Webster Financial Corp. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $236,115,000 compared to $211,432,000 a year ago. Net interest income was $204,932,000 compared to $185,259,000 a year ago. Income before income taxes was $86,922,000 compared to $81,505,000 a year ago. Net income was $69,893,000 compared to $57,660,000 a year ago. Earnings available to common shareholders was $67,710,000 or $0.73 per diluted share compared to $55,501,000 or $0.60 per diluted share a year ago. Return on average tangible common shareholders' equity (non-GAAP) was 13.85% against 12.31% a year ago. Adjusted net income was $67.6 million, up 5% from prior quarter and 17% from prior year. Adjusted earnings per share were $0.71. Net interest income after provision for loan and lease losses was $191,932,000 compared to $172,759,000 a year ago.

For the year, the company reported total interest income of $913,605,000 compared to $821,913,000 a year ago. Net interest income was $796,287,000 compared to $718,513,000 a year ago. Income before income taxes was $353,790,000 compared to $303,450,000 a year ago. Net income was $255,439,000 compared to $207,127,000 a year ago. Net income available to common shareholders was $246,831,000 or $2.67 per diluted share compared to $198,423,000 or $2.16 per diluted share a year ago. Book value and tangible book value per common share were $27.76 and $21.59 respectively, compared to $26.17 and $19.94, respectively, at December 31, 2016. Net interest income after provision for loan and lease losses was $755,387,000 compared to $662,163,000 a year ago.

For the quarter ended December 31, 2017, the company reported total net charge-offs of $14,809,000 compared to $6,105,000 a year ago. The increase in net charge-offs is primarily due to an increase in commercial charge-offs.

The company provided earnings guidance for the first quarter of 2018. The company expects average loan growth to be in a range of 1% to 2%. The company expects average interest-earning assets to grow approximately 1%, as securities remain relatively flat. The company expects NIM to be up 5 to 7 basis points. Given earning asset and NIM expectations, the company expects net interest income to increase between $5 million and $7 million. The company expects tax rate on a non-FTE basis to be approximately 21%, which, of course, takes into account the new lower corporate statutory tax rate.