Waterbury regional lender Webster Financial Corp. lifted its first-quarter profit 13 percent on increased loan and service fees and lower overhead.
For three months ended March 31, the parent of Webster Bank netted $38.3 million, or 42 cents a fully diluted share, up from $33.7 million, or 36 cents a share, netted the same period last year.
Webster said it issued more commercial non-mortgage and residential real estate loans in the latest quarter than a year ago, while taking fewer charge offs in its portfolio of bad loans and foreclosed property.
Noninterest expense fell to $126.6 million last quarter from $128.6 million a year ago, the bank said.
"Strong commercial and residential lending drove loan growth and higher non-interest income as we are winning new customers across our footprint,'' Chairman and CEO James C. Smith said in a statement.