Webster Financial Corp. (NYSE: WBS) on Thursday announced earnings applicable to common shareholders of $97.5 million, or $1.06 per diluted share, for the quarter ended March 31, compared to $78.1 million ($0.85 per diluted share) for the same period of 2018.
“The first quarter represented our 38th consecutive quarter of year-over-year revenue growth as we continue to execute on our strategic priorities,” said John R. Ciulla, Webster’s president and CEO. “Our disciplined approach to capital allocation aligns with our overarching goal to deliver for our customers while maximizing economic profit over time.”
All major financial indicators for the quarter showed positive trend lines compared to the same period of 2018, according to the report. These included:
• Revenue of $310.2 million, an increase of 9.6 percent over Q1 of 2018, including net interest income of $241.6 million, an increase of 12.8 percent.
• Loan growth of $1.0 billion, or 5.7 percent. All of that growth was recorded in commercial and commercial real estate loans, which were up 9.4 percent.
• Deposit growth of $1.4 billion, or 6.4 percent, with growth of $722 million, or 13.1 percent at Webster’s HSA Bank subsidiary.
• Net interest margin of 3.74 percent, up 30 basis points from the same period a year ago.
• Pre-tax, pre-provision net revenue growth of $23.2 million, or 20.8 percent, paced by HSA Bank’s growth of 40.4 percent.
“We have now earned in excess of our cost of capital for eight consecutive quarters,” said Glenn MacInnes, executive vice president and chief financial officer.
Headquartered in Waterbury, Webster Financial is the holding company for Webster Bank, NA and its HSA Bank division.
Contact Michael Bingham at mbingham@newhavenbiz.com
