Webster Financial’s third-quarter profits fell nearly 6 percent, due mainly to an increase in quarterly income taxes.
The Waterbury-based parent of Webster Bank reported a profit of $91.9 million, or $1 per diluted share, for the three months ended Sept. 30, down from $97.5 million, or $1.06, in the same quarter a year ago.
Earnings were in line with analyst estimates tracked by Zacks Investment Research, though revenue fell 1 percent short of expectations.
Webster’s share price fell nearly 5 percent when the market opened Tuesday, and was trading around $44.61 per share by mid-afternoon.
Webster’s income taxes rose by more than $11 million compared to the year-ago quarter, when it had booked $8.5 million in discrete tax benefits. The higher taxes were just enough to wipe out gains from interest on loans, leases and securities.
Total deposits were $23.3 billion as of Sept. 30, up from $22 billion a year ago.
