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Record Earnings for Webster
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Business New Haven
2/5/2001
By: BNH
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WATERBURY - Webster Financial Corp. (NASDAQ: WBST), holding company for Webster Bank, last month reported record 2000 net income of $118.3 million, or $2.55 per diluted share, compared to $95.4 million or $2.10 per diluted share for 1999.
Net operating earnings in 2000 increased to $114.8 million, or $2.47 per diluted share, excluding non-recurring items with a net benefit of $4.7 million. Net operating earnings for 1999 were $102.2 million, or $2.25 per diluted share, excluding a nonrecurring acquisition related expense of $9.5 million resulting from the New England Community Bancorp Inc. merger.
Net income for the fourth quarter ended December 31 was $31.8 million, or 64 cents per diluted share, compared to $19.6 million, or 43 cents per diluted share, for the previous year. Webster reported net operating earnings of $29.4 million, or 60 cents per diluted share, for the quarter compared to $26.4 million, or 58 cents per diluted share, for the 1999 period.
Webster completed its acquisition of Mechanics Savings Bank and the purchase of ten branch banking offices from FleetBoston and Chase Manhattan. In addition, it acquired two insurance agencies, formed Webster Financial Advisors, launched an improved Web site, and bought a controlling interest in Duff & Phelps.
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