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WATERBURY, Conn., Jan 23, 2002 (BUSINESS WIRE) -- Webster Financial Corporation
(Nasdaq: WBST), the holding company for Webster Bank, today reported a 20
percent increase in annual operating earnings for 2001. For the fourth quarter
ended December 31, 2001, operating earnings also increased 20 percent over the
same period a year ago.
Operating earnings (defined as net income excluding nonrecurring items) for the
year rose to $137.7 million or $2.77 per diluted share, compared to $114.8
million or $2.47 per diluted share for 2000. For the fourth quarter ended
December 31, 2001, operating earnings increased to $35.4 million or $.71 per
diluted share, compared to $29.4 million or $.60 per diluted share in the
year-ago period.
Net income for 2001 was $133.2 million or $2.68 per diluted share, compared to
$118.3 million or $2.55 per diluted share for the previous year. The 2001
results include, net of taxes, net non-recurring charges of $4.5 million
compared to net benefits of $3.5 million, in the previous year.
"Simply put, 2001 was Webster's best year ever as we reported strong earnings
and further expanded and strengthened our franchise," said James C. Smith,
chairman and chief executive officer. "Webster enhanced its product offerings by
completing its acquisition of Center Capital Corporation, a successful leasing
company, and acquiring two more insurance agencies, making Webster Insurance the
largest Connecticut-based insurance agency. In addition, we announced a branch
expansion program as part of our commitment to provide more extensive service to
our growing customer base. We strengthened our management team and invested in
people and systems with an eye to the future. Webster today is a leading
Connecticut-based financial services provider dedicated to building strong
customer relationships that increase shareholder value and poised for further
growth."
The improvement in operating earnings continues to be driven by increases in net
interest income and growth in revenues from fee-based services. Net interest
income in 2001 increased 13 percent compared to the previous year, due primarily
to the benefits of a lower interest-rate environment. Revenue from fee-based
services increased 30 percent compared to the previous year as a result of
growth in Webster's fee-based businesses and expanded product offerings to
Webster's growing customer base.
Webster also announced today that it has declared a regular quarterly cash
dividend of $.17 per common share. The dividend is payable on February 19, 2002,
to shareholders of record on February 5, 2002. This is the 58th consecutive
dividend since Webster first paid a dividend in 1987.
Financial Highlights
Net interest income for the year increased by 13.0 percent to $367.5 million
from $326.5 million in the previous year. For the fourth quarter of 2001, net
interest income increased by 12.0 percent to $95.7 million from $85.4 million in
the year-ago period. The increase for the year is aided by a full year's benefit
of higher interest-earning assets from Mechanics Savings Bank, which Webster
acquired in June 2000. The full year and quarter benefited from a lower
interest-rate environment.
Net interest margin (net interest income as a percentage of average earning
assets) was 3.61 percent in the fourth quarter, compared to 3.32 percent in the
year-ago period and 3.54 percent in the third quarter of 2001. For the year the
net interest margin was 3.48 percent, up from 3.29% reported a year ago. The
improvement in the net interest margin was driven by the lower interest-rate
environment and by the increasingly positive slope of the yield curve.
Revenue from fee-based services and other noninterest income, excluding gains on
the sale of securities, increased 30 percent for the year to $148.4 million from
$113.9 million in 2000. For the fourth quarter of 2001 these revenues increased
17 percent to $36.8 million from $31.5 million in the year-ago period. These
increases are due primarily to revenue related to Duff & Phelps, which offers
financial advisory services, to Webster Insurance and to expanded product
offerings to Webster's growing customer base. Income from fee-based services as
a percent of total revenue increased to 29 percent in 2001 from 26 percent in
the previous year.
The allowance for loan losses increased to $97.3 million or 1.40 percent of
total loans at December 31, 2001, from $90.8 million or 1.31 percent of total
loans a year earlier and $96.6 million or 1.40 percent of total loans in the
third quarter. The provision for loan losses for the year increased to $14.4
million from $11.8 million in the previous year, due primarily to the economic
slowdown, which precipitated a rise in the level of non-performing assets and
increases in net loan charge-offs.
Nonperforming assets amounted to $62.5 million or 0.53 percent of total assets
at December 31, 2001, compared to $44.3 million or 0.39 percent a year earlier
and $60.2 million or 0.52 percent in the third quarter.
Book value per common share increased 12.6 percent in 2001 to $20.48 at December
31, 2001, from $18.19 at December 31, 2000, due primarily to earnings and
increases in the fair value of available-for-sale securities. Shareholders'
equity increased to $1 billion at the close of the year, up from $890 million at
the end of 2000, representing 8.5% percent of total assets.
Balance Sheet Transformation
"I am pleased to report that we have made significant progress toward our goal
of transforming the loan portfolio mix to higher yielding commercial and
consumer loans and to transforming the deposit mix to lower-cost core deposits,"
said William T. Bromage, president and vice chairman.
Commercial and consumer loans increased to 50% of the total loan portfolio mix
at December 31, 2001, from 40.0% at the end of the previous period.
Core Deposits (defined as checking, savings and money market accounts) increased
to 59% of total deposits at December 31, 2001, from 51% at the end of the
previous period.
2001 Strategic Actions
In March, Webster announced the acquisition of Center Capital Corporation, a
privately held equipment financing company with assets of $260 million
headquartered in Farmington, CT. Center Capital finances commercial and
industrial equipment through installment sales and leasing programs to customers
in all 50 states.
In April, Webster announced the acquisition of Wolff-Zackin & Associates Inc.
and Benefit Plans Design & Administration Inc., both of Vernon, CT. Founded in
1954, Wolff-Zackin & Associates is a multiple-lines insurance business
specializing in personal and corporate life products, property and casualty and
deferred compensation plans. Webster also acquired its sister company, Benefit
Plans Design & Administration Inc., which provides businesses with pension,
profit sharing, individual retirement account (IRA) and 401(k) investment plans.
The company also provides group life, disability income and medical and dental
care plans for businesses. Webster Insurance currently has a staff of 180
employees and writes in excess of $220 million in premiums annually, ranking it
as the largest Connecticut-based insurance agency.
In September, Webster announced a concerted branch expansion program, with
initial focus on lower Fairfield County, as part of its strategy to increase
deposits and to expand its retail franchise in Connecticut and contiguous
states. During the next three years Webster plans to establish at least 20 new
branches as well as 35 ATM locations as part of its "WE FIND A WAY" initiative
to provide increasing levels of service and convenience to its growing base of
consumers and businesses in Connecticut. Expansion will begin in 2002 in
Fairfield County where Webster currently has 12 branches. Webster will examine
expansion opportunities in New London County and the northern part of the
Hartford/Springfield corridor as well as other areas bordering Connecticut.
Also in the third quarter, Webster announced plans to repurchase 2.5 million
common shares, or approximately 5 percent of Webster's outstanding shares.
Webster purchased 295,000 related shares in the second half of 2001.
In December, in conjunction with its role of financial advisor to
municipalities, Webster announced the expansion of its Government Finance Group
and the formation of a municipal underwriting unit. The Government Finance Group
provides financial advisory and deposit services to municipalities and other
public entities. The group is one of the largest providers of government banking
services in Connecticut and works with more than 100 public entities in the
state.
Other 2001 Highlights
In July, Webster was named to the newly re-balanced Russell 1000 Index, which
measures the performance of the 1000 largest companies in the Russell 3000
Index. The Russell 1000 Index represents approximately 92% of the total market
capitalization of the Russell 3000 Index and has a median market capitalization
of $4.1 billion. More than $177 billion is invested in index funds that use
Russell's U.S. indexes as their model.
Webster strengthened its management team with two key executives. In April,
Webster announced the appointment of William J. Healy as Executive Vice
President and Chief Financial Officer. Mr. Healy was previously Executive Vice
President and Chief Financial Officer of Summit Bancorp headquartered in
Princeton, New Jersey. In July, Webster appointed Jo D. Keeler as Executive Vice
President and Chief Risk Officer. Mr. Keeler was previously an Executive Credit
Officer for FleetBoston Financial in Boston, Massachusetts.
Webster Financial Corporation is the holding company for Webster Bank, which
provides business and consumer banking, mortgage, insurance, trust and
investment services through more than 100 banking offices, 210 ATMs and the
Internet (www.websterbank.com). Webster Financial Corporation owns Center
Capital Corporation, an equipment financing company headquartered in Farmington,
Connecticut, and is majority owner of Chicago-based Duff & Phelps, a leader in
financial advisory services.
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,
January 23, 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: 1436487). 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 At or for
the Three the Twelve
Months Ended Months Ended
December 31, December 31,
(Dollars in thousands,
except per share data) 2001 2000 2001 2000
----------------------------------------------------------------------
Operating income and
performance ratios before
nonrecurring items
(annualized) (a):
--------------------------
Operating income $ 35,433 $ 29,427 $137,707 $114,828
Operating income per
common share (diluted) 0.71 0.60 2.77 2.47
Return on average
shareholders' equity 13.83% 13.97% 14.35% 16.23%
Return on average assets 1.22 1.06 1.19 1.08
Fee income as a percentage
of total revenue 27.76 26.92 28.76 25.87
Efficiency ratio (b) 49.90 50.33 50.34 51.26
Net income and performance
ratios after nonrecurring
items (annualized):
---------------------------
Net income $ 36,670 $ 31,790 $133,188 $118,291
Net income per common
share (diluted) 0.74 0.64 2.68 2.55
Return on average
shareholders' equity 14.31% 15.09% 13.88% 16.72%
Return on average assets 1.26 1.14 1.15 1.11
Fee income as a percentage
of total revenue 28.42 25.74 29.19 25.74
Cash income and performance
ratios before nonrecurring
items (annualized) (c):
---------------------------
Cash income $ 42,270 $ 35,783 $164,730 $133,854
Cash income per common
share (diluted) 0.85 0.73 3.31 2.88
Cash return on average
shareholders' equity 16.50% 16.99% 17.17% 18.91%
Cash return on average
assets 1.46 1.29 1.43 1.26
Other ratios (annualized):
---------------------------
Shareholders' equity / total
assets 8.49% 7.91% 8.49% 7.91%
Interest-rate spread 3.51 3.19 3.38 3.16
Net interest margin 3.61 3.32 3.48 3.29
Asset quality:
---------------------------
Allowance for loan losses $ 97,307 $ 90,809 $ 97,307 $ 90,809
Nonperforming assets, net 62,454 44,329 62,454 44,329
Net loan charge-offs 3,329 1,308 9,721 4,629
Allowance for loan losses /
gross loans 1.40% 1.31% 1.40% 1.31%
Nonperforming assets /
total assets 0.53 0.39 0.53 0.39
Allowance for loan losses /
nonperforming loans 169.48 221.30 169.48 221.30
Share related:
---------------------------
Book value per common share $ 20.48 $ 18.19 $ 20.48 $ 18.19
Tangible book value per
common share 13.97 11.53 13.97 11.53
Common stock closing price 31.53 28.31 31.53 28.31
Dividend declared per common
share 0.17 0.16 0.67 0.62
Common shares issued and
outstanding 49,149,417 48,939,426 49,149,417 48,939,426
Basic shares (average) 49,060,256 48,780,586 49,085,841 45,910,447
Diluted shares (average) 49,690,515 49,307,867 49,742,914 46,427,507
(a) Excludes the following nonrecurring items for the 2001 periods,
net of taxes: $1.6 million related to net insurance proceeds (2nd
& 4th Qtrs), $2.5 million of branch reconfiguration expenses (1st
Qtr), $2.4 million related to the adoption of recent accounting
standards for derivative instruments and hedging activities (1st
Qtr) and $1.2 million related to the early extinguishment of debt
(1st Qtr). Nonrecurring items for the 2000 periods are $3.5
million of branch sale gains (4th Qtr), $1.1 million related to
facilities writedowns and $1.1 million of nontaxable insurance
proceeds (2nd Qtr).
(b) Excludes nonrecurring income and operating expense items (refer to
item (a)), intangible amortization, capital securities, preferred
dividend and foreclosed property expenses.
(c) Net income excluding tax-effected intangible amortization and
nonrecurring items (refer to item (a)).
Consolidated Statements of Condition (unaudited)
----------------------------------------------------------------------
December 31, September 30, December 31,
(Dollars in thousands) 2001 2001 2000(a)
----------------------------------------------------------------------
Assets:
Cash and due from depository
institutions $ 218,908 $ 255,620 $ 265,035
Interest-bearing deposits 35,937 1,782 1,751
Securities:
Trading, at fair value 162 147 6
Available for sale, at fair
value 3,999,133 3,743,350 3,143,327
Held to maturity, (fair
value:$248,215 at 12/31/00) - - 261,747
Loans receivable:
Residential mortgages 3,530,201 3,755,401 4,146,780
Commercial and industrial 1,367,578 1,358,904 1,078,028
Commercial real estate 974,976 952,914 986,403
Consumer 1,094,463 833,998 698,807
----------- ----------- -----------
Gross loans receivable 6,967,218 6,901,217 6,910,018
Allowance for loan losses (97,307) (96,654) (90,809)
----------- ----------- -----------
Loans receivable, net 6,869,911 6,804,563 6,819,209
Accrued interest receivable 54,288 61,808 69,733
Premises and equipment, net 82,808 84,511 94,263
Intangible assets 320,051 326,396 326,142
Cash surrender value of life
insurance 163,023 161,690 174,295
Prepaid expenses and other
assets 113,161 182,384 94,000
----------- ----------- -----------
Total assets $11,857,382 $11,622,251 $11,249,508
=========== =========== ===========
Liabilities and
Shareholders' Equity:
Deposits:
Checking and NOW $ 1,708,623 $ 1,568,905 $ 1,603,671
Savings and MMDAs 2,430,691 2,309,147 1,956,149
Certificates of deposit 2,831,344 2,917,210 3,244,412
----------- ----------- -----------
Total retail deposits 6,970,658 6,795,262 6,804,232
Treasury deposits 95,813 169,741 176,896
----------- ----------- -----------
Total deposits 7,066,471 6,965,003 6,981,128
Borrowed funds 3,533,364 3,268,003 3,030,225
Accrued expenses and other
liabilities 91,503 211,839 148,204
----------- ----------- -----------
Total liabilities 10,691,338 10,444,845 10,159,557
----------- ----------- -----------
Corporation-obligated
mandatorily redeemable
capital securities of
subsidiary trusts 150,000 150,000 150,000
Preferred stock of
subsidiary corporation 9,577 9,577 49,577
Shareholders' equity 1,006,467 1,017,829 890,374
----------- ----------- -----------
Total liabilities and
shareholders' equity $11,857,382 $11,622,251 $11,249,508
=========== =========== ===========
(a) Reflects reclassifications between certain loan categories.
Consolidated Statements of Income (unaudited)
----------------------------------------------------------------------
Three Twelve
Months Ended Months Ended
December 31, December 31,
(Dollars in thousands,
except per share data) 2001 2000(a) 2001 2000(a)
----------------------------------------------------------------------
Interest income:
Loans $118,534 $141,315 $519,920 $518,315
Securities and
interest-bearing deposits 59,004 55,407 237,315 220,596
-------- -------- -------- --------
Total interest income 177,538 196,722 757,235 738,911
-------- -------- -------- --------
Interest expense:
Deposits 45,570 61,849 216,335 224,294
Borrowings 36,260 49,470 173,421 188,101
-------- -------- -------- --------
Total interest expense 81,830 111,319 389,756 412,395
-------- -------- -------- --------
Net interest income 95,708 85,403 367,479 326,516
Provision for loan losses 4,000 3,200 14,400 11,800
-------- -------- -------- --------
Net interest income after
provision for loan losses 91,708 82,203 353,079 314,716
-------- -------- -------- --------
Noninterest income:
Deposit service fees 14,362 14,055 56,061 49,201
Loan and loan servicing fees 5,054 3,709 19,033 14,814
Trust and investment services 4,377 4,618 18,346 18,184
Financial advisory services 3,286 1,290 15,525 1,290
Insurance commissions 5,358 3,451 21,751 14,360
Gain on sale of securities,
net 2,012 616 10,621 8,445
Increase in cash surrender
value of life insurance 2,238 2,322 9,164 8,555
Other 2,094 2,007 8,508 7,536
-------- -------- -------- --------
Total noninterest income 38,781 32,068 159,009 122,385
-------- -------- -------- --------
Noninterest expenses:
Compensation and benefits 35,393 31,506 142,899 122,257
Occupancy 6,180 5,423 25,643 23,074
Furniture and equipment 6,975 7,472 27,878 26,302
Intangible amortization 7,889 7,335 31,227 22,400
Marketing 2,300 2,541 8,728 9,118
Professional services 2,470 2,228 8,516 7,399
Capital securities 3,615 3,615 14,462 14,323
Other 12,320 10,556 45,876 40,557
-------- -------- -------- --------
Total noninterest expenses 77,142 70,676 305,229 265,430
-------- -------- -------- --------
Income before income taxes
and nonrecurring items 53,347 43,595 206,859 171,671
Income taxes 17,914 14,168 69,152 56,843
-------- -------- -------- --------
Income before nonrecurring
items 35,433 29,427 137,707 114,828
Nonrecurring items, net of
taxes (b) 1,237 2,363 (4,519) 3,463
-------- -------- -------- --------
Net income $ 36,670 $ 31,790 $133,188 $118,291
======== ======== ======== ========
Net income per common share
before nonrecurring items:
Basic $0.72 $0.60 $2.81 $2.50
Diluted $0.71 $0.60 $2.77 $2.47
Net income per common share:
Basic $0.75 $0.65 $2.71 $2.58
Diluted $0.74 $0.64 $2.68 $2.55
(a) Reflects reclassifications between certain categories
(b) See footnotes to Selected Financial Highlights.
Retail and Wholesale Interest-Rate Spreads (unaudited)
----------------------------------------------------------------------
Three Months Ended December September June March December
2001 2001 2001 2001 2000
----------------------------------------------------------------------
Interest-rate spread
--------------------
Total interest-earning
assets (a) 6.64% 7.06% 7.28% 7.55% 7.62%
Total interest-bearing
liabilities 3.13 3.63 3.96 4.32 4.43
----- ----- ----- ----- -----
Interest-rate spread 3.51% 3.43% 3.32% 3.23% 3.19%
Net interest margin 3.61 3.54 3.39 3.35 3.32
Retail interest-rate
spread
--------------------
Yield on loans 6.78% 7.33% 7.61% 7.99% 8.12%
Cost of deposits 2.59 3.06 3.34 3.52 3.52
----- ----- ----- ----- -----
Spread 4.19% 4.27% 4.27% 4.47% 4.60%
===== ===== ===== ===== =====
Wholesale interest-rate
spread
-----------------------
Yield on securities (a) 6.38% 6.57% 6.63% 6.67% 6.58%
Cost of borrowings 4.24 4.79 5.18 5.98 6.53
----- ----- ----- ----- -----
Spread 2.14% 1.78% 1.45% 0.69% 0.05%
===== ===== ===== ===== =====
Consolidated Average Statements of Condition (unaudited)
----------------------------------------------------------------------
Three Months Ended December 31, 2001
----------------------------------------------------------------------
Fully tax
Average equivalent
(Dollars in thousands) balance Interest yield/rate
----------------------------------------------------------------------
Assets:
Interest-earning assets:
Loans $ 6,942,991 $ 118,535 6.78%
Securities and interest
-bearing deposits 3,795,970 59,309 6.38(a)
----------- --------- -----
Total interest-earning
assets 10,738,961 177,844 6.64
---------
Noninterest-earning
assets 866,974
-----------
Total assets $11,605,935
===========
Liabilities and
Shareholders' Equity:
Interest-bearing
liabilities:
Interest-bearing
deposits $ 6,136,462 $ 45,570 2.95%
Noninterest-bearing
deposits 836,316 - -
Federal Home Loan Bank
advances 2,319,287 28,450 4.80
Repurchase agreements
and other borrowings 905,497 5,020 2.17
Senior notes 126,000 2,790 8.86
----------- --------- -----
Total interest-bearing
liabilities 10,323,562 81,830 3.13
---------
Noninterest-bearing
liabilities 97,901
-----------
Total liabilities 10,421,463
Capital securities and
preferred stock of
subsidiary corporation 159,577
Shareholders' equity 1,024,895
-----------
Total liabilities and
shareholders' equity $11,605,935
===========
Less tax equivalent adjustment (306)
--------
Net interest income $ 95,708
========
Interest-rate spread 3.51%
=====
Net interest margin 3.61%
=====
Three Months Ended December 31, 2000
----------------------------------------------------------------------
Fully tax
Average equivalent
(Dollars in thousands) balance Interest yield/rate
----------------------------------------------------------------------
Assets:
Interest-earning assets:
Loans $ 6,945,093 $ 141,315 8.12%
Securities and interest-
bearing deposits 3,313,372 55,407 6.58(a)
----------- --------- -----
Total interest-earning
assets 10,258,465 196,722 7.62
---------
Noninterest-earning assets 874,980
-----------
Total assets $11,133,445
===========
Liabilities and
Shareholders' Equity:
Interest-bearing
liabilities:
Interest-bearing
deposits $ 6,146,087 $ 61,849 4.00%
Noninterest-bearing
deposits 845,196 - -
Federal Home Loan Bank
advances 2,230,705 36,974 6.59
Repurchase agreements and
other borrowings 739,628 11,506 6.19
Senior notes 45,196 990 8.76
----------- --------- -----
Total interest-bearing
liabilities 10,006,812 111,319 4.43
---------
Noninterest-bearing
liabilities 84,524
-----------
Total liabilities 10,091,336
Capital securities and
preferred stock of
subsidiary corporation 199,577
Shareholders' equity 842,532
-----------
Total liabilities and
shareholders' equity $11,133,445
===========
Less tax equivalent adjustment -
--------
Net interest income $ 85,403
========
Interest-rate spread 3.19%
=====
Net interest margin 3.32%
=====
(a) For purposes of this computation, unrealized gains (losses) are
excluded from the average rate calculations.
Consolidated Average Statements of Condition (unaudited)
----------------------------------------------------------------------
Twelve Months Ended December 31, 2001
----------------------------------------------------------------------
Fully tax
Average equivalent
(Dollars in thousands) balance Interest yield/rate
----------------------------------------------------------------------
Assets:
Interest-earning assets:
Loans $ 6,969,481 $ 519,930 7.43%
Securities and interest-
bearing deposits 3,667,917 238,423 6.56(a)
----------- ---------- -----
Total interest-earning assets 10,637,398 758,353 7.13
----------
Noninterest-earning assets 896,052
-----------
Total assets $11,533,450
===========
Liabilities and Shareholders'
Equity:
Interest-bearing liabilities:
Interest-bearing deposits $ 6,115,884 $ 216,335 3.54%
Noninterest-bearing deposits 813,658 - -
Federal Home Loan Bank advances 2,011,440 112,784 5.53
Repurchase agreements and other
borrowings 1,258,247 49,475 3.93
Senior notes 126,000 11,162 8.86
----------- ---------- -----
Total interest-bearing
liabilities 10,325,229 389,756 3.75
----------
Noninterest-bearing liabilities 87,530
-----------
Total liabilities 10,412,759
Capital securities and
preferred stock of subsidiary
corporation 161,221
Shareholders' equity 959,470
-----------
Total liabilities and
shareholders' equity $11,533,450
===========
Less tax equivalent adjustment (1,118)
----------
Net interest income $ 367,479
==========
Interest-rate spread 3.38%
=====
Net interest margin 3.48%
=====
Twelve Months Ended December 31, 2000
----------------------------------------------------------------------
Fully tax
Average equivalent
(Dollars in thousands) balance Interest yield/rate
----------------------------------------------------------------------
Assets:
Interest-earning assets:
Loans $ 6,541,659 $ 518,315 7.92%
Securities and interest-
bearing deposits 3,298,959 220,596 6.49(a)
----------- ---------- -----
Total interest-earning assets 9,840,618 738,911 7.43
----------
Noninterest-earning assets 799,597
-----------
Total assets $10,640,215
===========
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits $ 5,879,940 $ 224,294 3.81%
Noninterest-bearing deposits 759,650 - -
Federal Home Loan Bank advances 2,047,743 128,447 6.27
Repurchase agreements and other
borrowings 935,629 56,744 6.06
Senior notes 31,142 2,910 9.34
----------- ---------- -----
Total interest-bearing
liabilities 9,654,104 412,395 4.27
----------
Noninterest-bearing liabilities 78,870
-----------
Total liabilities 9,732,974
Capital securities and
preferred stock of subsidiary
corporation 199,577
Shareholders' equity 707,664
-----------
Total liabilities and
shareholders' equity $10,640,215
===========
Less tax equivalent adjustment -
----------
Net interest income $ 326,516
==========
Interest-rate spread 3.16%
=====
Net interest margin 3.29%
=====
(a) For purposes of this computation, unrealized gains (losses) are
excluded from the average rate calculations.
Note: Pie charts are available at URLs:
http://www.businesswire.com/cgi-bin/photo.cgi?pw.012302/bb1
http://www.businesswire.com/cgi-bin/photo.cgi?pw.012302/bb1a
http://www.businesswire.com/cgi-bin/photo.cgi?pw.012302/bb1b
http://www.businesswire.com/cgi-bin/photo.cgi?pw.012302/bb1c
CONTACT: Webster Financial Corporation,
Media:
Art House, 203/578-2391,
ahouse@websterbank.com,
Clark Finley, 203/578-2507,
cfinley@websterbank.com,
Investors:
James M. Sitro, 203/578-2399,
jsitro@websterbank.com