, 2004."
Sherringham continued, "With respect to balance sheet management, the
combined average of the securities and short-term investments portfolios was
$819 million lower than first quarter of 2003 levels, more than offsetting the
$545 million growth in average loans discussed above. The securities portfolio
was reduced since early 2003 in response to historically low levels of
interest rates. While current earnings have been reduced, we believe the bank
is better positioned for a more favorable interest rate environment. Following
the balance sheet restructuring, the bank is now essentially 100 percent
funded by core deposits."
Selected Financial Terms
Due to the sale of the credit card operation, information related to that
business has been reclassified to discontinued operations. As such, the
following tables present information related to People's continuing
operations.
In addition to presenting financial information in accordance with
generally accepted accounting principles ("GAAP"), certain non-GAAP
information is also presented, such as core deposits and purchased funds. Core
deposits, a measure of stable funding sources, equal total deposits, other
than brokered certificates of deposit (acquired in the wholesale market) and
municipal deposits (which are seasonally variable by nature). Purchased funds
include borrowings, brokered certificates of deposit and municipal deposits.
This release also refers to certain "nonrecurring expenses" incurred
during the first quarter of 2004. People's generally considers an expense to
be nonrecurring if it is not similar to an expense of a type incurred within
the last two years, and is not similar to an expense of a type reasonably
expected to be incurred within the following two years.
Conference Call
On April 16, 2004, at 11 a.m., Eastern Time, People's will host a
conference call to discuss this earnings announcement. The call may be heard
through http://www.peoples.com by selecting Investor Relations, News and Events,
Conference Calls. Additional materials relating to the call may also be
accessed at People's Web site. The call will be archived on the Web site and
available for approximately 90 days.
1Q Financial Highlights
(1Q 2004 compared with 1Q 2003 unless otherwise indicated)
Summary
* Net income totaled $119.2 million, or $1.91 per share.
* Net after-tax gain on sale of credit card operation was
$196.3 million.
* After-tax liability restructuring costs totaled $86.7 million.
* Provision for loan losses decreased $8.0 million.
* Net interest income increased $3.1 million.
* Net interest margin improved 2 basis points from 4Q03 and increased
22 basis points from 1Q03 to 3.03%.
* Non-interest income decreased $6.5 million.
* Total fee-based revenues increased $0.9 million.
* Net gains on sales of residential mortgage loans decreased
$3.1 million.
* Included in other non-interest income in 1Q03 was $4.3 million
relating to interest received on the completion of a routine
IRS audit.
* Non-interest expense, excluding liability restructuring costs of
$133.4 million in 1Q04 and $1.2 million in 1Q03, and $10.2 million in
nonrecurring expenses in 1Q04, decreased $1.6 million.
* Compensation and benefits increased $8.4 million (including
$7.0 million in nonrecurring expenses).
* Average loans increased $392 million, or 6%.
* Average core deposits increased $243 million, or 3%.
Commercial Banking
* Average commercial banking loans grew $217 million, or 8%.
* Average commercial non-interest-bearing deposits increased $67 million,
or 8%.
* The ratio of non-performing loans to total loans was 0.65% at
March 31, 2004 compared to 0.66% at Dec. 31, 2003.
* Non-performing assets increased $0.4 million, or 2%, from
Dec. 31, 2003.
* Net loan recoveries totaled $0.3 million.
Consumer Financial Services
* Average residential mortgage loans increased $146 million, or 5%.
* Adjustable-rate mortgages purchased during the first quarter of 2003
contributed $47 million to the increase.
* Average home equity loans increased $183 million or 29%.
* Average consumer non-interest-bearing deposits grew $122 million,
or 13%.
* Supermarket branch deposits totaled $1.8 billion at March 31, 2004,
averaging $28 million per branch.
Capital Markets
* Securities and short-term investments totaled $2.8 billion at
March 31, 2004, a $292 million increase from Dec. 31, 2003.
* Debt securities decreased $321 million.
* Short-term investments increased $632 million.
People's Bank is a diversified financial services company providing
consumer and commercial banking services, in addition to insurance and
financial advisory services. The bank is a leader in supermarket banking, with
64 of its 154 branches located in Super Stop & Shop stores. Through its
subsidiaries, People's provides brokerage and financial advisory services,
asset management, equipment leasing and financing, and insurance services.
Certain statements contained in this release are forward-looking in
nature. These include all statements about our plans, objectives, expectations
and other statements that are not historical facts, and usually use words such
as "expect," "anticipate," "believe" 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 actual results or financial condition to differ materially from
those expressed in or implied by such statements. Factors of particular
importance to People's include (1) changes in general economic conditions,
including interest rates; (2) potential improvements or deterioration in
credit quality; (3) competition among providers of financial services; (4)
residential mortgage and secondary market activity; (5) changes in accounting
and regulatory guidance applicable to banks; and (6) price levels and
conditions in the public securities markets generally. People's 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 People's Bank on the World Wide Web at http://www.peoples.com.
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People's Bank and Subsidiaries
FINANCIAL HIGHLIGHTS
Three Months Ended
(dollars in millions, March Dec. Sept. June March
except per share data) 31, 31, 30, 30, 31,
2004 2003 2003 2003 2003
Operating Data:
Net interest income - FTE $73.4 $72.4 $68.5 $71.9 $71.4
Provision for loan losses (0.1) 4.0 4.0 0.8 7.9
Fee-based revenues 37.0 36.5 34.7 35.1 36.1
Net security gains (losses) (4.8) 0.5 0.8 2.7 (4.6)
All other non-interest
income 2.3 2.5 6.4 6.0 9.5
Non-interest expense (1) 227.7 86.9 83.5 88.4 86.9
Gain on sale of discontinued
operations, net of tax 196.3 - - - -
Net income 119.2 17.4 14.9 15.5 16.0
Selected Statistical Data:
Net interest margin (2) 3.03% 3.01% 2.84% 2.90% 2.81%
Return on average
assets (2),(3) 4.25 0.60 0.51 0.53 0.53
Return on average
stockholders'
equity (2),(3) 44.5 7.1 6.2 6.5 6.8
Per Common Share Data:
Basic and diluted
earnings per share (3) $1.91 $0.28 $0.24 $0.25 $0.26
Dividends paid
per share (4) 0.39 0.39 0.39 0.39 0.36
Total dividend payout
ratio (4) 8.7% 59.8% 69.5% 66.6% 59.6%
Book value
(end of period) $18.56 $16.16 $15.90 $15.69 $15.43
Tangible book value
(end of period) 16.91 14.33 14.06 13.82 13.55
Stock price:
High 47.05 34.00 31.30 29.88 26.81
Low 32.49 29.73 27.51 25.13 24.25
Close (end of period) 46.49 32.55 30.00 28.99 25.25
(1) Includes liability restructuring costs totaling $133.4 million and
$1.2 million for the three months ended March 31, 2004 and March 31,
2003, respectively.
(2) Annualized.
(3) Calculated using net income.
(4) Reflects the waiver of dividends on the substantial majority of the
common shares owned by People's Mutual Holdings.
People's Bank and Subsidiaries
FINANCIAL HIGHLIGHTS - Continued
As of and for the Three Months Ended
March Dec. Sept. June March
31, 31, 30, 30, 31,
(dollars in millions) 2004 2003 2003 2003 2003
Financial Condition Data:
General:
Total assets $10,669 $11,672 $11,763 $11,782 $11,853
Loans 7,233 7,105 7,004 6,926 6,838
Allowance for loan losses 68 71 71 71 73
Securities, net 2,065 2,405 2,578 2,482 2,916
Deposits 8,793 8,714 8,693 8,810 8,755
Core deposits 8,655 8,519 8,497 8,677 8,529
Borrowings 296 1,516 1,656 1,571 1,690
Purchased funds 434 1,711 1,852 1,704 1,916
Subordinated notes 122 253 253 253 253
Stockholders' equity 1,159 1,002 984 970 953
Non-performing assets 34 34 35 35 39
Net loan charge-offs 2.1 4.0 4.0 3.2 4.2
Ratios:
Net loan charge-offs
to average loans (1) 0.11% 0.23% 0.23% 0.18% 0.25%
Non-performing assets
to total loans,
REO and other assets 0.46 0.48 0.50 0.50 0.57
Allowance for loan
losses to
non-performing loans 209.5 208.4 200.8 205.0 189.8
Allowance for loan
losses to total loans 0.94 0.99 1.01 1.02 1.07
Average stockholders'
equity to average assets 9.5 8.5 8.2 8.1 7.8
Stockholders' equity to
total assets 10.9 8.6 8.4 8.2 8.0
Tier 1 leverage
capital (2) 9.4 8.0 7.8 7.6 7.3
Tier 1 risk-based
capital (2) 13.8 9.9 9.5 9.4 9.3
Total risk-based
capital (2) 16.0 13.1 12.9 12.9 12.8
(1) Annualized.
(2) March 31, 2004 capital ratios are preliminary.
People's Bank and Subsidiaries
CONSOLIDATED STATEMENTS OF CONDITION
March 31, Dec. 31, March 31,
(in millions) 2004 2003 2003
Assets
Cash and due from banks $279.8 $343.0 $320.9
Short-term investments 704.3 71.9 424.3
Total cash and cash equivalents 984.1 414.9 745.2
Securities:
Trading account securities,
at fair value 16.8 18.1 -
Securities available for sale,
at fair value 2,046.7 2,385.5 2,914.3
Securities held to maturity,
at amortized cost 1.4 1.4 1.4
Total securities 2,064.9 2,405.0 2,915.7
Loans:
Residential mortgage 3,119.9 3,089.1 3,075.6
Commercial real estate finance 1,739.8 1,699.9 1,576.0
Commercial 1,395.7 1,335.5 1,263.7
Other consumer 977.5 980.5 922.3
Total loans 7,232.9 7,105.0 6,837.6
Less allowance for loan losses (68.3) (70.5) (72.9)
Total loans, net 7,164.6 7,034.5 6,764.7
Premises and equipment, net 146.8 156.9 172.0
Goodwill and other
acquisition-related intangibles 112.5 113.3 115.9
Other assets 196.2 270.7 221.9
Assets of discontinued operations - 1,276.2 917.3
Total assets $10,669.1 $11,671.5 $11,852.7
Liabilities
Deposits:
Non-interest-bearing $2,137.6 $2,078.0 $2,021.1
Savings, interest-bearing
checking and money market 4,308.7 4,179.7 3,963.6
Time 2,346.8 2,456.3 2,770.8
Total deposits 8,793.1 8,714.0 8,755.5
Borrowings:
Federal funds purchased 295.8 348.9 628.1
Federal Home Loan Bank advances - 964.3 951.9
Repurchase agreements - 203.0 110.0
Total borrowings 295.8 1,516.2 1,690.0
Subordinated notes 121.7 252.9 252.6
Other liabilities 299.8 186.4 201.2
Total liabilities 9,510.4 10,669.5 10,899.3
Stockholders' Equity
Common stock (without par value;
100.0 shares authorized;
62.4 shares, 62.0 shares and 61.8
shares issued and outstanding) 62.4 62.0 61.8
Additional paid-in capital 226.9 215.2 207.4
Retained earnings 868.6 759.8 743.1
Accumulated other comprehensive
income (loss) 0.8 (35.0) (58.9)
Total stockholders' equity 1,158.7 1,002.0 953.4
Total liabilities and
stockholders' equity $10,669.1 $11,671.5 $11,852.7
People's Bank and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March Dec. Sept. June March
31, 31, 30, 30, 31,
(in millions, except per share data) 2004 2003 2003 2003 2003
Interest and dividend income:
Residential mortgage $34.7 $34.5 $32.6 $36.5 $38.1
Commercial real estate finance 25.1 26.0 26.0 25.5 25.5
Commercial 16.8 16.4 16.5 16.8 16.6
Other consumer 11.4 12.2 12.9 14.3 15.7
Total interest on loans 88.0 89.1 88.0 93.1 95.9
Securities 18.5 20.5 18.6 20.9 24.3
Short-term investments 0.7 0.2 0.6 1.3 1.5
Total interest and dividend income 107.2 109.8 107.2 115.3 121.7
Interest expense:
Deposits 21.6 22.8 23.9 26.2 29.5
Borrowings 10.9 15.0 15.2 17.7 21.1
Subordinated notes 5.0 5.7 5.7 5.7 5.7
Interest allocated to discontinued
operations (3.6) (5.8) (5.8) (5.3) (4.8)
Total interest expense 33.9 37.7 39.0 44.3 51.5
Net interest income 73.3 72.1 68.2 71.0 70.2
Provision for loan losses (0.1) 4.0 4.0 0.8 7.9
Net interest income after
provision for loan losses 73.4 68.1 64.2 70.2 62.3
Non-interest income:
Fee-based revenues:
Service charges on deposit accounts 16.9 17.3 17.4 17.7 16.2
Insurance revenue 8.4 7.5 5.5 5.3 7.7
Brokerage commissions 3.6 3.2 3.1 3.5 3.2
Other fees 8.1 8.5 8.7 8.6 9.0
Total fee-based revenues 37.0 36.5 34.7 35.1 36.1
Net security gains (losses) (4.8) 0.5 0.8 2.7 (4.6)
Net gains on sales of residential
mortgage loans 1.0 1.4 4.9 4.5 4.1
Other non-interest income 1.3 1.1 1.5 1.5 5.4
Total non-interest income 34.5 39.5 41.9 43.8 41.0
Non-interest expense:
Compensation and benefits 55.4 47.3 46.2 49.2 47.0
Occupancy and equipment 17.9 19.0 18.2 18.4 19.2
Professional and outside service fees 5.6 6.5 6.3 6.0 5.9
Liability restructuring costs 133.4 - - - 1.2
Other non-interest expense 15.4 14.1 12.8 14.8 13.6
Total non-interest expense 227.7 86.9 83.5 88.4 86.9
Income (loss) from continuing
operations before
income tax expense (benefit) (119.8) 20.7 22.6 25.6 16.4
Income tax expense (benefit) (41.7) 7.2 7.8 8.5 (0.9)
Income (loss) from continuing
operations (78.1) 13.5 14.8 17.1 17.3
Discontinued operations:
Income (loss) from discontinued
operations, net of tax 1.0 3.9 0.1 (1.6) (1.3)
Gain on sale of discontinued
operations, net of tax 196.3 - - - -
Income (loss) from discontinued
operations 197.3 3.9 0.1 (1.6) (1.3)
Net income $119.2 $17.4 $14.9 $15.5 $16.0
Basic and diluted earnings
per common share:
Income (loss) from continuing
operations $(1.25) $0.22 $0.24 $0.28 $0.28
Income (loss) from discontinued
operations 3.16 0.06 - (0.03) (0.02)
Net income 1.91 0.28 0.24 0.25 0.26
People's Bank and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS (1)
March 31, 2004 Dec. 31, 2003
Three months ended Average Yield/ Average Yield/
(dollars in millions) Balance Interest Rate Balance Interest Rate
Earning assets:
Short-term investments $268.5 $0.8 1.22% $80.9 $0.3 1.60%
Securities (2) 2,290.7 18.5 3.24 2,517.1 20.6 3.28
Loans:
Residential mortgage 3,112.4 34.7 4.46 3,076.1 34.5 4.49
Commercial real estate
finance 1,707.1 25.1 5.89 1,693.7 26.0 6.13
Commercial 1,341.7 16.8 5.00 1,278.5 16.4 5.14
Other consumer 980.8 11.4 4.65 971.1 12.3 5.05
Total loans 7,142.0 88.0 4.93 7,019.4 89.2 5.08
Total earning assets $9,701.2 $107.3 4.43% $9,617.4 $110.1 4.58%
Funding liabilities:
Deposits:
Non-interest-bearing
deposits $2,039.0 $- - % $2,009.4 $- - %
Savings, interest-
bearing checking
and money market 4,176.7 8.3 0.79 4,092.7 8.2 0.80
Time 2,310.8 13.0 2.25 2,382.7 14.2 2.38
Total core deposits 8,526.5 21.3 1.00 8,484.8 22.4 1.05
Brokered deposits and
municipal interest-
bearing deposits 121.4 0.3 1.18 157.0 0.4 1.10
Total deposits 8,647.9 21.6 1.00 8,641.8 22.8 1.05
Borrowings:
Federal Home Loan Bank
advances 652.7 9.1 5.60 940.4 12.5 5.34
Federal funds purchased 281.5 0.7 0.94 425.9 1.0 0.97
Repurchase agreements 145.4 1.1 2.90 204.4 1.5 2.84
Total borrowings 1,079.6 10.9 4.02 1,570.7 15.0 3.83
Subordinated notes 221.2 5.0 9.09 252.9 5.7 9.04
Funding liabilities
allocated to
discontinued operations (819.0) (3.6) 1.76 (1,304.5) (5.8) 1.78
Total funding
liabilities $9,129.7 $33.9 1.49% $9,160.9 $37.7 1.65%
Net interest
income/spread (3) $73.4 2.94% $72.4 2.93%
Net interest margin 3.03% 3.01%
People's Bank and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS (1)
March 31, 2003
Three months ended Average Yield/
(dollars in millions) Balance Interest Rate
Earning assets:
Short-term investments $393.0 $1.9 1.96%
Securities (2) 3,013.6 25.0 3.32
Loans:
Residential mortgage 2,966.9 38.1 5.13
Commercial real estate finance 1,602.7 25.5 6.37
Commercial 1,229.6 16.7 5.42
Other consumer 951.0 15.7 6.61
Total loans 6,750.2 96.0 5.69
Total earning assets $10,156.8 $122.9 4.84%
Funding liabilities:
Deposits:
Non-interest-bearing deposits $1,888.3 $- - %
Savings, interest-bearing checking
and money market 3,775.2 9.9 1.05
Time 2,619.8 19.0 2.89
Total core deposits 8,283.3 28.9 1.39
Brokered deposits and municipal
interest-bearing deposits 209.2 0.6 1.23
Total deposits 8,492.5 29.5 1.39
Borrowings:
Federal Home Loan Bank advances 1,421.5 15.9 4.48
Federal funds purchased 571.4 3.5 2.45
Repurchase agreements 255.6 1.7 2.64
Total borrowings 2,248.5 21.1 3.76
Subordinated notes 252.5 5.7 9.05
Funding liabilities allocated to
discontinued operations (860.9) (4.8) 2.21
Total funding liabilities $10,132.6 $51.5 2.04%
Net interest income/spread (3) $71.4 2.80%
Net interest margin 2.81%
(1) Average yields earned and rates paid are annualized.
(2) Average balances and yields for securities available for sale are
based on amortized cost.
(3) The FTE adjustment was $0.1 million for the three months ended
March 31, 2004, $0.3 million for the three months ended Dec. 31, 2003,
and $1.2 million for the three months ended March 31, 2003.
People's Bank and Subsidiaries
NON-PERFORMING ASSETS
March Dec. Sept. June March
31, 31, 30, 30, 31,
(dollars in millions) 2004 2003 2003 2003 2003
Non-accrual loans:
Commercial real estate finance $11.9 $11.4 $12.3 $13.4 $12.8
Residential mortgage 9.9 11.4 10.7 11.7 12.9
Commercial 8.4 8.5 9.6 6.3 8.9
Other consumer 2.4 2.5 2.5 3.0 3.8
Total non-accrual loans 32.6 33.8 35.1 34.4 38.4
Real estate owned ("REO") and
other assets, net 0.9 0.5 0.2 0.2 0.8
Total non-performing assets $33.5 $34.3 $35.3 $34.6 $39.2
Non-performing loans as a
percentage of total loans 0.45% 0.48% 0.50% 0.50% 0.56%
Non-performing assets as a percentage
of total loans, REO and other assets 0.46 0.48 0.50 0.50 0.57
Non-performing assets as a percentage
of stockholders' equity and
allowance for loan losses 2.73 3.20 3.34 3.32 3.82
Allowance for loan losses as a
percentage of non-performing loans 209.5 208.4 200.8 205.0 189.8
Allowance for loan losses as a
percentage of total loans 0.94 0.99 1.01 1.02 1.07
People's Bank and Subsidiaries
ALLOWANCE FOR LOAN LOSSES
Three Months Ended
March Dec. Sept. June March
31, 31, 30, 30, 31,
(in millions) 2004 2003 2003 2003 2003
Balance at beginning of period $70.5 $70.5 $70.5 $72.9 $69.2
Charge-offs (3.4) (4.8) (4.9) (5.5) (4.9)
Recoveries 1.3 0.8 0.9 2.3 0.7
Net loan charge-offs (2.1) (4.0) (4.0) (3.2) (4.2)
Provision for loan losses (0.1) 4.0 4.0 0.8 7.9
Balance at end of period $68.3 $70.5 $70.5 $70.5 $72.9
People's Bank and Subsidiaries
NET LOAN CHARGE-OFFS (RECOVERIES)
Three Months Ended
March Dec. Sept. June March
31, 31, 30, 30, 31,
(in millions) 2004 2003 2003 2003 2003
Other consumer $2.4 $2.9 $3.3 $3.6 $4.1
Commercial (0.2) 1.1 0.7 (0.2) 0.1
Commercial real estate finance (0.1) - - (0.2) -
Residential mortgage - - - - -
Total $2.1 $4.0 $4.0 $3.2 $4.2
SOURCE People's Bank
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Related links:
http://www.peoples.com
CONTACT:
Vincent J. Calabrese, Senior Vice President,
Controller, +1-203-338-4114, Fax: +1-203-338-2362,
vince.calabrese@peoples.com; or Valerie C. Carlson, Manager
External Communications, +1-203-338-2351, Fax: +1-203-338-3461,
valerie.carlson@peoples.com, both of People's Bank
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