This is an updated version of an earlier report.
Webster Bank’s third-quarter loan bookings were strong and profits from all its business lines, except mortgage originations, rose in the third quarter, more signs, its chief executive says, of a strengthening Connecticut and New England economy.
“It’s definitely on its way back,’’ James C. Smith, who also is chairman and CEO of its Watebury parent Webster Financial Corp., said Friday
For three months ended Sept. 30, Webster netted $44.7 million, or 49 cents a share after preferred dividends, vs. $44.4 million, or 48 cents a share, netted the same period last year.
Significant reduction in mortgage banking pipeline resulting in a $5.9 million decline in mortgage banking activities from a year ago, Webster said.
Overall, Webster’s loan portfolio grew $750.3 million, or 6.4 percent, from a year ago — $230 million in loans booked in the latest quarter alone, the bank said. Counting home mortgages and loans originated but later sold off, the bank’s new-loan volume over the past 12 months eclipses $1.3 billion, officials said.
Deposit growth was $586.1 million, or 4.1 percent, from a year ago.
The airing of its quarterly results comes weeks after Gerald “Jerry” Plush, stepped down as chief operating officer, to pursue other interests. Plush had been widely seen as the likely heir to running the bank as CEO.
Addressing Plush’s departure, Smith said it was solely Plush’s decision to exit, adding that it had nothing to do with any head-butting over the direction of the regional banking company.
Smith said that he and Webster’s board of directors have yet to decide whether, or when, to install a new operating chief. Meantime, Plush’s duties have been spread among Webster’s team “of bright executives,’’ Smith said.
Even the chairman has taken on extra duties for the time being, including overseeing human resources, personal banking and information technology.
Asked whether Webster is positioned to be “an acquirer’’ or “the acquired,’’ Smith said the bank has its goal to be a high performing regional lender that ranks among the top quartile of its peers. Currently it’s in the top half, Smith said.
Pursuing that goal, he said, likely will position Webster to seize “opportunities that may come our way.”
“We’re positioned to pursue our business plan with zeal,’’ the chairman said, “because it will be the path to higher growth.’’
