Webster Financial (WBS)

COMMERCIAL BANKING

Middle-Market Banking

At March 31, 2009, middle market loans, including commercial and owner-occupied commercial real estate, totaled $763.3 million, a decrease of 6.8% compared to $819.1 million at December 31, 2008 and a decrease of 10.9% compared to $856.5 million at March 31, 2008. Originations for the three months ended March 31, 2009 totaled $13.6 million as compared to $26.9 million for the comparable period in 2008. Lower originations in the three months ended March 31, 2009 reflect a slowing business economy and fewer transactions that met Webster’s risk return criteria.

Commercial Real Estate Lending

At March 31, 2009, commercial real estate loans totaled $1.4 billion, a decrease of 6.7% compared to $1.5 billion at December 31, 2008 and an increase of 7.1% compared to $1.3 billion at March 31, 2008. The portfolio is administered by the Commercial Real Estate Division. During the three months ended March 31, 2009, originations totaled $24.9 million compared to $120.7 million for the comparable period in 2008.

Residential Development Lending

At March 31, 2009, loans for residential development totaled $155.9 million, a decrease of 3.5% compared to $161.6 million at December 31, 2008 and a decrease of 36.2% compared to $244.4 million at March 31, 2008. Webster has materially reduced its new commitments for this segment, given slowing demand for new housing. This portfolio is administered by the Commercial Real Estate Division.

Webster Business Credit Corporation

At March 31, 2009, asset-based loans totaled $661.5 million, a decrease of 12.2% compared to $753.4 million at December 31, 2008 and a decrease of 20.7% compared to $834.3 million at March 31, 2008. Webster Business Credit Corporation (“WBCC”), is the Company’s asset-based lending subsidiary which is headquartered in New York, NY. In addition to direct originations, WBCC generally establishes depository relationships with the borrower through cash management accounts. At March 31, 2009, December 31, 2008 and March 31, 2008, the total of these deposits was $31.4 million, $25.7 million and $32.9 million, respectively. During the three months ended March 31, 2009, WBCC funded loans of $2.8 million with new commitments of $6.4 million compared to funding loans of $21.2 million with new commitments of $71.5 million for the comparable periods in 2008.

Equipment Financing

Webster’s equipment financing portfolio totaled $1.0 billion at March 31, 2009, unchanged from December 31, 2008 and March 31, 2008. Webster’s equipment financing business is conducted by Center Capital Corporation (“Center Capital”), its nationwide equipment financing subsidiary. Center Capital originated $67.1 million in loans during the three months ended March 31, 2009, compared to $99.3 million during the comparable period in 2008.

Insurance Premium Financing

Budget Installment Corporation (“BIC”), Webster’s insurance premium financing subsidiary, provides products covering commercial property and casualty policies for businesses throughout the United States. BIC had total loans outstanding of $92.5 million at March 31, 2009, an increase of 6.9% compared to $86.1 million at December 31, 2008 and an increase of 20.3% compared to $73.7 million at March 31, 2008. Loans originated in the three months ended March 31, 2009 totaled $56.5 million, compared to $38.9 million, for the comparable period in 2008.

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COMMERCIAL BANKING

Middle-Market Banking

At September 30, 2008, middle market loans, including commercial and owner-occupied commercial real estate, totaled $870.2 million, an increase of 0.6% compared to $865.3 million at December 31, 2007 and a decrease of 1.5% compared to $883.2 million at September 30, 2007. Originations for the three and nine months ended September 30, 2008 totaled $26.9 million and $106.9 million, respectively, as compared to $30.1 million and $180.6 million, respectively, for the comparable periods in 2007. Lower originations in 2008 reflect a slowing business economy and fewer transactions that met Webster’s risk return criteria.

Commercial Real Estate Lending

At September 30, 2008 commercial real estate loans totaled $1.5 billion, an increase of 7.1% compared to $1.4 billion at December 31, 2007 and an increase of 15.4% compared to $1.2 billion at September 30, 2007. Given the recent disruption in the capital markets, Webster has seen opportunities to book high quality, low loan to value loans. The portfolio is administered by the Commercial Real Estate Division. During the three and nine months ended September 30, 2008, originations totaled $120.7 million and $371.3 million, respectively, compared to $50.9 million and $242.3 million, respectively, for the comparable period in 2007.

Residential Development Lending

At September 30, 2008 loans for residential development totaled $217.6 million, a decrease of 10.1% compared to $242.0 million at December 31, 2007 and a decrease of 14.1% compared to $253.3 at September 30, 2007. Given slowing demand for new housing, Webster has materially reduced its new commitments for this segment. This portfolio is administered by the Commercial Real Estate Division.

Asset-Based Lending

At September 30, 2008, asset-based loans totaled $868.2 million, an increase of 9.5% compared to $793.0 million at December 31, 2007 and an increase of 7.3% compared to $806.9 million at September 30, 2007. The majority of these loans are managed by Webster Business Credit Corporation (“WBCC”), an asset-based lending subsidiary headquartered in New York, NY. In addition to direct originations, WBCC generally establishes depository relationships with the borrower through cash management accounts. At September 30, 2008, December 31, 2007 and September 30, 2007, the total of these deposits was $26.8 million, $35.2 million and $23.0 million, respectively. During the three and nine months ended September 30, 2008, WBCC funded loans of $16.4 million and $42.1 million, respectively, with new commitments of $28.0 million and $83.5 million compared to funding loans of $16.6 million and $79.0 million, respectively, with new commitments of $49.7 million and $169.0 for the comparable periods in 2007.

COMMERCIAL BANKING

Middle-Market Banking

At June 30, 2008, middle market loans, including commercial and owner-occupied commercial real estate, totaled $1.9 billion, an increase of 11.2% compared to $1.7 billion at December 31, 2007 and an increase of 24.8% compared to $1.6 billion at June 30, 2007. Originations for the three and six months ended June 30, 2008 totaled $43.9 million and $80.0 million, respectively, as compared to $39.5 million and $150.5 million, respectively, for the comparable periods in 2007. Lower originations in 2008 reflect a slowing business economy and fewer transactions that met Webster’s risk return criteria.

Commercial Real Estate Lending

At June 30, 2008 commercial real estate loans totaled $2.3 billion, an increase of 12.4% compared to $2.1 billion at December 31, 2007 and an increase of 19.4% compared to $1.9 billion at June 30, 2007. Given the recent disruption in the capital markets, Webster has seen opportunities to book high quality, low loan to value loans. Included in these loans are owner-occupied loans originated by the Middle Market division and owner-occupied and non-owner-occupied loans originated in the Business & Professional Banking divisions of $691.0 million at June 30, 2008, $714.0 million at December 31, 2007 and $725.0 million at June 30, 2007. The balance of the portfolio is administered by the Commercial Real Estate Division. During the three and six months ended June 30, 2008, originations totaled $129.9 million and $250.6 million, respectively, compared to $89.0 million and $200.0 million, respectively, for the comparable period in 2007.

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Asset-Based Lending

At June 30, 2008, asset-based loans totaled $843.0 million, an increase of 6.3% compared to $793.0 million at December 31, 2007 and an increase of 3.2% compared to $816.8 million at June 30, 2007. The majority of these loans are managed by Webster Business Credit Corporation (“WBCC”), an asset-based lending subsidiary headquartered in New York, NY. In addition to direct originations, WBCC generally establishes depository relationships with the borrower through cash management accounts. At June 30, 2008, December 31, 2007 and June 30, 2007 the total of these deposits was $31.5 million, $35.2 million and $40.0 million, respectively. During the three and six months ended June 30, 2008, WBCC funded loans of $28.7 million and $63.5 million, respectively, with new commitments of $65.1 million and $152.0 million compared to funding loans of $58.7 million and $86.9 million, respectively, with new commitments of $122.3 million and $194.6 for the comparable periods in 2007.

COMMERCIAL BANKING

Middle-Market Banking

At March 31, 2008, middle market loans, including commercial and owner-occupied commercial real estate, totaled $1.5 billion, flat when compared to $1.5 billion at December 31, 2007 and a decrease of 6.3% compared to $1.6 billion at March 31, 2007. Originations for the three months ended March 31, 2008 totaled $36.1 million as compared to $111.0 million for the comparable period in 2007. Lower originations in 2008 reflect a slowing business economy and fewer transactions that met Webster’s risk return criteria.

Commercial Real Estate Lending

At March 31, 2008 commercial real estate loans totaled $2.2 billion, an increase of 6.6% compared to $2.1 billion at December 31, 2007 and an increase of 13.4% compared to $1.9 billion at March 31, 2007. Given the recent disruption in the capital markets, Webster has seen opportunities to book high quality, low loan to value loans. Included in these loans are owner-occupied loans originated by the Middle Market division and owner-occupied and non-owner-occupied loans originated in the Business & Professional Banking divisions of $698 million at March 31, 2008, $714 million at December 31, 2007 and $750 million at March 31, 2007. The balance of the portfolio is administered by the Commercial Real Estate Division. During the three months ended March 31, 2008, originations totaled $120.7 million compared to $102.4 million for the comparable period in 2007.

Asset-Based Lending

At March 31, 2008, asset-based loans totaled $831.1 million, an increase of 4.8% compared to $792.7 million at December 31, 2007 and $739.8 million at March 31, 2007. The majority of these loans are managed by Webster Business Credit Corporation (“WBCC”), an asset-based lending subsidiary headquartered in New York, NY. In addition to direct originations, WBCC generally establishes depository relationships with the borrower through cash management accounts. At March 31, 2008, December 31, 2007 and March 31, 2007 the total of these deposits was $32.9 million, $35.2 million and $33.0 million, respectively. During the three months ended March 31, 2008, WBCC funded loans of $21.2 million, with new commitments of $71.5 million, compared to funding loans of $20.5 million with new commitments of $53.0 million for the comparable period in 2007.

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COMMERCIAL BANKING

Middle-Market Banking

At September 30, 2007, December 31, 2006 and September 30, 2006, middle market loans, including commercial and owner-occupied commercial real estate, totaled $1.5 billion. Originations for the three months ended September 30, 2007 totaled $30.1 million as compared to $146.0 million for the comparable period in 2006.

Commercial Real Estate Lending

Commercial real estate loans totaled $1.9 billion at both September 30, 2007 and December 31, 2006 and $1.8 billion at September 30, 2006. Growth in the portfolio continued to be offset by prepayments as borrowers find more attractive rates and structures primarily in the secondary markets. Included in these loans are owner-occupied and non-owner occupied loans originated by the Middle Market division and the Business & Professional Banking divisions of $711 million at September 30, 2007, $764 million at December 31, 2006 and $609 million at September 30, 2006. The balance of the portfolio is administered by the Commercial Real Estate Division. During the three months ended September 30, 2007, originations totaled $50.9 million compared to $41.6 million for the comparable period in 2006.

Asset-Based Lending

At September 30, 2007, asset-based loans totaled $806.6 million, compared to $765.9 million at December 31, 2006 and $821.7 million at September 30, 2006. The majority of these loans are managed by Webster Business Credit Corporation (“WBCC”), an asset-based lending subsidiary, which is headquartered in New York, NY. In addition to direct originations, WBCC generally establishes depository relationships with the borrower through cash management accounts. At September 30, 2007, December 31, 2006 and September 30, 2006, the total of these deposits was $23.0 million, $48.6 million and $46.7 million, respectively. During the three months ended September 30, 2007, WBCC funded loans of $17.7 million, with new commitments of $61.0 million, compared to funding loans of $60.4 million with new commitments of $120.1 million for the comparable period in 2006.

Equipment Financing

Center Capital Corporation (“Center Capital”), a nationwide equipment financing subsidiary of Webster Bank, headquartered in Farmington, CT, had a portfolio which totaled $980.7 million at September 30, 2007, compared to $889.8 million at December 31, 2006 and $864.5 million at September 30, 2006. Center Capital originated $109.9 million in loans during the three months ended September 30, 2007, compared to $99.8 million during the comparable period in 2006.

Insurance Premium Financing

Budget Installment Corporation (“BIC”), an insurance premium financing subsidiary, headquartered in Garden City, NY, provides products covering commercial property and casualty policies for businesses throughout the United States. BIC had total loans outstanding of $92.0 million at September 30, 2007, compared to $90.0 million at December 31, 2006 and $93.3 million at September 30, 2006. Loans originated in the three months ended September 30, 2007 totaled $55.9 million, compared to $59.7 million for comparable period in 2006.

COMMERCIAL BANKING

Middle-Market Banking

At June 30, 2007, and December 31, 2006, middle market loans, including commercial and owner-occupied commercial real estate, totaled $1.6 billion and $1.4 billion at June 30, 2006. Originations for the three months ended June 30, 2007 totaled $39.5 million as compared to $171.8 million for the comparable period in 2006.

Commercial Real Estate Lending

Commercial real estate loans totaled $1.9 billion at both June 30, 2007 and December 31, 2006. Growth in the portfolio continued to be offset by prepayments as borrowers find more attractive rates and structures primarily in the secondary markets. Included in these loans are owner-occupied loans originated by the Middle Market division and owner-occupied and non-owner-occupied loans originated in the Business & Professional Banking divisions of $725 million at June 30, 2007, $764 million at December 31, 2006 and $658.0 million at June 30, 2006. The balance of the portfolio is administered by the Commercial Real Estate Division. During the three months ended June 30, 2007, originations totaled $89.0 million compared to $88.0 million for the comparable period in 2006.

Asset-Based Lending

At June 30, 2007, asset-based loans totaled $816.8 million, compared to $765.9 million at December 31, 2006 and $736.6 million at June 30, 2006. The majority of these loans are managed by Webster Business Credit Corporation (“WBCC”), an asset-based lending subsidiary. In addition to direct originations, WBCC generally establishes depository relationships with the borrower through cash management accounts. At June 30, 2007, December 31, 2006 and June 30, 2006, the total of these deposits was $31.0 million, $48.6 million and $39.6 million, respectively. During the three months ended June 30, 2007, WBCC funded loans of $64.5 million, with new commitments of $122.3 million, compared to funding loans of $41.6 million with new commitments of $84.5 million for the comparable period in 2006.

Equipment Financing

Center Capital Corporation (“Center Capital”), a nationwide equipment financing subsidiary of Webster Bank, had a portfolio which totaled $958.0 million at June 30, 2007, compared to $889.8 million at December 31, 2006 and $851.7 million at June 30, 2006. Center Capital originated $125.7 million in loans during the three months ended June 30, 2007, compared to $124.1 million during the comparable period in 2006.

Insurance Premium Financing

Budget Installment Corporation (“BIC”), an insurance premium financing subsidiary, provides products covering commercial property and casualty policies for businesses throughout the United States. BIC had total loans outstanding of $87.9 million at June 30, 2007, compared to $90.0 million at December 31, 2006 and $93.0 million at June 30, 2006. Loans originated in the three months ended June 30, 2007 totaled $56.1 million, compared to $62.4 million for comparable period in 2006.

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COMMERCIAL BANKING

Middle-Market Banking

At March 31, 2007 and December 31, 2006, middle market loans, including commercial and owner-occupied commercial real estate, totaled $1.6 billion compared to $1.4 billion at March 31, 2006. Originations for the three months ended March 31, 2007 totaled $111 million as compared to $62.6 million for the comparable period in 2006.

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Commercial Real Estate Lending

At March 31, 2007 and December 31, 2006 commercial real estate loans totaled $1.9 billion for each period. Growth in the portfolio continued to be offset by prepayments as borrowers find more attractive rates and structures primarily in the secondary markets. Included in these loans are owner-occupied loans originated by the Middle Market division and owner-occupied and non-owner-occupied loans originated in the Business & Professional Banking divisions of $750 million at March 31, 2007, $764 million at December 31, 2006 and $663.0 million at March 31, 2006. The balance of the portfolio is administered by the Commercial Real Estate Division. During the three months ended March 31, 2007, originations totaled $102.4 million compared to $42.2 million for the comparable period in 2006.

Asset-Based Lending

At March 31, 2007, asset-based loans totaled $739.8 million, compared to $765.9 million at December 31, 2006 and $704.5 million at March 31, 2006. The majority of these loans are managed by Webster Business Credit Corporation (“WBCC”), an asset-based lending subsidiary. In addition to direct originations, WBCC generally establishes depository relationships with the borrower through cash management accounts. At March 31, 2007 and December 31, 2006, the total of these deposits was $33.0 million and $48.6 million, respectively. During the three months ended March 31, 2007, WBCC funded loans of $20.5 million, with new commitments of $53.0 million, compared to funding loans of $31.3 million with new commitments of $71.8 million for the comparable period in 2006.

Equipment Financing

Center Capital Corporation (“Center Capital”), a nationwide equipment financing subsidiary of Webster Bank, had a portfolio which totaled $915.6 million at March 31, 2007, compared to $889.8 million at December 31, 2006 and $801.1 million at March 31, 2006. Center Capital originated $101.5 million in loans during the three months ended March 31, 2007, compared to $96.5 million during the comparable period in 2006.

Insurance Premium Financing

Budget Installment Corporation (“BIC”), an insurance premium financing subsidiary, provides products covering commercial property and casualty policies for businesses throughout the United States. BIC had total loans outstanding of $83.6 million at March 31, 2007, compared to $90.0 million at December 31, 2006 and $84.1 million at March 31, 2006. Loans originated in the three months ended March 31, 2007 totaled $47.6 million, compared to $51.9 million for comparable period in 2006.