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Organic loan growth and expense control are the top priorities at F.N.B. and People's United, but their CEOs also eager to accelerate expansion in markets where they are relative newcomers.
February 27
People's United Financial (PBCT) in Bridgeport, Conn., reported a profit of $62.1 million in the quarter that ended June 30, down 3.8% from the same period last year, but up 18.2% from three months earlier.
The company, which announced its second-quarter results after markets closed Thursday, reported earnings per share of 20 cents, a penny above estimates of analysts surveyed by Bloomberg.
Total loans climbed 11% year over year, to $22.9 billion, but profits from lending declined as net interest income fell 6.2%. Its net interest margin declined 63 basis points from a year earlier, to 3.33%
Noninterest income increased nearly 14% year over year, to $86.1 million, primarily due to gains of sales of mortgage loans and acquired loans.
Compared to the prior quarter, total loans climbed 3.2% but net interest income increased less than 1%
People's United is the largest banking company headquartered in New England, with $31 billion of assets and nearly 420 branches in Connecticut, Massachusetts, New York, Maine, Vermont and New Hampshire.
