Highlights for the quarter or at March 31 include: Combined growth in commercial and commercial real estate loans of $822.7 million, or 15.5 percent, from a year ago.
Deposit growth of $679.4 million, or 4.9 percent, from a year ago.
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Positive operating leverage of 5.7 percent compared to a year ago as core revenue grew by 3.5 percent and core expenses declined by 2.2 percent; as a result, the efficiency ratio improved by 347 basis points from a year ago.
Continued improvement in asset quality as evidenced by a reduction of $169 million, or 33.5 percent, in commercial classified loans from a year ago while past due loans declined $19.9 million, or 33.2 percent from a year ago. Nonperforming assets increased $19.1 million, or 10.4 percent, from a year ago and otherwise would have decreased as a net of $44.0 million of residential and consumer loans were classified as nonaccrual under regulatory guidance that took effect in the fourth quarter of 2012.
Return on average assets and return on average tangible common equity were 0.84 percent and 11.28 percent, respectively, in the quarter compared to 0.82 percent and 12.04 percent, respectively, in the year ago quarter.
James C. Smith, chairman and chief executive officer, said, "Webster’s first quarter results delivered a solid 16 percent increase in core pre-tax, pre-provision net earnings from a year ago. Core revenue grew and expenses dropped, creating positive operating leverage of six percent compared to a year ago. Loans grew by six percent from a year ago, led by another double-digit increase in the commercial portfolio as we continued to help lead the region’s economic recovery."
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