WATERBURY, Conn., April 19, 2021 /PRNewswire/ -- Webster Financial
Corporation (NYSE: WBS), the holding company for Webster Bank, N.A. and its HSA Bank division,
today announced earnings applicable to common shareholders of
$105.5 million, or $1.17 per diluted share, for the quarter ended
March 31, 2021, compared to $36.0
million, or $0.39 per diluted
share, for the quarter ended March 31, 2020. Earnings per
diluted share would have been $1.25
for the quarter ended March 31, 2021, adjusting for
$9.4 million ($6.9 million after tax) of charges related
to strategic optimization initiatives.
"We continued to make meaningful progress on our strategic
initiatives during a solid first quarter," said John R. Ciulla, chairman and chief executive
officer. "Our focus remains on delivering for our customers,
communities, bankers and shareholders."
Highlights for the first quarter of 2021:
- Revenue of $300.5 million.
- Loan growth of $0.4 billion, or
2.0 percent from a year ago, led by commercial and commercial real
estate, which increased 7.9 percent.
- Originated $533.0 million of
second round Paycheck Protection Program (PPP) loans.
- Results include a Current Expected Credit Loss (CECL) benefit
of $25.8 million with a reserve
decrease of $31.1 million
compared to the prior quarter, resulting in an allowance coverage
of 1.54 percent, or 1.64 percent excluding $1.3 billion of PPP loans.
- Deposit growth of $4.0 billion,
or 16.2 percent from a year ago, with growth of $1.8 billion in demand deposits and $719.0 million in HSA deposits.
- Results include $9.4 million
of charges related to strategic optimization initiatives.
- Net interest margin of 2.92 percent.
- Efficiency ratio (non-GAAP) of 58.5 percent.
"First quarter results were favorably impacted by positive
credit trends and an improving economic outlook resulting in a
meaningful release of loan reserve," said Glenn MacInnes, executive vice president and
chief financial officer. "While near term our liquidity position
results in net interest margin compression, it along with our
strong capital level positions us well for future growth."
Line of Business performance compared to the first quarter of
2020
Effective January 1, 2021 Webster
realigned certain of its business banking and investment services
related operations from Retail Banking to Commercial Banking to
deliver operational efficiencies and better serve its
customers. As a result $1.9
billion of loans, $2.2 billion
of deposits, and $3.9 billion of
assets under administration (off balance sheet) were moved from
Retail Banking to Commercial Banking. Prior period results have
been restated accordingly.
Commercial Banking
Webster's Commercial Banking segment serves businesses that have
more than $2 million of revenue
through our business banking, middle market, asset-based lending,
equipment finance, commercial real estate, sponsor finance, and
treasury services business units. Additionally, our Wealth group
provides wealth management solutions to business owners, operators,
and consumers within our targeted markets and retail footprint. As
of March 31, 2021, Commercial Banking had $14.4 billion in loans and leases and
$8.4 billion in deposit balances.
Commercial Banking Operating Results:
|
|
|
|
|
Percent
|
|
Three months ended
March 31,
|
|
Favorable/
|
(In
thousands)
|
|
2021
|
2020
|
|
(Unfavorable)
|
Net interest
income
|
|
$142,038
|
|
$117,584
|
|
|
|
20.8
|
%
|
|
Non-interest
income
|
|
25,177
|
|
22,415
|
|
|
|
12.3
|
|
|
Operating
revenue
|
|
167,215
|
|
139,999
|
|
|
|
19.4
|
|
|
Non-interest
expense
|
|
64,836
|
|
65,220
|
|
|
|
0.6
|
|
|
Pre-tax,
pre-provision net revenue
|
|
$102,379
|
|
$74,779
|
|
|
|
36.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
|
|
|
At March
31,
|
|
Increase/
|
(In
millions)
|
|
2021
|
2020
|
|
(Decrease)
|
Loans and
leases
|
|
$14,413
|
|
$13,681
|
|
|
|
5.4
|
%
|
|
Deposits
|
|
8,417
|
|
6,809
|
|
|
|
23.6
|
|
|
AUA / AUM (off
balance sheet)
|
|
6,694
|
|
5,270
|
|
|
|
27.0
|
|
|
Pre-tax, pre-provision net revenue increased $27.6 million to $102.4
million in the quarter as compared to prior year. Net
interest income increased $24.5
million to $142.0 million,
primarily driven by PPP loan fee accretion and growth in loans and
deposits. Non-interest income increased $2.8
million to $25.2 million
driven by higher loan related fees and trust and investment service
fees. Non-interest expense decreased $0.4
million to $64.8 million.
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. As of
March 31, 2021, HSA Bank had $10.6
billion in total footings comprising $7.5 billion in deposit balances and $3.1 billion in assets under administration
through linked investment accounts.
HSA Bank Operating Results:
|
|
|
|
|
Percent
|
|
Three months ended
March 31,
|
|
Favorable/
|
(In
thousands)
|
|
2021
|
2020
|
|
(Unfavorable)
|
Net interest
income
|
|
$42,109
|
|
$42,673
|
|
|
|
(1.3)
|
%
|
|
Non-interest
income
|
|
27,005
|
|
26,383
|
|
|
|
2.4
|
|
|
Operating
revenue
|
|
69,114
|
|
69,056
|
|
|
|
0.1
|
|
|
Non-interest
expense
|
|
36,250
|
|
37,078
|
|
|
|
2.2
|
|
|
Pre-tax, net
revenue
|
|
$32,864
|
|
$31,978
|
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
|
|
|
At March
31,
|
|
Increase/
|
(Dollars in
millions)
|
|
2021
|
2020
|
|
(Decrease)
|
Number of accounts
(thousands)
|
|
3,040
|
|
3,119
|
|
|
|
(2.5)
|
%
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$7,455
|
|
$6,736
|
|
|
|
10.7
|
|
|
Linked investment
accounts (off balance sheet)
|
|
3,118
|
|
1,855
|
|
|
|
68.1
|
|
|
Total
footings
|
|
$10,574
|
|
$8,591
|
|
|
|
23.1
|
|
|
Pre-tax net revenue increased $0.9
million to $32.9 million in
the quarter as compared to prior year. Net interest income
decreased $0.6 million to
$42.1 million, due to a decline in
deposit spreads partially offset by a 10.7 percent growth in
deposits. Non-interest income increased $0.6 million to $27.0
million, due primarily to increases in investment and
notional account fees. Non-interest expense decreased $0.8 million to $36.3
million, primarily due to reduced travel expenses.
Retail Banking
Retail Banking serves consumer and business banking customers
primarily throughout southern New England and into Westchester County, New York. Retail Banking
is comprised of the Consumer Lending and Small Business Banking
business units, as well as a distribution network consisting of 148
banking centers and 280 ATMs, a customer care center, and a full
range of web and mobile-based banking services. As of
March 31, 2021, Retail Banking had $6.9
billion in loans and $12.6
billion in deposit balances.
Retail Banking Operating Results:
|
|
|
|
|
Percent
|
|
Three months ended
March 31,
|
|
Favorable/
|
(In
thousands)
|
|
2021
|
2020
|
|
(Unfavorable)
|
Net interest
income
|
|
$88,813
|
|
$81,199
|
|
|
|
9.4
|
%
|
|
Non-interest
income
|
|
16,071
|
|
18,443
|
|
|
|
(12.9)
|
|
|
Operating
revenue
|
|
104,884
|
|
99,642
|
|
|
|
5.3
|
|
|
Non-interest
expense
|
|
76,124
|
|
80,290
|
|
|
|
5.2
|
|
|
Pre-tax,
pre-provision net revenue
|
|
$28,760
|
|
$19,352
|
|
|
|
48.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
|
|
|
At March
31,
|
|
Increase/
|
(In
millions)
|
|
2021
|
2020
|
|
(Decrease)
|
Loans
|
|
$6,888
|
|
$7,211
|
|
|
|
(4.5)
|
%
|
|
Deposits
|
|
12,611
|
|
10,873
|
|
|
|
16.0
|
|
|
Pre-tax, pre-provision net revenue increased $9.4 million to $28.8
million in the quarter as compared to prior year. Net
interest income increased $7.6
million to $88.8 million,
driven by PPP loan fee accretion and deposit growth, partially
offset by lower consumer loan balances. Non-interest income
decreased $2.4 million to
$16.1 million resulting from lower
deposit-related service charges and fee income from mortgage
banking activities, partially offset by higher loan servicing fee
income. Non-interest expense decreased $4.2
million to $76.1 million
driven by lower employee-related, occupancy, and marketing
expenses.
Consolidated financial performance:
Quarterly net interest income compared to the first quarter
of 2020:
- Net interest income was $223.8
million compared to $230.8
million.
- Net interest margin was 2.92 percent compared to 3.23 percent.
The yield on interest-earning assets declined by 76 basis points,
and the cost of interest-bearing liabilities declined by 48 basis
points.
- Average interest-earning assets totaled $31.1 billion and grew by $2.3 billion, or 7.9 percent.
- Average loans totaled $21.5
billion and grew by $1.2
billion, or 5.7 percent.
- Average deposits totaled $28.3
billion and grew by $4.2
billion, or 17.4 percent.
Quarterly provision for credit losses:
- The provision for credit losses reflects a $25.8 million benefit in the quarter,
contributing to a $31.1 million
decrease in the allowance for credit losses on loans and leases.
The decrease in the allowance reflects improvements to the
forecasted economic outlook and favorable credit trends resulting
in a release of reserves. The provision for credit losses reflected
a $1 million benefit in the prior
quarter and an expense of $76.0
million a year ago.
- Net charge-offs were $5.3
million, compared to $9.4
million in the prior quarter and $7.8
million a year ago. The ratio of net charge-offs to average
loans on an annualized basis was 0.10 percent, compared to 0.17
percent in the prior quarter and 0.15 percent a year ago.
- The allowance for credit losses on loans and leases represented
1.54 percent of total loans at March 31, 2021, compared to
1.66 percent at December 31, 2020 and 1.60 percent at
March 31, 2020. Excluding $1.3
billion of risk free PPP loans, the coverage ratio was 1.64
percent at March 31, 2021, compared to 1.76 percent at
December 31, 2020. The allowance represented 218 percent of
nonperforming loans at March 31, 2021 compared to 214 percent
at December 31, 2020 and 206 percent at March 31,
2020.
Quarterly non-interest income compared to the first quarter
of 2020:
- Total non-interest income was $76.8
million compared to $73.4
million, an increase of $3.4
million. This primarily reflects an increase of $2.9 million due to fair value adjustments;
$1.5 million in miscellaneous fee
income; $1.8 million in loan and
lease fees primarily related to higher syndication fees; and
$0.6 million in HSA fee income driven
primarily by higher account service fees. These increases were
partially offset by a $2.3 million
decrease in deposit service fees driven by lower overdraft and
service related fees and a $1.2
million decrease in the mark to market on customer
derivatives and swap related fees.
Quarterly non-interest expense compared to the first quarter
of 2020:
- Total non-interest expense was $188.0
million compared to $178.8
million, an increase of $9.2
million. This primarily reflects strategic optimization
initiative charges of $9.4 million:
$2.0 million in compensation and
benefits; $2.6 million in occupancy;
and $4.8 million in professional and
outside services. Excluding these charges, non-interest expense was
flat when compared to the first quarter a year ago.
Quarterly income taxes compared to the first quarter of
2020:
- Income tax expense was $30.2
million compared to $11.1
million and the effective tax rate was 21.8 percent compared
to 22.6 percent.
- The lower effective tax rate in the quarter reflects the
recognition of net discrete tax benefits during the period,
partially offset by the effects of increased pre-tax income in 2021
compared to 2020.
Investment securities:
- Total investment securities were $8.9
billion, compared to $8.9
billion at December 31, 2020 and $8.5 billion at March 31, 2020. The carrying
value of the available-for-sale portfolio included $51.3 million of net unrealized gains, compared
to $92.5 million at December 31,
2020 and $3.1 million of net
unrealized gains at March 31, 2020. The carrying value of the
held-to-maturity portfolio does not reflect $162.6 million of net unrealized gains, compared
to $267.2 million at
December 31, 2020 and $156.3
million of net unrealized gains at March 31, 2020.
Loans:
- Total loans were $21.3 billion,
compared to $21.6 billion at
December 31, 2020 and $20.9
billion at March 31, 2020. Compared to
December 31, 2020, commercial real estate loans increased by
$15.4 million while commercial loans
decreased by $140.4 million,
residential mortgages decreased by $113.1
million, and consumer loans decreased by $101.8 million.
- Compared to a year ago, commercial real estate loans increased
by $215.6 million while commercial
loans, excluding PPP loans, decreased by $436.6 million, consumer loans decreased by
$354.7 million and residential
mortgages decreased by $322.6
million. PPP loans totaled $1.3
billion at March 31, 2021.
- Loan originations for the portfolio were $1.807 billion ($1.274
billion excluding PPP loan originations), compared to
$1.804 billion in the prior quarter
and $1.195 billion a year ago. In
addition, $81 million of residential
loans were originated for sale in the quarter, compared to
$125 million in the prior quarter and
$60 million a year ago.
Asset quality:
- Total nonperforming loans were $150.4
million, or 0.71 percent of total loans, compared to
$168.0 million, or 0.78 percent of
total loans, at December 31, 2020 and $162.3 million, or 0.78 percent of total loans,
at March 31, 2020. Total paying nonperforming loans were
$53.2 million, compared to
$59.7 million at December 31,
2020 and $61.9 million at
March 31, 2020.
- Past due loans were $20.4
million, compared to $32.9
million at December 31, 2020 and $37.0 million at March 31, 2020.
Deposits and borrowings:
- Total deposits were $28.5
billion, compared to $27.3
billion at December 31, 2020 and $24.5 billion at March 31, 2020. Core
deposits to total deposits were 92.2 percent, compared to 90.9
percent at December 31, 2020 and 87.8 percent at
March 31, 2020. The loan to deposit ratio was 74.8 percent,
compared to 79.2 percent at December 31, 2020 and 85.2 percent
at March 31, 2020.
- Total borrowings were $1.2
billion, compared to $1.7
billion at December 31, 2020 and $3.6 billion at March 31, 2020.
Capital:
- The return on average common shareholders' equity and the
return on average tangible common shareholders' equity were 13.65
percent and 16.79 percent, respectively, compared to 4.75 percent
and 5.95 percent, respectively, in the first quarter of 2020.
- The tangible equity and tangible common equity ratios were 8.30
percent and 7.85 percent, respectively, compared to 8.14 percent
and 7.67 percent, respectively, at March 31, 2020. The common
equity tier 1 risk-based capital ratio was 11.89 percent, compared
to 10.95 percent at March 31, 2020.
- Book value and tangible book value per common share were
$34.60 and $28.41, respectively, compared to $32.66 and $26.46,
respectively, at March 31, 2020.
Webster Financial Corporation is the holding company for
Webster Bank, National Association
and its HSA Bank division. With $33.3
billion in assets, Webster provides business and consumer
banking, mortgage, financial planning, trust, and investment
services through 148 banking centers and 280 ATMs. Webster also
provides mobile and Internet banking. Webster Bank owns the asset-based lending firm
Webster Business Credit Corporation; the equipment finance firm
Webster Capital Finance Corporation; and HSA Bank, a division of
Webster Bank, which provides health
savings account trustee and administrative services. 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 first quarter 2021
earnings announcement will be held today, Monday, April 19,
2021 at 8:30 a.m. Eastern Time. To
listen to the live call, please dial 877-407-8289 or 201-689-8341,
for international callers. The webcast, along with related slides,
will be available on the Webster website (www.wbst.com). A replay
of the conference call will be available for one week via the
website listed above, beginning at approximately 11:00 a.m. (Eastern) on April 19, 2021. To
access the replay, dial 877-660-6853 or 201-612-7415, for
international callers. The replay conference ID number is
13718870.
Media Contact
Alice
Ferreira, 203-578-2610
acferreira@websterbank.com
Investor Contact
Kristen
Manginelli, 203-578-2307
kmanginelli@websterbank.com
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
(the "Act"). 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) our
ability to successfully execute our business plan and strategic
initiatives, and manage our risks; (2) local, regional, national,
and international economic conditions and the impact they may have
on us and our customers; (3) volatility and disruption in national
and international financial markets; (4) the potential adverse
effects of the ongoing novel coronavirus (COVID-19) pandemic and
any governmental or societal responses thereto, including the
deployment and efficacy of COVID-19 vaccines, or any other unusual
and infrequently occurring events; (5) changes in the level of
nonperforming assets and charge-offs; (6) changes in estimates of
future reserve requirements based upon the periodic review thereof
under relevant regulatory and accounting requirements; (7) adverse
conditions in the securities markets that lead to impairment in the
value of our investment securities; (8) inflation, changes in
interest rate, and monetary fluctuations; (9) the timely
development and acceptance of new products and services and the
perceived value of those products and services by customers; (10)
changes in deposit flows, consumer spending, borrowings, and
savings habits; (11) our ability to implement new technologies and
maintain secure and reliable technology systems; (12) the effects
of any cyber threats, attacks or events or fraudulent activity;
(13) performance by our counterparties and vendors; (14) our
ability to increase market share and control expenses; (15) changes
in the competitive environment among banks, financial holding
companies, and other financial services providers; (16) our ability
to successfully achieve the anticipated cost reductions from branch
consolidations and any higher than anticipated costs or delays in
implementing the consolidation plan; (17) changes in laws and
regulations (including those concerning banking, taxes, dividends,
securities, insurance, and healthcare) with which we and our
subsidiaries must comply, including recent and potential
legislative and regulatory changes in response to the COVID-19
pandemic such as the CARES Act and the rules and regulations that
may be promulgated thereunder; (18) the effect of changes in
accounting policies and practices applicable to us, including
changes in our allowance for loan and lease losses and other
impacts of recently adopted accounting guidance regarding the
recognition of credit losses; (19) legal and regulatory
developments including the resolution of legal proceedings or
regulatory or other governmental inquiries and the results of
regulatory examinations or reviews; (20) our ability to
appropriately address social, environmental, and sustainability
concerns that may arise from our business activities; and (21) 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 Operation." 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 and other performance ratios, as
adjusted, is included in the accompanying selected financial
highlights table.
We believe that providing certain non-GAAP financial measures
provides investors with information useful in understanding our
financial performance, our performance trends and financial
position. We utilize these measures for internal planning and
forecasting purposes. We, as well as securities analysts,
investors, and other interested parties, also use these measures to
compare peer company operating performance. We believe that our
presentation and discussion, together with the accompanying
reconciliations, provides a complete understanding of factors and
trends affecting our 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 we strongly encourage investors to review
our 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)
|
|
March 31,
2021
|
|
|
|
December 31,
2020
|
|
|
|
September 30,
2020
|
|
|
|
June 30,
2020
|
|
|
|
March 31,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income and
performance ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
108,078
|
|
|
$
|
60,044
|
|
|
$
|
69,281
|
|
|
$
|
53,097
|
|
|
$
|
38,199
|
|
Earnings applicable
to common shareholders
|
|
105,530
|
|
|
|
57,715
|
|
|
|
66,890
|
|
|
|
50,729
|
|
|
|
36,021
|
|
Earnings per diluted
common share
|
|
1.17
|
|
|
|
0.64
|
|
|
|
0.75
|
|
|
|
0.57
|
|
|
|
0.39
|
|
Return on average
assets
|
|
1.31
|
%
|
|
|
0.73
|
%
|
|
|
0.84
|
%
|
|
|
0.65
|
%
|
|
|
0.50
|
%
|
Return on average
tangible common shareholders' equity (non-GAAP)
|
|
16.79
|
|
|
|
9.31
|
|
|
|
10.91
|
|
|
|
8.47
|
|
|
|
5.95
|
|
Return on average
common shareholders' equity
|
|
13.65
|
|
|
|
7.51
|
|
|
|
8.80
|
|
|
|
6.79
|
|
|
|
4.75
|
|
Non-interest income
as a percentage of total revenue
|
|
25.54
|
|
|
|
26.14
|
|
|
|
25.50
|
|
|
|
21.12
|
|
|
|
24.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses on loans and leases
|
$
|
328,351
|
|
|
$
|
359,431
|
|
|
$
|
369,811
|
|
|
$
|
358,522
|
|
|
$
|
334,931
|
|
Nonperforming
assets
|
|
152,808
|
|
|
|
170,314
|
|
|
|
167,314
|
|
|
|
178,381
|
|
|
|
169,120
|
|
Allowance for credit
losses on loans and leases / total loans and leases
|
|
1.54
|
%
|
|
|
1.66
|
%
|
|
|
1.69
|
%
|
|
|
1.64
|
%
|
|
|
1.60
|
%
|
Net charge-offs /
average loans and leases (annualized)
|
|
0.10
|
|
|
|
0.17
|
|
|
|
0.21
|
|
|
|
0.30
|
|
|
|
0.15
|
|
Nonperforming loans
and leases / total loans and leases
|
|
0.71
|
|
|
|
0.78
|
|
|
|
0.74
|
|
|
|
0.79
|
|
|
|
0.78
|
|
Nonperforming assets
/ total loans and leases plus OREO
|
|
0.72
|
|
|
|
0.79
|
|
|
|
0.77
|
|
|
|
0.82
|
|
|
|
0.81
|
|
Allowance for credit
losses on loans and leases / nonperforming loans and
leases
|
|
218.29
|
|
|
|
213.94
|
|
|
|
227.39
|
|
|
|
207.17
|
|
|
|
206.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity
(non-GAAP)
|
|
8.30
|
%
|
|
|
8.35
|
%
|
|
|
8.19
|
%
|
|
|
8.14
|
%
|
|
|
8.14
|
%
|
Tangible common
equity (non-GAAP)
|
|
7.85
|
|
|
|
7.90
|
|
|
|
7.75
|
|
|
|
7.69
|
|
|
|
7.67
|
|
Tier 1 risk-based
capital (a)
|
|
12.55
|
|
|
|
11.99
|
|
|
|
11.88
|
|
|
|
11.82
|
|
|
|
11.60
|
|
Total risk-based
capital (a)
|
|
14.09
|
|
|
|
13.59
|
|
|
|
13.47
|
|
|
|
13.42
|
|
|
|
13.10
|
|
Common equity tier 1
risk-based capital (a)
|
|
11.89
|
|
|
|
11.35
|
|
|
|
11.23
|
|
|
|
11.17
|
|
|
|
10.95
|
|
Shareholders' equity
/ total assets
|
|
9.84
|
|
|
|
9.92
|
|
|
|
9.76
|
|
|
|
9.71
|
|
|
|
9.76
|
|
Net interest
margin
|
|
2.92
|
|
|
|
2.83
|
|
|
|
2.88
|
|
|
|
2.99
|
|
|
|
3.23
|
|
Efficiency ratio
(non-GAAP)
|
|
58.46
|
|
|
|
60.27
|
|
|
|
59.99
|
|
|
|
60.04
|
|
|
|
58.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity and share
related:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
equity
|
$
|
3,127,891
|
|
|
$
|
3,089,588
|
|
|
$
|
3,074,653
|
|
|
$
|
3,029,742
|
|
|
$
|
2,945,205
|
|
Book value per common
share
|
|
34.60
|
|
|
|
34.25
|
|
|
|
34.09
|
|
|
|
33.59
|
|
|
|
32.66
|
|
Tangible book value
per common share (non-GAAP)
|
|
28.41
|
|
|
|
28.04
|
|
|
|
27.86
|
|
|
|
27.40
|
|
|
|
26.46
|
|
Common stock closing
price
|
|
55.11
|
|
|
|
42.15
|
|
|
|
26.41
|
|
|
|
28.61
|
|
|
|
22.90
|
|
Dividends declared
per common share
|
|
0.40
|
|
|
|
0.40
|
|
|
|
0.40
|
|
|
|
0.40
|
|
|
|
0.40
|
|
Common shares issued
and outstanding
|
|
90,410
|
|
|
|
90,199
|
|
|
|
90,204
|
|
|
|
90,194
|
|
|
|
90,172
|
|
Weighted-average
common shares outstanding - Basic
|
|
89,809
|
|
|
|
89,645
|
|
|
|
89,630
|
|
|
|
89,485
|
|
|
|
90,936
|
|
Weighted-average
common shares outstanding - Diluted
|
|
90,108
|
|
|
|
89,915
|
|
|
|
89,738
|
|
|
|
89,570
|
|
|
|
91,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Presented as
projected for March 31, 2021 and actual for the remaining periods.
In accordance with regulatory capital rules, the Company elected an
option to delay the estimated impact of CECL on its regulatory
capital for two years followed by a three year transition
period
ending December 31, 2024. As a result, capital ratios and amounts
as of March 31, 2021 exclude the impact of the increased allowance
for credit losses on loans, held-to-maturity debt securities and
unfunded loan commitments attributed to the adoption of
CECL.
|
|
|
WEBSTER FINANCIAL
CORPORATION
Consolidated Balance Sheets (unaudited)
|
(In
thousands)
|
|
March 31,
2021
|
|
|
|
December 31,
2020
|
|
|
|
March 31,
2020
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
160,703
|
|
|
$
|
193,501
|
|
|
$
|
198,458
|
Interest-bearing
deposits
|
|
1,210,958
|
|
|
|
69,603
|
|
|
|
69,482
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
Available for
sale
|
|
3,313,980
|
|
|
|
3,326,776
|
|
|
|
3,016,631
|
Held to
maturity
|
|
5,568,093
|
|
|
|
5,568,188
|
|
|
|
5,486,206
|
Total
securities
|
|
8,882,073
|
|
|
|
8,894,964
|
|
|
|
8,502,837
|
Allowance for credit
losses on investment securities held-to-maturity
|
|
(308)
|
|
|
|
(299)
|
|
|
|
(312)
|
Securities,
net
|
|
8,881,765
|
|
|
|
8,894,665
|
|
|
|
8,502,525
|
Loans held for
sale
|
|
17,262
|
|
|
|
14,012
|
|
|
|
22,448
|
Loans and
Leases:
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
8,437,487
|
|
|
|
8,577,898
|
|
|
|
7,565,947
|
Commercial real
estate
|
|
6,338,056
|
|
|
|
6,322,637
|
|
|
|
6,122,474
|
Residential
mortgages
|
|
4,668,945
|
|
|
|
4,782,016
|
|
|
|
4,991,512
|
Consumer
|
|
1,856,895
|
|
|
|
1,958,664
|
|
|
|
2,211,591
|
Total loans and
leases
|
|
21,301,383
|
|
|
|
21,641,215
|
|
|
|
20,891,524
|
Allowance for credit
losses on loans and leases
|
|
(328,351)
|
|
|
|
(359,431)
|
|
|
|
(334,931)
|
Loans and leases,
net
|
|
20,973,032
|
|
|
|
21,281,784
|
|
|
|
20,556,593
|
Federal Home Loan
Bank and Federal Reserve Bank stock
|
|
77,674
|
|
|
|
77,594
|
|
|
|
141,327
|
Premises and
equipment, net
|
|
220,982
|
|
|
|
226,743
|
|
|
|
268,420
|
Goodwill and other
intangible assets, net
|
|
559,617
|
|
|
|
560,756
|
|
|
|
559,328
|
Cash surrender value
of life insurance policies
|
|
567,298
|
|
|
|
564,195
|
|
|
|
554,231
|
Deferred tax asset,
net
|
|
80,235
|
|
|
|
81,286
|
|
|
|
80,318
|
Accrued interest
receivable and other assets
|
|
509,511
|
|
|
|
626,551
|
|
|
|
701,744
|
Total
Assets
|
$
|
33,259,037
|
|
|
$
|
32,590,690
|
|
|
$
|
31,654,874
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Demand
|
$
|
6,680,114
|
|
|
$
|
6,155,592
|
|
|
$
|
4,883,436
|
Health savings
accounts
|
|
7,455,181
|
|
|
|
7,120,017
|
|
|
|
6,736,178
|
Interest-bearing
checking
|
|
3,792,309
|
|
|
|
3,652,763
|
|
|
|
3,007,069
|
Money
market
|
|
3,015,565
|
|
|
|
2,940,215
|
|
|
|
2,477,304
|
Savings
|
|
5,304,532
|
|
|
|
4,979,031
|
|
|
|
4,418,689
|
Certificates of
deposit
|
|
2,234,133
|
|
|
|
2,487,818
|
|
|
|
2,891,161
|
Brokered certificates
of deposit
|
|
-
|
|
|
|
-
|
|
|
|
100,000
|
Total
deposits
|
|
28,481,834
|
|
|
|
27,335,436
|
|
|
|
24,513,837
|
Securities sold under
agreements to repurchase and other borrowings
|
|
498,378
|
|
|
|
995,355
|
|
|
|
1,262,749
|
Federal Home Loan
Bank advances
|
|
138,554
|
|
|
|
133,164
|
|
|
|
1,773,399
|
Long-term
debt
|
|
566,480
|
|
|
|
567,663
|
|
|
|
571,212
|
Accrued expenses and
other liabilities
|
|
300,863
|
|
|
|
324,447
|
|
|
|
443,435
|
Total
liabilities
|
|
29,986,109
|
|
|
|
29,356,065
|
|
|
|
28,564,632
|
Preferred
stock
|
|
145,037
|
|
|
|
145,037
|
|
|
|
145,037
|
Common shareholders'
equity
|
|
3,127,891
|
|
|
|
3,089,588
|
|
|
|
2,945,205
|
Total shareholders'
equity
|
|
3,272,928
|
|
|
|
3,234,625
|
|
|
|
3,090,242
|
Total Liabilities
and Shareholders' Equity
|
$
|
33,259,037
|
|
|
$
|
32,590,690
|
|
|
$
|
31,654,874
|
|
|
|
|
|
|
|
|
|
|
|
WEBSTER FINANCIAL
CORPORATION
Consolidated Statements of Income (unaudited)
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
|
2020
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans and leases
|
|
|
|
|
|
|
|
|
$
|
190,536
|
|
|
$
|
216,187
|
Interest and
dividends on securities
|
|
|
|
|
|
|
|
|
|
44,947
|
|
|
|
58,108
|
Loans held for
sale
|
|
|
|
|
|
|
|
|
|
91
|
|
|
|
175
|
Total interest
income
|
|
|
|
|
|
|
|
|
|
235,574
|
|
|
|
274,470
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
6,439
|
|
|
|
27,843
|
Borrowings
|
|
|
|
|
|
|
|
|
|
5,371
|
|
|
|
15,826
|
Total interest
expense
|
|
|
|
|
|
|
|
|
|
11,810
|
|
|
|
43,669
|
Net interest
income
|
|
|
|
|
|
|
|
|
|
223,764
|
|
|
|
230,801
|
Provision for credit
losses
|
|
|
|
|
|
|
|
|
|
(25,750)
|
|
|
|
76,000
|
Net interest income
after provision for loan and lease losses
|
|
|
|
|
|
|
|
|
|
249,514
|
|
|
|
154,801
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service
fees
|
|
|
|
|
|
|
|
|
|
40,469
|
|
|
|
42,570
|
Loan and lease
related fees
|
|
|
|
|
|
|
|
|
|
8,313
|
|
|
|
6,496
|
Wealth and investment
services
|
|
|
|
|
|
|
|
|
|
9,403
|
|
|
|
8,739
|
Mortgage banking
activities
|
|
|
|
|
|
|
|
|
|
2,642
|
|
|
|
2,893
|
Increase in cash
surrender value of life insurance policies
|
|
|
|
|
|
|
|
|
|
3,533
|
|
|
|
3,580
|
Gain on investment
securities, net
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
8
|
Other
income
|
|
|
|
|
|
|
|
|
|
12,397
|
|
|
|
9,092
|
Total non-interest
income
|
|
|
|
|
|
|
|
|
|
76,757
|
|
|
|
73,378
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
|
107,600
|
|
|
|
101,887
|
Occupancy
|
|
|
|
|
|
|
|
|
|
15,650
|
|
|
|
14,485
|
Technology and
equipment
|
|
|
|
|
|
|
|
|
|
28,516
|
|
|
|
27,837
|
Marketing
|
|
|
|
|
|
|
|
|
|
2,504
|
|
|
|
3,502
|
Professional and
outside services
|
|
|
|
|
|
|
|
|
|
9,776
|
|
|
|
5,663
|
Intangible assets
amortization
|
|
|
|
|
|
|
|
|
|
1,139
|
|
|
|
962
|
Loan workout
expenses
|
|
|
|
|
|
|
|
|
|
394
|
|
|
|
493
|
Deposit
insurance
|
|
|
|
|
|
|
|
|
|
3,956
|
|
|
|
4,725
|
Other
expenses
|
|
|
|
|
|
|
|
|
|
18,447
|
|
|
|
19,282
|
Total non-interest
expense
|
|
|
|
|
|
|
|
|
|
187,982
|
|
|
|
178,836
|
Income before income
taxes
|
|
|
|
|
|
|
|
|
|
138,289
|
|
|
|
49,343
|
Income tax
expense
|
|
|
|
|
|
|
|
|
|
30,211
|
|
|
|
11,144
|
Net
income
|
|
|
|
|
|
|
|
|
|
108,078
|
|
|
|
38,199
|
Preferred stock
dividends and other
|
|
|
|
|
|
|
|
|
|
(2,548)
|
|
|
|
(2,178)
|
Earnings applicable
to common shareholders
|
|
|
|
|
|
|
|
|
$
|
105,530
|
|
|
$
|
36,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding - Diluted
|
|
|
|
|
|
|
|
|
|
90,108
|
|
|
|
91,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
$
|
1.18
|
|
|
$
|
0.40
|
Diluted
|
|
|
|
|
|
|
|
|
|
1.17
|
|
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEBSTER FINANCIAL
CORPORATION
Five Quarter Consolidated Statements of Income
(unaudited)
|
|
|
Three Months
Ended
|
(In thousands,
except per share data)
|
|
March 31,
2021
|
|
|
|
December 31,
2020
|
|
|
|
September 30,
2020
|
|
|
|
June 30,
2020
|
|
|
|
March 31,
2020
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans and leases
|
$
|
190,536
|
|
|
$
|
189,010
|
|
|
$
|
188,001
|
|
|
$
|
196,521
|
|
|
$
|
216,187
|
Interest and
dividends on securities
|
|
44,947
|
|
|
|
46,874
|
|
|
|
51,009
|
|
|
|
55,570
|
|
|
|
58,108
|
Loans held for
sale
|
|
91
|
|
|
|
181
|
|
|
|
229
|
|
|
|
184
|
|
|
|
175
|
Total interest
income
|
|
235,574
|
|
|
|
236,065
|
|
|
|
239,239
|
|
|
|
252,275
|
|
|
|
274,470
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
6,439
|
|
|
|
8,651
|
|
|
|
12,598
|
|
|
|
18,805
|
|
|
|
27,843
|
Borrowings
|
|
5,371
|
|
|
|
10,485
|
|
|
|
7,385
|
|
|
|
9,063
|
|
|
|
15,826
|
Total interest
expense
|
|
11,810
|
|
|
|
19,136
|
|
|
|
19,983
|
|
|
|
27,868
|
|
|
|
43,669
|
Net interest
income
|
|
223,764
|
|
|
|
216,929
|
|
|
|
219,256
|
|
|
|
224,407
|
|
|
|
230,801
|
Provision for credit
losses
|
|
(25,750)
|
|
|
|
(1,000)
|
|
|
|
22,750
|
|
|
|
40,000
|
|
|
|
76,000
|
Net interest income
after provision for loan and lease losses
|
|
249,514
|
|
|
|
217,929
|
|
|
|
196,506
|
|
|
|
184,407
|
|
|
|
154,801
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service
fees
|
|
40,469
|
|
|
|
38,345
|
|
|
|
39,278
|
|
|
|
35,839
|
|
|
|
42,570
|
Loan and lease
related fees
|
|
8,313
|
|
|
|
9,095
|
|
|
|
6,568
|
|
|
|
6,968
|
|
|
|
6,496
|
Wealth and investment
services
|
|
9,403
|
|
|
|
8,820
|
|
|
|
8,255
|
|
|
|
7,102
|
|
|
|
8,739
|
Mortgage banking
activities
|
|
2,642
|
|
|
|
4,110
|
|
|
|
7,087
|
|
|
|
4,205
|
|
|
|
2,893
|
Increase in cash
surrender value of life insurance policies
|
|
3,533
|
|
|
|
3,662
|
|
|
|
3,695
|
|
|
|
3,624
|
|
|
|
3,580
|
Gain on investment
securities, net
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8
|
Other
income
|
|
12,397
|
|
|
|
12,731
|
|
|
|
10,177
|
|
|
|
2,338
|
|
|
|
9,092
|
Total non-interest
income
|
|
76,757
|
|
|
|
76,763
|
|
|
|
75,060
|
|
|
|
60,076
|
|
|
|
73,378
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
107,600
|
|
|
|
122,754
|
|
|
|
104,019
|
|
|
|
99,731
|
|
|
|
101,887
|
Occupancy
|
|
15,650
|
|
|
|
28,024
|
|
|
|
14,275
|
|
|
|
14,245
|
|
|
|
14,485
|
Technology and
equipment
|
|
28,516
|
|
|
|
29,122
|
|
|
|
27,846
|
|
|
|
27,468
|
|
|
|
27,837
|
Marketing
|
|
2,504
|
|
|
|
3,485
|
|
|
|
3,852
|
|
|
|
3,286
|
|
|
|
3,502
|
Professional and
outside services
|
|
9,776
|
|
|
|
11,380
|
|
|
|
9,223
|
|
|
|
6,158
|
|
|
|
5,663
|
Intangible assets
amortization
|
|
1,139
|
|
|
|
1,147
|
|
|
|
1,089
|
|
|
|
962
|
|
|
|
962
|
Loan workout
expenses
|
|
394
|
|
|
|
261
|
|
|
|
612
|
|
|
|
392
|
|
|
|
493
|
Deposit
insurance
|
|
3,956
|
|
|
|
4,372
|
|
|
|
4,204
|
|
|
|
5,015
|
|
|
|
4,725
|
Other
expenses
|
|
18,447
|
|
|
|
18,985
|
|
|
|
18,876
|
|
|
|
19,327
|
|
|
|
19,282
|
Total non-interest
expense
|
|
187,982
|
|
|
|
219,530
|
|
|
|
183,996
|
|
|
|
176,584
|
|
|
|
178,836
|
Income before income
taxes
|
|
138,289
|
|
|
|
75,162
|
|
|
|
87,570
|
|
|
|
67,899
|
|
|
|
49,343
|
Income tax
expense
|
|
30,211
|
|
|
|
15,118
|
|
|
|
18,289
|
|
|
|
14,802
|
|
|
|
11,144
|
Net
income
|
|
108,078
|
|
|
|
60,044
|
|
|
|
69,281
|
|
|
|
53,097
|
|
|
|
38,199
|
Preferred stock
dividends and other
|
|
(2,548)
|
|
|
|
(2,329)
|
|
|
|
(2,391)
|
|
|
|
(2,368)
|
|
|
|
(2,178)
|
Earnings applicable
to common shareholders
|
$
|
105,530
|
|
|
$
|
57,715
|
|
|
$
|
66,890
|
|
|
$
|
50,729
|
|
|
$
|
36,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding - Diluted
|
|
90,108
|
|
|
|
89,915
|
|
|
|
89,738
|
|
|
|
89,570
|
|
|
|
91,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.18
|
|
|
$
|
0.64
|
|
|
$
|
0.75
|
|
|
$
|
0.57
|
|
|
$
|
0.40
|
Diluted
|
|
1.17
|
|
|
|
0.64
|
|
|
|
0.75
|
|
|
|
0.57
|
|
|
|
0.39
|
|
WEBSTER FINANCIAL
CORPORATION
Consolidated Average Balances, Interest, Yields and Rates, and Net
Interest Margin on a Fully Tax-equivalent Basis
(unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2021
|
|
|
|
|
|
|
|
2020
|
|
(Dollars in
thousands)
|
|
Average
balance
|
|
|
|
Interest
|
|
|
|
Yield/rate
|
|
|
|
|
|
|
|
Average
balance
|
|
|
Interest
|
|
Yield/rate
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
|
21,481,320
|
|
|
$
|
191,288
|
|
|
|
3.57
|
%
|
|
|
|
|
|
$
|
20,324,799
|
|
$
|
216,918
|
|
4.24
|
%
|
Investment securities
(a)
|
|
8,890,075
|
|
|
|
46,277
|
|
|
|
2.12
|
|
|
|
|
|
|
|
8,319,747
|
|
|
58,408
|
|
2.85
|
|
Federal Home Loan and
Federal Reserve Bank stock
|
|
77,632
|
|
|
|
237
|
|
|
|
1.24
|
|
|
|
|
|
|
|
126,364
|
|
|
1,251
|
|
3.98
|
|
Interest-bearing
deposits (b)
|
|
680,367
|
|
|
|
176
|
|
|
|
0.10
|
|
|
|
|
|
|
|
68,307
|
|
|
191
|
|
1.11
|
|
Loans held for
sale
|
|
14,351
|
|
|
|
91
|
|
|
|
2.54
|
|
|
|
|
|
|
|
22,297
|
|
|
175
|
|
3.14
|
|
Total
interest-earning assets
|
|
31,143,745
|
|
|
$
|
238,069
|
|
|
|
3.08
|
%
|
|
|
|
|
|
|
28,861,514
|
|
$
|
276,943
|
|
3.84
|
%
|
Non-interest-earning
assets
|
|
1,982,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,930,996
|
|
|
|
|
|
|
Total
Assets
|
$
|
33,126,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30,792,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$
|
6,436,858
|
|
|
$
|
-
|
|
|
|
-
|
%
|
|
|
|
|
|
$
|
4,516,906
|
|
$
|
-
|
|
-
|
%
|
Health savings
accounts
|
|
7,451,175
|
|
|
|
1,607
|
|
|
|
0.09
|
|
|
|
|
|
|
|
6,761,358
|
|
|
3,296
|
|
0.20
|
|
Interest-bearing
checking, money market and savings
|
|
11,995,473
|
|
|
|
1,720
|
|
|
|
0.06
|
|
|
|
|
|
|
|
9,716,974
|
|
|
12,403
|
|
0.51
|
|
Certificates of
deposit
|
|
2,371,026
|
|
|
|
3,112
|
|
|
|
0.53
|
|
|
|
|
|
|
|
3,067,557
|
|
|
12,144
|
|
1.59
|
|
Total
deposits
|
|
28,254,532
|
|
|
|
6,439
|
|
|
|
0.09
|
|
|
|
|
|
|
|
24,062,795
|
|
|
27,843
|
|
0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under
agreements to repurchase and other borrowings
|
|
522,728
|
|
|
|
635
|
|
|
|
0.49
|
|
|
|
|
|
|
|
1,296,925
|
|
|
3,730
|
|
1.14
|
|
Federal Home Loan Bank
advances
|
|
135,787
|
|
|
|
513
|
|
|
|
1.51
|
|
|
|
|
|
|
|
1,325,899
|
|
|
6,869
|
|
2.05
|
|
Long-term debt
(a)
|
|
567,058
|
|
|
|
4,223
|
|
|
|
3.23
|
|
|
|
|
|
|
|
551,250
|
|
|
5,227
|
|
4.00
|
|
Total
borrowings
|
|
1,225,573
|
|
|
|
5,371
|
|
|
|
1.82
|
|
|
|
|
|
|
|
3,174,074
|
|
|
15,826
|
|
2.00
|
|
Total
interest-bearing liabilities
|
|
29,480,105
|
|
|
$
|
11,810
|
|
|
|
0.16
|
%
|
|
|
|
|
|
|
27,236,869
|
|
$
|
43,669
|
|
0.64
|
%
|
Non-interest-bearing
liabilities
|
|
391,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
362,116
|
|
|
|
|
|
|
Total
liabilities
|
|
29,871,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,598,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
145,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
145,037
|
|
|
|
|
|
|
Common shareholders'
equity
|
|
3,109,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,048,488
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
3,254,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,193,525
|
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
$
|
33,126,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30,792,510
|
|
|
|
|
|
|
Tax-equivalent net
interest income
|
|
|
|
|
|
226,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
233,274
|
|
|
|
Less: tax-equivalent
adjustments
|
|
|
|
|
|
(2,495)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,473)
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
223,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
230,801
|
|
|
|
Net interest
margin
|
|
|
|
|
|
|
|
|
|
2.92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
3.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) For purposes
of the yield/rate computation, unrealized gain (loss) balances on
securities available for sale and senior fixed-rate notes hedges
are excluded.
|
|
(b)
Interest-bearing deposits is a component of cash and cash
equivalents.
|
|
WEBSTER FINANCIAL
CORPORATION
Five Quarter Loan and Lease Balances (unaudited)
|
(Dollars in
thousands)
|
|
March 31,
2021
|
|
|
|
December 31,
2020
|
|
|
|
September 30,
2020
|
|
|
|
June 30,
2020
|
|
|
|
March 31,
2020
|
Loan and Lease
Balances (actual):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
non-mortgage
|
$
|
7,530,066
|
|
|
$
|
7,687,300
|
|
|
$
|
7,722,838
|
|
|
$
|
7,606,245
|
|
|
$
|
6,385,619
|
Asset-based
lending
|
|
907,421
|
|
|
|
890,598
|
|
|
|
889,711
|
|
|
|
940,524
|
|
|
|
1,180,328
|
Commercial real
estate
|
|
6,338,056
|
|
|
|
6,322,637
|
|
|
|
6,307,567
|
|
|
|
6,207,314
|
|
|
|
6,122,474
|
Residential
mortgages
|
|
4,668,945
|
|
|
|
4,782,016
|
|
|
|
4,885,821
|
|
|
|
4,921,573
|
|
|
|
4,991,512
|
Consumer
|
|
1,856,895
|
|
|
|
1,958,664
|
|
|
|
2,046,086
|
|
|
|
2,126,861
|
|
|
|
2,211,591
|
Total Loan and
Lease Balances
|
|
21,301,383
|
|
|
|
21,641,215
|
|
|
|
21,852,023
|
|
|
|
21,802,517
|
|
|
|
20,891,524
|
Allowance for credit
losses on loans and leases
|
|
(328,351)
|
|
|
|
(359,431)
|
|
|
|
(369,811)
|
|
|
|
(358,522)
|
|
|
|
(334,931)
|
Loans and Leases,
net
|
$
|
20,973,032
|
|
|
$
|
21,281,784
|
|
|
$
|
21,482,212
|
|
|
$
|
21,443,995
|
|
|
$
|
20,556,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and Lease
Balances (average):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
non-mortgage
|
$
|
7,650,367
|
|
|
$
|
7,662,828
|
|
|
$
|
7,683,879
|
|
|
$
|
7,318,814
|
|
|
$
|
6,005,501
|
Asset-based
lending
|
|
896,093
|
|
|
|
874,221
|
|
|
|
922,653
|
|
|
|
1,030,928
|
|
|
|
1,085,624
|
Commercial real
estate
|
|
6,303,765
|
|
|
|
6,363,776
|
|
|
|
6,260,114
|
|
|
|
6,136,091
|
|
|
|
5,996,728
|
Residential
mortgages
|
|
4,720,703
|
|
|
|
4,821,199
|
|
|
|
4,914,368
|
|
|
|
4,946,746
|
|
|
|
5,013,888
|
Consumer
|
|
1,910,392
|
|
|
|
2,007,226
|
|
|
|
2,089,726
|
|
|
|
2,176,335
|
|
|
|
2,223,058
|
Total Loan and
Lease Balances
|
|
21,481,320
|
|
|
|
21,729,250
|
|
|
|
21,870,740
|
|
|
|
21,608,914
|
|
|
|
20,324,799
|
Allowance for credit
losses on loans and leases
|
|
(364,358)
|
|
|
|
(375,080)
|
|
|
|
(363,552)
|
|
|
|
(340,050)
|
|
|
|
(269,273)
|
Loans and Leases,
net
|
$
|
21,116,962
|
|
|
$
|
21,354,170
|
|
|
$
|
21,507,188
|
|
|
$
|
21,268,864
|
|
|
$
|
20,055,526
|
|
WEBSTER FINANCIAL
CORPORATION
Five Quarter Nonperforming Assets and Past Due Loans and Leases
(unaudited)
|
(Dollars in
thousands)
|
|
March 31,
2021
|
|
|
|
December 31,
2020
|
|
|
|
September 30,
2020
|
|
|
|
June 30,
2020
|
|
|
|
March 31,
2020
|
Nonperforming
loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
non-mortgage
|
$
|
60,103
|
|
|
|
71,499
|
|
|
|
75,080
|
|
|
|
75,340
|
|
|
|
74,077
|
Asset-based
lending
|
|
2,430
|
|
|
|
2,622
|
|
|
|
3,789
|
|
|
|
138
|
|
|
|
137
|
Commercial real
estate
|
|
13,743
|
|
|
|
21,222
|
|
|
|
8,784
|
|
|
|
15,889
|
|
|
|
12,901
|
Residential
mortgages
|
|
42,708
|
|
|
|
41,033
|
|
|
|
41,498
|
|
|
|
46,500
|
|
|
|
42,393
|
Consumer
|
|
31,437
|
|
|
|
31,629
|
|
|
|
33,485
|
|
|
|
35,187
|
|
|
|
32,785
|
Total
nonperforming loans and leases
|
$
|
150,421
|
|
|
$
|
168,005
|
|
|
$
|
162,636
|
|
|
$
|
173,054
|
|
|
$
|
162,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned and repossessed assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
non-mortgage
|
$
|
102
|
|
|
|
175
|
|
|
|
175
|
|
|
|
272
|
|
|
|
121
|
Residential
mortgages
|
|
1,695
|
|
|
|
1,544
|
|
|
|
3,899
|
|
|
|
3,081
|
|
|
|
4,480
|
Consumer
|
|
590
|
|
|
|
590
|
|
|
|
604
|
|
|
|
1,974
|
|
|
|
2,226
|
Total other real
estate owned and repossessed assets
|
$
|
2,387
|
|
|
$
|
2,309
|
|
|
$
|
4,678
|
|
|
$
|
5,327
|
|
|
$
|
6,827
|
Total
nonperforming assets
|
$
|
152,808
|
|
|
$
|
170,314
|
|
|
$
|
167,314
|
|
|
$
|
178,381
|
|
|
$
|
169,120
|
|
Past due 30-89
days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
non-mortgage
|
$
|
7,395
|
|
|
$
|
8,918
|
|
|
$
|
3,821
|
|
|
$
|
13,959
|
|
|
$
|
8,200
|
Asset-based
lending
|
|
-
|
|
|
|
1,175
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Commercial real
estate
|
|
699
|
|
|
|
3,003
|
|
|
|
329
|
|
|
|
2,363
|
|
|
|
2,217
|
Residential
mortgages
|
|
5,241
|
|
|
|
10,623
|
|
|
|
9,291
|
|
|
|
15,445
|
|
|
|
11,814
|
Consumer
|
|
7,036
|
|
|
|
8,720
|
|
|
|
8,349
|
|
|
|
7,857
|
|
|
|
14,666
|
Total past due
30-89 days
|
|
20,371
|
|
|
|
32,439
|
|
|
|
21,790
|
|
|
|
39,624
|
|
|
|
36,897
|
Past due 90 days
or more and accruing
|
|
50
|
|
|
|
445
|
|
|
|
-
|
|
|
|
198
|
|
|
|
75
|
Total past due
loans and leases
|
$
|
20,421
|
|
|
$
|
32,884
|
|
|
$
|
21,790
|
|
|
$
|
39,822
|
|
|
$
|
36,972
|
|
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)
|
|
March 31,
2021
|
|
|
|
December 31,
2020
|
|
|
|
September 30,
2020
|
|
|
|
June 30,
2020
|
|
|
|
March 31,
2020
|
Beginning
balance
|
$
|
359,431
|
|
|
$
|
369,811
|
|
|
$
|
358,522
|
|
|
$
|
334,931
|
|
|
$
|
209,096
|
Adoption of ASU No.
2016-13
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
57,568
|
Provision
|
|
(25,759)
|
|
|
|
(992)
|
|
|
|
22,753
|
|
|
|
40,003
|
|
|
|
76,085
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
non-mortgage
|
|
1,164
|
|
|
|
7,876
|
|
|
|
12,085
|
|
|
|
15,294
|
|
|
|
5,544
|
Asset-based
lending
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
|
-
|
|
|
|
-
|
Commercial real
estate
|
|
5,157
|
|
|
|
688
|
|
|
|
1,399
|
|
|
|
-
|
|
|
|
30
|
Residential
mortgages
|
|
380
|
|
|
|
105
|
|
|
|
546
|
|
|
|
194
|
|
|
|
1,511
|
Consumer
|
|
2,594
|
|
|
|
2,673
|
|
|
|
1,717
|
|
|
|
2,586
|
|
|
|
3,076
|
Total
charge-offs
|
|
9,295
|
|
|
|
11,342
|
|
|
|
15,757
|
|
|
|
18,074
|
|
|
|
10,161
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
non-mortgage
|
|
209
|
|
|
|
232
|
|
|
|
1,978
|
|
|
|
271
|
|
|
|
558
|
Asset-based
lending
|
|
1,424
|
|
|
|
33
|
|
|
|
-
|
|
|
|
10
|
|
|
|
3
|
Commercial real
estate
|
|
3
|
|
|
|
3
|
|
|
|
47
|
|
|
|
2
|
|
|
|
3
|
Residential
mortgages
|
|
1,158
|
|
|
|
190
|
|
|
|
521
|
|
|
|
83
|
|
|
|
235
|
Consumer
|
|
1,180
|
|
|
|
1,496
|
|
|
|
1,747
|
|
|
|
1,296
|
|
|
|
1,544
|
Total
recoveries
|
|
3,974
|
|
|
|
1,954
|
|
|
|
4,293
|
|
|
|
1,662
|
|
|
|
2,343
|
Total net
charge-offs
|
|
5,321
|
|
|
|
9,388
|
|
|
|
11,464
|
|
|
|
16,412
|
|
|
|
7,818
|
Ending
balance
|
$
|
328,351
|
|
|
$
|
359,431
|
|
|
$
|
369,811
|
|
|
$
|
358,522
|
|
|
$
|
334,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 shareholders' equity measures the Company's
net income available to common shareholders, adjusted for the
tax-effected amortization of intangible assets, as a percentage of
average shareholders' equity less average preferred stock and
average goodwill and intangible assets. The tangible equity ratio
represents shareholders' equity less goodwill and intangible assets
divided by total assets less goodwill and intangible assets. The
tangible common equity ratio represents shareholders' 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 shareholders' 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 time deposits, including brokered time deposits.
Adjusted diluted earnings per share (EPS) is calculated by
excluding after tax non-operational items from reported earnings
applicable to common shareholders. 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)
|
|
March 31,
2021
|
|
|
|
December 31,
2020
|
|
|
|
September 30,
2020
|
|
|
|
June 30,
2020
|
|
|
|
March 31,
2020
|
|
Efficiency
ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP)
|
$
|
187,982
|
|
|
$
|
219,530
|
|
|
$
|
183,996
|
|
|
$
|
176,584
|
|
|
$
|
178,836
|
|
Less: Foreclosed
property activity (GAAP)
|
|
91
|
|
|
|
(836)
|
|
|
|
(201)
|
|
|
|
(217)
|
|
|
|
(250)
|
|
Intangible assets amortization (GAAP)
|
|
1,139
|
|
|
|
1,147
|
|
|
|
1,089
|
|
|
|
962
|
|
|
|
962
|
|
Strategic initiatives (non-GAAP)
|
|
9,441
|
|
|
|
38,265
|
|
|
|
4,786
|
|
|
|
-
|
|
|
|
-
|
|
Non-interest expense
(non-GAAP)
|
$
|
177,311
|
|
|
$
|
180,954
|
|
|
$
|
178,322
|
|
|
$
|
175,839
|
|
|
$
|
178,124
|
|
Net interest income
(GAAP)
|
$
|
223,764
|
|
|
$
|
216,929
|
|
|
$
|
219,256
|
|
|
$
|
224,407
|
|
|
$
|
230,801
|
|
Add: Tax-equivalent
adjustment (non-GAAP)
|
|
2,495
|
|
|
|
2,577
|
|
|
|
2,635
|
|
|
|
2,561
|
|
|
|
2,473
|
|
Non-interest income (GAAP)
|
|
76,757
|
|
|
|
76,763
|
|
|
|
75,060
|
|
|
|
60,076
|
|
|
|
73,378
|
|
Other (non-GAAP)
|
|
277
|
|
|
|
291
|
|
|
|
297
|
|
|
|
293
|
|
|
|
299
|
|
Loss on hedge
terminations (GAAP)
|
|
-
|
|
|
|
3,680
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Customer derivative
fair value adjustment (GAAP)
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,511
|
|
|
|
-
|
|
Less: Gain on
investment securities, net (GAAP)
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8
|
|
Income
(non-GAAP)
|
$
|
303,293
|
|
|
$
|
300,240
|
|
|
$
|
297,248
|
|
|
$
|
292,848
|
|
|
$
|
306,943
|
|
Efficiency ratio
(non-GAAP)
|
|
58.46
|
%
|
|
|
60.27
|
%
|
|
|
59.99
|
%
|
|
|
60.04
|
%
|
|
|
58.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
$
|
108,078
|
|
|
$
|
60,044
|
|
|
$
|
69,281
|
|
|
$
|
53,097
|
|
|
$
|
38,199
|
|
Less: Preferred stock
dividends (GAAP)
|
|
1,969
|
|
|
|
1,969
|
|
|
|
1,968
|
|
|
|
1,969
|
|
|
|
1,969
|
|
Add: Intangible
assets amortization, tax-effected (GAAP)
|
|
900
|
|
|
|
906
|
|
|
|
860
|
|
|
|
760
|
|
|
|
760
|
|
Income adjusted for
preferred stock dividends and intangible assets amortization
(non-GAAP)
|
$
|
107,009
|
|
|
$
|
58,981
|
|
|
$
|
68,173
|
|
|
$
|
51,888
|
|
|
$
|
36,990
|
|
Income adjusted for
preferred stock dividends and intangible assets amortization,
annualized basis (non-GAAP)
|
$
|
428,036
|
|
|
$
|
235,924
|
|
|
$
|
272,692
|
|
|
$
|
207,552
|
|
|
$
|
147,960
|
|
Average shareholders'
equity (non-GAAP)
|
$
|
3,254,203
|
|
|
$
|
3,239,221
|
|
|
$
|
3,205,330
|
|
|
$
|
3,155,368
|
|
|
$
|
3,193,525
|
|
Less: Average
preferred stock (non-GAAP)
|
|
145,037
|
|
|
|
145,037
|
|
|
|
145,037
|
|
|
|
145,037
|
|
|
|
145,037
|
|
Average goodwill and
other intangible assets (non-GAAP)
|
|
560,173
|
|
|
|
561,303
|
|
|
|
560,959
|
|
|
|
558,835
|
|
|
|
559,786
|
|
Average tangible
common shareholders' equity (non-GAAP)
|
$
|
2,548,993
|
|
|
$
|
2,532,881
|
|
|
$
|
2,499,334
|
|
|
$
|
2,451,496
|
|
|
$
|
2,488,702
|
|
Return on average
tangible common shareholders' equity (non-GAAP)
|
|
16.79
|
%
|
|
|
9.31
|
%
|
|
|
10.91
|
%
|
|
|
8.47
|
%
|
|
|
5.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
(GAAP)
|
$
|
3,272,928
|
|
|
$
|
3,234,625
|
|
|
$
|
3,219,690
|
|
|
$
|
3,174,779
|
|
|
$
|
3,090,242
|
|
Less: Goodwill and
other intangible assets (GAAP)
|
|
559,617
|
|
|
|
560,756
|
|
|
|
561,902
|
|
|
|
558,367
|
|
|
|
559,328
|
|
Tangible shareholders'
equity (non-GAAP)
|
$
|
2,713,311
|
|
|
$
|
2,673,869
|
|
|
$
|
2,657,788
|
|
|
$
|
2,616,412
|
|
|
$
|
2,530,914
|
|
Total assets
(GAAP)
|
$
|
33,259,037
|
|
|
$
|
32,590,690
|
|
|
$
|
32,994,443
|
|
|
$
|
32,708,617
|
|
|
$
|
31,654,874
|
|
Less: Goodwill and
other intangible assets (GAAP)
|
|
559,617
|
|
|
|
560,756
|
|
|
|
561,902
|
|
|
|
558,367
|
|
|
|
559,328
|
|
Tangible assets
(non-GAAP)
|
$
|
32,699,420
|
|
|
$
|
32,029,934
|
|
|
$
|
32,432,541
|
|
|
$
|
32,150,250
|
|
|
$
|
31,095,546
|
|
Tangible equity
(non-GAAP)
|
|
8.30
|
%
|
|
|
8.35
|
%
|
|
|
8.19
|
%
|
|
|
8.14
|
%
|
|
|
8.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity (non-GAAP)
|
$
|
2,713,311
|
|
|
$
|
2,673,869
|
|
|
$
|
2,657,788
|
|
|
$
|
2,616,412
|
|
|
$
|
2,530,914
|
|
Less: Preferred stock
(GAAP)
|
|
145,037
|
|
|
|
145,037
|
|
|
|
145,037
|
|
|
|
145,037
|
|
|
|
145,037
|
|
Tangible common
shareholders' equity (non-GAAP)
|
$
|
2,568,274
|
|
|
$
|
2,528,832
|
|
|
$
|
2,512,751
|
|
|
$
|
2,471,375
|
|
|
$
|
2,385,877
|
|
Tangible assets
(non-GAAP)
|
$
|
32,699,420
|
|
|
$
|
32,029,934
|
|
|
$
|
32,432,541
|
|
|
$
|
32,150,250
|
|
|
$
|
31,095,546
|
|
Tangible common
equity (non-GAAP)
|
|
7.85
|
%
|
|
|
7.90
|
%
|
|
|
7.75
|
%
|
|
|
7.69
|
%
|
|
|
7.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book
value per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
shareholders' equity (non-GAAP)
|
$
|
2,568,274
|
|
|
$
|
2,528,832
|
|
|
$
|
2,512,751
|
|
|
$
|
2,471,375
|
|
|
$
|
2,385,877
|
|
Common shares
outstanding
|
|
90,410
|
|
|
|
90,199
|
|
|
|
90,204
|
|
|
|
90,194
|
|
|
|
90,172
|
|
Tangible book value
per common share (non-GAAP)
|
$
|
28.41
|
|
|
$
|
28.04
|
|
|
$
|
27.86
|
|
|
$
|
27.40
|
|
|
$
|
26.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
deposits
|
$
|
28,481,834
|
|
|
$
|
27,335,436
|
|
|
$
|
26,920,553
|
|
|
$
|
26,355,997
|
|
|
$
|
24,513,837
|
|
Less: Certificates of
deposit
|
|
2,234,133
|
|
|
|
2,487,818
|
|
|
|
2,570,440
|
|
|
|
2,666,047
|
|
|
|
2,891,161
|
|
Brokered
certificates of deposit
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
100,000
|
|
Core deposits
(non-GAAP)
|
$
|
26,247,701
|
|
|
$
|
24,847,618
|
|
|
$
|
24,350,113
|
|
|
$
|
23,689,950
|
|
|
$
|
21,522,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings
adjusted for strategic optimization initiatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, 2021
|
|
|
Pre-Tax
Income
|
|
|
|
Earnings
Applicable to
Common Shareholders
|
|
|
|
Diluted
EPS
|
Reported
(GAAP)
|
$
|
138.3
|
|
|
$
|
105.5
|
|
|
$
|
1.17
|
Severance
|
|
2.0
|
|
|
|
1.5
|
|
|
|
0.02
|
Facilities
optimization
|
|
2.6
|
|
|
|
1.9
|
|
|
|
0.02
|
Project
costs
|
|
4.8
|
|
|
|
3.5
|
|
|
|
0.04
|
Adjusted
(non-GAAP)
|
$
|
147.7
|
|
|
$
|
112.4
|
|
|
$
|
1.25
|
View original
content:http://www.prnewswire.com/news-releases/webster-reports-first-quarter-2021-earnings-of-1-17-per-diluted-share-301271388.html
SOURCE Webster Financial Corporation