Webster Financial Q2 Net Income Down 47% - Quick Facts

(RTTNews) - Webster Financial Corp. (WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, on Thursday reported second-quarter earnings applicable to common shareholders of $50.73 million or $0.57 per share, compared to $96.19 million or $1.05 per share in the year-ago period.

The latest quarter's results reflect a provision for credit losses of $40.0 million under the Current Expected Credit Loss or CECL accounting standard, compared to a provision for credit losses of $11.9 million in prior year.

Adjusting for a $5.5 million discrete negative adjustment related to customer derivatives, earnings for the quarter would have been $0.61 per diluted share.

Net interest income for the quarter declined to $224.4 million from $241.8 million in the year-ago period. Total non-interest income was $60.08 million down from $75.85 million in the prior-year quarter. Total revenue for the quarter was $284.5 million.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share for the quarter on revenues of $230.15 million. Analysts' estimates typically exclude special items.