Webster Financial Q2 Adj. EPS Tops Estimates

(RTTNews) - Bank holding company Webster Financial Corp. (WBS) on Thursday reported that second-quarter net income available to common shareholders was $178.15 million or $1.00 per share, compared to $92.07 million or $1.01 per share in the prior-year quarter.

Excluding merger-related expenses, adjusted earnings would have been $1.29 per share for the quarter.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share for the quarter. Analysts' estimates, usually, exclude one-time items.

Net interest income surged to $486.66 million from $220.85 million in the year-ago quarter. The company's non-interest income also surged to $120.93 million from $72.70 million in the prior-year period.

Provision for credit losses was $12.24 million during the quarter, compared to a benefit of $21.50 million a year ago.

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