Delaware | 001-31486 | 06-1187536 | ||||||||||||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | WBS | New York Stock Exchange | ||||||
Depositary Shares, each representing 1/1000th interest in a share of 5.25% Series F Non-Cumulative Perpetual Preferred Stock | WBS-PrF | New York Stock Exchange | ||||||
Depositary Shares, each representing 1/40th interest in a share of 6.50% Series G Non-Cumulative Perpetual Preferred Stock | WBS-PrG | New York Stock Exchange |
Item 2.02 | Results of Operations and Financial Condition |
Item 7.01 | Regulation FD Disclosure |
Item 9.01 | Financial Statements and Exhibits |
Exhibit Number |
Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
WEBSTER FINANCIAL CORPORATION | |||||||||||
(Registrant) | |||||||||||
Date: July 23, 2024 | /s/ Albert J. Wang | ||||||||||
Albert J. Wang | |||||||||||
Executive Vice President and Chief Accounting Officer |
Percent | |||||||||||||||||||||||
Three months ended June 30, | Favorable/ | ||||||||||||||||||||||
(In thousands) | 2024 | 2023 | (Unfavorable) | ||||||||||||||||||||
Net interest income | $337,588 | $359,378 | (6.1) | % | |||||||||||||||||||
Non-interest income | 34,510 | 30,030 | 14.9 | ||||||||||||||||||||
Operating revenue | 372,098 | 389,408 | (4.4) | ||||||||||||||||||||
Non-interest expense | 104,588 | 100,074 | (4.5) | ||||||||||||||||||||
Pre-tax, pre-provision net revenue | $267,510 | $289,334 | (7.5) | ||||||||||||||||||||
Percent | |||||||||||||||||||||||
At June 30, | Increase/ | ||||||||||||||||||||||
(In millions) | 2024 | 2023 | (Decrease) | ||||||||||||||||||||
Loans and leases | $40,331 | $40,477 | (0.4) | % | |||||||||||||||||||
Deposits | 15,464 | 16,033 | (3.5) | ||||||||||||||||||||
AUA / AUM (off balance sheet) | 2,948 | 2,757 | 6.9 |
Percent | |||||||||||||||||||||||
Three months ended June 30, | Favorable/ | ||||||||||||||||||||||
(In thousands) | 2024 | 2023 | (Unfavorable) | ||||||||||||||||||||
Net interest income | $91,664 | $75,421 | 21.5 | % | |||||||||||||||||||
Non-interest income | 27,465 | 23,023 | 19.3 | ||||||||||||||||||||
Operating revenue | 119,129 | 98,444 | 21.0 | ||||||||||||||||||||
Non-interest expense | 51,267 | 42,643 | (20.2) | ||||||||||||||||||||
Pre-tax, net revenue | $67,862 | $55,801 | 21.6 | ||||||||||||||||||||
At June 30, | Percent | ||||||||||||||||||||||
(Dollars in millions) | 2024 | 2023 | Increase | ||||||||||||||||||||
Number of accounts (thousands) |
3,337 | 3,177 | 5.0 | % | |||||||||||||||||||
Deposits | $9,392 | $8,208 | 14.4 | ||||||||||||||||||||
Linked investment accounts (off balance sheet) | 5,522 | 4,123 | 33.9 | ||||||||||||||||||||
Total footings | $14,914 | $12,331 | 20.9 |
Percent | |||||||||||||||||||||||
Three months ended June 30, | Favorable/ | ||||||||||||||||||||||
(In thousands) | 2024 | 2023 | (Unfavorable) | ||||||||||||||||||||
Net interest income | $202,679 | $228,683 | (11.4) | % | |||||||||||||||||||
Non-interest income | 24,392 | 31,102 | (21.6) | ||||||||||||||||||||
Operating revenue | 227,071 | 259,785 | (12.6) | ||||||||||||||||||||
Non-interest expense | 115,905 | 119,388 | 2.9 | ||||||||||||||||||||
Pre-tax, pre-provision net revenue | $111,166 | $140,397 | (20.8) | ||||||||||||||||||||
At June 30, | Percent | ||||||||||||||||||||||
(In millions) | 2024 | 2023 | Increase | ||||||||||||||||||||
Loans | $11,239 | $11,124 | 1.0 | % | |||||||||||||||||||
Deposits | 27,108 | 26,191 | 3.5 | ||||||||||||||||||||
AUA (off balance sheet) | 7,976 | 7,848 | 1.6 |
WEBSTER FINANCIAL CORPORATION
Selected Financial Highlights (unaudited)
|
|||||||||||||||||||||||||||||
At or for the Three Months Ended | |||||||||||||||||||||||||||||
(In thousands, except per share data) | June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||||||||||||||||||||
Income and performance ratios: | |||||||||||||||||||||||||||||
Net income | $ | 181,633 | $ | 216,323 | $ | 185,393 | $ | 226,475 | $ | 234,968 | |||||||||||||||||||
Net income available to common stockholders | 177,471 | 212,160 | 181,230 | 222,313 | 230,806 | ||||||||||||||||||||||||
Earnings per diluted common share | 1.03 | 1.23 | 1.05 | 1.28 | 1.32 | ||||||||||||||||||||||||
Return on average assets (annualized) | 0.96 | % | 1.15 | % | 1.01 | % | 1.23 | % | 1.23 | % | |||||||||||||||||||
Return on average tangible common stockholders' equity (annualized) (1) |
14.17 | 16.30 | 14.49 | 17.51 | 18.12 | ||||||||||||||||||||||||
Return on average common stockholders’ equity (annualized) | 8.40 | 10.01 | 9.03 | 11.00 | 11.38 | ||||||||||||||||||||||||
Non-interest income as a percentage of total revenue | 6.88 | 14.89 | 10.05 | 13.34 | 13.28 | ||||||||||||||||||||||||
Asset quality: | |||||||||||||||||||||||||||||
Allowance for credit losses on loans and leases | $ | 669,355 | $ | 641,442 | $ | 635,737 | $ | 635,438 | $ | 628,911 | |||||||||||||||||||
Nonperforming assets | 374,884 | 289,254 | 218,600 | 218,402 | 222,215 | ||||||||||||||||||||||||
Allowance for credit losses on loans and leases / total loans and leases | 1.30 | % | 1.26 | % | 1.25 | % | 1.27 | % | 1.22 | % | |||||||||||||||||||
Net charge-offs / average loans and leases (annualized) | 0.26 | 0.29 | 0.27 | 0.23 | 0.16 | ||||||||||||||||||||||||
Nonperforming loans and leases / total loans and leases | 0.72 | 0.56 | 0.41 | 0.43 | 0.42 | ||||||||||||||||||||||||
Nonperforming assets / total loans and leases plus other real estate owned and repossessed assets | 0.73 | 0.57 | 0.43 | 0.44 | 0.43 | ||||||||||||||||||||||||
Allowance for credit losses on loans and leases / nonperforming loans and leases | 181.48 | 226.17 | 303.39 | 295.48 | 287.35 | ||||||||||||||||||||||||
Other ratios: | |||||||||||||||||||||||||||||
Tangible equity (1) |
7.56 | % | 7.54 | % | 8.12 | % | 7.62 | % | 7.62 | % | |||||||||||||||||||
Tangible common equity (1) |
7.18 | 7.15 | 7.73 | 7.22 | 7.23 | ||||||||||||||||||||||||
Tier 1 risk-based capital (2) |
11.13 | 11.08 | 11.62 | 11.64 | 11.16 | ||||||||||||||||||||||||
Total risk-based capital (2) |
13.28 | 13.21 | 13.72 | 13.79 | 13.25 | ||||||||||||||||||||||||
Common equity tier 1 risk-based capital (2) |
10.62 | 10.57 | 11.11 | 11.12 | 10.65 | ||||||||||||||||||||||||
Stockholders’ equity / total assets | 11.46 | 11.49 | 11.60 | 11.21 | 11.18 | ||||||||||||||||||||||||
Net interest margin | 3.32 | 3.35 | 3.42 | 3.49 | 3.35 | ||||||||||||||||||||||||
Efficiency ratio (1) |
46.22 | 45.25 | 43.04 | 41.75 | 42.20 | ||||||||||||||||||||||||
Equity and share related: | |||||||||||||||||||||||||||||
Common equity | $ | 8,525,289 | $ | 8,463,519 | $ | 8,406,017 | $ | 7,915,222 | $ | 7,995,747 | |||||||||||||||||||
Book value per common share | 49.74 | 49.07 | 48.87 | 46.00 | 46.15 | ||||||||||||||||||||||||
Tangible book value per common share (1) |
30.82 | 30.22 | 32.39 | 29.48 | 29.69 | ||||||||||||||||||||||||
Common stock closing price | 43.59 | 50.77 | 50.76 | 40.31 | 37.75 | ||||||||||||||||||||||||
Dividends declared per common share | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | ||||||||||||||||||||||||
Common shares issued and outstanding | 171,402 | 172,464 | 172,022 | 172,056 | 173,261 | ||||||||||||||||||||||||
Weighted-average common shares outstanding - Basic | 169,675 | 170,445 | 170,415 | 171,210 | 172,739 | ||||||||||||||||||||||||
Weighted-average common shares outstanding - Diluted | 169,937 | 170,704 | 170,623 | 171,350 | 172,803 | ||||||||||||||||||||||||
WEBSTER FINANCIAL CORPORATION
Consolidated Balance Sheets (unaudited)
|
|||||||||||||||||
(In thousands) | June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
||||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $ | 346,868 | $ | 322,041 | $ | 283,623 | |||||||||||
Interest-bearing deposits | 1,188,785 | 1,223,187 | 1,077,136 | ||||||||||||||
Investment securities: | |||||||||||||||||
Available-for-sale | 7,808,874 | 8,601,141 | 7,759,341 | ||||||||||||||
Held-to-maturity, net | 8,637,654 | 7,679,891 | 6,943,784 | ||||||||||||||
Total investment securities, net | 16,446,528 | 16,281,032 | 14,703,125 | ||||||||||||||
Loans held for sale | 248,137 | 239,763 | 10,963 | ||||||||||||||
Loans and leases: | |||||||||||||||||
Commercial | 19,492,433 | 19,469,014 | 21,217,411 | ||||||||||||||
Commercial real estate | 22,277,813 | 21,869,502 | 20,661,071 | ||||||||||||||
Residential mortgages | 8,284,297 | 8,226,154 | 8,140,182 | ||||||||||||||
Consumer | 1,518,922 | 1,533,972 | 1,607,384 | ||||||||||||||
Total loans and leases | 51,573,465 | 51,098,642 | 51,626,048 | ||||||||||||||
Allowance for credit losses on loans and leases | (669,355) | (641,442) | (628,911) | ||||||||||||||
Loans and leases, net | 50,904,110 | 50,457,200 | 50,997,137 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock | 348,263 | 381,451 | 407,968 | ||||||||||||||
Premises and equipment, net | 417,700 | 423,128 | 426,310 | ||||||||||||||
Goodwill and other intangible assets, net | 3,242,193 | 3,250,909 | 2,852,117 | ||||||||||||||
Cash surrender value of life insurance policies | 1,241,367 | 1,237,828 | 1,239,077 | ||||||||||||||
Deferred tax assets, net | 354,482 | 341,292 | 377,588 | ||||||||||||||
Accrued interest receivable and other assets | 2,099,673 | 2,003,862 | 1,663,199 | ||||||||||||||
Total assets | $ | 76,838,106 | $ | 76,161,693 | $ | 74,038,243 | |||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||
Deposits: | |||||||||||||||||
Demand | $ | 9,996,274 | $ | 10,212,509 | $ | 11,157,390 | |||||||||||
Health savings accounts | 8,474,857 | 8,603,184 | 8,206,844 | ||||||||||||||
Interest-bearing checking | 9,509,202 | 9,498,036 | 8,775,975 | ||||||||||||||
Money market | 19,559,083 | 18,615,031 | 16,189,678 | ||||||||||||||
Savings | 6,965,774 | 6,881,663 | 7,131,587 | ||||||||||||||
Certificates of deposit | 5,861,431 | 5,928,773 | 4,743,204 | ||||||||||||||
Brokered certificates of deposit | 1,910,071 | 1,008,547 | 2,542,854 | ||||||||||||||
Total deposits | 62,276,692 | 60,747,743 | 58,747,532 | ||||||||||||||
Securities sold under agreements to repurchase and other borrowings | 239,524 | 361,886 | 243,580 | ||||||||||||||
Federal Home Loan Bank advances | 2,809,843 | 3,659,930 | 4,310,371 | ||||||||||||||
Long-term debt | 912,743 | 914,520 | 1,052,258 | ||||||||||||||
Accrued expenses and other liabilities | 1,790,036 | 1,730,116 | 1,404,776 | ||||||||||||||
Total liabilities | 68,028,838 | 67,414,195 | 65,758,517 | ||||||||||||||
Preferred stock | 283,979 | 283,979 | 283,979 | ||||||||||||||
Common stockholders’ equity | 8,525,289 | 8,463,519 | 7,995,747 | ||||||||||||||
Total stockholders’ equity | 8,809,268 | 8,747,498 | 8,279,726 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 76,838,106 | $ | 76,161,693 | $ | 74,038,243 | |||||||||||
WEBSTER FINANCIAL CORPORATION
Consolidated Statements of Income (unaudited)
|
||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(In thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans and leases | $ | 798,097 | $ | 771,973 | $ | 1,590,142 | $ | 1,488,329 | ||||||||||||||||||
Interest on investment securities | 160,827 | 109,319 | 308,412 | 208,569 | ||||||||||||||||||||||
Loans held for sale | 5,593 | 421 | 5,675 | 437 | ||||||||||||||||||||||
Other interest and dividends | 11,769 | 51,683 | 23,907 | 66,989 | ||||||||||||||||||||||
Total interest income | 976,286 | 933,396 | 1,928,136 | 1,764,324 | ||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | 361,263 | 251,466 | 697,234 | 401,670 | ||||||||||||||||||||||
Borrowings | 42,726 | 98,101 | 90,866 | 183,542 | ||||||||||||||||||||||
Total interest expense | 403,989 | 349,567 | 788,100 | 585,212 | ||||||||||||||||||||||
Net interest income | 572,297 | 583,829 | 1,140,036 | 1,179,112 | ||||||||||||||||||||||
Provision for credit losses | 59,000 | 31,498 | 104,500 | 78,247 | ||||||||||||||||||||||
Net interest income after provision for loan and lease losses | 513,297 | 552,331 | 1,035,536 | 1,100,865 | ||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||
Deposit service fees | 41,027 | 45,418 | 83,616 | 90,854 | ||||||||||||||||||||||
Loan and lease related fees | 19,334 | 20,528 | 39,101 | 43,533 | ||||||||||||||||||||||
Wealth and investment services | 8,556 | 7,391 | 16,480 | 13,978 | ||||||||||||||||||||||
Cash surrender value of life insurance policies | 6,359 | 6,293 | 12,305 | 13,021 | ||||||||||||||||||||||
(Loss) on sale of investment securities, net | (49,915) | (48) | (59,741) | (16,795) | ||||||||||||||||||||||
Other income | 16,937 | 9,792 | 49,890 | 15,549 | ||||||||||||||||||||||
Total non-interest income | 42,298 | 89,374 | 141,651 | 160,140 | ||||||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||||
Compensation and benefits | 186,850 | 173,305 | 375,390 | 346,505 | ||||||||||||||||||||||
Occupancy | 15,103 | 20,254 | 34,542 | 40,425 | ||||||||||||||||||||||
Technology and equipment | 45,303 | 51,815 | 91,139 | 96,181 | ||||||||||||||||||||||
Marketing | 4,107 | 5,160 | 8,388 | 8,636 | ||||||||||||||||||||||
Professional and outside services | 14,066 | 29,385 | 27,047 | 61,819 | ||||||||||||||||||||||
Intangible assets amortization | 8,716 | 9,193 | 17,910 | 18,690 | ||||||||||||||||||||||
Deposit insurance | 15,065 | 13,723 | 39,288 | 26,046 | ||||||||||||||||||||||
Other expenses | 36,811 | 41,254 | 68,240 | 78,254 | ||||||||||||||||||||||
Total non-interest expense | 326,021 | 344,089 | 661,944 | 676,556 | ||||||||||||||||||||||
Income before income taxes | 229,574 | 297,616 | 515,243 | 584,449 | ||||||||||||||||||||||
Income tax expense | 47,941 | 62,648 | 117,287 | 128,477 | ||||||||||||||||||||||
Net income | 181,633 | 234,968 | 397,956 | 455,972 | ||||||||||||||||||||||
Preferred stock dividends | (4,162) | (4,162) | (8,325) | (8,325) | ||||||||||||||||||||||
Net income available to common stockholders | $ | 177,471 | $ | 230,806 | $ | 389,631 | $ | 447,647 | ||||||||||||||||||
Weighted-average common shares outstanding - Diluted | 169,937 | 172,803 | 170,351 | 172,839 | ||||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $ | 1.03 | $ | 1.32 | $ | 2.27 | $ | 2.57 | ||||||||||||||||||
Diluted | 1.03 | 1.32 | 2.26 | 2.57 | ||||||||||||||||||||||
WEBSTER FINANCIAL CORPORATION
Five Quarter Consolidated Statements of Income (unaudited)
|
|||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
(In thousands, except per share data) | June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||
Interest and fees on loans and leases | $ | 798,097 | $ | 792,045 | $ | 789,423 | $ | 793,626 | $ | 771,973 | |||||||||||||||||||
Interest on investment securities | 160,827 | 147,585 | 128,924 | 113,395 | 109,319 | ||||||||||||||||||||||||
Loans held for sale | 5,593 | 82 | 280 | 17 | 421 | ||||||||||||||||||||||||
Other interest and dividends | 11,769 | 12,138 | 14,520 | 23,751 | 51,683 | ||||||||||||||||||||||||
Total interest income | 976,286 | 951,850 | 933,147 | 930,789 | 933,396 | ||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||
Deposits | 361,263 | 335,971 | 325,793 | 293,955 | 251,466 | ||||||||||||||||||||||||
Borrowings | 42,726 | 48,140 | 36,333 | 49,698 | 98,101 | ||||||||||||||||||||||||
Total interest expense | 403,989 | 384,111 | 362,126 | 343,653 | 349,567 | ||||||||||||||||||||||||
Net interest income | 572,297 | 567,739 | 571,021 | 587,136 | 583,829 | ||||||||||||||||||||||||
Provision for credit losses | 59,000 | 45,500 | 36,000 | 36,500 | 31,498 | ||||||||||||||||||||||||
Net interest income after provision for loan and lease losses | 513,297 | 522,239 | 535,021 | 550,636 | 552,331 | ||||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||
Deposit service fees | 41,027 | 42,589 | 37,459 | 41,005 | 45,418 | ||||||||||||||||||||||||
Loan and lease related fees | 19,334 | 19,767 | 21,362 | 19,966 | 20,528 | ||||||||||||||||||||||||
Wealth and investment services | 8,556 | 7,924 | 7,767 | 7,254 | 7,391 | ||||||||||||||||||||||||
Cash surrender value of life insurance policies | 6,359 | 5,946 | 6,587 | 6,620 | 6,293 | ||||||||||||||||||||||||
(Loss) on sale of investment securities, net | (49,915) | (9,826) | (16,825) | — | (48) | ||||||||||||||||||||||||
Other income | 16,937 | 32,953 | 7,465 | 15,537 | 9,792 | ||||||||||||||||||||||||
Total non-interest income | 42,298 | 99,353 | 63,815 | 90,382 | 89,374 | ||||||||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||||||||
Compensation and benefits | 186,850 | 188,540 | 184,914 | 180,333 | 173,305 | ||||||||||||||||||||||||
Occupancy | 15,103 | 19,439 | 18,478 | 18,617 | 20,254 | ||||||||||||||||||||||||
Technology and equipment | 45,303 | 45,836 | 46,486 | 55,261 | 51,815 | ||||||||||||||||||||||||
Marketing | 4,107 | 4,281 | 5,176 | 4,810 | 5,160 | ||||||||||||||||||||||||
Professional and outside services | 14,066 | 12,981 | 18,804 | 26,874 | 29,385 | ||||||||||||||||||||||||
Intangible assets amortization | 8,716 | 9,194 | 8,618 | 8,899 | 9,193 | ||||||||||||||||||||||||
Deposit insurance | 15,065 | 24,223 | 58,725 | 13,310 | 13,723 | ||||||||||||||||||||||||
Other expenses | 36,811 | 31,429 | 36,020 | 54,474 | 41,254 | ||||||||||||||||||||||||
Total non-interest expense | 326,021 | 335,923 | 377,221 | 362,578 | 344,089 | ||||||||||||||||||||||||
Income before income taxes | 229,574 | 285,669 | 221,615 | 278,440 | 297,616 | ||||||||||||||||||||||||
Income tax expense | 47,941 | 69,346 | 36,222 | 51,965 | 62,648 | ||||||||||||||||||||||||
Net income | 181,633 | 216,323 | 185,393 | 226,475 | 234,968 | ||||||||||||||||||||||||
Preferred stock dividends | (4,162) | (4,163) | (4,163) | (4,162) | (4,162) | ||||||||||||||||||||||||
Net income available to common stockholders | $ | 177,471 | $ | 212,160 | $ | 181,230 | $ | 222,313 | $ | 230,806 | |||||||||||||||||||
Weighted-average common shares outstanding - Diluted | 169,937 | 170,704 | 170,623 | 171,350 | 172,803 | ||||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||
Basic | $ | 1.03 | $ | 1.23 | $ | 1.05 | $ | 1.29 | $ | 1.32 | |||||||||||||||||||
Diluted | 1.03 | 1.23 | 1.05 | 1.28 | 1.32 | ||||||||||||||||||||||||
WEBSTER FINANCIAL CORPORATION
Consolidated Average Balances, Interest, Yields/Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
| |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average balance |
Interest | Yield/rate | Average balance |
Interest | Yield/rate | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans and leases | $ | 51,434,799 | $ | 808,309 | 6.23 | % | $ | 51,184,715 | $ | 782,557 | 6.06 | % | |||||||||||||||||||||||
Investment securities (1) |
16,382,215 | 164,930 | 3.86 | 14,780,257 | 116,027 | 2.99 | |||||||||||||||||||||||||||||
Federal Home Loan and Federal Reserve Bank stock | 336,342 | 5,166 | 6.18 | 513,559 | 6,675 | 5.21 | |||||||||||||||||||||||||||||
Interest-bearing deposits | 483,947 | 6,603 | 5.40 | 3,528,824 | 45,008 | 5.05 | |||||||||||||||||||||||||||||
Loans held for sale | 222,080 | 5,593 | 10.07 | 96,537 | 421 | 1.74 | |||||||||||||||||||||||||||||
Total interest-earning assets | 68,859,383 | $ | 990,601 | 5.65 | % | 70,103,892 | $ | 950,688 | 5.32 | % | |||||||||||||||||||||||||
Non-interest-earning assets | 7,076,950 | 6,128,636 | |||||||||||||||||||||||||||||||||
Total assets | $ | 75,936,333 | $ | 76,232,528 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 10,156,691 | $ | — | — | % | $ | 11,375,059 | $ | — | — | % | |||||||||||||||||||||||
Health savings accounts | 8,528,476 | 3,206 | 0.15 | 8,250,766 | 3,090 | 0.15 | |||||||||||||||||||||||||||||
Interest-bearing checking, money market and savings | 35,012,709 | 264,009 | 3.03 | 31,768,511 | 178,707 | 2.26 | |||||||||||||||||||||||||||||
Certificates of deposit and brokered deposits | 8,017,223 | 94,048 | 4.72 | 7,173,552 | 69,669 | 3.90 | |||||||||||||||||||||||||||||
Total deposits | 61,715,099 | 361,263 | 2.35 | 58,567,888 | 251,466 | 1.72 | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase and other borrowings | 198,324 | 1,114 | 2.22 | 215,874 | 63 | 0.11 | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 2,429,653 | 33,727 | 5.49 | 6,724,139 | 88,556 | 5.21 | |||||||||||||||||||||||||||||
Long-term debt (1) |
913,608 | 7,885 | 3.55 | 1,061,526 | 9,482 | 3.68 | |||||||||||||||||||||||||||||
Total borrowings | 3,541,585 | 42,726 | 4.82 | 8,001,539 | 98,101 | 4.87 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 65,256,684 | $ | 403,989 | 2.49 | % | 66,569,427 | $ | 349,567 | 2.10 | % | |||||||||||||||||||||||||
Non-interest-bearing liabilities | 1,945,912 | 1,267,803 | |||||||||||||||||||||||||||||||||
Total liabilities | 67,202,596 | 67,837,230 | |||||||||||||||||||||||||||||||||
Preferred stock | 283,979 | 283,979 | |||||||||||||||||||||||||||||||||
Common stockholders’ equity | 8,449,758 | 8,111,319 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 8,733,737 | 8,395,298 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 75,936,333 | $ | 76,232,528 | |||||||||||||||||||||||||||||||
Tax-equivalent net interest income | 586,612 | 601,121 | |||||||||||||||||||||||||||||||||
Less: Tax-equivalent adjustments | (14,315) | (17,292) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 572,297 | $ | 583,829 | |||||||||||||||||||||||||||||||
Net interest margin | 3.32 | % | 3.35 | % | |||||||||||||||||||||||||||||||
WEBSTER FINANCIAL CORPORATION
Consolidated Average Balances, Interest, Yields/Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
| |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance |
Interest | Yield/Rate | Average balance |
Interest | Yield/Rate | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans and leases | $ | 51,186,608 | $ | 1,610,173 | 6.23 | % | $ | 50,642,963 | $ | 1,508,100 | 5.93 | % | |||||||||||||||||||||||
Investment securities (1) |
16,312,782 | 318,575 | 3.75 | 14,707,157 | 222,001 | 2.89 | |||||||||||||||||||||||||||||
Federal Home Loan and Federal Reserve Bank stock | 340,167 | 9,518 | 5.63 | 486,617 | 11,585 | 4.80 | |||||||||||||||||||||||||||||
Interest-bearing deposits | 528,174 | 14,389 | 5.39 | 2,221,119 | 55,404 | 4.96 | |||||||||||||||||||||||||||||
Loans held for sale | 117,749 | 5,675 | 9.64 | 50,838 | 437 | 1.72 | |||||||||||||||||||||||||||||
Total interest-earning assets | 68,485,480 | $ | 1,958,330 | 5.62 | % | 68,108,694 | $ | 1,797,527 | 5.21 | % | |||||||||||||||||||||||||
Non-interest-earning assets | 7,149,069 | 6,176,650 | |||||||||||||||||||||||||||||||||
Total assets | $ | 75,634,549 | $ | 74,285,344 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 10,369,552 | $ | — | — | % | $ | 11,999,028 | $ | — | — | % | |||||||||||||||||||||||
Health savings accounts | 8,567,058 | 6,397 | 0.15 | 8,271,493 | 6,117 | 0.15 | |||||||||||||||||||||||||||||
Interest-bearing checking, money market and savings | 34,534,198 | 513,659 | 2.99 | 30,816,229 | 301,755 | 1.97 | |||||||||||||||||||||||||||||
Certificates of deposit and brokered deposits | 7,669,424 | 177,178 | 4.65 | 5,607,711 | 93,798 | 3.37 | |||||||||||||||||||||||||||||
Total deposits | 61,140,232 | 697,234 | 2.29 | 56,694,461 | 401,670 | 1.43 | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase and other borrowings | 234,570 | 3,222 | 2.72 | 563,517 | 7,890 | 2.78 | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 2,559,642 | 71,094 | 5.49 | 6,201,884 | 156,682 | 5.02 | |||||||||||||||||||||||||||||
Long-term debt (1) |
947,269 | 16,550 | 3.60 | 1,066,859 | 18,970 | 3.67 | |||||||||||||||||||||||||||||
Total borrowings | 3,741,481 | 90,866 | 4.85 | 7,832,260 | 183,542 | 4.68 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 64,881,713 | $ | 788,100 | 2.44 | % | 64,526,721 | $ | 585,212 | 1.82 | % | |||||||||||||||||||||||||
Non-interest-bearing liabilities | 2,005,971 | 1,452,640 | |||||||||||||||||||||||||||||||||
Total liabilities | 66,887,684 | 65,979,361 | |||||||||||||||||||||||||||||||||
Preferred stock | 283,979 | 283,979 | |||||||||||||||||||||||||||||||||
Common stockholders’ equity | 8,462,886 | 8,022,004 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 8,746,865 | 8,305,983 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 75,634,549 | $ | 74,285,344 | |||||||||||||||||||||||||||||||
Tax-equivalent net interest income | 1,170,230 | 1,212,315 | |||||||||||||||||||||||||||||||||
Less: Tax-equivalent adjustments | (30,194) | (33,203) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 1,140,036 | $ | 1,179,112 | |||||||||||||||||||||||||||||||
Net interest margin | 3.33 | % | 3.50 | % | |||||||||||||||||||||||||||||||
WEBSTER FINANCIAL CORPORATION Five Quarter Loans and Leases (unaudited) |
|||||||||||||||||||||||||||||
(Dollars in thousands) | June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||||||||||||||||||||
Loans and leases (actual): | |||||||||||||||||||||||||||||
Commercial non-mortgage | $ | 18,021,758 | $ | 17,976,128 | $ | 18,214,261 | $ | 18,058,524 | $ | 19,499,160 | |||||||||||||||||||
Asset-based lending | 1,470,675 | 1,492,886 | 1,557,841 | 1,632,962 | 1,718,251 | ||||||||||||||||||||||||
Commercial real estate | 22,277,813 | 21,869,502 | 21,157,732 | 20,583,254 | 20,661,071 | ||||||||||||||||||||||||
Residential mortgages | 8,284,297 | 8,226,154 | 8,227,923 | 8,228,451 | 8,140,182 | ||||||||||||||||||||||||
Consumer | 1,518,922 | 1,533,972 | 1,568,295 | 1,584,955 | 1,607,384 | ||||||||||||||||||||||||
Loans and leases | 51,573,465 | 51,098,642 | 50,726,052 | 50,088,146 | 51,626,048 | ||||||||||||||||||||||||
Allowance for credit losses on loans and leases | (669,355) | (641,442) | (635,737) | (635,438) | (628,911) | ||||||||||||||||||||||||
Loans and leases, net | $ | 50,904,110 | $ | 50,457,200 | $ | 50,090,315 | $ | 49,452,708 | $ | 50,997,137 | |||||||||||||||||||
Loans and leases (average): | |||||||||||||||||||||||||||||
Commercial non-mortgage | $ | 17,995,654 | $ | 18,235,402 | $ | 18,181,417 | $ | 18,839,776 | $ | 19,220,435 | |||||||||||||||||||
Asset-based lending | 1,473,175 | 1,523,616 | 1,588,350 | 1,663,481 | 1,756,051 | ||||||||||||||||||||||||
Commercial real estate | 22,186,566 | 21,403,765 | 20,764,834 | 20,614,334 | 20,518,355 | ||||||||||||||||||||||||
Residential mortgages | 8,252,397 | 8,225,151 | 8,240,390 | 8,200,938 | 8,067,349 | ||||||||||||||||||||||||
Consumer | 1,527,007 | 1,550,484 | 1,577,349 | 1,593,659 | 1,622,525 | ||||||||||||||||||||||||
Loans and leases | $ | 51,434,799 | $ | 50,938,418 | $ | 50,352,340 | $ | 50,912,188 | $ | 51,184,715 | |||||||||||||||||||
WEBSTER FINANCIAL CORPORATION
Five Quarter Nonperforming Assets and Past Due Loans and Leases (unaudited)
|
|||||||||||||||||||||||||||||
(Dollars in thousands) | June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||||||||||||||||||||
Nonperforming loans and leases: | |||||||||||||||||||||||||||||
Commercial non-mortgage | $ | 210,906 | $ | 203,626 | $ | 134,617 | $ | 121,067 | $ | 109,279 | |||||||||||||||||||
Asset-based lending | 29,791 | 34,915 | 35,090 | 10,350 | 9,450 | ||||||||||||||||||||||||
Commercial real estate | 96,337 | 14,323 | 11,314 | 31,004 | 47,972 | ||||||||||||||||||||||||
Residential mortgages | 11,345 | 8,407 | 5,591 | 27,312 | 26,751 | ||||||||||||||||||||||||
Consumer | 20,457 | 22,341 | 22,932 | 25,320 | 25,417 | ||||||||||||||||||||||||
Total nonperforming loans and leases | $ | 368,836 | $ | 283,612 | $ | 209,544 | $ | 215,053 | $ | 218,869 | |||||||||||||||||||
Other real estate owned and repossessed assets: | |||||||||||||||||||||||||||||
Commercial non-mortgage | $ | 5,013 | $ | 5,540 | $ | 8,954 | $ | 2,687 | $ | 2,152 | |||||||||||||||||||
Residential mortgages | — | — | — | 662 | 662 | ||||||||||||||||||||||||
Consumer | 1,035 | 102 | 102 | — | 532 | ||||||||||||||||||||||||
Total other real estate owned and repossessed assets | $ | 6,048 | $ | 5,642 | $ | 9,056 | $ | 3,349 | $ | 3,346 | |||||||||||||||||||
Total nonperforming assets | $ | 374,884 | $ | 289,254 | $ | 218,600 | $ | 218,402 | $ | 222,215 |
Past due 30-89 days: | |||||||||||||||||||||||||||||
Commercial non-mortgage (1) |
$ | 134,794 | $ | 15,365 | $ | 7,071 | $ | 38,875 | $ | 32,074 | |||||||||||||||||||
Commercial real estate | 10,284 | 72,999 | 9,002 | 3,491 | 1,970 | ||||||||||||||||||||||||
Residential mortgages | 13,008 | 17,580 | 21,047 | 16,208 | 10,583 | ||||||||||||||||||||||||
Consumer | 8,185 | 6,824 | 9,417 | 12,016 | 6,718 | ||||||||||||||||||||||||
Total past due 30-89 days | $ | 166,271 | $ | 112,768 | $ | 46,537 | $ | 70,590 | $ | 51,345 | |||||||||||||||||||
Past due 90 days or more and accruing | 9 | 12,460 | 52 | 138 | 29 | ||||||||||||||||||||||||
Total past due loans and leases | $ | 166,280 | $ | 125,228 | $ | 46,589 | $ | 70,728 | $ | 51,374 |
Five Quarter Changes in the Allowance for Credit Losses on Loans and Leases (unaudited) |
|||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
(Dollars in thousands) | June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||||||||||||||||||||
ACL on loans and leases, beginning balance | $ | 641,442 | $ | 635,737 | $ | 635,438 | $ | 628,911 | $ | 613,914 | |||||||||||||||||||
Provision | 61,041 | 43,194 | 34,300 | 35,839 | 35,249 | ||||||||||||||||||||||||
Charge-offs: | |||||||||||||||||||||||||||||
Commercial portfolio | 33,356 | 38,461 | 28,794 | 27,360 | 21,945 | ||||||||||||||||||||||||
Consumer portfolio | 1,418 | 1,330 | 6,878 | 3,642 | 1,085 | ||||||||||||||||||||||||
Total charge-offs | 34,774 | 39,791 | 35,672 | 31,002 | 23,030 | ||||||||||||||||||||||||
Recoveries: | |||||||||||||||||||||||||||||
Commercial portfolio | 360 | 553 | 396 | 292 | 1,024 | ||||||||||||||||||||||||
Consumer portfolio | 1,286 | 1,749 | 1,275 | 1,398 | 1,754 | ||||||||||||||||||||||||
Total recoveries | 1,646 | 2,302 | 1,671 | 1,690 | 2,778 | ||||||||||||||||||||||||
Total net charge-offs | 33,128 | 37,489 | 34,001 | 29,312 | 20,252 | ||||||||||||||||||||||||
ACL on loans and leases, ending balance | $ | 669,355 | $ | 641,442 | $ | 635,737 | $ | 635,438 | $ | 628,911 | |||||||||||||||||||
ACL on unfunded loan commitments, ending balance | 22,456 | 24,495 | 24,734 | 23,040 | 22,366 | ||||||||||||||||||||||||
ACL, ending balance | $ | 691,811 | $ | 665,937 | $ | 660,471 | $ | 658,478 | $ | 651,277 |
Three Months Ended | |||||||||||||||||||||||||||||
(In thousands, except per share data) | June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||||||||||||||||||||
Efficiency ratio: | |||||||||||||||||||||||||||||
Non-interest expense | $ | 326,021 | $ | 335,923 | $ | 377,221 | $ | 362,578 | $ | 344,089 | |||||||||||||||||||
Less: Foreclosed property activity | (364) | (330) | (96) | (492) | (432) | ||||||||||||||||||||||||
Intangible assets amortization | 8,716 | 9,194 | 8,618 | 8,899 | 9,193 | ||||||||||||||||||||||||
Operating lease depreciation | 560 | 663 | 900 | 1,146 | 1,639 | ||||||||||||||||||||||||
FDIC special assessment estimate | — | 11,862 | 47,164 | — | — | ||||||||||||||||||||||||
Merger related expenses (1) |
— | 3,139 | 30,679 | 61,625 | 40,840 | ||||||||||||||||||||||||
Adjusted non-interest expense | $ | 317,109 | $ | 311,395 | $ | 289,956 | $ | 291,400 | $ | 292,849 | |||||||||||||||||||
Net interest income | $ | 572,297 | $ | 567,739 | $ | 571,021 | $ | 587,136 | $ | 583,829 | |||||||||||||||||||
Add: Tax-equivalent adjustment | 14,315 | 15,879 | 17,830 | 17,906 | 17,292 | ||||||||||||||||||||||||
Non-interest income | 42,298 | 99,353 | 63,815 | 90,382 | 89,374 | ||||||||||||||||||||||||
Other income (2) |
7,802 | 7,626 | 5,099 | 3,614 | 5,035 | ||||||||||||||||||||||||
Less: Operating lease depreciation | 560 | 663 | 900 | 1,146 | 1,639 | ||||||||||||||||||||||||
(Loss) on sale of investment securities, net | (49,915) | (9,826) | (16,825) | — | (48) | ||||||||||||||||||||||||
Net gain on sale of mortgage servicing rights | — | 11,655 | — | — | — | ||||||||||||||||||||||||
Adjusted income | $ | 686,067 | $ | 688,105 | $ | 673,690 | $ | 697,892 | $ | 693,939 | |||||||||||||||||||
Efficiency ratio | 46.22% | 45.25% | 43.04% | 41.75% | 42.20% | ||||||||||||||||||||||||
ROATCE: | |||||||||||||||||||||||||||||
Net income | $ | 181,633 | $ | 216,323 | $ | 185,393 | $ | 226,475 | $ | 234,968 | |||||||||||||||||||
Less: Preferred stock dividends | 4,162 | 4,163 | 4,163 | 4,162 | 4,162 | ||||||||||||||||||||||||
Add: Intangible assets amortization, tax-effected | 6,886 | 7,263 | 6,808 | 7,030 | 7,262 | ||||||||||||||||||||||||
Adjusted net income | $ | 184,357 | $ | 219,423 | $ | 188,038 | $ | 229,343 | $ | 238,068 | |||||||||||||||||||
Adjusted net income, annualized basis | $ | 737,428 | $ | 877,692 | $ | 752,152 | $ | 917,372 | $ | 952,272 | |||||||||||||||||||
Average stockholders’ equity | $ | 8,733,737 | $ | 8,759,992 | $ | 8,312,798 | $ | 8,370,469 | $ | 8,395,298 | |||||||||||||||||||
Less: Average preferred stock | 283,979 | 283,979 | 283,979 | 283,979 | 283,979 | ||||||||||||||||||||||||
Average goodwill and other intangible assets, net | 3,246,940 | 3,090,751 | 2,838,770 | 2,847,560 | 2,856,581 | ||||||||||||||||||||||||
Average tangible common stockholders’ equity | $ | 5,202,818 | $ | 5,385,262 | $ | 5,190,049 | $ | 5,238,930 | $ | 5,254,738 | |||||||||||||||||||
Return on average tangible common stockholders’ equity | 14.17% | 16.30% | 14.49% | 17.51% | 18.12% |
(In thousands, except per share data) | June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||||||||||||||||||||
Tangible equity: | |||||||||||||||||||||||||||||
Stockholders’ equity | $ | 8,809,268 | $ | 8,747,498 | $ | 8,689,996 | $ | 8,199,201 | $ | 8,279,726 | |||||||||||||||||||
Less: Goodwill and other intangible assets, net | 3,242,193 | 3,250,909 | 2,834,600 | 2,843,217 | 2,852,117 | ||||||||||||||||||||||||
Tangible stockholders’ equity | $ | 5,567,075 | $ | 5,496,589 | $ | 5,855,396 | $ | 5,355,984 | $ | 5,427,609 | |||||||||||||||||||
Total assets | $ | 76,838,106 | $ | 76,161,693 | $ | 74,945,249 | $ | 73,130,851 | $ | 74,038,243 | |||||||||||||||||||
Less: Goodwill and other intangible assets, net | 3,242,193 | 3,250,909 | 2,834,600 | 2,843,217 | 2,852,117 | ||||||||||||||||||||||||
Tangible assets | $ | 73,595,913 | $ | 72,910,784 | $ | 72,110,649 | $ | 70,287,634 | $ | 71,186,126 | |||||||||||||||||||
Tangible equity | 7.56% | 7.54% | 8.12% | 7.62% | 7.62% | ||||||||||||||||||||||||
Tangible common equity: | |||||||||||||||||||||||||||||
Tangible stockholders’ equity | $ | 5,567,075 | $ | 5,496,589 | $ | 5,855,396 | $ | 5,355,984 | $ | 5,427,609 | |||||||||||||||||||
Less: Preferred stock | 283,979 | 283,979 | 283,979 | 283,979 | 283,979 | ||||||||||||||||||||||||
Tangible common stockholders’ equity | $ | 5,283,096 | $ | 5,212,610 | $ | 5,571,417 | $ | 5,072,005 | $ | 5,143,630 | |||||||||||||||||||
Tangible assets | $ | 73,595,913 | $ | 72,910,784 | $ | 72,110,649 | $ | 70,287,634 | $ | 71,186,126 | |||||||||||||||||||
Tangible common equity | 7.18% | 7.15% | 7.73% | 7.22% | 7.23% | ||||||||||||||||||||||||
Tangible book value per common share: | |||||||||||||||||||||||||||||
Tangible common stockholders’ equity | $ | 5,283,096 | $ | 5,212,610 | $ | 5,571,417 | $ | 5,072,005 | $ | 5,143,630 | |||||||||||||||||||
Common shares outstanding | 171,402 | 172,464 | 172,022 | 172,056 | 173,261 | ||||||||||||||||||||||||
Tangible book value per common share | $ | 30.82 | $ | 30.22 | $ | 32.39 | $ | 29.48 | $ | 29.69 | |||||||||||||||||||
Core deposits: | |||||||||||||||||||||||||||||
Total deposits | $ | 62,276,692 | $ | 60,747,743 | $ | 60,784,284 | $ | 60,331,767 | $ | 58,747,532 | |||||||||||||||||||
Less: Certificates of deposit | 5,861,431 | 5,928,773 | 5,574,048 | 5,150,139 | 4,743,204 | ||||||||||||||||||||||||
Brokered certificates of deposit | 1,910,071 | 1,008,547 | 2,890,411 | 2,337,380 | 2,542,854 | ||||||||||||||||||||||||
Core deposits | $ | 54,505,190 | $ | 53,810,423 | $ | 52,319,825 | $ | 52,844,248 | $ | 51,461,474 |
Three Months Ended June 30, 2024 |
||||||||
Adjusted ROATCE: | ||||||||
Net income | $ | 181,633 | ||||||
Less: Preferred stock dividends | 4,162 | |||||||
Add: Intangible assets amortization, tax-effected | 6,886 | |||||||
Loss on sale of investment securities, net, tax-effected | 38,694 | |||||||
Adjusted net income | $ | 223,051 | ||||||
Adjusted net income, annualized basis | $ | 892,204 | ||||||
Average stockholders’ equity | $ | 8,733,737 | ||||||
Less: Average preferred stock | 283,979 | |||||||
Average goodwill and other intangible assets, net | 3,246,940 | |||||||
Average tangible common stockholders’ equity | $ | 5,202,818 | ||||||
Adjusted return on average tangible common stockholders’ equity | 17.15 | % | ||||||
Adjusted ROAA: | ||||||||
Net income | $ | 181,633 | ||||||
Add: Loss on sale of investment securities, net, tax-effected | 38,694 | |||||||
Adjusted net income | $ | 220,327 | ||||||
Adjusted net income, annualized basis | $ | 881,308 | ||||||
Average assets | $ | 75,936,333 | ||||||
Adjusted return on average assets | 1.16 | % |
GAAP to adjusted reconciliation: | Three Months Ended June 30, 2024 | |||||||||||||||||||
(In millions, except per share data) | Pre-Tax Income | Net Income Available to Common Stockholders | Diluted EPS | |||||||||||||||||
Reported (GAAP) | $ | 229.6 | $ | 177.5 | $ | 1.03 | ||||||||||||||
Loss on sale of investment securities, net | 49.9 | 38.7 | 0.23 | |||||||||||||||||
Adjusted (non-GAAP) | $ | 279.5 | $ | 216.2 | $ | 1.26 | ||||||||||||||