Webster Financial 3Q net income climbs
WATERBURY, Conn. (AP) — Webster Financial's third-quarter net income climbed 7 percent as the company gave out more loans and deposits grew.
The parent company for Webster Bank earned $44.4 million, or 48 cents per share, for the three months ended Sept. 30. That compares with $41.4 million, or 45 cents per share, a year ago.
Analysts polled by FactSet expected 46 cents per share.
Deposits rose 6.1 percent, while commercial and commercial real estate loans increased 12.7 percent.
Net interest income, or earnings from deposits and loans, rose to $144.9 million from $141.7 million. Provision for loan losses, the money set aside to cover loans it couldn't collect, was flat at $5 million.
Noninterest income, or earnings from fees and service charges, increased to $48.5 million from $44.7 million.
Net charge-offs, or loans written off as uncollectable, declined to $17.7 million from $28.9 million.
Casey Haire of Jefferies said in a client note that Webster Financial Corp. posted a solid earnings beat, but that its loan growth slowed in comparison to the previous quarter.
Shares of the Waterbury, Conn., company fell 90 cents, or 3.9 percent, to $22.20 in afternoon trading. The shares have traded in a 52-week range of $17 to $24.98.