S&P 500 (NYSE:SPY) component People’s United Financial, Inc. (NASDAQ:PBCT) reported its results for the second quarter. People’s United Financial Inc. is a savings and loan holding company for People’s United Bank, a diversified financial services firm. The company provides consumer and commercial banking, as well as wealth management services to individuals and corporate customers.
People’s United Financial Earnings Cheat Sheet for the Second Quarter
Results: Net income for People’s United Financial, Inc. rose to $51.2 million (15 cents per share) vs. $16 million (4 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year earlier quarter.
Revenue: Noninterest income was $76.6 million last quarter.
Actual vs. Wall St. Expectations: PBCT fell in line with the mean analyst estimate of 15 cents per share.
Quoting Management: “Our performance this quarter continues to build on the momentum generated in the first quarter of 2011, reflecting another solid quarter of operating results, organic loan and deposit growth throughout our franchise, and encouraging overall trends in asset quality,” stated Jack Barnes, President and Chief Executive Officer. “In fact, on an annualized basis, both loans and deposits increased four percent this quarter; our net interest margin remains above four percent; and our efficiency ratio continues to improve.”
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose more than threefold and in the fourth quarter of the last fiscal year, the figure rose 28.5%.
The company fell in line with estimates last quarter after beating forecasts in the previous quarter with net income of 15 cents versus a mean estimate of net income of 12 cents per share.
Competitors to Watch: Northeast Bancorp/ME (NASDAQ:NBN), Naugatuck Valley Financial Corp. (NASDAQ:NVSL), Berkshire Hills Bancorp, Inc. (NASDAQ:BHLB), New Hampshire Thrift Bancshares, Inc. (NASDAQ:NHTB), Brookline Bancorp, Inc. (NASDAQ:BRKL), NewAlliance Bancshares, Inc. (NYSE:NAL), SI Financial Group, Inc. (NASDAQ:SIFID), Oneida Financial Corp. (NASDAQ:ONFC), and Westfield Financial, Inc. (NASDAQ:WFD).
(Source: Xignite Financials)