Webster Financial (WBS) Tops Q1 EPS by 5c, Revenues Beat

April 18, 2019 7:33 AM EDT

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Webster Financial (NYSE: WBS) reported Q1 EPS of $1.06, $0.05 better than the analyst estimate of $1.01. Revenue for the quarter came in at $310.2 million versus the consensus estimate of $240.73 million.

  • Revenue of $310.2 million, an increase of 9.6 percent, including net interest income of $241.6 million, an increase of 12.8 percent.
  • Loan growth of $1.0 billion, or 5.7 percent; all of the growth was in commercial and commercial real estate loans, which increased 9.4 percent.
  • Deposit growth of $1.4 billion, or 6.4 percent, with growth of $722 million, or 13.1 percent at HSA Bank.
  • Net interest margin of 3.74 percent, up 30 basis points.
  • Pre-tax, pre-provision net revenue growth of $23.2 million, or 20.8 percent, led by HSA Bank\'s growth of 40.4 percent.
  • Efficiency ratio of 55.9 percent (non-GAAP) compared to 59.8 percent.
  • Annualized return on average common shareholders' equity of 14.01 percent compared to 12.15 percent; annualized return on average tangible common shareholders\' equity (non-GAAP) of 17.70 percent compared to 15.73 percent.

"We have now earned in excess of our cost of capital for eight consecutive quarters," said Glenn MacInnes, executive vice president and chief financial officer. "We continue to report strong performance measured by positive operating leverage, net interest margin expansion and disciplined expense management, leading to an efficiency ratio below 56 percent for the quarter."

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

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