Dental therapists: a solution for better access to dental care

first_imgAlthough there is growing interest in dental therapists, they still aren’t widely used because they face challenges from the dental community around general acceptance, scope of practice, and supervision requirements. It’s reminiscent of the fights over mid-level medical providers.The American Dental Association opposes the use of dental therapists. In response to a request for comment, Michael Graham, senior vice president for government and public affairs, emailed me that there are better ways to address access issues, such as expanding Medicaid coverage to encourage existing providers to accept more patients. While certainly worthwhile, the two solutions aren’t mutually exclusive.One hurdle dental therapists face is the concern about scope creep — that they will become licensed to provide care that only dentists can do now. The American Medical Association is concerned about scope creep for mid-level medical providers and it’s not surprising that the dental community feels the same.Dental therapists are not meant to do everything dentists do, but some scope creep is actually ideal: access to dental care will only increase if more providers can offer the same care.Scope of practice laws are set at the state level and vary considerably. Appalachian states tend to have restrictive laws for non-dentist providers, while Alaska has been a national leader in expanding access to care with dental therapists since the early 2000s, particularly for Native populations.Some dentists worry about the quality and safety of care that dental therapists provide. But evidence suggests that the care they offer is excellent — if they are given the opportunity to train and practice.One way to increase the use of dental therapists is to push for acceptance within the dental community. If dentists could be brought on board, access to care could be expanded more quickly. Changing the current mentality would require outreach and education campaigns that explain the role of dental therapists — both their limitations and capabilities — to emphasize the positive potential in utilizing this new kind of provider. About the Author Reprints Dentists work on a patient at a Remote Area Medical mobile dental and medical clinic in Milton, Fla. Spencer Platt/Getty Images Please enter a valid email address. Leave this field empty if you’re human: Dental therapists are analogous to physician assistants. They are licensed to do more than a dental hygienist but not as much as a dentist. Working under the supervision of a dentist, dental therapists provide routine preventive and restorative care such as cleanings, fillings, and simple extractions. Their training is rigorous and comprehensive, but shorter than that for dentists, making them a cost-effective solution.advertisement By Elsa Pearson Feb. 18, 2021 Reprints Trending Now: Newsletters Sign up for First Opinion A weekly digest of our opinion column, with insight from industry experts. Comparing the Covid-19 vaccines developed by Pfizer, Moderna, and Johnson & Johnson First OpinionDental therapists: a solution for better access to dental care center_img Difficulty getting dental care is the norm in much of the United States, especially in rural areas. One problem is that there aren’t enough providers. Mid-level dental providers, or dental therapists, can help fill that gap, but they face resistance from dentists.Rural America has long struggled to access any type of health care, including dental care. In certain parts of Appalachia, there are only four dentists for every 100,000 people, far lower than the national average of 61 dentists per 100,000 people. Coupled with higher rates of poverty, these rural communities face an uphill battle to achieve good oral health.Delaying dental care means more than a missed cleaning; it leads to more serious oral and overall health issues — and more intensive care — later on. Adults living in Appalachia have higher rates of oral disease and missing teeth than in other parts of the country.advertisement Another way to expand the use of dental therapists would be to increase the number and efficiency of training programs. Graham from the American Dental Association rightfully pointed out that “approved programs often take a long time to be implemented, if they get off the ground at all.” If dental therapists can’t train, society can’t reap the benefits they offer.Promoting and enacting broader scope-of-practice laws would offer dental therapists more job security and flexibility. As it stands, the state-to-state variation in these laws limits both awareness of the field and job prospects for dental therapists. If they were able to practice — and at the top of their license — in more than a handful of states, there would likely be more dental therapists, better utilized dental therapists, and greater access to dental care.Access to dental care is essential for both oral and overall health. Without an adequate number of providers, countless Americans will continue to forgo dental care, leading to more significant oral health — and overall health — issues later. Dental therapists offer a cost-effective, quality solution.It’s high time the dental community sees the benefit to mid-level providers and acts on it.Elsa Pearson is a senior policy analyst at Boston University School of Public Health. @epearsonbusph [email protected] Privacy Policy The lack of dentists, and subsequent poor access to dental care, will only get worse as the current dental workforce heads toward retirement. Rural areas are struggling to recruit and retain dentists. Dental therapists could be part of the solution. Elsa Pearson Tags dentistrypatientslast_img read more

Software Acquired to Track the Homeless

first_imgFacebookTwitterWhatsAppEmail The Board of Supervision of the Ministry of Local Government and Community Development has acquired the Client Service Tracker Software, to assist in developing the Information Identification Homeless Database System (IIHS), to track the homeless. The client service tracker technology is a Microsoft access database.  This software captures a person’s data, including a photograph. Making his contribution to the 2012/13 Sectoral Debate in the House of Representatives on July 11,  Minister of State in the Ministry of Local Government and Community Development, Hon. Colin Fagan, informed that the system seeks to solve the problem of identifying the homeless, accounting for them in numbers as well as areas that they frequent. He further informed that a Point in Time Survey of all homeless persons on the streets of Jamaica is scheduled to be conducted in the first week of November this year. “Hopefully, at the end of these activities the system will have a photo of the homeless person as well as capture the necessary demographic details, such as name, age,  gender, locations, education, family life, employment, self-reported health status, nutrition, the main illnesses, abuse and substance abuse, the reasons for homelessness, the length of time being homeless and the nature of previous living arrangements, and the support structures that are in place from their perspective,” Mr. Fagan said.  He noted that each Inspector of the Poor in the Parish Council will have access to this database with all the relevant information, noting that they will also be able to view the photograph, even if the homeless person moves from parish to parish. “The system will include assigning a unique number to identify all homeless persons, so that they can be better traced and provided with the necessary support services,” he said. Turning to the benefits, the State Minister said it will: provide a count of the number of homeless adults on the streets and in the shelters across Jamaica; provide data on the number of shelter nights for any period under review; identify shelter programmes or who reside in the shelter; allow for Case Notes to be added to a client’s record; and allow for the tracking of services to the client, for example, counselling and referral to hospital. Mr. Fagan said the Ministry will continue to provide budgetary support for the various programmes to assist with the continuing care of the homeless in Jamaica, adding that the budgetary allocation was increased from $15.8 million  to $19.98 million in the 2012/13 Estimates of Expenditure, to assist with feeding programmes being facilitated by the Local Authorities. “We are moving ahead with the welfare of our homeless and the Board of Supervision will continue to play its vital role in its co-ordinating of services and public sensitisation,” he said. The Board of Supervision is a statutory body that has legal oversight for the relief of poverty and destitution among members of the Jamaican society, as well as for monitoring and setting standards for the island’s 14 infirmaries. By Chris Patterson, JIS Reporter RelatedPrime Minister Golding Announces Cabinet Changes Software Acquired to Track the Homeless ParliamentJuly 13, 2012 RelatedSoftware Acquired to Track the Homeless RelatedSoftware Acquired to Track the Homeless Advertisementslast_img read more

Erongo Red commissions state-of-the-art substation

first_img AFD and Eskom commit to a competitive electricity sector Previous articleS.Africa: students explore clean energy career prospectsNext articleSolar ‘shark tank’ competition opens for 2018 Babalwa BunganeBabalwa Bungane is the content producer for ESI Africa – Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast. Permanent secretary in the Ministry of Mines and Energy Simeon Negumbo and Erongo Red chairperson, Tobias Nambala, during the commissioning of the new substation at Walvis Bay Photo: Eveline de Klerk. Credit: New Era The Namibian regional electricity distributor, Erongo Red, has commissioned a state-of-the-art substation at Walvis Bay to keep up with the high electricity demand. Speaking at the inauguration on Friday, Erongo Red CEO Fessor Mbango said that the upgrade has by far been the company’s biggest project to date.According to the New Era, at present Walvis Bay’s electricity consumption is about 60MW and has put added strain on the network.However, the system upgrade will meet the town’s growing demand with the station’s 120MW transfer capacity at 11 kilovolt. Read more…“Our position has always been to reinvest in our network and to ensure that we provide exceptional services to our customers. Our vision is to bring electricity to all by 2020 and upgrading our network is very crucial in our drive to fulfil this vision.“Hence, this upgrade will enable us to address critical problems by improving reliability, enabling critical upgrades to be undertaken, reducing network constraints and minimising unplanned interruptions,” Mbango said.Electricity distributor invests in the networkThe N$570 million ($40 million) project was a joint venture between Erongo Red and Nampower.The electricity distributor contributed N$270 million ($19 million) through a loan obtained from the Development Bank of Namibia.Also speaking at the event, permanent secretary in the Ministry of Mines and Energy, Simeon Negumbo, said electricity is a vehicle for economic emancipation and commended Erongo Red and stakeholders for partnering to develop critical infrastructure for the benefit of Walvis Bay.The minister said: “As you are aware, Walvis Bay is of strategic importance to the whole country, thus it is very important that we have the infrastructure to cater for all the current and envisaged projects.“We cannot afford to experience unnecessary load shedding and outages in the future, just because we failed to invest in the infrastructure today.” Comments are closed. Finance and Policy BRICScenter_img Generation Low carbon, solar future could increase jobs in the future – SAPVIA RELATED ARTICLESMORE FROM AUTHOR Featured image: Stock UNDP China, CCIEE launch report to facilitate low-carbon development last_img read more

Niklas Landin is Danish player of the Year

first_imgShareTweetShareShareEmail Recommended for you Related Items:Niklas Landin Niklas Landin to stay in Kiel until 2025: The best handball team in the world” Click to comment Danish hero Niklas Landin: We were lucky, I feel sad for Egypt! ShareTweetShareShareEmailCommentsNiklas Landin is voted for the Danish handball player of the year for the second time in his career. THW Kiel goalkeeper has won the majority of votes (60%) ahead of Mikkel Hansen (31%) and Rasmus Lauge (5%).The first time Landin won the award in season 2013/2014.Here are the previous winners:2018/2019: Mikkel Hansen2017/2018: Rasmus Lauge2016/2017: Mikkel Hansen2015/2016: Mikkel Hansen2014/2015: Mikkel Hansen2013/2014: Niklas Landin2012/2013: Anders Eggert2011/2012: Mikkel Hansen2010/2011: Mikkel Hansen2009/2010: Anders Eggert2008/2009: Mikkel Hansen2007/2008: Kasper Hvidt2005/2006: Bo Spellerberg2004/2005: Lars Jørgensen2003/2004: Michael V. Knudsen2002/2003: Lars Christiansen WORLD HANDBALL GOALKEEPER 2020? Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Save my name, email, and website in this browser for the next time I comment.last_img read more

People’s United Financial reports Q3 net income of $0.19 per share

first_imgPeople’s United Bank,People’s United Financial, Inc (NASDAQ: PBCT) today reported net income of $58.5 million, or $0.19 per share, for the third quarter of 2013, compared to $62.2 million, or $0.18 per share, for the third quarter of 2012, and $62.1 million, or $0.20 per share, for the second quarter of 2013. Operating earnings were $60.8 million, or $0.20 per share, for the third quarter of 2013, compared to $64.4 million, or $0.19 per share, for the third quarter of 2012, and $62.4 million, or $0.20 per share, for the second quarter of 2013.The Company’s Board of Directors declared a $0.1625 per share quarterly dividend, payable November 15, 2013 to shareholders of record on November 1, 2013.  Based on the closing stock price on October 16, 2013, the dividend yield on People’s United Financial common stock is 4.4 percent.During the third quarter of 2013 the Company repurchased 2.1 million shares of People’s United Financial common stock at a weighted average price of $14.33 per share and, during the first nine months of 2013, the Company repurchased 24.5 million shares of common stock at a weighted average price of $13.39 per share.  Under the existing share repurchase authorization, 8.9 million shares of common stock remain available for repurchase.”Our performance this quarter reflects the continued benefits from strategic investments in people, products and services, as well as an expanded geographic footprint developed over the past three years,” stated Jack Barnes, President and Chief Executive Officer.  “Ongoing progress in loan and deposit growth, both this quarter and over the past 12 quarters, is a tribute to both our relationship managers and customers.  We remain focused on delivering shareholder value by leveraging opportunities within existing markets, including strengthening our position in the Boston and New York MSAs.””On an operating basis, earnings were $61 million, or 20 cents per share, this quarter,” stated Kirk W. Walters, Senior Executive Vice President and Chief Financial Officer.  “The net interest margin reflects the impact of continued strong loan originations, while non-interest income demonstrates the ongoing improvement in most of our fee-based businesses.  Cost control remains an important area of focus.  The modest increase in operating expenses this quarter primarily reflects higher payroll-related costs, professional and outside service fees, and real estate owned expenses.”Walters concluded, “We certainly are pleased with the sustained improvement in asset quality.  Our low loan charge-off ratio is a reflection of the Company’s historically strong underwriting standards, the economic strength of the geography in which we operate and the resilience of our customers.  Of particular note, acquired non-performing loans have declined $27 million, or 20 percent annualized, and originated non-performing loans have declined $16 million, or 8 percent annualized, from December 31, 2012.”Net loan charge-offs as a percentage of average total loans on an annualized basis were 0.17 percent in the third quarter of 2013 compared to 0.19 percent in the second quarter of 2013 and 0.18 percent in the third quarter of 2012.  For the originated loan portfolio, non-performing loans equaled 1.10 percent of loans at September 30, 2013, compared to 1.18 percent at June 30, 2013 and 1.45 percent at September 30, 2012.  Non-performing assets (excluding acquired non-performing loans) equaled 1.26 percent of originated loans, REO and repossessed assets at September 30, 2013, compared to 1.33 percent at June 30, 2013 and 1.59 percent at September 30, 2012.Operating return on average assets was 0.78 percent for the third quarter of 2013, compared to 0.81 percent for the second quarter of 2013 and 0.91 percent for the third quarter of 2012.  Operating return on average tangible stockholders’ equity was 9.8 percent for the third quarter of 2013, compared to 9.3 percent for the second quarter of 2013 and 8.6 percent for the third quarter of 2012.At September 30, 2013, People’s United Financial’s tier 1 common and total risk-based capital ratios were 11.4 percent and 12.6 percent, respectively, and the tangible equity ratio stood at 8.5 percent. People’s United Bank’s tier 1 and total risk-based capital ratios were 11.8 percent and 13.2 percent, respectively, at September 30, 2013.People’s United Financial, a diversified financial services company with $32 billion in assets, provides commercial and retail banking, as well as wealth management services through a network of 410 branches in Connecticut, New York,Massachusetts, Vermont, New Hampshire and Maine.  Through its subsidiaries, People’s United Financial provides equipment financing, brokerage and insurance services.  Assets managed and administered, which are not reported as assets of People’s United Financial, totaled $15.5 billion at September 30, 2013.3Q 2013 Financial HighlightsSummaryNet income was $58.5 million, or $0.19 per share.Operating earnings were $60.8 million, or $0.20 per share.Net interest income totaled $223.5 million in 3Q13 compared to $220.9 million in 2Q13.Interest income on acquired loans decreased $4.6 million from 2Q13 to $29.4 million.Net interest margin decreased 3 basis points from 2Q13 to 3.30%.The effect of one more calendar day in 3Q13 benefited the margin by 2 basis points.The effect of new loan volume at lower rates reduced the margin by 6 basis points.Provision for loan losses totaled $12.1 million.Net loan charge-offs totaled $9.6 million, of which $6.4 million related to loans with specific reserves established in prior periods.Reflects a $6.3 million increase in the originated allowance for loan losses due to loan growth.Includes a provision for loan losses on acquired loans of $2.6 million, relating almost entirely to a single credit.Non-interest income was $84.0 million in 3Q13 compared to $86.1 million in 2Q13.Insurance revenue increased $2.0 million from 2Q13, primarily reflecting the seasonal nature of insurance renewals.Bank service charges increased $1.2 million from 2Q13, in part due to the seasonal nature of certain fee categories.Operating lease income increased $0.6 million from 2Q13.Net gains on sales of acquired loans totaled $5.8 million in 2Q13 (none in 3Q13).Assets under administration and those under full discretionary management, neither of which are reported as assets of People’s United Financial, totaled $10.5 billion and $5.0 billion, respectively, at September 30, 2013.Non-interest expense totaled $212.5 million in 3Q13 compared to $205.8 million in 2Q13.Operating non-interest expense was $209.2 million in 3Q13 compared to $205.4 million in 2Q13. Excluding operating lease expense and amortization of acquisition-related intangible assets, operating non-interest expense totaled $194.9 million in 3Q13 compared to $191.2 million in 2Q13.Compensation and benefits expense increased $2.5 million from 2Q13, primarily reflecting higher payroll-related costs in 3Q13.Compared to 2Q13, professional and outside service fees increased $1.2 million and real estate owned expenses increased $0.5 million.Efficiency ratio in 3Q13 increased to 63.6% from 62.7% in 2Q13, primarily reflecting the increase in total operating expenses.Effective income tax rate was 29.5% for 3Q13 and 31.5% for the first nine months of 2013, compared to 32.4% for the full-year of 2012.Commercial BankingCommercial banking loans increased $212 million, or 5% annualized, from June 30, 2013.Average commercial banking loans totaled $16.6 billion in 3Q13, an increase of $436 million, or 11% annualized, from 2Q13.The ratio of originated non-performing commercial banking loans to originated commercial banking loans was 1.01% at September 30, 2013 compared to 1.10% at June 30, 2013.Non-performing commercial banking assets, excluding acquired non-performing loans, totaled $177.1 millionat September 30, 2013 compared to $183.8 million at June 30, 2013.Net loan charge-offs totaled $7.2 million, or 0.17% annualized, of average commercial banking loans in 3Q13, compared to $6.9 million, or 0.17% annualized, in 2Q13.For the originated commercial banking portfolio, the allowance for loan losses as a percentage of loans was 1.02% atSeptember 30, 2013 compared to 1.05% at June 30, 2013.The commercial banking originated allowance for loan losses represented 101% of originated non-performing commercial banking loans at September 30, 2013, compared to 96% at June 30, 2013.Commercial deposits totaled $6.3 billion at September 30, 2013 compared to $5.8 billion at June 30, 2013.Retail BankingResidential mortgage loans increased $152 million, or 15% annualized, from June 30, 2013.Average residential mortgage loans totaled $4.1 billion in 3Q13, an increase of $109 million, or 11% annualized, from 2Q13.The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 1.51% at September 30, 2013 compared to 1.58% at June 30, 2013.Net loan charge-offs totaled $0.4 million, or 0.04% annualized, of average residential mortgage loans in 3Q13, compared to $2.3 million, or 0.23% annualized, in 2Q13.Home equity loans increased $5 million from June 30, 2013.Average home equity loans totaled $2.0 billion in 3Q13, unchanged from 2Q13.The ratio of originated non-performing home equity loans to originated home equity loans was 1.00% atSeptember 30, 2013 compared to 1.06% at June 30, 2013.Net loan charge-offs totaled $1.6 million, or 0.30% annualized, of average home equity loans in 3Q13, compared to $1.4 million, or 0.28% annualized, in 2Q13.Retail deposits totaled $15.9 billion at September 30, 2013 compared to $16.2 billion at June 30, 2013.Conference CallOn October 17, 2013, at 5 p.m., Eastern Time, People’s United Financial will host a conference call to discuss this earnings announcement.  The call may be heard through www.peoples.com(link is external) by selecting “Investor Relations” in the “About Us” section on the home page, and then selecting “Conference Calls” in the “News and Events” section.  Additional materials relating to the call may also be accessed at People’s United Bank’s web site.  The call will be archived on the web site and available for approximately 90 days.Certain statements contained in this release are forward-looking in nature. These include all statements about People’s United Financial’s plans, objectives, expectations and other statements that are not historical facts, and usually use words such as “expect,” “anticipate,” “believe,” “should” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause People’s United Financial’s actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People’s United Financial include, but are not limited to: (1) changes in general, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) residential mortgage and secondary market activity; (7) changes in accounting and regulatory guidance applicable to banks; (8) price levels and conditions in the public securities markets generally; (9) competition and its effect on pricing, spending, third-party relationships and revenues; (10) the successful integration of acquisitions; and (11) changes in regulation resulting from or relating to financial reform legislation. People’s United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Access Information About People’s United Financial at www.peoples.com(link is external).   Commercial real estate7,771.2262.74.517,027.3279.45.30 Short-term investments$     159.5$    0.20.20%$     400.7$    0.70.24% People’s United Financial, Inc. Three months endedAverage operating net interest income (annualized) by average total earning assets.   Residential mortgage3,906.037.63.84 Loans:      September 30, 2013, June 30, 2013 and September 30, 2012, respectively.   Net interest income$     223.5$     220.9$     219.3$     225.1$     234.8  Provision for loan losses12.19.212.412.015.1  Non-interest income84.086.182.984.381.4  Non-interest expense212.5205.8212.0207.4208.9  Operating non-interest expense (1)209.2205.4204.0204.5205.7  Income before income tax expense82.992.077.890.092.2  Net income58.562.152.561.262.2  Operating earnings (1)60.862.457.963.264.4 Three Months EndedNine Months Ended   Retail repurchase agreements548.70.30.20492.30.20.19   Residential mortgage4,047.2104.83.453,830.5110.53.84 (2) Annualized. Operating earnings exclude from net income those items that management considers to be of such a non-recurringor infrequent nature that, by excluding such items (net of income taxes), People’s United Financial’s results can bemeasured and assessed on a more consistent basis from period to period. Items excluded from operating earnings,which include, but are not limited to: (i) merger-related expenses, including acquisition integration and other costs;(ii) charges related to executive-level management separation costs; (iii) severance-related costs; and  FINANCIAL HIGHLIGHTS – Continued   General: September 30,(dollars in millions, except per share data)20132012Earnings Data: $711.83.90% NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued     Total funding liabilities25,485.9$  87.30.46%22,253.1$  79.30.48%   Time4,567.036.91.085,105.538.71.01 Liabilities and stockholders’ equity: (3) See Non-GAAP financial measures and reconciliation to GAAP.   Non-interest-bearing$  4,973.0$      —   %$  4,576.5$      —   %   Federal Home Loan Bank advances2,387.82.20.371,778.32.00.44   average assets (annualized)0.78%0.81%0.77%0.87%0.91%0.79%0.91% Yield/ Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Sept. 30,Sept. 30,(dollars in millions)2013201320132012201220132012Operating earnings$      60.8$      62.4$      57.9$      63.2$      64.4$    181.1$    190.7 Commercial banking originated allowance   Trading account securities, at fair value6.36.46.56.3  Securities available for sale, at fair value4,194.84,439.94,532.33,651.0  Securities held to maturity, at amortized cost56.156.156.256.2  Federal Home Loan Bank stock, at cost121.9115.473.773.7    Total securities4,379.14,617.84,668.73,787.2Loans held for sale28.568.377.060.0Loans:  Other assets3,689.4 TANGIBLE EQUITY RATIO Common shares307.72309.59320.65331.27335.95     Total loans22,341.4690.64.1220,573.6731.14.74     Net loan charge-offs to average total loans (annualized)0.17%0.19%0.24%0.19%0.18%    Non-performing assets to originated loans,   non-interest expense:  (dollars in millions)BalanceInterestRateBalanceInterestRate Stockholders’ equity5,160.8 Sept. 30,June 30,March 31,Dec. 31,Sept. 30,     Total loans20,759.0241.84.66   Consumer2,163.219.83.67 AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) Operating return on People’s United Financial, Inc. (3) Includes commercial and industrial loans and equipment financing loans. Operating earnings$      60.8$      62.4$      57.9$      63.2$      64.4$    181.1$    190.7 Notes and debentures639.05.93.69653.16.13.75 (iv) writedowns of banking house assets, are generally also excluded when calculating the efficiency ratio.      Total borrowings3,462.92.70.313,059.62.60.34   Federal Home Loan Bank advances2,370.62,206.41,178.3629.3  Federal funds purchased704.0931.0619.0479.0  Retail repurchase agreements539.5487.7588.2415.0  Other borrowings7.31.01.01.0    Total borrowings3,621.43,626.12,386.51,524.3Notes and debentures639.0638.9659.0160.4Other liabilities 423.0420.2489.6421.3    Total liabilities26,873.026,667.025,285.623,468.6   Savings, interest-bearing checking and money market12,281.924.50.2711,454.030.10.35 Operating net interest margin (5) TANGIBLE BOOK VALUE PER SHARE Operating dividend payout ratio82.7%83.2%91.2%84.8%84.3%85.6%86.2% operating earnings for the respective period. (in millions, except per share data)20132013201320122012 Three Months Ended Borrowings:   Federal funds purchased295.90.20.23   Compensation and benefits 106.9104.4108.297.4106.7  Occupancy and equipment 36.736.937.937.936.5  Professional and outside service fees16.114.913.916.815.8  Operating lease expense7.87.67.57.56.8  Amortization of other acquisition-related intangible assets6.56.66.56.76.7  Other non-interest expense38.535.438.041.136.4    Total non-interest expense (1)212.5205.8212.0207.4208.9    Income before income tax expense82.992.077.890.092.2Income tax expense 24.429.925.328.830.0    Net income$       58.5$       62.1$       52.5$       61.2$       62.2 Three months endedAverage Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Sept. 30,Sept. 30,(dollars in millions, except per share data)2013201320132012201220132012Net income, as reported$       58.5$       62.1$       52.5$       61.2$       62.2$      173.1$      184.1Adjustments to arrive at operating earnings: (1) Total non-interest expense includes $3.3 million, $0.4 million, $8.0 million, $2.9 million and $3.2 million of      non-operating expenses for the three months ended Sept. 30, 2013, June 30, 2013, March 31, 2013, Dec. 31, 2012      and Sept. 30, 2012, respectively. See Non-GAAP financial measures and reconciliation to GAAP. CONSOLIDATED STATEMENTS OF INCOME Net loan charge-offs to NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued $227.83.27% 22,629.7     and money market11,661.79.00.31 (3) Includes commercial and industrial loans and equipment financing loans. 3.82% Sept. 30,June 30,March 31,Dec. 31,Sept. 30,(dollars in millions)20132013201320122012Commercial Banking:     Total deposits21,372.222.10.41 Three Months EndedNine Months Ended   net interest income: September 30, 2013June 30, 2013 Yield/Average Tangible assets$   29,377$   29,205$   28,451$   28,170$   26,416 OPERATING NON-INTEREST EXPENSE AND EFFICIENCY RATIO Assets:     Total loans22,915.6232.54.0622,369.2230.04.11 Securities (2)4,528.924.02.124,556.924.32.13   Consumer2,140.918.63.482,138.618.73.49 September 30, 2012   earnings per share: Sept. 30,June 30,March 31,Dec. 31,Sept. 30,(in millions, except per share data)20132013201320122012Interest and dividend income: Securities (2)4,544.572.82.133,109.459.32.54   Commercial real estate$       69.8$       70.2$       86.5$       84.4$       88.5  Commercial and industrial66.768.650.954.864.6  Equipment financing21.227.824.827.237.4    Total157.7166.6162.2166.4190.5Retail: margin is cost recovery income on acquired loans.  Operating net interest margin is calculated by dividing Other assets3,592.3       stockholders’ equity$ 31,216.2     Total assets$ 31,216.2 charges, amortization of other acquisition-related intangible assets, losses on real estate assets and non-recurringexpenses) (the numerator) to (ii) net interest income on a fully taxable equivalent (“FTE”) basis plus total   Federal Home Loan Bank advances390.71.31.31 Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Sept. 30,Sept. 30,(dollars in millions)2013201320132012201220132012Dividends paid$      50.3$      51.9$      52.8$      53.6$      54.3$    155.0$    164.3   Non-interest-bearing$  5,077.0$      —   %$  4,960.8$      —   %   Savings, interest-bearing checking     and money market12,482.38.20.2612,316.48.30.27   Time4,507.111.91.054,558.212.21.07 Net interest margin   Deposits 20.120.520.821.922.1  Borrowings 2.72.62.32.01.8  Notes and debentures5.96.16.33.01.6    Total interest expense28.729.229.426.925.5    Net interest income223.5220.9219.3225.1234.8Provision for loan losses 12.19.212.412.015.1    Net interest income after provision for loan losses211.4211.7206.9213.1219.7Non-interest income:   Residential mortgage59.559.666.865.060.6  Home equity19.921.022.221.014.6  Other consumer0.10.10.20.30.3    Total79.580.789.286.375.5    Total originated non-performing loans (1)237.2247.3251.4252.7266.0REO: Assets:   Commercial (3)8,470.288.74.198,424.689.44.25   Retail repurchase agreements478.40.20.23     Total assets$ 28,234.3 Nine Months Ended NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued Other liabilities425.8 September 30, 2013September 30, 2012 Yield/ AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)   of originated loans1.10%1.18%1.25%1.30%1.45%Non-performing assets as a percentage of: Less: Goodwill and other Total stockholders’ equity$     4,638$     4,678$     4,886$     5,039$     5,107 Average total assets$    31,216$    30,799$    30,178$    28,991$    28,234$    30,735$    27,818 Basic and diluted earnings per common share$       0.55$       0.54 Short-term investments$     179.4$      -0.21%$     152.4$    0.10.18% Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Sept. 30,Sept. 30,(dollars in millions)2013201320132012201220132012Net interest income (FTE basis)$      227.8$      225.2$      223.3$      228.6$      237.8$      676.3$      711.8Adjustments to arrive at operating (2) Average balances and yields for securities available for sale are based on amortized cost. The tangible equity ratio is the ratio of (i) tangible stockholders’ equity (total stockholders’ equity less goodwill and other acquisition-related intangible assets) (the numerator) to (ii) tangible assets (total assets less goodwill andother acquisition-related intangible assets) (the denominator). Tangible book value per share is calculated by People’s United Financial, Inc. 3.33% 425.8 3.30%   Commercial real estate6,952.291.35.25 Tangible equity ratio8.5%8.7%9.6%10.2%11.2% (2) Represents acquired loans that meet People’s United Financial’s definition of a non-performing loan but are not,     under the accounting model for acquired loans, subject to classification as non-accrual in the same manner as     originated loans. Because acquired loans are initially recorded at an amount estimated to be collectible, losses on     such loans, when incurred, are first applied against the non-accretable difference established in purchase accounting     and then to any allowance for loan losses recognized subsequent to acquisition.   Residential mortgage0.42.31.91.71.3  Home equity1.61.41.51.70.6  Other consumer0.40.20.30.40.3    Total2.43.93.73.82.2    Total$         9.6$       10.8$       13.1$       10.0$         9.4 (4) The fully taxable equivalent adjustment was $4.3 million, $4.3 million and $3.0 million for the three months ended AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) Allowance for loan losses on acquired loans:   Residential14.616.016.917.27.2  Commercial13.310.99.611.412.6    Total REO27.926.926.528.619.8Repossessed assets6.16.37.28.38.2    Total non-performing assets$     271.2$     280.5$     285.1$     289.6$     294.0   for loan losses as a percentage of (1) See Non-GAAP financial measures and reconciliation to GAAP. Notes and debentures650.318.33.75160.05.44.53 3,734.5   Commercial real estate$       (0.1)$         4.7$         6.1$         2.5$         3.5  Commercial and industrial6.41.53.72.72.6  Equipment financing0.90.7(0.4)1.01.1    Total7.26.99.46.27.2Retail: Assets: Liabilities and stockholders’ equity: Securities (2)3,607.721.52.38 3,720.3   Time4,985.913.11.05   Net interest margin (2)3.30%3.33%3.38%3.63%3.89%  Operating net interest margin (1), (2)3.303.333.383.633.82  Return on average assets (2)0.750.810.700.850.88  Operating return on average assets (1), (2)0.780.810.770.870.91  Return on average tangible assets (2)0.800.870.750.910.95  Return on average stockholders’ equity (2)5.15.24.24.84.8  Return on average tangible stockholders’ equity (2)9.49.37.48.38.3  Operating return on average tangible Short-term investments$     107.7$      -0.17%   Originated loans, REO and repossessed assets1.261.331.421.481.59  Tangible stockholders’ equity and originated     Total liabilities and stockholders’ equity$ 30,734.8 (1) Reported net of government guarantees totaling $19.8 million at Sept. 30, 2013, $20.4 million at June 30, 2013,      $9.9 million at March 31, 2013, $9.7 million at Dec. 31, 2012 and $14.1 million at Sept. 30, 2012. Sept. 30,June 30,March 31,Dec. 31,Sept. 30,(dollars in millions, except per share data)20132013201320122012Earnings Data: (dollars in millions)20132013201320122012 Notes and debentures160.31.64.07 Deposits: (5) See Non-GAAP financial measures and reconciliation to GAAP.   Savings, interest-bearing checking Tangible stockholders’ equity$     2,504$     2,538$     2,739$     2,885$     2,947 The efficiency ratio, which represents an approximate measure of the cost required by People’s United Financialto generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding goodwill impairment     High15.6713.79    Low12.2211.20    Close (end of period)14.3812.14  Common shares (end of period) (in millions)307.72335.95  Weighted average diluted common shares (in millions)315.37340.69 Sept. 30,June 30,March 31,Dec. 31,Sept. 30,   Other borrowings  2.7-0.7021.60.20.99   Other borrowings  11.10.11.03   Ratios:       stockholders’ equity$ 28,234.3 September 30,(in millions, except per share data)20132012Interest and dividend income:   Commercial (3)7,737.693.14.81 (4) The fully taxable equivalent adjustment was $12.6 million and $8.2 million for the nine months ended     September 30, 2013 and 2012, respectively. $676.33.30%     Total funding liabilities22,708.6$  25.50.45% Other liabilities364.9 Net interest margin   Other borrowings  5.9-0.371.0-1.75          Unallocated ESOP shares8.108.198.288.368.45   Compensation and benefits 319.5321.5  Occupancy and equipment 111.5104.0  Professional and outside service fees44.948.6  Operating lease expense22.918.8  Amortization of other acquisition-related intangible assets19.620.1  Other non-interest expense111.9110.2    Total non-interest expense (1)630.3623.2    Income before income tax expense252.7272.7Income tax expense 79.688.6    Net income$     173.1$     184.1     Total earning assets27,045.4$763.63.76%24,083.7$791.14.38% In light of diversity in presentation among financial institutions, the methodologies used by People’s United  (1) Total non-interest expense includes $11.7 million and $9.8 million of non-operating expenses      for the nine months ended September 30, 2013 and 2012, respectively. See Non-GAAP      financial measures and reconciliation to GAAP.     stockholders’ equity (1), (2)9.08.4  Efficiency ratio (1)63.562.1 Net interest income/spread (4) NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP 3.89%   Federal Home Loan Bank advances1,840.55.90.43351.33.71.42 People’s United Financial, Inc. 4,824.9center_img In addition to evaluating People’s United Financial’s results of operations in accordance with U.S. generally People’s United Financial, Inc. (1)  Items classified as “other” and deducted from non-interest expense for purposes of calculating the efficiency ratio include,        as applicable, certain franchise taxes, real estate owned expenses, contract termination costs and non-recurring expenses.(2)  Items classified as “other” and added to (deducted from) total revenues for purposes of calculating the efficiency ratio include,       as applicable, asset write-offs and gains associated with the sale of branch locations.     Total liabilities26,594.1   BOLI FTE adjustment0.60.40.40.60.71.42.2  Other (2)-(0.2)(0.7)(0.7)-(0.9)-    Total$      312.4$      311.5$      305.9$      312.8$      319.9$      929.8$      943.5    Efficiency ratio63.6%62.7%64.1%63.0%61.4%63.5%62.1%   as a percentage of originated retail loans0.310.310.320.360.35Total originated allowance for loan losses NET LOAN CHARGE-OFFS (RECOVERIES) $ 27,818.2          acquisition-related intangible assets2,1342,1402,1472,1542,160 Loans: OPERATING EARNINGS   average total loans (annualized)0.17%0.19%0.24%0.19%0.18%People’s United Financial, Inc. Sept. 30,June 30,March 31,Dec. 31,Sept. 30,(dollars in millions)20132013201320122012Originated non-performing loans: 3.33% People’s United Financial, Inc.   Non-interest-bearing$  4,724.6$      —   %     Total assets$    31,511$    31,345$    30,598$    30,324$    28,576    Loans 23,22722,86622,16121,73721,040    Securities4,3794,6184,7164,6693,787    Short-term investments14812012713164    Allowance for loan losses188186187188186    Goodwill and other acquisition-related intangible assets2,1342,1402,1472,1542,160    Deposits22,19021,98221,79221,75121,363    Borrowings3,6213,6262,8492,3861,524    Notes and debentures639639659659160    Stockholders’ equity4,6384,6784,8865,0395,107    Total risk-weighted assets (1)23,73123,49822,91822,76421,682    Non-performing assets (2)271281285290294    Net loan charge-offs9.610.813.110.09.4 376.6     Total assets$ 30,734.8 arrive at operating earnings and adding (subtracting) such amounts to (from) GAAP earnings per share. Operatingreturn on average assets is calculated by dividing operating earnings (annualized) by average total assets. Operatingreturn on average tangible stockholders’ equity is calculated by dividing operating earnings (annualized) by averagetangible stockholders’ equity. The operating dividend payout ratio is calculated by dividing dividends paid by   Average Balances: People’s United Financial, Inc.   Bank service charges95.595.8  Investment management fees27.626.0  Insurance revenue24.525.1  Brokerage commissions10.09.3  Operating lease income25.122.7  Net gains on sales of residential mortgage loans13.810.0  Net gains on sales of acquired loans5.80.7  Merchant services income, net3.83.6  Bank-owned life insurance3.04.3  Other non-interest income43.932.0    Total non-interest income253.0229.5Non-interest expense: People’s United Financial, Inc. $ 30,798.8 Loans: 5,188.5   Consumer2,142.556.13.492,180.260.53.71   Basic and diluted earnings per share$       0.19$       0.20$       0.16$       0.18$       0.18  Operating earnings per share (1)0.200.200.180.190.19  Dividends paid per share0.16250.16250.160.160.16  Dividend payout ratio86.0%83.6%100.6%87.4%87.3%  Operating dividend payout ratio (1)82.783.291.284.884.3  Book value per share (end of period)$     15.07$     15.11$     15.24$     15.21$     15.20  Tangible book value per share (end of period) (1)8.148.208.548.718.77  Stock price:   Retail repurchase agreements533.50.80.20479.61.00.27 3.94%     Total borrowings3,013.77.60.34957.15.10.70 Net interest margin, as reported (1)3.30%3.33%3.38%3.63%3.89%3.33%3.94%Adjustments to arrive at operating Common stock3.93.93.93.9Additional paid-in capital 5,272.75,268.85,261.35,263.9Retained earnings770.5763.1756.2750.1Treasury stock, at cost(1,039.0)(1,009.3)(712.2)(656.2)Accumulated other comprehensive loss(202.5)(178.8)(96.9)(79.0)Unallocated common stock of Employee Stock Ownership Plan, at cost(168.0)(169.8)(173.5)(175.3)    Total stockholders’ equity4,637.64,677.95,038.85,107.4    Total liabilities and stockholders’ equity$ 31,510.6$ 31,344.9$ 30,324.4$ 28,576.0 Average total earning assets$    27,624$    27,079$    26,421$    25,206$    24,474$    27,045$    24,084(1)  Annualized. FINANCIAL HIGHLIGHTS   Deposits 61.468.8  Borrowings 7.65.1  Notes and debentures18.35.4    Total interest expense87.379.3    Net interest income663.7703.6Provision for loan losses 33.737.2    Net interest income after provision for loan losses630.0666.4Non-interest income:     Total earning assets27,623.9$256.53.71%27,078.5$254.43.76% Stockholders’ equity4,815.8 Basic and diluted earnings per common share$       0.19$       0.20$       0.16$       0.18$       0.18 Average stockholders’ equity$     4,622$     4,825$     5,005$     5,107$     5,161$     4,816$     5,188Less: Average goodwill and average other   Balance at beginning of period8.29.810.510.54.8  Charge-offs(0.1)(0.7)(3.3)–  Provision for loan losses2.6(0.9)2.6-5.7    Balance at end of period10.78.29.810.510.5    Total allowance for loan losses$     188.2$     185.7$     187.3$     188.0$     186.0 Sept. 30,June 30,Dec. 31,Sept. 30,(in millions)2013201320122012Assets Loans acquired in connection with business combinations are initially recorded at fair value, determined basedupon an estimate of expected cash flows, including a reduction for estimated credit losses, and without carryoverof the respective portfolio’s historical allowance for loan losses.  A decrease in expected cash flows in subsequentperiods may indicate that a loan is impaired, which would require the establishment of an allowance for loanlosses.  As such, selected asset quality metrics have been highlighted to distinguish between the ‘originated’portfolio and the ‘acquired’ portfolio. Deposits: Nine Months Ended Acquired non-performing loans (contractual amount) (2)$     154.2$     159.0$     180.7$     181.6$     202.0 3.30%   Commercial real estate8,148.390.04.427,757.587.24.50 Net interest margin   Basic and diluted earnings per share$       0.55$       0.54  Operating earnings per share (1)0.580.57  Dividends paid per share0.48500.4775  Dividend payout ratio89.5%89.3%  Operating dividend payout ratio (1)85.686.2  Book value per share (end of period)$     15.07$     15.20  Tangible book value per share (end of period) (1)8.148.77  Stock price: (4) The fully taxable equivalent adjustment was $4.3 million, $4.3 million and $3.0 million for the three months ended     September 30, 2013, June 30, 2013 and September 30, 2012, respectively. (2) Average balances and yields for securities available for sale are based on amortized cost. Operating return on average tangible Three Months EndedNine Months Ended (3) Includes commercial and industrial loans and equipment financing loans.       Originated loans (2)0.820.850.880.910.95      Originated non-performing loans (2)74.871.870.670.366.0    Average stockholders’ equity to average total assets14.815.716.617.618.3    Stockholders’ equity to total assets14.714.916.016.617.9    Tangible stockholders’ equity to tangible assets (3)8.58.79.610.211.2    Total risk-based capital (1)12.612.813.714.715.6 (1) Average yields earned and rates paid are annualized. OPERATING RETURN ON AVERAGE TANGIBLE STOCKHOLDERS’ EQUITY     Total liabilities25,919.0 Yield/Average (dollars in millions)BalanceInterestRateBalanceInterestRate (1) See Non-GAAP financial measures and reconciliation to GAAP.(2) Annualized. Common Share Data: Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Sept. 30,Sept. 30,(dollars in millions)2013201320132012201220132012Total non-interest expense$      212.5$      205.8$      212.0$      207.4$      208.9$      630.3$      623.2Adjustments to arrive at operating OPERATING DIVIDEND PAYOUT RATIO     Total liabilities and Tangible book value per share$      8.14$      8.20$      8.54$      8.71$      8.77      allowance for loan losses10.1210.339.789.459.41 Operating net interest margin excludes from the net interest margin those items that management considers tobe of such a discrete nature that, by excluding such items, People’s United Financial’s net interest margin can bemeasured and assessed on a more consistent basis from period to period. Excluded from operating net interest Other assets3,759.9 People’s United Financial, Inc.   Federal funds purchased637.00.90.19104.60.20.23 Three Months Ended Sept. 30,June 30,March 31,Dec. 31,Sept. 30,(dollars in millions)20132013201320122012Allowance for loan losses on originated loans: Common Share Data:     Total deposits22,066.420.10.3621,835.420.50.38 Borrowings:   Writedowns of banking house assets0.01-0.02–0.03-  Severance-related costs—0.01–0.01  Acquisition integration and other costs—-0.01-0.02    Total adjustments per share0.01-0.020.010.010.030.03    Operating earnings per share$       0.20$       0.20$       0.18$       0.19$       0.19$       0.58$       0.57 Stockholders’ equity4,622.1 Net interest income/spread (4) (1) Average yields earned and rates paid are annualized.   originated commercial banking loans1.02%1.05%1.11%1.13%1.22%Retail originated allowance for loan losses Three Months EndedNine Months Ended Three Months Ended Originated non-performing loans as a percentage CONSOLIDATED STATEMENTS OF CONDITION (5) See Non-GAAP financial measures and reconciliation to GAAP. Net interest income/spread (4) (dollars in millions)BalanceInterestRate Three Months Ended          acquisition-related intangible assets2,1372,1442,1512,1572,1642,1442,167Average tangible stockholders’ equity$     2,485$     2,681$     2,854$     2,950$     2,997$     2,672$     3,021     Total liabilities and accepted accounting principles (“GAAP”), management routinely supplements their evaluation with an analysis ofcertain non-GAAP financial measures, such as the efficiency and tangible equity ratios, tangible book value per Selected Statistical Data: of People’s United Financial’s capital position.  CONSOLIDATED STATEMENTS OF INCOME share and operating earnings metrics. Management believes these non-GAAP financial measures provide informationuseful to investors in understanding People’s United Financial’s underlying operating performance and trends, andfacilitates comparisons with the performance of other banks and thrifts. Further, the efficiency ratio and operatingearnings metrics are used by management in its assessment of financial performance, including non-interest expensecontrol, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength non-interest income (including the FTE adjustment on bank-owned life insurance (“BOLI”) income, and excludinggains and losses on sales of assets other than residential mortgage loans and acquired loans, and non-recurring income) (the denominator). People’s United Financial generally considers an item of income or expense to be non-recurring ifit is not similar to an item of income or expense of a type incurred within the last two years and is not similar to anitem of income or expense of a type reasonably expected to be incurred within the following two years. $ 30,798.8 25,973.9 Operating earnings per share is derived by determining the per share impact of the respective adjustments to $237.83.85%   Cost recovery income—-(0.07)-(0.05)    Total adjustments—-(0.07)-(0.05)    Operating net interest margin (1)3.30%3.33%3.38%3.63%3.82%3.33%3.89% classified as treasury shares and unallocated Employee Stock Ownership Plan (“ESOP”)  common shares). OPERATING NET INTEREST MARGIN     High15.6715.0013.6112.5012.55    Low14.0712.6212.2211.3611.20    Close (end of period)14.3814.9013.4212.0912.14  Common shares (end of period) (in millions)307.72309.59320.65331.27335.95  Weighted average diluted common shares (in millions)307.56313.52325.21331.39336.48 $ 27,818.2 As of and for the Three Months Ended Financial for determining the non-GAAP financial measures discussed above may differ from those used by otherfinancial institutions. 3.89% 3.33% People’s United Financial, Inc.     Total funding liabilities26,168.3$  28.70.44%25,548.1$  29.20.46% Other liabilities433.1   Federal funds purchased520.50.20.17788.00.40.19   Commercial$       86.4$       87.2$       86.7$       90.7$       91.3  Commercial real estate90.087.285.586.091.3  Residential mortgage34.734.334.534.637.1  Consumer18.618.718.819.519.8    Total interest on loans229.7227.4225.5230.8239.5  Securities22.022.222.720.720.3  Loans held for sale0.50.40.40.40.5  Short-term investments-0.10.10.1-    Total interest and dividend income252.2250.1248.7252.0260.3Interest expense:       real estate owned and repossessed assets (2)1.261.331.421.481.59    Originated allowance for loan losses to: People’s United Financial, Inc. $225.23.30%     intangible assets(6.5)(6.6)(6.5)(6.7)(6.7)(19.6)(20.1)  Other (1)(4.0)(3.4)(1.5)(0.6)(2.7)(8.9)(7.2)    Total$      198.7$      195.4$      196.0$      197.2$      196.3$      590.1$      586.1 Net interest income (FTE basis)$      227.8$      225.2$      223.3$      228.6$      237.8$      676.3$      711.8Total non-interest income84.086.182.984.381.4253.0229.5    Total revenues311.8311.3306.2312.9319.2929.3941.3Adjustments: Cash and due from banks$     447.3$     379.6$     470.0$     358.3Short-term investments147.9119.5131.463.7    Total cash and cash equivalents595.2499.1601.4422.0Securities:   Amortization of other acquisition-related People’s United Financial, Inc. FINANCIAL HIGHLIGHTS – Continued   Commercial (3)8,380.5267.04.257,535.6280.74.97     Originated loans0.820.850.880.910.95    Originated non-performing loans74.871.870.670.366.0 PROVISION AND ALLOWANCE FOR LOAN LOSSES   Bank service charges33.332.130.131.433.0  Investment management fees9.29.49.08.98.7  Insurance revenue9.17.18.36.79.5  Brokerage commissions3.33.43.32.92.8  Operating lease income8.78.18.38.58.3  Net gains on sales of residential mortgage loans3.94.25.76.13.6  Net gains on sales of acquired loans-5.8-0.3-  Merchant services income, net1.41.21.21.31.2  Bank-owned life insurance1.20.90.91.11.3  Other non-interest income13.913.916.117.113.0    Total non-interest income84.086.182.984.381.4Non-interest expense: Earnings per share, as reported$       0.19$       0.20$       0.16$       0.18$       0.18$       0.55$       0.54Adjustments to arrive at operating   Balance at beginning of period$     177.5$     177.5$     177.5$     175.5$     175.5  Charge-offs(10.7)(12.0)(11.3)(11.6)(11.1)  Recoveries1.21.91.51.61.7    Net loan charge-offs(9.5)(10.1)(9.8)(10.0)(9.4)  Provision for loan losses9.510.19.812.09.4    Balance at end of period177.5177.5177.5177.5175.5   Writedowns of banking house assets(2.8)-(6.2)–(9.0)-  Severance-related costs(0.5)(0.4)(1.5)(2.9)(0.9)(2.4)(4.4)  Acquisition integration and other costs–(0.3)-(2.3)(0.3)(5.4)    Total(3.3)(0.4)(8.0)(2.9)(3.2)(11.7)(9.8)    Operating non-interest expense209.2205.4204.0204.5205.7618.6613.4 Selected Statistical Data:     Total liabilities23,073.5 Less: Goodwill and other (5) See Non-GAAP financial measures and reconciliation to GAAP. Three Months EndedNine Months Ended          acquisition-related intangible assets2,1342,1402,1472,1542,160   Net interest margin (2)3.33%3.94%  Operating net interest margin (1), (2)3.333.89  Return on average assets (2)0.750.88  Operating return on average assets (1), (2)0.790.91  Return on average tangible assets (2)0.810.96  Return on average stockholders’ equity (2)4.84.7  Return on average tangible stockholders’ equity (2)8.68.1  Operating return on average tangible   stockholders’ equity (annualized)9.8%9.3%8.1%8.6%8.6%9.0%8.4% People’s United Financial, Inc.     Loans$    22,916$    22,369$    21,727$    21,211$    20,758    Securities4,5294,5574,5483,8673,608    Short-term investments179153146128108    Total earning assets27,62427,07926,42125,20624,474    Total assets31,21630,79930,17828,99128,234    Deposits22,06621,83521,55821,55721,372    Total funding liabilities26,16825,54824,72623,48722,709    Stockholders’ equity4,6224,8255,0055,1075,161 Liabilities and stockholders’ equity: 3.33%   Non-interest-bearing$   5,105.7$   5,116.0$   5,084.3$   4,746.9  Savings, interest-bearing checking and money market12,657.512,278.611,959.811,729.0  Time4,426.44,587.24,706.44,886.7    Total deposits22,189.621,981.821,750.521,362.6Borrowings: Tangible stockholders’ equity$     2,504$     2,538$     2,739$     2,885$     2,947     Total borrowings1,176.11.80.60 NON-PERFORMING ASSETS     Total earning assets24,474.4$263.34.30%   Net interest income$     663.7$     703.6  Provision for loan losses33.737.2  Non-interest income253.0229.5  Non-interest expense630.3623.2  Operating non-interest expense (1)618.6613.4  Income before income tax expense252.7272.7  Net income173.1184.1  Operating earnings (1)181.1190.7 Liabilities Operating net interest margin (5)   Cost recovery income—-(4.1)-(8.8)    Total adjustments—-(4.1)-(8.8)    Operating net interest income$      227.8$      225.2$      223.3$      228.6$      233.7$      676.3$      703.0 (1) Average yields earned and rates paid are annualized. Nine months endedAverage   Writedowns of banking house assets2.8-6.2–9.0-  Severance-related costs0.50.41.52.90.92.44.4  Acquisition integration and other costs–0.3-2.30.35.4    Total pre-tax adjustments3.30.48.02.93.211.79.8Tax effect(1.0)(0.1)(2.6)(0.9)(1.0)(3.7)(3.2)    Total adjustments, net of tax2.30.35.42.02.28.06.6    Operating earnings$       60.8$       62.4$       57.9$       63.2$       64.4$      181.1$      190.7   Commercial8,457.28,560.88,400.07,951.7  Commercial real estate8,393.18,077.37,294.27,032.8  Residential mortgage4,235.84,084.23,886.13,891.3  Consumer2,141.32,143.92,156.32,164.2    Total loans23,227.422,866.221,736.621,040.0  Less allowance for loan losses(188.2)(185.7)(188.0)(186.0)    Total loans, net23,039.222,680.521,548.620,854.0Goodwill and other acquisition-related intangible assets2,133.82,140.42,153.52,160.3Premises and equipment314.2320.1330.4334.7Bank-owned life insurance338.3337.2336.5335.5Other assets682.3681.5608.3622.3    Total assets$ 31,510.6$ 31,344.9$ 30,324.4$ 28,576.0 Operating net interest margin (5) Yield/ (2) Average balances and yields for securities available for sale are based on amortized cost. Commercial Banking: (1) Consolidated.   Residential mortgage4,156.235.23.384,048.534.73.43     stockholders’ equity (1), (2)9.89.38.18.68.6  Efficiency ratio (1)63.662.764.163.061.4   Commercial$     260.3$     279.4  Commercial real estate262.7275.2  Residential mortgage103.5109.1  Consumer56.160.5    Total interest on loans682.6724.2  Securities66.956.6  Loans held for sale1.31.4  Short-term investments0.20.7    Total interest and dividend income751.0782.9Interest expense: Total assets$   31,511$   31,345$   30,598$   30,324$   28,576 dividing tangible stockholders’ equity by common shares (total common shares issued, less common shares Stockholders’ Equity     Total deposits21,821.961.40.3721,136.068.80.43 Deposits: Sept. 30,June 30,March 31,Dec. 31,Sept. 30,(dollars in millions)20132013201320122012Financial Condition Data: (2) Excludes acquired loans.   as a percentage of: Borrowings: Common shares issued396.44396.32396.24395.81395.88 Less: Shares classified as treasury shares80.6278.5467.3156.1851.48 Deposits:    net interest margin (1): People’s United Financial, Inc.  SOURCE BRIDGEPORT, Conn., Oct. 17, 2013 /PRNewswire/ — People’s United Financial, Inc www.peoples.com(link is external)last_img read more

ECOWAS approves establishment of a regional centre for disease control

first_imgMembers of the regional block ECOWAS have approved the establishment of a regional center for disease control.The center will act as a multi-sector coordination point on human, animal and environmental health in combating epidemics.Leslie Mirungu has more.last_img

Cleveland chosen to host NFL Draft in 2021

first_img Related Topics2021 NFL DraftClevelandCleveland BrownsDee HaslamfeaturedJimmy HaslamRoger Goodell For years the NFL Draft was considered the Super Bowl for the Browns and the team’s fans. Now, the franchise’s city will host the NFL’s offseason crown jewel.NFL Commissioner Roger Goodell announced the selection of Cleveland as the host city for the 2021 NFL Draft on Wednesday, at the league’s spring meetings in Key Biscayne, Fla. Kansas City was chosen to host the event in 2023. Both the Cleveland Browns organization and the Greater Cleveland Sports Commission had a hand in helping the city earn the bid.Cleveland was in the mix host the 2019 and 2020 NFL Drafts as well, with a proposal that incorporated Canton and the Pro Football Hall of Fame into the weekend of festivities. Ultimately Nashville and Las Vegas were chosen to host the drafts in those years.Browns owners Dee and Jimmy Haslam called the opportunity an “exceptional” one for Northeast Ohio.“We are incredibly honored to be able to showcase the City of Cleveland and the passion of Browns fans through the unique international platform the NFL Draft provides,” they ownership duo said. “This is an exceptional opportunity for Northeast Ohio that even extends beyond football, and we look forward to continuing the work ahead with Greater Cleveland Sports Commission, the City of Cleveland, Destination Cleveland and the NFL to ensure that the 2021 NFL Draft is truly memorable for Northeast Ohio and football fans across the world.”For more than a decade the NFL held the draft at Radio City Music Hall in New York City before deciding to first started taking the show on the road to various host cities in 2015. Chicago was first to host the event in back-to-back years in 2015-2016. Their next stops were in Philadelphia in 2017 and Dallas in 2018 before it invaded Nashville last monthNashville saw a record attendance of more than 600,000 people flood the streets outside the main stage to be part of the experience. Serving as the host city produced an economic boom in each of those respective sites. In fact, just this week Nashville announced that the economic impact on their city was $132.8 million. And while Cleveland may not be the tourist destination that Nashville has become, the draft will bring a massive economic impact to the area nonetheless.“Cleveland is honored to be selected as the host city for the 2021 NFL Draft and we are excited to once again show the world that this city can set a standard for hosting some of the world’s largest events,” President and CEO of Greater Cleveland Sports Commission, David Gilbert said. “This event will provide international media exposure and has proven to provide more than $100 million in economic impact to the host city. We look forward to showing NFL fans across the nation how Cleveland throws a party.”It’s expected that the three day spectacle will take place throughout downtown Cleveland and is sure to include all the bells and whistles. In successfully hosting the Republican National Convention in 2016, the city of Cleveland proved to the world that it can handle massive tourist attractions. Add the NFL Draft to the list of big events coming to town. In a few months, the MLB All-Star Game will be played over at Progressive Field and earlier this year the NBA chose Cleveland to host their All-Star Game in 2022.Cleveland is just the place to be right now! Spencer Germanlast_img read more

Bobby Petrino to get $500,000 bonus for Louisville’s academic performance

first_imgThe University of Louisville football team’s academic performance again will result in Bobby Petrino having one of the largest bonus payouts for a public-school football coach.He will receive $500,000 because the school’s athletics compliance department has determined that the team’s new single-year NCAA Academic Progress Rate figure will be at least 935 or better, an athletics department spokesman told USA TODAY Sports on Friday.“We won’t have an official APR figure until May, but we have determined that it will meet the threshold to activate the bonus,” spokesman Kenny Klein said in an e-mail.The NCAA generally makes APR figures public in May, but schools are required to report their figures to the NCAA six weeks after the first day of fall-term classes. SALARIES: USA TODAY Sports databaseThe 935 APR threshold in Petrino’s contract is just above the minimum four-year average of 930 that the NCAA requires for teams to be eligible for postseason play. Last year, however, the Louisville football team’s single-year APR was 984 (out of a possible 1000) and its four-year average was 977, according to data published by the NCAA in May 2015. That put the Cardinals among the top 20 percent of all Division I football teams, according to the NCAA’s figures.Petrino’s qualification for the APR bonus will increase the value of the bonus he can get if the Cardinals end up playing in a bowl game by nearly $42,000. (They have a 3-4 record heading into Friday night’s game against Wake Forest.)If Louisville participates in a bowl game, Petrino receives a bonus equal to 1/12th of the sum of his $3 million basic annual pay and the APR bonus if he gets it. Without the APR payment, Petrino would have been set for a bowl bonus of $250,000.Follow the road to the 2015 College Football Playoff at The Football Four, our home to rate and debate the nation’s best. Based on his team’s achievements last season, Petrino was paid nearly $800,000 in bonuses — second among FBS public-school coaches to Missouri’s Gary Pinkel, who totaled $900,000, according to data compiled by USA TODAY Sports for football head coaches who are at the same school that employed them as the head coach last season.At least five other FBS head coaches also are set for at least $100,000 in bonuses this season, with more possible: Penn State’s James Franklin ($200,000), Memphis’ Justin Fuente ($170,000) Utah’s Kyle Whittingham (nearly $130,000), Bowling Green’s Dino Babers ($125,000) and LSU’s Les Miles ($100,000). Fuente can add to his total with a win by the Tigers on Saturday; Babers can do the same with a win by the Falcons on Wednesday.Alabama defensive coordinator Kirby Smart is set for a bonus of at least $120,000. He gets an amount equal to 8% of his $1.5 million base salary if the Crimson Tide plays in any bowl game, but the amount will be greater if the team plays in the Southeastern Conference title game or one of the SEC’s higher-paying bowl games.last_img read more

How did Ravens tight ends stack up to rest of NFL in 2017?

first_imgThe Ravens failed to make the postseason for the fourth time in five years, but where exactly did their players stack up across the NFL in 2017?Whether it’s discussing the Pro Bowl or picking postseason awards, media and fans spend much time debating where players rank at each position, but few put in the necessary time and effort to watch every player on every team extensively enough to develop any kind of an authoritative opinion.Truthfully, how many times did you closely watch the offensive line of the Los Angeles Chargers this season? What about the Detroit Lions linebackers or the Miami Dolphins cornerbacks?That’s why I can appreciate projects such as Bleacher Report’s NFL1000 and the grading efforts of Pro Football Focus. Of course, neither should be viewed as the gospel of evaluation and each is subjective, but I respect the exhaustive effort to grade players across the league when so many of us watch only one team or one division on any kind of a consistent basis. It’s important to note that the following PFF rankings are where the player stood at the conclusion of the regular season.Below is a look at where Ravens tight ends ranked across the league, according to those outlets:Running backs Defensive linemenBenjamin Watson2017 offensive snap count: 699 NFL1000 ranking: 7th PFF ranking: 55th Skinny: The 37-year-old led Baltimore in receptions returning from last year’s Achilles injury, but he gained just 8.6 yards per catch and nearly a third of his 522 receiving yards came against Cleveland. His true value falls somewhere between these two rankings, but the free agent is considering retirement.Nick Boyle2017 offensive snap count: 696NFL1000 ranking: 34thPFF ranking: 27thSkinny: Boyle became a linchpin blocker for Greg Roman’s diverse run-game schemes, but he is limited as a receiver, making him no better than a solid No. 2 tight end. The 2015 fifth-round pick caught a career-high 28 passes, but a 7.3 yards per catch average reflects his lack of speed.Maxx Williams 2017 offensive snap count: 315 NFL1000 ranking: 71stPFF ranking: 24th Skinny: Injuries have derailed the former second-round pick’s career as he was little more than a glorified fullback, catching 15 passes for 86 yards and a touchdown in 11 games. Breshad Perriman headlines the painful shortcomings of the 2015 draft, but Williams has been nearly as disappointing.Vince Mayle 2017 offensive snap count: 21 NFL1000 ranking: n/aPFF ranking: n/a Skinny: The former wide receiver was a solid special-teams contributor, but he didn’t catch a pass and carried the ball twice all season, scoring a touchdown in Oakland. Given his lack of opportunity despite the position needing more speed, Mayle can’t be viewed as anything more than organizational depth.2018 positional outlookMy big question after Dennis Pitta’s hip injury last spring was whether the Ravens had real depth or only inventory at tight end, and the latter proved to be true by season’s end. Darren Waller’s suspension and Crockett Gillmore’s season-ending knee injury were unfortunate developments, but neither was surprising when considering their respective histories. Watson was a good story coming back from a major injury and has tremendous character, but the veteran leading the Ravens in catches says all you need to know about the state of this passing game. Boyle is a good blocking tight end, but Williams lacks the speed and athleticism to be a difference-maker at the position like the Ravens envisioned when they traded up to draft him three years ago. One of the major priorities of the offseason must be to add a tight end with some game-changing ability, whether it’s through the draft, free agency, or a trade.last_img read more