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Webster Financial Corporation Annual Report 2020

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Webster Financial Corporation Annual Report 2020 WEBSTER FINANCIAL CORPORATION ANNUAL REPORT 2020 A LETTER FROM the Chairman, President and CEO market conditions and the onset of the pandemic, we stayed committed to our transformational project and accelerated our efforts to position Webster for future growth and success. Our overarching objectives remain: maximizing economic profits over time and building long-term franchise value, as we fulfill our mission to help individuals, families and businesses achieve their financial goals. Throughout the pandemic, we prioritized the safety of our bankers and customers. Dear Shareholders, ” Foremost, I am very proud of our Webster bankers. We are investing in revenue-growth drivers that leverage our Throughout a formidable 2020, they delivered for each other, differentiated businesses. These include launching new, our customers, our communities, and our shareholders. high-potential industry specialties in Commercial Banking In addition to the pandemic’s tragic public health segments, driving HSA growth through enhanced sales consequences, it also has negatively impacted the financial productivity, and developing deeper relationships with health of families and businesses, and created economic business clients and consumers across both our Commercial volatility across a range of industries. Addressing these and Retail Banking and Consumer Lending businesses. challenges has been complicated by a divisive political Through our continuing investments in technology, we are environment and the process of addressing the inflection providing better digital experiences for our customers and point to racial equality. We were tested. And we stayed true bankers and improving customer acquisition and retention to Webster’s enduring commitment to be there for rates. Organizationally, we have opportunities to improve our customers. efficiency. We are simplifying our organizational structure, We executed the largest virtual outreach in our history, seeking to optimize resource allocation, streamlining and providing financial relief for customers through loan automating manual processes, and selectively outsourcing modifications and deferrals, fee waivers and foreclosure activities. These initiatives have produced results and will moratoriums. We engaged in the Paycheck Protection contribute to our financial performance in 2021 and beyond. Program (PPP) and the Main Street Lending Program, We finished the year with revenues of $1.2 billion. We originated more than $1.4 billion in loans, provided financial originated $7.4 billion in loans, generating loan growth of assistance to support more than 11,000 local businesses $1.6 billion, or 8.0%, from prior year. Total deposits grew by and more than 110,000 jobs in the communities we serve. $4.0 billion, or 17.2%, from 2019 with increases across all lines As an essential business, we operated throughout the of business. pandemic, prioritizing the health and safety of our bankers, In Commercial Banking, we are expanding our efforts in new customers and clients. We reacted quickly, transitioning and existing segments. Total loans increased by nearly 10% to more than 75% of our bankers to remote work and providing $12.6 billion, driven by originations in all business units. Total necessary support and flexibility for those bankers who deposits were at an all-time high, approaching $6.0 billion, an continued to work onsite at Webster locations. increase of 36%. We learned from these experiences and rapidly applied Performance fundamentals of HSA Bank remained solid, that knowledge to the way we develop and recruit talent, with a 17.5% increase in total footings, approaching $10 work collaboratively and accelerate the adoption of better billion. Core deposits were up 15% from 2019 and continue technologies. We adjusted how we work, but we to be a valued source of low-cost, long-duration funding. maintained focus on our customers. We added 668,000 accounts in 2020, and our customer Prior to the pandemic, we initiated a comprehensive strategic satisfaction metrics were at an all-time high as we and organizational review centered on transforming our continued to provide tools to help people maximize their company and the way we do business. As we adapted to new healthcare savings. Webster Financial Corporation 2020 Annual Report | 1 In Community Banking, we remain focused on deepening supporting basic human needs, remote learning, and relationships in our core markets. Total loans grew by 5.3% mentoring. Our bankers continued to volunteer, even as to $9 billion, with Business Banking loans leading the way at organizations shifted from in-person activities to virtual and 53.6%. Deposits grew by 13.8% to $14.3 billion, resulting from digital efforts. We also expanded our philanthropy to include growth in savings and driven by proceeds from the PPP loans investments in national and local organizations that address and CARES Act stimulus payments. racial and social justice issues. As we look ahead, there are many reasons for optimism and a more sanguine economic outlook. The COVID-19 vaccination process is expanding and improving, while we see general Our ESG efforts are integral to progress in the related public health arena. Business and the way we do business. consumer confidence are improving. We witnessed the resilient spirit of our nation through the peaceful transition of ” power, which has been a hallmark of our country for more than two centuries. And we witnessed the resilient spirit of our We are proud of our strong risk management framework. fellow citizens, community members, Webster bankers and Our credit metrics remained remarkably stable during 2020 customers. It was both a challenging and inspiring year. despite the macro-economic uncertainty. We continue to monitor risk, making real-time credit rating decisions and proactively addressing potential credit issues. We are confident about the quality of our risk selection and Our values and mission are at the underwriting processes, our portfolio management forefront of everything we do. capabilities, and our solid capital position. As we continue to achieve progress in line with our strategic ” priorities, we also strengthened our dedication to our Webster Way values and good corporate citizenship responsibilities. In closing, I would like to thank our talented and dedicated Our long-standing sustainability, governance and social Board of Directors, who worked tirelessly throughout 2020 to responsibility efforts remain an integral part of the way represent our shareholders. I also would like to acknowledge we do business, creating opportunity and value for all Jim Smith, former chairman of Webster’s Board. Jim retired Webster stakeholders. from the Board at the 2020 Annual Meeting. His vision, insights and dedication to Webster contributed immeasurably We invest in our bankers through meaningful learning and to what this organization has become. career development options, while diversity, equity and inclusion (DE&I) continues to be a top priority for our Directors Once again, I would like to thank our bankers for their and the executive management team; it is my privilege to serve perseverance throughout this extraordinary year, as they as co-chair of our DE&I Council. We hired a new DE&I Officer in cared for our customers, each other and our communities. 2020 to expand our programs and partnerships so we can be To our shareholders, thank you for your continued support more effective and engaged in promoting cultural awareness, and confidence in Webster as we position ourselves to drive inclusion and positive change. growth and performance in 2021 and beyond. Webster Bank again earned an “Outstanding” rating on our Community Reinvestment Act (CRA) Performance Evaluation from our primary regulator, the Office of the Comptroller of the Currency. This is the highest possible rating, recognizing Sincerely, Webster’s efforts to ensure fair and responsible banking, promote community development, and provide resources to those communities that need them most. Despite the challenging financial environment, Webster’s purposeful approach to community support stayed steadfast. John R. Ciulla We increased our philanthropic funding to organizations Chairman, President and Chief Executive Officer Webster Financial Corporation 2020 Annual Report | 2 Board of Directors John R. Ciulla William L. Atwell Elizabeth E. Flynn E. Carol Hayles Linda H. Ianieri Chairman, (Lead Independent Retired Vice Chairman Former Executive Retired President and Director) Marsh, LLC Vice President Pricewaterhouse- Retired Founder and Chief Executive and Chief Coopers, LLP Officer Managing Director Financial Officer Partner Atwell Partners, LLC CIT Group Inc. Laurence C. Morse Karen R. Osar Mark Pettie Lauren C. States Managing Partner Retired Executive President Retired Executive Fairview Capital Vice President Blackthorne IBM Corporation Partners, Inc. and Chief Financial Associates, LLC Officer Chemtura Corporation Operating Management Committee John R. Ciulla Glenn I. MacInnes Charles L. Wilkins Chairman, President Executive Vice President Executive Vice President and Chief Executive Officer Chief Financial Officer Head of HSA Bank, a division of Webster Bank Daniel H. Bley Christopher J. Motl Executive Vice President Executive Vice President Harriet Munrett Wolfe, Esq. Chief Risk Officer Head of Commercial Banking Executive Vice President General Counsel and Bernard M. Garrigues Jonathan W. Roberts Corporate Secretary Executive Vice President Executive Vice President Chief Human
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