Webster Financial Posts Q1 Loss On Merger-related Expenses

(RTTNews) - Webster Financial Corp. (WBS) reported a first-quarter net loss available to shareholders of $20.2 million, or $0.14 per share, compared to net income of $106.1 million, or $1.17 per share, last year. The company noted that its results reflect the impact of the merger with Sterling Bancorp and included $204.3 million after tax, or $1.38 per share, of primarily merger-related expenses and initial non-purchase credit deteriorated provision. Excluding expenses, earnings per share would have been $1.24 for the quarter ended March 31, 2022. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $1.10, for the quarter. Analysts' estimates typically exclude special items.

Net interest income increased to $394.25 million from $223.76 million, prior year. Total non-interest income was $104.03 million compared to $76.76 million. Analysts on average had estimated $365.3 million in revenue.