People's United Financial reported net income of $59.2 million, or $0.20 per share, for the first quarter of 2015, compared to $53.1 million, or $0.18 per share, Q1 2014.
Article continues below
The company reported $64.7 million, or $0.22 per share, for the fourth quarter of 2014. Operating earnings were $63.2 million, or $0.21 per share, for the first quarter of 2015, compared to $56.5 million, or $0.19 per share, for the first quarter of 2014, and $65.1 million, or $0.22 per share, for the fourth quarter of 2014.
The board voted to increase the common stock dividend to an annual rate of $0.67 per share. Based on the closing stock price on April 15, 2015, the dividend yield on People's United Financial common stock is 4.4 percent. The quarterly dividend of $0.1675 per share is payable May 15, 2015 to shareholders of record on May 1, 2015.
At March 31, 2015, People's United Financial's common equity tier 1 capital and total risk-based capital ratios were 10.0 percent and 12.0 percent, respectively, and the tangible equity ratio stood at 7.5 percent.
People's United Bank N.A.'s common equity tier 1 capital and total risk-based capital ratios were 10.6 percent and 13.0 percent, respectively, at March 31, 2015.
Net loan charge-offs as a percentage of average total loans on an annualized basis were 0.11 percent in the first quarter of 2015, an improvement from 0.13 percent in the fourth quarter of 2014 and
0.12 percent in the first quarter of 2014. For the originated loan portfolio, non-performing loans equaled 0.68 percent of loans at March 31, 2015, compared to 0.77 percent at December 31, 2014 and 0.84 percent at March 31, 2014.
Operating return on average assets of 0.71 percent for the first quarter of 2015 declined from 0.75 percent in the fourth quarter of 2014, but improved from 0.69 percent in the first quarter of 2014.
Operating return on average tangible stockholders' equity of 9.9 percent in the first quarter of 2015 declined from 10.1 percent in the fourth quarter of 2014, but improved from 9.3 percent in the first quarter of 2014.
People's United Financial, a diversified financial services company with over $36 billion in assets, provides commercial and retail banking, as well as wealth management services through a network of over 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
Assets managed and administered, which are not reported as assets of People's United Financial, totaled $15.7 billion at March 31, 2015 compared to $16.4 billion at December 31, 2014. ■