Bridgeport-based People’s United Financial, the parent company of People’s United Bank, saw its earnings nearly double in the second quarter as the banking industry shakes off the aftershocks of a pandemic-stricken 2020.
Between the start of April and the end of June, the company reported net income of $170.8 million, or 39 cents per common share, up from $89.9 million, or 21 cents per common share, in the corresponding period one year ago.
Bank officials attributed the upswing to higher fee revenues, well-controlled expenses and a negative provision for credit losses guided by the gradually improving national and global economic outlook.
The earnings report comes as People’s United continues the process of combining with Buffalo’s M&T Bank, a move the banks announced in February.
M&T, which has about $143 billion in assets, announced plans to acquire People’s United in February in an all-stock transaction valued at approximately $7.6 billion. Shareholders of both banks signed off on the arrangement in May, and, pending regulatory approvals, the buyout will close within the fourth quarter of this year.
People’s United’s corporate office in Bridgeport is expected to become the New England regional headquarters of M&T.
