Webster Financial Corporation (NYSE:WBS) Q4 2022 Earnings Conference Call January 26, 2023 9:00 AM ET
Company Participants
Emlen Harmon - Investor Relations
John Ciulla - Chief Executive Officer
Glenn MacInnes - Executive Vice President, Chief Financial Officer
Conference Call Participants
Chris McGratty - Keefe, Bruyette, & Woods
Mark Fitzgibbon - Piper Sandler
Matthew Breese - Stephens Inc.
Casey Haire - Jefferies
Alex Lau - JPMorgan
Jared Shaw - Wells Fargo Securities
Manan Gosalia - Morgan Stanley
Laurie Hunsicker - Compass Point
Jon Arfstrom - RBC Capital Markets
Operator
Ladies and gentlemen, good morning, and welcome to the Webster Financial Corporation Fourth Quarter 2022 Earnings Call. Please note that this event is being recorded. I would now like to introduce Webster's Director of Investor Relations, Emlen Harmon to introduce the call. Mr. Harmon, please go ahead.
Emlen Harmon
Good morning. Before we begin our remarks, I want to remind you that the comments made by management may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to the Safe Harbor rules. Please review the forward-looking disclaimer and Safe Harbor language in today's press release and presentation for more information about risks and uncertainties which may affect us. The presentation accompanying management's remarks can be found on the company's investor relations site at investors.websterbank.com.
I'll now turn it over to Webster Financial's CEO, John Ciulla.
John Ciulla
Thanks, Emlen. Good morning, and welcome to Webster Financial Corporation's Fourth Quarter 2022 Earnings Call. I am going to provide remarks on our strategic execution, high-level results, merger integration and strategic actions before turning it over to Glenn to review our financials in more detail.
Our strategy is straightforward and remains unchanged from the day we announced our merger in April of
2021.
Opportunistic and prudent growth in targeted areas where we have competitive differentiation while continually see enhancing a diverse and advantageous funding profile. We continue to deploy capital and expense dollars into business activities that maximize shareholder returns and economic profit.
We are delivering on this strategy as a unified Webster while at the same time executing on the integarion of our merger with Sterling. We continue to exhibit solid credit performance, and we are conservatively positioned in our capital levels and loan loss allowance.
The net results of executing on this strategic plan are evident in our performance this quarter. On an adjusted basis, we generated EPS of $1.60 versus $1.46 last quarter and our PPNR grew 9% quarter-over quarter or by $35 million. Both our GAAP and adjusted EPS numbers are a quarterly record for Webster.