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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________ 
FORM 8-K
_________________________ 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 23, 2024
 _________________________ 
WEBSTER FINANCIAL CORPORATION
 _________________________________________
(Exact name of registrant as specified in its charter)
Delaware 001-31486 06-1187536
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)

200 Elm Street, Stamford, Connecticut 06902
(Address and zip code of principal executive offices)

203-578-2202
(Registrant’s telephone number, including area code)
______________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, par value $0.01 per shareWBSNew York Stock Exchange
Depositary Shares, each representing 1/1000th interest in a share of 5.25% Series F Non-Cumulative Perpetual Preferred StockWBS-PrFNew York Stock Exchange
Depositary Shares, each representing 1/40th interest in a share of 6.50% Series G Non-Cumulative Perpetual Preferred StockWBS-PrGNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02Results of Operations and Financial Condition
On January 23, 2024, Webster Financial Corporation (the Company) issued a press release reporting its results of operations for the quarter ended December 31, 2023. That press release is attached hereto as Exhibit 99.1.

Information contained herein, including Exhibit 99.1, shall not be deemed filed for the purposes of the Securities Exchange Act of 1934, nor shall such information or Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01Regulation FD Disclosure
On January 23, 2024, the Company will hold a conference call to discuss its financial results for the quarter ended December 31, 2023, including the press release and other matters relating to the Company. Presentation slides and a link to the live webcast will be available via the Company's Investor Relations website at investors.websterbank.com.
Item 9.01Financial Statements and Exhibits
(d)Exhibits.
Exhibit
Number		Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).







SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WEBSTER FINANCIAL CORPORATION
(Registrant)
 
Date: January 23, 2024/s/ Albert J. Wang
  Albert J. Wang
  Executive Vice President and Chief Accounting Officer




Exhibit 99.1


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WEBSTER REPORTS
FOURTH QUARTER 2023 EPS OF $1.05; ADJUSTED EPS OF $1.46
STAMFORD, Conn., January 23, 2024 - Webster Financial Corporation ("Webster") (NYSE: WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, today announced net income available to common stockholders of $181.2 million, or $1.05 per diluted share, for the quarter ended December 31, 2023, compared to $240.6 million, or $1.38 per diluted share, for the quarter ended December 31, 2022.
Fourth quarter 2023 results include $94.7 million pre-tax ($69.3 million after tax), or $0.411 per diluted share, of charges related to a FDIC special assessment, the merger with Sterling Bancorp on January 31, 2022 ("the merger"), and securities repositioning. Excluding these charges, adjusted earnings per diluted share would have been $1.461 for the quarter ended December 31, 2023.
"In addition to our strong financial performance for the quarter and full-year 2023, we realized several meaningful strategic accomplishments," said John R. Ciulla, president and chief executive officer. "Our strong financial position and proactive actions position us well for continued success in 2024."
Highlights for the fourth quarter of 2023:
•Revenue of $634.8 million.
•Period end loan and lease balance of $50.7 billion, up $0.6 billion or 1.3 percent from prior quarter; 80.7 percent commercial loans and leases, 19.3 percent consumer loans, and a loan to deposit ratio of 83.5 percent.
•Period end deposit balance of $60.8 billion, up $0.5 billion or 0.7 percent from prior quarter.
•Provision for credit losses totaled $36.0 million.
•Return on average assets of 1.01 percent; adjusted 1.39 percent1.
•Return on average tangible common equity of 14.49 percent1; adjusted 19.83 percent1.
•Net interest margin of 3.42 percent, down 7 basis points from prior quarter.
•Common equity tier 1 ratio of 11.12 percent.
•Efficiency ratio of 43.04 percent1.
•Tangible common equity ratio of 7.73 percent1.
"We continue to invest in our businesses, including the recently announced acquisition of Ametros Financial, which will provide further diversification of funding sources," said Glenn MacInnes, executive vice president and chief financial officer. "At the same time, we are consistently improving our existing operations to maximize financial performance.”
1 See "Reconciliations to GAAP Financial Measures" section beginning on page 19.

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Line of Business performance compared to the fourth quarter of 2022
Commercial Banking
Webster’s Commercial Banking segment serves businesses that have more than $2 million of revenue through its business banking, middle market, asset-based lending, equipment finance, commercial real estate, sponsor finance, private banking, and treasury services business units. At December 31, 2023, Commercial Banking had $40.9 billion in loans and leases and $18.2 billion in deposits, as well as a combined $2.9 billion in assets under administration and management.
Commercial Banking Operating Results:
Percent
Three months ended December 31,Favorable/
(In thousands)20232022(Unfavorable)
Net interest income$377,725 $392,340 (3.7)%
Non-interest income34,403 42,767 (19.6)
Operating revenue412,128 435,107 (5.3)
Non-interest expense109,893 103,725 (5.9)
Pre-tax, pre-provision net revenue$302,235 $331,382 (8.8)
Percent
At December 31,Increase/
(In millions)20232022(Decrease)
Loans and leases$40,934 $40,115 2.0 %
Deposits18,246 19,563 (6.7)
AUA / AUM (off balance sheet)2,911 2,259 28.9 
Pre-tax, pre-provision net revenue decreased $29.1 million, to $302.2 million, in the quarter as compared to prior year. Net interest income decreased $14.6 million, to $377.7 million, primarily driven by lower deposit balances coupled with higher rates paid on deposits, partially offset by loan growth. Non-interest income decreased $8.4 million, to $34.4 million, driven by decreases in loan servicing income, syndication fees, direct investments income, and cash management fees. Non-interest expense increased $6.2 million, to $109.9 million, primarily resulting from continued investments in technology and talent to support balance sheet growth.
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HSA Bank
Webster’s HSA Bank division offers a comprehensive consumer-directed healthcare solution that includes health savings accounts, health reimbursement arrangements, flexible spending accounts and commuter benefits. Health savings accounts are distributed nationwide directly to employers and individual consumers, as well as through national and regional insurance carriers, benefit consultants, and financial advisors. At December 31, 2023, HSA Bank had $12.9 billion in total footings comprising $8.3 billion in deposits and $4.6 billion in assets under administration through linked investment accounts.
HSA Bank Operating Results:
Percent
Three months ended December 31,Favorable/
(In thousands)20232022(Unfavorable)
Net interest income$78,036 $65,447 19.2 %
Non-interest income20,224 25,234 (19.9)
Operating revenue98,260 90,681 8.4 
Non-interest expense41,947 40,655 (3.2)
Pre-tax, net revenue$56,313 $50,026 12.6 
Percent
At December 31,Increase/
(Dollars in millions)20232022(Decrease)
Number of accounts (thousands)
3,184 3,042 4.7 %
Deposits$8,288 $7,945 4.3 
Linked investment accounts (off balance sheet)4,642 3,394 36.8 
Total footings$12,930 $11,339 14.0 
Pre-tax net revenue increased $6.3 million, to $56.3 million, in the quarter as compared to prior year. Net interest income increased $12.6 million, to $78.0 million, primarily due to an increase in net deposit spread and growth in deposits. Non-interest income decreased $5.0 million, to $20.2 million, primarily due to lower customer fees. Non-interest expense increased $1.3 million, to $41.9 million, primarily due to higher compensation and benefits expense and service contract expense related to account growth, and the continued investment in our user experience build out.
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Consumer Banking
Webster's Consumer Banking segment serves consumer and business banking customers primarily throughout southern New England and the New York Metro and Suburban markets. Consumer Banking is comprised of the Consumer Lending and Small Business Banking business units, as well as a distribution network consisting of 198 banking centers and 349 ATMs, a customer care center, and a full range of web and mobile-based banking services. Additionally, Webster Investments provides investment services to consumers and small business owners within Webster's targeted markets and retail footprint. At December 31, 2023, Consumer Banking had $9.8 billion in loans and $24.1 billion in deposits, as well as $7.9 billion in assets under administration.
Consumer Banking Operating Results:
Percent
Three months ended December 31,Favorable/
(In thousands)20232022(Unfavorable)
Net interest income$188,130 $209,077 (10.0)%
Non-interest income25,734 27,150 (5.2)
Operating revenue213,864 236,227 (9.5)
Non-interest expense103,819 113,669 8.7 
Pre-tax, pre-provision net revenue$110,045 $122,558 (10.2)
At December 31,Percent
(In millions)20232022Increase
Loans$9,781 $9,624 1.6 %
Deposits24,060 23,610 1.9 
AUA (off balance sheet)7,876 7,872 0.1 
Pre-tax, pre-provision net revenue decreased $12.5 million, to $110.0 million, in the quarter as compared to prior year. Net interest income decreased $20.9 million, to $188.1 million, primarily driven by higher rates paid on deposits, partially offset by loan and deposit growth. Non-interest income decreased $1.4 million, to $25.7 million, driven by lower deposit fee income, partially offset by gains on loan sales and higher investment services and other miscellaneous income. Non-interest expense decreased $9.9 million, to $103.8 million, primarily driven by lower technology and shared services expenses, coupled with the impact of outsourcing the consumer investment services platform.
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Consolidated financial performance:
Quarterly net interest income compared to the fourth quarter of 2022:
•Net interest income was $571.0 million compared to $602.4 million.
•Net interest margin was 3.42 percent compared to 3.74 percent. The yield on interest-earning assets increased by 94 basis points, and the cost of interest-bearing liabilities increased by 136 basis points.
•Average interest-earning assets totaled $66.6 billion and increased by $2.6 billion, or 4.1 percent.
•Average loans and leases totaled $50.4 billion and increased by $1.8 billion, or 3.7 percent.
•Average deposits totaled $60.0 billion and increased by $5.9 billion, or 11.0 percent.
Quarterly provision for credit losses:
•The provision for credit losses was $36.0 million in the quarter, contributing to a $0.3 million increase in the allowance for credit losses on loans and leases from prior quarter. The provision also contributed to an increase in the reserves on unfunded loan commitments of $1.7 million. The provision for credit losses was $36.5 million in the prior quarter, and $43.0 million a year ago.
•Net charge-offs were $34.0 million, compared to $29.3 million in the prior quarter, and $20.2 million a year ago. The ratio of net charge-offs to average loans and leases was 0.27 percent, compared to 0.23 percent in the prior quarter, and 0.17 percent a year ago.
•The allowance for credit losses on loans and leases represented 1.25 percent of total loans and leases, compared to 1.27 percent at September 30, 2023, and 1.20 percent at December 31, 2022. The allowance represented 303 percent of nonperforming loans and leases at December 31, 2023, compared to 295 percent at September 30, 2023, and 292 percent at December 31, 2022.
Quarterly non-interest income compared to the fourth quarter of 2022:
•Total non-interest income was $63.8 million compared to $102.2 million, a decrease of $38.4 million. Total non-interest income includes a $16.8 million and $4.5 million loss on the sale of investment securities for the fourth quarter of 2023 and 2022, respectively. Excluding those losses, total non-interest income decreased $26.1 million. The decrease primarily reflects lower deposit fees, lower loan syndication, prepayment, and other transaction fees, and a decline in other non-interest income due to a non-cash swing in our modeled credit valuation adjustment on customer derivatives, direct investment income, and bank-owned life insurance income.
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Quarterly non-interest expense compared to the fourth quarter of 2022:
•Total non-interest expense was $377.2 million compared to $348.4 million, an increase of $28.8 million. Total non-interest expense includes $47.2 million related to a FDIC special assessment and a net $30.7 million of merger related expense, compared to a net $45.9 million of merger and strategic initiatives charges a year ago. Excluding those charges, total non-interest expense decreased $3.1 million. The decrease reflects lower consulting, project, and loan related expenses, partially offset by increases in compensation and benefits and deposit insurance expense.
Quarterly income taxes compared to the fourth quarter of 2022:
•Income tax expense was $36.2 million compared to $68.4 million, and the effective tax rate was 16.3 percent compared to 21.8 percent. The lower effective tax rate in the current period reflects the recognition of a $5.5 million net discrete benefit attributable to 2022 state and local tax return true-up adjustments, along with the impact of decreased pre-tax income compared to the 2022 period.
Investment securities:
•Total investment securities, net were $16.0 billion, compared to $14.5 billion at both September 30, 2023, and December 31, 2022. The carrying value of the available-for-sale portfolio included $708.7 million of net unrealized losses, compared to $1.1 billion at September 30, 2023, and $864.5 million at December 31, 2022. The carrying value of the held-to-maturity portfolio does not reflect $810.2 million of net unrealized losses, compared to $1.2 billion at September 30, 2023, and $803.4 million at December 31, 2022.
Loans and leases:
•Total loans and leases were $50.7 billion, compared to $50.1 billion at September 30, 2023, and $49.8 billion at December 31, 2022. Compared to September 30, 2023, commercial loans and leases increased by $80.6 million, commercial real estate loans increased by $574.5 million, residential mortgages decreased by $0.5 million, and consumer loans decreased by $16.7 million.
•Compared to a year ago, commercial loans and leases decreased by $712.7 million, commercial real estate loans increased by $1.5 billion, residential mortgages increased by $264.5 million, and consumer loans decreased by $128.8 million.
•Loan originations for the portfolio were $3.2 billion, compared to $1.5 billion in the prior quarter, and $4.7 billion a year ago. In addition, $3.4 million of residential loans were originated for sale in the quarter, compared to $1.5 million in the prior quarter, and $3.5 million a year ago.

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Asset quality:
•Total nonperforming loans and leases were $209.5 million, or 0.41 percent of total loans and leases, compared to $215.1 million, or 0.43 percent of total loans and leases, at September 30, 2023, and $203.8 million, or 0.41 percent of total loans and leases, at December 31, 2022.
•Past due loans and leases were $46.6 million, compared to $70.7 million at September 30, 2023, and $73.7 million at December 31, 2022.
Deposits and borrowings:
•Total deposits were $60.8 billion, compared to $60.3 billion at September 30, 2023, and $54.1 billion at December 31, 2022. Core deposits to total deposits1 were 86.1 percent at December 31, 2023, compared to 87.6 percent at September 30, 2023, and 92.3 percent at December 31, 2022. The loan to deposit ratio was 83.5 percent, compared to 83.0 percent at September 30, 2023, and 92.1 percent at December 31, 2022.
•Total borrowings were $3.9 billion, compared to $3.0 billion at September 30, 2023, and $7.7 billion at December 31, 2022.
Capital:
•The return on average common stockholders’ equity and the return on average tangible common stockholders’ equity1 were 9.03 percent and 14.49 percent, respectively, compared to 12.54 percent and 19.93 percent, respectively, in the fourth quarter of 2022.
•The tangible equity1 and tangible common equity1 ratios were 8.12 percent and 7.73 percent, respectively, compared to 7.79 percent and 7.38 percent, respectively, at December 31, 2022. The common equity tier 1 ratio was 11.12 percent, compared to 10.71 percent at December 31, 2022.
•Book value and tangible book value per common share1 were $48.87 and $32.39, respectively, compared to $44.67 and $29.07, respectively, at December 31, 2022.












1 See reconciliations to GAAP financial measures beginning on page 19.
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***

Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, N.A. and its HSA Bank Division. Webster is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country's largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with $75 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
Conference Call
A conference call covering Webster’s fourth quarter 2023 earnings announcement will be held today, Tuesday, January 23, 2024 at 9:00 a.m. Eastern Time. To listen to the live call, please dial 888-330-2446, or 240-789-2732 for international callers. The passcode is 8607257. The webcast, along with related slides, will be available via Webster's Investor Relations website at investors.websterbank.com. A replay of the conference call will be available for one week via the website listed above, beginning at approximately 12:00 noon (Eastern) on January 23, 2024. To access the replay, dial 800-770-2030, or 647-362-9199 for international callers. The replay conference ID number is 8607257.







Media Contact
Alice Ferreira, 203-578-2610
acferreira@websterbank.com

Investor Contact
Emlen Harmon, 212-309-7646
eharmon@websterbank.com

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Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” and similar references to future periods. However, these words are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to: projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items; statements of plans, objectives, and expectations of Webster or its management or Board of Directors; statements of future economic performance; and statements of assumptions underlying such statements. Forward-looking statements are based on Webster's current expectations and assumptions regarding its business, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Webster’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Factors that could cause Webster's actual results to differ from those discussed in any forward-looking statements include, but are not limited to: Webster's ability to successfully integrate the operations of Webster and Sterling Bancorp and realize the anticipated benefits of the merger, including validation of Webster's recently completed core conversion and any issues that may arise therefrom; Webster's ability to successfully execute its business plan and strategic initiatives, and manage any risks or uncertainties; any continuation of the recent turmoil in the banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by government agencies in response; volatility in Webster's stock price due to investor sentiment, including in light of the recent turmoil in the banking industry; local, regional, national, and international economic conditions, and the impact they may have on Webster or its customers; volatility and disruption in national and international financial markets, including as a result of geopolitical conflict; unforeseen events, such as pandemics or natural disasters, and any governmental or societal responses thereto; changes in laws and regulations, or existing laws and regulations that Webster becomes subject to, including those concerning banking, taxes, dividends, securities, insurance, and healthcare, with which Webster and its subsidiaries must comply; adverse conditions in the securities markets that could lead to impairment in the value of Webster's securities portfolio; inflation, monetary fluctuations, the possibility of a recession, and changes in interest rates, including the impact of such changes on economic conditions, customer behavior, funding costs, and Webster's loans and leases and securities portfolios; possible changes in governmental monetary and fiscal policies, including, but not limited to, the Federal Reserve policies in connection with continued inflationary pressures and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; the impact of a potential U.S. federal government shutdown; the timely development and acceptance of new products and services, and the perceived value of those products and services by customers; changes in deposit flows, consumer spending, borrowings, and savings habits; Webster's ability to implement new technologies and maintain secure and reliable technology systems; the effects of any cyber threats, attacks or events, or fraudulent activity, including those that involve Webster's third-party vendors and service providers; performance by Webster's counterparties and third-party vendors; Webster's ability to increase market share and control expenses; changes in the competitive environment among banks, financial holding companies, and other traditional and non-traditional financial service providers; Webster's ability to maintain adequate sources of funding and liquidity; changes in the level of nonperforming assets and charge-offs; changes in estimates of future reserve requirements based upon periodic review under relevant regulatory and accounting requirements; the effect of changes in accounting policies and practices applicable to Webster, including the impacts of recently adopted accounting guidance; Webster's inability to remediate the material weaknesses in its internal control related to ineffective information technology general controls; legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; Webster's ability to appropriately address any environmental, social, governmental, and sustainability concerns that may arise from its business activities; and the other factors that are described in Webster's Annual Report on Form 10-K for the year ended December 31, 2022, and Quarterly Reports on Form 10-Q for the quarterly periods ended in 2023. Any forward-looking statement made by Webster in this release speaks only as of the date on which it is made. Factors or events that could cause Webster's actual results to differ may emerge from time to time, and it is not possible for Webster to predict all of them. Webster undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

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Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. A reconciliation of net income, return on average tangible common stockholders' equity, and other performance ratios, in each case as adjusted, is included in the accompanying selected financial highlights table.

Webster believes that providing certain non-GAAP financial measures provides investors with information useful in understanding its financial performance, performance trends, and financial position. Webster utilizes these measures for internal planning and forecasting purposes. Webster, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. Webster believes that its presentation and discussion, together with the accompanying reconciliations, provides additional clarity of factors and trends affecting its business and allows investors to view performance in a manner similar to management.

These non-GAAP measures should not be considered a substitute for GAAP basis measures and results, and Webster strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
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WEBSTER FINANCIAL CORPORATION
Selected Financial Highlights (unaudited)
 At or for the Three Months Ended
(In thousands, except per share data)December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
Income and performance ratios:
Net income$185,393 $226,475 $234,968 $221,004 $244,751 
Net income available to common stockholders181,230 222,313 230,806 216,841 240,588 
Earnings per diluted common share1.05 1.28 1.32 1.24 1.38 
Return on average assets (annualized)1.01 %1.23 %1.23 %1.22 %1.40 %
Return on average tangible common stockholders' equity (annualized) (1)
14.49 17.51 18.12 17.66 19.93 
Return on average common stockholders’ equity (annualized)9.03 11.00 11.38 10.94 12.54 
Non-interest income as a percentage of total revenue10.05 13.34 13.28 10.62 14.50 
Asset quality:
Allowance for credit losses on loans and leases$635,737$635,438$628,911$613,914$594,741
Nonperforming assets218,600218,402222,215186,551206,136
Allowance for credit losses on loans and leases / total loans and leases1.25 %1.27 %1.22 %1.21 %1.20 %
Net charge-offs / average loans and leases (annualized)0.27 0.23 0.16 0.20 0.17 
Nonperforming loans and leases / total loans and leases0.41 0.43 0.42 0.36 0.41 
Nonperforming assets / total loans and leases plus other real estate owned and repossessed assets0.43 0.44 0.43 0.37 0.41 
Allowance for credit losses on loans and leases / nonperforming loans and leases303.39 295.48 287.35 331.81 291.84 
Other ratios:
Tangible equity (1)
8.12 %7.62 %7.62 %7.55 %7.79 %
Tangible common equity (1)
7.73 7.22 7.23 7.15 7.38 
Tier 1 risk-based capital (2)
11.63 11.64 11.16 10.93 11.23 
Total risk-based capital (2)
13.72 13.79 13.25 12.99 13.25 
Common equity tier 1 risk-based capital (2)
11.12 11.12 10.65 10.42 10.71 
Stockholders’ equity / total assets11.60 11.21 11.18 11.08 11.30 
Net interest margin3.42 3.49 3.35 3.66 3.74 
Efficiency ratio (1)
43.04 41.75 42.20 41.64 40.27 
Equity and share related:
Common equity$8,406,017 $7,915,222 $7,995,747 $8,010,315 $7,772,207 
Book value per common share48.87 46.00 46.15 45.85 44.67 
Tangible book value per common share (1)
32.39 29.48 29.69 29.47 29.07 
Common stock closing price50.76 40.31 37.75 39.42 47.34 
Dividends declared per common share0.40 0.40 0.40 0.40 0.40 
Common shares issued and outstanding172,022 172,056 173,261 174,712 174,008 
Weighted-average common shares outstanding - Basic170,415 171,210 172,739 172,766 172,522 
Weighted-average common shares outstanding - Diluted170,623 171,350 172,803 172,883 172,699 
(1)See "Reconciliations to GAAP Financial Measures" section beginning on page 19.
(2)Presented as preliminary for December 31, 2023, and actual for the remaining periods.
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WEBSTER FINANCIAL CORPORATION
Consolidated Balance Sheets (unaudited)
(In thousands)December 31,
2023		September 30,
2023		December 31,
2022
Assets:
Cash and due from banks$429,323 $406,300 $264,118 
Interest-bearing deposits1,286,472 1,766,431 575,825 
Investment securities:
Available-for-sale8,959,729 7,653,391 7,892,697 
Held-to-maturity, net7,074,588 6,875,772 6,564,697 
Total investment securities, net16,034,317 14,529,163 14,457,394 
Loans held for sale6,541 46,267 1,991 
Loans and leases:
Commercial19,772,102 19,691,486 20,484,806 
Commercial real estate21,157,732 20,583,254 19,619,145 
Residential mortgages8,227,923 8,228,451 7,963,420 
Consumer1,568,295 1,584,955 1,697,055 
Total loans and leases50,726,052 50,088,146 49,764,426 
Allowance for credit losses on loans and leases(635,737)(635,438)(594,741)
Loans and leases, net50,090,315 49,452,708 49,169,685 
Federal Home Loan Bank and Federal Reserve Bank stock326,882 306,085 445,900 
Premises and equipment, net429,561 431,698 430,184 
Goodwill and other intangible assets, net2,834,600 2,843,217 2,713,446 
Cash surrender value of life insurance policies1,247,938 1,242,648 1,229,169 
Deferred tax assets, net369,212 478,926 371,634 
Accrued interest receivable and other assets1,890,088 1,627,408 1,618,175 
Total assets$74,945,249 $73,130,851 $71,277,521 
Liabilities and Stockholders' Equity:
Deposits:
Demand$10,732,516 $11,410,063 $12,974,975 
Health savings accounts8,287,889 8,229,889 7,944,892 
Interest-bearing checking8,994,095 8,826,265 9,237,529 
Money market17,662,826 17,755,198 11,062,652 
Savings6,642,499 6,622,833 8,673,343 
Certificates of deposit5,574,048 5,150,139 2,729,332 
Brokered certificates of deposit2,890,411 2,337,380 1,431,617 
Total deposits60,784,284 60,331,767 54,054,340 
Securities sold under agreements to repurchase and other borrowings458,387 157,491 1,151,830 
Federal Home Loan Bank advances2,360,018 1,810,218 5,460,552 
Long-term debt (1)
1,048,820 1,050,539 1,073,128 
Accrued expenses and other liabilities1,603,744 1,581,635 1,481,485 
Total liabilities66,255,253 64,931,650 63,221,335 
Preferred stock283,979 283,979 283,979 
Common stockholders' equity8,406,017 7,915,222 7,772,207 
Total stockholders’ equity8,689,996 8,199,201 8,056,186 
Total liabilities and stockholders' equity$74,945,249 $73,130,851 $71,277,521 
(1)The classification of debt as long-term is based on the initial terms of greater than one year as of the date of issuance.

12

WEBSTER FINANCIAL CORPORATION
Consolidated Statements of Income (unaudited)
Three months ended December 31,Twelve months ended December 31,
(In thousands, except per share data)2023202220232022
Interest income:
Interest and fees on loans and leases$789,423 $642,784 $3,071,378 $1,946,558 
Interest and dividends on investment securities143,444 100,804 556,148 338,101 
Loans held for sale280 5 734 78 
Total interest income933,147 743,593 3,628,260 2,284,737 
Interest expense:
Deposits325,793 81,202 1,021,418 138,552 
Borrowings36,333 60,016 269,573 111,899 
Total interest expense362,126 141,218 1,290,991 250,451 
Net interest income571,021 602,375 2,337,269 2,034,286 
Provision for credit losses36,000 43,000 150,747 280,619 
Net interest income after provision for loan and lease losses535,021 559,375 2,186,522 1,753,667 
Non-interest income:
Deposit service fees37,459 48,453 169,318 198,472 
Loan and lease related fees21,362 25,632 84,861 102,987 
Wealth and investment services7,767 7,017 28,999 40,277 
Mortgage banking activities1,010 89 1,240 705 
Cash surrender value of life insurance policies6,587 6,543 26,228 29,237 
(Loss) on sale of investment securities(16,825)(4,517)(33,620)(6,751)
Other income6,455 18,962 37,311 75,856 
Total non-interest income63,815 102,179 314,337 440,783 
Non-interest expense:
Compensation and benefits184,914 177,979 711,752 723,620 
Occupancy18,478 20,174 77,520 113,899 
Technology and equipment46,486 44,202 197,928 186,384 
Marketing5,176 5,570 18,622 16,438 
Professional and outside services18,804 26,489 107,497 117,530 
Intangible assets amortization8,618 8,240 36,207 31,940 
Deposit insurance58,725 6,578 98,081 26,574 
Other expenses36,020 59,158 168,748 180,088 
Total non-interest expense377,221 348,390 1,416,355 1,396,473 
Income before income taxes221,615 313,164 1,084,504 797,977 
Income tax expense36,222 68,413 216,664 153,694 
Net income185,393 244,751 867,840 644,283 
Preferred stock dividends(4,163)(4,163)(16,650)(15,919)
Net income available to common stockholders$181,230 $240,588 $851,190 $628,364 
Weighted-average common shares outstanding - Diluted170,623 172,699 171,883 167,547 
Earnings per common share:
Basic$1.05 $1.38 $4.91 $3.72 
Diluted1.05 1.38 4.91 3.72 
13

WEBSTER FINANCIAL CORPORATION
Five Quarter Consolidated Statements of Income (unaudited)
 Three Months Ended
(In thousands, except per share data)December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
Interest income:
Interest and fees on loans and leases$789,423 $793,626 $771,973 $716,356 $642,784 
Interest and dividends on investment securities143,444 137,146 161,002 114,556 100,804 
Loans held for sale280 17 421 16 5 
Total interest income933,147 930,789 933,396 830,928 743,593 
Interest expense:
Deposits325,793 293,955 251,466 150,204 81,202 
Borrowings36,333 49,698 98,101 85,441 60,016 
Total interest expense362,126 343,653 349,567 235,645 141,218 
Net interest income571,021 587,136 583,829 595,283 602,375 
Provision for credit losses36,000 36,500 31,498 46,749 43,000 
Net interest income after provision for loan and lease losses535,021 550,636 552,331 548,534 559,375 
Non-interest income:
Deposit service fees37,459 41,005 45,418 45,436 48,453 
Loan and lease related fees21,362 19,966 20,528 23,005 25,632 
Wealth and investment services7,767 7,254 7,391 6,587 7,017 
Mortgage banking activities1,010 42 129 59 89 
Cash surrender value of life insurance policies6,587 6,620 6,293 6,728 6,543 
(Loss) on sale of investment securities(16,825)— (48)(16,747)(4,517)
Other income6,455 15,495 9,663 5,698 18,962 
Total non-interest income63,815 90,382 89,374 70,766 102,179 
Non-interest expense:
Compensation and benefits184,914 180,333 173,305 173,200 177,979 
Occupancy18,478 18,617 20,254 20,171 20,174 
Technology and equipment46,486 55,261 51,815 44,366 44,202 
Marketing5,176 4,810 5,160 3,476 5,570 
Professional and outside services18,804 26,874 29,385 32,434 26,489 
Intangible assets amortization8,618 8,899 9,193 9,497 8,240 
Deposit insurance58,725 13,310 13,723 12,323 6,578 
Other expenses36,020 54,474 41,254 37,000 59,158 
Total non-interest expense377,221 362,578 344,089 332,467 348,390 
Income before income taxes221,615 278,440 297,616 286,833 313,164 
Income tax expense36,222 51,965 62,648 65,829 68,413 
Net income185,393 226,475 234,968 221,004 244,751 
Preferred stock dividends(4,163)(4,162)(4,162)(4,163)(4,163)
Net income available to common stockholders$181,230 $222,313 $230,806 $216,841 $240,588 
Weighted-average common shares outstanding - Diluted170,623 171,350 172,803 172,883 172,699 
Earnings per common share:
Basic$1.05 $1.29 $1.32 $1.24 $1.38 
Diluted1.05 1.28 1.32 1.24 1.38 

14


WEBSTER FINANCIAL CORPORATION
Consolidated Average Balances, Interest, Yields and Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
Three Months Ended December 31,
20232022
(Dollars in thousands)Average
balance		InterestYield/rateAverage
balance		InterestYield/rate
Assets:
Interest-earning assets:
Loans and leases$50,352,340 $800,679 6.24 %$48,574,865 $649,820 5.25 %
Investment securities (1)
15,253,540 135,498 3.35 14,471,173 98,812 2.57 
Federal Home Loan and Federal Reserve Bank stock308,505 5,581 7.18 399,497 4,007 3.98 
Interest-bearing deposits649,104 8,939 5.39 516,930 4,940 3.74 
Loans held for sale7,130 280 n/m2,964 5 0.73 
Total interest-earning assets66,570,619 $950,977 5.54 %63,965,429 $757,584 4.60 %
Non-interest-earning assets6,561,444 5,994,351 
Total assets$73,132,063 $69,959,780 
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Demand deposits$11,067,121 $— — %$13,371,074 $— — %
Health savings accounts8,219,431 3,123 0.15 7,878,486 2,957 0.15 
Interest-bearing checking, money market and savings33,156,966 239,875 2.87 29,390,078 66,279 0.89 
Certificates of deposit and brokered deposits7,538,131 82,795 4.36 3,399,857 11,966 1.40 
Total deposits59,981,649 325,793 2.15 54,039,495 81,202 0.60 
Securities sold under agreements to repurchase and other borrowings221,437 1,162 2.05 1,237,132 9,183 2.90 
Federal Home Loan Bank advances1,815,493 25,659 5.53 4,241,042 41,523 3.83 
Long-term debt (1)
1,049,655 9,512 3.73 1,073,960 9,310 3.58 
Total borrowings3,086,585 36,333 4.68 6,552,134 60,016 3.62 
Total interest-bearing liabilities63,068,234 $362,126 2.28 %60,591,629 $141,218 0.92 %
Non-interest-bearing liabilities1,751,031 1,407,251 
Total liabilities64,819,265 61,998,880 
Preferred stock283,979 283,979 
Common stockholders' equity8,028,819 7,676,921 
Total stockholders' equity8,312,798 7,960,900 
Total liabilities and stockholders' equity$73,132,063 $69,959,780 
Tax-equivalent net interest income588,851 616,366 
Less: Tax-equivalent adjustments(17,830)(13,991)
Net interest income$571,021 $602,375 
Net interest margin3.42 %3.74 %
(1)For the purposes of average yield/rate and margin computations, unsettled trades on investment securities, unrealized gains (losses) on available-for-sale investment securities, and basis adjustments on long-term debt from de-designated fair value hedges are excluded.
15


WEBSTER FINANCIAL CORPORATION
Consolidated Average Balances, Interest, Yields and Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
Twelve Months Ended December 31,
20232022
(Dollars in thousands)Average
Balance		InterestYield/RateAverage
balance		InterestYield/Rate
Assets:
Interest-earning assets:
Loans and leases$50,637,569 $3,113,709 6.15 %$43,751,112 $1,967,761 4.50 %
Investment securities (1)
14,839,744 477,496 3.06 14,528,722 345,600 2.31 
Federal Home Loan and Federal Reserve Bank stock408,673 24,785 6.06 289,595 8,775 3.03 
Interest-bearing deposits1,564,255 80,475 5.14 596,912 9,651 1.62 
Loans held for sale28,710 734 2.56 9,842 78 0.80 
Total interest-earning assets67,478,951 $3,697,199 5.42 %59,176,183 $2,331,865 3.91 %
Non-interest-earning assets6,344,931 5,586,025 
Total assets$73,823,882 $64,762,208 
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Demand deposits$11,596,949 $— — %$12,912,894 $— — %
Health savings accounts8,249,332 12,366 0.15 7,826,576 6,315 0.08 
Interest-bearing checking, money market and savings31,874,457 756,521 2.37 28,266,128 115,271 0.41 
Certificates of deposit and brokered deposits6,531,610 252,531 3.87 2,838,502 16,966 0.60 
Total deposits58,252,348 1,021,418 1.75 51,844,100 138,552 0.27 
Securities sold under agreements to repurchase and other borrowings378,171 9,102 2.41 1,064,551 19,059 1.79 
Federal Home Loan Bank advances4,275,394 222,537 5.21 1,965,577 58,557 2.98 
Long-term debt (1)
1,058,621 37,934 3.69 1,031,446 34,283 3.44 
Total borrowings5,712,186 269,573 4.74 4,061,574 111,899 2.78 
Total interest-bearing liabilities63,964,534 $1,290,991 2.02 %55,905,674 $250,451 0.45 %
Non-interest-bearing liabilities1,535,393 1,135,046 
Total liabilities65,499,927 57,040,720 
Preferred stock283,979 272,179 
Common stockholders' equity8,039,976 7,449,309 
Total stockholders' equity8,323,955 7,721,488 
Total liabilities and stockholders' equity$73,823,882 $64,762,208 
Tax-equivalent net interest income2,406,208 2,081,414 
Less: Tax-equivalent adjustments(68,939)(47,128)
Net interest income$2,337,269 $2,034,286 
Net interest margin3.52 %3.49 %
(1)For the purposes of average yield/rate and margin computations, unsettled trades on investment securities, unrealized gains (losses) on available-for-sale investment securities, and basis adjustments on long-term debt from de-designated fair value hedges are excluded.
16

WEBSTER FINANCIAL CORPORATION Five Quarter Loans and Leases (unaudited)
(Dollars in thousands)December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
Loans and leases (actual):
Commercial non-mortgage$18,214,261 $18,058,524 $19,499,160 $19,014,810 $18,663,164 
Asset-based lending1,557,841 1,632,962 1,718,251 1,760,527 1,821,642 
Commercial real estate21,157,732 20,583,254 20,661,071 20,513,738 19,619,145 
Residential mortgages8,227,923 8,228,451 8,140,182 8,001,563 7,963,420 
Consumer1,568,295 1,584,955 1,607,384 1,635,885 1,697,055 
Loans and leases50,726,052 50,088,146 51,626,048 50,926,523 49,764,426 
Allowance for credit losses on loans and leases(635,737)(635,438)(628,911)(613,914)(594,741)
Loans and leases, net$50,090,315 $49,452,708 $50,997,137 $50,312,609 $49,169,685 
Loans and leases (average):
Commercial non-mortgage$18,181,417 $18,839,776 $19,220,435 $18,670,917 $18,024,771 
Asset-based lending1,588,350 1,663,481 1,756,051 1,790,992 1,780,874 
Commercial real estate20,764,834 20,614,334 20,518,355 19,970,326 19,234,292 
Residential mortgages8,240,390 8,200,938 8,067,349 7,995,327 7,819,415 
Consumer1,577,349 1,593,659 1,622,525 1,667,630 1,715,513 
Loans and leases$50,352,340 $50,912,188 $51,184,715 $50,095,192 $48,574,865 

17

WEBSTER FINANCIAL CORPORATION
Five Quarter Nonperforming Assets and Past Due Loans and Leases (unaudited)
(Dollars in thousands)December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
Nonperforming loans and leases:
Commercial non-mortgage$134,617 $121,067 $109,279 $86,537 $89,416 
Asset-based lending35,090 10,350 9,450 9,450 20,046 
Commercial real estate11,314 31,004 47,972 35,832 41,580 
Residential mortgages5,591 27,312 26,751 25,096 25,613 
Consumer 22,932 25,320 25,417 28,105 27,136 
Total nonperforming loans and leases$209,544 $215,053 $218,869 $185,020 $203,791 
Other real estate owned and repossessed assets:
Commercial non-mortgage$8,954 $2,687 $2,152 $153 $78 
Residential mortgages— 662 662 662 2,024 
Consumer102 — 532 716 243 
Total other real estate owned and repossessed assets$9,056 $3,349 $3,346 $1,531 $2,345 
Total nonperforming assets$218,600 $218,402 $222,215 $186,551 $206,136 
Past due 30-89 days:
Commercial non-mortgage$7,071 $38,875 $32,074 $9,645 $20,248 
Asset-based lending— — — — 5,921 
Commercial real estate9,002 3,491 1,970 17,115 26,147 
Residential mortgages21,047 16,208 10,583 10,710 11,385 
Consumer9,417 12,016 6,718 6,110 9,194 
Total past due 30-89 days$46,537 $70,590 $51,345 $43,580 $72,895 
Past due 90 days or more and accruing52 138 29 602 770 
Total past due loans and leases$46,589 $70,728 $51,374 $44,182 $73,665 
Five Quarter Changes in the Allowance for Credit Losses on Loans and Leases (unaudited)
For the Three Months Ended
(Dollars in thousands)December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
ACL on loans and leases, beginning balance$635,438 $628,911 $613,914 $594,741 $574,325 
Adoption of ASU No. 2022-02— — — 5,873 — 
Provision34,300 35,839 35,249 37,821 40,649 
Charge-offs:
Commercial portfolio28,794 27,360 21,945 26,410 21,499 
Consumer portfolio6,878 3,642 1,085 1,098 1,193 
Total charge-offs35,672 31,002 23,030 27,508 22,692 
Recoveries:
Commercial portfolio396 292 1,024 1,574 895 
Consumer portfolio1,275 1,398 1,754 1,413 1,564 
Total recoveries1,671 1,690 2,778 2,987 2,459 
Total net charge-offs34,001 29,312 20,252 24,521 20,233 
ACL on loans and leases, ending balance$635,737 $635,438 $628,911 $613,914 $594,741 
ACL on unfunded loan commitments, ending balance24,734 23,040 22,366 26,051 27,707 
Total ACL, ending balance$660,471 $658,478 $651,277 $639,965 $622,448 

18


WEBSTER FINANCIAL CORPORATION
Reconciliations to GAAP Financial Measures
Webster evaluates its business based on certain ratios that utilize non-GAAP financial measures. Webster believes the use of these non-GAAP financial measures provides additional clarity in assessing the operating results and financial position of the Company. Other companies may define or calculate supplemental financial data differently.
The efficiency ratio, which represents the costs expended to generate a dollar of revenue, is calculated excluding certain non-operational items. The return on average tangible common stockholders' equity (ROATCE) represents net income available to common stockholders, adjusted for the tax-effected amortization of intangible assets, as a percentage of average stockholders’ equity less average preferred stock and average goodwill and net intangible assets. The tangible equity ratio represents stockholders’ equity less goodwill and net intangible assets divided by total assets less goodwill and net intangible assets. The tangible common equity ratio represents stockholders’ equity less preferred stock and goodwill and net intangible assets divided by total assets less goodwill and net intangible assets. Tangible book value per common share represents stockholders’ equity less preferred stock and goodwill and net intangible assets divided by common shares outstanding at the end of the period. Core deposits reflect total deposits less certificates of deposit and brokered certificates of deposit. Adjusted pre-tax net income, adjusted net income available to common stockholders, adjusted diluted earnings per share (EPS), adjusted ROATCE, and adjusted return on average assets (ROAA) are calculated excluding a FDIC special assessment, merger related expense, and loss on sale of investment securities, each of which have been tax-effected.
See the tables below for reconciliations of these non-GAAP financial measures with financial measures defined by GAAP.
19


At or for the Three Months Ended
(In thousands, except per share data)December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
Efficiency ratio:
Non-interest expense$377,221$362,578$344,089$332,467$348,390
Less: Foreclosed property activity(96)(492)(432)(262)(80)
         Intangible assets amortization8,6188,8999,1939,4978,240
         Operating lease depreciation9001,1461,6391,8842,021
FDIC special assessment47,164————
Merger related expense30,67961,62540,84029,37345,790
         Strategic initiatives————143
Non-interest expense $289,956$291,400$292,849$291,975$292,276
Net interest income $571,021$587,136$583,829$595,283$602,375
Add: Tax-equivalent adjustment17,83017,90617,29215,91113,991
         Non-interest income 63,81590,38289,37470,766102,179
         Other income (1)
5,0993,6145,0354,3114,814
Less: Operating lease depreciation9001,1461,6391,8842,021
         (Loss) on sale of investment securities(16,825)—(48)(16,747)(4,517)
Income $673,690$697,892$693,939$701,134$725,855
Efficiency ratio 43.04%41.75%42.20%41.64%40.27%
ROATCE:
Net income$185,393$226,475$234,968$221,004$244,751
Less: Preferred stock dividends4,1634,1624,1624,1634,163
Add: Intangible assets amortization, tax-effected 6,8087,0307,2627,5036,510
Adjusted income$188,038$229,343$238,068$224,344$247,098
Adjusted income, annualized basis$752,152$917,372$952,272$897,376$988,392
Average stockholders' equity $8,312,798$8,370,469$8,395,298$8,215,676$7,960,900
Less: Average preferred stock 283,979283,979283,979283,979283,979
         Average goodwill and other intangible assets, net2,838,7702,847,5602,856,5812,849,6732,716,981
Average tangible common stockholders' equity $5,190,049$5,238,930$5,254,738$5,082,024$4,959,940
Return on average tangible common stockholders' equity14.49%17.51%18.12%17.66%19.93%
(1)Other income includes the taxable equivalent of net income generated from low income housing tax-credit investments.
20


WEBSTER FINANCIAL CORPORATION
Reconciliations to GAAP Financial Measures (continued)

At or for the Three Months Ended
(In thousands, except per share data)December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
Tangible equity:
Stockholders' equity $8,689,996$8,199,201$8,279,726$8,294,294$8,056,186
Less: Goodwill and other intangible assets, net2,834,6002,843,2172,852,1172,861,3102,713,446
Tangible stockholders' equity $5,855,396$5,355,984$5,427,609$5,432,984$5,342,740
Total assets $74,945,249$73,130,851$74,038,243$74,844,395$71,277,521
Less: Goodwill and other intangible assets, net2,834,6002,843,2172,852,1172,861,3102,713,446
Tangible assets $72,110,649$70,287,634$71,186,126$71,983,085$68,564,075
Tangible equity 8.12%7.62%7.62%7.55%7.79%
Tangible common equity:
Tangible stockholders' equity $5,855,396$5,355,984$5,427,609$5,432,984$5,342,740
Less: Preferred stock 283,979283,979283,979283,979283,979
Tangible common stockholders' equity $5,571,417$5,072,005$5,143,630$5,149,005$5,058,761
Tangible assets $72,110,649$70,287,634$71,186,126$71,983,085$68,564,075
Tangible common equity 7.73%7.22%7.23%7.15%7.38%
Tangible book value per common share:
Tangible common stockholders' equity $5,571,417$5,072,005$5,143,630$5,149,005$5,058,761
Common shares outstanding172,022172,056173,261174,712174,008
Tangible book value per common share $32.39$29.48$29.69$29.47$29.07
Core deposits:
Total deposits$60,784,284$60,331,767$58,747,532$55,297,479$54,054,340
Less: Certificates of deposit5,574,0485,150,1394,743,2043,855,4062,729,332
Brokered certificates of deposit2,890,4112,337,3802,542,854674,3731,431,617
Core deposits$52,319,825$52,844,248$51,461,474$50,767,700$49,893,391

21

Three months ended December 31, 2023
Adjusted ROATCE:
Net income$185,393 
Less: Preferred stock dividends4,163 
Add: Intangible assets amortization, tax-effected6,808 
FDIC special assessment, tax-effected34,509 
Merger related expense, tax-effected22,447 
Loss on sale of investment securities, tax-effected12,310 
Adjusted income$257,304 
Adjusted income, annualized basis$1,029,216 
Average stockholders' equity$8,312,798 
Less: Average preferred stock283,979 
Average goodwill and other intangible assets, net2,838,770 
Average tangible common stockholders' equity$5,190,049 
Adjusted return on average tangible common stockholders' equity19.83 %
Adjusted ROAA:
Net income$185,393 
Add: FDIC special assessment, tax-effected34,509 
Merger related expense, tax-effected22,447 
Loss on sale of investment securities, tax-effected12,310 
Adjusted income$254,659 
Adjusted income, annualized basis$1,018,636 
Average assets$73,132,063 
Adjusted return on average assets1.39 %

GAAP to adjusted reconciliation:
Three months ended December 31, 2023
(In millions, except per share data)Pre-Tax IncomeNet Income Available to Common StockholdersDiluted EPS
Reported (GAAP)$221.6$181.2$1.05
FDIC special assessment47.234.50.21
Merger related expense30.722.50.13
Loss on sale of investment securities16.812.30.07
Adjusted (non-GAAP)$316.3$250.5$1.46
22
v3.23.4
Document and Entity Information Statement
Jan. 23, 2024
Entity Information [Line Items]  
Amendment Flag false
Document Type 8-K
Document Period End Date Jan. 23, 2024
Entity Registrant Name WEBSTER FINANCIAL CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 001-31486
Entity Tax Identification Number 06-1187536
Entity Address, Address Line One 200 Elm Street
Entity Address, City or Town Stamford
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06902
City Area Code 203
Local Phone Number 578-2202
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000801337
NEW YORK STOCK EXCHANGE, INC. [Member]  
Entity Information [Line Items]  
Security Exchange Name NYSE
Common Class A [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol WBS
Series F Preferred Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing 1/1000th interest in a share of 5.25% Series F Non-Cumulative Perpetual Preferred Stock
Trading Symbol WBS-PrF
Series G Preferred Stock  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing 1/40th interest in a share of 6.50% Series G Non-Cumulative Perpetual Preferred Stock
Trading Symbol WBS-PrG
Webster Financial (NYSE:WBS-F)
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