200....Webster Financial Corp., the holding company for Webster Bank, Friday announced it lost hundreds of millions of dollars in 2008, will eliminate 200 positions across the company and has dropped its dividend to a penny.
The bank’s net loss totaled $321.8 million, or $6.42 per diluted share, for 2008, compared to a net income of $96.8 million, or $1.76 per diluted share in 2007.
Per-diluted-share calculations are conservative and present a worst-case scenario, assuming everyone holding options, warrants, preferred shares or other securities would convert them all at once.
For the fourth quarter of 2008, Webster is recording a loss of $300 million, or $5.91 per diluted share, driven mostly by a $188.9 million goodwill impairment charge, $129.6 million for non-cash charges on certain investment securities and a $100 million provision against $52.8 million of net charge-offs on past-due and non-performing loans.
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