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Webster Financial Corp. said its allowance for credit losses in the recent quarter was $85 million, up from $45.5 million.
In what Chairman and Chief Executive Officer James C. Smith described as "progress on several fronts," the bank had deposit growth of $426 million, to $13.6 billion; its capital cushion grew and is well above required levels; and earnings before the bad-assets set aside were up by 10 percent.
"Loan delinquencies were flat for the third consecutive quarter and overall performance was solid considering the challenging environment,' Smith said.
To see more of The Hartford Courant, or to subscribe to the newspaper, go to http://www.courant.com/. Copyright (c) 2009, The Hartford Courant, Conn. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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