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.


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.

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.