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Webster Financial in Waterbury, Conn., has agreed to buy JPMorgan Chase's health savings account business.
September 23 -
The Connecticut company was an early adopter of branch modernization, starting an effort four years ago that has led to the closure of underperforming locations, enhanced digital offerings and use of universal bankers.
August 18 -
Many banks are aggressively closing branches to cut costs. Those banks must be mindful about branches in moderate- and low-income neighborhoods or risk downgrades after their next Community Reinvestment Act examination.
August 26
Webster Financial in Waterbury, Conn., reported an increase in quarterly profit on the strength of its loan growth.
The $21.8 billion-asset company earned $50.5 million in the third quarter, up 7% over the same period in 2013, it announced Thursday. Earnings per share were 53 cents, beating the expectations of analysts polled by Bloomberg by 1 cent.
Net interest income grew 5%, to $157.4 million, as total loans grew 9%, to $13.5 billion. Most of that growth was in the commercial and commercial real estate sectors, which grew 14% and 13%, respectively. Webster's provision for loan losses rose by $1 million, to $9.5 million.
Noninterest income increased 10%, to $51 million, as mortgage-banking revenue nearly tripled, to $1.8 million. Deposit service fees also ticked up 5%, to $26.5 million.
Webster's overhead expenses rose 4%, to $125.1 million, as compensation costs and technology and equipment costs increased. Its efficiency ratio improved by 109 basis points, to 58.98%.
Webster agreed last month to
