WEBSTER PREFERRED CAPITAL CORP Files SEC form 10-Q, Quarterly Report

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONS General The Company is a subsidiary of Webster Bank and has elected to be treated as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company will generally not be subject to federal income tax for as long as it maintains its qualification as a REIT, requiring among other things, that it currently distribute to stockholders at least 90% of its "REIT taxable income" (not including capital gains and certain items of noncash income). The following discussion of the Company's financial condition and results of operations should be read in conjunction with the Company's financial statements and other financial data included elsewhere herein and in conjunction with the Company's 2007 Annual Report on Form 10-K. During the nine months ended September 30, 2008, there was a change in management of the Company. Mr. William T. Bromage resigned his position of President and Chairman effective June 30, 2008. Mr. James C. Smith was elected to fill Mr. Bromage's position of President and Chairman at the Company. In addition Mr. Douglas O. Hart was elected to serve as Chief Financial Officer. Forward Looking Statements This report contains forward looking statements within the meaning of the Securities Exchange Act of 1934, as amended. Actual results, performance or developments may differ materially from those expressed or implied by such forward looking statements as a result of market uncertainties and other factors. Some important factors that would cause actual results to differ from those in any forward looking statements include changes in interest rates and the general economy in the Connecticut market area where a substantial portion of the real estate securing the Company's loans are located, legislative and regulatory changes, changes in tax laws and policies, and changes in a...
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WEBSTER PREFERRED CAPITAL CORP Financials

PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue2,082  2,263  2,533  3,230  Cost of Revenue -   -   -   -  Gross Profit -  2,263  2,533  3,230  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative78  92  91  136  Non Recurring -   -   -  (68)Others187  280  250  250  Total Operating Expenses -   -   -   -  Operating Income or Loss -  1,891  2,192  2,912  Income from Continuing OperationsTotal Other Income/Expenses Net -   -   -   -  Earnings Before Interest And Taxes1,817  1,891  2,192  2,912  Interest Expense -   -   -   -  Income Before Tax1,817  1,891  2,192  2,912  Income Tax Expense -   -   -   -  Minority Interest -   -   -   -  Net Income From Continuing Ops1,817  1,891  2,192  2,912  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary...
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WEBSTER PREFERRED CAPITAL CORP Files SEC form 10-Q, Quarterly Report

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS General The Company is a subsidiary of Webster Bank and has elected to be treated as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company will generally not be subject to federal income tax for as long as it maintains its qualification as a REIT, requiring among other things, that it currently distribute to stockholders at least 90% of its "REIT taxable income" (not including capital gains and certain items of noncash income). The following discussion of the Company's condensed financial condition and results of operations should be read in conjunction with the Company's financial statements and other financial data included elsewhere herein and in conjunction with the Company's 2008 Annual Report on Form 10-K. Forward Looking Statements and Factors that Could Affect Future Results This Quarterly Report on Form 10-Q, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements about our beliefs, plans, expectations, and estimates that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially from those set forth in our forward-looking statements. Please see Item 1A. Risk Factors of our Annual Report on Form 10-K, as updated from time to time, and in our other filings made from time to time with ...
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WEBSTER PREFERRED CAPITAL CORP Files SEC form 10-Q, Quarterly Report

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONS General The Company is a subsidiary of Webster Bank and has elected to be treated as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company will generally not be subject to federal income tax for as long as it maintains its qualification as a REIT, requiring among other things, that it currently distribute to stockholders at least 90% of its "REIT taxable income" (not including capital gains and certain items of noncash income). The following discussion of the Company's condensed financial condition and results of operations should be read in conjunction with the Company's financial statements and other financial data included elsewhere herein and in conjunction with the Company's 2008 Annual Report on Form 10-K. Forward Looking Statements and Factors that Could Affect Future Results This Quarterly Report on Form 10-Q, including this MD&A section, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements about our beliefs, plans, expectations, and estimates that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially from those set forth in our forward-looking statements. Please see Item 1A. Risk Factors of our Annual Report on Form 10-K, as updated from time to time, and in our other fil...
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WEBSTER PREFERRED CAPITAL CORP Files SEC form 10-Q, Quarterly Report

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONS General The Company is a subsidiary of Webster Bank and has elected to be treated as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company will generally not be subject to federal income tax for as long as it maintains its qualification as a REIT, requiring among other things, that it currently distribute to stockholders at least 90% of its "REIT taxable income" (not including capital gains and certain items of noncash income). The following discussion of the Company's financial condition and results of operations should be read in conjunction with the Company's financial statements and other financial data included elsewhere herein and in conjunction with the Company's 2008 Annual Report on Form 10-K. Forward Looking Statements This report contains forward looking statements within the meaning of the Securities Exchange Act of 1934, as amended. Actual results, performance or developments may differ materially from those expressed or implied by such forward looking statements as a result of market uncertainties and other factors. Some important factors that would cause actual results to differ from those in any forward looking statements include changes in interest rates and the general economy in the Connecticut market area where a substantial portion of the real estate securing the Company's loans are located, legislative and regulatory changes, changes in tax laws and policies, and changes in accounting policies, principles or guidelines. Such developments could have an adverse impact on the Company's financial position and results of operations. An example of such a forward looking statement is the "Quantitative and Qualitative Disclosures About Market Risk" section in Management's Discussion and Analysis. Except as required by law, the Company does not u...
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WEBSTER PREFERRED CAPITAL CORP Files SEC form 10-K, Annual Report

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The Company has elected to be treated as a REIT under the Code and will generally not be subject to federal and Connecticut income tax for as long as it maintains its qualification as a REIT, requiring among other things, that it currently distribute to stockholders at least 90% of its "REIT taxable income" (not including capital gains and certain items of noncash income). The following discussion of the Company's financial condition and results of operations should be read in conjunction with the Company's financial statements and other financial data included elsewhere herein. Summary WPCC's net income for 2008 was $13.8 million, a decrease of $5.6 million compared to $19.4 million in 2007. Total interest income decreased $4.8 million in 2008 primarily due to the reduction of $78.5 million in average interest earning assets. The yield on interest earning assets decreased by 16 basis points to 5.43% in 2008 compared to 5.59% in 2007, primarily due to higher rates in 2007 on both short term investments and adjustable interest rate loans that reset downward during 2008. Critical Accounting Policies Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties, and could potentially result in materially different results under different assumptions and conditions. We believe that our most critical accounting policy upon which our financial condition depends, and which involves the most complex or subjective decisions or assessments, is the allowance for loan losses. Arriving at an appropriate level of allowance for loan losses involves a high degree of judgment. The Company's allowance for loan losses provides for probable losses based upon evaluations of known and inherent risks in the loan portfolio. Management uses historical information to assess the adequacy of the allowance for loan los...
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