STAMFORD, Conn. (AP) — STAMFORD, Conn. (AP) — Webster Financial Corp. (WBS) on Tuesday reported first-quarter net income of $216.3 million.
The Stamford, Connecticut-based bank said it had earnings of $1.23 per share. Earnings, adjusted for non-recurring costs, were $1.35 per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.37 per share.
The holding company for Webster Bank posted revenue of $1.05 billion in the period. Its revenue net of interest expense was $667.1 million, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $672 million.
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