Webster Financial (WBS) Misses Q1 EPS by 16c

Webster Financial (NYSE: WBS) reported Q1 EPS of $0.39, $0.16 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $304.2 million versus the consensus estimate of $231.73 million.

"During these uncertain, challenging and unprecedented times, Webster bankers have once again stepped up to take care of our customers, our communities and, importantly, each other. I am so proud of every one of our 3,400 bankers," said John R. Ciulla, president and chief executive officer. "We continue to take swift actions to keep our employees safe while effectively providing our customers with the banking services and financial assistance they need to navigate through the economic storm brought on by this pandemic."

Highlights for the first quarter of 2020:

• Results include the adoption of CECL and the impact of COVID-19 resulting in a provision of $76.0 million; allowance coverage of 1.60 percent.
• Revenue of $304.2 million.
• Loan growth of $2.1 billion, or 11.0 percent from a year ago, led by commercial and commercial real estate, which increased 15.6 percent.
• Deposit growth of $1.8 billion, or 7.7 percent from a year ago, with growth of $527 million, or 8.5 percent, in HSA deposits.
• Net interest margin of 3.23 percent.
• Efficiency ratio (non-GAAP) of 58.0 percent.

"Webster's strong capital and liquidity positions enable us to support our customers and communities during this trying time," said Glenn MacInnes, executive vice president and chief financial officer. "Our Common Equity Tier 1 capital ratio of 11 percent exceeds the regulatory well-capitalized level by $1 billion, and our loan-to-deposit ratio of 85 percent reflects our funding strength."

For earnings history and earnings-related data on Webster Financial (WBS) click here.

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