Webster Financial Corporation (NYSE: WBS) shares were in the green Friday. The holding company for Webster Bank, N.A. today announced net income available to common stockholders of $173.6 million, or $1.01 per diluted share, for the quarter ended December 31, 2024, compared to $181.2 million, or $1.05 per diluted share, for the quarter ended December 31, 2023.
Fourth-quarter 2024 results include securities repositioning losses of $56.9 million, pre-tax, and a deferred tax asset valuation adjustment of $29.4 million. Excluding these items, adjusted earnings per diluted share would have been $1.431 for the quarter ended December 31, 2024, compared to $1.46 for the quarter ended December 31, 2023.
“Our financial performance for the quarter and full year 2024 illustrate the power and resiliency of Webster’s business model” said CEO John R. Ciulla, “At the same time, we are thoughtfully investing to facilitate future growth.”
Highlights for the fourth quarter of 2024:
• Revenue of $661.0 million.
• Period end loans and leases balance of $52.5 billion, up $0.6 billion or 1.1% from prior quarter.
• Period end deposits balance of $64.8 billion, up $0.2 billion or 0.4 percent from prior quarter.
• Provision for credit losses of $63.5 million.
• Return on average assets of 0.91%; adjusted 1.27%,
• Return on average tangible common equity of 12.73%; adjusted 17.73%,
• Net interest margin of 3.39%, up three basis points from prior quarter.
• WBS shares advanced $1.39, or 2.4%, early Friday to $59.29.
