Connecticut-based People’s United Financial, parent company of People’s United Bank, has reported net income of $24.1 million in the third quarter, down slightly year-over-year, but up more than 50 percent from the second quarter.

In the third quarter of 2009, the company reported net income of $26.8 million. In the second quarter of 2010, the company netted $16 million.

Included in both the third quarter’s and the second quarter’s results are pre-tax, merger-related expenses, core system conversion costs and one-time charges totaling $5.3 million and $23.2 million, respectively. People’s United Financial completed acquisitions of Texas heavy equipment financier Financial Federal Corp. in February, and Lowell’s Butler Bank in April.

People’s United has aggressively expanded over the past several years, including acquisitions of Chittenden Corp. and Worcester’s Flagship Bank.

"We began the third quarter by successfully completing our core system conversion and commencing the process of rebranding our branches throughout New England to People’s United Bank," Jack Barnes, president and CEO, said in a statement. "We also announced the acquisitions of Smithtown Bancorp Inc. [of New York] and [Massachusetts’] LSB Corp., both of which are expected to close in November, pending regulatory and shareholder approvals, and our integration plans for these acquisitions are well under way."