People’s United reports solid third quarter results

By Kevin Zimmerman

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People’s United Financial Inc. reported net income of $73.7 million or $0.24 per share for the third quarter of 2016, compared to $68.4 million or $0.23 per share for the third quarter of 2015, and $68.5 million or $0.23 per share for the second quarter of 2016. Included in this quarter’s results were merger-related expenses of $3.1 million ($2.1 million after-tax) or $0.01 per share.

Operating earnings totaled $75.8 million or $0.25 per share. Net revenue grew 4.4 percent year over year to $336.1 million in the quarter; net interest income on a fully taxable basis totaled $254.2 million, up 5.4 percent year over year, while the Bridgeport-based company’s net interest margin fell 7 basis points year over year to 2.8 percent.

As of Sept. 30, total loans were $29.4 billion, up 1.4 percent from the previous quarter. Total deposits increased approximately 2.3 percent to $29.7 billion from the prior-quarter end.

People’s United has $41 billion in total assets.

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