Webster Financial (WBS) Misses Q1 EPS by 16c

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Go back to Webster Financial (WBS) Misses Q1 EPS by 16c

Webster Reports First Quarter 2020 Earnings Of $0.39 Per Diluted Share

April 21, 2020 7:30 AM EDT

WATERBURY, Conn., April 21, 2020 /PRNewswire/ -- Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, today announced earnings applicable to common shareholders of $36.0 million, or $0.39 per diluted share, for the quarter ended March 31, 2020, compared to $97.5 million, or $1.06 per diluted share, for the quarter ended March 31, 2019. Results in the quarter reflect a provision for credit losses of $76.0 million under the Current Expected Credit Loss (CECL) accounting standard effective January 1, 2020 compared to a provision for credit losses of $8.6 million in prior year.

"During these uncertain,... More