People’s United Financial Inc. reported its net income rose to $53.1 million, or 18 cents per share, for the quarter ended March 31, up from $52.5 million, or 16 cents per share, a year earlier. Its operating earnings fell to $56.5 million, down from $57.9 million for the first quarter of 2013, according to a press release.
The Board of Directors of People’s United Financial voted to increase the common stock dividend to an annual rate of 66 cents per share, the press release stated.
“Our performance this quarter reflects the ongoing benefits from strategic investments in our businesses, products and services,” said Jack Barnes, CEO and president of People’s United Financial. “In particular, our recent additions in commercial banking in Boston and wealth management in Connecticut reflect our commitment to strengthen our products and talent.”
In a quarter that’s seasonally slower for the company, Barnes said, there was a 4 percent annualized loan growth and 10 percent “organic deposit growth.” The increase in net interest income over the past several quarters reflects growth in the company’s loan portfolio despite a challenging interest rate environment and less interest income on acquired loans, he added.
The company plans to maintain its operating expenses and a low loan charge-off ratio, said Kirk W. Walters, senior executive vice president and chief financial officer.
People’s United Financial, a financial services company with $22 billion in assets, provides commercial, retail banking and wealth management services through a network of about 30 branches in Fairfield County and 406 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
