Webster’s Smith see pay rise

By Michael Souza
PBN Staff Writer

Webster Bank Financial Chairman and CEO James C. Smith saw his total pay package increase 33 percent in 2011. Smith’s total compensation was $3.7 million, up from the $2.8 million he earned in 2010, according to the bank’s 8-K filing with the U.S. Securities and Exchange Commission.

The pay package included $879,800 in cash, $291,485 in stock and a $896,245 cash bonus. He also earned $1.6 million from a long-term incentive award.

In 2011, Webster more than doubled profits amid an improving credit portfolio. The company earned $151.4 million in profits, or $1.61 a share, more than double the $72.3 million, or 57 cents a share earned in 2010. However, the company’s stock price saw little change during 2011, opening at $19.56 on Jan. 3 and closing at $20.34 on Dec. 30.