Fundamentals - Income Statement

Webster is a leading regional bank serving businesses and consumers in the Northeast. We are a community-minded and values-driven financial institution serving our customers for more than 82 years. 

  Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Restated) Year Ending Dec 2014 (Restated) Year Ending Dec 2013 (Restated)
Interest & Fees on Loans 709.60 622.48 554.03 512.47 491.44
Interest & Dividends on Investment Securities 204.01 199.44 206.01 206.47 196.20
Interest Income, Bank 913.61 821.91 760.04 718.94 687.64
Interest on Deposit 62.25 49.86 46.03 44.16 46.58
Interest on Other Borrowings 40.70 39.01 32.52 26.95 23.53
Federal Funds Purchased/Securities Sold Under Repurchase Agreement 14.37 14.53 16.86 19.39 20.80
Total Interest Expense 117.32 103.40 95.42 90.50 90.91
Net Interest Income 796.29 718.51 664.63 628.44 596.73
Loan Loss Provision 40.90 56.35 49.30 37.25 33.50
Net Interest Income After Loan Loss Provision 755.39 662.16 615.33 591.19 563.23
Fees & Commissions from Operations 187.52 181.90 168.45 130.71 137.19
Commissions/Fees From Securities Activities 31.06 28.96 32.49 34.95 34.77
Dealer Trading Account Profit -- -- -- -- --
Investment Securities Gains 0.00 0.41 0.61 5.50 0.71
Other Unusual Income -0.13 -0.15 -0.11 -1.15 -7.28
Other Revenue 41.03 53.35 36.35 32.10 25.66
Non-Interest Income, Bank 259.48 264.48 237.78 202.11 191.05
Labor & Related Expenses -359.93 -331.73 -297.52 -270.15 -264.84
Amortization of Intangibles -4.06 -5.65 -6.34 -2.69 -4.92
Real Estate Operation Expense -- -- -- -- --
Litigation Expense -- -- -- -- --
Other Unusual Expense -- -- -- -- --
Other Expense -297.09 -285.81 -251.48 -228.76 -227.96
Non-Interest Expense, Bank -661.08 -623.19 -555.34 -501.60 -497.71
Net Income Before Taxes 353.79 303.45 297.76 291.70 256.57
Income Tax – Total 77.46 96.32 93.03 91.97 77.11
Income After Tax 276.33 207.13 204.73 199.73 179.46
Minority Interest -- -- -- -- --
Net Income Before Extraordinary Items 276.33 207.13 204.73 199.73 179.46
Discontinued Operations -- -- -- -- --
Extraordinary Item -20.89 -- -- -- --
Total Extraordinary Items -20.89 -- -- -- --
Net Income 255.44 207.13 204.73 199.73 179.46
Preferred Dividends -8.18 -8.10 -8.71 -10.56 -10.80
Miscellaneous Earnings Adjustment -0.42 -0.61 -0.66 -0.67 -0.62
Total Adjustments to Net Income -8.61 -8.70 -9.37 -11.23 -11.42
Income Available to Common Excluding Extraordinary Items 267.72 198.42 195.36 188.50 168.04
Income Available to Common Stocks Including Extraordinary Items 246.83 198.42 195.36 188.50 168.04
Basic Weighted Average Shares 91.97 91.37 90.97 89.90 88.71
Basic EPS Excluding Extraordinary Items 2.91 2.17 2.15 2.10 1.89
Basic EPS Including Extraordinary Items 2.68 2.17 2.15 2.10 1.89
Dilution Adjustment -- -- -- -- --
Diluted Net Income 246.83 198.42 195.36 188.50 168.04
Diluted Weighted Average Shares 92.36 91.86 91.53 90.62 90.26
Diluted EPS Excluding Extraordinary Items 2.90 2.16 2.13 2.08 1.86
Diluted EPS Including Extraordinary Items 2.67 2.16 2.13 2.08 1.86
DPS - Common Stock Primary Issue 1.03 0.98 0.89 0.75 0.55
Gross Dividends - Common Stock 95.10 90.06 81.32 67.75 48.95
Restructuring Charge, Supplemental -- -- -- -- --
Other Unusual Expense (Income), Supplemental -- -- -- -- --
Non-Recurring Items, Total -- -- -- -- --
Total Special Items 0.13 0.15 0.11 1.15 7.28
Normalized Income Before Taxes 353.92 303.60 297.87 292.84 263.85
Effect of Special Items on Income Taxes 0.03 0.05 0.03 0.36 2.19
Income Taxes Excluding Impact of Special Items 77.49 96.37 93.07 92.33 79.30
Normalized Income After Taxes 276.43 207.23 204.80 200.51 184.55
Normalized Income Available to Common 267.82 198.52 195.44 189.28 173.13
Basic Normalized EPS 2.91 2.17 2.15 2.11 1.95
Diluted Normalized EPS 2.90 2.16 2.14 2.09 1.92
Amortization of Intangibles, Supplemental 4.06 5.65 6.34 2.69 4.92
Depreciation, Supplemental 33.11 30.80 28.40 27.90 31.10
Rental Expense, Supplemental 31.10 30.40 21.50 -- --
Stock-Based Compensation, Supplemental 12.28 11.44 10.94 10.22 10.66
Advertising Expense, Supplemental 17.42 19.70 16.05 15.38 15.50
Minority Interest, Supplemental -- -- -- -- --
Audit-Related Fees, Supplemental 2.09 1.81 -- -- --
Audit-Related Fees 0.14 0.13 -- -- --
Tax Fees, Supplemental 0.41 0.08 -- -- --
All Other Fees Paid to Auditor, Supplemental 0.00 0.09 -- -- --
Pretax Margin 38.72 36.92 39.18 40.57 37.31
Effective Tax Rate 21.89 31.74 31.24 31.53 30.06
Net Profit Margin 29.30 24.14 25.70 26.22 24.44
Bank Total Revenue 1,055.77 982.99 902.40 830.55 787.78
Current Tax - Domestic 96.36 73.19 97.58 90.54 62.04
Current Tax - Local 11.06 5.43 10.97 6.59 3.57
Current Tax - Total 107.43 78.62 108.55 97.13 65.61
Deferred Tax - Domestic 18.68 12.54 -7.28 -3.78 10.76
Deferred Tax - Local -48.64 5.16 -8.23 -1.37 0.74
Deferred Tax - Total -29.97 17.70 -15.51 -5.15 11.50
Income Tax - Total 77.46 96.32 93.03 91.97 77.11
Interest Cost - Domestic 7.69 8.83 -- -- --
Service Cost - Domestic 0.05 0.05 -- -- --
Prior Service Cost - Domestic 0.00 0.00 -- -- --
Expected Return on Assets - Domestic -12.30 -11.46 -- -- --
Actuarial Gains and Losses - Domestic 6.61 7.09 -- -- --
Curtailments & Settlements - Domestic -- -- -- -- --
Domestic Pension Plan Expense 2.06 4.51 -- -- --
Interest Cost - Post-Retirement 0.09 0.13 -- -- --
Service Cost - Post-Retirement 0.00 0.00 -- -- --
Prior Service Cost - Post-Retirement 0.00 0.01 -- -- --
Expected Return on Assets - Post-Retirement 0.00 0.00 -- -- --
Actuarial Gains and Losses - Post-Retirement 0.00 0.04 -- -- --
Post-Retirement Plan Expense 0.09 0.17 -- -- --
Defined Contribution Expense - Domestic 12.00 11.10 -- -- --
Total Pension Expense 14.15 15.78 -- -- --
Discount Rate - Domestic -- -- -- -- --
Discount Rate - Post-Retirement 3.27 3.35 -- -- --
Expected Rate of Return - Domestic 6.50 7.00 -- -- --
Total Plan Interest Cost 7.78 8.96 -- -- --
Total Plan Service Cost 0.05 0.05 -- -- --
Total Plan Expected Return -12.30 -11.46 -- -- --
Net Interest Margin, Total -% 3.30 3.12 3.08 3.21 3.26
For a more complete picture of our financial results, please review our SEC Filings

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