Webster Reports Fourth Quarter 2025 EPS of $1.55; Adjusted EPS of $1.59

STAMFORD, Conn.--(BUSINESS WIRE)--Webster Financial Corporation (“Webster”) (NYSE: WBS), the holding company for Webster Bank, N.A., today announced net income applicable to common stockholders of $248.7 million, or $1.55 per diluted share, for the quarter ended December 31, 2025, compared to $171.8 million, or $1.01 per diluted share, for the quarter ended December 31, 2024.

Fourth quarter 2025 results include gains on debt redemption, a charitable contribution to the Webster Foundation, asset disposal and contact termination costs, acquisition expenses, and a benefit related to the FDIC special assessment. Excluding these items, adjusted earnings per diluted share would have been $1.59¹ for the quarter ended December 31, 2025, compared to $1.43¹ for the quarter ended December 31, 2024.

“Webster continued to excel from a fundamental perspective in the fourth quarter, and we enter 2026 from a position of strength,” said John R. Ciulla, chairman and chief executive officer. “It was appropriate that Webster produced record EPS and tangible book value per share in the year of its 90th anniversary.”

Highlights for the fourth quarter of 2025:

• Revenue of $746.2 million.
• Period end loans and leases balance of $56.6 billion, up $1.5 billion, or 2.8 percent from prior quarter.
• Period end deposits balance of $68.8 billion, up $0.6 billion, or 0.9 percent, from prior quarter.
• Provision for credit losses of $42.0 million.
• Return on average assets of 1.23 percent.
• Return on average tangible common equity of 17.10 percent¹.
• Net interest margin of 3.35 percent, down 5 basis points from prior quarter.
• Common equity tier 1 ratio of 11.22 percent².
• Efficiency ratio of 46.95 percent¹.
• Tangible common equity ratio of 7.42 percent¹.
• Repurchased 3.6 million shares under Webster’s share repurchase program.

“Our solid operating foundation enables Webster to maintain strong profitability while building scale,” said Neal Holland, senior executive vice president and chief financial officer. “We continue to invest in businesses and capabilities that enhance Webster’s strategic capabilities.”

^1 See “Non-GAAP to GAAP Reconciliations” section beginning on page 19.

^2 Presented as preliminary for December 31, 2025.

Consolidated financial performance:

Quarterly net interest income compared to the fourth quarter of 2024:

• Net interest income was $632.9 million, compared to $608.5 million.
• Net interest margin¹ was 3.35 percent, compared to 3.44 percent. The yield on interest-earning assets decreased by 22 basis points, and the cost of deposits and interest-bearing liabilities decreased by 16 basis points.
• Average interest-earning assets totaled $76.7 billion, an increase of $4.8 billion, or 6.7 percent.
• Average loans and leases totaled $55.9 billion, an increase of $3.7 billion, or 7.0 percent.
• Average deposits totaled $68.5 billion, an increase of $3.7 billion, or 5.6 percent.

Quarterly provision for credit losses:

• The provision for credit losses was $42.0 million, compared to $44.0 million in the prior quarter, and $63.5 million a year ago.
• Net charge-offs were $49.5 million, compared to $38.4 million in the prior quarter, and $60.9 million a year ago. The ratio of net charge-offs to average loans and leases was 0.35 percent, compared to 0.28 percent in the prior quarter, and 0.47 percent a year ago.
• The allowance for credit losses on loans and leases represented 1.27 percent of total loans and leases, compared to 1.32 percent at September 30, 2025, and 1.31 percent at December 31, 2024.
• The allowance for credit losses on loans and leases represented 144 percent of non-performing loans and leases, compared to 134 percent at September 30, 2025, and 149 percent at December 31, 2024.

Quarterly non-interest income compared to the fourth quarter of 2024:

• Total non-interest income was $113.4 million, compared to $52.5 million, an increase of $60.9 million. Total non-interest income includes gains on debt redemption of $9.8 million in the fourth quarter of 2025 and losses on sales of investment securities of $56.9 million in the fourth quarter of 2024. Excluding those items, total non-interest income decreased $5.8 million. The decrease is primarily driven by lower direct investment gains and a decrease in the credit valuation adjustment on derivatives, partially offset by increased client hedging activities.

^1 As of the first quarter of 2025, Webster changed the methodology used to annualize net interest income in its quarterly and year to date net interest margin calculation. Net interest margin for the prior periods has been recast.

Quarterly non-interest expense compared to the fourth quarter of 2024:

• Total non-interest expense was $383.2 million, compared to $340.4 million, an increase of $42.8 million. Total non-interest expense includes a $20.0 million charitable contribution to the Webster Foundation, $7.0 million in asset disposal and contract termination costs, and $1.1 million in acquisition expenses, partially offset by a $10.3 million benefit related to the FDIC special assessment. Excluding those items, total non-interest expense increased $25.0 million. The increase is primarily driven by increased investments in human capital and technology, performance-based incentives, and marketing expenses.

Quarterly income taxes compared to the fourth quarter of 2024:

• Income tax expense was $65.1 million, compared to $79.3 million, and the effective tax rate was 20.3 percent, compared to 30.9 percent. The higher tax expense and effective tax rate a year ago reflected the recognition of a $29.4 million deferred tax asset valuation adjustment, which impacted the effective tax rate by 11.4 percentage points in that period.

Investment securities:

• Total investment securities, net, were $18.0 billion, compared to $18.0 billion at September 30, 2025, and $17.5 billion at December 31, 2024. The carrying value of the available-for-sale portfolio included $457.5 million of net unrealized losses, compared to $496.8 million at September 30, 2025, and $712.9 million at December 31, 2024. The carrying value of the held-to-maturity portfolio does not reflect $801.1 million of net unrealized losses, compared to $836.7 million at September 30, 2025, and $991.2 million at December 31, 2024.

Loans and leases:

• Total loans and leases were $56.6 billion, compared to $55.1 billion at September 30, 2025, and $52.5 billion at December 31, 2024. Compared to September 30, 2025, commercial loans and leases increased by $982.5 million, commercial real estate loans increased by $423.5 million, residential mortgages increased by $90.4 million, and consumer loans increased by $48.5 million. Compared to December 31, 2024, commercial loans and leases increased by $2.2 billion, commercial real estate loans increased by $943.8 million, residential mortgages increased by $745.9 million, and consumer loans increased by $183.8 million.
• Loan originations for the portfolio were $4.5 billion, compared to $4.1 billion in the prior quarter, and $3.4 billion a year ago.

Asset quality:

• Total non-performing loans and leases were $500.7 million, compared to $543.9 million at September 30, 2025, and $461.3 million at December 31, 2024. The ratio of total non-performing loans and leases to total loans and leases was 0.88 percent, compared to 0.99 percent at September 30, 2025, and 0.88 percent at December 31, 2024.
• Past due loans and leases were $66.5 million, compared to $65.6 million at September 30, 2025, and $113.4 million at December 31, 2024. The increase from prior quarter is primarily driven by an increase in commercial non-mortgage, partially offset by a decrease in commercial real estate. The decrease from a year ago is primarily driven by decreases in commercial real estate and asset-based lending.

Deposits and borrowings:

• Total deposits were $68.8 billion, compared to $68.2 billion at September 30, 2025, and $64.8 billion at December 31, 2024. The ratio of core deposits to total deposits¹ was 87.5 percent, compared to 88.9 percent at September 30, 2025, and 87.3 percent at December 31, 2024. The loan to deposit ratio was 82.3 percent, compared to 80.8 percent at September 30, 2025, and 81.1 percent at December 31, 2024.
• Total borrowings were $4.3 billion, compared to $3.9 billion at September 30, 2025, and $3.4 billion at December 31, 2024.

Capital:

• The return on average common stockholders’ equity and the return on average tangible common stockholders’ equity¹ were 10.91 percent and 17.10 percent, respectively, compared to 11.23 percent and 17.64 percent, respectively, in the prior quarter, and 7.80 percent and 12.73 percent, respectively, a year ago.
• The tangible equity¹ and tangible common equity¹ ratios were 7.77 percent and 7.42 percent, respectively, compared to 7.86 percent and 7.50 percent, respectively, at September 30, 2025, and 7.82 percent and 7.45 percent, respectively, at December 31, 2024.
• The common equity tier 1² ratio was 11.22 percent, compared to 11.39 percent at September 30, 2025, and 11.54 percent at December 31, 2024.
• Book value per common share and tangible book value per common share¹ were $57.12 and $37.20, respectively, compared to $55.69 and $36.42, respectively, at September 30, 2025, and $51.63 and $32.95, respectively, at December 31, 2024.

^1 See “Non-GAAP to GAAP Reconciliations” section beginning on page 19.

^2 Presented as preliminary for December 31, 2025, and actual for the remaining periods.

Reportable segments:

Commercial Banking

Webster’s Commercial Banking segment delivers financial solutions both nationally and regionally to a wide range of companies, investors, government entities, and other public and private institutions. Commercial Banking helps its clients achieve their business and financial goals with expertise in Commercial & Institutional Lending, Commercial Real Estate, Capital Markets, Capital Finance, and Treasury Management. Its Private Banking team also pairs holistic wealth solutions, including tailored lending, with commercial banking services. At December 31, 2025, Commercial Banking had $43.8 billion in loans and leases and $17.3 billion in deposits, as well as a combined $2.8 billion in assets under administration (“AUA”) and management (“AUM”).

Commercial Banking Operating Results:

			Percent
	Three months ended December 31,		Favorable/
(In thousands)	2025	2024	(Unfavorable)
Net interest income	$330,576	$330,392	0.1%
Non-interest income	36,262	41,026	(11.6)
Operating revenue	366,838	371,418	(1.2)
Non-interest expense	110,156	106,762	(3.2)
Pre-tax, pre-provision net revenue	$256,682	$264,656	(3.0)%
			Percent
	December 31,		Increase/
(In millions)	2025	2024	(Decrease)
Loans and leases	$43,762	$40,616	7.7%
Deposits	17,278	16,252	6.3
AUA / AUM (off balance sheet)	2,821	2,966	(4.9)

Pre-tax, pre-provision net revenue decreased $8.0 million, to $256.7 million, in the quarter as compared to the prior year. Net interest income increased $0.2 million, to $330.6 million, primarily driven by higher loan and deposit balances, partially offset by lower net spread on loans and leases. Non-interest income decreased $4.8 million, to $36.3 million, primarily driven by lower direct investment gains, partially offset by an increase in client hedging activities and higher syndication fees. Non-interest expense increased $3.4 million, to $110.2 million, primarily driven by increased investments in human capital, operational process improvements, and technology, and higher loan related expenses.

Healthcare Financial Services

Webster’s Healthcare Financial Services segment includes HSA Bank and Ametros. HSA Bank is one the country’s largest providers of employee benefits solutions, including being one of the leading bank administrators of health savings accounts, emergency savings accounts, and flexible spending accounts administration services in 50 states. Ametros, the nation’s largest professional administrator of medical insurance claim settlements, helps individuals manage their ongoing medical care through their CareGuard service and proprietary technology platform. At December 31, 2025, Healthcare Financial Services had $16.9 billion in total footings comprising $10.4 billion in deposits and $6.5 billion in AUA through linked investment accounts.

Healthcare Financial Services Operating Results:

			Percent
	Three months ended December 31,		Favorable/
(In thousands)	2025	2024	(Unfavorable)
Net interest income	$98,860	$95,185	3.9%
Non-interest income	27,032	25,140	7.5
Operating revenue	125,892	120,325	4.6
Non-interest expense	58,912	56,672	(4.0)
Pre-tax, pre-provision net revenue	$66,980	$63,653	5.2%
	December 31,		Percent
(Dollars in millions)	2025	2024	Increase
Number of accounts (thousands)	3,453	3,326	3.8%
Deposits	$10,418	$9,967	4.5
Linked investment accounts (off balance sheet)	6,509	5,322	22.3
Total footings	$16,927	$15,289	10.7

Pre-tax, pre-provision net revenue increased $3.3 million, to $67.0 million, in the quarter as compared to the prior year. Net interest income increased $3.7 million, to $98.9 million, primarily driven by higher deposit balances, partially offset by lower deposit spreads. Non-interest income increased $1.9 million, to $27.0 million, primarily driven by higher interchange and medical fees. Non-interest expense increased $2.3 million, to $58.9 million, primarily driven by higher compensation and benefits costs and marketing expenses.

Consumer Banking

Webster’s Consumer Banking segment delivers customized financial solutions to individuals, families, and small to mid-sized businesses through its experienced relationship managers and wealth advisors across 195 banking centers located throughout the Northeast. Consumer Banking offers a full suite of deposit, lending, treasury management, and wealth management solutions. Consumer Banking also provides a fully digital banking experience through its mobile banking apps and BrioDirect. At December 31, 2025, Consumer Banking had $12.8 billion in loans and $27.7 billion in deposits, as well as $8.0 billion in AUA.

Consumer Banking Operating Results:

			Percent
	Three months ended December 31,		Favorable/
(In thousands)	2025	2024	(Unfavorable)
Net interest income	$210,192	$202,165	4.0%
Non-interest income	24,529	26,969	(9.0)
Operating revenue	234,721	229,134	2.4
Non-interest expense	128,766	119,123	(8.1)
Pre-tax, pre-provision net revenue	$105,955	$110,011	(3.7)%
	December 31,		Percent
(In millions)	2025	2024	Increase
Loans	$12,827	$11,886	7.9%
Deposits	27,664	27,333	1.2
AUA (off balance sheet)	8,009	7,997	0.2

Pre-tax, pre-provision net revenue decreased $4.0 million, to $106.0 million, in the quarter as compared to the prior year. Net interest income increased $8.0 million, to $210.2 million, primarily driven by higher average loan and deposit balances coupled with a higher interest rate spread on loans, partially offset by a lower interest rate spread on deposits. Non-interest income decreased $2.4 million, to $24.5 million, primarily driven by lower deposit service fees and lower investment services income. Non-interest expense increased $9.6 million, to $128.8 million, primarily driven by increased investments in technology, employee-related expenses, and other miscellaneous expenses.

Webster Financial Corporation (“Webster”) (NYSE:WBS) is the holding company for Webster Bank, N.A. (“Webster Bank”). Headquartered in Stamford, CT, Webster is a values-driven organization with more than $84 billion in total consolidated assets. Webster Bank is a commercial bank that provides a wide range of financial products and services to businesses, individuals, and families across three differentiated lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking. While its core footprint spans the Northeast from the New York metropolitan area to Rhode Island and Massachusetts, certain businesses operate in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

Conference Call

A conference call covering Webster’s fourth quarter 2025 earnings announcement will be held today, Friday, January 23, 2026, at 9:00 a.m. Eastern Time. To listen to the live call, please dial 888-330-2446, or 1-240-789-2732 for international callers. The passcode is 8607257. The webcast, along with related slides, will be available via Webster’s Investor Relations website at investors.websterbank.com. A replay of the conference call will be available for one week via the website listed above, beginning at approximately 12:00 noon (Eastern Time) on January 23, 2026. To access the replay, dial 800-770-2030, or 1-609-800-9909 for international callers. The replay conference ID number is 8607257.

Forward-Looking Statements

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 “could,” “believes,” “anticipates,” “expects,” “intends,” “outlook,” “target,” “continue,” “remain,” “will,” “should,” “may,” “might,” “plans,” “estimates,” “likely,” “future,” and similar references to future periods. However, these words are not the exclusive means of identifying such statements. Examples of forward-looking statements include but are not limited to: projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items; statements of plans, objectives, and expectations of Webster or its management or Board of Directors; statements of future economic performance; and statements of assumptions underlying such statements. Forward-looking statements are based on Webster’s current expectations and assumptions regarding its business, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, and in many cases, are beyond Webster's control. Webster’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Factors that could cause Webster’s actual results to differ from those discussed in any forward-looking statements include, but are not limited to: Webster’s ability to successfully execute its business plan and strategic initiatives, and manage any risks or uncertainties; continued regulatory changes or other risk mitigation efforts taken by government agencies in response to the risk to safety and soundness in the banking industry; volatility in Webster’s stock price due to investor sentiment and perception of the banking industry; local, regional, national, and international economic conditions or macroeconomic instability (including any economic slowdown or recession, inflation, monetary fluctuation, tariff increases, interest rate changes, credit loss trends, unemployment, changes in housing or securities markets, or other factors) and the impact of the same on Webster or its customers; volatility, disruption, or uncertainty in national and international financial markets, including as a result of geopolitical developments; the impact of unrealized losses in Webster’s financial instruments, particularly in Webster’s available-for-sale securities portfolio; changes in laws and regulations, or existing laws and regulations that Webster becomes subject to, including those concerning banking, taxes, dividends, securities, insurance, cybersecurity, and healthcare administration, with which Webster must comply; adverse conditions in the securities markets that could lead to impairment in the value of Webster’s securities portfolio; possible changes in governmental monetary and fiscal policies, or any leadership changes of those determining such policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures; the effects of any restructurings, staff reductions, or other disruptions in the U.S. federal government or in agencies regulating or otherwise impacting Webster’s business; the direct or indirect impact of any new regulatory, policy, or enforcement developments resulting from the policies or actions of the current U.S. presidential administration, including trade deals, changes in tariffs and other protectionist trade policies, any reciprocal and/or retaliatory tariffs by foreign countries, and any uncertainties related thereto; the timely development and acceptance of any new products and services, and the perceived value of those products and services by customers; changes in deposit flows, consumer spending, borrowings, and savings habits; Webster’s ability to implement new technologies and maintain secure and reliable information and technology systems; the effects, including reputational damage, of any cybersecurity threats, attacks or disruptions, fraudulent activity, or other data breaches or security events, including those involving Webster’s third-party vendors and service providers; issues with the performance of Webster’s counterparties and third-party vendors; Webster’s ability to increase market share and control expenses; changes in the competitive environment among banks, financial holding companies, and other traditional and non-traditional financial service providers; Webster’s ability to maintain adequate sources of funding and liquidity; possible downgrades in Webster’s credit ratings; limitations on Webster’s ability to receive dividends from its subsidiaries; Webster’s ability to attract, develop, motivate, and retain skilled employees; changes in loan demand or real estate values; changes in the mix of loan geographies, sectors, or types and the level of non-performing assets, charge-offs, and delinquencies; changes in Webster’s estimates of current expected credit losses based upon periodic review under relevant regulatory and accounting requirements; the effect of changes in accounting policies and practices applicable to Webster, including impacts of recently adopted accounting guidance; legal and regulatory developments, including any due to judicial decisions, the initiation or resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews, disruptions at regulatory agencies, government funding or other issues; Webster’s ability to navigate differing environmental, social, governmental, and sustainability concerns among federal and state governmental administrations and judicial decisions, Webster’s stakeholders, and other activists that may arise from Webster’s business activities; Webster’s ability to assess and monitor the effect of evolving uses of artificial intelligence on its business and operations; the occurrence of natural disasters, severe weather events, and public health crises, and any governmental or societal responses thereto; the impact of any of the foregoing on the business or credit quality of Webster’s customers; and the other factors that are described in Webster’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by Webster in this release speaks only as of the date on which it is made. Factors or events that could cause Webster’s actual results to differ may emerge from time to time, and it is not possible for Webster to predict all of them. Webster undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures, including the efficiency ratio, the return on average tangible common stockholders’ equity, the tangible equity ratio, the tangible common equity ratio, tangible book value per common share, and core deposits. A reconciliation of each non-GAAP financial measure to the most comparable GAAP financial measure is included in the accompanying selected financial highlights table.

Webster believes that certain non-GAAP financial measures provide investors with information useful in understanding its financial position, results of operations, the strength of its capital position, and overall business performance. These non-GAAP financial measures are used by Webster for performance measurement purposes, as well as for internal planning and forecasting, and by securities analysts, investors, and other interested parties to assess peer company operating performance. Webster believes that this presentation, together with the accompanying reconciliations, provides investors with a more complete understanding of the factors and trends affecting its business and allows investors to view its performance in a manner similar to management.

The efficiency ratio represents the costs expended to generate a dollar of revenue and is calculated excluding certain non-operational items. The return on average tangible common stockholders’ equity (“ROATCE”) is calculated using net income less preferred stock dividends, adjusted for the tax-effected amortization of intangible assets, as a percentage of average stockholders’ equity less average preferred stock and average goodwill and other intangible assets. The tangible equity ratio represents stockholders’ equity less goodwill and other intangible assets (“tangible stockholders’ equity”) divided by total assets less goodwill and other intangible assets (“tangible assets”). The tangible common equity ratio represents stockholders’ equity less preferred stock and goodwill and other intangible assets (“tangible common stockholders’ equity”) divided by tangible assets. Tangible book value per common share represents tangible common stockholders’ equity divided by the number of common shares outstanding at the end of the reporting period. Core deposits reflect total deposits less certificates of deposit and brokered certificates of deposit. Adjusted pre-tax net income, adjusted net income available to common stockholders, adjusted diluted earnings per share (“EPS”), adjusted ROATCE, and adjusted return on average assets (“ROAA”) are calculated excluding certain non-recurring transactions or events, which have been tax-effected, as applicable.

These non-GAAP financial measures should not be considered a substitute for GAAP-basis financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these with other companies that present financial measures having the same or similar names. Webster strongly encourages investors to review its consolidated financial statements in their entirety and to not rely on any single financial measure.

Refer the tables beginning on page 19 for Non-GAAP to GAAP reconciliations.

WEBSTER FINANCIAL CORPORATION Selected Financial Highlights (unaudited)
		Three Months Ended
(In thousands, except ratio and per share data)		December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Income and performance ratios:
Net income	$	255,820		$	261,217		$	258,848		$	226,917		$	177,766
Net income applicable to common stockholders		248,701			254,051			251,695			220,367			171,760
Earnings per common share - Diluted		1.55			1.54			1.52			1.30			1.01
Return on average assets (annualized)		1.23	%		1.27	%		1.29	%		1.15	%		0.91	%
Return on average tangible common stockholders' equity (annualized)^(1)		17.10			17.64			17.96			15.93			12.73
Return on average common stockholders’ equity (annualized)		10.91			11.23			11.31			9.94			7.80
Non-interest income as a percentage of total revenue		15.19			13.77			13.22			13.14			7.94
Asset quality:
Allowance for credit losses on loans and leases	$	719,411		$	727,897		$	722,046		$	713,321		$	689,566
Non-performing assets		502,156			545,327			537,050			564,708			461,751
Allowance for credit losses on loans and leases / total loans and leases		1.27	%		1.32	%		1.35	%		1.34	%		1.31	%
Net charge-offs / average loans and leases (annualized)		0.35			0.28			0.27			0.42			0.47
Non-performing loans and leases / total loans and leases		0.88			0.99			1.00			1.06			0.88
Non-performing assets / total loans and leases plus other real estate owned and repossessed assets		0.89			0.99			1.00			1.06			0.88
Allowance for credit losses on loans and leases / non-performing loans and leases		143.69			133.82			135.08			126.39			149.47
Other ratios:
Tangible equity^(1)		7.77	%		7.86	%		7.82	%		7.80	%		7.82	%
Tangible common equity ^(1)		7.42			7.50			7.46			7.43			7.45
Tier 1 Risk-Based Capital ^(2)		11.71			11.89			11.86			11.76			12.06
Total Risk-Based Capital ^(2)		13.69			14.68			14.05			13.96			14.24
Common equity tier 1 Risk-Based Capital ^(2)		11.22			11.39			11.35			11.25			11.54
Stockholders’ equity / total assets		11.29			11.37			11.40			11.47			11.56
Net interest margin ^(3)		3.35			3.40			3.44			3.48			3.44
Efficiency ratio ^(1)		46.95			45.79			45.40			45.79			44.80
Equity and share related:
Common stockholders' equity	$	9,208,257		$	9,178,698		$	9,053,638		$	8,920,175		$	8,849,235
Book value per common share		57.12			55.69			54.19			52.91			51.63
Tangible book value per common share^(1)		37.20			36.42			35.13			33.97			32.95
Common stock closing price		62.94			59.44			54.60			51.55			55.22
Dividends declared per common share		0.40			0.40			0.40			0.40			0.40
Common shares outstanding		161,216			164,817			167,083			168,594			171,391
Weighted-average common shares outstanding - Basic		160,261			164,138			165,884			169,182			169,589
Weighted-average common shares - Diluted		160,597			164,456			166,131			169,544			170,005
^(1) See "Non-GAAP to GAAP Reconciliations" section beginning on page 19.
^(2) Presented as preliminary for December 31, 2025, and actual for the remaining periods.
^(3)As of the first quarter of 2025, Webster changed the methodology used to annualize net interest income in its quarterly net interest margin calculation. Net interest margin for the prior periods has been recast.

WEBSTER FINANCIAL CORPORATION Consolidated Balance Sheets (unaudited)
(In thousands)	December 31, 2025			September 30, 2025			December 31, 2024
Assets:
Cash and due from banks	$	370,748		$	498,801		$	388,060
Interest-bearing deposits		2,078,777			2,563,680			1,686,374
Investment securities:
Available-for-sale		10,009,500			9,932,344			9,006,600
Held-to-maturity, net		7,969,575			8,077,505			8,444,191
Total investment securities, net		17,979,075			18,009,849			17,450,791
Loans held for sale		14,886			75,386			27,634
Loans and leases:
Commercial		22,895,350			21,912,809			20,676,965
Commercial real estate		22,334,846			21,911,298			21,391,036
Residential mortgages		9,599,577			9,509,142			8,853,669
Consumer		1,767,337			1,718,832			1,583,498
Total loans and leases		56,597,110			55,052,081			52,505,168
Allowance for credit losses on loans and leases		(719,411	)		(727,897	)		(689,566	)
Total loans and leases, net		55,877,699			54,324,184			51,815,602
Federal Home Loan Bank and Federal Reserve Bank stock		356,411			340,231			321,343
Deferred tax assets, net		195,740			220,972			316,856
Premises and equipment, net		432,035			427,215			406,963
Goodwill and other intangible assets, net		3,210,756			3,175,747			3,202,369
Cash surrender value of life insurance policies		1,271,457			1,266,491			1,251,622
Accrued interest receivable and other assets		2,286,079			2,290,096			2,157,459
Total assets	$	84,073,663		$	83,192,652		$	79,025,073
Liabilities and Stockholders' Equity:
Deposits:
Demand	$	10,082,854		$	10,491,975		$	10,316,501
Interest-bearing checking		10,760,496			10,723,584			9,834,790
Health savings accounts		9,184,452			9,135,425			8,951,031
Money market		23,196,747			23,188,134			20,433,250
Savings		6,964,946			7,060,713			6,982,554
Certificates of deposit		6,078,549			6,202,906			6,041,329
Brokered certificates of deposit		2,491,769			1,372,907			2,193,625
Total deposits		68,759,813			68,175,644			64,753,080
Securities sold under agreements to repurchase and federal funds purchased		596,738			101,717			344,168
Federal Home Loan Bank advances		2,980,718			2,560,817			2,110,108
Long-term debt		739,454			1,249,612			909,185
Accrued expenses and other liabilities		1,504,704			1,642,185			1,775,318
Total liabilities		74,581,427			73,729,975			69,891,859
Preferred stock		283,979			283,979			283,979
Common stockholders' equity		9,208,257			9,178,698			8,849,235
Total stockholders’ equity		9,492,236			9,462,677			9,133,214
Total liabilities and stockholders' equity	$	84,073,663		$	83,192,652		$	79,025,073

WEBSTER FINANCIAL CORPORATION Consolidated Statements of Income (unaudited)
		Three Months Ended December 31,						Twelve Months Ended December 31,
(In thousands, except per share data)		2025			2024			2025			2024
Interest income:
Interest and fees on loans and leases	$	793,570		$	783,140		$	3,118,558		$	3,182,466
Interest on investment securities		200,024			189,801			793,580			674,935
Loans held for sale		205			2,836			4,215			13,911
Other interest and dividends		25,333			19,310			105,155			55,974
Total interest income		1,019,132			995,087			4,021,508			3,927,286
Interest expense:
Deposits		344,078			358,895			1,365,703			1,427,204
Borrowings		42,201			27,724			157,911			161,695
Total interest expense		386,279			386,619			1,523,614			1,588,899
Net interest income		632,853			608,468			2,497,894			2,338,387
Provision for credit losses		42,000			63,500			210,000			222,000
Net interest income after provision for credit losses		590,853			544,968			2,287,894			2,116,387
Non-interest income:
Deposit service fees		38,486			38,665			157,891			161,144
Loan and lease related fees		19,010			18,770			70,692			76,384
Wealth and investment services		7,775			8,387			30,983			33,234
Cash surrender value of life insurance policies		8,520			7,387			33,219			27,712
Gain (loss) on sale of investment securities, net		-			(56,886	)		220			(136,224	)
Other income		39,559			36,184			108,514			89,649
Total non-interest income		113,350			52,507			401,519			251,899
Non-interest expense:
Compensation and benefits		214,137			192,668			821,748			762,794
Occupancy		19,359			18,740			77,416			72,161
Technology and equipment		49,443			47,182			190,614			195,017
Intangible assets amortization		9,008			9,681			36,304			36,082
Marketing		6,827			6,139			20,978			18,751
Professional and outside services		21,767			15,205			75,202			58,253
Deposit insurance		3,979			16,069			51,006			68,912
Other expenses		58,717			34,693			155,996			139,309
Total non-interest expense		383,237			340,377			1,429,264			1,351,279
Income before income taxes		320,966			257,098			1,260,149			1,017,007
Income tax expense		65,146			79,332			257,347			248,300
Net income		255,820			177,766			1,002,802			768,707
Preferred stock dividends		(4,163	)		(4,163	)		(16,650	)		(16,650	)
Income allocated to participating securities		(2,956	)		(1,843	)		(11,291	)		(7,981	)
Net income applicable to common stockholders	$	248,701		$	171,760		$	974,861		$	744,076
Weighted-average common shares outstanding - Basic		160,261			169,589			164,842			169,820
Weighted-average common shares - Diluted		160,597			170,005			165,206			170,192
Earnings per common share:
Basic	$	1.55		$	1.01		$	5.91		$	4.38
Diluted		1.55			1.01			5.90			4.37

WEBSTER FINANCIAL CORPORATION Five Quarter Consolidated Statements of Income (unaudited)
	Three Months Ended
(In thousands, except per share data)	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Interest income:
Interest and fees on loans and leases	$	793,570		$	794,668		$	775,203		$	755,117		$	783,140
Interest on investment securities		200,024			201,321			197,766			194,469			189,801
Loans held for sale		205			3,988			7			15			2,836
Other interest and dividends		25,333			28,325			27,611			23,886			19,310
Total interest income		1,019,132			1,028,302			1,000,587			973,487			995,087
Interest expense:
Deposits		344,078			355,504			339,738			326,383			358,895
Borrowings		42,201			41,131			39,667			34,912			27,724
Total interest expense		386,279			396,635			379,405			361,295			386,619
Net interest income		632,853			631,667			621,182			612,192			608,468
Provision for credit losses		42,000			44,000			46,500			77,500			63,500
Net interest income after provision for credit losses		590,853			587,667			574,682			534,692			544,968
Non-interest income:
Deposit service fees		38,486			39,576			40,934			38,895			38,665
Loan and lease related fees		19,010			16,404			17,657			17,621			18,770
Wealth and investment services		7,775			7,640			7,779			7,789			8,387
Cash surrender value of life insurance policies		8,520			7,535			9,172			7,992			7,387
Gain (loss) on sale of investment securities, net		-			-			-			220			(56,886	)
Other income		39,559			29,751			19,115			20,089			36,184
Total non-interest income		113,350			100,906			94,657			92,606			52,507
Non-interest expense:
Compensation and benefits		214,137			209,036			199,930			198,645			192,668
Occupancy		19,359			19,003			19,337			19,717			18,740
Technology and equipment		49,443			47,520			45,932			47,719			47,182
Intangible assets amortization		9,008			8,966			9,093			9,237			9,681
Marketing		6,827			4,953			5,171			4,027			6,139
Professional and outside services		21,767			17,815			18,394			17,226			15,205
Deposit insurance		3,979			15,621			15,061			16,345			16,069
Other expenses		58,717			33,755			32,796			30,728			34,693
Total non-interest expense		383,237			356,669			345,714			343,644			340,377
Income before income taxes		320,966			331,904			323,625			283,654			257,098
Income tax expense		65,146			70,687			64,777			56,737			79,332
Net income		255,820			261,217			258,848			226,917			177,766
Preferred stock dividends		(4,163	)		(4,162	)		(4,162	)		(4,163	)		(4,163	)
Income allocated to participating securities		(2,956	)		(3,004	)		(2,991	)		(2,387	)		(1,843	)
Net income applicable to common stockholders	$	248,701		$	254,051		$	251,695		$	220,367		$	171,760
Weighted-average common shares outstanding - Basic		160,261			164,138			165,884			169,182			169,589
Weighted-average common shares - Diluted		160,597			164,456			166,131			169,544			170,005
Earnings per common share:
Basic	$	1.55		$	1.55		$	1.52		$	1.30		$	1.01
Diluted		1.55			1.54			1.52			1.30			1.01

WEBSTER FINANCIAL CORPORATION Consolidated Average Balances, Interest, Average Yields/ Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
		Three Months Ended December 31,
		2025							2024
(Dollars in thousands)		Average Balance		Interest Income/Expense		Average Yield/Rate			Average Balance		Interest Income/Expense		Average Yield/Rate
Assets:
Interest-earning assets:
Loans and leases	$	55,923,138	$	806,142		5.66	%	$	52,255,431	$	794,271		5.97	%
Investment securities		18,316,926		202,355		4.42			17,982,632		192,334		4.28
Federal Home Loan and Federal Reserve Bank stock		346,398		4,359		4.99			301,218		4,732		6.25
Interest-bearing deposits		2,086,698		20,974		3.93			1,201,613		14,578		4.75
Loans held for sale		35,745		205		2.30			122,449		2,836		9.27
Total interest-earning assets		76,708,905	$	1,034,035		5.31	%		71,863,343	$	1,008,751		5.53	%
Non-interest-earning assets		6,692,079							6,493,521
Total assets	$	83,400,984						$	78,356,864
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Demand	$	10,371,570	$	-		-	%	$	10,568,678	$	-		-	%
Interest-bearing checking		10,636,665		46,888		1.75			9,791,961		46,235		1.88
Health savings accounts		9,141,434		3,931		0.17			8,919,071		3,485		0.16
Money market		23,344,511		194,376		3.30			20,691,482		195,767		3.76
Savings		7,071,695		28,186		1.58			6,981,131		29,008		1.65
Certificates of deposit		6,148,569		52,791		3.41			6,000,296		61,094		4.05
Brokered certificates of deposits		1,753,694		17,906		4.05			1,862,771		23,306		4.98
Total deposits		68,468,138		344,078		1.99			64,815,390		358,895		2.20
Securities sold under agreements to repurchase		175,013		773		1.73			191,265		853		1.74
Federal funds purchased		-		-		-			-		-		-
Federal Home Loan Bank advances		2,661,187		28,149		4.14			1,535,140		19,063		4.86
Long-term debt		1,071,576		13,279		4.96			886,648		7,808		3.52
Total borrowings		3,907,776		42,201		4.26			2,613,053		27,724		4.18
Total deposits and interest-bearing liabilities		72,375,914	$	386,279		2.12	%		67,428,443	$	386,619		2.28	%
Non-interest-bearing liabilities		1,512,037							1,742,339
Total liabilities		73,887,951							69,170,782
Preferred stock		283,979							283,979
Common stockholders' equity		9,229,054							8,902,103
Total stockholders' equity		9,513,033							9,186,082
Total liabilities and stockholders' equity	$	83,400,984						$	78,356,864
Tax-equivalent net interest income				647,756							622,132
Less: Tax-equivalent adjustments				(14,903	)						(13,664	)
Net interest income			$	632,853						$	608,468
Net interest margin ^(1)						3.35	%						3.44	%
^(1)As of the first quarter of 2025, Webster changed the methodology used to annualize net interest income in its quarterly net interest margin calculation. Net interest margin for the prior period has been recast. There were no changes to the related yields/rates or net interest income that had been previously disclosed.

WEBSTER FINANCIAL CORPORATION Consolidated Average Balances, Interest, Average Yields/ Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
		Twelve Months Ended December 31,
		2025							2024
(Dollars in thousands)		Average Balance		Interest Income/Expense		Average Yield/Rate			Average Balance		Interest Income/Expense		Average Yield/Rate
Assets:
Interest-earning assets:
Loans and leases	$	54,045,716	$	3,166,033		5.86	%	$	51,597,443	$	3,224,653		6.25	%
Investment securities		18,257,943		802,747		4.40			17,356,753		690,265		3.98
Federal Home Loan and Federal Reserve Bank stock		340,547		17,285		5.08			330,418		18,633		5.64
Interest-bearing deposits		2,031,837		87,870		4.32			723,688		37,341		5.16
Loans held for sale		79,128		4,215		5.33			143,812		13,911		9.67
Total interest-earning assets		74,755,171	$	4,078,150		5.46	%		70,152,114	$	3,984,803		5.68	%
Non-interest-earning assets		6,553,102							6,461,020
Total assets	$	81,308,273						$	76,613,134
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Demand	$	10,227,051	$	-		-	%	$	10,387,807	$	-		-	%
Interest-bearing checking		10,158,941		177,482		1.75			9,555,367		180,326		1.89
Health savings accounts		9,177,995		15,012		0.16			8,650,485		13,139		0.15
Money market		22,161,593		769,422		3.47			19,354,659		784,527		4.05
Savings		7,217,900		118,766		1.65			6,879,935		106,096		1.54
Certificates of deposit		6,094,856		213,459		3.50			5,896,230		253,743		4.30
Brokered certificates of deposit		1,653,423		71,562		4.33			1,701,382		89,373		5.25
Total deposits		66,691,759		1,365,703		2.05			62,425,865		1,427,204		2.29
Securities sold under agreements to repurchase		167,269		3,298		1.97			142,025		1,098		0.77
Federal funds purchased		-		-		-			54,303		3,015		5.55
Federal Home Loan Bank advances		2,508,404		111,183		4.43			2,296,048		125,329		5.46
Long-term debt		951,555		43,430		4.56			903,603		32,253		3.57
Total borrowings		3,627,228		157,911		4.35			3,395,979		161,695		4.76
Total deposits and interest-bearing liabilities		70,318,987	$	1,523,614		2.17	%		65,821,844	$	1,588,899		2.41	%
Non-interest-bearing liabilities		1,615,374							1,871,615
Total liabilities		71,934,361							67,693,459
Preferred stock		283,979							283,979
Common stockholders' equity		9,089,933							8,635,696
Total stockholders' equity		9,373,912							8,919,675
Total liabilities and stockholders' equity	$	81,308,273						$	76,613,134
Tax-equivalent net interest income				2,554,536							2,395,904
Less: Tax-equivalent adjustments				(56,642	)						(57,517	)
Net interest income			$	2,497,894						$	2,338,387
Net interest margin ^(1)						3.42	%						3.42	%
^(1) As of the first quarter of 2025, Webster changed the methodology used to annualize net interest income in its quarterly net interest margin calculation. Net interest margin for the prior period has been recast. There were no changes to the related yields/rates or net interest income that had been previously disclosed.

WEBSTER FINANCIAL CORPORATION Five Quarter Loans and Leases (unaudited)
(In thousands)	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Total loans and leases (actual):
Commercial non-mortgage	$	21,664,119		$	20,654,331		$	19,943,097		$	19,495,784		$	19,272,958
Asset-based lending		1,231,231			1,258,478			1,350,006			1,385,042			1,404,007
Commercial real estate		22,334,846			21,911,298			21,358,775			21,383,144			21,391,036
Residential mortgages		9,599,577			9,509,142			9,332,413			9,123,000			8,853,669
Consumer		1,767,337			1,718,832			1,687,668			1,669,253			1,583,498
Total loans and leases		56,597,110			55,052,081			53,671,959			53,056,223			52,505,168
Allowance for credit losses on loans and leases		(719,411	)		(727,897	)		(722,046	)		(713,321	)		(689,566	)
Total loans and leases, net	$	55,877,699		$	54,324,184		$	52,949,913		$	52,342,902		$	51,815,602
Total loans and leases (average):
Commercial non-mortgage	$	21,244,671		$	20,451,639		$	19,703,434		$	19,167,596		$	18,919,934
Asset-based lending		1,259,776			1,289,208			1,360,288			1,409,177			1,449,743
Commercial real estate		22,082,606			21,508,546			21,302,161			21,338,147			21,572,682
Residential mortgages		9,584,853			9,416,499			9,228,988			8,985,033			8,740,658
Consumer		1,751,232			1,707,068			1,683,026			1,668,453			1,572,414
Total loans and leases	$	55,923,138		$	54,372,960		$	53,277,897		$	52,568,406		$	52,255,431
WEBSTER FINANCIAL CORPORATION Five Quarter Non-performing Assets and Past Due Loans and Leases (unaudited)
(In thousands)	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Non-performing loans and leases:
Commercial non-mortgage	$	174,073		$	223,398		$	231,458		$	279,831		$	268,354
Asset-based lending		66,911			58,797			44,405			42,207			20,815
Commercial real estate		224,623			227,118			224,554			207,402			138,642
Residential mortgages		17,889			16,843			15,748			15,715			12,500
Consumer		17,188			17,772			18,357			19,243			21,015
Total non-performing loans and leases	$	500,684		$	543,928		$	534,522		$	564,398		$	461,326
Other real estate owned and repossessed assets:
Commercial non-mortgage	$	1,082		$	1,399		$	2,528		$	310		$	425
Consumer		390			-			-			-			-
Total other real estate owned and repossessed assets	$	1,472		$	1,399		$	2,528		$	310		$	425
Total non-performing assets	$	502,156		$	545,327		$	537,050		$	564,708		$	461,751
Past due 30-89 days:
Commercial non-mortgage	$	16,428		$	10,934		$	16,338		$	27,304		$	16,619
Asset-based lending		-			-			-			-			21,997
Commercial real estate		24,962			27,812			16,241			33,030			51,556
Residential mortgages		15,194			17,000			12,664			16,406			14,113
Consumer		9,902			8,730			9,516			9,906			9,122
Total past due 30-89 days	$	66,486		$	64,476		$	54,759		$	86,646		$	113,407
Past due 90 days or more and accruing		-			1,152			-			507			-
Total past due loans and leases	$	66,486		$	65,628		$	54,759		$	87,153		$	113,407

WEBSTER FINANCIAL CORPORATION Five Quarter Changes in the Allowance for Credit Losses on Loans and Leases (unaudited)
	Three Months Ended
(In thousands)	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
ACL on loans and leases, beginning balance	$	727,897	$	722,046	$	713,321	$	689,566	$	687,798
Provision		41,005		44,205		45,126		78,712		62,639
Charge-offs:
Commercial portfolio		48,492		37,914		39,792		55,566		63,281
Consumer portfolio		2,994		2,034		1,446		1,052		1,265
Total charge-offs		51,486		39,948		41,238		56,618		64,546
Recoveries:
Commercial portfolio		556		765		3,250		942		2,779
Consumer portfolio		1,439		829		1,587		719		896
Total recoveries		1,995		1,594		4,837		1,661		3,675
Total net charge-offs		49,491		38,354		36,401		54,957		60,871
ACL on loans and leases, ending balance	$	719,411	$	727,897	$	722,046	$	713,321	$	689,566
ACL on unfunded loan commitments	$	24,117	$	23,117	$	22,824	$	21,443	$	22,593

WEBSTER FINANCIAL CORPORATION Non-GAAP to GAAP Reconciliations
	Three Months Ended
(In thousands, except ratio and per share data)	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Efficiency ratio:
Non-interest expense	$	383,237		$	356,669		$	345,714		$	343,644		$	340,377
Less: Foreclosed property activity		(577	)		1,535			541			517			(32	)
Intangible assets amortization		9,008			8,966			9,093			9,237			9,681
Operating lease depreciation		-			3			9			16			121
Charitable contribution to the Webster Foundation		20,000			-			-			-			-
Asset disposal and contract termination costs		6,966			-			-			-			-
Acquisition expenses		1,129			-			-			-			-
FDIC special assessment		(10,318	)		-			-			-			-
Adjusted non-interest expense	$	357,029		$	346,165		$	336,071		$	333,874		$	330,607
Net interest income	$	632,853		$	631,667		$	621,182		$	612,192		$	608,468
Add: Tax-equivalent adjustment		14,903			14,258			13,870			13,611			13,664
Non-interest income		113,350			100,906			94,657			92,606			52,507
Other income ^(1)		9,142			9,234			10,528			11,032			6,564
Less: Operating lease depreciation		-			3			9			16			121
Gain (loss) on sale of investment securities, net		-			-			-			220			(56,886	)
Gains on debt redemption		9,767			-			-			-			-
Adjusted income	$	760,481		$	756,062		$	740,228		$	729,205		$	737,968
Efficiency ratio		46.95	%		45.79	%		45.40	%		45.79	%		44.80	%
Return on average tangible common stockholders' equity
Net income	$	255,820		$	261,217		$	258,848		$	226,917		$	177,766
Less: Preferred stock dividends		4,163			4,162			4,162			4,163			4,163
Add: Intangible assets amortization, tax-effected		6,565			6,534			6,627			6,732			7,648
Adjusted net income	$	258,222		$	263,589		$	261,313		$	229,486		$	181,251
Adjusted net income, annualized basis	$	1,032,888		$	1,054,356		$	1,045,252		$	917,944		$	725,004
Average stockholders' equity	$	9,513,033		$	9,440,148		$	9,294,023		$	9,245,030		$	9,186,082
Less: Average preferred stock		283,979			283,979			283,979			283,979			283,979
Average goodwill and other intangible assets, net		3,190,386			3,180,111			3,188,946			3,198,123			3,207,554
Average tangible common stockholders' equity	$	6,038,668		$	5,976,058		$	5,821,098		$	5,762,928		$	5,694,549
Return on average tangible common stockholders' equity		17.10	%		17.64	%		17.96	%		15.93	%		12.73	%
(1) Other income reflects a tax-equivalent adjustment on income generated from low income housing tax-credit investments.

(In thousands, except ratio and per share data)	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Tangible equity ratio:
Stockholders' equity	$	9,492,236		$	9,462,677		$	9,337,617		$	9,204,154		$	9,133,214
Less: Goodwill and other intangible assets, net		3,210,756			3,175,747			3,184,039			3,193,132			3,202,369
Tangible stockholders' equity	$	6,281,480		$	6,286,930		$	6,153,578		$	6,011,022		$	5,930,845
Total assets	$	84,073,663		$	83,192,652		$	81,914,270		$	80,279,750		$	79,025,073
Less: Goodwill and other intangible assets, net		3,210,756			3,175,747			3,184,039			3,193,132			3,202,369
Tangible assets	$	80,862,907		$	80,016,905		$	78,730,231		$	77,086,618		$	75,822,704
Tangible equity ratio		7.77	%		7.86	%		7.82	%		7.80	%		7.82	%
Tangible common equity ratio:
Tangible stockholders' equity	$	6,281,480		$	6,286,930		$	6,153,578		$	6,011,022		$	5,930,845
Less: Preferred stock		283,979			283,979			283,979			283,979			283,979
Tangible common stockholders' equity	$	5,997,501		$	6,002,951		$	5,869,599		$	5,727,043		$	5,646,866
Tangible assets	$	80,862,907		$	80,016,905		$	78,730,231		$	77,086,618		$	75,822,704
Tangible common equity ratio		7.42	%		7.50	%		7.46	%		7.43	%		7.45	%
Tangible book value per common share:
Tangible common stockholders' equity	$	5,997,501		$	6,002,951		$	5,869,599		$	5,727,043		$	5,646,866
Common shares outstanding		161,216			164,817			167,083			168,594			171,391
Tangible book value per common share	$	37.20		$	36.42		$	35.13		$	33.97		$	32.95
Core deposits:
Total deposits	$	68,759,813		$	68,175,644		$	66,314,425		$	65,575,229		$	64,753,080
Less: Certificates of deposit		6,078,549			6,202,906			6,069,447			6,036,144			6,041,329
Brokered certificates of deposit		2,491,769			1,372,907			1,850,438			1,486,248			2,193,625
Core deposits	$	60,189,495		$	60,599,831		$	58,394,540		$	58,052,837		$	56,518,126
	Three Months Ended December 31, 2025			Twelve Months Ended December 31, 2025
Adjusted ROAA:
Net income	$	255,820		$	1,002,802
Add: Gains on debt redemption, tax-effected		(7,176	)		(7,176	)
Charitable contribution to the Webster Foundation, tax-effected		14,576			14,576
Asset disposal and contract termination costs, tax-effected		5,082			5,082
Acquisition expenses, tax-effected		1,055			1,055
FDIC special assessment, tax-effected		(7,519	)		(7,519	)
Adjusted net income	$	261,838		$	1,008,820
Adjusted net income, annualized basis	$	1,047,352		$	1,008,820
Average assets	$	83,400,984		$	81,308,273
Adjusted return on average assets		1.26	%		1.24	%
Adjusted ROATCE:
Net income	$	255,820		$	1,002,802
Less: Preferred stock dividends		4,163			16,650
Add: Intangible assets amortization, tax-effected		6,565			26,457
Gains on debt redemption, tax-effected		(7,176	)		(7,176	)
Charitable contribution to the Webster Foundation, tax-effected		14,576			14,576
Asset disposal and contract termination costs, tax-effected		5,082			5,082
Acquisition expenses, tax-effected		1,055			1,055
FDIC special assessment, tax-effected		(7,519	)		(7,519	)
Adjusted net income	$	264,240		$	1,018,627
Adjusted net income, annualized basis	$	1,056,960		$	1,018,627
Average stockholders' equity	$	9,513,033		$	9,373,912
Less: Average preferred stock		283,979			283,979
Average goodwill and other intangible assets, net		3,190,386			3,189,345
Average tangible common stockholders' equity	$	6,038,668		$	5,900,588
Adjusted return on average tangible common stockholders' equity		17.50	%		17.26	%
Adjusted ROACE:
Average stockholders' equity	$	9,513,033		$	9,373,912
Less: Average preferred stock		283,979			283,979
Average common stockholders' equity	$	9,229,054		$	9,089,933
Net income		255,820			1,002,802
Less: Preferred stock dividends		4,163			16,650
Add: Gains on debt redemption, tax-effected		(7,176	)		(7,176	)
Charitable contribution to the Webster Foundation, tax-effected		14,576			14,576
Asset disposal and contact termination costs, tax-effected		5,082			5,082
Acquisition expenses, tax-effected		1,055			1,055
FDIC special assessment, tax-effected		(7,519	)		(7,519	)
Adjusted income	$	257,675		$	992,170
Adjusted income, annualized basis	$	1,030,700		$	992,170
Adjusted return on average common stockholders' equity		11.17	%		10.92	%

GAAP to adjusted reconciliation:
	Three Months Ended December 31, 2025
(In millions, except per share data)	Pre-Tax Income			Income Applicable to Common Stockholders			Diluted EPS
Reported (GAAP)	$	321.0		$	248.7		$	1.55
Gains on debt redemption		(9.8	)		(7.2	)		(0.04	)
Charitable contribution to Webster Foundation		20.0			14.6			0.09
Asset disposal and contract termination costs		7.0			5.1			0.03
Acquisition expenses		1.1			1.1			0.01
FDIC special assessment		(10.3	)		(7.5	)		(0.05	)
Adjusted (non-GAAP)	$	329.0		$	254.7		$	1.59
	Twelve Months Ended December 31, 2025
	Pre-Tax Income			Income Applicable to Common Stockholders			Diluted EPS
Reported (GAAP)	$	1,260.1		$	974.9		$	5.90
Gains on debt redemption		(9.8	)		(7.2	)		(0.04	)
Charitable contribution to Webster Foundation		20.0			14.6			0.09
Asset disposal and contract termination costs		7.0			5.1			0.03
Acquisition expenses		1.1			1.1			0.01
FDIC special assessment		(10.3	)		(7.5	)		(0.05	)
Adjusted (non-GAAP)	$	1,268.2		$	980.9		$	5.94
GAAP to adjusted reconciliation:
	Three Months Ended December 31, 2024
(In millions, except per share data)	Pre-Tax Income			Income Applicable to Common Stockholders			Diluted EPS
Reported (GAAP)	$	257.1		$	171.8		$	1.01
Loss on sale of investment securities		56.9			41.8			0.25
Deferred tax asset valuation adjustment		N/A			29.4			0.17
Adjusted (non-GAAP)	$	314.0		$	243.0		$	1.43
	Twelve Months Ended December 31, 2024
	Pre-Tax Income			Income Applicable to Common Stockholders			Diluted EPS
Reported (GAAP)	$	1,017.0		$	744.1		$	4.37
Loss on sale of investment securities, net		136.2			102.1			0.60
Exit of non-core operations		16.0			11.6			0.07
Strategic restructuring costs and other		22.2			16.2			0.10
FDIC special assessment		10.3			7.8			0.04
Ametros acquisition expenses		3.1			2.4			0.01
Net (gain) on mortgage servicing rights		(11.7	)		(8.8	)		(0.05	)
Discrete tax adjustment		N/A			10.9			0.07
Deferred tax asset valuation adjustment		N/A			29.4			0.17
Adjusted (non-GAAP)	$	1,193.1		$	915.7		$	5.38
Note: Totals may not sum due to rounding