Webster Financial (WBS) Tops Q2 EPS by 9c, Revenues Beat

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Go back to Webster Financial (WBS) Tops Q2 EPS by 9c, Revenues Beat

Webster Reports Second Quarter 2020 Earnings Of $0.57 Per Diluted Share

July 23, 2020 7:30 AM EDT

WATERBURY, Conn., July 23, 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 $50.7 million, or $0.57 per diluted share, for the quarter ended June 30, 2020, compared to $96.2 million, or $1.05 per diluted share, for the quarter ended June 30, 2019. Results in the quarter reflect a provision for credit losses of $40.0 million under the Current Expected Credit Loss (CECL) accounting standard compared to a provision for credit losses of $11.9 million in prior year. Adjusting for a $5.5 million discrete negative... More