People's United Financial in Bridgeport, Conn., said solid growth in commercial and mortgage loans drove third-quarter net income up 5% to $61.6 million, or 21 cents per share.
Those earnings were in line with analysts' consensus estimates. People's, with assets of $34.8 billion, earned $58.5 million during the same period in 2013.
People's said its portfolio of commercial and commercial real estate loans grew 6% on a linked-quarter basis, and 13% year over year, to $19 billion. Home loans reached $4.7 billion, up 8% from the prior quarter and 14% from a year earlier. That loan growth helped push net interest income to $228.5 million, up 2% from a year ago.
"The increase in net interest income over the past several quarters primarily reflects growth in the loan portfolio despite a challenging rate environment," President and Chief Executive Jack Barnes said in a press release Thursday.