Webster Financial Q3 Profit Matches Estimates; Revenue Up 6.5%

Webster Financial Corporation (WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, said it delivered strong financial performance for the quarter ended September 30, 2021 as evidenced by linked quarter loan growth of 2.7%, excluding PPP, and deposit growth of 4.1%. Also, the company said its integration plans for merger with Sterling are well established and is prepared to execute the transaction upon receipt of all regulatory approvals.

Third quarter earnings per share would have been $1.08, adjusting for merger related costs and strategic optimization initiatives. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.08, for the quarter. Analysts' estimates typically exclude special items.

Earnings applicable to common shareholders was $93.2 million, or $1.03 per share, compared to $66.9 million, or $0.75 per share, a year ago.

Revenue was $313.5 million, an increase of 6.5 percent from last year. Analysts expected revenue of $231.74 million, for the quarter. Net interest income was $229.7 million compared to $219.3 million.

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