Month: January 2021

Senate vote means $19 million for education and $37 million for Medicaid for Vermont

first_imgIn a crucial showdown vote, the U.S. Senate today advanced a bill to preserve the jobs of teachers and extend emergency Medicaid payments to states. In Vermont, the measure includes $19 million for teachers and $30 million to $40 million for health care.Winning approval of the relief funds for Vermont has been a high priority of Vermont’s congressional delegation and the state of Vermont.Sen. Patrick Leahy (D-Vt.) said, “During the economic downturn, more Vermonters have relied on our state-run Medicaid program for basic health care, and that is straining Vermont’s budget.  Without this extension of federal help, before long our state could be forced to cut essential services and more jobs.  We have kept the pressure on, and the Senate has finally taken this important step toward providing this sorely needed infusion.”  “In the midst of this horrendous recession – and at the same time we want our kids to get the best education possible – I am glad that we could overcome a Republican filibuster and save hundreds of jobs in our schools,” said Sen. Bernie Sanders (I-Vt.), a member of the Senate education committee. “Further, with extremely high property taxes and a hard-pressed state government, this bill also will provide much-needed funds for Vermont and other states that desperately need that help.”The education funding would avert layoffs of hundreds of thousands of public school teachers nationwide. The amendment would provide $10 billion for additional support to local school districts and help keep nearly 140,000 educators employed next year.Vermont would receive $19.3 million to fund an estimated 300 jobs in public schools, according to U.S. Department of Education estimates.  The Senate vote came as Vermont school officials were notifying 283 school districts across the state of spending cuts totaling more than $23 million (STORY). Just as students are returning to classrooms this fall, the increased federal education dollars would fund jobs for teachers who have been laid off or who could face losing their jobs in the next school year.The $16 billion for a temporary increase in federal Medicaid assistance would provide critical help for states struggling to maintain their Medicaid programs at a time of high enrollment and lagging state revenue.Vermont’s share of the Medicaid assistance would total approximately $37 million, according to the state Joint Fiscal Office.Nationwide, the Federal Medical Assistance Percentage – the federal share of Medicaid – would be increased by 3.2 percentage points from January to March 2011, and 1.2 percentage points from April to June 2011for all states, and by additional percentage points for states with high unemployment.  The temporary increases were enacted in last year’s American Recovery and Reinvestment Act in response to the increased Medicaid caseloads and decreased state revenues resulting from the recession.  That increase is scheduled to expire on December 31, 2010.  The new measure would continue the additional federal assistance for six months. By a vote of 61 to 38, the Senate cut off a filibuster and moved toward final passage of the bill.  The Senate is expected later this week to complete action on the measure, which must return to the House for a final vote before it is sent to President Obama.Source: Vermont congressional delegation. 8.4.2010last_img read more

Burlington has lowest unemployment rate east of the Mississippi

first_imgWith Labor Day figures showing the nation’s unemployment rate stuck at 9.6 percent, the Burlington area’s employment figures continue to be well below the national and state average. With an unemployment rate of 5 percent (July), the Burlington/South Burlington Metropolitan Statistical Area (which includes all of Chittenden, Franklin and Grand Isle Counties) has the lowest rates of any MSAs east of the Mississippi, and is 7th lowest in the nation out of 372 MSAs. The state rate was 6 percent.‘Mayor Kiss is pleased that employment numbers in Burlington and the area are not only healthy, but among the lowest in the nation during this difficult time,’ said Joe Reinert, Assistant to and spokesman for Mayor Bob Kiss. ‘As we have continued to unroll a major infrastructure investment in the City’s roads this summer, these numbers are a positive indication for business and people in Burlington.’To those closely tuned in to the local economy, the unemployment figures are in line with how Burlington has weathered the economic downturn. ‘I am very pleased with how we are doing nationally. Thankfully, we have not experienced the downturn in the same way that many cities in the nation have,’ says Bruce Seifer, Assistant Director of Economic Development for Burlington’s Community & Economic Development Office (CEDO). ‘With locally owned companies such as Dealer.com choosing to stay and grow their businesses in Burlington,’ says Seifer, ‘I see that trend continuing.’The health of the local economy is evident in the South End of Burlington, where Dealer.com is based. In April, the company announced plans for a $10 million expansion, and with it the creation of 300 new jobs over the next three years. ‘We are happy to be a part of Burlington’s success and make our contribution to the area’s economy,’ says Mike Lane, Dealer.com’s Chief Operating Officer and Founder.Source: City of Burlington. Vermont Department of Labor. 9.9.2010- 30 –last_img read more

People’s United reports earnings up for fourth quarter, down for year; additional share repurchase approved

first_img    charges totaling $58.9 million and $4.5 million for the twelve months ended Dec. 31, 2010 Borrowings: Net interest income (1)$            702.3$            580.2    Stockholders’ equity to total assets20.824.524.725.424.0  Non-interest-bearing$   3,320.4$        —   %    Close (end of period)14.0113.0913.5015.6216.70  Average Balances: Originated non-performing loans as a percentage of originated loans (3)1.68%1.77%1.56%1.36%1.19% (dollars in millions, except per share data)20102010201020102009 Yield/ 3.19% Net interest income/spread (3)  Stock price:  Non-interest expense (1)206.9194.2209.8200.3172.2 Other assets3,163.5  Net income (2, 4)32.024.116.013.624.9 Selected Statistical Data: NON-PERFORMING ASSETS AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)  Return on average tangible assets (3)0.610.480.320.280.51  Return on average stockholders’ equity (3)2.41.81.21.02.0  Return on average tangible stockholders’ equity (3)3.72.71.71.52.8 (1)  Average balances and yields for securities available for sale are based on amortized cost. Dec. 31,Sept. 30,June 30,March 31,Dec. 31, SOURCE People’s United Financial, Inc.CONTACT: Investors, Peter Goulding, CFA, Investor Relations, +1-203-338-6799, peter.goulding@peoples.com(link sends e-mail), or Media, Brent DiGiorgio, Corporate Communications, +1-203-338-3135, brent.digiorgio@peoples.com(link sends e-mail) Web Site: http://www.peoples.com(link is external) Non-interest expense:     at People’s United Financial, Inc. People’s United Bank’s Dec. 31, 2010 total risk-based capital ratio is preliminary.  Net income (3,4)85.7101.2  Tangible book value (end of period) (4)9.3010.0710.1410.2510.68 Interest expense:  Provision for loan losses10.921.817.89.513.6    Low12.2012.5613.4915.0715.15 Other assets604.7559.1445.9 Three Months Ended  Merchant services expense5.35.85.34.85.2  Net security gains (losses)(1.0)22.0      been considered by virtue of our estimate of acquisition-date fair value and/or the existence of an FDIC loss-share agreement. Financial Results: Recoveries1.30.81.21.40.9      months ended Dec. 31, 2010, Sept. 30, 2010, June 30, 2010, March 31, 2010 and Dec. 31, 2009, respectively.      REO and repossessed assets (2)2.072.182.011.741.44 NET LOAN CHARGE-OFFS CONSOLIDATED STATEMENTS OF INCOME    Total funding liabilities16,263.2$ 129.80.80%15,237.6$ 190.01.25% (1) Fully taxable equivalent Other liabilities384.7 Add: Fair value adjustments(2.5)1.01.01.61.6    Operating earnings$            125.4$            104.3 (in millions, except per share data)20102010201020102009 16,550.4    Total assets22,96121,95521,87221,26021,132  Short-term investments0.60.81.51.71.8 (dollars in millions)20102009    Loans17,51815,21515,21515,31114,234 Selected Statistical Data: $ 190.73.76%  Consumer2,177.92,176.52,245.0 (4) See non-GAAP financial measures and reconciliation to GAAP.  Return on average stockholders’ equity1.62.0 (2)  The FTE adjustment was $3.3 million and $3.4 million for the twelve months     ended Dec. 31, 2010 and 2009, respectively. Less: Net security gains-22.0    Close (end of period)14.0116.70  Occupancy and equipment114.4109.8    Total non-interest expense811.2684.6  Other non-interest income16.915.014.511.010.6      June 30, 2010, March 31, 2010 and Dec. 31, 2009, respectively, less related income taxes.    and money market7,145.411.90.66 Securities (2)887.18.43.76    High17.0818.54 3.73%  Return on average tangible assets0.420.53  Residential mortgage111.8145.0    Deposits17,93315,67515,83415,39715,446 Total non-interest income75.975.976.870.671.7 Other assets2,969.9  Net gains on sales of residential mortgage loans4.22.42.72.83.0 (dollars in millions)BalanceInterestRateBalanceInterestRate    Operating earnings$              36.7$              27.7$              31.8$              29.2$              28.0    Stockholders’ equity5,2195,3655,4135,4795,101 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP (3) Annualized.      and Dec. 31, 2009, respectively.    Total earning assets19,79718,95618,95018,46918,582 (dollars in millions, except per share data)20102009 Three Months Ended  Trading account securities, at fair value83.583.575.7  376.6 million shares, 374.6 million shares and 348.2 million shares issued)3.73.73.5  Non-interest income75.975.976.870.671.7  Originated non-performing loans70.368.678.589.7102.2  Repurchase agreements501.3244.2144.1 TANGIBLE BOOK VALUE    Total liabilities17,625.6    Total interest on loans779.8727.1 (1) Includes securities purchased under agreements to resell. Stockholders’ equity5,368.3    Subordinated notes182183183182182 Liabilities and stockholders’ equity:    Average stockholders’ equity to average total assets23.224.625.024.824.2 Dec. 31, 2010Dec. 31, 2009 share are used to analyze the relative strength of People’s United Financial’s capital position. 15,616.1 Allowance for loan losses as a percentage of:    Total interest on loans206.3193.7196.1183.7177.1 As of and for the Three Months Ended Yield/  Merger-related expenses4.81.02.814.72.0 2,546.0    Stockholders’ equity5,3355,4045,4585,2755,106 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued    Total deposits15,813.1112.80.7114,888.3173.41.16 Three Months Ended Financial Results: Yield/Average system conversion costs, and one-time charges related to executive-level management separation    Income before income tax expense47.935.723.020.433.4    In addition to evaluating People’s United Financial’s results of operations in accordance with U.S. generally  Securities43.532.4 real estate assets and non-recurring expenses) (the numerator) to (ii) net interest income on a fully taxable  Bank service charges126.3128.8    Total risk-based capital (3)14.816.416.616.314.1 Deposits:  Net gains on sales of residential mortgage loans12.113.9    Net loan charge-offs to  Dividend payout ratio172.5%230.4%352.0%376.2%204.7% 3.85% CONSOLIDATED STATEMENTS OF CONDITION Dec. 31,Sept. 30,Dec. 31,    Total liabilities and stockholders’ equity$ 21,132.1    Goodwill and other acquisition-related intangibles1,9621,7721,7781,7671,515 Three months endedAverage Tangible book value per share$              9.30$            10.07$            10.14$            10.25$            10.68  Weighted average diluted common shares (in millions)352.53354.99358.24344.82332.56 Dec. 31,Dec. 31,    Total earning assets18,581.8$ 188.34.05%    Borrowings1,011254141175159    Net interest income699.0576.8  Securities held to maturity, at amortized cost55.155.155.3 Short-term investments$   1,725.0$     4.60.27%$   2,386.5$     6.50.27% 3.69% Dec. 31, 2009    Operating earnings per share$              0.10$              0.08$              0.09$              0.08$              0.08    Total$            265.6$            254.2$            253.8$            233.6$            222.4    Net income$        85.7$      101.2    Total assets$ 25,037$ 21,897$ 21,950$ 21,588$ 21,257  Federal Home Loan Bank stock, at cost63.633.931.1 goodwill and other acquisition-related intangibles) (the denominator). Tangible book value per share is  Equipment financing36.035.137.023.120.6 Goodwill and other acquisition-related intangibles1,962.01,772.31,515.2 Other liabilities390.0 Bank-owned life insurance291.8253.6250.5 378.5 Securities purchased under agreements to resell456.20.90.20421.10.80.19  Originated loans, REO and repossessed assets (3)2.072.182.011.741.44  Repurchase agreements350.00.50.54178.50.20.47 AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) Represents pre-tax merger-related expenses, core system conversion costs and one-time Interest and dividend income:    Total deposits17,933.115,674.915,445.6 (3) Operating earnings were $125.4 million and $104.3 million for the twelve months ended Dec. 31, 2010 (3) Total risk-based capital ratios are for People’s United Bank and, as such, do not reflect the additional capital residing Assets: Common stock ($0.01 par value; 1.95 billion shares authorized; Non-interest income: Other liabilities691.9421.1370.2 common shares classified as treasury shares and unallocated ESOP common shares). AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued  Commercial real estate6,054.385.95.675,464.776.35.59    Total liabilities19,817.816,532.816,156.5 equivalent adjustment on bank-owned life insurance income, and excluding gains and losses on sales of      includes an FDIC special assessment charge of $8.4 million for the twelve months ended Dec. 31, 2009. Per Common Share Data:  Insurance revenue6.98.36.37.37.0 Originated non-performing loans: Financial Condition Data:    Total liabilities and stockholders’ equity$ 25,037.1$ 21,897.3$ 21,257.2 Stockholders’ equity5,334.9  Non-interest expense (2)811.2684.6  Residential mortgage2,529.7111.84.422,880.1145.05.04 $ 21,954.6 FINANCIAL HIGHLIGHTS – Continued Twelve months endedAverage  Commercial real estate$        85.9$        76.3$        75.6$     74.3$   74.1 (dollars in millions)20102010201020102009         Fair value adjustments0.80.80.80.80.8  Federal Home Loan Bank advances178.20.71.689.80.15.19 Twelve Months Ended  Securities13.612.69.28.18.4  Net loan charge-offs(10.9)(21.8)(17.8)(9.5)(13.6)    Tangible assets$          23,075$          20,125$          20,172$          19,821$          19,742 Acquired non-performing loans (2)$ 359.8$    59.4$   60.1$     51.7$        – Dec. 31,Dec. 31, calculated by dividing tangible stockholders’ equity by common shares (total common shares issued, less      one-time charges totaling $7.0 million, $5.3 million, $23.2 million, $23.4 million and Less: Goodwill and other    Total interest expense31.031.733.134.040.0 5,404.2 Provision for loan losses10.921.817.89.513.6         Fair value adjustments3.23.1    Total loans14,231.1177.95.00  Commercial real estate$   82.5$    85.0$   67.2$     65.8$   72.4  Weighted average diluted common shares (in millions)352.67333.17 (dollars in millions)BalanceInterestRate  Non-interest-bearing$   3,426.0$        —   %$   3,210.8$        —   %  Bank service charges30.731.532.931.232.2  Securities available for sale, at fair value2,831.12,305.0739.7 (dollars in millions)20102010201020102009  (9.0 million shares, 9.1 million shares and 9.4 million shares)(187.9)(189.7)(195.2) Other liabilities410.3 Financial generally considers an item of income or expense to be non-recurring if it is not similar to an item    Total non-interest income75.975.976.870.671.7 EFFICIENCY RATIO Charge-offs(12.2)(22.6)(19.0)(10.9)(14.5) Less: Amortization of other Net interest income/spread (3) People’s United Financial, Inc. Less: Common shares classified as treasury shares17.498.756.903.193.21  Merchant services income6.46.96.45.86.3  Other non-interest expense44.541.655.036.432.8 (dollars in millions)20102010201020102009  Securities purchased under agreements to resell0.30.40.10.10.2 Income tax expense15.911.67.06.88.5    Net income$        32.0$        24.1$        16.0$     13.6$   24.9 Securities (1)1,579.543.52.76934.232.43.47  Repurchase agreements146.30.20.49  Other non-interest expense177.5136.7    In light of diversity in presentation among financial institutions, the methodologies used by People’s United Dec. 31,Sept. 30,June 30,March 31,Dec. 31,    Total interest and dividend income220.8207.5206.9193.6187.5  Compensation and benefits98.393.292.696.389.2  Commercial real estate$      312.1$      287.8  Subordinated notes3.33.83.83.83.7  Compensation and benefits380.4350.5  Consumer89.695.4 Financial to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding goodwill Yield/Average People’s United Financial, Inc.  Securities purchased under agreements to resell0.90.8 Efficiency ratio73.3%73.5%  Stock price:    Total loans15,921.7207.25.2115,208.4194.55.12 Borrowings:  Investment management fees32.032.4 CONSOLIDATED STATEMENTS OF INCOME Premises and equipment325.1254.1264.5 Liabilities and stockholders’ equity: Accumulated other comprehensive loss(99.0)(59.4)(74.8) Loans: (1)  Average yields earned and rates paid are annualized.      average loans (annualized)0.28%0.57%0.46%0.26%0.38% Residential mortgage2.01.20.40.11.2 Deposits: Less: Amortization of other  Consumer22.122.222.522.823.5    Allowance for loan losses to:  Bank-owned life insurance6.78.4 accepted accounting principles (’GAAP’), management routinely supplements this evaluation with an  Commercial38.234.325.228.917.4        Net security losses1.0—0.1    Net interest income after provision for loan losses178.9154.0156.0150.1133.9 People’s United Financial, Inc. Short-term investments599.8478.13,092.0  Commercial real estate7,306.35,493.15,399.4    Total earning assets19,797.0$ 221.74.48%18,956.3$ 208.34.40% Dec. 31,Sept. 30,June 30,March 31,Dec. 31,  General: agreements, are generally also excluded when calculating the efficiency ratio.  Operating earnings per share November 30, 2010.  Accordingly, Smithtown’s and LSB’s results of operations are included beginning with the  Professional and outside service fees72.744.0  Borrowings1.20.30.30.50.4 Subordinated notes179.614.78.17181.215.18.35 Basic and diluted earnings per common share$        0.24$        0.30 Net interest margin    Securities3,0332,4781,787886902 (dollars in millions, except per share data)20102009  Net interest income$   699.0$   576.8  Bank-owned life insurance1.01.42.61.81.9  Commercial5,086.571.45.625,096.468.95.40 Balance at beginning of period$ 172.5$  172.5$ 172.5$   172.5$ 172.5  Consumer2,258.923.54.16  Brokerage commissions11.312.2 Securities purchased under    Securities2,4571,8561,097888887 Securities (2)2,456.713.62.221,855.912.62.72 other financial institutions. Dec. 31,Sept. 30,June 30,March 31,Dec. 31, $ 21,954.6  Residential mortgage2,611.427.84.272,463.227.14.41 Provision for loan losses60.057.0 (in millions, except per share data)20102009    Total deposits15,273.035.90.94      June 30, 2010, March 31, 2010 and Dec. 31, 2009, respectively. Net loan charge-offs to average loans (annualized)0.28%0.57%0.46%0.26%0.38%  Professional and outside service fees19.818.520.813.610.0  Time4,533.565.41.444,966.9125.22.52 Short-term investments$      814.7$     0.60.29%$   1,176.2$     0.80.28% Treasury stock, at cost (17.5 million shares, 8.8 million shares and 3.2 million shares)(248.9)(134.6)(58.6) Dec. 31, 2010Sept. 30, 2010    Total wealth management72.174.6         Other-1.9    Loans$ 15,922$ 15,208$ 15,319$ 14,680$ 14,231center_img      $4.5 million for the three months ended Dec. 31, 2010, Sept. 30, 2010, FINANCIAL HIGHLIGHTS – Continued    The tangible equity ratio is the ratio of (i) tangible stockholders’ equity (total stockholders’ equity less Less: Goodwill and other Three Months Ended    Total borrowings533.41.20.92191.00.30.71 book value per share, and operating earnings. Management believes these non-GAAP financial measures  Net interest income$   189.8$   175.8$   173.8$   159.6$   147.5  Residential mortgage27.827.128.328.631.4      Originated loans (2)1.181.211.231.221.21    Total liabilities and stockholders’ equity$ 22,016.2 analysis of certain non-GAAP financial measures, such as the efficiency and tangible equity ratios, tangible People’s United Financial, Inc.  Other non-interest income57.536.5  Merchant services expense21.221.0    Total assets$ 21,132.1  Time5,162.74,367.64,608.7 People’s United Financial, Inc.  Return on average tangible stockholders’ equity2.42.8    Short-term investments (1)1,4181,8922,5342,9013,464 (4) See non-GAAP financial measures and reconciliation to GAAP. Consumer1.92.40.91.92.6  Net security losses(1.0)—(0.1)  Commercial266.3198.9 (3)  The FTE adjustment was $0.9 million, $0.8 million and $0.8 million for the three months ended Dec. 31. 2010, Sept. 30, 2010      and Dec. 31, 2009, respectively. (3)  The FTE adjustment was $0.9 million, $0.8 million and $0.8 million for the three     months ended Dec. 31. 2010, Sept. 30, 2010 and Dec. 31, 2009, respectively. Net interest margin (1) Includes a total of $7.0 million, $5.3 million, $23.2 million, $23.4 million and $4.5 million of merger-related expenses,  Non-interest-bearing$   3,872.6$   3,427.2$   3,509.0    Low12.2014.72 Total non-interest income299.2309.1 Assets: Short-term investments$   2,822.4$     1.80.26%    Total funding liabilities17,23616,17516,05215,57315,616 excluded from operating earnings, which include, but are not limited to, merger-related expenses, core (dollars in millions)BalanceInterestRateBalanceInterestRate Loans:  Commercial real estate5,352.074.15.53         Other—-0.3  Less allowance for loan losses(172.5)(172.5)(172.5) Assets: Real estate owned (“REO”)39.834.937.223.423.9 Dec. 31,Sept. 30,June 30,March 31,Dec. 31, Further, the efficiency ratio and operating earnings are used by management in its assessment of financial    and money market8,249.011.50.567,929.612.00.61 $ 702.33.57%    Total non-interest income299.2309.1    Total$            738.5$            644.0 People’s United Financial, Inc.  Tangible book value (end of period) (4)9.3010.68  Efficiency ratio (4)73.373.5 Net income, as reported$              32.0$              24.1$              16.0$              13.6$              24.9  Commercial4,010.848.94.88  Net interest margin3.69%3.19% Yield/ $ 580.22.98% Net interest income (1)$            190.7$            176.6$            174.6$            160.4$            148.3 Subordinated notes181.73.78.32 Financial for determining the non-GAAP financial measures discussed above may differ from those used by Securities: of income or expense of a type incurred within the last two years and is not similar to an item of income or Add: Adjustments, net of tax (1)                39.7                  3.1 performance, including non-interest expense control, while the tangible equity ratio and tangible book value per  Tangible stockholders’ equity and allowance for loan losses8.828.297.476.375.47 Net interest income/spread (2) Net interest margin  Dividends paid per share0.61750.6075 EFFICIENCY RATIO  Savings, interest-bearing checking and money market8,897.87,880.17,327.9  Merger-related expenses23.32.0 People’s United Financial, Inc.    Total loans17,518.215,214.814,233.8  Dividend payout ratio254.5%201.1% People’s United Bank,People’s United Financial, Inc. (Nasdaq: PBCT) has announced net income of $32.0 million, or $0.09 per share, for the fourth quarter of 2010, compared to $24.1 million, or $0.07 per share, for the third quarter of 2010, and $24.9 million, or $0.07 per share, for the fourth quarter of 2009.  Included in each of these quarter’s results are pre-tax merger-related expenses and core system conversion costs totaling $7.0 million, $5.3 million and $4.5 million, respectively.  Excluding the effect of these items, net income would have been $36.7 million, or $0.10 per share, for the fourth quarter of 2010, $27.7 million, or $0.08 per share for the third quarter of 2010 and $28.0 million, or$0.08 per share, for the fourth quarter of 2009.For the year ended December 31, 2010, net income totaled $85.7 million, or $0.24 per share, compared to$101.2 million, or $0.30 per share, for 2009.  Included in both the 2010 and 2009 results are pre-tax merger-related expenses, core system conversion costs and one-time charges totaling $58.9 million and$4.5 million, respectively.  Excluding the effect of these items, net income would have been $125.4 million, or $0.35 per share, for 2010 and $104.3 million, or $0.31 per share, for 2009.As previously reported, People’s United Financial completed its acquisitions of Smithtown Bancorp, Inc. and LSB Corporation on November 30, 2010.  Accordingly, Smithtown’s and LSB’s results of operations are included as of the acquisition date, and prior period results have not been restated to include Smithtown and LSB.People’s United Financial announced today a definitive agreement to acquire Danvers Bancorp, Inc. based in Danvers, Massachusetts.  Further information regarding this acquisition is included in a separate release.People’s United Financial’s Board of Directors has authorized an additional repurchase of common stock.  Up to 5 percent of People’s United Financial’s then-outstanding common stock, or up to 17.5 million shares, can be repurchased, either directly or through agents, in the open market at prices and terms satisfactory to management.  Under the stock repurchase authorization announced in April 2008, 14.3 million shares out of a maximum of 17.3 million shares authorized for repurchase, at a total cost of $191.2 million, had been repurchased as of December 31, 2010.The Board of Directors of People’s United Financial declared a $0.1550 per share quarterly dividend, payable February 15, 2011 to shareholders of record on February 1, 2011.  Based on the closing stock price on January 19, 2011, the dividend yield on People’s United Financial common stock is 4.4 percent.”Our announcement today of the acquisition of Danvers Bancorp furthers our strategy of acquiring financial institutions in attractive markets and continues to build on what was an exciting and transformational 2010 for the bank,” stated Jack Barnes, President and Chief Executive Officer.  “The successful completion of our core system conversion and the rebranding of our branches throughout New England to People’s United Bank, in addition to closing four acquisitions during 2010, position us well for future growth.”Barnes added, “Our performance throughout 2010 continues to reflect the benefits from our focused commercial, wealth management and retail banking strategy.  Excluding acquired loans, our commercial banking portfolio increased 7 percent on an annualized basis this quarter, while our residential mortgage portfolio increased 14 percent, and we continue to strengthen our position in the critical Boston and New York markets.”Barnes concluded, “We operate from a position of competitive strength characterized by our strong business fundamentals, ability to further leverage our brand in attractive markets and our prospects for organic growth.  Furthermore, we have demonstrated our ability to prudently and effectively deploy capital through acquisitions, adherence to a strong dividend policy and share repurchases.””On an operating basis earnings were $37 million or 10 cents per share this quarter,” said Paul D. Burner, Senior Executive Vice President and Chief Financial Officer.  “Significant drivers of the company’s performance in the fourth quarter were an improvement in the net interest margin and lower net loan charge-offs.  The net interest margin improved 12 basis points to 3.85 percent, primarily reflecting a reduction in our cost of deposits and the partial benefit from our two acquisitions completed during the fourth quarter.”Commenting on asset quality, Burner stated, “Our non-performing loans declined on a sequential quarter basis for the first time since September 2009, an indication of what we believe is stabilization across the loan portfolio.  In addition, net loan charge-offs this quarter were the lowest since the first quarter of 2010.”Loans acquired in connection with acquisitions have been recorded at fair value, including a reduction for estimated credit losses, and without carryover of the respective portfolio’s historical allowance for loan losses.  As such, selected asset quality metrics have been highlighted to distinguish between the ‘originated’ portfolio and the ‘acquired’ portfolios.  For the originated loan portfolio, representing all loans other than those acquired, non-performing loans totaled $245.2 million at December 31, 2010, and the ratio of originated non-performing loans to originated loans was 1.68 percent, compared to $251.4 millionand 1.77 percent, respectively, at September 30, 2010.  Non-performing loans in the acquired loan portfolios, which represent those loans acquired that meet our definition of non-performing but for which the risk of loss has already been considered by virtue of our estimate of acquisition-date fair value and/or the existence of an FDIC loss-share agreement, totaled $359.8 million at December 31, 2010.Non-performing assets totaled $303.1 million at December 31, 2010, down from $312.0 million atSeptember 30, 2010.  Non-performing assets equaled 2.07 percent of originated loans, REO and repossessed assets at December 31, 2010 compared to 2.18 percent at September 30, 2010.  AtDecember 31, 2010, the allowance for loan losses as a percentage of originated loans was 1.18 percent and as a percentage of originated non-performing loans was 70 percent, compared to 1.21 percent and 69 percent, respectively, at September 30, 2010.Fourth quarter net loan charge-offs totaled $10.9 million compared to $21.8 million in the third quarter of 2010.  Net loan charge-offs as a percent of average loans on an annualized basis were 0.28 percent in the fourth quarter of 2010 compared to 0.57 percent in this year’s third quarter.  The level of the allowance for loan losses is unchanged from September 30, 2010.In the fourth quarter of 2010, return on average tangible assets was 0.61 percent and return on average tangible stockholders’ equity was 3.7 percent, compared to 0.48 percent and 2.7 percent, respectively, for the third quarter of 2010.  At December 31, 2010, People’s United Financial’s tangible equity ratio stood at 14.1 percent.Conference CallOn January 21, 2011, at 11 a.m., Eastern Time, People’s United Financial will host a conference call to discuss this earnings announcement and our acquisition announcement.  The call may be heard throughwww.peoples.com(link is external) by selecting “Investor Relations” in the “About Us” 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.4Q 2010 Financial HighlightsSummaryNet income totaled $32.0 million, or $0.09 per share.Operating earnings were $36.7 million, or $0.10 per share.Net interest income totaled $189.8 million.Net interest margin increased 12 basis points from 3Q10 to 3.85%.The interest cost on deposits declined 6 basis points from 3Q10.Provision for loan losses totaled $10.9 million.Net loan charge-offs totaled $10.9 million in 4Q10.Non-interest income totaled $75.9 million in both 4Q10 and 3Q10.Non-interest expense totaled $206.9 million in 4Q10 compared to $194.2 million in 3Q10.4Q10 and 3Q10 include a total of $7.0 million and $5.3 million, respectively, of merger-related expenses and core system conversion costs.Effective income tax rate was 33.2% in 4Q10 and 32.5% in 2010.Excluding a $1.2 million non-taxable BOLI death benefit recorded in 2Q10, the income tax rate was 32.8% in 2010.Commercial BankingAverage commercial banking loans increased $580 million from 3Q10 to $11.1 billion.Excluding acquired loans, commercial banking loans increased $175 million fromSeptember 30, 2010.Non-performing commercial banking assets, excluding acquired non-performing loans, totaled$193.1 million at December 31, 2010, a $12.0 million decrease from September 30, 2010.The ratio of originated non-performing commercial banking loans to originated commercial banking loans was 1.57% at December 31, 2010 compared to 1.59% at September 30, 2010.Net loan charge-offs totaled $7.0 million, or 0.25% annualized, of average commercial banking loans in 4Q10, compared to $18.2 million, or 0.69% annualized, in 3Q10.Retail & Business BankingAverage residential mortgage loans totaled $2.6 billion, a $148 million increase from 3Q10.Excluding acquired loans, residential mortgage loans increased $98 million from September 30, 2010.Net loan charge-offs totaled $2.0 million, or 0.30% annualized, of average residential  mortgage loans.The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 3.17% at December 31, 2010 compared to 3.68% at September 30, 2010.Average home equity loans totaled $2.0 billion, unchanged from 3Q10.Net loan charge-offs totaled $1.1 million, or 0.23% annualized, of average home equity loans.Wealth ManagementWealth Management income decreased $1.0 million from 3Q10.Investment management fees and brokerage commissions increased $0.3 million and $0.1 million, respectively, while insurance revenue decreased $1.4 million (reflecting the seasonal nature of insurance renewals).Assets managed and administered, which are not reported as assets of People’s United Financial, totaled $17.1 billion at both December 31, 2010 and September 30, 2010.People’s United Financial, a diversified financial services company with $25 billion in assets, provides commercial banking, retail and business banking, and wealth management services through a network of nearly 340 branches in Connecticut, Vermont, New York, New Hampshire, Maine and Massachusetts. Through its subsidiaries, People’s United Financial provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.Additional Information About the TransactionThe proposed transaction will be submitted to the stockholders of Danvers Bancorp for their consideration.  In connection with the proposed merger with Danvers Bancorp, Inc., People’s United Financial will file with the Securities and Exchange Commission (the ‘SEC’) a Registration Statement on Form S-4 that will include a proxy statement of Danvers Bancorp that also constitutes a prospectus of People’s United Financial. Danvers Bancorp will mail the proxy statement/prospectus to its stockholders.  Investors and security holders are urged to read the proxy statement/prospectus regarding the proposed merger when it becomes available, as well as other documents filed with the SEC, because they will contain important information.  You may obtain a free copy of the proxy statement/prospectus (when available) and other related documents filed by People’s United Financial and Danvers Bancorp with the SEC at the SEC’s website at www.sec.gov(link is external).  The proxy statement/prospectus (when it is available) and the other documents may also be obtained for free by accessing People’s United Financial’s web site at www.peoples.comunder(link is external) the tab ‘Investor Relations’ and then under the heading ‘Financial Information’ or by accessing Danvers Bancorp’s web site at www.danversbank.com(link is external) under the tab ‘Investor Relations’ and then under the heading ‘SEC Filings.’Participants in the TransactionsPeople’s United Financial, Danvers Bancorp and their respective directors, executive officers and certain other members of management and employees may be deemed ‘participants’ in the solicitation of proxies from Danvers Bancorp’s stockholders in favor of the merger with Danvers Bancorp. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Danvers Bancorp stockholders in connection with the proposed merger will be set forth in the proxy statement/prospectus when it is filed with the SEC. You can find information about the executive officers and directors of People’s United Financial in its Annual Report on Form 10-K for the year ended December 31, 2009 and in its definitive proxy statement filed with the SEC on March 23, 2010.  You can find information about Danvers Bancorp’s executive officers and directors in its Annual Report on Form 10-K for the year ended December 31, 2009 and in its definitive proxy statement filed with the SEC on April 16, 2010.This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.For additional factors that may affect future results, please see filings made by People’s United Financial and Danvers Bancorp with the SEC, including People’s United Financial’s Annual Report on Form 10-K for the year ended December 31, 2009 and Danvers Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2009.  People’s United Financial and Danvers Bancorp undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or other changes.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; (10) the successful integration of acquired companies; and (11) possible changes in regulation resulting from or relating to recently enacted financial reform legislation. 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.BRIDGEPORT, Conn., Jan. 20, 2011 /PRNewswire/ — Access Information About People’s United Financial at www.peoples.com(link is external) .   Amortization of other acquisition-related intangibles21.720.6  Repurchase agreements211.71.00.49151.20.70.46 impairment charges, amortization of other acquisition-related intangibles and fair value adjustments, losses on  Investment management fees7.97.68.67.97.9 Income tax expense41.343.1 Liabilities    Non-performing assets (2)303312285248206    Operating earnings exclude from net income those items that management considers to be of such a  Dividends paid per share0.15500.15500.15500.15250.1525    Total borrowings1,010.6253.9158.9    Total deposits16,530.926.50.6415,801.127.60.70 Dec. 31,Sept. 30,June 30,March 31,Dec. 31,    Total loans15,285.6783.15.1214,469.7730.55.05  Residential mortgage2,838.02,474.52,546.9        BOLI FTE adjustment (1)3.64.5 Commercial real estate2.613.54.85.81.5    Common shares350.07356.73358.51362.25335.63 $ 20,757.5  Deposits26.527.629.029.735.9 Deposits: Cash and due from banks$      354.7$      320.3$      326.0  Provision for loan losses60.057.0 Stockholders’ equity5,105.9 (2)  Average balances and yields for securities available for sale are based on amortized cost. Borrowings:  Savings, interest-bearing checking $ 148.33.02% Additional paid-in capital4,978.84,946.04,511.3     assets were 3.77%, 2.43%, 2.26% and 1.95% of total loans, REO and repossessed assets, respectively. 2,998.3  agreements to resell641.20.20.17 expense of a type reasonably expected to be incurred within the following two years.        Net security losses1.0-         Other47.816.9 Net income, as reported$              85.7$            101.2    Total interest and dividend income828.8766.8 Non-interest income:    Total non-interest expense206.9194.2209.8200.3172.2  Subordinated notes14.715.1  Common shares (end of period) (in millions) (4)350.07335.63 Liabilities and stockholders’ equity: provide information useful to investors in understanding People’s United Financial’s underlying operating Stockholders’ Equity Securities purchased under agreements to resell520.0740.0400.0    Income before income tax expense127.0144.3 Per Common Share Data: People’s United Financial, Inc. Twelve Months Ended    Net loan charge-offs10.921.817.89.513.6 (2) Includes a total of $58.9 million and $4.5 million of merger-related expenses, core system conversion Common shares issued376.62374.63374.64374.76348.25  Deposits112.8173.4 (1)  Average yields earned and rates paid are annualized. Dec. 31,Sept. 30,June 30,March 31,Dec. 31,    Total cash and cash equivalents954.5798.43,418.0  Common shares (end of period) (in millions) (4)350.07356.73358.51362.25335.63  Consumer9.710.09.47.85.7  Commercial5,196.05,070.74,042.5    Allowance for loan losses173173173173173  Net interest margin (3)3.85%3.73%3.68%3.47%3.19%    Total non-performing assets$ 303.1$  312.0$ 284.5$   247.5$ 205.6  Consumer2,169.522.14.072,184.122.24.06 Dec. 31,Sept. 30,June 30,March 31,Dec. 31, performance and trends, and facilitates comparisons with the performance of other banks and thrifts. equivalent basis (excluding fair value adjustments) plus total non-interest income (including the fully taxable  Total$   10.9$    21.8$   17.8$       9.5$   13.6 PROVISION AND ALLOWANCE FOR LOAN LOSSE S    Total borrowings161.20.40.93 (2) Represents acquired loans that meet People’s United’s definition of a non-performing loan but for which the risk of credit loss has  Efficiency ratio (4)72.572.173.075.973.7    Total stockholders’ equity5,219.35,364.55,100.7     June 30, 2010 and March 31, 2010, non-performing loans were 3.45%, 2.04%, 1.84% and 1.59% of total loans, and non-performing Loans: (dollars in millions, except per share data)20102010201020102009 Three Months Ended Repossessed assets18.125.727.631.812.9 3.19%  Return on average assets0.390.49    Net interest income189.8175.8173.8159.6147.5  Commercial real estate5,594.8312.15.585,208.5287.85.52 Total non-interest expense$            811.2$            684.6 $ 20,757.5 Balance at end of period$ 172.5$  172.5$ 172.5$   172.5$ 172.5    Total wealth management income17.718.717.718.017.8  Originated loans1.18%1.21%1.23%1.22%1.21% Interest and dividend income: Dec. 31,Sept. 30,June 30,March 31,Dec. 31,    Total securities3,033.32,477.5901.8 Non-interest expense: (1) Fully taxable equivalent  Commercial70.568.169.758.048.1         acquisition-related intangibles1,9621,7721,7781,7671,515  Diluted earnings per share$     0.24$     0.30 Tangible equity ratio14.1%17.8%18.0%18.7%18.2% Three months endedAverage Subordinated notes182.2182.9181.8    Total assets$ 22,960.5 $ 176.63.62%    Total interest expense129.8190.0 (1) Reported net of government guarantees totaling $9.4 million at Dec. 31, 2010, $8.8 million at Sept. 30, 2010, $6.8 million    Total borrowings270.52.30.88168.11.50.90    Total loans, net17,345.715,042.314,061.3 375.6         Unallocated ESOP common shares9.069.159.239.329.41  Savings, interest-bearing checking and money market7,853.647.40.606,710.648.20.72 Other assets2,550.3 Subordinated notes171.33.37.75182.73.88.28 (2) Operating earnings were $36.7 million, $27.7 million, $31.8 million, $29.2 million and $28.0 million for the three    The efficiency ratio, which represents an approximate measure of the cost required by People’s United NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued Add: Fair value adjustments1.16.5 Borrowings: Commercial1.43.18.00.84.3  Time4,807.224.02.00 acquisition date, and prior period results have not been restated to include Smithtown and LSB. Unallocated common stock of Employee Stock Ownership Plan, at cost  Federal Home Loan Bank advances509.39.714.8 People’s United Financial, Inc. is calculated by dividing operating earnings by the weighted average number of dilutive common shares    Short-term investments (1)1,1201,2181,9442,5273,492    Tangible stockholders’ equity$            3,257$            3,593$            3,635$            3,712$            3,586      costs and one-time charges for the twelve months ended Dec. 31, 2010 and 2009, respectively.  Also (dollars in millions)20102010201020102009 (1) Represents pre-tax merger-related expenses, core system conversion costs and non-recurring or infrequent nature that, by excluding such items (net of income taxes), People’s United outstanding for the respective period. Deposits:    Tangible stockholders’ equity to tangible assets14.117.818.018.718.2  Residential mortgage2,609.431.44.81 Dec. 31,Sept. 30,June 30,March 31,Dec. 31, (2) Excludes acquired loans.  Borrowings2.31.5 Loans: People’s United Financial, Inc. People’s United Financial, Inc. (3) Calculations exclude acquired loans.  Including acquired loans and acquired non-performing loans at Dec. 31, 2010, Sept. 30, 2010, Retained earnings772.6798.5914.5 Twelve Months Ended    Total$         1,007.2$            876.4 People’s United Financial, Inc. Total non-interest expense$            206.9$            194.2$            209.8$            200.3$            172.2  Consumer2,199.289.64.072,264.495.44.21         acquisition-related intangibles6.16.14.84.75.0    Total originated non-performing loans (1)245.2251.4219.7192.3168.8  Merchant services income25.524.9    Total$            192.6$            183.4$            185.3$            177.2$            163.9  Insurance revenue28.830.0 Equipment financing$     3.0$      1.6$     3.7$       0.9$     4.0         acquisition-related intangibles21.720.6 5,141.4  Ratios: Less: Net security gains—– OPERATING EARNINGS  Brokerage commissions2.92.82.82.82.9 Provision for loan losses10.921.817.89.513.6  Book value (end of period)$   14.91$   15.20  Commercial4,961.9269.65.434,116.7202.34.91 Three Months Ended Dec. 31,Dec. 31,    Net interest income after provision for loan losses639.0519.8  Amortization of other acquisition-related intangibles6.16.14.84.75.0 Add: Adjustments, net of tax (1)4.73.615.815.63.1 Twelve Months Ended  Short-term investments4.66.5    Deposits16,53115,80115,70415,20215,273  Federal Home Loan Bank advances52.31.12.2214.80.85.28    Total assets$ 22,016.2    Total liabilities16,026.2      at June 30, 2010, $7.3 million at March 31, 2010 and $8.3 million at Dec. 31, 2009.        Originated non-performing loans (2)70.468.678.589.7102.2 (dollars in millions)20102010201020102009 Non-performing assets as a percentage of: Dec. 31,Dec. 31,    Non-performing assets to originated loans,  Income before income tax expense47.935.723.020.433.4  Occupancy and equipment28.128.028.529.828.0  Income before income tax expense127.0144.3 Securities purchased under    Total liabilities16,647.9  Diluted earnings per share$     0.09$     0.07$     0.04$     0.04$     0.07 assets, other than residential mortgage loans, and non-recurring income) (the denominator). People’s United  agreements to resell603.90.30.21715.80.40.21  Non-interest-bearing$   3,633.5$        —   %$   3,432.4$        —   %  Book value (end of period)$   14.91$   15.04$   15.10$   15.12$   15.20 People’s United Financial, Inc. TANGIBLE STOCKHOLDERS’ EQUITY Basic and diluted earnings per common share$        0.09$        0.07$        0.04$     0.04$   0.07    Total liabilities and stockholders’ equity$ 22,960.5 Assets    High14.1714.3516.7917.0817.16 OPERATING EARNINGS (dollars in millions)20102010201020102009 (1) Includes net security gains of $22.0 million for the twelve months ended Dec. 31, 2009.    Total assets$ 25,037.1$ 21,897.3$ 21,257.2  Other5.2-0.392.7– People’s United Financial completed its acquisitions of Smithtown Bancorp, Inc. and LSB Corporation on (in millions, except per share data)20102010201020102009    Operating earnings per share$              0.35$              0.31         Other7.43.918.917.62.5  Savings, interest-bearing checking     and 2009, respectively, less related income taxes. People’s United Financial, Inc. goodwill and other acquisition-related intangibles) (the numerator) to (ii) tangible assets (total assets less      core system conversion costs and one-time charges for the three months ended Dec. 31, 2010, Sept. 30, 2010,         acquisition-related intangibles1,9621,7721,7781,7671,515  Time4,648.415.01.294,439.115.61.40 Total stockholders’ equity$            5,219$            5,365$            5,413$            5,479$            5,101  Non-interest income (1)299.2309.1  Residential mortgage78.887.080.966.752.7 Financial’s results can be measured and assessed on a more consistent basis from period to period. Items (2)  Average balances and yields for securities available for sale are based on amortized cost.  Other— Total assets$          25,037$          21,897$          21,950$          21,588$          21,257  Return on average assets (3)0.560.440.290.260.47    Total funding liabilities15,615.9$   40.01.03% Interest expense:    Total funding liabilities17,235.6$   31.00.72%16,174.8$   31.70.78%        BOLI FTE adjustment (1)0.50.71.41.01.0  Other  6.50.22.702.1-1.92 (in millions)201020102009    Total earning assets19,046.3$ 832.14.37%18,211.5$ 770.24.23%  Federal Home Loan Bank advances14.90.25.25 FINANCIAL HIGHLIGHTS Efficiency ratio72.5%72.1%73.0%75.9%73.7%last_img read more

Longtime Douglas aide, Susanne Young, moving back to AG’s office

first_imgVermont Attorney General William H Sorrell announced Monday that Susanne R Young has been appointed as an Assistant Attorney General. She will serve as the supervising attorney for the staff that provides legal services to the Department of Mental Health.Young served most recently as Legal Counsel to Governor Douglas and as Deputy State Treasurer while Douglas was state treasurer. She returns to the attorney general’s office where she served for 17 years in a variety of positions, including as Chief of the Criminal Division and Deputy Attorney General.‘We are extremely fortunate to have an attorney with Susanne’s experience re-join our ranks at the AGO,’ said Sorrell. ‘Her knowledge of state government, her past experience in this office, and her familiarity with the legislative process will serve us well.’ January 31, 2010last_img read more

Dave and Perk Perkins of Orvis recognized by the Theodore Roosevelt Conservation Partnernership

first_imgOrvis Company Inc,Dave and Perk Perkins of The Orvis Company were recognized for their achievements by the Theodore Roosevelt Conservation Partnership (TRCP) at its third annual Capitol Conservation Dinner, held in Washington, DC.Orvis Chief Executive Officer Perk Perkins and Orvis Vice Chairman Dave Perkins receiving their Theodore Roosevelt Conservation Partnership’s Lifetime Conservation Achievement Awards in Washington, DC.”Through the TRCP’s Capitol Conservation Dinner, the sportsmen’s community celebrates the incalculable contributions of our nation’s most dedicated conservationists,” said Whit Fosburgh, TRCP president and CEO. “Following a trail blazed by President Theodore Roosevelt, the sportsmen honored at this year’s event exemplify the uniquely American drive to responsibly manage and enjoy our irreplaceable fish and wildlife resources.”Orvis Vice Chairman Dave Perkins and Orvis Chief Executive Officer Perk Perkins were honored with the TRCP Lifetime Conservation Achievement Award for their commitment to natural resources conservation as embodied in the mission of The Orvis Company and its hunting and fishing product lines.”Orvis is simply a conduit for the hard work being done in the name of conservation by agencies, individuals and groups such as the TRCP,” said Dave Perkins in accepting the award. “We are proud to help advance these efforts that help sustain America’s fish and wildlife resources and long-held outdoors traditions.””Theodore Roosevelt once said, ‘I am only an average man, but, by George, I work at it harder than the average man,'” said TRCP Board Chair Jim Martin, conservation director of the Berkley Conservation Institute. “Our 2010 honorees give credence to Roosevelt’s belief that our most valuable contributions arise from a simple desire to ‘work hard at work worth doing.'”Lead sponsors of the 2010 Capitol Conservation Dinner included Bass Pro Shops and the High Lonesome Ranch.To read more about The Orvis Company’s commitment to protecting nature, including its 2011 projects restoring habitat on the Clark Fork River in Montana as well as protecting vital fish spawning habitat in the famed coral triangle and protecting endangered black rhino populations in Africa, visit http://www.orvis.com/commitment(link is external).About OrvisOrvis has been the premier outfitter of the distinctive country lifestyle and sporting traditions since 1856. Orvis donates five percent of pre-tax profits each year to protecting nature, supporting communities and local conservation efforts. You can read more about Orvis on their website at http://www.orvis.com(link is external).  Source: MANCHESTER, VT–(Marketwire – February 22, 2011) –last_img read more

People’s United reports increased first quarter earnings of $52 million

first_img   Net interest income220.3189.8175.8173.8159.6  Professional and outside service fees15.919.818.520.813.6 (1) Income and expenses associated with merchant services and customer derivatives are presented net within  Borrowings2.51.20.30.30.5 (dollars in millions)20112010201020102010  Consumer2,151.220.93.882,169.522.14.07 Earnings Data:  Net interest income$          220.3$          189.8$          175.8$          173.8$          159.6 (in millions)201120102010  Non-interest income (1)74.668.168.069.764.2  Other consumer0.40.81.10.81.0        and March 31, 2010, respectively.  Net income51.732.024.116.013.6  Federal Home Loan Bank advances11.20.15.49  Merchant services income, net1.01.11.11.11.0  Net interest margin (4)4.16%3.87%3.74%3.69%3.49%  Return on average assets (4)0.840.560.440.290.26  Return on average tangible assets (4)0.910.610.480.320.28 (in millions, except per share data)20112010201020102010 People’s United Financial, Inc. 3.87%    Total wealth management income19.317.718.717.718.0 Three Months Ended Deposits: Tangible book value per share$            9.27$            9.30$          10.07$          10.14$          10.25 (2) Reported net of government guarantees totaling $10.0 million at March 31, 2011, $9.4 million at Dec. 31, 2010, $8.8 million at    Allowance for loan losses178173173173173       commercial real estate loans to commercial loans as of March 31, 2011. Securities purchased under Net interest income/spread (3)  Amortization of other acquisition-related intangibles5.96.16.14.84.7 NET LOAN CHARGE-OFFS    Total liabilities and stockholders’ equity$     24,622.5  Repurchase agreements164.60.20.45 Net income, as reported$            51.7$            32.0$            24.1$            16.0$            13.6      real estate owned and repossessed assets (2)1.962.092.192.021.75  Short-term investments0.60.60.81.51.7 Securities:  Bank-owned life insurance1.21.01.42.61.8  Residential mortgage2,707.929.34.332,459.927.14.41 People’s United Financial, Inc.    Total non-interest expense202.8199.1186.3202.7193.9 (3)  The FTE adjustment was $1.2 million, $0.9 million and $0.8 million for the three months ended March 31, 2011, Dec. 31. 2010 March 31,Dec. 31,Sept. 30,June 30,March 31, (dollars in millions)20112010201020102010 Commercial Banking:  Commercial (1)6,046.75,196.05,178.3 Other assets583.6706.7467.5    Goodwill and other acquisition-related intangibles1,9531,9621,7721,7781,767    Securities3,2033,0332,4781,787886    Total earning assets18,414.2$          194.44.22% Less: Common shares classified as treasury shares22.0117.498.756.903.19 Charge-offs(10.4)(12.2)(22.6)(19.0)(10.9)    Deposits18,11017,93315,67515,83415,397 Yield/ OPERATING EARNINGS People’s United Financial, Inc.    Non-performing assets (2)292303312285248 Three Months Ended (dollars in millions)BalanceInterestRate    Total originated non-performing loans (2)240.5245.2251.4219.7192.3  originated commercial banking loans1.611.611.661.711.73    Total assets$     21,259.6  Investment management fees8.27.97.68.67.9 (4) Total risk-based capital ratios are for People’s United Bank and, as such, do not reflect the additional capital residing  Ratios:    Total liabilities and stockholders’ equity$     24,962.3$     25,037.1$     21,588.1 390.0 Premises and equipment326.0325.1258.2  General:  originated retail banking loans0.260.250.240.210.18 (2) Includes a total of $3.1 million, $7.0 million, $5.3 million, $23.2 million and $23.4 million of merger-related expenses,    Non-performing assets to originated loans,  Tangible stockholders’ equity and allowance for loan losses8.638.848.297.476.37 Other liabilities411.3    Loans17,52317,32815,12015,14015,253    Total borrowings1,157.91,010.6174.6    Total risk-based capital (4)14.914.516.416.616.3    Total deposits15,201.829.70.78 17,625.6  agreements to resell226.70.11.15 Accumulated other comprehensive loss(98.4)(99.0)(72.8) Net loan charge-offs to average loans (annualized)0.22%0.28%0.58%0.47%0.26% (3) See non-GAAP financial measures and reconciliation to GAAP beginning on page 12.  Basic and diluted earnings per share$            0.15$            0.09$            0.07$            0.04$            0.04    Total stockholders’ equity5,160.35,219.35,478.6 Total stockholders’ equity$          5,160$          5,219$          5,365$          5,413$          5,479 (dollars in millions)20112010201020102010 March 31,Dec. 31,March 31, 4.16%    Securities3,0892,4571,8561,097888 Cash and due from banks$          315.2$          354.7$          296.3    Net loan charge-offs9.610.921.817.89.5 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued Residential mortgage loans held for sale36.30.55.51  Compensation and benefits105.498.393.292.696.3 Deposits: (1) Represents pre-tax merger-related expenses, core system conversion costs and one-time charges totaling  Securities held to maturity, at amortized cost55.155.155.3  Federal Home Loan Bank stock, at cost59.563.631.1    Total cash and cash equivalents1,241.4954.52,823.6    Total liabilities19,802.019,817.816,109.5 Efficiency ratio66.2%71.1%71.2%72.2%75.2%  Residential mortgage loans held for sale0.70.70.60.60.5 3,263.3  Equipment financing1.23.01.63.70.9 Residential mortgage loans held for sale52.50.75.7851.70.75.74      Originated loans (2)1.191.191.221.231.22 Loans: NON-PERFORMING ASSETS Goodwill and other acquisition-related intangibles1,952.61,962.01,766.5 Tangible stockholders’ equity$          3,207$          3,257$          3,593$          3,635$          3,712 Bank-owned life insurance291.8291.8251.1    Tangible stockholders’ equity to tangible assets (3)13.914.117.818.018.7  Trading account securities, at fair value84.983.575.7 REO38.139.834.937.223.4 Deposits:    Total earning assets21,27419,69718,91518,91518,414 Loans:       $3.1 million, $7.0 million, $5.3 million, $23.2 million and $23.4 million for the three months ended March 31, 2011,  Subordinated notes and debentures3.43.33.83.83.8  Securities available for sale, at fair value3,003.82,831.1724.1    Allowance for loan losses to:  Savings, interest-bearing checking    Stockholders’ equity5,1855,3355,4045,4585,275 CONSOLIDATED STATEMENTS OF INCOME March 31, 2010 Repossessed assets13.518.125.727.631.8 Loans: (3) Represents acquired loans that meet People’s United’s definition of a non-performing loan but for which the risk of credit loss has  Other4.7-0.095.2-0.39 Three Months Ended      core system conversion costs and one-time charges for the three months ended March 31, 2011, Dec. 31, 2010, $          160.43.35%       Sept. 30, 2010, $6.8 million at June 30, 2010 and $7.3 million at March 31, 2010.       charged against the non-accretable difference established in purchase accounting and, as such, are not reported as charge-offs. (3) See non-GAAP financial measures and reconciliation to GAAP beginning on page 12.  (9.0 million shares, 9.1 million shares and 9.3 million shares)(186.1)(187.9)(193.3) People’s United Financial, Inc.  Operating earnings (3)53.836.727.731.829.2 Yield/  Home equity10.59.19.38.57.0  Originated non-performing loans73.870.368.678.589.7  Commercial4,545.358.95.18    Total loans17,523.117,327.715,252.6 Short-term investments926.2599.82,527.3 Provision for loan losses14.610.921.817.89.5 Total assets$        24,962$        25,037$        21,897$        21,950$        21,588  Commercial real estate$          101.6$            85.9$            76.3$            75.6$            74.3 Short-term investments$       2,673.5$              1.70.26% Tangible assets$        23,009$        23,075$        20,125$        20,172$        19,821 Conference CallOn April 20, 2011, at 5 p.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 Us” 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.1Q 2011 Financial HighlightsSummaryNet income totaled $51.7 million, or $0.15 per share.Operating earnings were $53.8 million, or $0.15 per share.Net interest income totaled $220.3 million.Net interest margin increased 29 basis points from 4Q10 to 4.16%.Additional interest accretion on acquired loans of $9.0 million in 1Q11 contributed 16 basis points.The interest cost on deposits declined 5 basis points to 59 basis points from 4Q10.Provision for loan losses totaled $14.6 million.Net loan charge-offs totaled $9.6 million or 0.22% of average loans.Non-interest income totaled $74.6 million in 1Q11 compared to $68.1 million in 4Q10.1Q11 includes a full quarter of non-interest income from acquisitions completed onNovember 30, 2010 (approximately a $2.0 million increase in 1Q11).1Q11 includes $5.5 million of net gains on sales of acquired non-performing loans.Net gains on sales of residential mortgages declined $1.1 million from 4Q10.Other non-interest income includes a $2.2 million charge for other asset write-offs.Non-interest expense totaled $202.8 million in 1Q11 compared to $199.1 million in 4Q10.1Q11 and 4Q10 include a total of $3.1 million and $7.0 million, respectively, of merger-related expenses and core system conversion costs.1Q11 includes a full quarter of non-interest expense from acquisitions completed onNovember 30, 2010 (approximately a $7.2 million increase in 1Q11).Effective income tax rate was 33.3% in 1Q11 compared to 32.5% for 2010.1Q11 rate reflects a higher state effective income tax rate resulting from our further expansion into states with higher income tax rates.Commercial BankingExcluding acquired loans, commercial banking loans increased $277 million, or 11% annualized, from December 31, 2010.Approximately $875 million of loans secured, in part, by owner-occupied commercial properties were reclassified from commercial real estate loans to commercial and industrial loans as of March 31, 2011.Average commercial banking loans totaled $12.4 billion, a $1.3 billion increase from 4Q10.Non-performing commercial banking assets, excluding acquired non-performing loans, totaled$192.2 million at March 31, 2011, a slight decrease from December 31, 2010.The ratio of originated non-performing commercial banking loans to originated commercial banking loans was 1.54% at March 31, 2011 compared to 1.56% at December 31, 2010.Net loan charge-offs totaled $6.8 million, or 0.22% annualized, of average commercial banking loans in 1Q11, compared to $7.0 million, or 0.25% annualized, in 4Q10.For the originated commercial banking portfolio, the allowance for loan losses as a percentage of loans was 1.61% at both March 31, 2011 and December 31, 2010.The commercial banking allowance for loan losses represented 104 percent of non-performing commercial banking loans at March 31, 2011.Retail and Business BankingExcluding acquired loans, residential mortgage loans increased $183 million, or 32% annualized, from December 31, 2010.Average residential mortgage loans totaled $2.7 billion, a $248 million increase from 4Q10.Net loan charge-offs totaled $1.6 million, or 0.23% annualized, of average residential mortgage loans in 1Q11, compared to $2.0 million, or 0.32% annualized, in 4Q10.The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 2.84% at March 31, 2011 compared to 3.44% at December 31, 2010.Excluding acquired loans, home equity loans declined $38 million, or 8% annualized, fromDecember 31, 2010.Average home equity loans totaled $2.0 billion in 1Q11, unchanged from 4Q10.Net loan charge-offs totaled $0.8 million, or 0.16% annualized, of average home equity loans in 1Q11, compared to $1.1 million, or 0.23% annualized, in 4Q10.Wealth ManagementWealth Management income increased $1.6 million from 4Q10.Insurance revenue increased $1.0 million and investment management fees and brokerage commissions each increased $0.3 million.Assets under administration and those under full discretionary management, neither of which are reported as assets of People’s United Financial, totaled $12.7 billion and $4.3 billion, respectively.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; (10) the successful integration of acquired companies; and (11) possible changes in regulation resulting from or relating to recently enacted financial reform legislation. 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 at www.peoples.com(link is external) .People’s United Financial, Inc. FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS – Continued  Net loan charge-offs(9.6)(10.9)(21.8)(17.8)(9.5) Three months endedAverage    Income before income tax expense77.547.935.723.020.4    Total interest and dividend income252.8220.8207.5206.9193.6  Commercial real estate (1)6,565.77,306.35,442.1  Deposits26.626.527.629.029.7 March 31,Dec. 31,Sept. 30,June 30,March 31,  Time4,516.818.11.60    Total interest expense32.531.031.733.134.0  Commercial5,377.379.65.925,086.571.45.62    Close (end of period)12.5814.0113.0913.5015.62    Net interest income after provision for loan losses205.7178.9154.0156.0150.1 Non-interest income:  Dividends paid per share0.15500.15500.15500.15500.1525  Insurance revenue7.96.98.36.37.3  Brokerage commissions3.22.92.82.82.8  Efficiency ratio (3)66.271.171.272.275.2    Deposits17,94416,53115,80115,70415,202  Book value (end of period)$          14.92$          14.91$          15.04$          15.10$          15.12 March 31,Dec. 31,Sept. 30,June 30,March 31, Securities purchased under agreements to resell-520.0-  Commercial and industrial (1)48.938.234.325.228.9  Other non-interest income13.414.412.912.79.4 March 31,Dec. 31,Sept. 30,June 30,March 31, Tangible equity ratio13.9%14.1%17.8%18.0%18.7%    Total$          288.3$          259.7$          246.3$          246.7$          227.2    Total assets$        24,962$        25,037$        21,897$        21,950$        21,588 $     22,960.5    Total liabilities and stockholders’ equity$     21,259.6 TANGIBLE BOOK VALUE PER SHARE  Other non-interest expense39.442.039.553.234.8  Stock price:        Net security losses-1.0— Income tax expense25.815.911.67.06.8 Less: Amortization of other Basic and diluted earnings per common share$            0.15$            0.09$            0.07$            0.04$            0.04 $          190.73.78% (3)  The FTE adjustment was $1.2 million, $0.9 million and $0.8 million for the three months ended March 31, 2011, Dec. 31. 2010 (dollars in millions)20112010201020102010 Three months endedAverage  Net security gains (losses)0.1(1.0)— Provision for loan losses14.610.921.817.89.5 (dollars in millions)BalanceInterestRateBalanceInterestRate AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) Other liabilities316.3 Three Months Ended  Less allowance for loan losses(177.5)(172.5)(172.5) Securities (2)3,088.521.22.752,456.713.62.22       Dec. 31, 2010, Sept. 30, 2010, June 30, 2010 and March 31, 2010, respectively, less related income taxes. Net interest income (1)$          221.5$          190.7$          176.6$          174.6$          160.4 5,334.9 Net interest margin (dollars in millions)20112010201020102010 Securities (2)888.38.13.65    Total loans17,289.7231.45.3515,770.2206.55.24center_img    Total loans14,589.4184.05.04 Other assets3,348.8 Assets:    Total assets$     24,622.5 Adjustments, net of tax (1)2.14.73.615.815.6 TANGIBLE EQUITY RATIO    High14.4914.1714.3516.7917.08 Retail Banking: Interest expense: (dollars in millions)20112010201020102010 Net interest margin    Total deposits17,944.026.60.5916,530.926.50.64 (1)  Average yields earned and rates paid are annualized. Borrowings: 3.49% As of and for the Three Months Ended    Total borrowings997.12.50.98533.41.20.92 Securities purchased under  Other13.60.25.06 (4) Annualized.         Merger-related expenses3.14.81.02.814.7 Three Months Ended Add: Fair value adjustments–1.01.01.6 Acquired non-performing loans (contractual amount) (3)$          324.4$          359.8$            59.4$            60.1$            51.7 (in millions, except per share data)20112010201020102010 Less: Goodwill and other Borrowings: Assets March 31,Dec. 31,Sept. 30,June 30,March 31, Assets:      average loans (annualized)0.22%0.28%0.58%0.47%0.26%  Commercial78.670.568.169.758.0    Total securities3,203.33,033.3886.2    Residential mortgage loans held for sale5252473836 (2)  Average balances and yields for securities available for sale are based on amortized cost. Liabilities and stockholders’ equity: People’s United Financial, Inc.  Commercial real estate$              3.3$              2.6$            13.5$              4.8$              5.8    and money market7,417.811.60.62    Average stockholders’ equity to average total assets21.123.224.625.024.8 Stockholders’ Equity    Net loan charge-offs to  Return on average stockholders’ equity (4)4.02.41.81.21.0         Fair value adjustments0.80.80.80.80.8 (1)  Average yields earned and rates paid are annualized.       Because acquired loans are initially recorded at an amount estimated to be collectible, losses on such loans, when incurred, are  Equipment financing38.636.035.137.023.1    Total liabilities15,984.5 March 31,Dec. 31,Sept. 30,June 30,March 31, (2) Excludes acquired loans.  Weighted average diluted common shares (in millions)346.01352.53354.99358.24344.82 Stockholders’ equity5,275.1         Other2.12.73.00.82.9  Consumer2,235.522.84.07 Allowance for loan losses as a percentage of:  Residential mortgage2,783.62,647.52,409.6 (1) Approximately $875 million of loans secured, in part, by owner-occupied commercial properties were reclassified from  Consumer20.922.122.222.522.8         Executive-level separation agreement—15.3-    Total funding liabilities19,12117,23616,17516,05215,573 Earnings per share, as reported$            0.15$            0.09$            0.07$            0.04$            0.04 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued    Loans$        17,290$        15,770$        15,120$        15,247$        14,589  Commercial and industrial2.31.43.18.00.8      Sept. 30, 2010, June 30, 2010 and March 31, 2010, respectively.    Total funding liabilities15,573.2$            34.00.87%  Dividend payout ratio104.9%172.5%230.4%352.0%376.2%       been considered by virtue of our estimate of acquisition-date fair value and/or the existence of an FDIC loss-share agreement.         acquisition-related intangibles5.96.16.14.84.7  Securities21.013.612.69.28.1 Originated non-performing loans as a percentage of originated loans1.62%1.70%1.77%1.57%1.36% People’s United Bank,People’s United Financial, Inc. (Nasdaq: PBCT) today announced net income of $51.7 million, or $0.15 per share, for the first quarter of 2011, compared to $32 million, or $0.09 per share, for the fourth quarter of 2010, and $13.6 million, or $0.04 per share, for the first quarter of 2010. The company’s Board of Directors voted to increase the common stock dividend to an annual dividend rate of $0.63 per share. Based on the closing stock price on April 19, 2011, the dividend yield on People’s United Financial common stock is 4.9 percent. The quarterly dividend of$0.1575 per share is payable May 15, 2011 to shareholders of record on May 1, 2011. First quarter 2011 earnings were driven by higher net interest income and continued growth in fee-based businesses, partially offset by an increase in the provision for loan losses. In the first quarter of 2011, the return on average assets was 0.84 percent and the return on average tangible stockholders’ equity was 6.4 percent, compared to 0.56 percent and 3.7 percent, respectively, for the fourth quarter of 2010. At March 31, 2011, People’s United Financial’s tangible equity ratio stood at 13.9 percent.”Our performance this quarter reflects meaningful organic loan and deposit growth, encouraging trends in asset quality, as well as the benefit of acquisitions completed in 2010,” stated Jack Barnes, President and Chief Executive Officer. “In fact, on an annualized basis, both loans and deposits increased over 4 percent this quarter; our net interest margin reached its highest level since the end of 2007; and our non-performing assets ratio declined to under 2 percent.”Barnes added, “We continue to invest in our commercial, retail and business banking, and wealth management businesses throughout our franchise. Increases in our originated commercial banking and retail banking loan portfolios of $277 million, or 11 percent annualized, and $136 million, or 12 percent annualized, respectively, were effectively funded by growth in our retail deposits. The revenue increases in all of our wealth management product lines this quarter are further evidence of the progress we are making in this highly competitive area. In addition, our efforts with respect to both the Bank of Smithtown integration and Danversbank planning are well under way. We expect to close the Danversbank acquisition later in the second quarter, pending regulatory and shareholder approvals.”Barnes concluded, “We are pleased to reward our shareholders with a 19th consecutive annual dividend increase. Operating from a position of competitive strength, characterized by our strong business fundamentals, the ability to further leverage our brand in attractive markets and our prospects for organic growth, continues to set us apart from most in the industry. Furthermore, we have demonstrated our ability to prudently and effectively deploy capital through organic loan and deposit growth, adherence to a strong dividend policy, share repurchases and a thoughtful acquisition strategy.””The company’s performance this quarter reflects a solid improvement in the net interest margin and continued positive momentum in our fee businesses, which were partially offset by our decision to increase the allowance for loan losses in response to loan growth,” said Kirk W. Walters, Senior Executive Vice President and Chief Financial Officer.Walters continued, “The net interest margin improved 29 basis points to 4.16 percent, primarily reflecting the benefit of our two acquisitions completed during the fourth quarter of 2010, an increase in investment income, a reduction in our cost of deposits and additional interest accretion from the Financial Federal acquisition as a result of better than expected credit experience and slower than anticipated pre-payment activity. If credit experience within acquired loan portfolios continues to be better than originally expected, we will likely benefit from additional interest accretion over the remaining life of those loans.”Regarding asset quality, Walters stated, “While the overall level of non-performing loans is reflective of a period of prolonged economic weakness, we are pleased with the improvements noted over the past few quarters. In addition, the decline in acquired non-performing loans this quarter reflects our efforts to proactively reduce this portfolio through loan sales. During the first quarter, loans with a contractual balance of approximately $50 million (carrying amount of approximately $25 million) were sold at a gain of approximately $6 million and we continue to evaluate loan sales from within the acquired loan portfolios. The increase in the allowance for loan losses this quarter was driven by loan growth and is not an indication of weakening asset quality.”Loans acquired in connection with acquisitions have been recorded at fair value, including a reduction for estimated credit losses, and without carryover of the respective portfolio’s historical allowance for loan losses. As such, selected asset quality metrics have been highlighted to distinguish between the ‘originated’ portfolio and the ‘acquired’ portfolios.For the originated portfolio, representing all loans other than those acquired, non-performing loans totaled$240.5 million at March 31, 2011, or 1.62 percent of originated loans, compared to $245.2 million and 1.70 percent, respectively, at December 31, 2010. Non-performing loans in the acquired portfolios, which represent the contractual balances of loans acquired that meet our definition of non-performing but for which the risk of loss has already been considered by virtue of our estimate of acquisition-date fair value and/or the existence of an FDIC loss-share agreement, totaled $324.4 million at March 31, 2011compared to $359.8 million at December 31, 2010.Non-performing assets (excluding acquired non-performing loans) totaled $292.1 million at March 31, 2011, down from $303.1 million at December 31, 2010. Non-performing assets equaled 1.96 percent of originated loans, REO and repossessed assets at March 31, 2011 compared to 2.09 percent at December 31, 2010.First quarter net loan charge-offs totaled $9.6 million compared to $10.9 million in the fourth quarter of 2010. Net loan charge-offs as a percent of average loans on an annualized basis were 0.22 percent in the first quarter of 2011 compared to 0.28 percent in the prior year’s fourth quarter. The provision for loan losses in the first quarter of 2011 reflects a $5.0 million increase in the allowance for loan losses to $177.5 million at March 31, 2011 due to strong growth in the commercial and residential mortgage loan portfolios.At March 31, 2011, the allowance for loan losses as a percentage of originated loans was 1.19 percent and as a percentage of originated non-performing loans was 74 percent, compared to 1.19 percent and 70 percent, respectively, at December 31, 2010. For the originated commercial banking portfolio, the allowance for loan losses ratio was 1.61 percent at both March 31, 2011 and December 31, 2010. The commercial banking allowance for loan losses represented 104 percent of non-performing commercial banking loans at March 31, 2011.People’s United Financial, a diversified financial services company with $25 billion in assets, provides commercial banking, retail and business banking, and wealth management services through a network of 341 branches in Connecticut, Vermont, New York, New Hampshire, Maine and Massachusetts. Through its subsidiaries, People’s United Financial provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.  Repurchase agreements476.3501.3164.1  Return on average tangible stockholders’ equity (4)6.43.72.71.71.5 Balance at end of period$          177.5$          172.5$          172.5$          172.5$          172.5 Treasury stock, at cost (22.0 million shares, 17.5 million shares and 3.2 million shares)(307.6)(248.9)(58.2) March 31,Dec. 31,Sept. 30,June 30,March 31,  Income before income tax expense77.547.935.723.020.4 $     22,960.5  Repurchase agreements492.80.60.46350.00.50.54  Non-interest-bearing$       3,789.5$       3,872.6$       3,305.7  Savings, interest-bearing checking and money market9,255.78,897.87,649.1 Liabilities      Originated non-performing loans (2)73.870.368.678.589.7  Time5,131.514.51.134,648.415.01.29 Total non-interest income74.668.168.069.764.2  Residential mortgage1.62.01.20.40.1 $          221.54.10% Less: Goodwill and other  Federal funds purchased200.0–    and money market9,015.112.10.548,249.011.50.56 Subordinated notes and debentures179.73.47.61171.33.37.75 Net interest income/spread (3)  Non-interest-bearing$       3,797.4$                —   %$       3,633.5$                —   % Total non-interest expense$          202.8$          199.1$          186.3$          202.7$          193.9 Subordinated notes and debentures182.03.88.31  Net gains on sales of loans8.64.22.42.72.8  Bank service charges31.030.731.532.931.2  Residential mortgage29.327.126.527.728.1 (1) Fully taxable equivalent    Total non-performing assets$          292.1$          303.1$          312.0$          284.5$          247.5 Liabilities and stockholders’ equity:  Residential mortgage2,415.928.14.66         Unallocated ESOP common shares8.979.069.159.239.32    Short-term investments (1)8431,4181,8922,5332,901         acquisition-related intangibles1,9531,9621,7721,7781,767 (1) Non-performing commercial and industrial loans at March 31, 2011 include approximately $10.7 million of loans secured, in part,  Commercial real estate5,392.774.25.51 SOURCE People’s United Financial, Inc. BRIDGEPORT, Conn., April 20, 2011 /PRNewswire/ —    Total borrowings189.40.51.08        and March 31, 2010, respectively.    Total deposits18,110.117,933.115,397.4 Non-performing assets as a percentage of: Additional paid-in capital4,981.54,978.84,924.6 Per Common Share Data: Common stock ($0.01 par value; 1.95 billion shares authorized; March 31,Dec. 31,Sept. 30,June 30,March 31,  Federal Home Loan Bank advances481.6509.310.5         Net security gains0.1—-       by owner-occupied commercial properties that were previously classified as non-performing commercial real estate loans. Recoveries0.81.30.81.21.4 People’s United Financial, Inc.NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAPIn addition to evaluating People’s United Financial’s results of operations in accordance with U.S. generally accepted accounting principles (“GAAP”), management routinely supplements this evaluation with an analysis of certain non-GAAP financial measures, such as the efficiency and tangible equity ratios, tangible book value per share, and operating earnings. Management believes these non-GAAP financial measures provide information useful to investors in understanding People’s United Financial’s underlying operating performance and trends, and facilitates comparisons with the performance of other banks and thrifts. Further, the efficiency ratio and operating earnings are used by management in its assessment of financial performance, including non-interest expense control, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength of People’s United Financial’s capital position.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 (i) total non-interest expense (excluding goodwill impairment charges, amortization of other acquisition-related intangibles and fair value adjustments, losses on real estate assets and non-recurring expenses) (the numerator) to (ii) 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 non-recurring income) (the denominator). People’s United Financial generally considers an item of income or expense to be non-recurring 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.Operating earnings exclude from net income those items that management considers to be of such a non-recurring or infrequent nature that, by excluding such items (net of income taxes), People’s United Financial’s results can be measured and assessed on a more consistent basis from period to period. Items excluded from operating earnings, which include, but are not limited to, merger-related expenses, core system conversion costs, and one-time charges related to executive-level management separation agreements, are generally also excluded when calculating the efficiency ratio.  Operating earnings per share is calculated by dividing operating earnings by the weighted average number of dilutive common shares outstanding for the respective period.The tangible equity ratio is the ratio of (i) tangible stockholders’ equity (total stockholders’ equity less goodwill and other acquisition-related intangibles) (the numerator) to (ii) tangible assets (total assets less goodwill and other acquisition-related intangibles) (the denominator). Tangible book value per share is calculated by dividing tangible stockholders’ equity by common shares (total common shares issued, less common shares classified as treasury shares and unallocated ESOP common shares).In light of diversity in presentation among financial institutions, the methodologies used by People’s United Financial for determining the non-GAAP financial measures discussed above may differ from those used by other financial institutions.People’s United Financial, Inc.         acquisition-related intangibles1,9531,9621,7721,7781,767    Net income$            51.7$            32.0$            24.1$            16.0$            13.6  Common shares (end of period) (in millions)345.97350.07356.73358.51362.25  Originated loans1.19%1.19%1.22%1.23%1.22% People’s United Financial, Inc. Commercial banking allowance for loan losses as a percentage of CONSOLIDATED STATEMENTS OF CONDITION Retail banking allowance for loan losses as a percentage of Other assets2,845.4 Selected Statistical Data: Commercial Banking: Less: Fair value adjustments5.00.6— Borrowings: Retail Banking: Originated non-performing loans:  Residential mortgage70.478.887.080.966.7  Tangible book value (end of period) (3)9.279.3010.0710.1410.25    Total loans, net17,345.617,155.215,080.1    Low12.1712.2012.5613.4915.07  Home equity0.81.11.30.10.9 Yield/Average Retained earnings767.2772.6874.5  377.0 million shares, 376.6 million shares and 374.8 million shares issued)3.73.73.8 Balance at beginning of period$          172.5$          172.5$          172.5$          172.5$          172.5 (dollars in millions, except per share data)20112010201020102010 EFFICIENCY RATIO Subordinated notes and debentures176.3182.2182.2      non-interest income for all periods.    Total interest on loans230.4205.6193.1195.5183.2    Total funding liabilities19,120.8$            32.50.68%17,235.6$            31.00.72% Other liabilities357.7691.9355.3 People’s United Financial, Inc. AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)       at People’s United Financial, Inc. People’s United Bank’s March 31, 2011 total risk-based capital ratio is preliminary.    Borrowings1,1581,011254141175 Adjustments-0.010.010.050.04 Financial Condition Data: Three Months Ended  Commercial real estate7,053.3101.65.766,054.385.95.67  agreements to resell110.60.10.17603.90.30.21    Total non-interest income74.668.168.069.764.2    Subordinated notes and debentures176182183183182  Consumer2,127.12,177.92,222.6  Savings, interest-bearing checking    Total assets24,62322,96121,95521,87221,260 March 31,Dec. 31,Sept. 30,June 30,March 31,         Other3.3—- Interest and dividend income:    Total$          190.9$          184.7$          175.4$          178.2$          170.8  Securities purchased under agreements to resell0.10.30.40.10.1    Stockholders’ equity to total assets20.720.824.524.725.4 (in millions, except per share data)20112010201020102010 PROVISION AND ALLOWANCE FOR LOAN LOSSES  Non-interest-bearing$       3,267.2$                —   %    Operating earnings$            53.8$            36.7$            27.7$            31.8$            29.2    Total earning assets21,273.7$          254.04.78%19,697.2$          221.74.50% March 31,Dec. 31,Sept. 30,June 30,March 31,    Operating earnings per share$            0.15$            0.10$            0.08$            0.09$            0.08 Tangible stockholders’ equity$          3,207$          3,257$          3,593$          3,635$          3,712  Originated loans, REO and repossessed assets1.962.092.192.021.75  Time5,064.95,162.74,442.6 (1) Includes securities purchased under agreements to resell. Residential mortgage loans held for sale18.088.554.9    Total liabilities19,437.1    Stockholders’ equity5,1605,2195,3655,4135,479    Short-term investments (1)9261,1201,2181,9442,527    Total assets$     24,962.3$     25,037.1$     21,588.1  Commercial real estate (1)$            71.7$            82.5$            85.0$            67.2$            65.8  Total$              9.6$            10.9$            21.8$            17.8$              9.5  Provision for loan losses14.610.921.817.89.5 Stockholders’ equity5,185.4        BOLI FTE adjustment (1)0.60.50.71.41.0  Non-interest expense (1), (2)202.8199.1186.3202.7193.9  Other consumer0.40.60.70.90.8 Non-interest expense:  Merger-related expenses3.14.81.02.814.7 Unallocated common stock of Employee Stock Ownership Plan, at cost Short-term investments$          732.4$              0.60.31%$          814.7$              0.60.29%  Federal Home Loan Bank advances499.61.91.49178.20.71.68 Common shares issued376.95376.62374.63374.64374.76 (2)  Average balances and yields for securities available for sale are based on amortized cost.  Average Balances: Common shares345.97350.07356.73358.51362.25  Occupancy and equipment33.128.128.028.529.8 March 31, 2011Dec. 31, 2010last_img read more