While credit union membership has declined, Connecticut’s credit unions had one of the highest returns on average assets in the U.S., according to data released last week by the National Credit Union Administration.
Stamford-based Patriot Bank saw third quarter earnings increase by 75 percent year-over-year as the bank has seen its loan portfolio grow nearly 17 percent in 2022.
New Canaan-based Bankwell Financial Group saw its earnings increase year-over-year by 34 percent, driven in part by loan prepayments that exceeded typical quarterly activity.
Westfield Bank, which has branches in Western Massachusetts and Northern Connecticut, saw year-over-year earnings remain mostly unchanged in the third quarter.
Stamford-based Webster Bank had third quarter net income available to common shareholders of $229.8 million, or $1.31 per diluted share. In the same quarter last year, before the February 2022 merger with Sterling National Bank, Webster had net income of $93.7 million, or $1.03 per diluted share.
M&T Bank expects to see lingering effects of the People’s United Bank acquisition into the fourth quarter as the bank continues to work with customers affected by the system conversion.
While the economic effects of the Omicron variant remain to be seen, improving economic conditions during the first nine months of 2021 helped drive Connecticut bank earnings close to pre-pandemic levels.
A prepaid debit card program that Patriot Bank acquired last year has helped drive the Stamford-based bank’s performance in 2021.
New Canaan-based Bankwell had record earnings for the second straight quarter as the bank saw net loan growth of $92 million during the quarter.
In what could be its final full quarter before the merger with M&T Bank, Bridgeport-based People’s United Bank saw third quarter earnings decline slightly compared to the same quarter last year.
Ahead of its upcoming merger with Sterling National Bank, Waterbury-based Webster Bank saw third quarter earnings increase 39 percent over the same quarter last year.
Boston-based Berkshire Bank has partnered with financial technology firm Upstart to launch a new lending platform that could lead to $100 million in consumer loan originations annually.
About three-quarters of Connecticut’s banks have had losses so far in 2020 as the pandemic and margin pressure continue to affect earnings.
