BANKING

Webster’s net income grows 7% in 3Q

WEBSTER FINANCIAL CORP. posted a net income of $44.4 million for the third quarter, an increase of 7 percent over the same period in 2011.
Posted 10/12/12

WATERBURY, Conn. - Webster Financial Corp., the holding company for Webster Bank, posted a net income of $44.4 million, or $.48 per diluted share, for the quarter ending Sept. 30., an increase of 7 percent when compared to the same quarter in 2011.

The bank attributed its performance to a reduction in operating expenses and significant growth in deposits and commercial lending over the last year.

When compared to the second quarter ending June 30, the net income available to shareholders increased by $3.7 million, or 9 percent.

Deposits increased $439.5 million, or 3.1 percent when compared to the second quarter, and $827.5 million, or 6.1 percent year-over-year.

Transaction account deposits now represent an all time high of 39.3 percent of total deposits, all of which are significant increases. The bank saw commercial and commercial real estate loans experienced a similar increase. A total of $229.3 million was reported for the third quarter, a gain of $649.2 million, or 12.7 percent from the third quarter of 2011

Net interest income was stable, reaching $144.9 million for the quarter. Comparatively, net interest for the second quarter was $144.4 million.

Net charge-offs were reported at $17.7 million for the quarter, slightly higher than the $16.5 million for the second quarter. However, the $17.7 million was markedly less than the $28.9 million reported at the same time last year.

Total noninterest expenses decreased $3.3 million when compared to the quarter ended June 30, yet included were net one-time costs of $0.6 million in the third quarter and $3.2 million in the second quarter.

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