Webster 3Q loss up from 2008

Webster Financial Corp., the parent of Webster Bank N.A., last week posted a third-quarter net loss of $19.24 million due in part to a provision for credit losses that was almost $40 million more than the year-ago period.
The Connecticut-based bank had recorded a $16.52 million net loss in last year’s third quarter.
In the most recent three-month period, Webster’s losses per diluted share totaled 39 cents, worse than the 25 cent per-share loss forecasted by a consensus of analysts who cover the bank, according to Yahoo! Finance.
Webster recorded $230.40 million in interest and noninterest revenue for the third quarter, down 13.36 percent from the year-ago period’s $265.94 million.
The bank touted growth in deposits, which jumped $426 million to $13.6 billion between June 30 and Sept. 30. Executives also noted that net interest margin improved from 3.04 to 3.18 percent quarter over quarter.
The third quarter’s $85 million loan-loss provision represented an 86.81 percent increase over the bank’s provisions of $45.5 million in the 2008 third quarter.
Meanwhile, total nonperforming loans rose again to $340.66 million – an increase of $16.09 million, or 4.96 percent – from $324.57 million at June 30. •