People’s United Financial reported results for Q4/19 and full year 2019. Full-year 2019 net income of $520.4 million was up 11.17% from $468.1 million in 2018.

Q4/19 highlights include:

• Net income totaled $137.5 million
• Net interest income totaled $382.7 million in Q4/19 compared to $348.7 million in Q3/19.
• Net interest margin increased two basis points from 3Q19 to 3.14%
• Provision for loan losses totaled $7.3 million.
• Commercial loans totaled $30.7 billion at December 31, 2019, an increase of $3.2 billion from September 30, 2019.
  • Organic growth of $314 million.
  • The equipment financing portfolio increased $175 million.
• Average commercial loans totaled $29.4 billion in Q4/19, an increase of $2.5 billion from Q3/19.
  • The average equipment financing portfolio increased $144 million.

“We are very pleased with the company’s financial and operating “We are very pleased with the Company’s financial and operating performance in 2019,” said Jack Barnes, chairman and chief executive officer. “It was another noteworthy year for People’s United as we acquired two banks and a specialty finance company, enhanced our suite of banking technology and further strengthened core capabilities…While we have almost tripled total assets to nearly $60 billion over the last ten years, we have remained true to our roots of delivering superior service at a local level, maintaining exceptional asset quality and supporting our communities. As we start a new decade already filled with economic and competitive uncertainties, we are confident our long-term approach to managing the business will enable us to generate value for customers and shareholders regardless of the operating environment.”