Waterbury regional lender Webster Financial Corp. said Friday its fourth-quarter profits increased 21 percent as higher asset quality and increased lending boosted the bank’s bottom line.
The parent of Webster Bank reported profits of $47.9 million, or 52 cents per diluted share, for the quarter ending Dec. 31 compared to $39.6 million in profits, or 43 per diluted share, a year earlier.
During the quarter the bank said it grew its commercial and commercial real estate loans portfolio by $339.4 million, or 5.9 percent.
The bank also grew its deposit base by $117.4 million, or 0.8 percent, during the three month quarter and saw its asset quality improve with a 7.2 percent reduction in commercial loans in danger of default.
“Our record fourth quarter results cap a year of strong performance for Webster,” Chairman and Chief Executive Officer James C. Smith said. “Core net income reached an all-time high in the fourth quarter. Loan originations rose 40 percent in the fourth quarter from a year ago and 46 percent for the full year to set a new record, and our loans to businesses now comprise more than half of our total loan portfolio.“
