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NIM continues to decline at People's United, but NPAs also slide

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NIM continues to decline at People's United, but NPAs also slide

Bridgeport,Conn.-based People's United FinancialInc. on July 21 reported second-quarter net income of $68.5 million,or 23 cents per share, compared to $62.9 million, or 21 cents per share, for thelinked quarter and $61.7 million, or 20 cents per share, for the same period in2015.

The S&PCapital IQ consensus mean estimate for normalized EPS was 22 cents for the recentquarter.

The company'snet interest margin for the second quarter was 2.79%, compared to 2.83% for thelinked quarter and 2.88% for the same period a year ago.

Excluding acquiredloans, nonperforming assets totaled $182.0 million as of June 30, compared to $189.4million at the end of the previous quarter and $220.5 million at the close of the2015 second quarter.

Net loan charge-offsfor the recent quarter were $5.1 million, compared to $6.0 million for the priorquarter and $3.2 million for the second quarter of 2015. The provision for loanlosses was $10.0 million, compared to $10.5 million in the linked quarter and $7.7million in the second quarter of 2015.