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People's Reports Q3 Earnings
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Business New Haven
10/27/2003
By: BNH
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BRIDGEPORT - People's Bank (NASDAQ: PBCT), announced net income of $14.9 million, or 24 cents per share, for the third quarter of 2003, compared to $14.8 million, or 24 cents per share, for the third quarter of 2002. For the nine months ended September 30, net income totaled $46.4 million (75 cents per share), compared to $38.3 million (62 cents per share), for the year-ago period, a 21-percent increase.
People's directors declared a 39-cent-per-share quarterly dividend on People's common stock, payable November 15 to stockholders of record on November 1. People's Mutual Holdings, which owns 36.5 million shares of PBCT common stock, will accept dividends on only three percent of its shares. Based on the closing stock price on October 15, the dividend yield on People's common stock is 4.9 percent.
"We are pleased to report strong growth in our lending businesses combined with continued solid growth in core deposits," said John A. Klein, People's president and CEO. "Bottom-line results on a year-over-year basis continue to be affected by the low-interest-rate environment as our net interest margin remains under pressure, thereby tempering the positive effect of loan and deposit growth on net income."
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