People's United Profit Tops Estimate

(RTTNews) - People's United Financial Inc (PBCT) on Thursday reported fourth-quarter net income of $64.7 million or $0.22 per share compared with $59.3 million or $0.20 per share last year.

Net interest income for the quarter rose to $228 million from $225 million last year, while net interest margin fell to 3% from 3.24%.

Non-interest income was $86.8 million compared with $82.5 million last year.

Analysts polled by Thomson Reuters projected earnings of $0.21 per share on revenues of $317.2 million for the quarter. Analysts' estimates typically exclude special items.

Loan-loss provision for the quarter was $9.9 million, slightly down from a year ago.

The company's board declared a $0.165 per share quarterly dividend.

CEO Jack Barnes said, "Looking forward to 2015, our businesses are well positioned in attractive markets and we are optimistic about further growth opportunities. We look to sustain momentum through continued investments in talent, products and services, as well as disciplined execution across each business."

PBCT closed Thursday at $14.21, down $0.19 or 1.32%, on a volume of 4.9 million shares on the Nasdaq.