Bridgeport lender People’s United Financial Inc. said its first-quarter profits ticked up 1 percent, largely due to commercial banking growth in Boston and a boost to its wealth management business in Connecticut.
Profits for the quarter ended March 31 were $53.1 million, or 18 cents a share, up from $52.5 million, or 16 cents, a year ago.
Net interest income increased 3.5 percent, while the bank’s provision for loan losses was down 23 percent to $9.5 million. Non-interest income was down $5 million, or 5.8 percent.
The bank added $159 million to its commercial loan balance during the quarter. Total deposits were up $1.9 million from a year ago, to $23.67 billion.
People’s also announced that CFO Kirk Walters will leave his position for family health reasons. Treasurer David Rosato will succeed him at the end of the year. Walters will become senior executive vice president of corporate development and strategic planning and will remain on the board of directors.
