Webster Financial in Waterbury, Conn., leaned heavily on commercial lending to boost its quarterly earnings.
The $26 billion-asset company said in a press release Friday that its second-quarter profit rose by 22% to $61.6 million, or 64 cents a share.
Net interest income was up 11.8% to $197.8 million. Total loans increased by $17.3 billion, including a 10.3% rise in commercial loans. The net interest margin widened by 19 basis points to 3.27%.
Noninterest income fell by less than 1% to $64.7 million. Mortgage banking income decreased by 11% to $3.4 million. Deposit service fees increased by 10% to $38.2 million, while fees tied to wealth management services increased by 9.3% to $7.9 million.
Noninterest expenses increased by 8% to $164.4 million. Costs tied to compensation and benefits rose by 9% to $87.4 million.