Webster Financial agrees to $12.3B Banco Santander acquisition; Q1 earnings up 15%

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

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  Banco Santander to acquire Webster for $12.3 billion ($48.75 cash + 2.0548 ADSs per share) in two-step merger; stockholder vote scheduled May 26, 2026, closing expected H2 2026. Share buybacks paused, dividends capped pending close.

  MD&A: Proposed Acquisition verify on EDGAR →
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  Diluted EPS rose 15% to $1.50 as provision for credit losses fell 30% to $54M on lower charge-offs and improved risk ratings. Non-performing loans improved to 0.91% from 1.06%, net charge-offs declined to 0.29% from 0.42%.

  MD&A: Earnings & Asset Quality verify on EDGAR →
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  Net interest margin compressed 12 basis points to 3.36% as asset yields fell 26 bps while funding costs declined only 18 bps in lower rate environment. Average loans grew 8.6%, offsetting margin pressure with 3.6% net interest income growth.

  MD&A: Net Interest Margin verify on EDGAR →