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Webster Posts Rosy Q2
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Business New Haven
8/6/2001
By: BNH
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WATERBURY - Webster Financial Corp. (NASDAQ: WBST), holding company for Webster Bank, reported a 26-percent increase in operating earnings for its second quarter ended June 30. Earnings for the period rose to $34.2 million (69 cents per diluted share) from $27 million (63 cents) for the same period a year ago. Bank officials attribute the improvement to increases in net interest income and revenue from fee-based services. The latter rose 44 percent over the same 2000 period on the backs of financial advisory services, loan and loan-servicing fees, insurance commissions and expanded product offerings.
For the first six months of the year, net income was $61.5 million ($1.24 per diluted share), compared to $54.9 million ($1.26 per share) for the same period in 2000. Net of taxes, the 2001 results include non-recurring charges of $5.7 million, compared to a $1.1 million benefit for 2000.
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