Webster Financial (WBS) Misses Q3 EPS by 1c, Revenues Beat
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Webster Financial (NYSE: WBS) reported Q3 EPS of $1.00, $0.01 worse than the analyst estimate of $1.01. Revenue for the quarter came in at $310.5 million versus the consensus estimate of $241.16 million.
Highlights for the third quarter of 2019 compared to prior year:
- Revenue of $310.5 million, an increase of 2.6 percent.
- Loan growth of $1.2 billion, or 6.7 percent, led by commercial real estate and residential mortgage loans, which increased 11.8 percent.
- Deposit growth of $1.3 billion, or 5.8 percent, with growth of $689 million, or 12.3 percent, in HSA deposits.
- Net interest margin of 3.49 percent, down 12 basis points, with 5 basis points of the reduction due to balance sheet repositioning.
- Pre-tax, pre-provision net revenue growth of $6.7 million, or 5.4 percent, led by HSA Bank\'s growth of 16.6 percent.
- Efficiency ratio (non-GAAP) of 56.6 percent compared to 57.4 percent.
- Annualized return on average common shareholders' equity of 12.36 percent compared to 14.74 percent; annualized return on average tangible common shareholders' equity (non-GAAP) of 15.37 percent compared to 18.88 percent.
"The third quarter continues to demonstrate the power of our banking franchise as evidenced by strong year-over-year loan and deposit growth," said John R. Ciulla, president and chief executive officer. "We have now posted 40 consecutive quarters of year-over-year revenue growth and seven quarters of return on average tangible common equity above 15 percent."
For earnings history and earnings-related data on Webster Financial (WBS) click here.
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