Webster Financial earnings increase marginally from a year ago
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Filing in Focus: Webster 8-K, October 11, 2013
Webster Financial Corp. (WBS) announced its financial results for the third quarter of fiscal year 2013, reporting earnings that improved marginally from a year ago. The company earned $44.7M or $0.49 per share, up from $44.4M and $0.48 per share this quarter last year. Net interest income improved 4% from $144.9M to $150.0M, setting a company record. Non-interest income fell 5% from $48.5M to $46.3M due to less mortgages being processed. Webster overheads costs were reduced by 2% to $120.8M as the company made gains in compensation and other costs. Webster has yet to name a replacement for president Gerald Plush, who announced last month that he will resign his position at the company. James Smith, Webster chairman and CEO commented that the company continues to experience growth while also reducing its costs, and expects its commercial loan pipeline to continue to help the northeastern U.S. economic recovery.