Webster Reports Fourth Quarter 2023 EPS of $1.05; Adjusted EPS of $1.46

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.

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)		2023		2022			(Unfavorable)
Net interest income		$	377,725	$	392,340			(3.7	)%
Non-interest income			34,403		42,767			(19.6	)
Operating revenue			412,128		435,107			(5.3	)
Non-interest expense			109,893		103,725			(5.9	)
Pre-tax, pre-provision net revenue		$	302,235	$	331,382			(8.8	)
							Percent
		At December 31,					Increase/
(In millions)		2023		2022			(Decrease)
Loans and leases		$	40,934	$	40,115			2.0	%
Deposits			18,246		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.

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)		2023		2022			(Unfavorable)
Net interest income		$	78,036	$	65,447			19.2	%
Non-interest income			20,224		25,234			(19.9	)
Operating revenue			98,260		90,681			8.4
Non-interest expense			41,947		40,655			(3.2	)
Pre-tax, net revenue		$	56,313	$	50,026			12.6
							Percent
		At December 31,					Increase/
(Dollars in millions)		2023		2022			(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.

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)		2023		2022			(Unfavorable)
Net interest income		$	188,130	$	209,077			(10.0	)%
Non-interest income			25,734		27,150			(5.2	)
Operating revenue			213,864		236,227			(9.5	)
Non-interest expense			103,819		113,669			8.7
Pre-tax, pre-provision net revenue		$	110,045	$	122,558			(10.2	)
		At December 31,					Percent
(In millions)		2023		2022			Increase
Loans		$	9,781	$	9,624			1.6	%
Deposits			24,060		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.

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.

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.

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" section 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 $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.

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.

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.

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 stockholders		181,230			222,313			230,806			216,841			240,588
Earnings per diluted common share		1.05			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 revenue		10.05			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 assets		218,600			218,402			222,215			186,551			206,136
Allowance for credit losses on loans and leases / total loans and leases		1.25	%		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 leases		0.41			0.43			0.42			0.36			0.41
Nonperforming assets / total loans and leases plus other real estate owned and repossessed assets		0.43			0.44			0.43			0.37			0.41
Allowance for credit losses on loans and leases / nonperforming loans and leases		303.39			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 assets		11.60			11.21			11.18			11.08			11.30
Net interest margin		3.42			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 share		48.87			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 price		50.76			40.31			37.75			39.42			47.34
Dividends declared per common share		0.40			0.40			0.40			0.40			0.40
Common shares issued and outstanding		172,022			172,056			173,261			174,712			174,008
Weighted-average common shares outstanding - Basic		170,415			171,210			172,739			172,766			172,522
Weighted-average common shares outstanding - Diluted		170,623			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.

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 deposits		1,286,472				1,766,431				575,825
Investment securities:
Available-for-sale		8,959,729				7,653,391				7,892,697
Held-to-maturity, net		7,074,588				6,875,772				6,564,697
Total investment securities, net		16,034,317				14,529,163				14,457,394
Loans held for sale		6,541				46,267				1,991
Loans and leases:
Commercial		19,772,102				19,691,486				20,484,806
Commercial real estate		21,157,732				20,583,254				19,619,145
Residential mortgages		8,227,923				8,228,451				7,963,420
Consumer		1,568,295				1,584,955				1,697,055
Total loans and leases		50,726,052				50,088,146				49,764,426
Allowance for credit losses on loans and leases		(635,737	)			(635,438	)			(594,741	)
Loans and leases, net		50,090,315				49,452,708				49,169,685
Federal Home Loan Bank and Federal Reserve Bank stock		326,882				306,085				445,900
Premises and equipment, net		429,561				431,698				430,184
Goodwill and other intangible assets, net		2,834,600				2,843,217				2,713,446
Cash surrender value of life insurance policies		1,247,938				1,242,648				1,229,169
Deferred tax assets, net		369,212				478,926				371,634
Accrued interest receivable and other assets		1,890,088				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 accounts		8,287,889				8,229,889				7,944,892
Interest-bearing checking		8,994,095				8,826,265				9,237,529
Money market		17,662,826				17,755,198				11,062,652
Savings		6,642,499				6,622,833				8,673,343
Certificates of deposit		5,574,048				5,150,139				2,729,332
Brokered certificates of deposit		2,890,411				2,337,380				1,431,617
Total deposits		60,784,284				60,331,767				54,054,340
Securities sold under agreements to repurchase and other borrowings		458,387				157,491				1,151,830
Federal Home Loan Bank advances		2,360,018				1,810,218				5,460,552
Long-term debt (1)		1,048,820				1,050,539				1,073,128
Accrued expenses and other liabilities		1,603,744				1,581,635				1,481,485
Total liabilities		66,255,253				64,931,650				63,221,335
Preferred stock		283,979				283,979				283,979
Common stockholders' equity		8,406,017				7,915,222				7,772,207
Total stockholders’ equity		8,689,996				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.

WEBSTER FINANCIAL CORPORATION Consolidated Statements of Income (unaudited)
		Three Months Ended December 31,								Twelve Months Ended December 31,
(In thousands, except per share data)		2023				2022				2023				2022
Interest income:
Interest and fees on loans and leases	$	789,423			$	642,784			$	3,071,378			$	1,946,558
Interest and dividends on investment securities		143,444				100,804				556,148				338,101
Loans held for sale		280				5				734				78
Total interest income		933,147				743,593				3,628,260				2,284,737
Interest expense:
Deposits		325,793				81,202				1,021,418				138,552
Borrowings		36,333				60,016				269,573				111,899
Total interest expense		362,126				141,218				1,290,991				250,451
Net interest income		571,021				602,375				2,337,269				2,034,286
Provision for credit losses		36,000				43,000				150,747				280,619
Net interest income after provision for loan and lease losses		535,021				559,375				2,186,522				1,753,667
Non-interest income:
Deposit service fees		37,459				48,453				169,318				198,472
Loan and lease related fees		21,362				25,632				84,861				102,987
Wealth and investment services		7,767				7,017				28,999				40,277
Mortgage banking activities		1,010				89				1,240				705
Cash surrender value of life insurance policies		6,587				6,543				26,228				29,237
(Loss) on sale of investment securities		(16,825	)			(4,517	)			(33,620	)			(6,751	)
Other income		6,455				18,962				37,311				75,856
Total non-interest income		63,815				102,179				314,337				440,783
Non-interest expense:
Compensation and benefits		184,914				177,979				711,752				723,620
Occupancy		18,478				20,174				77,520				113,899
Technology and equipment		46,486				44,202				197,928				186,384
Marketing		5,176				5,570				18,622				16,438
Professional and outside services		18,804				26,489				107,497				117,530
Intangible assets amortization		8,618				8,240				36,207				31,940
Deposit insurance		58,725				6,578				98,081				26,574
Other expenses		36,020				59,158				168,748				180,088
Total non-interest expense		377,221				348,390				1,416,355				1,396,473
Income before income taxes		221,615				313,164				1,084,504				797,977
Income tax expense		36,222				68,413				216,664				153,694
Net income		185,393				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 - Diluted		170,623				172,699				171,883				167,547
Earnings per common share:
Basic	$	1.05			$	1.38			$	4.91			$	3.72
Diluted		1.05				1.38				4.91				3.72

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 securities		143,444				137,146				161,002				114,556				100,804
Loans held for sale		280				17				421				16				5
Total interest income		933,147				930,789				933,396				830,928				743,593
Interest expense:
Deposits		325,793				293,955				251,466				150,204				81,202
Borrowings		36,333				49,698				98,101				85,441				60,016
Total interest expense		362,126				343,653				349,567				235,645				141,218
Net interest income		571,021				587,136				583,829				595,283				602,375
Provision for credit losses		36,000				36,500				31,498				46,749				43,000
Net interest income after provision for loan and lease losses		535,021				550,636				552,331				548,534				559,375
Non-interest income:
Deposit service fees		37,459				41,005				45,418				45,436				48,453
Loan and lease related fees		21,362				19,966				20,528				23,005				25,632
Wealth and investment services		7,767				7,254				7,391				6,587				7,017
Mortgage banking activities		1,010				42				129				59				89
Cash surrender value of life insurance policies		6,587				6,620				6,293				6,728				6,543
(Loss) on sale of investment securities		(16,825	)			-				(48	)			(16,747	)			(4,517	)
Other income		6,455				15,495				9,663				5,698				18,962
Total non-interest income		63,815				90,382				89,374				70,766				102,179
Non-interest expense:
Compensation and benefits		184,914				180,333				173,305				173,200				177,979
Occupancy		18,478				18,617				20,254				20,171				20,174
Technology and equipment		46,486				55,261				51,815				44,366				44,202
Marketing		5,176				4,810				5,160				3,476				5,570
Professional and outside services		18,804				26,874				29,385				32,434				26,489
Intangible assets amortization		8,618				8,899				9,193				9,497				8,240
Deposit insurance		58,725				13,310				13,723				12,323				6,578
Other expenses		36,020				54,474				41,254				37,000				59,158
Total non-interest expense		377,221				362,578				344,089				332,467				348,390
Income before income taxes		221,615				278,440				297,616				286,833				313,164
Income tax expense		36,222				51,965				62,648				65,829				68,413
Net income		185,393				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 - Diluted		170,623				171,350				172,803				172,883				172,699
Earnings per common share:
Basic	$	1.05			$	1.29			$	1.32			$	1.24			$	1.38
Diluted		1.05				1.28				1.32				1.24				1.38

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,
		2023													2022
(Dollars in thousands)		Average balance			Interest				Yield/rate						Average balance			Interest			Yield/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 stock		308,505			5,581				7.18						399,497			4,007			3.98
Interest-bearing deposits		649,104			8,939				5.39						516,930			4,940			3.74
Loans held for sale		7,130			280				n/m						2,964			5			0.73
Total interest-earning assets		66,570,619		$	950,977				5.54	%					63,965,429		$	757,584			4.60	%
Non-interest-earning assets		6,561,444													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 accounts		8,219,431			3,123				0.15						7,878,486			2,957			0.15
Interest-bearing checking, money market and savings		33,156,966			239,875				2.87						29,390,078			66,279			0.89
Certificates of deposit and brokered deposits		7,538,131			82,795				4.36						3,399,857			11,966			1.40
Total deposits		59,981,649			325,793				2.15						54,039,495			81,202			0.60
Securities sold under agreements to repurchase and other borrowings		221,437			1,162				2.05						1,237,132			9,183			2.90
Federal Home Loan Bank advances		1,815,493			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 borrowings		3,086,585			36,333				4.68						6,552,134			60,016			3.62
Total interest-bearing liabilities		63,068,234		$	362,126				2.28	%					60,591,629		$	141,218			0.92	%
Non-interest-bearing liabilities		1,751,031													1,407,251
Total liabilities		64,819,265													61,998,880
Preferred stock		283,979													283,979
Common stockholders' equity		8,028,819													7,676,921
Total stockholders' equity		8,312,798													7,960,900
Total liabilities and stockholders' equity	$	73,132,063												$	69,959,780
Tax-equivalent net interest income					588,851													616,366
Less: Tax-equivalent adjustments					(17,830	)												(13,991	)
Net interest income				$	571,021												$	602,375
Net interest margin									3.42	%											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.

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,
		2023													2022
(Dollars in thousands)		Average balance			Interest				Yield/rate						Average balance			Interest			Yield/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 stock		408,673			24,785				6.06						289,595			8,775			3.03
Interest-bearing deposits		1,564,255			80,475				5.14						596,912			9,651			1.62
Loans held for sale		28,710			734				2.56						9,842			78			0.80
Total interest-earning assets		67,478,951		$	3,697,199				5.42	%					59,176,183		$	2,331,865			3.91	%
Non-interest-earning assets		6,344,931													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 accounts		8,249,332			12,366				0.15						7,826,576			6,315			0.08
Interest-bearing checking, money market and savings		31,874,457			756,521				2.37						28,266,128			115,271			0.41
Certificates of deposit and brokered deposits		6,531,610			252,531				3.87						2,838,502			16,966			0.60
Total deposits		58,252,348			1,021,418				1.75						51,844,100			138,552			0.27
Securities sold under agreements to repurchase and other borrowings		378,171			9,102				2.41						1,064,551			19,059			1.79
Federal Home Loan Bank advances		4,275,394			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 borrowings		5,712,186			269,573				4.74						4,061,574			111,899			2.78
Total interest-bearing liabilities		63,964,534		$	1,290,991				2.02	%					55,905,674		$	250,451			0.45	%
Non-interest-bearing liabilities		1,535,393													1,135,046
Total liabilities		65,499,927													57,040,720
Preferred stock		283,979													272,179
Common stockholders' equity		8,039,976													7,449,309
Total stockholders' equity		8,323,955													7,721,488
Total liabilities and stockholders' equity	$	73,823,882												$	64,762,208
Tax-equivalent net interest income					2,406,208													2,081,414
Less: Tax-equivalent adjustments					(68,939	)												(47,128	)
Net interest income				$	2,337,269												$	2,034,286
Net interest margin									3.52	%											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.

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 lending		1,557,841				1,632,962				1,718,251				1,760,527				1,821,642
Commercial real estate		21,157,732				20,583,254				20,661,071				20,513,738				19,619,145
Residential mortgages		8,227,923				8,228,451				8,140,182				8,001,563				7,963,420
Consumer		1,568,295				1,584,955				1,607,384				1,635,885				1,697,055
Loans and leases		50,726,052				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 lending		1,588,350				1,663,481				1,756,051				1,790,992				1,780,874
Commercial real estate		20,764,834				20,614,334				20,518,355				19,970,326				19,234,292
Residential mortgages		8,240,390				8,200,938				8,067,349				7,995,327				7,819,415
Consumer		1,577,349				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

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 lending		35,090			10,350			9,450			9,450			20,046
Commercial real estate		11,314			31,004			47,972			35,832			41,580
Residential mortgages		5,591			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
Consumer		102			-			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 estate		9,002			3,491			1,970			17,115			26,147
Residential mortgages		21,047			16,208			10,583			10,710			11,385
Consumer		9,417			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 accruing		52			138			29			602			770
Total past due loans and leases	$	46,589		$	70,728		$	51,374		$	44,182		$	73,665

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)		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			-
Provision		34,300			35,839			35,249			37,821			40,649
Charge-offs:
Commercial portfolio		28,794			27,360			21,945			26,410			21,499
Consumer portfolio		6,878			3,642			1,085			1,098			1,193
Total charge-offs		35,672			31,002			23,030			27,508			22,692
Recoveries:
Commercial portfolio		396			292			1,024			1,574			895
Consumer portfolio		1,275			1,398			1,754			1,413			1,564
Total recoveries		1,671			1,690			2,778			2,987			2,459
Total net charge-offs		34,001			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 balance		24,734			23,040			22,366			26,051			27,707
Total ACL, ending balance	$	660,471		$	658,478		$	651,277		$	639,965		$	622,448

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 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 by 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.

		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 amortization		8,618			8,899			9,193			9,497			8,240
Operating lease depreciation		900			1,146			1,639			1,884			2,021
FDIC special assessment		47,164			-			-			-			-
Merger related expense		30,679			61,625			40,840			29,373			45,790
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 adjustment		17,830			17,906			17,292			15,911			13,991
Non-interest income		63,815			90,382			89,374			70,766			102,179
Other income (1)		5,099			3,614			5,035			4,311			4,814
Less: Operating lease depreciation		900			1,146			1,639			1,884			2,021
(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 dividends		4,163			4,162			4,162			4,163			4,163
Add: Intangible assets amortization, tax-effected		6,808			7,030			7,262			7,503			6,510
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		283,979			283,979			283,979			283,979			283,979
Average goodwill and other intangible assets, net		2,838,770			2,847,560			2,856,581			2,849,673			2,716,981
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' equity		14.49	%		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.

		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, net		2,834,600			2,843,217			2,852,117			2,861,310			2,713,446
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, net		2,834,600			2,843,217			2,852,117			2,861,310			2,713,446
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		283,979			283,979			283,979			283,979			283,979
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 outstanding		172,022			172,056			173,261			174,712			174,008
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 deposit		5,574,048			5,150,139			4,743,204			3,855,406			2,729,332
Brokered certificates of deposit		2,890,411			2,337,380			2,542,854			674,373			1,431,617
Core deposits	$	52,319,825		$	52,844,248		$	51,461,474		$	50,767,700		$	49,893,391

		Three months ended December 31, 2023
Adjusted ROATCE:
Net income	$	185,393
Less: Preferred stock dividends		4,163
Add: Intangible assets amortization, tax-effected		6,808
FDIC special assessment, tax-effected		34,509
Merger related expense, tax-effected		22,447
Loss on sale of investment securities, tax-effected		12,310
Adjusted income	$	257,304
Adjusted income, annualized basis	$	1,029,216
Average stockholders' equity	$	8,312,798
Less: Average preferred stock		283,979
Average goodwill and other intangible assets, net		2,838,770
Average tangible common stockholders' equity	$	5,190,049
Adjusted return on average tangible common stockholders' equity		19.83	%
Adjusted ROAA:
Net income	$	185,393
Add: FDIC special assessment, tax-effected		34,509
Merger related expense, tax-effected		22,447
Loss on sale of investment securities, tax-effected		12,310
Adjusted income	$	254,659
Adjusted income, annualized basis	$	1,018,636
Average assets	$	73,132,063
Adjusted return on average assets		1.39	%

GAAP to adjusted reconciliation:
	Three months ended December 31, 2023
(In millions, except per share data)		Pre-Tax Income			Net Income Available to Common Stockholders			Diluted EPS
Reported (GAAP)	$	221.6		$	181.2		$	1.05
FDIC special assessment		47.2			34.5			0.21
Merger related expense		30.7			22.5			0.13
Loss on sale of investment securities		16.8			12.3			0.07
Adjusted (non-GAAP)	$	316.3		$	250.5		$	1.46

 

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The Webster Financial (Conn) Stock at the time of publication of the news with a raise of +0,43 % to 47,20EUR on Lang & Schwarz stock exchange (23. Januar 2024, 13:34 Uhr).