Webster Financial Corporation (NYSE:WBS) Q1 2023 Earnings Call Transcript

And so you see in the corporate piece, which is the treasury piece. And John actually headed in his slide as well, the net difference between interLINK and whatever else is basically wholesale funding.Jared Shaw Okay. And then – and just finally, on interLINK, the cost of that for the quarter, is that similar to FHLB, I guess where we – where is the cost on that…Glenn MacInnes Yes. It’s like Fed funds – it’s like 5%, Fed funds plus 15%, say.Jared Shaw Okay. Great. Thank you very much.Glenn MacInnes Sure.John Ciulla Thank you, Jared.Operator Our next question comes from Chris McGratty from Keefe, Bruyette, & Woods. Please go ahead. Your line is open.Chris McGratty Thanks for the follow-up. Glenn, just on the guide, the expenses and the fees, I mean are you excluding anything in those, now the charges?

Just make sure I got the right start point?Glenn MacInnes Excluding, I am sorry…Chris McGratty In the expenses, the 1.2…Glenn MacInnes Yes, those are our core operating expenses. So, it doesn’t include merger-related expense or to the extent we have which we shouldn’t have much any other strategic initiatives that we spend.Chris McGratty And same with the fees, that excludes the bond?Glenn MacInnes Yes. Same thing.Chris McGratty Got it. Alright. Thank you.Glenn MacInnes Sure.John Ciulla Thanks Chris.Operator We have no further questions in queue. I would like to turn the call back over to John Ciulla for closing remarks.John Ciulla Thank you very much. I appreciate everyone joining this morning. Have a great day.Operator This concludes today’s conference call.

Thank you for your participation. You may now disconnect.