-
The $21 billion-asset Webster has become the official bank of Yale University athletics, it announced last week. The three-year agreement will give Webster advertising and promotional opportunities at Yale sporting events and venues.
March 6 -
Webster Financial (WBS) in Waterbury, Conn., reported lower fourth-quarter profit after taking a big charge tied to the Volcker Rule.
January 17 -
Webster Financial (WBS) in Waterbury, Conn., has hired an executive to lead its health savings account operation.
December 31
Webster Financial Corp. (WBS) in Waterbury, Conn., reported solid first-quarter results thanks to a surge in commercial lending.
The $21 billion-asset company said Thursday that it earned $47.8 million in the quarter, up 21% from the same period a year ago. Earnings per share of 53 cents came in a penny higher than the estimates of analysts polled by Bloomberg.
Webster's net interest income rose to $155.3 milliona 7% increase from the same period a year ago and the highest pre-tax level since the third quarter of 2004. Growth in commercial loans propelled the increase, according to Webster Chairman and Chief Executive James Smith. The company's loan portfolio totaled $13 billion, an 8% increase from the same period the previous year, while loan originations rose 28%, to $880 million. Webster's net interest margin ticked up 3 basis points, to 3.23%.
"Our continued loan growth reflects the gradually improving economy and our success in building deep, lasting customer relationships," Smith said in a press release.
Noninterest income rose 3%, to $49.8 million. The increase was largely driven by the sale of investment securities related to compliance with the
Webster's noninterest expense fell roughly 1%, to $124.6 million. Webster increased its loan-loss provision by 17%, to $9 million. But improved asset quality allowed it to chop net chargeoffs in half, to $8 million.
