Visiting Nurse & Hospice of Vermont and New Hampshire (VNAVNH), and VGo Communications, the leader in robotic telepresence, announced their agreement to be the first to deploy telepresence robots for use in delivering care in Vermont and New Hampshire clients’ homes.”We are continually looking for ways to increase levels of care, independence and safety in the home,” said Jeanne A. McLaughlin MSN, MSEd, President/CEO of VNAVNH. “VGo is the first affordable solution that enables us to expand client engagement without a dramatic increase in cost, while still preserving a person to person interaction. People often need more care and attention, not less, but that’s hard to do in rural areas without an army of staff. VGo’s light weight and ease of deployment means that nurses and doctors can now visit with select patients more frequently. By eliminating the need to travel for each visit, professional staff can better utilize their time and respond to client’s needs and unforeseen problems that arise much quicker.”VNAH will initially leverage its fleet of VGo initially in four ways:Care and support for clients recovering from surgery or for others with complex medical needsClinical specialty support for home healthcare or hospice nursesWound care assessment and treatment consultationConsultation for chemotherapy, antibiotics, hydration or other infusion therapies”VNAVNH’s visionary approach to improving healthcare at home is a perfect match with our goals of replicating a person in a distant location at a very affordable cost,” said Peter N. Vicars, CEO of VGo. “For about $10 a day, their nurses can visit more clients, spending more time with each one and less time on the road. Researchers have proven that patients enjoy interacting with their caregivers using VGo and look forward to each visit.”For more information on VNAVNH, visit http://www.vnavnh.org(link is external)For more information on VGo, visit http://www.vgocom.com(link is external)About Visiting Nurse & Hospice of Vermont and New HampshireThe Visiting Nurse & Hospice of Vermont and New Hampshire (VNAVNH) is a compassionate, non-profit home healthcare organization. VNAVNH is committed to providing the highest quality home health care and support services to individuals and their families, while also serving the communities in their region with education and wellness programs.Serving nearly 113 towns in Vermont and New Hampshire and covering 4,000 square miles along the Connecticut River Valley, the VNAVNH cares for more than 5,000 people each year, making over 132,000 home visits to people of all ages and at all stages of life.About VGoVGo Communications, Inc. develops and markets visual communications solutions for the hospital, home, school and workplace. VGo has leveraged the recent trends of widespread wireless networks, lower specialized component costs and the universal acceptance of video as a communications medium to become the Robotic Telepresence market leader.With the VGo solution, an individual’s presence is replicated in a distant location such that they can interact and perform their job in ways not previously possible. Now they can see, be seen, hear, be heard and move around in any remote facility ‘just as if they were there. VGo enables: healthcare providers to deliver lower cost services and improved quality of care, businesses to increase productivity of remote and travelling employees, and homebound students to attend school ‘all with a great user experience and at an affordable price.SOURCE WEST LEBANON and NASHUA, N.H., July 24, 2012 /PRNewswire/ — VGo Communications, Inc.
With the worst drought in 50 years pushing feed prices higher and adding to the struggles of Vermont dairy farmers, Representative Peter Welch is urging Environmental Protection Agency Administrator Lisa Jackson to bring relief by relaxing the mandate that requires the blending of ethanol in US transportation fuel. Welch and a bipartisan group of 156 lawmakers ‘30 Democrats and 126 Republicans ‘want Jackson to reduce or waive the Renewable Fuel Standard (RFS), which requires that 10 percent of all transportation fuel in the U.S. come from corn-based ethanol. Producing that much ethanol can consume up to 40 percent of the U.S. corn supply. And with the drought causing expected yields to plummet and prices to soar ‘ price forecasts are up nearly 40 percent in a month ‘Welch and his colleagues are urging the EPA to act now. ‘This is common sense. Corn prices are surging and Vermont dairy farmers are struggling. Whatever we can do to bring relief amidst the worst drought in 50 years we should do,’Welch said. ‘I’d like to eliminate the ethanol mandate forever, but let’s at least waive it temporarily for struggling farmers in this extremely difficult drought.’ Welch has been a House leader working to end the unprecedented taxpayer support enjoyed by the ethanol industry, which includes the RFS and a protective import tariff of $0.54 per gallon. An additional $.045 per gallon tax credit for ethanol producers ‘which was in place for over 30 years and amounted to a $6 billion taxpayer expenditure in 2010 ‘was ended by Congress in January. The EPA has opened a 30-day public comment period on the request to waive the RFS. To see the letter Welch and his colleagues sent to EPA Administrator Jackson, CLICK HERE.Source: Welch’s office. 8.23.2012
Green Mountain Power has selected Russell Construction Services of Rutland as construction manager for the companys new Energy Innovation Center on Merchants Row. The decision comes after a lengthy bid and interview process involving nearly a dozen companies from throughout Vermont. Russell brings a tremendous sense of vision and purpose to the project, an intimate understanding of the issues associated with a major downtown project, and an understanding of the importance of the project to the company, the city of Rutland and the state of Vermont, GMP President and CEO Mary Powell said. We had a tremendous field of candidates, but our selection committee was unanimous in their choice of Russell as the best possible manager for the project. As construction manager, Russell Construction will work with NBF Architects and GMP officials to oversee all aspects of the Energy Innovation Center project. Russell will work with NBF to develop a formal construction timeline, and will manage the entire subcontractor bid process and budget, manage safety and regulatory compliance at the site, and manage all day-to-day construction work. The EIC will be the focal point of GMPs renewable energy development efforts, including efforts to make Rutland the solar capital of the northeast, and an information resource for customers. The center will include office space, displays and interactive educational opportunities. It will include a heat pump system and solar generation, and will be accessible for tours. Vermont Energy Investment Corp and Neighborworks of Western Vermont will co-locate some staff with GMP in the new facility. Russell will begin working on the preconstruction planning process with NBF immediately, with a target date to begin construction of March 1. Mold and asbestos mitigation in the building is nearly complete. GMP expects to move into the new facility, in the former Eastmans Building, by Oct. 31. John Russell III, the third-generation president of the company, said the project, like the restoration of the Paramount Theatre a decade ago, would be a legacy project for his company. GMPs plans for the Eastman Building will have an extremely positive impact on downtown Rutland, much like the Paramount restoration, Russell said. This is a transformational project for the city, and we wanted to be a part of it from the minute we heard about it. We are proud to be able to play an important and continuing role in downtown Rutlands revitalization. Steve Costello, GMPs vice president for generation and energy innovation, said Russell was selected from a field of strong finalists. We see this as a true partnership, Costello said. There is a great fit with Russell, and we believe the company will do an excellent job on the project. Russell Construction Services is part of the John A. Russell family of companies, founded in Rutland in 1934 by Russell IIIs grandfather. My grandfather and father built our reputation by doing what was right for each client and our community, Russell said. This project will allow us to continue that tradition in a very meaningful project, a project we will be proud to showcase for generations to come. About Green Mountain PowerGreen Mountain Power (www.greenmountainpower.com(link is external)) transmits, distributes and sells electricity in the state of Vermont. The company, which serves more than 250,000 customers, has set its vision to be the best small utility in America.
New financing for Vermont commercial, small business and agricultural sustainable energy projects is available at the Vermont Economic Development Authority (VEDA). A bill creating the new Vermont Sustainable Energy Loan Fund was signed into law by Governor Peter Shumlin this summer, and project applications are now being invited by the Authority.‘This program will provide a strong impetus to the many Vermont businesses and farms of all sizes that seek to invest in their energy futures in sustainable ways, lower their carbon footprints, and increase their bottom lines,’ said Jo Bradley, VEDA Chief Executive Officer. ‘The Fund will also provide loan guarantees to participating financial institutions that enroll loans made to businesses to improve overall energy efficiency.’ According to Statute, the purpose of the new Fund is to enable VEDA ‘to make loans and provide other forms of financing for projects that stimulate and encourage development and deployment of sustainable energy projects in the State of Vermont,’ with ‘sustainable energy’ defined as energy efficiency, renewable energy, and technologies that enhance or support the development and implementation of renewable energy or energy efficiency, or both. ‘The Authority greatly appreciates the efforts of those who helped craft and assure passage of this important legislation,’ said Bradley. ‘We thank Governor Shumlin, Legislative Leaders, State Treasurer Beth Pearce, the Department of Public Service, the Vermont Energy Investment Corporation (VEIC), the Lake Champlain Regional Chamber of Commerce, and the Vermont Bankers Association for their leadership on this issue.’ In recent years, VEDA has already approved millions of dollars in financing for commercial and agricultural energy generation and efficiency projects, supporting investments in hydropower, solar photovoltaic, wind, digester and biomass initiatives. However, Bradley said the new Fund will help the Authority improve operational efficiencies by consolidating all its energy lending under a single umbrella. The Sustainable Energy Loan Fund has four separate programs:The Small Business Energy Loan Program (SBELP) provides loans up to $350,000 for smaller qualifying commercial sustainable energy projects;The Commercial Energy Loan Program (CELP) provides loans up to $2.0 million for relatively larger qualifying sustainable energy projects;The Agricultural Energy Loan Program (AELP) provides loans for qualifying agriculture and forest product-based sustainable energy projects; and· The Energy Loan Guarantee Program (ELGP) provides loan guarantees to participating financial institutions that enroll loans made to businesses to improve the businesses’ overall energy efficiency. The guarantee program will be backed by a VEDA-funded Reserve, by the Vermont Public Service Department, and by VEIC through Federal funding they have received for sustainable energy projects.Bradley noted that while energy lending will be done by VEDA, the Clean Energy Development Fund (CEDF) will continue to award grants for energy projects. VEIC will provide an analysis of the energy savings from projects seeking financing from the Fund. ‘The Fund will help Vermont enhance the state’s available capital capacity for sustainable energy projects, build momentum in the development of qualified energy projects, and help create new jobs throughout the state,’ said Bradley. Interested businesses and farms are encouraged to contact VEDA’s experienced commercial and agricultural loan officers, their community bankers, or their Regional Development Corporations (RDCs) for more information about how the Authority might help support their sustainable energy project plans. Visit www.veda.org(link is external) to learn more, or call 802-828-JOBS.About VEDA The Vermont Economic Development Authority (VEDA) is Vermont’s statewide economic development finance lender. VEDA was created by the General Assembly in 1974 with a mission ‘to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financialsupport to eligible and qualified Vermont industrial, commercial and agricultural enterprises.’Over the years, VEDA has grown and adapted its financing programs to keep pace with an ever-changing economy. VEDA offers a wide range of low-cost lending options for Vermont businesses andfarms of all sizes, and the Authority’s lending solutions are customized to each borrower’s individual needs. Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA’s innovative financing programs help ensure that Vermont businesses and farms have the capital they need to grow and succeed. VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity in Vermont.Since 1974, VEDA has provided over $1.9 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy. For more information about VEDA, visit www.veda.org(link is external) or call 802-828-JOBS.
Bond buyers responded positively to this week’s Vermont bond sale. State Treasurer Beth Pearce announced today that $110 million in bonds were successfully sold in three different offerings. Vermont has maintained the highest overall bond rating of all New England states – two triple-A ratings and one double-A plus rating – since early 2010.“Bond buyers recognize Vermont bonds as a solid, quality investment,” said Pearce. “A bond rating is an independent assessment of the creditworthiness of a borrowing instrument like a bond. A higher rating leads to a more favorable effect on the marketing of a bond and leads to reduced interest rates and debt service for the entity selling the bond. Vermont has had the highest bond rating in New England for almost five years, a favorable position that has allowed the State to reduce its borrowing costs for funding a wide range of capital projects.”The bonds settle, or close, on December 9, 2014. Yields ranged from 0.12 percent for bonds maturing in one year to 2.87 percent for bonds maturing in 20 years. The average maturity for the bonds was 9.1 years. A bond is said to mature on the date when the final debt and interest payment is paid in full. The State received an overall borrowing cost of 2.69 percent.The Series A Vermont Citizen Bonds were offered on Monday, with a first priority given to Vermont residents and businesses. The $20.3 million in bonds were sold by the afternoon. The bonds were sold on a negotiated basis with Morgan Stanley as the senior manager, with Bank of America Merrill Lynch, Citi, and J.P. Morgan serving as co-managers, and seven more firms participating in the selling group.The State also sold $53.2 million of Series B bonds and $36.2 million of Series C refunding bonds on November 19 using two competitive internet-based sales. The State received bids from eight different banks for the Series B bonds, with the winning bid coming from Wells Fargo. The Series C bonds received 10 bids, with Morgan Stanley as the winner.“The bond sale provides the funding for capital projects that include major maintenance to state buildings, school construction and individual projects such as the new Vermont State Hospital in Berlin,” explained Pearce.The Series A and B bonds will be used to finance approved capital projects. The Series C bonds will be used to refinance existing bonds sold in 2005 and 2007 and will save the State almost $3.5 million in interest costs over the next 13 years.Vermont bonds are rated triple-A by Moody’s Investor Service and Fitch Ratings, the highest rating available to government issuers. Vermont bonds also are rated AA+ by Standard & Poor’s Ratings Service.
Vermont Business Magazine Boralex Inc, Gaz Métro Limited Partnership, and Valener Inc have announced the commercial commissioning of an additional 68 MW at the Seigneurie de Beaupré Wind Farms, completing Phase II of the wind farm which now totals 340 MW in operation. The wind farm is located just northeast of Quebec City. Gaz Metro is the owner of Green Mountain Power and Vermont Gas Systems.”The success of this second phase of the Seigneurie de Beaupré Wind Farms is one more example of the outstanding work of our teams, who completed the project on budget and on schedule,” noted Gaz Métro President and CEO Sophie Brochu and Boralex President and CEO Patrick Lemaire.Contributors to completing the 68 MW Phase II on schedule to the commissioning date include: Séminaire de Québec, the owner of the land; Borea, the contractor responsible for construction of the roads and collector systems; Enercon, the maker of the 28 wind turbines; the elected officials of the region; and a large number of local businesses.Highlights of the 68 MW Phase II of the Seigneurie de Beaupré Wind Farms:210,000 hours of work were needed to erect the 28 turbines$190 million in investments, including $55 million in Québec and $43 million in the Capitale-Nationale regionMore than 30 local businesses in the Côte-de-Beaupré region took part in the constructionCombined with the 272 MW (126 turbines) commissioned in late 2013, these 68 MW (28 turbines) position the Québec-based consortium to supply green energy to Québec’s power grid for the next 20 years. Following addition of the 25 MW Côte-de-Beaupré community project (La Côte-de-Beaupré RCM and Boralex project), in 2015, the Seigneurie de Beaupré Wind Farms will rank among Canada’s largest wind power sites with 365 MW of installed capacity.www.seigneuriedebeaupre.com(link is external). About the Seigneurie de Beaupré Wind FarmsThe Seigneurie de Beaupré Wind Farms, with a total contracted capacity of 365 MW, currently constitute one of Canada’s largest wind power projects. The first phase of 272 MW (Farms 2 & 3), commissioned in late 2013, and the second phase of 68 MW (Farm 4), commissioned in late 2014, are projects of the Boralex and Gaz Métro|Valener consortium. Furthermore, the 25 MW Côte-de-Beaupré wind farm built in partnership by Boralex and the Côte-de-Beaupré RCM is expected to start operating in 2015.About BoralexBoralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of more than 750 MW in Canada, France and the Northeastern United States. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add more than 100 MW of power that will be put in service by the end of 2015. With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and solar. Boralex’s shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available atwww.boralex.com(link is external) or www.sedar.com(link is external).About Gaz Métro and ValenerWith more than $6 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Quebec, where its network of over 10,000 km of underground pipelines serves 300 municipalities and more than 195,000 customers. Gaz Métro is also present in Vermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 305,000 customers. Gaz Métro is actively involved in the development and operation of innovative, promising energy projects such as the production of wind power, the use of natural gas as a transportation fuel and the development of biomethane. Gaz Métro is a major energy sector player who takes the lead in responding to the needs of its customers, regions and municipalities, local organizations, and communities while also satisfying the expectations of its Partners (GMi and Valener) and employees. www.gazmetro.com(link is external)Valener Inc. is a public company that is 100% owned by the public investor and serves as the investment vehicle in Gaz Métro. Through its investment in Gaz Métro, Valener offers its shareholders an investment in a diversified and largely regulated energy portfolio in Quebec and Vermont. As a strategic partner, Valener, on one hand, contributes to Gaz Métro’s growth, and on the other hand invests in wind power production in Quebec together with Gaz Métro. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener’s common shares and preferred shares are listed on the Toronto Stock Exchange under the “VNR” symbol for common shares and under the “VNR.PR.A” symbol for Series A preferred shares. www.valener.com(link is external)SOURCE CÔTE-DE-BEAUPRÉ, QC, Dec. 3, 2014 /PRNewswire/ – Boralex Inc. VERY TOP PHOTO: Courtesy of Seigneurie de Beaupré Wind Farms
Norwich University,Vermont Business Magazine Norwich is honored to announce that former Army Chief of Staff General Raymond Odierno will deliver the university’s 2016 Commencement address to graduating seniors on Saturday, May 14. A decorated officer and distinguished leader, Odierno served as the 38th Chief of Staff of the United States Army from 2011 to 2015. His previous posts include assistant to the chairman of the Joint Chiefs of Staff, where he served as the primary military advisor to US Secretaries of State Colin Powell and Condoleezza Rice.Odierno’s military career spans nearly 40 years of service, during which he commanded units at every level, from platoon to the battlefield, with duty in Germany, Albania, Kuwait, Iraq, and the United States.Odierno retired from active military service last year. He became a senior advisor to JPMorgan Chase & Company in September, where he provides strategic advice and global insights to company Chairman and CEO Jamie Dimon and its board of directors and operating committee. In that capacity, Odierno engages a broad range of issues, including international planning and country risk analysis, technology, operations, leadership training, and the rapidly evolving issues of physical and cyber security.Odierno’s military awards and decorations include five Defense Distinguished Service Medals, three Army Distinguished Service Medals, the Navy Distinguished Service Medal, the Air Force Distinguished Service Medal, the Defense Superior Service Medal, six Legions of Merit, the Bronze Star Medal, the Defense Meritorious Service Medal, four Meritorious Service Medals, the Army Commendation Medal, the Army Achievement Medal, and the Combat Action Badge. He has also received the Secretary of State Distinguished Service Medal and Orders of Military Merit from Brazil, Colombia, Romania, and Italy. He was also appointed as an Officer in the French National Order of the Legion of Honor.A native of Rockaway, NJ, Odierno graduated from the United States Military Academy at West Point and the Army War College. Odierno holds master’s degrees from North Carolina State University and the Naval War College and honorary doctorates from North Carolina State University and the Institute of World Politics.Norwich University’s 2016 Commencement ceremony will begin at 2 p.m. on Saturday, May 14. Odierno will receive an honorary Doctor of Military Science before addressing over 450 students matriculating from 32 undergraduate programs and one master’s program. The ceremony, which is free and open to the public, will be held in Shapiro Field House. Tickets for reserved seating are available. Learn more here(link is external).Norwich University is a diversified academic institution that educates traditional-age students and adults in a Corps of Cadets and as civilians. Norwich offers a broad selection of traditional and distance-learning programs culminating in Baccalaureate and Graduate Degrees. Norwich University was founded in 1819 by Captain Alden Partridge of the U.S. Army and is the oldest private military college in the United States of America. Norwich is one of our nation’s six senior military colleges and the birthplace of the Reserve Officers’ Training Corps (ROTC). www.norwich.edu(link is external)
Vermont Business Magazine Commissioner Christopher Recchia announced that the Department of Public Service (DPS) has awarded $913,054 from the Clean Energy Development Fund (CEDF) to increase the demand and supply for local wood heat. The CEDF awarded 11 grants to schools and affordable housing projects across the State to install advanced wood heating systems and five grants to increase the supply infrastructure of wood pellets. The heating systems are projected to eliminate the use of roughly 124 thousand gallons of fossil fuel annually, bringing the state closer to its goal of meeting 30% of Vermont’s space heating needs with renewable energy by 2025.“I am pleased to announce over $438,000 in grants to local schools and housing groups in support of the development of clean, renewable biomass heat for these important institutions, along with an additional five grants totaling $474,000 for improving bulk wood pellet infrastructure and delivery” said Commissioner Recchia.“Even with today’s low oil prices we are seeing an increased interest in switching to local bulk pellets” said Andrew Perchlik, CEDF Director.The DPS/CEDF is working with Department of Forests, Parks, and Recreation (FP&R) and the Agency of Commerce and Community Development (ACCD) to build a vibrant advanced wood heat sector in Vermont. Staff from FP&R assisted the CEDF in the program design and grant selection process. In reviewing the projects the CEDF received technical assistance from the Vermont State Wood Energy Team and the U.S. Forest Service’s Wood Education and Resource Center.FP&R Commissioner Michael Snyder said “These grants are providing necessary support for the type of advanced wood heat projects that help to sustain our forests and the Vermont forest product sector”.ACCD Deputy Secretary Leriche said “Our agency sees great economic and community development potential in switching from imported fossil fuels to local wood for our heating needs, and we will continue to collaborate with the DPS on projects like the ones announced today.”Additional information on all the grant awards is available on the DPS website at: http://publicservice.vermont.gov/renewable_energy/cedf(link is external)
4,818.1 0.21 FINANCIAL HIGHLIGHTS $ – Non-interest income (1) 0.91 June 30, 2,200.7 Other borrowings $ 86.4 Total assets 2.87 28,280 Non-performing assets to originated loans, 10.5 Net interest income (fully taxable equivalent) 9.2 5,577 Three Months Ended reporting approach applied to fee-based businesses already presented on a net basis. People’s United generally 2015 2,097 0.1 237.0 – 233.9 Net interest income 0.11 61.7 234.8 230.4 93.3 losses. As such, selected asset quality metrics have been highlighted to distinguish between the ‘originated’ expenses. Accordingly, operating metrics are not applicable. See Non-GAAP Financial Measures and Reconciliation 9.7 13.97 $36,784 2.81% Allowance for loan losses on originated loans: 82.3 5.3 accounting model for acquired loans, subject to classification as non-accrual in the same manner as originated loans. Gain on sale of business, net of expenses 0.05 Net loan charge-offs Liabilities Net income % 5,325 217.6 Basic and diluted earnings per share 3.32% FINANCIAL HIGHLIGHTS – Continued 3.9 208.8 Non-interest expense derived by determining the per share impact of the respective adjustments to arrive at operating earnings and adding 94.6 – 10.3 0.91 $ – 0.42 27,149.9 Dec. 31, 1,036 $ 0.4 Operating earnings (2) March 31, – 16,086.4 (dollars in millions) 250 (140.6) 168.5 2,196.4 (3) March 31, 2016 amounts and ratios are preliminary. Bank-owned life insurance $ – 10.2% 2.88 $ 5,603.2 0.06 6.0 $ 8.58 $ 216 – (v) charges related to executive-level management separation costs, are generally also excluded when calculating the – 6.1 Originated loans 0.71 0.73 0.70 (134.7) 189.6 26,579.3 0.4 228.1 31,099.0 28,100 6.1 30.2 0.20 37.0 5.3 7.2 Return on average tangible stockholders’ equity (3) $ 237.0 Liabilities and stockholders’ equity: 10.5 Dec. 31, $ 7.7 8.1 (2) Effective with the quarter ended March 31, 2016, certain expenses are no longer considered to be non-operating Sept. 30, 11.9 Loans 9.9 4.4 0.74 Commercial real estate Bank’s payroll services business. 61.6 Accumulated other comprehensive loss 12.5 Dec. 31, Total liabilities and stockholders’ equity (6.0) fee-based businesses already presented on a net basis. 2.83 $ Total assets % 10.8 $37,251 (in millions, except per share data) CONSOLIDATED STATEMENTS OF INCOME 118.5 0.22 Common shares (end of period) (in millions) (2.5) 27.5 Dividends paid per share (3) Items classified as “other” and added to (deducted from) total revenues for purposes of calculating $ 37,900.0 7.2 2.31 $ 86.1 Short-term investments (2) Total liabilities EFFICIENCY RATIO AND OPERATING NON-INTEREST EXPENSE 71.5 12.6 Less: Average goodwill and average other (151.8) 81.8 (9.3) 83.7 Originated loans (4) Other (3) (1.3) 2015 March 31, 3,304 3,463.8 230.4 2,085 $17.3 million at September 30, 2015, $16.6 million at June 30, 2015 and $17.5 million at March 31, 2015. 0.09 (dollars in millions) $ Retained earnings 5.8 Residential mortgage Commercial real estate 188.1 Dec. 31, $ 245.3 2015 38.4 0.2 24.6 (1) Represents loans and leases held by People’s Capital and Leasing Corp. and People’s United Equipment Finance Corp. $ 302.7 Operating earnings per share 16.93 7.5 2,085 18.1 Low – Provision for loan losses 0.5 Writedowns of banking house assets $ 0.20 10.4 % 1.05 (9.2) High 10.7 18.6 (dollars in millions, except per share data) June 30, 302.39 302.11 (1) Three months ended December 31, 2015 includes a $9.2 million net gain resulting from the sale of People’s United 0.44 4.52 Borrowings 301.00 Commercial and industrial $ Sept. 30, 18.1 $ 2,997 to GAAP beginning on page 13. 67.2 certain severance-related costs are no longer considered to be non-operating expenses. Operating earnings per share is $ 0.20 Total non-interest expense (2) $ 0.23 27.5 2,079 28,417 Professional and outside services 390.3 Writedowns of banking house assets Charge-offs 27,150 0.1 394.0 Acquired non-performing loans (contractual amount) (2) $ 68.4 4,736.0 0.47% $ real estate owned and repossessed assets (4) 260.3 March 31, 28,721.5 % 458.7 36,401 0.71% 28,511 2.2 Provision for loan losses – 1.6 496.0 $ $ 6,178.6 5,304.2 (5.4) – 0.68 486.6 $ 62.9 $245.3 $ 0.23 0.1 10.2 2,097 (9.2) Weighted average diluted common shares (in millions) 82.3 14.8 $ 2,088 3,187 Tangible assets 0.43% – 4,731 15.93 Tangible book value per share (end of period) (2) Commercial: 15.51 16.64 n/a 3.1 $36,401 27.4 28,721 Dec. 31, 3,018.1 1,033 480.0 26,929 $ 347.8 Stockholders’ equity 0.01 15.62 553.7 4,686 18,134.9 $ 85.7 People’s United Financial, Inc. Commercial – 301.86 9.8 Average Brokerage commissions 0.7 0.26 % n/a 15.73 Sept. 30, 1.9 182 210 11.8 $ 220.5 10.8 9,401.6 4.1 123.3 People’s United Bank, N.A. 0.47 $ 2,644 0.2 Deposits: Insurance revenue 62.9 2015 $ 2015 0.1 (0.7) 89.7 (9.2) 5,325.0 6,133 5,880 0.1 3.2 Efficiency ratio 7.3 Tangible stockholders’ equity and originated 23.9 223 276 % stockholders’ equity (2), (3) 34,233 (8.1) 63.2 Commercial and industrial 7.5 stockholders’ equity (annualized) March 31, 37,251 – March 31, June 30, June 30, Operating earnings 299.9 27,236 26,579 3.26% Compensation and benefits (1,161.6) Originated allowance for loan losses to: (dollars in millions) Originated non-performing loans (4) 7.5 1,044 16.27 % 5.3 Commercial real estate 62.7 $ 35,762.1 28,480.6 27,853.2 Yield/ Loans held for sale 2015 83.0 10.3 40.2 37,472 5,600.8 0.2 0.92 14.69 9.2 (6.1) Notes and debentures (1) 0.06 3.31 12.5 (0.01) 1,039 30,631.9 June 30, 127.3 0.68 252.1 (1) Reported net of government guarantees totaling $16.2 million at March 31, 2016, $16.9 million at December 31, 2015, (4.1) 0.80 79.2% – % 0.75 Interest expense: Operating return on Operating earnings 2.38 n/a 0.54 28,411 period. $ % 3.3 24.0 Total deposits (177.2) 12.8 189.4 Stockholders’ equity to total assets March 31, (3.8) 1,043.8 28,410.9 61.7 0.45% % 9,997.6 Total adjustments, net of tax 214.2 $ 194.4 15.20 efficiency ratio. Effective with the quarter ended March 31, 2016, recurring writedowns of banking house assets and 11.6 0.7 12.2 0.78 0.9 $280.7 Loans held for sale Total earning assets $37,900 12.9 $ 0.23 198.1 – (2) Includes securities purchased under agreements to resell. Dec. 31, 6.2 Other consumer 0.1 People’s United Financial, Inc. 19.4 113.4 0.1 loan losses recognized subsequent to acquisition. Operating return on average assets (2), (3) 0.29 2015 2015 Borrowings: People’s United Financial, Inc. $ 63.7 Total non-interest income (2) 3.0 (0.3) 251.0 other acquisition-related intangible assets) (the denominator). Tangible book value per share is calculated by 19.5 % Net interest margin 10.5 301.38 $ 2,563 195.1 3.63 6.7 $ 5,761.9 11.7 8.2 Federal Home Loan Bank advances – Deposits 1,678.8 200.9 Interest 57.2 per share and operating earnings metrics. Management believes these non-GAAP financial measures provide 1.4 (5) Average balances for securities are based on amortized cost. Total securities 6,731.6 6.2 6,732 30.7 31.5 31.2 equity is calculated by dividing operating earnings (annualized) by average tangible stockholders’ equity. The as a percentage of: 2016 Consumer $ 4,663 $ 233.9 17.0 2.9 1,024 Trading account securities, at fair value 1.8 2,977.8 1,037.5 7.37 Operating non-interest expense (2) 27,496 5,457.0 5,050.6 Short-term investments (2) 2,178.6 Home equity 32.2 $ Customer repurchase agreements $ 63.7 Originated non-performing loans as a percentage Deposits: 380.5 Total assets (1) 34.9 Total loans, net 7.4 6.1 Operating dividend payout ratio (2) (9.2) % 102.9 2,096.6 (0.3) 9.2 7,748.7 Adjustments to arrive at operating earnings: (dollars in millions) 2.87 3.2 $ Other assets (2) 2015 $ 780.2 Total assets $37,177 2015 Tangible book value per share 3.2 232.5 Selected Statistical Data: 24.8 Securities $ Recoveries 27,435 March 31, 5,337.7 32,142 2,091 2015 8.3 3.9 Adjustments to arrive at operating 264.5 2015 0.26 Average Balances: 28,417.4 termination costs and non-recurring expenses. 2,165.9 $35,086 $ 2,644 469.5 0.2 % Notes and debentures (1) 177.8 34,233.4 acquisition-related intangible assets People’s United Financial, Inc. 245 86.1 49.7 Total funding liabilities 4,307.3 33,164.0 0.35 – Total liabilities and 7,707.1 302.86 10.2 73.9 Adjustments to arrive at operating March 31, Retail originated allowance for loan losses 7.1 2,832.9 38,872 2.1 $ $ 217.6 – 2,821.3 5.5 33,428.9 34.5 (dollars in millions) 2015 0.1675 2015 0.11 Cash and due from banks 7.4% In addition to evaluating People’s United Financial Inc. (“People’s United”) results of operations in accordance with 0.19 % $ 68.4 (157.2) 2,973.3 Total originated non-performing loans (1) 15.55 0.73 – 2,091 0.33 0.1 472.5 Three Months Ended 89.06 93.3 11.0 2.83% 13.0 $ Short-term investments 89.0 32,925 5.4 28,510.7 2015 0.2 303.0 2016 4,700 833.2 Retail: 380 247.4 $ 39,181.0 93.3 9.8 240.1 March 31, Total liabilities 7.3% (1) Average yields earned and rates paid are annualized. 105.4 Originated loans, REO and repossessed assets 0.35 1.4 2016 4,663.1 217.0 27,672 Time 12.7 217.3 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued 5,344.3 89.0 $ 68.4 People’s United Financial, Inc. 27.5 6,449.4 201 Common Share Data: 18.0 229.6 $285.3 242.9 determining the non-GAAP financial measures discussed above may differ from those used by other financial 238.2 7.5 $ Securities $ 2,646 0.4 82.3 5,284.1 Cash management fees Balance at beginning of period 2,094 2.91 4.48 33.8 March 31, 2015 61.9% 3.17 0.2 (6) See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13. 62.9 228.6 108.1 Amortization of other acquisition-related intangible assets 274.2 $ 247.1 31.1 9.3 % 41.5 34.5 Borrowings: 3.18 Treasury stock, at cost 12.6 $ 2,644 43.3 Total assets (1) 715.3 6.0 0.01 87.1 March 31, 35.4 $ 319.5 Equipment financing (1) $34,304 Stockholders’ equity Commercial: Average 35.1 34.1 2,087.8 $ 10,028.8 5,577 7.2% Book value per share (end of period) 30.5 Yield/ 217.3 – 434.9 191.1 Operating non-interest expense – – 229.1 Total earnings metrics are used by management in its assessment of financial performance, including non-interest expense Non-performing assets as a percentage of: 7.40 (5.9) Commercial originated allowance for loan loss $ 2,712 89.7 120.8 214.1 Investment management fees 11.1 7.6 % 299.15 3,143 Total net loan charge-offs 10.4 Three Months Ended 26,504 10.5 10.8 $ 0.71% 2015 9.1 6.5 $ 70.8 Sept. 30, 2015 5.9 4,736 Sept. 30, $ 197.2 (2) Prior period amounts have been adjusted to reflect the reclassification of debt issuance costs from total assets Efficiency ratio (2) $ 200.8 6.4 3.49 2015 $ 86.8 6,498 lease income within non-interest income to conform with the reporting approach applied to – 8.1 Total interest and dividend income Common stock 15,692.0 1.0 0.73 39,181 2015 (2) Includes securities purchased under agreements to resell. $ 50.6 1.3 6.0 2.0 8.2 Net (losses) gains on sales of acquired loans equivalent (“FTE”) basis plus total non-interest income (including the FTE adjustment on bank-owned life insurance 2.9 2,874.3 516.6 0.20 Non-interest expense: 0.17 Additional paid-in capital $ $ – 33.1 (9.4) 4,761 28,688 1.5 11.3 221 33.3 183.3 302.39 – 1.0 Net loan charge-offs to average total loans (annualized) (subtracting) such amounts to (from) GAAP earnings per share. Operating return on average assets is calculated by 3,664 114.1 Operating earnings per share (2) 2015 398.66 Commercial banking lending fees Occupancy and equipment 37.9 16.5 24.2 36.8 0.6 62.2 branch locations. 17.9 Commercial and industrial (7.2) 0.5 78.3% 6,449 4,307 74.8 467.1 4,823.6 2,079 $35,387 7.1 9.5 $ 61.7 5.0 10.8 195.1 (1.3) $ 8.73 346.7 Total interest expense 3,666.6 26,929.3 217.6 0.75 Three months ended 303.27 86.8 42.6 $ 32.2 70.8 2,058.0 26.7 268.4 94.6 0.3 68.4 62.7% June 30, Income tax expense 31.7 34.6 (5) The fully taxable equivalent adjustment was $7.3 million, $6.5 million and $5.8 million for the three months ended March 31, 2016, (3) Annualized. 0.70% 2,088 27,853 Sept. 30, Goodwill and other acquisition-related intangible assets Net security gains 44.1 8.75 4.3 March 31, 0.21 $ 63.7 2,097 89.05 0.78 Total non-interest expense includes $3.8 million, $0.1 million, $3.0 million and $6.0 million of non-operating expenses for the three months ended December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively. 3.0 Securities available for sale, at fair value 63.4 March 31, 2016 (2.7) 6.0 % (2) Represents acquired loans that meet People’s United Financial’s definition of a non-performing loan but are not, under the $ % Total risk-based capital (3): 222.7 $ 4,736 398.5 Balance 1,050 4,356.8 (2.0) 1,033.1 12.8 Less allowance for loan losses 1.5 $ Assets: 127.2 Balance at beginning of period 300.09 780.6 9.4 analysis of certain non-GAAP financial measures, such as the efficiency and tangible equity ratios, tangible book value SOURCE BRIDGEPORT, Conn., April 21, 2016 /PRNewswire/ — People’s United Financial, Inc. http://www.peoples.com(link is external) $ 275.9 Operating lease income 2015 Securities (3) 37.0 0.1675 2.85% 6,133.1 880.8 43.0 $ 0.66 Net interest margin (3) Loans: 399.54 Other liabilities 32.2 3.47 0.73 Deposits 3.48 $ (0.02) 1,034 Balance at end of period 5,576.7 AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) Residential mortgage 7.32 2015 (9.2) 2.91% 59.8 181.5 Savings, interest-bearing checking and money market Equipment financing Balance 8.59 Other (2) $ 4,682 Total stockholders’ equity allowance for loan losses $ 36,401.2 $ 2,595 59.6 8.73 0.71 (1.0) % 0.28 Tangible equity ratio Loans acquired in connection with business combinations are initially recorded at fair value, determined based $ 0.09 10,046.4 2,191.7 $ 50.5 12.6 assessed on a more consistent basis from period to period. Items excluded from operating earnings, which include, but 9.8% (5.7) 9.2 4,682 $ 0.20 305.4 5,540.3 246.2 $ 322.9 Tangible stockholders’ equity to tangible assets (6) $ 63.2 26,504.1 59.2 Premises and equipment – Net loan charge-offs 1.78 (0.7) Sept. 30, $ 6.0 $ 0.21 10.5% Tangible stockholders’ equity Other assets (4) 0.1 Rate 23.8 NET LOAN CHARGE-OFFS (RECOVERIES) Total borrowings 68.4 $ 320.2 – 2.7 9,911.1 123.3 4.1 (4) Excludes acquired loans. 25.2 3,717 (0.2) PROVISION AND ALLOWANCE FOR LOAN LOSSES 0.42% 0.3 Savings, interest-bearing checking (1) Operating lease expense is excluded from total non-interest expense and netted against operating 17,905.6 7.9 Yield/ 17,453.7 9.4 247 87.1 269.9 0.68 4,731.6 13.6 0.2 2015 4,977.6 21.0 3,063.1 % 251 0.92 Non-performing assets (4) $ 38,694.2 Total REO 85.3 average total loans (annualized) 24.6 Total – 38.7 $ 334.8 $ 49.5 0.69 as a percentage of originated commercial loans CONSOLIDATED STATEMENTS OF CONDITION 43.3 2,353.8 2.8 Notes and debentures (4) 1.4 2015 31,719.3 5.1 – (5.8) 4,689 Average Income before income tax expense Total revenues for efficiency ratio 89.0 8.1 0.18 – 0.61 213.2 Assets Non-interest income: 23.8 BOLI FTE adjustment 7,426.5 7,478.1 People’s United Bank,Vermont Business Magazine People’s United Financial, Inc. (NASDAQ: PBCT) today reported net income of $62.9 million, or $0.21 per share, for the first quarter of 2016, compared to $59.2 million, or $0.20 per share, for the first quarter of 2015, and $70.8 million, or $0.23 per share, for the fourth quarter of 2015. Included in the results for the fourth quarter of 2015 was a net after-tax gain of $6.1 million ($0.02 per share) resulting from the sale of the company’s payroll services business.The Company’s Board of Directors voted to increase the common stock dividend to an annual rate of $0.68 per share. Based on the closing stock price on April 20, 2016, the dividend yield on People’s United Financial common stock is 4.1 percent. The quarterly dividend of $0.17 per share is payable May 15, 2016 to shareholders of record on May 1, 2016.”Our performance this quarter reflects our continued focus on further improving profitability, while moving the company forward with a long-term view,” commented Jack Barnes, President and Chief Executive Officer. “Net income increased six percent from a year ago, driven by solid net interest income growth and effective expense management. In what is typically a seasonally slower quarter for loan growth, total period-end loans grew one percent annualized. Residential mortgage results remained strong with growth of 11 percent annualized, while commercial loan balances were slightly lower from year-end. However, on a quarterly average basis, commercial loans grew more than four percent annualized. We also experienced annualized organic deposit growth of 11 percent in the quarter, driven by our continued emphasis on franchise-wide cross-sell and deposit gathering efforts.”Barnes continued, “We remain committed to making investments that create value for both customers and shareholders. As such, we are pleased to announce today the acquisition of Eagle Insurance Group, a full-service agency and customer-focused commercial insurance broker based in eastern Massachusetts. The acquisition deepens the Company’s presence in the region as well as expands our already strong relationships and expertise in commercial lines.”Barnes concluded, “Finally, we are also pleased to announce our 23rd consecutive annual dividend increase, which demonstrates our commitment to deliver shareholder value through the consistent return of capital.””Ongoing efforts to improve operating leverage through revenue growth and proactively managing costs were evident in the quarter,” stated David Rosato, Senior Executive Vice President and Chief Financial Officer. “Revenues grew two percent from the prior year quarter due to higher net interest income, while total expenses were better than the first quarter expectations we set forth at year-end. Net interest income continued to benefit from loan growth as well as our decision to increase the securities portfolio in recent periods due to the prolonged low interest rate environment. Even with this increase, the securities portfolio as a percentage of total assets remains low relative to peers at 17 percent.”Rosato concluded, “We maintained excellent asset quality across each portfolio, as net charge-offs as a percentage of average loans were only nine basis points for the quarter. Capital ratios were once again strong, especially given the Company’s diversified business mix and history of exceptional credit risk management.”At March 31, 2016, People’s United Financial’s common equity tier 1 capital and total risk-based capital ratios were 9.7 percent and 11.6 percent, respectively, and the tangible equity ratio stood at 7.3 percent. For People’s United Bank N.A., common equity tier 1 capital and total risk-based capital ratios were 10.9 percent and 13.0 percent, respectively, at March 31, 2016.Net loan charge-offs as a percentage of average total loans on an annualized basis were 0.09 percent in the first quarter of 2016, consistent with the fourth quarter of 2015, and an improvement from 0.11 percent in the first quarter of 2015. For the originated loan portfolio, non-performing loans equaled 0.61 percent of loans atMarch 31, 2016, compared to 0.58 percent at December 31, 2015 and 0.68 percent at March 31, 2015.Return on average assets of 0.65 percent for the first quarter of 2016 declined from 0.75 percent in the fourth quarter of 2015 and 0.66 percent in the first quarter of 2015. Return on average tangible stockholders’ equity of 9.4 percent in the first quarter of 2016 declined from 10.7 percent in the fourth quarter of 2015, but increased from 9.2 percent in the first quarter of 2015.People’s United Financial, a diversified financial services company with over $39 billion in total assets, provides commercial and retail banking, as well as wealth management services through a network of approximately 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. Through its subsidiaries, People’s United Financial provides equipment financing, brokerage and insurance services. People’s acquired Burlington, Vermont-based Chittenden Bank in 2008. 1Q 2016 Financial HighlightsSummaryNet income totaled $62.9 million, or $0.21 per share.Net interest income totaled $240.1 million in 1Q16 compared to $238.8 million in 4Q15.Net interest margin decreased four basis points from 4Q15 to 2.83% reflecting:New loan volume at rates higher than the existing portfolio (increase of three basis points).Increase in average investment, deposit and borrowing balances (decrease of five basis points).One less calendar day in 1Q16 (decrease of two basis points).Provision for loan losses totaled $10.5 million.Net loan charge-offs totaled $6.0 million, of which $1.9 million related to loans with previously-established specific reserves.Net loan charge-off ratio of 0.09% in 1Q16.Reflects a $6.3 million increase in the originated allowance for loan losses.Non-interest income was $82.3 million in 1Q16 compared to $93.3 million in 4Q15.Gain on sale of the payroll services business totaled $9.2 million in 4Q15.Insurance revenue increased $1.8 million.Bank service charges decreased $1.2 million.Commercial banking lending fees decreased $1.1 million.Assets under administration and those under full discretionary management, neither of which are reported as assets of People’s United Financial, totaled $10.4 billion and $5.6 billion, respectively, at March 31, 2016, compared to $9.9 billion and $5.6 billion, respectively, at December 31, 2015.Non-interest expense totaled $217.3 million in 1Q16 compared to $217.0 million in 4Q15.Compensation and benefits increased $2.1 million, primarily reflecting seasonally-higher payroll-related costs in 1Q16.Regulatory assessments expense increased $0.9 million.Professional and outside services expense decreased $0.5 million.Other non-interest expense includes a $2.5 million charge for writedowns of banking house assets in 4Q15.The efficiency ratio was 62.7% in 1Q16 compared to 61.0% in 4Q15 (see page 14).The effective income tax rate was 33.5% for 1Q16 and 33.4% for the full-year of 2015.Commercial BankingCommercial loans decreased $19 million from December 31, 2015.The mortgage warehouse portfolio increased $2 million from December 31, 2015.Average commercial loans totaled $20.4 billion in 1Q16, an increase of $216 million, or 4% annualized, from 4Q15.Commercial deposits totaled $9.4 billion at March 31, 2016 compared to $8.9 billion at December 31, 2015.The ratio of originated non-performing commercial loans to originated commercial loans was 0.59% atMarch 31, 2016 compared to 0.51% at December 31, 2015.Non-performing commercial assets, excluding acquired non-performing loans, totaled $131.2 million atMarch 31, 2016 compared to $117.6 million at December 31, 2015.For the originated commercial portfolio, the allowance for loan losses as a percentage of loans was 0.92% at March 31, 2016 compared to 0.90% at December 31, 2015.The commercial originated allowance for loan losses represented 156% of originated non-performing commercial loans at March 31, 2016 compared to 177% at December 31, 2015.Retail BankingResidential mortgage loans increased $144 million, or 11% annualized, from December 31, 2015.Average residential mortgage loans totaled $5.5 billion in 1Q16, an increase of $101 million, or 7% annualized, from 4Q15.Home equity loans decreased $24 million from December 31, 2015.Average home equity loans totaled $2.1 billion in 1Q16, unchanged from 4Q15.Retail deposits (excluding brokered deposits) totaled $17.1 billion at March 31, 2016 compared to $16.9 billion at December 31, 2015.The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 0.57% at March 31, 2016 compared to 0.71% at December 31, 2015.The ratio of originated non-performing home equity loans to originated home equity loans was 0.90% atMarch 31, 2016 compared to 0.92% at December 31, 2015.Conference CallOn April 21, 2016, at 8 am, Eastern Time, People’s United Financial will host a conference call to discuss this earnings announcement. The call may be heard through www.peoples.com(link is external) by selecting “Investor Relations” in the “About Us” section on the home page, and then selecting “Conference Calls” in the “News and Events” section. Additional materials relating to the call may also be accessed at People’s United Bank’s web site. The call will be archived on the web site and available for approximately 90 days.Certain statements contained in this release are forward-looking in nature. These include all statements about People’s United Financial’s plans, objectives, expectations and other statements that are not historical facts, and usually use words such as “expect,” “anticipate,” “believe,” “should” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause People’s United Financial’s actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People’s United Financial include, but are not limited to: (1) changes in general, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) changes in accounting and regulatory guidance applicable to banks; (7) price levels and conditions in the public securities markets generally; (8) competition and its effect on pricing, spending, third-party relationships and revenues; and (9) changes in regulation resulting from or relating to financial reform legislation. People’s United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Access Information About People’s United Financial at www.peoples.com(link is external). Total stockholders’ equity – 0.21% 7.3 – – 3.3 Return on average tangible assets (3) – NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued operating dividend payout ratio is calculated by dividing dividends paid by operating earnings for the respective 28,159 5.0 Operating return on average tangible $ 314.2 3.3 $ 38,871.8 25.0 Securities: $ 7.0 (dollars in millions) 314.2 2.96 22.2 4,760.8 $ 0.20 12.2 7.4 114.8 208 107.5 34,140.2 $ 41.5 % 7,405.5 0.4 Loans: 18.1 Other liabilities 504.5 Total loans March 31, 0.4 (2) Total non-interest income includes $9.2 million of non-operating income for the three months ended December 31, 2015. Regulatory assessments as a percentage of originated retail loans 7.4 March 31, $ 33.3 2015 37.2 Equipment financing (1) 2.8 87.1 – $ – 3,563 1.4 (6.1) 4,791.2 – 12.2 (6.0) Commercial real estate Dec. 31, 60.3 3,657.1 2016 (200.9) $ 320.5 December 31, 2015 and March 31, 2015, respectively. 6.49 31,485 50.0 Commercial and industrial 16.95 $ portfolio and the ‘acquired’ portfolio. 3,018 239.9 a dollar of revenue, is the ratio of (i) total non-interest expense (excluding goodwill impairment charges, amortization of the respective portfolio’s historical allowance for loan losses. A decrease in expected cash flows in subsequent 4,879.2 301.18 Three Months Ended 75.3% 0.5 $ 2015 As of and for the Three Months Ended 3.1 Ratios: 238.8 13.62 0.23 2.8 Total originated allowance for loan losses $ 6.4 3.2 Sept. 30, 2,091 2015 198.1 41.1 1.1 209.6 Sept. 30, Residential 3,688.8 0.73% $ 0.40 36.5 28,990 Earnings Data: 25.2 52.4 5.3 March 31, 25.4 to notes and debentures. 3.39 61.0% 89.06 38.2 Total loans 15.45 Gain on sale of business, net of expenses Less: Goodwill and other 0.68 $ 63.2 0.165 Other non-interest expense – 7.2 399.24 infrequent nature that, by excluding such items (net of income taxes), People’s United’s results can be measured and 889.6 Interest and dividend income: Total 302.11 stockholders’ equity 0.7 Dividends paid 2015 9.2 Less: Shares classified as treasury shares 242.8 374.0 0.05 Short-term investments (2) REO: 303.27 $ 35,762.1 9.8 non-interest expense and netted against operating lease income within non-interest income to conform with the 0.74 Close (end of period) 1,037 Dec. 31, 1,050.4 Less: Goodwill and other 109.3 7.5 348 31.8 2,880.0 19.0 – % 105.4 1.5 7.3 9.5 Provision for loan losses (in millions, except per share data) 80.6 10.5 $ – $ 13.0 n/a (5.3) $ Return on average assets (3) Gain on sale of business, net of expenses 25.4 93.9 196 – 40.9 Rate $ 211.0 5,010.1 0.2 Federal Home Loan Bank and Federal Reserve Bank stock, at cost 13.3 15.64 (dollars in millions) 0.61 1.0 7.23 Dec. 31, 1,034.5 5.5 0.71 32,105.0 The efficiency ratio, which represents an approximate measure of the cost required by People’s United to generate 2015 earnings per share: 3.23 $ 311.5 (0.4) 16.15 0.83 (1,161.8) 35.9 0.78 9.5 6.38 $ 0.4 238.8 (1.8) $ 2,585 $ 0.22 8.94 234.8 Because acquired loans are initially recorded at an amount estimated to be collectible, losses on such loans, when incurred, are first applied against the non-accretable difference established in purchase accounting and then to any allowance for 22.2 2015 241.1 Customer repurchase agreements March 31, 7.91 0.34 Federal funds purchased 37,177 of originated loans Balance at end of period 320.0 2015 June 30, (in millions) 0.1 Notes and debentures $ (0.1) 28,159.6 5,756 18.6 56.8 30,632 191.1 28,648 $ 5,992.3 7.49 (7.4) 17.4 People’s United Financial, Inc. 0.90 Total cash and cash equivalents 0.74 0.01 1.6 2.0 9.8 5,440.6 73.9 22.2 (6.2) 108.1 Borrowings 4,527.7 (dollars in millions) (7.8) – Income before income tax expense 10.2 2015 2016 $ 4,791 the efficiency ratio include, as applicable, asset write-offs and gains associated with the sale of 31.6 62.4 9.3 (211.0) Total funding liabilities 59.3 9.4 0.74 OPERATING RETURN ON AVERAGE TANGIBLE STOCKHOLDERS’ EQUITY 61.0 Charge-offs 2.2 Average stockholders’ equity to average total assets 89.04 March 31, efficiency ratio 101.5 36,611 (9.3) (0.9) Total deposits People’s United Financial, Inc. % 556.8 March 31, 0.1 Common shares issued 205.4 Total allowance for loan losses average assets (annualized) 215.5 9.3 13.1 June 30, 207.5 14.92 217.0 $ 32,705 0.09 and money market $233.9 2.46 93.9 10.0 People’s United’s capital position. 107.5 10.2 3,215 % % $ 0.71 0.30 – 0.28 4.8 245 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP Common shares Earnings per share, as reported (0.1) 4.62 0.70 $ 38,871.8 0.09 2.6 0.1 7.1 Borrowings 37.5 upon an estimate of expected cash flows, including a reduction for estimated credit losses, and without carryover 27,125 Commercial real estate – 35,005 0.1675 expected to be incurred within the following two years. 2.87% $ 6,091.4 2016 2015 Balance 33.2 Net loan charge-offs to 2.90% Adjustments: 0.67 127.3 periods may indicate that a loan is impaired, which would require the establishment of an allowance for loan 3.38 11.6 9.8 $ 36,401.2 information useful to investors in understanding People’s United’s underlying operating performance and trends, and Residential mortgage NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued 398.84 Unallocated common stock of Employee Stock Ownership Plan, at cost 2,092 Other borrowings 21.4 29,621 33,933.4 (dollars in millions, except per share data) Federal funds purchased 0.5 3.50 Three Months Ended 3.30 4.5 Total non-performing assets 38.3 7.58 are not limited to: (i) non-recurring gains/losses; (ii) writedowns of banking house assets and related lease termination Allowance for loan losses $ 35.4 (3) Average balances and yields for securities are based on amortized cost. Net interest income after provision for loan losses Goodwill and other acquisition-related intangible assets 1.1 29,744 7.7 59.2 Stockholders’ Equity 0.2 – (1) Represents loans and leases held by People’s Capital and Leasing Corp. and People’s United Equipment Finance Corp. 5.8 Operating lease expense (1) 17.3 Dec. 31, 5.3 $ 8.59 Federal Home Loan Bank advances – People’s United Financial, Inc. Allowance for loan losses on acquired loans: 40.3 $ 59.2 Notes and debentures (2) $ 9.7 1.03 0.21 Originated non-performing loans 35,762 29,646 2016 Sept. 30, $ 4,689 28,199.9 $37,102 2015 Operating earnings – 7,063.1 1,609.6 29,738 18.1 $ 1.7 389.6 People’s United Financial, Inc. 34,389.8 15.8 U.S. generally accepted accounting principles (“GAAP”), management routinely supplements its evaluation with an 0.79 Interest – 0.58 – 208.8 16.21 5,921 0.5 of other acquisition-related intangible assets, losses on real estate assets and non-recurring expenses, which are also $ 4,731 346.5 Deposits loans, and non-recurring income) (the denominator). In addition, operating lease expense is excluded from total $ 37,900.0 1,035 considers an item of income or expense to be non-recurring if it is not similar to an item of income or expense of a type incurred within the last two years and is not similar to an item of income or expense of a type reasonably Interest Operating earnings exclude from net income those items that management considers to be of such a non-recurring or – 8.58 Provision for loan losses Consumer Average tangible stockholders’ equity 0.20 2.0 102.6 211 dividing operating earnings (annualized) by average total assets. Operating return on average tangible stockholders’ Total borrowings 101.5 3.6 The tangible equity ratio is the ratio of (i) tangible stockholders’ equity (total stockholders’ equity less goodwill 3.9 (215.5) 4.0 0.23 Operating lease expense $ institutions. 897.4 2015 2,085 Financial Condition Data: March 31, Dec. 31, Total risk-weighted assets (3): June 30, $ 85.3 2015 Equipment financing 0.20% 2015 $ 2015 Total non-interest expense $ 217.3 4,681.9 344.4 3,663.6 Residential mortgage 5,301.6 0.75 Retail: 12.6 (0.1) 2015 December 31, 2015 0.3 Severance-related costs $ 68.4 102.9 (0.1) $ 50.6 29.0 Severance-related costs 18.9 intangible assets Total (3.0) % (“BOLI”) income, and excluding gains and losses on sales of assets other than residential mortgage loans and acquired 27,562 0.80 214.1 208.8 31.7 $ $ 38,694.2 (9.4) 278.0 33,429 3,187.2 Amortization of other acquisition-related NON-PERFORMING ASSETS March 31, $ 214.2 Total 78.3 9.2 % (1.5) (2.2) 7.5% 28,481 (2.0) Total non-interest expense for 1,036.2 58.7 Net interest income 44.9 $ 191.8 June 30, 37,900 (0.1) 4,791 7.52 6.2 – 29,105.5 250.0 0.83 $ 0.1 4,663 302.86 Total revenues Stock price: 338.6 – 3.28% TANGIBLE BOOK VALUE PER SHARE 235.3 Operating lease expense (1) 28,084 Other non-interest income non-interest expense: 83.0 207.6 Equipment financing OPERATING DIVIDEND PAYOUT RATIO 0.5 (3.2) % 0.6 235.0 and debentures. 29.4 382.4 (9.2) (4) Prior period amounts have been adjusted to reflect the reclassification of debt issuance costs from other assets to notes and debentures. 10.3 0.73 (9.2) 17,420.7 1.2 efficiency ratio include, as applicable, certain franchise taxes, real estate owned expenses, contract 3.5 Customer interest rate swap income, net Basic and diluted earnings per common share (0.1) Non-interest-bearing 2015 n/a 8.0 124.1 1.3 In light of diversity in presentation among financial institutions, the methodologies used by People’s United for 1.2 $247.4 costs; (iii) severance-related costs; (iv) merger-related expenses, including acquisition integration and other costs; and Securities (5) 61.7% 61.6% 3.55 Dividend payout ratio Return on average stockholders’ equity (3) (9.2) (2) Items classified as “other” and deducted from non-interest expense for purposes of calculating the 228.1 OPERATING EARNINGS classified as treasury shares and unallocated Employee Stock Ownership Plan (“ESOP”) common shares). 328.2 March 31, People’s United Financial, Inc. 7.4 TANGIBLE EQUITY RATIO Residential mortgage Net interest income (FTE basis) Dec. 31, 0.3 $ Non-interest-bearing $ 0.21 43.9 28,953 2015 Sept. 30, 0.1675 38,694 $ 4,732 3,717.3 $ 4,686 33.1 9,470.4 2,203.1 Three Months Ended Other consumer 1.4 1.7 26.1 0.01 15.00 $ 0.23 and other acquisition-related intangible assets) (the numerator) to (ii) tangible assets (total assets less goodwill and $ 4,700 7.7 People’s United Bank, N.A. $39,181 $ 70.8 – 33,621 Net gains on sales of residential mortgage loans (150.0) acquisition-related intangible assets 2,079 Average stockholders’ equity 205 $ 213.2 9.2 4,732 $ 2,585 15.80 Time 30.0 2,079.0 (0.4) 5.9 7.5% 9.4 2.5 Repossessed assets 61.9 38.7 891.2 June 30, 0.9 211.8 March 31, 257.8 2015 2015 $ 0.23 Tangible stockholders’ equity 79.2 301.18 0.7 $ 2,595 245.3 211.6 32,105 $ 6.8 2015 397.81 0.73 $ 68.4 1,028 (dollars in millions) Sept. 30, 2016 Unallocated ESOP shares 2015 5.9 28,295.2 2015 % % (1,161.9) 29,106 0.4 18.1 2,951.9 31.7 $ 8.94 $ 6,049.3 2016 $ 2,612 facilitates comparisons with the performance of other financial institutions. Further, the efficiency ratio and operating People’s United Financial, Inc. Stockholders’ equity (6.0) $ 8.75 211.6 40.4 (3.6) 63.7 Writedowns of banking house assets 0.66 2,100 12.6 2015 Net income, as reported 37.7 35,005.4 Total non-interest income $ 59.2 7.7 2016 2015 $ 2.7 June 30, Severance-related costs 202.9 2.6 People’s United Financial, Inc. 7.2 $ 2,712 n/a $ Originated non-performing loans: Net interest income/spread (5) Total pre-tax adjustments $ 306.8 0.26 329.7 $ 0.23 Tax effect 2,088 12.9 $35,762 Average total assets People’s United Financial, Inc. 189 Net income 7.5 (5.9) 33.1 $ 67.2 6.2 0.23 $ 241.1 Commercial and industrial 6.0 26,728.4 10.8 $ 195.5 41.9 25.3 57.0 $ 0.2 – Dec. 31, $36,611 Bank service charges $ 211.8 1.1 37.5 2.2 Gain on sale of business, net of expenses $ 37.9 $ 2,646 – 2,181.5 Total adjustments per share $266.1 Home equity Short-term investments 0.01 27,810 dividing tangible stockholders’ equity by common shares (total common shares issued, less common shares Securities held to maturity, at amortized cost 11.8 $ 0.21 % $37,472 Three Months Ended 32,705.3 0.27 0.90 10.5 $ $38,872 $ 159.4 control, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength of Three Months Ended $ 214.2 6.0 March 31, 89.05 $ 61.7 2015 5.9 % – % $ 247.4 218.3 – 13.0 202.9 9.8 $ 2,595 0.6 351.2 n/a acquisition-related intangible assets Loans 2,088 3.40 6,498.0 211.8 $ 217.0 10.5 0.65 12.3 Operating return on average tangible Total interest on loans Rate Consumer excluded in arriving at operating non-interest expense) (the numerator) to (ii) net interest income on a fully taxable 9.9% 75.3 (1.8) 112.0 0.66 209 3,142.9 240.1 March 31, $ 39,181.0 2015 6.2 4,746.1 83.0 3.35 (1) Prior period amounts have been adjusted to reflect the reclassification of debt issuance costs from total assets to notes $ 67.2 10.6 $ 67.2 See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13. 0.5 $ 63.2 Operating dividend payout ratio 3.4 73.9% Total earning assets 2.85 2.90
Vermont Business Magazine The Vermont Air National Guard 158th Fighter Wing Civil Engineering Squadron personnel will return home Saturday, April 23, 2016, from Tyndall Air Force Base located outside Panama City, Florida after a 10-day all phases of deployment exercise. Silver Flag is a routine exercise the 158th Fighter Wing Civil Engineering Squadron participates in annually to ensure combat-mission proficiency.Approximately 35 personnel from the 158th Fighter Wing participated in an exercise where personnel learn to build and maintain bare-base operations at a simulated forward-deployed location.Members hone a variety of combat and survival skills, such as repairing bomb-damaged runways, setting up base facilities and disposing of explosive ordnance. Additionally, service members receive training on providing food service and lodging under simulated wartime conditions.