For the second quarter, People's United Financial (NASDAQ:PBCT) saw a rise in net income.
Earnings and Revenue The company announced EPS of 19 cents a share against the 19 cents a share estimate. The estimates of 16 analysts ranged from profit of 18 cents to profit of 20 cents.
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The company's net income for the quarter rose 26.6% to $64.8 million.
Company Fundamental Trends Last quarter marked the third in a row of rising net income.
History Against Expectations The company fell in line with estimates last quarter after missing the mark in the previous two quarters. In the first quarter, it fell short by one cent, and in the fourth quarter of the last fiscal year, it missed by 2 cents.
Official Comment: "Our performance this quarter continues to build on the execution of our primary objectives - optimizing existing businesses and efficiently deploying capital," stated Jack Barnes, President and Chief Executive Officer. "Our acquisition of 57 branches in the greater New York metro area strengthens our presence in the nation's largest market. Our second quarter financial results reflect continued organic loan and deposit growth and ongoing strength in our fee income businesses, including solid contributions from wealth management. We anticipate continued momentum in loan growth based on our retail and commercial lending pipelines and remain encouraged by the significant opportunity for loan and deposit growth throughout the franchise."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.