Webster Financial Corp (Conn)

WBS

Equity

ISIN US9478901096 / Valor 984791

New York Stock Exchange, Inc (2024-12-24)

USD 55.58+0.34%

Webster Financial Corp (Conn)
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About company

Webster Financial Corp (Conn) is a prominent commercial bank with over $70 billion in assets, providing financial solutions to businesses, individuals, families, and partners. The company offers a range of services through its distinct lines of business, including Commercial Banking, Consumer Banking, and HSA Bank, which is known as one of the largest providers of employee benefits solutions in the country. Webster Financial Corp (Conn) focuses on delivering both digital and traditional service delivery to meet the diverse needs of its customers.

Summarized from source with an LLMView SourceSector: Finance

Net Income and EPS

Webster Financial Corp (Conn) reported net income available to common stockholders of $188.8 million, or $1.10 per diluted share, for the third quarter of 2024. This is a decrease from the $222.3 million, or $1.28 per diluted share, reported for the same quarter in 2023. The third quarter 2024 results included $56.2 million pre-tax in securities repositioning net losses and strategic restructuring costs. Excluding these items, the adjusted earnings per diluted share would have been $1.34.

Revenue and Loan Growth

For the third quarter of 2024, Webster Financial Corp (Conn) achieved a revenue of $647.6 million. The period-end loans and leases balance was $51.9 billion, reflecting an increase of $0.4 billion or 0.7 percent from the prior quarter. Excluding a $0.3 billion strategic repositioning through a commercial real estate securitization, loans grew by 1.3 percent.

Deposit Growth

Webster Financial Corp (Conn) reported a period-end deposits balance of $64.5 billion for the third quarter of 2024, which is an increase of $2.2 billion or 3.6 percent from the prior quarter. The core deposit growth was $2.6 billion from the prior quarter, with $1.1 billion of growth attributed to seasonal public funds inflows.

Net Interest Income

In the third quarter of 2024, Webster Financial Corp (Conn) reported net interest income of $589.9 million, compared to $587.1 million in the third quarter of 2023. The net interest margin was 3.36 percent, up 4 basis points from the prior quarter. The yield on interest-earning assets increased by 20 basis points, while the cost of interest-bearing liabilities increased by 35 basis points.

Provision for Credit Losses

The provision for credit losses for Webster Financial Corp (Conn) in the third quarter of 2024 was $54.0 million. This contributed to an $18.4 million increase in the allowance for credit losses on loans and leases from the prior quarter. The allowance for credit losses on loans and leases represented 1.32 percent of total loans and leases, compared to 1.30 percent at June 30, 2024.

Summarized from source with an LLMView Source

Key figures

9.71%1Y

0.54%3Y

4.20%5Y

Performance

36.5%1Y

38.1%3Y

48.3%5Y

Volatility