The Waterbury parent of Webster Bank posted a small gain in third-quarter profits, paced by ongoing loan and deposit growth.
For three months ended Sept. 30, Webster Financial Corp. posted net income after preferred dividends of $49.5 million, or 54 cents a diluted share, up from $47.8 million, or 53 cents a diluted share, netted the same quarter in 2014.
“Continued strong loan growth produced record revenue and record pre-tax income, as our bankers excelled in service to customers and communities,” said James C. Smith, chairman and CEO for both the parent and its flagship bank.
Webster said it added $1.7 billion in business loans and commercial and residential mortgages in the quarter, a 12.6 percent increase from the volume of new loans booked in last year’s third quarter.
Deposits also climbed by $2 billion, or 13.1 percent, largely due to Webster’s HSA Bank health-savings account unit and last January’s purchase of JPMorgan Chase Bank’s HSA-account business.
Webster Financial ended the latest quarter with $24.1 billion in assets vs. $21.8 billion a year earlier.