Webster Financial Q4 Profit Beats Estimates - Quick Facts

(RTTNews) - Webster Financial Corp. (WBS), the holding company for Webster Bank, N.A., reported that its fourth-quarter net income available to shareholders declined to $41.1 million, or $0.45 per share, from $47.9 million, or $0.52 per share, prior year. The company noted that its results for the quarter included $7.3 million pre-tax impact from other-than-temporary impairment charge on certain investment securities, which was required due to the recently released interagency guidance on permissible investments under the Volcker Rule in the Dodd-Frank Act. The after-tax effect was $4.7 million or $0.05 per share in the quarter. Earnings per share, excluding one-time items, was $0.52 for the quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.50 for the quarter. Analysts' estimates typically exclude special items.

Net interest income was $153.9 million, compared to $146.3 million, a year ago. Total noninterest income was $44.3 million, compared to $52.9 million, last year. Analysts expected revenue of $153.13 million for the quarter.

James Smith, chairman and CEO, said, "Webster posted a solid quarter with record core pre-provision net revenue of $80 million. Total core revenue exceeded $200 million for the first time in our history. Commercial Banking once again led the way in the quarter with continued double-digit loan growth, and wealth management achieved record revenue."