BRIDGEPORT, Conn., April 21 /PRNewswire-FirstCall/ -- People's Bank
(Nasdaq: PBCT), an $11 billion financial services company, today announced net
income of $31.4 million, or $0.33 per share, for the first quarter of 2005,
compared to $119.2 million, or $1.27 per share, for the first quarter of 2004.
The year-ago quarter's results included the one-time net gain on sale of
People's credit card business, balance sheet restructuring costs and other
nonrecurring charges. Excluding such items from the first quarter of 2004,
income from continuing operations would have increased 65 percent, from $18.1
million, or $0.19 per share, to $29.8 million, or $0.32 per share, for the
first quarter of 2005.
For the first quarter of 2005, return on average assets was 1.17 percent
and return on average stockholders' equity was 10.4 percent.
People's Board of Directors voted to increase the quarterly dividend on
its common stock by $0.04 per share, or 14 percent, to $0.33 per share. The
dividend is payable on May 15, 2005, to shareholders of record on May 1, 2005.
In addition, as announced yesterday, the Board of Directors authorized a 3-
for-2 stock split effective on May 15, 2005 for shareholders of record as of
May 1, 2005. On a split-adjusted basis, the new quarterly dividend rate will
be $0.22 per share. People's Mutual Holdings, which owns 54.7 million shares
(82.0 million 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 20, 2005, the dividend yield on People's Bank common stock is
3.3 percent.
President and Chief Executive Officer John A. Klein stated, "We are
pleased to reward our shareholders with a 13th consecutive annual dividend
increase which, combined with the decision to authorize a stock split,
reflects management's positive outlook for People's future."
Klein continued, "People's has delivered another quarter of strengthening
earnings through a focus on the fundamentals. We generated double-digit loan
growth this quarter across our commercial and consumer businesses. Our average
commercial banking, home equity and residential mortgage loan portfolios
increased a combined $928 million, or 13 percent, since the first quarter of
2004. On the deposit front, we are also pleased by the growth in average core
demand deposits, which increased by $152 million, or 8 percent, on a year-
over-year basis."
Klein concluded, "Investing in our valuable banking franchise in
Connecticut, one of the most attractive banking markets in the nation,
continues to bear fruit."
"Other key drivers of the bank's performance this quarter were an increase
in the net interest margin and continued expense control," said Philip R.
Sherringham, Executive Vice President and Chief Financial Officer. "The 5
basis point improvement in the net interest margin to 3.62 percent from the
fourth quarter of last year reflects a combination of the bank's slightly
asset-sensitive position and the continued substitution of securities with
higher-yielding loans." Sherringham continued, "Expense control continues to
be a significant area of focus, as evidenced by a $3.4 million reduction in
operating expenses from the year-ago quarter. The combination of reduced
expenses and revenue growth led to a significant improvement in our efficiency
ratio this quarter."
Commenting on asset quality, Sherringham added, "Bankwide asset quality
remains strong, with first quarter 2005 net loan charge-offs of $0.8 million,
a 61 percent improvement from the first quarter of last year. Annualized net
loan charge-offs as a percent of average loans for the first quarter were only
4 basis points."
Non-performing assets equaled 0.33 percent of total loans, REO and
repossessed assets at March 31, 2005 compared to 0.46 percent a year ago. The
allowance for loan losses as a percentage of non-performing loans was 280
percent at March 31, 2005, compared to 209 percent at March 31, 2004.
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
amortization of acquisition-related intangibles, losses on real estate assets
and other items that may recur from time to time but that are deemed to occur
irregularly or infrequently.
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 22, 2005, 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 2005 compared with 1Q 2004 unless otherwise
indicated)
Summary
-- Net income totaled $31.4 million, or $0.33 per share.
-- Provision for loan losses increased $1.4 million.
-- The allowance for loan losses increased $0.5 million from December
31, 2004.
-- Net loan charge-offs decreased $1.3 million.
-- The allowance for loan losses decreased $2.2 million in 1Q04.
-- Net interest income increased $17.9 million.
-- Net interest margin increased 59 basis points from 1Q04 and improved
5 basispoints from 4Q04 to 3.62%.
-- Non-interest income, excluding net security losses, declined $2.0
million.
-- Total fee-based revenues declined $1.5 million.
-- Net gains on sales of residential mortgage loans decreased $0.4
million.
-- Non-interest expense, excluding liability restructuring costs of $133.4
million and nonrecurring expenses of $9.3 million in 1Q04, decreased
$3.4 million.
-- Compensation and benefits decreased $1.0 million, after excluding
$6.7 million of nonrecurring expenses in 1Q04.
-- Occupancy and equipment decreased $1.8 million.
-- Total loans at March 31, 2005 surpassed $8 billion.
Commercial Banking
-- Average commercial banking loans grew $486 million, or 16%.
-- Average commercial non-interest-bearing deposits increased $70 million,
or 8%.
-- The ratio of non-performing commercial banking loans to total
commercial banking loans was 0.53% at March 31, 2005 compared to 0.54%
at December 31, 2004.
-- Net loan charge-offs totaled $0.3 million, or 0.03% of average
commercial banking loans.
Consumer Financial Services
-- Average home equity loan portfolios increased $254 million, or 31%.
-- Average residential mortgage loans increased $188 million, or 6%.
-- Average consumer non-interest-bearing deposits grew $82 million, or 8%.
Treasury
-- Securities and short-term investments totaled $2.1 billion at March 31,
2005, a $682 million decrease from March 31, 2004.
-- Short-term investments decreased $588 million.
-- FHLB stock decreased $63 million.
-- Debt securities decreased $15 million.
-- Net security losses of $0.1 million in 1Q05 and $4.8 million in 1Q04.
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
67 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 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.
It's Possible @ People's.
People's Bank and Subsidiaries
FINANCIAL HIGHLIGHTS
Three Months Ended
March Dec. Sept. June March
31, 31, 30, 30, 31,
(dollars in millions, except per 2005 2004 2004 2004 2004
share data)
Operating Data:
Net interest income $91.2 $88.1 $85.7 $80.0 $73.3
Provision for loan losses 1.3 2.0 4.3 7.1 (0.1)
Fee-based revenues 35.5 36.3 35.0 34.6 37.0
Net security gains (losses) (0.1) - 0.2 (0.1) (4.8)
All other non-interest income 1.9 2.2 3.5 4.5 2.4
Non-interest expense (1) 81.3 83.9 83.8 83.7 227.4
Gain on sale of discontinued
operations, net of tax - - 2.0 0.2 196.3
Net income 31.4 28.0 27.5 25.0 119.2
Selected Statistical Data:
Net interest margin (2) 3.62% 3.57% 3.47% 3.23% 3.03%
Return on average assets (2) 1.17 1.06 1.04 0.94 4.25
Return on average stockholders'
equity (2) 10.4 9.4 9.5 8.7 45.6
Efficiency ratio 62.8 66.5 66.7 69.5 74.3
Per Common Share Data:
Basic earnings per share $0.34 $0.30 $0.29 $0.27 $1.28
Diluted earnings per share 0.33 0.30 0.29 0.27 1.27
Dividends paid per share (3) 0.29 0.29 0.29 0.29 0.26
Dividend payout ratio (3) 37.7% 42.3% 42.8% 47.0% 8.7%
Book value (end of period) $12.91 $12.78 $12.63 $12.34 $12.38
Tangible book value (end of
period) 11.75 11.61 11.45 11.15 11.17
Stock price:
High 42.00 44.48 37.00 33.73 31.37
Low 35.99 34.95 30.00 27.58 21.66
Close (end of period) 40.95 38.89 35.73 31.15 30.99
Average diluted shares
outstanding (in millions) 94.28 94.16 93.97 93.88 93.71
(1) Includes liability restructuring costs totaling $133.4 million for
the three months ended March 31, 2004.
(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 Dec. Sept. June March
31, 31, 30, 30, 31,
(dollars in millions) 2005 2004 2004 2004 2004
Financial Condition Data:
General:
Total assets $10,857 $10,718 $10,541 $10,660 $10,669
Loans 8,088 7,933 7,597 7,342 7,233
Allowance for loan losses 73 73 75 73 68
Securities, net 1,971 2,071 2,210 2,537 2,065
Deposits 9,046 8,862 8,812 8,949 8,793
Core deposits 8,829 8,681 8,550 8,728 8,547
Borrowings 289 341 222 225 296
Purchased funds 400 447 389 334 434
Subordinated notes 122 122 122 122 122
Stockholders' equity 1,216 1,200 1,184 1,157 1,159
Non-performing assets 27 29 34 35 33
Net loan charge-offs 0.8 4.5 2.3 2.4 2.1
Ratios:
Net loan charge-offs to
average loans (1) 0.04% 0.23% 0.12% 0.13% 0.11%
Non-performing assets to
total loans, REO and
repossessed assets 0.33 0.36 0.45 0.48 0.46
Allowance for loan losses
to non-performing loans 280.0 264.6 225.5 212.4 209.5
Allowance for loan losses
to total loans 0.90 0.91 0.99 0.99 0.94
Average stockholders'
equity to average assets 11.2 11.2 11.0 10.8 9.3
Stockholders' equity to
total assets 11.2 11.2 11.2 10.9 10.9
Tier 1 leverage capital(2) 10.6 10.5 10.3 10.0 9.4
Tier 1 risk-based
capital(2) 14.7 14.6 15.0 15.1 14.6
Total risk-based capital(2) 16.8 16.7 17.3 17.5 16.9
(1) Annualized.
(2) March 31, 2005 capital ratios are preliminary.
People's Bank and Subsidiaries
CONSOLIDATED STATEMENTS OF CONDITION
March 31, Dec. 31, March 31,
(in millions) 2005 2004 2004
Assets
Cash and due from banks $282.4 $309.0 $279.8
Short-term investments 116.3 24.2 704.3
Total cash and cash equivalents 398.7 333.2 984.1
Securities:
Trading account securities, at fair
value 13.4 11.7 16.8
Securities available for sale, at
fair value 1,955.8 2,058.1 2,046.7
Securities held to maturity, at
amortized cost 1.4 1.4 1.4
Total securities 1,970.6 2,071.2 2,064.9
Securities purchased under agreements
to resell 25.0 - -
Loans:
Residential mortgage 3,363.0 3,266.4 3,119.9
Commercial real estate finance 1,813.5 1,838.1 1,739.8
Commercial 1,758.2 1,688.9 1,395.7
Consumer 1,153.4 1,140.0 977.5
Total loans 8,088.1 7,933.4 7,232.9
Less allowance for loan losses (73.0) (72.5) (68.3)
Total loans, net 8,015.1 7,860.9 7,164.6
Premises and equipment, net 148.2 148.5 146.8
Goodwill and other acquisition-
related intangibles 109.2 109.9 112.5
Other assets 190.5 194.2 196.2
Total assets $10,857.3 $10,717.9 $10,669.1
Liabilities
Deposits:
Non-interest-bearing $2,272.7 $2,227.1 $2,137.6
Savings, interest-bearing checking
and money market 4,240.9 4,232.7 4,308.7
Time 2,532.4 2,402.2 2,346.8
Total deposits 9,046.0 8,862.0 8,793.1
Borrowings:
Federal funds purchased 188.9 240.8 295.8
Federal Home Loan Bank advances 100.0 100.0 -
Total borrowings 288.9 340.8 295.8
Subordinated notes 121.9 121.8 121.7
Other liabilities 184.2 193.5 299.8
Total liabilities 9,641.0 9,518.1 9,510.4
Stockholders' Equity
Common stock (without par value;
150.0 shares, 150.0 shares and 100.0
shares authorized; 94.2 shares,
93.9 shares and 93.6 shares issued
and outstanding) 94.2 93.9 93.6
Additional paid-in capital 210.5 204.4 195.7
Retained earnings 933.3 913.7 868.6
Accumulated other comprehensive
income (loss) (21.7) (12.2) 0.8
Total stockholders' equity 1,216.3 1,199.8 1,158.7
Total liabilities and
stockholders' equity $10,857.3 $10,717.9 $10,669.1
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) 2005 2004 2004 2004 2004
Interest and dividend income:
Residential mortgage $36.8 $35.4 $35.0 $32.6 $34.7
Commercial real estate finance 28.1 27.9 26.4 25.5 25.1
Commercial 23.4 20.8 18.4 17.3 16.8
Consumer 14.1 12.8 11.6 10.9 11.4
Total interest on loans 102.4 96.9 91.4 86.3 88.0
Securities 17.2 17.2 19.4 17.3 18.5
Short-term investments 0.2 0.3 0.1 1.1 0.7
Securities purchased under
agreements to resell 0.1 - - - -
Total interest and dividend income 119.9 114.4 110.9 104.7 107.2
Interest expense:
Deposits 23.6 22.3 21.5 21.3 21.6
Borrowings 2.3 1.2 0.9 0.6 10.9
Subordinated notes 2.8 2.8 2.8 2.8 5.0
Interest allocated to discontinued
operations - - - - (3.6)
Total interest expense 28.7 26.3 25.2 24.7 33.9
Net interest income 91.2 88.1 85.7 80.0 73.3
Provision for loan losses 1.3 2.0 4.3 7.1 (0.1)
Net interest income after
provision for loan losses 89.9 86.1 81.4 72.9 73.4
Non-interest income:
Fee-based revenues:
Service charges on deposit
accounts 15.4 16.8 17.8 17.7 16.9
Insurance revenue 7.4 8.0 6.4 5.1 8.4
Brokerage commissions 3.1 3.2 3.0 3.3 3.6
Other fees 9.6 8.3 7.8 8.5 8.1
Total fee-based revenues 35.5 36.3 35.0 34.6 37.0
Net security gains (losses) (0.1) - 0.2 (0.1) (4.8)
Net gains on sales of residential
mortgage loans 0.6 0.7 0.7 1.3 1.0
Other non-interest income 1.3 1.5 2.8 3.2 1.4
Total non-interest income 37.3 38.5 38.7 39.0 34.6
Non-interest expense:
Compensation and benefits 47.7 45.9 46.5 46.5 55.4
Occupancy and equipment 15.7 16.5 17.6 17.5 17.5
Professional and outside service
fees 6.0 7.8 6.8 5.6 5.6
Liability restructuring costs - - - - 133.4
Other non-interest expense 11.9 13.7 12.9 14.1 15.5
Total non-interest expense 81.3 83.9 83.8 83.7 227.4
Income (loss) from continuing
operations before income tax
expense (benefit) 45.9 40.7 36.3 28.2 (119.4)
Income tax expense (benefit) 16.1 14.4 12.8 5.8 (41.6)
Income (loss) from continuing
operations 29.8 26.3 23.5 22.4 (77.8)
Discontinued operations:
Income from discontinued operations,
net of tax 1.6 1.7 2.0 2.4 0.7
Gain on sale of discontinued
operations, net of tax - - 2.0 0.2 196.3
Income from discontinued
operations 1.6 1.7 4.0 2.6 197.0
Net income $31.4 $28.0 $27.5 $25.0 $119.2
Diluted earnings per common share:
Income (loss) from continuing
operations $0.32 $0.28 $0.25 $0.24 $(0.83)
Income from discontinued operations 0.01 0.02 0.04 0.03 2.10
Net income 0.33 0.30 0.29 0.27 1.27
People's Bank and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS (1)
March 31, 2005 December 31, 2004
Three months ended Average Yield/ Average Yield/
(dollars in millions) Balance Interest Rate Balance Interest Rate
Earning assets:
Short-term investments $43.8 $0.2 1.83% $51.3 $0.3 1.71%
Securities purchased
under agreements to resell 16.1 0.1 3.65 - - -
Securities (2) 2,034.4 17.2 3.38 2,108.1 17.2 3.27
Loans:
Residential mortgage 3,300.6 36.8 4.45 3,229.8 35.4 4.38
Commercial real
estate finance 1,827.0 28.1 6.17 1,821.1 27.9 6.12
Commercial 1,707.5 23.4 5.48 1,551.0 20.8 5.37
Consumer 1,149.2 14.1 4.90 1,116.3 12.8 4.60
Total loans 7,984.3 102.4 5.13 7,718.2 96.9 5.02
Total earning
assets $10,078.6 $119.9 4.76% $9,877.6 $114.4 4.63%
Funding liabilities:
Deposits:
Non-interest-bearing
deposits $2,100.6 $ - - % $2,076.7 $ - - %
Savings, interest-
bearing checking
and money market 4,193.7 9.2 0.87 4,246.1 8.7 0.82
Time 2,411.4 14.0 2.33 2,310.2 13.1 2.27
Total core deposits 8,705.7 23.2 1.07 8,633.0 21.8 1.01
Non-core deposits 141.7 0.4 0.98 185.8 0.5 1.14
Total deposits 8,847.4 23.6 1.07 8,818.8 22.3 1.01
Borrowings:
Federal funds
purchased 250.4 1.5 2.39 220.5 1.1 1.91
Federal Home Loan
Bank advances 125.2 0.7 2.44 19.2 0.1 2.12
Repurchase agreements 6.9 0.1 2.38 - - -
Total borrowings 382.5 2.3 2.41 239.7 1.2 1.93
Subordinated notes 121.8 2.8 9.18 121.8 2.8 9.19
Funding liabilities
allocated to discontinued
operations (3) - - - - - -
Total funding
liabilities $9,351.7 $28.7 1.23% $9,180.3 $26.3 1.14%
Excess of earning
assets over funding
liabilities $726.9 $697.3
Net interest
income/spread $91.2 3.53% $88.1 3.49%
Net interest margin 3.62% 3.57%
(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) Represents an allocation of funding liabilities and interest expense
to discontinued operations.
People's Bank and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS (1)
March 31, 2004
Three months ended Average Yield/
(dollars in millions) Balance Interest Rate
Earning assets:
Short-term investments $268.5 $0.8 1.22%
Securities purchased under
agreements to resell - - -
Securities (2) 2,290.7 18.5 3.24
Loans:
Residential mortgage 3,112.4 34.7 4.46
Commercial real estate finance 1,707.1 25.1 5.89
Commercial 1,341.7 16.8 5.00
Consumer 980.8 11.4 4.65
Total loans 7,142.0 88.0 4.93
Total earning assets $9,701.2 $107.3 4.43%
Funding liabilities:
Deposits:
Non-interest-bearing deposits $1,948.5 $ - - %
Savings, interest-bearing checking
and money market 4,176.7 8.3 0.79
Time 2,310.8 13.0 2.25
Total core deposits 8,436.0 21.3 1.01
Non-core deposits 211.9 0.3 0.67
Total deposits 8,647.9 21.6 1.00
Borrowings:
Federal funds purchased 281.5 0.7 0.94
Federal Home Loan Bank advances 652.7 9.1 5.60
Repurchase agreements 145.4 1.1 2.90
Total borrowings 1,079.6 10.9 4.02
Subordinated notes 221.2 5.0 9.09
Funding liabilities allocated to
discontinued operations (3) (819.0) (3.6) 1.76
Total funding liabilities $9,129.7 $33.9 1.49%
Excess of earning assets
over funding liabilities $571.5
Net interest income/spread $73.4 2.94%
Net interest margin 3.03%
(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) Represents an allocation of funding liabilities and interest expense
to discontinued operations.
People's Bank and Subsidiaries
NON-PERFORMING ASSETS
March Dec. Sept. June March
31, 31, 30, 30, 31,
(dollars in millions) 2005 2004 2004 2004 2004
Non-accrual loans:
Commercial $11.7 $10.3 $12.0 $12.1 $8.4
Commercial real estate finance 7.4 8.7 13.2 11.7 11.9
Residential mortgage 5.5 7.5 7.2 8.8 9.9
Consumer 1.5 0.9 0.9 1.8 2.4
Total non-accrual loans 26.1 27.4 33.3 34.4 32.6
Real estate owned ("REO") and
repossessed assets, net 0.9 1.2 1.1 0.8 0.9
Total non-performing assets $27.0 $28.6 $34.4 $35.2 $33.5
Non-performing loans as a percentage of
total loans 0.32% 0.35% 0.44% 0.47% 0.45%
Non-performing assets as a percentage
of total loans, REO and repossessed
assets 0.33 0.36 0.45 0.48 0.46
Non-performing assets as a percentage
of stockholders' equity and
allowance for loan losses 2.09 2.25 2.73 2.86 2.73
Allowance for loan losses as a
percentage of non-performing loans 280.0 264.6 225.5 212.4 209.5
Allowance for loan losses as a
percentage of total loans 0.90 0.91 0.99 0.99 0.94
People's Bank and Subsidiaries
ALLOWANCE FOR LOAN LOSSES
Three Months Ended
March Dec. Sept. June March
31, 31, 30, 30, 31,
2005 2004 2004 2004 2004
(in millions)
Balance at beginning of period $72.5 $75.0 $73.0 $68.3 $70.5
Charge-offs (1.7) (5.4) (3.2) (3.2) (3.4)
Recoveries 0.9 0.9 0.9 0.8 1.3
Net loan charge-offs (0.8) (4.5) (2.3) (2.4) (2.1)
Provision for loan losses 1.3 2.0 4.3 7.1 (0.1)
Balance at end of period $73.0 $72.5 $75.0 $73.0 $68.3
People's Bank and Subsidiaries
NET LOAN CHARGE-OFFS (RECOVERIES)
Three Months Ended
March Dec. Sept. June March
31, 31, 30, 30, 31,
2005 2004 2004 2004 2004
(in millions)
Consumer $0.6 $0.7 $1.6 $2.2 $2.4
Commercial 0.3 0.7 0.7 0.1 (0.2)
Commercial real estate finance - 3.2 - - (0.1)
Residential mortgage (0.1) (0.1) - 0.1 -
Total $0.8 $4.5 $2.3 $2.4 $2.1
SOURCE People's Bank
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Related links:
http://www.peoples.com
Company News On-Call:
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CONTACT:
Vincent J. Calabrese, Senior Vice President
and Controller, +1-203-338-4114, or Fax, +1-203-338-2362,
vince.calabrese@peoples.com, Valerie C. Carlson, Vice President,
Corporate Communications, +1-203-338-2351, or Fax,
+1-203-338-3461, valerie.carlson@peoples.com
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