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July 17, 2015

People’s 2Q operating income, loans up

People's United Financial Inc. posted lower second-quarter net profit but the Bridgeport regional lender’s operating income rose on strong loan growth.

For three months ended June 30, the parent of People’s United Bank said it netted $61.7 million, or 20 cents a share, vs. $72.3 million, or 24 cents a share, netted the same quarter in 2014.

Counting in the second-quarter 2014 net was a $13.4 million, or 4 cents a share, after-tax gain from its formation of a merchant-services joint venture.

On an operating basis, People’s said it earned last quarter $63.1 million, or 21 cents a share, vs. operating income of $59.9 million, or 20 cents a share, in the second quarter of 2014.

The bank’s board of directors declared a dividend of 16.75 cents a share to be paid Aug. 15 to stockholders on record by Aug. 1.

People’s President and CEO Jack Barnes said loans rose for the 19th consecutive quarter, rising 9 percent on an annualized basis.

"Our performance this quarter reflects the momentum we have continued to generate across the franchise," Barnes said.

People’s finished the quarter with $36.2 billion in assets vs. $33 billion a year ago.

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