Matthew L. Brown
Reporter- Boston Business Journal
Email
|
Twitter
The first quarter couldn’t have been much more different for People’s United Bank and Webster Bank, the two Connecticut-based regionals looking to grow in Greater Boston.
People’s said net income was essentially flat at about $53 million for the quarter while the bank’s operating profit declined slightly to $56.5 million from $57.9 million a year prior. The bank said the decline was the result of non-interest income, the money banks make on fees and charges, falling $5 million to slightly less than $80 million.
At the same time, expenses increased to nearly $217 million from $212 million a year ago.
The Bridgeport, Conn.-based bank has about $33 billion in total assets. In Massachusetts, the bank has about $3.1 billion in deposits and 56 branch offices.
People’s United’s Connecticut counterpart, Webster Bank, said its first quarter earnings jumped almost 22 percent on commercial loan growth of nearly 16 percent. The Waterbury, Conn.-based bank booked a $48 million profit for the quarter compared to $39.2 million in the same period a year ago.
In Massachusetts, Webster is primarily a commercial lender. It has 22 offices and just shy of $1.5 billion in deposits in the state. The bank has about $21 billion in total assets.
Open all references in tabs: [1 – 4]