BRIDGEPORT, Conn., April 19 /PRNewswire-FirstCall/ -- People's United
Financial, Inc. (Nasdaq: PBCTD) today announced that its principal
subsidiary, People's Bank, reported net income of $33.6 million, or $0.24
per share, for the first quarter of 2007, compared to $34.8 million, or
$0.24 per share, for the first quarter of 2006. Income from continuing
operations was $33.1 million for the first quarter of 2007, compared to
$33.9 million for the year-ago quarter. Per share amounts are based on the
number of outstanding shares of People's Bank common stock prior to
completing the second-step conversion on April 16, 2007. The results of the
second-step conversion did not impact People's Bank's reported quarterly
results.
For the first quarter of 2007, return on average assets was 1.27
percent and return on average stockholders' equity was 10.0 percent,
compared to 1.28 percent and 10.8 percent, respectively, for the year-ago
quarter.
As previously announced on April 16, 2007, People's United Financial
successfully completed its second-step conversion, which included the sale
of 172.2 million shares in a subscription and syndicated offering, the
issuance of 126.6 million shares in exchange for previously outstanding
shares of People's Bank common stock, and the issuance of 2.0 million
shares to The People's Community Foundation. The Board of Directors of
People's United Financial declared a $0.13 per share quarterly dividend on
all 300.8 million outstanding shares of People's United Financial common
stock, payable May 15, 2007 to shareholders of record on May 1, 2007. The
dividend represents a 12 percent increase over the dividend paid to the
former holders of People's Bank common stock prior to the conversion, after
adjusting for the exchange ratio. Based on the closing stock price on April
18, 2007, the dividend yield on People's United Financial common stock is
2.5 percent.
President and Chief Executive Officer, John A. Klein stated, "We are
very pleased to reward our shareholders with a 15th consecutive annual
dividend increase, reflecting management's positive outlook for People's
United Financial's future."
Klein continued, "The successful completion of our second-step
conversion earlier this week, which raised $3.44 billion, allows us to
continue to invest in our valuable banking franchise in Connecticut and
beyond, and has enabled us to make a $60 million donation to fund The
People's Community Foundation. Our additional size and scale will help
improve our overall profitability and preserve our long-term
competitiveness. In particular, our ability to make acquisitions is now
considerably enhanced."
Klein concluded, "The bank delivered another quarter of solid earnings
through continued growth in our core lending businesses, including a year-
over-year double-digit increase in commercial banking loans."
"Key drivers of the bank's performance this quarter were a relatively
stable net interest margin and ongoing strong asset quality," said Philip
R. Sherringham, Executive Vice President and Chief Financial Officer.
"While the net interest margin declined 2 percent from the fourth quarter
of 2006, it improved 17 basis points year-over-year, reflecting the
benefits from the balance sheet restructuring activities completed during
2006."
Sherringham added, "Average loans increased $750 million, or 9 percent,
on a year-over-year basis, while average securities declined $1.3 billion,
or 94 percent."
Sherringham concluded, "Bankwide asset quality remains very strong.
First quarter net loan charge-offs totaled $0.4 million, or 0.01 percent of
average loans on an annualized basis, compared to $1.0 million, or 0.05
percent (after excluding a $2.3 million commercial banking loan recovery),
in the first quarter of last year."
Compared to the first quarter of 2006, the $3.1 million increase in the
provision for loan losses reflects a $0.4 million increase in the allowance
for loan losses and net loan charge-offs of $0.4 million in the current
quarter, compared to a $1.0 million decrease in the allowance for loan
losses and net loan recoveries of $1.3 million in the year-ago quarter.
At March 31, 2007, non-performing assets totaled $19.4 million, a $3.3
million, or 15 percent, decrease from December 31, 2006. Non-performing
assets equaled 0.21 percent of total loans, REO and repossessed assets,
compared to 0.24 percent at December 31, 2006. The allowance for loan
losses as a percentage of non-performing loans was 389 percent at March 31,
2007, compared to 328 percent at December 31, 2006. The allowance for loan
losses as a percentage of total loans was 0.80 percent at March 31, 2007,
compared to 0.79 percent at December 31, 2006.
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 core deposits, purchased
funds and the efficiency ratio. Management believes these non-GAAP
financial measures provide 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.
Core deposits is a measure of stable funding sources and is defined as
total deposits, other than brokered certificates of deposit (acquired in
the wholesale market), municipal deposits (which are seasonally variable by
nature) and escrow deposits from People's United Financial's subscription
offering. Purchased funds include borrowings, brokered certificates of
deposit and municipal deposits.
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 (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.
Conference Call
On April 20, 2007, at 11 a.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 Bank's Web
site. The call will be archived on the Web site and available for
approximately 90 days.
The financial information appearing on the following pages pertains to
People's Bank and its consolidated subsidiaries for periods prior to
completing People's United Financial's second-step conversion on April 16,
2007. Consequently, per share amounts are based on the number of
outstanding shares of People's Bank common stock for the relevant periods,
and the financial information does not reflect the results of the
second-step conversion or stock offering.
1Q Financial Highlights (1Q 2007 compared with 1Q 2006 unless otherwise
indicated)
Summary
-- Net income totaled $33.6 million, or $0.24 per share.
-- Net interest income increased $1.3 million, or 1%.
-- Net interest margin increased 17 basis points from 1Q06 and
declined 7 basis points from 4Q06 to 3.94%.
-- Provision for loan losses increased $3.1 million.
-- Net loan charge-offs in 1Q07 totaled $0.4 million compared
to net loan recoveries in 1Q06 of $1.3 million, a difference of
$1.7 million.
-- The allowance for loan losses was increased $0.4 million in 1Q07
and was reduced $1.0 million in 1Q06.
-- Non-interest income increased $1.2 million, or 3%.
-- Bank-owned life insurance income increased $0.5 million.
-- Non-interest expense increased $0.5 million, or 1%.
-- Total deposits at March 31, 2007 included $643 million in escrow funds
related to People's United Financial's recently completed subscription
offering.
Commercial Banking
-- Average commercial banking loans grew $406 million, or 11%.
-- Average commercial non-interest-bearing deposits totaled $881 million.
-- Non-performing commercial banking assets decreased $1.4 million, or
10%, from December 31, 2006.
-- The ratio of non-performing commercial banking loans to total
commercial banking loans was 0.21% at March 31, 2007, compared to 0.34%
at December 31, 2006 and 0.44% at March 31, 2006.
-- Net loan charge-offs totaled $0.1 million, or 0.01% annualized, of
average commercial banking loans, compared to $0.4 million, or 0.04%
annualized, in 1Q06 (excluding the $2.3 million recovery).
Consumer Financial Services
-- Average residential mortgage loans increased $299 million, or 8%.
-- People's purchased $170 million of residential mortgage loans
towards the end of 1Q06.
-- Average home equity loan portfolios increased $57 million, or 5%.
-- Average consumer non-interest-bearing deposits totaled $1.2 billion.
Treasury
-- Average securities declined $1.3 billion, or 94%.
-- Average securities made up 1% of average earning assets compared
to 13% in 1Q06.
People's United Financial is a diversified financial services company
providing consumer and commercial banking services, in addition to
insurance, trust and financial advisory services. Its principal subsidiary,
People's Bank, is a leader in supermarket banking, with 75 of its 159
branches located in Super Stop & Shop stores. Through its subsidiaries,
People's United Financial provides brokerage and financial advisory
services, asset management, equipment financing 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 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 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.
It's Possible @ People's.
People's Bank and Subsidiaries
FINANCIAL HIGHLIGHTS
Three Months Ended
March Dec. Sept. June March
(dollars in millions, except per 31, 31, 30, 30, 31,
share data) 2007 2006 2006 2006 2006
Operating Data:
Net interest income $95.3 $96.1 $96.2 $96.1 $94.0
Provision for loan losses 0.8 1.4 4.1 0.2 (2.3)
Fee-based revenues 37.8 39.5 38.2 37.5 37.8
Net security losses - - (23.2) (4.0) -
All other non-interest income 5.8 5.8 5.5 5.7 4.6
Non-interest expense 88.1 85.6 87.1 86.6 87.6
Income from continuing
operations 33.1 38.7 16.9 32.2 33.9
Income from discontinued
operations 0.5 0.6 0.1 0.7 0.9
Net income 33.6 39.3 17.0 32.9 34.8
Selected Statistical Data:
Net interest margin (1) 3.94% 4.01% 3.89% 3.82% 3.77%
Return on average assets (1) 1.27 1.49 0.63 1.20 1.28
Return on average stockholders'
equity (1) 10.0 11.6 5.1 10.1 10.8
Efficiency ratio 62.6 59.7 61.5 61.7 62.3
Per Common Share Data:
Diluted earnings per share $0.24 $0.28 $0.12 $0.23 $0.24
Dividends paid per share (2) 0.25 0.25 0.25 0.25 0.22
Total dividend payout ratio (2) 46.1% 39.3% 91.0% 46.9% 39.0%
Book value (end of period) $9.55 $9.41 $9.51 $9.34 $9.21
Tangible book value (end of
period) 8.81 8.67 8.77 8.60 8.46
Stock price:
High 47.91 45.40 41.15 34.50 33.83
Low 41.53 39.24 31.89 30.87 30.00
Close (end of period) 44.40 44.62 39.61 32.85 32.75
Average diluted shares
outstanding (in millions) 142.54 142.48 142.34 142.18 142.06
(1) Annualized.
(2) Reflects the waiver of dividends on the substantial majority of the
common shares owned by People's Mutual Holdings.
Note: Total dividend payout ratios for future periods are expected to
be significantly higher than for the periods presented, due to the absence
of dividend waivers on outstanding shares of People's United Financial,
Inc. in future periods.
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) 2007 2006 2006 2006 2006
Financial Condition Data:
General:
Total assets $11,602 $10,687 $10,612 $11,005 $11,081
Loans 9,310 9,372 9,185 9,034 8,759
Securities, net 73 77 202 901 1,258
Allowance for loan losses 74 74 74 74 74
Deposits 9,968 9,083 8,979 9,203 9,252
Core deposits 9,280 9,039 8,931 9,155 9,144
Borrowings 8 4 14 221 251
Purchased funds 52 47 61 270 360
Subordinated notes 65 65 109 109 109
Stockholders' equity 1,359 1,340 1,351 1,326 1,306
Non-performing assets 19 23 23 28 24
Net loan charge-offs
(recoveries) 0.4 1.4 4.1 0.2 (1.3)
Average Balances:
Loans $9,305 $9,247 $9,083 $8,898 $8,555
Securities 74 166 669 1,070 1,325
Earning assets 9,684 9,586 9,889 10,049 9,980
Total assets 10,601 10,553 10,778 10,939 10,865
Deposits 9,022 8,923 8,897 9,119 8,990
Funding liabilities 9,094 9,030 9,275 9,463 9,407
Stockholders' equity 1,338 1,355 1,331 1,308 1,292
Ratios:
Net loan charge-offs
(recoveries) to
average loans
(annualized) 0.01% 0.06% 0.18% 0.01% (0.06)%
Non-performing assets to
total loans,
REO and repossessed
assets 0.21 0.24 0.25 0.31 0.28
Allowance for loan losses
to non-performing loans 389.4 327.9 354.9 266.8 322.0
Allowance for loan losses
to total loans 0.80 0.79 0.81 0.82 0.84
Average stockholders'
equity to average assets 12.6 12.8 12.3 12.0 11.9
Stockholders' equity to
total assets 11.7 12.5 12.7 12.1 11.8
Tier 1 leverage capital(1) 11.3 12.0 11.8 11.5 11.4
Tier 1 risk-based capital(1) 14.8 14.9 14.7 14.8 15.0
Total risk-based capital(1) 16.1 16.2 16.2 16.4 16.5
(1) March 31, 2007 capital ratios are preliminary. Calculated in
accordance with Federal Deposit Insurance Corporation regulations for
all periods prior to September 30, 2006 and in accordance with Office
of Thrift Supervision regulations for all subsequent periods.
People's Bank and Subsidiaries
CONSOLIDATED STATEMENTS OF CONDITION
March 31, Dec. 31, March 31,
(in millions) 2007 2006 2006
Assets
Cash and due from banks $341.4 $344.1 $376.3
Short-term investments 1,212.9 224.6 59.1
Total cash and cash equivalents 1,554.3 568.7 435.4
Securities:
Trading account securities,
at fair value 29.6 29.6 30.2
Securities available for sale,
at fair value 42.0 46.8 1,227.1
Securities held to maturity,
at amortized cost 1.1 1.1 1.1
Total securities 72.7 77.5 1,258.4
Securities purchased under agreements
to resell - - 25.0
Loans:
Residential mortgage 3,763.7 3,900.1 3,702.7
Commercial 2,439.7 2,363.6 2,074.1
Commercial real estate finance 1,821.7 1,786.7 1,729.6
Consumer 1,284.9 1,321.3 1,252.9
Total loans 9,310.0 9,371.7 8,759.3
Less allowance for loan losses (74.4) (74.0) (74.0)
Total loans, net 9,235.6 9,297.7 8,685.3
Bank-owned life insurance 215.2 212.6 206.6
Premises and equipment, net 143.2 136.8 137.2
Goodwill and other acquisition-
related intangibles 104.8 105.0 105.8
Other assets 276.6 288.7 227.4
Total assets $11,602.4 $10,687.0 $11,081.1
Liabilities
Deposits:
Non-interest-bearing $2,332.5 $2,294.4 $2,326.2
Savings, interest-bearing checking
and money market 3,297.7 3,205.2 3,707.2
Time 3,694.5 3,583.0 3,219.0
Subscription funds 642.9 - -
Total deposits 9,967.6 9,082.6 9,252.4
Borrowings:
Federal funds purchased 7.8 4.1 251.0
Total borrowings 7.8 4.1 251.0
Subordinated notes 65.3 65.3 108.7
Other liabilities 202.9 195.4 162.6
Total liabilities 10,243.6 9,347.4 9,774.7
Stockholders' Equity
Common stock (without par value;
450.0 shares, 450.0 shares and 150.0
shares authorized; 142.3 shares, 142.2
shares and 141.8 shares issued and
outstanding) 142.3 142.2 141.8
Additional paid-in capital 182.4 182.9 174.2
Retained earnings 1,080.5 1,062.4 1,019.6
Accumulated other comprehensive loss (46.4) (47.9) (29.2)
Total stockholders' equity 1,358.8 1,339.6 1,306.4
Total liabilities and
stockholders' equity $11,602.4 $10,687.0 $11,081.1
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) 2007 2006 2006 2006 2006
Interest and dividend income:
Residential mortgage $49.0 $50.0 $47.7 $45.4 $42.1
Commercial 40.6 39.2 38.0 36.1 33.2
Commercial real estate finance 31.8 33.5 32.2 31.0 29.3
Consumer 22.9 23.5 23.0 21.6 20.2
Total interest on loans 144.3 146.2 140.9 134.1 124.8
Securities 1.1 2.2 6.7 9.2 11.9
Short-term investments 4.0 2.2 1.6 0.7 0.8
Securities purchased under
agreements to resell - - 0.2 0.3 0.3
Total interest and dividend income 149.4 150.6 149.4 144.3 137.8
Interest expense:
Deposits 52.3 52.1 47.1 42.9 38.0
Borrowings 0.1 0.2 3.7 2.8 3.3
Subordinated notes 1.7 2.2 2.4 2.5 2.5
Total interest expense 54.1 54.5 53.2 48.2 43.8
Net interest income 95.3 96.1 96.2 96.1 94.0
Provision for loan losses 0.8 1.4 4.1 0.2 (2.3)
Net interest income after provision
for loan losses 94.5 94.7 92.1 95.9 96.3
Non-interest income:
Fee-based revenues:
Service charges on deposit accounts 18.0 19.4 20.1 20.0 18.3
Insurance revenue 7.3 7.1 6.6 5.8 7.8
Brokerage commissions 3.4 3.0 2.9 3.2 3.1
Other fees 9.1 10.0 8.6 8.5 8.6
Total fee-based revenues 37.8 39.5 38.2 37.5 37.8
Net security losses - - (23.2) (4.0) -
Bank-owned life insurance 2.4 2.8 2.2 2.2 1.9
Net gains on sales of residential
mortgage loans 0.7 0.5 0.5 0.6 0.4
Other non-interest income 2.7 2.5 2.8 2.9 2.3
Total non-interest income 43.6 45.3 20.5 39.2 42.4
Non-interest expense:
Compensation and benefits 51.3 49.4 51.3 50.3 51.9
Occupancy and equipment 16.5 15.4 15.6 15.4 15.8
Professional and outside service fees 6.2 6.5 5.8 6.1 5.9
Other non-interest expense 14.1 14.3 14.4 14.8 14.0
Total non-interest expense 88.1 85.6 87.1 86.6 87.6
Income from continuing operations
before income tax expense 50.0 54.4 25.5 48.5 51.1
Income tax expense 16.9 15.7 8.6 16.3 17.2
Income from continuing operations 33.1 38.7 16.9 32.2 33.9
Discontinued operations:
Income from discontinued operations,
net of tax 0.5 0.6 0.1 0.7 0.9
Income from discontinued operations 0.5 0.6 0.1 0.7 0.9
Net income $33.6 $39.3 $17.0 $32.9 $34.8
Diluted earnings per common share:
Income from continuing operations $0.24 $0.27 $0.11 $0.23 $0.24
Income from discontinued operations - 0.01 0.01 - -
Net income 0.24 0.28 0.12 0.23 0.24
People's Bank and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS (1)
March 31, 2007 December 31, 2006
Three months ended Average Yield/ Average Yield/
(dollars in millions) Balance Interest Rate Balance Interest Rate
Earning assets:
Short-term investments $305.0 $4.0 5.24% $173.2 $2.2 5.13%
Securities purchased
under
agreements to resell - - - - - -
Securities (2) 74.1 1.1 5.70 166.4 2.2 5.39
Loans:
Residential mortgage 3,828.2 49.0 5.12 3,908.9 50.0 5.12
Commercial 2,363.7 40.6 6.87 2,228.0 39.2 7.04
Commercial real estate
finance 1,808.2 31.8 7.03 1,792.3 33.5 7.48
Consumer 1,305.2 22.9 7.03 1,317.4 23.5 7.11
Total loans 9,305.3 144.3 6.20 9,246.6 146.2 6.32
Total earning assets $9,684.4 $149.4 6.17% $9,586.2 $150.6 6.28%
Funding liabilities:
Deposits:
Non-interest-bearing
deposits $2,125.6 $- - % $2,113.1 $- - %
Savings, interest-
bearing checking
and money market 3,182.8 11.8 1.48 3,210.8 12.4 1.55
Time 3,618.2 40.3 4.45 3,585.5 39.6 4.42
Total core deposits 8,926.6 52.1 2.33 8,909.4 52.0 2.34
Non-core deposits 95.7 0.2 0.92 13.7 0.1 4.11
Total deposits 9,022.3 52.3 2.32 8,923.1 52.1 2.34
Borrowings:
Federal funds
purchased 5.7 0.1 6.00 12.8 0.2 5.44
Federal Home Loan Bank
advances 0.6 - 5.04 - - -
Total borrowings 6.3 0.1 5.92 12.8 0.2 5.44
Subordinated notes 65.3 1.7 10.16 94.1 2.2 9.31
Total funding
liabilities $9,093.9 $54.1 2.38% $9,030.0 $54.5 2.42%
Excess of earning assets
over funding
liabilities $590.5 $556.2
Net interest
income/spread $95.3 3.79% $96.1 3.86%
Net interest margin 3.94% 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 Bank and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS (1)
March 31, 2006
Three months ended Average Yield/
(dollars in millions) Balance Interest Rate
Earning assets:
Short-term investments $74.4 $0.8 4.35%
Securities purchased under
agreements to resell 25.0 0.3 4.82
Securities (2) 1,325.2 11.9 3.59
Loans:
Residential mortgage 3,528.9 42.1 4.77
Commercial 2,035.0 33.2 6.53
Commercial real estate finance 1,731.3 29.3 6.77
Consumer 1,259.9 20.2 6.41
Total loans 8,555.1 124.8 5.84
Total earning assets $9,979.7 $137.8 5.52%
Funding liabilities:
Deposits:
Non-interest-bearing deposits $2,190.3 $- - %
Savings, interest-bearing checking
and money market 3,675.1 11.8 1.28
Time 3,033.1 25.2 3.32
Total core deposits 8,898.5 37.0 1.66
Non-core deposits 91.7 1.0 4.31
Total deposits 8,990.2 38.0 1.69
Borrowings:
Federal funds purchased 276.1 3.0 4.35
Federal Home Loan Bank advances 31.7 0.3 4.44
Total borrowings 307.8 3.3 4.36
Subordinated notes 108.7 2.5 9.04
Total funding liabilities $9,406.7 $43.8 1.86%
Excess of earning assets
over funding liabilities $573.0
Net interest income/spread $94.0 3.66%
Net interest margin 3.77%
(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 Bank and Subsidiaries
NON-PERFORMING ASSETS
March Dec. Sept. June March
31, 31, 30, 30, 31,
(dollars in millions) 2007 2006 2006 2006 2006
Non-accrual loans:
Commercial $11.3 $11.9 $3.0 $6.9 $1.1
Residential mortgage 5.0 6.7 7.8 4.8 5.1
PCLC 1.4 2.1 2.1 2.6 2.9
Consumer 1.3 1.7 1.3 1.1 1.1
Commercial real estate finance 0.1 0.2 6.6 12.3 12.8
Total non-accrual loans 19.1 22.6 20.8 27.7 23.0
Real estate owned ("REO") and
repossessed assets, net 0.3 0.1 2.1 0.4 1.3
Total non-performing assets $19.4 $22.7 $22.9 $28.1 $24.3
Non-performing loans as a percentage of
total loans 0.21% 0.24% 0.23% 0.31% 0.26%
Non-performing assets as a
percentage of total loans,
REO and repossessed assets 0.21 0.24 0.25 0.31 0.28
Non-performing assets as a percentage
of stockholders'
equity and allowance for loan losses 1.35 1.61 1.61 2.01 1.76
Allowance for loan losses as a
percentage of non-performing loans 389.4 327.9 354.9 266.8 322.0
Allowance for loan losses as a
percentage of total loans 0.80 0.79 0.81 0.82 0.84
People's Bank and Subsidiaries
ALLOWANCE FOR LOAN LOSSES
Three Months Ended
March Dec. Sept. June March
31, 31, 30, 30, 31,
(in millions) 2007 2006 2006 2006 2006
Balance at beginning of period $74.0 $74.0 $74.0 $74.0 $75.0
Charge-offs (0.8) (2.0) (4.7) (1.1) (1.5)
Recoveries 0.4 0.6 0.6 0.9 2.8
Net loan (charge-offs) recoveries (0.4) (1.4) (4.1) (0.2) 1.3
Provision for loan losses 0.8 1.4 4.1 0.2 (2.3)
Balance at end of period $74.4 $74.0 $74.0 $74.0 $74.0
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) 2007 2006 2006 2006 2006
Consumer $0.3 $0.6 $0.3 $0.3 $0.6
PCLC 0.1 - - - 0.3
Commercial - 0.8 3.9 - 0.1
Residential mortgage - - (0.1) 0.1 -
Commercial real estate finance - - - (0.2) (2.3)
Total $0.4 $1.4 $4.1 $0.2 $(1.3)
SOURCE People's Bank
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Related links:
http://www.peoples.com
http://www.prnewswire.com/comp/113252.html /
CONTACT:
Valerie C. Carlson, First Vice President,
Corporate Communications, +1-203-338-2351, Fax: +1-203-338-3461,
valerie.carlson@peoples.com
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