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WEBSTER REPORTS SECOND QUARTER 2022 EPS OF $1.00; ADJUSTED EPS OF $1.29
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PR Newswire
STAMFORD, Conn., July 21, 2022
STAMFORD, Conn., July 21, 2022 /PRNewswire/ -- Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, today announced net income available to common shareholders of $178.1 million, or $1.00 per diluted share, for the quarter ended June 30, 2022, compared to $92.1 million, or $1.01 per diluted share, for the quarter ended June 30, 2021.
Second quarter 2022 results include $66.5 million pre-tax, ($50.5 million after tax), or $0.29 per diluted share, of merger-related expenses. Excluding these expenses, earnings per diluted share would have been $1.29 for the quarter ended June 30, 2022. Reported results prior to the first quarter of 2022 reflect legacy Webster Financial results only.
"Our second quarter performance is a great reflection of the strength of Webster," said John R. Ciulla, President and Chief Executive Officer. "We achieved strong and diverse loan growth, the quality of our core deposit franchise was evident in this rising rate environment, and we maintained our strong capital position, providing flexibility as we operate through a changing macro environment."
Highlights for the second quarter of 2022:
- Revenue of $607.6 million.
- Period end loan and lease balance of $45.6 billion; 80 percent commercial loans and leases, 20 percent consumer loans, and a loan to deposit ratio of 86 percent.
- Period end deposit balance of $53.1 billion.
- Provision for credit losses totaled $12.2 million.
- Charges related to the merger and strategic initiatives totaled $66.5 million.
- Return on average assets of 1.10 percent; adjusted 1.41 percent (non-GAAP).
- Return on average tangible common equity of 14.50 percent; adjusted 18.45 percent (non-GAAP).
- Net interest margin of 3.28 percent includes net accretion of 0.19 percent.
- Common equity tier 1 ratio of 11.04 percent.
- Efficiency ratio (non-GAAP) of 45.25 percent.
- Tangible common equity ratio of 7.68 percent.
- Repurchased $100 million in shares under Webster's share repurchase program.
"Our financial performance illustrates both merger synergies and the organic growth we anticipate our company will produce," said Glenn MacInnes, Executive Vice President and Chief Financial Officer. "On an adjusted basis, we generated a return on assets of 1.41 percent and return on tangible common equity of 18.5 percent. Earnings improvement was broad, with interest income, fees and expenses all trending positively."
Increases in the balance sheet and income statement, when compared to a year ago, are largely attributable to the merger with Sterling Bancorp on January 31, 2022.
Line of Business performance compared to the second quarter of 2021
Commercial Banking
Webster's Commercial Banking segment serves businesses that have more than $2 million of revenue through our business banking, middle market, asset-based lending, equipment finance, commercial real estate, sponsor finance, and treasury services business units. Additionally, our Wealth group provides wealth management solutions to business owners, operators, and consumers within our targeted markets and retail footprint. As of June 30, 2022, Commercial Banking had $36.6 billion in loans and leases and $20.5 billion in deposit balances.
| Commercial Banking Operating Results: | |||||||
| | | | | | Percent | ||
| | Three months ended June 30, | | Favorable/ | ||||
| (In thousands) | | 2022 | 2021 | | (Unfavorable) | ||
| Net interest income | | $333,421 | $140,589 | | | 137.2 % | |
| Non-interest income | | 49,430 | 18,378 | | | 169.0 | |
| Operating revenue | | 382,851 | 158,967 | | | 140.8 | |
| Non-interest expense | | 102,720 | 46,275 | | | (122.0) | |
| Pre-tax, pre-provision net revenue | | $280,131 | $112,692 | | | 148.6 | |
| | | | | | | | |
| | | | | | Percent | ||
| | | At June 30, | | Increase/ | |||
| (In millions) | | 2022 | 2021 | | (Decrease) | ||
| Loans and leases | | $36,634 | $14,654 | | | 150.0 % | |
| Deposits | | 20,501 | 8,729 | | | 134.9 | |
| AUA / AUM (off balance sheet) | | 2,266 | 2,863 | | | (20.8) | |
Pre-tax, pre-provision net revenue increased $167.4 million to $280.1 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 $192.8 million to $333.4 million, with $177.1 million driven by the merger, and $15.7 million due to loan and deposit growth in the legacy Webster portfolios. Non-interest income increased $31.1 million to $49.4 million, with $27.6 million driven by the merger, and $3.5 million primarily driven by increased client hedging activity and growth in loan related fees. Non-interest expense increased $56.4 million to $102.7 million, with $50.6 million due to the merger, and $5.8 million primarily to support loan and deposit growth in the legacy Webster portfolios.
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 June 30, 2022, HSA Bank had $11.1 billion in total footings comprising $7.8 billion in deposit balances and $3.3 billion in assets under administration through linked investment accounts.
| HSA Bank Operating Results: | |||||||
| | | | | | Percent | ||
| | Three months ended June 30, | | Favorable/ | ||||
| (In thousands) | | 2022 | 2021 | | (Unfavorable) | ||
| Net interest income | | $49,558 | $42,193 | | | 17.5 % | |
| Non-interest income | | 26,552 | 26,554 | | | — | |
| Operating revenue | | 76,110 | 68,747 | | | 10.7 | |
| Non-interest expense | | 37,540 | 32,423 | | | (15.8) | |
| Pre-tax, net revenue | | $38,570 | $36,324 | | | 6.2 | |
| | | | | | | | |
| | | | | | Percent | ||
| | | At June 30, | | Increase/ | |||
| (Dollars in millions) | | 2022 | 2021 | | (Decrease) | ||
| Number of accounts (thousands) | | 3,077 | 2,995 Werbung Mehr Nachrichten zur Webster Financial Aktie kostenlos abonnieren
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