Webster Financial Corporation (NYSE:WBS) Q3 2023 Earnings Conference Call October 19, 2023 9:00 AM ET

Company Participants

Emlen Harmon - Director, Investor Relations

John Ciulla - President and Chief Executive Officer

Glenn MacInnes - Chief Financial Officer

Conference Call Participants

Christopher McGratty - Keefe, Bruyette & Woods

Casey Haire - Jefferies

Matthew Breese - Stephens Inc.

Mark Fitzgibbon - Piper Sandler

Brody Preston - UBS

Daniel Tamayo - Raymond James

Alex Lau - JPMorgan

Bernard Von Gizycki - Deutsche Bank

Timur Braziler - Wells Fargo

Laurie Hunsicker - Seaport Research Partners

Operator

Good morning. Welcome to Webster Financial's Third Quarter 2023 Earnings Call. Please note 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 and accompanying management remarks can be found on the company's Investor Relations website 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 Third Quarter 2023 Earnings Call. We appreciate you joining us. I'll provide remarks on our high-level results and operations before turning it over to Glenn to cover our financial results in greater detail.

The results we announced today further illustrate the power of Webster in terms of earnings potential as well as our sound operating and risk profile. We continue to enhance our liquidity position. And in contrast to broader industry trends, we grew deposits by $1.6 billion. We also grew our net interest income and materially expanded net interest margin in the quarter.

In the quarter, we also completed our core systems conversion, marking a significant milestone in our integration, and we are pleased with the outcome and did so with limited client disruption. Our streamlined technology architecture will allow us to further enhance client experience and more efficiently deliver for our clients in the future.

Achieving this outcome took an exceptional effort on the part of our colleagues particularly our client-facing colleagues and those dedicated to the conversion. I want to express the gratitude of our executive team, directors and shareholders for their efforts.