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By Michael Souza
PBN Staff Writer
Webster Bank Financial Chairman and CEO James C. Smith saw his total pay package increase 33 percent in 2011. Smith’s total compensation was $3.7 million, up from the $2.8 million he earned in 2010, according to the bank’s 8-K filing with the U.S. Securities and Exchange Commission.
The pay package included $879,800 in cash, $291,485 in stock and a $896,245 cash bonus. He also earned $1.6 million from a long-term incentive award.
In 2011, Webster more than doubled profits amid an improving credit portfolio. The company earned $151.4 million in profits, or $1.61 a share, more than double the $72.3 million, or 57 cents a share earned in 2010. However, the company’s stock price saw little change during 2011, opening at $19.56 on Jan. 3 and closing at $20.34 on Dec. 30.