Webster Banks wealth management business turned in strong third-quarter financial results but fell short of its record performance in the previous quarter. In the third quarter of 2013, the banks wealth and investment services generated $8.1 million in revenue, up $909,000, or 13%, from a year ago, but 9% shy of the record $8.9 million it produced in the second quarter, the bank's holding company announced Friday.
Nearly 25% of the $825,000 drop in revenue from the prior quarter, or $200,000, was due to the sale of a non-strategic portfolio of assets under management, Glenn MacInnes, Websters chief financial officer, said during the earnings call. The remainder primarily reflects the seasonality impact on production levels, he said.
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