WBS » Topics » Net loss of $28.9 million or ($.56) per diluted share includes the impact of:

This excerpt taken from the WBS 8-K filed Jul 22, 2008.

Net loss of $28.9 million or ($.56) per diluted share includes the impact of:

 

   

OneWebster costs and other charges totaling $12.5 million or $0.16 per share.

 

   

Increased provision for credit losses for the continuing portfolios to $25.0 million against net charge-offs in the continuing portfolios of $11.2 million; credit reserves increased from 1.21 percent to 1.30 percent of the $12.4 billion continuing loan portfolio; overall credit reserves at 1.52 percent.

 

   

An impairment charge of $8.5 million based on an evaluation of all goodwill associated with its reporting units (charge has no impact to tangible capital).

 

   

Charges for other-than-temporary impairment on certain investment securities totaling $53.7 million and a $1.2 million write-down in direct investments.

WATERBURY, Conn., July 22, 2008 – Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A., today announced a net loss of $28.9 million or ($.56) per diluted share for the second quarter of 2008, compared to net income of $24.4 million or $.47 per diluted share for the first quarter of 2008 and $35.5 million in net income or $.63 in earnings per share for the second quarter of 2007. As detailed below, results in the second quarter of 2008 reflect certain cash and non-cash charges in the quarter aggregating to $.98 per share. For the first six months of 2008, net loss totaled $4.6 million, or $.09 per diluted share, compared to net income of $70.5 million, or $1.25 per diluted share in the year-ago period.


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