Webster Financial Corporation announced net income available to common stockholders of $173.6 million, or $1.01 per diluted share, for the fourth quarter ended December 31, 2024. This compares to $181.2 million, or $1.05 per diluted share, for the same period in 2023. Adjusted earnings per diluted share were $1.43, compared to $1.46 in the prior year, after accounting for securities repositioning losses and a deferred tax asset valuation adjustment.
Commercial Banking reported $40.6 billion in loans and leases, an increase of 2.9% year-over-year, and $16.3 billion in deposits, up 1.2% year-over-year. Healthcare Financial Services showed strong growth, with deposits reaching $10.0 billion, a 20.3% increase year-over-year, and assets under administration of $5.3 billion, up 14.6%. Consumer Banking loans grew 5.8% to $11.9 billion, and deposits increased 4.1% to $27.3 billion.
Pre-tax, pre-provision net revenue decreased in Commercial Banking by $22.7 million to $264.7 million, and in Consumer Banking by $14.9 million to $110.0 million, compared to the prior year. Healthcare Financial Services, however, saw its pre-tax net revenue increase by $7.3 million to $63.7 million. Net interest income for the Commercial Banking segment decreased by $21.5 million to $330.4 million, primarily due to lower loan yields and deposit interest spread.
CEO John R. Ciulla stated that the financial performance for the quarter and full year 2024 illustrates the power and resiliency of Webster’s business model. CFO Neal Holland emphasized that actions taken in 2024 to enhance capital, liquidity, and unique funding attributes, along with investments in people and technology, fortify the base for the company’s growth.
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