UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 19, 2019 (July 18, 2019) People’s United Financial, Inc. (Exact name of registrant as specified in its charter) Delaware 001-33326 20-8447891 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 850 Main Street, Bridgeport, CT 06604 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code (203) 338-7171 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Trading Name of each exchange Title of each class Symbol on which registered Common Stock, $0.01 par value per share PBCT NASDAQ Global Select Market Fixed-to-Floating Rate Non-Cumulative PBCTP NASDAQ Global Select Market Perpetual Preferred Stock, Series A, $0.01 par value per share Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition. On July 18, 2019, People’s United Financial, Inc. (the “Company”) issued a press release announcing its results of operations for the three- and six-month periods ended June 30, 2019. A copy of that press release is being furnished herewith as Exhibit 99.1. The information contained in and accompanying this Form 8-K with respect to Item 2.02 (including Exhibit 99.1 hereto) is being furnished to, and not filed with, the Securities and Exchange Commission in accordance with General Instruction B.2 to Form 8-K. Item 7.01. Regulation FD Disclosure. The Company hereby furnishes the Investor Presentation attached hereto as Exhibit 99.2. The information contained in and accompanying this Form 8-K with respect to Item 7.01 (including Exhibit 99.2 hereto) is being furnished to, and not filed with, the Securities and Exchange Commission in accordance with General Instruction B.2 to Form 8-K. Item 9.01. Financial Statements and Exhibits (d) The following Exhibits are submitted herewith. Exhibit No. Description 99.1 Earnings Press Release dated July 18, 2019 99.2 Investor Presentation dated July 18, 2019
EXHIBIT INDEX Exhibit No. Description Page 99.1 Earnings Press Release dated July 18, 2019 99.1-1 99.2 Investor Presentation dated July 18, 2019 99.2-1
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. People’s United Financial, Inc. (Registrant) Date: July 19, 2019 /s/ Andrew S. Hersom By: (Signature) Name: Andrew S. Hersom Title: Senior Vice President, Investor Relations
Exhibit 99.1 People’s United Financial Reports Second Quarter Net Income of $133.2 Million, or $0.33 per Common Share Operating Earnings of $0.34 per Common Share Board of Directors Approves Share Repurchase Program Announced the acquisition of United Financial Bancorp on July 15 th . • • Return on average assets of 1.04 percent and return on average tangible common equity of 14.1 percent. • Efficiency ratio of 55.8 percent, an improvement of 150 basis points linked-quarter and 260 basis points year-over-year, reflecting continued focus on enhancing operating leverage. • Non-interest income of $106.3 million, an increase of 12 percent both linked-quarter and year-over-year. Period-end loans and deposits increased nine percent and seven percent, respectively, from March 31 st , driven by the BSB Bancorp acquisition • and organic growth. BRIDGEPORT, CT., July 18, 2019 – People’s United Financial, Inc. (NASDAQ: PBCT) today reported results for the second quarter 2019. These results along with comparison periods are summarized below: ($ in millions, except per common share data) Three Months Ended Jun. 30, 2019 Mar. 31, 2019 Jun. 30, 2018 Net income $ 133.2 $ 114.6 $ 110.2 Net income available to common shareholders 129.7 111.1 106.7 Per common share 0.33 0.30 0.31 Operating earnings 1 134.8 123.0 109.0 Per common share 0.34 0.33 0.32 Net interest income $ 348.1 $ 332.8 $ 301.2 Net interest margin 3.12% 3.20% 3.10% Non-interest income 106.3 94.6 94.9 Non-interest expense $ 278.4 $ 277.2 $ 248.6 Operating non-interest expense 1 271.9 262.2 245.7 Efficiency ratio 55.8% 57.3% 58.4% Average balances Loans $ 38,229 $ 35,046 $ 32,116 Deposits 39,211 36,450 32,535 Period-end balances Loans 38,557 35,515 32,512 Deposits 39,467 36,901 32,468 1 See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16. “We are pleased with the Company’s performance in the second quarter,” said Jack Barnes, Chairman and Chief Executive Officer. “Operating earnings of $135 million increased 24 percent from a year ago and operating return on average common tangible equity of 14.6 percent improved 40 basis points. These strong results reflect the success of our strategy of balancing organic growth with thoughtful M&A. The integration of BSB Bancorp continues
Recommend
More recommend
