In This Story
Webster Financial Corporation (WBS-1.12%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $192,985,000, down from $226,475,000 in the same quarter the previous year. Earnings per diluted common share were $1.10, compared to $1.28 in the previous year.
Net interest income increased slightly to $589,883,000 from $587,136,000 in the previous year. The net interest margin was 3.36%, down from 3.49% in the previous year.
The provision for credit losses increased to $54,000,000 from $36,500,000, reflecting changes in the macroeconomic environment and loan portfolio mix.
Non-interest income decreased to $57,741,000 from $90,382,000, primarily due to net losses on the sale of investment securities.
Non-interest expense decreased to $348,958,000 from $362,578,000, with reductions in professional services and other expenses.
Total assets increased to $79,453,900,000 from $74,945,249,000 at the end of 2023. This was driven by increases in cash equivalents, investment securities, and loans.
Total deposits rose to $64,514,430,000 from $60,784,284,000, primarily due to growth in interest-bearing deposits.
The allowance for credit losses on loans and leases increased to $687,798,000 from $635,737,000, reflecting adjustments for the current economic conditions.
Webster reported a working capital of $9,198,050,000 as of September 30, 2024, with stockholders’ equity increasing due to net income and other comprehensive income.
The filing also details the acquisition of Ametros, which contributed to goodwill and intangible asset increases, and the completion of a multi-family securitization transaction.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Webster Financial Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.