(Corrects fourth paragraph to say that non-performing loans rose to $94 million, not $94,000)
* Q4 EPS $0.11 vs $0.16 last year
* EPS trails analysts' average est of $0.13
Jan 22 (Reuters) - Peoples United Financial Inc posted a 23 percent fall in fourth-quarter profit, missing Wall Street expectations as net interest margin declined sequentially and provision for loan losses rose.
Net interest margin fell 16 basis points sequentially to 3.55 percent. The Bridgeport, Connecticut-based company said the fall reflects a decline in interest rates throughout 2008.
Provision for loan losses doubled to $8.7 million.
Net loan charge-offs rose 54 percent to $5.7 million for the quarter. Non-performing loans more than doubled to $94 million.
The saving and loan holding company posted earnings of $35.4 million compared with $46 million a year earlier.
Shares of the company closed down 4.44 percent at $16.37 Thursday on Nasdaq.
(Reporting by Adheesha Sarkar in Bangalore; Editing by Pratish Narayanan) Keywords: PEOPLESUNITEDFINANCIAL/ (adheesha.sarkar@reuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: adheesha.sarkar.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Q4 EPS $0.11 vs $0.16 last year
* EPS trails analysts' average est of $0.13
Jan 22 (Reuters) - Peoples United Financial Inc posted a 23 percent fall in fourth-quarter profit, missing Wall Street expectations as net interest margin declined sequentially and provision for loan losses rose.
Net interest margin fell 16 basis points sequentially to 3.55 percent. The Bridgeport, Connecticut-based company said the fall reflects a decline in interest rates throughout 2008.
Provision for loan losses doubled to $8.7 million.
Net loan charge-offs rose 54 percent to $5.7 million for the quarter. Non-performing loans more than doubled to $94 million.
The saving and loan holding company posted earnings of $35.4 million compared with $46 million a year earlier.
Shares of the company closed down 4.44 percent at $16.37 Thursday on Nasdaq.
(Reporting by Adheesha Sarkar in Bangalore; Editing by Pratish Narayanan) Keywords: PEOPLESUNITEDFINANCIAL/ (adheesha.sarkar@reuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: adheesha.sarkar.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.