People's United Financial Reports Q4 Operating EPS $0.17 vs $0.19 Est

People's United Financial, Inc. PBCT today announced net income of $43.0 million, or $0.12 per share, for the fourth quarter of 2011, compared to $32.0 million, or $0.09 per share, for the fourth quarter of 2010, and $52.9 million, or $0.15 per share, for the third quarter of 2011. Operating earnings were $58.7 million, or $0.17 per share, for the fourth quarter of 2011, compared to $36.7 million, or $0.10 per share, for the fourth quarter of 2010 and $67.3 million, or $0.19 per share, for this year's third quarter. Included in the quarterly results are merger-related expenses and one-time charges (after-tax) totaling $15.7 million in the fourth quarter of 2011, $4.7 million in the fourth quarter of 2010 and $14.4 million in the third quarter of 2011. For the year ended December 31, 2011, net income totaled $198.8 million, or $0.57 per share, compared to $85.7 million, or $0.24 per share, for 2010. Operating earnings were $237.1 million, or $0.68 per share, for 2011, compared to $125.4 million, or $0.35 per share, for 2010. Included in both the 2011 and 2010 results are $38.3 million and $39.7 million (after-tax), respectively, of merger-related expenses, core system conversion costs and one-time charges. The Board of Directors of People's United Financial declared a $0.1575 per share quarterly dividend, payable February 15, 2012 to shareholders of record on February 1, 2012. Based on the closing stock price on January 18, 2012, the dividend yield on People's United Financial common stock is 4.2 percent. "Our performance throughout 2011 reflects the significant progress we have made in carrying out our two primary objectives - optimizing existing businesses and efficiently deploying capital," stated Jack Barnes, President and Chief Executive Officer. "Our focus on organic loan and deposit growth throughout the franchise, including new market opportunities within the Boston and New York City MSAs, has resulted in improved operating leverage, which is evident in our 2011 financial results."