People’s United Financial Inc. has reported fourth-quarter 2017 net income of $106.2 million, compared with $75.9 million for the fourth quarter of 2016 and $90.8 million for the third quarter of 2017. For the year ended Dec. 31, 2017, net income totaled $337.2 million, compared with $281 million for 2016.
Included in both the fourth quarter and full year 2017 results were merger-related expenses, security losses incurred as a tax planning strategy in response to tax reform and a tax benefit realized in connection with tax reform. The comparable periods in the prior year included merger-related expenses and acquisition integration costs.
For the fourth quarter, operating earnings at the Bridgeport bank were a record $104.5 million, compared with $75.1 million for the fourth quarter of 2016 and $89.3 million for the third quarter of 2017. For the year ended Dec. 31, 2017, operating earnings totaled $345.8 million – the highest in the bank’s 175-year history – compared with $282.3 million for 2016.
The results were driven in part by the bank’s acquisition of Philadelphia’s Leaf Commercial Capital and of Long Island’s Suffolk Bancorp last year.
“We are excited by the opportunities in front of us to further strengthen and grow the company,” President and CEO Jack Barnes said. “In the year ahead, we will continue to enhance technology and marketing capabilities to better serve existing relationships and develop new ones. We are confident revenue-producing investments, along with synergies created by recent acquisitions, will result in continued improvement in operating leverage and further create value for shareholders in 2018 and beyond.”
People’s United has $44 billion in total assets and a network of approximately 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.