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People's United Q3 net interest income jumps YOY

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People's United Q3 net interest income jumps YOY

People's United Financial Inc. reported third-quarter operating earnings of $135.5 million, or 34 cents per share, up from $113.8 million, or 33 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 33 cents.

The company's operating earnings metric is a non-GAAP figure that excludes nonrecurring items, including merger-related expenses.

People's United's GAAP third-quarter net income available to common shareholders was $131.6 million, or 33 cents per share, up from $113.5 million, or 33 cents per share, in the same quarter of 2018.

The bank's net interest margin fell slightly year over year to 3.12%, down from 3.15%. However, it stayed flat from the linked quarter, when NIM came in at 3.12%. Net interest income was $348.7 million for the third quarter, up from $306.4 million a year ago.

As of Sept. 30, the company recorded total loans of $38.78 billion, up from $38.56 billion in the linked quarter and $32.20 billion in the year-ago quarter. Deposits totaled $38.57 billion as of Sept. 30, down from $39.47 billion in the second quarter and $33.21 billion in the third quarter of 2018.