People’s United income flat in second quarter

Bridgeport-based People’s United Financial Inc. posted flat second-quarter net income due in part to its $402 million acquisition of Long Island’s Suffolk County National Bank, which closed in April.

The Fairfield County bank said its profit slipped to $65.8 million, from $68.5 million in last year’s second quarter. It reported a profit of $70.8 million for the first quarter of this year.

Net interest income, on a fully taxable basis, totaled $285.2 million, up 15.1 percent year over year. Noninterest income rose 7.3 percent year over year to $91.6 million, which People”™s said was primarily attributable to higher investment management fees, commercial banking lending fees, operating lease income and insurance revenue.

As of June 30, total loans were $31.6 billion, up 6.4 percent from the prior quarter, while total deposits increased approximately 4.3 percent to $31.8 billion from the prior quarter.

Last week, People”™s announced it is acquiring Philadelphia-based Leaf Commercial Capital, one of the largest, independent commercial equipment finance companies in the U.S., for an undisclosed amount.

In Westchester County, People’s United operates seven branches in Port Chester, Scarsdale, Tarrytown, Thornwood and White Plains.