Webster Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Net Charge-Offs for the Quarter Ended December 31, 2016
January 19, 2017 at 07:30 am EST
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Webster Financial Corp. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $211,432,000 compared to $198,160,000 a year ago. Net interest income was $185,259,000 compared to $173,340,000 a year ago. Income before income taxes was $81,505,000 compared to $75,439,000 a year ago. Net income was $57,660,000 compared to $51,812,000 a year ago. Earnings available to common shareholders was $55,501,000 or $0.60 per diluted share compared to $49,646,000 or $0.54 per diluted share a year ago. Revenues were $255.9 million, up from $246.6 million reported for the same period last year. Return on average tangible common shareholders' equity (non-GAAP) was 12.31% against 11.82% a year ago.
For the year, the company reported total interest income of $821,913,000 compared to $760,040,000 a year ago. Net interest income was $718,513,000 compared to $664,625,000 a year ago. Income before income taxes was $303,450,000 compared to $297,761,000 a year ago. Net income was $207,127,000 compared to $204,729,000 a year ago. Net income available to common shareholders was $198,423,000 or $2.16 per diluted share compared to $195,361,000 or $2.14 per diluted share a year ago.
For the quarter ended December 31, 2016, the company reported total net charge-offs of $6,105,000 compared to $11,802,000 a year ago.
Webster Financial Corporation is the holding company for Webster Bank, N.A. and its HSA Bank division. The Company's segments include Commercial Banking, HSA Bank, and Consumer Banking. The Commercial Banking segment serves businesses with more than two million dollars of revenue through its commercial real estate and equipment finance, business banking, asset-based lending and commercial services, private banking, treasury management and other business units. The HSA Bank segment offers a comprehensive consumer-directed employee benefit and healthcare solution that includes health savings accounts, health reimbursement arrangements, flexible spending accounts, and commuter benefits. The Consumer Banking segment operates a distribution network, throughout southern New England and the New York metro and suburban markets, that comprises approximately 198 banking centers and 349 automated teller machines, a customer care center and a full range of Web and mobile-based banking services.
Webster Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Net Charge-Offs for the Quarter Ended December 31, 2016