Webster Financial (WBS) Tops Q2 EPS by 1c

Webster Financial (NYSE: WBS) reported Q2 EPS of $0.53, $0.01 better than the analyst estimate of $0.52.

"Double-digit loan growth once again propelled strong revenue growth as Webster bankers continued to excel in service to businesses and consumers," said James C. Smith, chairman and chief executive officer. "Loan originations in excess of $1 billion, coupled with exceptionally strong credit metrics, helped overcome margin pressure from today's historically low interest rate environment to produce another solid quarter."

Highlights for the second quarter of 2016 compared to the second quarter of 2015:

• Revenue of $242.0 million, an increase of 8.6 percent, including a record level of net interest income of $176.9 million.
• Loan growth of $1.5 billion, or 10.1 percent, with growth of $1.1 billion in commercial and commercial real estate loans.
• Deposit growth of $1.5 billion, or 8.9 percent, with growth of $1.1 billion in transactional and health savings account deposits.
• Efficiency ratio (non-GAAP) of 61.47 percent
• Annualized return on average tangible common shareholders' equity (non-GAAP) of 11.25 percent.

"Ongoing strategic investments in our businesses, along with continued expense discipline, are designed to maximize shareholder value over time," said Glenn MacInnes, executive vice president and chief financial officer.

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

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