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Stamford-based Webster Financial on Thursday reported a first quarter loss, driven by expenses related to its recent merger with New York’s Sterling Bancorp.
The parent company of Webster Bank said it lost $16.7 million, or 14 cents per share during the quarter, which ended March 31.
Webster said the loss was primarily a result of a $279.5 million pre-tax expense the bank recorded during the quarter, primarily related to its merger with Sterling. Excluding that expense, the bank said it would have reported profils of $1.24 per share.
Stamford-based Webster Financial on Thursday reported a first quarter loss, driven by expenses related to its recent merger with New York’s Sterling Bancorp.
The parent company of Webster Bank said it lost $16.7 million, or 14 cents per share during the quarter, which ended March 31.
Webster said the loss was driven by a $279.5 million pre-tax expense it recorded during the quarter, primarily related to its merger with Sterling. Excluding that expense, the bank said it would have reported profits of $1.24 per share.