WATERBURY, Conn. (AP) — Webster Financial Corp. (WBS) on Thursday reported second-quarter net income of $94 million.

The bank, based in Waterbury, Connecticut, said it had earnings of $1.01 per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were $1.21 per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1 per share.

The holding company for Webster Bank posted revenue of $304.3 million in the period. Its revenue net of interest expense was $293.6 million, which missed Street forecasts. Five analysts surveyed by Zacks expected $294.5 million.

Webster Financial shares have risen 15% since the beginning of the year. The stock has climbed 80% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WBS at https://www.zacks.com/ap/WBS

Copyright by Automated Insights, Inc. All rights reserved.

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