BRIDGEPORT, Conn., April 17 /PRNewswire-FirstCall/ -- People's United
Financial, Inc. (Nasdaq: PBCT) today announced net income of $15.1 million,
or $0.05 per share, for the first quarter of 2008, compared to $33.6
million, or $0.11 per share, for the first quarter of 2007. Included in
this quarter's results are merger-related expenses of $41.0 million, other
one-time charges totaling $14.8 million and a $6.9 million gain related to
the Visa, Inc. initial public offering. The net impact of these items
reduced first quarter 2008 net income by $33.2 million, or $0.10 per share.
Excluding the effect of these items, net income would have been $48.3
million, or $0.15 per share, for the first quarter of 2008. This earnings
level reflects continued strong asset quality results, partially offset by
predictable margin pressure given the recent interest rate cuts by the
Federal Reserve Bank and the company's significant excess capital position.
As previously reported, People's United Financial completed its acquisition
of Chittenden Corporation on January 1, 2008. Accordingly, People's United
Financial's first quarter 2007 results do not include the results of
Chittenden Corporation.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070607/NYTH047LOGO )
For the first quarter of 2008, return on average tangible assets was
0.31 percent and return on average tangible stockholders' equity was 1.6
percent, compared to 1.28 percent and 10.9 percent respectively, for the
year-ago quarter. Return on average tangible assets and return on average
tangible stockholders' equity would have been 1.00 percent and 5.2 percent,
respectively, for the first quarter of 2008, excluding the net effect of
the items mentioned above.
People's United Financial's Board of Directors has approved an initial
repurchase of up to 5 percent, or approximately 17.3 million shares, of its
common stock outstanding as of April 17, 2008. The shares are expected to
be purchased in the open market or in privately negotiated transactions.
Share purchases will be effected at management's discretion, depending on
management's assessment of the desirability of alternative uses for the
company's capital, the market for the company's common stock, the company's
cash flow and capital levels, and economic conditions. The repurchase
program is expected to be partially funded by dividends paid by People's
United Bank to its parent, People's United Financial.
People's United Financial's Board of Directors voted to increase the
quarterly dividend on its common stock by $0.0167 per share, or 12.5
percent, to $0.15 per share. The dividend is payable May 15, 2008, to
shareholders of record on May 1, 2008. Based on the closing stock price on
April 16, 2008, the dividend yield on People's United Financial common
stock is 3.3 percent.
"We are pleased to reward our shareholders with a 16th consecutive
annual dividend increase, reflecting our confidence in People's United
Financial's outlook," stated President and Chief Executive Officer, Philip
R. Sherringham.
"On the first day of the quarter, we completed our acquisition of
Chittenden and became the largest New England-based regional banking
company with $21 billion in total assets and more than 300 branches and
seven banks serving customers across six states," Sherringham said. "We
continue to focus on our core competencies in commercial and retail banking
while expanding our emphasis on wealth management. Beyond a continued focus
on driving financial performance, our near-term priorities remain the
successful integration of Chittenden and the judicious management of our
significant excess capital position."
Sherringham continued, "Our performance in the first quarter reflects
the benefits of our focused commercial and retail banking strategy and
strong asset quality, partially offset by the impact of the recent Federal
Reserve Bank interest rate cuts and the lack of any meaningful
acquisition-related cost saves at this early stage of integration. On an
operating basis, the company delivered another quarter of solid financial
performance.
"Key drivers of our performance in the first quarter were the net
interest margin and ongoing strong asset quality," added Sherringham.
"Margin compression was expected this quarter given the asset sensitive
position of our balance sheet. The net interest margin was down compared to
the fourth quarter of last year primarily as a result of the dramatic
actions taken by the Federal Reserve Board during the first quarter of
2008.
"Our balance sheet continues to be funded primarily by deposits and
stockholders' equity," added Sherringham. "Given the many challenges of
today's environment, the strength of our capital and liquidity positions,
asset quality and earnings set us apart from most in the industry."
Commenting on asset quality, Sherringham stated, "Our asset quality
remains very strong. Net loan charge-offs totaled $2.8 million for the
first quarter of 2008, or 0.08 percent of average loans on an annualized
basis." At March 31, 2008, non-performing assets totaled $72.0 million and
equaled 0.50 percent of total loans, REO and repossessed assets. The
allowance for loan losses as a percentage of non-performing loans was 226
percent and as a percentage of total loans was 1.05 percent at March 31,
2008. The provision for loan losses this quarter reflects a $4.5 million
increase in the allowance for loan losses resulting from aligning the
former Chittenden reserve methodology with that of People's United
Financial.
Conference Call
On April 17, 2008, at 3 p.m., Eastern Time, People's United Financial
will host a conference call to discuss this earnings announcement. The call
may be heard through http://www.peoples.com by selecting "Investor Relations" in
the "About People's" 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.
Selected Financial Terms
In addition to evaluating People's United Financial's results of
operations in accordance with generally accepted accounting principles
("GAAP"), management routinely supplements this evaluation with an analysis
of certain non-GAAP financial measures, such as the efficiency ratio.
Management believes this non-GAAP financial measure provides information
useful to investors in understanding People's United Financial's underlying
operating performance and trends, and facilitates comparisons with the
performance of other banks and thrifts.
The efficiency ratio, which represents an approximate measure of the
cost required by People's United Financial to generate a dollar of revenue,
is the ratio of total non-interest expense (excluding goodwill impairment
charges, amortization of acquisition-related intangibles, losses on real
estate assets and nonrecurring expenses) to net interest income plus total
non-interest income (including the fully taxable equivalent adjustment on
bank-owned life insurance income, and excluding gains and losses on sales
of assets, other than residential mortgage loans, and nonrecurring income).
People's United Financial generally considers an income or expense to be
nonrecurring if it is not similar to an income or expense of a type
incurred within the last two years and is not similar to an income or
expense of a type reasonably expected to be incurred within the following
two years. Management considers the efficiency ratio to be more
representative of People's United Financial's ongoing operating efficiency,
as the excluded items are generally related to external market conditions
and non-routine transactions.
1Q 2008 Financial Highlights
Summary
-- Net income totaled $15.1 million, or $0.05 per share.
- Includes merger-related expenses, other one-time charges and the Visa
IPO gain, netting to $33.2 million (after-tax), or $0.10 per share.
-- Net interest income on a fully taxable equivalent basis totaled $167.7
million.
- Net interest margin of 3.68%.
-- Provision for loan losses totaled $8.3 million.
- Net loan charge-offs in 1Q08 totaled $2.8 million.
- The allowance for loan losses was increased by $4.5 million in 1Q08
to align reserve methodologies across the combined organizations.
-- Non-interest income, excluding the Visa IPO gain, totaled $75.0
million.
-- Non-interest expense, excluding one-time items, totaled $167.9 million.
- Compensation and benefits includes $4.5 million of amortization
expense related to stock incentive plans and the employee stock
ownership plan.
- Amortization of other acquisition-related intangibles totaled $5.2
million.
- Merger-related expenses include asset impairment charges of $20.0
million, costs relating to severance and branch closings of $10.5
million, and accrued liabilities of $6.0 million.
- Non-interest expense also includes other one-time charges of $14.8
million, including those costs associated with the death of People's
United Financial's former President.
-- Effective income tax rate of 28.4%.
- Reflects a non-taxable BOLI death benefit.
Commercial Banking
-- Average commercial banking loans totaled $8.2 billion.
-- Non-performing commercial banking assets totaled $52.1 million.
-- The ratio of non-performing commercial banking loans to total
commercial banking loans was 0.58% at March 31, 2008.
-- Net loan charge-offs totaled $1.5 million, or 0.07% annualized, of
average commercial banking loans.
Retail & Small Business Banking
-- Average residential mortgage loans totaled $4.3 billion.
-- Residential mortgage net loan charge-offs totaled $0.2 million, or
0.02% annualized, of average residential mortgage loans.
-- Average consumer loans totaled $2.0 billion.
-- Consumer net loan charge-offs totaled $1.1 million, or 0.21%
annualized, of average consumer loans.
Treasury
-- Average short-term investments totaled $2.7 billion.
-- Average securities totaled $1.1 billion.
-- Average short-term investments and securities represented 20% of
average earning assets.
People's United Financial, a diversified financial services company
with $21 billion in assets, provides consumer and commercial banking
services through a network of more than 300 branches in Connecticut,
Vermont, New Hampshire, Massachusetts, Maine and New York. Through its
subsidiaries, People's United Financial provides equipment financing, asset
management, brokerage and financial advisory services, and insurance
services.
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" and similar expressions. Such statements represent management's
current beliefs, based upon information available at the time the
statements are made, with regard to the matters addressed. All
forward-looking statements are subject to risks and uncertainties that
could cause People's United Financial's actual results or financial
condition to differ materially from those expressed in or implied by such
statements. Factors of particular importance to People's United Financial
include, but are not limited to: (1) changes in general, national or
regional economic conditions; (2) changes in interest rates; (3) changes in
loan default and charge-off rates; (4) changes in deposit levels; (5)
changes in levels of income and expense in non-interest income and expense
related activities; (6) residential mortgage and secondary market activity;
(7) changes in accounting and regulatory guidance applicable to banks; (8)
price levels and conditions in the public securities markets generally; (9)
competition and its effect on pricing, spending, third-party relationships
and revenues; and (10) the successful integration of Chittenden
Corporation. 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 on the World Wide
Web at http://www.peoples.com.
People's United Financial, Inc.
FINANCIAL HIGHLIGHTS
People's United Financial, Inc. acquired Chittenden Corporation on
January 1, 2008. The acquisition was accounted for using the purchase
method of accounting. Accordingly, prior period results have not been
restated to include Chittenden Corporation.
Three Months Ended
March 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions, 2008 2007 2007 2007 2007
except per share data)
Operating Data:
Net interest income $166.7 $125.0 $134.3 $132.0 $95.3
Provision for
loan losses(1) 8.3 2.9 2.5 1.8 0.8
Fee-based revenues 58.2 39.4 38.7 38.5 37.8
Net security gains 8.5 - 5.5 - -
All other non-
interest income 15.2 6.7 6.0 7.0 5.8
Non-interest expense(2) 219.2 100.0 95.5 155.7 88.1
Income from continuing
operations 15.1 45.7 57.3 13.1 33.1
Income from discontinued
operations - 0.3 0.3 0.4 0.5
Net income 15.1 46.0 57.6 13.5 33.6
Selected Statistical Data:
Net interest margin(3) 3.68% 4.01% 4.28% 4.23% 3.94%
Return on average
assets(3) 0.29 1.37 1.70 0.40 1.27
Return on average
tangible assets(3) 0.31 1.38 1.72 0.41 1.28
Return on average
stockholders' equity(3) 1.2 4.1 5.1 1.4 10.0
Return on average tangible
stockholders' equity(3) 1.6 4.2 5.2 1.4 10.9
Efficiency ratio 65.0 57.4 52.8 53.3 62.6
Per Common Share Data:
Diluted earnings
per share $0.05 $0.16 $0.20 $0.05 $0.11
Dividends paid per share 0.13 0.13 0.13 0.13 0.12
Dividend payout ratio 293.0% 83.2% 67.2% 286.4% 46.1%
Book value
(end of period) $15.70 $15.43 $15.59 $15.50 $4.55
Tangible book value
(end of period) 11.08 15.07 15.23 15.14 4.20
Stock price:
High 18.25 18.60 18.62 21.38 22.81
Low 14.29 15.83 14.78 17.56 19.78
Close (end of period) 17.31 17.80 17.28 17.73 21.14
Average diluted common
shares outstanding
(in millions) 329.20 286.60 290.84 292.38 299.26
(1) Includes a $4.5 million provision to align allowance for loan losses
methodologies.
(2) Includes merger-related expenses and other one-time charges totaling
$51.3 million for the three months ended March 31, 2008 and a
$60.0 million contribution to The People's United Community Foundation
for the three months ended June 30, 2007.
(3) Annualized.
People's United Financial, Inc.
FINANCIAL HIGHLIGHTS - Continued
As of and for the Three Months Ended
March 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions) 2008 2007 2007 2007 2007
Financial Condition Data:
General:
Total assets $20,973 $13,555 $13,551 $13,822 $11,602
Loans 14,493 8,950 8,936 9,046 9,310
Short-term investments 2,756 3,516 3,550 3,655 1,213
Securities, net 976 61 66 70 73
Allowance for
loan losses 152 73 74 73 74
Goodwill and other
acquisition-related
intangibles 1,536 104 104 105 105
Deposits 15,160 8,881 8,782 9,091 9,968
Borrowings 148 - - - 8
Subordinated notes 180 65 65 65 65
Stockholders' equity 5,219 4,445 4,534 4,504 1,359
Non-performing assets 72 26 26 18 19
Net loan charge-offs 2.8 3.7 1.5 3.7 0.4
Average Balances:
Loans $14,537 $8,869 $8,935 $9,169 $9,305
Short-term investments 2,666 3,551 3,536 3,236 305
Securities 1,020 64 69 70 74
Earning assets 18,223 12,484 12,540 12,475 9,684
Total assets 20,878 13,446 13,516 13,399 10,601
Deposits 14,952 8,753 8,781 9,195 9,022
Funding liabilities 15,296 8,818 8,846 9,268 9,094
Stockholders' equity 5,214 4,439 4,507 3,975 1,338
Ratios:
Net loan charge-offs
to average loans
(annualized) 0.08% 0.17% 0.07% 0.16% 0.01%
Non-performing assets
to total loans, REO
and repossessed assets 0.50 0.29 0.29 0.20 0.21
Allowance for loan losses
to non-performing loans 226 358 318 405 389
Allowance for loan losses
to total loans 1.05 0.81 0.82 0.80 0.80
Average stockholders'
equity to average
total assets 25.0 33.0 33.3 29.7 12.6
Stockholders' equity
to total assets 24.9 32.8 33.4 32.6 11.7
Tangible stockholders'
equity to tangible
assets 18.9 32.3 32.9 32.1 10.9
Total risk-based
capital(1) 24.8 33.4 35.3 35.1 16.0
(1) People's United Bank's March 31, 2008 total risk-based capital ratio
is preliminary.
People's United Financial, Inc.
CONSOLIDATED STATEMENTS OF CONDITION
March 31, Dec. 31,
(in millions) 2008 2007
Assets
Cash and due from banks $522.3 $296.2
Short-term investments 2,385.7 3,088.0
Total cash and cash equivalents 2,908.0 3,384.2
Securities:
Trading account securities,
at fair value 24.9 18.7
Securities available for sale,
at fair value 949.8 42.2
Securities held to maturity,
at amortized cost 1.4 0.6
Total securities 976.1 61.5
Securities purchased under
agreements to resell 370.0 428.0
Loans:
Residential mortgage 4,197.3 3,212.9
Commercial 3,809.6 2,600.4
Commercial real estate 4,505.7 1,885.6
Consumer 1,980.3 1,250.8
Total loans 14,492.9 8,949.7
Less allowance for loan losses (151.7) (72.7)
Total loans, net 14,341.2 8,877.0
Bank-owned life insurance 227.2 222.6
Premises and equipment, net 269.1 156.8
Goodwill and other acquisition-
related intangibles 1,535.9 104.0
Other assets 345.2 320.7
Total assets $20,972.7 $13,554.8
Liabilities
Deposits:
Non-interest-bearing $3,278.8 $2,166.1
Savings, interest-bearing checking
and money market 6,444.2 3,008.9
Time 5,436.8 3,705.6
Total deposits 15,159.8 8,880.6
Borrowings:
Federal Home Loan Bank advances 17.1 -
Repurchase agreements 111.2 -
Other 20.0 -
Total borrowings 148.3 -
Subordinated notes 179.5 65.4
Other liabilities 266.5 163.4
Total liabilities 15,754.1 9,109.4
Stockholders' Equity
Common stock ($0.01 par value;
1.95 billion shares authorized;
345.7 million shares and
301.1 million shares issued) 3.5 3.0
Additional paid-in capital 4,436.1 3,642.8
Retained earnings 1,049.0 1,079.6
Treasury stock, at cost (58.2) (51.8)
Accumulated other comprehensive loss (4.0) (18.6)
Unallocated common stock of
Employee Stock Ownership Plan (207.8) (209.6)
Total stockholders' equity 5,218.6 4,445.4
Total liabilities and
stockholders' equity $20,972.7 $13,554.8
People's United Financial, Inc.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31, Dec. 31, Sept. 30, June 30, March 31,
(in millions, 2008 2007 2007 2007 2007
except per share data)
Interest and dividend income:
Residential mortgage $59.7 $43.2 $44.6 $47.1 $49.0
Commercial 58.1 42.3 42.7 42.0 40.6
Commercial real estate 73.9 31.8 32.0 32.1 31.8
Consumer 31.5 21.0 22.5 22.5 22.9
Total interest on loans 223.2 138.3 141.8 143.7 144.3
Short-term investments 18.9 26.0 28.6 28.1 4.0
Securities purchased under
agreements to resell 3.1 15.5 18.1 14.7 -
Securities 10.1 0.9 0.9 1.0 1.1
Total interest and
dividend income 255.3 180.7 189.4 187.5 149.4
Interest expense:
Deposits 83.7 54.0 53.5 53.8 52.3
Borrowings 1.1 - - 0.1 0.1
Subordinated notes 3.8 1.7 1.6 1.6 1.7
Total interest expense 88.6 55.7 55.1 55.5 54.1
Net interest income 166.7 125.0 134.3 132.0 95.3
Provision for loan losses 8.3 2.9 2.5 1.8 0.8
Net interest income
after provision
for loan losses 158.4 122.1 131.8 130.2 94.5
Non-interest income:
Fee-based revenues:
Service charges on
deposit accounts 23.1 19.4 19.4 19.5 18.0
Insurance revenue 9.1 6.2 7.1 6.2 7.3
Brokerage commissions 4.5 3.4 3.2 3.6 3.4
Other fees 21.5 10.4 9.0 9.2 9.1
Total fee-based revenues 58.2 39.4 38.7 38.5 37.8
Bank-owned life insurance 3.0 3.1 2.3 2.7 2.4
Net security gains 8.5 - 5.5 - -
Net gains on sales of
residential mortgage loans 2.0 0.6 0.8 0.9 0.7
Other non-interest income 10.2 3.0 2.9 3.4 2.7
Total non-interest income 81.9 46.1 50.2 45.5 43.6
Non-interest expense:
Compensation and benefits 89.1 56.3 53.1 54.9 51.3
Occupancy and equipment 31.6 17.1 17.3 16.2 16.5
Contribution to
The People's United
Community Foundation - - - 60.0 -
Professional and outside
service fees 11.5 8.5 7.4 6.7 6.2
Amortization of other
acquisition-related
intangibles 5.2 0.2 0.3 0.3 0.2
Merger-related expenses 36.5 - - - -
Other non-interest expense 45.3 17.9 17.4 17.6 13.9
Total non-interest
expense 219.2 100.0 95.5 155.7 88.1
Income from continuing
operations before income
tax expense 21.1 68.2 86.5 20.0 50.0
Income tax expense 6.0 22.5 29.2 6.9 16.9
Income from continuing
operations 15.1 45.7 57.3 13.1 33.1
Discontinued operations:
Income from discontinued
operations, net of tax - 0.3 0.3 0.4 0.5
Income from discontinued
operations - 0.3 0.3 0.4 0.5
Net income $15.1 $46.0 $57.6 $13.5 $33.6
Diluted earnings
per common share:
Income from continuing
operations $0.05 $0.16 $0.20 $0.05 $0.11
Income from discontinued
operations - - - - -
Net income 0.05 0.16 0.20 0.05 0.11
People's United Financial, Inc.
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS(1)
March 31, 2008 December 31, 2007
Three months ended Average Yield/ Average Yield/
(dollars in millions) Balance Interest Rate Balance Interest Rate
Earning assets:
Short-term investments $2,279.1 $18.9 3.31% $2,227.5 $26.0 4.67%
Securities purchased
under agreements
to resell 387.4 3.1 3.25 1,323.4 15.5 4.66
Securities(2) 1,019.9 10.1 3.97 63.9 0.9 5.64
Loans:
Residential mortgage 4,298.5 59.7 5.56 3,279.0 43.2 5.27
Commercial 3,746.4 58.1 6.20 2,504.2 42.3 6.76
Commercial real
estate 4,498.6 74.9 6.66 1,837.8 31.8 6.93
Consumer 1,993.2 31.5 6.32 1,248.3 21.0 6.74
Total loans 14,536.7 224.2 6.17 8,869.3 138.3 6.24
Total earning
assets $18,223.1 $256.3 5.63% $12,484.1 $180.7 5.79%
Funding liabilities:
Deposits:
Non-interest-bearing $3,145.9 $ - - % $2,051.4 $ - - %
Savings, interest-
bearing checking
and money market 6,282.8 24.7 1.58 2,998.3 11.1 1.49
Time 5,523.2 59.0 4.27 3,703.3 42.9 4.63
Total deposits 14,951.9 83.7 2.24 8,753.0 54.0 2.47
Borrowings:
Federal Home Loan
Bank advances 18.4 0.2 4.84 - - -
Repurchase
agreements 116.3 0.8 2.60 - - -
Other 23.3 0.1 1.67 - - -
Total borrowings 158.0 1.1 2.73 - - -
Subordinated notes 185.8 3.8 8.14 65.4 1.7 10.15
Total funding
liabilities $15,295.7 $88.6 2.32% $8,818.4 $55.7 2.53%
Excess of earning
assets over
funding liabilities $2,927.4 $3,665.7
Net interest
income/spread $167.7 3.31% $125.0 3.26%
Net interest margin 3.68% 4.01%
(1) Average yields earned and rates paid are annualized.
(2) Average balances and yields for securities available for sale are
based on amortized cost.
People's United Financial, Inc.
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS(1)
March 31, 2007
Three months ended Average Yield/
(dollars in millions) Balance Interest Rate
Earning assets:
Short-term investments $305.0 $4.0 5.22%
Securities purchased
under agreements
to resell - - -
Securities (2) 74.1 1.1 5.70
Loans:
Residential mortgage 3,828.2 49.0 5.12
Commercial 2,363.7 40.6 6.87
Commercial real estate 1,808.2 31.8 7.03
Consumer 1,305.2 22.9 7.03
Total loans 9,305.3 144.3 6.20
Total earning
assets $9,684.4 $149.4 6.17%
Funding liabilities:
Deposits:
Non-interest-bearing $2,125.6 $ - - %
Savings, interest-
bearing checking
and money market 3,276.1 12.0 1.47
Time 3,620.6 40.3 4.45
Total deposits 9,022.3 52.3 2.32
Borrowings:
Federal Home Loan
Bank advances 0.6 - 5.04
Repurchase agreements - - -
Other 5.7 0.1 5.17
Total borrowings 6.3 0.1 5.16
Subordinated notes 65.3 1.7 10.16
Total funding
liabilities $9,093.9 $54.1 2.38%
Excess of earning
assets over funding
liabilities $590.5
Net interest
income/spread $95.3 3.79%
Net interest margin 3.94%
(1) Average yields earned and rates paid are annualized.
(2) Average balances and yields for securities available for sale are
based on amortized cost.
People's United Financial, Inc.
NON-PERFORMING ASSETS
March 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions) 2008 2007 2007 2007 2007
Non-accrual loans:
Commercial real estate $28.4 $3.7 $3.5 $0.1 $0.1
Commercial 16.9 1.3 7.2 8.2 11.3
Residential mortgage 15.3 8.9 7.2 4.2 5.0
Consumer 3.8 3.3 2.2 1.5 1.3
PCLC 2.7 3.1 3.0 3.9 1.4
Total non-accrual loans 67.1 20.3 23.1 17.9 19.1
Real estate owned ("REO")
and repossessed assets, net 4.9 5.8 3.1 0.5 0.3
Total non-performing
assets $72.0 $26.1 $26.2 $18.4 $19.4
Non-performing loans as a
percentage of total loans 0.46% 0.23% 0.26% 0.20% 0.21%
Non-performing assets as a
percentage of total loans,
REO and repossessed assets 0.50 0.29 0.29 0.20 0.21
Non-performing assets as a
percentage of stockholders'
equity and allowance
for loan losses 1.34 0.58 0.57 0.40 1.35
Allowance for loan losses
as a percentage of
non-performing loans 226 358 318 405 389
Allowance for loan losses
as a percentage of
total loans 1.05 0.81 0.82 0.80 0.80
People's United Financial, Inc.
ALLOWANCE FOR LOAN LOSSES
Three Months Ended
March 31, Dec. 31, Sept. 30, June 30, March 31,
(in millions) 2008 2007 2007 2007 2007
Balance at beginning
of period $72.7 $73.5 $72.5 $74.4 $74.0
Charge-offs (3.7) (4.1) (2.0) (4.6) (0.8)
Recoveries 0.9 0.4 0.5 0.9 0.4
Net loan charge-offs (2.8) (3.7) (1.5) (3.7) (0.4)
Provision for loan losses 8.3 2.9 2.5 1.8 0.8
Reserve acquired from
Chittenden Corporation 73.5 - - - -
Balance at end of period $151.7 $72.7 $73.5 $72.5 $74.4
People's United Financial, Inc.
NET LOAN CHARGE-OFFS (RECOVERIES)
Three Months Ended
March 31, Dec. 31, Sept. 30, June 30, March 31,
(in millions) 2008 2007 2007 2007 2007
Commercial $1.1 $2.5 $0.5 $3.7 $ -
Consumer 1.1 0.6 0.5 0.2 0.3
PCLC 0.4 0.6 0.6 0.4 0.1
Residential mortgage 0.2 - - (0.6) -
Commercial real estate - - (0.1) - -
Total $2.8 $3.7 $1.5 $3.7 $0.4
SOURCE People's United Financial, Inc.
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Related links:
http://www.peoples.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20070607/NYTH047LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/113252.html /
CONTACT:
INVESTORS: Jared Shaw, Investor Relations,
+1-203-338-4130, Jared.Shaw@peoples.com, or MEDIA: Brent
DiGiorgio, Corporate Communications, +1-203-338-3135,
Brent.DiGiorgio@peoples.com, both of People's United Financial,
Inc.
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