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People's United (PBCT) in Bridgeport, Conn., has started a payments firm in partnership with Vantiv in a move that aided the company's quarterly results.
July 17 -
People's United Financial in Bridgeport, Conn., reported higher first-quarter profit on higher lending fees and gains on the sale of loans.
April 16 -
Profits at People's United Financial in Bridgeport, Conn., edged up in the fourth quarter thanks to fee income and loan growth.
January 15
People's United Financial in Bridgeport, Conn., reported a second-quarter profit of $61.7 million that was aided by growth in lending and certain fee revenue.
That was 15% lower than a year earlier, and earnings per share for the$37.2 billion-asset banking company were 20 cents, missing the average estimate of analysts polled by Bloomberg by about a penny.
However, the company said its EPS and year-over-year comparison were affected by one-time items such as a large gain last year from
People's operating earnings which excluded the effect of the Vantiv-related gain and other one-time factors rose 6.3% to $63.7 million and were in line with analysts' expectations.
Net total loans rose 8.3%, to $27.6 billion. However, net interest income was $230.4 million, about 1% higher than a year earlier as net interest margin fell 25 basis points to 2.88%.
Noninterest income, after factoring out last year's one-time gains from Vantiv, increased about 4%, to $83 million. This increase largely came from gains in investment management fees and operating lease income.
Noninterest expense also grew 1.7%, to $211.8 million.
