Webster Financial Corporation (NYSE:WBS) Q2 2024 Earnings Conference Call July 23, 2024 9:00 AM ET

Company Participants

Emlen Harmon - Director, IR
John Ciulla - CEO
Glenn MacInnes - CFO

Conference Call Participants

Matthew Breese - Stephens
Christopher McGratty - KBW
Mark Fitzgibbon - Piper Sandler
Steven Alexopoulos - JP Morgan
Jared Shaw - Barclays.
Manan Gosalia - Morgan Stanley
Casey Haire - Jefferies
Daniel Tamayo - Raymond James
Bernard Von Gizycki - Deutsche Bank
Timur Braziler - Wells Fargo Securities
Laurie Hunsicker - Seaport Research Partners

Operator

Good morning. Welcome to the Webster Financial Corporation 2Q 2024 Earnings. 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 accompanying management's remarks can be found on the company's Investor Relations site at investors.websterbank.com. For the Q&A portion of the call, we ask that each participant ask just one question and one follow-up before returning to the queue.

I will now turn the call over to Webster Financial CEO, John Ciulla.

John Ciulla

Thanks a lot, Emlen. Good morning, and welcome to Webster Financial Corporation's second quarter 2024 earnings call. We appreciate you joining us this morning. 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. There have been a number of important accomplishments since our last earnings call, including the announcement of our private credit joint venture with Marathon Asset Management, the hiring of Neal Holland as our next Chief Financial Officer, and the addition of Bill Haas to our Board of Directors. .

The Marathon joint venture is a great opportunity for Webster, as it will allow the sponsor team to better serve and meet the growing needs of our client base, while at the same time enhancing Webster's balance sheet flexibility and adding a new source of fee income and deposit opportunities. Our sponsor team will continue to operate in its existing form. And by partnering with Marathon to fund a portion of our loan originations will gain the ability to offer larger facilities and additional financing solutions to our existing clients that we would not traditionally hold on our balance sheet.