People's United Bank Posts Earnings Report

People's United Financial, Inc. on Thursday reported results for its second quarter of 2019. It is the holding company for People's United Bank.

The report comes three days after the bank announced a takeover of United Bank in a deal worth more than $700 million.

Here are some highlights:

• Net income totaled $133.2 million, or $0.33 per common share
• Net income available to common shareholders totaled $129.7 million
• Operating earnings totaled $134.8 million, or $0.34 per common share
• Net interest income totaled $348.1 million in 2Q19 compared to $332.8 million in 1Q19
• Net interest margin decreased eight basis points from 1Q19 to 3.12 percent
• Non-interest income totaled $106.3 million in 2Q19 compared to $94.6 million in 1Q19
• Commercial loans totaled $27.0 billion at June 30, 2019, an increase of $1.6 billion from March 31, 2019
• Average commercial loans totaled $26.5 billion in 2Q19, an increase of $1.6 billion from 1Q19
• Commercial deposits totaled $15.1 billion at June 30, 2019 compared to $13.5 billion at March 31, 2019
• Residential mortgage loans totaled $9.5 billion at June 30, 2019, an increase of $1.4 billion from March 31, 2019
• Home equity loans totaled $2.0 billion at June 30, 2019, an increase of $114 million from March 31, 2019

See more about the United Bank takeover here. See the entire People's United earnings statement here.