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People's United reports 2Q2021 net income of $170.8 million, to be acquired by M&T

Net income available to common shareholders totaled $167.3 million.
Operating earnings totaled $176.1 million, or $0.41 per common share (See Non-GAAP Financial Measures and Reconciliation to GAAP).
Net interest income totaled $380.9 million in 2Q21 compared to $385.9 million in 1Q21.
Includes $24.9 million associated with PPP loans in 2Q21 ($20.0 million in net fees and $4.9 million in net interest income).
Net interest margin decreased four basis points from 1Q21 to 2.70% reflecting:
Lower rates on deposits (increase of four basis points).
One additional calendar day in 2Q21 (increase of two basis points).
Lower yields on the securities portfolio (decrease of six basis points).
Lower yields on the loan portfolio (decrease of four basis points). ....

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M&T moves step closer to acquiring People's United for $7.6 billion

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Both Holding Companies Receive Shareholder Approval for Merger
Vermont Business Magazine M&T Bank Corporation (NYSE: MTB), based in Buffalo, and People s United Financial, Inc (NASDAQ: PBCT), based in Bridgewater, CT, jointly announced today that, at their respective special meetings of shareholders yesterday, they each received the necessary shareholder approvals for the consummation of the merger of People s United into M&T. Based on stock prices when the deal was announced in February 2021, the all-stock acquisition is valued at approximately $7.6 billion. People s acquired Burlington-based Chittenden Corp in 2008 for $1.8 billion. People s United Bank has branches across Vermont.
People s shares closed at $18.33 Tuesday or near their 52-week high (52 Week Range, $9.74 - $19.62). M&T s shares closed at $157.27 or on the upper end of it s one-year range ($88.48 - $168.27). ....

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Northeast banking is a small world

Consolidation has been a trend in Connecticut’s banking industry for years, but deals made by Bridgeport-based People’s United Bank since 2018 are playing a major role in reshaping Greater Hartford’s competitive landscape, especially as it prepares to be taken over by New York-based M&T Bank.
For one, People’s United’s deals which have included the acquisitions of Farmington Bank and United Bank have paved the way for out-of-state lenders to increasingly eye and grow in the market.
For example, NBT’s pending Glastonbury branch and PeoplesBank’s proposed West Hartford branch were both previously United Bank branches. That’s no surprise, since People’s United closed 18 branches after it bought United Bank, leaving ready-made nests for numerous other lenders who have since stepped in to buy or lease them. ....

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