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Webster Financial Q1 Profit Down

Webster Financial Corp.(WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, reported that its first-quarter earnings applicable to common shareholders declined to $36.0 million or $0.39 per share from $97.5 million or $1.06 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.

Results in the latest-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.

Net interest income was $230.8 million compared to $241.6 million in the previous year.

Total non-interest income was $73.4 million, compared to $68.6 million, an increase of $4.8 million.

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