Bridgeport's People's United Financial, Inc. said its second quarter profits grew 26 percent thanks to loan and deposit growth as well as a reduction in the bank's reserves.
The parent of People's United Bank said its net income for the quarter totaled $64.8 million, or 19 cents per share, compared to $51.2 million, or 15 cents per share in the year ago period.
The bank's board of directors also declared 16 cents per share quarterly dividend. During the quarter the bank also repurchased 4.5 million shares of common stock at a total cost of $54 million.
"Our performance this quarter continues to build on the execution of our primary objectives - optimizing existing businesses and efficiently deploying capital," stated Jack Barnes, president and CEO of People's United. "Our acquisition of 57 branches in the greater New York metro area strengthens our presence in the nation's largest market. Our second quarter financial results reflect continued organic loan and deposit growth and ongoing strength in our fee income businesses, including solid contributions from wealth management. We anticipate continued momentum in loan growth based on our retail and commercial lending pipelines and remain encouraged by the significant opportunity for loan and deposit growth throughout the franchise."