BRIDGEPORT, Conn., April 20 /PRNewswire-FirstCall/ -- People's Bank
(Nasdaq: PBCT), an $11 billion financial services company, today announced
net income of $34.8 million, or $0.24 per share, for the first quarter of
2006, compared to $31.4 million, or $0.22 per share, for the first quarter
of 2005. Income from continuing operations increased 14 percent to $33.9
million, or $0.24 per share, from $29.8 million, or $0.21 per share, for
the year-ago quarter.
For the first quarter of 2006, return on average assets was 1.28
percent and return on average stockholders' equity was 10.8 percent,
compared to 1.17 percent and 10.4 percent, respectively, for the year-ago
quarter.
People's Board of Directors voted to increase the quarterly dividend on
its common stock by $0.03 per share, or 14 percent, to $0.25 per share. The
dividend is payable May 15, 2006, to shareholders of record on May 1, 2006.
People's Mutual Holdings, which owns 82.0 million shares of People's Bank
common stock, will accept dividends on only 2.2 percent of its shares.
Based on the closing stock price on April 19, 2006, the dividend yield on
People's Bank common stock is 2.9 percent.
"We are pleased to reward our shareholders with a 14th consecutive
annual dividend increase, reflecting management's confidence in People's
future," stated President and Chief Executive Officer, John A. Klein.
"Our first quarter results continue to build on the steadily improving
financial performance achieved in 2005," said Klein. "The 14 percent
improvement in earnings from continuing operations further illustrates the
continued strength of our consumer and commercial franchises."
Klein added, "We continue to generate meaningful loan growth across our
core lending businesses. Our average commercial banking, home equity and
residential mortgage loan portfolios increased a combined $600 million, or
8 percent, since the first quarter of 2005."
Klein concluded, "We remain committed to strengthening the bank's
franchise in Connecticut, through traditional and in-store branch expansion
and renovations, and growing our core portfolios, while at the same time
continuing to explore suitable acquisition opportunities in neighboring
markets, including New York, New Jersey, Massachusetts and Rhode Island."
"Key drivers of the bank's performance this quarter were another
increase in the net interest margin and continued growth in fee-based
revenues," said Philip R. Sherringham, Executive Vice President and Chief
Financial Officer. "The year-over-year 15 basis point improvement in the
net interest margin reflects a combination of the bank's asset-sensitive
position and the ongoing substitution of securities with higher-yielding
loans. In fact, average loans increased $571 million, or 7 percent,
year-over-year, while average securities declined $709 million, or 35
percent. The 6 percent increase in fee-based revenues reflects the ongoing
benefits from the revenue initiatives implemented during 2005."
Sherringham added, "Bankwide asset quality remains very strong. First
quarter net loan charge-offs, after excluding a $2.3 million commercial
banking loan recovery, totaled $1.0 million, or 0.05 percent of average
loans
on an annualized basis, compared to $0.8 million, or 0.04 percent,
respectively, in the first quarter of last year."
At March 31, 2006, non-performing assets totaled $24.3 million, a $2.7
million, or 10 percent, decrease from the prior year, and equaled 0.28
percent of total loans, REO and repossessed assets, compared to 0.33
percent at March 31, 2005. The allowance for loan losses as a percentage of
non-performing loans was 322 percent at March 31, 2006, compared to 280
percent at March 31, 2005. The allowance for loan losses as a percentage of
total loans was 0.84 percent at March 31, 2006, compared to 0.90 percent a
year ago.
Results for the first quarter of 2006 included severance-related
expenses totaling $1.2 million, a $0.9 million reserve established to
resolve certain business contingencies (both included in non-interest
expense); a $2.3 million commercial banking loan recovery and a $1.0
million decrease in the allowance for loan losses (both reflected in the
provision for loan losses).
Selected Financial Terms
In addition to presenting financial information in accordance with
generally accepted accounting principles ("GAAP"), certain non-GAAP
information is also presented, such as operating revenue and the efficiency
ratio. Operating revenue is based on income from continuing operations
reduced by gains and losses other than from the sale of residential
mortgage loans and excluding other items that may recur from time to time
but that are deemed to occur irregularly or infrequently. Management
considers this measure to be more representative of People's ongoing
profitability, as the excluded items are generally related to external
market conditions and non-routine transactions.
The efficiency ratio, which is derived in part from operating revenue
and represents an approximate measure of the cost required by People's to
generate a dollar of revenue, is the ratio of operating expense to
operating revenue. Operating expense equals People's total non-interest
expense, excluding goodwill impairment, amortization of acquisition-related
intangibles, losses on real estate assets and nonrecurring expenses.
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.
This release contains information about People's core deposits and
purchased funds (both non-GAAP measures). Core deposits, a measure of
stable funding sources, equal total deposits, other than brokered
certificates of deposit (acquired in the wholesale market), municipal
deposits (which are seasonally variable by nature) and non-interest-bearing
deposits utilized for the operation of People's businesses. Purchased funds
include borrowings, brokered certificates of deposit and municipal
deposits.
Conference Call
On April 21, 2006, 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" 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 Web site. The call
will be archived on the Web site and available for approximately 90 days.
1Q Financial Highlights (1Q 2006 compared with 1Q 2005 unless otherwise
indicated)
Summary
* Net income totaled $34.8 million, or $0.24 per share.
* Income from continuing operations increased $4.1 million, or 14%.
* Net interest income increased $2.8 million, or 3%.
* Net interest margin increased 15 basis points from 1Q05 and improved 2
basis points from 4Q05 to 3.77%.
* Provision for loan losses decreased $3.6 million.
* Net loan recoveries in 1Q06 totaled $1.3 million compared to net loan
charge-offs in 1Q05 of $0.8 million, a difference of $2.1 million.
* The allowance for loan losses was reduced $1.0 million in 1Q06 and was
increased $0.5 million in 1Q05.
* Non-interest income increased $4.4 million, or 12%.
* Total fee-based revenues increased $2.2 million, or 6%.
* Included in 1Q06 is $1.9 million ($2.9 million on a taxable-equivalent
basis) related to the bank's investment in bank-owned life insurance.
* Non-interest expense, excluding the $2.1 million of charges discussed
previously, increased $3.5 million, or 4%.
* Adjusted compensation and benefits increased $3.1 million.
Commercial Banking
* Average commercial banking loans grew $232 million, or 7%.
* Average commercial non-interest-bearing deposits totaled $940 million.
* The ratio of non-performing commercial banking loans to total commercial
banking loans was 0.44% at March 31, 2006, compared to 0.53% at March
31, 2005.
* Non-performing loans decreased $2.3 million, or 12%, from March 31,
2005.
* Net loan charge-offs (excluding the $2.3 million recovery) totaled $0.4
million, or 0.04% of average commercial banking loans.
Consumer Financial Services
* Average residential mortgage loans increased $228 million, or 7%.
* Average home equity loan portfolios increased $142 million, or 13%.
* Average consumer non-interest-bearing deposits totaled $1.2 billion.
Treasury
* Average securities and short-term investments declined $674 million, or
32%.
* Securities made up 13% of average earning assets compared to 20% in
1Q05.
* The debt securities portfolio totaled $1.2 billion at March 31, 2006,
a $729 million, or 38% decrease from a year ago.
People's Bank is a diversified financial services company providing
consumer and commercial banking services, in addition to insurance, trust
and financial advisory services. The bank is a leader in supermarket
banking, with 70 of its 153 branches located in Super Stop & Shop stores.
Through its subsidiaries, People's 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 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,
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
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
March Dec. Sept. June March
(dollars in millions, except 31, 31, 30, 30, 31,
per share data) 2006 2005 2005 2005 2005
Operating Data:
Net interest income $94.0 $93.3 $92.5 $92.7 $91.2
Provision for loan losses (2.3) 5.3 1.1 0.9 1.3
Fee-based revenues 37.7 39.8 39.6 36.6 35.5
All other non-interest income (1) 4.0 11.9 4.5 2.1 1.8
Non-interest expense 86.9 90.1 85.8 85.7 81.3
Income from continuing
operations 33.9 34.3 32.4 29.4 29.8
Income from discontinued
operations, net of tax 0.9 0.9 1.1 1.4 1.6
Gain on sale of discontinued
operations, net of tax - - - 6.2 -
Net income 34.8 35.2 33.5 37.0 31.4
Selected Statistical Data:
Net interest margin(2) 3.77% 3.75% 3.70% 3.66% 3.62%
Return on average assets(2) 1.28 1.30 1.24 1.36 1.17
Return on average stockholders'
equity(2) 10.8 11.1 10.7 12.0 10.4
Efficiency ratio 62.1 62.2 62.1 63.3 62.8
Per Common Share Data:
Basic earnings per share $0.24 $0.25 $0.24 $0.26 $0.22
Diluted earnings per share 0.24 0.25 0.24 0.26 0.22
Dividends paid per share(3) 0.22 0.22 0.22 0.22 0.19
Dividend payout ratio(3) 39.0% 38.6% 40.3% 36.5% 37.7%
Book value (end of period) $9.22 $9.10 $8.95 $8.84 $8.61
Tangible book value (end of
period) 8.47 8.35 8.20 8.09 7.84
Stock price:
High 33.83 33.57 33.75 30.48 28.00
Low 30.00 28.85 28.17 26.27 23.99
Close (end of period) 32.75 31.06 28.98 30.24 27.30
Average diluted shares
outstanding (in millions) 142.04 141.96 141.88 141.72 141.42
(1) Includes an $8.1 million gain on sale of branches for the three
months ended December 31, 2005.
(2) Annualized.
(3) 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 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions) 2006 2005 2005 2005 2005
Financial Condition
Data:
General:
Total assets $11,081 $10,933 $10,891 $10,931 $10,857
Loans 8,759 8,573 8,383 8,288 8,088
Allowance for loan
losses 74 75 73 73 73
Securities, net 1,258 1,363 1,498 1,658 1,971
Deposits 9,252 9,083 9,086 9,177 9,046
Core deposits 9,058 8,873 8,858 8,978 8,829
Borrowings 251 295 271 234 289
Purchased funds 360 424 404 313 400
Subordinated notes 109 109 122 122 122
Stockholders' equity 1,306 1,289 1,268 1,251 1,216
Non-performing assets 24 22 20 24 27
Net loan (recoveries)
charge-offs (1.3) 3.3 1.1 0.9 0.8
Average Balances:
Loans $8,555 $8,438 $8,318 $8,184 $7,984
Securities 1,325 1,438 1,580 1,908 2,035
Earning assets 9,975 9,952 9,992 10,171 10,079
Total assets 10,865 10,800 10,849 10,879 10,752
Deposits 8,990 8,966 9,060 9,050 8,847
Funding liabilities 9,407 9,366 9,426 9,475 9,352
Stockholders' equity 1,292 1,273 1,253 1,228 1,205
Ratios:
Net loan (recoveries)
charge-offs to
average loans(1) (0.06)% 0.16% 0.05% 0.04% 0.04%
Non-performing assets
to total loans,
REO and repossessed
assets 0.28 0.26 0.24 0.29 0.33
Allowance for loan
losses to non-
performing loans 322.0 352.5 379.6 312.3 280.0
Allowance for loan
losses to total
loans 0.84 0.87 0.87 0.88 0.90
Average stockholders'
equity to average
assets 11.9 11.8 11.5 11.3 11.2
Stockholders' equity
to total assets 11.8 11.8 11.6 11.4 11.2
Tier 1 leverage
capital(2) 11.4 11.2 11.0 10.7 10.6
Tier 1 risk-based
capital(2) 14.9 14.8 14.9 14.8 14.7
Total risk-based
capital(2) 16.5 16.4 17.0 16.8 16.8
(1) Annualized.
(2) March 31, 2006 capital ratios are preliminary.
People's Bank and Subsidiaries
CONSOLIDATED STATEMENTS OF CONDITION
March 31, Dec. 31, March 31,
(in millions) 2006 2005 2005
Assets
Cash and due from banks $376.3 $391.6 $282.4
Short-term investments 59.1 31.9 116.3
Total cash and cash equivalents 435.4 423.5 398.7
Securities:
Trading account securities, at fair
value 30.2 27.3 13.4
Securities available for sale, at
fair value 1,227.1 1,334.3 1,955.8
Securities held to maturity, at
amortized cost 1.1 1.4 1.4
Total securities 1,258.4 1,363.0 1,970.6
Securities purchased under agreements
to resell 25.0 25.0 25.0
Loans:
Residential mortgage 3,702.7 3,507.9 3,363.0
Commercial 2,074.1 2,029.2 1,758.2
Commercial real estate finance 1,729.6 1,778.3 1,813.5
Consumer 1,252.9 1,257.5 1,153.4
Total loans 8,759.3 8,572.9 8,088.1
Less allowance for loan losses (74.0) (75.0) (73.0)
Total loans, net 8,685.3 8,497.9 8,015.1
Premises and equipment, net 154.1 149.4 148.2
Goodwill and other acquisition-
related intangibles 105.8 106.1 109.2
Bank-owned life insurance 206.6 154.6 0.9
Other assets 210.5 213.0 189.6
Total assets $11,081.1 $10,932.5 $10,857.3
Liabilities
Deposits:
Non-interest-bearing $2,326.2 $2,353.1 $2,272.7
Savings, interest-bearing checking
and money market 3,707.2 3,767.4 4,240.9
Time 3,219.0 2,962.1 2,532.4
Total deposits 9,252.4 9,082.6 9,046.0
Borrowings:
Federal funds purchased 251.0 269.9 188.9
Federal Home Loan Bank advances - 25.0 100.0
Total borrowings 251.0 294.9 288.9
Subordinated notes 108.7 108.6 121.9
Other liabilities 162.6 157.8 184.2
Total liabilities 9,774.7 9,643.9 9,641.0
Stockholders' Equity
Common stock (without par value;
150.0 shares authorized;
141.7 shares, 141.6 shares and
141.3 shares issued and outstanding) 141.7 141.6 141.3
Additional paid-in capital 174.3 172.0 163.4
Retained earnings 1,019.6 998.4 933.3
Accumulated other comprehensive loss (29.2) (23.4) (21.7)
Total stockholders' equity 1,306.4 1,288.6 1,216.3
Total liabilities and
stockholders' equity $11,081.1 $10,932.5 $10,857.3
People's Bank and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March Dec. Sept. June March
(in millions, except per 31, 31, 30, 30, 31,
share data) 2006 2005 2005 2005 2005
Interest and dividend
income:
Residential mortgage $42.1 $40.7 $39.1 $38.1 $36.8
Commercial real estate
finance 29.3 29.8 29.3 29.0 28.1
Commercial 33.2 31.0 28.4 25.9 23.4
Consumer 20.2 18.9 17.3 15.5 14.1
Total interest on loans 124.8 120.4 114.1 108.5 102.4
Securities 11.9 12.6 13.7 16.5 17.2
Short-term investments 0.8 0.5 0.5 0.3 0.2
Securities purchased
under agreements to
resell 0.3 0.3 0.3 0.3 0.1
Total interest and
dividend income 137.8 133.8 128.6 125.6 119.9
Interest expense:
Deposits 38.0 34.8 31.2 27.9 23.6
Borrowings 3.3 2.8 2.1 2.2 2.3
Subordinated notes 2.5 2.9 2.8 2.8 2.8
Total interest expense 43.8 40.5 36.1 32.9 28.7
Net interest income 94.0 93.3 92.5 92.7 91.2
Provision for loan losses (2.3) 5.3 1.1 0.9 1.3
Net interest income
after provision for
loan losses 96.3 88.0 91.4 91.8 89.9
Non-interest income:
Fee-based revenues:
Service charges on
deposit accounts 18.3 19.8 19.9 17.3 15.4
Insurance revenue 7.8 7.6 7.1 5.9 7.4
Brokerage commissions 3.3 2.9 3.0 3.7 3.1
Other fees 8.3 9.5 9.6 9.7 9.6
Total fee-based
revenues 37.7 39.8 39.6 36.6 35.5
Bank-owned life insurance 1.9 1.6 1.6 0.1 -
Net gains on sales of
residential mortgage
loans 0.4 0.9 1.5 1.0 0.6
Gain on sale of branches - 8.1 - - -
Other non-interest income 1.7 1.3 1.4 1.0 1.2
Total non-interest
income 41.7 51.7 44.1 38.7 37.3
Non-interest expense:
Compensation and benefits 51.9 49.7 49.7 48.4 47.7
Occupancy and equipment 15.6 16.4 15.4 14.7 15.7
Professional and outside
service fees 5.9 6.9 6.5 6.7 6.0
Liability restructuring
costs - 2.7 - - -
Goodwill impairment
charge - - - 2.0 -
Other non-interest
expense 13.5 14.4 14.2 13.9 11.9
Total non-interest
expense 86.9 90.1 85.8 85.7 81.3
Income from continuing
operations before
income tax expense 51.1 49.6 49.7 44.8 45.9
Income tax expense 17.2 15.3 17.3 15.4 16.1
Income from continuing
operations 33.9 34.3 32.4 29.4 29.8
Discontinued operations:
Income from discontinued
operations, net of tax 0.9 0.9 1.1 1.4 1.6
Gain on sale of
discontinued operations,
net of tax - - - 6.2 -
Income from
discontinued
operations 0.9 0.9 1.1 7.6 1.6
Net income $34.8 $35.2 $33.5 $37.0 $31.4
Diluted earnings per common
share:
Income from continuing
operations $0.24 $0.24 $0.23 $0.21 $0.21
Income from discontinued
operations - 0.01 0.01 0.05 0.01
Net income 0.24 0.25 0.24 0.26 0.22
People's Bank and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS(1)
March 31, 2006 December 31, 2005
Three months ended Average Yield/ Average Yield/
(dollars in millions) Balance Interest Rate Balance Interest Rate
Earning assets:
Short-term investments $69.7 $0.8 4.35% $50.9 $0.5 3.93%
Securities purchased
under agreements to
resell 25.0 0.3 4.82 25.0 0.3 4.61
Securities(2) 1,325.2 11.9 3.59 1,437.7 12.6 3.53
Loans:
Residential mortgage 3,528.9 42.1 4.77 3,495.0 40.7 4.66
Commercial real estate
finance 1,731.3 29.3 6.77 1,750.5 29.8 6.80
Commercial 2,035.0 33.2 6.53 1,935.5 31.0 6.40
Consumer 1,259.9 20.2 6.41 1,257.4 18.9 6.03
Total loans 8,555.1 124.8 5.84 8,438.4 120.4 5.71
Total earning assets $9,975.0 $137.8 5.52% $9,952.0 $133.8 5.38%
Funding liabilities:
Deposits:
Non-interest-bearing
deposits $2,111.7 $- -% $2,139.1 $- -%
Savings, interest-
bearing checking
and money market 3,675.1 11.8 1.28 3,808.5 11.9 1.25
Time 3,033.1 25.2 3.32 2,843.7 22.1 3.12
Total core deposits 8,819.9 37.0 1.68 8,791.3 34.0 1.55
Non-core deposits(3) 170.3 1.0 2.32 174.8 0.8 2.00
Total deposits 8,990.2 38.0 1.69 8,966.1 34.8 1.56
Borrowings:
Federal funds
purchased 276.1 3.0 4.35 274.3 2.7 3.97
Federal Home Loan Bank
advances 31.7 0.3 4.44 6.7 0.1 4.00
Repurchase agreements - - - - - -
Total borrowings 307.8 3.3 4.36 281.0 2.8 3.97
Subordinated notes 108.7 2.5 9.04 119.4 2.9 9.64
Total funding
liabilities $9,406.7 $43.8 1.86% $9,366.5 $40.5 1.73%
Excess of earning assets
over funding
liabilities $568.3 $585.5
Net interest
income/spread $94.0 3.66% $93.3 3.65%
Net interest margin 3.77% 3.75%
(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) Includes $78.6 million, $84.6 million and $81.4 million of
non-interest-bearing core deposits for the three months ended
March 31, 2006, December 31, 2005 and March 31, 2005, respectively.
People's Bank and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS(1)
March 31, 2005
Three months ended Average Yield/
(dollars in millions) Balance Interest Rate
Earning assets:
Short-term investments $43.8 $0.2 1.83%
Securities purchased under
agreements to resell 16.1 0.1 3.65
Securities (2) 2,034.4 17.2 3.38
Loans:
Residential mortgage 3,300.6 36.8 4.45
Commercial real estate finance 1,827.0 28.1 6.17
Commercial 1,707.5 23.4 5.48
Consumer 1,149.2 14.1 4.90
Total loans 7,984.3 102.4 5.13
Total earning assets $10,078.6 $119.9 4.76%
Funding liabilities:
Deposits:
Non-interest-bearing deposits $2,100.6 $- -%
Savings, interest-bearing checking
and money market 4,193.7 9.2 0.87
Time 2,411.4 14.0 2.33
Total core deposits 8,705.7 23.2 1.07
Non-core deposits (3) 141.7 0.4 0.98
Total deposits 8,847.4 23.6 1.07
Borrowings:
Federal funds purchased 250.4 1.5 2.39
Federal Home Loan Bank advances 125.2 0.7 2.44
Repurchase agreements 6.9 0.1 2.38
Total borrowings 382.5 2.3 2.41
Subordinated notes 121.8 2.8 9.18
Total funding liabilities $9,351.7 $28.7 1.23%
Excess of earning assets
over funding liabilities $726.9
Net interest income/spread $91.2 3.53%
Net interest margin 3.62%
(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) Includes $78.6 million, $84.6 million and $81.4 million of non-
interest-bearing core deposits for the three months ended
March 31, 2006, December 31, 2005 and March 31, 2005, respectively.
People's Bank and Subsidiaries
NON-PERFORMING ASSETS
March Dec. Sept. June March
31, 31, 30, 30, 31,
(dollars in millions) 2006 2005 2005 2005 2005
Non-accrual loans:
Commercial real estate finance $12.8 $5.8 $5.9 $5.9 $7.4
Residential mortgage 5.1 6.7 3.9 6.7 5.5
PCLC 2.9 6.2 5.9 7.0 6.5
Commercial 1.1 1.3 2.3 2.5 5.2
Consumer 1.1 1.3 1.2 1.2 1.5
Total non-accrual loans 23.0 21.3 19.2 23.3 26.1
Real estate owned ("REO") and
repossessed assets, net 1.3 0.7 0.9 0.9 0.9
Total non-performing assets $24.3 $22.0 $20.1 $24.2 $27.0
Non-performing loans as a percentage of
total loans 0.26% 0.25% 0.23% 0.28% 0.32%
Non-performing assets as a percentage
of total loans, REO and repossessed
assets 0.28 0.26 0.24 0.29 0.33
Non-performing assets as a percentage
of stockholders' equity and allowance
for loan losses 1.76 1.62 1.50 1.83 2.09
Allowance for loan losses as a
percentage of
non-performing loans 322.0 352.5 379.6 312.3 280.0
Allowance for loan losses as a
percentage of total loans 0.84 0.87 0.87 0.88 0.90
People's Bank and Subsidiaries
ALLOWANCE FOR LOAN LOSSES
Three Months Ended
March Dec. Sept. June March
31, 31, 30, 30, 31,
(in millions) 2006 2005 2005 2005 2005
Balance at beginning of period $75.0 $73.0 $73.0 $73.0 $72.5
Charge-offs (1.5) (4.1) (1.6) (1.7) (1.7)
Recoveries 2.8 0.8 0.5 0.8 0.9
Net loan recoveries (charge-offs) 1.3 (3.3) (1.1) (0.9) (0.8)
Provision for loan losses (2.3) 5.3 1.1 0.9 1.3
Balance at end of period $74.0 $75.0 $73.0 $73.0 $73.0
People's Bank and Subsidiaries
NET LOAN (RECOVERIES) CHARGE-OFFS
Three Months Ended
March Dec. Sept. June March
31, 31, 30, 30, 31,
(in millions) 2006 2005 2005 2005 2005
Consumer $0.6 $0.9 $0.6 $0.8 $0.6
PCLC 0.3 2.5 0.1 - 0.2
Commercial 0.1 - 0.4 0.1 -
Residential mortgage - (0.1) - - -
Commercial real estate finance (2.3) - - - -
Total $(1.3) $3.3 $1.1 $0.9 $0.8
SOURCE People's Bank
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Related links:
http://www.peoples.com
http://www.prnewswire.com/comp/113252.html /
CONTACT:
Vincent J. Calabrese, Senior Vice President
and Controller, +1-203-338-4114, fax: +1-203-338-2362,
vince.calabrese@peoples.com, or Valerie C. Carlson, Vice
President, Corporate Communications, +1-203-338-2351, fax:
+1-203-338-3461, valerie.carlson@peoples.com, both of People's
Bank
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