Webster Financial Corporation announced net income available to common stockholders of $188.8 million, or $1.10 per diluted share, for the third quarter ended September 30, 2024. This compares to $222.3 million, or $1.28 per diluted share, for the same period in 2023. Excluding $56.2 million in pre-tax securities repositioning net losses, strategic restructuring costs, and other adjustments, adjusted earnings per diluted share were $1.34.
The company reported total assets of $79.454 billion, an increase of $2.616 billion linked quarter and $6.323 billion year-over-year. Total loans and leases grew to $51.947 billion, up $374 million linked quarter and $1.859 billion year-over-year, while total deposits reached $64.514 billion, increasing by $2.238 billion linked quarter and $4.183 billion year-over-year. Net interest income for the quarter was $589.9 million, with a net interest margin of 3.36%.
Commercial Banking reported $40.4 billion in loans and $17.1 billion in deposits, with pre-tax, pre-provision net revenue of $270.8 million. Healthcare Financial Services saw deposits of $9.9 billion and assets under administration of $5.2 billion, generating pre-tax net revenue of $66.5 million, an increase of $7.9 million year-over-year. Consumer Banking had $11.6 billion in loans and $27.0 billion in deposits, with pre-tax, pre-provision net revenue of $114.2 million.
CEO John R. Ciulla stated that Webster delivered solid deposit and loan growth, resulting from broad contributions across business segments. CFO Neal Holland highlighted actions taken to reduce commercial real estate concentration, enhance capital ratios, and mitigate interest rate sensitivity. The company maintained a strong efficiency ratio of 45.5% and a Common Equity Tier 1 ratio of 11.23%.
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