Following a year that included the acquisitions of United Bank and Belmont Savings Bank, Bridgeport, Connecticut-based People’s United Bank reported net income for 2019 of $520.4 million compared to $468.1 million at the end of 2018. Net income for the fourth quarter was $137.5 million compared to $135.1 million in the third quarter and $132.9 million in the fourth quarter of 2018.

Commercial loans totaled $30.7 billion at Dec. 31, 2019, an increase of $3.2 billion from Sept. 30. The bank reported organic commercial loan growth of $314 million.

David Rosato, People’s United’s senior executive vice president and chief financial officer said in a statement that the commercial loan growth was driven by solid results in commercial real estate, equipment finance and specialized industry verticals.

In an earnings call last week, People’s United President Jeff Tengel said the bank expects the commercial business in 2020 to be to similar to 2019, adding that he did not expect a lot of growth, if any, in the commercial real estate portfolio. He said the bank’s core middle market business, particularly in Connecticut and Massachusetts, had growth in 2019, which the bank expects to continue in 2020.

People’s United Chairman and CEO Jack Barnes said in the earnings call that Belmont Savings Bank’s commercial real estate team generated strong production and that the acquisition of United Bank bolstered the bank’s share of retail households and commercial clients across central Connecticut and western Massachusetts.

As a result of the United Bank acquisition, People’s United announced plans to close about 30 branches in Connecticut and western Massachusetts. People’s United also sold eight branches in central Maine this year, completing the transaction in October.