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Net Income Up at People’s
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Business New Haven
10/28/2002
By: BNH
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BRIDGEPORT - People's Bank (NASDAQ: PBCT) announced net income for the third quarter of $14.8 million, or 24 cents per share, an increase of 20 percent from both the second quarter of 2002 and last year's third quarter.
People's directors declared a 36 cent per share quarterly dividend on the bank's common stock, payable November 15 to stockholders of record on November 1. People's Mutual Holdings, which owns 36.5 million shares of People's Bank common stock, will accept dividends on only three percent of its shares. Based on the closing stock price on October 16, the dividend yield on People's common stock is 6.1 percent.
Said John A. Klein, People's president and CEO, “Our earnings per share for this quarter are 33 percent higher than the level we were running in the first quarter of this year, further demonstrating the continued progress in rebuilding core earnings.”
Klein cited renewed growth in People's commercial banking portfolio, continued signs of improvement in the credit card portfolio and the opening of four new branches in Connecticut
Also contributing to People's results was growth in consumer loans and core deposits, increased residential mortgage originations and stable asset quality.
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