Webster reports sharp Q4 loss
Webster Financial Corp., the holding company of Waterbury-based Webster Bank, today announced an $8.7 million net loss for the fourth quarter of 2007, a sharp drop from the $37.8 million in net income the bank recorded for the same quarter a year earlier.
For the full year, Webster reported profits of $96.8 million, a 38.3 percent drop from 2006.
Results in the fourth quarter of 2007 reflect previously announced charges of 86 cents per share, including a special provision of $40 million for credit losses for its discontinued residential construction and home equity portfolios, and other charges taken.
In a press release, Webster Chairman and CEO James C. Smith acknowledged that 2007 was a difficult year for banks.
"Webster closes 2007 having addressed head-on the challenges facing the financial services industry and taken aggressive, constructive action," said Smith. "Our future is in-market and contiguous franchise growth and lending relationships that are direct to consumer and commercial customers. We look forward with confidence in our strategy and in our ability to be New England's bank."
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