People's United Financial Inc. (PBCT) reported first-quarter net income of $52.5 million, or $0.16 per share, compared to $57.3 million, or $0.17 per share, last year. Operating earnings were $57.9 million or $0.18 per share, compared to $59.3 million or $0.18 per share, last year.
Net interest income decreased to $219.3 million from $233.2 million last year. Non-interest income was $82.9 million compared to $72.4 million last year.
On average, 17 analysts polled by Thomson Reuters expected the company to report profit of $0.18 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $309.81 million for the quarter.
The Board of People's United Financial voted to increase the common stock dividend to an annual rate of $0.65 per share. The quarterly dividend of $0.1625 per share is payable May 15, 2013 to shareholders of record on May 1, 2013.
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