People's United Financial Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2013
For the year, the company reported net interest income of $888.6 million compared to $928.7 million for the same period a year ago. Income before income was $339.1 million compared to $362.7 million for the same period a year ago. Net income was $232.4 million or $0.74 per basic and diluted share compared to $245.3 million or $0.72 per basic and diluted share for the same period a year ago. Operating earnings was $241.1 million or $0.77 per share compared to $253.9 million or $0.75 per share for the same period a year ago. Return on average assets was 0.75% against 0.87% for the same period a year ago. Operating return on average assets was 0.78% against 0.90% for the same period a year ago. Net interest income after provision for loan losses was $844.9 million compared to $879.5 million for the same period a year ago. Total interest and dividend income was $1,004.4 million compared to $1,034.9 million for the same period a year ago. Return on average tangible assets was 0.81% against 0.95% for the same period a year ago. Return on average tangible stockholders' equity was 8.9% against 8.2% for the same period a year ago.
For the quarter, the company announced net loan charge-offs totaled $10.4 million, of which $5.4 million related to loans with specific reserves established in prior periods. Net loan charge-offs as a percentage of average total loans on an annualized basis were 0.18% in the fourth quarter of 2013, compared to 0.17% in the third quarter of 2013 and 0.19% in the fourth quarter of 2012.