Webster Financial Corp. reported fourth-quarter net income of $37.8 million, down 17% from a year earlier.
Processing Content
On a per-share basis, the Waterbury, Conn., company said its profit was 67 cents a share, including 10 cents a share in costs from balance sheet restructuring and acquisition costs. Analysts had expected 71 cents a share.
Webster, with $17.1 billion of assets, said it is curtailing its defined benefit pension plan. It gained $300,000 in the quarter as a result, it said. For the full year, the company said, profit fell 28%, to $133.8 million.
