Webster Financial Corporation (“Webster”) (NYSE: WBS), the
holding company for Webster Bank, N.A., today announced net income
available to common stockholders of $188.8 million, or $1.10 per
diluted share, for the quarter ended September 30, 2024, compared
to $222.3 million, or $1.28 per diluted share, for the quarter
ended September 30, 2023.
Third quarter 2024 results include $56.2 million pre-tax ($41.0
million after tax), or $0.241 per diluted share, of securities
repositioning net losses, strategic restructuring costs, and other
adjustments. Excluding these items, adjusted earnings per diluted
share would have been $1.341 for the quarter ended September 30,
2024.
“Webster delivered solid deposit and loan growth, even in a
challenging environment,” said John R. Ciulla, chairman and chief
executive officer. “Our growth was the result of broad
contributions across business segments and teams.”
Highlights for the third quarter of 2024:
- Revenue of $647.6 million.
- Period end loans and leases balance of $51.9 billion, up $0.4
billion or 0.7 percent from prior quarter; excluding a $0.3 billion
strategic repositioning of the balance sheet through a commercial
real estate ("CRE") securitization, loans grew 1.3 percent.
- Period end deposits balance of $64.5 billion, up $2.2 billion
or 3.6 percent from prior quarter; core deposit growth of $2.6
billion from prior quarter; $1.1 billion of growth from seasonal
public funds inflows.
- Provision for credit losses of $54.0 million.
- Return on average assets of 1.01 percent; adjusted 1.22
percent1.
- Return on average tangible common equity of 14.29 percent1;
adjusted 17.28 percent1.
- Net interest margin of 3.36 percent, up 4 basis points from
prior quarter.
- Common equity tier 1 ratio of 11.23%.
- Efficiency ratio of 45.49 percent1.
- Tangible common equity ratio of 7.48 percent1.
“In addition to our diverse balance sheet growth, we took
actions this quarter to reduce our CRE concentration, enhance
capital ratios, and further mitigate our interest rate sensitivity
while maintaining industry leading efficiency,” said Neal Holland,
executive vice president and chief financial officer.
1 See “Non-GAAP to GAAP Reconciliations” section beginning on
page 19.
Consolidated financial
performance:
Quarterly net interest income compared to the third quarter
of 2023:
- Net interest income was $589.9 million compared to $587.1
million.
- Net interest margin was 3.36 percent compared to 3.49 percent.
The yield on interest-earning assets increased by 20 basis points,
and the cost of interest-bearing liabilities increased by 35 basis
points.
- Average interest-earning assets totaled $69.8 billion and
increased by $2.7 billion, or 4.0 percent.
- Average loans and leases totaled $51.8 billion and increased by
$0.8 billion, or 1.6 percent.
- Average deposits totaled $62.6 billion and increased by $3.0
billion, or 5.0 percent.
Quarterly provision for credit losses:
- The provision for credit losses was $54.0 million in the
quarter, contributing to a $18.4 million increase in the allowance
for credit losses on loans and leases from the prior quarter. The
provision for credit losses was $59.0 million in the prior quarter,
and $36.5 million a year ago.
- Net charge-offs were $35.4 million, compared to $33.1 million
in the prior quarter, and $29.3 million a year ago. The ratio of
net charge-offs to average loans and leases was 0.27 percent,
compared to 0.26 percent in the prior quarter, and 0.23 percent a
year ago.
- The allowance for credit losses on loans and leases represented
1.32 percent of total loans and leases, compared to 1.30 percent at
June 30, 2024, and 1.27 percent at September 30, 2023. The
allowance represented 162 percent of nonperforming loans and
leases, compared to 181 percent at June 30, 2024, and 295 percent
at September 30, 2023.
Quarterly non-interest income compared to the third quarter
of 2023:
- Total non-interest income was $57.7 million compared to $90.4
million, a decrease of $32.7 million. Total non-interest income
includes a $19.6 million net loss on the sale of investment
securities and a $16.0 million loss on the exit of non-core
operations including the write-off of a related customer
intangible. Excluding these items, total non-interest income
increased $2.9 million. The increase is primarily attributable to
the addition of Ametros and higher investment services income,
which was partially offset by a reduction in the credit valuation
adjustment on customer derivatives.
Quarterly non-interest expense compared to the third quarter
of 2023:
- Total non-interest expense was $349.0 million compared to
$362.6 million, a decrease of $13.6 million. Total non-interest
expense includes a net $20.6 million related to strategic
restructuring costs and other adjustments partially offset by a
benefit on the FDIC special assessment compared to a net $61.6
million of Sterling merger charges a year ago. Excluding those
charges, total non-interest expense increased $27.4 million. The
increase is primarily attributable to the addition of Ametros and
related intangible amortization expense, along with investments in
human capital and technology.
Quarterly income taxes compared to the third quarter of
2023:
- Income tax expense was $51.7 million compared to $52.0 million,
and the effective tax rate was 21.1 percent compared to 18.7
percent. The lower effective tax rate in the period a year ago
reflected the recognition of discrete tax benefits from merger
related charges and tax return true-up adjustments, while the
current period includes discrete tax expense from tax return
true-ups and other items.
Investment securities:
- Total investment securities, net were $17.2 billion, compared
to $16.4 billion at June 30, 2024, and $14.5 billion at September
30, 2023. The carrying value of the available-for-sale portfolio
included $486.1 million of net unrealized losses, compared to
$772.2 million at June 30, 2024, and $1.1 billion at September 30,
2023. The carrying value of the held-to-maturity portfolio does not
reflect $677.0 million of net unrealized losses, compared to $964.5
million at June 30, 2024, and $1.2 billion at September 30,
2023.
Loans and leases:
- Total loans and leases were $51.9 billion, compared to $51.6
billion at June 30, 2024, and $50.1 billion at September 30, 2023.
Compared to June 30, 2024, commercial loans and leases increased by
$628.6 million, commercial real estate loans decreased by $586.4
million, residential mortgages increased by $292.3 million, and
consumer loans increased by $39.1 million.
- Compared to a year ago, commercial loans and leases increased
by $0.4 billion, commercial real estate loans increased by $1.1
billion, residential mortgages increased by $348.2 million, and
consumer loans decreased by $26.9 million.
- Loan originations for the portfolio were $2.8 billion, compared
to $3.0 billion in the prior quarter, and $1.5 billion a year ago.
In addition, $0.8 million of residential loans were originated for
sale in the quarter, compared to $0.8 million in the prior quarter,
and $1.5 million a year ago.
Asset quality:
- Total nonperforming loans and leases were $425.6 million, or
0.82 percent of total loans and leases, compared to $368.8 million,
or 0.72 percent of total loans and leases, at June 30, 2024, and
$215.1 million, or 0.43 percent of total loans and leases, at
September 30, 2023.
- Past due loans and leases were $108.9 million, compared to
$166.3 million at June 30, 2024, and $70.7 million at September 30,
2023. The decrease from prior quarter is driven primarily by
commercial non-mortgage, partially offset by commercial real estate
and residential mortgages.
Deposits and borrowings:
- Total deposits were $64.5 billion, compared to $62.3 billion at
June 30, 2024, and $60.3 billion at September 30, 2023. Core
deposits to total deposits1 were 88.5 percent, compared to 87.5
percent at June 30, 2024, and 87.6 percent at September 30, 2023.
The loan to deposit ratio was 80.5 percent, compared to 82.8
percent at June 30, 2024, and 83.0 percent at September 30,
2023.
- Total borrowings were $4.1 billion, compared to $4.0 billion at
June 30, 2024, and $3.0 billion at September 30, 2023.
Capital:
- The return on average common stockholders’ equity and the
return on average tangible common stockholders’ equity1 were 8.67
percent and 14.29 percent, respectively, compared to 11.00 percent
and 17.51 percent, respectively, in the third quarter of 2023.
- The tangible equity1 and tangible common equity1 ratios were
7.85 percent and 7.48 percent, respectively, compared to 7.62
percent and 7.22 percent, respectively, at September 30, 2023. The
common equity tier 1 ratio was 11.23 percent, compared to 11.12
percent at September 30, 2023.
- Book value and tangible book value per common share1 were
$52.00 and $33.26, respectively, compared to $46.00 and $29.48,
respectively, at September 30, 2023.
1 See “Non-GAAP to GAAP Reconciliations” section beginning on
page 19.
Reportable segments:
Commercial Banking
Webster’s Commercial Banking segment serves businesses that have
more than $10 million of revenue through its regional banking,
middle market, asset-based lending, equipment finance, commercial
real estate, sponsor finance, private banking, and treasury
services business units. At September 30, 2024, Commercial Banking
had $40.4 billion in loans and leases and $17.1 billion in
deposits, as well as a combined $3.0 billion in assets under
administration and management.
Commercial Banking Operating Results:
Percent
Three months ended September
30,
Favorable/
(In thousands)
2024
2023
(Unfavorable)
Net interest income
$338,424
$365,003
(7.3
)%
Non-interest income
33,288
28,804
15.6
Operating revenue
371,712
393,807
(5.6
)
Non-interest expense
100,892
98,736
(2.2
)
Pre-tax, pre-provision net revenue
$270,820
$295,071
(8.2
)
Percent
At September 30,
Increase/
(In millions)
2024
2023
(Decrease)
Loans and leases
$40,372
$38,849
3.9
%
Deposits
17,124
17,166
(0.2
)
AUA / AUM (off balance sheet)
2,968
2,727
8.9
Pre-tax, pre-provision net revenue decreased $24.3 million, to
$270.8 million, in the quarter as compared to prior year. Net
interest income decreased $26.6 million, to $338.4 million,
primarily driven by higher loan funding costs coupled with higher
deposit rates. Non-interest income increased $4.5 million, to $33.3
million, primarily driven by loan sale/securitization activity in
the quarter. Non-interest expense increased $2.2 million, to $100.9
million, primarily driven by continued investments in human capital
and technology.
Healthcare Financial Services
Webster’s Healthcare Financial Services segment is comprised of
HSA Bank and the Ametros business, which was acquired in the first
quarter of 2024. This segment offers consumer-directed healthcare
solutions that include health savings accounts, health
reimbursement arrangements, administration of medical insurance
claim settlements, flexible spending accounts, and commuter
benefits. 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
September 30, 2024, Healthcare Financial Services had $15.1 billion
in total footings comprising $9.9 billion in deposits and $5.2
billion in assets under administration through linked investment
accounts.
Healthcare Financial Services Operating Results:
Percent
Three months ended September
30,
Favorable/
(In thousands)
2024
2023
(Unfavorable)
Net interest income
$93,940
$77,669
20.9
%
Non-interest income
26,541
20,799
27.6
Operating revenue
120,481
98,468
22.4
Non-interest expense
54,023
39,870
(35.5
)
Pre-tax, net revenue
$66,458
$58,598
13.4
At September 30,
Percent
(Dollars in millions)
2024
2023
Increase
Number of accounts (thousands)
3,341
3,186
4.9
%
Deposits
$9,940
$8,230
20.8
Linked investment accounts (off balance
sheet)
5,205
4,095
27.1
Total footings
$15,146
$12,325
22.9
Pre-tax net revenue increased $7.9 million, to $66.5 million, in
the quarter as compared to prior year. Net interest income
increased $16.3 million, to $93.9 million, primarily due to $11.8
million from Ametros and an increase in net deposit spread coupled
with deposit growth at HSA Bank. Non-interest income increased $5.7
million, to $26.5 million, primarily due to $6.8 million from
Ametros, offset by a decrease of $1.1 million from HSA Bank. The
decrease in HSA Bank was the net result of lower customer account
fees partially offset by higher interchange revenue. Non-interest
expense increased $14.1 million, to $54.0 million, primarily due to
$11.8 million from Ametros. HSA Bank expenses were $2.3 million
higher due to higher service contract expense related to account
growth and support costs.
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 business banking business units, as
well as a distribution network consisting of 196 banking centers
and 347 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
September 30, 2024, Consumer Banking had $11.6 billion in loans and
$27.0 billion in deposits, as well as $7.9 billion in assets under
administration.
Consumer Banking Operating Results:
Percent
Three months ended September
30,
Favorable/
(In thousands)
2024
2023
(Unfavorable)
Net interest income
$202,122
$221,698
(8.8
)%
Non-interest income
28,299
28,687
(1.4
)
Operating revenue
230,421
250,385
(8.0
)
Non-interest expense
116,253
117,273
0.9
Pre-tax, pre-provision net revenue
$114,168
$133,112
(14.2
)
At September 30,
Percent
(In millions)
2024
2023
Increase
Loans
$11,571
$11,219
3.1
%
Deposits
27,020
25,869
4.4
AUA (off balance sheet)
7,948
7,615
4.4
Pre-tax, pre-provision net revenue decreased $19.0 million, to
$114.2 million, in the quarter as compared to prior year. Net
interest income decreased $19.6 million, to $202.1 million,
primarily driven by higher rates paid on deposits, partially offset
by loan and deposit growth. Non-interest income decreased $0.4
million, to $28.3 million, primarily driven by lower deposit
service fees and loan related fees, partially offset by increased
ATM fees and investment services income. Non-interest expense
decreased $1.0 million, to $116.3 million, primarily driven by
lower compensation and processing expenses, partially offset by
higher technology costs.
Webster Financial Corporation (NYSE:WBS) is the holding
company for Webster Bank, N.A. 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 Healthcare
Financial Services, one of the country’s largest providers of
employee benefit solutions and administrator of medical insurance
claim settlements. Headquartered in Stamford, CT, Webster is a
values-driven organization with $79 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 third quarter 2024
earnings announcement will be held today, Thursday, October 17,
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
October 17, 2024. To access the replay, dial 800-770-2030, or
609-800-9909 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, expense savings,
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 execute its business plan and
strategic initiatives, and manage any risks or uncertainties;
continued regulatory changes or other mitigation efforts taken by
government agencies in response to volatility in the banking
industry; volatility in Webster’s stock price due to investor
sentiment and perception of 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; the impact of
unrealized losses in Webster’s available-for-sale securities
portfolio; changes in laws and regulations, or existing laws and
regulations that Webster becomes subject to, including those
concerning banking, taxes, dividends, securities, insurance,
cybersecurity, and healthcare administration, 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,
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; the impact of the 2024 U.S.
presidential election; 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
information and technology systems; the effects of any
cybersecurity 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; Webster’s
ability to attract, develop, motivate, and retain skilled
employees; changes in loan demand or real estate values; changes in
the mix of loan geographies, sectors, or types and the level of
nonperforming assets, charge-offs, and delinquencies; changes in
our estimates of current expected credit losses 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; legal and regulatory developments, including any due to
recent U.S. Supreme Court decisions, the resolution of legal
proceedings or regulatory or other governmental inquiries, and the
results of regulatory examinations or reviews; Webster’s ability to
navigate any environmental, social, governmental, and
sustainability concerns of different stakeholders and activists
that may arise from its business activities; Webster’s ability to
assess and monitor the effect of artificial intelligence on its
business and operations; unforeseen events, such as pandemics,
natural disasters, and severe weather events, and any governmental
or societal responses thereto; and the other factors that are
described in Webster’s Annual Report on Form 10-K for the year
ended December 31, 2023, and Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. 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.
The efficiency ratio, which represents the costs expended to
generate a dollar of revenue, is calculated excluding certain
non-operational items. The return on average tangible common
stockholders’ equity (ROATCE) represents 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
reflect 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 excluding a net loss on sale of
investment securities, exit of non-core operations, strategic
restructuring costs, and a FDIC special assessment benefit, which
have been tax-effected.
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.
Refer the tables beginning on page 19 for Non-GAAP to GAAP
reconciliations.
WEBSTER FINANCIAL CORPORATIONSelected Financial Highlights
(unaudited) At or for the Three Months Ended
(In thousands, except per share data)
September 30,2024 June 30,2024 March 31,2024 December
31,2023 September 30,2023
Income and performance
ratios: Net income
$
192,985
$
181,633
$
216,323
$
185,393
$
226,475
Net income available to common stockholders
188,823
177,471
212,160
181,230
222,313
Earnings per diluted common share
1.10
1.03
1.23
1.05
1.28
Return on average assets (annualized)
1.01
%
0.96
%
1.15
%
1.01
%
1.23
Return on average tangible common stockholders' equity (annualized)
(1)
14.29
14.17
16.30
14.49
17.51
Return on average common stockholders’ equity (annualized)
8.67
8.40
10.01
9.03
11.00
Non-interest income as a percentage of total revenue
8.92
6.88
14.89
10.05
13.34
Asset quality: Allowance for credit losses on loans
and leases
$
687,798
$
669,355
$
641,442
$
635,737
$
635,438
Nonperforming assets
427,274
374,884
289,254
218,600
218,402
Allowance for credit losses on loans and leases / total loans and
leases
1.32
%
1.30
%
1.26
%
1.25
%
1.27
Net charge-offs / average loans and leases (annualized)
0.27
0.26
0.29
0.27
0.23
Nonperforming loans and leases / total loans and leases
0.82
0.72
0.56
0.41
0.43
Nonperforming assets / total loans and leases plus other real
estate owned and repossessed assets
0.82
0.73
0.57
0.43
0.44
Allowance for credit losses on loans and leases / nonperforming
loans and leases
161.60
181.48
226.17
303.39
295.48
Other ratios: Tangible equity (1)
7.85
%
7.56
%
7.54
%
8.12
%
7.62
Tangible common equity (1)
7.48
7.18
7.15
7.73
7.22
Tier 1 risk-based capital (2)
11.75
11.09
11.08
11.62
11.64
Total risk-based capital (2)
14.03
13.28
13.21
13.72
13.79
Common equity tier 1 risk-based capital (2)
11.23
10.59
10.57
11.11
11.12
Stockholders’ equity / total assets
11.58
11.46
11.49
11.60
11.21
Net interest margin
3.36
3.32
3.35
3.42
3.49
Efficiency ratio (1)
45.49
46.22
45.25
43.04
41.75
Equity and share related: Common equity
$
8,914,071
$
8,525,289
$
8,463,519
$
8,406,017
$
7,915,222
Book value per common share
52.00
49.74
49.07
48.87
46.00
Tangible book value per common share (1)
33.26
30.82
30.22
32.39
29.48
Common stock closing price
46.61
43.59
50.77
50.76
40.31
Dividends declared per common share
0.40
0.40
0.40
0.40
0.40
Common shares issued and outstanding
171,428
171,402
172,464
172,022
172,056
Weighted-average common shares outstanding - Basic
169,569
169,675
170,445
170,415
171,210
Weighted-average common shares outstanding - Diluted
169,894
169,937
170,704
170,623
171,350
(1) See "Non-GAAP to GAAP Reconciliations" section beginning
on page 19. (2) Presented as preliminary for September 30, 2024,
and actual for the remaining periods.
WEBSTER FINANCIAL
CORPORATIONConsolidated Balance Sheets (unaudited) (In thousands) September 30,2024 June
30,2024 September 30,2023
Assets: Cash and due from banks
$
721,261
$
333,138
$
406,300
Interest-bearing deposits
2,476,290
1,202,515
1,766,431
Investment securities: Available-for-sale
8,594,978
7,808,874
7,653,391
Held-to-maturity, net
8,565,936
8,637,654
6,875,772
Total investment securities, net
17,160,914
16,446,528
14,529,163
Loans held for sale
117,615
248,137
46,267
Loans and leases: Commercial
20,120,992
19,492,433
19,691,486
Commercial real estate
21,691,377
22,277,813
20,583,254
Residential mortgages
8,576,612
8,284,297
8,228,451
Consumer
1,558,034
1,518,922
1,584,955
Total loans and leases
51,947,015
51,573,465
50,088,146
Allowance for credit losses on loans and leases
(687,798)
(669,355)
(635,438)
Total loans and leases, net
51,259,217
50,904,110
49,452,708
Federal Home Loan Bank and Federal Reserve Bank stock
360,795
348,263
306,085
Premises and equipment, net
411,070
417,700
431,698
Goodwill and other intangible assets, net
3,212,050
3,242,193
2,843,217
Cash surrender value of life insurance policies
1,247,624
1,241,367
1,242,648
Deferred tax assets, net
273,174
354,482
478,926
Accrued interest receivable and other assets
2,213,890
2,099,673
1,627,408
Total assets $
79,453,900
$
76,838,106
$
73,130,851
Liabilities and Stockholders' Equity: Deposits:
Demand
$
10,744,524
$
9,996,274
$
11,410,063
Health savings accounts
8,951,383
8,474,857
8,229,889
Interest-bearing checking
10,016,651
9,509,202
8,826,265
Money market
20,460,382
19,559,083
17,755,198
Savings
6,921,459
6,965,774
6,622,833
Certificates of deposit
6,020,031
5,861,431
5,150,139
Brokered certificates of deposit
1,400,000
1,910,071
2,337,380
Total deposits
64,514,430
62,276,692
60,331,767
Securities sold under agreements to repurchase and other borrowings
100,232
239,524
157,491
Federal Home Loan Bank advances
3,110,205
2,809,843
1,810,218
Long-term debt
910,963
912,743
1,050,539
Accrued expenses and other liabilities
1,620,020
1,790,036
1,581,635
Total liabilities
70,255,850
68,028,838
64,931,650
Preferred stock
283,979
283,979
283,979
Common stockholders' equity
8,914,071
8,525,289
7,915,222
Total stockholders’ equity
9,198,050
8,809,268
8,199,201
Total liabilities and stockholders' equity $
79,453,900
$
76,838,106
$
73,130,851
WEBSTER FINANCIAL CORPORATIONConsolidated
Statements of Income (unaudited) Three Months Ended
September 30, Nine Months Ended September 30,
(In thousands, except per share data)
2024
2023
2024
2023
Interest income: Interest and fees on loans and leases
$
809,184
$
793,626
$
2,399,326
$
2,281,955
Interest on investment securities
176,722
113,395
485,134
321,964
Loans held for sale
5,400
17
11,075
454
Other interest and dividends
12,757
23,751
36,664
90,740
Total interest income
1,004,063
930,789
2,932,199
2,695,113
Interest expense: Deposits
371,075
293,955
1,068,309
695,625
Borrowings
43,105
49,698
133,971
233,240
Total interest expense
414,180
343,653
1,202,280
928,865
Net interest income
589,883
587,136
1,729,919
1,766,248
Provision for credit losses
54,000
36,500
158,500
114,747
Net interest income after provision for loan and lease
losses
535,883
550,636
1,571,419
1,651,501
Non-interest income: Deposit service fees
38,863
41,005
122,479
131,859
Loan and lease related fees
18,513
19,966
57,614
63,499
Wealth and investment services
8,367
7,254
24,847
21,232
Cash surrender value of life insurance policies
8,020
6,620
20,325
19,641
(Loss) on sale of investment securities, net
(19,597)
-
(79,338)
(16,795)
Other income
3,575
15,537
53,465
31,086
Total non-interest income
57,741
90,382
199,392
250,522
Non-interest expense: Compensation and benefits
194,736
180,333
570,126
526,838
Occupancy
18,879
18,617
53,421
59,042
Technology and equipment
56,696
55,261
147,835
151,442
Marketing
4,224
4,810
12,612
13,446
Professional and outside services
16,001
26,874
43,048
88,693
Intangible assets amortization
8,491
8,899
26,401
27,589
Deposit insurance
13,555
13,310
52,843
39,356
Other expenses
36,376
54,474
104,616
132,728
Total non-interest expense
348,958
362,578
1,010,902
1,039,134
Income before income taxes
244,666
278,440
759,909
862,889
Income tax expense
51,681
51,965
168,968
180,442
Net income
192,985
226,475
590,941
682,447
Preferred stock dividends
(4,162)
(4,162)
(12,487)
(12,487)
Net income available to common stockholders $
188,823
$
222,313
$
578,454
$
669,960
Weighted-average common shares outstanding - Diluted
169,894
171,350
170,226
172,326
Earnings per common share: Basic
$
1.10
$
1.29
$
3.37
$
3.85
Diluted
1.10
1.28
3.36
3.85
WEBSTER FINANCIAL CORPORATIONFive Quarter Consolidated
Statements of Income (unaudited) Three Months Ended
(In thousands, except per share data)
September 30,2024 June 30,2024 March 31,2024 December
31,2023 September 30,2023
Interest income: Interest and fees
on loans and leases
$
809,184
$
798,097
$
792,045
$
789,423
$
793,626
Interest on investment securities
176,722
160,827
147,585
128,924
113,395
Loans held for sale
5,400
5593
82
280
17
Other interest and dividends
12,757
11,769
12,138
14,520
23,751
Total interest income
1,004,063
976,286
951,850
933,147
930,789
Interest expense: Deposits
371,075
361,263
335,971
325,793
293,955
Borrowings
43,105
42,726
48,140
36,333
49,698
Total interest expense
414,180
403,989
384,111
362,126
343,653
Net interest income
589,883
572,297
567,739
571,021
587,136
Provision for credit losses
54,000
59,000
45,500
36,000
36,500
Net interest income after provision for loan and lease
losses
535,883
513,297
522,239
535,021
550,636
Non-interest income: Deposit service fees
38,863
41,027
42,589
37,459
41,005
Loan and lease related fees
18,513
19,334
19,767
21,362
19,966
Wealth and investment services
8,367
8,556
7,924
7,767
7,254
Cash surrender value of life insurance policies
8,020
6,359
5,946
6,587
6,620
(Loss) on sale of investment securities, net
(19,597)
(49,915)
(9,826)
(16,825)
-
Other income
3,575
16,937
32,953
7,465
15,537
Total non-interest income
57,741
42,298
99,353
63,815
90,382
Non-interest expense: Compensation and benefits
194,736
186,850
188,540
184,914
180,333
Occupancy
18,879
15,103
19,439
18,478
18,617
Technology and equipment
56,696
45,303
45,836
46,486
55,261
Marketing
4,224
4,107
4,281
5,176
4,810
Professional and outside services
16,001
14,066
12,981
18,804
26,874
Intangible assets amortization
8,491
8,716
9,194
8,618
8,899
Deposit insurance
13,555
15,065
24,223
58,725
13,310
Other expenses
36,376
36,811
31,429
36,020
54,474
Total non-interest expense
348,958
326,021
335,923
377,221
362,578
Income before income taxes
244,666
229,574
285,669
221,615
278,440
Income tax expense
51,681
47,941
69,346
36,222
51,965
Net income
192,985
181,633
216,323
185,393
226,475
Preferred stock dividends
(4,162)
(4,162)
(4,163)
(4,163)
(4,162)
Net income available to common stockholders $
188,823
$
177,471
$
212,160
$
181,230
$
222,313
Weighted-average common shares outstanding - Diluted
169,894
169,937
170,704
170,623
171,350
Earnings per common share: Basic
$
1.10
$
1.03
$
1.23
$
1.05
$
1.29
Diluted
1.10
1.03
1.23
1.05
1.28
WEBSTER FINANCIAL CORPORATIONConsolidated Average Balances,
Interest, Yields and Rates, and Net Interest Margin on a Fully
Tax-equivalent Basis (unaudited) Three Months Ended
September 30,
2024
2023
(Dollars in thousands) Average
balance Interest Yield/rate Average balance
Interest Yield/rate
Assets: Interest-earning assets:
Loans and leases
$
51,752,193
$
820,209
6.22
%
$
50,912,188
$
804,930
6.20
%
Investment securities (1)
16,886,464
179,356
4.10
14,686,798
119,997
3.09
Federal Home Loan and Federal Reserve Bank stock
340,330
4,383
5.12
355,495
7,619
8.50
Interest-bearing deposits
629,180
8,374
5.21
1,187,096
16,132
5.32
Loans held for sale
216,735
5,400
9.97
6,756
17
1.03
Total interest-earning assets
69,824,902
$
1,017,722
5.69
%
67,148,333
$
948,695
5.49
%
Non-interest-earning assets
6,980,399
6,459,493
Total assets $
76,805,301
$
73,607,826
Liabilities and Stockholders' Equity:
Interest-bearing liabilities: Demand deposits
$
10,243,045
$
-
-
%
$
11,335,734
$
-
-
%
Health savings accounts
8,546,941
3,257
0.15
8,235,632
3,126
0.15
Interest-bearing checking, money market and savings
36,599,576
286,280
3.11
32,673,899
214,891
2.61
Certificates of deposit and brokered deposits
7,190,093
81,538
4.51
7,342,757
75,938
4.10
Total deposits
62,579,655
371,075
2.36
59,588,022
293,955
1.96
Securities sold under agreements to repurchase and other
borrowings
125,738
38
0.12
170,256
50
0.12
Federal Home Loan Bank advances
2,535,497
35,172
5.43
2,945,136
40,196
5.34
Long-term debt (1)
911,834
7,895
3.56
1,051,380
9,452
3.70
Total borrowings
3,573,069
43,105
4.77
4,166,772
49,698
4.72
Total interest-bearing liabilities
66,152,724
$
414,180
2.49
%
63,754,794
$
343,653
2.14
%
Non-interest-bearing liabilities
1,657,443
1,482,563
Total liabilities
67,810,167
65,237,357
Preferred stock
283,979
283,979
Common stockholders' equity
8,711,155
8,086,490
Total stockholders' equity
8,995,134
8,370,469
Total liabilities and stockholders' equity $
76,805,301
$
73,607,826
Tax-equivalent net interest income
603,542
605,042
Less: Tax-equivalent adjustments
(13,659)
(17,906)
Net interest income $
589,883
$
587,136
Net interest margin
3.36
%
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
CORPORATIONConsolidated Average Balances, Interest, Yields and
Rates, and Net Interest Margin on a Fully Tax-equivalent Basis
(unaudited) Nine Months Ended September 30,
2024
2023
(Dollars in thousands) Average
balance Interest Yield/rate Average balance
Interest Yield/rate
Assets: Interest-earning assets:
Loans and leases
$
51,376,513
$
2,430,382
6.23
%
$
50,733,691
$
2,313,030
6.02
%
Investment securities (1)
16,505,404
497,931
3.87
14,700,296
341,998
2.95
Federal Home Loan and Federal Reserve Bank stock
340,222
13,901
5.46
442,429
19,204
5.80
Interest-bearing deposits
563,217
22,763
5.31
1,872,657
71,536
5.04
Loans held for sale
150,985
11,075
9.78
35,982
454
1.68
Total interest-earning assets
68,936,341
$
2,976,052
5.65
%
67,785,055
$
2,746,222
5.30
%
Non-interest-earning assets
7,091,307
6,271,968
Total assets $
76,027,648
$
74,057,023
Liabilities and Stockholders' Equity:
Interest-bearing liabilities: Demand deposits
$
10,327,076
$
-
-
%
$
11,775,500
$
-
-
%
Health savings accounts
8,560,303
9,654
0.15
8,259,408
9,243
0.15
Interest-bearing checking, money market and savings
35,227,682
799,939
3.03
31,442,258
516,646
2.20
Certificates of deposit and brokered deposits
7,508,481
258,716
4.60
6,192,415
169,736
3.66
Total deposits
61,623,542
1,068,309
2.32
57,669,581
695,625
1.61
Securities sold under agreements to repurchase and other
borrowings
198,029
3,260
2.16
430,989
7,940
2.43
Federal Home Loan Bank advances
2,551,535
106,266
5.47
5,104,372
196,878
5.09
Long-term debt (1)
935,370
24,445
3.58
1,061,643
28,422
3.68
Total borrowings
3,684,934
133,971
4.82
6,597,004
233,240
4.69
Total interest-bearing liabilities
65,308,476
$
1,202,280
2.46
%
64,266,585
$
928,865
1.93
%
Non-interest-bearing liabilities
1,888,947
1,462,723
Total liabilities
67,197,423
65,729,308
Preferred stock
283,979
283,979
Common stockholders' equity
8,546,246
8,043,736
Total stockholders' equity
8,830,225
8,327,715
Total liabilities and stockholders' equity $
76,027,648
$
74,057,023
Tax-equivalent net interest income
1,773,772
1,817,357
Less: Tax-equivalent adjustments
(43,853)
(51,109)
Net interest income $
1,729,919
$
1,766,248
Net interest margin
3.34
%
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) September 30,2024 June 30,2024 March
31,2024 December 31,2023 September 30,2023
Loans and leases
(actual): Commercial non-mortgage
$
18,657,089
$
18,021,758
$
17,976,128
$
18,214,261
$
18,058,524
Asset-based lending
1,463,903
1,470,675
1,492,886
1,557,841
1,632,962
Commercial real estate
21,691,377
22,277,813
21,869,502
21,157,732
20,583,254
Residential mortgages
8,576,612
8,284,297
8,226,154
8,227,923
8,228,451
Consumer
1,558,034
1,518,922
1,533,972
1,568,295
1,584,955
Total loans and leases
51,947,015
51,573,465
51,098,642
50,726,052
50,088,146
Allowance for credit losses on loans and leases
(687,798)
(669,355)
(641,442)
(635,737)
(635,438)
Total loans and leases, net $
51,259,217
$
50,904,110
$
50,457,200
$
50,090,315
$
49,452,708
Loans and leases (average): Commercial non-mortgage
$
18,166,258
$
17,995,654
$
18,235,402
$
18,181,417
$
18,839,776
Asset-based lending
1,452,794
1,473,175
1,523,616
1,588,350
1,663,481
Commercial real estate
22,215,293
22,186,566
21,403,765
20,764,834
20,614,334
Residential mortgages
8,390,613
8,252,397
8,225,151
8,240,390
8,200,938
Consumer
1,527,235
1,527,007
1,550,484
1,577,349
1,593,659
Total loans and leases $
51,752,193
$
51,434,799
$
50,938,418
$
50,352,340
$
50,912,188
WEBSTER FINANCIAL CORPORATIONFive Quarter Nonperforming Assets
and Past Due Loans and Leases (unaudited) (Dollars in thousands) September 30,2024
June 30,2024 March 31,2024 December 31,2023 September 30,2023
Nonperforming loans and leases: Commercial non-mortgage
$
215,834
$
210,906
$
203,626
$
134,617
$
121,067
Asset-based lending
29,791
29,791
34,915
35,090
10,350
Commercial real estate
150,711
96,337
14,323
11,314
31,004
Residential mortgages
9,098
11,345
8,407
5,591
27,312
Consumer
20,183
20,457
22,341
22,932
25,320
Total nonperforming loans and leases $
425,617
$
368,836
$
283,612
$
209,544
$
215,053
Other real estate owned and repossessed assets: Commercial
non-mortgage
$
504
$
5,013
$
5,540
$
8,954
$
2,687
Residential mortgages
221
-
-
-
662
Consumer
932
1,035
102
102
-
Total other real estate owned and repossessed assets
$
1,657
$
6,048
$
5,642
$
9,056
$
3,349
Total nonperforming assets $
427,274
$
374,884
$
289,254
$
218,600
$
218,402
Past due 30-89 days: Commercial non-mortgage
$
45,123
$
134,794
$
15,365
$
7,071
$
38,875
Commercial real estate
36,110
10,284
72,999
9,002
3,491
Residential mortgages
18,153
13,008
17,580
21,047
16,208
Consumer
9,471
8,185
6,824
9,417
12,016
Total past due 30-89 days $
108,857
$
166,271
$
112,768
$
46,537
$
70,590
Past due 90 days or more and accruing
71
9
12,460
52
138
Total past due loans and leases $
108,928
$
166,280
$
125,228
$
46,589
$
70,728
WEBSTER FINANCIAL CORPORATIONFive Quarter Changes in the
Allowance for Credit Losses on Loans and Leases (unaudited)
Three Months Ended (Dollars in
thousands) September 30,2024 June 30,2024 March
31,2024 December 31,2023 September 30,2023
ACL on loans and
leases, beginning balance $
669,355
$
641,442
$
635,737
$
635,438
$
628,911
Provision
53,869
61,041
43,194
34,300
35,839
Charge-offs: Commercial portfolio
36,362
33,356
38,461
28,794
27,360
Consumer portfolio
997
1,418
1,330
6,878
3,642
Total charge-offs
37,359
34,774
39,791
35,672
31,002
Recoveries: Commercial portfolio
377
360
553
396
292
Consumer portfolio
1,556
1,286
1,749
1,275
1,398
Total recoveries
1,933
1,646
2,302
1,671
1,690
Total net charge-offs
35,426
33,128
37,489
34,001
29,312
ACL on loans and leases, ending balance $
687,798
$
669,355
$
641,442
$
635,737
$
635,438
ACL on unfunded loan commitments, ending balance
22,598
22,456
24,495
24,734
23,040
ACL, ending balance $
710,396
$
691,811
$
665,937
$
660,471
$
658,478
WEBSTER FINANCIAL CORPORATIONNon-GAAP to GAAP
Reconciliations Three Months Ended (In thousands, except per share data) September
30,2024 June 30,2024 March 31,2024 December 31,2023 September
30,2023
Efficiency ratio: Non-interest expense
$
348,958
$
326,021
$
335,923
$
377,221
$
362,578
Less: Foreclosed property activity
(687)
(364)
(330)
(96)
(492)
Intangible assets amortization
8,491
8,716
9,194
8,618
8,899
Operating lease depreciation
197
560
663
900
1,146
FDIC special assessment
(1,544)
-
11,862
47,164
-
Merger related expenses (1)
-
-
3,139
30,679
61,625
Strategic restructuring costs and other
22,169
-
-
-
-
Adjusted non-interest expense
$
320,332
$
317,109
$
311,395
$
289,956
$
291,400
Net interest income
$
589,883
$
572,297
$
567,739
$
571,021
$
587,136
Add: Tax-equivalent adjustment
13,659
14,315
15,879
17,830
17,906
Non-interest income
57,741
42,298
99,353
63,815
90,382
Other income (2)
7,448
7,802
7,626
5,099
3,614
Less: Operating lease depreciation
197
560
663
900
1,146
(Loss) on sale of investment securities, net
(19,597)
(49,915)
(9,826)
(16,825)
-
Exit of non-core operations
(15,977)
-
-
-
-
Net gain on sale of mortgage servicing rights
-
-
11,655
-
-
Adjusted income
$
704,108
$
686,067
$
688,105
$
673,690
$
697,892
Efficiency ratio
45.49
%
46.22
%
45.25
%
43.04
%
41.75
%
ROATCE: Net income
$
192,985
$
181,633
$
216,323
$
185,393
$
226,475
Less: Preferred stock dividends
4,162
4,162
4,163
4,163
4,162
Add: Intangible assets amortization, tax-effected
6,708
6,886
7,263
6,808
7,030
Adjusted net income
$
195,531
$
184,357
$
219,423
$
188,038
$
229,343
Adjusted net income, annualized basis
$
782,124
$
737,428
$
877,692
$
752,152
$
917,372
Average stockholders' equity
$
8,995,134
$
8,733,737
$
8,759,992
$
8,312,798
$
8,370,469
Less: Average preferred stock
283,979
283,979
283,979
283,979
283,979
Average goodwill and other intangible assets, net
3,238,115
3,246,940
3,090,751
2,838,770
2,847,560
Average tangible common stockholders' equity
$
5,473,040
$
5,202,818
$
5,385,262
$
5,190,049
$
5,238,930
Return on average tangible common stockholders' equity
14.29
%
14.17
%
16.30
%
14.49
%
17.51
%
(1) Merger related expenses include Ametros acquisition expenses
for the three months ended March 31, 2024. 2023 periods primarily
include charges related to the merger with Sterling. (2) Other
income includes the taxable-equivalent of net income generated from
low income housing tax-credit investments.
(In thousands, except per share data)
September 30,2024 June 30,2024 March 31,2024 December
31,2023 September 30,2023
Tangible equity: Stockholders'
equity
$
9,198,050
$
8,809,268
$
8,747,498
$
8,689,996
$
8,199,201
Less: Goodwill and other intangible assets, net
3,212,050
3,242,193
3,250,909
2,834,600
2,843,217
Tangible stockholders' equity
$
5,986,000
$
5,567,075
$
5,496,589
$
5,855,396
$
5,355,984
Total assets
$
79,453,900
$
76,838,106
$
76,161,693
$
74,945,249
$
73,130,851
Less: Goodwill and other intangible assets, net
3,212,050
3,242,193
3,250,909
2,834,600
2,843,217
Tangible assets
$
76,241,850
$
73,595,913
$
72,910,784
$
72,110,649
$
70,287,634
Tangible equity
7.85
%
7.56
%
7.54
%
8.12
%
7.62
%
Tangible common equity: Tangible stockholders' equity
$
5,986,000
$
5,567,075
$
5,496,589
$
5,855,396
$
5,355,984
Less: Preferred stock
283,979
283,979
283,979
283,979
283,979
Tangible common stockholders' equity
$
5,702,021
$
5,283,096
$
5,212,610
$
5,571,417
$
5,072,005
Tangible assets
$
76,241,850
$
73,595,913
$
72,910,784
$
72,110,649
$
70,287,634
Tangible common equity
7.48
%
7.18
%
7.15
%
7.73
%
7.22
%
Tangible book value per common share: Tangible common
stockholders' equity
$
5,702,021
$
5,283,096
$
5,212,610
$
5,571,417
$
5,072,005
Common shares outstanding
171,428
171,402
172,464
172,022
172,056
Tangible book value per common share $
33.26
$
30.82
$
30.22
$
32.39
$
29.48
Core deposits: Total deposits
$
64,514,430
$
62,276,692
$
60,747,743
$
60,784,284
$
60,331,767
Less: Certificates of deposit
6,020,031
5,861,431
5,928,773
5,574,048
5,150,139
Brokered certificates of deposit
1,400,000
1,910,071
1,008,547
2,890,411
2,337,380
Core deposits $
57,094,399
$
54,505,190
$
53,810,423
$
52,319,825
$
52,844,248
Three Months EndedSeptember 30,2024 Adjusted ROATCE:
Net income $
192,985
Less: Preferred stock dividends
4,162
Add: Intangible assets amortization, tax-effected
6,708
Loss on sale of investment securities, net, tax-effected
14,283
Exit of non-core operations, tax effected
11,644
Strategic restructuring costs and other, tax-effected
16,158
FDIC special assessment, tax-effected
(1,125)
Adjusted net income $
236,491
Adjusted net income, annualized basis $
945,964
Average stockholders' equity $
8,995,134
Less: Average preferred stock
283,979
Average goodwill and other intangible assets, net
3,238,115
Average tangible common stockholders' equity $
5,473,040
Adjusted return on average tangible common stockholders'
equity
17.28
%
Adjusted ROAA: Net income $
192,985
Add: Loss on sale of investment securities, net, tax-effected
14,283
Exit of non-core operations, tax-effected
11,644
Strategic restructuring costs and other, tax-effected
16,158
FDIC special assessment, tax-effected
(1,125)
Adjusted net income $
233,945
Adjusted net income, annualized basis $
935,780
Average assets $
76,805,301
Adjusted return on average assets
1.22
%
GAAP to adjusted reconciliation: Three Months Ended
September 30, 2024 (In millions, except
per share data) Pre-Tax Income Net Income
Available to Common Stockholders Diluted EPS Reported
(GAAP) $
244.7
$
188.8
$
1.10
Loss on sale of investment securities, net
19.6
14.3
0.08
Exit of non-core operations
16.0
11.6
0.07
Strategic restructuring costs and other
22.2
16.2
0.10
FDIC special assessment
(1.5)
(1.1)
(0.01)
Adjusted (non-GAAP) $
300.9
$
229.8
$
1.34
Note: Totals may not sum due to rounding
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241016084561/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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