Webster Financial in Stamford, Conn., reported lower quarterly profit after it sold more underwater securities, incurred restructuring expenses and divested its factoring operations.
The $79.5 billion-asset company said in a press release that its third-quarter earnings fell by 15% from a year earlier, to $188.8 million.
Webster reported a $19.6 million pretax net loss from selling investment securities. The company also recorded a $9.8 million loss from selling securities in the first quarter.
The company said it incurred $20.6 million in pretax expenses tied to strategic restructuring costs and $16 million in pretax expenses from exiting noncore businesses.
Webster said that the strategic restructuring costs included $7 million tied to compensation and benefits, $9 million tied to technology and equipment, $2.6 million from professional and outside services.
SLR Investment announced late last month that it bought Webster’s factoring business, along with $115 million of loans.