People’s United Financial Inc. said late Thursday that its fourth quarter earnings grew 34 percent as recent mergers and positive loan growth helped grow the company’s bottom line.
The Bridgeport parent of People’s United Bank said its earnings for the quarter ending Dec. 31 was $43 million, or 12 cents per share compared to $32 million, or 9 cents per share year earlier.
For all of 2011 the banking company earned $198.8 million, or 57 cents per share, compared to $85.7 million, or 24 cents per share in 2010.
The Board of Directors of People’s United Financial also declared a 15 cents per share quarterly dividend that will payable Feb. 15 to shareholders of record on Feb. 1.
In a conference call with investors People’s United president and CEO Jack Barnes said the bank is still in the market for a possible acquisition. The bank, which is sitting on $1 billion in cash, has been in acquistion mode for the last four years, and has added a number of small banks banks to its roster during that time expanding into the Boston and New York markets.
“Our performance throughout 2011 reflects the significant progress we have made in carrying out our two primary objectives – optimizing existing businesses and efficiently deploying capital,” said Barnes. “Our focus on organic loan and deposit growth throughout the franchise, including new market opportunities within the Boston and New York City, has resulted in improved operating leverage, which is evident in our 2011 financial results.”
