韋伯斯特金融公佈第二季每股盈利1.56美元，收購桑坦德交易待聯儲局批准

EX-99.1
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exhibit991earningsrelease2.htm
EX-99.1

Document

Exhibit 99.1

WEBSTER REPORTS
SECOND QUARTER 2026 EPS OF $1.56; ADJUSTED EPS OF $1.60
STAMFORD, Conn., July 21, 2026 - Webster Financial Corporation (“Webster”) (NYSE: WBS), the holding company for Webster Bank, N.A., today announced net income applicable to common stockholders of $249.4 million, or $1.56 per diluted share, for the quarter ended June 30, 2026, compared to $251.7 million, or $1.52 per diluted share, for the quarter ended June 30, 2025.
Second quarter 2026 results include Transaction expenses. Excluding this item, adjusted earnings per diluted share would have been $1.601 for the quarter ended June 30, 2026.
On February 3, 2026, Webster entered into a transaction agreement with Banco Santander, S.A. (“Banco Santander”), under which Banco Santander will acquire Webster in a cash and stock transaction (the “Transaction”). 
The Transaction was approved by Webster’s stockholders on May 26, 2026, the Office of the Comptroller of the Currency on June 12, 2026 and the European Central Bank on July 21, 2026. The Transaction remains subject to customary closing conditions, including the approval of the Board of Governors of the Federal Reserve System. The Transaction is expected to close in the second half of 2026.
Under the terms of the transaction agreement, Webster’s common stockholders will receive $48.75 in cash and 2.0548 Banco Santander ordinary shares, which will be delivered in the form of American Depository Receipts, for each Webster share. In light of the proposed Transaction with Banco Santander, Webster will no longer provide a forward-looking financial outlook.
“Webster continued to generate impressive financial results this quarter,” said John R. Ciulla, Chairman and Chief Executive Officer. “Our execution is commendable, in that our colleagues continue to deliver for our clients while they also prepare to integrate our proposed Transaction with Banco Santander.”
Highlights for the second quarter of 2026:
•Revenue2 of $740.0 million
•Loans and leases balance of $57.9 billion, up $0.6 billion, or 1.1 percent from prior quarter
•Deposits balance of $70.3 billion, up $1.2 billion, or 1.8 percent, from prior quarter
•Provision for credit losses of $31.5 million
•Return on average assets of 1.19 percent
•Return on average tangible common stockholders’ equity of 16.67 percent1
•Net interest margin of 3.26 percent
•Common equity tier 1 ratio of 11.69 percent3
•Efficiency ratio of 47.74 percent1
•Tangible common equity ratio of 7.60 percent1
1 See “Non-GAAP to GAAP Reconciliations” section beginning on page 12.
2 Total revenue reflects the sum of Net interest income and Non-interest income.
3 Presented as preliminary for June 30, 2026.
1

“Our returns and growth affirm the quality of Webster’s banking franchise,” said Neal Holland, Senior Executive Vice President and Chief Financial Officer. “Our operating position has only grown stronger, as capital levels increased, loans grew in categories with appealing risk characteristics, and non-performing assets declined significantly.”

Consolidated financial performance compared to the second quarter of 2025:
Net interest income:
•Net interest income was $632.7 million, compared to $621.2 million.
•Net interest margin was 3.26 percent, compared to 3.44 percent.
•Average interest-earning assets totaled $79.8 billion, an increase of $5.8 billion, or 7.9 percent. The average yield on interest-earning assets decreased by 32 basis points. 
•Average deposits and interest-bearing liabilities totaled $75.3 billion, an increase of $5.7 billion, or 8.1 percent. The average cost of deposits and interest-bearing liabilities decreased by 16 basis points.
Provision for credit losses:
•The provision for credit losses was $31.5 million, compared to $46.5 million.
•Net charge-offs were $42.7 million, compared to $36.4 million. The ratio of net charge-offs to average loans and leases was 0.30 percent, compared to 0.27 percent.
•The allowance for credit losses on loans and leases represented 1.25 percent of total loans and leases, compared to 1.35 percent.
•The allowance for credit losses on loans and leases represented 169 percent of non-performing loans and leases, compared to 135 percent.
Non-interest income:
•Total non-interest income was $107.2 million, compared to $94.7 million. The $12.5 million increase was primarily driven by other miscellaneous income and higher loan and lease related fees.
Non-interest expense:
•Total non-interest expense was $385.0 million, compared to $345.7 million. The $39.3 million increase was primarily driven by higher compensation and benefit costs and $8.7 million of Transaction expenses incurred during the quarter ended June 30, 2026.
Income taxes:
•Income tax expense was $66.7 million, compared to $64.8 million, and the effective tax rate was 20.6 percent, compared to 20.0 percent. Both the higher income tax expense and the effective tax rate for the quarter ended June 30, 2026, primarily reflected the recognition of $1.2 million of net discrete tax benefits in the current period, compared to $3.9 million a year ago.
 2

Investment securities:
•Investment securities totaled $18.3 billion, an increase of $0.5 billion, or 2.7 percent. The carrying value at June 30, 2026, included $0.6 billion of net unrealized losses on the available-for-sale securities portfolio and excluded $0.9 billion of net unrealized losses on the held-to-maturity securities portfolio.
Loans and leases:
•Loans and leases totaled $57.9 billion, an increase of $4.2 billion, or 7.8 percent. Commercial loans and leases increased by $2.4 billion, commercial real estate loans increased by $1.4 billion, residential mortgages increased by $0.3 billion, and consumer loans increased by $0.1 billion.
•Loan originations for the portfolio were $3.5 billion, compared to $3.8 billion.
Asset quality:
•Non-performing loans and leases were $429.0 million, a decrease of $105.5 million, or 19.7 percent. The decrease was primarily driven by commercial non-mortgage and commercial real estate. The ratio of non-performing loans and leases to total loans and leases was 0.74 percent, compared to 1.00 percent.
•Past due loans and leases were $117.3 million, an increase of $62.6 million, or 114.3 percent. The increase was primarily driven by commercial real estate.
Deposits and borrowings:
•Deposits totaled $70.3 billion, an increase of $4.0 billion, or 6.0 percent. The increase was primarily driven by interest-bearing checking and money market. The ratio of core deposits to total deposits1 remained flat at 88.1 percent. The loan to deposit ratio was 82.3 percent, compared to 80.9 percent.
•Borrowings totaled $4.5 billion, a decrease of $0.1 billion, or 3.2 percent.
Capital:
•The return on average common stockholders’ equity and the return on average tangible common stockholders’ equity1 were 10.73 percent and 16.67 percent, respectively, compared to 11.31 percent and 17.96 percent, respectively.
•The tangible equity1 and tangible common equity1 ratios were 7.94 percent and 7.60 percent, respectively, compared to 7.82 percent and 7.46 percent, respectively.
•The common equity tier 1 ratio2 was 11.69 percent, compared to 11.35 percent.
•Book value per common share and tangible book value per common share1 were $58.49 and $38.81, respectively, compared to $54.19 and $35.13, respectively.

1 See “Non-GAAP to GAAP Reconciliations” section beginning on page 12.
2 Presented as preliminary for June 30, 2026, and actual for the remaining periods. 
 3

***

Webster Financial Corporation (“Webster”) (NYSE:WBS) is the holding company for Webster Bank, N.A. (“Webster Bank”). Headquartered in Stamford, CT, Webster is a values-driven organization with approximately $86 billion in total consolidated assets. Webster Bank is a commercial bank that provides a wide range of financial products and services to businesses, individuals, and families across three differentiated lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking. While its core footprint spans the Northeast from the New York metropolitan area to Rhode Island and Massachusetts, certain businesses operate 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.

Media Contact
Alice Ferreira, 203-578-2610
[email protected]

Investor Contact
Emlen Harmon, 212-309-7646
[email protected]

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Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, the Private Securities Litigation Reform Act of 1995. Factors that could cause Webster’s actual results to differ from those described in the forward-looking statements are described in Webster’s Annual Report on Form 10-K for the year ended December 31, 2025, as amended, and in Webster’s subsequent filings with the U.S. Securities and Exchange Commission. 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, including the efficiency ratio, the return on average tangible common stockholders’ equity, the tangible equity ratio, the tangible common equity ratio, tangible book value per common share, core deposits, adjusted return on average assets, adjusted return on average tangible common stockholders’ equity, adjusted pre-tax net income, adjusted net income applicable to common stockholders, and adjusted diluted earnings per share (“EPS”). A reconciliation of each non-GAAP financial measure to the most comparable GAAP financial measure is included in the accompanying selected financial highlights table.
Webster believes that certain non-GAAP financial measures provide investors with information useful in understanding its financial position, results of operations, the strength of its capital position, and overall business performance. These non-GAAP financial measures are used by Webster for performance measurement purposes, as well as for internal planning and forecasting, and by securities analysts, investors, and other interested parties to assess peer company operating performance. Webster believes that this presentation, together with the accompanying reconciliations, provides investors with a more complete understanding of the factors and trends affecting its business and allows investors to view its performance in a manner similar to management.
The efficiency ratio represents the costs expended to generate a dollar of revenue and is calculated excluding certain non-operational items and certain non-recurring transactions or events. The return on average tangible common stockholders’ equity is calculated using net income less preferred stock dividends, adjusted for the tax-effected amortization of intangible assets, as a percentage of average stockholders’ equity less average preferred stock and average goodwill and other intangible assets. The tangible equity ratio represents stockholders’ equity less goodwill and other intangible assets (“tangible stockholders’ equity”) divided by total assets less goodwill and other intangible assets (“tangible assets”). The tangible common equity ratio represents stockholders’ equity less preferred stock and goodwill and other intangible assets (“tangible common stockholders’ equity”) divided by tangible assets. Tangible book value per common share represents tangible common stockholders’ equity divided by the number of common shares outstanding at the end of the reporting period. Core deposits reflect total deposits less certificates of deposit and brokered certificates of deposit. The adjusted return on average assets, adjusted return on average tangible common stockholders’ equity, adjusted pre-tax net income, adjusted net income applicable to common stockholders, and adjusted diluted EPS are calculated excluding certain non-recurring transactions or events, which have been tax-effected, as applicable.
These non-GAAP financial measures should not be considered a substitute for GAAP-basis financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these with other companies that present financial measures having the same or similar names. Webster strongly encourages investors to review its consolidated financial statements in their entirety and to not rely on any single financial measure. Refer the tables beginning on page 12 for Non-GAAP to GAAP reconciliations.
NO OFFER OR SOLICITATION
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”). By making this communication available, no advice or recommendation is being given to buy, sell or otherwise deal in any securities or investments whatsoever.
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WEBSTER FINANCIAL CORPORATION
Selected Financial Highlights

 Three Months Ended
(In thousands, except per share and ratio data)June 30,2026March 31,2026December 31,2025September 30,2025June 30,2025
Income and performance ratios:
Net income$256,789 $246,231 $255,820 $261,217 $258,848 
Net income applicable to common stockholders249,442 239,274 248,701 254,051 251,695 
Earnings per common share - diluted1.56 1.50 1.55 1.54 1.52 
Return on average assets (annualized)1.19 %1.16 %1.23 %1.27 %1.29 %
Return on average tangible common stockholders' equity (annualized) (1)
16.67 16.18 17.10 17.64 17.96 
Return on average common stockholders’ equity (annualized)10.73 10.35 10.91 11.23 11.31 
Non-interest income as a percentage of total revenue (2)
14.49 13.79 15.19 13.77 13.22 

Asset quality:
Allowance for credit losses on loans and leases$723,846$733,434$719,411$727,897$722,046
Non-performing assets430,174524,418502,156545,327537,050
Allowance for credit losses on loans and leases / total loans and leases1.25 %1.28 %1.27 %1.32 %1.35 %
Net charge-offs / average loans and leases (annualized)0.30 0.29 0.35 0.28 0.27 
Non-performing loans and leases / total loans and leases0.74 0.91 0.88 0.99 1.00 
Non-performing assets / total loans and leases plus other real estate owned and repossessed assets0.74 0.92 0.89 0.99 1.00 
Allowance for credit losses on loans and leases / non-performing loans and leases168.72 140.36 143.69 133.82 135.08 

Other ratios:
Tangible equity (1)
7.94 %7.74 %7.77 %7.86 %7.82 %
Tangible common equity (1)
7.60 7.39 7.42 7.50 7.46 
Tier 1 Risk-Based Capital (3)
12.17 11.91 11.69 11.89 11.86 
Total Risk-Based Capital (3)
14.13 13.89 13.67 14.68 14.05 
Common equity tier 1 Risk-Based Capital (3)
11.69 11.42 11.20 11.39 11.35 
Stockholders’ equity / total assets
11.36 11.19 11.29 11.37 11.40 
Net interest margin 3.26 3.36 3.35 3.40 3.44 
Efficiency ratio (1)
47.74 46.83 46.95 45.79 45.40 

Equity and share related:
Common stockholders’ equity$9,476,770 $9,289,670 $9,208,257 $9,178,698 $9,053,638 
Book value per common share58.49 57.33 57.12 55.69 54.19 
Tangible book value per common share (1)
38.81 37.59 37.20 36.42 35.13 
Common stock closing price76.42 69.42 62.94 59.44 54.60 
Dividends and equivalents declared per common share0.40 0.40 0.40 0.40 0.40 
Common shares outstanding162,034 162,049 161,216 164,817 167,083 
Weighted-average common shares outstanding - basic159,989 159,534 160,261 164,138 165,884 
Weighted-average common shares - diluted160,183 159,850 160,597 164,456 166,131 

(1)See “Non-GAAP to GAAP Reconciliations” section beginning on page 12.
(2)Total revenue reflects the sum of Net interest income and Non-interest income.
(3)Presented as preliminary for June 30, 2026, and actual for the remaining periods.

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WEBSTER FINANCIAL CORPORATION
Five Quarter Consolidated Balance Sheets 

(In thousands)June 30,2026March 31,2026December 31,2025September 30,2025June 30,2025
Assets:
Cash and due from banks$375,357 $353,234 $370,748 $498,801 $425,349 
Interest-bearing deposits2,347,070 2,506,930 2,078,777 2,563,680 2,568,570 
Investment securities:
Available-for-sale10,600,328 10,581,263 10,009,500 9,932,344 9,620,354 
Held-to-maturity, net7,694,979 7,838,979 7,969,575 8,077,505 8,192,720 
Total investment securities, net18,295,307 18,420,242 17,979,075 18,009,849 17,813,074 
Loans held for sale13,189 14,478 14,886 75,386 278,409 
Loans and leases:
Commercial23,738,961 23,288,371 22,895,350 21,912,809 21,293,103 
Commercial real estate22,793,088 22,569,080 22,334,846 21,911,298 21,358,775 
Residential mortgages9,600,445 9,600,026 9,599,577 9,509,142 9,332,413 
Consumer1,736,184 1,791,065 1,767,337 1,718,832 1,687,668 
Total loans and leases57,868,678 57,248,542 56,597,110 55,052,081 53,671,959 
Allowance for credit losses on loans and leases(723,846)(733,434)(719,411)(727,897)(722,046)
Total loans and leases, net57,144,832 56,515,108 55,877,699 54,324,184 52,949,913 
Federal Home Loan Bank and Federal Reserve Bank stock388,374 431,395 356,411 340,231 370,272 
Deferred tax assets, net225,133 186,604 195,740 220,972 252,442 
Premises and equipment, net429,266 428,182 432,035 427,215 422,774 
Goodwill and other intangible assets, net3,188,976 3,197,981 3,210,756 3,175,747 3,184,039 
Cash surrender value of life insurance policies1,300,458 1,292,770 1,271,457 1,266,491 1,262,311 
Accrued interest receivable and other assets2,240,677 2,237,664 2,286,079 2,290,096 2,387,117 
Total assets$85,948,639 $85,584,588 $84,073,663 $83,192,652 $81,914,270 

Liabilities and Stockholders’ Equity:
Deposits:
Demand$9,999,855 $9,847,077 $10,082,854 $10,491,975 $10,345,761 
Interest-bearing checking12,415,546 11,932,682 10,760,496 10,723,584 9,933,392 
Health savings accounts9,252,869 9,446,895 9,184,452 9,135,425 9,064,935 
Money market23,549,222 24,332,087 23,196,747 23,188,134 21,679,493 
Savings6,703,712 6,841,135 6,964,946 7,060,713 7,370,959 
Certificates of deposit6,165,975 5,848,150 6,078,549 6,202,906 6,069,447 
Brokered certificates of deposit2,196,274 791,690 2,491,769 1,372,907 1,850,438 
Total deposits70,283,453 69,039,716 68,759,813 68,175,644 66,314,425 
Securities sold under agreements to repurchase73,395 69,756 596,738 101,717 372,806 
Federal Home Loan Bank advances3,661,246 4,810,619 2,980,718 2,560,817 3,339,914 
Long-term debt737,171 738,312 739,454 1,249,612 905,634 
Accrued expenses and other liabilities1,432,625 1,352,536 1,504,704 1,642,185 1,643,874 
Total liabilities76,187,890 76,010,939 74,581,427 73,729,975 72,576,653 
Preferred stock283,979 283,979 283,979 283,979 283,979 
Common stockholders’ equity9,476,770 9,289,670 9,208,257 9,178,698 9,053,638 
Total stockholders’ equity9,760,749 9,573,649 9,492,236 9,462,677 9,337,617 
Total liabilities and stockholders’ equity$85,948,639 $85,584,588 $84,073,663 $83,192,652 $81,914,270 

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WEBSTER FINANCIAL CORPORATION
Five Quarter Consolidated Statements of Income

 Three Months Ended
(In thousands, except per share data)June 30,2026March 31,2026December 31,2025September 30,2025June 30,2025
Interest Income:
Interest and fees on loans and leases$784,854 $776,610 $793,570 $794,668 $775,203 
Interest on investment securities195,352 193,100 200,024 201,321 197,766 
Loans held for sale2 18 205 3,988 7 
Other interest and dividends33,168 24,551 25,333 28,325 27,611 
Total interest income1,013,376 994,279 1,019,132 1,028,302 1,000,587 
Interest Expense:
Deposits326,869 316,624 344,078 355,504 339,738 
Borrowings53,763 43,252 42,201 41,131 39,667 
Total interest expense380,632 359,876 386,279 396,635 379,405 
Net interest income632,744 634,403 632,853 631,667 621,182 
Provision for credit losses31,500 54,000 42,000 44,000 46,500 
Net interest income after provision for credit losses601,244 580,403 590,853 587,667 574,682 
Non-interest Income:
Deposit service fees42,256 41,515 38,486 39,576 40,934 
Loan and lease related fees20,570 15,414 19,010 16,404 17,657 
Wealth and investment services7,526 7,209 7,775 7,640 7,779 

Cash surrender value of life insurance policies11,249 8,644 8,520 7,535 9,172 

Other income25,646 28,681 39,559 29,751 19,115 

Total non-interest income107,247 101,463 113,350 100,906 94,657 
Non-interest Expense:
Compensation and benefits224,314 222,906 214,137 209,036 199,930 
Occupancy19,749 19,486 19,359 19,003 19,337 
Technology and equipment50,504 49,631 49,443 47,520 45,932 
Intangible assets amortization9,005 9,186 9,008 8,966 9,093 
Marketing5,203 4,699 6,827 4,953 5,171 
Professional and outside services21,146 22,542 21,767 17,815 18,394 
Deposit insurance18,185 16,300 3,979 15,621 15,061 
Other expense36,856 34,359 58,717 33,755 32,796 
Total non-interest expense384,962 379,109 383,237 356,669 345,714 
Income before income taxes323,529 302,757 320,966 331,904 323,625 
Income tax expense66,740 56,526 65,146 70,687 64,777 
Net income256,789 246,231 255,820 261,217 258,848 
Preferred stock dividends(4,162)(4,163)(4,163)(4,162)(4,162)
Income allocated to participating securities(3,185)(2,794)(2,956)(3,004)(2,991)
Net income applicable to common stockholders$249,442 $239,274 $248,701 $254,051 $251,695 

Weighted-average common shares outstanding - basic159,989 159,534 160,261 164,138 165,884 
Weighted-average common shares - diluted160,183 159,850 160,597 164,456 166,131 

Earnings per Common Share:
Basic$1.56 $1.50 $1.55 $1.55 $1.52 
Diluted1.56 1.50 1.55 1.54 1.52 

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WEBSTER FINANCIAL CORPORATION
Consolidated Average Balances, Interest, Average Yields/Rates, and Net Interest Margin on a Fully Tax-equivalent Basis

Three Months Ended June 30,
20262025
(Dollars in thousands)AverageBalanceInterest Income/ExpenseAverage Yield/RateAverageBalanceInterest Income/ExpenseAverage Yield/Rate
Assets:
Interest-earning assets:
Loans and leases$57,557,975 $798,650 5.50 %$53,277,897 $786,808 5.85 %
Investment securities18,821,677 198,182 4.21 18,225,632 200,031 4.39 
Federal Home Loan and Federal Reserve Bank stock429,937 5,283 4.93 346,514 4,243 4.91 
Interest-bearing deposits3,024,245 27,885 3.65 2,096,578 23,368 4.41 
Loans held for sale12,939 2 0.07 58,024 7 0.04 
Total interest-earning assets79,846,773 $1,030,002 5.12 %74,004,645 $1,014,457 5.44 %
Non-interest-earning assets6,514,306 6,513,526 
Total assets$86,361,079 $80,518,171 

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Demand$9,962,207 $— — %$10,109,928 $— — %
Interest-bearing checking12,116,284 53,150 1.76 9,772,340 42,390 1.74 
Health savings accounts9,367,769 3,966 0.17 9,137,704 3,635 0.16 
Money market23,954,940 184,047 3.08 21,645,531 190,853 3.54 
Savings 6,755,888 23,292 1.38 7,462,151 31,624 1.70 
Certificates of deposit6,015,621 46,584 3.11 6,061,399 51,873 3.43 
Brokered certificates of deposit1,624,580 15,830 3.91 1,774,379 19,363 4.38 
Total deposits69,797,289 326,869 1.88 65,963,432 339,738 2.07 
Securities sold under agreements to repurchase68,416 20 0.12 111,005 218 0.78 

Federal Home Loan Bank advances4,683,241 45,400 3.84 2,650,111 29,825 4.45 
Long-term debt722,347 8,343 4.62 885,773 9,624 4.35 
Total borrowings5,474,004 53,763 3.89 3,646,889 39,667 4.31 
Total deposits and interest-bearing liabilities75,271,293 $380,632 2.02 %69,610,321 $379,405 2.18 %
Non-interest-bearing liabilities 1,391,470 1,613,827 
Total liabilities76,662,763 71,224,148 

Preferred stock283,979 283,979 
Common stockholders’ equity9,414,337 9,010,044 
Total stockholders’ equity9,698,316 9,294,023 
Total liabilities and stockholders’ equity$86,361,079 $80,518,171 
Tax-equivalent net interest income649,370 635,052 
Less: Tax-equivalent adjustments(16,626)(13,870)
Net interest income$632,744 $621,182 
Net interest margin 3.26 %3.44 %

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WEBSTER FINANCIAL CORPORATION Five Quarter Loans and Leases 

(In thousands)June 30,2026March 31,2026December 31,2025September 30,2025June 30,2025
Loans and leases:
Commercial non-mortgage$22,702,138 $22,169,383 $21,664,119 $20,654,331 $19,943,097 
Asset-based lending1,036,823 1,118,988 1,231,231 1,258,478 1,350,006 
Commercial real estate22,793,088 22,569,080 22,334,846 21,911,298 21,358,775 
Residential mortgages9,600,445 9,600,026 9,599,577 9,509,142 9,332,413 
Consumer1,736,184 1,791,065 1,767,337 1,718,832 1,687,668 
Total loans and leases57,868,678 57,248,542 56,597,110 55,052,081 53,671,959 
Allowance for credit losses on loans and leases(723,846)(733,434)(719,411)(727,897)(722,046)
Total loans and leases, net$57,144,832 $56,515,108 $55,877,699 $54,324,184 $52,949,913 

Average loans and leases:
Commercial non-mortgage$22,464,776 $21,947,141 $21,244,671 $20,451,639 $19,703,434 
Asset-based lending1,083,842 1,171,324 1,259,776 1,289,208 1,360,288 
Commercial real estate22,623,171 22,571,488 22,082,606 21,508,546 21,302,161 
Residential mortgages9,617,402 9,634,148 9,584,853 9,416,499 9,228,988 
Consumer1,768,784 1,781,991 1,751,232 1,707,068 1,683,026 
Total average loans and leases$57,557,975 $57,106,092 $55,923,138 $54,372,960 $53,277,897 

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WEBSTER FINANCIAL CORPORATION
Five Quarter Non-performing Assets and Past Due Loans and Leases

(In thousands)June 30,2026March 31,2026December 31,2025September 30,2025June 30,2025
Non-performing loans and leases:
Commercial non-mortgage$180,513 $193,936 $174,073 $223,398 $231,458 

Asset-based lending34,342 60,471 66,911 58,797 44,405 
Commercial real estate176,010 231,353 224,623 227,118 224,554 
Residential mortgages18,974 20,127 17,889 16,843 15,748 
Consumer 19,184 16,662 17,188 17,772 18,357 
Total non-performing loans and leases$429,023 $522,549 $500,684 $543,928 $534,522 

Other real estate owned and repossessed assets:
Commercial non-mortgage$566 $1,284 $1,082 $1,399 $2,528 

Residential mortgages195 195 — — — 
Consumer390 390 390 — — 
Total other real estate owned and repossessed assets$1,151 $1,869 $1,472 $1,399 $2,528 
Total non-performing assets$430,174 $524,418 $502,156 $545,327 $537,050 

Past due 30-89 days:
Commercial non-mortgage$8,926 $26,812 $16,428 $10,934 $16,338 

Commercial real estate71,734 89,105 24,962 27,812 16,241 
Residential mortgages25,054 21,790 15,194 17,000 12,664 
Consumer11,623 11,122 9,902 8,730 9,516 
Total past due 30-89 days$117,337 $148,829 $66,486 $64,476 $54,759 
Past due 90 days or more and accruing3 9 — 1,152 — 
Total past due loans and leases$117,340 $148,838 $66,486 $65,628 $54,759 

 
Five Quarter Change in the Allowance for Credit Losses on Loans and Leases
Three Months Ended
(In thousands)June 30,2026March 31,2026December 31,2025September 30,2025June 30,2025
ACL on loans and leases, beginning balance$733,434 $719,411 $727,897 $722,046 $713,321 
Provision33,110 55,239 41,005 44,205 45,126 
Charge-offs:

Commercial portfolio40,896 40,225 48,492 37,914 39,792 

Consumer portfolio4,098 3,997 2,994 2,034 1,446 
Total charge-offs44,994 44,222 51,486 39,948 41,238 
Recoveries:

Commercial portfolio1,055 1,017 556 765 3,250 

Consumer portfolio1,241 1,989 1,439 829 1,587 
Total recoveries2,296 3,006 1,995 1,594 4,837 
Total net charge-offs42,698 41,216 49,491 38,354 36,401 
ACL on loans and leases, ending balance$723,846 $733,434 $719,411 $727,897 $722,046 

ACL on unfunded loan commitments$21,295 $22,879 $24,117 $23,117 $22,824 

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WEBSTER FINANCIAL CORPORATION
Non-GAAP to GAAP Reconciliations 

Three Months Ended
(In thousands, except ratio data)June 30,2026March 31,2026December 31,2025September 30,2025June 30,2025
Efficiency ratio:
Non-interest expense$384,962$379,109$383,237$356,669$345,714
Less: Foreclosed property activity3443(577)1,535541
         Intangible assets amortization9,0059,1869,0088,9669,093
         Operating lease depreciation———39
Charitable contribution to the Webster Foundation——20,000——
Asset disposal and contract termination costs——6,966——
Acquisition-related expenses (1)
8,7259,1451,129——
Strategic restructuring costs (2)
—3,636———
FDIC special assessment—(684)(10,318)——
Adjusted non-interest expense $367,198$357,783$357,029$346,165$336,071
Net interest income $632,744$634,403$632,853$631,667$621,182
Add: Tax-equivalent adjustment16,62615,35714,90314,25813,870
         Non-interest income 107,247101,463113,350100,90694,657
         Other income (3)
12,61712,8289,1429,23410,528
Less: Operating lease depreciation———39

Gain on redemption of long-term debt——9,767——

Adjusted income $769,234$764,051$760,481$756,062$740,228
Efficiency ratio 47.74%46.83%46.95%45.79%45.40%

Return on average tangible common stockholders’ equity:
Net income$256,789$246,231$255,820$261,217$258,848
Less: Preferred stock dividends4,1624,1634,1634,1624,162
Add: Intangible assets amortization, tax-effected 6,5456,6766,5656,5346,627
Adjusted net income$259,172$248,744$258,222$263,589$261,313
Adjusted net income, annualized basis$1,036,688$994,976$1,032,888$1,054,356$1,045,252
Average stockholders’ equity $9,698,316$9,638,238$9,513,033$9,440,148$9,294,023
Less: Average preferred stock 283,979283,979283,979283,979283,979
         Average goodwill and other intangible assets, net3,194,1003,203,9983,190,3863,180,1113,188,946
Average tangible common stockholders’ equity $6,220,237$6,150,261$6,038,668$5,976,058$5,821,098
Return on average tangible common stockholders’ equity16.67%16.18%17.10%17.64%17.96%

(1)Acquisition-related expenses reflect Transaction expenses for the three months ended June 30, 2026, and March 31, 2026, and SecureSave acquisition expenses for the three months ended December 31, 2025.
(2)Strategic restructuring costs reflect severance charges.
(3)Other income reflects a tax-equivalent adjustment on income generated from low-income housing tax credit investments.
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WEBSTER FINANCIAL CORPORATION
Non-GAAP to GAAP Reconciliations 

(In thousands, except ratio and per share data)June 30,2026March 31,2026December 31,2025September 30,2025June 30,2025
Tangible equity ratio:
Stockholders’ equity $9,760,749$9,573,649$9,492,236$9,462,677$9,337,617
Less: Goodwill and other intangible assets, net3,188,9763,197,9813,210,7563,175,7473,184,039
Tangible stockholders’ equity $6,571,773$6,375,668$6,281,480$6,286,930$6,153,578
Total assets $85,948,639$85,584,588$84,073,663$83,192,652$81,914,270
Less: Goodwill and other intangible assets, net3,188,9763,197,9813,210,7563,175,7473,184,039
Tangible assets $82,759,663$82,386,607$80,862,907$80,016,905$78,730,231
Tangible equity ratio7.94%7.74%7.77%7.86%7.82%

Tangible common equity ratio:
Tangible stockholders’ equity $6,571,773$6,375,668$6,281,480$6,286,930$6,153,578
Less: Preferred stock 283,979283,979283,979283,979283,979
Tangible common stockholders’ equity $6,287,794$6,091,689$5,997,501$6,002,951$5,869,599
Tangible assets $82,759,663$82,386,607$80,862,907$80,016,905$78,730,231
Tangible common equity ratio7.60%7.39%7.42%7.50%7.46%

Tangible book value per common share:
Tangible common stockholders’ equity $6,287,794$6,091,689$5,997,501$6,002,951$5,869,599
Common shares outstanding162,034162,049161,216164,817167,083
Tangible book value per common share $38.81$37.59$37.20$36.42$35.13

Core deposits:
Total deposits$70,283,453$69,039,716$68,759,813$68,175,644$66,314,425
Less: Certificates of deposit6,165,9755,848,1506,078,5496,202,9066,069,447
Brokered certificates of deposit2,196,274791,6902,491,7691,372,9071,850,438
Core deposits$61,921,204$62,399,876$60,189,495$60,599,831$58,394,540

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WEBSTER FINANCIAL CORPORATION
Non-GAAP to GAAP Reconciliations 

(In thousands)Three Months EndedJune 30, 2026Six Months Ended June 30, 2026
Adjusted return on average assets:
Net income$256,789 $503,020 

Add: Transaction expenses, tax-effected6,448 15,217 

Strategic restructuring costs, tax-effected (1)
— 2,643 
FDIC special assessment, tax-effected— (497)
Adjusted net income$263,237 $520,383 
Adjusted net income, annualized basis$1,052,948 $1,040,766 
Average assets$86,361,079 $85,732,388 
Adjusted return on average assets1.22 %1.21 %

Adjusted return on average tangible common stockholders’ equity:
Net income$256,789 $503,020 
Less: Preferred stock dividends4,162 8,325 
Add: Intangible assets amortization, tax-effected6,545 13,221 

Transaction expenses, tax-effected6,448 15,217 

Strategic restructuring costs, tax-effected (1)
— 2,643 

FDIC special assessment, tax-effected— (497)
Adjusted net income$265,620 $525,279 
Adjusted net income, annualized basis$1,062,480 $1,050,558 
Average stockholders’ equity$9,698,316 $9,668,443 
Less: Average preferred stock283,979 283,979 
Average goodwill and other intangible assets, net3,194,100 3,199,022 
Average tangible common stockholders’ equity$6,220,237 $6,185,442 
Adjusted return on average tangible common stockholders’ equity17.08 %16.98 %

GAAP to adjusted reconciliation:Three Months Ended June 30, 2026
(In thousands, except per share data)Pre-Tax IncomeIncome Applicable to Common StockholdersDiluted EPS
Reported (GAAP)$323,529$249,442$1.56

Transaction expenses8,7256,4480.04

Adjusted (non-GAAP)$332,254$255,890$1.60

Six Months Ended June 30, 2026
Pre-Tax IncomeIncome Applicable to Common StockholdersDiluted EPS
Reported (GAAP)$626,286$488,721$3.05

Transaction expenses17,87015,2170.09

Strategic restructuring costs (1)
3,6362,6430.02
FDIC special assessment(684)(497)—
Adjusted (non-GAAP)$647,108$506,084$3.16

(1)Strategic restructuring costs reflect severance charges.

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