Webster Financial completes Sterling Bancorp merger; pro forma net income $531.7M

WEBSTER FINANCIAL CORP

Merger consideration $5.18B; each Sterling share exchanged for 0.4630 Webster share.
Preliminary goodwill $2.0B recorded; core deposit intangible $119.1M, customer intangibles $91.0M.
Pro forma total assets $64.7B; loans and leases net $42.7B; deposits $52.7B.
Pro forma net income available to common $531.7M; EPS $2.98 basic for FY2021.
One-time merger costs $199.3M and $175.1M provision for credit losses on acquired loans.

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