April 19, 2007
Webster profits narrow
Waterbury-based Webster Financial Corp., the holding company for Webster Bank, saw its first quarter net income narrow to $35 million, or 62 cents per diluted share, from the $43.9 million, or 82 cents per diluted share, it reported in the same quarter last year. About 11 cents of the 20-cents-per-share earnings drop came from severance-related charges, ongoing restructuring, the costs of closing its remaining operations of People's Mortgage Company and the write down of a construction loan in Florida. Meanwhile, Webster approved a 30 cents per share dividend, up 3 cents from the 27 cents per share dividend it paid in February.
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