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People's United reports 4Q2021 net income of $149.9 million, $0.34 per common share

People's United reports 4Q2021 net income of $149.9 million, $0.34 per common share
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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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People's United reports 1Q21 net income of $144.5 million, 33 cents per share

Announces Common Dividend Increase for 28th Consecutive Year
Announced merger with M&T Bank Corporation, which is expected to close in the fourth quarter of 2021.
Sustained excellent asset quality as evidenced by net loan charge-offs to average total loans of 12 basis points, and provision for credit losses resulting in a net benefit of $13.6 million.
Maintained strong deposit inflows as period-end balances increased $1.3 billion or three percent linked-quarter.
Reached agreement with Stop & Shop on the timing of the exit from all New York in-store branch and ATM locations, which will begin in the third quarter of 2021 with a full exit occurring over four quarters. ....

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