Webster Financial Corp. in Waterbury, Conn., on Friday reported a $33.5 million first-quarter profit, compared with a $6 million loss a year earlier, as credit costs subsided.

The $18 billion-asset company's loan-loss provision fell 76% from a year earlier, to $10 million. Nonperforming assets fell 23% from a year earlier, to $290.3 million, or 2.63% of total assets.

Webster earned $25 million in the fourth quarter, when it also completed its exit from the Treasury Department's Troubled Asset Relief Program.

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