WATERBURY, Conn. – Webster Financial Corp. saw profit fall 2.2 percent in the first quarter, but revenue grow 10.6 percent.
Webster Financial Corp., parent company of Webster Bank, released its first-quarter earnings report Tuesday, showing profit of $48.6 million, or 51 cents per diluted share, compared with profit of $49.7 million, or 52 cents per share, a year ago.
Revenue, a combination of total interest income and non-interest income, rose to $266.4 million in the quarter that ended March 31. Revenue was $240.8 million during the prior year period.
James C. Smith, chairman and CEO, described the quarterly results as “solid.”
“Both loans and revenue grew more than 10 percent, and total assets neared $25 billion,” Smith said in a statement. “Our recent Boston expansion is gaining momentum, as new deposits recently surpassed $100 million.”
The company highlighted growth areas, pointing out that loans grew 11.1 percent, or $1.6 billion, over the year to $15.9 billion, with double-digit growth in commercial, commercial real estate and residential mortgage loans, and that deposits climbed 6.7 percent, or $1.2 billion, to $18.7 billion. The company said the increase in deposits primarily reflected HSA Bank’s strong growth; HSA Bank operates in Wisconsin.
The company recorded a provision for loan losses of $15.6 million compared with $9.8 million a year ago.
Total liabilities were $22.5 billion in the first quarter, an increase from $20.7 billion in the year-ago period.
