Webster Financial reported Q1 2024 net income of $216.3 million and adjusted EPS of $1.35, with GAAP EPS of $1.23. Revenue rose 16.6% year over year and 5.4% quarter over quarter to $1.051 billion, while operating income grew to $285.7 million (OA margin ~27.2%). The quarter featured meaningful strategic progress: (i) the closing of the Ametros acquisition, now integrated into Webster’s Healthcare Financial Services segment with HSA Bank, (ii) a disciplined funding mix that grew core deposits by $1.5 billion and reduced brokered deposits, and (iii) ongoing CRE portfolio management in a higher-for-longer environment. Management remains constructive on 2024 NII and ROA/ROE targets, guided by 5% loan growth and 5–7% deposit growth, with NII around $2.4 billion (non-FTE) and non-interest income of $375–$400 million. However, credit metrics modestly shifted higher in Q1—non-performing assets rose, and classified loans increased—reflecting industry-wide risk rating migrations in a still-challenging environment. The company also signaled a deliberate CRE stance to manage concentration toward a 250% of CET1+reserves target over the next several quarters, transitioning toward a more balanced mix over time. Overall, Webster remains well-positioned to grow at mid-to-high single digits outside CRE, supported by a diversified funding base, improving deposit dynamics, and accretion from the Ametros/HSA Bank platform, albeit with near-term headwinds from funding costs and credit normalization.