# WEBSTER FINANCIAL CORP (WBS)

Informational only - not investment advice.

CIK: 0000801337
SIC: 6021 National Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6021 National Commercial Banks](/industry/6021/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=801337
Filing source: https://www.sec.gov/Archives/edgar/data/801337/000080133726000008/wbs-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0000801337-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000801337.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,899,413,000 USD | 2025 | verified |
| Net income | 1,002,802,000 USD | 2025 | verified |
| Assets | 84,073,663,000 USD | 2025 | verified |
| Free cash flow | 1,008,570,000 USD | 2025 | computed |
| Net margin | 34.59% | 2025 | computed |
| Operating margin | 50.71% | 2025 | computed |
| Revenue YoY | +11.93% | 2025 | computed |
| ROE | 10.56% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | WBS | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 34.6% | 22.9% | 93 | 76 |
| Revenue growth | 11.9% | 5.2% | 76 | 76 |
| FCF margin | 34.8% | 22.0% | 91 | 65 |
| ROE | 10.6% | 9.9% | 60 | 76 |
| ROA | 1.2% | 1.1% | 69 | 76 |
| Liabilities / equity | 7.86 | 8.12 | 43 | 76 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6021 National Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2899413000 | USD | 2025 | 2026-02-27 |
| Net income | 1002802000 | USD | 2025 | 2026-02-27 |
| Assets | 84073663000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000801337.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  |  |  |  |  |  |  | 2,475,069,000 | 2,651,606,000 | 2,590,286,000 | 2,899,413,000 |
| Net income |  |  |  |  |  | 207,127,000 | 255,439,000 | 360,418,000 | 382,723,000 | 220,621,000 | 408,864,000 | 644,283,000 | 867,840,000 | 768,707,000 | 1,002,802,000 |
| Operating income |  |  |  |  |  |  | 394,690,000 | 483,633,000 | 524,492,000 | 417,724,000 | 479,361,000 | 1,078,596,000 | 1,235,251,000 | 1,239,007,000 | 1,470,149,000 |
| Diluted EPS |  |  |  |  |  | 2.16 | 2.67 | 3.81 | 4.06 | 2.35 | 4.42 | 3.72 | 4.91 | 4.37 | 5.90 |
| Operating cash flow |  |  |  |  |  | 398,145,000 | 444,966,000 | 469,408,000 | 303,850,000 | 380,549,000 | 688,592,000 | 1,335,952,000 | 978,649,000 | 1,404,300,000 | 1,058,136,000 |
| Capital expenditures |  |  |  |  |  | 40,731,000 | 28,546,000 | 32,958,000 | 25,717,000 | 21,280,000 | 16,589,000 | 28,762,000 | 40,303,000 | 35,844,000 | 49,566,000 |
| Dividends paid |  |  |  |  |  | 89,522,000 | 94,630,000 | 114,959,000 | 140,783,000 | 144,965,000 | 144,807,000 | 247,767,000 | 278,155,000 | 274,545,000 | 266,830,000 |
| Share buybacks |  |  |  |  |  | 11,206,000 | 11,585,000 | 12,158,000 | 13,003,000 | 76,556,000 | 0.00 | 322,103,000 | 107,984,000 | 65,403,000 | 593,654,000 |
| Assets |  |  |  |  |  | 26,072,529,000 | 26,487,645,000 | 27,610,315,000 | 30,389,344,000 | 32,590,690,000 | 34,915,599,000 | 71,277,521,000 | 74,945,249,000 | 79,025,073,000 | 84,073,663,000 |
| Liabilities |  |  |  |  |  | 23,545,517,000 | 23,785,687,000 | 24,723,800,000 | 27,181,574,000 | 29,356,065,000 | 31,477,274,000 | 63,221,335,000 | 66,255,253,000 | 69,891,859,000 | 74,581,427,000 |
| Stockholders' equity | 1,948,393,000 | 1,769,235,000 | 1,845,774,000 | 2,093,530,000 | 2,209,188,000 |  |  |  |  |  |  | 8,056,186,000 | 8,689,996,000 | 9,133,214,000 | 9,492,236,000 |
| Free cash flow |  |  |  |  |  | 357,414,000 | 416,420,000 | 436,450,000 | 278,133,000 | 359,269,000 | 672,003,000 | 1,307,190,000 | 938,346,000 | 1,368,456,000 | 1,008,570,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  |  |  |  |  |  |  | 26.03% | 32.73% | 29.68% | 34.59% |
| Operating margin |  |  |  |  |  |  |  |  |  |  |  | 43.58% | 46.59% | 47.83% | 50.71% |
| Return on equity |  |  |  |  |  |  |  |  |  |  |  | 8.00% | 9.99% | 8.42% | 10.56% |
| Return on assets |  |  |  |  |  | 0.79% | 0.96% | 1.31% | 1.26% | 0.68% | 1.17% | 0.90% | 1.16% | 0.97% | 1.19% |
| Liabilities / equity |  |  |  |  |  |  |  |  |  |  |  | 7.85 | 7.62 | 7.65 | 7.86 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000801337.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.31 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.24 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.32 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 930,789,000 | 226,475,000 | 1.28 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 933,147,000 | 185,393,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 951,850,000 | 216,323,000 | 1.23 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 976,286,000 | 181,633,000 | 1.03 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,004,063,000 | 192,985,000 | 1.10 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 995,087,000 | 177,766,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 973,487,000 | 226,917,000 | 1.30 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,000,587,000 | 258,848,000 | 1.52 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,028,302,000 | 261,217,000 | 1.54 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,019,132,000 | 255,820,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 994,279,000 | 246,231,000 | 1.50 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 1,013,376,000 | 256,789,000 | 1.56 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from WBS's latest 10-K: [/company/WBS/business/](/company/WBS/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from WBS's latest 10-K: [/company/WBS/risk-factors/](/company/WBS/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/801337/000080133726000023/wbs-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-27
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The Company is a bank holding company that has elected to be treated as a financial holding company under the BHC Act, incorporated under the laws of Delaware in 1986, and headquartered in Stamford, Connecticut. The Company had $85.9 billion in total consolidated assets at June 30, 2026.

The Bank is a commercial bank with a national bank charter focused on providing financial products and services to businesses, individuals, and families. While its core footprint spans the Northeast from the New York metropolitan area to Rhode Island and Massachusetts, certain businesses operate in extended geographies. The Bank offers three differentiated lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking.

The following discussion and analysis provides information that management believes is necessary to understand the Company’s consolidated financial condition, results of operations, and cash flows for the three and six months ended June 30, 2026, as compared to the three and six months ended June 30, 2025. This information should be read in conjunction with the Condensed Consolidated Financial Statements, and the accompanying Notes thereto, contained in Part I - Item 1. Financial Statements of this report, and the Consolidated Financial Statements of this report, and the accompanying Notes thereto, contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026. The Company’s consolidated financial condition, results of operations, and cash flows for the three and six months ended June 30, 2026, are not necessarily indicative of future results that may be attained for the entire year or other interim periods.

Proposed Transaction with Banco Santander

On February 3, 2026, Webster entered into a Transaction Agreement with Banco Santander and Webster Virginia Corporation, a wholly owned subsidiary of Webster incorporated in the State of Virginia. The Transaction Agreement provides that, upon the terms and subject to the conditions set forth therein, Banco Santander will acquire Webster in two steps. First, Webster will merge with and into Webster Virginia Corporation, with Webster Virginia Corporation continuing as the surviving corporation in such merger. Second, immediately following the completion of such merger, Banco Santander will acquire all outstanding shares of Webster Virginia Corporation through a statutory share exchange.

Based on Banco Santander’s closing stock price on February 2, 2026, the Transaction has an aggregate value of approximately $12.3 billion. Under the terms of the Transaction Agreement, holders of Webster common stock will receive $48.75 in cash and 2.0548 ADSs for each share of Webster common stock that they own. Holders of Webster common stock will have the option to exchange ADSs received in connection with the Transaction for Ordinary Shares at no charge for a specified period following the completion of the Transaction.

The Transaction Agreement contains customary representations and warranties, covenants, and closing conditions. The Transaction was approved by Webster’s stockholders on May 26, 2026, the Office of the Comptroller of the Currency on June 12, 2026, and the European Central Bank on July 21, 2026. The Transaction remains subject to customary closing conditions, including the approval of the Board of Governors of the Federal Reserve System. The Transaction is expected to close in the second half of 2026.

Additional information regarding the proposed Transaction can be found within Note 2: Business Developments in the Notes to Condensed Consolidated Financial Statements contained in Part I - Item 1. Financial Statements.

Joint Venture with Marathon Asset Management

On July 19, 2024, the Company, through its subsidiary, MW Advisor Holding, LLC, and Marathon Asset Management formed a private credit joint venture designed to deliver direct lending solutions for sponsor-backed middle market companies across the country. Information regarding joint venture activities that occurred during the year ended December 31, 2025, can be found within Note 2: Business Developments in the Notes to Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

On July 1, 2026, CVC Capital Partners, a private markets investment firm, acquired 100% of Marathon Asset Management, which resulted in a change in control of Marathon Asset Management. Separately, Webster’s Transaction with Banco Santander will result in a change of control of Webster. Pursuant to the operating agreement for Webster’s joint venture with Marathon Asset Management, within 120 days after the consummation of a change in control, the non-affected member may elect to dissolve the joint venture, which would result in the wind-down of MW Advisor, LLC and Marathon Direct Lending SLP, LLC. As of the date of this Quarterly Report on Form 10-Q, Webster has not elected to dissolve the joint venture.

1

Results of Operations

The following table summarizes selected financial highlights and key performance indicators:

[[GREPCENT_TABLE]]
[["","Three months ended June 30,","","Six months ended June 30,"],["(In thousands, except per share and ratio data)","2026","","2025","","2026","","2025"],["Income and performance ratios:"],["Net income","$","256,789","","","$","258,848","","","$","503,020","","","$","485,765"],["Net income applicable to common stockholders","249,442","","","251,695","","","488,721","","","472,079"],["Earnings per common share - diluted","1.56","","","1.52","","","3.05","","","2.81"],["Return on average assets (annualized)","1.19","%","","1.29","%","","1.17","%","","1.22","%"],["Return on average tangible common stockholders\u2019 equity (annualized) (non-GAAP)","16.67","","","17.96","","","16.42","","","16.95"],["Return on average common stockholders\u2019 equity (annualized)","10.73","","","11.31","","","10.54","","","10.63"],["Non-interest income as a percentage of total revenue (1)","14.49","","","13.22","","","14.14","","","13.18"],["Asset quality:"],["ACL on loans and leases","$","723,846","","","$","722,046","","","$","723,846","","","$","722,046"],["Non-performing assets (1)","430,174","","","537,050","","","430,174","","","537,050"],["ACL on loans and leases / total loans and leases","1.25","%","","1.35","%","","1.25","%","","1.35","%"],["Net charge-offs / average loans and leases (annualized)","0.30","","","0.27","","","0.29","","","0.35"],["Non-performing loans and leases / total loans and leases (2)","0.74","","","1.00","","","0.74","","","1.00"],["Non-performing assets / total loans and leases plus OREO and repossessed assets (2)","0.74","","","1.00","","","0.74","","","1.00"],["ACL on loans and leases / non-performing loans and leases (2)","168.72","","","135.08","","","168.72","","","135.08"],["Other ratios:"],["Tangible common equity (non-GAAP)","7.60","%","","7.46","%","","7.60","%","","7.46","%"],["Tier 1 Risk-Based Capital","12.20","","","11.86","","","12.20","","","11.86"],["Total Risk-Based Capital","14.16","","","14.05","","","14.16","","","14.05"],["CET1 Risk-Based Capital","11.71","","","11.35","","","11.71","","","11.35"],["Stockholders\u2019 equity / total assets","11.36","","","11.40","","","11.36","","","11.40"],["Net interest margin","3.26","","","3.44","","","3.31","","","3.46"],["Efficiency ratio (non-GAAP)","47.74","","","45.40","","","47.28","","","45.59"],["Equity and share related:"],["Common stockholders\u2019 equity","$","9,476,770","","","$","9,053,638","","","$","9,476,770","","","$","9,053,638"],["Book value per common share","58.49","","","54.19","","","58.49","","","54.19"],["Tangible book value per common share (non-GAAP)","38.81","","","35.13","","","38.81","","","35.13"],["Common stock closing price","76.42","","","54.60","","","76.42","","","54.60"],["Dividends and equivalents declared per common share","0.40","","","0.40","","","0.80","","","0.80"],["Common shares outstanding","162,034","","","167,083","","","162,034","","","167,083"],["Weighted-average common shares outstanding - basic","159,989","","","165,884","","","159,763","","","167,524"],["Weighted-average common shares - diluted","160,183","","","166,131","","","160,017","","","167,853"]]
[[/GREPCENT_TABLE]]

(1)Total revenue reflects the sum of Net interest income and Non-interest income.

(2)Non-performing assets and the related asset quality ratios exclude the impact of net unamortized (discounts)/premiums and net unamortized deferred (fees)/costs on loans and leases.

2

Non-GAAP Financial Measures

The non-GAAP financial measures identified in the preceding table provide both management and investors with information useful in understanding the Company’s financial position, results of operations, the strength of its capital position, and overall business performance. These non-GAAP financial measures are used by management for performance measurement purposes, as well as for internal planning and forecasting, and by securities analysts, investors, and other interested parties to assess peer company operating performance. Management believes that this presentation, together with the accompanying reconciliations, provides investors with a more complete understanding of the factors and trends affecting the Company’s business and allows investors to view its performance in a similar manner.

Tangible book value per common share represents stockholders’ equity, less preferred stock and goodwill and other net intangible assets (“tangible common equity”), divided by common shares outstanding at the end of the reporting period. The tangible common equity ratio represents tangible common equity divided by total assets, less goodwill and other net intangible assets (“tangible assets”). Both of these measures are used by management to evaluate the Company’s capital position. The return on average tangible common stockholders’ equity is calculated using net income less preferred stock dividends, adjusted for the tax-effected amortization of intangible assets, as a percentage of average tangible common equity. This measure is used by management to assess the Company’s performance against its peer financial institutions. The efficiency ratio, which represents the costs expended to generate a dollar of revenue, is calculated excluding certain non-operational items in order to measure how well the Company is managing its recurring operating expenses.

These non-GAAP financial measures should not be considered a substitute for GAAP-basis financial measures. Because

non-GAAP financial measures are not standardized, it may not be possible to compare these with other companies that present financial measures having the same or similar names.

The following tables reconcile non-GAAP financial measures to the most comparable financial measures defined by GAAP:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/801337/000080133726000008/wbs-20251231.htm
Complete FY 2025 MD&A: /company/WBS/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis provides information that management believes is necessary to understand the Company’s consolidated financial condition, results of operations, and cash flows for the year ended December 31, 2025, as compared to the year ended December 31, 2024. This information should be read in conjunction with the Consolidated Financial Statements, and the accompanying Notes thereto, contained in Part II - Item 8. Financial Statements and Supplementary Data, as well as other information set forth throughout this report. For discussion and analysis of the Company’s consolidated financial condition, results of operations, and cash flows for the year ended December 31, 2024, as compared to the year ended December 31, 2023, please refer to Part II - Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. The Company’s consolidated financial condition, results of operations, and cash flows for the year ended December 31, 2025, are not necessarily indicative of results that may be attained in future periods.

Economic Outlook

Actions and announcements related to changes in trade policies and other economic policies and practices, including tariffs, have created significant economic uncertainty in the U.S., which could contribute to higher inflation, increase the risk of a recession, and introduce further uncertainty as to the pace and direction of interest rate changes. Events such as these are outside of our control, but nonetheless may alter customer behavior, including borrowing, repayment, investment, and deposit practices, which could, in turn, adversely impact our business and financial results in future periods. While we cannot predict the potential impact that these changes and economic developments may have on us or our customers, we believe that our diverse businesses, strong capital position, unique deposit profile, and solid risk management framework allow us to operate in a range of economic environments.

Proposed Transaction with Banco Santander

On February 3, 2026, Webster entered into a Transaction Agreement with Banco Santander and Webster Virginia Corporation, a wholly owned subsidiary of Webster incorporated in the State of Virginia. The Transaction Agreement provides that, upon the terms and subject to the conditions set forth therein, Banco Santander will acquire Webster in two steps. First, Webster will merge with and into Webster Virginia Corporation, with Webster Virginia Corporation continuing as the surviving corporation in such merger. Second, immediately following the completion of such merger, Banco Santander will acquire all outstanding shares of Webster Virginia Corporation through a statutory share exchange. Based on Banco Santander’s closing stock price on February 2, 2026, the Transaction has an aggregate value of approximately $12.3 billion.

Under the terms of the Transaction Agreement, holders of Webster common stock will receive $48.75 in cash and 2.0548 ADSs (or Ordinary Shares in certain circumstances) for each share of Webster common stock that they own. The Transaction Agreement contains customary representations and warranties, covenants, and closing conditions. Completion of the Transaction remains subject to approval by the Federal Reserve and the European Central Bank, approval by the stockholders of each company, and other customary closing conditions. The Transaction is expected to close in the second half of 2026.

39

Table of Contents

Results of Operations

The following table summarizes selected financial highlights and key performance indicators:

[[GREPCENT_TABLE]]
[["","Years ended December 31,"],["(In thousands, except per share and ratio data)","2025","","2024","","2023"],["Income and performance ratios:"],["Net income","$","1,002,802","","","$","768,707","","","$","867,840"],["Net income applicable to common stockholders","974,861","","","744,076","","","843,268"],["Earnings per common share - diluted","5.90","","","4.37","","","4.91"],["Return on average assets","1.23","%","","1.00","%","","1.18","%"],["Return on average tangible common stockholders\u2019 equity (non-GAAP)","17.16","","","14.35","","","16.95"],["Return on average common stockholders\u2019 equity","10.85","","","8.71","","","10.59"],["Non-interest income as a percentage of total revenue","13.85","","","9.72","","","11.85"],["Asset quality:"],["ACL on loans and leases","$","719,411","","","$","689,566","","","$","635,737"],["Non-performing assets (1)","502,156","","","461,751","","","218,600"],["ACL on loans and leases / total loans and leases","1.27","%","","1.31","%","","1.25","%"],["Net charge-offs / average loans and leases","0.33","","","0.32","","","0.21"],["Non-performing loans and leases / total loans and leases (1)","0.88","","","0.88","","","0.41"],["Non-performing assets / total loans and leases plus OREO and repossessed assets (1)","0.89","","","0.88","","","0.43"],["ACL on loans and leases / non-performing loans and leases (1)","143.69","","","149.47","","","303.39"],["Other ratios:"],["Tangible common equity (non-GAAP)","7.42","%","","7.45","%","","7.73","%"],["Tier 1 Risk-Based Capital","11.69","","","12.06","","","11.62"],["Total Risk-Based Capital","13.67","","","14.24","","","13.72"],["CET1 Risk-Based Capital","11.20","","","11.54","","","11.11"],["Stockholders\u2019 equity / total assets","11.29","","","11.56","","","11.60"],["Net interest margin","3.42","","","3.42","","","3.52"],["Efficiency ratio (non-GAAP)","45.99","","","45.43","","","42.15"],["Equity and share related:"],["Common stockholders\u2019 equity","$","9,208,257","","","$","8,849,235","","","$","8,406,017"],["Book value per common share","57.12","","","51.63","","","48.87"],["Tangible book value per common share (non-GAAP)","37.20","","","32.95","","","32.39"],["Common stock closing price","62.94","","","55.22","","","50.76"],["Dividends and equivalents declared per common share","1.60","","","1.60","","","1.60"],["Common shares outstanding","161,216","","","171,391","","","172,022"],["Weighted-average common shares outstanding - basic","164,842","","","169,820","","","171,775"],["Weighted-average common shares - diluted","165,206","","","170,192","","","171,883"]]
[[/GREPCENT_TABLE]]

(1)Non-performing asset balances and related asset quality ratios exclude the impact of net unamortized (discounts)/premiums and net unamortized deferred (fees)/costs on loans and leases.

40

Table of Contents

Non-GAAP Financial Measures

The non-GAAP financial measures identified in the preceding table provide both management and investors with information useful in understanding the Company’s financial position, results of operations, the strength of its capital position, and overall business performance. These non-GAAP financial measures are used by management for performance measurement purposes, as well as for internal planning and forecasting, and by securities analysts, investors, and other interested parties to assess peer company operating performance. Management believes that this presentation, together with the accompanying reconciliations, provides investors with a more complete understanding of the factors and trends affecting the Company’s business and allows investors to view its performance in a similar manner.

Tangible book value per common share represents stockholders’ equity, less preferred stock and goodwill and other net intangible assets (“tangible common equity”), divided by common shares outstanding at the end of the reporting period. The tangible common equity ratio represents tangible common equity divided by total assets, less goodwill and other net intangible assets (“tangible assets”). Both of these measures are used by management to evaluate the Company’s capital position. The return on average tangible common stockholders’ equity is calculated using net income less preferred stock dividends, adjusted for the tax-effected amortization of intangible assets, as a percentage of average tangible common equity. This measure is used by management to assess the Company’s performance against its peer financial institutions. The efficiency ratio, which represents the costs expended to generate a dollar of revenue, is calculated excluding certain non-operational items in order to measure how well the Company is managing its recurring operating expenses.

These non-GAAP financial measures should not be considered a substitute for GAAP-basis financial measures. Because

non-GAAP financial measures are not standardized, it may not be possible to compare these with other companies that present financial measures having the same or similar names.

The following tables reconcile non-GAAP financial measures to the most comparable financial measures defined by GAAP:

[[GREPCENT_TABLE]]
[["","December 31,"],["(Dollars and shares in thousands, except per share data)","2025","","2024","","2023"],["Tangible book value per common share:"],["Stockholders\u2019 equity","$","9,492,236","","","$","9,133,214","","","$","8,689,996"],["Less: Preferred stock","283,979","","","283,979","","","283,979"],["Goodwill and other intangible assets, net","3,210,756","","","3,202,369","","","2,834,600"],["Tangible common stockholders\u2019 equity","$","5,997,501","","","$","5,646,866","","","$","5,571,417"],["Common shares outstanding","161,216","","","171,391","","","172,022"],["Tangible book value per common share","$","37.20","","","$","32.95","","","$","32.39"],["Book value per common share (GAAP)","$","57.12","","","$","51.63","","","$","48.87"],["Tangible common equity ratio:"],["Tangible common stockholders\u2019 equity","$","5,997,501","","","$","5,646,866","","","$","5,571,417"],["Total assets","$","84,073,663","","","$","79,025,073","","","$","74,945,249"],["Less: Goodwill and other intangible assets, net","3,210,756","","","3,202,369","","","2,834,600"],["Tangible assets","$","80,862,907","","","$","75,822,704","","","$","72,110,649"],["Tangible common equity ratio","7.42","%","","7.45","%","","7.73","%"],["Common stockholders\u2019 equity to total assets (GAAP)","10.95","%","","11.20","%","","11.22","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","Years ended December 31,"],["(Dollars in thousands)","2025","","2024","","2023"],["Return on average tangible common stockholders\u2019 equity:"],["Net income","$","1,002,802","","","$","768,707","","","$","867,840"],["Less: Preferred stock dividends","16,650","","","16,650","","","16,650"],["Add: Intangible assets amortization, tax-affected","26,457","","","28,505","","","28,604"],["Adjusted net income","$","1,012,609","","","$","780,562","","","$","879,794"],["Average stockholders\u2019 equity","$","9,373,912","","","$","8,919,675","","","$","8,323,955"],["Less: Average preferred stock","283,979","","","283,979","","","283,979"],["Average goodwill and other intangible assets, net","3,189,345","","","3,195,988","","","2,848,114"],["Average tangible common stockholders\u2019 equity","$","5,900,588","","","$","5,439,708","","","$","5,191,862"],["Return on average tangible common stockholders\u2019 equity","17.16","%","","14.35","%","","16.95","%"],["Return on average common stockholders\u2019 equity (GAAP)","10.85","%","","8.71","%","","10.59","%"]]
[[/GREPCENT_TABLE]]

41

Table of Contents

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/WBS/mda/fy2025/
All MD&A years: /company/WBS/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/WBS/mda/fy2024/): filed 2025-03-03; accession 0000801337-25-000004 (https://www.sec.gov/Archives/edgar/data/801337/000080133725000004/wbs-20241231.htm)
- [FY 2023 MD&A](/company/WBS/mda/fy2023/): filed 2024-02-27; accession 0000801337-24-000007 (https://www.sec.gov/Archives/edgar/data/801337/000080133724000007/wbs-20231231.htm)
- [FY 2022 MD&A](/company/WBS/mda/fy2022/): filed 2023-03-10; accession 0000801337-23-000013 (https://www.sec.gov/Archives/edgar/data/801337/000080133723000013/wbs-20221231.htm)
- [FY 2021 MD&A](/company/WBS/mda/fy2021/): filed 2022-02-25; accession 0000801337-22-000011 (https://www.sec.gov/Archives/edgar/data/801337/000080133722000011/wbs-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6021 National Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/WBS.md · JSON record: /company/WBS.json · verified financials: /company/WBS/financials.json / /company/WBS/financials.csv · machine TOC for the whole site: /llms.txt