WATERBURY, Conn. (AP) _ Webster Financial Corp. (WBS) on Thursday reported fourth-quarter net income of $60 million.

The Waterbury, Connecticut-based bank said it had earnings of 64 cents per share. Earnings, adjusted for non-recurring costs and severance costs, were 99 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.

The holding company for Webster Bank posted revenue of $312.8 million in the period. Its revenue net of interest expense was $293.7 million, also topping Street forecasts. Four analysts surveyed by Zacks expected $291.2 million.

For the year, the company reported profit of $220.6 million, or $2.35 per share. Revenue was reported as $1.18 billion.

Webster Financial shares have increased 23% since the beginning of the year. The stock has increased slightly in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WBS at https://www.zacks.com/ap/WBS

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