Hartford Business.com
August 28, 2008
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Waterbury-based Webster Financial Corp., the holding company for Webster Bank, reported a Q2 2008 net loss of $28.9 million, compared to a net gaine of $35.5 million for the second quarter of 2007.
Total revenue was $119.9 million in the second quarter, compared to $185.9 million a year ago. The decline was a result of the $53.7 million in write-downs for other-than-temporary impairment of certain investment securities classified as available for sale and the $1.2 million write-down in direct investments.
Total assets were $17.5 billion on June 30, compared to $17 billion a year ago. Total deposits were $12.1 billion, a decrease of $0.7 billion from a year ago, as brokered certificates of deposits declined $231 million and other certificates of deposit declined $549 million from a year ago.
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