First Connecticut Bancorp Reports 35% Increase in Q2 Net Income
FARMINGTON, Conn. — First Connecticut Bancorp Inc. (FCB), the holding company for Farmington Bank, reported a 35% increase in net income of $6.7 million, or $0.42 diluted earnings per share, for the quarter ended June 30, 2018, compared to net income of $5.0 million, or $0.32 diluted earnings per share, for the quarter ended June 30, 2017.
Net income on a core earnings basis was $7.4 million, or $0.46 diluted core earnings per share, for the quarter ended June 30, 2018, compared to $5.0 million, or $0.31 diluted core earnings per share, for the quarter ended June 30, 2017. Core earnings exclude non-recurring items.
On June 19, 2018, First Connecticut Bancorp Inc. announced its entry into a definitive agreement and plan of merger with People’s United Financial Inc., pursuant to which FCB will merge with and into People’s United.
“I am pleased to report solid core second-quarter earnings for the company,” said John Patrick Jr., chairman, president, and CEO of First Connecticut Bancorp. “As indicated, earnings were impacted by certain one-time charges related to our acquisition by Peoples United Financial Inc. The board of directors and senior management have always focused on shareholder value, and we believe this acquisition maximized shareholder value at a time when, we believe, the operating paradigm is changing for smaller community banks. I would also like to thank our dedicated employees who executed our strategy, which maximized our results for shareholders.”