People's United Financial Q2 Profit Falls

(RTTNews) - People's United Financial Inc (PBCT) on Thursday reported second-quarter net income of $61.7 million or $0.20 per share, a decline from $72.3 million or $0.24 per share in the prior year.

Operating earnings were $0.21 per share compared with $0.20 per share last year.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net interest income for the quarter rose to $230.4 million from $228.2 million last year, while non-interest income slid to $83 million from $100 million.

Analysts estimated revenues of $318.4 million for the quarter.

Net interest margin for the quarter dropped to 2.88% from 3.13% last year.

Provision for loan losses was lower at $7.7 million compared with $8.8 million a year ago.

The company declared a stock dividend of $0.1675 per share.