Webster Reports Third Quarter 2023 EPS of $1.28; Adjusted EPS of $1.55

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 $222.3 million, or $1.28 per diluted share, for the quarter ended September 30, 2023, compared to $229.8 million, or $1.31 per diluted share, for the quarter ended September 30, 2022.

Third quarter 2023 results include $61.6 million pre-tax ($45.1 million after tax), or $0.27¹ per diluted share, of charges related to the merger with Sterling Bancorp on January 31, 2022 ("the merger"). Excluding these charges, adjusted earnings per diluted share would have been $1.55¹ for the quarter ended September 30, 2023.

"Our results this quarter illustrate the strength of Webster, both in terms of our earnings power and sound risk and operating profile," said John R. Ciulla, president and chief executive officer. "During the quarter we completed our core systems conversion which marks a significant milestone in the completion of our integration. We continue to be well positioned for the current operating environment."

Highlights for the third quarter of 2023:

• Revenue of $677.5 million.
• Period end loans and leases balance of $50.1 billion, down $1.5 billion or 3.0 percent from prior quarter; 80.4 percent commercial loans and leases, 19.6 percent consumer loans, and a loan to deposit ratio of 83.0 percent.
• Period end deposits balance of $60.3 billion, up $1.6 billion or 2.7 percent from prior quarter.
• Provision for credit losses totaled $36.5 million.
• Return on average assets of 1.23 percent; adjusted 1.48 percent¹.
• Return on average tangible common equity of 17.51 percent¹; adjusted 20.96 percent¹.
• Net interest margin of 3.49 percent, up 14 basis points from prior quarter.
• Common equity tier 1 ratio of 11.15 percent.
• Efficiency ratio of 41.75 percent¹.
• Tangible common equity ratio of 7.22 percent¹.

"During the quarter, we further enhanced our liquidity position, while improving both net interest income and net interest margin," said Glenn MacInnes, executive vice president and chief financial officer.

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

Line of Business performance compared to the third 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 September 30, 2023, Commercial Banking had $40.3 billion in loans and leases and $19.4 billion in deposits, as well as a combined $2.7 billion in assets under administration and management.

Commercial Banking Operating Results:

					Percent
	Three months ended September 30,				Favorable/
(In thousands)		2023	2022		(Unfavorable)
Net interest income		$391,399	$333,554			17.3	%
Non-interest income		30,605	40,497			(24.4	)
Operating revenue		422,004	374,051			12.8
Non-interest expense		110,306	102,415			(7.7	)
Pre-tax, pre-provision net revenue		$311,698	$271,636			14.7
					Percent
		At September 30,			Increase/
(In millions)		2023	2022		(Decrease)
Loans and leases		$40,261	$38,493			4.6	%
Deposits		19,411	20,828			(6.8	)
AUA / AUM (off balance sheet)		2,727	2,121			28.5

Pre-tax, pre-provision net revenue increased $40.1 million, to $311.7 million, in the quarter as compared to prior year. Net interest income increased $57.8 million, to $391.4 million, primarily driven by loan growth and the impact of the higher rate environment. Non-interest income decreased $9.9 million, to $30.6 million, driven by decreases in loan servicing related income, cash management fees, syndication fees, interest rate hedging activities, and prepayment penalties. Non-interest expense increased $7.9 million, to $110.3 million, primarily resulting from continued investments in technology and talent to support balance sheet growth.

HSA Bank

Webster’s HSA Bank division offers a comprehensive consumer-directed healthcare solution that includes health savings accounts, health reimbursement arrangements, flexible spending accounts and commuter benefits. Health savings accounts are distributed nationwide directly to employers and individual consumers, as well as through national and regional insurance carriers, benefit consultants, and financial advisors. At September 30, 2023, HSA Bank had $12.3 billion in total footings comprising $8.2 billion in deposits and $4.1 billion in assets under administration through linked investment accounts.

HSA Bank Operating Results:

					Percent
	Three months ended September 30,				Favorable/
(In thousands)		2023	2022		(Unfavorable)
Net interest income		$77,669	$58,567			32.6	%
Non-interest income		20,799	25,842			(19.5	)
Operating revenue		98,468	84,409			16.7
Non-interest expense		39,870	36,725			(8.6	)
Pre-tax, net revenue		$58,598	$47,684			22.9
					Percent
		At September 30,			Increase/
(Dollars in millions)		2023	2022		(Decrease)
Number of accounts (thousands)		3,186	3,133			1.7	%
Deposits		$8,230	$7,889			4.3
Linked investment accounts (off balance sheet)		4,095	3,233			26.7
Total footings		$12,325	$11,122			10.8

Pre-tax net revenue increased $10.9 million, to $58.6 million, in the quarter as compared to prior year. Net interest income increased $19.1 million, to $77.7 million, primarily due to an increase in net deposit spread and growth in deposits. Non-interest income decreased $5.0 million, to $20.8 million, primarily due to lower customer account service fees. Non-interest expense increased $3.1 million, to $39.9 million, primarily due to higher compensation and benefits expense, service contract expense related to account growth, and the continued investment in our user experience build out.

Consumer Banking

Webster's Consumer Banking segment serves consumer and business banking customers primarily throughout southern New England and the New York Metro and Suburban markets. Consumer Banking is comprised of the Consumer Lending and Small Business Banking business units, as well as a distribution network consisting of 199 banking centers and 350 ATMs, a customer care center, and a full range of web and mobile-based banking services. Additionally, Webster Investments provides investment services to consumers and small business owners within Webster's targeted markets and retail footprint. At September 30, 2023, Consumer Banking had $9.8 billion in loans and $23.6 billion in deposits, as well as $7.6 billion in assets under administration.

Consumer Banking Operating Results:

					Percent
	Three months ended September 30,				Favorable/
(In thousands)		2023	2022		(Unfavorable)
Net interest income		$195,315	$195,748			(0.2	)%
Non-interest income		26,886	33,842			(20.6	)
Operating revenue		222,201	229,590			(3.2	)
Non-interest expense		105,703	109,588			3.5
Pre-tax, pre-provision net revenue		$116,498	$120,002			(2.9	)
		At September 30,			Percent
(In millions)		2023	2022		Increase
Loans		$9,808	$9,302			5.4	%
Deposits		23,624	23,859			(1.0	)
AUA (off balance sheet)		7,615	7,369			3.3

Pre-tax, pre-provision net revenue decreased $3.5 million, to $116.5 million, in the quarter as compared to prior year. Net interest income decreased $0.4 million, to $195.3 million, primarily driven by a slight decrease in deposits, partially offset by continued loan growth. Non-interest income decreased $7.0 million, to $26.9 million, driven by lower net investment services income, which was attributable to an outsourcing model adopted in the fourth quarter of 2022, and lower deposit and loan servicing related fees, partially offset by other miscellaneous income. Non-interest expense decreased $3.9 million, to $105.7 million, primarily driven by the impact of outsourcing the consumer investment services platform, coupled with lower technology expenses.

Consolidated financial performance:

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

• Net interest income was $587.1 million compared to $551.0 million.
• Net interest margin was 3.49 percent compared to 3.54 percent. The yield on interest-earning assets increased by 153 basis points, and the cost of interest-bearing liabilities increased by 169 basis points.
• Average interest-earning assets totaled $67.1 billion and increased by $5.0 billion, or 8.0 percent.
• Average loans and leases totaled $50.9 billion and increased by $4.7 billion, or 10.1 percent.
• Average deposits totaled $59.6 billion and increased by $5.6 billion, or 10.4 percent.

Quarterly provision for credit losses:

• The provision for credit losses was $36.5 million in the quarter, reflecting a $6.5 million increase in the allowance for credit losses on loans and leases from prior quarter. The provision also reflects an increase in the reserves on unfunded loan commitments of $0.7 million. The provision for credit losses was $31.5 million in the prior quarter, and $36.5 million a year ago.
• Net charge-offs were $29.3 million, compared to $20.3 million in the prior quarter, and $28.5 million a year ago. The ratio of net charge-offs to average loans and leases was 0.23 percent, compared to 0.16 percent in the prior quarter, and 0.25 percent a year ago.
• The allowance for credit losses on loans and leases represented 1.27 percent of total loans and leases, compared to 1.22 percent at June 30, 2023, and 1.20 percent at September 30, 2022. The allowance represented 295 percent of nonperforming loans and leases at September 30, 2023, compared to 287 percent at June 30, 2023, and 274 percent at September 30, 2022.

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

• Total non-interest income was $90.4 million compared to $113.6 million, a decrease of $23.2 million. The decrease primarily reflects lower prepayment and other loan related servicing fees, lower client deposit fees, the outsourcing of the consumer investment services platform, and lower client hedging activity. Total non-interest income for the third quarter of 2022 includes a net $0.3 million related to a gain on the early termination of repurchase agreements partially offset by a loss on the sale of investment securities.

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

• Total non-interest expense was $362.6 million compared to $330.1 million, an increase of $32.5 million. Total non-interest expense includes a net $61.6 million of merger charges, compared to a net $26.7 million of merger and strategic initiatives and a $10.5 million donation to the Webster Bank Charitable Foundation a year ago. Excluding those charges, total non-interest expense increased $8.1 million. The increase reflects general inflationary impacts, including employee compensation and benefits expense, investments in technology, including the HSA and interLINK acquisitions, and higher deposit insurance expense, offset by expense benefits from the merger and outsourcing of the consumer investments services platform.

Quarterly income taxes compared to the third quarter of 2022:

• Income tax expense was $52.0 million compared to $64.1 million, and the effective tax rate was 18.7 percent compared to 21.5 percent. The lower effective tax rate in the current period reflects the impact of higher merger related charges compared to the 2022 period, as well as the recognition of a $3.3 million net discrete benefit during the quarter attributable to 2022 tax return true-up adjustments.

Investment securities:

• Total investment securities, net were $14.5 billion, compared to $14.7 billion at June 30, 2023, and $14.6 billion at September 30, 2022. The carrying value of the available-for-sale portfolio included $1.1 billion of net unrealized losses, compared to $883.0 million at June 30, 2023, and $941.8 million at September 30, 2022. The carrying value of the held-to-maturity portfolio does not reflect $1.2 billion of net unrealized losses, compared to $877.3 million at June 30, 2023, and $855.9 million at September 30, 2022.

Loans and leases:

• Total loans and leases were $50.1 billion, compared to $51.6 billion at June 30, 2023, and $47.8 billion at September 30, 2022. Compared to June 30, 2023, commercial loans and leases decreased by $1.5 billion, commercial real estate loans decreased by $77.8 million, residential mortgages increased by $88.3 million, and consumer loans decreased by $22.4 million.
• Compared to a year ago, commercial loans and leases increased by $80.5 million, commercial real estate loans increased by $1.7 billion, residential mortgages increased by $610.5 million, and consumer loans decreased by $147.4 million.
• Loan originations for the portfolio were $1.5 billion, compared to $2.5 billion in the prior quarter, and $5.1 billion a year ago. In addition, $1.5 million of residential loans were originated for sale in the quarter, compared to $5.7 million in the prior quarter, and $1.5 million a year ago.

Asset quality:

• Total nonperforming loans and leases were $215.1 million, or 0.43 percent of total loans and leases, compared to $218.9 million, or 0.42 percent of total loans and leases, at June 30, 2023, and $209.5 million, or 0.44 percent of total loans and leases, at September 30, 2022.
• Past due loans and leases were $70.9 million, compared to $51.4 million at June 30, 2023, and $46.4 million at September 30, 2022.

Deposits and borrowings:

• Total deposits were $60.3 billion, compared to $58.7 billion at June 30, 2023, and $54.0 billion at September 30, 2022. Core deposits to total deposits¹ were 87.6 percent at both September 30, 2023, and June 30, 2023, compared to 95.2 percent at September 30, 2022. The loan to deposit ratio was 83.0 percent, compared to 87.9 percent at June 30, 2023, and 88.5 percent at September 30, 2022.
• Total borrowings were $3.0 billion, compared to $5.6 billion at June 30, 2023, and $5.9 billion at September 30, 2022.

Capital:

• The return on average common stockholders’ equity and the return on average tangible common stockholders’ equity¹ were 11.00 percent and 17.51 percent, respectively, compared to 11.78 percent and 18.62 percent, respectively, in the third quarter of 2022.
• The tangible equity¹ and tangible common equity¹ ratios were 7.62 percent and 7.22 percent, respectively, compared to 7.70 percent and 7.27 percent, respectively, at September 30, 2022. The common equity tier 1 ratio was 11.15 percent, compared to 10.80 percent at September 30, 2022.
• Book value and tangible book value per common share¹ were $46.00 and $29.48, respectively, compared to $43.32 and $27.69, respectively, at September 30, 2022.

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

***

Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, N.A. and its HSA Bank Division. Webster is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country's largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with $73 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

Conference Call

A conference call covering Webster’s third quarter 2023 earnings announcement will be held today, Thursday, October 19, 2023 at 9:00 a.m. Eastern Time. To listen to the live call, please dial 888-330-2446, or 240-789-2732 for international callers. The passcode is 8607257. The webcast, along with related slides, will be available via Webster's Investor Relations website at investors.websterbank.com. A replay of the conference call will be available for one week via the website listed above, beginning at approximately 12:00 noon (Eastern) on October 19, 2023. To access the replay, dial 800-770-2030, or 647-362-9199 for international callers. The replay conference ID number is 8607257.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” and similar references to future periods. However, 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 replacement of, and transition from, the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) as the primary interest rate benchmark; 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 non-performing 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 (ITGCs); 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 the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the headings “Risk Factors” and “Management Discussion and Analysis of Financial Condition and Results of Operations.” Any forward-looking statement made by the Company in this release speaks only as of the date on which it is made. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Non-GAAP Financial Measures

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

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

These non-GAAP measures should not be considered a substitute for GAAP basis measures and results, and Webster strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

WEBSTER FINANCIAL CORPORATION Selected Financial Highlights (unaudited)
	At or for the Three Months Ended
(In thousands, except per share data)	September 30, 2023				June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022
Income and performance ratios:
Net income	$	226,475			$	234,968			$	221,004			$	244,751			$	233,968
Net income available to common stockholders		222,313				230,806				216,841				240,588				229,806
Earnings per diluted common share		1.28				1.32				1.24				1.38				1.31
Return on average assets (annualized)		1.23	%			1.23	%			1.22	%			1.40	%			1.38	%
Return on average tangible common stockholders' equity (annualized) (1)		17.51				18.12				17.66				19.93				18.62
Return on average common stockholders’ equity (annualized)		11.00				11.38				10.94				12.54				11.78
Non-interest income as a percentage of total revenue		13.34				13.28				10.62				14.50				17.10
Asset quality:
Allowance for credit losses on loans and leases	$	635,438			$	628,911			$	613,914			$	594,741			$	574,325
Nonperforming assets		218,402				222,215				186,551				206,136				211,627
Allowance for credit losses on loans and leases / total loans and leases		1.27	%			1.22	%			1.21	%			1.20	%			1.20	%
Net charge-offs / average loans and leases (annualized)		0.23				0.16				0.20				0.17				0.25
Nonperforming loans and leases / total loans and leases		0.43				0.42				0.36				0.41				0.44
Nonperforming assets / total loans and leases plus OREO		0.44				0.43				0.37				0.41				0.44
Allowance for credit losses on loans and leases / nonperforming loans and leases		295.48				287.35				331.81				291.84				274.12
Other ratios:
Tangible equity (1)		7.62	%			7.62	%			7.55	%			7.79	%			7.70	%
Tangible common equity (1)		7.22				7.23				7.15				7.38				7.27
Tier 1 risk-based capital (2)		11.67				11.16				10.93				11.23				11.35
Total risk-based capital (2)		13.82				13.25				12.99				13.25				13.38
Common equity tier 1 risk-based capital (2)		11.15				10.65				10.42				10.71				10.80
Stockholders’ equity / total assets		11.21				11.18				11.08				11.30				11.33
Net interest margin		3.49				3.35				3.66				3.74				3.54
Efficiency ratio (1)		41.75				42.20				41.64				40.27				41.17
Equity and share related:
Common equity	$	7,915,222			$	7,995,747			$	8,010,315			$	7,772,207			$	7,542,431
Book value per common share		46.00				46.15				45.85				44.67				43.32
Tangible book value per common share (1)		29.48				29.69				29.47				29.07				27.69
Common stock closing price		40.31				37.75				39.42				47.34				45.20
Dividends declared per common share		0.40				0.40				0.40				0.40				0.40
Common shares issued and outstanding		172,056				173,261				174,712				174,008				174,116
Weighted-average common shares outstanding - Basic		171,210				172,739				172,766				172,522				173,868
Weighted-average common shares outstanding - Diluted		171,350				172,803				172,883				172,699				173,944
(1) See "Reconciliations to GAAP Financial Measures" section beginning on page 20.
(2) Presented as preliminary for September 30, 2023, and actual for the remaining periods.

WEBSTER FINANCIAL CORPORATION Consolidated Balance Sheets (unaudited)
(In thousands)	September 30, 2023					June 30, 2023					September 30, 2022
Assets:
Cash and due from banks	$	406,300				$	283,623				$	286,487
Interest-bearing deposits		1,766,431					1,077,136					326,638
Securities:
Available-for-sale		7,653,391					7,759,341					8,085,044
Held-to-maturity, net		6,875,772					6,943,784					6,505,838
Total securities, net		14,529,163					14,703,125					14,590,882
Loans held for sale		46,267					10,963					898
Loans and Leases:
Commercial		19,691,486					21,217,411					19,610,953
Commercial real estate		20,583,254					20,661,071					18,862,619
Residential mortgages		8,228,451					8,140,182					7,617,955
Consumer		1,584,955					1,607,384					1,732,348
Total loans and leases		50,088,146					51,626,048					47,823,875
Allowance for credit losses on loans and leases		(635,438	)				(628,911	)				(574,325	)
Loans and leases, net		49,452,708					50,997,137					47,249,550
Federal Home Loan Bank and Federal Reserve Bank stock		306,085					407,968					373,044
Premises and equipment, net		431,698					426,310					434,721
Goodwill and other intangible assets, net		2,843,217					2,852,117					2,721,040
Cash surrender value of life insurance policies		1,242,648					1,239,077					1,230,641
Deferred tax asset, net		478,926					377,588					369,737
Accrued interest receivable and other assets		1,627,408					1,663,199					1,468,928
Total Assets	$	73,130,851				$	74,038,243				$	69,052,566
Liabilities and Stockholders' Equity:
Deposits:
Demand	$	11,410,063				$	11,157,390				$	13,849,812
Health savings accounts		8,229,889					8,206,844					7,889,310
Interest-bearing checking		8,826,265					8,775,975					9,203,220
Money market		17,755,198					16,189,678					11,156,579
Savings		6,622,833					7,131,587					9,340,372
Certificates of deposit		5,150,139					4,743,204					2,311,484
Brokered certificates of deposit		2,337,380					2,542,854					258,110
Total deposits		60,331,767					58,747,532					54,008,887
Securities sold under agreements to repurchase and other borrowings		157,491					243,580					1,265,414
Federal Home Loan Bank advances		1,810,218					4,310,371					3,510,717
Long-term debt (1)		1,050,539					1,052,258					1,074,844
Accrued expenses and other liabilities		1,581,635					1,404,776					1,366,294
Total liabilities		64,931,650					65,758,517					61,226,156
Preferred stock		283,979					283,979					283,979
Common stockholders' equity		7,915,222					7,995,747					7,542,431
Total stockholders’ equity		8,199,201					8,279,726					7,826,410
Total Liabilities and Stockholders' Equity	$	73,130,851				$	74,038,243				$	69,052,566
(1) The classification of debt as long-term is based on the initial terms of greater than one year as of the date of issuance.

WEBSTER FINANCIAL CORPORATION Consolidated Statements of Income (unaudited)
	Three Months Ended September 30,										Nine Months Ended September 30,
(In thousands, except per share data)	2023					2022					2023					2022
Interest income:
Interest and fees on loans and leases	$	793,626				$	525,960				$	2,281,955				$	1,303,774
Interest and dividends on securities		137,146					91,569					412,704					237,297
Loans held for sale		17					40					454					73
Total interest income		930,789					617,569					2,695,113					1,541,144
Interest expense:
Deposits		293,955					37,492					695,625					57,350
Borrowings		49,698					29,074					233,240					51,883
Total interest expense		343,653					66,566					928,865					109,233
Net interest income		587,136					551,003					1,766,248					1,431,911
Provision for credit losses		36,500					36,531					114,747					237,619
Net interest income after provision for loan and lease losses		550,636					514,472					1,651,501					1,194,292
Non-interest income:
Deposit service fees		41,005					50,807					131,859					150,019
Loan and lease related fees		19,966					26,769					63,499					77,355
Wealth and investment services		7,254					11,419					21,232					33,260
Mortgage banking activities		42					86					230					616
Cash surrender value of life insurance policies		6,620					7,718					19,641					22,694
(Loss) on sale of investment securities, net		-					(2,234	)				(16,795	)				(2,234	)
Other income		15,495					19,071					30,856					56,894
Total non-interest income		90,382					113,636					250,522					338,604
Non-interest expense:
Compensation and benefits		180,333					173,983					526,838					545,641
Occupancy		18,617					23,517					59,042					93,725
Technology and equipment		55,261					45,283					151,442					142,182
Marketing		4,810					3,918					13,446					10,868
Professional and outside services		26,874					21,618					88,693					91,041
Intangible assets amortization		8,899					8,511					27,589					23,700
Loan workout expenses		579					580					1,759					1,992
Deposit insurance		13,310					8,026					39,356					19,996
Other expenses		53,895					44,635					130,969					118,938
Total non-interest expense		362,578					330,071					1,039,134					1,048,083
Income before income taxes		278,440					298,037					862,889					484,813
Income tax expense		51,965					64,069					180,442					85,281
Net income		226,475					233,968					682,447					399,532
Preferred stock dividends		(4,162	)				(4,162	)				(12,487	)				(11,756	)
Net income available to common stockholders	$	222,313				$	229,806				$	669,960				$	387,776
Weighted-average common shares outstanding - Diluted		171,350					173,944					172,326					165,813
Earnings per common share:
Basic	$	1.29				$	1.31				$	3.85				$	2.32
Diluted		1.28					1.31					3.85					2.32

WEBSTER FINANCIAL CORPORATION Five Quarter Consolidated Statements of Income (unaudited)
	Three Months Ended
(In thousands, except per share data)	September 30, 2023					June 30, 2023					March 31, 2023					December 31, 2022					September 30, 2022
Interest income:
Interest and fees on loans and leases	$	793,626				$	771,973				$	716,356				$	642,784				$	525,960
Interest and dividends on securities		137,146					161,002					114,556					100,804					91,569
Loans held for sale		17					421					16					5					40
Total interest income		930,789					933,396					830,928					743,593					617,569
Interest expense:
Deposits		293,955					251,466					150,204					81,202					37,492
Borrowings		49,698					98,101					85,441					60,016					29,074
Total interest expense		343,653					349,567					235,645					141,218					66,566
Net interest income		587,136					583,829					595,283					602,375					551,003
Provision for credit losses		36,500					31,498					46,749					43,000					36,531
Net interest income after provision for loan and lease losses		550,636					552,331					548,534					559,375					514,472
Non-interest income:
Deposit service fees		41,005					45,418					45,436					48,453					50,807
Loan and lease related fees		19,966					20,528					23,005					25,632					26,769
Wealth and investment services		7,254					7,391					6,587					7,017					11,419
Mortgage banking activities		42					129					59					89					86
Cash surrender value of life insurance policies		6,620					6,293					6,728					6,543					7,718
(Loss) on sale of investment securities, net		-					(48	)				(16,747	)				(4,517	)				(2,234	)
Other income		15,495					9,663					5,698					18,962					19,071
Total non-interest income		90,382					89,374					70,766					102,179					113,636
Non-interest expense:
Compensation and benefits		180,333					173,305					173,200					177,979					173,983
Occupancy		18,617					20,254					20,171					20,174					23,517
Technology and equipment		55,261					51,815					44,366					44,202					45,283
Marketing		4,810					5,160					3,476					5,570					3,918
Professional and outside services		26,874					29,385					32,434					26,489					21,618
Intangible assets amortization		8,899					9,193					9,497					8,240					8,511
Loan workout expenses		579					574					606					606					580
Deposit insurance		13,310					13,723					12,323					6,578					8,026
Other expenses		53,895					40,680					36,394					58,552					44,635
Total non-interest expense		362,578					344,089					332,467					348,390					330,071
Income before income taxes		278,440					297,616					286,833					313,164					298,037
Income tax expense		51,965					62,648					65,829					68,413					64,069
Net income		226,475					234,968					221,004					244,751					233,968
Preferred stock dividends		(4,162	)				(4,162	)				(4,163	)				(4,163	)				(4,162	)
Net income available to common stockholders	$	222,313				$	230,806				$	216,841				$	240,588				$	229,806
Weighted-average common shares outstanding - Diluted		171,350					172,803					172,883					172,699					173,944
Earnings per common share:
Basic	$	1.29				$	1.32				$	1.24				$	1.38				$	1.31
Diluted		1.28					1.32					1.24					1.38					1.31

WEBSTER FINANCIAL CORPORATION Consolidated Average Balances, Interest, Yields and Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
	Three Months Ended September 30,
	2023													2022
(Dollars in thousands)	Average balance				Interest					Yield/rate				Average balance			Interest				Yield/rate
Assets:
Interest-earning assets:
Loans and leases	$	50,912,188			$	804,930				6.20	%			$	46,229,678		$	532,062			4.52	%
Investment securities (1)		14,686,798				119,997				3.09					15,039,510			93,561			2.40
Federal Home Loan and Federal Reserve Bank stock		355,495				7,619				8.50					326,860			1,875			2.28
Interest-bearing deposits		1,187,096				16,132				5.32					585,807			3278			2.19
Loans held for sale		6,756				17				1.03					580			40			n/m
Total interest-earning assets		67,148,333			$	948,695				5.49	%				62,182,435		$	630,816			3.96	%
Non-interest-earning assets		6,459,493													5,823,755
Total Assets	$	73,607,826												$	68,006,190
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Demand deposits	$	11,335,734			$	-				-	%			$	13,590,667		$	-			-	%
Health savings accounts		8,235,632				3,126				0.15					7,854,425			1,146			0.06
Interest-bearing checking, money market and savings		32,673,899				214,891				2.61					29,798,562			33,808			0.45
Certificates of deposit and brokered deposits		7,342,757				75,938				4.10					2,716,885			2,538			0.37
Total deposits		59,588,022				293,955				1.96					53,960,539			37,492			0.28
Securities sold under agreements to repurchase and other borrowings		170,256				50				0.12					1,369,126			6,242			1.78
Federal Home Loan Bank advances		2,945,136				40,196				5.34					2,402,596			13,814			2.25
Long-term debt (1)		1,051,380				9,452				3.70					1,075,683			9,018			3.47
Total borrowings		4,166,772				49,698				4.72					4,847,405			29,074			2.38
Total interest-bearing liabilities		63,754,794			$	343,653				2.14	%				58,807,944		$	66,566			0.45	%
Non-interest-bearing liabilities		1,482,563													1,108,202
Total liabilities		65,237,357													59,916,146
Preferred stock		283,979													283,979
Common stockholders' equity		8,086,490													7,806,065
Total stockholders' equity		8,370,469													8,090,044
Total Liabilities and Stockholders' Equity	$	73,607,826												$	68,006,190
Tax-equivalent net interest income						605,042												564,250
Less: Tax-equivalent adjustments						(17,906	)											(13,247	)
Net interest income					$	587,136											$	551,003
Net interest margin										3.49	%										3.54	%
(1) For the purposes of average yield/rate and margin computations, unsettled trades on investment securities and unrealized gain (loss) balances on securities available-for-sale and senior fixed-rate notes hedges are excluded.

WEBSTER FINANCIAL CORPORATION Consolidated Average Balances, Interest, Yields and Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
	Nine Months Ended September 30,
	2023														2022
(Dollars in thousands)	Average balance				Interest					Yield/rate					Average balance			Interest				Yield/rate
Assets:
Interest-earning assets:
Loans and leases	$	50,733,691			$	2,313,030					6.02	%			$	42,125,526		$	1,317,941			4.14	%
Investment securities (1)		14,700,296				341,998					2.95					14,548,116			246,788			2.22
Federal Home Loan and Federal Reserve Bank stock		442,429				19,204					5.80					252,559			4,768			2.52
Interest-bearing deposits		1,872,657				71,536					5.04					623,866			4,711			1.00
Loans held for sale		35,982				454					1.68					12,160			73			0.80
Total interest-earning assets		67,785,055			$	2,746,222					5.30	%				57,562,227		$	1,574,281			3.60	%
Non-interest-earning assets		6,271,968														5,448,419
Total Assets	$	74,057,023													$	63,010,646
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Demand deposits	$	11,775,500			$	-					-	%			$	12,758,489		$	-			-	%
Health savings accounts		8,259,408				9,243					0.15					7,809,082			3,358			0.06
Interest-bearing checking, money market and savings		31,442,258				516,646					2.20					27,887,362			48,992			0.23
Certificates of deposit and brokered deposits		6,192,415				169,736					3.66					2,649,328			5,000			0.25
Total deposits		57,669,581				695,625					1.61					51,104,261			57,350			0.15
Securities sold under agreements to repurchase and other borrowings		430,989				7,940					2.43					1,006,391			9,876			1.29
Federal Home Loan Bank advances		5,104,372				196,878					5.09					1,198,754			17,034			1.87
Long-term debt (1)		1,061,643				28,422					3.68					1,017,120			24,973			3.40
Total borrowings		6,597,004				233,240					4.69					3,222,265			51,883			2.16
Total interest-bearing liabilities		64,266,585			$	928,865					1.93	%				54,326,526		$	109,233			0.27	%
Non-interest-bearing liabilities		1,462,723														1,043,313
Total liabilities		65,729,308														55,369,839
Preferred stock		283,979														268,202
Common stockholders' equity		8,043,736														7,372,605
Total stockholders' equity		8,327,715														7,640,807
Total Liabilities and Stockholders' Equity	$	74,057,023													$	63,010,646
Tax-equivalent net interest income						1,817,357													1,465,048
Less: Tax-equivalent adjustments						(51,109	)												(33,137	)
Net interest income					$	1,766,248												$	1,431,911
Net interest margin											3.49	%										3.35	%
(1) For the purposes of average yield/rate and margin computations, unsettled trades on investment securities and unrealized gain (loss) balances on securities available-for-sale and senior fixed-rate notes hedges are excluded.

WEBSTER FINANCIAL CORPORATION Five Quarter Loans and Leases (unaudited)
(Dollars in thousands)	September 30, 2023					June 30, 2023					March 31, 2023					December 31, 2022					September 30, 2022
Loans and Leases (actual):
Commercial non-mortgage	$	18,058,524				$	19,499,160				$	19,014,810				$	18,663,164				$	17,807,234
Asset-based lending		1,632,962					1,718,251					1,760,527					1,821,642					1,803,719
Commercial real estate		20,583,254					20,661,071					20,513,738					19,619,145					18,862,619
Residential mortgages		8,228,451					8,140,182					8,001,563					7,963,420					7,617,955
Consumer		1,584,955					1,607,384					1,635,885					1,697,055					1,732,348
Loans and Leases		50,088,146					51,626,048					50,926,523					49,764,426					47,823,875
Allowance for credit losses on loans and leases		(635,438	)				(628,911	)				(613,914	)				(594,741	)				(574,325	)
Loans and Leases, net	$	49,452,708				$	50,997,137				$	50,312,609				$	49,169,685				$	47,249,550
Loans and Leases (average):
Commercial non-mortgage	$	18,839,776				$	19,220,435				$	18,670,917				$	18,024,771				$	16,780,780
Asset-based lending		1,663,481					1,756,051					1,790,992					1,780,874					1,811,073
Commercial real estate		20,614,334					20,518,355					19,970,326					19,234,292					18,503,077
Residential mortgages		8,200,938					8,067,349					7,995,327					7,819,415					7,384,704
Consumer		1,593,659					1,622,525					1,667,630					1,715,513					1,750,044
Loans and Leases	$	50,912,188				$	51,184,715				$	50,095,192				$	48,574,865				$	46,229,678

WEBSTER FINANCIAL CORPORATION Five Quarter Nonperforming Assets and Past Due Loans and Leases (unaudited)
(Dollars in thousands)	September 30, 2023				June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022
Nonperforming loans and leases:
Commercial non-mortgage	$	121,067			$	109,279			$	86,537			$	89,416			$	80,002
Asset-based lending		10,350				9,450				9,450				20,046				25,115
Commercial real estate		31,004				47,972				35,832				41,580				49,054
Residential mortgages		27,312				26,751				25,096				25,613				25,563
Consumer		25,320				25,417				28,105				27,136				29,782
Total nonperforming loans and leases	$	215,053			$	218,869			$	185,020			$	203,791			$	209,516
Other real estate owned and repossessed assets:
Commercial non-mortgage	$	2,687			$	2,152			$	153			$	78			$	-
Residential mortgages		662				662				662				2,024				2,024
Consumer		-				532				716				243				87
Total other real estate owned and repossessed assets	$	3,349			$	3,346			$	1,531			$	2,345			$	2,111
Total nonperforming assets	$	218,402			$	222,215			$	186,551			$	206,136			$	211,627
Past due 30-89 days:
Commercial non-mortgage	$	38,875			$	32,074			$	9,645			$	20,248			$	17,440
Asset-based lending		-				-				-				5,921				-
Commercial real estate		3,631				1,970				17,115				26,147				6,050
Residential mortgages		16,208				10,583				10,710				11,385				12,577
Consumer		12,016				6,718				6,110				9,194				9,656
Total past due 30-89 days	$	70,730			$	51,345			$	43,580			$	72,895			$	45,723
Past due 90 days or more and accruing		138				29				602				770				711
Total past due loans and leases	$	70,868			$	51,374			$	44,182			$	73,665			$	46,434

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)	September 30, 2023				June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022
ACL on loans and leases, beginning balance	$	628,911			$	613,914			$	594,741			$	574,325			$	571,499
Adoption of ASU No. 2022-02		-				-				5,873				-				-
Provision		35,839				35,249				37,821				40,649				31,352
Charge-offs:
Commercial portfolio		27,360				21,945				26,410				21,499				31,356
Consumer portfolio		3,642				1,085				1,098				1,193				1,453
Total charge-offs		31,002				23,030				27,508				22,692				32,809
Recoveries:
Commercial portfolio		292				1,024				1,574				895				1,413
Consumer portfolio		1,398				1,754				1,413				1,564				2,870
Total recoveries		1,690				2,778				2,987				2,459				4,283
Total net charge-offs		29,312				20,252				24,521				20,233				28,526
ACL on loans and leases, ending balance	$	635,438			$	628,911			$	613,914			$	594,741			$	574,325
ACL on unfunded loan commitments, ending balance		23,040				22,366				26,051				27,707				25,329
Total ACL, ending balance	$	658,478			$	651,277			$	639,965			$	622,448			$	599,654

WEBSTER FINANCIAL CORPORATION Reconciliations to GAAP Financial Measures

The Company evaluates its business based on certain ratios that utilize non-GAAP financial measures. The Company believes the use of these non-GAAP financial measures provides additional clarity in assessing the results and financial position of the Company. Other companies may define or calculate supplemental financial data differently.

The efficiency ratio, which measures the costs expended to generate a dollar of revenue, is calculated excluding certain non-operational items. Return on average tangible common stockholders' equity (ROATCE) measures the Company’s net income available to common stockholders, adjusted for the tax-effected amortization of intangible assets, as a percentage of average stockholders’ equity less average preferred stock and average goodwill and net intangible assets. The tangible equity ratio represents stockholders’ equity less goodwill and net intangible assets divided by total assets less goodwill and net intangible assets. The tangible common equity ratio represents stockholders’ equity less preferred stock and goodwill and net intangible assets divided by total assets less goodwill and net intangible assets. Tangible book value per common share represents stockholders’ equity less preferred stock and goodwill and net intangible assets divided by common shares outstanding at the end of the period. Core deposits express total deposits less certificates of deposit and brokered certificates of deposit. Adjusted net income available to common stockholders, adjusted diluted earnings per share (EPS), adjusted ROATCE, and adjusted return on average assets (ROAA) are calculated by excluding after tax merger-related expenses.

See the tables below for reconciliations of these non-GAAP financial measures with financial measures defined by GAAP.

		At or for the Three Months Ended
(In thousands, except per share data)	September 30, 2023					June 30, 2023					March 31, 2023					December 31, 2022					September 30, 2022
Efficiency ratio:
Non-interest expense	$	362,578				$	344,089				$	332,467				$	348,390				$	330,071
Less: Foreclosed property activity		(492	)				(432	)				(262	)				(80	)				(393	)
Intangible assets amortization		8,899					9,193					9,497					8,240					8,511
Operating lease depreciation		1,146					1,639					1,884					2,021					2,115
Strategic initiatives and other (1)		-					-					-					143					11,617
Merger related		61,625					40,840					29,373					45,790					25,536
Non-interest expense	$	291,400				$	292,849				$	291,975				$	292,276				$	282,685
Net interest income	$	587,136				$	583,829				$	595,283				$	602,375				$	551,003
Add: Tax-equivalent adjustment		17,906					17,292					15,911					13,991					13,247
Non-interest income		90,382					89,374					70,766					102,179					113,636
Other income (2)		3,614					5,035					4,311					4,814					11,186
Less: Operating lease depreciation		1,146					1,639					1,884					2,021					2,115
(Loss) on sale of investment securities, net		-					(48	)				(16,747	)				(4,517	)				(2,234	)
Other (3)		-					-					-					-					2,548
Income	$	697,892				$	693,939				$	701,134				$	725,855				$	686,643
Efficiency ratio		41.75		%			42.20		%			41.64		%			40.27		%			41.17		%
Return on average tangible common stockholders' equity:
Net income	$	226,475				$	234,968				$	221,004				$	244,751				$	233,968
Less: Preferred stock dividends		4,162					4,162					4,163					4,163					4,162
Add: Intangible assets amortization, tax-effected		7,030					7,262					7,503					6,510					6,724
Adjusted income	$	229,343				$	238,068				$	224,344				$	247,098				$	236,530
Adjusted income, annualized basis	$	917,372				$	952,272				$	897,376				$	988,392				$	946,120
Average stockholders' equity	$	8,370,469				$	8,395,298				$	8,215,676				$	7,960,900				$	8,090,044
Less: Average preferred stock		283,979					283,979					283,979					283,979					283,979
Average goodwill and other intangible assets, net		2,847,560					2,856,581					2,849,673					2,716,981					2,725,200
Average tangible common stockholders' equity	$	5,238,930				$	5,254,738				$	5,082,024				$	4,959,940				$	5,080,865
Return on average tangible common stockholders' equity		17.51		%			18.12		%			17.66		%			19.93		%			18.62		%
(1) Strategic initiatives and other for the three months ended September 30, 2022, primarily includes a contribution to the Webster foundation of $10.5 million (presented within Other non-interest expense on the Consolidated Statements of Income).
(2) Other income includes the taxable equivalent of net income generated from low income housing tax-credit investments.
(3) Other for the three months ended September 30, 2022, includes of a gain related to the early termination of repurchase agreements.

WEBSTER FINANCIAL CORPORATION Reconciliations to GAAP Financial Measures (continued)
	At or for the Three Months Ended
(In thousands, except per share data)	September 30, 2023				June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022
Tangible equity:
Stockholders' equity	$	8,199,201			$	8,279,726			$	8,294,294			$	8,056,186			$	7,826,410
Less: Goodwill and other intangible assets, net		2,843,217				2,852,117				2,861,310				2,713,446				2,721,040
Tangible stockholders' equity	$	5,355,984			$	5,427,609			$	5,432,984			$	5,342,740			$	5,105,370
Total assets	$	73,130,851			$	74,038,243			$	74,844,395			$	71,277,521			$	69,052,566
Less: Goodwill and other intangible assets, net		2,843,217				2,852,117				2,861,310				2,713,446				2,721,040
Tangible assets	$	70,287,634			$	71,186,126			$	71,983,085			$	68,564,075			$	66,331,526
Tangible equity		7.62	%			7.62	%			7.55	%			7.79	%			7.70	%
Tangible common equity:
Tangible stockholders' equity	$	5,355,984			$	5,427,609			$	5,432,984			$	5,342,740			$	5,105,370
Less: Preferred stock		283,979				283,979				283,979				283,979				283,979
Tangible common stockholders' equity	$	5,072,005			$	5,143,630			$	5,149,005			$	5,058,761			$	4,821,391
Tangible assets	$	70,287,634			$	71,186,126			$	71,983,085			$	68,564,075			$	66,331,526
Tangible common equity		7.22	%			7.23	%			7.15	%			7.38	%			7.27	%
Tangible book value per common share:
Tangible common stockholders' equity	$	5,072,005			$	5,143,630			$	5,149,005			$	5,058,761			$	4,821,391
Common shares outstanding		172,056				173,261				174,712				174,008				174,116
Tangible book value per common share	$	29.48			$	29.69			$	29.47			$	29.07			$	27.69
Core deposits:
Total deposits	$	60,331,767			$	58,747,532			$	55,297,479			$	54,054,340			$	54,008,887
Less: Certificates of deposit		5,150,139				4,743,204				3,855,406				2,729,332				2,311,484
Brokered certificates of deposit		2,337,380				2,542,854				674,373				1,431,617				258,110
Core deposits	$	52,844,248			$	51,461,474			$	50,767,700			$	49,893,391			$	51,439,293
	Three months ended September 30, 2023
Adjusted ROATCE:
Net income	$	226,475
Less: Preferred stock dividends		4,162
Add: Intangible assets amortization, tax-effected		7,030
Merger related, tax-effected		45,116
Adjusted income	$	274,459
Adjusted income, annualized basis	$	1,097,836
Average stockholders' equity	$	8,370,469
Less: Average preferred stock		283,979
Average goodwill and other intangible assets, net		2,847,560
Average tangible common stockholders' equity	$	5,238,930
Adjusted return on average tangible common stockholders' equity		20.96	%
Adjusted ROAA:
Net income	$	226,475
Add: Merger related, tax-effected		45,116
Adjusted income	$	271,591
Adjusted income, annualized basis	$	1,086,364
Average assets	$	73,607,826
Adjusted return on average assets		1.48	%
GAAP to adjusted reconciliation:
	Three months ended September 30, 2023
(In millions, except per share data)	Pre-Tax Income				Net Income Available to Common Stockholders				Diluted EPS
Reported (GAAP)	$	278.4			$	222.3			$	1.28
Merger related		61.6				45.1				0.27
Adjusted (non-GAAP)	$	340.0			$	267.4			$	1.55

 

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The Webster Financial (Conn) Stock at the time of publication of the news with a raise of 0,00 % to 37,40EUR on Lang & Schwarz stock exchange (19. Oktober 2023, 13:34 Uhr).