WATERBURY, Conn. – Webster Financial Corp. on Thursday reported third-quarter profit of $64.5 million, or 67 cents per diluted share, an increase of 24.5 percent on its 2016 third-quarter results. At the same time the parent company of Webster Bank reported third-quarter total interest and non-interest income grew 9.1 percent year over year to $296.9 million.
“We are pleased to report another quarter of record earnings, which exceeded Webster’s cost of capital once again,” said James C. Smith, chairman and CEO, in prepared remarks. “We have achieved 32 consecutive quarters of year-over-year revenue growth as Webster bankers continue to excel in service to our customers and communities. With our recently announced CEO succession, we have cemented Webster’s future leadership from a position of financial, strategic, and organizational strength.”
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The bank’s non-interest income declined 0.9 percent to $65.8 million. Interest income grew 12.3 percent to $231 million, largely due to grow of interest and fees on loans and leases.
Total assets for the bank grew 2.8 percent year over year to $26.4 billion, powered by a 5 percent increase in total loans and leases to $17.4 billion. Commercial loans and leases showed year-over-year growth of 9.5 percent to $5.9 billion by the end of September.
Asset quality declined slightly as the ratio of nonperforming loans and leases to total loans and leases increased from 0.77 percent to 0.94 percent, thanks to a 27.6 percent increase in total nonperforming loans and leases to $163.6 million.
Total deposits increased 8.6 percent to $20.8 billion.
The bank’s net interest margin increased from 3.10 percent to 3.30 percent, while its return on average assets increased to 0.98 percent from 0.82 percent.
Chris Bergenheim is the PBN web editor.
