Webster Financial Corporation (WBS) reported earnings of $0.39/share in the first quarter, down 59% over the linked-quarter due to a surge in provision expense. Earnings will likely improve in the remainder of the year as provision expense will likely decline from the first quarter. However, provision expense will remain above normal in the remaining three quarters of the year because WBS will likely have to adjust its reserves upwards. The unemployment rate has worsened beyond management’s expectation; therefore, WBS will need to add to its reserves for loan losses. Additionally, the net interest