People's United Financial, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Loan Charge-Offs for the Fourth Quarter of 2016
For the full year, net interest income (fully taxable equivalent) was $1,004.5 million against $957.3 million a year ago. Net interest income was $972.2 million against $932.1 million a year ago. Income before income tax expense was $409.5 million against $390.5 million a year ago. Net income was $281.0 million against $260.1 million a year ago. Net income available to common shareholders was $279.2 million against $260.1 million a year ago. Return on average assets was 0.71% against 0.71% a year ago. Return on average common equity was 5.8% against $5.5% a year ago. Return on average tangible common equity was 10.2% against $10.0% a year ago. Basic and diluted earnings per common share were $0.92 against $0.86 a year ago. Book value per share (end of period) was $15.85 against $15.62 a year ago. Tangible book value per share (end of period) was $8.92 against $8.73 a year ago.
Net loan charge-offs as a percentage of average total loans on an annualized basis were 0.06% in the fourth quarter of 2016, a slight increase from 0.04% in the third quarter of 2016, but lower than 0.09% in the fourth quarter of 2015.