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People's United Financial's net interest margin ticks down as bottom line rises

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People's United Financial's net interest margin ticks down as bottom line rises

Bridgeport, Conn.-based People's United Financial Inc. on Jan. 19 reported fourth-quarter 2016 net income available to common shareholders of $74.1 million, or 24 cents per share, compared to $70.8 million, or 23 cents per share, in the year-ago period.

For the full year 2016, the company reported net income available to common shareholders of $279.2 million, or 92 cents per share. In 2015, the company earned $260.1 million, or 86 cents per share.

The S&P Capital IQ consensus estimate for normalized EPS was 24 cents for the fourth quarter and 92 cents for the full year.

Net interest margin for the fourth quarter of 2016 was 2.78%, compared to 2.80% for the previous quarter and 2.87% for the fourth quarter a year ago.

Net loan charge-offs were $4.7 million in the fourth quarter, or an annualized 0.06% of average total loans, compared to $2.5 million, or 0.04%, in the previous quarter and $6.2 million, or 0.09%, in the year-ago period. The fourth quarter's provision for loan losses amounted to $7.7 million, compared to the previous quarter's provision for loan losses of $8.4 million and provision for loan losses of $9.7 million in the year-ago period.