Exhibit 99.1

Media Contact	Investor Contact
Alice Ferreira, 203-578-2610	Terry Mangan, 203-578-2318
acferreira@websterbank.com	tmangan@websterbank.com

WEBSTER REPORTS

SECOND QUARTER 2019 EARNINGS OF $1.05 PER SHARE

WATERBURY, Conn., July 18, 2019 - Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, today announced earnings applicable to common shareholders of $96.2 million, or $1.05 per diluted share, for the quarter ended June 30, 2019, compared to $79.5 million, or $0.86 per diluted share, for the quarter ended June 30, 2018. Earnings per diluted share would have been $0.92 for the quarter ended June 30, 2018, adjusting for one-time expenses of $8.6 million.

“Webster’s solid performance continued in the second quarter as we’ve now posted four consecutive quarters with return on common equity above 13 percent,” said John R. Ciulla, president and chief executive officer. “Tangible book value per share is 15 percent higher than a year ago even as we increased the quarterly common dividend by 21 percent in April.”

Highlights for the second quarter of 2019 compared to prior year:

• Revenue of $317.6 million, an increase of 8.3 percent.

• Loan growth of $1.2 billion, or 6.9 percent, led by commercial and commercial real estate loans, which increased 10.5percent.

• Deposit growth of $1.3 billion, or 5.9 percent, with growth of $694 million, or 12.6 percent, in HSA deposits.

• Net interest margin of 3.63 percent, up 6 basis points.

• Pre-tax, pre-provision net revenue growth of $24.1 million, or 21.3 percent, led by HSA Bank’s growth of 23.9 percent. Adjusting for $8.6 million of one-time expenses in the prior year, growth was 12.7 percent.

• Efficiency ratio of 56.1 percent (non-GAAP) compared to 57.8 percent.

• Annualized return on average common shareholders’ equity of 13.47 percent compared to 12.22 percent; annualized return on average tangible common shareholders’ equity (non-GAAP) of 16.88 percent compared to 15.76 percent.

“Total revenue growth of 8 percent compared to prior year resulted in record pre-tax, pre-provision net revenue and our ninth consecutive quarter of positive operating leverage,” said Glenn MacInnes, executive vice president and chief financial officer. “Credit quality remains strong, with noteworthy reductions this quarter in nonperforming, commercial classified and past due loans.”

Line of Business performance compared to the second quarter of 2018

Commercial Banking

Webster’s Commercial Banking segment serves middle market, commercial real estate, asset-based lending, equipment finance, private banking, and treasury and payment solutions clients. As of June 30, 2019, Commercial Banking had $11.0 billion in loans and leases and $3.9billion in deposit balances.

Commercial Banking Operating Results:

					Percent
	Three months ended June 30,				Favorable/
(In thousands)	2019		2018		(Unfavorable)
Net interest income	$	92,171	$	88,459	4.2	%
Non-interest income	14,645		15,041		(2.6	)
Operating revenue	106,816		103,500		3.2
Non-interest expense	46,196		42,979		(7.5	)
Pre-tax, pre-provision net revenue	$	60,620	$	60,521	0.2
					Percent
	At June 30,				Increase/
(In millions)	2019		2018		(Decrease)
Loans and leases	$	11,005	$	9,936	10.8%
Deposits	3,870		3,681		5.1

Pre-tax, pre-provision net revenue increased $0.1 million to $60.6 million in the quarter as compared to prior year. Net interest income increased $3.7 million to $92.2 million, primarily due to loan and deposit growth and higher deposit margins. Non-interest income decreased $0.4 million to $14.6 million, primarily due to lower syndication fees in the quarter. Non-interest expense increased $3.2 million to $46.2 million, primarily due to investments in people and technology.

HSA Bank

Webster’s HSA Bank division offers a comprehensive consumer-directed healthcare solution that includes health savings accounts, health reimbursement arrangements, flexible spending accounts and commuter benefits. Health savings accounts are distributed nationwide directly to employers and individual consumers, as well as through national and regional insurance carriers, benefit consultants and financial advisors. As of June 30, 2019, HSA Bank had $8.0billion in total footings comprising $6.2 billion in deposit balances and $1.8billion in assets under administration through linked investment accounts.

HSA Bank Operating Results:

					Percent
	Three months ended June 30,				Favorable/
(In thousands)	2019		2018		(Unfavorable)
Net interest income	$	42,626	$	35,265	20.9	%
Non-interest income	24,979		22,882		9.2
Operating revenue	67,605		58,147		16.3
Non-interest expense	34,253		31,220		(9.7	)
Pre-tax, net revenue	$	33,352	$	26,927	23.9
					Percent
	At June 30,				Increase/
(Dollars in millions)	2019		2018		(Decrease)
Number of accounts (thousands)	2,964		2,674		10.8	%
Deposits	$	6,212	$	5,518	12.6
Linked investment accounts *	1,817		1,476		23.1
Total footings	$	8,029	$	6,994	14.8
* Linked investment accounts are held off balance sheet

Pre-tax net revenue increased $6.4 million to $33.4 million in the quarter as compared to prior year. Net interest income increased $7.4 million to $42.6 million, due to 13 percent growth in deposits and 7 percent improvement in deposit spreads. Non-interest income increased $2.1 million to $25.0 million, primarily due to 11 percent growth in accounts over the past year. Non-interest expense increased $3.0 million to $34.3 million, primarily due to account growth and expanded distribution.

Community Banking

Community Banking serves consumer and business banking customers primarily throughout southern New England and into Westchester County, New York. Community Banking is comprised of the Personal Banking and Business Banking operating segments, as well as a distribution network consisting of 157 banking centers and 308 ATMs, a customer care center, and a full range of web and mobile-based banking services. As of June 30, 2019, Community Banking had $8.3 billion in loans and $12.5 billion in deposit balances.

Community Banking Operating Results:

					Percent
	Three months ended June 30,				Favorable/
(In thousands)	2019		2018		(Unfavorable)
Net interest income	$	102,699	$	101,902	0.8	%
Non-interest income	27,675		26,378		4.9
Operating revenue	130,374		128,280		1.6
Non-interest expense	96,166		95,197		(1.0	)
Pre-tax, pre-provision net revenue	$	34,208	$	33,083	3.4
					Percent
	At June 30,				Increase/
(In millions)	2019		2018		(Decrease)
Loans	$	8,265	$	8,090	2.2%
Deposits	12,480		11,796		5.8

Pre-tax, pre-provision net revenue increased $1.1 million to $34.2 million in the quarter as compared to prior year. Net interest income increased $0.8 million to $102.7 million, primarily due to growth in both deposit and loan balances, which more than offset decreased interest rate spreads on those balances. Non-interest income was up $1.3 million due to increased deposit and loan related fee income. Non-interest expense increased $1.0 million to $96.2 million driven by increased employee related expenses, investments in technology and compliance.

Consolidated financial performance:

Quarterly net interest income compared to the second quarter of 2018:

• Net interest income was $241.8 million compared to $225.0 million.

• Net interest margin was 3.63 percent compared to 3.57 percent. The yield on interest-earning assets increased by 26 basis points, and the cost of interest-bearing liabilities increased by 21 basis points.

• Average interest-earning assets totaled $26.7 billion and grew by $1.4 billion, or 5.7 percent.

• Average loans totaled $19.0 billion and grew by $1.1 billion, or 6.4 percent.

• Average deposits totaled $22.7 billion and grew by $1.3 billion, or 6.3 percent.

Quarterly provision for loan losses:

• The provision for loan losses was $11.9 million, compared to $8.6 million in the prior quarter and $10.5 million a year ago.

• Net charge-offs were $11.6 million, compared to $9.6 million in the prior quarter and $8.5 million a year ago. The ratio of net charge-offs to average loans on an annualized basis was 0.24 percent, compared to 0.21 percent in the prior quarter and 0.19 percent a year ago.

• The allowance for loan losses represented 1.10 percent of total loans at June 30, 2019, compared to 1.12 percent at March 31, 2019 and 1.15 percent at June 30, 2018. The allowance for loan losses represented 143 percent of nonperforming loans compared to 133 percent at March 31, 2019 and 148 percent at June 30, 2018.

Quarterly non-interest income compared to the second quarter of 2018:

• Total non-interest income was $75.9 million, compared to $68.4 million, an increase of $7.5 million. This reflects an increase of $3.5 million in miscellaneous fee income, $2.6 million in client hedging income, and $2.1 million in HSA fee income driven by account fees and interchange due to account growth.

Quarterly non-interest expense compared to the second quarter of 2018:

• Total non-interest expense was $180.6 million, compared to $180.4 million, an increase of $0.2 million. Prior period includes a $7.2 million charge in deposit insurance and a $1.4 million charge related to banking center optimization costs. The adjusted increase of $8.8 million reflects increases of $5.5 million in compensation and benefits due to annual merit increases and higher medical costs, $1.2 million in technology/equipment, $1.3 million in professional and outside services, and $4.0 million in other expenses primarily due to legal expenses, sales costs, and pension.

Quarterly income taxes compared to the second quarter of 2018:

• Income tax expense was $26.5 million compared to $20.7 million and the effective tax rate was 21.1 percent compared to 20.3 percent.

• The higher effective tax rate in the quarter reflects a lower level of discrete tax benefits recognized during the period compared to a year ago coupled with a higher level of pre-tax income in the quarter compared to the year-ago period.

Investment securities:

• Total investment securities were $7.6billion, compared to $7.5 billion at March 31, 2019 and $7.1 billion at June 30, 2018. The carrying value of the available-for-sale portfolio included $12.0million of net unrealized losses, compared to $58.6 million at March 31, 2019 and $86.5 million at June 30, 2018. The carrying value of the held-to-maturity portfolio does not reflect $37.8million of net unrealized gains, compared to $46.8 million at March 31, 2019 and $130.2 million at June 30, 2018.

Loans:

• Total loans were $19.3billion, compared to $18.8 billion at March 31, 2019 and $18.0 billion at June 30, 2018. Compared to March 31, 2019, commercial real estate loans increased by $232.6 million, commercial loans increased by $174.6 million, and residential mortgages increased by $86.9 million while consumer loans decreased by $38.4 million.

• Compared to a year ago, commercial real estate loans increased by $644.2 million, commercial loans increased by $521.0 million, and residential mortgages increased by $263.1 million while consumer loans decreased by $184.4 million.

• Loan originations for portfolio were $1.382 billion, compared to $1.132 billion in the prior quarter and $1.509 billion a year ago. In addition, $41million of residential loans were originated for sale in the quarter, compared to $33 million in the prior quarter and $44 million a year ago.

Asset quality:

• Total nonperforming loans were $148.1 million, or 0.77 percent of total loans, compared to $158.9 million, or 0.84 percent, at March 31, 2019 and $140.1 million, or 0.78 percent, at June 30, 2018. Total paying nonperforming loans were $52.9 million, compared to $38.6 million at March 31, 2019 and $34.1 million at June 30, 2018.

• Past due loans were $32.3 million, compared to $50.5 million at March 31, 2019 and $33.5 million at June 30, 2018.

Deposits and borrowings:

• Total deposits were $22.6 billion, compared to $22.8 billion at March 31, 2019 and $21.3 billion at June 30, 2018. Core deposits to total deposits were 85.3 percent, compared to 85.3 percent at March 31, 2019 and 86.7 percent at June 30, 2018. The loan to deposit ratio was 85.3 percent, compared to 82.7 percent at March 31, 2019 and 84.5 percent at June 30, 2018.

• Total borrowings were $2.9 billion, compared to $2.2 billion at March 31, 2019 and $2.7 billion at June 30, 2018.

Capital:

• The return on average common shareholders’ equity and the return on average tangible common shareholders’ equity were 13.47 percent and 16.88 percent, respectively, compared to 12.22 percent and 15.76 percent, respectively, in the second quarter of 2018.

• The tangible equity and tangible common equity ratios were 8.82percent and 8.31 percent, respectively, compared to 8.29 percent and 7.75 percent, respectively, at June 30, 2018. The common equity tier 1 risk-based capital ratio was 11.46 percent, compared to 10.99 percent at June 30, 2018.

• Book value and tangible book value per common share were $31.74 and $25.63, respectively, compared to $28.40 and $22.25, respectively, at June 30, 2018.

***

Webster Financial Corporation is the holding company for Webster Bank, National Association and its HSA Bank division. With $28.9 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 157 banking centers and 308 ATMs. Webster also provides mobile and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

Conference Call

A conference call covering Webster’s 2019 second quarter earnings announcement will be held today, Thursday, July 18, 2019 at 9:00 a.m. (Eastern) and may be heard through Webster’s Investor Relations website at www.wbst.com, or in listen-only mode by calling 877-407-8289 or 201-689-8341 internationally. The call will be archived on the website and available for future retrieval.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements can be identified by words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” and similar references to future periods; however, such words are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items; (ii) statements of plans, objectives, and expectations of Webster or its management or Board of Directors; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Forward-looking statements are based on Webster’s current expectations and assumptions regarding its business, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Webster’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: (1) local, regional, national, and international economic conditions and the impact they may have on us and our customers and our assessment of that impact; (2) volatility and disruption in national and international financial markets; (3) government intervention in the U.S. financial system; (4) changes in the level of nonperforming assets and charge-offs; (5) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (6) adverse conditions in the securities markets that lead to impairment in the value of securities in our investment portfolio; (7) inflation, interest rate, securities market, and monetary fluctuations; (8) the timely development and acceptance of new products and services and perceived overall value of these products and services by customers; (9) changes in consumer spending, borrowings, and savings habits; (10) technological changes and cyber-security matters; (11) the ability to increase market share and control expenses; (12) changes in the competitive environment among banks, financial holding companies, and other financial services providers; (13) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) with which we and our subsidiaries must comply, including the impact of recent changes with respect to the recognition of credit losses; (14) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; (15) the costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; (16) our success at managing the risks involved in the foregoing items and (17) the other factors that are described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the headings “Risk Factors” and “Management Discussion and Analysis of Financial Condition and Results of Operation.” Any forward-looking statement made by the Company in this release speaks only as of the date on which it is made. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. A reconciliation of net income and other performance ratios, as adjusted, is included in the accompanying selected financial highlights table.

We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. We utilize these measures for internal planning and forecasting purposes. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

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WEBSTER FINANCIAL CORPORATION Selected Financial Highlights (unaudited)
	At or for the Three Months Ended
(In thousands, except per share data)	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Income and performance ratios:
Net income	$	98,649		$	99,736		$	98,838		$	99,673		$	81,682
Earnings applicable to common shareholders	96,193			97,549			96,666			97,460			79,489
Earnings per diluted common share	1.05			1.06			1.05			1.06			0.86
Return on average assets	1.38		%	1.44		%	1.44		%	1.47		%	1.22		%
Return on average tangible common shareholders' equity (non-GAAP)	16.88			17.70			18.22			18.88			15.76
Return on average common shareholders’ equity	13.47			14.01			14.31			14.74			12.22
Non-interest income as a percentage of total revenue	23.88			22.12			23.58			23.88			23.31
Asset quality:
Allowance for loan and lease losses	$	211,671		$	211,389		$	212,353		$	211,832		$	207,322
Nonperforming assets	153,247			164,431			161,617			157,967			146,047
Allowance for loan and lease losses / total loans and leases	1.10		%	1.12		%	1.15		%	1.16		%	1.15		%
Net charge-offs / average loans and leases (annualized)	0.24			0.21			0.21			0.13			0.19
Nonperforming loans and leases / total loans and leases	0.77			0.84			0.84			0.83			0.78
Nonperforming assets / total loans and leases plus OREO	0.80			0.87			0.87			0.86			0.81
Allowance for loan and lease losses / nonperforming loans and leases	142.97			133.01			137.22			138.76			148.00
Other ratios:
Tangible equity (non-GAAP)	8.82		%	8.68		%	8.59		%	8.41		%	8.29		%
Tangible common equity (non-GAAP)	8.31			8.16			8.05			7.86			7.75
Tier 1 risk-based capital(a)	12.15			12.17			12.16			11.96			11.74
Total risk-based capital (a)	13.54			13.60			13.63			13.44			13.21
Common equity tier 1 risk-based capital(a)	11.46			11.46			11.44			11.23			10.99
Shareholders’ equity / total assets	10.59			10.50			10.45			10.30			10.21
Net interest margin	3.63			3.74			3.66			3.61			3.57
Efficiency ratio (non-GAAP)	56.09			55.93			56.19			57.41			57.78
Equity and share related:
Common equity	$	2,920,180		$	2,821,218		$	2,741,478		$	2,671,161		$	2,616,686
Book value per common share	31.74			30.62			29.72			28.96			28.40
Tangible book value per common share (non-GAAP)	25.63			24.51			23.60			22.83			22.25
Common stock closing price	47.77			50.67			49.29			58.96			63.70
Dividends declared per common share	0.40			0.33			0.33			0.33			0.33
Common shares issued and outstanding	92,007			92,125			92,247			92,230			92,151
Weighted-average common shares outstanding - Basic	91,534			91,962			91,971			91,959			91,893
Weighted-average common shares outstanding - Diluted	91,855			92,225			92,202			92,208			92,173
(a) Presented as projected for June 30, 2019 and actual for the remaining periods.

WEBSTER FINANCIAL CORPORATION Consolidated Balance Sheets (unaudited)
(In thousands)	June 30, 2019			March 31, 2019			June 30, 2018
Assets:
Cash and due from banks	$	190,828		$	167,587		$	228,628
Interest-bearing deposits	26,652			53,072			70,654
Securities:
Available for sale	2,978,657			2,977,316			2,780,581
Held to maturity	4,636,707			4,480,160			4,356,219
Total securities	7,615,364			7,457,476			7,136,800
Loans held for sale	19,249			20,615			18,645
Loans and Leases:
Commercial	7,025,506			6,850,942			6,504,521
Commercial real estate	5,224,382			4,991,825			4,580,200
Residential mortgages	4,718,704			4,631,787			4,455,580
Consumer	2,301,291			2,339,736			2,485,695
Total loans and leases	19,269,883			18,814,290			18,025,996
Allowance for loan and lease losses	(211,671		)	(211,389		)	(207,322		)
Loans and leases, net	19,058,212			18,602,901			17,818,674
Federal Home Loan Bank and Federal Reserve Bank stock	118,371			106,674			141,293
Premises and equipment, net	278,227			279,580			127,973
Goodwill and other intangible assets, net	562,214			563,176			566,061
Cash surrender value of life insurance policies	546,963			546,094			537,431
Deferred tax asset, net	73,462			76,576			106,910
Accrued interest receivable and other assets	452,501			364,378			283,668
Total Assets	$	28,942,043		$	28,238,129		$	27,036,737
Liabilities and Shareholders' Equity:
Deposits:
Demand	$	4,174,806		$	4,224,144		$	4,151,259
Health savings accounts	6,212,372			6,209,213			5,517,929
Interest-bearing checking	2,636,109			2,560,975			2,637,346
Money market	2,073,006			2,299,229			2,016,453
Savings	4,169,492			4,102,740			4,180,666
Certificates of deposit	3,291,617			3,273,120			2,478,589
Brokered certificates of deposit	41,376			81,507			361,114
Total deposits	22,598,778			22,750,928			21,343,356
Securities sold under agreements to repurchase and other borrowings	956,920			688,065			862,568
Federal Home Loan Bank advances	1,426,656			951,730			1,576,956
Long-term debt	538,379			524,303			225,894
Accrued expenses and other liabilities	356,093			356,848			266,240
Total liabilities	25,876,826			25,271,874			24,275,014
Preferred stock	145,037			145,037			145,037
Common shareholders' equity	2,920,180			2,821,218			2,616,686
Total shareholders’ equity	3,065,217			2,966,255			2,761,723
Total Liabilities and Shareholders' Equity	$	28,942,043		$	28,238,129		$	27,036,737

WEBSTER FINANCIAL CORPORATION Consolidated Statements of Income (unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except per share data)	2019			2018			2019			2018
Interest income:
Interest and fees on loans and leases	$	235,949		$	207,820		$	464,713		$	401,040
Interest and dividends on securities	56,163			52,523			113,441			105,082
Loans held for sale	145			148			293			290
Total interest income	292,257			260,491			578,447			506,412
Interest expense:
Deposits	32,757			20,225			63,777			38,381
Borrowings	17,713			15,256			31,332			28,853
Total interest expense	50,470			35,481			95,109			67,234
Net interest income	241,787			225,010			483,338			439,178
Provision for loan and lease losses	11,900			10,500			20,500			21,500
Net interest income after provision for loan and lease losses	229,887			214,510			462,838			417,678
Non-interest income:
Deposit service fees	43,118			40,859			86,142			81,310
Loan and lease related fees	6,558			6,333			14,377			13,329
Wealth and investment services	8,309			8,456			15,960			16,326
Mortgage banking activities	932			1,235			1,696			2,379
Increase in cash surrender value of life insurance policies	3,650			3,643			7,234			7,215
Other income	13,286			7,848			19,056			16,562
Total non-interest income	75,853			68,374			144,465			137,121
Non-interest expense:
Compensation and benefits	98,527			93,052			196,312			187,817
Occupancy	14,019			15,842			28,715			30,987
Technology and equipment	25,767			24,604			51,464			48,466
Marketing	4,243			4,889			7,571			8,441
Professional and outside services	5,634			4,381			11,682			9,169
Intangible assets amortization	962			962			1,924			1,924
Loan workout expenses	832			844			1,492			1,420
Deposit insurance	4,453			13,687			8,883			20,404
Other expenses	26,203			22,198			48,283			43,446
Total non-interest expense	180,640			180,459			356,326			352,074
Income before income taxes	125,100			102,425			250,977			202,725
Income tax expense	26,451			20,743			52,592			40,818
Net income	98,649			81,682			198,385			161,907
Preferred stock dividends and other	(2,456		)	(2,193		)	(4,902		)	(4,334		)
Earnings applicable to common shareholders	$	96,193		$	79,489		$	193,483		$	157,573
Weighted-average common shares outstanding - Diluted	91,855			92,173			91,898			92,236
Earnings per common share:
Basic	$	1.05		$	0.87		$	2.11		$	1.71
Diluted	1.05			0.86			2.11			1.71

WEBSTER FINANCIAL CORPORATION Five Quarter Consolidated Statements of Income (unaudited)
	Three Months Ended
(In thousands, except per share data)	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Interest income:
Interest and fees on loans and leases	$	235,949		$	228,764		$	225,961		$	215,448		$	207,820
Interest and dividends on securities	56,163			57,278			54,301			52,707			52,523
Loans held for sale	145			148			130			208			148
Total interest income	292,257			286,190			280,392			268,363			260,491
Interest expense:
Deposits	32,757			31,020			27,629			24,397			20,225
Borrowings	17,713			13,619			15,632			13,594			15,256
Total interest expense	50,470			44,639			43,261			37,991			35,481
Net interest income	241,787			241,551			237,131			230,372			225,010
Provision for loan and lease losses	11,900			8,600			10,000			10,500			10,500
Net interest income after provision for loan and lease losses	229,887			232,951			227,131			219,872			214,510
Non-interest income:
Deposit service fees	43,118			43,024			40,272			40,601			40,859
Loan and lease related fees	6,558			7,819			7,914			10,782			6,333
Wealth and investment services	8,309			7,651			8,105			8,412			8,456
Mortgage banking activities	932			764			740			1,305			1,235
Increase in cash surrender value of life insurance policies	3,650			3,584			3,693			3,706			3,643
Other income	13,286			5,770			12,439			7,478			7,848
Total non-interest income	75,853			68,612			73,163			72,284			68,374
Non-interest expense:
Compensation and benefits	98,527			97,785			97,039			96,640			93,052
Occupancy	14,019			14,696			13,974			14,502			15,842
Technology and equipment	25,767			25,697			24,858			24,553			24,604
Marketing	4,243			3,328			4,345			4,052			4,889
Professional and outside services	5,634			6,048			6,201			4,930			4,381
Intangible assets amortization	962			962			962			961			962
Loan workout expenses	832			660			1,150			681			844
Deposit insurance	4,453			4,430			4,651			9,694			13,687
Other expenses	26,203			22,080			21,579			22,770			22,198
Total non-interest expense	180,640			175,686			174,759			178,783			180,459
Income before income taxes	125,100			125,877			125,535			113,373			102,425
Income tax expense	26,451			26,141			26,697			13,700			20,743
Net income	98,649			99,736			98,838			99,673			81,682
Preferred stock dividends and other	(2,456		)	(2,187		)	(2,172		)	(2,213		)	(2,193		)
Earnings applicable to common shareholders	$	96,193		$	97,549		$	96,666		$	97,460		$	79,489
Weighted-average common shares outstanding - Diluted	91,855			92,225			92,202			92,208			92,173
Earnings per common share:
Basic	$	1.05		$	1.06		$	1.05		$	1.06		$	0.87
Diluted	1.05			1.06			1.05			1.06			0.86

WEBSTER FINANCIAL CORPORATION Consolidated Average Balances, Interest, Yields and Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
	Three Months Ended June 30,
			2019							2018
(Dollars in thousands)	Average balance		Interest			Yield/rate		Average balance		Interest			Yield/rate
Assets:
Interest-earning assets:
Loans and leases	$	19,030,278	$	236,620		4.94	%	$	17,886,685	$	208,490		4.63	%
Securities (a)	7,472,731		56,501			3.01		7,142,572		52,277			2.90
Federal Home Loan and Federal Reserve Bank stock	108,244		1,117			4.14		133,114		1,546			4.66
Interest-bearing deposits	50,131		309			2.44		66,339		247			1.47
Loans held for sale	23,210		145			2.49		15,211		148			3.90
Total interest-earning assets	26,684,594		$	294,692		4.39	%	25,243,921		$	262,708		4.13	%
Non-interest-earning assets	1,855,077							1,631,032
Total Assets	$	28,539,671						$	26,874,953
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand deposits	$	4,266,938	$	—		—	%	$	4,109,165	$	—		—	%
Health savings accounts	6,223,570		3,066			0.20		5,519,917		2,735			0.20
Interest-bearing checking, money market and savings	8,934,579		13,132			0.59		9,041,286		7,859			0.35
Certificates of deposit	3,323,203		16,559			2.00		2,732,709		9,631			1.41
Total deposits	22,748,290		32,757			0.58		21,403,077		20,225			0.38
Securities sold under agreements to repurchase and other borrowings	788,194		3,904			1.96		869,238		3,998			1.82
Federal Home Loan Bank advances	1,117,285		7,772			2.75		1,399,344		8,471			2.39
Long-term debt (a)	527,713		6,037			4.62		225,863		2,787			4.94
Total borrowings	2,433,192		17,713			2.90		2,494,445		15,256			2.42
Total interest-bearing liabilities	25,181,482		$	50,470		0.80	%	23,897,522		$	35,481		0.59	%
Non-interest-bearing liabilities	341,648							223,076
Total liabilities	25,523,130							24,120,598
Preferred stock	145,037							145,037
Common shareholders' equity	2,871,504							2,609,318
Total shareholders' equity	3,016,541							2,754,355
Total Liabilities and Shareholders' Equity	$	28,539,671						$	26,874,953
Tax-equivalent net interest income			244,222							227,227
Less: tax-equivalent adjustments			(2,435		)					(2,217		)
Net interest income			$	241,787						$	225,010
Net interest margin						3.63	%						3.57	%
(a) For purposes of the yield computation, unrealized gain (loss) balances on securities available for sale and senior fixed-rate notes hedges are excluded.

WEBSTER FINANCIAL CORPORATION Consolidated Average Balances, Interest, Yields and Rates, and Net Interest Margin on a Fully Tax-equivalent Basis (unaudited)
	Six Months Ended June 30,
			2019							2018
(Dollars in thousands)	Average balance		Interest			Yield/rate		Average balance		Interest			Yield/rate
Assets:
Interest-earning assets:
Loans and leases	$	18,771,166	$	466,005		4.95	%	$	17,821,094	$	402,354		4.50	%
Securities (a)	7,391,290		113,455			3.05		7,150,495		104,766			2.91
Federal Home Loan and Federal Reserve Bank stock	110,617		2,829			5.16		133,177		3,001			4.54
Interest-bearing deposits	52,737		638			2.41		59,563		448			1.50
Loans held for sale	18,358		293			3.19		15,768		290			3.68
Total interest-earning assets	26,344,168		$	583,220		4.41	%	25,180,097		$	510,859		4.04	%
Non-interest-earning assets	1,825,418							1,636,345
Total Assets	$	28,169,586						$	26,816,442
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand deposits	$	4,229,611	$	—		—	%	$	4,136,115	$	—		—	%
Health savings accounts	6,182,047		6,015			0.20		5,473,715		5,359			0.20
Interest-bearing checking, money market and savings	8,946,484		25,925			0.58		9,191,181		15,572			0.34
Certificates of deposit	3,284,176		31,837			1.95		2,596,683		17,450			1.35
Total deposits	22,642,318		63,777			0.57		21,397,694		38,381			0.36
Securities sold under agreements to repurchase and other borrowings	693,178		6,656			1.91		872,516		7,638			1.74
Federal Home Loan Bank advances	1,118,155		15,557			2.77		1,355,830		15,752			2.31
Long-term debt (a)	389,210		9,119			4.72		225,831		5,463			4.84
Total borrowings	2,200,543		31,332			2.84		2,454,177		28,853			2.34
Total interest-bearing liabilities	24,842,861		$	95,109		0.77	%	23,851,871		$	67,234		0.57	%
Non-interest-bearing liabilities	350,404							226,011
Total liabilities	25,193,265							24,077,882
Preferred stock	145,037							145,099
Common shareholders' equity	2,831,284							2,593,461
Total shareholders' equity	2,976,321							2,738,560
Total Liabilities and Shareholders' Equity	$	28,169,586						$	26,816,442
Tax-equivalent net interest income			488,111							443,625
Less: tax-equivalent adjustments			(4,773		)					(4,447		)
Net interest income			$	483,338						$	439,178
Net interest margin						3.69	%						3.51	%
(a) For purposes of the yield computation, unrealized gain (loss) balances on securities available for sale and senior fixed-rate notes hedges are excluded.

WEBSTER FINANCIAL CORPORATION Five Quarter Loan and Lease Balances(unaudited)
(Dollars in thousands)	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Loan and Lease Balances (actual):
Commercial non-mortgage	$	5,948,388		$	5,811,309		$	5,755,832		$	5,724,405		$	5,544,685
Asset-based lending	1,077,118			1,039,633			969,171			969,045			959,836
Commercial real estate	5,224,382			4,991,825			4,927,145			4,771,325			4,580,200
Residential mortgages	4,718,704			4,631,787			4,416,637			4,415,063			4,455,580
Consumer	2,301,291			2,339,736			2,396,704			2,441,181			2,485,695
Total Loan and Lease Balances	19,269,883			18,814,290			18,465,489			18,321,019			18,025,996
Allowance for loan and lease losses	(211,671		)	(211,389		)	(212,353		)	(211,832		)	(207,322		)
Loans and Leases, net	$	19,058,212		$	18,602,901		$	18,253,136		$	18,109,187		$	17,818,674
Loan and Lease Balances (average):
Commercial non-mortgage	$	5,914,710		$	5,776,334		$	5,754,153		$	5,597,831		$	5,470,677
Asset-based lending	1,049,403			1,016,069			964,575			944,120			897,564
Commercial real estate	5,079,415			4,930,035			4,862,419			4,620,741			4,549,969
Residential mortgages	4,662,033			4,415,434			4,419,826			4,434,056			4,460,904
Consumer	2,324,717			2,371,302			2,423,414			2,464,094			2,507,571
Total Loan and Lease Balances	19,030,278			18,509,174			18,424,387			18,060,842			17,886,685
Allowance for loan and lease losses	(210,719		)	(214,966		)	(214,453		)	(208,102		)	(207,718		)
Loans and Leases, net	$	18,819,559		$	18,294,208		$	18,209,934		$	17,852,740		$	17,678,967

WEBSTER FINANCIAL CORPORATION Five Quarter Nonperforming Assets(unaudited)
(Dollars in thousands)	June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018		June 30, 2018
Nonperforming loans and leases:
Commercial non-mortgage	$	56,340	$	66,754	$	62,265	$	58,366	$	40,240
Asset-based lending	184		218		224		1,066		1,197
Commercial real estate	10,413		7,449		8,243		7,255		9,606
Residential mortgages	48,104		49,267		49,069		49,348		50,654
Consumer	33,015		35,245		34,949		36,621		38,390
Total nonperforming loans and leases	$	148,056	$	158,933	$	154,750	$	152,656	$	140,087
Other real estate owned and repossessed assets:
Commercial non-mortgage	$	1,307	$	861	$	407	$	83	$	148
Residential mortgages	2,012		2,769		4,679		3,944		3,271
Consumer	1,872		1,868		1,781		1,284		2,541
Total other real estate owned and repossessed assets	$	5,191	$	5,498	$	6,867	$	5,311	$	5,960
Total nonperforming assets	$	153,247	$	164,431	$	161,617	$	157,967	$	146,047

WEBSTER FINANCIAL CORPORATION Five Quarter Past Due Loans and Leases (unaudited)
(Dollars in thousands)	June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018		June 30, 2018
Past due 30-89 days:
Commercial non-mortgage	$	4,438	$	19,152	$	2,615	$	6,186	$	7,508
Asset-based lending	—		—		—		—		—
Commercial real estate	2,665		2,283		1,514		2,746		719
Residential mortgages	10,844		12,865		12,789		14,499		10,861
Consumer	13,949		16,174		17,324		15,631		14,354
Total past due 30-89 days	31,896		50,474		34,242		39,062		33,442
Past due 90 days or more and accruing	410		—		104		139		62
Total past due loans and leases	$	32,306	$	50,474	$	34,346	$	39,201	$	33,504

WEBSTER FINANCIAL CORPORATION Five Quarter Changes in the Allowance for Loan and Lease Losses(unaudited)
	For the Three Months Ended
(Dollars in thousands)	June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018		June 30, 2018
Beginning balance	$	211,389	$	212,353	$	211,832	$	207,322	$	205,349
Provision	11,900		8,600		10,000		10,500		10,500
Charge-offs:
Commercial non-mortgage	5,657		7,837		10,239		876		5,523
Asset-based lending	—		—		289		—		174
Commercial real estate	2,473		973		22		1,922		40
Residential mortgages	2,154		251		910		874		754
Consumer	4,098		3,972		4,384		4,863		4,907
Total charge-offs	14,382		13,033		15,844		8,535		11,398
Recoveries:
Commercial non-mortgage	464		569		2,993		376		749
Asset-based lending	—		229		21		66		174
Commercial real estate	33		6		7		143		9
Residential mortgages	295		178		1,137		133		325
Consumer	1,972		2,487		2,207		1,827		1,614
Total recoveries	2,764		3,469		6,365		2,545		2,871
Total net charge-offs	11,618		9,564		9,479		5,990		8,527
Ending balance	$	211,671	$	211,389	$	212,353	$	211,832	$	207,322

WEBSTER FINANCIAL CORPORATION

Reconciliations to GAAP Financial Measures ____ ___

The Company evaluates its business based on certain ratios that utilize non-GAAP financial measures. The Company believes the use of these non-GAAP financial measures provides additional clarity in assessing the results and financial position of the Company. Other companies may define or calculate supplemental financial data differently.

The efficiency ratio, which measures the costs expended to generate a dollar of revenue, is calculated excluding certain non-operational items. Return on average tangible common shareholders' equity measures the Company’s net income available to common shareholders, adjusted for the tax-effected amortization of intangible assets, as a percentage of average shareholders’ equity less average preferred stock and average goodwill and intangible assets. The tangible equity ratio represents shareholders’ equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The tangible common equity ratio represents shareholders’ equity less preferred stock and goodwill and intangible assets divided by total assets less goodwill and intangible assets. Tangible book value per common share represents shareholders’ equity less preferred stock and goodwill and intangible assets divided by common shares outstanding at the end of the period. Core deposits express total deposits less time deposits. See the tables below for reconciliations of these non-GAAP financial measures with financial measures defined by GAAP.

	At or for the Three Months Ended
(In thousands, except per share data)	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Efficiency ratio:
Non-interest expense (GAAP)	$	180,640		$	175,686		$	174,759		$	178,783		$	180,459
Less: Foreclosed property activity (GAAP)	(55		)	(253		)	191			(309		)	(106		)
Intangible assets amortization (GAAP)	962			962			962			961			962
Other expenses (non-GAAP)	—			7			320			2,959			8,599
Non-interest expense (non-GAAP)	$	179,733		$	174,970		$	173,286		$	175,172		$	171,004
Net interest income (GAAP)	$	241,787		$	241,551		$	237,131		$	230,372		$	225,010
Add: Tax-equivalent adjustment (non-GAAP)	2,435			2,338			2,407			2,172			2,217
Non-interest income (GAAP)	75,853			68,612			73,163			72,284			68,374
Other (non-GAAP)	354			342			282			308			359
Less: Gain on the sale of banking centers (GAAP)	—			—			4,596			—			—
Income (non-GAAP)	$	320,429		$	312,843		$	308,387		$	305,136		$	295,960
Efficiency ratio (non-GAAP)	56.09		%	55.93		%	56.19		%	57.41		%	57.78		%
Return on average tangible common shareholders' equity:
Net income (GAAP)	$	98,649		$	99,736		$	98,838		$	99,673		$	81,682
Less: Preferred stock dividends (GAAP)	1,969			1,969			1,969			1,968			1,969
Add: Intangible assets amortization, tax-effected (GAAP)	760			760			760			759			760
Income adjusted for preferred stock dividends and intangible assets amortization (non-GAAP)	$	97,440		$	98,527		$	97,629		$	98,464		$	80,473
Income adjusted for preferred stock dividends and intangible assets amortization, annualized basis (non-GAAP)	$	389,760		$	394,108		$	390,516		$	393,856		$	321,892
Average shareholders' equity (non-GAAP)	$	3,016,541		$	2,935,653		$	2,853,176		$	2,796,809		$	2,754,355
Less: Average preferred stock (non-GAAP)	145,037			145,037			145,037			145,037			145,037
Average goodwill and other intangible assets (non-GAAP)	562,679			563,646			564,601			565,559			566,522
Average tangible common shareholders' equity (non-GAAP)	$	2,308,825		$	2,226,970		$	2,143,538		$	2,086,213		$	2,042,796
Return on average tangible common shareholders' equity (non-GAAP)	16.88		%	17.70		%	18.22		%	18.88		%	15.76		%

WEBSTER FINANCIAL CORPORATION

Reconciliations to GAAP Financial Measures (continued) ___ ___

	At or for the Three Months Ended
(In thousands, except per share data)	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Tangible equity:
Shareholders' equity (GAAP)	$	3,065,217		$	2,966,255		$	2,886,515		$	2,816,198		$	2,761,723
Less: Goodwill and other intangible assets (GAAP)	562,214			563,176			564,137			565,099			566,061
Tangible shareholders' equity (non-GAAP)	$	2,503,003		$	2,403,079		$	2,322,378		$	2,251,099		$	2,195,662
Total assets (GAAP)	$	28,942,043		$	28,238,129		$	27,610,315		$	27,346,317		$	27,036,737
Less: Goodwill and other intangible assets (GAAP)	562,214			563,176			564,137			565,099			566,061
Tangible assets (non-GAAP)	$	28,379,829		$	27,674,953		$	27,046,178		$	26,781,218		$	26,470,676
Tangible equity (non-GAAP)	8.82		%	8.68		%	8.59		%	8.41		%	8.29		%
Tangible common equity:
Tangible shareholders' equity (non-GAAP)	$	2,503,003		$	2,403,079		$	2,322,378		$	2,251,099		$	2,195,662
Less: Preferred stock (GAAP)	145,037			145,037			145,037			145,037			145,037
Tangible common shareholders' equity (non-GAAP)	$	2,357,966		$	2,258,042		$	2,177,341		$	2,106,062		$	2,050,625
Tangible assets (non-GAAP)	$	28,379,829		$	27,674,953		$	27,046,178		$	26,781,218		$	26,470,676
Tangible common equity (non-GAAP)	8.31		%	8.16		%	8.05		%	7.86		%	7.75		%
Tangible book value per common share:
Tangible common shareholders' equity (non-GAAP)	$	2,357,966		$	2,258,042		$	2,177,341		$	2,106,062		$	2,050,625
Common shares outstanding	92,007			92,125			92,247			92,230			92,151
Tangible book value per common share (non-GAAP)	$	25.63		$	24.51		$	23.60		$	22.83		$	22.25
Core deposits:
Total deposits	$	22,598,778		$	22,750,928		$	21,858,845		$	21,997,623		$	21,343,356
Less: Certificates of deposit	3,291,617			3,273,120			2,961,564			2,746,884			2,478,589
Brokered certificates of deposit	41,376			81,507			234,982			348,368			361,114
Core deposits (non-GAAP)	$	19,265,785		$	19,396,301		$	18,662,299		$	18,902,371		$	18,503,653