Webster Reports Second Quarter 2023 EPS of $1.32; Adjusted EPS of $1.50

Rhea-AI Summary

Webster Financial Corporation (WBS) announced Q2 2023 net income of $230.8 million, or $1.32 per diluted share, with revenue of $673.2 million. The company's unique funding profile contributed to consistent earnings in a challenging banking industry. Commercial Banking segment saw a 15.1% increase in net interest income, while HSA Bank division's net interest income rose by 52.2%.

Positive

• Q2 2023 net income of $230.8 million, or $1.32 per diluted share
• Revenue of $673.2 million
• 15.1% increase in net interest income for Commercial Banking segment
• 52.2% increase in net interest income for HSA Bank division

Negative

• None.

STAMFORD, Conn.--(BUSINESS WIRE)-- 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 $230.8 million, or $1.32 per diluted share, for the quarter ended June 30, 2023, compared to $178.1 million, or $1.00 per diluted share, for the quarter ended June 30, 2022.

Second quarter 2023 results include $40.8 million pre-tax ($29.9 million after tax), or $0.18¹ per diluted share, of charges related to the merger with Sterling Bancorp on January 31, 2022 ("the merger"). Excluding these charges, adjusted earnings per diluted share would have been $1.50¹ for the quarter ended June 30, 2023.

"We are proud to deliver consistent earnings during a challenging period for the banking industry," said John R. Ciulla, president and chief executive officer. "Our unique and resilient funding profile, robust capital position, and talented colleagues enabled our performance in the quarter and position us well for the future. Consistent with our conservative risk-management approach, we increased on balance sheet liquidity during the quarter given the events of March. This had a temporary 12 basis point impact on the net interest margin, but was neutral to net interest income."

Highlights for the second quarter of 2023:

• Revenue of $673.2 million.
• Period end loans and leases balance of $51.6 billion, up $0.7 billion or 1.4 percent linked quarter; 81.1 percent commercial loans and leases, 18.9 percent consumer loans, and a loan to deposit ratio of 87.9 percent.
• Period end deposits balance of $58.7 billion, up $3.5 billion or 6.2 percent linked quarter.
• Provision for credit losses totaled $31.5 million.
• Return on average assets of 1.23 percent; adjusted 1.39 percent¹.
• Return on average tangible common equity of 18.12 percent¹; adjusted 20.40 percent¹.
• Net interest margin of 3.35 percent, down 31 basis points from prior quarter.
• Common equity tier 1 ratio of 10.66 percent.
• Efficiency ratio of 42.20 percent¹.
• Tangible common equity ratio of 7.23 percent¹.

"Webster’s unique funding profile continues to be a differentiator, as we grew our deposits 6% over the prior quarter and increased our available liquidity," said Glenn MacInnes, executive vice president and chief financial officer. "A resilient and flexible balance sheet should allow us to consistently deliver strong returns."

1 See "Reconciliations to GAAP Financial Measures" section beginning on page 19.

Line of Business performance compared to the second 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 June 30, 2023, Commercial Banking had $41.9 billion in loans and leases and $18.3 billion in deposits, as well as a combined $2.8 billion in assets under administration and management.

Commercial Banking Operating Results:

					Percent
	Three months ended June 30,				Favorable/
(In thousands)		2023	2022		(Unfavorable)
Net interest income		$383,606	$333,421			15.1	%
Non-interest income		32,255	49,430			(34.7	)
Operating revenue		415,861	382,851			8.6
Non-interest expense		110,582	102,720			(7.7	)
Pre-tax, pre-provision net revenue		$305,279	$280,131			9.0
					Percent
		At June 30,			Increase/
(In millions)		2023	2022		(Decrease)
Loans and leases		$41,862	$36,635			14.3	%
Deposits		18,349	20,501			(10.5	)
AUA / AUM (off balance sheet)		2,757	2,266			21.7

Pre-tax, pre-provision net revenue increased $25.1 million, to $305.3 million, in the quarter as compared to prior year. Net interest income increased $50.2 million, to $383.6 million, primarily driven by organic loan growth and the impact of the higher rate environment. Non-interest income decreased $17.2 million, to $32.3 million, driven by decreases in fees from interest rate hedging activities, loan servicing related income, cash management fees, prepayment penalties, and syndication fees. Non-interest expense increased $7.9 million, to $110.6 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 June 30, 2023, HSA Bank had $12.3 billion in total footings comprising $8.2 billion in deposits and $4.1 billion in assets under administration through linked investment accounts.

HSA Bank Operating Results:

					Percent
	Three months ended June 30,				Favorable/
(In thousands)		2023	2022		(Unfavorable)
Net interest income		$75,421	$49,558			52.2	%
Non-interest income		23,023	26,552			(13.3	)
Operating revenue		98,444	76,110			29.3
Non-interest expense		42,643	37,540			(13.6	)
Pre-tax, net revenue		$55,801	$38,570			44.7
					Percent
		At June 30,			Increase/
(Dollars in millions)		2023	2022		(Decrease)
Number of accounts (thousands)		3,177	3,077			3.2	%
Deposits		$8,208	$7,778			5.5
Linked investment accounts (off balance sheet)		4,123	3,277			25.8
Total footings		$12,331	$11,055			11.5

Pre-tax net revenue increased $17.2 million, to $55.8 million, in the quarter as compared to prior year. Net interest income increased $25.9 million, to $75.4 million, primarily due to an increase in net deposit spread and growth in deposits. Non-interest income decreased $3.5 million, to $23.0 million, primarily due to lower client account fees. Non-interest expense increased $5.1 million, to $42.6 million, primarily due to higher compensation and benefits expense, 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 199 banking centers and 350 ATMs, a customer care center, and a full range of web and mobile-based banking services. Additionally, the Webster Investment Services group provides investment services to consumers and small business owners within Webster's targeted markets and retail footprint. At June 30, 2023, Consumer Banking had $9.7 billion in loans and $23.9 billion in deposits, as well as $7.8 billion in assets under administration.

Consumer Banking Operating Results:

					Percent
	Three months ended June 30,				Favorable/
(In thousands)		2023	2022		(Unfavorable)
Net interest income		$204,455	$179,287			14.0	%
Non-interest income		28,877	30,798			(6.2	)
Operating revenue		233,332	210,085			11.1
Non-interest expense		108,880	107,366			(1.4	)
Pre-tax, pre-provision net revenue		$124,452	$102,719			21.2
		At June 30,			Percent
(In millions)		2023	2022		Increase
Loans		$9,739	$8,965			8.6	%
Deposits		23,875	23,873			—
AUA (off balance sheet)		7,848	7,536			4.1

Pre-tax, pre-provision net revenue increased $21.7 million, to $124.5 million, in the quarter as compared to prior year. Net interest income increased $25.2 million, to $204.5 million, primarily driven by organic loan growth and the impact of the higher rate environment. Non-interest income decreased $1.9 million, to $28.9 million, driven by lower net investment services income, which was attributable to the new outsourcing model adopted in 2022, partially offset by higher deposit and loan servicing related fee income and other miscellaneous income. Non-interest expense increased $1.5 million, to $108.9 million, primarily driven by higher marketing costs to support deposit growth initiatives, partially offset by the impact of outsourcing the consumer investment services platform.

Consolidated financial performance:

Quarterly net interest income compared to the second quarter of 2022:

• Net interest income was $583.8 million compared to $486.7 million.
• Net interest margin was 3.35 percent compared to 3.28 percent. The yield on interest-earning assets increased by 186 basis points, and the cost of interest-bearing liabilities increased by 191 basis points.
• Average interest-earning assets totaled $70.1 billion and increased by $10.0 billion, or 16.7 percent.
• Average loans and leases totaled $51.2 billion and increased by $7.1 billion, or 16.0 percent.
• Average deposits totaled $58.6 billion and increased by $5.2 billion, or 9.7 percent.

Quarterly provision for credit losses:

• The provision for credit losses was $31.5 million in the quarter, contributing to a $15.0 million increase in the allowance for credit losses on loans and leases. The provision also reflects a decrease in the reserves on unfunded loan commitments of $3.7 million. The provision for credit losses was $46.7 million in the prior quarter, and $12.2 million a year ago.
• Net charge-offs were $20.3 million, compared to $24.5 million in the prior quarter, and $9.6 million a year ago. The ratio of net charge-offs to average loans and leases was 0.16 percent, compared to 0.20 percent in the prior quarter, and 0.09 percent a year ago.
• The allowance for credit losses on loans and leases represented 1.22 percent of total loans and leases, compared to 1.21 percent at March 31, 2023, and 1.25 percent at June 30, 2022. The allowance represented 287 percent of nonperforming loans and leases at June 30, 2023, compared to 332 percent at March 31, 2023, and 231 percent at June 30, 2022.

Quarterly non-interest income compared to the second quarter of 2022:

• Total non-interest income was $89.4 million compared to $120.9 million, a decrease of $31.5 million. The decrease primarily reflects lower client hedging activity, lower prepayment and other loan related servicing fees, lower client deposit fees, and the outsourcing of the consumer investment services platform.

Quarterly non-interest expense compared to the second quarter of 2022:

• Total non-interest expense was $344.1 million compared to $358.2 million, a decrease of $14.1 million. Total non-interest expense includes a net $40.8 million of merger charges, compared to a net $66.5 million of merger and strategic initiatives charges a year ago. Excluding those charges, total non-interest expense increased $11.6 million. The increase reflects increases in deposit insurance, investments in technology, including the HSA and interLINK acquisitions, and employee benefits related to medical claims, offset by expense benefits from the merger and outsourcing of the consumer investments services platform.

Quarterly income taxes compared to the second quarter of 2022:

• Income tax expense was $62.6 million compared to $54.8 million, and the effective tax rate was 21.0 percent compared to 23.1 percent. The lower effective tax rate in the current period reflects higher levels of tax-exempt interest income and tax credits and lower state and local tax, partially offset by the effects of higher pre-tax income and nondeductible FDIC premiums in 2023 compared to 2022.

Investment securities:

• Total investment securities, net were $14.7 billion, compared to $14.9 billion at March 31, 2023, and $15.2 billion at June 30, 2022. The carrying value of the available-for-sale portfolio included $883.0 million of net unrealized losses, compared to $766.4 million at March 31, 2023, and $609.8 million at June 30, 2022. The carrying value of the held-to-maturity portfolio does not reflect $877.3 million of net unrealized losses, compared to $742.8 million at March 31, 2023, and $539.4 million at June 30, 2022.

Loans and leases:

• Total loans and leases were $51.6 billion, compared to $50.9 billion at March 31, 2023, and $45.6 billion at June 30, 2022. Compared to March 31, 2023, commercial loans and leases increased by $442.1 million, commercial real estate loans increased by $147.3 million, residential mortgages increased by $138.6 million, while consumer loans decreased by $28.5 million.
• Compared to a year ago, commercial loans and leases increased by $2.7 billion, commercial real estate loans increased by $2.5 billion, residential mortgages increased by $916.5 million, while consumer loans decreased by $153.4 million.
• Loan originations for the portfolio were $2.5 billion, compared to $3.3 billion in the prior quarter, and $5.0 billion a year ago. In addition, $5.7 million of residential loans were originated for sale in the quarter, compared to $2.5 million in the prior quarter, and $5.0 million a year ago.

Asset quality:

• Total nonperforming loans and leases were $218.9 million, or 0.42 percent of total loans and leases, compared to $185.0 million, or 0.36 percent of total loans and leases, at March 31, 2023, and $247.5 million, or 0.54 percent of total loans and leases, at June 30, 2022.
• Past due loans and leases were $51.4 million, compared to $44.2 million at March 31, 2023, and $51.7 million at June 30, 2022.

Deposits and borrowings:

• Total deposits were $58.7 billion, compared to $55.3 billion at March 31, 2023, and $53.1 billion at June 30, 2022. Core deposits to total deposits¹ were 87.6 percent, compared to 91.8 percent at March 31, 2023, and 95.2 percent at June 30, 2022. The loan to deposit ratio was 87.9 percent, compared to 92.1 percent at March 31, 2023, and 86.0 percent at June 30, 2022.
• Total borrowings were $5.6 billion, compared to $9.9 billion at March 31, 2023, and $5.3 billion at June 30, 2022.

Capital:

• The return on average common stockholders’ equity and the return on average tangible common stockholders’ equity¹ were 11.38 percent and 18.12 percent, respectively, compared to 9.09 percent and 14.50 percent, respectively, in the second quarter of 2022.
• The tangible equity¹ and tangible common equity¹ ratios were 7.62 percent and 7.23 percent, respectively, compared to 8.12 percent and 7.68 percent, respectively, at June 30, 2022. The common equity tier 1 ratio was 10.66 percent, compared to 11.09 percent at June 30, 2022.
• Book value and tangible book value per common share¹ were $46.15 and $29.69, respectively, compared to $43.82 and $28.31, respectively, at June 30, 2022.

1 See reconciliations to GAAP financial measures 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 $74 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 second quarter 2023 earnings announcement will be held today, Thursday, July 20, 2023 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 July 20, 2023. 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, such words are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items; (ii) statements of plans, objectives, and expectations of Webster or its management or Board of Directors; (iii) statements of future economic performance; and (iv) 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 actual results to differ from those discussed in the forward-looking statements include, but are not limited to: (1) Webster's ability to successfully integrate the operations of Webster and Sterling Bancorp and realize the anticipated benefits of the merger, including our ability to successfully complete our core conversion in the anticipated timeframe; (2) Webster's ability to successfully execute its business plan and strategic initiatives, and manage any risks or uncertainties; (3) volatility in our stock price due to investor sentiment, including following bank failures during the first fiscal quarter of 2023, and the acquisition of such failed banks (or their assets), by stronger banks within the U.S. Banking system; (4) local, regional, national, and international economic conditions, and the impact they may have on Webster or its customers; (5) volatility and disruption in national and international financial markets, including as a result of geopolitical conflict, such as the war between Russia and Ukraine; (6) unforeseen events, such as natural disasters; (7) 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; (8) adverse conditions in the securities markets that could lead to impairment in the value of Webster's securities portfolio; (9) 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; (10) the replacement of, and transition from, the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) as the primary interest rate benchmark; (11) the timely development and acceptance of new products and services, and the perceived value of those products and services by customers; (12) changes in deposit flows, consumer spending, borrowings, and savings habits; (13) Webster's ability to implement new technologies and maintain secure and reliable technology systems; (14) the effects of any cyber threats, attacks or events or fraudulent activity, including those that involve Webster's third-party vendors and service providers; (15) performance by Webster's counterparties and third-party vendors; (16) Webster's ability to increase market share and control expenses; (17) changes in the competitive environment among banks, financial holding companies, and other traditional and non-traditional financial service providers; (18) Webster's ability to maintain adequate sources of funding and liquidity; (19) changes in the level of non-performing assets and charge-offs; (20) changes in estimates of future reserve requirements based upon periodic review under relevant regulatory and accounting requirements; (21) the effect of changes in accounting policies and practices applicable to Webster, including the impacts of recently adopted accounting guidance; (22) Webster's inability to remediate the material weaknesses in its internal control related to ineffective ITGCs; (23) legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (24) Webster's ability to appropriately address any environmental, social, governmental, and sustainability concerns that may arise from its business activities; and (25) the other factors that are described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the headings “Risk Factors” and “Management Discussion and Analysis of Financial Condition and Results of Operations.” Any forward-looking statement made by the Company in this release speaks only as of the date on which it is made. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company 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, ROATCE, 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 a complete understanding 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 CORPORATION Selected Financial Highlights (unaudited)
		At or for the Three Months Ended
(In thousands, except per share data)		June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022				June 30, 2022
Income and performance ratios:
Net income	$	234,968			$	221,004			$	244,751			$	233,968			$	182,311
Net income available to common stockholders		230,806				216,841				240,588				229,806				178,148
Earnings per diluted common share		1.32				1.24				1.38				1.31				1.00
Return on average assets (annualized)		1.23	%			1.22	%			1.40	%			1.38	%			1.10	%
Return on average tangible common stockholders' equity (annualized) (1)		18.12				17.66				19.93				18.62				14.50
Return on average common stockholders’ equity (annualized)		11.38				10.94				12.54				11.78				9.09
Non-interest income as a percentage of total revenue		13.28				10.62				14.50				17.10				19.90
Asset quality:
Allowance for credit losses on loans and leases	$	628,911			$	613,914			$	594,741			$	574,325			$	571,499
Nonperforming assets		222,215				186,551				206,136				211,627				250,242
Allowance for credit losses on loans and leases / total loans and leases		1.22	%			1.21	%			1.20	%			1.20	%			1.25	%
Net charge-offs / average loans and leases (annualized)		0.16				0.20				0.17				0.25				0.09
Nonperforming loans and leases / total loans and leases		0.42				0.36				0.41				0.44				0.54
Nonperforming assets / total loans and leases plus OREO		0.43				0.37				0.41				0.44				0.55
Allowance for credit losses on loans and leases / nonperforming loans and leases		287.35				331.81				291.84				274.12				230.88
Other ratios:
Tangible equity (1)		7.62	%			7.55	%			7.79	%			7.70	%			8.12	%
Tangible common equity (1)		7.23				7.15				7.38				7.27				7.68
Tier 1 risk-based capital (2)		11.17				10.93				11.23				11.35				11.65
Total risk-based capital (2)		13.26				12.99				13.25				13.38				13.91
Common equity tier 1 risk-based capital (2)		10.66				10.42				10.71				10.80				11.09
Stockholders’ equity / total assets		11.18				11.08				11.30				11.33				11.83
Net interest margin		3.35				3.66				3.74				3.54				3.28
Efficiency ratio (1)		42.20				41.64				40.27				41.17				45.25
Equity and share related:
Common equity	$	7,995,747			$	8,010,315			$	7,772,207			$	7,542,431			$	7,713,809
Book value per common share		46.15				45.85				44.67				43.32				43.82
Tangible book value per common share (1)		29.69				29.47				29.07				27.69				28.31
Common stock closing price		37.75				39.42				47.34				45.20				42.15
Dividends declared per common share		0.40				0.40				0.40				0.40				0.40
Common shares issued and outstanding		173,261				174,712				174,008				174,116				176,041
Weighted-average common shares outstanding - Basic		172,739				172,766				172,522				173,868				175,845
Weighted-average common shares outstanding - Diluted		172,803				172,883				172,699				173,944				175,895
(1) See "Reconciliations to GAAP Financial Measures" section beginning on page 19.
(2) Presented as preliminary for June 30, 2023, and actual for the remaining periods.

WEBSTER FINANCIAL CORPORATION Consolidated Balance Sheets (unaudited)
(In thousands)		June 30, 2023				March 31, 2023				June 30, 2022
Assets:
Cash and due from banks	$	283,623			$	201,683			$	294,482
Interest-bearing deposits		1,077,136				2,232,388				607,323
Securities:
Available for sale		7,759,341				7,798,977				8,638,358
Held to maturity, net		6,943,784				7,063,223				6,547,998
Total securities, net		14,703,125				14,862,200				15,186,356
Loans held for sale		10,963				210,724				388
Loans and Leases:
Commercial		21,217,411				20,775,337				18,520,595
Commercial real estate		20,661,071				20,513,738				18,141,670
Residential mortgages		8,140,182				8,001,563				7,223,728
Consumer		1,607,384				1,635,885				1,760,750
Total loans and leases		51,626,048				50,926,523				45,646,743
Allowance for credit losses on loans and leases		(628,911)				(613,914)				(571,499)
Loans and leases, net		50,997,137				50,312,609				45,075,244
Federal Home Loan Bank and Federal Reserve Bank stock		407,968				584,724				329,424
Premises and equipment, net		426,310				431,432				449,578
Goodwill and other intangible assets, net		2,852,117				2,861,310				2,729,551
Cash surrender value of life insurance policies		1,239,077				1,233,994				1,228,484
Deferred tax asset, net		377,588				315,525				269,790
Accrued interest receivable and other assets		1,663,199				1,597,806				1,424,401
Total Assets	$	74,038,243			$	74,844,395			$	67,595,021
Liabilities and Stockholders' Equity:
Deposits:
Demand	$	11,157,390			$	12,007,387			$	13,576,152
Health savings accounts		8,206,844				8,272,507				7,777,786
Interest-bearing checking		8,775,975				8,560,750				9,547,749
Money market		16,189,678				14,203,858				10,884,656
Savings		7,131,587				7,723,198				8,736,712
Certificates of deposit		4,743,204				3,855,406				2,554,102
Brokered certificates of deposit		2,542,854				674,373				-
Total deposits		58,747,532				55,297,479				53,077,157
Securities sold under agreements to repurchase and other borrowings		243,580				306,154				1,743,782
Federal Home Loan Bank advances		4,310,371				8,560,461				2,510,810
Long-term debt (1)		1,052,258				1,071,413				1,076,559
Accrued expenses and other liabilities		1,404,776				1,314,594				1,188,925
Total liabilities		65,758,517				66,550,101				59,597,233
Preferred stock		283,979				283,979				283,979
Common stockholders' equity		7,995,747				8,010,315				7,713,809
Total stockholders’ equity		8,279,726				8,294,294				7,997,788
Total Liabilities and Stockholders' Equity	$	74,038,243			$	74,844,395			$	67,595,021
(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 CORPORATION Consolidated Statements of Income (unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
(In thousands, except per share data)	2023				2022				2023				2022
Interest income:
Interest and fees on loans and leases	$	771,973			$	431,538			$	1,488,329			$	777,814
Interest and dividends on securities		161,002				82,202				275,558				145,728
Loans held for sale		421				7				437				33
Total interest income		933,396				513,747				1,764,324				923,575
Interest expense:
Deposits		251,466				12,459				401,670				19,858
Borrowings		98,101				14,628				183,542				22,809
Total interest expense		349,567				27,087				585,212				42,667
Net interest income		583,829				486,660				1,179,112				880,908
Provision for credit losses		31,498				12,243				78,247				201,088
Net interest income after provision for loan and lease losses		552,331				474,417				1,100,865				679,820
Non-interest income:
Deposit service fees		45,418				51,385				90,854				99,212
Loan and lease related fees		20,528				27,907				43,533				50,586
Wealth and investment services		7,391				11,244				13,978				21,841
Mortgage banking activities		129				102				188				530
Increase in cash surrender value of life insurance policies		6,293				8,244				13,021				14,976
(Loss) on sale of investment securities, net		(48)				-				(16,795)				-
Other income		9,663				22,051				15,361				37,823
Total non-interest income		89,374				120,933				160,140				224,968
Non-interest expense:
Compensation and benefits		173,305				187,656				346,505				371,658
Occupancy		20,254				51,593				40,425				70,208
Technology and equipment		51,815				41,498				96,181				96,899
Marketing		5,160				3,441				8,636				6,950
Professional and outside services		29,385				15,332				61,819				69,423
Intangible assets amortization		9,193				8,802				18,690				15,189
Loan workout expenses		574				732				1,180				1,412
Deposit insurance		13,723				6,748				26,046				11,970
Other expenses		40,680				42,425				77,074				74,303
Total non-interest expense		344,089				358,227				676,556				718,012
Income before income taxes		297,616				237,123				584,449				186,776
Income tax expense		62,648				54,812				128,477				21,212
Net income		234,968				182,311				455,972				165,564
Preferred stock dividends		(4,162)				(4,163)				(8,325)				(7,594)
Net income available to common stockholders	$	230,806			$	178,148			$	447,647			$	157,970
Weighted-average common shares outstanding - Diluted		172,803				175,895				172,839				161,785
Earnings per common share:
Basic	$	1.32			$	1.00			$	2.57			$	0.97
Diluted		1.32				1.00				2.57				0.97

WEBSTER FINANCIAL CORPORATION Five Quarter Consolidated Statements of Income (unaudited)
		Three Months Ended
(In thousands, except per share data)		June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022				June 30, 2022
Interest income:
Interest and fees on loans and leases	$	771,973			$	716,356			$	642,784			$	525,960			$	431,538
Interest and dividends on securities		161,002				114,556				100,804				91,569				82,202
Loans held for sale		421				16				5				40				7
Total interest income		933,396				830,928				743,593				617,569				513,747
Interest expense:
Deposits		251,466				150,204				81,202				37,492				12,459
Borrowings		98,101				85,441				60,016				29,074				14,628
Total interest expense		349,567				235,645				141,218				66,566				27,087
Net interest income		583,829				595,283				602,375				551,003				486,660
Provision for credit losses		31,498				46,749				43,000				36,531				12,243
Net interest income after provision for loan and lease losses		552,331				548,534				559,375				514,472				474,417
Non-interest income:
Deposit service fees		45,418				45,436				48,453				50,807				51,385
Loan and lease related fees		20,528				23,005				25,632				26,769				27,907
Wealth and investment services		7,391				6,587				7,017				11,419				11,244
Mortgage banking activities		129				59				89				86				102
Increase in cash surrender value of life insurance policies		6,293				6,728				6,543				7,718				8,244
(Loss) on sale of investment securities, net		(48)				(16,747)				(4,517)				(2,234)				-
Other income		9,663				5,698				18,962				19,071				22,051
Total non-interest income		89,374				70,766				102,179				113,636				120,933
Non-interest expense:
Compensation and benefits		173,305				173,200				177,979				173,983				187,656
Occupancy		20,254				20,171				20,174				23,517				51,593
Technology and equipment		51,815				44,366				44,202				45,283				41,498
Marketing		5,160				3,476				5,570				3,918				3,441
Professional and outside services		29,385				32,434				26,489				21,618				15,332
Intangible assets amortization		9,193				9,497				8,240				8,511				8,802
Loan workout expenses		574				606				606				580				732
Deposit insurance		13,723				12,323				6,578				8,026				6,748
Other expenses		40,680				36,394				58,552				44,635				42,425
Total non-interest expense		344,089				332,467				348,390				330,071				358,227
Income before income taxes		297,616				286,833				313,164				298,037				237,123
Income tax expense		62,648				65,829				68,413				64,069				54,812
Net income		234,968				221,004				244,751				233,968				182,311
Preferred stock dividends		(4,162)				(4,163)				(4,163)				(4,162)				(4,163)
Net income available to common stockholders	$	230,806			$	216,841			$	240,588			$	229,806			$	178,148
Weighted-average common shares outstanding - Diluted		172,803				172,883				172,699				173,944				175,895
Earnings per common share:
Basic	$	1.32			$	1.24			$	1.38			$	1.31			$	1.00
Diluted		1.32				1.24				1.38				1.31				1.00

WEBSTER FINANCIAL CORPORATION Consolidated Average Balances, Interest, Yields and Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
		Three Months Ended June 30,
		2023														2022
(Dollars in thousands)		Average balance				Interest				Yield/rate						Average balance			Interest		Yield/rate
Assets:
Interest-earning assets:
Loans and leases	$	51,184,715			$	782,557				6.06	%				$	44,120,698		$	436,462		3.92	%
Investment securities (1)		14,780,257				116,027				2.99						15,165,514			85,958		2.22
Federal Home Loan and Federal Reserve Bank stock		513,559				6,675				5.21						262,695			2,072		3.16
Interest-bearing deposits		3,528,824				45,008				5.05						488,870			980		0.79
Loans held for sale		96,537				421				1.74						18,172			7		0.15
Total interest-earning assets		70,103,892			$	950,688				5.32	%					60,055,949		$	525,479		3.46	%
Non-interest-earning assets		6,128,636														6,016,193
Total Assets	$	76,232,528													$	66,072,142
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Demand deposits	$	11,375,059			$	-				-	%				$	13,395,942		$	-		-	%
Health savings accounts		8,250,766				3,090				0.15						7,812,313			1,125		0.06
Interest-bearing checking, money market and savings		31,768,511				178,707				2.26						29,486,846			10,165		0.14
Certificates of deposit and brokered deposits		7,173,552				69,669				3.90						2,684,914			1,169		0.17
Total deposits		58,567,888				251,466				1.72						53,380,015			12,459		0.09
Securities sold under agreements to repurchase and other borrowings		215,874				63				0.11						1,064,304			2,677		1.00
Federal Home Loan Bank advances		6,724,139				88,556				5.21						1,156,449			3,164		1.08
Long-term debt (1)		1,061,526				9,482				3.68						1,077,395			8,787		3.38
Total borrowings		8,001,539				98,101				4.87						3,298,148			14,628		1.79
Total interest-bearing liabilities		66,569,427			$	349,567				2.10	%					56,678,163		$	27,087		0.19	%
Non-interest-bearing liabilities		1,267,803														1,268,461
Total liabilities		67,837,230														57,946,624
Preferred stock		283,979														283,979
Common stockholders' equity		8,111,319														7,841,539
Total stockholders' equity		8,395,298														8,125,518
Total Liabilities and Stockholders' Equity	$	76,232,528													$	66,072,142
Tax-equivalent net interest income						601,121													498,392
Less: tax-equivalent adjustments						(17,292)													(11,732)
Net interest income					$	583,829												$	486,660
Net interest margin										3.35	%										3.28	%
(1) For the purposes of average yield/rate and margin computations, unsettled trades on investment securities and unrealized gain (loss) balances on securities available-for-sale and senior fixed-rate notes hedges are excluded.

WEBSTER FINANCIAL CORPORATION Consolidated Average Balances, Interest, Yields and Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
		Six Months Ended June 30,
		2023														2022
(Dollars in thousands)		Average balance				Interest				Yield/rate						Average balance			Interest		Yield/rate
Assets:
Interest-earning assets:
Loans and leases	$	50,642,963			$	1,508,100				5.93	%				$	40,039,437		$	785,879		3.91	%
Investment securities (1)		14,707,157				222,001				2.89						14,298,347			153,227		2.12
Federal Home Loan and Federal Reserve Bank stock		486,617				11,585				4.80						214,792			2,893		2.72
Interest-bearing deposits		2,221,119				55,404				4.96						643,210			1,433		0.44
Loans held for sale		50,838				437				1.72						18,046			33		0.36
Total interest-earning assets		68,108,694			$	1,797,527				5.21	%					55,213,832		$	943,465		3.40	%
Non-interest-earning assets		6,176,650														5,257,642
Total Assets	$	74,285,344													$	60,471,474
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Demand deposits	$	11,999,028			$	-				-	%				$	12,335,504		$	-		-	%
Health savings accounts		8,271,493				6,117				0.15						7,786,035			2,212		0.06
Interest-bearing checking, money market and savings		30,816,229				301,755				1.97						26,915,923			15,184		0.11
Certificates of deposit and brokered deposits		5,607,711				93,798				3.37						2,614,989			2,462		0.19
Total deposits		56,694,461				401,670				1.43						49,652,451			19,858		0.08
Securities sold under agreements to repurchase and other borrowings		563,517				7,890				2.78						822,017			3,634		0.88
Federal Home Loan Bank advances		6,201,884				156,682				5.02						586,857			3,220		1.09
Long-term debt (1)		1,066,859				18,970				3.67						987,353			15,955		3.36
Total borrowings		7,832,260				183,542				4.68						2,396,227			22,809		1.93
Total interest-bearing liabilities		64,526,721			$	585,212				1.82	%					52,048,678		$	42,667		0.16	%
Non-interest-bearing liabilities		1,452,640														1,010,331
Total liabilities		65,979,361														53,059,009
Preferred stock		283,979														260,183
Common stockholders' equity		8,022,004														7,152,282
Total stockholders' equity		8,305,983														7,412,465
Total Liabilities and Stockholders' Equity	$	74,285,344													$	60,471,474
Tax-equivalent net interest income						1,212,315													900,798
Less: tax-equivalent adjustments						(33,203)													(19,890)
Net interest income					$	1,179,112												$	880,908
Net interest margin										3.50	%										3.24	%
(1) For the purposes of average yield/rate and margin computations, unsettled trades on investment securities and unrealized gain (loss) balances on securities available-for-sale and senior fixed-rate notes hedges are excluded.

WEBSTER FINANCIAL CORPORATION Five Quarter Loans and Leases (unaudited)
(Dollars in thousands)		June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022				June 30, 2022
Loans and Leases (actual):
Commercial non-mortgage	$	19,499,160			$	19,014,810			$	18,663,164			$	17,807,234			$	16,628,317
Asset-based lending		1,718,251				1,760,527				1,821,642				1,803,719				1,892,278
Commercial real estate		20,661,071				20,513,738				19,619,145				18,862,619				18,141,670
Residential mortgages		8,140,182				8,001,563				7,963,420				7,617,955				7,223,728
Consumer		1,607,384				1,635,885				1,697,055				1,732,348				1,760,750
Loans and Leases		51,626,048				50,926,523				49,764,426				47,823,875				45,646,743
Allowance for credit losses on loans and leases		(628,911)				(613,914)				(594,741)				(574,325)				(571,499)
Loans and Leases, net	$	50,997,137			$	50,312,609			$	49,169,685			$	47,249,550			$	45,075,244
Loans and Leases (average):
Commercial non-mortgage	$	19,220,435			$	18,670,917			$	18,024,771			$	16,780,780			$	15,850,507
Asset-based lending		1,756,051				1,790,992				1,780,874				1,811,073				1,851,956
Commercial real estate		20,518,355				19,970,326				19,234,292				18,503,077				17,756,151
Residential mortgages		8,067,349				7,995,327				7,819,415				7,384,704				6,905,509
Consumer		1,622,525				1,667,630				1,715,513				1,750,044				1,756,575
Loans and Leases	$	51,184,715			$	50,095,192			$	48,574,865			$	46,229,678			$	44,120,698
WEBSTER FINANCIAL CORPORATION Five Quarter Nonperforming Assets and Past Due Loans and Leases (unaudited)
(Dollars in thousands)		June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022				June 30, 2022
Nonperforming loans and leases:
Commercial non-mortgage	$	109,279			$	86,537			$	89,416			$	80,002			$	112,006
Asset-based lending		9,450				9,450				20,046				25,115				25,862
Commercial real estate		47,972				35,832				41,580				49,054				49,935
Residential mortgages		26,751				25,096				25,613				25,563				27,213
Consumer		25,417				28,105				27,136				29,782				32,514
Total nonperforming loans and leases	$	218,869			$	185,020			$	203,791			$	209,516			$	247,530
Other real estate owned and repossessed assets:
Commercial non-mortgage	$	2,152			$	153			$	78			$	-			$	-
Residential mortgages		662				662				2,024				2,024				2,558
Consumer		532				716				243				87				154
Total other real estate owned and repossessed assets	$	3,346			$	1,531			$	2,345			$	2,111			$	2,712
Total nonperforming assets	$	222,215			$	186,551			$	206,136			$	211,627			$	250,242
Past due 30-89 days:
Commercial non-mortgage	$	32,074			$	9,645			$	20,248			$	17,440			$	6,006
Asset-based lending		-				-				5,921				-				-
Commercial real estate		1,970				17,115				26,147				6,050				25,587
Residential mortgages		10,583				10,710				11,385				12,577				10,781
Consumer		6,718				6,110				9,194				9,656				9,275
Total past due 30-89 days	$	51,345			$	43,580			$	72,895			$	45,723			$	51,649
Past due 90 days or more and accruing		29				602				770				711				8
Total past due loans and leases	$	51,374			$	44,182			$	73,665			$	46,434			$	51,657

WEBSTER FINANCIAL CORPORATION Five Quarter Changes in the Allowance for Credit Losses on Loans and Leases (unaudited)
		For the Three Months Ended
(Dollars in thousands)		June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022				June 30, 2022
ACL on loans and leases, beginning balance	$	613,914			$	594,741			$	574,325			$	571,499			$	569,371
Adoption of ASU No. 2022-02		-				5,873				-				-				-
Provision		35,249				37,821				40,649				31,352				11,728
Charge-offs:
Commercial portfolio		21,945				26,410				21,499				31,356				18,757
Consumer portfolio		1,085				1,098				1,193				1,453				896
Total charge-offs		23,030				27,508				22,692				32,809				19,653
Recoveries:
Commercial portfolio		1,024				1,574				895				1,413				7,765
Consumer portfolio		1,754				1,413				1,564				2,870				2,288
Total recoveries		2,778				2,987				2,459				4,283				10,053
Total net charge-offs		20,252				24,521				20,233				28,526				9,600
ACL on loans and leases, ending balance	$	628,911			$	613,914			$	594,741			$	574,325			$	571,499
ACL on unfunded loan commitments, ending balance		22,366				26,051				27,707				25,329				20,149
Total ACL, ending balance	$	651,277			$	639,965			$	622,448			$	599,654			$	591,648

WEBSTER FINANCIAL CORPORATION Reconciliations 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 intangible assets. The tangible equity ratio represents stockholders’ equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The tangible common equity ratio represents stockholders’ equity less preferred stock and goodwill and intangible assets divided by total assets less goodwill and intangible assets. Tangible book value per common share represents stockholders’ equity less preferred stock and goodwill and 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 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 after tax merger-related expenses.
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)		June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022				June 30, 2022
Efficiency ratio:
Non-interest expense	$	344,089			$	332,467			$	348,390			$	330,071			$	358,227
Less: Foreclosed property activity		(432)				(262)				(80)				(393)				(358)
Intangible assets amortization		9,193				9,497				8,240				8,511				8,802
Operating lease depreciation		1,639				1,884				2,021				2,115				2,425
Strategic initiatives and other (1)		-				-				143				11,617				(152)
Merger related		40,840				29,373				45,790				25,536				66,640
Non-interest expense	$	292,849			$	291,975			$	292,276			$	282,685			$	280,870
Net interest income	$	583,829			$	595,283			$	602,375			$	551,003			$	486,660
Add: Tax-equivalent adjustment		17,292				15,911				13,991				13,247				11,732
Non-interest income		89,374				70,766				102,179				113,636				120,933
Other income (2)		5,035				4,311				4,814				11,186				3,805
Less: Operating lease depreciation		1,639				1,884				2,021				2,115				2,425
(Loss) on sale of investment securities, net		(48)				(16,747)				(4,517)				(2,234)				-
Other (3)		-				-				-				2,548				-
Income	$	693,939			$	701,134			$	725,855			$	686,643			$	620,705
Efficiency ratio		42.20	%			41.64	%			40.27	%			41.17	%			45.25	%
Return on average tangible common stockholders' equity:
Net income	$	234,968			$	221,004			$	244,751			$	233,968			$	182,311
Less: Preferred stock dividends		4,162				4,163				4,163				4,162				4,163
Add: Intangible assets amortization, tax-effected		7,262				7,503				6,510				6,724				6,954
Adjusted income	$	238,068			$	224,344			$	247,098			$	236,530			$	185,102
Adjusted income, annualized basis	$	952,272			$	897,376			$	988,392			$	946,120			$	740,408
Average stockholders' equity	$	8,395,298			$	8,215,676			$	7,960,900			$	8,090,044			$	8,125,518
Less: Average preferred stock		283,979				283,979				283,979				283,979				283,979
Average goodwill and other intangible assets		2,856,581				2,849,673				2,716,981				2,725,200				2,733,827
Average tangible common stockholders' equity	$	5,254,738			$	5,082,024			$	4,959,940			$	5,080,865			$	5,107,712
Return on average tangible common stockholders' equity		18.12	%			17.66	%			19.93	%			18.62	%			14.50	%
(1) Strategic initiatives and other for the three months ended September 30, 2022, primarily includes a contribution to the Webster foundation of $10.5 million (presented within Other non-interest expense on the Consolidated Statements of Income).
(2) Other income includes the taxable equivalent of net income generated from low income housing tax-credit investments.
(3) Other for the three months ended September 30, 2022, includes of a gain related to the early termination of repurchase agreements.

WEBSTER FINANCIAL CORPORATION Reconciliations to GAAP Financial Measures (continued)
		At or for the Three Months Ended
(In thousands, except per share data)		June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022				June 30, 2022
Tangible equity:
Stockholders' equity	$	8,279,726			$	8,294,294			$	8,056,186			$	7,826,410			$	7,997,788
Less: Goodwill and other intangible assets		2,852,117				2,861,310				2,713,446				2,721,040				2,729,551
Tangible stockholders' equity	$	5,427,609			$	5,432,984			$	5,342,740			$	5,105,370			$	5,268,237
Total assets	$	74,038,243			$	74,844,395			$	71,277,521			$	69,052,566			$	67,595,021
Less: Goodwill and other intangible assets		2,852,117				2,861,310				2,713,446				2,721,040				2,729,551
Tangible assets	$	71,186,126			$	71,983,085			$	68,564,075			$	66,331,526			$	64,865,470
Tangible equity		7.62	%			7.55	%			7.79	%			7.70	%			8.12	%
Tangible common equity:
Tangible stockholders' equity	$	5,427,609			$	5,432,984			$	5,342,740			$	5,105,370			$	5,268,237
Less: Preferred stock		283,979				283,979				283,979				283,979				283,979
Tangible common stockholders' equity	$	5,143,630			$	5,149,005			$	5,058,761			$	4,821,391			$	4,984,258
Tangible assets	$	71,186,126			$	71,983,085			$	68,564,075			$	66,331,526			$	64,865,470
Tangible common equity		7.23	%			7.15	%			7.38	%			7.27	%			7.68	%
Tangible book value per common share:
Tangible common stockholders' equity	$	5,143,630			$	5,149,005			$	5,058,761			$	4,821,391			$	4,984,258
Common shares outstanding		173,261				174,712				174,008				174,116				176,041
Tangible book value per common share	$	29.69			$	29.47			$	29.07			$	27.69			$	28.31
Core deposits:
Total deposits	$	58,747,532			$	55,297,479			$	54,054,340			$	54,008,887			$	53,077,157
Less: Certificates of deposit		4,743,204				3,855,406				2,729,332				2,311,484				2,554,102
Brokered certificates of deposit		2,542,854				674,373				1,431,617				258,110				-
Core deposits	$	51,461,474			$	50,767,700			$	49,893,391			$	51,439,293			$	50,523,055
	Three months ended June 30, 2023
Adjusted ROATCE:
Net income	$	234,968
Less: Preferred stock dividends		4,162
Add: Intangible assets amortization, tax-effected		7,262
Merger related, tax-effected		29,947
Adjusted income	$	268,015
Adjusted income, annualized basis	$	1,072,060
Average stockholders' equity	$	8,395,298
Less: Average preferred stock		283,979
Average goodwill and other intangible assets		2,856,581
Average tangible common stockholders' equity	$	5,254,738
Adjusted return on average tangible common stockholders' equity		20.40	%
Adjusted ROAA:
Net income	$	234,968
Add: Merger related, tax-effected		29,947
Adjusted income	$	264,915
Adjusted income, annualized basis	$	1,059,660
Average assets	$	76,232,528
Adjusted return on average assets		1.39	%
GAAP to adjusted reconciliation:
	Three months ended June 30, 2023
(In millions, except per share data)	Pre-Tax Income					Net Income Available to Common Stockholders				Diluted EPS
Reported (GAAP)	$	297.6			$	230.8			$	1.32
Merger related expenses		40.8				29.9				0.18
Adjusted (non-GAAP)	$	338.4			$	260.7			$	1.50

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230719140986/en/

Media Contact

Alice Ferreira, 203-578-2610

acferreira@websterbank.com

Investor Contact

Emlen Harmon, 212-309-7646

eharmon@websterbank.com

Source: Webster Financial Corporation

FAQ

What is Webster Financial Corporation's stock ticker symbol?

Webster Financial Corporation's stock ticker symbol is WBS.

What was the net income for Q2 2023?

The net income for Q2 2023 was $230.8 million.

What is the unique funding profile that contributed to consistent earnings?

Webster's unique funding profile includes a 6% growth in deposits over the prior quarter and increased available liquidity.

What was the increase in net interest income for the Commercial Banking segment?

The net interest income for the Commercial Banking segment increased by 15.1%.

What was the increase in net interest income for the HSA Bank division?

The net interest income for the HSA Bank division increased by 52.2%.