Bridgeport lender People’s United Bank reported a 3 percent decline in net income for its fourth quarter, largely driven by a decline in noninterest income, such as fees.
Net income for the quarter ended Dec. 31 was $59.3 million, or 20 cents per share, down from $61.2 million, or 18 cents per share, a year earlier. Net interest income declined slightly, by $200,000, while noninterest income fell by $4.1 million, or 5 percent.
For the full year, the bank’s net income was $232.4 million, down 5 percent from $245.3 million in 2012.
A $19.4 million increase in noninterest income for the year wasn’t enough to make up for a $40.1 million decrease in net interest income.
People’s grew its commercial real estate loan portfolio from $7.29 billion to $8.92 billion in 2013. Residential mortgage loans grew from $3.89 billion to $4.42 billion.
The bank will pay a 16 cent dividend Feb. 15.
