Home Economy Economic Activity Webster Financial Corp. reports $226.9M in Q1 profit

Webster Financial Corp. reports $226.9M in Q1 profit

By

Matthew McNulty

-

04/24/2025

WEBSTER FINANCIAL Corp., the parent company of Webster Bank, recorded a $226.9 million profit in the first quarter of 2025, up nearly 5% from the $216.3 million it made in the first quarter of 2024. / PBN FILE PHOTO

STAMFORD, Conn. – Webster Financial Corp., the parent company of Webster Bank, on Thursday said it recorded a $226.9 million profit in the first quarter of 2025, nearly 5% more than the $216.3 million it made in the first quarter of 2024. Diluted earnings per share were up 7 cents for the quarter, with $1.30 per

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STAMFORD, Conn. – Webster Financial Corp., the parent company of Webster Bank, on Thursday said it recorded a $226.9 million profit in the first quarter of 2025, nearly 5% more than the $216.3 million it made in the first quarter of 2024. Diluted earnings per share were up 7 cents for the quarter, with $1.30 per share reported for the three months of 2025 compared with $1.23 a year ago. However, those results still did not meet Wall Street's expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.38 per share.

Webster, the 10th largest bank in the Rhode Island market in terms of deposits, posted slightly higher revenues of $1.07 billion this quarter, up 1.4% from the $1.05 billion reported in the same quarter a year ago.

Deposits totaled $65 billion, up 7.3% compared with the $60.7 billion reported the year prior, and average loans and leases totaled $52.6 billion, an increase of $1.6 billion, or 3.2% year over year. "Webster has again proven its capacity to consistently execute through a variety of operating environments," said John R. Ciulla, CEO and chairman. "Growth in loans and deposits was generated by a breadth of businesses, as we continue to generate strong returns for our stockholders." Total assets stood at $80.3 billion for the quarter, an increase of $4.2 billion, or 5.3%, from $76.1 billion a year ago Net interest margin - a key metric – was 3.48% this quarter compared with 3.41% a year ago. Average interest-earning assets totaled $72.9 billion for the quarter, an increase of $4.1 billion, or 6%, from $68.1 billion year over year. The yield on interest-earning assets decreased by 17 basis points, and the cost of interest-bearing liabilities decreased by 24 basis points. Noninterest income dropped to $92.6 million this quarter from the $99.3 million reported last year. Noninterest expenses increased $7.6 million year over year, with $343.6 million posted this quarter and $336 million a year ago. Webster Bank has seven full-service branches in Rhode Island as well as two private banking offices in Providence and Westerly. (Material from The Associated Press was used in this report.) Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.