Earnings at Webster Financial (WBS) grew more than 21% in the second quarter from a year earlier, as the Waterbury, Conn., company managed to add loans and transaction deposits.
The $19.4 billion-asset company said Friday that it earned $40.6 million in the second quarter. Loan originations rose 69% higher from a year earlier and totaled more than $1 billion in the quarter, Jerry Plush, the company's president and chief operating officer, said in a press release.
The loan portfolio totaled $11.5 billion at June 30, representing a 4% increase from a year earlier, commercial, commercial real estate and residential mortgages grew.
Webster's transaction account deposits increased by 14% from a year earlier. Demand and interest-bearing checking deposits are now almost 40% of total deposits, Plush said. "The growth in our loan portfolio, coupled with an increase in lower-cost transaction deposits, enabled us to grow net interest income in a challenging interest rate environment," Plush said.
Net interest income rose more than 2% from a year earlier, to $144.4 million. Noninterest income totaled $47.4 million, up roughly 2% from a year earlier. Net chargeoffs also fell compared to a year earlier.
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