Webster Financial, holding company of Webster Bank, saw earnings applicable to common shareholders of $96.2 million, or $1.05 per diluted share, for the quarter which ended June 30, 2019, compared to $79.5 million, or $0.86 per diluted share, for the same quarter in 2018.

Earnings per diluted share would have been $0.92 for the quarter ended June 30, 2018, adjusting for one-time expenses of $8.6 million.

“Webster’s solid performance continued in the second quarter as we’ve now posted four consecutive quarters with return on common equity above 13%,” said John R. Ciulla, Webster president and CEO. “Tangible book value per share is 15% higher than a year ago even as we increased the quarterly common dividend by 21% in April.”

General highlights for the second quarter of 2019 compared to the prior year included:

• Revenue of $317.6 million, an increase of 8.3%.
• Loan growth of $1.2 billion, or 6.9%, led by commercial and commercial real estate loans, which increased 10.5%.
• Deposit growth of $1.3 billion, or 5.9%, with growth of $694 million, or 12.6%, in HSA deposits.
• Net interest margin of 3.63%, up 6 basis points.
• Pre-tax, pre-provision net revenue growth of $24.1 million, or 21.3%, led by HSA Bank’s growth of 23.9%. Adjusting for $8.6 million of one-time expenses in the prior year, growth was 12.7%.
• Efficiency ratio of 56.1% (non-GAAP) compared to 57.8%.
• Annualized return on average common shareholders’ equity of 13.47% compared to 12.22%; annualized return on average tangible common shareholders’ equity (non-GAAP) of 16.88% compared to 15.76%.

Loan highlights for Q2/2019 included:

• Total loans were $19.3 billion, compared to $18.8 billion at March 31, 2019 and $18.0 billion at June 30, 2018. Compared to March 31, 2019, commercial real estate loans increased by $232.6 million, commercial loans increased by $174.6 million, and residential mortgages increased by $86.9 million while consumer loans decreased by $38.4 million.
• Compared to a year ago, commercial real estate loans increased by $644.2 million, commercial loans increased by $521.0 million, and residential mortgages increased by $263.1 million while consumer loans decreased by $184.4 million.
• Loan originations for portfolio were $1.382 billion, compared to $1.132 billion in the prior quarter and $1.509 billion a year ago. In addition, $41 million of residential loans were originated for sale in the quarter, compared to $33 million in the prior quarter and $44 million a year ago.