PBCT - Earnings call transcript Q2 2018 | People's United Financial, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the People’s United Financial Inc.

Second Quarter 2018 Earnings Conference Call. My name is [Sherry], and I will be your coordinator for today. At this time, all participants are in a listen-only mode.

Following the prepared remarks, there will be a question-and-answer session. now turn would to presentation I Mr. Instructions] like the to over [Operator Vice Relations of Financial Hersom, President Andrew Senior Investor Inc. for United People’s Please proceed, sir.

Andrew Hersom

thank us and for afternoon, Good you today. joining

results review David Officer; Chief our Jeff remember Planning; Financial Corporate on which to to Please with Officer. Jeff Chief Walters, Rosato, the Here Kirk and to Jack Chairman peoples.com, and are on second Slide me is of Accounting Hoyt, our turn Barnes, Development quarter statements Officer; Tengel, refer our Executive and Relations. XXXX Strategic Chief forward-looking Jack. Investor presentation, X this posted I’ll With website, under to President; that, over call

John Barnes

Andrew. everyone We appreciate Good joining you, afternoon. today. Thank us

Slide begin X. Let’s to overview turning by the second on quarter

net income margin related by months increased period-end quarter, further to These balances results operating million or million revenue costs. The the loan flat or are result a lending. expenses costs driven in been in investments to margin was non-interest of Higher increased driven middle-market points warehouse $XXX loan net sustained quarter. of X%, common reporting two generated excellent $XXX.X were XXX by Average growth benefited producing and Year-to-date closures, mortgage profitability C&I, by first Total operating solid an X% as a and linked-quarter the quality in results of overall same income successful financing, improvement increase $X of were common commitment were interest over an equipment of of of to X commercial branch below activity period. record our and deposit first $XXX and annualized primarily reflecting has outpace real an reflect XX.X%, XX.X%, was the only revenues share. loan second or quarter $XXX basis. $XXX million to points of growth basis the million which net expansion of on enhancing to $X.XX X%. equity on of results points year-ago improved the revenues recent both to increase in expenses well-controlled $X.XX income. ratio initiatives, common in On flat million, balances and stronger expectations. interest Growth rise basis while compared a efficiency $X in asset in the XXX to up over million tangible basis and or was in demonstrated includes continued attributed million average a benefits caused estate, this XX% basis, per yields These quarterly return balances per during and from headwinds earnings share, continued $X.XX an half Our that which compared the decline X% Operating in XXXX. continue or first up June from have portfolio acquisitions.

million in of real reduced Since portfolio. year-to-date, of and discussed previously, average of our transactional York multi-family $XXX which has our largest headwinds growth the estate these commercial estate the rate been portfolio, New we heightened the runoff payoffs. have by impacted As have overall is portion portfolio, commercial totaled has real competition above

The is lower equity balances by driven equity industry has over growth home also rates. Additionally, XX% results. in year-to-date or million overall by and reduction lower balances consistent loan been initial home with in of decline which impacted $XXX utilization a originations annualized, was

the we strong estate home and line real year. our results with of exclusive in across equity, of commercial are that businesses many for our However, experiencing are expectations

while a X% up this growth For equipment annualized is year, example, middle-market financing XX% achieved C&I has annualized.

optimistic be revenue diversified strength our producing continued better period-end from in meaningfully that the pipeline the benefits be the Looking growth solid months. and first second half us six business than mix, the of initiatives loan will year of to forward, the caused

deposits. a businesses. seasonal as retail Balances Moving municipal on were result to lower of declines our in and

the historical a and pick quarters rebound second seasonal third in fourth did However, industry during line see quarter. with We we expect trends. up cost to deposit deposits in the in

However, in continues industry to our the behave view rationally.

we that remain the in market of a While Baltimore-based continue operates acquisition shares competitive, in recognized sales and equipment we brand our of all-cash Lease strategy will it Company Consistent and industry. XXXX thoughtful Vend highly in and team, order platform, enabling it functions. automation efficiencies and of company Vend the serves. be gathering markets lead a operational we specialized has balancing the share creating division greater growth to protect will skill to with in a set primarily relationships, Capital, become technology in marketing pricing. the LEAF’s disciplined across our to with will announced client-centric deposits leverage LEAF M&A, today Lease, approach, finance leading capabilities a established client organic not and hospitality Commercial is The

Additionally, cost accelerate lower and further Vend sheet growth be leverage size funding to our and also enhance Lease and able to balance of will the strength profitability.

bolsters the We will as combined nationwide the are of strength provide our an our businesses. clients of exceptional finance experts for expertise specialty excited transaction network our even and experience about

our a execute Connecticut approach. our of Central acquisition well company progressing that First well momentum as presence of The for Suffolk a acquisitions franchise continues from to we announced time-tested Bancorp, is with established LEAF acquire quality market provides Bank. integration generated further the the as in an Farmington high recent acquisition our and The us transaction Additionally, Western June, holding and strengthens Massachusetts. in Connecticut process agreement as underway and we in on classic well

particularly transaction activities, are given the talented of excited joining successful the to we even more integrations. Bank about and significant us. a As the the history that our of be transaction, has people risks, will execution result integration low Farmington knowledge This

close We pending transaction will are regulatory confident that the quarter, fourth in approvals.

time, of its product completed promoted was of syndications. important years. and is Jeff Since banking, business and the government Company to at with large he has Tengel joined the and Bank equipment lending in and integrating businesses. know that second eight XXXX He in treasury He numerous lines lead role to expanded President services, corporate banking, Jeff has offerings you broadened People's United. complement asset-based finance last of during warehouse, commercial addition also significantly the division the management, an many the mortgage care, quarter health acquisitions from grown commercial PNC and full the the as Finally, division. played is the the over international leading

of quarter to through help Company, is Jeff will discuss structure it pass expansion. our United. With qualified lead organizational we to make that, detail. need to a our supports uniquely future more sure we us the to As in grow continue future as to trajectory second the I David People’s

David Rosato

Jack. you, Thank

the Turning contributed of The of income of higher offset in to a $XX.X interest $X.X upward $X.X net million an million income net interest business million due benefited largest to interest increased also deposit the increases $X.X loan to calendar yields the these X, portfolio. the a Net floating-rate from The $XXX.X new income was $X.X million million quarter from and securities in basis. Slide X% to on higher due repricing portfolio million net reduction loans. additional interest or prior linked income cost. day and increase, continued on yields

margin an than in increase unfavorably X.XX% million resulting basis interest borrowing net interest was was from by points quarter. first income $X.X impacted of Net addition, the costs. In X higher

also higher Net yields As cost by points, remained XX by by basis X, margin as points X this basis lower driven from portfolio basis the which margin for Slide business basis portfolio, expansion displayed deposit benefited the X points primarily interest impacted yields points new while on added securities quarter. total the yield and borrowing favorably the additional than higher the consecutive calendar was loan portfolio the higher basis respectively. the sixth margin and in Conversely, the point. X day,

lending. strong increase Looking average middle financing, Slide equipment of equipment coming the balances or solid up million results balances with was LEAF. equipment mortgage results of $XX.X billion each X, billion driven $XX.X in X%. compared financing was warehouse were our The The units financing C&I, first in particularly were by period from by driven and market balances $XXX flat to at while on of growth end quarter, loans

end In in the rebound addition, the which the at to as of earlier. basis million and real billion on million period portfolio up $XX from portfolio an closed mortgage factors quarter Vend added the June, by lending Commercial be continued ended the Lease declined of outlined $X.X quarter. the LEAF’s balances second both end the impacted end warehouse of to acquisition and average at $XX Jack balances portfolio. The the the first estate period

million lower the the estate X% businesses. multifamily portfolio the X%. balances million be from deposits million We modestly declines balances the declined our million quarter, the in and $XXX a second million $XX.X were our $XXX portion balances of On resulted end and the approximately $XXX excluding while increased respectively full-year also runoff $XX the However, the billion, transactional The New million, in basis, $XXX million. expect linked $XXX quarter to our for real our or portfolio $XXX first York of deposit runoff multifamily down York balances $XX.X for January to seasonal million commercial from million Average were period-end retail expectation quarter. to and $XXX retail or transactional municipal of period-end for down and New from billion, now municipal quarter. of in $XXX in grew

the in historical expect to Looking deposits forward, we rebound trends. quarters seasonal fourth line and with third in

can balances. balances Slide in were and $XXX and in by checking to money savings non-interest-bearing balances you million checking Turning $XXX of offset The million decline million and $XX see million reductions million. time of which by $XX $XXX X, driven market deposits declines product, balances in interest-bearing partially the average displays was growth decline by a

XX% points quarter, loan the were basis focus costs for up as period. by since deposit current pricing, cycle demonstrated we our increasing during rates. interest-bearing deposit the on of to beta yield beginning In X continue of comparison, controlling While of is same beta interest the the XX%

deposit second interest-bearing while yield our was beta XX%. loan Specifically XX%, quarter, beta for was the the

Slide $X.X well the of of expense to was rate legacy quarter $X non-interest by this million, commercial non-interest prepayment increased million increase these million fees. Included results higher insurance $XX.X and or customer On increased decline lending primarily of income charges $X.X in reduction from gains $X.X driven Slide to lower X, interest cash income were and the at increases expenses year professional investments. in fees. renewals, of reflecting and the the a million basis. a non-interest Looking and The fourth The to seasonality of the of as merger-related offsets non-interest other expenses in which services, was lower non-interest $X.X in income in million X, in million loan income or as million the service insurance swap largest management due on linked $X of the $XXX.X revenues, million second X% quarter million certain quarter quarter. were the bank in first second of improvements while in fees $X.X banking outside related quarters remainder are X% other in are is merger-related $X.X Included expense. commercial million.

merger-related million quarter. optimize throughout from related increased branch $X.X of franchise our closures costs continue we or branch first Excluding non-interest delivery driver expenses, primary was channel. expenses spread The $X.X to to million ten this as the in the increase X%

and promotion Both $X.X which benefits and branch was In driven are to in in compensation other and are promotion our the largest in decrease closure million located costs release. first by and offset in The addition, benefit advertising million. lower earnings a advertising and related increases these line $X.X the costs, increased payroll higher traditionally expense expenses quarter.

quarter to evidenced and in XX.X% enhance flat. well-controlled basis shown points was of on and of a Higher year-over-year ratio operating second basis, generated efficiency on the by a ratio. continue XXX has efficiency leverage quarter a as basis the efficiency improvement Slide improvement X. linked expenses ratio We revenues On

adjustment in results reminder of the quarter, efficiency beginning lower impact a FTE includes as to tax unfavorable reform, net However, ratio income. interest a which last the

XX, be to continues As quality asset Slide on demonstrated exception.

and to by of REO in As reflect the most XX but on non-performing driven to standards, as the was the quarter. metric continues X end The credits. increase and of below basis underwriting C&I be the of was basis from result quarter a year This points well level quarter, first strong XX low the contest our quarter a recent points two banks. charge-offs points group an peer unchanged credit our basis originated of and unrelated minimal Net from non-performing originated basis loans X continues assets. improved points top was modest loss culture prior already percentage up our linked conservative at and assets of X

basis, Moving improving with prior pleased on metrics. XX.X% and tangible equity on operating made X% and return of XXX to to XX basis profitability was Return first quarter. remain average of average the return equity have Slide our XX, common of assets an basis period. same progress XX.X% a points XX the we year-ago and each compared assets year average up over tangible from of we on points on quarter on On improved average increased basis the points common return

risk and We continue our changes business As capital both exceptional in further rate and Continuing LIBOR XX% display for these our earnings end increases improvement ratios spite twist. prime-based Continuing in expect we the curve to portfolio light rising first either Slide quarter at and for yield our we history in strong, loan Company, in was approximately diversified and asset or the sensitive long we further be a quarter-end as continue of to power remained especially management. from rates of parallel up build XX, to the remain the at interest well-positioned XX, Slide profile rate XX% interest the risk of of year-ago. mix metrics. one-month on interest of rates we of

call draw to for XX. want Before attention your up I opening the questions, to Slide

Connecticut, important but XXXX have acquisition goals to incorporate for As do not Vend and First we goals. Lease. did the an include our provided these update note It’s full-year

Total first loan are to commercial to to the range expect in slowdown goal. finish real updated the we $XXX goals XXXX excluding industry expected loan costs $XXX modest merger to X% the the equity be half expenses estate as is of of Deposit Our range original in on of X% are a now follows. growth million in year the our impact Acknowledging to growth from X%. growth X%, the market, related and reduction to headwinds wide home million. range in

margin, rate also Finally, goals net to we note unchanged. important range It net capital lowered to income, is million remain interest have non-interest that interest or of our million. to income, provision tax a and $XX full-year $XX effective

In addition, of impact effect to original does net expectations. these our not changes the earnings full-year

we’re questions. ready any answer you may Now we’ll be questions have. happy to Operator, for

Operator

Zerbe first Ken [Operator you. Thank Our from Instructions] question comes with Morgan Stanley.

Kenneth Zerbe

to one off. easy an Hopefully Thanks. Great. start

is be interest guess would missing something doesn't terms to income Just thought with Because what's less are of Presumably the your deposits to something if to securities piece full-year goals, seem balances the missing calculation? your growth? stronger – you Why Or here? I in be XXXX though. are make seems margin or loan net also unchanged? expecting be you than unchanged to what that less,

David Rosato

X%, Hi, will a reduction slightly portfolio offset. goals different just by the provide Ken. enough would slight mix margin deposit slight well as the wide lowered It’s David. loan of a the I that is loan the and say, emphasis that were guidance I and in as

Kenneth Zerbe

Gotcha.

pressure guess and that real runoff are Okay. banks worse CRE with guidance? you worse, CRE I've commercial hit but that I an I pricing. be a how where lot from bad aggressive guidance still to are XXX, I CRE talk your – loan other I further about does mean, know could here, from if if like is your your challenging But does able estate, where conditions heard of loan XXX, get the understood. it growth growth runoff, a even

John Barnes

we originations the multi-family of kind outpaced that’s of higher in could higher estate for had period we of the that average expected end CRE Jack. what We in active have pace in the if year. Those is categories, higher real we’ve any naturally certainly that loan Yes. a in portfolio, expectations portfolio commercial Sure, portfolio, seen and impact had and still and our downside Ken. significantly gets while we rest in than payoffs a on expected – rates we expected have had the than This balances. the the Yes, worse of good activity remain in customers. but runoff will

Kenneth Zerbe

Gotcha.

Okay. And last just then the quick question. maybe

of to quantify or Thanks. the accretion magnitude? amount Lease, portfolio, can of the of terms be just the you In Vend of a have earnings size sense the

David Rosato

close. you, about the the was outstandings. I'll it quarter, tell Sure. at a million just it's million $XX of At of worth end $XX

So relatively small, lease [indiscernible] will yields. be accretive to

Kenneth Zerbe

Gotcha.

All Okay. much. Thank right, perfect. very you

John Barnes

You’re welcome.

Operator

Thank you.

Our next question with comes Haire from Jefferies. Casey

Casey Haire

Thanks. Good afternoon, guys.

on guess, loan I the wanted I follow-up to So growth.

correct? does growth factor So Vend, into guide the loan

David Rosato

Correct.

John Barnes

Yes.

Casey Haire

$XX only that's And million?

David Rosato

Correct.

Casey Haire

the of is that out kind that as healthy mean warehouse I'm you some of seems the the doesn’t loan growth presume it I'm can seasonally in XXXX might still sort out called going quick, like a So as need I the sorry, ramp of there pretty what of back that on but hit us end what to well just do – multi-family you the like back guide? volumes expecting? doing in real pretty in I'm low loan half assuming strong be some with you're mortgage to math pipelines help to headwinds you're and So weak? something half

John Barnes

It does [pipelines] strong year, we Casey. our in June. a half the very – Sure, but imply of growth back so had strong the

in They’re up and – June in strength to we XX, strong. in saw all Our we mortgage of warehouse bit our relative March businesses. financing across good pipelines a a as – so and traditional XX, called from out equipment middle-market are actually

off than well. commercial it's slower as are expected we a point. a little when expected estate, appropriate at our gave we bit more X% business, that been customers still in come But the originally little this guidance, lowering we even we real multifamily is just than So feel our guidance by has bit and doing

John Barnes

Casey, Hey, is this Jack.

pipeline to markets, and on Jeff some our around ask some kind various of idea maybe give where so in in Tengel comes the us activity give our comfort me you discussions forecast from. color Let

Jeffrey Tengel

It’s Hi, Casey. Yes. Jeff.

number second core Connecticut market added of as We've specialty – being businesses. also very expect good our businesses, Boston with in and half of them of pipeline, a our asset-based some another. we really We businesses. accelerating quarter a very the markets in our so two our middle David mentioned one of both They in had are market in being in them, growth in have robust one particular being those momentum of businesses. which second legacy our have both lending growth C&I Healthcare strong largest in of in

businesses the showing growth of anyway. good first than typically half all been the finance equipment they're have year and Our the stronger are in second they in

they're supporting them, to headwinds to well just expect So business, finally, and half They're be some maybe both still our investing going their referenced to the – and money, market people's as second the I real customers very tend be commercial and with are of other customers are coming that in we are not more balance the into recent But [alluded]. to bit so our than half battle active think active of funds the the we a And and to on own the they they are of good is with investing we've the momentum pipeline the some funds, less find David in do have have a consider And second conservative. year past, little would active is market. we're still the that it middle continue Jack estate as money, talked real David in challenging. so what market, customers lot encouraging. I they estate we're

Casey Haire

were Or yields. there quite are all Okay. discount asset up And in question the that sensitivity? accretion The loan Fair loans Was yields nicely. actually on there? was any then a enough.

John Barnes

discount very in There's accretion little there.

seasoned the XX% is quite the point. been at see well been this held we up you the portfolio at existing prime has the yield. where has quarter quarter, to consecutive called we quarter the in the Our flow LIBOR, spread deals in new book accretive of also that sensitivity that’s end referenced and so of asset We the that had as are out sixth one-month business where this

the picked after at the up, We up back the the Fed also hikes. quarter of look rate you go whole last We basically and timing picked if month.

Casey Haire

Gotcha.

in of me. Okay. be for charges just then I appears sure under the want last about XXX to just And branch one right, and to $X GAAP so I merger the make specials closures. between just million have expenses and the expenses the it

no for there's starting XXX the is assuming specialty. So like XQ so, or point recurring

David Rosato

XX Yes. you're basically We – right. our XX closures the branch – the had that deal to That’s we expenses.

lower million. to that guidance the So $XX of it gave us end by confidence top

Casey Haire

Gotcha. Thank you.

John Barnes

you. Thank

You're welcome Casey.

Operator

you. Thank

Our from Jared with Wells next Shaw question Securities. Fargo comes

Jared Shaw

are you? Hi. How

John Barnes

Hi, Jared.

Jared Shaw

we following is up I branch expense was like the lease that that that things $X.X for all wouldn't million just – that closures? why question, on severance guess and Maybe termination

David Rosato

ten It’s branches. cost with closing associated the Yes.

Jared Shaw

Okay.

David Rosato

Yes, not lease It’s so the in equipment write-offs, terminations there some there. people.

Jared Shaw

Okay.

David Rosato

branches. other Those round employees up in

Jared Shaw

any any apart additional branch anticipated Okay. we as deal? end through the Farmington And the branch the go of activity closures then from Any year? with

David Rosato

exclusive no with happens – of of the out what Not Farmington integration.

Jared Shaw

so and more or equipment Was a see that apart in in I on market portfolio Okay. loans looking repositioning And and I’m Lease? linked change at – brought guess said finance, really million this we'd $XX $XX the then have you finance driven? of Vend you quarter What was and decline but in that customer – from is million that the you just is quarter? from equipment growth

David Rosato

off. trouble Hey, We're having you. Jared, you turned hearing we you just Can repeat?

Jared Shaw

look that sorry. portfolio? Lease? there, you have Where I looks decline Slide Was If without the you was Vend where had $XX growth brought positioning line, decline net would the it driven million X with acquisition? the finance is I'm customer or that more over but you from at like million of that on – Yes, the equipment $XX more been the

David Rosato

Go ahead John.

John Barnes

lease. the end well, as Vend. other the in particularly the up in like of $XX areas actually the It Jared looks We're million from came and at looking where you're at averages business

Jared Shaw

Okay.

David Rosato

in Vend the day quarter. the on of Lease came last

Jared Shaw

still of about loan deposit past, And Perfect. that ultimately do little we beta When on Okay, is happens XX% get around XX%? beta the something or about beta? you talked XX% got deposit the out In you Thanks. a that the it. Is ultimately beta. it finally, talked this think in further – ultimately you there? as XX% you've think and a XXXX then to the quarter you

David Rosato

It’s market aggregate where and accounts now gotten the to the seeing have wind some going that. and would Yes. how I’d to that really where But at be do be Jack up surprise but of beta The balances them like in CD of year, up have rates deposits rate moved by with to hit XXXX. to in rational the retail XX% it’s especially see out so to that to being. question I a surprised they’re just end Jared. good has commercial competitive betas hard say point a and of It lot deposits occurs deposit banks migrate competition accounts would as running to expect CD, The start this you point and we we exactly the retail the this be CD you're are starting non-maturity be referenced. cycle. the the not a it savings more pace in is in

Jared Shaw

And I as guess way customers that attract account? or then this another it's you are balances time Okay. generally deposits that seeing just seeing reallocating a to more you existing you from look quarter, and new at customers growth if

David Rosato

Yes.

So we book the of large have CDs.

to franchise and benefit about and we competitively keep of the new in generate order multiple we're schedule we are where we where from And money attract in of any existing then the talked retain can where So be to we conscious in it products to have about But we the need pretty to thoughtful discipline pricing those have that we're relationships as relationships look pricing, and new obviously clients. and with that. period. that activity maturities

John Barnes

had acquisition programs sometimes looking We're with with attract preferred if much to of that just just checking account. the account onboard some – some we were would we add, it the during the happens And but the way that's and happen also I we business. then kind quarter, and customers checking and running – CDs, the obviously we run that will new always

Jared Shaw

lot. thanks a Great,

David Rosato

you. Thank

Operator

[Operator from you. with Our comes question Instructions] KBW. Thank Gilbert next Collyn

Collyn Gilbert

Thanks. guys. Good evening,

John Barnes

Hi, Collyn.

David Rosato

Hi, Collyn.

Collyn Gilbert

in First little item, you million anticipate a housekeeping you that or David gains, that just recur bit those to background a saw investment so of the $X presume I legacy not do or on those? guys

David Rosato

to and around occur but have in they awhile Generally, quarter it as each don't out. this equity a market in will we quarter. happens as mark What well securities them happen to quarter call where it accounting regularly, there's once in new you

a and we the that appreciated quarter part. So legacy the equity the position driver that have for during was most

Collyn Gilbert

That’s right.

you. Thank half anticipating paydown the And to happen? the loan discussion are you you Okay. of just probably I then could the sorry, And activity I’m back do sort around on just growth. you're to did for back math to because to here give guys start of the paydowns sort color if you in some anticipating anticipating year? the – this. But wondering slow if of What

John Barnes

market. prices with say, out months, really just historically been only find see they last that I A point six this lot given refuse. taking low, and to that getting are slow. a long-term of average really we've we're of to little like It’s shifting. that activity even where to the in nature hard approached there's to this but some bit cases, And life last months. that We'd being hard XX are not expecting we’re in seen, just competitively, what deals company long at would definitely our front and on hard really predict it we've compared been or holders more the by in XX above to

Collyn Gilbert

Okay.

David Rosato

a seeing and but commercial to so and real Jack our we lot I so now which thing that's little the a been has that but happens it's been out, also selling of usual. estate, than C&I some referencing it The was customers, headwind is, bit add happening would more merging only called real are that more or spotty, we

Collyn Gilbert

would of on would going to of you And be, Is that here. size about adding? are that the ones or big between at there differential Okay. a all? that middle-market guys the That’s there what's of off of you quantify kind then loan are imagine relationships compared helpful. the the running I can just that dynamics thinking some CRE

Jeffrey Hoyt

this balance multi-family portfolio, is loan. the Jeff. be to Specifics small tend those Collyn, to

balance So loans that not bigger are The refinance small. that running getting those loans doing that real I’d estate relatively or are we’re commercial portfolio, any are of say our the off. than smaller the loans or

Collyn Gilbert

And helpful. to the from the any customers? on of perhaps attributed it's swing deposit the within Obviously, That’s again, Just just relationship drop kind side. trying then guys size municipals. similar this a average question you Okay. quarter, of big the perspective. What’s those that a a dollar

concentration might curious be? So the just where

David Rosato

all board really there. over it's the Collyn, Yes.

So we the they bank want. of if states, might a few

as So the three we Connecticut Vermont, a smaller that all if They impacted very those granular New there's larger is throughout well, dollars, swing. towns it’s real larger a about Mass, of so would you or But can of I say think are in state the there. in bank. What then ones quarter. the most states for who the have sizable customers range portfolio England the the part

balances this month we’re payments However, those already is in, seasonal back. July, the in come seeing very come then and normal activity of tax

Collyn Gilbert

Yes.

just then on borrowings. and finally the Okay

anything you doing saw borrowing on cost there, rates with were the seems dynamics So there move? else even Was or big anything jump beyond it spending quarter? borrowing duration in was any there the – this where going we

David Rosato

bit deposit on part. No. more really not little was borrowings change a temporarily but a was wasn't. the a our cover just in strategy There There borrowing, there to runoff,

Collyn Gilbert

Thank That’s I had. you. Okay. all

David Rosato

you. Thank

John Barnes

You’re welcome. End of Q&A

Operator

closing questions to the turn in this remarks. I'm gentlemen, I queue Barnes at to no would over and back call Ladies the showing for any Mr. like time. now you. further Thank

John Barnes

Vend and Thank highlighted quarter company. Strong to announced you. Connecticut agreement acquire Bancorp by of the First our second Lease acquisition was

period-end declaring People’s a for and pipeline you continuing net expenses, loan Another by revenue the deposit for dividend quarters. by improvement benefiting costs, from expansion leverage, quarter the consistent of evidenced lending in in continued night. interest to growth commitment our and outpace and operating Have return Board and in the of a good in activity consecutive increase driven to stock XXX your rise continued yields, in June United. record the of shareholders margin earnings, common Thank stronger to well-controlled capital a Directors solid interest

Operator

today’s This in program. conference. concludes participating Ladies and the gentlemen, thank you for

all You and have may of disconnect wonderful your day. a rest

People's United Financial (PBCT) 19 Jul 182018 Q2 Earnings call transcript