People's United Financial, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Loan Charge-Offs for the Fourth Quarter of 2015
For the year, total interest and dividend income of $1,068.9 million against $1,030.6 million a year ago. Net interest income was $932.1 million against $911.9 million a year ago. Net interest income after provision for loan losses was $898.7 million against $871.3 million a year ago. Income before income tax expense was $390.5 million against $380.6 million a year ago. Net income of $260.1 million or $0.86 per share basic and diluted compared to $251.7 million or $0.84 per share basic and diluted a year ago. Return on average assets was 0.71% against 0.75% a year ago. Operating return on average assets was 0.71% against 0.72% a year ago. Return on average tangible assets was 0.75% against 0.80% a year ago. Return on average stockholders' equity was 5.5% against 5.4% a year ago. Return on average tangible stockholders' equity was 10.0% against 10.0% a year ago. Operating return on average tangible stockholders equity was 10.1% against 9.7% a year ago. Operating earnings per share was $0.22 against $0.22 a year ago. Operating earnings were $262.5 million against $244.5 million a year ago. Operating earnings per share was $0.87 against $0.82 a year ago.
For the fourth quarter of 2015, the company reported net loan charge-offs of $6.2 million, of which $3.3 million related to loans with previously-established specific reserves.