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Webster Financial Corp. Reports 19 Percent Increase in Operating Earnings
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Business New Haven
4/29/2002
By: BNH
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WATERBURY - Webster Financial Corp. (Nasdaq: WBST), the holding company for Webster Bank, has 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.
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