{"id":513765,"date":"2021-07-15T16:04:16","date_gmt":"2021-07-15T20:04:16","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/peoples-united-financial-reports-second-quarter-net-income-of-170-8-million-or-0-39-per-common-share\/"},"modified":"2021-07-15T16:04:16","modified_gmt":"2021-07-15T20:04:16","slug":"peoples-united-financial-reports-second-quarter-net-income-of-170-8-million-or-0-39-per-common-share","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/peoples-united-financial-reports-second-quarter-net-income-of-170-8-million-or-0-39-per-common-share\/","title":{"rendered":"People’s United Financial Reports Second Quarter Net Income of $170.8 Million, or $0.39 per Common Share"},"content":{"rendered":"
\n

Operating Earnings of $0.41 per Common Share<\/h2>\n

— Shareholder approval received for the announced merger with M&T Bank Corporation.<\/h2>\n

— Return on average assets of 1.07 percent, or 1.10 percent on an operating basis, and return on average tangible common equity of 14.7 percent, or 15.4 percent on an operating basis.<\/h2>\n

— Asset quality remained excellent as evidenced by net loan charge-offs to average total loans of 10 basis points, and provision for credit losses on loans resulting in a net benefit of $40.7 million.<\/h2>\n

— Non-interest income increased 5 percent linked-quarter and 10 percent year-over-year driven by broad-based growth.<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n BRIDGEPORT, Conn.<\/span>, July 15, 2021<\/span> \/PRNewswire\/ — People’s United Financial, Inc. (NASDAQ: PBCT) today reported results for the second quarter of 2021. These results along with comparison periods are summarized below:<\/p>\n

\n

\n
\n \"(PRNewsfoto\/People's
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n<\/tr>\n
\n

\n ($ in millions, except per common share data)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n \u00a0Three Months Ended<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Jun. 30, 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Mar. 31, 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Jun. 30, 2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 170.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 144.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 89.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income available<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 167.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 141.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 86.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n to common shareholders<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Per common share<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 0.39<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 0.33<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 0.21<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Operating earnings1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 176.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 156.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 101.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n Per common share<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 0.41<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 0.37<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 0.24<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net interest income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 380.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 385.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 405.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n Net interest margin<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2.70%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2.74%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3.05%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Non-interest income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 99.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 94.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 89.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Non-interest expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 305.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 311.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 304.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating non-interest expense1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 293.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 292.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 285.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Efficiency ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 57.4%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 56.6%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 53.5%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Average balances<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 41,683<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 42,854<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 45,153<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deposits<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 53,041<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 52,876<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 48,447<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Period-end balances<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,366<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42,770<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 45,452<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deposits<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 52,581<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 53,475<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49,934<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n 1<\/sup>See Non-GAAP Financial Measures and Reconciliation to GAAP.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

“We are pleased with the overwhelming shareholder approval received during the quarter for the announced merger with M&T,” said Jack Barnes<\/span>, Chairman and Chief Executive Officer. “The vote reflects investor confidence in the value of merging two market-leading financial institutions, and in the ability of the combined company to better serve clients across some of the most populated and attractive banking markets in the nation. While preparations for the transaction’s close and integration move forward, our most important objective remains servicing the needs of customers, communities, and colleagues. Looking to the future, we are excited about executing on the growth opportunities ahead and building upon the extraordinary legacy of People’s United.”<\/p>\n

“We delivered another quarter of strong financial performance,” stated David Rosato<\/span>, Senior Executive Vice President and Chief Financial Officer. “Record quarterly operating income of $176.1 million<\/span>, increased 12.5 percent linked-quarter and generated an operating return on average tangible equity of 15.4 percent. These results, which further highlight the strengths of the franchise, included higher fee revenues, well-controlled expenses, and a negative provision for credit losses primarily driven by further improvements in the economic outlook.\u00a0 The growth in fee revenues was broad-based with notable increases in swap income, and our wealth and cash management businesses. We are pleased with our ability to hold net interest margin relatively steady for the quarter considering the current economic environment. The margin of 2.70 percent was only four basis points below the first quarter as the unfavorable impact of lower yields in the securities portfolio and increased excess liquidity was largely offset by a reduction in deposit costs for the eighth consecutive quarter, an additional calendar day and continued stable loan yields.” <\/p>\n

Rosato continued, “Period-end loans and deposits decreased three percent and two percent, respectively, from the close of the first quarter. The $1.4 billion<\/span> decline in period-end loans was driven by the forgiveness of $970 million<\/span> in PPP balances, $530 million<\/span> in lower retail balances, and a $130 million<\/span> reduction in mortgage warehouse. Conversely, the loan portfolio benefited from strong results in our specialized industry verticals within C&I and LEAF. The $894 million<\/span> decline in period-end deposits was equally attributable to lower brokered deposit balances and seasonal outflows in our municipal business. Importantly, non-interest-bearing deposits continued to grow, up three percent linked-quarter and now account for 32 percent of total period-end balances. Finally, capital ratios remain strong and improved linked-quarter for both the Bank and Holding Company.”<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n \u00a0As of and for the Three Months Ended<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Jun. 30, 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Mar. 31, 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Jun. 30, 2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Asset Quality<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net loan charge-offs\u00a0
\u00a0 to average total loans<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.10%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.12%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.08%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-performing loans
\u00a0 as a percentage of total loans<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.79%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.83%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.65%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Returns<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Return on average assets1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.07%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.90%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.58%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Return on average tangible common equity1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14.7%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.5%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.1%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Capital Ratios<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n People’s United Financial, Inc.<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Tangible common equity \/ tangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.7%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.4%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Tier 1 leverage<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.4%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.3%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Common equity tier 1\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.3%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.8%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Tier 1 risk-based<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.8%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.6%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total risk-based\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.1%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.9%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.8%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n People’s United Bank, N.A.<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Tier 1 leverage<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8.8%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.7%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.5%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Common equity tier 1\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12.3%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.2%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Tier 1 risk-based<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12.3%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.2%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total risk-based\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 13.5%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.5%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n 1<\/sup>See Non-GAAP Financial Measures and Reconciliation to GAAP.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

The Board of Directors declared a $0.1825<\/span> per common share quarterly dividend payable August 15, 2021<\/span> to shareholders of record on August 1, 2021<\/span>. Based on the closing stock price on July 14, 2021<\/span>, the dividend yield on People’s United Financial common stock is 4.4 percent.<\/p>\n

\n People’s United Bank<\/a>, 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 billion<\/span> 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<\/span>, New York<\/span>, Massachusetts<\/span>, Vermont<\/span>, New Hampshire<\/span> and Maine<\/span>, as well as wealth management solutions. The company also provides specialized commercial services to customers nationwide.<\/p>\n

\n 2Q 2021 Financial Highlights<\/b>\n <\/p>\n

\n Summary<\/b>\n <\/p>\n