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A Webster Bank branch in downtown Boston in 2019. Banker & Tradesman file photo.
Webster Financial Corp., the holding company for Webster Bank and its HSA Bank division, announced it made $91.4 million in the third quarter, or $1 per diluted share, compared to $97.5 million in the third quarter of 2018, or $1.06 per diluted share.
“The third quarter continues to demonstrate the power of our banking franchise as evidenced by strong year-over-year loan and deposit growth,” John R. Ciulla, president and CEO of Webster Financial and Webster Bank, said in a statement. “We have now posted 40 consecutive quarters of year-over-year revenue growth and seven quarters of return on average tangible common equity above 15 percent.”
The Waterbury, Connecticut-based bank had third quarter revenue of $310.5 million, an increase of 2.6 percent compared to the same time period last year. Loan growth was $1.2 billion, or 6.7 percent, compared to the prior year. Deposits grew by $1.3 billion, or 5.8 percent, with HSA deposits growing by $689 million, or 12.3 percent compared to the prior year.
“We’ve achieved our tenth consecutive quarter of positive operating leverage and our efficiency ratio has been below 57 percent over the past year,” Glenn MacInnes, executive vice president and CFO, said in a statement. “We’re diligently controlling expenses while investing confidently in our future.”
