Webster Financial (NYSE: WBS) reported Q2 EPS of $0.57, $0.09 better than the analyst estimate of $0.48. Revenue for the quarter came in at $284.5 million versus the consensus estimate of $230.22 million.

Highlights for the second quarter of 2020:

• Revenue of $284.5 million.
• Loan growth of $2.5 billion, or 13.1 percent from a year ago, led by commercial and commercial real estate, which increased 20.4 percent. Excluding Paycheck Protection Program (PPP) loans, total loan growth was $1.2 billion, or 6.1 percent.
• Results include a reserve build of $23.6 million resulting in an allowance coverage of 1.64 percent, or 1.75 percent excluding $1.4 billion of PPP loans.
• Deposit growth of $3.8 billion, or 16.6 percent from a year ago, with growth of $2.0 billion in demand deposits and $574 million in HSA deposits.
• Net interest margin of 2.99 percent.
• Efficiency ratio (non-GAAP) of 60.0 percent.

"We continue to focus on prudently managing capital, credit and liquidity during these uncertain times, while also supporting our customers, employees, and communities," said John R. Ciulla, chairman and chief executive officer. "We are pleased with our performance in the quarter given the challenging environment."

"We are proud to have efficiently funded $1.4 billion in loans to businesses under the Paycheck Protection Program during the quarter given our strong capital and liquidity positions," said Glenn MacInnes, executive vice president and chief financial officer. "Our Common Equity Tier 1 capital ratio now exceeds 11 percent and the loan-to-deposit ratio improved to 83 percent."

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