Webster Financial Corp. (WBS), the holding company for Webster Bank, Monday reported higher income for the first quarter mainly on the back of increased non-interest income. Earnings per share, however, fell short of analyst estimates.
For the period, the firm posted net income available to shareholders of $39.23 million versus the prior-year net income of $38.32 million. On a per share basis, earnings for the quarter was $0.44, higher than $0.42 last year.
Sixteen analysts, on average, polled by Thomson Reuters estimated earnings per share of $0.46 for the quarter. Analyst estimates typically exclude one-time items.
Net interest income for the three months was $145.79 million, up from $143.36 million a year ago. Total non-interest income was $48.27 million, up from $43.98 million last year.
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