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WEBSTER FINANCIAL CORPORATION Fourth Quarter 2025 January 23, 2026 Earnings Conference Call
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2WEBSTER FINANCIAL CORPORATION Full Year 2025 Highlights REPORTED ADJUSTED $1.5B $1.5B PPNR PPNR $1.0B $1.0B NET INCOME APPLICABLE TO COMMON NET INCOME APPLICABLE TO COMMON $5.90 $5.94 DILUTED EPS DILUTED EPS 1.23% 1.24% ROAA ROAA 10.85% 10.92% ROACE ROACE 17.16% 17.26% ROATCE ROATCE Note: Adjusted results are non-GAAP. See non-GAAP reconciliation on pages 32 through 38. • Earnings performance remains strong with a full year adjusted ROAA of 1.24% and an ROATCE of 17.26% Record EPS and tangible book value per share ◦ Adjusted diluted EPS grew 10.4% YoY to $5.94 ◦ Tangible book value per share grew 12.9% YoY to $37.20 • Strong balance sheet growth: ◦ Loans +7.8% YoY ◦ Deposits +6.2% YoY • Full year efficiency ratio of 46.0% • Commercial classified loans down 5.0% YoY • Repurchased 10.9 million shares • Celebrated 90th anniversary of Webster's founding as First Federal
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3WEBSTER FINANCIAL CORPORATION • Robust balance sheet growth: ◦ Loans +2.8% LQ ◦ Deposits +0.9% LQ • Loan to deposit ratio 82.3% • NIM of 3.35% • Strong capital ratios: ◦ CET1 of 11.22%1 ◦ TCE of 7.42% • TBVPS grew 2.1% to $37.20 LQ • Repurchased 3.6 million shares • Criticized loans down 6.2%, classified loans down 6.7% LQ • Net charge-off ratio of 35 bps Fourth Quarter 2025 Highlights REPORTED ADJUSTED $363.0M $371.0M PPNR PPNR $248.7M $254.7M NET INCOME APPLICABLE TO COMMON NET INCOME APPLICABLE TO COMMON $1.55 $1.59 DILUTED EPS DILUTED EPS 47.0% 47.0% EFFICIENCY RATIO EFFICIENCY RATIO 1.23% 1.26% ROAA ROAA 17.10% 17.50% ROATCE ROATCENote: Adjusted results are non-GAAP. See non-GAAP reconciliations on pages 32 through 38. 1 Preliminary.
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4WEBSTER FINANCIAL CORPORATION Diversified and Stable Deposit Profile Business Description Volume of Deposits Key Benefits $27.7bn 40% of Total $9.3bn 14% of Total Consumer Bank / Commercial Bank $17.3bn 25% of Total $9.2bn 13% of Total • 195 financial centers complemented by an efficient digital channel primarily serving consumers and small businesses in the highly populated Northeast corridor and Long Island • Sophisticated treasury services offering for commercial clients • Full credit and deposit relationships with targeted deposit gathering in select verticals • Longstanding top player nationally, with strong growth characteristics • Offers a comprehensive consumer-directed healthcare solution • Tech-enabled cash sweep program administrator for broker-dealers • Branch deposits are sticky and low cost • Relationship-based operating deposits • Includes $4 billion of collateralized public funds deposits • Long duration • Low cost • Expanding growth opportunity • Access to core deposits • Significant flexibility based on liquidity needs • Highly scalable with low operating costs $4.1bn 6% of Total • Specialized treasury activities • Low operating cost • Provides liquidity optionality Corporate $1.2bn 2% of Total • Leading professional administrator of medical insurance claim settlements • Long duration • Low cost • High growth
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5WEBSTER FINANCIAL CORPORATION • Securities portfolio: ◦ AFS $10.0 billion, 4.76% yield, duration of 4.1 years ◦ HTM $8.0 billion, 3.98% yield, duration of 4.8 years • Loan balances grew by 2.8% LQ • Deposit growth of 0.9% LQ • Loan-to-deposit ratio of 82.3% • Borrowings include $3.6 billion of short duration borrowings • Common equity up due to net income and AOCI partially offset by shareholder capital distributions: ◦ AOCI losses on available-for-sale securities of $334.1 million, compared to $362.7 million in 3Q • Tangible book value per common share of $37.20, up 2.1% LQ and up 12.9% YOY 1 Comprised of HSA Bank and Ametros. 2 Preliminary for 4Q25. 3 See non-GAAP reconciliation on pages 32 through 38. Increase / (Decrease) ($ in millions) 4Q25 3Q25 4Q24 Cash and interest-bearing deposits $ 2,450 $ (613) $ 375 Securities 17,979 (31) 528 Commercial loans 45,230 1,406 3,162 Consumer loans 11,367 139 930 Total loans $ 56,597 $ 1,545 $ 4,092 Total assets $ 84,074 $ 881 $ 5,049 Transactional deposits $ 19,609 $ (436) $ 474 Healthcare Financial Services deposits 1 10,418 113 451 All other deposits 38,732 907 3,081 Total deposits $ 68,760 $ 584 $ 4,007 Borrowings 4,317 405 953 Common equity $ 9,208 $ 30 $ 359 Total liabilities and equity $ 84,074 $ 881 $ 5,049 Key Ratios: Favorable / (Unfavorable) Loans / total deposits 82.3 % (155) bps (121) bps Transactional & Healthcare / total deposits 43.7 % (85) bps (127) bps Common Equity Tier 1 2 11.22 % (17) bps (32) bps Tangible common equity 3 7.42 % (9) bps (3) bps Tangible book value / common share 3 $ 37.20 $ 0.78 $ 4.25 Key Observations Balance Sheet — End of Period
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6WEBSTER FINANCIAL CORPORATION Loans ($ in millions, balances end of period) Loan Growth of 2.8% LQ Portfolio 4Q25 LQ Change ($) YOY Change ($) LQ Change (%) YOY Change (%) C&I $ 15,437 $ 829 $ 1,702 5.7 % 12.4 % Sponsor & Specialty 7,723 132 557 1.7 7.8 CRE 22,070 446 903 2.1 4.3 Residential 9,600 90 746 1.0 8.4 Consumer 1,767 49 184 2.8 11.6 Total $ 56,597 $ 1,545 $ 4,092 2.8 % 7.8 % Yield 5.66 % (17) bp (31) bps YOY growth of $4.1 billion or 7.8% • Growth in commercial loans of 7.5%; growth in residential and consumer loans of 8.9% • Loan yield declined 31 bps LQ growth of $1.5 billion or 2.8% • Total loans up $1.5 billion from the prior quarter, with growth across all categories • Floating to total loans ratio of approximately 41% • Loan balance comprised of 80% commercial loans and 20% consumer loans • Loan yield declined 17 bps from the prior quarter
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7WEBSTER FINANCIAL CORPORATION YOY growth of $4.0 billion or 6.2% • Healthcare Financial Services up $0.5 billion • Consumer bank growth primarily in business banking • Deposit cost declined 21 bps • Corporate deposit increase driven by growth of the interSYNC platform Deposits ($ in millions, balances end of period) LQ growth of $0.6 billion or 0.9% • Deposit growth of $0.6 billion, with seasonal Public Funds outflows replaced with Corporate deposits, diverse growth in other business lines • Deposit cost declined 11 bps on lower market rates • Period end deposit composition: 29% transactional, 15% Healthcare Financial Services, and 56% non-transactional deposits Deposit Growth of 0.9% LQ 4Q25 LQ Change ($) YOY Change ($) LQ Change (%) YOY Change (%) Demand $ 10,079 $ (409) $ (234) (3.9) % (2.3) % Interest-bearing checking 9,536 (27) 708 (0.3) 8.0 Health savings accounts 9,184 49 233 0.5 2.6 interSYNC 9,272 44 1,990 0.5 27.3 Ametros accounts 1,234 65 218 5.6 21.5 Money market 13,918 (36) 774 (0.3) 5.9 Savings 6,965 (96) (18) (1.4) (0.3) Time deposits 8,570 995 335 13.1 4.1 Total $ 68,760 $ 584 $ 4,007 0.9 % 6.2 % Deposit cost 1.99 % (11) bps (21) bps By Line of Business Consumer Banking $ 27,664 $ 115 $ 331 0.4 % 1.2 % Commercial Banking 13,538 184 1,047 1.4 8.4 Public funds 3,740 (1,166) (20) (23.8) (0.5) Healthcare Financial Services 1 10,418 113 451 1.1 4.5 Corporate 2 13,400 1,338 2,199 11.1 19.6 Total $ 68,760 $ 584 $ 4,007 0.9 % 6.2 % 1 Comprised of HSA Bank and Ametros 2 Includes interSYNC
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8WEBSTER FINANCIAL CORPORATION • Net income down $0.6 million from 3Q25; diluted EPS up $0.05 from 3Q25 • PPNR decline reflects higher non-interest expenses which were the result of investments in the Affordable Care Act ("ACA") Bronze HSA opportunity, increased performance- based incentives, and seasonality of employee benefits, which were partially offset by growth in revenue resulting from balance sheet growth and client activity fees. Reported Adjusted Favorable / (Unfavorable) 3Q25($ in millions, except EPS) 4Q25 Adjustments 4Q25 Net interest income $ 632.9 $ — $ 632.9 $ 1.2 Non-interest income 1 113.4 (9.8) 103.6 2.7 Total revenue $ 746.2 $ (9.8) $ 736.4 $ 3.8 Non-interest expense 2 383.2 (17.8) 365.4 (8.7) Pre-provision net revenue $ 363.0 $ 8.0 $ 371.0 $ (4.9) Provision for credit losses 42.0 — 42.0 2.0 Pre-tax income $ 321.0 $ 8.0 $ 329.0 $ (2.9) Income tax expense 65.1 2.0 67.1 3.6 Reported net income $ 255.8 $ 6.0 $ 261.8 $ 0.6 Net income applicable to common $ 248.7 $ 6.0 $ 254.7 $ 0.6 Diluted earnings per share $ 1.55 $ 0.04 $ 1.59 $ 0.05 Net interest margin 3.35 % — 3.35 % (5) bps Efficiency ratio 3 47.0 % — 47.0 % (116) bps Tax rate 20.3 % 0.1 20.4 % 89 bps ROAA 1.23 % 0.03 1.26 % (1) bps ROATCE 17.10 % 0.40 17.50 % (14) bps Key Observations on Adjusted I/S Income Statement GAAP to Adjusted 1 Non-interest income adjusted for one time-gains of $9.8 million debt redemption 2 Non-interest expense adjusted for charitable contribution to the Webster Foundation ($20.0 million), asset disposal and contract termination costs ($7.0 million), acquisition expenses ($1.1 million), and benefit related to changes in FDIC special assessment of $10.3 million 3 See non-GAAP reconciliation on page 32.
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9WEBSTER FINANCIAL CORPORATION 4Q25 Net Income Applicable to Common GAAP to Adjusted Reconciliation ($ in millions) Pre-Tax After Tax Diluted EPS Reported (GAAP) $ 321.0 $ 248.7 $ 1.55 Gains on debt redemption (9.8) (7.2) (0.04) Charitable contribution to the 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 Impact of adjustments: • $8.0 million of pre-tax income 1 • $6.0 million of after tax income • Impact of the above on diluted EPS is $0.04 per share 1 Adjustments to non--interest income are comprised of $9.8 million in other non-interest income; adjustments to non-interest expenses comprised of $0.4 million in technology and equipment, $2.0 million in professional and outside services, and $15.4 million in other non-interest expense Note: Totals may not sum due to rounding
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10WEBSTER FINANCIAL CORPORATION $608.5 $631.7 $632.9 5.53% 5.45% 5.31% 2.28% 2.21% 2.12% Net Interest Income Interest-Earning Assets Yield Interest-Bearing Liabilities Cost 4Q24 3Q25 4Q25 Net Interest Margin 1: 3.44% 3.40% 3.35% Net Interest Income ($ in millions) 1As of 1Q25, Webster changed the methodology used to annualize net interest income in its quarterly NIM calculation. Prior periods have been recast. Linked Quarter NII • Net interest income totaled $632.9 million, up from prior quarter by $1.2 million or 0.2%, driven by balance sheet growth, partially offset by margin compression • Temporary higher levels of subordinated debt reduced Net Interest Income by $1.2 million Linked Quarter NIM • Net interest margin decreased 5 bps with tighter spreads on loans, seasonal deposit mix headwinds, and the impact of temporary higher levels of subordinated debt Year over Year NII • Net interest income increased by $24.4 million or 4.0%, with balance sheet growth and securities repositioning partially offset by organic spread compression Year over Year NIM • Net interest margin decreased 9 bps
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11WEBSTER FINANCIAL CORPORATION Rising vs. Flat Rate NII Scenarios 0.1% 0.2% (0.1)% 0.2% Ramp Up 100 bps Ramp Up 200 bps 3Q25 4Q25 Interest Rate Positioning * Assumes given rate ramps occur over first 12 months of forecast period Falling vs. Flat Rate NII Scenarios (1.0)% (1.0)% (0.2)% (0.2)% Shock Down 100 bpsRamp Down 100 bps 3Q25 4Q25 Balance sheet well positioned for up and down rate scenarios Current hedge portfolio of $5.0 billion provides benefit to net interest income in declining rate environment ◦ Interest rate collars of $2.5 billion with a weighted average maturity of 4Q26 and weighted average floor/cap of SOFR 2.05%/4.89% ◦ Floating to fixed rate SOFR swaps of $2.5 billion with a weighted average maturity of 4Q26 and weighted average yield of 3.75%
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12WEBSTER FINANCIAL CORPORATION Adjusted non-interest income increased $2.7 million LQ • The increase on an adjusted basis was primarily due to benefits from increased client activity fees, direct investment gains, and the credit valuation adjustment • The modeled credit valuation adjustment was $0.4 million for 4Q25 compared to $(0.5) million in 3Q25 Adjusted non-interest income decreased $5.8 million vs. YOY • The decrease on an adjusted basis was primarily attributed to lower direct investment gains (-$6.8 million) and the credit valuation adjustment, partially offset by higher client activity • The modeled credit valuation adjustment was $0.4 million in 4Q25 compared to $3.9 million in 4Q24 $52.5 $100.9 $103.6 $100.9 $103.6 Adjusted Non-Interest IncomeAdjustments* 4Q24 3Q25 4Q25 Non-Interest Income ($ in millions) * 4Q25 has been adjusted for $9.8 million gains on debt redemption; 4Q24 has been adjusted for $56.9 million of loss on investment securities $52.5 $109.4 (adj) $109.4 (adj) (adj) $113.4 $103.6 (adj)
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13WEBSTER FINANCIAL CORPORATION Adjusted expense increased $8.8 million LQ • The increase was primarily attributable to the ACA Bronze HSA opportunity, increased performance-based incentives, investments in human capital, investments in technology, and seasonality in employee benefits Adjusted expense increased $25.0 million vs. YOY • The increase was primarily driven by investments in human capital, increased performance-based incentives, the ACA Bronze HSA opportunity, and technology investments $340.4 $356.7 $365.4 $340.4 Non-Interest ExpenseAdjustments* 4Q24 3Q25 4Q25 Non-Interest Expense ($ in millions) (adj) $365.4 (adj) $383.2 * 4Q25 has been adjusted for $20.0 million charitable contribution to Webster Foundation, $7.0 million in asset disposal and contract termination costs, $1.1 million acquisition expenses, and $(10.3) million benefit of the FDIC special assessment
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14WEBSTER FINANCIAL CORPORATION $722 $(38) $19 $25 $728 $(49) $10 $30 $719 6/30/2025 3Q Net Charge- Offs Loan Balances3Q Macro/ Credit 9/30/2025 4Q Net Charge- Offs Loan Balances4Q Macro/ Credit 12/31/2025 Allowance for Credit Losses on Loans & Leases ($ in millions) 3Q25 Assumptions 4Q25 Assumptions 4Q25 vs 3Q25 2025 2026 2027 2025 2026 2027 2025 2026 2027 Avg Unemployment 4.3% 5.5% 5.4% 4.2% 5.3% 5.5% (0.1)% (0.2)% 0.1% EOP Unemployment 4.8% 5.7% 5.2% 4.3% 5.7% 5.3% (0.5)% —% 0.1% Real GDP Growth % 1.7% 0.7% 1.6% 1.9% 1.3% 1.4% 0.2% 0.6% (0.2)% Coverage % 1.35% 1.32% Provision: $44 1.27% Provision: $40
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15WEBSTER FINANCIAL CORPORATION $60.5 $37.1 $47.9 $0.4 $1.2 $1.6 Commercial Consumer Net Charge-off Ratio 4Q24 3Q25 4Q25 Key Asset Quality Metrics ($ in millions) $462 $545 $502 $461 $544 $501 0.88% 0.99% 0.88% Nonperforming LoansNonperforming AssetsNPL Ratio 4Q24 3Q25 4Q25 Nonperforming Loans, OREO, NPL Ratio Net Charge-Offs (Recoveries) $1,816 $1,849 $1,725 4.32% 4.21% 3.81% Commercial Classified Loans% of Total Commercial Loans 4Q24 3Q25 4Q25 Commercial Classified Loans Allowance for Credit Losses on Loans and Leases $690 $728 $719 1.31% 1.32% 1.27% ACL on Loans & LeasesACL on Loans & Leases Coverage 4Q24 3Q25 4Q25 0.47% 0.28% 0.35%
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16WEBSTER FINANCIAL CORPORATION 11.22% 8.33% 11.71% 13.69% 6.50% 5.00% 8.00% 10.00% 4Q25 Capital RatioWell Capitalized CET1 Tier 1 LeverageTier 1 CapitalTotal Capital Strong Capital Levels Webster Financial Capital Levels Webster Financial Capital Ratios At Dec 31, 2025* At Sep 30, 2025 At Dec 31, 2024** Common Equity Tier 1 risk-based capital 11.22% 11.39% 11.54% Tangible common equity 7.42% 7.50% 7.45% Tangible equity 7.77% 7.86% 7.82% Tier 1 leverage 8.33% 8.51% 8.70% Tier 1 risk-based capital 11.71% 11.89% 12.06% Total risk-based capital 13.69% 14.68% 14.24% Tangible book value / common share $37.20 $36.42 $32.95 * Preliminary. ** December 31, 2024 represents the ratios for the period inclusive of CECL regulatory capital transition provisions.
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17WEBSTER FINANCIAL CORPORATION Outlook assumes no material changes to the regulatory environment or macro environment / rate assumptions Loan Growth • Full year loan growth of 5% to 7% Deposit Growth • Deposit growth of 4% to 6% NII • Full year NII of $2.57 billion to $2.63 billion (non-FTE), excluding ~$60 million of FTE adjustments • Assumes 2 Fed funds rate cuts in June and September Adjusted Non-Interest Income • In the range of $390 million to $410 million Adjusted Expenses • Expect full year expenses to be in the range of $1.46 billion to $1.48 billion • Efficiency ratio in the range of 46% Tax Rate • ;~21% Capital Management • Common Equity Tier 1 ratio near-term target 11%; long-term target of 10.5% 2026 Full Year Outlook
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18WEBSTER FINANCIAL CORPORATION Supplemental Information pg. 19 to 21 Commercial Real Estate Portfolio pg. 22 to 25 Lines of Business Summary pg. 26 Net Interest Margin - Linked Quarter pg. 27 Earning Asset & Funding Mix pg. 28 to 29 Investment Portfolio pg. 30 Loan Originations & Mix pg. 31 Deposit Mix & Rate pg. 32 to 38 Non-GAAP
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19WEBSTER FINANCIAL CORPORATION • Portfolio balance of $19.7 billion • Weighted Average LTV / Amortizing DSCR of 57% / 1.53x • Classified / Non-Accrual rates of 3.1% / 1.1% ◦ Excluding Traditional Office 2.2% / 0.5% ($19.0B of $19.7B) • Diverse portfolio across property types with largest concentrations in Multifamily and Industrial • Reserve coverage of 1.3% covers: ◦ NPLs ~1.1x ◦ Classified loans ~0.4x • ~2/3rds of the portfolio has interest rate protection • Continue to actively manage maturing loans and risk rate based on market rates: ◦ Level of potential problem loans is moderate ◦ >50% of Classified loans have loan support ◦ In most cases, borrowers still have equity to protect, even if values have declined • Highest pressure continues to be in Traditional Office Portfolio Characteristics 1 LTV primarily based on origination appraisal (full appraisal updates performed based on deal-specific events) 2 DSCR includes hypothetical amortization for deals in interest-only periods 3 Exposure excludes owner occupied real estate Commercial Real Estate Portfolio ($ in millions) Commercial Real Estate Portfolio ex. Owner Occupied Property Type Balances Loan-to- Value 1 Amortizing DSCR 2 Classified % Non- Accrual % 12-Month Maturities ADC / Construction $ 1,602.1 48 % 1.45 3.5 % 0.5 % $ 796 Multifamily / Co-op 6,264.0 57 1.44 0.9 — 795 Rent-Regulated MF 1,291.8 62 1.59 6.1 2.3 300 Industrial 3,792.8 57 1.55 1.3 — 601 Retail 1,962.4 59 1.62 2.1 1.3 329 Medical Office 1,194.5 59 1.40 5.4 1.0 179 Traditional Office 733.8 57 1.48 27.0 16.8 223 Hotel 469.2 55 1.87 2.8 — 156 Other Property 2,423.1 56 1.74 2.6 1.1 456 Total 3 $ 19,734 57 % 1.53 3.1 % 1.1 % $ 3,836 Total less Traditional Office $ 19,000 57 % 1.53 2.2 % 0.5 % $ 3,612
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20WEBSTER FINANCIAL CORPORATION Portfolio Profile and Metrics • Portfolio is concentrated in NYC/NY, particularly Multifamily & Rent-Regulated Multifamily • Industrial book more diversified (2nd largest) • Asset quality overall is strong by state: ◦ NYC/NY demonstrating relatively favorable metrics • Maintain diversity at the individual deal level ◦ Only 35 deals have balances >= $50 million ◦ Only 1 deal >= $100 million • In most cases, deals >= $50 million are secured by multiple properties, limiting single property risk (including largest) • Average risk rating is stronger for loans >= $50 million ◦ No Classified and Non-Accrual in this population • LTVs generally in line or favorable to overall book Balances by Geography & Property Type Property Type NYC Other NY County CT Southeast NJ MA Other ADC / Construction 29 % 19 % 13 % 10 % 4 % 4 % 20 % Multifamily / Co-op 50 12 6 10 7 5 10 Rent-Regulated MF 95 3 — — 3 — — Industrial 6 9 5 24 13 5 39 Retail 32 16 13 10 4 3 23 Medical Office 15 7 11 25 14 11 16 Traditional Office 20 20 10 6 14 8 22 Hotel 49 22 1 5 5 7 11 Other 27 12 13 19 4 5 20 Total 35 % 12 % 8 % 14 % 7 % 5 % 19 % Classified % 2.2 % 3.1 % 1.3 % 0.6 % 3.6 % 14.3 % 4.4 % Non-Accrual % 0.8 % 0.1 % 0.8 % 0.6 % 2.4 % 1.4 % 2.3 % CRE Concentrations by Property Type For >=$50MM Loans Property Type Total Book Avg Hold Largest Loan # of Deals Balances Classified % Loan-to- Value ADC / Construction $ 14 $ 57 1 $ 57 — % 43 % Multifamily / Co-op 5 66 6 340 — 54 Rent-Regulated MF 3 47 — — — — Industrial 11 109 15 1,023 — 58 Retail 5 71 2 126 — 55 Medical Office 19 76 7 440 — 59 Traditional Office 5 56 1 56 — 35 Hotel 13 35 — — — — Other 3 59 3 162 — 60 Total 35 $ 2,204 Commercial Real Estate Portfolio ($ in millions)
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21WEBSTER FINANCIAL CORPORATION Investor CRE Portfolio of $19.7 billion 8.1% 31.7% 6.5% 19.2% 9.9% 6.1% 3.7% 2.4% 12.3%ADC / Construction Multifamily / Co-op Rent-Regulated MF Industrial Retail Medical Office Traditional Office Hotel Other Commercial Real Estate Portfolio • $734 million in balances; have proactively reduced balances by >55% since 2022 • Classified / Non-Accrual rates of 27% / 17% • NYC exposure: $144 million, $11 million Criticized, no Classified loans • Class A vs. Class B: 46% / 54% • 2026 lease roll: 10% • Maturities of $223 million over the next twelve months • 34 remaining borrowers with balance >$5MM • Reserve coverage 5.0% Traditional Office Detail • $1.3 billion in balances represents properties where > 50% of NOI is RR • $98 million in additional balances where RR NOI between 25-50% • Classified / Non-Accrual rates of 6.1% / 2.3% • Diverse book with only 7 balances > $15 million (average $3.3 million) • ~69% of balances originated in 2019 or later • Maturities of $300 million over the next twelve months • No exposures greater than $50 million Rent Regulated Multifamily Detail Investor CRE portfolio remains well diversified
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22WEBSTER FINANCIAL CORPORATION Commercial Banking ($ in millions) $40,616 $42,361 $43,762 $20,199 $21,428 $22,412 $20,079 $20,623 $21,041 $338 $310 $309 Commercial loansCommercial real estateConsumer loans 4Q24 3Q25 4Q25 Key Business Metrics Increase / (Decrease) 4Q25 3Q25 4Q24 Loan originations $ 3,957 $ 428 $ 1,180 Loan fundings $ 2,603 $ (8) $ 573 Coupon on fundings 5.91 % (0.24) % (0.70) % Deposits $ 17,278 $ (982) $ 1,027 AUM / AUA* $ 2,821 $ 8 $ (145) PPNR Favorable / (Unfavorable) 4Q25 3Q25 4Q24 Net interest income $ 330.6 $ 2.3 $ 0.2 Non-interest income 36.3 2.4 (4.8) Operating revenue $ 366.8 $ 4.6 $ (4.6) Operating expenses 110.2 (1.6) (3.4) Pre-provision net revenue $ 256.7 $ 3.1 $ (8.0) Loan Portfolio Yield: 6.37% 6.10% 5.88% Total Loans *AUM = Assets under management AUA = Assets under administration
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23WEBSTER FINANCIAL CORPORATION Healthcare Financial Services ($ in millions) $15,289 $16,575 $16,926 $8,951 $9,135 $9,184 $1,016 $1,170 $1,234 $5,322 $6,270 $6,509 Deposits - HSA BankDeposits - Ametros Linked Investments 4Q24 3Q25 4Q25 Key Business Metrics Increase / (Decrease) 4Q25 3Q25 4Q24 HSA accounts ('000) 3,419 (23) 122 HSA new accounts ('000) 100 (7) 2 Ametros accounts ('000) 34 1 5 Ametros new accounts ('000) 2 — 1 Ametros committed funds (millions) 2 $ 4,582 $ 191 $ 637 PTNR Favorable / (Unfavorable) 4Q25 3Q25 4Q24 Net interest income $ 98.9 $ (1.2) $ 3.7 Non-interest income 27.0 (0.3) 1.9 Operating revenue $ 125.9 $ (1.5) $ 5.6 Operating expenses 58.9 (4.4) (2.2) Pre-tax net revenue $ 67.0 $ (5.9) $ 3.3 Deposit Cost: 0.15% 0.15% 0.15% Total Footings 1 Off-balance sheet deposits and investments of $42 million, $97 million, and $117 million for 4Q25, 3Q25, and 4Q24, respectively, are included in linked investments. 2 Committed funds are the contractually committed cash flows to be received over the life of the structured settlements 1 $16,927
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24WEBSTER FINANCIAL CORPORATION HSA Bank PTNR Favorable / (Unfavorable) 4Q25 3Q25 4Q24 Net interest income $ 84.3 $ (1.7) $ 1.1 Interchange revenue 11.9 (0.8) 0.3 Account and other fees 7.9 0.2 0.5 Operating revenue $ 104.1 $ (2.3) $ 1.9 Operating expenses 46.2 (4.5) (1.5) Amortization expense 0.8 (0.2) (0.2) Pre-tax net revenue $ 57.0 $ (7.0) $ 0.1 Ametros PTNR Favorable / (Unfavorable) 4Q25 3Q25 4Q24 Net interest income $ 14.6 $ 0.5 $ 2.6 Medical services fees 7.3 0.4 1.7 Account and other fees (0.1) (0.1) (0.6) Operating revenue $ 21.8 $ 0.8 $ 3.7 Operating expenses 9.1 0.3 (0.6) Amortization expense 2.8 — 0.1 Pre-tax net revenue $ 9.9 $ 1.1 $ 3.2 Healthcare Financial Services — PTNR Detail ($ in millions)
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25WEBSTER FINANCIAL CORPORATION Consumer Banking ($ in millions) $11,886 $12,683 $12,827 $10,090 $10,911 $11,051 $1,796 $1,772 $1,776 Consumer LendingSmall Business 4Q24 3Q25 4Q25 Key Business Metrics Increase / (Decrease) 4Q25 3Q25 4Q24 Loan originations - Consumer Lending $ 492 $ 17 $ — Loan originations - Small Business $ 74 $ 15 $ (25) Coupon on fundings 6.10 % (0.38) % (0.51) % Transactional deposits / total deposits 32.4 % 0.4 % (0.5) % AUA $ 8,009 $ 354 $ 12 PPNR Favorable / (Unfavorable) 4Q25 3Q25 4Q24 Net interest income $ 210.2 $ (4.3) $ 8.0 Non-interest income 24.5 (0.4) (2.4) Operating revenue $ 234.7 $ (4.7) $ 5.6 Operating expenses 128.8 (3.4) (9.6) Pre-provision net revenue $ 106.0 $ (8.0) $ (4.1) Loan Portfolio Yield: 4.83% 4.99% 4.96% Total Loans $27,333 $27,548 $27,664 $21,202 $21,066 $21,207 $6,131 $6,482 $6,457 Consumer Small Business 4Q24 3Q25 4Q25 Deposit Cost: 1.87% 1.69% 1.65% Total Deposits
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26WEBSTER FINANCIAL CORPORATION Net Interest Margin — Linked Quarter 4Q25 3Q25 Increase / (Decrease) ($ in millions) Average Balance Interest Yield/ Rate Average Balance Interest BPs Securities 1 $ 18,317 $ 202.4 4.42 % $ (55) $ (1.2) (1) Money market & other 2,433 25.3 4.08 (33) (3.0) (43) Loans held for sale 36 0.2 2.30 (157) (3.8) (598) Commercial loans 44,587 670.9 5.89 1,338 (2.7) (21) Consumer loans 11,336 135.2 4.77 213 2.1 (1) Total loans & leases 55,923 806.1 5.66 % 1,550 (0.6) (17) Interest-earning assets $ 76,709 $ 1,034.0 5.31 % $ 1,306 $ (8.6) (14) Deposits $ 68,468 $ 344.1 1.99 % $ 1,149 $ (11.4) (11) Borrowings 2 3,908 42.2 4.26 205 1.1 (11) Deposits & Interest-bearing liabilities $ 72,376 $ 386.3 2.12 % $ 1,354 $ (10.4) (9) Tax-equivalent net interest income $ 647.8 $ 1.8 Less: tax-equivalent adjustment (14.9) (0.6) Net interest income $ 632.9 $ 1.2 Net interest margin 3.35 % (5) 1 Excludes average balance of unsettled trades on investment securities and unrealized gains (losses) on available-for-sale investment securities 2 Excludes average balance of basis adjustments on long-term debt from de-designated fair value hedges
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27WEBSTER FINANCIAL CORPORATION Earning Asset & Funding Mix ($ in millions, end of period balances) Funding Mix Type Balance Total < 1 Year > 1 Year Checking $ 19,615 27 % HSA 9,184 12 interSYNC 9,272 13 Ametros 1,234 2 Savings 6,965 9 Money Market 13,918 19 Time 8,570 12 99 % 1 % Borrowings 4,317 6 83 % 17 % Total $ 73,077 100 % • Floating and periodic rate loans represent 44% of earning assets: ◦ Floating rate loans represent 30% of earning assets ◦ 59% of periodic assets reprice under one year • SOFR indexed loans represent 51% of total loans • Healthcare deposits (HSA and Ametros) represent 15% of our funding mix Earning Asset Mix Type Balance Total % Floating % Periodic % Fixed % CRE Loans $ 22,335 29 % 55 % 6 % 39 % C&I Loans 22,895 30 45 23 32 Resi & Other Consumer 10,383 14 — 33 67 HE Lines 984 1 89 — 11 Loans HFS 15 — 100 — — Total loans $ 56,612 74 % 41 % 18 % 41 % Securities 17,979 23 5 — 95 Interest-bearing deposits 2,079 3 100 — — Total earning assets $ 76,670 100 % 34 % 13 % 53 % Total loans as a % of earning assets 30 % 13 % 30 %
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28WEBSTER FINANCIAL CORPORATION • Available-for-sale portfolio includes $0.5 billion of net unrealized losses at both 4Q25 and 3Q25 • Held-to-maturity portfolio excludes $0.8 billion of net unrealized losses at both 4Q25 and 3Q25 Investment Securities $17,451 $18,010 $17,979 $8,444 $8,078 $7,970 $9,007 $9,932 $10,010 HTM Securities AFS Securities 4Q24 3Q25 4Q25 4.8 4.4 4.44.1 4.7 4.8 Portfolio Duration (years)Purchase Duration (years) 4Q24 3Q25 4Q25 Duration / Yield Investment Portfolio ($ in millions, end of period balances) Yield: 4.28% 4.43% 4.42% • Securities yields remained relatively unchanged quarter over quarter • Portfolio duration was unchanged LQ and decreased compared to a year ago • LQ purchase yield decreased 1 bps to 5.19%, and LQ purchase duration remained relatively unchanged due to composition of purchases Purchase Yield: 5.36% 5.20% 5.19%
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29WEBSTER FINANCIAL CORPORATION Available-for-Sale December 31, 2025 September 30, 2025 Increase / (Decrease) Balances Portfolio Duration Balances Portfolio Duration Balances Portfolio Duration Government Agency Debentures $ 198 $ 196 $ 2 Municipal Bonds & Notes 110 108 2 Agency CMO 25 26 (1) Agency MBS 5,057 5,012 45 Agency CMBS 3,526 3,371 155 Non-Agency CMBS - Floating 718 821 (103) Corporate Debt Securities 328 350 (22) Private Label MBS 38 38 — Other 9 9 — Total Available-for-Sale $ 10,010 4.1 $ 9,932 4.1 $ 77 0.0 Held-to-Maturity Agency CMO $ 17 $ 18 $ (1) Agency MBS 2,768 2,868 (100) Agency CMBS 4,295 4,301 (6) Non-Agency CMBS - Fixed 65 65 — Municipal Bonds & Notes 825 826 (1) Total Held-to-Maturity $ 7,970 4.8 $ 8,078 4.9 $ (108) -0.1 Investment Securities ($ in millions, end of period balances; portfolio duration in years)
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30WEBSTER FINANCIAL CORPORATION Originations by Loan Portfolio 4Q25 3Q25 4Q24 End of period balances Full quarter originations Balance Originations Balance Originations Balance Originations Commercial non-mortgage $ 21,664 $ 2,218 $ 20,654 $ 2,111 $ 19,273 $ 2,288 Asset-based lending 1,231 25 1,258 35 1,404 — Total Commercial $ 22,895 $ 2,243 $ 21,913 $ 2,146 $ 20,677 $ 2,288 Commercial real estate 22,335 1,781 21,911 1,441 21,391 587 Residential mortgages 9,600 406 9,509 387 8,854 418 Consumer 1,767 90 1,719 88 1,583 73 Portfolio Total $ 56,597 $ 4,520 $ 55,052 $ 4,062 $ 52,505 $ 3,366 Residential mortgages originated for sale 3 2 2 Total Originations $ 4,523 $ 4,064 $ 3,368 Portfolio Mix & Yield 4Q25 3Q25 4Q24 End of period balances Full quarter yield Balance Yield Balance Yield Balance Yield Commercial $ 22,895 6.14 % $ 21,913 6.41 % $ 20,677 6.78 % Commercial real estate 22,335 5.63 21,911 5.78 21,391 5.86 Residential 9,600 4.40 9,509 4.38 8,854 4.18 Consumer 1,767 6.80 1,719 6.97 1,583 6.85 Total Loans $ 56,597 5.66 % $ 55,052 5.83 % $ 52,505 5.97 % Loan Originations & Mix ($ in millions)
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31WEBSTER FINANCIAL CORPORATION End of period balances 4Q25 3Q25 4Q24 Full quarter cost Balance Rate Balance Rate Balance Rate Demand $ 10,079 — % $ 10,488 — % $ 10,313 — % Interest-bearing checking 9,536 1.75 9,564 1.79 8,829 1.88 Health savings accounts 9,184 0.17 9,135 0.17 8,951 0.16 interSYNC 9,272 4.11 9,229 4.50 7,283 4.89 Ametros accounts 1,234 0.01 1,169 0.01 1,016 0.07 Money market 13,918 3.04 13,955 3.18 13,145 3.38 Savings 6,965 1.58 7,061 1.69 6,983 1.65 Core Deposits $ 60,189 1.79 % $ 60,600 1.89 % $ 56,518 1.92 % Time deposits 8,570 3.55 7,576 3.68 8,235 4.27 Total Deposits $ 68,760 1.99 % $ 68,176 2.10 % $ 64,753 2.20 % Core / Total 88 % 89 % 87 % By Line of Business Consumer Banking $ 27,664 1.65 % $ 27,548 1.69 % $ 27,333 1.87 % Commercial Banking 17,278 2.03 18,261 2.16 16,252 2.16 Healthcare Financial Services 10,418 0.15 10,305 0.15 9,967 0.15 Corporate 1 13,400 4.21 12,062 4.54 11,201 4.93 Total Deposits $ 68,760 1.99 % $ 68,176 2.10 % $ 64,753 2.20 % Deposit Mix & Rate ($ in millions) 1 Includes interSYNC
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32WEBSTER FINANCIAL CORPORATION Efficiency Ratio 4Q25 3Q25 4Q24 Non-interest expense $ 383,237 $ 356,669 $ 340,377 Less: Foreclosed property activity (577) 1,535 (32) Intangible assets amortization 9,008 8,966 9,681 Operating lease depreciation — 3 121 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) — — Non-interest expense $ 357,029 $ 346,165 $ 330,607 Net interest income 632,853 631,667 608,468 Add: Tax-equivalent adjustment 14,903 14,258 13,664 Non-interest income 113,350 100,906 52,507 Other income 9,142 9,234 6,564 Less: Operating lease depreciation — 3 121 Gain (loss) on sale of investment securities, net — — (56,886) Gains on debt redemption 9,767 — — Income $ 760,481 $ 756,062 $ 737,968 Efficiency Ratio 46.95 % 45.79 % 44.80 % Tangible Book Value per Common Share Tangible common stockholders' equity $ 5,997,501 $ 6,002,951 $ 5,646,866 Common shares outstanding 161,216 164,817 171,391 Tangible Book Value per Common Share $ 37.20 $ 36.42 $ 32.95 Non-GAAP Reconciliations ($ In thousands, except per share data)
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33WEBSTER FINANCIAL CORPORATION Tangible Common Equity Ratio 4Q25 3Q25 4Q24 Stockholders' equity $ 9,492,236 $ 9,462,677 $ 9,133,214 Less: Goodwill and other intangible assets 3,210,756 3,175,747 3,202,369 Tangible stockholders' equity 6,281,480 6,286,930 5,930,845 Less: Preferred stock 283,979 283,979 283,979 Tangible common stockholders' equity $ 5,997,501 $ 6,002,951 $ 5,646,866 Total assets $ 84,073,663 $ 83,192,652 $ 79,025,073 Less: Goodwill and other intangible assets 3,210,756 3,175,747 3,202,369 Tangible assets $ 80,862,907 $ 80,016,905 $ 75,822,704 Tangible Common Equity Ratio 7.42 % 7.50 % 7.45 % Return on Average Tangible Common Stockholders' Equity Average stockholders' equity $ 9,513,033 $ 9,440,148 $ 9,186,082 Less: Average goodwill and other intangible assets 3,190,386 3,180,111 3,207,554 Average preferred stock 283,979 283,979 283,979 Average tangible common stockholders' equity $ 6,038,668 $ 5,976,058 $ 5,694,549 Net income $ 255,820 $ 261,217 $ 177,766 Less: Preferred stock dividends 4,163 4,162 4,163 Add: Intangible assets amortization, tax-effected 6,565 6,534 7,648 Income adjusted for preferred stock dividends & intangible assets amortization 258,222 263,589 181,251 Adjusted income, annualized basis $ 1,032,888 $ 1,054,356 $ 725,004 Return on Average Tangible Common Stockholders' Equity 17.10 % 17.64 % 12.73 % Non-GAAP Reconciliations ($ In thousands)
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34WEBSTER FINANCIAL CORPORATION Adjusted Return on Average Assets 4Q25 2025 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 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 261,838 1,008,820 Adjusted 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 % Non-GAAP Reconciliations — Adjusted ($ In thousands)
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35WEBSTER FINANCIAL CORPORATION Adjusted Return on Average Common Stockholders' Equity 4Q25 2025 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 % Non-GAAP Reconciliations — Adjusted ($ in thousands)
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36WEBSTER FINANCIAL CORPORATION Adjusted Return on Average Tangible Common Stockholders' Equity 4Q25 2025 Average stockholders' equity $ 9,513,033 $ 9,373,912 Less: Average goodwill and other intangible assets 3,190,386 3,189,345 Average preferred stock 283,979 283,979 Average tangible common stockholders' equity $ 6,038,668 $ 5,900,588 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 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 264,240 1,018,627 Adjusted income, annualized basis $ 1,056,960 $ 1,018,627 Adjusted Return on Average Tangible Common Stockholders' Equity 17.50 % 17.26 % Non-GAAP Reconciliations — Adjusted ($ in thousands)
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37WEBSTER FINANCIAL CORPORATION Full Year Efficiency Ratio 2025 2024 Non-interest expense $ 1,429,264 $ 1,351,279 Less: Foreclosed property activity 2,016 (1,413) Intangible assets amortization 36,304 36,082 Operating lease depreciation 28 1,541 Charitable contribution to the Webster Foundation 20,000 — FDIC special assessment (10,318) 10,318 Asset disposal and contract termination costs 6,966 — Acquisition expenses 1 1,129 3,139 Strategic restructuring costs and other — 22,169 Non-interest expense $ 1,373,139 $ 1,279,443 Net interest income 2,497,894 2,338,387 Add: Tax-equivalent adjustment 56,642 57,517 Non-interest income 401,519 251,899 Other income 39,936 29,440 Less: Operating lease depreciation 28 1,541 (Loss) on sale of investment securities, net 220 (136,224) Gains on debt redemption 9,767 — Net gain on sale of mortgage servicing rights — 11,655 Exit of non-core operations — (15,977) Income $ 2,985,976 $ 2,816,248 Efficiency Ratio 45.99 % 45.43 % Non-GAAP Reconciliations — YTD ($ in thousands) 1 2025 consists of SecureSave acquisition expenses; 2024 consists of Ametros acquisition expenses.
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38WEBSTER FINANCIAL CORPORATION ($ in millions) Pre-Tax After Tax EPS Reported (GAAP) $ 1,260.1 $ 974.9 $ 5.90 Gains on debt redemption (9.8) (7.2) (0.04) Charitable contribution to the 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 Impact of adjustments: • $8.0 million of pre-tax income 1 • $6.0 million of after tax income • Impact of the above on EPS is $0.04 per share Non-GAAP Reconciliation Full Year 2025 GAAP to Adjusted 1 Adjustments to non--interest income are comprised of $9.8 million in other non-interest income; adjustments to non-interest expenses comprised of $0.4 million in technology and equipment, $2.0 million in professional and outside services, and $15.4 million in other non-interest expense Note: Totals may not sum due to rounding
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39WEBSTER FINANCIAL CORPORATION WBS 4Q25 Financial Review Forward-Looking Statements This presentation 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,” “plans,” “estimates,” "likely," "future," and similar references to future periods. However, such 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, 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 the forward-looking statements include our ability to successfully execute our business plan and strategic initiatives, and manage any risks or uncertainties; and the other factors that are described in the “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Any forward-looking statement made by Webster in this presentation 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 This presentation contains both financial measures based on accounting principles generally accepted in the United States (“GAAP”) and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s financial performance, performance trends, and financial position. Reconciliations of these non-GAAP financial measures, to the most comparable GAAP measures are included in this presentation and the Company’s earnings release available in the Investor Relations portion of the Company’s website at www.wbst.com. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. For additional information see Non-GAAP to GAAP reconciliations presented in the Company’s Press Release.