April 21, 2017

Webster Bank posts record 1Q net

PHOTO | Steve Laschever
PHOTO | Steve Laschever
Webster CEO James Smith.

Webster Financial Corp. posted record earnings in the first quarter, largely from rising commercial loans.

For three months ended March 31, the parent of Webster Bank said Friday it netted, after preferred dividends, $57.3 million, or 62 cents a diluted share, vs. $44.9 million, or 49 cents a diluted share, netted the same quarter a year ago.

"Record net income was driven by $1.1 billion in commercial loan growth year-over-year, fully funded by HSA and transactional account deposit growth," CEO James C. Smith said. "Our 30th consecutive quarter of year-over-year revenue growth benefited from rising interest rates."

Webster Financial ended the quarter with assets of $26 billion vs. $24.9 billion a year earlier.

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