John P. BarnesThank you, Peter. Good morning, everyone. We appreciate you joining us today. On Slide 2, we provide an overview of our first quarter results. For the quarter, operating earnings were $60.6 million or $0.18 per share with net income of $58.6 million or $0.17 per share. As was somewhat expected, the operating net interest margin declined to 4.01% compared to 4.07% operating margin in the fourth quarter. The decline in the margin is the result of lower loan yields due to continued repricing of the originated loan portfolio and deposit growth outstripping loan growth, which was partially offset by lower funding costs.
People's United Financial's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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