Fourth Quarter 2020 Earnings Conference Call January 21, 2021

Fourth Quarter 2020

Earnings Conference Call

January 21, 2021

2

Note: See non-GAAP reconciliations on pages 10, 11, and 40 through 42.

Fourth Quarter 2020 Highlights

Solid financial results

Strong loan originations

HSA Bank footings of $10.0 billion, an increase of 17.5% year-over-year

Stable net interest income and net interest margin

Favorable credit profile

Strong liquidity, capital, and reserve positions

Positioned for future growth through execution on strategic initiatives

Committed to achieving 8 to 10% expense run rate reduction by 4Q21

Reported results include $42.0 million ($31.2 million after-tax) of strategic initiative charges

Consistent with our mission, we continue to support our customers, communities, and employees through various pandemic related relief programs

Net Income EPS ROACE ROATCE

Reported $60.0 $0.64 7.51% 9.31%

Adjusted $91.2 $0.99 11.54% 14.24%

3

* Floating loan rates reset in 1 month or less; periodic loans reset in greater than 1 month but before final maturity

Note: All loans are shown net of deferred fees (GAAP)

Loans & Deposits ($ in millions, end of period)

Total Loans: +8.0% YOY (+1.7% excl. PPP loans) Total Deposits: +17.2% YOY

$12,830 $13,566 $13,644

$1,354 $1,256

$7,207

$6,932 $6,741

$20,037

$21,852 $21,641

64%

68% 69%73%

67%68%

4Q19 3Q20 4Q20

Consumer Loans

PPP Loans (all commercial)

Commercial Loans

Commercial Loans to Total Loans

Floating and Periodic to Total Loans*

$9,773 $10,417 $10,407

$7,136

$9,528 $9,808$6,416

$6,976 $7,120$23,325

$26,921 $27,335

86%81% 79%

58% 61% 62%

4Q19 3Q20 4Q20

HSA

Transactional

Non Transactional

Loans to Deposits

Transactional & HSAs to Total Deposits

4.83% 3.40% 3.44%

Loan Portfolio Yield:

0.56% 0.19% 0.13%

Deposit Cost:

4

Note: Beginning in 1Q20, segment net interest income was updated to reflect changes in the funds transfer pricing methodology related to allocated capital. Prior periods were restated to reflect the change.

Loans: +10.0% YOY (+6.5% excl. PPP loans) Key Business Metrics

PPNR: 13.8% YOY

Commercial Banking ($ in millions)

$7,420$7,930 $8,064

$439 $404

$3,736

$3,927 $3,861

$344

$324 $320

$11,500

$12,620 $12,649

4.68%

3.24% 3.33%

4Q19 3Q20 4Q20

C&I

PPP (all C&I)

Investor CRE

Private Banking Consumer Loans

Loan Portfolio Yield

*AUM = Assets Under Management AUA = Assets Under Administration

4Q20 3Q20 4Q19

Loan Originations 1,231$ 291$ (99)$

Loan Fundings 825$ 280$ (224)$

Coupon on Fundings 3.79% 0.18% (0.25%)

Deposits 5,957$ (42)$ 1,575$

AUM / AUA* 2,686$ 384$ 382$

Increase / (Decrease)

4Q20 3Q20 4Q19

Net interest income 112.3$ 4.9$ 12.1$

Non-interest income 17.3 4.2 0.9

Operating revenue 129.6$ 9.1$ 13.0$

Operating expenses 48.7 (1.1) (3.2)

Pre-provision net revenue 80.9$ 8.0$ 9.8$

Favorable / (Unfavorable)

5

4Q20 3Q20 4Q19

Net interest income 40.5$ 0.6$ (1.5)$

Interchange revenue 9.7 (0.1) 0.3

Account and other fees 14.4 (3.0) 0.8

Operating revenue 64.6$ (2.5)$ (0.4)$

Operating expenses 34.8 0.0 0.2

Pre-tax net revenue 29.9$ (2.5)$ (0.2)$


4Q20 3Q20 4Q19

Core accounts ('000) 2,661 (13) 101

TPA accounts ('000) 292 (2) (122)

Percent of unfunded accounts 5.79% 0.15% 0.00%

Footings per account 3,378$ 201$ 524$

Deposits per account - core 2,517$ 64$ 243$

Investments as % of total footings 28.61% 2.59% 4.21%

New accounts ('000) 107 (19) (19)

PTNR / average account (annualized) 40.44$ (2.66)$ 0.08$


HSA Bank ($ in millions)

Total Footings: +17.5% YOY Key Business Metrics

PTNR: (0.7)% YOY $5,822

$6,557 $6,697

$594

$419 $423

$2,071

$2,454 $2,853

$8,487

$9,430

$9,973

4Q19 3Q20 4Q20Linked Investments

Deposits - Third Party Administrator ("TPA")

Deposits - Core

Deposit Cost:

0.20% 0.12% 0.09%


Investments linked to third party administrator (“TPA”) accounts were $129 million, $111 million, and $113 million, for 4Q20, 3Q20, and 4Q19, respectively.

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PPNR: 14.6% YOY

Loans: +5.3% YOY (-4.7% excl. PPP loans)

Deposits: +13.8% YOY

Key Business Metrics

Community Banking ($ in millions)


$6,863 $6,609 $6,421

$915 $852 $1,674

$1,708 $1,719

$8,537$9,232 $8,992

4.16%3.49% 3.46%

4Q19 3Q20 4Q20

Personal Banking PPP (all Business Banking)Business Banking Loan Portfolio Yield

$9,760 $10,171 $10,623

$2,768$3,779 $3,635

$12,528

$13,950 $14,258

0.66%0.24% 0.16%

4Q19 3Q20 4Q20

Personal Banking Business Banking Deposit Cost

4Q20 3Q20 4Q19

Loan originations - Mortgage & Consumer 623$ (26)$ 62$

Loan originations - Business Banking 76$ (44)$ (45)$

Coupon on fundings 3.15% (0.05%) (0.97%)

Transaction deposits / total deposits 43.57% 0.58% 6.92%

Digitally active households / total households 51.20% (0.08%) 2.13%

Self-service transactions / total transactions 75.57% (0.67%) 4.62%

Assets under Administration 3,900$ 202$ 188$


4Q20 3Q20 4Q19

Net interest income 110.4$ 2.2$ 8.3$

Non-interest income 26.3 (2.7) (1.8)

Operating revenue 136.7$ (0.5)$ 6.5$

Operating expenses 99.0 - (1.7)

Pre-provision net revenue 37.7$ (0.5)$ 4.8$


7

COVID-19 Commercial Payment Deferrals by Sector

Total commercial deferrals down $96 million or 25% from September 30, and now represent 2.1% of the portfolio

Deferrals in other commercial sectors dropped from 1.6% at September 30 to 1.3%

Loans with Payment Deferrals in our Most Impacted Sectors Declined 31%

($ in millions)

Portfolio

Payment

Deferrals

% of

Portfolio Portfolio

Payment

Deferrals

% of

Portfolio

Most Impacted Sectors:

Restaurants 176$ 28$ 15.7% 150$ 11$ 7.4%

Hotel / Motel 127 28 21.8% 123 45 36.7%

Travel & Leisure 349 90 25.9% 337 63 18.6%

Oil and Gas 108 - 0.0% 77 - 0.2%

Retail 902 47 5.2% 835 19 2.3%

Transportation 357 15 4.1% 331 5 1.6%

Construction 380 2 0.6% 331 2 0.5%

Sub-Total - Most Impacted 2,400$ 209$ 8.7% 2,183$ 145$ 6.6%

All Other Sectors 11,195$ 178$ 1.6% 11,478$ 146$ 1.3%

Total Commercial Portfolio 13,595$ 387$ 2.8% 13,661$ 291$ 2.1%

As of 9/30/2020 As of 12/31/2020

Note: Balances above exclude deferred fees and premiums/discounts.

8

Payment Deferrals by Loan Segment

CARES Act / Interagency Statement deferrals are included in the above amounts and declined 29% from

September 30 ($201 million at December 31 and $283 million at September 30)

Deferrals Have Declined 35% to $315 million (1.6% of the Portfolio)

($ in millions)

Line of Business Portfolio

Payment

Deferrals

% of

Portfolio Portfolio

Payment

Deferrals

% of

Portfolio

Sponsor & Specialty ¹ 2,115$ 49$ 2.3% 2,267$ 38$ 1.7%

Middle Market ¹ 2,734 118 4.3% 2,745 90 3.3%

Asset Based Lending ¹ 886 12 1.3% 881 - 0.0%

Leveraged 1,439 55 3.8% 1,401 60 4.3%

Commercial Real Estate 3,938 78 2.0% 3,871 55 1.4%

Private Banking 201 1 0.6% 208 - 0.0%

Equipment Finance 598 17 2.8% 602 28 4.6%

Business Banking 1,683 57 3.4% 1,685 20 1.2%

Total - Commercial 13,595$ 387$ 2.8% 13,661$ 291$ 2.1%

Residential 4,853$ 83$ 1.7% 4,749$ 21$ 0.4%

Home Equity 1,852$ 12$ 0.6% 1,787$ 3$ 0.2%

Total Consumer 6,705$ 94$ 1.4% 6,536$ 24$ 0.4%

Total Bank ² 20,300$ 482$ 2.4% 20,197$ 315$ 1.6%

¹ Leveraged loans broken out separately

² Excludes PPP and Personal Lending loans, premiums/discounts, and deferred fees

As of 9/30/2020 As of 12/31/2020

9

*Represents the estimated common equity tier 1 (“CET1”) ratio for the current period inclusive of CECL regulatory capital transition provisions.

**See non-GAAP reconciliation on pages 40 through 42.

Average Balance Sheet ($ in millions)

Summary Average Balance Sheet 4Q20 Highlights

Average securities increased 1.8% LQ and 7.2% YOY

Average loans decreased 0.6% LQ and increased 9.7% YOY; PPP average loans totaled $1.328 million in Q4, for an adjusted loan decrease of 0.6% LQ and growth of 3.0% YOY

Average deposits increased 1.0% LQ and 16.5% YOY

Transactional deposits increased 1.0% LQ and 36.6% YOY

HSA deposits increased $693 million or 11.0% YOY

Loan-to-deposit ratio improved to 79.2%

Strong liquidity resulted in a $289 million LQ reduction in borrowings and a borrowings-to-assets ratio of 5.2%

Capital ratios remain strong with CET1 in excess of well capitalized

Tangible common equity of $2.5 billion; Tier 1 risk-based capital of $2.7 billion

Tangible book value per common share increased 3.1% YOY

4Q20 3Q20 4Q19

Securities 8,923$ 160$ 599$

Commercial loans 14,901 34 2,266

Consumer loans 6,828 (176) (346)

Total loans 21,729$ (142)$ 1,920$

Transactional Deposits 9,684$ 95$ 2,595$

HSA Deposits 7,013 59 693

All Other Deposits 10,519 122 568

Total Deposits 27,216$ 276$ 3,855$

Borrowings 1,955$ (289)$ (1,418)$

Common equity 3,094$ 34$ 42$

(At end of period)

Key Ratios:

Loans / total deposits 79.2% 200 bps 670 bps

Transactional & HSAs / total deposits 61.9% 60 bps 380 bps

Common Equity Tier 1 * 11.35% 12 bps (21 bps)

Tangible common equity ** 7.90% 15 bps (49 bps)

Tangible book value/common share** 28.04$ 0.18$ 0.84$



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WBS 4Q20 Net Income | GAAP to Adjusted ($ in millions)

Pre-Tax

After

Tax EPS

Reported (GAAP) 75.2$ 60.0$ 0.64$

Severance 17.9 13.2 0.15

Facilities Optimization 14.5 10.7 0.12

Project Costs 5.5 4.0 0.04

Debt Prepayment Costs 4.1 3.3 0.04

Adjusted (non-GAAP) 117.2$ 91.2$ 0.99$

4Q20 Reconciliation

Strategic initiative adjustments:

$42.0 million of pre-tax income

$31.2 million of after tax income

EPS of $0.35 per share

11

* 3Q20 results adjusted for a one-time expense of $4.8 million.

** See non-GAAP reconciliation on pages 40 through 42.

Income Statement | Reported to Adjusted ($ in millions, except EPS)

Key Observations Reported to Adjusted Income Statement

$88.7 million adjusted income available to common shareholders, $0.99 diluted earnings per share

Linked quarter:

Net interest income up 0.6% as a result of lower funding rates

Non-interest income up 2.2% driven by higher direct investment income and loan related fees partially offset by lower HSA fee income and mortgage banking activities

Non-interest expense up 1.1%

Provision for credit losses of $(1.0) million, down from $23.8 million in Q3, results in a coverage ratio of 1.76% excluding PPP loans

Year-over-year:

Net interest income down 4.6% as a result of lower market rates partially offset by growth in earning assets

Non-interest income up 8.3% driven by higher direct investment income, mortgage banking activities, and HSA fee income partially offset by lower deposit service fees

Non-interest expense up 0.9%

Reported Adjusted

4Q20 Adj's 4Q20 3Q20* 4Q19

Net interest income 216.9$ 3.7$ 220.6$ 1.3$ (10.7)$

Non-interest income 76.8 - 76.8 1.7 5.9

Total revenue 293.7$ 3.7$ 297.4$ 3.0$ (4.8)$

Non-interest expense 219.5 (38.3) 181.2 (2.0) (1.5)

Pre-provision net revenue 74.2$ 42.0$ 116.2$ 1.0$ (6.2)$

Provision for credit losses (1.0) - (1.0) 23.8 7.0

Pre-tax income 75.2$ 42.0$ 117.2$ 24.8$ 0.8$

Income tax expense 15.1 10.8 25.9$ (6.4)$ 0.1$

Reported net income 60.0$ 31.2$ 91.2$ 18.3$ 0.7$

Income available to common 57.7$ 31.0$ 88.7$ 21.8$ 0.6$

Diluted earnings per share 0.64$ 0.35$ 0.99$ 0.24$ 0.03$

Net interest margin 2.83% 0.05% 2.88% (0 bps) (39 bps)

Efficiency ratio** 60.27% - 60.27% (28 bps) (175 bps)

Tax rate 20.1% 2.0% 22.1% (100 bps) 20 bps


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Coverage %1

1.60%

1.33%

1.75%

4Q Provision $(1)

1.80%

3Q Provision $23

1 CECL coverage ratio at 12/31/2020 and 9/30/2020 excludes $1.3 and $1.4 billion of PPP loans, respectively.

Quarterly Provision ($ in millions)

Allowance for Loan Losses

$359 $(11) $0 $23 $370 $(9) $0 $(1) $359

6/30/2020 3Q NetCharge-offs

Flat LoanBalances

3Q Macro/Credit

9/30/2020 4Q NetCharge-offs

Flat LoanBalances

4Q Macro/Credit

12/31/2020

1.75% 1.80% 1.76%

3Q Assumptions 4Q Assumptions 4Q vs 3Q

2020 2021 2022 2020 2021 2022 2020 2021 2022

Avg Unemployment 9.0% 8.8% 6.6% 8.2% 7.4% 6.2% -0.8% -1.4% -0.4%

EOP Unemployment 9.5% 8.1% 5.7% 7.2% 7.2% 5.6% -2.3% -0.9% -0.1%

Real GDP Growth% -4.9% 2.6% 5.2% -3.6% 4.1% 4.7% 1.3% 1.5% -0.5%

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$334

$451$481

2.60%

3.32%3.52%

4Q19 3Q20 4Q20

Commercial Classified Loans % of Total Commercial Loans

Key Asset Quality Metrics ($ in millions)

Net Charge-Offs Nonperforming Loans, OREO, NPL Ratio

Allowance for Credit Losses on Loans and Leases Commercial Classified Loans

$151

$163$168

$157 $167

$170

0.75% 0.74%

0.78%

4Q19 3Q20 4Q20

Nonperforming Loans OREO/Repossessed NPL Ratio

$4.8 $11.5 $8.3

$1.3

$1.1

$6.1

$11.5

$9.4

0.12%

0.21% 0.17%

4Q19 3Q20 4Q20

Commercial Consumer Net Charge-off Ratio

$209

$370 $359

1.69% 1.66%

1.04%

1.80% 1.76%

4Q19 3Q20 4Q20

Allowance for Credit Losses on Loans & Leases

Allowance for Credit Losses on Loans & Leases Coverage

Allowance Coverage excluding PPP Loans

1 Commercial classified loans as a % of total commercial loans at 12/31/2020 and 9/30/2020 excludes $1.3 and $1.4 billion of PPP loans, respectively.

1

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Key Liquidity Metrics ($ in millions)

Diverse Deposit Gathering Capabilities Additional Secured Borrowing Capacity

Wide array of sources provide a strong base for loan growth

Total deposit growth of $414 million in 4Q20, resulting in a 79.2% loan to deposit ratio

Secured borrowing capacity remains robust

Federal Reserve PPP Liquidity Facility remains fully available

$6,416 $6,976 $7,120

$9,948$10,303 $10,841

$6,961$9,642

$9,374

$23,325

$26,921 $27,335

4Q19 3Q20 4Q20

HSA Deposits Retail Deposits

Commercial Deposits Total Loans

$2,938$4,506 $4,690

$932

$2,690 $2,583$5,175

$4,538 $4,789$9,045

$11,734 $12,062

4Q19 3Q20 4Q20

FHLB Federal Reserve Unencumbered Securities

Note: Borrowing capacity includes PPP loans that could be pledged to the PPP Liquidity Facility.

15

Capital Levels

*Preliminary and represents the estimated ratios for the current period inclusive of CECL regulatory capital transition provisions.

At Dec 31, At Sept 30, At Dec 31, Well

2020* 2020 2019 Capitalized

Common Equity Tier 1 Risk-Based Capital 11.35% 11.23% 11.56% 6.5%

Tangible Common Equity 7.90% 7.75% 8.39% N/A

Tangible Equity 8.35% 8.19% 8.88% N/A

Tier 1 Leverage 8.32% 8.24% 8.96% 5.0%

Tier 1 Risk-Based Capital 11.99% 11.88% 12.22% 8.0%

Total Risk-Based Capital 13.59% 13.47% 13.55% 10.0%

Excess Over

At Dec 31, 2020* Well

($ in millions) Capital* Capitalized*

Common Equity Tier 1 Risk-Based Capital 2,543 $ 1,086 $

Tier 1 Leverage 2,688 $ 1,073 $

Tier 1 Risk-Based Capital 2,688 $ 895 $

Total Risk-Based Capital 3,046 $ 804 $

16

Expand Commercial Banking

Aggressively Grow HSA Bank

Strengthen Community Banking

Specialized C&I business to complement Sponsor and Commercial Real Estate

Enhance distribution channels and maximize customer value

Focus on core markets and enhance digital channels

Supported by an Efficient and Scalable Operating Model

More customer-oriented ● Deeper expertise ● Collaborative culture

Simpler & more efficient ● Faster, more agile ● Strong risk management

Diverse, equitable and inclusive workplace ● Responsible corporate citizen

Strategic Focus for Future Growth

Working Together to Achieve our Mission

To help individuals, families and businesses achieve their financial goals

Positioned as a Leading Regional Bank in the Northeast

Delivering top-quartile performance in customer satisfaction, employee engagement

and shareholder value

Note: Estimates and other statements regarding future expense savings are forward-looking information. See page 43 for more information.

17

Significant Progress on our Initiatives

In December, we

announced the

consolidation of 27

banking centers that will

drive $15 million in

annual run rate savings

beginning in 3Q21

Organizational actions

are underway and will

begin delivering benefits

in 2Q21

Increased discipline

around third party

spend, redesigning

processes

Savings delivered

throughout 2021

Banking Center Consolidation /

Other Real Estate

Simplify the Organization

Process Optimization & Ancillary Spend

Reduction

Growth drivers expected to deliver incremental revenue lift

Efficiency opportunities with anticipated run rate expense reduction of 8 - 10% of

core non-interest expense

We have made significant progress on our targets and remain committed to our stated objectives


18

2021 Strategic Expense Initiatives ($ in millions)

Targeting 8 - 10% net reduction by 4Q21 through rationalizing our banking center network,

consolidating corporate facilities, organizational actions, process optimization, and ancillary spend

reduction

We continue to make strategic investments in the business to drive incremental revenue and

digital capabilities

In total, the components of our strategic expense initiatives translate to ~$56 million in

annualized run rate benefit

4Q21 Expense Walk Components of $18 Million 4Q21 Run Rate Savings

Banking Center / Other Real Estate

Organizational Actions

Process Optimization & Ancillary Spend

~25%

~40%

~35%

$178 ~$4 ~$(18)

~$164

3Q20 EfficiencyRatio Cost Base*

Investments inBusiness

Project Savings 4Q21Forecast

100%


*See non-GAAP reconciliation on page 40.

19

Support in Response to COVID-19

Employees Consumers Businesses Communities

Consistent with our long history of supporting our customers, communities and employees in times of need, Webster is committed to providing financial flexibility to all that we serve

Provided a digital solution for performing daily health self-assessments for bankers working at a Webster location

Thoughtful and cautious re-entry to workplace; in compliance with state guidelines, occupancy in buildings is less than 25%

75% of our bankers are currently working remotely

Extra cleaning and safety protocols put in place at our sites and banking centers

0% hardship loan program for employees aided 400+ bankers with $1.9MM in loans

No furloughs throughout 2020

Launched expanded recognition program

Learning and development teams swiftly converted professional development workshops to virtual formats

Funded 11,000+ Paycheck Protection Program applications for nearly $1.5B in loans

This funding for business clients helped to save more than 110,000 jobs in the communities we serve

Participated in Main Street Lending Program

Proactively contacted commercial clients

► Payment modifications (needs based / COVID related impact)

Participating in the next round of Paycheck Protection Program launched January 19, 2021

HSA Bank provided 36,000 employer groups with COVID-19 related guidance online and through webinars

Contributed nearly $2 million to nonprofit and community organizations in our footprint

Multiple cycles of targeted donations for urgent basic needs, human services, and disaster relief:

► Feeding America ► American Red Cross ► United Way COVID Relief ► Mental Health America, and

Protect The Heroes

Ongoing funding to support virtual learning and volunteerism

Partnerships and funding focused on equity and economic inclusion:

► YWCA of SE Wisconsin – Racial Equity Initiatives

► Women’s Business Development Council – Equity Match Program

► Equal Justice Initiative ► RE-CENTER Race & Equity in

Education

24/7 Customer Care Center; mobile app and online banking

Enhanced lobby access

Customer relief program:

Assisted 2,600 consumers with mortgage payment deferrals

Moratorium on holding residential foreclosure sales and vesting until March 1, 2021, unless property is vacant

Increased deposit limits; waived penalties for early CD withdrawals upon request; waived / reduced certain fees upon request;

Provided provisional credits to EIP recipients to offset negative account balances

Frontline Heroes program for essential healthcare workers / first responders

Proactively contacted consumer customers

Financial relief measures offered to HSA account holders

20

Pages 21 to 26 – Income Statement

Page 27 – Net Interest Margin – Linked Quarter

Page 28 – Interest Rate Risk 12 Month PPNR Sensitivity Trend

Page 29 – Earning Asset and Funding Mix

Pages 30 to 31 – Investment Portfolio

Page 32 – Loan Originations and Mix

Pages 33 to 38 – Loan Segments Information

Page 39 – Deposit Mix and Rate

Page 40 to 42 – Non-GAAP

Supplemental Information

21

$1,240.4$1,176.7

$716.0$759.0

2019 2020

Operating Revenue Operating Expense

Full Year 2020 Highlights ($ in millions, unless noted)

$524.5 PPNR $417.7

PPNR

Consolidated PPNR (20.4)%

EPS of $2.35, -42.1% from prior year; EPS of $2.69 after

adjusting for $38.8 million after tax strategic initiative costs

Return on equity of 6.9%

Tangible book value per common share up 3.1%

Full year efficiency ratio of 59.6%

Consolidated PPNR of $417.7 million decreased $106.

million

Revenue of $1.2 billion down 5.1%

Expenses of $758.9 million up 6.0%

Loan growth of $1.6 billion and lower borrowings of $1.8

billion funded by deposit growth of $4.0 billion

Year Over Year

Note: See non-GAAP reconciliation on page 42.

Net Interest Margin: 3.55% 3.00%

Earnings Per Share: $4.06 $2.35

22

As of 4Q20 YOY

Loans ($B) $12.6 10.0%

Deposits ($B) $6.0 35.9%

Originations (12 mos.) $4,294 6.1%

As of 4Q20 YOY

Total footings ($B) $10.0 17.5%

Deposits ($B) $7,120 11.0%

Accounts ('000) 2,953 -0.7%

$510.0 $529.3

$388.4 $390.6

2019 2020


$264.3 $263.2

$135.6 $140.6

2019 2020


$431.9$482.2

$181.6 $187.5

2019 2020


HSA Bank Community Banking Commercial Banking

$294.7 PPNR $250.3

PPNR

$122.6 PTNR

$128.7 PTNR

$138.7 PPNR

PPNR +17.7% YOY PTNR (4.7)% YOY PPNR +14.0% YOY*

Segment Results – Full Year ($ in millions, unless noted)

PTNR – Pre-Tax Net Revenue

Aggressively Grow

HSA Bank

Strengthen

Community Banking

*GAAP figures. PPNR for full year 2019 is $123.4 million or +12.4% YOY after adjusting for a $1.7 million business optimization expense .

$121.6 PPNR

Expand

Commercial Banking

As of 4Q20 YOY

Loans ($B) $9.0 5.3%

Deposits ($B) $14.3 13.8%

Banking centers 155 -2

23

*See non-GAAP reconciliation on pages 40 through 42.

Income Statement ($ in millions, except EPS)

4Q20 Highlights Summary Income Statement

$57.7 million income available to common shareholders, $0.64 diluted earnings per share

Net interest income down 6.2% YOY reflecting lower market rates, partially offset by growth in earning assets and lower funding costs

Non-interest income up 8.3% YOY driven by higher direct investment income, mortgage banking activities, and HSA fee income, partially offset by lower deposit service fees

Non-interest expense up 22.1% YOY reflecting expenses associated with strategic initiatives

Provision for credit losses of $(1.0) million, down from $23.8 million in Q3, results in a coverage ratio of 1.76% excluding PPP loans

4Q20 3Q20 4Q19

Net interest income 216.9$ (2.4)$ (14.4)$

Non-interest income 76.8 1.7 5.9

Total revenue 293.7$ (0.7)$ (8.5)$

Non-interest expense 219.5 (35.5) (39.8)

Pre-provision net revenue 74.2$ (36.2)$ (48.2)$

Provision for credit losses (1.0) 23.8 7.0

Pre-tax income 75.2$ (12.4)$ (41.2)$

Income available to common 57.7$ (9.2)$ (30.4)$

Diluted earnings per share 0.64$ (0.11)$ (0.32)$

Net interest margin 2.83% (5 bps) (44 bps)

Efficiency ratio* 60.27% (28 bps) (175 bps)

Tax rate 20.1% 80 bps 220 bps


24

$231.3 $219.3 $216.9

3.98%

3.13% 3.08%

0.75%

0.27% 0.26%

4Q19 3Q20 4Q20

Net Interest Income

Interest-Earning Assets Yield

Interest-Bearing Liabilities Cost

Net Interest Income ($ in millions)

(6.2)% YOY Key Observations

NIM:

3.27% 2.88% 2.83%

NII: -$2.4 million (non-FTE) LQ

► -$5.3 million due to increased prepayments and premium amortization

► -$3.7 million due to borrowings and unwind costs of derivatives and balance decline

► +$4.0 million due to deposit balance growth and cost

► +$1.4 million due to securities balance changes

► +$1.2 million due to loan yield and balance changes

NIM: -5 bps LQ

► -5 bps due to unwinding of term borrowings and related derivatives

► -5 bps due to loan and securities yields and balances

► +5 bps due to deposit and borrowing cost and balances

NII: -$14.4 million (non-FTE) YOY

► -$45.8 million due to loan and securities balances and yields (1 month LIBOR down 164 bps)

► +$22.9 million due to deposit balance growth and cost

► +$4.5 million due to borrowings balance decline and cost

► +$4.0 million due to other liabilities

NIM: -44 bps YOY

► -103 bps due to loan and securities yields and balances

► +59 bps due to deposit and borrowing cost and balances

25

Deposit service fees 15,902$ 291$ (2,968)$

HSA fee income

Wealth & investment services

Loan related fees

Mortgage banking activities

Other

Total

24,104

4,428

(2,977)


4Q194Q20 3Q20

76,763$ 1,703$

1,145

344

391

1,824

5,108

5,844$

8,820

9,095

4,110

14,732

(3,131)

565

2,527

Non-Interest Income ($ in thousands)

Diverse Sources Key Observations

$1.7 million increase LQ

Increase in other of $4.4 million due to higher direct investment income, swap fees, and miscellaneous fee income

Increase in loan related fees of $2.5 million due to higher syndication, prepayment, and line usage fees

Decrease in HSA fee income of $3.1 million as the prior quarter included $2.0 of TPA account fees

Decrease in mortgage banking activities of $3.0 million due to lower volume and spreads on loans originated for sale

$5.9 million increase YOY

Increase in other of $5.1 million due to direct investment income, mark to market on customer derivatives, and miscellaneous fee income

Decrease in deposit service fees of $3.0 million driven by lower overdraft and service-related fees

Increase in mortgage banking activities of $1.8 million primarily due to higher origination volume and spreads on loans originated for sale

Increase in HSA fee income of $1.1 million driven primarily by higher account service fees

26

Compensation and benefits


4Q20 3Q20 4Q19

122,754$ (18,735)$ (22,287)$

Technology and equipment 29,122 (1,276) (1,483)

(35,534)$ (39,800)$

Occupancy

Deposit insurance

Marketing

Other

Total

28,024

4,372

3,485

31,773

219,530$

(13,645)

290

472

(3,147)

(13,749)

(168)

367

(1,973)

Non-Interest Expense ($ in thousands)

Maintaining Expense Discipline Key Observations

$35.5 million increase LQ

Results include $38.3 million of charges related to strategic initiatives

Increase in compensation & benefits of $18.7 million primarily due to severance costs

Increase in occupancy of $13.7 million primarily due to facilities optimization

Increase in other of $2.0 million primarily due to project costs related to strategic initiatives taken in the quarter

Increase in technology & equipment of $1.3 million primarily due to infrastructure investments

$39.8 million increase YOY

Results include $38.3 million of charges related to strategic initiatives

Increase in compensation and benefits of $21.6 million primarily due to severance costs

Increase in occupancy of $13.7 million primarily due to facilities optimization

Increase in other of $3.1 million reflects the net impact of a $5.5 million increase in professional fees and $0.9 million in business optimization expenses related to our strategic initiatives, offset by lower pension, travel, and OREO costs

Increase in technology and equipment of $1.5 million primarily due to infrastructure investments

27

Net Interest Margin – Linked Quarter ($ in millions)

Avg Bal. Int. Yield/rate Avg Bal. Int. Bps

Securities 8,923$ 48.1$ 2.22% 160$ (4.1)$ (25)

Money Market & Other 188 0.5 1.08 (5) (0.1) (21)

Loans HFS 26 0.2 2.80 (5) (0.0) (14)

Commercial Loans 14,901 132.0 3.47 34 4.4 11

Consumer Loans 6,828 57.8 3.38 (176) (3.5) (12)

Total Loans & Leases 21,729 189.8 3.44% (142) 0.9 4

Interest-Earning Assets 30,866$ 238.6$ 3.08% 8$ (3.3)$ (5)

Deposits 27,216$ 8.6 0.13% 276$ (4.0)$ (6)

Borrowings 1,954 10.5 2.17 (290) 3.1 84

Interest-Bearing Liabilities 29,170$ 19.1$ 0.26% (14)$ (0.9)$ (1)

Tax-Equivalent Net Interest Income 219.5$ (2.4)$

Less: Tax-Equivalent Adjustment (2.6) 0.0

Net Interest Income 216.9$ (2.4)$

Net Interest Margin 2.83% (5)

4Q20 Increase/(Decrease)

28

2.4%

1.1%

-0.3%

2.4%3.0%

1.8%

4Q18 4Q19 4Q20

Short End Up 50 bps Long End Up 50 bps

-5.4%

-3.8%

-1.4%

-2.9%

-3.9% -4.0%

4Q18 4Q19 4Q20

Short End Down 50 bps Long End Down 50 bps

Interest Rate Risk 12 Month PPNR Sensitivity Trend

Rising Rate Scenarios Key Observations

Asset sensitivity to rising short term rates has declined since 4Q18 due to an increase in floors

► Loans at floors now approximately $3.4 billion

► $1 billion of 1 month LIBOR floors purchased during 2019 have an average strike of 1.56%

► Assumes historical deposit elasticity

Short end rates up 50 bps with no change in long end rates results in a 0.3% decrease in PPNR compared to flat rates

Long end rates down 50 bps (floored at zero) with no change in short end rates results in a 4.0% decrease in PPNR compared to flat rates

Short end rates down 50 bps assumes deposit rates fall to no less than 0.0%

Falling Rate Scenarios

Assumes Federal Funds at stated rate of 25 bps and 10 year swap at 95 bps

Deposit rates will fall no lower than 0.0%

29

Earning Asset and Funding Mix ($ in millions)

Key Observations Earning Asset Mix

Funding Mix

Type Balance Total % Floating % Periodic % Fixed %

Securities 9,041$ 29% 6% 2% 92%

Loans HFS 13 0% 100% 0% 0%

Resi / HE Loans 5,365 18% 0% 29% 71%

HE Lines 1,369 4% 95% 0% 5%

C&I Loans 8,570 28% 47% 22% 31%

CRE Loans 6,300 21% 81% 14% 5%

Total 30,658$ 100% 36% 15% 49%

Floating and periodic rate loans represent 68% of total loans:

► Floating rate loans represent 48% of total loans

► Periodic rate loans represent 20% of total loans

SBA PPP loans balances equal $1.3 billion or 6% of total loans and are all fixed rate. Excluding PPP, floating and periodic loans would have represented 73% of total loans

LIBOR indexed loans represent 55% of total loans:

► Loans indexed to 1 month LIBOR represent 39% of total loans

► LIBOR indexed loans with rate reset frequencies greater than 1 month represent 16% of total loans

CRE loans are predominantly floating rate to the bank but fixed for customers due to customer swaps

HSA deposits represent 23% of our funding mix

Type Balance Total < 1 Year > 1 Year

Checking 9,757$ 35%

HSA 6,619 23%

Savings 4,878 17%

Money Market 2,892 10%

Time 2,244 8% 85% 15%

Borrowings 1,836 7% 46% 54%

Total 28,226$ 100%

30

$5,294 $5,724 $5,568

$2,926$3,304 $3,327

$8,220$9,028 $8,895

2.86%

2.47%2.22%

4Q19 3Q20 4Q20

HTM Securities AFS Securities Yield

4.2 3.7 3.4

5.2

6.9

6.0

2.60%

1.61% 1.62%

4Q19 3Q20 4Q20

Portfolio Duration (years) Purchase Duration (years) Purchase Yield

Key Observations

Available-for-Sale portfolio includes $92.5 million of net unrealized gains at 4Q20 compared to $103.1 million at 3Q20

Held-to-Maturity portfolio excludes $267.2 million of net unrealized gains at 4Q20 compared to $283.0 million at 3Q20

Securities yields decreased 25 bps LQ primarily from premium acceleration in Agency MBS and Agency CMBS (18 bps) as a result of increased prepayments

Investment Securities

Duration / Yield

Investment Portfolio ($ in millions)

Portfolio duration decreased by 0.8 years vs. a year ago; LQ duration decreased by 0.3 years primarily due to increased prepayment speeds on Agency MBS and Agency CMBS

Purchase yield increased by 1 bp vs. LQ while purchase duration decreased by 0.9 years due to asset mix

Key Observations

31

Investment Securities ($ in millions)

Dec 31, Sept 30, Increase/

End of period balances 2020 2020 (Decrease)

Available-for-Sale:

Agency CMOs 154.6$ 173.4$ (18.8)$

Agency MBS 1,457.4 1,527.3 (69.9)

Agency CMBS 1,117.3 1,051.8 65.5

Non Agency CMBS-floating 508.0 455.0 53.0

Corporate Debt Securities 13.1 12.4 0.7

Collateralized Loan Obligations 76.4 84.4 (8.0)

Total Available-for-Sale 3,326.8$ 3,304.3$ 22.5$

Held-to-Maturity:

Agency CMOs 91.6$ 116.0$ (24.4)$

Agency MBS 2,419.8 2,595.7 (175.9)

Agency CMBS 2,101.2 2,033.8 67.4

Non Agency CMBS-fixed 216.1 227.0 (10.9)

Municipal Bonds and Notes 739.5 750.9 (11.4)

Total Held-to-Maturity 5,568.2$ 5,723.4$ (155.2)$

32

Loan Originations and Mix ($ in millions)

Loan Mix and Yield

Balance Yield Balance Yield Balance Yield

Commercial 8,578$ 3.87% 8,612$ 3.66% 6,881$ 5.13%

CRE 6,322 2.94% 6,308 2.95% 5,949 4.16%

Residential 4,782 3.22% 4,886 3.36% 4,973 3.65%

Consumer 1,959 3.77% 2,046 3.83% 2,234 4.92%

Total 21,641$ 3.44% 21,852$ 3.40% 20,037$ 4.46%

End of period balances

Full quarter yields

4Q20 3Q20 4Q19

Originations by Loan Portfolio

Balance Originations Balance Originations Balance Originations

Commercial Non-Mortgage 6,412$ 777$ 6,381$ 600$ 5,355$ 559$

Asset-Based Lending 891 157 890 88 1,047 150

Total Commercial 7,303$ 934$ 7,271$ 688$ 6,402$ 709$

Commercial Real Estate 5,026 257 5,026 233 4,754 602

Business Banking 2,571 76 2,623 120 1,674 121

Residential Mortgages 4,782 394 4,886 414 4,973 332

Consumer 1,959 143 2,046 105 2,234 155

Portfolio Total 21,641$ 1,804$ 21,852$ 1,560$ 20,037$ 1,919$

Residential Mortgages originated for sale 125$ 149$ 94$

Total Originations 1,929$ 1,709$ 2,013$

End of period balances

Full quarter originations

4Q20 3Q20 4Q19

Note: 4Q20 originations data includes $106 thousand of PPP loans, all in business banking. 3Q20 originations data includes $34.8 million of PPP loans, with $3.4 million in commercial non-mortgage and $31.4 million in business banking.

33

CRE Outstandings

Outstandings by Collateral Type

Commercial Real Estate ($ in millions)

Key Observations

Majority of balances in CRE line of business:

Dedicated expertise, consistent leadership team and focused strategy

Business Banking consists of Owner Occupied and Investment CRE

Average hold size: < $0.5 million

Largest segments within Other Commercial Business Units include

Healthcare & Senior Living facilities (~$430 million)

Data centers (~$230 million)

Owner Occupied (~$180 million)

Balances are well-diversified and strategically weighted on resilient property types with industry tailwinds

Industrial / Warehouse

Multi Family / Residential

Data centers & Healthcare facilities

Unfunded commitments were $606 million vs. $705 million in 3Q20

34

Outstandings by Segment1

Outstandings by Industry: 4Q20

Commercial & Industrial ($ in millions)

Key Observations

¹ Excludes $1.3 and $1.4 billion of PPP loans for 4Q20 and 3Q20, respectively; Leveraged category broken out and represents loans within Sponsor and Specialty and Middle Market segments

C&I balances cross multiple lines of business with focused strategies:

Sponsor & Specialty and Leveraged – Industry focused

Asset Based Lending and Equipment Finance – Collateral focused

Middle Market and Business Banking – In footprint focus, full services customers

Diversified portfolio with concentrations in sectors where Webster has deep expertise and long term relationships

Growth in 2020 was 6% driven by Tech & Infrastructure, Healthcare, and Public Sector Finance offset by lower utilization in Asset Based Lending

35

Sponsor & Specialty and Leveraged Lending ($ in millions)

S&S Outstandings – Leveraged vs. Non-Leveraged1

S&S by Industry Vertical

Key Observations

1 Sponsor and Specialty Non-Leveraged includes Data Center CRE loans; S&S and Leverage excludes deferred fees and premiums/discounts

Sponsor portfolio consists of 66% non-leveraged and 34% leveraged

86% of leveraged loans are in Sponsor ($1.2 billion), with the balance in Middle Market

Webster has been lending to Sponsor-backed and leveraged borrowers for 16 years

The portfolio performed well through the great recession, and generated better risk-adjusted returns

We maintain a defined strategy:

Grow in non-cyclical end markets

Finance business models with a high % of recurring revenue (>75%)

Partner with Tier 1 Private Equity firms with deep expertise in target sectors

Focus on direct and agented middle market business

Maintain credit discipline, avoid chasing the market

There have been no payment deferrals for the Tech & Infrastructure portfolio

36

Portfolio by Geography

Portfolio: Origination FICO, LTV & Debt to Income

Residential Mortgage ($ in millions)

Key Observations

Portfolio has diversified outside of CT, most notably into MA

Origination metrics are high quality and have steadily improved over the last few years

89% of balances had a FICO score ≥ 700

89% of balances had an LTV < 80%

Average DTI is 33%

Current portfolio metrics continue to be favorable

Current weighted average FICO is 778

Current weighted average LTV is 66%

Asset quality metrics are at cycle lows

46% of NPLs are from pre-2008 originated loans

Net charge-offs ~2 bps

Delinquency = 23 bps

37

Portfolio by Geography

Portfolio: Origination FICO, CLTV & Weighted Average DTI

Home Equity

($ in millions)

Key Observations

Portfolio concentrated in CT

46% in first lien position

Origination metrics are high quality and have remained stable over the last few years

88% of balances had a FICO score ≥ 700

82% of balances had a CLTV < 80%

Average DTI is ~36%

Current portfolio metrics continue to be favorable

Current weighted average FICO is 762

Current weighted average CLTV is 67%

Asset quality metrics at cycle lows

64% of NPLs from pre-2008 originated loans

Delinquency = 41 bps

Net recoveries in 2020

$2 billion of unused exposure, 96% FICO > 700

Utilization has remained stable at ~39%

38

Personal Lending Balances

Lending Club Balances by FICO

Personal Lending ($ in millions)

Key Observations

We discontinued our LC purchases in April

Lending Club (“LC”) represents 74%, $115 million of the banks unsecured balances vs. $137 million in 3Q

The portfolio overall has slowly declined over the last few years (both LC & Webster loans)

The bank ceased purchases of Tranche C loans in 2017 due to a change in risk appetite

Since discontinuing the purchases of Tranche C loans, the average FICO score in the portfolio has increased meaningfully

≥ 700 FICO now represents 75% vs. 58% at the end of 2016

≥ 740 FICO now represents 42% vs. 24% at the end of 2016

Loss rates and delinquency have also steadily improved as a result

Hardship deferrals have declined to $2 million at 12/31/20 vs. $3 million at 09/30/20 and $19 million at the peak

39

By Product

Balance Rate Balance Rate Balance Rate

Demand 6,155 - 6,137$ - 4,446$ -

Health Savings Accounts 7,120 0.09% 6,976 0.12% 6,416 0.20%

Interest Bearing Checking 3,653 0.05% 3,391 0.07% 2,690 0.16%

Money Market 2,940 0.17% 3,069 0.27% 2,313 1.16%

Savings 4,979 0.05% 4,777 0.11% 4,355 0.53%

Core Deposits 24,847$ 0.06% 24,350$ 0.10% 20,220$ 0.34%

Time Deposits 2,488$ 0.74% 2,571 1.00% 3,105 1.79%

Total 27,335$ 0.13% 26,921$ 0.19% 23,325$ 0.54%

Core/Total 91% 90% 87%

4Q20End of period balances

Full quarter cost

4Q193Q20

Deposit Mix and Rate ($ in millions)

By Line of Business

Personal Banking 10,623$ 0.19% 10,171$ 0.29% 9,760$ 0.76%

Commercial Banking 2,545 0.07% 2,507 0.10% 1,844 0.22%

Treasury & Pymt Solutions 3,053 0.12% 3,246 0.18% 2,297 0.99%

Private Banking 358 0.15% 246 0.23% 241 0.89%

Business Banking 3,635 0.07% 3,779 0.10% 2,768 0.32%

HSA Bank 7,120 0.09% 6,976 0.12% 6,416 0.20%

Corporate & Reconciling 1 0.00% (4) -0.01% (1) 0.17%

Total 27,335$ 0.13% 26,921$ 0.19% 23,325$ 0.54%

40

Non-GAAP – QTD ($ in thousands)

Efficiency Ratio 4Q20 3Q20 4Q19

Non-interest expense 219,530$ 183,996$ 179,730$

Net foreclosed (expense) income 836 201 (263)

Amortization of intangibles (1,147) (1,089) (962)

Strategic initivatives (38,265) (4,786) -

Non-interest expense (net of above) 180,954$ 178,322$ 178,505$

Net interest income before provision 216,929$ 219,256$ 231,250$

FTE adjustment 2,577 2,635 2,486

Non-interest income 76,763 75,060 70,919

Loss on termination of hedges 3,680 - -

Other 291 297 402

Less: Gain on securities - - 29

Total revenue (net of above) 300,240$ 297,248$ 305,028$

Efficiency Ratio 60.27% 59.99% 58.52%

Tangible Common Equity Ratio

Shareholders' equity 3,234,625$ 3,219,690$ 3,207,770$

Less: Goodwill and other intangible assets 560,756 561,902 560,290

Tangible shareholders' equity 2,673,869 2,657,788 2,647,480

Less: Preferred stock 145,037 145,037 145,037

Tangible common shareholders' equity 2,528,832$ 2,512,751$ 2,502,443$

Total assets 32,590,690$ 32,994,443$ 30,389,344$

Less: Goodwill and other intangible assets 560,756 561,902 560,290

Tangible assets 32,029,934$ 32,432,541$ 29,829,054$

Tangible Common Equity Ratio 7.90% 7.75% 8.39%

41

Non-GAAP – QTD continued ($ in thousands)

Tangible Book Value per Common Share 4Q20 3Q20 4Q19

Tangible common shareholders' equity 2,528,832$ 2,512,751$ 2,502,443$

Common shares outstanding 90,199 90,204 92,027

Tangible Book Value per Common Share 28.04$ 27.86$ 27.19$

Average shareholders' equity 3,239,221$ 3,205,329$ 3,196,563$

Less: Average goodwill and other intangible assets 561,303 560,959 560,750

Average preferred stock 145,037 145,037 145,037

Average tangible common shareholders' equity 2,532,881$ 2,499,333$ 2,490,776$

Net income 60,044$ 69,281$ 90,473$

Less: Preferred stock dividends 1,969 1,969 1,969

Add: Intangible assets amortization, tax-effected 906 860 760

Income adj. for preferred stock dividends & intangible assets amort. 58,981 68,172 89,264

Adjusted income, annualized basis 235,924$ 272,688$ 357,056$

Return on Average Tangible Common Shareholders' Equity 9.31% 10.91% 14.34%

Return on Average Tangible Common Shareholders' Equity

42

Non-GAAP – YTD ($ in thousands)

Efficiency Ratio 2020 2019

Non-interest Expense 758,946$ 715,950$

Net Foreclosed (Expense) Income (1,504) 173

Amortization of Intangibles 4,160 (3,847)

Strategic initivatives 43,051 -

Other Expense - (1,757)

Non-interest Expense (net of above) 713,239$ 710,519$

Net Interest Income Before Provision 891,393$ 955,127$

FTE Adjustment 10,246 9,695

Non-interest Income 285,277 285,315

Less: Gain on Securities 8 8

Add: Loss on termination of hedges 3,680 -

Discrete fair value adjustment related to customer derivatives 5,511 -

Other 1,180 1,448

Total Revenue (net of above) 1,197,279$ 1,251,577$

Efficiency Ratio 59.57% 56.77%

43

This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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, expense savings, 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 the ongoing COVID-19 pandemic and governmental and other responses thereto including the deployment and

effectiveness of vaccines, the Company’s ability to successfully achieve the anticipated cost reductions from branch consolidations, higher than anticipated costs or

delays in implementing the Company’s consolidation plan, and the other factors that are described in the “Forward-Looking Statements”, “Risk Factors” and

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K and Quarterly

Reports on Form 10-Q and the “Forward-Looking Statements” section and other information contained in our earnings release for the fourth quarter of 2020

furnished as an exhibit to our most recent Current Report on Form 8-K. Any forward-looking statement made by the Company in this presentation 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 This presentation contains both financial measures based on accounting principles generally accepted in the United States (“GAAP”) and non-GAAP based financial

measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Reconciliations

of these non-GAAP financial measures, to the most comparable GAAP measures are included in this presentation and the Company’s earnings release available in the

Investor Relations portion of the Company’s website at www.wbst.com. These disclosures should not be viewed as a substitute for operating results determined in

accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. For additional

information see reconciliation to GAAP financial measures presented in the Company’s Press Release.

Forward-looking Statements

WBS 4Q20 Financial Review

Documents

Fourth Quarter 2020 Earnings Conference Call January 21, 2021