People's United Financial Inc. posted higher first-quarter net despite one-time expenses tied to its recent purchase of a Long Island bank.
For three months ended March 31, the Bridgeport parent of People's United Bank said it netted $70.8 million, or 22 cents a share, vs. $62.9 million, or 21 cents a share, netted the same quarter a year ago.
Results reflected $1.2 million in pre-tax merger costs tied to People's April 1 acquisition of Suffolk Bancorp., People's said. However, quarterly results do not reflect Suffolk's operations in the period.
"The quarter benefited from a four basis point improvement in the net interest margin from the fourth quarter," CEO Jack Barnes said. "Loan balances declined 1 percent on an annualized basis primarily resulting from paydowns in mortgage warehouse lending, due to the rate driven nature of this business."
People's Financial ended the quarter with assets of $40.3 billion vs. $39.3 billion a year earlier.
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