Webster Reports Third Quarter 2024 EPS of $1.10; Adjusted EPS of $1.34

STAMFORD, Conn.--(BUSINESS WIRE)--Webster Financial Corporation (“Webster”) (NYSE: WBS), the holding company for Webster Bank, N.A., today announced net income available to common stockholders of $188.8 million, or $1.10 per diluted share, for the quarter ended September 30, 2024, compared to $222.3 million, or $1.28 per diluted share, for the quarter ended September 30, 2023.

Third quarter 2024 results include $56.2 million pre-tax ($41.0 million after tax), or $0.24¹ per diluted share, of securities repositioning net losses, strategic restructuring costs, and other adjustments. Excluding these items, adjusted earnings per diluted share would have been $1.34¹ for the quarter ended September 30, 2024.

“Webster delivered solid deposit and loan growth, even in a challenging environment,” said John R. Ciulla, chairman and chief executive officer. “Our growth was the result of broad contributions across business segments and teams.”

Highlights for the third quarter of 2024:

• Revenue of $647.6 million.
• Period end loans and leases balance of $51.9 billion, up $0.4 billion or 0.7 percent from prior quarter; excluding a $0.3 billion strategic repositioning of the balance sheet through a commercial real estate ("CRE") securitization, loans grew 1.3 percent.
• Period end deposits balance of $64.5 billion, up $2.2 billion or 3.6 percent from prior quarter; core deposit growth of $2.6 billion from prior quarter; $1.1 billion of growth from seasonal public funds inflows.
• Provision for credit losses of $54.0 million.
• Return on average assets of 1.01 percent; adjusted 1.22 percent¹.
• Return on average tangible common equity of 14.29 percent¹; adjusted 17.28 percent¹.
• Net interest margin of 3.36 percent, up 4 basis points from prior quarter.
• Common equity tier 1 ratio of 11.23%.
• Efficiency ratio of 45.49 percent¹.
• Tangible common equity ratio of 7.48 percent¹.

“In addition to our diverse balance sheet growth, we took actions this quarter to reduce our CRE concentration, enhance capital ratios, and further mitigate our interest rate sensitivity while maintaining industry leading efficiency,” said Neal Holland, executive vice president and chief financial officer.

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

Consolidated financial performance:

Quarterly net interest income compared to the third quarter of 2023:

• Net interest income was $589.9 million compared to $587.1 million.
• Net interest margin was 3.36 percent compared to 3.49 percent. The yield on interest-earning assets increased by 20 basis points, and the cost of interest-bearing liabilities increased by 35 basis points.
• Average interest-earning assets totaled $69.8 billion and increased by $2.7 billion, or 4.0 percent.
• Average loans and leases totaled $51.8 billion and increased by $0.8 billion, or 1.6 percent.
• Average deposits totaled $62.6 billion and increased by $3.0 billion, or 5.0 percent.

Quarterly provision for credit losses:

• The provision for credit losses was $54.0 million in the quarter, contributing to a $18.4 million increase in the allowance for credit losses on loans and leases from the prior quarter. The provision for credit losses was $59.0 million in the prior quarter, and $36.5 million a year ago.
• Net charge-offs were $35.4 million, compared to $33.1 million in the prior quarter, and $29.3 million a year ago. The ratio of net charge-offs to average loans and leases was 0.27 percent, compared to 0.26 percent in the prior quarter, and 0.23 percent a year ago.
• The allowance for credit losses on loans and leases represented 1.32 percent of total loans and leases, compared to 1.30 percent at June 30, 2024, and 1.27 percent at September 30, 2023. The allowance represented 162 percent of nonperforming loans and leases, compared to 181 percent at June 30, 2024, and 295 percent at September 30, 2023.

Quarterly non-interest income compared to the third quarter of 2023:

• Total non-interest income was $57.7 million compared to $90.4 million, a decrease of $32.7 million. Total non-interest income includes a $19.6 million net loss on the sale of investment securities and a $16.0 million loss on the exit of non-core operations including the write-off of a related customer intangible. Excluding these items, total non-interest income increased $2.9 million. The increase is primarily attributable to the addition of Ametros and higher investment services income, which was partially offset by a reduction in the credit valuation adjustment on customer derivatives.

Quarterly non-interest expense compared to the third quarter of 2023:

• Total non-interest expense was $349.0 million compared to $362.6 million, a decrease of $13.6 million. Total non-interest expense includes a net $20.6 million related to strategic restructuring costs and other adjustments partially offset by a benefit on the FDIC special assessment compared to a net $61.6 million of Sterling merger charges a year ago. Excluding those charges, total non-interest expense increased $27.4 million. The increase is primarily attributable to the addition of Ametros and related intangible amortization expense, along with investments in human capital and technology.

Quarterly income taxes compared to the third quarter of 2023:

• Income tax expense was $51.7 million compared to $52.0 million, and the effective tax rate was 21.1 percent compared to 18.7 percent. The lower effective tax rate in the period a year ago reflected the recognition of discrete tax benefits from merger related charges and tax return true-up adjustments, while the current period includes discrete tax expense from tax return true-ups and other items.

Investment securities:

• Total investment securities, net were $17.2 billion, compared to $16.4 billion at June 30, 2024, and $14.5 billion at September 30, 2023. The carrying value of the available-for-sale portfolio included $486.1 million of net unrealized losses, compared to $772.2 million at June 30, 2024, and $1.1 billion at September 30, 2023. The carrying value of the held-to-maturity portfolio does not reflect $677.0 million of net unrealized losses, compared to $964.5 million at June 30, 2024, and $1.2 billion at September 30, 2023.

Loans and leases:

• Total loans and leases were $51.9 billion, compared to $51.6 billion at June 30, 2024, and $50.1 billion at September 30, 2023. Compared to June 30, 2024, commercial loans and leases increased by $628.6 million, commercial real estate loans decreased by $586.4 million, residential mortgages increased by $292.3 million, and consumer loans increased by $39.1 million.
• Compared to a year ago, commercial loans and leases increased by $0.4 billion, commercial real estate loans increased by $1.1 billion, residential mortgages increased by $348.2 million, and consumer loans decreased by $26.9 million.
• Loan originations for the portfolio were $2.8 billion, compared to $3.0 billion in the prior quarter, and $1.5 billion a year ago. In addition, $0.8 million of residential loans were originated for sale in the quarter, compared to $0.8 million in the prior quarter, and $1.5 million a year ago.

Asset quality:

• Total nonperforming loans and leases were $425.6 million, or 0.82 percent of total loans and leases, compared to $368.8 million, or 0.72 percent of total loans and leases, at June 30, 2024, and $215.1 million, or 0.43 percent of total loans and leases, at September 30, 2023.
• Past due loans and leases were $108.9 million, compared to $166.3 million at June 30, 2024, and $70.7 million at September 30, 2023. The decrease from prior quarter is driven primarily by commercial non-mortgage, partially offset by commercial real estate and residential mortgages.

Deposits and borrowings:

• Total deposits were $64.5 billion, compared to $62.3 billion at June 30, 2024, and $60.3 billion at September 30, 2023. Core deposits to total deposits¹ were 88.5 percent, compared to 87.5 percent at June 30, 2024, and 87.6 percent at September 30, 2023. The loan to deposit ratio was 80.5 percent, compared to 82.8 percent at June 30, 2024, and 83.0 percent at September 30, 2023.
• Total borrowings were $4.1 billion, compared to $4.0 billion at June 30, 2024, and $3.0 billion at September 30, 2023.

Capital:

• The return on average common stockholders’ equity and the return on average tangible common stockholders’ equity¹ were 8.67 percent and 14.29 percent, respectively, compared to 11.00 percent and 17.51 percent, respectively, in the third quarter of 2023.
• The tangible equity¹ and tangible common equity¹ ratios were 7.85 percent and 7.48 percent, respectively, compared to 7.62 percent and 7.22 percent, respectively, at September 30, 2023. The common equity tier 1 ratio was 11.23 percent, compared to 11.12 percent at September 30, 2023.
• Book value and tangible book value per common share¹ were $52.00 and $33.26, respectively, compared to $46.00 and $29.48, respectively, at September 30, 2023.

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

Reportable segments:

Commercial Banking

Webster’s Commercial Banking segment serves businesses that have more than $10 million of revenue through its regional banking, middle market, asset-based lending, equipment finance, commercial real estate, sponsor finance, private banking, and treasury services business units. At September 30, 2024, Commercial Banking had $40.4 billion in loans and leases and $17.1 billion in deposits, as well as a combined $3.0 billion in assets under administration and management.

Commercial Banking Operating Results:

				Percent
	Three months ended September 30,			Favorable/
(In thousands)		2024	2023	(Unfavorable)
Net interest income		$338,424	$365,003		(7.3	)%
Non-interest income		33,288	28,804		15.6
Operating revenue		371,712	393,807		(5.6	)
Non-interest expense		100,892	98,736		(2.2	)
Pre-tax, pre-provision net revenue		$270,820	$295,071		(8.2	)
				Percent
		At September 30,		Increase/
(In millions)		2024	2023	(Decrease)
Loans and leases		$40,372	$38,849		3.9	%
Deposits		17,124	17,166		(0.2	)
AUA / AUM (off balance sheet)		2,968	2,727		8.9

Pre-tax, pre-provision net revenue decreased $24.3 million, to $270.8 million, in the quarter as compared to prior year. Net interest income decreased $26.6 million, to $338.4 million, primarily driven by higher loan funding costs coupled with higher deposit rates. Non-interest income increased $4.5 million, to $33.3 million, primarily driven by loan sale/securitization activity in the quarter. Non-interest expense increased $2.2 million, to $100.9 million, primarily driven by continued investments in human capital and technology.

Healthcare Financial Services

Webster’s Healthcare Financial Services segment is comprised of HSA Bank and the Ametros business, which was acquired in the first quarter of 2024. This segment offers consumer-directed healthcare solutions that include health savings accounts, health reimbursement arrangements, administration of medical insurance claim settlements, flexible spending accounts, and commuter benefits. Accounts are distributed nationwide directly to employers and individual consumers, as well as through national and regional insurance carriers, benefit consultants, and financial advisors. At September 30, 2024, Healthcare Financial Services had $15.1 billion in total footings comprising $9.9 billion in deposits and $5.2 billion in assets under administration through linked investment accounts.

Healthcare Financial Services Operating Results:

				Percent
	Three months ended September 30,			Favorable/
(In thousands)		2024	2023	(Unfavorable)
Net interest income		$93,940	$77,669		20.9	%
Non-interest income		26,541	20,799		27.6
Operating revenue		120,481	98,468		22.4
Non-interest expense		54,023	39,870		(35.5	)
Pre-tax, net revenue		$66,458	$58,598		13.4
		At September 30,		Percent
(Dollars in millions)		2024	2023	Increase
Number of accounts (thousands)		3,341	3,186		4.9	%
Deposits		$9,940	$8,230		20.8
Linked investment accounts (off balance sheet)		5,205	4,095		27.1
Total footings		$15,146	$12,325		22.9

Pre-tax net revenue increased $7.9 million, to $66.5 million, in the quarter as compared to prior year. Net interest income increased $16.3 million, to $93.9 million, primarily due to $11.8 million from Ametros and an increase in net deposit spread coupled with deposit growth at HSA Bank. Non-interest income increased $5.7 million, to $26.5 million, primarily due to $6.8 million from Ametros, offset by a decrease of $1.1 million from HSA Bank. The decrease in HSA Bank was the net result of lower customer account fees partially offset by higher interchange revenue. Non-interest expense increased $14.1 million, to $54.0 million, primarily due to $11.8 million from Ametros. HSA Bank expenses were $2.3 million higher due to higher service contract expense related to account growth and support costs.

Consumer Banking

Webster’s Consumer Banking segment serves consumer and business banking customers primarily throughout southern New England and the New York metro and suburban markets. Consumer Banking is comprised of the consumer lending and business banking business units, as well as a distribution network consisting of 196 banking centers and 347 ATMs, a customer care center, and a full range of web and mobile-based banking services. Additionally, Webster Investments provides investment services to consumers and small business owners within Webster’s targeted markets and retail footprint. At September 30, 2024, Consumer Banking had $11.6 billion in loans and $27.0 billion in deposits, as well as $7.9 billion in assets under administration.

Consumer Banking Operating Results:

				Percent
	Three months ended September 30,			Favorable/
(In thousands)		2024	2023	(Unfavorable)
Net interest income		$202,122	$221,698		(8.8	)%
Non-interest income		28,299	28,687		(1.4	)
Operating revenue		230,421	250,385		(8.0	)
Non-interest expense		116,253	117,273		0.9
Pre-tax, pre-provision net revenue		$114,168	$133,112		(14.2	)
		At September 30,		Percent
(In millions)		2024	2023	Increase
Loans		$11,571	$11,219		3.1	%
Deposits		27,020	25,869		4.4
AUA (off balance sheet)		7,948	7,615		4.4

Pre-tax, pre-provision net revenue decreased $19.0 million, to $114.2 million, in the quarter as compared to prior year. Net interest income decreased $19.6 million, to $202.1 million, primarily driven by higher rates paid on deposits, partially offset by loan and deposit growth. Non-interest income decreased $0.4 million, to $28.3 million, primarily driven by lower deposit service fees and loan related fees, partially offset by increased ATM fees and investment services income. Non-interest expense decreased $1.0 million, to $116.3 million, primarily driven by lower compensation and processing expenses, partially offset by higher technology costs.

Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, N.A. Webster is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and Healthcare Financial Services, one of the country’s largest providers of employee benefit solutions and administrator of medical insurance claim settlements. Headquartered in Stamford, CT, Webster is a values-driven organization with $79 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating 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 third quarter 2024 earnings announcement will be held today, Thursday, October 17, 2024 at 9:00 a.m. Eastern Time. To listen to the live call, please dial 888-330-2446, or 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) on October 17, 2024. To access the replay, dial 800-770-2030, or 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 “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” 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, expense savings, 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. 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 mitigation efforts taken by government agencies in response to volatility 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, and the impact they may have on Webster or its customers; volatility and disruption in national and international financial markets, including as a result of geopolitical conflict; the impact of unrealized losses 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 and its subsidiaries must comply; adverse conditions in the securities markets that could lead to impairment in the value of Webster’s securities portfolio; inflation, monetary fluctuations, and changes in interest rates, including the impact of such changes on economic conditions, customer behavior, funding costs, and Webster’s loans and leases and securities portfolios; possible changes in governmental monetary and fiscal policies, including, but not limited to, the Federal Reserve policies in connection with continued inflationary pressures; the impact of the 2024 U.S. presidential election; the timely development and acceptance of 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 of any cybersecurity threats, attacks or events, or fraudulent activity, including those that involve Webster’s third-party vendors and service providers; performance by 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; 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 nonperforming assets, charge-offs, and delinquencies; changes in our 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 the impacts of recently adopted accounting guidance; legal and regulatory developments, including any due to recent U.S. Supreme Court decisions, the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; Webster’s ability to navigate any environmental, social, governmental, and sustainability concerns of different stakeholders and activists that may arise from its business activities; Webster’s ability to assess and monitor the effect of artificial intelligence on its business and operations; unforeseen events, such as pandemics, natural disasters, and severe weather events, and any governmental or societal responses thereto; and the other factors that are described in Webster’s Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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. A reconciliation of net income, return on average tangible common stockholders’ equity, and other performance ratios, in each case as adjusted, is included in the accompanying selected financial highlights table.

Webster believes that providing certain non-GAAP financial measures provides investors with information useful in understanding its financial performance, performance trends, and financial position. Webster utilizes these measures for internal planning and forecasting purposes. Webster, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. Webster believes that its presentation and discussion, together with the accompanying reconciliations, provides additional clarity of factors and trends affecting its business and allows investors to view performance in a manner similar to management.

The efficiency ratio, which represents the costs expended to generate a dollar of revenue, is calculated excluding certain non-operational items. The return on average tangible common stockholders’ equity (ROATCE) represents net income available to common stockholders, adjusted for the tax-effected amortization of intangible assets, as a percentage of average stockholders’ equity less average preferred stock and average goodwill and net intangible assets. The tangible equity ratio represents stockholders’ equity less goodwill and net intangible assets divided by total assets less goodwill and net intangible assets. The tangible common equity ratio represents stockholders’ equity less preferred stock and goodwill and net intangible assets divided by total assets less goodwill and net intangible assets. Tangible book value per common share represents stockholders’ equity less preferred stock and goodwill and net intangible assets divided by common shares outstanding at the end of the 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 a net loss on sale of investment securities, exit of non-core operations, strategic restructuring costs, and a FDIC special assessment benefit, which have been tax-effected.

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

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

WEBSTER FINANCIAL CORPORATION Selected Financial Highlights (unaudited)
		At or for the Three Months Ended
(In thousands, except per share data)		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Income and performance ratios:
Net income	$	192,985		$	181,633		$	216,323		$	185,393		$	226,475
Net income available to common stockholders		188,823			177,471			212,160			181,230			222,313
Earnings per diluted common share		1.10			1.03			1.23			1.05			1.28
Return on average assets (annualized)		1.01	%		0.96	%		1.15	%		1.01	%		1.23
Return on average tangible common stockholders' equity (annualized)^(1)		14.29			14.17			16.30			14.49			17.51
Return on average common stockholders’ equity (annualized)		8.67			8.40			10.01			9.03			11.00
Non-interest income as a percentage of total revenue		8.92			6.88			14.89			10.05			13.34
Asset quality:
Allowance for credit losses on loans and leases	$	687,798		$	669,355		$	641,442		$	635,737		$	635,438
Nonperforming assets		427,274			374,884			289,254			218,600			218,402
Allowance for credit losses on loans and leases / total loans and leases		1.32	%		1.30	%		1.26	%		1.25	%		1.27
Net charge-offs / average loans and leases (annualized)		0.27			0.26			0.29			0.27			0.23
Nonperforming loans and leases / total loans and leases		0.82			0.72			0.56			0.41			0.43
Nonperforming assets / total loans and leases plus other real estate owned and repossessed assets		0.82			0.73			0.57			0.43			0.44
Allowance for credit losses on loans and leases / nonperforming loans and leases		161.60			181.48			226.17			303.39			295.48
Other ratios:
Tangible equity^(1)		7.85	%		7.56	%		7.54	%		8.12	%		7.62
Tangible common equity ^(1)		7.48			7.18			7.15			7.73			7.22
Tier 1 risk-based capital ^(2)		11.75			11.09			11.08			11.62			11.64
Total risk-based capital ^(2)		14.03			13.28			13.21			13.72			13.79
Common equity tier 1 risk-based capital ^(2)		11.23			10.59			10.57			11.11			11.12
Stockholders’ equity / total assets		11.58			11.46			11.49			11.60			11.21
Net interest margin		3.36			3.32			3.35			3.42			3.49
Efficiency ratio ^(1)		45.49			46.22			45.25			43.04			41.75
Equity and share related:
Common equity	$	8,914,071		$	8,525,289		$	8,463,519		$	8,406,017		$	7,915,222
Book value per common share		52.00			49.74			49.07			48.87			46.00
Tangible book value per common share^(1)		33.26			30.82			30.22			32.39			29.48
Common stock closing price		46.61			43.59			50.77			50.76			40.31
Dividends declared per common share		0.40			0.40			0.40			0.40			0.40
Common shares issued and outstanding		171,428			171,402			172,464			172,022			172,056
Weighted-average common shares outstanding - Basic		169,569			169,675			170,445			170,415			171,210
Weighted-average common shares outstanding - Diluted		169,894			169,937			170,704			170,623			171,350
^(1) See "Non-GAAP to GAAP Reconciliations" section beginning on page 19.
^(2) Presented as preliminary for September 30, 2024, and actual for the remaining periods.

WEBSTER FINANCIAL CORPORATION Consolidated Balance Sheets (unaudited)
(In thousands)		September 30, 2024		June 30, 2024		September 30, 2023
Assets:
Cash and due from banks	$	721,261	$	333,138	$	406,300
Interest-bearing deposits		2,476,290		1,202,515		1,766,431
Investment securities:
Available-for-sale		8,594,978		7,808,874		7,653,391
Held-to-maturity, net		8,565,936		8,637,654		6,875,772
Total investment securities, net		17,160,914		16,446,528		14,529,163
Loans held for sale		117,615		248,137		46,267
Loans and leases:
Commercial		20,120,992		19,492,433		19,691,486
Commercial real estate		21,691,377		22,277,813		20,583,254
Residential mortgages		8,576,612		8,284,297		8,228,451
Consumer		1,558,034		1,518,922		1,584,955
Total loans and leases		51,947,015		51,573,465		50,088,146
Allowance for credit losses on loans and leases		(687,798)		(669,355)		(635,438)
Total loans and leases, net		51,259,217		50,904,110		49,452,708
Federal Home Loan Bank and Federal Reserve Bank stock		360,795		348,263		306,085
Premises and equipment, net		411,070		417,700		431,698
Goodwill and other intangible assets, net		3,212,050		3,242,193		2,843,217
Cash surrender value of life insurance policies		1,247,624		1,241,367		1,242,648
Deferred tax assets, net		273,174		354,482		478,926
Accrued interest receivable and other assets		2,213,890		2,099,673		1,627,408
Total assets	$	79,453,900	$	76,838,106	$	73,130,851
Liabilities and Stockholders' Equity:
Deposits:
Demand	$	10,744,524	$	9,996,274	$	11,410,063
Health savings accounts		8,951,383		8,474,857		8,229,889
Interest-bearing checking		10,016,651		9,509,202		8,826,265
Money market		20,460,382		19,559,083		17,755,198
Savings		6,921,459		6,965,774		6,622,833
Certificates of deposit		6,020,031		5,861,431		5,150,139
Brokered certificates of deposit		1,400,000		1,910,071		2,337,380
Total deposits		64,514,430		62,276,692		60,331,767
Securities sold under agreements to repurchase and other borrowings		100,232		239,524		157,491
Federal Home Loan Bank advances		3,110,205		2,809,843		1,810,218
Long-term debt		910,963		912,743		1,050,539
Accrued expenses and other liabilities		1,620,020		1,790,036		1,581,635
Total liabilities		70,255,850		68,028,838		64,931,650
Preferred stock		283,979		283,979		283,979
Common stockholders' equity		8,914,071		8,525,289		7,915,222
Total stockholders’ equity		9,198,050		8,809,268		8,199,201
Total liabilities and stockholders' equity	$	79,453,900	$	76,838,106	$	73,130,851

WEBSTER FINANCIAL CORPORATION Consolidated Statements of Income (unaudited)
		Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)		2024		2023		2024		2023
Interest income:
Interest and fees on loans and leases	$	809,184	$	793,626	$	2,399,326	$	2,281,955
Interest on investment securities		176,722		113,395		485,134		321,964
Loans held for sale		5,400		17		11,075		454
Other interest and dividends		12,757		23,751		36,664		90,740
Total interest income		1,004,063		930,789		2,932,199		2,695,113
Interest expense:
Deposits		371,075		293,955		1,068,309		695,625
Borrowings		43,105		49,698		133,971		233,240
Total interest expense		414,180		343,653		1,202,280		928,865
Net interest income		589,883		587,136		1,729,919		1,766,248
Provision for credit losses		54,000		36,500		158,500		114,747
Net interest income after provision for loan and lease losses		535,883		550,636		1,571,419		1,651,501
Non-interest income:
Deposit service fees		38,863		41,005		122,479		131,859
Loan and lease related fees		18,513		19,966		57,614		63,499
Wealth and investment services		8,367		7,254		24,847		21,232
Cash surrender value of life insurance policies		8,020		6,620		20,325		19,641
(Loss) on sale of investment securities, net		(19,597)		-		(79,338)		(16,795)
Other income		3,575		15,537		53,465		31,086
Total non-interest income		57,741		90,382		199,392		250,522
Non-interest expense:
Compensation and benefits		194,736		180,333		570,126		526,838
Occupancy		18,879		18,617		53,421		59,042
Technology and equipment		56,696		55,261		147,835		151,442
Marketing		4,224		4,810		12,612		13,446
Professional and outside services		16,001		26,874		43,048		88,693
Intangible assets amortization		8,491		8,899		26,401		27,589
Deposit insurance		13,555		13,310		52,843		39,356
Other expenses		36,376		54,474		104,616		132,728
Total non-interest expense		348,958		362,578		1,010,902		1,039,134
Income before income taxes		244,666		278,440		759,909		862,889
Income tax expense		51,681		51,965		168,968		180,442
Net income		192,985		226,475		590,941		682,447
Preferred stock dividends		(4,162)		(4,162)		(12,487)		(12,487)
Net income available to common stockholders	$	188,823	$	222,313	$	578,454	$	669,960
Weighted-average common shares outstanding - Diluted		169,894		171,350		170,226		172,326
Earnings per common share:
Basic	$	1.10	$	1.29	$	3.37	$	3.85
Diluted		1.10		1.28		3.36		3.85

WEBSTER FINANCIAL CORPORATION Five Quarter Consolidated Statements of Income (unaudited)
		Three Months Ended
(In thousands, except per share data)		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Interest income:
Interest and fees on loans and leases	$	809,184	$	798,097	$	792,045	$	789,423	$	793,626
Interest on investment securities		176,722		160,827		147,585		128,924		113,395
Loans held for sale		5,400		5593		82		280		17
Other interest and dividends		12,757		11,769		12,138		14,520		23,751
Total interest income		1,004,063		976,286		951,850		933,147		930,789
Interest expense:
Deposits		371,075		361,263		335,971		325,793		293,955
Borrowings		43,105		42,726		48,140		36,333		49,698
Total interest expense		414,180		403,989		384,111		362,126		343,653
Net interest income		589,883		572,297		567,739		571,021		587,136
Provision for credit losses		54,000		59,000		45,500		36,000		36,500
Net interest income after provision for loan and lease losses		535,883		513,297		522,239		535,021		550,636
Non-interest income:
Deposit service fees		38,863		41,027		42,589		37,459		41,005
Loan and lease related fees		18,513		19,334		19,767		21,362		19,966
Wealth and investment services		8,367		8,556		7,924		7,767		7,254
Cash surrender value of life insurance policies		8,020		6,359		5,946		6,587		6,620
(Loss) on sale of investment securities, net		(19,597)		(49,915)		(9,826)		(16,825)		-
Other income		3,575		16,937		32,953		7,465		15,537
Total non-interest income		57,741		42,298		99,353		63,815		90,382
Non-interest expense:
Compensation and benefits		194,736		186,850		188,540		184,914		180,333
Occupancy		18,879		15,103		19,439		18,478		18,617
Technology and equipment		56,696		45,303		45,836		46,486		55,261
Marketing		4,224		4,107		4,281		5,176		4,810
Professional and outside services		16,001		14,066		12,981		18,804		26,874
Intangible assets amortization		8,491		8,716		9,194		8,618		8,899
Deposit insurance		13,555		15,065		24,223		58,725		13,310
Other expenses		36,376		36,811		31,429		36,020		54,474
Total non-interest expense		348,958		326,021		335,923		377,221		362,578
Income before income taxes		244,666		229,574		285,669		221,615		278,440
Income tax expense		51,681		47,941		69,346		36,222		51,965
Net income		192,985		181,633		216,323		185,393		226,475
Preferred stock dividends		(4,162)		(4,162)		(4,163)		(4,163)		(4,162)
Net income available to common stockholders	$	188,823	$	177,471	$	212,160	$	181,230	$	222,313
Weighted-average common shares outstanding - Diluted		169,894		169,937		170,704		170,623		171,350
Earnings per common share:
Basic	$	1.10	$	1.03	$	1.23	$	1.05	$	1.29
Diluted		1.10		1.03		1.23		1.05		1.28

WEBSTER FINANCIAL CORPORATION Consolidated Average Balances, Interest, Yields and Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
		Three Months Ended September 30,
		2024						2023
(Dollars in thousands)		Average balance		Interest	Yield/rate			Average balance		Interest	Yield/rate
Assets:
Interest-earning assets:
Loans and leases	$	51,752,193	$	820,209	6.22	%	$	50,912,188	$	804,930	6.20	%
Investment securities ^(1)		16,886,464		179,356	4.10			14,686,798		119,997	3.09
Federal Home Loan and Federal Reserve Bank stock		340,330		4,383	5.12			355,495		7,619	8.50
Interest-bearing deposits		629,180		8,374	5.21			1,187,096		16,132	5.32
Loans held for sale		216,735		5,400	9.97			6,756		17	1.03
Total interest-earning assets		69,824,902	$	1,017,722	5.69	%		67,148,333	$	948,695	5.49	%
Non-interest-earning assets		6,980,399						6,459,493
Total assets	$	76,805,301					$	73,607,826
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Demand deposits	$	10,243,045	$	-	-	%	$	11,335,734	$	-	-	%
Health savings accounts		8,546,941		3,257	0.15			8,235,632		3,126	0.15
Interest-bearing checking, money market and savings		36,599,576		286,280	3.11			32,673,899		214,891	2.61
Certificates of deposit and brokered deposits		7,190,093		81,538	4.51			7,342,757		75,938	4.10
Total deposits		62,579,655		371,075	2.36			59,588,022		293,955	1.96
Securities sold under agreements to repurchase and other borrowings		125,738		38	0.12			170,256		50	0.12
Federal Home Loan Bank advances		2,535,497		35,172	5.43			2,945,136		40,196	5.34
Long-term debt ^(1)		911,834		7,895	3.56			1,051,380		9,452	3.70
Total borrowings		3,573,069		43,105	4.77			4,166,772		49,698	4.72
Total interest-bearing liabilities		66,152,724	$	414,180	2.49	%		63,754,794	$	343,653	2.14	%
Non-interest-bearing liabilities		1,657,443						1,482,563
Total liabilities		67,810,167						65,237,357
Preferred stock		283,979						283,979
Common stockholders' equity		8,711,155						8,086,490
Total stockholders' equity		8,995,134						8,370,469
Total liabilities and stockholders' equity	$	76,805,301					$	73,607,826
Tax-equivalent net interest income				603,542						605,042
Less: Tax-equivalent adjustments				(13,659)						(17,906)
Net interest income			$	589,883					$	587,136
Net interest margin					3.36	%					3.49	%
^(1) For the purposes of average yield/rate and margin computations, unsettled trades on investment securities, unrealized gains (losses) on available-for-sale investment securities, and basis adjustments on long-term debt from de-designated fair value hedges are excluded.
WEBSTER FINANCIAL CORPORATION Consolidated Average Balances, Interest, Yields and Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
		Nine Months Ended September 30,
		2024						2023
(Dollars in thousands)		Average balance		Interest	Yield/rate			Average balance		Interest	Yield/rate
Assets:
Interest-earning assets:
Loans and leases	$	51,376,513	$	2,430,382	6.23	%	$	50,733,691	$	2,313,030	6.02	%
Investment securities ^(1)		16,505,404		497,931	3.87			14,700,296		341,998	2.95
Federal Home Loan and Federal Reserve Bank stock		340,222		13,901	5.46			442,429		19,204	5.80
Interest-bearing deposits		563,217		22,763	5.31			1,872,657		71,536	5.04
Loans held for sale		150,985		11,075	9.78			35,982		454	1.68
Total interest-earning assets		68,936,341	$	2,976,052	5.65	%		67,785,055	$	2,746,222	5.30	%
Non-interest-earning assets		7,091,307						6,271,968
Total assets	$	76,027,648					$	74,057,023
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Demand deposits	$	10,327,076	$	-	-	%	$	11,775,500	$	-	-	%
Health savings accounts		8,560,303		9,654	0.15			8,259,408		9,243	0.15
Interest-bearing checking, money market and savings		35,227,682		799,939	3.03			31,442,258		516,646	2.20
Certificates of deposit and brokered deposits		7,508,481		258,716	4.60			6,192,415		169,736	3.66
Total deposits		61,623,542		1,068,309	2.32			57,669,581		695,625	1.61
Securities sold under agreements to repurchase and other borrowings		198,029		3,260	2.16			430,989		7,940	2.43
Federal Home Loan Bank advances		2,551,535		106,266	5.47			5,104,372		196,878	5.09
Long-term debt ^(1)		935,370		24,445	3.58			1,061,643		28,422	3.68
Total borrowings		3,684,934		133,971	4.82			6,597,004		233,240	4.69
Total interest-bearing liabilities		65,308,476	$	1,202,280	2.46	%		64,266,585	$	928,865	1.93	%
Non-interest-bearing liabilities		1,888,947						1,462,723
Total liabilities		67,197,423						65,729,308
Preferred stock		283,979						283,979
Common stockholders' equity		8,546,246						8,043,736
Total stockholders' equity		8,830,225						8,327,715
Total liabilities and stockholders' equity	$	76,027,648					$	74,057,023
Tax-equivalent net interest income				1,773,772						1,817,357
Less: Tax-equivalent adjustments				(43,853)						(51,109)
Net interest income			$	1,729,919					$	1,766,248
Net interest margin					3.34	%					3.49	%
^(1) For the purposes of average yield/rate and margin computations, unsettled trades on investment securities, unrealized gains (losses) on available-for-sale investment securities, and basis adjustments on long-term debt from de-designated fair value hedges are excluded.

WEBSTER FINANCIAL CORPORATION Five Quarter Loans and Leases (unaudited)
(Dollars in thousands)		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Loans and leases (actual):
Commercial non-mortgage	$	18,657,089		$	18,021,758		$	17,976,128		$	18,214,261		$	18,058,524
Asset-based lending		1,463,903			1,470,675			1,492,886			1,557,841			1,632,962
Commercial real estate		21,691,377			22,277,813			21,869,502			21,157,732			20,583,254
Residential mortgages		8,576,612			8,284,297			8,226,154			8,227,923			8,228,451
Consumer		1,558,034			1,518,922			1,533,972			1,568,295			1,584,955
Total loans and leases		51,947,015			51,573,465			51,098,642			50,726,052			50,088,146
Allowance for credit losses on loans and leases		(687,798)			(669,355)			(641,442)			(635,737)			(635,438)
Total loans and leases, net	$	51,259,217		$	50,904,110		$	50,457,200		$	50,090,315		$	49,452,708
Loans and leases (average):
Commercial non-mortgage	$	18,166,258		$	17,995,654		$	18,235,402		$	18,181,417		$	18,839,776
Asset-based lending		1,452,794			1,473,175			1,523,616			1,588,350			1,663,481
Commercial real estate		22,215,293			22,186,566			21,403,765			20,764,834			20,614,334
Residential mortgages		8,390,613			8,252,397			8,225,151			8,240,390			8,200,938
Consumer		1,527,235			1,527,007			1,550,484			1,577,349			1,593,659
Total loans and leases	$	51,752,193		$	51,434,799		$	50,938,418		$	50,352,340		$	50,912,188
WEBSTER FINANCIAL CORPORATION Five Quarter Nonperforming Assets and Past Due Loans and Leases (unaudited)
(Dollars in thousands)		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Nonperforming loans and leases:
Commercial non-mortgage	$	215,834		$	210,906		$	203,626		$	134,617		$	121,067
Asset-based lending		29,791			29,791			34,915			35,090			10,350
Commercial real estate		150,711			96,337			14,323			11,314			31,004
Residential mortgages		9,098			11,345			8,407			5,591			27,312
Consumer		20,183			20,457			22,341			22,932			25,320
Total nonperforming loans and leases	$	425,617		$	368,836		$	283,612		$	209,544		$	215,053
Other real estate owned and repossessed assets:
Commercial non-mortgage	$	504		$	5,013		$	5,540		$	8,954		$	2,687
Residential mortgages		221			-			-			-			662
Consumer		932			1,035			102			102			-
Total other real estate owned and repossessed assets	$	1,657		$	6,048		$	5,642		$	9,056		$	3,349
Total nonperforming assets	$	427,274		$	374,884		$	289,254		$	218,600		$	218,402
Past due 30-89 days:
Commercial non-mortgage	$	45,123		$	134,794		$	15,365		$	7,071		$	38,875
Commercial real estate		36,110			10,284			72,999			9,002			3,491
Residential mortgages		18,153			13,008			17,580			21,047			16,208
Consumer		9,471			8,185			6,824			9,417			12,016
Total past due 30-89 days	$	108,857		$	166,271		$	112,768		$	46,537		$	70,590
Past due 90 days or more and accruing		71			9			12,460			52			138
Total past due loans and leases	$	108,928		$	166,280		$	125,228		$	46,589		$	70,728
WEBSTER FINANCIAL CORPORATION Five Quarter Changes in the Allowance for Credit Losses on Loans and Leases (unaudited)
		Three Months Ended
(Dollars in thousands)		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
ACL on loans and leases, beginning balance	$	669,355		$	641,442		$	635,737		$	635,438		$	628,911
Provision		53,869			61,041			43,194			34,300			35,839
Charge-offs:
Commercial portfolio		36,362			33,356			38,461			28,794			27,360
Consumer portfolio		997			1,418			1,330			6,878			3,642
Total charge-offs		37,359			34,774			39,791			35,672			31,002
Recoveries:
Commercial portfolio		377			360			553			396			292
Consumer portfolio		1,556			1,286			1,749			1,275			1,398
Total recoveries		1,933			1,646			2,302			1,671			1,690
Total net charge-offs		35,426			33,128			37,489			34,001			29,312
ACL on loans and leases, ending balance	$	687,798		$	669,355		$	641,442		$	635,737		$	635,438
ACL on unfunded loan commitments, ending balance		22,598			22,456			24,495			24,734			23,040
ACL, ending balance	$	710,396		$	691,811		$	665,937		$	660,471		$	658,478
WEBSTER FINANCIAL CORPORATION Non-GAAP to GAAP Reconciliations
		Three Months Ended
(In thousands, except per share data)		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Efficiency ratio:
Non-interest expense	$	348,958		$	326,021		$	335,923		$	377,221		$	362,578
Less: Foreclosed property activity		(687)			(364)			(330)			(96)			(492)
Intangible assets amortization		8,491			8,716			9,194			8,618			8,899
Operating lease depreciation		197			560			663			900			1,146
FDIC special assessment		(1,544)			-			11,862			47,164			-
Merger related expenses ^(1)		-			-			3,139			30,679			61,625
Strategic restructuring costs and other		22,169			-			-			-			-
Adjusted non-interest expense	$	320,332		$	317,109		$	311,395		$	289,956		$	291,400
Net interest income	$	589,883		$	572,297		$	567,739		$	571,021		$	587,136
Add: Tax-equivalent adjustment		13,659			14,315			15,879			17,830			17,906
Non-interest income		57,741			42,298			99,353			63,815			90,382
Other income ^(2)		7,448			7,802			7,626			5,099			3,614
Less: Operating lease depreciation		197			560			663			900			1,146
(Loss) on sale of investment securities, net		(19,597)			(49,915)			(9,826)			(16,825)			-
Exit of non-core operations		(15,977)			-			-			-			-
Net gain on sale of mortgage servicing rights		-			-			11,655			-			-
Adjusted income	$	704,108		$	686,067		$	688,105		$	673,690		$	697,892
Efficiency ratio		45.49	%		46.22	%		45.25	%		43.04	%		41.75	%
ROATCE:
Net income	$	192,985		$	181,633		$	216,323		$	185,393		$	226,475
Less: Preferred stock dividends		4,162			4,162			4,163			4,163			4,162
Add: Intangible assets amortization, tax-effected		6,708			6,886			7,263			6,808			7,030
Adjusted net income	$	195,531		$	184,357		$	219,423		$	188,038		$	229,343
Adjusted net income, annualized basis	$	782,124		$	737,428		$	877,692		$	752,152		$	917,372
Average stockholders' equity	$	8,995,134		$	8,733,737		$	8,759,992		$	8,312,798		$	8,370,469
Less: Average preferred stock		283,979			283,979			283,979			283,979			283,979
Average goodwill and other intangible assets, net		3,238,115			3,246,940			3,090,751			2,838,770			2,847,560
Average tangible common stockholders' equity	$	5,473,040		$	5,202,818		$	5,385,262		$	5,190,049		$	5,238,930
Return on average tangible common stockholders' equity		14.29	%		14.17	%		16.30	%		14.49	%		17.51	%
^(1)Merger related expenses include Ametros acquisition expenses for the three months ended March 31, 2024. 2023 periods primarily include charges related to the merger with Sterling.
^(2)Other income includes the taxable-equivalent of net income generated from low income housing tax-credit investments.
(In thousands, except per share data)		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Tangible equity:
Stockholders' equity	$	9,198,050		$	8,809,268		$	8,747,498		$	8,689,996		$	8,199,201
Less: Goodwill and other intangible assets, net		3,212,050			3,242,193			3,250,909			2,834,600			2,843,217
Tangible stockholders' equity	$	5,986,000		$	5,567,075		$	5,496,589		$	5,855,396		$	5,355,984
Total assets	$	79,453,900		$	76,838,106		$	76,161,693		$	74,945,249		$	73,130,851
Less: Goodwill and other intangible assets, net		3,212,050			3,242,193			3,250,909			2,834,600			2,843,217
Tangible assets	$	76,241,850		$	73,595,913		$	72,910,784		$	72,110,649		$	70,287,634
Tangible equity		7.85	%		7.56	%		7.54	%		8.12	%		7.62	%
Tangible common equity:
Tangible stockholders' equity	$	5,986,000		$	5,567,075		$	5,496,589		$	5,855,396		$	5,355,984
Less: Preferred stock		283,979			283,979			283,979			283,979			283,979
Tangible common stockholders' equity	$	5,702,021		$	5,283,096		$	5,212,610		$	5,571,417		$	5,072,005
Tangible assets	$	76,241,850		$	73,595,913		$	72,910,784		$	72,110,649		$	70,287,634
Tangible common equity		7.48	%		7.18	%		7.15	%		7.73	%		7.22	%
Tangible book value per common share:
Tangible common stockholders' equity	$	5,702,021		$	5,283,096		$	5,212,610		$	5,571,417		$	5,072,005
Common shares outstanding		171,428			171,402			172,464			172,022			172,056
Tangible book value per common share	$	33.26		$	30.82		$	30.22		$	32.39		$	29.48
Core deposits:
Total deposits	$	64,514,430		$	62,276,692		$	60,747,743		$	60,784,284		$	60,331,767
Less: Certificates of deposit		6,020,031			5,861,431			5,928,773			5,574,048			5,150,139
Brokered certificates of deposit		1,400,000			1,910,071			1,008,547			2,890,411			2,337,380
Core deposits	$	57,094,399		$	54,505,190		$	53,810,423		$	52,319,825		$	52,844,248
		Three Months Ended September 30, 2024
Adjusted ROATCE:
Net income	$	192,985
Less: Preferred stock dividends		4,162
Add: Intangible assets amortization, tax-effected		6,708
Loss on sale of investment securities, net, tax-effected		14,283
Exit of non-core operations, tax effected		11,644
Strategic restructuring costs and other, tax-effected		16,158
FDIC special assessment, tax-effected		(1,125)
Adjusted net income	$	236,491
Adjusted net income, annualized basis	$	945,964
Average stockholders' equity	$	8,995,134
Less: Average preferred stock		283,979
Average goodwill and other intangible assets, net		3,238,115
Average tangible common stockholders' equity	$	5,473,040
Adjusted return on average tangible common stockholders' equity		17.28	%
Adjusted ROAA:
Net income	$	192,985
Add: Loss on sale of investment securities, net, tax-effected		14,283
Exit of non-core operations, tax-effected		11,644
Strategic restructuring costs and other, tax-effected		16,158
FDIC special assessment, tax-effected		(1,125)
Adjusted net income	$	233,945
Adjusted net income, annualized basis	$	935,780
Average assets	$	76,805,301
Adjusted return on average assets		1.22	%
GAAP to adjusted reconciliation:
	Three Months Ended September 30, 2024
(In millions, except per share data)		Pre-Tax Income			Net Income Available to Common Stockholders			Diluted EPS
Reported (GAAP)	$	244.7		$	188.8		$	1.10
Loss on sale of investment securities, net		19.6			14.3			0.08
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		(1.5)			(1.1)			(0.01)
Adjusted (non-GAAP)	$	300.9		$	229.8		$	1.34
Note: Totals may not sum due to rounding