NEW YORK - Webster Financial Corporation (NYSE:WBS) reported fourth quarter earnings that beat analyst expectations, while revenue fell short of estimates. The stock edged lower by -0.59% in early trading.
The bank holding company posted adjusted earnings per share of $1.43, exceeding the analyst consensus of $1.35. Revenue came in at $661 million, below the $687.1 million analysts were expecting.
Net interest income rose to $608.5 million from $571 million in the year-ago quarter. The net interest margin expanded to 3.39% from 3.36% in the previous quarter.
Total (EPA:TTEF) loans and leases increased 3.5% year-over-year to $52.5 billion. Deposits grew 6.5% to $64.8 billion compared to the prior year period.
"Our financial performance for the quarter and full year 2024 illustrate the power and resiliency of Webster’s business model," said CEO John R. Ciulla.
The company recorded $56.9 million in securities repositioning losses and a $29.4 million deferred tax asset valuation adjustment during the quarter.
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