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People's United Financial Inc

People's United Financial Inc (PBCT)

People's United Financial, Inc., incorporated on November 2, 2006, is a bank holding company and a financial holding company of People's United Bank (the Bank). The Bank is engaged in providing commercial banking, retail banking and wealth management services to individual, corporate and municipal customers. The Company operates through two segments: Commercial Banking and Retail Banking. Commercial Banking segment is engaged in commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities. It also offers cash management, correspondent banking, municipal banking, institutional trust services, corporate trust, insurance services and private banking, among others. Retail Banking segment provides consumer lending (including residential mortgage and home equity lending) and consumer deposit gathering activities. The Retail Banking segment also includes brokerage, financial advisory services, investment management services, and life insurance and non-institutional trust services.

Traditional banking activities are conducted primarily within New England and southeastern New York, and include extending secured and unsecured commercial and consumer loans, originating mortgage loans secured by residential and commercial properties, and accepting consumer, commercial and municipal deposits. In addition to traditional banking activities, the Bank provides specialized financial services, which include personal, institutional and employee benefit trust; cash management; and municipal banking. Through its non-banking subsidiaries, the Bank offers brokerage, financial advisory services, investment management services and life insurance through People's Securities, Inc. (PSI); equipment financing through People's Capital and Leasing Corp. (PCLC) and People's United Equipment Finance Corp. (PUEFC), and other insurance services through People's United Insurance Agency, Inc. (PUIA).

The Bank's distribution network includes investment and brokerage offices, commercial banking offices, online banking and investment trading, a round the clock telephone banking service. The Bank maintains a mortgage warehouse lending group located in Kentucky and a national credits group that has participations in commercial loans and commercial real estate loans to borrowers in various industries on a national scale.

Lending Activities

The Company conducts its lending activities principally through its Commercial Banking and Retail Banking operating segments. Its lending activities consist of originating loans secured by commercial and residential properties, and extending secured and unsecured loans to commercial and consumer customers. The commercial lending businesses include commercial real estate, commercial and industrial lending, and equipment financing. It offers residential mortgage loan products, including conventional fixed-rate loans, jumbo fixed-rate loans, adjustable-rate loans, interest-only loans (loans where payments made by the borrower consist of only interest for a set period of time, before the payments change to principal and interest), as well as Federal Housing Administration insured loans and various state housing finance authority loans. It offers home equity lines of credit (HELOCs) and home equity loans, and other forms of installment and revolving credit loans. As of December 31, 2016, the Company's total loans amounted to $29.74 billion.

Investment Activities

The Company utilizes the securities portfolio for earnings generation (in the form of interest and dividend income), liquidity, interest-rate risk (IRR) management, asset diversification and tax planning. Its securities portfolio includes state and municipal, corporate debt securities, the United States Treasury and agency, government sponsored enterprise (GSE) residential mortgage-backed securities and collateralized mortgage obligations (CMOs). As of December 31, 2016, the Company's total securities available for sale had a total fair value of $4.4 billion. As of December 31, 2016, the Company's total securities held to maturity had a total fair value of $2.01 billion.

Sources of Funds

The Company's primary funding sources are deposits and stockholders' equity. Its primary source for borrowings are advances from the Federal Home Loan Banks (FHLB) of Boston, which provides credit for member institutions within its assigned region and federal funds purchased, which are typically unsecured overnight loans among banks. As of December 31, 2016, the Company's total deposits amounted to approximately $29.86 billion.

Fundamentals

Optimized Dividends

Annual Dividends

Year Amount Change
2006 0.0c
2007 0.0c 0%
2008 0.0c 0%
2009 0.0c 0%
2010 0.0c 0%
2011 0.0c 0%
2012 64.0c 100%
2013 65.0c 1.6%
2014 66.0c 1.5%
2015 67.0c 1.5%
2016 68.0c 1.5%
2017 69.0c 1.5%
2018 70.0c 1.4%
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Dividends

Ex-Div Date Pay Date Year Type Frequency Status Amount
27 Apr 2012 15 May 2012 2012 Interim Quarterly Paid 16c
30 Jul 2012 15 Aug 2012 2012 Interim Quarterly Paid 16c
31 Oct 2012 15 Nov 2012 2012 Interim Quarterly Paid 16c
30 Jan 2013 15 Feb 2013 2012 Final Quarterly Paid 16c
29 Apr 2013 15 May 2013 2013 Interim Quarterly Paid 16.25c
30 Jul 2013 15 Aug 2013 2013 Interim Quarterly Paid 16.25c
30 Oct 2013 15 Nov 2013 2013 Interim Quarterly Paid 16.25c
29 Jan 2014 15 Feb 2014 2013 Final Quarterly Paid 16.25c
29 Apr 2014 15 May 2014 2014 Interim Quarterly Paid 16.5c
30 Jul 2014 15 Aug 2014 2014 Interim Quarterly Paid 16.5c
29 Oct 2014 15 Nov 2014 2014 Interim Quarterly Paid 16.5c
28 Jan 2015 15 Feb 2015 2014 Final Quarterly Paid 16.5c
29 Apr 2015 15 May 2015 2015 Interim Quarterly Paid 16.75c
29 Jul 2015 15 Aug 2015 2015 Interim Quarterly Paid 16.75c
28 Oct 2015 15 Nov 2015 2015 Interim Quarterly Paid 16.75c
28 Jan 2016 15 Feb 2016 2015 Final Quarterly Paid 16.75c
27 Apr 2016 15 May 2016 2016 Interim Quarterly Paid 17c
28 Jul 2016 15 Aug 2016 2016 Interim Quarterly Paid 17c
28 Oct 2016 15 Nov 2016 2016 Interim Quarterly Paid 17c
30 Jan 2017 15 Feb 2017 2016 Final Quarterly Paid 17c
27 Apr 2017 15 May 2017 2017 Interim Quarterly Paid 17.25c
28 Jul 2017 15 Aug 2017 2017 Interim Quarterly Paid 17.25c
31 Oct 2017 15 Nov 2017 2017 Interim Quarterly Paid 17.25c
31 Jan 2018 15 Feb 2018 2017 Final Quarterly Paid 17.25c
30 Apr 2018 15 May 2018 2018 Interim Quarterly Paid 17.5c
31 Jul 2018 15 Aug 2018 2018 Interim Quarterly Paid 17.5c
31 Oct 2018 15 Nov 2018 2018 Interim Quarterly Paid 17.5c
31 Jan 2019 15 Feb 2019 2018 Final Quarterly Paid 17.5c
30 Apr 2019 15 May 2019 2019 Interim Quarterly Paid 17.75c
31 Jul 2019 15 Aug 2019 2019 Interim Quarterly Paid 17.75c
30 Oct 2019 15 Nov 2019 2019 Interim Quarterly Paid 17.75c
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People's United Financial Inc share price - 12 month history

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