Home Economy Economic Activity Webster Bank parent posts $216.3M profit in Q1

Webster Bank parent posts $216.3M profit in Q1

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PBN Staff

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04/23/2024

WebsterBank — WEBSTER FINANCIAL CORP., the parent company of Webster Bank, on Monday said it recorded a $216.3 million profit in the first quarter of 2023, marking a slight decrease from the $216.8 million it made the year prior. /PBN FILE PHOTO

STAMFORD, Conn. – Webster Financial Corp., the parent company of Webster Bank, on Monday said it recorded a $216.3 million profit in the first quarter of 2024, marking a slight dip from the $216.8 million it made the year prior. Diluted earnings per share for the quarter fell slightly from $1.24 to $1.23 per share. The bank’s revenue

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STAMFORD, Conn. – Webster Financial Corp., the parent company of Webster Bank, on Monday said it recorded a $216.3 million profit in the first quarter of 2024, marking a slight dip from the $216.8 million it made the year prior. Diluted earnings per share for the quarter fell slightly from $1.24 to $1.23 per share. The bank’s revenue for the quarter – interest and noninterest income – was $1.05 billion, up 14% from $901 million reported in 2023. "We reported solid results in the first quarter, including an adjusted return on assets of 1.26% and an adjusted return on tangible common equity of 17.85,” said Chairman and CEO John R. Ciulla. ”We also enhanced our distinctive deposit franchise with the close of the Ametros acquisition, which expands our expertise in healthcare financial services." Total deposits climbed to $60.74 billion as of March 31, up $5.44 billion, or 9.8%, from a year ago. Meanwhile, total assets stood at $76.1 billion at the end of the quarter, an increase of $1.3 billion, or 1.7% from a year earlier. Net interest income fell 4.6% from $595.3 million in the first quarter of 2022 to $567.2 million. The net interest margin, the difference between interest income generated and the amount paid out to lenders, was up 31 basis points to 3.35% year over year. Average interest-earning assets totaled $68.1 billion, an increase from $66.1 billion reported a year ago. Noninterest income increased to $99.3 million from $70.8 million in the first quarter of 2022. Noninterest expenses were up slightly for the quarter, to $336 million, which included $188.5 million for compensation and benefits. Total assets climbed to $75.5 billion, a 4% increase from $73.2 billion a year ago. The company recorded about $50.9 billion in loans and leases, up $8.4 billion or 1.6% year over year. Webster reported a loan to deposit ratio of 84.1%. "Webster generated strong deposit growth in key businesses this quarter, including HSA Bank and Ametros," said Glenn MacInnes, executive vice president and chief financial officer. "Our funding profile and overall balance sheet strength puts us in a unique position to deliver for our clients.”