posted at 2:55 pm Mon Jan 25th, 2010 by (WherezIt_Staff)
People's United Financial, Inc (Nasdaq: PBCT) today announced net income of $24.9 million, or $0.07 per share, for the fourth quarter of 2009.
That is compared to $26.8 million, or $0.08 per share, for the third quarter of 2009, and $33.7 million, or $0.10 per share, for the fourth quarter of 2008. Fourth quarter 2009 earnings reflect a 3.19 percent net interest margin, unchanged from the third quarter of 2009, despite continued pressure associated with the historically low interest rate environment and the company's asset sensitive balance sheet, and a modest increase in non-interest expenses. For the year ended December 31, 2009, net income totaled $101.2 million, or $0.30 per share, compared to $137.8 million, or $0.42 per share, for 2008. People's is the parent company of Chittenden Bank.
Included in fourth quarter 2009 results are system conversion and merger-related expenses totaling $4.5 million (included in non-interest expense). After taxes, these expenses reduced 2009 fourth quarter net income by $3.1 million, or $0.01 per share. Excluding the effect of these expenses, net income would have been $28.0 million, or $0.08 per share, for the fourth quarter of 2009.
The Board of Directors of People's United Financial declared a $0.1525 per share quarterly dividend, payable February 15, 2010 to shareholders of record on February 1, 2010. Based on the closing stock price on January 20, 2010, the dividend yield on People's United Financial common stock is 3.7 percent.
"Our pending acquisition of Financial Federal reflects our strategic focus on expansion through opportunistic acquisitions," stated Philip R. Sherringham, President and Chief Executive Officer. "At the same time, we remain committed to organic growth throughout our franchise. Our performance during 2009 reflects continued growth in our core loan portfolios as well as deposits in spite of a clearly very challenging economic environment. Year-over-year core commercial and home equity lending portfolios increased five percent and deposits grew eight percent. In addition, the pillars of our financial position - strong asset quality and prudent management of our excess capital - have served us well in these challenging times."
Read the rest of the story at http://www.vermontbiz.com/news/january/parent-company-chittenden-bank-reports-earnings-25-million-or-007-share?
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