Webster Financial Corporation ("Webster") (NYSE: WBS), the
holding company for Webster Bank, N.A. and its HSA Bank division,
today announced net income available to common stockholders of
$181.2 million, or $1.05 per diluted share, for the quarter ended
December 31, 2023, compared to $240.6 million, or $1.38 per diluted
share, for the quarter ended December 31, 2022.
Fourth quarter 2023 results include $94.7 million pre-tax ($69.3
million after tax), or $0.411 per diluted share, of charges related
to a FDIC special assessment, the merger with Sterling Bancorp on
January 31, 2022 ("the merger"), and securities repositioning.
Excluding these charges, adjusted earnings per diluted share would
have been $1.461 for the quarter ended December 31, 2023.
"In addition to our strong financial performance for the quarter
and full-year 2023, we realized several meaningful strategic
accomplishments," said John R. Ciulla, president and chief
executive officer. "Our strong financial position and proactive
actions position us well for continued success in 2024."
Highlights for the fourth quarter of 2023:
- Revenue of $634.8 million.
- Period end loan and lease balance of $50.7 billion, up $0.6
billion or 1.3 percent from prior quarter; 80.7 percent commercial
loans and leases, 19.3 percent consumer loans, and a loan to
deposit ratio of 83.5 percent.
- Period end deposit balance of $60.8 billion, up $0.5 billion or
0.7 percent from prior quarter.
- Provision for credit losses totaled $36.0 million.
- Return on average assets of 1.01 percent; adjusted 1.39
percent1.
- Return on average tangible common equity of 14.49 percent1;
adjusted 19.83 percent1.
- Net interest margin of 3.42 percent, down 7 basis points from
prior quarter.
- Common equity tier 1 ratio of 11.12 percent.
- Efficiency ratio of 43.04 percent1.
- Tangible common equity ratio of 7.73 percent1.
"We continue to invest in our businesses, including the recently
announced acquisition of Ametros Financial, which will provide
further diversification of funding sources," said Glenn MacInnes,
executive vice president and chief financial officer. "At the same
time, we are consistently improving our existing operations to
maximize financial performance.”
1
See "Reconciliations to GAAP Financial Measures" section
beginning on page 19.
Line of Business performance compared
to the fourth quarter of 2022
Commercial Banking
Webster’s Commercial Banking segment serves businesses that have
more than $2 million of revenue through its business banking,
middle market, asset-based lending, equipment finance, commercial
real estate, sponsor finance, private banking, and treasury
services business units. At December 31, 2023, Commercial Banking
had $40.9 billion in loans and leases and $18.2 billion in
deposits, as well as a combined $2.9 billion in assets under
administration and management.
Commercial Banking Operating Results:
Percent
Three months ended December
31,
Favorable/
(In thousands)
2023
2022
(Unfavorable)
Net interest income
$
377,725
$
392,340
(3.7
)%
Non-interest income
34,403
42,767
(19.6
)
Operating revenue
412,128
435,107
(5.3
)
Non-interest expense
109,893
103,725
(5.9
)
Pre-tax, pre-provision net revenue
$
302,235
$
331,382
(8.8
)
Percent
At December 31,
Increase/
(In millions)
2023
2022
(Decrease)
Loans and leases
$
40,934
$
40,115
2.0
%
Deposits
18,246
19,563
(6.7
)
AUA / AUM (off balance sheet)
2,911
2,259
28.9
Pre-tax, pre-provision net revenue decreased $29.1 million, to
$302.2 million, in the quarter as compared to prior year. Net
interest income decreased $14.6 million, to $377.7 million,
primarily driven by lower deposit balances coupled with higher
rates paid on deposits, partially offset by loan growth.
Non-interest income decreased $8.4 million, to $34.4 million,
driven by decreases in loan servicing income, syndication fees,
direct investments income, and cash management fees. Non-interest
expense increased $6.2 million, to $109.9 million, primarily
resulting from continued investments in technology and talent to
support balance sheet growth.
HSA Bank
Webster’s HSA Bank division offers a comprehensive
consumer-directed healthcare solution that includes health savings
accounts, health reimbursement arrangements, flexible spending
accounts and commuter benefits. Health savings accounts are
distributed nationwide directly to employers and individual
consumers, as well as through national and regional insurance
carriers, benefit consultants, and financial advisors. At December
31, 2023, HSA Bank had $12.9 billion in total footings comprising
$8.3 billion in deposits and $4.6 billion in assets under
administration through linked investment accounts.
HSA Bank Operating Results:
Percent
Three months ended December
31,
Favorable/
(In thousands)
2023
2022
(Unfavorable)
Net interest income
$
78,036
$
65,447
19.2
%
Non-interest income
20,224
25,234
(19.9
)
Operating revenue
98,260
90,681
8.4
Non-interest expense
41,947
40,655
(3.2
)
Pre-tax, net revenue
$
56,313
$
50,026
12.6
Percent
At December 31,
Increase/
(Dollars in millions)
2023
2022
(Decrease)
Number of accounts (thousands)
3,184
3,042
4.7
%
Deposits
$
8,288
$
7,945
4.3
Linked investment accounts (off balance
sheet)
4,642
3,394
36.8
Total footings
$
12,930
$
11,339
14.0
Pre-tax net revenue increased $6.3 million, to $56.3 million, in
the quarter as compared to prior year. Net interest income
increased $12.6 million, to $78.0 million, primarily due to an
increase in net deposit spread and growth in deposits. Non-interest
income decreased $5.0 million, to $20.2 million, primarily due to
lower customer fees. Non-interest expense increased $1.3 million,
to $41.9 million, primarily due to higher compensation and benefits
expense and service contract expense related to account growth, and
the continued investment in our user experience build out.
Consumer Banking
Webster's Consumer Banking segment serves consumer and business
banking customers primarily throughout southern New England and the
New York Metro and Suburban markets. Consumer Banking is comprised
of the Consumer Lending and Small Business Banking business units,
as well as a distribution network consisting of 198 banking centers
and 349 ATMs, a customer care center, and a full range of web and
mobile-based banking services. Additionally, Webster Investments
provides investment services to consumers and small business owners
within Webster's targeted markets and retail footprint. At December
31, 2023, Consumer Banking had $9.8 billion in loans and $24.1
billion in deposits, as well as $7.9 billion in assets under
administration.
Consumer Banking Operating Results:
Percent
Three months ended December
31,
Favorable/
(In thousands)
2023
2022
(Unfavorable)
Net interest income
$
188,130
$
209,077
(10.0
)%
Non-interest income
25,734
27,150
(5.2
)
Operating revenue
213,864
236,227
(9.5
)
Non-interest expense
103,819
113,669
8.7
Pre-tax, pre-provision net revenue
$
110,045
$
122,558
(10.2
)
At December 31,
Percent
(In millions)
2023
2022
Increase
Loans
$
9,781
$
9,624
1.6
%
Deposits
24,060
23,610
1.9
AUA (off balance sheet)
7,876
7,872
0.1
Pre-tax, pre-provision net revenue decreased $12.5 million, to
$110.0 million, in the quarter as compared to prior year. Net
interest income decreased $20.9 million, to $188.1 million,
primarily driven by higher rates paid on deposits, partially offset
by loan and deposit growth. Non-interest income decreased $1.4
million, to $25.7 million, driven by lower deposit fee income,
partially offset by gains on loan sales and higher investment
services and other miscellaneous income. Non-interest expense
decreased $9.9 million, to $103.8 million, primarily driven by
lower technology and shared services expenses, coupled with the
impact of outsourcing the consumer investment services
platform.
Consolidated financial
performance:
Quarterly net interest income compared to the fourth quarter
of 2022:
- Net interest income was $571.0 million compared to $602.4
million.
- Net interest margin was 3.42 percent compared to 3.74 percent.
The yield on interest-earning assets increased by 94 basis points,
and the cost of interest-bearing liabilities increased by 136 basis
points.
- Average interest-earning assets totaled $66.6 billion and
increased by $2.6 billion, or 4.1 percent.
- Average loans and leases totaled $50.4 billion and increased by
$1.8 billion, or 3.7 percent.
- Average deposits totaled $60.0 billion and increased by $5.9
billion, or 11.0 percent.
Quarterly provision for credit losses:
- The provision for credit losses was $36.0 million in the
quarter, contributing to a $0.3 million increase in the allowance
for credit losses on loans and leases from prior quarter. The
provision also contributed to an increase in the reserves on
unfunded loan commitments of $1.7 million. The provision for credit
losses was $36.5 million in the prior quarter, and $43.0 million a
year ago.
- Net charge-offs were $34.0 million, compared to $29.3 million
in the prior quarter, and $20.2 million a year ago. The ratio of
net charge-offs to average loans and leases was 0.27 percent,
compared to 0.23 percent in the prior quarter, and 0.17 percent a
year ago.
- The allowance for credit losses on loans and leases represented
1.25 percent of total loans and leases, compared to 1.27 percent at
September 30, 2023, and 1.20 percent at December 31, 2022. The
allowance represented 303 percent of nonperforming loans and leases
at December 31, 2023, compared to 295 percent at September 30,
2023, and 292 percent at December 31, 2022.
Quarterly non-interest income compared to the fourth quarter
of 2022:
- Total non-interest income was $63.8 million compared to $102.2
million, a decrease of $38.4 million. Total non-interest income
includes a $16.8 million and $4.5 million loss on the sale of
investment securities for the fourth quarter of 2023 and 2022,
respectively. Excluding those losses, total non-interest income
decreased $26.1 million. The decrease primarily reflects lower
deposit fees, lower loan syndication, prepayment, and other
transaction fees, and a decline in other non-interest income due to
a non-cash swing in our modeled credit valuation adjustment on
customer derivatives, direct investment income, and bank-owned life
insurance income.
Quarterly non-interest expense compared to the fourth quarter
of 2022:
- Total non-interest expense was $377.2 million compared to
$348.4 million, an increase of $28.8 million. Total non-interest
expense includes $47.2 million related to a FDIC special assessment
and a net $30.7 million of merger related expense, compared to a
net $45.9 million of merger and strategic initiatives charges a
year ago. Excluding those charges, total non-interest expense
decreased $3.1 million. The decrease reflects lower consulting,
project, and loan related expenses, partially offset by increases
in compensation and benefits and deposit insurance expense.
Quarterly income taxes compared to the fourth quarter of
2022:
- Income tax expense was $36.2 million compared to $68.4 million,
and the effective tax rate was 16.3 percent compared to 21.8
percent. The lower effective tax rate in the current period
reflects the recognition of a $5.5 million net discrete benefit
attributable to 2022 state and local tax return true-up
adjustments, along with the impact of decreased pre-tax income
compared to the 2022 period.
Investment securities:
- Total investment securities, net were $16.0 billion, compared
to $14.5 billion at both September 30, 2023, and December 31, 2022.
The carrying value of the available-for-sale portfolio included
$708.7 million of net unrealized losses, compared to $1.1 billion
at September 30, 2023, and $864.5 million at December 31, 2022. The
carrying value of the held-to-maturity portfolio does not reflect
$810.2 million of net unrealized losses, compared to $1.2 billion
at September 30, 2023, and $803.4 million at December 31,
2022.
Loans and leases:
- Total loans and leases were $50.7 billion, compared to $50.1
billion at September 30, 2023, and $49.8 billion at December 31,
2022. Compared to September 30, 2023, commercial loans and leases
increased by $80.6 million, commercial real estate loans increased
by $574.5 million, residential mortgages decreased by $0.5 million,
and consumer loans decreased by $16.7 million.
- Compared to a year ago, commercial loans and leases decreased
by $712.7 million, commercial real estate loans increased by $1.5
billion, residential mortgages increased by $264.5 million, and
consumer loans decreased by $128.8 million.
- Loan originations for the portfolio were $3.2 billion, compared
to $1.5 billion in the prior quarter, and $4.7 billion a year ago.
In addition, $3.4 million of residential loans were originated for
sale in the quarter, compared to $1.5 million in the prior quarter,
and $3.5 million a year ago.
Asset quality:
- Total nonperforming loans and leases were $209.5 million, or
0.41 percent of total loans and leases, compared to $215.1 million,
or 0.43 percent of total loans and leases, at September 30, 2023,
and $203.8 million, or 0.41 percent of total loans and leases, at
December 31, 2022.
- Past due loans and leases were $46.6 million, compared to $70.7
million at September 30, 2023, and $73.7 million at December 31,
2022.
Deposits and borrowings:
- Total deposits were $60.8 billion, compared to $60.3 billion at
September 30, 2023, and $54.1 billion at December 31, 2022. Core
deposits to total deposits1 were 86.1 percent at December 31, 2023,
compared to 87.6 percent at September 30, 2023, and 92.3 percent at
December 31, 2022. The loan to deposit ratio was 83.5 percent,
compared to 83.0 percent at September 30, 2023, and 92.1 percent at
December 31, 2022.
- Total borrowings were $3.9 billion, compared to $3.0 billion at
September 30, 2023, and $7.7 billion at December 31, 2022.
Capital:
- The return on average common stockholders’ equity and the
return on average tangible common stockholders’ equity1 were 9.03
percent and 14.49 percent, respectively, compared to 12.54 percent
and 19.93 percent, respectively, in the fourth quarter of
2022.
- The tangible equity1 and tangible common equity1 ratios were
8.12 percent and 7.73 percent, respectively, compared to 7.79
percent and 7.38 percent, respectively, at December 31, 2022. The
common equity tier 1 ratio was 11.12 percent, compared to 10.71
percent at December 31, 2022.
- Book value and tangible book value per common share1 were
$48.87 and $32.39, respectively, compared to $44.67 and $29.07,
respectively, at December 31, 2022.
1
See "Reconciliations to GAAP Financial
Measures" section beginning on page 19.
Webster Financial Corporation (NYSE:WBS) is the holding
company for Webster Bank, N.A. and its HSA Bank Division. Webster
is a leading commercial bank in the Northeast that provides a wide
range of digital and traditional financial solutions across three
differentiated lines of business: Commercial Banking, Consumer
Banking and its HSA Bank division, one of the country's largest
providers of employee benefits solutions. Headquartered in
Stamford, CT, Webster is a values-driven organization with $75
billion in assets. Its core footprint spans the northeastern U.S.
from New York to Massachusetts, with certain businesses operating
in extended geographies. Webster Bank is a member of the FDIC and
an equal housing lender. For more information about Webster,
including past press releases and the latest annual report, visit
the Webster website at www.websterbank.com.
Conference Call
A conference call covering Webster’s fourth quarter 2023
earnings announcement will be held today, Tuesday, January 23, 2024
at 9:00 a.m. Eastern Time. To listen to the live call, please dial
888-330-2446, or 240-789-2732 for international callers. The
passcode is 8607257. The webcast, along with related slides, will
be available via Webster's Investor Relations website at
investors.websterbank.com. A replay of the conference call will be
available for one week via the website listed above, beginning at
approximately 12:00 noon (Eastern) on January 23, 2024. To access
the replay, dial 800-770-2030, or 647-362-9199 for international
callers. The replay conference ID number is 8607257.
Forward-Looking
Statements
This release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as
“believes,” “anticipates,” “expects,” “intends,” “targeted,”
“continue,” “remain,” “will,” “should,” “may,” “plans,”
“estimates,” and similar references to future periods. However,
these words are not the exclusive means of identifying such
statements. Examples of forward-looking statements include, but are
not limited to: projections of revenues, expenses, income or loss,
earnings or loss per share, and other financial items; statements
of plans, objectives, and expectations of Webster or its management
or Board of Directors; statements of future economic performance;
and statements of assumptions underlying such statements.
Forward-looking statements are based on Webster's current
expectations and assumptions regarding its business, the economy,
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks, and changes in circumstances that are difficult to predict.
Webster’s actual results may differ materially from those
contemplated by the forward-looking statements, which are neither
statements of historical fact nor guarantees or assurances of
future performance. Factors that could cause Webster's actual
results to differ from those discussed in any forward-looking
statements include, but are not limited to: Webster's ability to
successfully integrate the operations of Webster and Sterling
Bancorp and realize the anticipated benefits of the merger,
including validation of Webster's recently completed core
conversion and any issues that may arise therefrom; Webster's
ability to successfully execute its business plan and strategic
initiatives, and manage any risks or uncertainties; any
continuation of the recent turmoil in the banking industry,
including the associated impact of any regulatory changes or other
mitigation efforts taken by government agencies in response;
volatility in Webster's stock price due to investor sentiment,
including in light of the recent turmoil in the banking industry;
local, regional, national, and international economic conditions,
and the impact they may have on Webster or its customers;
volatility and disruption in national and international financial
markets, including as a result of geopolitical conflict; unforeseen
events, such as pandemics or natural disasters, and any
governmental or societal responses thereto; changes in laws and
regulations, or existing laws and regulations that Webster becomes
subject to, including those concerning banking, taxes, dividends,
securities, insurance, and healthcare, with which Webster and its
subsidiaries must comply; adverse conditions in the securities
markets that could lead to impairment in the value of Webster's
securities portfolio; inflation, monetary fluctuations, the
possibility of a recession, and changes in interest rates,
including the impact of such changes on economic conditions,
customer behavior, funding costs, and Webster's loans and leases
and securities portfolios; possible changes in governmental
monetary and fiscal policies, including, but not limited to, the
Federal Reserve policies in connection with continued inflationary
pressures and the ability of the U.S. Congress to increase the U.S.
statutory debt limit as needed; the impact of a potential U.S.
federal government shutdown; the timely development and acceptance
of new products and services, and the perceived value of those
products and services by customers; changes in deposit flows,
consumer spending, borrowings, and savings habits; Webster's
ability to implement new technologies and maintain secure and
reliable technology systems; the effects of any cyber threats,
attacks or events, or fraudulent activity, including those that
involve Webster's third-party vendors and service providers;
performance by Webster's counterparties and third-party vendors;
Webster's ability to increase market share and control expenses;
changes in the competitive environment among banks, financial
holding companies, and other traditional and non-traditional
financial service providers; Webster's ability to maintain adequate
sources of funding and liquidity; changes in the level of
nonperforming assets and charge-offs; changes in estimates of
future reserve requirements based upon periodic review under
relevant regulatory and accounting requirements; the effect of
changes in accounting policies and practices applicable to Webster,
including the impacts of recently adopted accounting guidance;
Webster's inability to remediate the material weaknesses in its
internal control related to ineffective information technology
general controls; legal and regulatory developments, including the
resolution of legal proceedings or regulatory or other governmental
inquiries, and the results of regulatory examinations or reviews;
Webster's ability to appropriately address any environmental,
social, governmental, and sustainability concerns that may arise
from its business activities; and the other factors that are
described in Webster's Annual Report on Form 10-K for the year
ended December 31, 2022, and Quarterly Reports on Form 10-Q for the
quarterly periods ended in 2023. Any forward-looking statement made
by Webster in this release speaks only as of the date on which it
is made. Factors or events that could cause Webster's actual
results to differ may emerge from time to time, and it is not
possible for Webster to predict all of them. Webster undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
Non-GAAP Financial
Measures
In addition to results presented in accordance with GAAP, this
press release contains certain non-GAAP financial measures. A
reconciliation of net income, return on average tangible common
stockholders' equity, and other performance ratios, in each case as
adjusted, is included in the accompanying selected financial
highlights table.
Webster believes that providing certain non-GAAP financial
measures provides investors with information useful in
understanding its financial performance, performance trends, and
financial position. Webster utilizes these measures for internal
planning and forecasting purposes. Webster, as well as securities
analysts, investors, and other interested parties, also use these
measures to compare peer company operating performance. Webster
believes that its presentation and discussion, together with the
accompanying reconciliations, provides additional clarity of
factors and trends affecting its business and allows investors to
view performance in a manner similar to management.
These non-GAAP measures should not be considered a substitute
for GAAP basis measures and results, and Webster strongly
encourages investors to review its consolidated financial
statements in their entirety and not to rely on any single
financial measure. Because non-GAAP financial measures are not
standardized, it may not be possible to compare these financial
measures with other companies’ non-GAAP financial measures having
the same or similar names.
WEBSTER FINANCIAL CORPORATIONSelected Financial Highlights
(unaudited) At or for the Three Months Ended
(In thousands, except per share data)
December 31,2023 September 30,2023 June 30,2023 March
31,2023 December 31,2022
Income and performance
ratios: Net income
$
185,393
$
226,475
$
234,968
$
221,004
$
244,751
Net income available to common stockholders
181,230
222,313
230,806
216,841
240,588
Earnings per diluted common share
1.05
1.28
1.32
1.24
1.38
Return on average assets (annualized)
1.01
%
1.23
%
1.23
%
1.22
%
1.40
%
Return on average tangible common stockholders' equity (annualized)
(1)
14.49
17.51
18.12
17.66
19.93
Return on average common stockholders’ equity (annualized)
9.03
11.00
11.38
10.94
12.54
Non-interest income as a percentage of total revenue
10.05
13.34
13.28
10.62
14.50
Asset quality: Allowance for credit losses on loans
and leases
$
635,737
$
635,438
$
628,911
$
613,914
$
594,741
Nonperforming assets
218,600
218,402
222,215
186,551
206,136
Allowance for credit losses on loans and leases / total loans and
leases
1.25
%
1.27
%
1.22
%
1.21
%
1.20
%
Net charge-offs / average loans and leases (annualized)
0.27
0.23
0.16
0.20
0.17
Nonperforming loans and leases / total loans and leases
0.41
0.43
0.42
0.36
0.41
Nonperforming assets / total loans and leases plus other real
estate owned and repossessed assets
0.43
0.44
0.43
0.37
0.41
Allowance for credit losses on loans and leases / nonperforming
loans and leases
303.39
295.48
287.35
331.81
291.84
Other ratios: Tangible equity (1)
8.12
%
7.62
%
7.62
%
7.55
%
7.79
%
Tangible common equity (1)
7.73
7.22
7.23
7.15
7.38
Tier 1 risk-based capital (2)
11.63
11.64
11.16
10.93
11.23
Total risk-based capital (2)
13.72
13.79
13.25
12.99
13.25
Common equity tier 1 risk-based capital (2)
11.12
11.12
10.65
10.42
10.71
Stockholders’ equity / total assets
11.60
11.21
11.18
11.08
11.30
Net interest margin
3.42
3.49
3.35
3.66
3.74
Efficiency ratio (1)
43.04
41.75
42.20
41.64
40.27
Equity and share related: Common equity
$
8,406,017
$
7,915,222
$
7,995,747
$
8,010,315
$
7,772,207
Book value per common share
48.87
46.00
46.15
45.85
44.67
Tangible book value per common share (1)
32.39
29.48
29.69
29.47
29.07
Common stock closing price
50.76
40.31
37.75
39.42
47.34
Dividends declared per common share
0.40
0.40
0.40
0.40
0.40
Common shares issued and outstanding
172,022
172,056
173,261
174,712
174,008
Weighted-average common shares outstanding - Basic
170,415
171,210
172,739
172,766
172,522
Weighted-average common shares outstanding - Diluted
170,623
171,350
172,803
172,883
172,699
(1) See "Reconciliations to GAAP Financial Measures" section
beginning on page 19. (2) Presented as preliminary for December 31,
2023, and actual for the remaining periods.
WEBSTER FINANCIAL
CORPORATIONConsolidated Balance Sheets (unaudited) (In thousands) December 31,2023 September
30,2023 December 31,2022
Assets: Cash and due from banks
$
429,323
$
406,300
$
264,118
Interest-bearing deposits
1,286,472
1,766,431
575,825
Investment securities: Available-for-sale
8,959,729
7,653,391
7,892,697
Held-to-maturity, net
7,074,588
6,875,772
6,564,697
Total investment securities, net
16,034,317
14,529,163
14,457,394
Loans held for sale
6,541
46,267
1,991
Loans and leases: Commercial
19,772,102
19,691,486
20,484,806
Commercial real estate
21,157,732
20,583,254
19,619,145
Residential mortgages
8,227,923
8,228,451
7,963,420
Consumer
1,568,295
1,584,955
1,697,055
Total loans and leases
50,726,052
50,088,146
49,764,426
Allowance for credit losses on loans and leases
(635,737
)
(635,438
)
(594,741
)
Loans and leases, net
50,090,315
49,452,708
49,169,685
Federal Home Loan Bank and Federal Reserve Bank stock
326,882
306,085
445,900
Premises and equipment, net
429,561
431,698
430,184
Goodwill and other intangible assets, net
2,834,600
2,843,217
2,713,446
Cash surrender value of life insurance policies
1,247,938
1,242,648
1,229,169
Deferred tax assets, net
369,212
478,926
371,634
Accrued interest receivable and other assets
1,890,088
1,627,408
1,618,175
Total assets $
74,945,249
$
73,130,851
$
71,277,521
Liabilities and Stockholders' Equity: Deposits:
Demand
$
10,732,516
$
11,410,063
$
12,974,975
Health savings accounts
8,287,889
8,229,889
7,944,892
Interest-bearing checking
8,994,095
8,826,265
9,237,529
Money market
17,662,826
17,755,198
11,062,652
Savings
6,642,499
6,622,833
8,673,343
Certificates of deposit
5,574,048
5,150,139
2,729,332
Brokered certificates of deposit
2,890,411
2,337,380
1,431,617
Total deposits
60,784,284
60,331,767
54,054,340
Securities sold under agreements to repurchase and other borrowings
458,387
157,491
1,151,830
Federal Home Loan Bank advances
2,360,018
1,810,218
5,460,552
Long-term debt (1)
1,048,820
1,050,539
1,073,128
Accrued expenses and other liabilities
1,603,744
1,581,635
1,481,485
Total liabilities
66,255,253
64,931,650
63,221,335
Preferred stock
283,979
283,979
283,979
Common stockholders' equity
8,406,017
7,915,222
7,772,207
Total stockholders’ equity
8,689,996
8,199,201
8,056,186
Total liabilities and stockholders' equity $
74,945,249
$
73,130,851
$
71,277,521
(1) The classification of debt as long-term is based on the initial
terms of greater than one year as of the date of issuance.
WEBSTER FINANCIAL CORPORATIONConsolidated Statements of Income
(unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
(In thousands, except per share data)
2023
2022
2023
2022
Interest income: Interest and fees on loans and leases
$
789,423
$
642,784
$
3,071,378
$
1,946,558
Interest and dividends on investment securities
143,444
100,804
556,148
338,101
Loans held for sale
280
5
734
78
Total interest income
933,147
743,593
3,628,260
2,284,737
Interest expense: Deposits
325,793
81,202
1,021,418
138,552
Borrowings
36,333
60,016
269,573
111,899
Total interest expense
362,126
141,218
1,290,991
250,451
Net interest income
571,021
602,375
2,337,269
2,034,286
Provision for credit losses
36,000
43,000
150,747
280,619
Net interest income after provision for loan and lease
losses
535,021
559,375
2,186,522
1,753,667
Non-interest income: Deposit service fees
37,459
48,453
169,318
198,472
Loan and lease related fees
21,362
25,632
84,861
102,987
Wealth and investment services
7,767
7,017
28,999
40,277
Mortgage banking activities
1,010
89
1,240
705
Cash surrender value of life insurance policies
6,587
6,543
26,228
29,237
(Loss) on sale of investment securities
(16,825
)
(4,517
)
(33,620
)
(6,751
)
Other income
6,455
18,962
37,311
75,856
Total non-interest income
63,815
102,179
314,337
440,783
Non-interest expense: Compensation and benefits
184,914
177,979
711,752
723,620
Occupancy
18,478
20,174
77,520
113,899
Technology and equipment
46,486
44,202
197,928
186,384
Marketing
5,176
5,570
18,622
16,438
Professional and outside services
18,804
26,489
107,497
117,530
Intangible assets amortization
8,618
8,240
36,207
31,940
Deposit insurance
58,725
6,578
98,081
26,574
Other expenses
36,020
59,158
168,748
180,088
Total non-interest expense
377,221
348,390
1,416,355
1,396,473
Income before income taxes
221,615
313,164
1,084,504
797,977
Income tax expense
36,222
68,413
216,664
153,694
Net income
185,393
244,751
867,840
644,283
Preferred stock dividends
(4,163
)
(4,163
)
(16,650
)
(15,919
)
Net income available to common stockholders $
181,230
$
240,588
$
851,190
$
628,364
Weighted-average common shares outstanding - Diluted
170,623
172,699
171,883
167,547
Earnings per common share: Basic
$
1.05
$
1.38
$
4.91
$
3.72
Diluted
1.05
1.38
4.91
3.72
WEBSTER FINANCIAL CORPORATIONFive Quarter Consolidated
Statements of Income (unaudited) Three Months Ended
(In thousands, except per share data)
December 31,2023 September 30,2023 June 30,2023 March
31,2023 December 31,2022
Interest income: Interest and fees
on loans and leases
$
789,423
$
793,626
$
771,973
$
716,356
$
642,784
Interest and dividends on investment securities
143,444
137,146
161,002
114,556
100,804
Loans held for sale
280
17
421
16
5
Total interest income
933,147
930,789
933,396
830,928
743,593
Interest expense: Deposits
325,793
293,955
251,466
150,204
81,202
Borrowings
36,333
49,698
98,101
85,441
60,016
Total interest expense
362,126
343,653
349,567
235,645
141,218
Net interest income
571,021
587,136
583,829
595,283
602,375
Provision for credit losses
36,000
36,500
31,498
46,749
43,000
Net interest income after provision for loan and lease
losses
535,021
550,636
552,331
548,534
559,375
Non-interest income: Deposit service fees
37,459
41,005
45,418
45,436
48,453
Loan and lease related fees
21,362
19,966
20,528
23,005
25,632
Wealth and investment services
7,767
7,254
7,391
6,587
7,017
Mortgage banking activities
1,010
42
129
59
89
Cash surrender value of life insurance policies
6,587
6,620
6,293
6,728
6,543
(Loss) on sale of investment securities
(16,825
)
-
(48
)
(16,747
)
(4,517
)
Other income
6,455
15,495
9,663
5,698
18,962
Total non-interest income
63,815
90,382
89,374
70,766
102,179
Non-interest expense: Compensation and benefits
184,914
180,333
173,305
173,200
177,979
Occupancy
18,478
18,617
20,254
20,171
20,174
Technology and equipment
46,486
55,261
51,815
44,366
44,202
Marketing
5,176
4,810
5,160
3,476
5,570
Professional and outside services
18,804
26,874
29,385
32,434
26,489
Intangible assets amortization
8,618
8,899
9,193
9,497
8,240
Deposit insurance
58,725
13,310
13,723
12,323
6,578
Other expenses
36,020
54,474
41,254
37,000
59,158
Total non-interest expense
377,221
362,578
344,089
332,467
348,390
Income before income taxes
221,615
278,440
297,616
286,833
313,164
Income tax expense
36,222
51,965
62,648
65,829
68,413
Net income
185,393
226,475
234,968
221,004
244,751
Preferred stock dividends
(4,163
)
(4,162
)
(4,162
)
(4,163
)
(4,163
)
Net income available to common stockholders $
181,230
$
222,313
$
230,806
$
216,841
$
240,588
Weighted-average common shares outstanding - Diluted
170,623
171,350
172,803
172,883
172,699
Earnings per common share: Basic
$
1.05
$
1.29
$
1.32
$
1.24
$
1.38
Diluted
1.05
1.28
1.32
1.24
1.38
WEBSTER FINANCIAL CORPORATIONConsolidated Average Balances,
Interest, Yields and Rates, and Net Interest Margin on a Fully
Tax-equivalent Basis (unaudited) Three Months Ended December
31,
2023
2022
(Dollars in thousands) Average
balance Interest Yield/rate Average balance
Interest Yield/rate
Assets: Interest-earning assets:
Loans and leases
$
50,352,340
$
800,679
6.24
%
$
48,574,865
$
649,820
5.25
%
Investment securities (1)
15,253,540
135,498
3.35
14,471,173
98,812
2.57
Federal Home Loan and Federal Reserve Bank stock
308,505
5,581
7.18
399,497
4,007
3.98
Interest-bearing deposits
649,104
8,939
5.39
516,930
4,940
3.74
Loans held for sale
7,130
280
n/m
2,964
5
0.73
Total interest-earning assets
66,570,619
$
950,977
5.54
%
63,965,429
$
757,584
4.60
%
Non-interest-earning assets
6,561,444
5,994,351
Total assets $
73,132,063
$
69,959,780
Liabilities and Stockholders' Equity:
Interest-bearing liabilities: Demand deposits
$
11,067,121
$
-
-
%
$
13,371,074
$
-
-
%
Health savings accounts
8,219,431
3,123
0.15
7,878,486
2,957
0.15
Interest-bearing checking, money market and savings
33,156,966
239,875
2.87
29,390,078
66,279
0.89
Certificates of deposit and brokered deposits
7,538,131
82,795
4.36
3,399,857
11,966
1.40
Total deposits
59,981,649
325,793
2.15
54,039,495
81,202
0.60
Securities sold under agreements to repurchase and other
borrowings
221,437
1,162
2.05
1,237,132
9,183
2.90
Federal Home Loan Bank advances
1,815,493
25,659
5.53
4,241,042
41,523
3.83
Long-term debt (1)
1,049,655
9,512
3.73
1,073,960
9,310
3.58
Total borrowings
3,086,585
36,333
4.68
6,552,134
60,016
3.62
Total interest-bearing liabilities
63,068,234
$
362,126
2.28
%
60,591,629
$
141,218
0.92
%
Non-interest-bearing liabilities
1,751,031
1,407,251
Total liabilities
64,819,265
61,998,880
Preferred stock
283,979
283,979
Common stockholders' equity
8,028,819
7,676,921
Total stockholders' equity
8,312,798
7,960,900
Total liabilities and stockholders' equity $
73,132,063
$
69,959,780
Tax-equivalent net interest income
588,851
616,366
Less: Tax-equivalent adjustments
(17,830
)
(13,991
)
Net interest income $
571,021
$
602,375
Net interest margin
3.42
%
3.74
%
(1) For the purposes of average yield/rate and margin
computations, unsettled trades on investment securities, unrealized
gains (losses) on available-for-sale investment securities, and
basis adjustments on long-term debt from de-designated fair value
hedges are excluded.
WEBSTER FINANCIAL CORPORATIONConsolidated
Average Balances, Interest, Yields and Rates, and Net Interest
Margin on a Fully Tax-equivalent Basis (unaudited) Twelve
Months Ended December 31,
2023
2022
(Dollars in thousands) Average
balance Interest Yield/rate Average balance
Interest Yield/rate
Assets: Interest-earning assets:
Loans and leases
$
50,637,569
$
3,113,709
6.15
%
$
43,751,112
$
1,967,761
4.50
%
Investment securities (1)
14,839,744
477,496
3.06
14,528,722
345,600
2.31
Federal Home Loan and Federal Reserve Bank stock
408,673
24,785
6.06
289,595
8,775
3.03
Interest-bearing deposits
1,564,255
80,475
5.14
596,912
9,651
1.62
Loans held for sale
28,710
734
2.56
9,842
78
0.80
Total interest-earning assets
67,478,951
$
3,697,199
5.42
%
59,176,183
$
2,331,865
3.91
%
Non-interest-earning assets
6,344,931
5,586,025
Total assets $
73,823,882
$
64,762,208
Liabilities and Stockholders' Equity:
Interest-bearing liabilities: Demand deposits
$
11,596,949
$
-
-
%
$
12,912,894
$
-
-
%
Health savings accounts
8,249,332
12,366
0.15
7,826,576
6,315
0.08
Interest-bearing checking, money market and savings
31,874,457
756,521
2.37
28,266,128
115,271
0.41
Certificates of deposit and brokered deposits
6,531,610
252,531
3.87
2,838,502
16,966
0.60
Total deposits
58,252,348
1,021,418
1.75
51,844,100
138,552
0.27
Securities sold under agreements to repurchase and other
borrowings
378,171
9,102
2.41
1,064,551
19,059
1.79
Federal Home Loan Bank advances
4,275,394
222,537
5.21
1,965,577
58,557
2.98
Long-term debt (1)
1,058,621
37,934
3.69
1,031,446
34,283
3.44
Total borrowings
5,712,186
269,573
4.74
4,061,574
111,899
2.78
Total interest-bearing liabilities
63,964,534
$
1,290,991
2.02
%
55,905,674
$
250,451
0.45
%
Non-interest-bearing liabilities
1,535,393
1,135,046
Total liabilities
65,499,927
57,040,720
Preferred stock
283,979
272,179
Common stockholders' equity
8,039,976
7,449,309
Total stockholders' equity
8,323,955
7,721,488
Total liabilities and stockholders' equity $
73,823,882
$
64,762,208
Tax-equivalent net interest income
2,406,208
2,081,414
Less: Tax-equivalent adjustments
(68,939
)
(47,128
)
Net interest income $
2,337,269
$
2,034,286
Net interest margin
3.52
%
3.49
%
(1) For the purposes of average yield/rate and margin computations,
unsettled trades on investment securities, unrealized gains
(losses) on available-for-sale investment securities, and basis
adjustments on long-term debt from de-designated fair value hedges
are excluded.
WEBSTER FINANCIAL CORPORATIONFive Quarter Loans
and Leases (unaudited) (Dollars in
thousands) December 31,2023 September 30,2023 June
30,2023 March 31,2023 December 31,2022
Loans and leases
(actual): Commercial non-mortgage
$
18,214,261
$
18,058,524
$
19,499,160
$
19,014,810
$
18,663,164
Asset-based lending
1,557,841
1,632,962
1,718,251
1,760,527
1,821,642
Commercial real estate
21,157,732
20,583,254
20,661,071
20,513,738
19,619,145
Residential mortgages
8,227,923
8,228,451
8,140,182
8,001,563
7,963,420
Consumer
1,568,295
1,584,955
1,607,384
1,635,885
1,697,055
Loans and leases
50,726,052
50,088,146
51,626,048
50,926,523
49,764,426
Allowance for credit losses on loans and leases
(635,737
)
(635,438
)
(628,911
)
(613,914
)
(594,741
)
Loans and leases, net $
50,090,315
$
49,452,708
$
50,997,137
$
50,312,609
$
49,169,685
Loans and leases (average): Commercial non-mortgage
$
18,181,417
$
18,839,776
$
19,220,435
$
18,670,917
$
18,024,771
Asset-based lending
1,588,350
1,663,481
1,756,051
1,790,992
1,780,874
Commercial real estate
20,764,834
20,614,334
20,518,355
19,970,326
19,234,292
Residential mortgages
8,240,390
8,200,938
8,067,349
7,995,327
7,819,415
Consumer
1,577,349
1,593,659
1,622,525
1,667,630
1,715,513
Loans and leases $
50,352,340
$
50,912,188
$
51,184,715
$
50,095,192
$
48,574,865
WEBSTER FINANCIAL CORPORATIONFive Quarter Nonperforming Assets
and Past Due Loans and Leases (unaudited) (Dollars in thousands) December 31,2023
September 30,2023 June 30,2023 March 31,2023 December 31,2022
Nonperforming loans and leases: Commercial non-mortgage
$
134,617
$
121,067
$
109,279
$
86,537
$
89,416
Asset-based lending
35,090
10,350
9,450
9,450
20,046
Commercial real estate
11,314
31,004
47,972
35,832
41,580
Residential mortgages
5,591
27,312
26,751
25,096
25,613
Consumer
22,932
25,320
25,417
28,105
27,136
Total nonperforming loans and leases $
209,544
$
215,053
$
218,869
$
185,020
$
203,791
Other real estate owned and repossessed assets:
Commercial non-mortgage
$
8,954
$
2,687
$
2,152
$
153
$
78
Residential mortgages
-
662
662
662
2,024
Consumer
102
-
532
716
243
Total other real estate owned and repossessed assets
$
9,056
$
3,349
$
3,346
$
1,531
$
2,345
Total nonperforming assets $
218,600
$
218,402
$
222,215
$
186,551
$
206,136
Past due 30-89 days: Commercial non-mortgage
$
7,071
$
38,875
$
32,074
$
9,645
$
20,248
Asset-based lending
-
-
-
-
5,921
Commercial real estate
9,002
3,491
1,970
17,115
26,147
Residential mortgages
21,047
16,208
10,583
10,710
11,385
Consumer
9,417
12,016
6,718
6,110
9,194
Total past due 30-89 days $
46,537
$
70,590
$
51,345
$
43,580
$
72,895
Past due 90 days or more and accruing
52
138
29
602
770
Total past due loans and leases $
46,589
$
70,728
$
51,374
$
44,182
$
73,665
WEBSTER FINANCIAL CORPORATIONFive Quarter Changes in the
Allowance for Credit Losses on Loans and Leases (unaudited)
For the Three Months Ended (Dollars in
thousands) December 31,2023 September 30,2023 June
30,2023 March 31,2023 December 31,2022
ACL on loans and leases,
beginning balance $
635,438
$
628,911
$
613,914
$
594,741
$
574,325
Adoption of ASU No. 2022-02
-
-
-
5,873
-
Provision
34,300
35,839
35,249
37,821
40,649
Charge-offs: Commercial portfolio
28,794
27,360
21,945
26,410
21,499
Consumer portfolio
6,878
3,642
1,085
1,098
1,193
Total charge-offs
35,672
31,002
23,030
27,508
22,692
Recoveries: Commercial portfolio
396
292
1,024
1,574
895
Consumer portfolio
1,275
1,398
1,754
1,413
1,564
Total recoveries
1,671
1,690
2,778
2,987
2,459
Total net charge-offs
34,001
29,312
20,252
24,521
20,233
ACL on loans and leases, ending balance $
635,737
$
635,438
$
628,911
$
613,914
$
594,741
ACL on unfunded loan commitments, ending balance
24,734
23,040
22,366
26,051
27,707
Total ACL, ending balance $
660,471
$
658,478
$
651,277
$
639,965
$
622,448
WEBSTER FINANCIAL CORPORATIONReconciliations to GAAP Financial
Measures
The Company evaluates its business based
on certain ratios that utilize non-GAAP financial measures. The
Company believes the use of these non-GAAP financial measures
provides additional clarity in assessing the results and financial
position of the Company. Other companies may define or calculate
supplemental financial data differently. The efficiency ratio,
which measures the costs expended to generate a dollar of revenue,
is calculated excluding certain non-operational items. Return on
average tangible common stockholders' equity (ROATCE) measures the
Company’s net income available to common stockholders, adjusted for
the tax-effected amortization of intangible assets, as a percentage
of average stockholders’ equity less average preferred stock and
average goodwill and net intangible assets. The tangible equity
ratio represents stockholders’ equity less goodwill and net
intangible assets divided by total assets less goodwill and net
intangible assets. The tangible common equity ratio represents
stockholders’ equity less preferred stock and goodwill and net
intangible assets divided by total assets less goodwill and net
intangible assets. Tangible book value per common share represents
stockholders’ equity less preferred stock and goodwill and net
intangible assets divided by common shares outstanding at the end
of the period. Core deposits express total deposits less
certificates of deposit and brokered certificates of deposit.
Adjusted pre-tax net income, adjusted net income available to
common stockholders, adjusted diluted earnings per share (EPS),
adjusted ROATCE, and adjusted return on average assets (ROAA) are
calculated by excluding a FDIC special assessment, merger related
expense, and loss on sale of investment securities, each of which
have been tax-effected. See the tables below for reconciliations of
these non-GAAP financial measures with financial measures defined
by GAAP.
At or for the Three Months Ended (In thousands, except per share data) December
31,2023 September 30,2023 June 30,2023 March 31,2023 December
31,2022
Efficiency ratio: Non-interest expense
$
377,221
$
362,578
$
344,089
$
332,467
$
348,390
Less: Foreclosed property activity
(96
)
(492
)
(432
)
(262
)
(80
)
Intangible assets amortization
8,618
8,899
9,193
9,497
8,240
Operating lease depreciation
900
1,146
1,639
1,884
2,021
FDIC special assessment
47,164
-
-
-
-
Merger related expense
30,679
61,625
40,840
29,373
45,790
Strategic initiatives
-
-
-
-
143
Non-interest expense
$
289,956
$
291,400
$
292,849
$
291,975
$
292,276
Net interest income
$
571,021
$
587,136
$
583,829
$
595,283
$
602,375
Add: Tax-equivalent adjustment
17,830
17,906
17,292
15,911
13,991
Non-interest income
63,815
90,382
89,374
70,766
102,179
Other income (1)
5,099
3,614
5,035
4,311
4,814
Less: Operating lease depreciation
900
1,146
1,639
1,884
2,021
(Loss) on sale of investment securities
(16,825
)
-
(48
)
(16,747
)
(4,517
)
Income
$
673,690
$
697,892
$
693,939
$
701,134
$
725,855
Efficiency ratio
43.04
%
41.75
%
42.20
%
41.64
%
40.27
%
ROATCE: Net income
$
185,393
$
226,475
$
234,968
$
221,004
$
244,751
Less: Preferred stock dividends
4,163
4,162
4,162
4,163
4,163
Add: Intangible assets amortization, tax-effected
6,808
7,030
7,262
7,503
6,510
Adjusted income
$
188,038
$
229,343
$
238,068
$
224,344
$
247,098
Adjusted income, annualized basis
$
752,152
$
917,372
$
952,272
$
897,376
$
988,392
Average stockholders' equity
$
8,312,798
$
8,370,469
$
8,395,298
$
8,215,676
$
7,960,900
Less: Average preferred stock
283,979
283,979
283,979
283,979
283,979
Average goodwill and other intangible assets, net
2,838,770
2,847,560
2,856,581
2,849,673
2,716,981
Average tangible common stockholders' equity
$
5,190,049
$
5,238,930
$
5,254,738
$
5,082,024
$
4,959,940
Return on average tangible common stockholders' equity
14.49
%
17.51
%
18.12
%
17.66
%
19.93
%
(1) Other income includes the taxable equivalent of net income
generated from low income housing tax-credit investments.
At or for the Three Months Ended (In
thousands, except per share data) December 31,2023
September 30,2023 June 30,2023 March 31,2023 December 31,2022
Tangible equity: Stockholders' equity
$
8,689,996
$
8,199,201
$
8,279,726
$
8,294,294
$
8,056,186
Less: Goodwill and other intangible assets, net
2,834,600
2,843,217
2,852,117
2,861,310
2,713,446
Tangible stockholders' equity
$
5,855,396
$
5,355,984
$
5,427,609
$
5,432,984
$
5,342,740
Total assets
$
74,945,249
$
73,130,851
$
74,038,243
$
74,844,395
$
71,277,521
Less: Goodwill and other intangible assets, net
2,834,600
2,843,217
2,852,117
2,861,310
2,713,446
Tangible assets
$
72,110,649
$
70,287,634
$
71,186,126
$
71,983,085
$
68,564,075
Tangible equity
8.12
%
7.62
%
7.62
%
7.55
%
7.79
%
Tangible common equity: Tangible stockholders' equity
$
5,855,396
$
5,355,984
$
5,427,609
$
5,432,984
$
5,342,740
Less: Preferred stock
283,979
283,979
283,979
283,979
283,979
Tangible common stockholders' equity
$
5,571,417
$
5,072,005
$
5,143,630
$
5,149,005
$
5,058,761
Tangible assets
$
72,110,649
$
70,287,634
$
71,186,126
$
71,983,085
$
68,564,075
Tangible common equity
7.73
%
7.22
%
7.23
%
7.15
%
7.38
%
Tangible book value per common share: Tangible common
stockholders' equity
$
5,571,417
$
5,072,005
$
5,143,630
$
5,149,005
$
5,058,761
Common shares outstanding
172,022
172,056
173,261
174,712
174,008
Tangible book value per common share $
32.39
$
29.48
$
29.69
$
29.47
$
29.07
Core deposits: Total deposits
$
60,784,284
$
60,331,767
$
58,747,532
$
55,297,479
$
54,054,340
Less: Certificates of deposit
5,574,048
5,150,139
4,743,204
3,855,406
2,729,332
Brokered certificates of deposit
2,890,411
2,337,380
2,542,854
674,373
1,431,617
Core deposits $
52,319,825
$
52,844,248
$
51,461,474
$
50,767,700
$
49,893,391
Three months ended December 31, 2023 Adjusted ROATCE:
Net income $
185,393
Less: Preferred stock dividends
4,163
Add: Intangible assets amortization, tax-effected
6,808
FDIC special assessment, tax-effected
34,509
Merger related expense, tax-effected
22,447
Loss on sale of investment securities, tax-effected
12,310
Adjusted income $
257,304
Adjusted income, annualized basis $
1,029,216
Average stockholders' equity $
8,312,798
Less: Average preferred stock
283,979
Average goodwill and other intangible assets, net
2,838,770
Average tangible common stockholders' equity $
5,190,049
Adjusted return on average tangible common stockholders'
equity
19.83
%
Adjusted ROAA: Net income $
185,393
Add: FDIC special assessment, tax-effected
34,509
Merger related expense, tax-effected
22,447
Loss on sale of investment securities, tax-effected
12,310
Adjusted income $
254,659
Adjusted income, annualized basis $
1,018,636
Average assets $
73,132,063
Adjusted return on average assets
1.39
%
GAAP to adjusted reconciliation: Three months ended
December 31, 2023 (In millions, except
per share data) Pre-Tax Income Net Income
Available toCommon Stockholders Diluted EPS Reported
(GAAP) $
221.6
$
181.2
$
1.05
FDIC special assessment
47.2
34.5
0.21
Merger related expense
30.7
22.5
0.13
Loss on sale of investment securities
16.8
12.3
0.07
Adjusted (non-GAAP) $
316.3
$
250.5
$
1.46
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240122059705/en/
Media Contact Alice Ferreira, 203-578-2610
acferreira@websterbank.com
Investor Contact Emlen Harmon, 212-309-7646
eharmon@websterbank.com
Webster Financial (NYSE:WBS)
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부터 10월(10) 2024 으로 11월(11) 2024
Webster Financial (NYSE:WBS)
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