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Jun 30, 2024
Webster Q2 2024 Earnings Report
Reported EPS of $1.03 and adjusted EPS of $1.26 for the second quarter of 2024.
Key Takeaways
Webster Financial Corporation reported a net income available to common stockholders of $177.5 million, or $1.03 per diluted share, for the quarter ended June 30, 2024. The results include net securities repositioning losses of $0.231 per diluted share. Excluding this item, adjusted earnings per diluted share would have been $1.261 for the quarter ended June 30, 2024.
Revenue of $614.6 million.
Period end loan and lease balance of $51.6 billion, up 0.9 percent from prior quarter.
Period end deposit balance of $62.3 billion, up 2.5 percent from prior quarter.
Net interest margin of 3.32 percent, down 3 basis points from prior quarter.
Webster
Webster
Webster Revenue by Segment
Revenue by Segment
Commercial Banking Revenue
CapyFin.comHealthcare Financial Services Revenue
CapyFin.comConsumer Banking Revenue
CapyFin.com Forward Guidance
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” and similar references to future periods.
Positive Outlook
- Webster’s ability to successfully execute its business plan and strategic initiatives, and manage any risks or uncertainties
- The timely development and acceptance of new products and services, and the perceived value of those products and services by customers
- Webster’s ability to implement new technologies and maintain secure and reliable information and technology systems
- Webster’s ability to increase market share and control expenses
- Webster’s ability to maintain adequate sources of funding and liquidity
Challenges Ahead
- Continued regulatory changes or other mitigation efforts taken by government agencies in response to volatility in the banking industry, including due to the bank failures in 2023
- Volatility in Webster’s stock price due to investor sentiment and turmoil in the banking industry
- Local, regional, national, and international economic conditions, and the impact they may have on Webster or its customers
- Inflation, monetary fluctuations, and changes in interest rates, including the impact of such changes on economic conditions, customer behavior, funding costs, and Webster’s loans and leases and securities portfolios
- The effects of any cybersecurity threats, attacks or events, or fraudulent activity, including those that involve Webster’s third-party vendors and service providers
Revenue & Expenses
Visualization of income flow from segment revenue to net income