Webster Financial Q4 Adj. EPS Meets Estimates, Revenue Tops
(RTTNews) - Bank holding company Webster Financial Corp. (WBS) on Tuesday reported that fourth quarter net income available to common shareholders was $181.23 million or $1.05 per share, compared to $240.59 million or $1.38 per share in the prior-year quarter.
Excluding charges, adjusted earnings would have been $1.46 per share for the quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $1.46 per share for the quarter. Analysts' estimates, usually, exclude one-time items.
Net interest income decreased to $571.02 million from $602.38 million in the year-ago quarter, while non-interest income plunged to $63.82 million from $102.18 million in the prior-year period.
Operating revenue for the quarter declined to $634.8 million from $704.56 million in the same quarter last year. Analysts expected revenues of $603.11 million for the quarter.
Provision for credit losses was $36.00 million during the quarter, compared to $43.00 million a year ago.
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