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.

PBN Hosted

Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot early!
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
  • Manufacturing Awards
    Applications are now being accepted for the 2nd Annual Manufacturing Awards. Dea ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News