DBRS: People's United unchanged

DBRS said the 2Q11 financial results of People's United Financial, Inc. have no impact on the company's issuer and senior debt rating of A (low).

The trend is stable.

People's reported net income of $51.2 million for the quarter, down modestly from $51.7 million in the previous quarter but up from $16 million in 2Q10, the agency said. Excluding merger-related expenses, core system conversion costs and other one-time charges, net income would have been $57.3 million compared to $53.8 million in 1Q11.

The margin, which benefited from significant accretion adjustment in the first quarter, remained relatively stable with only a 3 basis point decline to 4.13%, the agency added.

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