Webster Financial (WBS) Tops Q4 EPS by 7c, Revenues Beat
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Webster Financial (NYSE: WBS) reported Q4 EPS of $1.05, $0.07 better than the analyst estimate of $0.98. Revenue for the quarter came in at $310.3 million versus the consensus estimate of $236.55 million.
"Webster's results in the fourth quarter and in all of 2018 demonstrate the positive outcomes in executing our long-term strategy," said John R. Ciulla, president and chief executive officer. "Fourth quarter revenues grew more than 14 percent from a year ago while revenue growth was 13 percent for all of 2018, and we earned well in excess of our cost of capital."
Highlights for the fourth quarter of 2018 compared to prior year:
- Revenue of $310.3 million, an increase of 14.5 percent, including net interest income of $237.1 million, an increase of 15.7 percent.
- Loan growth of $942 million, or 5.4 percent, with growth of $1.2 billion, or 11.6 percent, in commercial and commercial real estate loans.
- Deposit growth of $865 million, or 4.1 percent, with growth of $702 million, or 13.9 percent at HSA Bank.
- Net interest margin of 3.66 percent, up 33 basis points.
- Pre-tax, pre-provision net revenue growth of $35.6 million, or 35.6 percent, led by HSA Bank\'s growth of 56.6 percent.
- Efficiency ratio of 56.2 percent (non-GAAP) compared to 59.5 percent.
- Annualized return on average common shareholders' equity of 14.31 percent compared to 10.66 percent; annualized return on average tangible common shareholders' equity (non-GAAP) of 18.22 percent compared to 13.85 percent.
"Continued investments in our businesses and disciplined expense control has generated positive operating leverage," said Glenn MacInnes, executive vice president and chief financial officer. "Revenue growth has exceeded expense growth over the past seven quarters, and our full year 2018 efficiency ratio of 57.7 percent improved more than 250 basis points from a year ago."
For earnings history and earnings-related data on Webster Financial (WBS) click here.
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