Webster Financial Corp. on Thursday reported earnings of $96.2 million for the quarter ending June 30.
This represents nearly a $17 million increase over the company’s earnings for the second quarter of 2018, which were $79.5 million.
The Waterbury-based Webster Financial (WBS) is the holding company for Webster Bank.
John R. Ciulla, Webster’s president and chief executive officer, said in an announcement, “Webster’s solid performance continued in the second quarter as we’ve now posted four consecutive quarters with return on common equity above 13 percent.”
The company reported revenues of $317.6 million in the second quarter, an increase of 8.3 percent compared to the same period in 2018.
Glenn MacInnes, executive vice president and chief financial officer, said this revenue growth “resulted in record pre-tax, pre-provision net revenue and our ninth consecutive quarter of positive operating leverage.”
According to MacInnes, Webster experienced reductions this quarter in nonperforming, commercial classified and past-due loans.
Webster also reported loan growth of $1.2 billion, or 6.9 percent, with commercial and commercial real estate loans responsible for the bulk of the increase. The company also reported deposit growth of $1.3 billion, or 5.9 percent.
The company’s stock price over the past year peaked at $69.63 last summer and was at $49.29 as of Friday morning, according to Nasdaq. The company’s stock’s 52-week period low was at $43.95.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com
