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Webster Financial in Waterbury, Conn., has changed the name of its wealth planning unit.
January 2 -
Webster Financial in Waterbury, Conn., reported an increase in quarterly profit on the strength of its loan growth.
October 16 -
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
Webster Financial in Waterbury, Conn., posted higher profits in the fourth quarter, propelled by strong loan demand.
The $22.5 billion-asset holding company for Webster Bank saw its net income increase roughly 18% from a year earlier, to $48.4 million. Earnings per share of 53 cents met the estimates of analysts polled by Bloomberg.
Net interest income grew 4%, to $160.6 million. This increase was boosted by growth in all loan segments, including a 14% rise in its commercial-loan portfolio, Webster's largest loan category. Total loans rose 9.5%, to $13.9 billion. Net interest margin compressed 10 basis points, to 3.17%.
Noninterest income rose 21%, to $53.8 million, due to a $1.1 million gain on investment securities as well as loan related fees increasing by 41%.
Noninterest expenses grew 3%, to $130.3 million, which included a one-time litigation cost of $1.4 million.
Compensation and benefits were 4% higher, and the company installed new technology for its HSA Bank division, which acquired the
