Connecticut-based People’s United Financial Inc. reported $51.2 million in net income for the second quarter, more than tripling the $16 million in net income reported during the same time last year.

The second quarter financial results of People’s United Financial, which recently completed the acquisition of Danvers Bancorp Inc., do not include the result of Danvers, the financial institution said in a statement.

"Our performance this quarter continues to build on the momentum generated in the first quarter of 2011, reflecting another solid quarter of operating results, organic loan and deposit growth throughout our franchise, and encouraging overall trends in asset quality," said Jack Barnes, president and CEO. "In fact, on an annualized basis, both loans and deposits increased 4 percent this quarter; our net interest margin remains above 4 percent; and our efficiency ratio continues to improve."

People’s United Financial has also declared a $0.1575 quarterly dividend. It will be payable Aug. 15 to shareholders of record on Aug. 1.