Regional bank operator People’s United Financial Inc. said Thursday that its third-quarter net income more than doubled as loans and deposits grew and it set aside significantly less money to cover bad loans.

Net income for the July-through-September period was $52.9 million, or 15 cents a share, up from $24.1 million, or 7 cents per share, for the third quarter of 2010.

On an operating basis, People’s United said earnings were 19 cents per share. That was a penny better than the average estimate of analysts polled by FactSet.

Results included $14.4 million of merger-related expenses and one-time charges in a quarter in which People’s United completed its acquisition of Danvers Bancorp.

Net interest income, or money earned from loans, increased by 37 percent to $240 million from $175.8 million a year earlier.

Non-interest income, or earnings from charges, fees and investments, increased to $84.7 million from $76.6 million.

Net loan charge-offs also improved, totaling $9.8 million compared with $13.2 million in the third quarter of 2010.

People’s Financial set aside $14.4 million for loan losses, or $7.4 million less than a year earlier.

CEO Jack Barnes said the company is progressing toward integrating acquired companies into a core operating system and continues to strengthen its position in the Boston and New York markets.

The company’s board of directors approved the repurchase of an additional 18 million shares of its stock. It also declared a quarterly dividend of 15.75 cents per share, payable Nov. 15 to shareholders of record on Nov. 1.

Shares of People’s United fell 1 cent to $12.33 in extended-hours trading following the release of the quarterly results. In the regular session, they rose 18 cents, or 1.5 percent, to $12.34.

People’s United, based in Bridgeport, Conn., operates banks in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine. (AP)