Webster Financial (US:WBS)2021-01-21 14:02Financial Performance - The company reported net income of $60.0 million, or $0.64 earnings per share (EPS), and adjusted net income of $91.2 million, or $0.99 EPS[4, 5] - The company's ROACE was 7.51% and ROATCE was 9.31% on a reported basis, while adjusted ROACE was 11.54% and adjusted ROATCE was 14.24%[4, 5] - HSA Bank footings reached $10.0 billion, a 17.5% increase year-over-year[5] - Total deposits increased by 17.2% year-over-year[8] - The company is committed to achieving an 8% to 10% expense run rate reduction by 4Q21[5] Loan Portfolio - Total loans increased by 8.0% year-over-year, or 1.7% excluding PPP loans[8] - Commercial Banking loans increased by 10.0% year-over-year, or 6.5% excluding PPP loans[10] - Community Banking loans increased by 5.3% year-over-year, but decreased by 4.7% excluding PPP loans[23] - Total commercial payment deferrals decreased by $96 million, representing a 25% reduction from September 30, and now account for 2.1% of the portfolio[29] Strategic Initiatives - Strategic initiative charges totaled $42.0 million pre-tax, or $31.2 million after-tax[5] - The company anticipates run rate expense reduction of 8% - 10% of core non-interest expense[89] - The company expects approximately $56 million in annualized run rate benefit from strategic expense initiatives[98]