S&P 500 (NYSE:SPY) component People’s United Financial, Inc. (NASDAQ:PBCT) reported net income above Wall Street’s expectations for the first quarter. People’s United Financial Inc. is a savings and loan holding company for People’s United Bank, a diversified financial services firm. The company provides consumer and commercial banking, as well as wealth management services to individuals and corporate customers.

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People’s United Financial Earnings Cheat Sheet for the First Quarter

Results: Net income for People’s United Financial, Inc. rose to $51.7 million (15 cents/share) vs. $13.6 million (4 cents/share) YoY. A more than threefold rise from the year earlier quarter.

Revenue: Net interest income was $220.3 million.

Actual vs. Wall St. Expectations: PBCT (NASDAQ:PBCT) beat the mean analyst estimate of 12 cents/share. Estimates ranged from 10 cents per share to 13 cents per share.

Quoting Management: “Our performance this quarter reflects meaningful organic loan and deposit growth, encouraging trends in asset quality, as well as the benefit of acquisitions completed in 2010,” stated Jack Barnes, President and Chief Executive Officer.”

Key Stats: A year-over-year revenue decrease last quarter snaps a streak of three consecutive quarters of revenue increases. Revenue rose 14.5% in the fourth quarter of the last fiscal year, 4.2%in the third quarter of the last fiscal year and 2.3% in the second quarter of the last fiscal year.

Net income has increased 41.6% year over year on average across the last five quarters. The biggest gain came in the most recent quarter, when income climbed more than threefold from the year earlier quarter.

Competitors to Watch: Bank of America Corporation (NYSE:BAC), Citigroup (NYSE:C), JP Morgan (NYSE:JPM), Wells Fargo (NYSE:WFC), Northeast Bancorp (NASDAQ:NBN), Naugatuck Valley Financial (NASDAQ:NVSL), SunTrust (NYSE:STI), Berkshire Hills Bancorp (NASDAQ:BHLB), Rockville Financial (RCKBD), New Hampshire Thrift (NASDAQ:NHTB), Brookline Bancorp (NASDAQ:BRKL), Danvers Bancorp (NASDAQ:DNBK), SI Financial (NASDAQ:SIFID), Oneida Financial (NASDAQ:ONFC) and NewAlliance Bancshares (NYSE:NAL).

Today’s Performance: Shares of PBCT are up over 2% in pre-market trading.

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