People's United Financial, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2017
For the year, the company reported total interest income and dividend income of $1,302.4 million against $1,127.3 million a year ago. Net interest income was $1,100.5 million against $972.2 million a year ago. Income before income tax expense was $467.1 million against $409.5 million a year ago. Net income was $337.2 million against $281.0 million a year ago. Net income available to common shareholders was $323.1 million or $0.97 per basic and diluted share against $279.2 million or $0.92 per basic and diluted share a year ago. Non-GAAP total revenues were $1,496.1 million against $1,347.2 million a year ago. Non-GAAP net income available to common shareholders was $323.1 million or $0.97 per share against $279.2 million or $0.92 per share a year ago. Non-GAAP operating earnings were $345.8 million or $1.04 per share against $282.3 million or $0.93 per share a year ago. Return on average assets was 0.79% against 0.71% a year ago. Return on average tangible common equity was 11.0% against 10.2% a year ago. Return on average common equity was 6.0% against 5.8% a year ago. Tangible book value per common share as at December 31, 2017 was $8.87 against $8.92 as of December 31, 2016. Book value per common share as at December 31, 2017 was $16.40 against $15.85 as of December 31, 2016.
For the fourth quarter of 2017, the company reported total net loan charge-offs of $6.5 million against $4.7 million a year ago.