Business Excellence Awards
Please Join PBN to Celebrate the 2014 Business Excellence Award Winners on Novem ...
By Rhonda Miller
PBN Staff Writer
WATERBURY, Conn. – Webster Financial Corp., the holding company for Webster Bank, reported a 15.1 percent increase, or $837.3 million, in its commercial loan and commercial real estate loan portfolio for the second quarter 2013 compared to the same quarter in 2012, according to a July 12 press release from the bank reviewing the second quarter 2013 earnings report.
Highlights of the bank’s performance also include deposit growth of $861.6 million, or 6.2 percent, compared to second quarter 2012.
“Webster delivered another solid quarterly performance, marked by high loan originations, strong revenue growth, further gains in operating efficiency and improved asset quality,” said Webster Bank Chairman and CEO James C. Smith. “Core revenue growth exceeded five percent as net interest income reached its highest level ever and expenses declined year-over-year. “Looking ahead, our loan pipeline remains strong and is a positive indicator for the region’s economic prospects,” said Smith.
Total noninterest income of $52.3 million in second quarter 2013 was an increase of $4.9 million compared to the same quarter 2012.
“Stronger core noninterest income this quarter included record results from our Webster Investment Services Division, which posted $6.4 million in fee income,” said Webster President and COO Jerry Plush. “Higher revenue, along with lower noninterest expense, contributed to positive operating leverage of 6.6 percent versus prior year.”
Webster Financial Corp. announced a net income available to common shareholders of $43.7 million, or 48 cents per diluted share for the quarter that ended June 30. That compares to $40.6 million, or 44 cents per diluted share, for the quarter that ended June 30, 2012.
Webster Bank is a regional bank serving businesses and consumers from Westchester County, N.Y., to Boston, including several branches in Rhode Island.