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WATERBURY, Conn.--(BUSINESS WIRE)--April 17, 2002--Webster
Financial Corporation (Nasdaq: WBST), the holding company for Webster
Bank, today reported a 19 percent increase in operating earnings for
the first quarter ended March 31, 2002.
Operating earnings for the quarter increased to $39.4 million or
$.80 per diluted share, compared to $33.1 million or $.67 per diluted
share for the first quarter ended March 31, 2001.
The first quarter 2002 results reflect the adoption of a new
accounting standard eliminating the amortization of goodwill expense
beginning January 1, 2002. Had the new accounting standard been
effective in the 2001 quarter, operating earnings (defined as net
income excluding nonrecurring items) for that period would have been
$36.3 million or $.73 per diluted share.
Net income for the first quarter of 2002 was $39.4 million or $.80
per diluted share, compared to $27.0 million or $.54 per diluted share
for the year-ago period. The 2001 results included net non-recurring
items of $6.1 million, net of taxes, or $.13 per diluted share.
"We are pleased to report continued strong performance and
progress in advancing our strategic plan for growth," said James C.
Smith, chairman and chief executive officer. "The growth in loans and
deposits, coupled with improving credit quality, reflect the region's
steady performance during the economic slowdown. Our recently
announced management reorganization better aligns our executive team
and senior managers to execute our strategic growth plan."
The growth in operating earnings was driven by increases in net
interest income and growth in revenues from fee-based services. Net
interest income increased 10 percent compared to the first quarter
last year due to the benefits of a lower interest-rate environment and
asset growth. Revenues from fee-based services also grew 10 percent
compared to a year-ago primarily as a result of increased loan and
loan-servicing fees and higher insurance revenues.
Webster's equipment leasing and financing subsidiary, Center
Capital, broadened its product offerings with the formation of a
professional practices business line serving potential customers in
all 50 states. This division specializes in financing office
automation and medical equipment for professionals including those in
the fields of medicine, law, accounting, architecture and consulting.
William T. Bromage, president and chief operating officer, said "This
new division serves an attractive market and will boost loan growth in
future periods."
Financial Highlights
Net interest income for the quarter increased 10 percent to $96.5
million from $87.7 million in the year-ago period and compares to
$95.7 million in the fourth quarter of 2001. The increase was due
primarily to the benefits of a lower interest-rate environment and
asset growth. The securities and loan portfolios increased $532
million and $121 million, respectively, in the first quarter compared
to the first quarter a year ago. On a linked-quarter comparison,
volume growth in the securities and loan portfolios contributed to the
growth in net interest income. Net interest margin (net interest
income as a percentage of average earning assets) was 3.51 percent in
the first quarter, compared to 3.35 percent in the year-ago period and
3.61 percent in the fourth quarter of 2001. The decrease in net
interest margin is due primarily to lower reinvestment yields in the
securities and loan portfolios.
Revenue from fee-based services excluding gains on the sale of
securities, increased 10 percent for the quarter to $38.8 million from
$35.2 million in year-ago period. This increase is due primarily to
revenue related to loan and loan servicing fees, higher revenues at
Webster Insurance and to expanded product offerings to Webster's
growing customer base. Income from fee-based services as a percent of
total revenue was 29 percent in the first quarter.
Total assets are now $12.3 billion up from $11.8 billion in the
fourth quarter. Total gross loans increased almost 4% in the quarter
to $7.2 billion compared to $7.0 billion at December 31, 2001. The
increase is due primarily to growth in the consumer and residential
portfolios. Deposits increased to $7.2 billion in the quarter from
$7.1 billion at December 31, 2001, primarily as a result of growth in
savings and money market accounts.
The allowance for loan losses increased to $98.9 million or 1.37
percent of total loans at March 31, 2002, from $95.0 million or 1.33
percent of total loans in the year-ago period and $97.3 million or
1.40 percent of total loans in the fourth quarter.
Nonperforming assets totaled $54.3 million or 0.44 percent of
total assets at March 31, 2002, compared to $49.9 million or 0.43
percent a year earlier and down from $62.5 million or 0.53 percent in
the fourth quarter. The allowance for loan losses as a percent of
nonaccrual loans was 197 percent, up from 169 percent in the fourth
quarter and was 202 percent at March 31, 2001.
Book value per common share increased 10 percent to $20.69 at
March 31, 2002, from $18.85 at March 31, 2001, due primarily to
earnings and increases in the fair value of available-for-sale
securities. Shareholders' equity exceeded $1 billion at the end of the
first quarter, up from $925 million at the end of the 2001 first
quarter, representing 8.2% percent of total assets.
2002 Strategic Actions
In January Webster announced a management reorganization and the
promotion of President William T. Bromage to the newly created
position of Chief Operating Officer. As a result of the change, all
lines of business will report to Bromage, who will focus on executing
Webster's strategic plan. As part of the reorganization, Webster also
announced two newly created positions. An Executive Vice President,
Business Banking will report to Bromage and an Executive Vice
President, Corporate Development and Planning will report to Smith.
Earlier this month, Webster announced the appointment of Dr.
Nicholas Perna as economic advisor. Perna will assist Webster to
assess Connecticut, national and international economic developments.
Perna is the chief economist and managing director of Perna
Associates, a consulting firm that specializes in economic analysis,
forecasting and strategy. Prior to founding this company, he was chief
economist for Fleet Financial Group, a position he previously held
with Shawmut Bank and Connecticut National Bank. Businessweek and The
Wall Street Journal have cited him as one of the top economic
forecasters in the United States.
In February, Webster announced the opening of its Stamford Branch
at 1959 Summer Street, the first step in our announced expansion into
Fairfield County. Webster now offers 13 branch locations in 9
Fairfield County towns. In aggregate, our growth plan calls for
establishing at least 20 branches and 35 ATM locations in contiguous
markets over the next three years.
Webster Financial Corporation is the holding company for Webster
Bank and Webster Insurance. With $12 billion in assets,
Connecticut-based Webster Bank provides business and consumer banking,
mortgage, trust and investment services through more than 100 banking
offices, 210 ATMs and the Internet (www.websterbank.com). Webster
Financial Corporation is majority owner of Chicago-based Duff &
Phelps, LLC, a leader in financial advisory services, and Webster Bank
owns Center Capital Corporation, an equipment leasing and financing
company headquartered in Farmington, Connecticut and Webster Trust
Company, N.A.
For more information on Webster, including past press releases and
the latest Annual Report, visit the Webster Bank website at
www.websterbank.com.
Conference Call
A conference call covering today's announcement will be held
today, Wednesday, April 17, at 1 p.m., Eastern Time and may be heard
through Webster's investor relations website at www.wbst.com, or in
listen-only mode by calling 1-800-521-5428 (Access Code: 1706365). The
call will be archived on the website and available for future
retrieval.
Statements in this press release regarding Webster Financial
Corporation's business that are not historical facts are "forward
looking statements" that involve risks and uncertainties. For a
discussion of such risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statement, see "Forward Looking Statements" in the Company's Annual
Report for the most recently ended fiscal year.
Selected Financial Highlights (unaudited)
---------------------------------------------
At or for the Three
Months Ended March 31,
(Dollars in thousands, except per share data) 2002 2001
---- ----
Operating income and performance
ratios before nonrecurring items
(annualized) (a):
---------------------------------------------
As reported:
Operating income $ 39,436 $ 33,091
Operating income per common share (diluted) 0.80 0.67
Return on average shareholders' equity 15.48 % 14.64 %
Return on average assets 1.32 1.17
Fee income as a percentage of total revenue 28.68 28.66
Efficiency ratio (b) 51.20 51.25
2001 adjusted for SFAS 142:
Operating income $ 39,436 $ 36,343
Operating income per common share (diluted) 0.80 0.73
Return on average shareholders' equity 15.48 % 16.05 %
Return on average assets 1.32 1.28
Net income and performance ratios
after nonrecurring items
(annualized):
---------------------------------------------
Net income $ 39,436 $ 26,983
Net income per common share (diluted) 0.80 0.54
Return on average shareholders' equity 15.48 % 11.94 %
Return on average assets 1.32 0.95
Fee income as a percentage of total revenue 28.68 28.66
Cash income and performance ratios
before nonrecurring items
(annualized) (c):
---------------------------------------------
Cash income $ 42,239 $ 39,604
Cash income per common share (diluted) 0.85 0.80
Cash return on average shareholders' equity 16.59 % 17.52 %
Cash return on average assets 1.42 1.40
Other ratios (annualized):
---------------------------------------------
Shareholders' equity / total assets 8.20 % 7.90 %
Interest-rate spread 3.42 3.23
Net interest margin 3.51 3.35
Share related:
---------------------------------------------
Book value per common share $ 20.69 $ 18.85
Tangible book value per common share 14.22 12.04
Common stock closing price 37.43 29.31
Dividend declared per common share 0.17 0.16
Common shares issued and outstanding 48,879,355 49,077,409
Basic shares (average) 48,802,810 48,937,557
Diluted shares (average) 49,582,577 49,565,661
(a) Excludes the following nonrecurring items for the 2001 period, net
of taxes: $2.5 million of branch reconfiguration expenses, $2.4
million related to the adoption of accounting standards for
derivative instruments and hedging activities and $1.2 million
related to the early extinguishment of debt. There were no
nonrecurring items recorded for the 2002 period.
(b) Excludes nonrecurring income and operating expense items (refer to
item (a)), intangible amortization, capital securities, preferred
dividend, minority interest, foreclosed property and repossession
expenses.
(c) Net income excluding tax-effected intangible amortization and
nonrecurring items (refer to item (a)).
Consolidated Statements of Condition (unaudited)
------------------------------------------------
March 31, December 31, March 31,
(Dollars in thousands) 2002 2001 2001
------------ ------------ ------------
Assets:
Cash and due from
depository institutions $ 167,160 $ 218,908 $ 237,141
Short-term investments 33,472 35,937 348
Securities:
Trading, at fair value 527 - 30
Available for sale,
at fair value 4,221,800 3,999,133 3,690,313
------------ ------------ ------------
Total securities 4,222,327 3,999,133 3,690,343
------------ ------------ ------------
Loans receivable:
Residential mortgages 3,664,334 3,530,201 4,069,946
Commercial and industrial 1,385,276 1,367,578 1,480,745
Commercial real estate 952,553 974,976 867,789
Consumer 1,237,098 1,094,463 699,579
------------ ------------ ------------
Gross loans receivable 7,239,261 6,967,218 7,118,059
Allowance for loan losses (98,930) (97,307) (94,970)
------------ ------------ ------------
Loans, net 7,140,331 6,869,911 7,023,089
Accrued interest receivable 58,928 54,288 68,898
Premises and equipment, net 82,209 82,808 87,839
Intangible assets 316,602 320,051 334,209
Cash surrender value
of life insurance 165,225 163,023 176,619
Prepaid expenses and
other assets 155,846 113,323 85,069
------------ ------------ ------------
Total assets $12,342,100 $11,857,382 $11,703,555
============ ============ ============
Liabilities and
Shareholders' Equity:
Deposits:
Checking and NOW $ 1,661,341 $ 1,708,623 $ 1,569,618
Savings and MMDAs 2,592,132 2,430,691 2,058,873
Certificates of deposit 2,794,048 2,831,344 3,166,611
------------ ------------ ------------
Total retail deposits 7,047,521 6,970,658 6,795,102
Treasury deposits 121,825 95,813 158,962
------------ ------------ ------------
Total deposits 7,169,346 7,066,471 6,954,064
Borrowed funds 3,903,226 3,533,364 3,422,933
Accrued expenses and
other liabilities 98,459 91,503 242,070
------------ ------------ ------------
Total liabilities 11,171,031 10,691,338 10,619,067
------------ ------------ ------------
Corporation-obligated
mandatorily redeemable
capital securities of
subsidiary trusts 150,000 150,000 150,000
Preferred stock of
subsidiary corporation 9,577 9,577 9,577
Shareholders' equity 1,011,492 1,006,467 924,911
------------ ------------ ------------
Total liabilities and
shareholders' equity $12,342,100 $11,857,382 $11,703,555
============ ============ ============
Consolidated Statements of Income (unaudited)
---------------------------------------------
Three Months Ended
March 31,
(Dollars in thousands, except per share data) 2002 2001 (b)
------------ ------------
Interest income:
Loans $111,495 $138,628
Securities and short-term investments 59,598 57,984
------------ ------------
Total interest income 171,093 196,612
------------ ------------
Interest expense:
Deposits 39,613 59,436
Borrowings 34,997 49,465
------------ ------------
Total interest expense 74,610 108,901
------------ ------------
Net interest income 96,483 87,711
Provision for loan losses 4,000 3,200
------------ ------------
Net interest income after
provision for loan losses 92,483 84,511
------------ ------------
Noninterest income:
Deposit service fees 13,806 13,233
Loan and loan servicing fees 5,223 2,896
Trust and investment services 4,387 4,394
Financial advisory services 3,959 4,505
Insurance revenue 7,436 5,014
Gain on sale of securities, net 3,405 4,249
Increase in cash surrender
value of life insurance 2,202 2,324
Other 1,784 2,871
------------ ------------
Total noninterest income 42,202 39,486
------------ ------------
Noninterest expenses:
Compensation and benefits 40,148 35,617
Occupancy 6,285 6,880
Furniture and equipment 6,568 6,711
Intangible amortization 4,313 7,564
Marketing 2,424 2,090
Professional services 2,327 1,570
Capital securities 3,616 3,616
Other 11,512 10,469
------------ ------------
Total noninterest expenses 77,193 74,517
------------ ------------
Income before income taxes
and nonrecurring items 57,492 49,480
Income taxes 18,056 16,389
------------ ------------
Income before nonrecurring items 39,436 33,091
Nonrecurring items, net of taxes (a) - (6,108)
------------ ------------
Net income $ 39,436 $ 26,983
============ ============
Net income per common share
before nonrecurring items:
Basic $0.81 $0.68
Diluted 0.80 0.67
Net income per common share:
Basic $0.81 $0.55
Diluted 0.80 0.54
(a) See footnote (a) to Selected Financial Highlights.
(b) Had the requirements of Statement of Financial Accounting
Standards 142 ("SFAS"), been applied to the 2001 period,
intangible amortization expense would have been $4,312, income
before nonrecurring items $36,343 and net income $30,235. Net
income per share before nonrecurring items would have been: basic
$.74 and diluted $.73. Net income per share would have been: basic
$.62 and diluted $.61.
Consolidated Statements of Income (unaudited)
---------------------------------------------
Three Months Ended
(Dollars in
thousands, except March 31, Dec. 31, Sept. 30, June 30, March 31,
per share data) 2002 2001 2001 2001 2001
---------- --------- --------- --------- ---------
Interest income:
Loans $ 111,495 $ 118,534 $ 127,991 $ 134,702 $ 138,628
Securities and
short-term
investments 59,598 59,004 60,572 59,755 57,984
---------- --------- --------- --------- ---------
Total interest
income 171,093 177,538 188,563 194,457 196,612
---------- --------- --------- --------- ---------
Interest expense:
Deposits 39,613 45,570 53,627 57,702 59,436
Borrowings 34,997 36,260 41,385 46,311 49,465
---------- --------- --------- --------- ---------
Total interest
expense 74,610 81,830 95,012 104,013 108,901
---------- --------- --------- --------- ---------
Net interest income 96,483 95,708 93,551 90,444 87,711
Provision for
loan losses 4,000 4,000 4,000 3,200 3,200
---------- --------- --------- --------- ---------
Net interest income
after provision
for loan losses 92,483 91,708 89,551 87,244 84,511
---------- --------- --------- --------- ---------
Noninterest income:
Deposit
service fees 13,806 14,362 14,142 14,325 13,233
Loan and loan
servicing fees 5,223 5,054 5,131 5,670 2,896
Trust and
investment
services 4,387 4,377 4,984 4,591 4,394
Financial advisory
services 3,959 3,286 3,942 3,792 4,505
Insurance revenue 7,436 5,358 5,806 5,573 5,014
Gain on sale of
securities, net 3,405 2,012 2,566 1,794 4,249
Increase in cash
surrender value
of life insurance 2,202 2,238 2,211 2,391 2,324
Other 1,784 2,094 1,709 2,115 2,871
---------- --------- --------- --------- ---------
Total noninterest
income 42,202 38,781 40,491 40,251 39,486
---------- --------- --------- --------- ---------
Noninterest
expenses:
Compensation and
benefits 40,148 35,393 35,827 36,062 35,617
Occupancy 6,285 6,180 6,057 6,526 6,880
Furniture and
equipment 6,568 6,975 7,032 7,160 6,711
Intangible
amortization 4,313 7,889 7,888 7,886 7,564
Marketing 2,424 2,300 2,045 2,293 2,090
Professional
services 2,327 2,470 2,896 2,542 1,570
Capital
securities 3,616 3,615 3,616 3,615 3,616
Other 11,512 12,320 11,840 10,220 10,469
---------- --------- --------- --------- ---------
Total noninterest
expenses 77,193 77,142 77,201 76,304 74,517
---------- --------- --------- --------- ---------
Income before
income taxes and
nonrecurring items 57,492 53,347 52,841 51,191 49,480
Income taxes 18,056 17,914 17,810 17,039 16,389
---------- --------- --------- --------- ---------
Income before
nonrecurring items 39,436 35,433 35,031 34,152 33,091
Nonrecurring items,
net of taxes - 1,237 - 352 (6,108)
---------- --------- --------- --------- ---------
Net income $ 39,436 $ 36,670 $ 35,031 $ 34,504 $ 26,983
========== ========= ========= ========= =========
Net income
per common
share before
nonrecurring items:
Basic $0.81 $0.72 $0.71 $0.70 $0.68
Diluted 0.80 0.71 0.70 0.69 0.67
Net income
per common
share before
nonrecurring items:
(2001 restated
for SFAS 142)
Basic $0.81 $0.80 $0.78 $0.77 $0.74
Diluted 0.80 0.79 0.77 0.76 0.73
Net income per
common share:
Basic $0.81 $0.75 $0.71 $0.70 $0.55
Diluted 0.80 0.74 0.70 0.69 0.54
Retail and Wholesale Interest-Rate Spreads (unaudited)
------------------------------------------------------
Three Months Ended March December September June March
2002 2001 2001 2001 2001
--------- --------- --------- --------- ---------
Interest-rate
spread
------------------
Total
interest-earning
assets (a) 6.24 % 6.64 % 7.06 % 7.28 % 7.55 %
Total
interest-bearing
liabilities 2.82 3.13 3.63 3.96 4.32
--------- --------- --------- --------- ---------
Interest-rate
spread 3.42 % 3.51 % 3.43 % 3.32 % 3.23 %
Net interest
margin 3.51 3.61 3.54 3.39 3.35
Retail
interest-rate
spread
------------------
Yield on loans 6.39 % 6.78 % 7.33 % 7.61 % 7.99 %
Cost of deposits 2.29 2.59 3.06 3.34 3.52
--------- --------- --------- --------- ---------
Spread 4.10 % 4.19 % 4.27 % 4.27 % 4.47 %
========= ========= ========= ========= =========
Wholesale
interest-rate
spread
------------------
Yield on
securities (a) 5.98 % 6.38 % 6.57 % 6.63 % 6.67 %
Cost of borrowings 3.85 4.24 4.79 5.18 5.98
--------- --------- --------- --------- ---------
Spread 2.13 % 2.14 % 1.78 % 1.45 % 0.69 %
========= ========= ========= ========= =========
Consolidated Average Statements of Condition (unaudited)
--------------------------------------------------------
Three Months Ended March 31, 2002
Fully tax-
Average Interest equivalent
(Dollars in thousands) balance (b) yield/rate
----------- ----------- -----------
Assets:
Interest-earning assets:
Loans $ 6,996,981 $ 111,495 6.39 %
Securities and
interest-bearing deposits 4,044,428 59,902 5.98 (a)
----------- ----------- -----------
Total interest-earning assets 11,041,409 171,397 6.24
-----------
Noninterest-earning assets 881,237
-----------
Total assets $11,922,646
===========
Liabilities and
Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits $ 6,184,667 $ 39,613 2.60 %
Noninterest-bearing deposits 838,903 - -
Federal Home Loan Bank advances 2,391,373 27,287 4.56
Repurchase agreements
and other borrowings 1,116,611 4,920 1.76
Senior notes 126,000 2,790 8.86
----------- ----------- -----------
Total interest-bearing
liabilities 10,657,554 74,610 2.82
-----------
Noninterest-bearing liabilities 86,796
-----------
Total liabilities 10,744,350
Capital securities and
preferred stock of
subsidiary corporation 159,577
Shareholders' equity 1,018,719
-----------
Total liabilities and
shareholders' equity $11,922,646
===========
Less: tax-equivalent adjustment (304)
-----------
Net interest income $ 96,483
===========
Interest-rate spread 3.42 %
===========
Net interest margin 3.51 %
===========
Three Months Ended March 31, 2001
Fully tax-
Average Interest equivalent
(Dollars in thousands) balance (b) yield/rate
----------- ----------- -----------
Assets:
Interest-earning assets:
Loans $ 6,943,051 $ 138,631 7.99 %
Securities and
interest-bearing deposits 3,500,761 58,216 6.67 (a)
----------- ----------- -----------
Total interest-earning assets 10,443,812 196,847 7.55
-----------
Noninterest-earning assets 869,976
-----------
Total assets $11,313,788
===========
Liabilities and
Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits $ 6,051,782 $ 59,436 3.98 %
Noninterest-bearing deposits 801,781 - -
Federal Home Loan Bank advances 1,985,957 30,830 6.21
Repurchase agreements
and other borrowings 1,196,391 15,848 5.30
Senior notes 126,000 2,787 8.85
----------- ----------- -----------
Total interest-bearing
liabilities 10,161,911 108,901 4.32
-----------
Noninterest-bearing liabilities 81,485
-----------
Total liabilities 10,243,396
Capital securities and
preferred stock of
subsidiary corporation 166,244
Shareholders' equity 904,148
-----------
Total liabilities and
shareholders' equity $11,313,788
===========
Less: tax-equivalent adjustment (235)
-----------
Net interest income $ 87,711
===========
Interest-rate spread 3.23 %
===========
Net interest margin 3.35 %
===========
(a) For purposes of this computation, unrealized gains(losses) are
excluded from the average for rate calculations.
(b) On a fully tax-equivalent basis.
Asset Quality and Allowance for Loan Losses (unaudited)
-------------------------------------------------------
(Dollars in thousands)
At or for the Three Months Ended,
--------------------------------------------------
Nonperforming
Assets March 31, Dec. 31, Sept. 30, June 30, March 31,
------------- 2002 2001 2001 2001 2001
---------- --------- --------- --------- ---------
Nonperforming loans:
Commercial:
Business
banking $ 20,461 $ 20,574 $ 16,852 $ 9,032 $ 13,529
Specialized
industry 3,399 8,947 11,003 5,100 5,100
Lease financing 7,510 7,333 6,733 6,295 5,700
---------- --------- --------- --------- ---------
Total
commercial 31,370 36,854 34,588 20,427 24,329
Commercial
real estate 11,122 11,062 13,945 13,876 12,185
Residential 6,262 7,677 7,745 8,693 8,540
Consumer 1,545 1,823 1,474 1,571 2,077
---------- --------- --------- --------- ---------
Total nonperforming
loans 50,299 57,416 57,752 44,567 47,131
---------- --------- --------- --------- ---------
Other real estate
owned and
repossessed assets:
Commercial 2,690 2,534 539 1,685 1,040
Residential 1,131 1,956 1,240 784 1,685
Consumer 205 548 710 364 37
---------- --------- --------- --------- ---------
Total other real
estate owned and
repossessed assets 4,026 5,038 2,489 2,833 2,762
---------- --------- --------- --------- ---------
Total nonperforming
assets $ 54,325 $ 62,454 $ 60,241 $ 47,400 $ 49,893
========== ========= ========= ========= =========
Allowance for
Loan Losses
-------------
Beginning balance $ 97,307 $ 96,654 $ 96,135 $ 94,970 $ 90,809
Allowance from
purchase
transactions - - - - 1,852
Provision 4,000 4,000 4,000 3,200 3,200
Loan charge-offs:
Commercial:
Specialized
industry 1,361 564 3,039 1,359 -
All other
commercial 541 2,518 365 552 581
---------- --------- --------- --------- ---------
Total
commercial 1,902 3,082 3,404 1,911 581
Residential 362 249 325 134 388
Consumer 377 394 281 371 454
---------- --------- --------- --------- ---------
Total
charge-offs 2,641 3,725 4,010 2,416 1,423
Recoveries (264) (378) (529) (381) (532)
---------- --------- --------- --------- ---------
Net loan
charge-offs 2,377 3,347 3,481 2,035 891
---------- --------- --------- --------- ---------
Ending balance $ 98,930 $ 97,307 $ 96,654 $ 96,135 $ 94,970
========== ========= ========= ========= =========
Asset Quality Ratios:
---------------------
Net charge-offs /
average loans
(annualized) 0.14 % 0.19 % 0.20 % 0.12 % 0.05 %
Allowance for loan
losses / gross
loans 1.37 1.40 1.40 1.38 1.33
Nonperforming
assets / total
assets 0.44 0.53 0.52 0.40 0.43
Nonperforming
loans / total
loans 0.69 0.82 0.84 0.64 0.66
Allowance for
loan losses /
nonperforming
loans 196.68 169.48 167.36 215.71 201.50
--30--kb/kf/sw/ny*
| CONTACT: |
Webster Bank, Waterbury |
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Media: |
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Art House, 203/578-2391 |
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ahouse@websterbank.com |
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Clark Finley, 203/578-2429 |
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cfinley@websterbank.com |
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or |
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Investors: |
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James M. Sitro, 203/578-2399 |
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jsitro@websterbank.com |
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