The Board of Directors of People's United Financial Inc. declared a $0.165 per share quarterly dividend, payable February 15, 2015 to shareholders of record on February 1, 2015.

The company reported consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net income of $64.7 million, or $0.22 per share compared to $59.3 million, or $0.20 per share, for the fourth quarter of 2013. Operating earnings were $65.1 million, or $0.22 per share compared to $60.0 million, or $0.20 per share, for the fourth quarter of 2013. Operating return on average assets of 0.75% improved from 0.74% in the third quarter of 2014 and was consistent with the fourth quarter of 2013. Operating return on average tangible stockholders' equity was 10.1% compared to 9.9% for the third quarter of 2014 and 9.8% for the fourth quarter of 2013. Book value per share was $15.44 compared to $15.28 a year ago. Tangible book value per share was $8.43 compared to $8.17 a year ago. Income before income tax expense was $97.3 million compared to $88.7 million a year ago. Net interest income was $228.1 million compared to $224.9 million a year ago.

For the year ended December 31, 2014, the company's net income totaled $251.7 million, or $0.84 per share, compared to $232.4 million, or $0.74 per share, for 2013.  Operating earnings were $244.5 million, or $0.82 per share, for 2014 compared to $241.1 million, or $0.77 per share, for 2013.  Operating earnings exclude a net after-tax gain of $13.4 million ($0.04 per share) resulting from the formation of a merchant services joint venture as well as non-operating expenses of $6.2 million after-tax ($0.02 per share). Net interest income was $911.9 million compared to $888.6 million a year ago. Income before income tax expense was $380.6 million compared to $347.6 million a year ago. Return on average assets was 0.75% compared to 0.75% a year ago. Operating return on average assets was 0.72% compared to 0.78% a year ago. Operating return on average tangible stockholders' equity was 9.7% compared to 9.2% a year ago.

For the fourth quarter, the company's net loan charge-offs totaled $8.5 million, of which $4.0 million related to loans with previously-established specific reserves.