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Well Positioned Well WEBSTER FINANCIAL CORPORATION Our mission: To help individuals, WEBSTER FINANCIAL CORPORATION families and businesses achieve their financial goals. Our vision: To rank among the highest performing regional banks in the country. Our values: We take personal The Webster Way responsibility for meeting our customers’ needs. Well Positioned We respect the dignity of every for growth individual. We earn trust through ethical behavior. 2017 REPORT ANNUAL We give of ourselves in the communities we serve. We work together to achieve outstanding results. WEBSTER FINANCIAL CORPORATION 2017 ANNUAL REPORT The Webster symbol is a registered trademark in the U.S. LETTER TO SHAREHOLDERS MARCH 2018 FROM JAMES C. SMITH Dear Shareholders, September 19, 2017 marked the culmination of Webster’s thoughtful, thorough CEO succession planning process. On that day, I announced that I would retire from Webster and transition to non-executive chairman at the end of the year. On January 1, 2018, John Ciulla became chief executive officer, assuming overall management responsibility for Webster Financial Corporation and Webster Bank, and he was elected to the holding company board. Given Webster’s heritage, the Board of Directors and I have long appreciated the importance of orderly CEO succession. We are proud to have selected an internal leader who is a reliable steward of Webster’s values, centered on responsibility, respectfulness, trustworthiness, citizenship and teamwork. John is a gifted strategic thinker whose career has been marked by consistent high performance and guided by principled leadership and admirable personal qualities. He has played a key role in our evolution to a high-performing bank, and with his deep understanding of our business segments and our customers, we are confident that he will lead Webster to new heights. He is my natural successor. We have come so far in the 42 years since I joined Webster, then a $150 million Connecticut- based thrift institution. Today, we’re a leading regional commercial bank with more than $26 billion in assets, delivering a full range of financial services to families and businesses in the Northeast region and providing health savings accounts to more than two million customers nationally. With the support of the Board and our capable, committed leadership team, we have created a strategic management framework that prioritizes and rewards investment in differentiated strategies that create value for our customers and shareholders. Our zealous focus on maximizing economic profit has boosted shareholder returns and, for 2017, Webster earned in excess of its cost of equity capital. Looking ahead for me, I will continue to chair the Board and play a limited advisory role in support of John and the Board. I’m looking forward to the next phase of my life, as my wife, Cathy, and I become even more deeply engaged in activities that contribute to the common good in our communities. One constant along the way is all that I’ve gained from my association with thousands of Webster bankers I’ve been privileged to work with over the years. They have inspired and motivated me by consistently reinforcing my belief in the inherent ability for people to exceed expectations and to continually expand their potential. They strive to make a difference in the lives of the people in the communities we serve, for which we thank each and every one. As our mission has evolved and our vision has expanded, the values handed down by my father have endured. They form an unshakable core that brings us together in pursuit of common goals and sets us apart in the markets where we compete. I look ahead with excitement to Webster’s bright future and with brimming confidence that our leadership and our bankers will continually transform our company to achieve ever greater success. Sincerely, James C. Smith Chairman of the Board of Directors FINANCIAL HIGHLIGHTS LETTER TO SHAREHOLDERS MARCH 2018 FROM JOHN R. CIULLA $1.0B FINANCIAL HIGHLIGHTS TOTAL ANNUAL REVENUE Dear Shareholders, Webster reported another year of strong performance in 2017, with total revenues The year 2017 was among the most notable in our 82-year history, marked by growing 7.4% from the prior year. Revenue growth was led by an increase of 10.8% 33 in net interest income. This increase was driven by ongoing growth in our interest- CONSECUTIVE QUARTERS OF record financial results, substantial progress in advancing key strategic initiatives REVENUE GROWTH that add value for all of our stakeholders, and a successful CEO transition. earning assets and an increase of 22 basis points in the yield on those assets, while the cost of liabilities increased by only 4 basis points. As a result, our net interest Total annual revenue exceeded $1 billion for the first time, and we have now margin increased 18 basis points to 3.30%, the highest level in five years. 23.6% achieved 33 consecutive quarters of year-over-year revenue growth. Revenue EPS GROWTH momentum, disciplined expense management, and continued favorable credit Deposit growth of $1.7 billion — including $0.7 billion from fast-growing HSA Bank quality resulted in a return on equity of 9.8%, in excess of our 9.5% cost of — funded all of our loan growth and a significant portion of a $1.5 billion decline in 9.8% capital, thereby generating economic profit. In addition, the return on tangible borrowings. This resulted in a loan-to-deposit ratio of 83.5%, well below banking RETURN ON EQUITY common equity was 13.0%. industry peers, and a borrowing-to-asset ratio of 9.6%. 13.0% 2017 was also a year of transition for Webster. Following a distinguished career Our solid revenue performance was accompanied by disciplined expense management, RETURN ON TANGIBLE spanning more than four decades, Jim Smith retired as Webster’s CEO on even as we continued to invest for growth in our highest-potential businesses. As a COMMON EQUITY December 31 and transitioned to non-executive chairman. Jim’s contributions result, the rate of revenue growth exceeded the rate of expense growth. This positive to Webster have been profound. During his tenure, Webster evolved into the operating leverage drove noticeable improvement in our efficiency ratio to 60.3%, 60.3% leading regional bank that it is today. down from 62.0% in 2016. EFFICIENCY RATIO I am honored to serve as Webster’s third CEO, following our founder, Harold Credit performance remained favorable, as seen in net charge-offs representing Webster Smith, and his son, Jim. The cultural foundation and values-based legacy 20 basis points of average loans and leases, compared to 23 basis points in 2016. 7.4% established by my predecessors give Webster a consistent competitive advantage TOTAL REVENUE GROWTH Net income increased 23.3% in 2017 to $255.4 million, while diluted earnings per in the markets we serve. share increased 23.6% to $2.67. The end of the year saw the passage of federal tax reform legislation. While enactment of this legislation will create both performance tailwinds and COMMERCIAL BANKING headwinds for our businesses, we believe the near-term impact on economic Commercial Banking, Webster’s most profitable line of business, posted solid activity, profitability, credit quality and shareholder returns will be positive. operating performance with net income growth of 15.8% to $133.6 million, while We remain laser-focused on allocating capital to those activities that will allow continuing to invest for the future. Overall loan growth was in line with peer banks, us to maximize economic profit over time. To that end, we continue to execute as the competitive market required us to become more selective, particularly in on our stated strategic priorities: aggressively growing HSA Bank, expanding our commercial real estate. Our differentiated Sponsor and Specialty Finance unit Commercial Banking activities, and optimizing and transforming Community continued to perform at a high level, generating double-digit loan growth and Banking. adding a number of important new corporate and sponsor relationships. We are optimistic as we head into 2018, as a result of our strong financial and We invest in treasury products and services, and we continue to build out our balance sheet positions, our differentiated businesses, and the likelihood that capital markets capabilities to meet the needs of our increasingly sophisticated the macroeconomic and regulatory environment in which we operate should clients. We continue to attract and invest in talent in our commercial lines of remain favorable. business to generate continued growth. We are investing in technology and aligning all processes to enhance the client experience. This includes a significant upgrade to Web-Link®, our cash management platform, which will provide our customers with a best-in-class product and service to manage their daily cash flow needs. In the second quarter, we realigned Private Banking into the Commercial Banking organization. This allowed us to leverage Commercial Banking relationships to provide wealth offerings to business owners and executives. Following the organizational change, Private Banking results have been encouraging, as we have added new relationships, grown assets under management, and improved profitability. MARCH 2018 FINANCIAL HIGHLIGHTS Dear Shareholders, Webster reported another year of strong performance in 2017, with total revenues The year 2017 was among the most notable in our 82-year history, marked by growing 7.4% from the prior year. Revenue growth was led by an increase of 10.8% record financial results, substantial progress in advancing key strategic initiatives in net interest income. This increase was driven by ongoing growth in our interest- that add value for all of our stakeholders, and a successful CEO transition. earning assets and an increase of 22 basis points in the yield on those assets, while the cost of liabilities increased by only 4 basis points.
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