🔒Amid 90th anniversary, Webster Financial posts ‘record’ 3Q earnings per share

Webster Financial Corp., the parent of Webster Bank, reported strong third-quarter results Friday, saying profit rose on the strength of loan and deposit growth across its regional banking network. The company earned $254.1 million, or $1.54 per diluted share, up from $186.8 million, or $1.10 per share, in the same quarter a year earlier. Total revenue was $732.6 million. Webster said loans and leases climbed to $55.1 billion at the end of the quarter, a 2.6% increase from the prior period. Deposits grew 2.8% to $68.2 billion, reflecting steady demand from both retail and commercial customers. The bank reported a net interest margin of 3.4% and set aside $44 million to cover potential credit losses. Executives said the company’s diversified business lines — including commercial lending, consumer banking, and health savings accounts — continued to support earnings growth. Webster also repurchased 2.2 million shares during the quarter. Neal Holland, senior executive vice president and chief financial officer, said Webster produced “record” earnings per share during the quarter as it also celebrated its 90th anniversary.