Company: WBS-PG
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000801337-25-000026
Chunk: 84

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 84
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Less:  Foreclosed property activities517 (330)Intangible assets amortization9,237 9,194 Operating lease depreciation16 663 FDIC special assessment estimate— 11,862 Ametros acquisition expenses— 3,139 Non-interest expense$333,874 $311,395 Net interest income$612,192 $567,739 Add: FTE adjustment13,611 15,879  Non-interest income92,606 99,353  Other income (1)11,032 7,626 Less: Operating lease depreciation16 663 Gain (loss) on sale of investment securities, net220 (9,826)Net gain on sale of mortgage servicing rights— 11,655 Adjusted income$729,205 $688,105 Efficiency ratio45.79 %45.25 %Non-interest expense as a percentage of total revenue (GAAP)48.76 %50.36 %

(1)Other income (non-GAAP) reflects a tax-equivalent adjustment on income generated from low-income housing tax credit investments.

4

Net Interest Income Analysis

The following table summarizes daily average balances, interest, and average yield/rate by major category, and net interest margin on an FTE basis:

 Three months ended March 31, 20252024(Dollars in thousands)AverageBalanceInterest Income/ExpenseAverage Yield/RateAverageBalanceInterest Income/ExpenseAverage Yield/RateAssets:Interest-earning assets:Loans and leases (1)$52,568,406 $766,388 5.84 %$50,938,418 $801,864 6.24 %Investment securities: (2)Taxable17,141,694 189,455 4.42 14,530,021 141,131 3.87 Non-taxable972,264 7,354 3.03 2,342,190 12,514 2.18 Total investment securities18,113,958 196,809 4.35 16,872,211 153,645 3.64 FHLB and FRB stock323,982 3,954 4.95 343,992 4,352 5.09 Interest-bearing deposits (3)1,819,496 19,932 4.38 572,401 7,786 5