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WATERBURY, Conn., April 19 /PRNewswire-FirstCall/ -- Webster Financial
Corporation (NYSE: WBS), the holding company for Webster Bank, N.A., today
announced a 12 percent increase in net income to $47.5 million in the first
quarter from $42.3 million a year ago. Net income per diluted share was $.88
in the first quarter compared to $.90 a year ago. Net income per share
included $.01 from gains on the sale of securities in the first quarter while
the year-ago period included $.08 of gains. Diluted shares outstanding in the
first quarter include 6.7 million shares issued in last year's second quarter
acquisition of FIRSTFED AMERICA BANCORP, INC. (FIRSTFED).
Cash net income, which adds stock-based compensation and intangible
amortization expenses back to net income, increased by 14 percent to $52.1
million from $45.6 million a year ago. Cash net income per share was $.96 in
the first quarter compared to $.97 a year ago while the cash return on average
tangible equity improved to 23.4 percent from 20.9 percent a year ago.
"We are pleased with the high quality of first quarter results and the
measurable progress toward achieving our strategic and financial goals," said
Webster Chairman and Chief Executive Officer James C. Smith. "Strong
performance included improvement in the net interest margin, solid asset
quality and expense control even as we continue to invest in our de novo
branching initiative and our information technology platform. In addition,
Webster entered the rapidly growing health savings account market with the
acquisition of an established industry leader, HSA Bank."
Revenues
Total revenues (net interest income plus total noninterest income) were
$181.3 million in the first quarter, compared to $160.5 million a year ago, an
increase of 13 percent. Adjusting for securities gains in both periods and for
the sale of Duff & Phelps in the first quarter of 2004, total revenues would
have grown by 19 percent.
Net interest income was $128.2 million in the first quarter of 2005,
compared to $105.8 million in the year-ago period and $127.6 million in the
fourth quarter. The increase over the prior year reflects double-digit growth
in the loan portfolio and a higher net interest margin, while the increase
over the fourth quarter is due to a higher net interest margin partially
offset by lower earning assets attributable to the balance sheet de-leveraging
in the fourth quarter.
Webster's net interest margin (annualized tax-equivalent net interest
income as a percentage of average earning assets) improved 23 basis points to
3.32 percent from 3.09 percent in the year-ago period and compares to 3.25
percent in the fourth quarter. The increases reflect the benefit of the de-
leveraging and the impact of higher interest rates on earning asset yields.
The provision for loan losses totaled $3.5 million in the first quarter
and exceeded net-charge-offs by $2.4 million. This compares to a provision of
$5.0 million a year ago, which exceeded net charge-offs by $1.9 million. The
reduction in the provision is due to Webster's improved asset quality and the
reduced level of net charge-offs. The annualized net charge-off ratio was 0.04
percent of average loans in the first quarter compared to 0.13 percent a year
ago.
In the first quarter of 2005, total noninterest income was $53.0 million
compared to $54.7 million in the year-ago period. Excluding securities gains
and the sale of Duff & Phelps, noninterest income increased in the first
quarter to $52.3 million from $45.4 million in the year-ago period.
Webster's core fee revenues reflect growth in our businesses over the past
year and the acquisition of FIRSTFED. Revenues from deposit service fees,
insurance, loan and loan servicing and wealth management totaled $45.3 million
in the first quarter and grew by 11 percent compared to a year ago. Deposit
service fees totaled $19.1 million and grew by 11 percent from a year ago.
Consistent with an industry trend, deposit service fees on a linked-quarter
basis declined by $1.6 million, a larger than normal amount than in prior
years. Gains on sales of loans and loan servicing totaled $2.5 million in the
quarter and increased by $1.5 million from a year ago primarily as a result of
increased volumes of mortgage loan originations through Webster's People's
Mortgage Corporation subsidiary. Other income of $2.2 million in the first
quarter included $1.2 million of non-recurring insurance proceeds.
Expenses
Total noninterest expenses for the 2005 first quarter were $107.8 million,
which includes $1.1 million of non-recurring charges under Webster's core
infrastructure conversion project, compared to $92.1 million in the year-ago
period. Adjusting each period for acquisitions, Duff & Phelps, investments in
de novo branch expansion and the core infrastructure conversion, total
noninterest expenses were $90.8 million in the first quarter and $86.6 million
a year ago for an increase of 5 percent.
Further adjusting the $90.8 million for $12.0 million of FIRSTFED
operating expenses in the first quarter, expenses totaled $102.8 million and
were flat with the fourth quarter when $45.8 million in debt prepayment
penalties and $3.4 million of non-recurring items are removed from that
quarter. The deceleration of expense growth reflects Webster's ongoing efforts
to streamline processes and control discretionary costs while continuing to
invest for the future.
Balance Sheet Trends
At March 31, 2005, total assets were $17.4 billion, up 15 percent from
$15.1 billion a year ago. Total loans of $11.7 billion at March 31, 2005
increased 23 percent from $9.5 billion the prior year, while deposits were
$11.0 billion, up 28 percent from $8.6 billion a year ago. Excluding the
FIRSTFED and HSA Bank acquisitions, total loans increased by 7 percent over
the past year while total deposits increased 8 percent.
"The acquisition of HSA Bank on March 1 brought Webster $155 million in
deposits, and our de novo branch expansion program generated $53 million in
new deposits during the quarter," stated Webster President and Chief Operating
Officer William T. Bromage. "As a result, we are able to reduce our reliance
on borrowed money at a time of rising interest rates and improve our overall
balance sheet structure."
At the end of the first quarter, commercial loans including commercial
real estate were $4.4 billion, up 29 percent from $3.4 billion a year ago.
Commercial real estate loans were $1.7 billion, up 31 percent from last year.
Consumer loans, primarily home equity loans and lines, increased 20 percent to
$2.6 billion compared to $2.2 billion a year ago. Excluding FIRSTFED,
commercial loans including commercial real estate were up 13 percent,
commercial real estate loans were up 16 percent, and consumer loans increased
9 percent. Commercial and consumer loans comprised 60 percent of total loans
at March 31, 2005 compared to 58 percent a year ago.
Core deposits (consisting of checking, money market and savings accounts)
of $7.1 billion at March 31, 2005 increased by 22 percent from a year ago and
represented 65 percent of total deposits. Excluding FIRSTFED and HSA Bank,
core deposits grew 10 percent. Webster's overall growth in deposits has been
driven in part by its High Performance Checking products and continued growth
of its de novo branches in Fairfield County, Connecticut and Westchester
County, New York.
Book value per common share of $29.07 at March 31, 2005 increased from
$26.18 a year ago. Tangible book value per share of $16.26 at March 31, 2005
decreased from $19.60 last year, principally reflecting an increase in
intangible assets related to the FIRSTFED acquisition.
Asset Quality
Nonperforming assets totaled $49.1 million or 0.28 percent of total assets
at March 31, 2005, compared to $41.3 million or 0.27 percent a year ago and
$39.2 million or 0.23 percent at December 31, 2004.
"Webster's disciplined approach to credit risk management has resulted in
strong reserve coverage and a low net charge-off ratio that ranks among the
best in our peer group," stated Webster Chief Financial Officer William J.
Healy. "Our adherence to consistent standards allows us to manage and control
risk in the loan portfolio."
The allowance for loan losses was $152.5 million, or 1.30 percent of total
loans at March 31, 2005, compared to $123.6 million, or 1.30 percent, a year
ago and $150.1 million, or 1.28 percent, at December 31, 2004. The ratio of
the allowance to nonperforming loans at March 31, 2005 was 334 percent
compared to 338 percent a year ago and 416 percent at December 31, 2004.
Strategic Actions
On March 1, 2005, Webster completed the acquisition of Eastern Wisconsin
Bancshares, Inc., the holding company of State Bank of Howards Grove, which
operates under the trade name HSA Bank. Webster is divesting State Bank's
retail branches and related loans and deposits and retaining the bank's HSA
operation and HSA deposits, which totaled $169 million at March 31, 2005
compared to $95 million when the acquisition was announced on September 7,
2004.
Webster completed the organizational phase of its integration of the
former FIRSTFED division on April 5, 2005. The Webster brand was officially
introduced to the Massachusetts and Rhode Island markets with a signage
unveiling ceremony at its Swansea-based regional headquarters.
During the first quarter, Webster opened new branches in Norwalk and
Bridgeport, Connecticut, increasing its presence in Fairfield County. Webster
now operates 21 branch locations in 14 Fairfield County towns.
Webster Financial Corporation is the holding company for Webster Bank,
National Association and Webster Insurance. With $17.4 billion in assets,
Webster provides business and consumer banking, mortgage, insurance, financial
planning, trust and investment services through 153 banking offices, 291 ATMs,
telephone banking and the Internet. Webster Bank owns the asset-based lending
firm Webster Business Credit Corporation, the insurance premium finance
company Budget Installment Corp., Center Capital Corporation, an equipment
finance company headquartered in Farmington, Connecticut and provides health
savings account trustee and administrative services through HSA Bank, a
division of Webster Bank.
For more information about Webster, including past press releases and the
latest Annual Report, visit the Webster website at
http://www.websteronline.com.
Conference Call
A conference call covering Webster's 2005 first quarter earnings
announcement will be held today, Tuesday, April 19, at 11:00 a.m. Eastern Time
and may be heard through Webster's investor relations website at
http://www.wbst.com, or in listen-only mode by calling 1-877-407-8291 or
201-689-8345 internationally. 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 that could cause actual results to differ from those contained
in the forward-looking statement, see "Forward Looking Statements" in
Webster's Annual Report for 2004.
For reconciliation of cash basis income to net income, see accompanying
financial tables elsewhere in this report.
Selected Financial Highlights (unaudited)
At or for the Three
Months Ended March 31,
(In thousands, except per share data) 2005 2004
Net income and performance ratios (annualized):
Net income $47,495 $42,323
Net income per diluted common share 0.88 0.90
Return on average shareholders' equity 12.13% 14.28%
Return on average tangible equity 21.37 19.34
Return on average assets 1.11 1.15
Noninterest income as a percentage of
total revenue 29.26 34.09
Efficiency Ratio (a) 59.46 57.40
Cash income and performance ratios (annualized)(b):
Net income $47,495 $42,323
Stock-based compensation, net of tax 1,420 647
Intangible amortization, net of tax 3,186 2,660
Cash income 52,101 45,630
Cash income per diluted common share 0.96 0.97
Cash return on average shareholders' equity 13.31% 15.40%
Cash return on average tangible equity 23.44 20.85
Cash return on average assets 1.22 1.24
Asset quality:
Allowance for loan losses $152,519 $123,613
Nonperforming assets 49,130 41,262
Allowance for loan losses / total loans 1.30% 1.30%
Net charge-offs/ average loans (annualized) 0.04 0.13
Nonperforming loans / total loans 0.39 0.38
Nonperforming assets / total assets 0.28 0.27
Allowance for loan losses /
nonperforming loans 334.21 338.30
Other ratios (annualized):
Tangible capital ratio 5.08% 6.02%
Shareholders' equity / total assets 8.98 8.03
Interest-rate spread 3.28 3.04
Net interest margin 3.32 3.09
Share related:
Book value per common share $29.07 $26.18
Tangible book value per common share 16.26 19.60
Common stock closing price 45.41 50.71
Dividends declared per common share 0.23 0.21
Common shares issued and outstanding 53,787 46,299
Basic shares (average) 53,571 46,146
Diluted shares (average) 54,217 47,059
Footnotes:
(a) Noninterest expense as a percentage of net interest income plus
noninterest income.
(b) Cash income represents net income excluding the after tax effects of
non-cash charges related to the amortization of intangible assets and
stock-based compensation, which includes stock options and restricted
stock.
(c) For purposes of this computation, unrealized gains (losses) are
excluded from the average balance for rate calculations.
Consolidated Statements of Condition (unaudited)
March 31, December 31, March 31,
(In thousands) 2005 2004 2004
Assets:
Cash and due from depository
institutions $266,088 $248,825 $230,137
Short-term investments 79,676 17,629 22,130
Securities:
Trading, at fair value 1,038 - 2,845
Available for sale, at fair value 2,591,270 2,494,406 4,231,102
Held-to-maturity securities 1,212,934 1,229,613 200,531
Total securities 3,805,242 3,724,019 4,434,478
Loans held for sale 352,233 147,211 135,771
Loans:
Residential mortgages 4,722,897 4,775,344 3,972,123
Commercial 2,674,901 2,584,738 2,101,195
Commercial real estate 1,690,973 1,715,047 1,288,509
Consumer 2,608,303 2,637,646 2,169,011
Total loans 11,697,074 11,712,775 9,530,838
Allowance for loan losses (152,519) (150,112) (123,613)
Loans, net 11,544,555 11,562,663 9,407,225
Accrued interest receivable 67,953 63,406 51,297
Premises and equipment, net 161,635 149,069 99,866
Goodwill and intangible assets 714,490 694,165 322,483
Cash surrender value of life
insurance 230,823 228,120 182,511
Prepaid expenses and other assets 190,133 185,490 204,372
Total Assets $17,412,828 $17,020,597 $15,090,270
Liabilities and Shareholders'
Equity:
Deposits:
Demand deposits $1,426,798 $1,409,682 $1,081,455
NOW accounts 1,535,595 1,368,213 1,098,972
Money market deposit accounts 1,904,158 1,996,918 1,779,468
Savings accounts 2,276,623 2,253,073 1,891,298
Certificates of deposit 3,545,287 3,376,718 2,676,910
Total retail deposits 10,688,461 10,404,604 8,528,103
Treasury deposits 295,073 166,684 109,979
Deposits held in divested branches 48,301 - -
Total deposits 11,031,835 10,571,288 8,638,082
Federal Home Loan Bank advances 2,319,722 2,590,335 2,437,014
Securities sold under agreements
to repurchase and other
short-term debt 1,670,950 1,428,483 2,150,719
Other long-term debt 674,240 680,015 532,760
Accrued expenses and other
liabilities 142,910 196,925 110,156
Total liabilities 15,839,657 15,467,046 13,868,731
Preferred stock of subsidiary
corporation 9,577 9,577 9,577
Shareholders' equity 1,563,594 1,543,974 1,211,962
Total Liabilities and
Shareholders' Equity $17,412,828 $17,020,597 $15,090,270
Consolidated Statements of Income (unaudited)
Three Months Ended
March 31,
(In thousands, except per share data) 2005 2004
Interest income:
Loans $158,787 $118,591
Securities and short-term
investments 40,899 44,608
Loans held for sale 2,732 1,070
Total interest income 202,418 164,269
Interest expense:
Deposits 35,868 25,830
Borrowings 38,318 32,633
Total interest expense 74,186 58,463
Net interest income 128,232 105,806
Provision for loan losses 3,500 5,000
Net interest income after provision
for loan losses 124,732 100,806
Noninterest income:
Deposit service fees 19,129 17,185
Insurance revenue 11,802 11,638
Loan and loan servicing fees 8,929 6,649
Wealth and investment services 5,395 5,116
Financial advisory services - 3,808
Gain on sale of loans and loan
servicing, net 2,536 1,025
Increase in cash surrender value of
life insurance 2,238 1,954
Other 2,243 1,848
52,272 49,223
Gain on sale of securities 756 5,500
Total noninterest income 53,028 54,723
Noninterest expenses:
Compensation and benefits 57,902 53,127
Occupancy 10,859 8,365
Furniture and equipment 10,798 7,641
Intangible amortization 4,902 4,092
Marketing 3,283 2,984
Professional services 3,770 2,899
Conversion and infrastructure costs 1,134 -
Acquisition costs 178 -
Other 14,948 13,033
Total noninterest expenses 107,774 92,141
Income before income taxes 69,986 63,388
Income taxes 22,491 21,065
Net income $47,495 $42,323
Diluted shares (average) 54,217 47,059
Net income per common share:
Basic $0.89 $0.92
Diluted 0.88 0.90
Consolidated Statements of Income (unaudited)
Three Months Ended
March 31, Dec. 31, Sept. 30, June 30, March 31,
(In thousands, except 2005 2004 2004 2004 2004
per share data)
Interest income:
Loans $158,787 $154,177 $145,456 $129,084 $118,591
Securities and short-
term investments 40,899 42,807 45,541 45,162 44,608
Loans held for sale 2,732 1,718 1,755 2,139 1,070
Total interest income 202,418 198,702 192,752 176,385 164,269
Interest expense:
Deposits 35,868 32,993 32,611 29,172 25,830
Borrowings 38,318 38,109 38,853 33,746 32,633
Total interest expense 74,186 71,102 71,464 62,918 58,463
Net interest income 128,232 127,600 121,288 113,467 105,806
Provision for loan losses 3,500 4,000 4,000 5,000 5,000
Net interest income
after provision for
loan losses 124,732 123,600 117,288 108,467 100,806
Noninterest income:
Deposit service fees 19,129 20,712 20,596 19,250 17,185
Insurance revenue 11,802 10,348 10,924 10,596 11,638
Loan and loan servicing
fees 8,929 7,727 6,893 7,305 6,649
Wealth and investment
services 5,395 5,198 6,044 5,849 5,116
Financial advisory
services - - - - 3,808
Gain on sale of loans
and loan servicing, net 2,536 2,492 4,467 5,321 1,025
Increase in cash
surrender value of life
insurance 2,238 2,283 2,421 2,177 1,954
Other 2,243 2,692 1,912 964 1,848
52,272 51,452 53,257 51,462 49,223
Gain (loss) on sale
of securities 756 (2,646) 5,843 5,616 5,500
Total noninterest
income 53,028 48,806 59,100 57,078 54,723
Noninterest expenses:
Compensation and
benefits 57,902 57,128 55,406 53,659 53,127
Occupancy 10,859 9,909 9,144 8,402 8,365
Furniture and equipment 10,798 10,889 10,103 8,993 7,641
Intangible amortization 4,902 4,844 4,827 4,582 4,092
Marketing 3,283 2,533 4,233 3,630 2,984
Professional services 3,770 5,523 4,294 2,938 2,899
Conversion and
infrastructure costs 1,134 300 200 - -
Acquisition cost 178 426 - 265 -
Debt prepayment penalties - 45,761 - - -
Other 14,948 16,735 15,562 14,710 13,033
Total noninterest
expenses 107,774 154,048 103,769 97,179 92,141
Income before income
taxes 69,986 18,358 72,619 68,366 63,388
Income taxes 22,491 2,052 23,258 22,523 21,065
Net income $47,495 $16,306 $49,361 $45,843 $42,323
Diluted shares (average) 54,217 54,045 53,767 50,475 47,059
Net income per common
share:
Basic $0.89 $0.31 $0.93 $0.92 $0.92
Diluted 0.88 0.30 0.92 0.91 0.90
Retail and Wholesale Interest-Rate Spreads (unaudited)
Three Months Ended, March December September June March
2005 2004 2004 2004 2004
Interest-rate spread
Total interest-earning assets 5.22% 5.02% 4.82% 4.68% 4.78%
Total interest-bearing
liabilities 1.94 1.80 1.78 1.69 1.74
Interest-rate spread 3.28% 3.22% 3.04% 2.99% 3.04%
Net interest margin 3.32 3.25 3.06 3.02 3.09
Retail interest-rate spread
Yield on loans and loans held
for sale 5.44% 5.25% 5.07% 4.93% 5.05%
Cost of deposits 1.37 1.25 1.25 1.23 1.24
Spread 4.07% 4.00% 3.82% 3.70% 3.81%
Wholesale interest-rate spread
Yield on securities and short-
term investments 4.52% 4.37% 4.18% 4.09% 4.19%
Cost of borrowings 3.23 2.91 2.80 2.50 2.56
Spread 1.29% 1.46% 1.38% 1.59% 1.63%
Consolidated Average Statements of Condition (unaudited)
Three Months Ended March 31,
(Dollars in thousands)
2005 2004
Fully tax- Fully tax-
Average equivalent Average equivalent
balance Interest yield/ balance Interest yield/
rate rate
Assets:
Interest-earning assets:
Loans $11,685,261 $158,787 5.45% $9,368,169 $118,591 5.05%
Securities 3,750,867 42,690 4.54(c) 4,331,501 45,161 4.22(c)
Loans held for
sale 213,952 2,732 5.11 85,276 1,070 5.02
Short-term
investments 26,855 141 2.10 35,759 66 0.73
Total
interest-
earning
assets 15,676,935 204,350 5.22 13,820,705 164,888 4.78
Noninterest-
earning
assets 1,401,298 889,392
Total
assets $17,078,233 $14,710,097
Liabilities and Shareholders' Equity:
Interest-bearing
liabilities:
Demand
deposits $1,345,366 - - $1,058,849 - -
Savings, NOW and
money market
deposit
accounts 5,604,282 12,959 0.94 4,539,038 8,984 0.80
Time deposits 3,692,642 22,909 2.52 2,789,750 16,846 2.43
Total
deposits 10,642,290 35,868 1.37 8,387,637 25,830 1.24
Federal Home
Loan Bank
advances 2,407,150 18,587 3.09 2,428,829 19,004 3.10
Repurchase
agreements and
other short-term
debt 1,659,605 9,543 2.30 2,093,519 5,431 1.03
Other long-term
debt 681,120 10,188 5.98 532,760 8,198 6.16
Total
borrowings 4,747,875 38,318 3.23 5,055,108 32,633 2.56
Total interest-
bearing
liabilities 15,390,165 74,186 1.94 13,442,745 58,463 1.74
Noninterest-
bearing
liabilities 112,679 72,405
Total
liabilities 15,502,844 13,515,150
Preferred stock
of subsidiary
corporation 9,577 9,577
Shareholders'
equity 1,565,812 1,185,370
Total liabilities
and shareholders'
equity $17,078,233 $14,710,097
130,164 106,425
Less: tax-equivalent
adjustment (1,932) (619)
Net interest income $128,232 $105,806
Interest-rate spread 3.28% 3.04%
Net interest margin 3.32% 3.09%
See Selected Financial Highlights for footnotes.
At or for the Three Months Ended
March 31, Dec. 31, Sept. 30, June 30, March 31,
(Dollars in thousands) 2005 2004 2004 2004 2004
Asset Quality
Nonperforming loans:
Commercial:
Commercial $17,112 $14,624 $12,407 $15,895 $16,851
Equipment financing 3,800 3,383 4,501 5,021 5,561
Total commercial 20,912 18,007 16,908 20,916 22,412
Commercial real estate 15,609 8,431 11,157 13,757 5,583
Residential 7,528 7,796 7,695 8,599 7,941
Consumer 1,586 1,894 1,204 826 604
Total nonperforming loans 45,635 36,128 36,964 44,098 36,540
Loans held for sale 492 - - - -
Other real estate owned and
repossessed assets:
Commercial 2,472 2,824 2,482 3,192 4,273
Residential 446 100 527 238 325
Consumer 85 114 20 130 124
Total other real estate
owned and repossessed
assets 3,003 3,038 3,029 3,560 4,722
Total nonperforming
assets $49,130 $39,166 $39,993 $47,658 $41,262
Allowance for Loan Losses
Beginning balance $150,112 $148,179 $146,511 $123,613 $121,674
Allowance for
purchased loans - 617 - 20,081 -
Provision 3,500 4,000 4,000 5,000 5,000
Charge-offs:
Commercial 2,155 3,432 3,556 2,646 3,075
Residential 167 367 92 187 983
Consumer 142 147 195 174 97
Total charge-offs 2,464 3,946 3,843 3,007 4,155
Recoveries (1,371) (1,262) (1,511) (824) (1,094)
Net loan charge-offs 1,093 2,684 2,332 2,183 3,061
Ending balance $152,519 $150,112 $148,179 $146,511 $123,613
Asset Quality Ratios:
Allowance for loan losses/
total loans 1.30% 1.28% 1.28% 1.30% 1.30%
Net charge-offs/average
loans (annualized) 0.04 0.09 0.08 0.08 0.13
Nonperforming loans/
total loans 0.39 0.31 0.32 0.39 0.38
Nonperforming assets/
total assets 0.28 0.23 0.22 0.28 0.27
Allowance for loan losses/
nonperforming loans 334.21 415.50 400.87 332.24 338.30
Media Contact Investor Contact
Meghan Thompson 203-578-2287 Terry Mangan 203-578-2318
mthompson@websterbank.com tmangan@websterbank.com
SOURCE Webster Financial Corporation
-0- 04/19/2005
/CONTACT: Media Contact - Meghan Thompson, +1-203-578-2287,
mthompson@websterbank.com, or Investor Contact - Terry Mangan,
+1-203-578-2318, tmangan@websterbank.com, both of Webster Financial
Corporation/
/Web site: http://www.websterbank.com
http://www.websteronline.com
http://www.wbst.com /
(WBS)
CO: Webster Financial Corporation
ST: Connecticut
IN: FIN
SU: ERN CCA
EA
-- NYTU074 --
5848 04/19/2005 07:30 EDT http://www.prnewswire.com