Waterbury’s Webster Financial Corp. said Friday its third-quarter net grew 7.2 percent as strong loan growth and better credit quality boosted its earnings.
Webster Bank’s parent said it earned $44.4 million, or 48 cents a diluted share, for the quarter ending September 30, up from $41.4 million, or 45 cents a share, netted the same period a year ago.
“Webster’s momentum continued to build in the third quarter,” Chairman and CEO James C. Smith said. “Loans and deposits grew, revenues increased while expenses declined, asset quality trends remain favorable and earnings regained pre-recession levels. Our investments in business banking, mortgage banking and other relationship development initiatives are positively influencing operating results.”
During the quarter Webster grew its commercial and commercial real estate loans by 4.1 percent or $229.3 million. Its deposit base grew by 3.1 percent or $439.5 million.
The bank also experienced a 3.5 percent reduction in nonperforming assets, a sign the bank’s credit quality continues to improve.
