Webster Financial (WBS) Misses Q4 EPS by 1c, Revenues Beat

January 23, 2020 7:33 AM EST
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Price: $48.10 -0.6%

Revenue Growth %: +3.2%

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Occupancy: 15M

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Webster Financial (NYSE: WBS) reported Q4 EPS of $0.96, $0.01 worse than the analyst estimate of $0.97. Revenue for the quarter came in at $302.2 million versus the consensus estimate of $236.87 million.

Highlights for the fourth quarter of 2019:

  • Revenue of $302.2 million.
  • Loan growth of $1.6 billion, or 8.5 percent from a year ago, led by commercial real estate and residential mortgage loans, which increased 16.9 percent.
  • Deposit growth of $1.5 billion, or 6.7 percent from a year ago, with growth of $676 million, or 11.8 percent, in HSA deposits.
  • Net interest margin of 3.27 percent.
  • Efficiency ratio (non-GAAP) of 58.5 percent.
  • Annualized return on average common shareholders' equity of 11.60 percent, exceeding our cost of capital.
  • Annualized return on average tangible common shareholders' equity (non-GAAP) of 14.34 percent.

"Webster's fourth quarter results demonstrate our ongoing commitment to strong execution on our strategic priorities. Commercial loan growth exceeded 10 percent for the second year in a row and total footings at HSA Bank increased 18 percent from a year ago, while credit metrics remained strong," said John R. Ciulla, president and chief executive officer. "We've now achieved our tenth consecutive year of annual earnings per share growth, which puts us in select company in the banking industry."

"Our performance in 2019 represents our third consecutive year of positive operating leverage," said Glenn MacInnes, executive vice president and chief financial officer. "Tangible book value now exceeds $2.5 billion and increased 15 percent from a year ago."

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

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