People's United Financial Reports Third Quarter Net Income of $139.7 Million, or $0.32 per Common Share

Operating Earnings of $0.33 per Common Share
Published: Oct. 21, 2021 at 3:01 PM CDT

BRIDGEPORT, Conn., Oct. 21, 2021 /PRNewswire/ -- People's United Financial, Inc. (NASDAQ: PBCT) today reported results for the third quarter of 2021. These results along with comparison periods are summarized below:

(PRNewsfoto/People's United Bank)
(PRNewsfoto/People's United Bank)

`








($ in millions, except per common share data)








 Three Months Ended




Sep. 30, 2021


Jun. 30, 2021


Sep. 30, 2020









Net income


$         139.7


$         170.8


$         144.6

Net income available


136.2


167.3


141.1


to common shareholders





Per common share


0.32


0.39


0.34









Operating earnings1


141.1


176.1


144.7


Per common share


0.33


0.41


0.34

















Net interest income


$         370.3


$         380.9


$         391.4


Net interest margin


2.64%


2.70%


2.97%









Non-interest income


100.4


99.0


101.1

















Non-interest expense


$         289.2


$         305.0


$         293.6

Operating non-interest expense1

282.9


293.8


289.0









Efficiency ratio


56.8%


57.4%


53.8%

















Average balances







Loans


$       39,934


$       41,683


$       44,853

Deposits


52,822


53,041


49,542









Period-end balances







Loans


39,526


41,366


45,231

Deposits


52,871


52,581


49,637









1 See Non-GAAP Financial Measures and Reconciliation to GAAP.



"We are pleased with our third quarter performance, particularly given the low interest rate environment," said Jack Barnes, Chairman and Chief Executive Officer. "Our focus remains on completing the merger with M&T, which will bring together two high-performing and well-respected institutions. While the combined bank will have significant size and scale to offer customers greater branch access, more innovative solutions, and enhanced digital capabilities, the Company will remain true to its collective roots of delivering superior service at the local level and providing steadfast community support. As we have worked closely with our M&T partners on integration, we have developed an even greater appreciation for the similarity of the cultures and philosophies between the two banks. As such, a seamless transition is expected for our clients and colleagues once the transaction is closed. Finally, I want to express my sincere gratitude to all our employees for their efforts and dedication as we move towards People's United's next chapter and further build upon its storied legacy."
"The third quarter financial results reflect the consistent core earnings power of the franchise and were highlighted by continued excellent asset quality, well-controlled expenses, strong non-interest income, and a lower effective tax rate," stated David Rosato, Senior Executive Vice President and Chief Financial Officer. "Operating earnings of $141 million were down $35 million linked-quarter driven by a change of $42 million after-tax in the provision for credit losses. Pre-provision net revenue increased four percent linked-quarter, or one percent on an operating basis. Net interest margin of 2.64 percent was six basis points lower than the second quarter mostly due to increased excess liquidity. Conversely, the margin benefited from continued stable loan yields and a further reduction in deposit costs."
Rosato continued, "The loan-to-deposit ratio concluded the quarter at 75 percent as the total loan portfolio decreased $1.8 billion or four percent from June 30, while deposits grew $290 million or one percent. Loan growth continued to experience headwinds during the quarter as period-end loans, excluding forgiveness of PPP balances, declined approximately $1.1 billion, primarily due to lower commercial real estate and retail balances of $581 million and $450 million, respectively, as well as a $200 million reduction in the mortgage warehouse portfolio. These decreases were partially offset by solid results in LEAF and asset-based lending. Growth in period-end deposits was largely attributable to higher balances within our municipal and mortgage warehouse businesses. Finally, capital ratios remain strong and improved linked-quarter for both the Bank and Holding Company."











 As of and for the Three Months Ended




Sep. 30, 2021


Jun. 30, 2021


Sep. 30, 2020









Asset Quality















Net loan charge-offs


0.08%


0.10%


0.15%


to average total loans




Non-performing loans


0.81%


0.79%


0.68%


as a percentage of total loans




















Returns















Return on average assets1


0.87%


1.07%


0.94%

Return on average tangible common equity1


11.6%


14.7%


13.1%

















Capital Ratios















People's United Financial, Inc.







Tangible common equity / tangible assets


7.8%


7.7%


7.5%

Tier 1 leverage


8.6%


8.4%


8.2%

Common equity tier 1


11.7%


11.3%


9.9%

Tier 1 risk-based


12.3%


11.8%


10.5%

Total risk-based


13.4%


13.1%


11.8%









People's United Bank, N.A.







Tier 1 leverage


8.8%


8.8%


8.7%

Common equity tier 1


12.6%


12.3%


11.0%

Tier 1 risk-based


12.6%


12.3%


11.0%

Total risk-based


13.6%


13.5%


12.3%









1 See Non-GAAP Financial Measures and Reconciliation to GAAP.





The Board of Directors declared a $0.1825 per common share quarterly dividend payable November 15, 2021, to shareholders of record on November 1, 2021. Based on the closing stock price on October 20, 2021, the dividend yield on People's United Financial common stock is 3.9 percent.

People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with over $63.5 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of more than 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management solutions. The company also provides specialized commercial services to customers nationwide.

3Q 2021 Financial Highlights

Summary

  • Net income totaled $139.7 million, or $0.32 per common share.
  • Net interest income totaled $370.3 million in 3Q21 compared to $380.9 million in 2Q21.
  • Net interest margin decreased six basis points from 2Q21 to 2.64% reflecting:
  • Provision for credit losses on loans totaled $12.0 million.
  • Non-interest income totaled $100.4 million in 3Q21 compared to $99.0 million in 2Q21.
  • Non-interest expense totaled $289.2 million in 3Q21 compared to $305.0 million in 2Q21.
  • The effective income tax rate was 17.5% for 3Q21 and 19.8% for the first nine months of 2021, compared to 37.0% for the full-year of 2020.

Commercial Banking

  • Commercial loans totaled $30.5 billion at September 30, 2021, a $1.4 billion decrease from June 30, 2021.
  • Average commercial loans totaled $30.7 billion in 3Q21, a $1.3 billion decrease from 2Q21.
  • Commercial deposits totaled $25.9 billion at September 30, 2021 compared to $24.9 billion at June 30, 2021.
  • The ratio of non-accrual commercial loans to total commercial loans was 0.84% at September 30, 2021 compared to 0.82% at June 30, 2021.
  • Non-performing commercial assets totaled $262.1 million at September 30, 2021 compared to $269.2 million at June 30, 2021.
  • For the commercial loan portfolio, the allowance for credit losses as a percentage of commercial loans was 0.75% at September 30, 2021 compared to 0.76% at June 30, 2021.
  • The commercial allowance for credit losses represented 90% of non-accrual commercial loans at September 30, 2021 compared to 93% at June 30, 2021.

Retail Banking

  • Residential mortgage loans totaled $7.3 billion at September 30, 2021, a $356 million decrease from June 30, 2021.
  • Home equity loans totaled $1.7 billion at September 30, 2021, a $90 million decrease from June 30, 2021.
  • Retail deposits totaled $27.0 billion at September 30, 2021 compared to $27.7 billion at June 30, 2021.
  • The ratio of non-accrual residential mortgage loans to residential mortgage loans was 0.68% at September 30, 2021 compared to 0.65% at June 30, 2021.
  • The ratio of non-accrual home equity loans to home equity loans was 0.96% at September 30, 2021 compared to 1.01% at June 30, 2021.
  • For the retail loan portfolio, the allowance for credit losses as a percentage of retail loans was 1.36% at September 30, 2021 compared to 1.13% at June 30, 2021.
  • The retail allowance for credit losses represented 187% of non-accrual retail loans at September 30, 2021 compared to 158% at June 30, 2021.
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," "should" 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, international, 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) changes in accounting and regulatory guidance applicable to banks; (7) price levels and conditions in the public securities markets generally; (8) competition and its effect on pricing, spending, third-party relationships and revenues; (9) the pending merger with M&T Bank Corporation; (10) changes in regulation resulting from or relating to financial reform legislation; and (11) the COVID-19 pandemic and its effect on the economic and business environment in which we operate.  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.

People's United Financial, Inc.











FINANCIAL HIGHLIGHTS
























As of and for the Three Months Ended



Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,

(dollars in millions, except per common share data)


2021


2021


2021


2020


2020

Earnings Data:











  Net interest income (fully taxable equivalent)

$

377.9

$

388.7

$

393.5

$

390.2

$

398.7

  Net interest income


370.3


380.9


385.9


382.8


391.4

  Provision for credit losses


12.1


(40.8)


(13.6)


14.7


26.8

  Non-interest income (1)


100.4


99.0


94.6


178.2


101.1

  Non-interest expense (1)


289.2


305.0


311.9


646.4


293.6

  Income (loss) before income tax expense


169.4


215.7


182.2


(100.1)


172.1

  Net income (loss)


139.7


170.8


144.5


(145.3)


144.6

  Net income (loss) available to common shareholders (1)

136.2


167.3


141.0


(148.8)


141.1












Selected Statistical Data:











  Net interest margin (2)


2.64

%

2.70

%

2.74

%

2.84

%

2.97

  Return on average assets (1), (2)


0.87


1.07


0.90


(0.93)


0.94

  Return on average common equity (2)


7.2


9.1


7.7


(7.8)


7.5

  Return on average tangible common equity (1), (2)


11.6


14.7


12.5


(13.4)


13.1

  Efficiency ratio (1)


56.8


57.4


56.6


55.5


53.8












Common Share Data:











  Earnings (loss) per common share:











    Basic

$

0.32

$

0.40

$

0.34

$

(0.36)

$

0.34

    Diluted (1)


0.32


0.39


0.33


(0.35)


0.34

  Dividends paid per common share


0.1825


0.1825


0.1800


0.1800


0.1800

  Common dividend payout ratio (1)


56.8

%

46.2

%

53.7

%

(50.8)

%

53.6

  Book value per common share

$

17.85

$

17.77

$

17.42

$

17.56

$

18.11

  Tangible book value per common share (1)


11.18


11.08


10.70


10.77


10.37

  Stock price:











    High


18.08


19.62


19.40


13.58


12.36

    Low


15.18


16.75


12.66


9.98


9.74

    Close


17.47


17.14


17.90


12.93


10.31

  Common shares outstanding (in millions) (1)


427.77


427.77


427.22


424.68


424.67

  Weighted average diluted common shares (in millions)

424.77


425.08


422.58


420.39


420.29












(1) See Non-GAAP Financial Measures and Reconciliation to GAAP.









(2) Annualized.











People's United Financial, Inc.






FINANCIAL HIGHLIGHTS















As of and for the






Nine Months Ended






September 30,



(dollars in millions, except per common share data)


2021


2020


Earnings Data:






  Net interest income (fully taxable equivalent)

$

1,160.1

$

1,215.4


  Net interest income


1,137.1


1,193.0


  Provision for credit losses


(42.3)


141.1


  Non-interest income


294.0


314.5


  Non-interest expense (1)


906.1


917.7


  Income before income tax expense


567.3


448.7


  Net income


455.0


364.9


  Net income available to common shareholders (1)


444.5


354.4








Selected Statistical Data:






  Net interest margin (2)


2.69

%

3.05

%

  Return on average assets (1), (2)


0.95


0.80


  Return on average common equity (2)


8.0


6.3


  Return on average tangible common equity (1), (2)


12.9


11.0


  Efficiency ratio (1)


56.9


53.8








Common Share Data:






  Earnings per common share:






    Basic

$

1.06

$

0.84


    Diluted (1)


1.05


0.84


  Dividends paid per common share


0.5450


0.5375


  Common dividend payout ratio (1)


51.8

%

64.5

%

  Book value per common share

$

17.85

$

18.11


  Tangible book value per common share (1)


11.18


10.37


  Stock price:






    High


19.62


17.00


    Low


12.66


9.37


    Close


17.47


10.31


  Common shares oustanding (in millions) (1)


427.77


424.67


  Weighted average diluted common shares (in millions)


424.21


423.28








(1) See Non-GAAP Financial Measures and Reconciliation to GAAP.






(2) Annualized.






People's United Financial, Inc.












FINANCIAL HIGHLIGHTS - Continued


























As of and for the Three Months Ended




Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


(dollars in millions)


2021


2021


2021


2020


2020


Financial Condition Data:












    Total assets

$

63,673

$

63,341

$

64,172

$

63,092

$

60,871


    Loans


39,526


41,366


42,770


43,870


45,231


    Securities


10,541


10,597


10,445


9,191


8,270


    Short-term investments


7,723


5,249


4,992


3,766


439


    Allowance for credit losses on loans


352


348


399


425


424


    Goodwill and other acquisition-related intangible assets

2,817


2,826


2,835


2,846


3,244


    Deposits


52,871


52,581


53,475


52,138


49,637


    Borrowings


977


952


1,156


1,148


1,237


    Notes and debentures


999


1,002


1,003


1,010


1,012


    Stockholders' equity


7,783


7,750


7,592


7,603


7,831


    Total risk-weighted assets (1):












       People's United Financial, Inc.


42,711


43,654


43,833


45,075


45,756


       People's United Bank, N.A.


42,706


43,623


43,812


45,016


45,685


    Non-accrual loans


321


328


353


329


306


    Net loan charge-offs


7.7


10.3


12.4


13.4


17.3














Average Balances:












    Loans

$

39,934

$

41,683

$

42,854

$

44,061

$

44,853


    Securities (2)


10,432


10,418


9,561


8,390


7,922


    Short-term investments


6,999


5,469


5,000


2,582


842


    Total earning assets


57,365


57,570


57,415


55,034


53,617


    Total assets


63,876


63,930


64,057


62,396


61,293


    Deposits


52,822


53,041


52,876


50,674


49,542


    Borrowings


940


1,012


1,143


1,233


1,283


    Notes and debentures


1,002


1,003


1,008


1,011


1,014


    Total funding liabilities


54,764


55,056


55,027


52,918


51,839


    Stockholders' equity


7,779


7,634


7,606


7,884


7,801














Ratios:












    Net loan charge-offs to average total loans (annualized)

0.08

%

0.10

%

0.12

%

0.12

%

0.15

%

    Non-performing assets to total loans, real estate owned











      and repossessed assets


0.83


0.82


0.85


0.78


0.71


    Allowance for credit losses on loans to:












      Total loans


0.89


0.84


0.93


0.97


0.94


      Non-accrual loans


109.9


106.1


113.0


129.1


138.4


    Average stockholders' equity to average total assets


12.9


11.9


11.9


12.6


12.7


    Stockholders' equity to total assets


12.2


12.2


11.8


12.1


12.9


    Tangible common equity to tangible assets (3)


7.8


7.7


7.4


7.5


7.5


    Total risk-based capital (1):












       People's United Financial, Inc.


13.4


13.1


12.9


12.4


11.8


       People's United Bank, N.A.


13.6


13.5


13.5


12.8


12.3














(1) September 30, 2021 amounts and ratios are preliminary.










(2) Average balances for securities are based on amortized cost.










(3) See Non-GAAP Financial Measures and Reconciliation to GAAP.










People's United Financial, Inc.





CONSOLIDATED STATEMENTS OF CONDITION











Sept. 30,

June 30,

Dec. 31,

Sept. 30,

(in millions)

2021

2021

2020

2020

Assets





Cash and due from banks

$        410.6

$        516.3

$        477.3

$        616.8

Short-term investments

7,723.0

5,249.4

3,766.0

438.6

Securities:





  Debt securities available-for-sale, at fair value

6,257.0

6,328.6

4,925.5

4,080.7

  Debt securities held-to-maturity, at amortized cost

3,929.8

4,003.1

3,993.8

3,916.5

  Federal Reserve Bank and Federal Home Loan Bank stock, at cost

264.7

264.9

266.6

267.1

  Equity securities, at fair value

-

-

5.3

5.6

    Total securities

10,451.5

10,596.6

9,191.2

8,269.9

Loans held-for-sale

9.8

5.4

26.5

21.4

Loans:





  Commercial and industrial (1)

12,769.0

13,627.4

14,982.3

15,295.0

  Commercial real estate (1)

12,662.6

13,243.2

13,336.9

13,713.3

  Equipment financing

5,040.3

4,990.9

4,930.0

4,887.6

    Total Commercial Portfolio

30,471.9

31,861.5

33,249.2

33,895.9

  Residential mortgage

7,269.8

7,626.2

8,518.9

9,095.6

  Home equity and other consumer

1,784.1

1,877.9

2,101.4

2,239.1

    Total Retail Portfolio

9,053.9

9,504.1

10,620.3

11,334.7

    Total loans

39,525.8

41,365.6

43,869.5

45,230.6

  Less allowance for credit losses on loans

(352.4)

(348.1)

(425.1)

(423.8)

    Total loans, net

39,173.4

41,017.5

43,444.4

44,806.8

Goodwill and other acquisition-related intangible assets

2,816.9

2,825.8

2,845.9

3,243.5

Bank-owned life insurance

716.5

713.7

711.6

710.5

Premises and equipment, net

249.9

261.8

276.7

281.3

Other assets

2,121.0

2,154.2

2,352.2

2,482.4

    Total assets

$  63,672.6

$  63,340.7

$  63,091.8

$  60,871.2






Liabilities





Deposits:





  Non-interest-bearing

$  16,334.6

$  16,722.8

$  15,881.7

$  14,101.9

  Savings

6,685.4

6,710.2

6,029.7

5,846.3

  Interest-bearing checking and money market

25,614.7

24,705.9

24,567.5

23,361.8

  Time

4,236.6

4,442.3

5,658.8

6,326.5

    Total deposits

52,871.3

52,581.2

52,137.7

49,636.5

Borrowings:





  Federal Home Loan Bank advances

569.6

569.7

569.7

579.8

  Customer repurchase agreements

407.8

382.5

452.9

432.5

  Federal funds purchased

-

-

125.0

225.0

    Total borrowings

977.4

952.2

1,147.6

1,237.3

Notes and debentures

999.4

1,001.6

1,009.6

1,012.0

Other liabilities

1,041.5

1,056.1

1,194.1

1,153.9

    Total liabilities

55,889.6

55,591.1

55,489.0

53,039.7






Stockholders' Equity





Preferred stock

244.1

244.1

244.1

244.1

Common stock

5.4

5.4

5.3

5.3

Additional paid-in capital

7,714.9

7,709.4

7,663.6

7,657.3

Retained earnings

1,574.7

1,516.5

1,363.6

1,589.1

Unallocated common stock of ESOP, at cost

(110.2)

(112.0)

(115.6)

(117.4)

Accumulated other comprehensive loss

(176.9)

(144.8)

(89.2)

(77.9)

Treasury stock, at cost

(1,469.0)

(1,469.0)

(1,469.0)

(1,469.0)

    Total stockholders' equity

7,783.0

7,749.6

7,602.8

7,831.5

    Total liabilities and stockholders' equity

$  63,672.6

$  63,340.7

$  63,091.8

$  60,871.2







(1) In the first quarter of 2021, the Company completed a portfolio review to ensure consistent classification of certain

     commercial loans across the Company's franchise and conformity to industry practice for such loans. As a result,

     approximately $350 million of loans secured by non-owner-occupied commercial properties were prospectively

     reclassified, in March 2021, from commercial and industrial loans to commercial real estate loans. Prior period

     balances were not restated to conform to the current presentation.




People's United Financial, Inc.










CONSOLIDATED STATEMENTS OF INCOME





















Three Months Ended


Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,

(in millions, except per common share data)

2021


2021


2021


2020


2020

Interest and dividend income:










  Commercial and industrial

$  104.3


$  107.9


$  116.1


$  111.3


$  110.7

  Commercial real estate

96.5


101.6


98.8


106.1


110.5

  Equipment financing

62.3


62.5


62.8


62.1


65.4

  Residential mortgage

58.8


64.4


69.9


74.9


82.1

  Home equity and other consumer

15.2


16.2


16.5


18.7


19.9

    Total interest on loans

337.1


352.6


364.1


373.1


388.6

  Securities

53.8


52.4


51.4


47.2


47.5

  Short-term investments

2.8


1.3


1.2


0.8


0.4

  Loans held-for-sale

0.1


-


0.3


0.4


0.3

    Total interest and dividend income

393.8


406.3


417.0


421.5


436.8

Interest expense:










  Deposits

15.1


17.1


22.7


30.1


36.5

  Borrowings

1.2


1.1


1.2


1.3


1.5

  Notes and debentures

7.2


7.2


7.2


7.3


7.4

    Total interest expense

23.5


25.4


31.1


38.7


45.4

    Net interest income

370.3


380.9


385.9


382.8


391.4

Provision for credit losses on loans

12.0


(40.7)


(13.6)


14.7


27.1

Provision for credit losses on securities

0.1


(0.1)


-


-


(0.3)

    Net interest income after provision for credit losses

358.2


421.7


399.5


368.1


364.6

Non-interest income:










  Bank service charges

25.9


24.9


23.5


24.7


24.5

  Investment management fees

21.1


21.5


19.9


18.9


18.8

  Commercial banking lending fees

11.8


14.1


13.6


15.5


12.7

  Operating lease income

10.6


11.2


11.3


12.9


12.4

  Cash management fees

9.6


9.6


9.2


9.1


8.8

  Customer interest rate swap income, net

1.8


2.4


0.1


2.2


1.2

  Gain on sale of business, net of expenses (1)

-


-


-


75.9


-

  Other non-interest income

19.6


15.3


17.0


19.0


22.7

    Total non-interest income

100.4


99.0


94.6


178.2


101.1

Non-interest expense:










  Compensation and benefits

167.7


177.6


172.8


166.6


166.5

  Occupancy and equipment

50.2


50.0


49.1


50.9


49.1

  Professional and outside services

27.6


30.0


33.6


24.9


24.1

  Amortization of other acquisition-related intangible assets

8.9


8.8


11.0


9.7


10.2

  Operating lease expense

7.0


7.6


7.8


8.5


9.3

  Regulatory assessments

6.6


7.8


8.1


6.9


8.4

  Goodwill impairment

-


-


-


353.0


-

  Other non-interest expense

21.2


23.2


29.5


25.9


26.0

    Total non-interest expense (1)

289.2


305.0


311.9


646.4


293.6

    Income (loss) before income tax expense

169.4


215.7


182.2


(100.1)


172.1

Income tax expense

29.7


44.9


37.7


45.2


27.5

    Net income (loss)

139.7


170.8


144.5


(145.3)


144.6

Preferred stock dividend

3.5


3.5


3.5


3.5


3.5

    Net income (loss) available to common shareholders

$  136.2


$  167.3


$  141.0


$(148.8)


$  141.1











Earnings (loss) per common share:










  Basic

$     0.32


$     0.40


$     0.34


$  (0.36)


$     0.34

  Diluted

0.32


0.39


0.33


(0.35)


0.34












(1) The gain on sale of business, net of expenses, is considered non-operating income. Total non-interest expense includes

    $6.3 million, $11.2 million, $19.6 million, $357.9 million and $4.6 million of non-operating expenses for the three months ended

     September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively.  See Non-GAAP

     Financial Measures and Reconciliation to GAAP.











People's United Financial, Inc.




CONSOLIDATED STATEMENTS OF INCOME









Nine Months Ended


Sept. 30,

(in millions, except per common share data)

2021


2020

Interest and dividend income:




  Commercial and industrial

$   328.3


$   382.5

  Commercial real estate

296.9


329.5

  Equipment financing

187.6


201.2

  Residential mortgage

193.1


257.3

  Home equity and other consumer

47.9


68.0

    Total interest on loans

1,053.8


1,238.5

  Securities

157.6


148.5

  Short-term investments

5.3


2.6

  Loans held-for-sale

0.4


3.9

    Total interest and dividend income

1,217.1


1,393.5

Interest expense:




  Deposits 

54.9


157.1

  Borrowings 

3.5


18.9

  Notes and debentures

21.6


24.5

    Total interest expense

80.0


200.5

    Net interest income

1,137.1


1,193.0

Provision for credit losses on loans 

(42.3)


141.4

Provision for credit losses on securities 

-


(0.3)

    Net interest income after provision for credit losses

1,179.4


1,051.9

Non-interest income:




  Bank service charges

74.3


72.8

  Investment management fees

62.5


54.3

  Commercial banking lending fees

39.5


35.4

  Operating lease income

33.1


36.8

  Cash management fees

28.4


24.3

  Customer interest rate swap income, net

4.3


12.7

  Other non-interest income

51.9


78.2

    Total non-interest income

294.0


314.5

Non-interest expense:




  Compensation and benefits

518.1


508.2

  Occupancy and equipment 

149.3


148.1

  Professional and outside services

91.2


88.3

  Amortization of other acquisition-related intangible assets

28.7


31.1

  Regulatory assessments

22.5


25.8

  Operating lease expense

22.4


27.9

  Other non-interest expense

73.9


88.3

    Total non-interest expense (1)

906.1


917.7

    Income before income tax expense

567.3


448.7

Income tax expense

112.3


83.8

    Net income

455.0


364.9

Preferred stock dividend

10.5


10.5

    Net income available to common shareholders

$   444.5


$   354.4





Earnings per common share:




   Basic

$      1.06


$      0.84

   Diluted 

1.05


0.84






(1) Total non-interest expense includes $37.1 million and $41.0 million of non-operating expenses for

     the nine months ended September 30, 2021 and 2020, respectively. See Non-GAAP Financial


     Measures and Reconciliation to GAAP beginning.












People's United Financial, Inc.












AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)





















September 30, 2021




June 30, 2021




September 30, 2020


Three months ended

Average


Yield/


Average


Yield/


Average


Yield/

(dollars in millions)

Balance

Interest

Rate


Balance

Interest

Rate


Balance

Interest

Rate

Assets:












Short-term investments

$    6,999.3

$      2.8

0.16%


$    5,468.5

$      1.3

0.09%


$        841.5

$      0.4

0.19%

Securities (2)

10,432.0

59.1

2.27


10,418.3

57.6

2.21


7,922.4

52.5

2.65

Loans:












  Commercial real estate

12,906.9

96.5

2.99


13,434.9

101.6

3.02


13,853.1

110.5

3.19

  Commercial and industrial

12,759.6

106.6

3.34


13,570.0

110.5

3.26


14,419.8

113.0

3.13

  Equipment financing

5,001.7

62.3

4.99


4,933.7

62.5

5.07


4,876.4

65.4

5.37

  Residential mortgage

7,437.6

58.9

3.16


7,828.0

64.4

3.29


9,408.0

82.4

3.51

  Home equity and other consumer

1,828.2

15.2

3.32


1,916.2

16.2

3.39


2,296.0

19.9

3.47

    Total loans

39,934.0

339.5

3.40


41,682.8

355.2

3.41


44,853.3

391.2

3.49

    Total earning assets

57,365.3

$ 401.4

2.80%


57,569.6

$ 414.1

2.88%


53,617.2

$ 444.1

3.31%

Other assets

6,511.1




6,360.5




7,676.2



    Total assets

$  63,876.4




$  63,930.1




$  61,293.4















Liabilities and stockholders' equity:












Deposits:












  Non-interest-bearing

$  16,469.5

$         -

-   %


$  16,324.6

$         -

-   %


$  13,753.8

$         -

-   %

  Savings, interest-bearing checking












    and money market

32,030.8

8.9

0.11


32,088.4

10.1

0.13


28,970.0

16.4

0.23

  Time

4,322.2

6.2

0.57


4,627.6

7.0

0.61


6,817.8

20.1

1.18

    Total deposits

52,822.5

15.1

0.11


53,040.6

17.1

0.13


49,541.6

36.5

0.29

Borrowings:












  Federal Home Loan Bank advances

569.6

1.1

0.79


569.7

1.0

0.70


640.5

1.3

0.79

  Customer repurchase agreements

370.5

0.1

0.10


379.6

0.1

0.11


382.6

0.2

0.18

  Federal funds purchased

-

-

-


62.6

-

0.09


260.1

-

0.08

    Total borrowings

940.1

1.2

0.52


1,011.9

1.1

0.44


1,283.2

1.5

0.46

Notes and debentures

1,001.7

7.2

2.85


1,003.6

7.2

2.89


1,014.0

7.4

2.92

    Total funding liabilities

54,764.3

$   23.5

0.17%


55,056.1

$   25.4

0.19%


51,838.8

$   45.4

0.35%

Other liabilities

1,332.8




1,239.8




1,653.3



    Total liabilities

56,097.1




56,295.9




53,492.1



Stockholders' equity

7,779.3




7,634.2




7,801.3



    Total liabilities and












      stockholders' equity

$  63,876.4




$  63,930.1




$  61,293.4















Net interest income/spread (3)


$ 377.9

2.63%



$ 388.7

2.69%



$ 398.7

2.96%













Net interest margin



2.64%




2.70%




2.97%













(1) Average yields earned and rates paid are annualized.









(2) Average balances and yields for securities are based on amortized cost.







(3) The fully taxable equivalent adjustment was $7.6 million, $7.8 million and $7.3 million for the three months ended


      September 30, 2021, June 30, 2021 and September 30, 2020, respectively.







People's United Financial, Inc.








AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)













September 30, 2021




September 30, 2020


Nine months ended

Average


Yield/


Average


Yield/

(dollars in millions)

Balance

Interest

Rate


Balance

Interest

Rate

Assets:








Short-term investments

$    5,829.9

$          5.3

0.12%


$        635.9

$          2.6

0.55%

Securities (2)

10,140.2

173.4

2.28


8,061.0

163.3

2.70

Loans:








  Commercial real estate

13,206.3

296.9

3.00


14,219.8

382.5

3.59

  Commercial and industrial

13,544.0

335.5

3.30


13,065.7

337.6

3.44

  Equipment financing

4,941.5

187.6

5.06


4,908.5

201.2

5.47

  Residential mortgage

7,861.4

193.5

3.28


9,820.4

258.0

3.50

  Home equity and other consumer

1,926.4

47.9

3.31


2,475.7

70.7

3.81

    Total loans

41,479.6

1,061.4

3.41


44,490.1

1,250.0

3.75

    Total earning assets

57,449.7

$  1,240.1

2.88%


53,187.0

$  1,415.9

3.55%

Other assets

6,504.1




7,395.1



    Total assets

$  63,953.8




$  60,582.1











Liabilities and stockholders' equity:








Deposits:








  Non-interest-bearing

$  16,207.1

$              -

-   %


$  12,233.7

$              -

-   %

  Savings, interest-bearing checking








    and money market

31,980.5

31.8

0.13


27,111.2

77.5

0.38

  Time

4,725.4

23.1

0.65


8,046.8

79.6

1.32

    Total deposits

52,913.0

54.9

0.14


47,391.7

157.1

0.44

Borrowings:








  Federal Home Loan Bank advances

569.7

3.1

0.74


1,639.6

12.6

1.02

  Customer repurchase agreements

390.8

0.4

0.11


356.0

0.9

0.35

  Federal funds purchased

70.5

-

0.09


847.7

5.4

0.85

    Total borrowings

1,031.0

3.5

0.46


2,843.3

18.9

0.89

Notes and debentures

1,004.3

21.6

2.87


1,009.1

24.5

3.24

    Total funding liabilities

54,948.3

$        80.0

0.19%


51,244.1

$      200.5

0.52%

Other liabilities

1,331.7




1,550.5



    Total liabilities

56,280.0




52,794.6



Stockholders' equity

7,673.8




7,787.5



    Total liabilities and








      stockholders' equity

$  63,953.8




$  60,582.1











Net interest income/spread (3)


$  1,160.1

2.69%



$  1,215.4

3.03%









Net interest margin



2.69%




3.05%









(1) Average yields earned and rates paid are annualized.






(2) Average balances and yields for securities are based on amortized cost.



(3) The fully taxable equivalent adjustment was $23.0 million and $22.4 million for the nine months

      ended September 30, 2021 and 2020, respectively.














People's United Financial, Inc.












NON-PERFORMING ASSETS


























Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


(dollars in millions)


2021


2021


2021


2020


2020


Non-accrual loans:












Commercial:












  Commercial real estate

$

98.7

$

96.1

$

90.2

$

60.4

$

85.3


  Commercial and industrial


57.2


57.0


69.2


76.4


86.7


  Equipment financing


99.2


107.2


118.1


109.3


49.0


    Total Commercial


255.1


260.3


277.5


246.1


221.0


Retail:












  Residential mortgage


49.1


49.5


56.9


62.3


62.9


  Home equity


16.3


18.1


18.7


20.5


22.1


  Other consumer


-


0.1


0.2


0.2


0.2


    Total Retail


65.4


67.7


75.8


83.0


85.2


    Total non-accrual loans (1)


320.5


328.0


353.3


329.1


306.2


Real estate owned:












  Residential


1.6


1.6


1.5


3.2


1.9


  Commercial


-


3.5


3.5


3.6


3.6


    Total real estate owned


1.6


5.1


5.0


6.8


5.5


Repossessed assets


7.4


5.6


5.4


5.7


9.7


    Total non-performing assets

$

329.5

$

338.7

$

363.7

$

341.6

$

321.4














Non-accrual loans as a percentage of total loans


0.81

%

0.79

%

0.83

%

0.75

%

0.68

%

Non-performing assets as a percentage of:












  Total loans, real estate owned and repossessed assets

0.83


0.82


0.85


0.78


0.71


  Tangible stockholders' equity and allowance












     for credit losses


6.20


6.43


7.05


6.59


6.41














(1) Reported net of government guarantees totaling $1.1 million at September 30, 2021, $1.2 million at June 30, 2021,

      $2.5 million at March 31, 2021, $2.5 million at December 31, 2020 and $2.4 million at September 30, 2020.


People's United Financial, Inc.
























PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS






















Three Months Ended




Sept. 30,


June 30,


March 31,


Dec. 31,


Sept 30,


(dollars in millions)


2021


2021


2021


2020


2020


Allowance for credit losses on loans:












Balance at beginning of period

$

348.1

$

399.1

$

425.1

$

423.8

$

414.0


  Charge-offs


(13.2)


(13.9)


(17.8)


(16.7)


(19.3)


  Recoveries


5.5


3.6


5.4


3.3


2.0


    Net loan charge-offs


(7.7)


(10.3)


(12.4)


(13.4)


(17.3)


  Provision for credit losses on loans


12.0


(40.7)


(13.6)


14.7


27.1


    Balance at end of period

$

352.4

$

348.1

$

399.1

$

425.1

$

423.8














Allowance for credit losses on loans












   as a percentage of:












    Total loans


0.89

%

0.84

%

0.93

%

0.97

%

0.94

%

    Non-accrual loans


109.9


106.1


113.0


129.1


138.4






































NET LOAN CHARGE-OFFS (RECOVERIES)

























Three Months Ended



Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


(dollars in millions)


2021


2021


2021


2020


2020


Commercial:












  Commercial real estate

$

3.7

$

0.8

$

5.8

$

0.1

$

4.1


  Commercial and industrial


0.3


3.0


(0.5)


6.6


6.9


  Equipment financing


4.2


6.9


7.2


6.8


6.2


    Total


8.2


10.7


12.5


13.5


17.2


Retail:












  Residential mortgage


(0.7)


(0.4)


(0.3)


(0.3)


(0.2)


  Home equity


(0.1)


(0.2)


(0.2)


-


-


  Other consumer


0.3


0.2


0.4


0.2


0.3


    Total


(0.5)


(0.4)


(0.1)


(0.1)


0.1


    Total net loan charge-offs

$

7.7

$

10.3

$

12.4

$

13.4

$

17.3














Net loan charge-offs to












  average total loans (annualized)


0.08

%

0.10

%

0.12

%

0.12

%

0.15

%













People's United Financial, Inc.










NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP
































    In addition to evaluating People's United Financial Inc. ("People's United") results of operations in accordance with

U.S. generally accepted accounting principles ("GAAP"), management routinely supplements its evaluation with an analysis

of certain non-GAAP financial measures, such as the efficiency and tangible common equity ratios, tangible book value per

common share and operating earnings metrics. Management believes these non-GAAP financial measures provide


information useful to investors in understanding People's United's underlying operating performance and trends, and

facilitates comparisons with the performance of other financial institutions. Further, the efficiency ratio and operating

earnings metrics are used by management in its assessment of financial performance, including non-interest expense

control, while the tangible common equity ratio and tangible book value per common share are used to analyze the


relative strength of People's United's capital position.





















    The efficiency ratio, which represents an approximate measure of the cost required by People's United to generate a

dollar of revenue, is the ratio of (i) total non-interest expense (excluding operating lease expense, goodwill impairment

charges, amortization of other acquisition-related intangible assets, losses on real estate assets and non-recurring


expenses) (the numerator) to (ii) net interest income on a fully taxable equivalent ("FTE") basis plus total non-interest

income (including the FTE adjustment on bank-owned life insurance ("BOLI") income, the netting of operating lease

expense and excluding gains and losses on sales of assets other than residential mortgage loans and acquired loans, and

non-recurring income) (the denominator). People's United 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 available to common shareholders 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'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: (i) non-recurring gains/losses; (ii) merger-related expenses, including

acquisition integration and other costs; (iii) writedowns of banking house assets and related lease termination costs;

(iv) severance-related costs; and (v) charges related to executive-level management separation costs, are generally also

excluded when calculating the efficiency ratio. Operating earnings per common share ("EPS") is derived by determining the

per common share impact of the respective adjustments to arrive at operating earnings and adding (subtracting) such

amounts to (from) diluted EPS, as reported. Operating return on average assets is calculated by dividing operating earnings

(annualized) by average total assets. Operating return on average tangible common equity is calculated by dividing


operating earnings (annualized) by average tangible common equity. The operating common dividend payout ratio is

calculated by dividing common dividends paid by operating earnings for the respective period.

















    Pre-provision net revenue is a useful financial measure as it enables an assessment of the Company's ability to generate

earnings to cover credit losses through a credit cycle as well as providing an additional basis for comparing the Company's

results of operation between periods by isolating the impact of the provision for credit losses, which can vary significantly

between periods.

























    The tangible common equity ratio is the ratio of (i) tangible common equity (total stockholders' equity less preferred

stock, goodwill and other acquisition-related intangible assets) (the numerator) to (ii) tangible assets (total assets less

goodwill and other acquisition-related intangible assets) (the denominator). Tangible book value per common share is

calculated by dividing tangible common equity by common shares (total common shares issued, less common shares

classified as treasury shares and unallocated Employee Stock Ownership Plan ("ESOP") common shares).
















    In light of diversity in presentation among financial institutions, the methodologies used by People's United for


determining the non-GAAP financial measures discussed above may differ from those used by other financial



institutions.

























People's United Financial, Inc.















NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued






















OPERATING NON-INTEREST EXPENSE AND EFFICIENCY RATIO











Three Months Ended


Nine Months Ended



Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


Sept. 30,


Sept. 30,

(dollars in millions)


2021


2021


2021


2020


2020


2021


2020

Total non-interest expense


$   289.2


$   305.0


$   311.9


$   646.4


$   293.6


$     906.1


$     917.7

Adjustments to arrive at operating















  non-interest expense:















  Merger-related expenses


(4.7)


(9.2)


(7.5)


(4.9)


(4.6)


(21.4)


(41.0)

  Stop & Shop contract termination costs


(1.6)


(2.0)


(12.1)


-


-


(15.7)


-

  Goodwill impairment charge


-


-


-


(353.0)


-


-


-

    Total


(6.3)


(11.2)


(19.6)


(357.9)


(4.6)


(37.1)


(41.0)

    Operating non-interest expense


282.9


293.8


292.3


288.5


289.0


869.0


876.7
















Adjustments:















  Amortization of other acquisition-related













     intangible assets


(8.9)


(8.8)


(11.0)


(9.7)


(10.2)


(28.7)


(31.1)

  Operating lease expense


(7.0)


(7.6)


(7.8)


(8.5)


(9.3)


(22.4)


(27.9)

  Other (1)


(1.2)


(1.3)


(1.7)


(1.3)


(5.1)


(4.2)


(8.9)

    Total non-interest expense for















      efficiency ratio


$   265.8


$   276.1


$   271.8


$   269.0


$   264.4


$     813.7


$     808.8
















Net interest income (FTE basis)


$   377.9


$   388.7


$   393.5


$   390.2


$   398.7


$  1,160.1


$  1,215.4

Total non-interest income


100.4


99.0


94.6


178.2


101.1


294.0


314.5

    Total revenues


478.3


487.7


488.1


568.4


499.8


1,454.1


1,529.9

Adjustments:















  Operating lease expense


(7.0)


(7.6)


(7.8)


(8.5)


(9.3)


(22.4)


(27.9)

  BOLI FTE adjustment


1.0


0.7


0.6


0.9


0.8


2.3


2.6

  Gain on sale of business, net of expenses

-


-


-


(75.9)


-


-


-

  Other (2)


(4.0)


-


(1.1)


-


(0.1)


(5.1)


(0.4)

    Total revenues for efficiency ratio


$   468.3


$   480.8


$   479.8


$   484.9


$   491.2


$  1,428.9


$  1,504.2

    Efficiency ratio


56.8%


57.4%


56.6%


55.5%


53.8%


56.9%


53.8%
















(1)  Items classified as "other" and deducted from non-interest expense for purposes of calculating the



       efficiency ratio include certain franchise taxes and real estate owned expenses.







(2)  Items classified as "other" and deducted from total revenues for purposes of calculating the efficiency



       ratio include, as applicable, asset write-offs and gains/losses associated with the sale of branch locations.


















PRE-PROVISION NET REVENUE

















Three Months Ended


Nine Months Ended



Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


Sept. 30,


Sept. 30,

(in millions)


2021


2021


2021


2020


2020


2021


2020

Net interest income


$   370.3


$   380.9


$   385.9


$   382.8


$   391.4


$  1,137.1


$  1,193.0

Non-interest income


100.4


99.0


94.6


178.2


101.1


294.0


314.5

Non-interest expense


(289.2)


(305.0)


(311.9)


(646.4)


(293.6)


(906.1)


(917.7)

    Pre-provision net revenue


181.5


174.9


168.6


(85.4)


198.9


525.0


589.8

Non-operating income


-


-


-


(75.9)


-


-


-

Non-operating expense


6.3


11.2


19.6


357.9


4.6


37.1


41.0

    Operating pre-provision net revenue


$   187.8


$   186.1


$   188.2


$   196.6


$   203.5


$     562.1


$     630.8
















People's United Financial, Inc.















NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued
























OPERATING EARNINGS

















Three Months Ended


Nine Months Ended



Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


Sept. 30,


Sept. 30,

(dollars in millions, except per common share data)

2021


2021


2021


2020


2020


2021 (1)


2020

Net income (loss) available to common shareholders

$   136.2


$   167.3


$   141.0


$ (148.8)


$   141.1


$   444.5


$   354.4

Adjustments to arrive at operating earnings:















  Merger-related expenses


4.7


9.2


7.5


4.9


4.6


21.4


41.0

  Stop & Shop contract termination costs


1.6


2.0


12.1


-


-


15.7


-

  Goodwill impairment charge (2)


-


-


-


353.0


-


-


-

  Gain on sale of business, net of expenses


-


-


-


(75.9)


-


-


-

    Total pre-tax adjustments


6.3


11.2


19.6


282.0


4.6


37.1


41.0

  Tax effect (2)


(1.4)


(2.4)


(4.1)


14.5


(1.0)


(7.9)


(8.6)

    Total adjustments, net of tax


4.9


8.8


15.5


296.5


3.6


29.2


32.4

    Operating earnings


$   141.1


$   176.1


$   156.5


$   147.7


$   144.7


$   473.7


$   386.8
















Diluted EPS, as reported


$      0.32


$      0.39


$      0.33


$   (0.35)


$      0.34


$      1.05


$      0.84

Adjustments to arrive at operating EPS:















  Merger-related expenses


0.01


0.02


0.02


0.01


-


0.05


0.07

  Stop & Shop contract termination costs


-


-


0.02


-


-


0.02


-

  Goodwill impairment charge (2)


-


-


-


0.83


-


-


-

  Gain on sale of business, net of expenses


-


-


-


(0.14)


-


-


-

    Total adjustments per common share


0.01


0.02


0.04


0.70


-


0.07


0.07

    Operating EPS


$      0.33


$      0.41


$      0.37


$      0.35


$      0.34


$      1.12


$      0.91
















Average total assets


$ 63,876


$ 63,930


$ 64,057


$ 62,396


$ 61,293


$ 63,954


$ 60,582
















Operating return on















  average assets (annualized)


0.88%


1.10%


0.98%


0.95%


0.94%


0.99%


0.85%
















(1) The sum of the quarterly amounts for certain line items may not equal the nine months amounts due to rounding.



(2) The goodwill impairment charge for the three months ended December 31, 2020 is non-tax-deductible.




















OPERATING RETURN ON AVERAGE TANGIBLE COMMON EQUITY













Three Months Ended


Nine Months Ended



Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


Sept. 30,


Sept. 30,

(dollars in millions)


2021


2021


2021


2020


2020


2021


2020

Operating earnings


$   141.1


$   176.1


$   156.5


$   147.7


$   144.7


$   473.7


$   386.8
















Average stockholders' equity


$   7,779


$   7,634


$   7,606


$   7,884


$   7,801


$   7,674


$   7,788

Less: Average preferred stock


244


244


244


244


244


244


244

Average common equity


7,535


7,390


7,362


7,640


7,557


7,430


7,544

Less: Average goodwill and average other















         acquisition-related intangible assets


2,822


2,831


2,842


3,213


3,249


2,831


3,259

Average tangible common equity


$   4,713


$   4,559


$   4,520


$   4,427


$   4,308


$   4,599


$   4,285
















Operating return on average tangible















  common equity (annualized)


12.0%


15.4%


13.8%


13.3%


13.4%


13.7%


12.0%
















People's United Financial, Inc.















NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued






















OPERATING COMMON DIVIDEND PAYOUT RATIO















Three Months Ended


Nine Months Ended



Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


Sept. 30,


Sept. 30,

(dollars in millions)


2021


2021


2021


2020


2020


2021


2020

Common dividends paid


$      77.4


$      77.3


$      75.7


$      75.6


$      75.7


$   230.4


$   228.5

Operating earnings


$   141.1


$   176.1


$   156.5


$   147.7


$   144.7


$   473.7


$   386.8
















Operating common dividend payout ratio


54.8%


43.9%


48.4%


51.2%


52.3%


48.6%


59.1%
















TANGIBLE COMMON EQUITY RATIO

















Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,





(dollars in millions)


2021


2021


2021


2020


2020





Total stockholders' equity


$   7,783


$   7,750


$   7,592


$   7,603


$   7,831





Less: Preferred stock


244


244


244


244


244





Common equity


7,539


7,506


7,348


7,359


7,587





Less: Goodwill and other















         acquisition-related intangible assets


2,817


2,826


2,835


2,846


3,244





Tangible common equity


$   4,722


$   4,680


$   4,513


$   4,513


$   4,343




















Total assets


$ 63,673


$ 63,341


$ 64,172


$ 63,092


$ 60,871





Less: Goodwill and other















         acquisition-related intangible assets


2,817


2,826


2,835


2,846


3,244





Tangible assets


$ 60,856


$ 60,515


$ 61,337


$ 60,246


$ 57,627




















Tangible common equity ratio


7.8%


7.7%


7.4%


7.5%


7.5%




















TANGIBLE BOOK VALUE PER COMMON SHARE
















Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,





(in millions, except per common share data)

2021


2021


2021


2020


2020





Tangible common equity


$   4,722


$   4,680


$   4,513


$   4,513


$   4,343




















Common shares issued


536.75


536.75


536.20


533.68


533.67





Less: Shares classified as treasury shares


108.98


108.98


108.98


109.00


109.00





Common shares outstanding


427.77


427.77


427.22


424.68


424.67





Less: Unallocated ESOP shares


5.31


5.40


5.49


5.57


5.66





Common shares


422.46


422.37


421.73


419.11


419.01




















Tangible book value per common share


$   11.18


$   11.08


$   10.70


$   10.77


$   10.37




















 

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SOURCE People's United Bank

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