Webster Financial Q4 Adj. EPS Misses Estimates
(RTTNews) - Bank holding company Webster Financial Corp. (WBS) on Thursday reported that fourth quarter net income available to common shareholders was $240.59 million or $1.38 per share, compared to $109.07 million or $1.20 per share in the prior-year quarter.
Excluding merger-related expenses, adjusted earnings would have been $1.60 per share for the quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $1.66 per share for the quarter. Analysts' estimates, usually, exclude one-time items.
Net interest income soared to $602.38 million from $226.78 million in the year-ago quarter. The company's non-interest income also surged to $102.18 million from $90.14 million in the prior-year period.
Operating revenue for the quarter soared to $704.56 from $338.96 million in the same quarter last year. Analysts expected revenues of $595.48 million for the quarter.
Provision for credit losses was $43.00 million during the quarter, compared to a benefit of $15.00 million a year ago.
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