BRIDGEPORT, CT: People’s United Financial, Inc. announced net income of $64.7 million, or $0.22 per share, for the fourth quarter of 2014, versus $59.3 million, or $0.20 per share, for the fourth quarter of 2013.
Operating earnings were $65.1 million, or $0.22 per share, for the fourth quarter of 2014, compared to $60.0 million, or $0.20 per share, for the fourth quarter of 2013, and $63.0 million, or $0.21 per share, for the third quarter of 2014.
Net income for the year ended December 31, 2014 totaled $251.7 million, or $0.84 per share, compared to $232.4 million, or $0.74 per share, for 2013. Operating earnings were $244.5 million, or $0.82 per share, for 2014, compared to $241.1 million, or $0.77 per share, for 2013. For 2014, operating earnings exclude a net after-tax gain of $13.4 million ($0.04 per share) resulting from the formation of a merchant services joint venture as well as non-operating expenses of $6.2 million after-tax ($0.02 per share).
Jack Barnes, President and Chief Executive Officer, said, “We are pleased to report an increase in full-year operating earnings per share for the fifth consecutive year, especially in light of the persistently low interest rate environment. Our performance in 2014 demonstrates the benefits of our deep customer relationships, product breadth and ongoing strategic initiatives. We continued to build on the momentum generated in recent years by once again achieving meaningful growth in loans and deposits.”
Its Board of Directors announced a $0.165 per share quarterly dividend, payable February 15, 2015 to shareholders of record on February 1, 2015. Based on the closing stock price on January 14, 2015, the dividend yield on People’s United Financial common stock is 4.6 percent.
