Webster Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2013; Provides Tax Guidance for the First Quarter of 2014
January 17, 2014 at 07:55 am
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Webster Financial Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net interest income was $153.88 million against $146.27 million a year ago. Income before income taxes was $62.51 million against $68.79 million a year ago. Net income attributable to the company was $43.75 million against $48.53 million a year ago. Net income available to common shareholders was $41.11 million against $47.91 million a year ago. Diluted earnings per share were $0.45 against $0.52 a year ago. Earnings per diluted share, excluding one-time items, would be $0.52. Return on average assets was 0.85% against 0.98% a year ago. Return on average tangible common shareholders' equity was 11.14% against 13.66% a year ago. Return on average common shareholders' equity was 8.06% against 9.74% a year ago. Excluding the other-than-temporary impairment (OTTI) charge, return on average assets and return on average tangible common equity were 0.94% and 12.38%, respectively, in the quarter compared to 0.98% and 13.66%, respectively, in the year ago quarter. Excluding the OTTI charge, return on average common shareholders' equity was 8.98% in the fourth quarter of 2013 compared to 9.74% a year ago.
For the year, the company reported net interest income was $596.73 million against $578.91 million a year ago. Income before income taxes was $256.22 million against $248.36 million a year ago. Net income attributable to the company was $179.55 million against $173.7 million a year ago. Net income available to common shareholders was $168.75 million against $171.24 million a year ago. Diluted earnings per share were $1.86 against $1.86 a year ago. Book value per share was $22.77.
The company reported net charge-offs were $14.0 million for the fourth quarter ended December 31, 2013.
The company expects effective tax rate on a non-FTE basis to be around 31%, 32% in the first quarter of 2014.
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 Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2013; Provides Tax Guidance for the First Quarter of 2014