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.