Webster Financial (WBS, Financial) experienced quarterly loan growth, driven by CRE and commercial demand as well as PPP loans. Loan loss reserves decreased and deposit demand rose. As suburban-oriented banks, Webster and Ameris are also benefitting from the COVID-19 induced "big city flight" to the suburbs; housing demand, and thus demand for mortgages, has ramped up considerably.
From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund's first-quarter 2021 letter.
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