Chittenden Bank parent company reports flat earnings

first_imgPeople’s United Bank,People’s United Financial, Inc. (Nasdaq: PBCT) announced July 16, 2009, net income of $27.4 million, or $0.08 per share, for the second quarter of 2009, compared to $26.7 million, or $0.08 per share, for the first quarter of 2009, and $43.0 million, or $0.13 per share, for the second quarter of 2008. Second quarter 2009 earnings reflect continued margin pressure associated with the historically low interest rate environment and the company’s asset sensitive balance sheet, and security gains that served to offset an FDIC special assessment charge.For the second quarter of 2009, return on average tangible assets was 0.57 percent and return on average tangible stockholders’ equity was 3.0 percent, compared to 0.57 percent and 2.9 percent, respectively, for the first quarter of 2009. At June 30, 2009, People’s United Financial’s tangible equity ratio stood at 18.7 percent.The Board of Directors of People’s United Financial declared a $0.1525 per share quarterly dividend, payable August 15, 2009 to shareholders of record on August 1, 2009. Based on the closing stock price on July 15, 2009, the dividend yield on People’s United Financial common stock is 3.9 percent.”Our second quarter performance reflects continued growth in our core commercial and home equity loan portfolios and deposits during a difficult economic environment, specifically as it relates to the current level of interest rates and our asset-sensitive balance sheet,” stated Philip R. Sherringham, President and Chief Executive Officer. “However, the pillars of our financial position – strong asset quality and prudent management of our excess capital – have served us well in these challenging times. Modest levels of net loan charge-offs and nine percent year-over-year growth in our core lending portfolios continue to differentiate us from most in the banking sector. Despite an increase in non-performing assets during the quarter as the economy continued to show signs of weakness, we still believe that any potential losses attributable to those assets will be limited.”Sherringham added, “While we are well-positioned to benefit from future increases in interest rates given our asset-sensitivity, the current rate environment continues to pressure our net interest margin. Our strategic focus remains on expansion through opportunistic acquisitions even as we continue to pursue organic growth throughout our franchise. The strength of our capital and liquidity, asset quality and earnings, as well as the fact that our balance sheet continues to be funded almost entirely by deposits and stockholders’ equity, are features that set us apart from most in the industry.”Sherringham continued, “We believe one important catalyst for growth is our ability to enhance the customer experience. With this in mind, we were very pleased to announce in May that J.D. Power and Associates ranked People’s United Bank ‘Highest Customer Satisfaction with Retail Banking in the New England Region.’ This recognition underscores our long-term commitment to our customers. Our continued core business growth in these challenging times is, of course, the most tangible indication of our customers’ satisfaction.””Significant drivers of the company’s performance this quarter were loan growth across our strategic lending businesses, continued low levels of net loan charge-offs, improved fee income, and expense control, partially offset by continued margin pressure and our decision to increase the allowance for loan losses,” said Paul D. Burner, Senior Executive Vice President and Chief Financial Officer. “Compared to the first quarter of 2009, average commercial banking loans, excluding shared national credits, increased $125 million, or 6 percent annualized, while our home equity loan portfolio increased $20 million, or 4 percent annualized.”Burner continued, “In addition, during the second quarter, mortgage-backed securities with a book value of $723 million were sold, with a portion of the proceeds reinvested in mortgage-backed securities with longer maturities and substantially-equivalent yields. This investment portfolio repositioning, which was undertaken to mitigate prepayment risk, generated security gains totaling $12.0 million. Total non-interest expense, adjusted for the FDIC special assessment charge in the second quarter and one-time charges in the first quarter, increased a modest $1.5 million during the period. The 13 basis point decline in the net interest margin was primarily attributable to an increase of $540 million, or 15 percent annualized, in average deposits during the second quarter that were invested in federal funds at 25 basis points.”Commenting on asset quality, Burner stated, “As previously disclosed, a single shared national credit accounted for $17 million, or 40 percent, of the increase in non-performing loans this quarter. Another $9.1 million, or 22 percent, of the increase was attributable to the residential mortgage portfolio, which is a reflection of higher levels of unemployment across our franchise, while $7.5 million, or 18 percent, of the increase was noted within the equipment financing portfolio, reflecting broader economic weakness. Notwithstanding the increase in non-performing assets, our continued low level of net loan charge-offs in this current economic environment is a testament to our disciplined underwriting standards.”Second quarter net loan charge-offs totaled $6.0 million compared to $6.4 million in the first quarter of 2009. Net loan charge-offs as a percent of average loans on an annualized basis were 0.16 percent in the second quarter of 2009 compared to 0.18 percent in this year’s first quarter. The provision for loan losses in the second quarter of 2009 reflects an $8.0 million increase in the allowance for loan losses to $167.0 million at June 30, 2009.At June 30, 2009, non-performing loans totaled $168.0 million and the ratio of non-performing loans to total loans was 1.15 percent, compared to $126.1 million and 0.86 percent, respectively, at March 31, 2009. Non-performing assets totaled $182.0 million at June 30, 2009, a $40.0 million increase from March 31, 2009. Non-performing assets equaled 1.25 percent of total loans, REO and repossessed assets at June 30, 2009 compared to 0.97 percent at March 31, 2009. At June 30, 2009, the allowance for loan losses as a percentage of total loans was 1.15 percent and as a percentage of non-performing loans was 99 percent, compared to 1.09 percent and 126 percent, respectively, at March 31, 2009.Conference CallOn July 17, 2009, 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 www.peoples.com(link is external) 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 TermsIn 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. Further, the efficiency ratio is used by management in its assessment of financial performance specifically as it relates to non-interest expense control.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 and fair value adjustments, losses on real estate assets and nonrecurring expenses) to net interest income on a fully taxable equivalent basis (excluding fair value adjustments) 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 item of income or expense to be nonrecurring if it is not similar to an item of income or expense of a type incurred within the last two years and is not similar to an item of income or expense of a type reasonably expected to be incurred within the following two years.2Q 2009 Financial HighlightsSummaryNet income totaled $27.4 million, or $0.08 per share.Net interest income on a fully taxable equivalent basis totaled $142.1 million.Net interest margin decreased 13 basis points from 1Q09 to 3.12%.Average investments, excluding mortgage-backed securities, totaled $2.9 billion, or 16% of average earning assets, and yielded 0.27% in 2Q09.Average deposits increased $540 million, or 15% annualized, from 1Q09.Provision for loan losses totaled $14.0 million.Net loan charge-offs totaled $6.0 million in 2Q09 compared to $6.4 million in 1Q09.The allowance for loan losses was increased by $8.0 million in 2Q09 from 1Q09 levels.Non-interest income, excluding net security gains, totaled $73.0 million in 2Q09 compared to $66.8 million in 1Q09.Bank service charges increased $2.5 million from 1Q09.Gains on sales of residential mortgage loans increased $1.9 million from 1Q09.Net security gains totaled $12.0 million in 2Q09 and $5.4 million in 1Q09.Non-interest expense, excluding an FDIC special assessment charge and one-time charges, totaled $164.7 million in 2Q09 compared to $163.2 million in 1Q09.FDIC special assessment charge in 2Q09 totaled $8.4 million.One-time charges in 1Q09 totaled $4.4 million.Effective income tax rate was 30.0% in 2Q09 and 31.2% in the first six months of 2009.Commercial BankingAverage commercial banking loans, excluding shared national credits, increased $125 million, or 6% annualized, from 1Q09 to $8.7 billion.Shared national credits totaled $617.3 million at June 30, 2009, a $55.0 million decrease from March 31, 2009.Non-performing commercial banking assets totaled $122.5 million at June 30, 2009, a $32.6 million increase from March 31, 2009.The ratio of non-performing commercial banking loans to total commercial banking loans was 1.21% at June 30, 2009 compared to 0.85% at March 31, 2009.Net loan charge-offs totaled $3.3 million, or 0.15% annualized, of average commercial banking loans in 2Q09, compared to $3.7 million, or 0.16% annualized, in 1Q09.Retail & Small Business BankingAverage residential mortgage loans totaled $3.0 billion, a $157 million decrease (excluding loans held for sale) from 1Q09, reflecting People’s United Financial’s strategy to sell essentially all newly-originated loans.Average home equity loans increased $20 million, or 4% annualized, from 1Q09 to $2.0 billion.Average indirect auto loans totaled $0.2 billion, unchanged from 1Q09.Home equity net loan charge-offs totaled $0.6 million, or 0.13% annualized, of average home equity loans.Indirect auto net loan charge-offs totaled $0.7 million, or 1.14% annualized, of average indirect auto loans.Wealth ManagementInvestment management fees increased $1.1 million from 1Q09, primarily reflecting the increase in assets under custody and management resulting from the improvement in the equity markets.Insurance revenue declined $1.5 million from 1Q09, reflecting the combination of the seasonal nature of insurance renewals and a continued soft insurance market resulting from the contracting economy.Assets under custody and management, which are not reported as assets of People’s United Financial, totaled $9.4 billion at June 30, 2009 compared to $9.2 billion at March 31, 2009.People’s United Financial, a diversified financial services company with $21 billion in assets, provides commercial banking, retail and small business banking, and wealth management services through a network of nearly 300 branches in Connecticut, Vermont, New Hampshire, Maine, Massachusetts 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 completion of the 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 www.peoples.com(link is external). People’s United Financial, Inc. FINANCIAL HIGHLIGHTS Three Months Ended June March Dec. Sept. June (dollars in millions, 30, 31, 31, 30, 30, except per share data) 2009 2009 2008 2008 2008 Operating Data: Net interest income $141.2 $142.8 $153.3 $159.8 $157.0 Provision for loan losses 14.0 7.9 8.7 6.8 2.4 Non-interest income (1) 85.0 72.2 73.7 74.2 73.4 Non-interest expense (2) 173.1 167.6 165.5 158.7 162.9 Income before income tax expense 39.1 39.5 52.8 68.5 65.1 Net income 27.4 26.7 35.4 46.0 43.0 Selected Statistical Data: Net interest margin (3) 3.12% 3.25% 3.55% 3.71% 3.56% Return on average assets (3) 0.53 0.53 0.71 0.92 0.84 Return on average tangible assets (3) 0.57 0.57 0.76 0.99 0.91 Return on average stockholders’ equity (3) 2.1 2.1 2.7 3.5 3.3 Return on average tangible stockholders’ equity (3) 3.0 2.9 3.8 5.0 4.7 Efficiency ratio 72.3 73.4 69.0 64.9 66.3 Per Common Share Data: Diluted earnings per share $0.08 $0.08 $0.11 $0.14 $0.13 Dividends paid per share 0.15 0.15 0.15 0.15 0.15 Dividend payout ratio 186.2% 188.4% 141.8% 108.7% 116.1% Book value (end of period) $15.31 $15.39 $15.45 $15.65 $15.63 Tangible book value (end of period) 10.77 10.83 10.87 11.06 11.00 Stock price: High 18.54 18.18 20.15 21.76 18.52 Low 14.72 15.61 14.75 13.92 15.52 Close (end of period) 15.07 17.97 17.83 19.25 15.60 Average diluted common shares outstanding (in millions) 332.97 332.78 332.33 331.32 330.19 (1) Includes net security gains of $12.0 million and $5.4 million for the three months ended June 30, 2009 and March 31, 2009, respectively. (2) Includes an FDIC special assessment charge of $8.4 million for the three months ended June 30, 2009. (3) Annualized. People’s United Financial, Inc. FINANCIAL HIGHLIGHTS – Continued Six Months Ended June 30, June 30, (dollars in millions, except per share data) 2009 2008 Operating Data: Net interest income $284.0 $323.3 Provision for loan losses (1) 21.9 10.7 Non-interest income (2) 157.2 155.7 Non-interest expense (3) 340.7 382.1 Income before income tax expense 78.6 86.2 Net income 54.1 58.1 Selected Statistical Data: Net interest margin (4) 3.18% 3.61% Return on average assets (4) 0.53 0.56 Return on average tangible assets (4) 0.57 0.61 Return on average stockholders’ equity (4) 2.1 2.2 Return on average tangible stockholders’ equity (4) 3.0 3.1 Efficiency ratio 72.9 65.6 Per Common Share Data: Diluted earnings per share $0.16 $0.18 Dividends paid per share 0.30 0.28 Dividend payout ratio 187.3% 162.2% Book value (end of period) $15.31 $15.63 Tangible book value (end of period) 10.77 11.00 Stock price: High 18.54 18.52 Low 14.72 14.29 Close (end of period) 15.07 15.60 Average diluted common shares outstanding (in millions) 332.87 329.67 (1) Includes a $4.5 million provision for the six months ended June 30, 2008 to align allowance for loan losses methodologies across the combined organization following the acquisition of Chittenden Corporation. (2) Includes net security gains of $17.4 million and $8.3 million for the six months ended June 30, 2009 and 2008, respectively. (3) Includes an FDIC special assessment charge of $8.4 million for the six months ended June 30, 2009, and merger-related expenses of $36.5 million and other one-time charges of $14.8 million for the six months ended June 30, 2008. (4) Annualized. People’s United Financial, Inc. FINANCIAL HIGHLIGHTS – Continued As of and for the Three Months Ended June March Dec. Sept. June 30, 31, 31, 30, 30, (dollars in millions) 2009 2009 2008 2008 2008 Financial Condition Data: General: Total assets $20,805 $20,681 $20,168 $20,042 $20,392 Loans 14,553 14,648 14,566 14,331 14,366 Short-term investments (1) 3,073 2,756 1,139 2,534 2,265 Securities 491 806 1,902 428 866 Allowance for loan losses 167 159 158 155 152 Goodwill and other acquisition-related intangibles 1,525 1,531 1,536 1,537 1,541 Deposits 15,023 14,846 14,269 14,152 14,532 Borrowings 160 185 188 152 144 Subordinated notes 181 181 181 180 180 Stockholders’ equity 5,137 5,160 5,176 5,239 5,211 Non-performing assets 182 142 94 91 86 Net loan charge-offs 6.0 6.4 5.7 4.0 2.4 Average Balances: Loans $14,595 $14,603 $14,371 $14,310 $14,425 Short-term investments (1) 2,816 1,824 1,610 2,325 2,433 Securities 799 1,275 1,393 715 907 Total earning assets 18,210 17,702 17,374 17,350 17,765 Total assets 20,759 20,258 20,057 20,057 20,492 Deposits 14,886 14,346 14,117 14,193 14,613 Total funding liabilities 15,237 14,721 14,479 14,520 14,939 Stockholders’ equity 5,162 5,164 5,230 5,204 5,202 Ratios: Net loan charge-offs to average loans (annualized) 0.16% 0.18% 0.16% 0.11% 0.07% Non-performing assets to total loans, REO and repossessed assets 1.25 0.97 0.64 0.64 0.60 Allowance for loan losses to non- performing loans 99.4 126.1 186.8 181.6 182.6 Allowance for loan losses to total loans 1.15 1.09 1.08 1.08 1.06 Average stockholders’ equity to average total assets 24.9 25.5 26.1 25.9 25.4 Stockholders’ equity to total assets 24.7 25.0 25.7 26.1 25.6 Tangible stockholders’ equity to tangible assets 18.7 19.0 19.5 20.0 19.5 Total risk-based capital (2) 13.8 13.5 13.4 16.2 17.8 (1) Includes securities purchased under agreements to resell. (2) Total risk-based capital ratios are for People’s United Bank and, as such, do not reflect the additional capital residing at People’s United Financial, Inc. People’s United Bank’s June 30, 2009 total risk-based capital ratio is preliminary. People’s United Financial, Inc. CONSOLIDATED STATEMENTS OF CONDITION June 30, March 31, June 30, (in millions) 2009 2009 2008 Assets Cash and due from banks $343.0 $311.2 $585.7 Short-term investments 2,672.8 2,755.7 1,865.1 Total cash and cash equivalents 3,015.8 3,066.9 2,450.8 Securities: Trading account securities, at fair value 12.2 16.3 29.5 Securities available for sale, at fair value 446.8 757.5 804.2 Securities held to maturity, at amortized cost 0.8 0.8 1.4 Federal Home Loan Bank stock, at cost 31.1 31.1 31.1 Total securities 490.9 805.7 866.2 Securities purchased under agreements to resell 400.0 – 400.0 Loans: Commercial real estate 5,234.2 5,086.7 4,859.7 Commercial 4,094.6 4,239.2 3,987.3 Residential mortgage 2,950.1 3,060.9 3,491.6 Consumer 2,273.7 2,261.0 2,027.6 Total loans 14,552.6 14,647.8 14,366.2 Less allowance for loan losses (167.0) (159.0) (151.7) Total loans, net 14,385.6 14,488.8 14,214.5 Goodwill and other acquisition- related intangibles 1,525.3 1,530.6 1,541.3 Premises and equipment 258.2 260.4 267.2 Bank-owned life insurance 233.0 230.3 225.0 Other assets 496.5 298.4 427.4 Total assets $20,805.3 $20,681.1 $20,392.4 Liabilities Deposits: Non-interest-bearing $3,310.4 $3,238.0 $3,340.3 Savings, interest-bearing checking and money market 6,609.7 6,553.0 6,161.2 Time 5,102.9 5,054.7 5,030.0 Total deposits 15,023.0 14,845.7 14,531.5 Borrowings: Repurchase agreements 145.5 170.5 109.7 Federal Home Loan Bank advances 14.6 14.8 15.4 Other – – 18.7 Total borrowings 160.1 185.3 143.8 Subordinated notes 181.2 180.8 179.8 Other liabilities 304.4 308.9 326.2 Total liabilities 15,668.7 15,520.7 15,181.3 Stockholders’ Equity Common stock ($0.01 par value; 1.95 billion shares authorized; 348.3 million shares, 348.3 million shares and 346.7 million shares issued) 3.5 3.5 3.5 Additional paid-in capital 4,500.6 4,493.9 4,449.7 Retained earnings 974.7 998.8 1,041.8 Treasury stock, at cost (3.3 million shares, 3.3 million shares and 3.3 million shares) (60.1) (60.5) (60.6) Accumulated other comprehensive loss (83.3) (74.7) (17.3) Unallocated common stock of Employee Stock Ownership Plan (198.8) (200.6) (206.0) Total stockholders’ equity 5,136.6 5,160.4 5,211.1 Total liabilities and stockholders’ equity $20,805.3 $20,681.1 $20,392.4 People’s United Financial, Inc. CONSOLIDATED STATEMENTS OF INCOME Three Months Ended June March Dec. Sept. June 30, 31, 31, 30, 30, (in millions, except per share data) 2009 2009 2008 2008 2008 Interest and dividend income: Commercial real estate $70.8 $69.0 $73.9 $75.4 $74.7 Commercial 50.6 50.6 54.9 56.6 56.9 Residential mortgage 37.8 40.7 43.2 45.4 48.4 Consumer 24.0 23.9 25.8 27.2 26.8 Total interest on loans 183.2 184.2 197.8 204.6 206.8 Securities 7.2 9.3 8.5 4.8 7.4 Short-term investments 1.6 1.7 6.1 12.5 9.4 Securities purchased under agreements to resell 0.2 – – 0.5 3.9 Total interest and dividend income 192.2 195.2 212.4 222.4 227.5 Interest expense: Deposits 46.8 48.2 54.6 58.0 65.8 Borrowings 0.4 0.4 0.7 0.8 0.9 Subordinated notes 3.8 3.8 3.8 3.8 3.8 Total interest expense 51.0 52.4 59.1 62.6 70.5 Net interest income 141.2 142.8 153.3 159.8 157.0 Provision for loan losses 14.0 7.9 8.7 6.8 2.4 Net interest income after provision for loan losses 127.2 134.9 144.6 153.0 154.6 Non-interest income: Investment management fees 8.6 7.5 9.6 8.9 9.5 Insurance revenue 6.8 8.3 7.3 8.8 8.1 Brokerage commissions 3.2 3.3 3.2 4.1 4.2 Total wealth management income 18.6 19.1 20.1 21.8 21.8 Bank service charges 32.9 30.4 31.5 33.1 32.4 Merchant services income 6.1 5.8 6.6 7.5 7.1 Bank-owned life insurance 2.7 1.6 1.5 2.1 1.7 Net security gains (losses) 12.0 5.4 0.2 (0.2) (0.2) Net gains on sales of residential mortgage loans 3.8 1.9 0.8 1.5 2.2 Other non-interest income 8.9 8.0 13.0 8.4 8.4 Total non-interest income 85.0 72.2 73.7 74.2 73.4 Non-interest expense: Compensation and benefits 86.6 88.7 83.2 85.6 86.7 Occupancy and equipment 26.3 28.0 26.5 26.1 26.1 Professional and outside service fees 11.7 10.7 12.8 11.9 11.8 Regulatory assessment expense 11.0 1.6 1.4 1.5 1.2 Amortization of other acquisition-related intangibles 5.3 5.2 5.5 5.3 5.3 Merchant services expense 5.2 4.9 5.6 6.8 5.9 Other non-interest expense 27.0 28.5 30.5 21.5 25.9 Total non-interest expense 173.1 167.6 165.5 158.7 162.9 Income before income tax expense 39.1 39.5 52.8 68.5 65.1 Income tax expense 11.7 12.8 17.4 22.5 22.1 Net income $27.4 $26.7 $35.4 $46.0 $43.0 Diluted earnings per common share $0.08 $0.08 $0.11 $0.14 $0.13 People’s United Financial, Inc. CONSOLIDATED STATEMENTS OF INCOME Six Months Ended June 30, June 30, (in millions, except per share data) 2009 2008 Interest and dividend income: Commercial real estate $139.8 $152.9 Commercial 101.2 117.5 Residential mortgage 78.5 101.3 Consumer 47.9 57.9 Total interest on loans 367.4 429.6 Securities 16.5 17.5 Short-term investments 3.3 28.3 Securities purchased under agreements to resell 0.2 7.0 Total interest and dividend income 387.4 482.4 Interest expense: Deposits 95.0 149.5 Borrowings 0.8 2.0 Subordinated notes 7.6 7.6 Total interest expense 103.4 159.1 Net interest income 284.0 323.3 Provision for loan losses 21.9 10.7 Net interest income after provision for loan losses 262.1 312.6 Non-interest income: Investment management fees 16.1 18.3 Insurance revenue 15.1 17.2 Brokerage commissions 6.5 8.7 Total wealth management 37.7 44.2 Bank service charges 63.3 63.1 Merchant services income 11.9 13.5 Bank-owned life insurance 4.3 4.7 Net security gains 17.4 8.3 Net gains on sales of residential mortgage loans 5.7 4.2 Other non-interest income 16.9 17.7 Total non-interest income 157.2 155.7 Non-interest expense: Compensation and benefits 175.3 175.8 Occupancy and equipment 54.3 57.7 Professional and outside service fees 22.4 23.3 Regulatory assessment expense 12.6 2.4 Amortization of other acquisition-related intangibles 10.5 10.5 Merchant services expense 10.1 11.5 Merger-related expenses – 36.5 Other non-interest expense 55.5 64.4 Total non-interest expense 340.7 382.1 Income before income tax expense 78.6 86.2 Income tax expense 24.5 28.1 Net income 54.1 58.1 Diluted earnings per common share $0.16 $0.18 People’s United Financial, Inc. AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) Three months ended June 30, 2009 March 31, 2009 (dollars in Average Yield/ Average Yield/ millions) Balance Interest Rate Balance Interest Rate Assets: Short-term investments $2,543.9 $1.6 0.26% $1,824.3 $1.7 0.37% Securities purchased under agreements to resell 272.5 0.2 0.23 – – – Securities (2) 798.6 7.2 3.60 1,274.7 9.3 2.94 Loans: Commercial real estate 5,154.4 70.8 5.49 5,020.5 69.0 5.50 Commercial 4,175.7 51.5 4.94 4,210.3 51.5 4.89 Residential mortgage 2,988.8 37.8 5.05 3,119.4 40.7 5.22 Consumer 2,275.9 24.0 4.22 2,252.7 23.9 4.24 Total loans 14,594.8 184.1 5.04 14,602.9 185.1 5.07 Total earning assets 18,209.8 $193.1 4.24% 17,701.9 $196.1 4.43% Other assets 2,549.5 2,555.6 Total assets $20,759.3 $20,257.5 Liabilities and stockholders’ equity: Deposits: Non-interest- bearing $3,192.0 $- -% $3,106.1 $- -% Savings, interest- bearing checking and money market 6,600.5 12.1 0.74 6,288.2 12.6 0.80 Time 5,093.5 34.7 2.72 4,951.6 35.6 2.88 Total deposits 14,886.0 46.8 1.26 14,345.9 48.2 1.34 Borrowings: Repurchase agreements 155.8 0.2 0.43 171.1 0.2 0.46 Federal Home Loan Bank advances 14.6 0.2 5.30 14.9 0.2 5.26 Other – – – 8.7 – 1.94 Total borrowings 170.4 0.4 0.84 194.7 0.4 0.89 Subordinated notes 181.0 3.8 8.36 180.7 3.8 8.37 Total funding liabilities 15,237.4 $51.0 1.34% 14,721.3 $52.4 1.42% Other liabilities 359.8 372.6 Total liabilities 15,597.2 15,093.9 Stockholders’ equity 5,162.1 5,163.6 Total liabilities and stockholders’ equity $20,759.3 $20,257.5 Net interest income/ spread (3) $142.1 2.90% $143.7 3.01% Net interest margin 3.12% 3.25% (1) Average yields earned and rates paid are annualized. (2) Average balances and yields for securities available for sale are based on amortized cost. (3) The FTE adjustment was $0.9 million for the three months ended June 30, 2009, March 31, 2009 and June 30, 2008. People’s United Financial, Inc. AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) June 30, 2008 Three months ended Average Yield/ (dollars in millions) Balance Interest Rate Assets: Short-term investments $1,663.1 $9.4 2.25% Securities purchased under agreements to resell 769.7 3.9 2.05 Securities (2) 907.3 7.4 3.25 Loans: Commercial real estate 4,798.5 74.7 6.22 Commercial 4,000.5 57.8 5.78 Residential mortgage 3,629.3 48.4 5.34 Consumer 1,997.0 26.8 5.37 Total loans 14,425.3 207.7 5.76 Total earning assets 17,765.4 $228.4 5.14% Other assets 2,726.8 Total assets $20,492.2 Liabilities and stockholders’ equity: Deposits: Non-interest-bearing $3,172.4 $- -% Savings, interest-bearing checking and money market 6,219.5 19.0 1.22 Time 5,220.6 46.8 3.59 Total deposits 14,612.5 65.8 1.80 Borrowings: Repurchase agreements 110.9 0.5 1.71 Federal Home Loan Bank advances 16.0 0.2 5.22 Other 19.5 0.2 3.93 Total borrowings 146.4 0.9 2.39 Subordinated notes 179.6 3.8 8.42 Total funding liabilities 14,938.5 $70.5 1.89% Other liabilities 351.9 Total liabilities 15,290.4 Stockholders’ equity 5,201.8 Total liabilities and stockholders’ equity $20,492.2 Net interest income/spread (3) $157.9 3.25% Net interest margin 3.56% (1) Average yields earned and rates paid are annualized. (2) Average balances and yields for securities available for sale are based on amortized cost. (3) The FTE adjustment was $0.9 million for the three months ended June 30, 2009, March 31, 2009 and June 30, 2008. People’s United Financial, Inc. AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) Six months ended June 30, 2009 June 30, 2008 (dollars in Average Yield/ Average Yield/ millions) Balance Interest Rate Balance Interest Rate Assets: Short-term investments $2,186.1 $3.3 0.30% $1,971.1 $28.3 2.86% Securities purchased under agreements to resell 137.0 0.2 0.23 578.6 7.0 2.45 Securities (2) 1,035.3 16.5 3.20 963.6 17.5 3.63 Loans: Commercial real estate 5,087.8 139.8 5.50 4,773.9 152.9 6.40 Commercial 4,192.9 103.0 4.91 3,951.0 119.4 6.05 Residential mortgage 3,053.8 78.5 5.14 3,767.3 101.3 5.38 Consumer 2,264.4 47.9 4.23 1,988.8 57.9 5.82 Total loans 14,598.9 369.2 5.06 14,481.0 431.5 5.96 Total earning assets 17,957.3 $389.2 4.33% 17,994.3 $484.3 5.38% Other assets 2,552.5 2,698.4 Total assets $20,509.8 $20,692.7 Liabilities and stockholders’ equity: Deposits: Non-interest- bearing $3,149.3 $- -% $3,159.2 $- -% Savings, interest- bearing checking and money market 6,445.2 24.7 0.77 6,251.2 43.7 1.40 Time 5,022.9 70.3 2.80 5,371.9 105.8 3.94 Total deposits 14,617.4 95.0 1.30 14,782.3 149.5 2.02 Borrowings: Repurchase agreements 163.4 0.4 0.44 113.6 1.3 2.17 Federal Home Loan Bank advances 14.8 0.4 5.28 17.2 0.4 5.02 Other 4.3 – 1.95 21.4 0.3 2.70 Total borrowings 182.5 0.8 0.87 152.2 2.0 2.57 Subordinated notes 180.8 7.6 8.37 182.7 7.6 8.28 Total funding liabilities 14,980.7 $103.4 1.38% 15,117.2 $159.1 2.10% Other liabilities 366.2 367.4 Total liabilities 15,346.9 15,484.6 Stockholders’ equity 5,162.9 5,208.1 Total liabilities and stockholders’ equity $20,509.8 $20,692.7 Net interest income/spread (3) $285.8 2.95% $325.2 3.28% Net interest margin 3.18% 3.61% (1) Average yields earned and rates paid are annualized. (2) Average balances and yields for securities available for sale are based on amortized cost. (3) The FTE adjustment was $1.8 million and $1.9 million for the six months ended June 30, 2009 and 2008, respectively. People’s United Financial, Inc. NON-PERFORMING ASSETS June March Dec. Sept. June 30, 31, 31, 30, 30, (dollars in millions) 2009 2009 2008 2008 2008 Non-accrual loans: Commercial real estate $75.0 $53.8 $29.8 $29.9 $31.9 Residential mortgage 51.4 42.3 24.2 21.1 18.3 Commercial 21.3 16.3 21.1 23.9 23.4 PCLC 16.5 9.0 5.8 6.9 6.4 Consumer 3.8 4.6 3.3 3.2 3.1 Indirect auto – 0.1 0.1 0.1 – Total non-accrual loans (1) 168.0 126.1 84.3 85.1 83.1 Real estate owned (“REO”) and repossessed assets, net 14.0 15.9 9.4 6.3 3.3 Total non-performing assets $182.0 $142.0 $93.7 $91.4 $86.4 Non-performing loans as a percentage of total loans 1.15% 0.86% 0.58% 0.59% 0.58% Non-performing assets as a percentage of: Total loans, REO and repossessed assets 1.25 0.97 0.64 0.64 0.60 Tangible stockholders’ equity and allowance for loan losses 4.82 3.75 2.47 2.37 2.26 (1) Reported net of government guarantees totaling $7.1 million at June 30, 2009, $7.2 million at March 31, 2009, $6.5 million at December 31, 2008, $6.4 million at September 30, 2008 and $6.6 million at June 30, 2008. PROVISION AND ALLOWANCE FOR LOAN LOSSES Three Months Ended June March Dec. Sept. June 30, 31, 31, 30, 30, (dollars in millions) 2009 2009 2008 2008 2008 Balance at beginning of period $159.0 $157.5 $154.5 $151.7 $151.7 Charge-offs (6.9) (6.9) (6.9) (5.0) (3.6) Recoveries 0.9 0.5 1.2 1.0 1.2 Net loan charge-offs (6.0) (6.4) (5.7) (4.0) (2.4) Provision for loan losses 14.0 7.9 8.7 6.8 2.4 Balance at end of period $167.0 $159.0 $157.5 $154.5 $151.7 Allowance for loan losses as a percentage of: Total loans 1.15% 1.09% 1.08% 1.08% 1.06% Non-performing loans 99.4 126.1 186.8 181.6 182.6 NET LOAN CHARGE-OFFS Three Months Ended June March Dec. Sept. June 30, 31, 31, 30, 30, (dollars in millions) 2009 2009 2008 2008 2008 PCLC $1.8 $0.8 $0.5 $0.2 $0.1 Consumer 1.2 1.2 0.9 0.6 0.7 Commercial 1.1 1.9 1.2 1.1 0.8 Residential mortgage 0.8 0.5 0.8 0.1 – Indirect auto 0.7 1.0 0.8 0.8 0.3 Commercial real estate 0.4 1.0 1.5 1.2 0.5 Total $6.0 $6.4 $5.7 $4.0 $2.4 Net loan charge-offs to average loans (annualized) 0.16% 0.18% 0.16% 0.11% 0.07% SOURCE: People’s United Financial, Inc. BRIDGEPORT,Conn., July 16 /PRNewswire-FirstCall/ —last_img read more

Live like royalty in tower’s crowning glory

first_imgA render showing the kitchen and living space inside The Monarchs at 443 Queen StBuyers can live like royalty, with Brisbane’s new “super homes in the sky” released to the market.The Monarchs start from $2.76 million, and sit at the top of 443 Queen St, which is being developed by Cbus Property. 443 Queen St by CBUSDesigned by Singapore-based WOHA and Brisbane-based Architectus, the building has been described as an “urban oasis” – it will have sky parks and gardens throughout the tower.Residents-only amenities include private dining and lounge areas with a fireplace, a MasterChef kitchen, multiple barbecue and outdoor dining areas, a 25m infinity edge pool overlooking the Brisbane River, poolside cabana lounges and sun decks, a relaxation and yoga zone, a gym and outdoor gardens with a walking track. Just 10 of The Monarchs – dubbed ‘super sky homes in the sky’ – are available at 443 Queen St. They start from $2.76 millionCbus Property CEO Adrian Pozzo said there had been a surge in $2 million-plus luxury apartment sales in Brisbane.“Economic benefits, record infrastructure, increased interstate migration and downsizers looking for the luxuries of a freestanding home close to the city are key lifestyle factors driving this trend,” Mr Pozzo said.Just recently, a luxury sky home at The Abian in the Brisbane CBD sold for $4.15 million.It was purchased by a couple from Wagga Wagga in New South Wales who plan to retire to the city.Another sky home apartment in the Admiralty precinct recently sold for $2.725 million. More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoMr Pozzo expected strong interest in The Monarchs, which he said offered an “exciting new pavilion-style of exclusive living”.Just 10 The Monarchs super homes will be available for purchase, with each one boasting three or four large bedrooms, 3m-high ceilings and a prime double-corner position with perimeter glazing making each floor plan unique. Each one also has open plan living spaces, a luxurious kitchen fitted with Gaggenau appliances, large bathrooms with ample storage, a screened drying balcony, hardwood floors and natural stone.The size of each The Monarchs sky home is “comparable to a freestanding family home” at 193sq m which is 4sq m larger than the average floor size of a new Australian home (houses and apartments), according to a recent CommSec Economic Insights report.In addition to The Monarchs, 443 Queen St has two penthouses priced at $6.5 million and $7.5 million. 443 Queen Street’s location and unique design has created an island site, which means all apartments and amenities have river views. The first render showing the internal layout of one of two penthouses available at 443 Queen St. Prices start from $6.5 million.The overall design of 443 Queen St – built exclusively for Brisbane – moves away from a typical “sealed square plan” tower to open up and naturally ventilate every apartment. last_img read more

Keane: I regret Ferguson apology

first_imgRoy Keane says he regrets apologising to Sir Alex Ferguson over the notorious MUTV interview which hastened his acrimonious departure from Manchester United. Ferguson criticised Keane in his autobiography last year and Keane has hit back at the former United manager with a host of barbs and criticisms in his own book. The Second Half, Keane’s updated autobiography, was due to be released on Thursday, but a Tesco store in Burnage made a huge blunder by putting the books on sale 72 hours early and the contents were published by national newspaper websites soon after. Press Association Keane writes about his exchange with the Portuguese: ”I said, ‘Don’t you f****** talk to me about loyalty, Carlos. You left this club after 12 months a few years ago for the Real Madrid job. Don’t you dare question my loyalty’.” The Irishman then directed his ire towards Ferguson, who had stepped in to stop the row between his assistant and captain. ”You as well gaffer. We need f****** more from you,” Keane claims he said to the United manager. ”We need a bit more, gaffer. We’re slipping behind other teams.” Keane, who moved to Celtic to play out the final five months of his career, claims his departure from United cost him a lot of money because he was due to receive a £1million bonus if he had played in 50 per cent of the first-team games in that 2005-06 season. When Keane was called into Ferguson’s office in November 2005, he says he knew the manager was going to inform him he wanted him out of the club. Keane writes: ”I said to Ferguson, ‘Can I play for somebody else?’ And he said, ‘Yeah you can, cos we’re tearing up your contract’. So I thought, ‘All right – I’ll get fixed up’. I knew there’d be clubs in for me when the news got out. I said, ‘Yeah – I think we have come to the end’. I just thought, ‘F******’ p****’ – and I stood up and went ‘Yeah. I’m off’.” In the book, Keane also writes about a drunken fight with Peter Schmeichel, hits out at Rio Ferdinand for missing a drugs test, and claims he does not regret making the tackle that effectively ended Alf-Inge Haaland’s career – although the Irishman says he never intended to hurt the former Manchester City midfielder. Keane was the main recipient of the hair dryer treatment in Ferguson’s book and it appears the Irishman has returned the favour by hitting out at his former boss in The Second Half. Keane says Ferguson was ill-advised to pursue a legal case against John Magnier and JP McManus over the stud fees from the Rock of Gibraltar racehorse. And the former United captain effectively withdrew an apology he gave to Ferguson after the MUTV interview in which Keane was alleged to have criticised several of his team-mates. ”Now I kind of wish I hadn’t (apologised). Afterwards I was thinking, ‘I’m not sure why I f****** apologised’. I just wanted to do the right thing,” Keane writes, according to the newspaper websites. Ferguson claimed Keane challenged his authority with the criticism of several members of the United squad, including Rio Ferdinand, Darren Fletcher and Alan Smith. But Keane, who claims in the book that someone at United leaked details about the tape, says his criticisms were not harsh. “The idea that I was in the studio ranting and raving, no… I was told the interview was being pulled. They couldn’t believe what I had said. I didn’t think it was too bad. I thought everyone was overreacting.” Keane does not try to play down the severity of a row with Ferguson, and his assistant Carlos Queiroz, who apparently accused the former United skipper of disloyalty. last_img read more

Castine’s Bob Ciano wins Bucksport Bay Festival 5K

first_imgBUCKSPORT — Bob Ciano, 62, of Castine placed first of more than 130 runners in Saturday’s Bucksport Bay Festival 5K.Ciano was the first male finisher with a time of 19 minutes and 19.8 seconds. Katherine Marshall, 34, of Houston, Texas, was the first female in 20:17.3.The following won their age divisions:Female age 12 and under: Katrina Modrusan, 6, of Bangor (49:20.2).This is placeholder textThis is placeholder textMale age 12 and under: Charlie Collins, 12, of Winterport (21:37.4).Female age 13-17: Heather Perkins, 15, of Pittsfield, Mass. (24:31.1).Male age 13-17: Matthew Shea, 14, of Ellsworth (20:00.5).Female age 18-29: Alissa Schlote, 26, of Ottawa, Ontario (23:39.0).Male age 18-29: Ezra Dean, 22, of Orono (20:24.8).Female age 30-39: Laura Ramboer, 38, of Cathance Township (22:48.6).Male age 30-39: Scott Porter, 36, of Portland (21:07.1).Female age 40-49: Robin Clarke, 46, of Ellsworth (22:00.7).Male age 40-49: Greg Dean, 42, of Levant (20:37.4).Female age 50-59: Mary Buck, 52, of Mechanicville, NY (21:54.2).Male age 50-59: Laurent Houssel, age 51 (19:28.0).Female age 60-69: Shannon Martin, 64, of Bloomington, Indiana (27.57.7).Male age 60-69: Ed Hughes, 62, of Bangor (20:38.1).Female age 70-79: Mary Alice Bruce, age 77 (40:17.5).Male age 70-79: Tony Swebilus, 72, of Morrill (23:48.3).last_img read more

Leicester scramble to unlock ’14 seconds’ Silva shambles

first_img“I’ve spoken to him. I feel for the lad. He is not only so keen to come, but the deal was also agreed between the clubs, it is just the finalisation.Adrien Silva“It is World Cup year for the player and he is in limbo. He is a strong character and I am sure he will be fine.”Leicester are working to overturn FIFA’s decision.“We are still trying to finalise it, it is still up in the air,” said Shakespeare. “It is important to keep a level head. In truth, I don’t understand it all. You identify the players then you leave the other bits to the legal people.”Share on: WhatsApp Manager Craig ShakespeareLondon, United Kingdom | AFP | Portugal midfielder Adrien Silva has been unable to train and remains in limbo as Leicester City bid to sort out his future, manager Craig Shakespeare said on Friday.The 2015/16 Premier League champions agreed a deal with Sporting Lisbon for the 28-year-old on August 31, the final day of the summer transfer window.But the club reportedly missed the deadline to register their new signing by a mere 14 seconds.Leicester officials are confident the necessary paperwork was sent before the midnight deadline, having been granted an hour’s extension to complete the deal.Sporting insist the deal is binding but the uncertainty currently leaves Silva in limbo, unable to play and even train with Leicester even though he is in the city.“No he is not training,” said Leicester boss Shakespeare ahead of Saturday’s home game against current champions Chelsea.last_img read more

Adopt-A-Pet Dog of the Week

first_imgFacebook50Tweet0Pin0 Submitted by Adopt-A-Pet of SheltonLook at that happy face! Sattin is a young Labrador Retriever mix with a beautiful black shiny coat and sparkling brown eyes. This energetic young girl is about 18 months old. She is still learning and needs a patient owner who will continue to work with her and give her lots of attention, exercise, and love.Sattin is a work in progress but everyone who has worked with her can see so much potential if she can be kept busy and out of trouble. She would probably do best with an active family who can spend time training and exercising this smart, athletic girl. We would not recommend young children because of her high energy level.For the right family who can let Sattin enjoy the pleasures of being a young and playful dog while working with her to learn self-control, Sattin could be the dog you have always been looking for.We have lots of great dogs at our dog shelter on Jensen Road in Shelton, which we list on our website at www.adoptapet-wa.org and on our Facebook page.  We always welcome volunteers and donations to help care for them.  Contact us at www.adoptapet-wa.org or contact us at thedoghouse3091@hotmail.com or (360) 432-3091.last_img read more

India suffers double elimination in World Athletics Championships with Javelin and 4×400 relay teams…

first_imgImage Courtesy: Reuters/APAdvertisement azasNBA Finals | Brooklyn Vshx30Wingsuit rodeo📽Sindre E4g1z9( IG: @_aubreyfisher @imraino ) rc2sjWould you ever consider trying this?😱8aw0Can your students do this? 🌚jzyRoller skating! Powered by Firework Saturday’s qualification round for the final ended in a disarray for India as Javelin thrower Shivpal Singh and the men’s and women’s 4x400m relay teams were unable to put together an impressive performance, as they saw their exits from the 2019 World Athletics Championships at the Khalifa International Stadium in Doha.Advertisement Image Courtesy: Reuters/APShivpal, who secured a silver medal in Men’s javelin throw category this year at the Asian Athletics Championships, along with his personal best of 86.23m, failed to qualify for the final round.The 24 year old, who hails from Varanasi, opened up with a throw of 75.91m, managed to produced his day’s best of 78.97m, in the second one, falling short of the minimum qualifying mark of 84m, finishing  10th in the Group A qualification round. His third throw was considered a foul.Advertisement The women’s relay quartet of Jisna Mathew, M R Poovamma, V K Vismaya and Venkatesan Subha, managed to finish the run in 3 minutes 29.42 seconds. Although besting out their previous fastest time of 3 minutes and 31.93 seconds in the IAAF World Relays in Japan back in May, the ladies failed to qualify for the finals after finishing in 6th position in the sixth in heat number one, and an overall finish of 11th in the first round heats.Soon after, the men’s team, including the likes of Amoj Jacob, Muhammed Anas, K.S. Jeevan and Noah Nirmal Tom, clocked their best of 3 minutes and 03.09 seconds, ended the event with a seventh finish in heat number 2 and 13th overall in the first round.Advertisement Advertisementlast_img read more