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WEBSTER REPORTS FOURTH QUARTER 2022 EPS OF $1.38; ADJUSTED EPS OF $1.60
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STAMFORD, Conn., Jan. 26, 2023
STAMFORD, Conn., Jan. 26, 2023 /PRNewswire/ -- Webster Financial Corporation ("Webster") (NYSE: WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, today announced net income available to common stockholders of $240.6 million, or $1.38 per diluted share, for the quarter ended December 31, 2022, compared to $109.1 million, or $1.20 per diluted share, for the quarter ended December 31, 2021.
Fourth quarter 2022 results include $50.4 million pre-tax ($37.0 million after tax), or $0.221 per diluted share, of charges related to the merger with Sterling Bancorp on January 31, 2022 ("the merger") and balance sheet repositioning. Excluding these charges, adjusted earnings per diluted share would have been $1.601 for the quarter ended December 31, 2022. Reported results prior to the first quarter of 2022 reflect legacy Webster results only.
For the full year 2022, net income available to common stockholders was $628.4 million, or $3.72 per diluted share, and includes a combined $433.2 million ($319.0 million after tax) of initial non-purchase credit deteriorated (non-PCD) provision, merger-related, strategic initiatives, and other charges.
"With a continued focus on our clients, colleagues, and communities, we are pleased to report strong financial results in the quarter and for the full-year 2022," said John R. Ciulla, president and chief executive officer. "As pleased as we are with our financial performance, we are equally proud of the progress we have made from a culture and talent perspective."
Highlights for the fourth quarter of 2022:
- Revenue of $704.6 million.
- Period end loan and lease balance of $49.8 billion; 81 percent commercial loans and leases, 19 percent consumer loans, and a loan to deposit ratio of 92 percent.
- Period end deposit balance of $54.1 billion.
- Provision for credit losses totaled $43.0 million.
- Charges related to the merger and balance sheet repositioning totaled $50.4 million.
- Return on average assets of 1.40 percent; adjusted 1.61 percent1.
- Return on average tangible common equity of 19.93 percent1; adjusted 22.92 percent1.
- Net interest margin of 3.74 percent, up 20 basis points from prior quarter.
- Common equity tier 1 ratio of 10.71 percent.
- Efficiency ratio of 40.27 percent1.
- Tangible common equity ratio of 7.38 percent1.
"Our continued investment in our businesses, including the acquisition of interLINK announced in the fourth quarter, provides further diversification in both our loan and deposit franchises," said Glenn MacInnes, executive vice president and chief financial officer. "We continue to develop our existing businesses while executing on operational efficiencies."
Increases in the balance sheet and income statement, when compared to a year ago, are largely attributable to the merger.
Line of Business performance compared to the fourth quarter of 2021
Commercial Banking
Webster's Commercial Banking segment serves businesses that have more than $2 million of revenue through its business banking, middle market, asset-based lending, equipment finance, commercial real estate, sponsor finance, private banking, and treasury services business units. As of December 31, 2022, Commercial Banking had $40.1 billion in loans and leases and $19.6 billion in deposit balances.
Commercial Banking Operating Results:
| | | | | | Percent | ||
| | Three months ended December 31, | | Favorable/ | ||||
| (In thousands) | | 2022 | 2021 | | (Unfavorable) | ||
| Net interest income | | $392,340 | $151,210 | | | 159.5 % | |
| Non-interest income | | 42,767 | 24,002 | | | 78.2 | |
| Operating revenue | | 435,107 | 175,212 | | | 148.3 | |
| Non-interest expense | | 103,725 | 50,174 | | | (106.7) | |
| Pre-tax, pre-provision net revenue | | $331,382 | $125,038 | | | 165.0 | |
| | | | | | | | |
| | | | | | Percent | ||
| | | At December 31, | | Increase/ | |||
| (In millions) | | 2022 | 2021 | | (Decrease) | ||
| Loans and leases | | $40,115 | $15,210 | | | 163.7 % | |
| Deposits | | 19,563 | 9,519 | | | 105.5 | |
| AUA / AUM (off balance sheet) | | 2,259 | 2,869 | | | (21.3) | |
Pre-tax, pre-provision net revenue increased $206.3 million, to $331.4 million, in the quarter as compared to prior year. The increase in balances and income was largely attributable to the merger. Net interest income increased $241.1 million, to $392.3 million, primarily driven by the merger, organic loan and deposit growth since the merger, and the impact of the higher rate environment. Non-interest income increased $18.8 million, to $42.8 million, with $18.3 million driven by the merger, and $0.5 million primarily due to increased loan fee income. Non-interest expense increased $53.6 million, to $103.7 million, with $46.0 million due to the merger, and $7.6 million in support of loan and deposit growth.
HSA Bank
Webster's HSA Bank division offers a comprehensive consumer-directed healthcare solution that includes health savings accounts, health reimbursement arrangements, flexible spending accounts and commuter benefits. Health savings accounts are distributed nationwide directly to employers and individual consumers, as well as through national and regional insurance carriers, benefit consultants, and financial advisors. As of December 31, 2022, HSA Bank had $11.3 billion in total footings comprising $7.9 billion in deposit balances and $3.4 billion in assets under administration through linked investment accounts.
HSA Bank Operating Results:
| | | | | | Percent | ||
| | Three months ended December 31, | | Favorable/ | ||||
| (In thousands) | | 2022 | 2021 | | (Unfavorable) | ||
| Net interest income | | $65,447 | $42,219 | | | 55.0 % | |
| Non-interest income | | 25,234 | 24,499 | | | 3.0 | |
| Operating revenue | | 90,681 | 66,718 | | | 35.9 | |
| Non-interest expense | | 40,655 | 33,456 | | | (21.5) | |
| Pre-tax, net revenue | | $50,026 | $33,262 | | | 50.4 | |
| | | | | | | | |
| | | | | | Percent | ||
| | | At December 31, | | Increase/ | |||
| (Dollars in millions) | | 2022 | 2021 | | (Decrease) | ||
| Number of accounts (thousands) | | 3,042 | 2,992 Werbung Mehr Nachrichten zur Webster Financial Aktie kostenlos abonnieren
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