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A hedge fund is pressuring Webster Financial in Waterbury, Conn., to consider spinning off its health savings account division.
March 2 -
Wintrust Financial in Rosemont, Ill., reported first-quarter earnings of $39.1 million, up 13% from a year earlier, as loans increased and mortgage revenue rose.
April 16 -
PacWest Bancorp reported higher quarterly profit, as loan growth and lower expenses offset credit issues in the Los Angeles company's energy portfolio.
April 16
Webster Financial in Waterbury, Conn., reported lower first-quarter profit as costs from adding personnel and an acquisition weighed on results.
The $23.1 billion-asset company's net income fell 1% to $47.1 million, from a year earlier. Earnings per share were 52 cents, below the 54-cent average estimate of analysts polled by Bloomberg.
Noninterest expense rose 8% to $134 million. Compensation and benefits expenses rose $4.5 million as Webster hired new employees. The company also spent an additional $4.2 million on technology and equipment associated with its
Net interest income rose 3% to $159.8 million. The net interest margin fell 16 basis points to 3.1%.
Noninterest income rose 16% to $57.9 million. Much of the increase came from a $7.9 million increase in deposit service fees, $6.7 million of which stemmed from its acquisition of HSA accounts.
