Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 80

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 80
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%$358,387 3.43 %Federal funds purchased— — 100,000 5.48 Securities sold under agreements to repurchase and federal funds purchased$344,168 2.98 %$458,387 3.88 %(1)At December 31, 2024, and 2023, securities sold under agreements to repurchase had an original maturity of one year or less. The Company’s repurchase agreement counterparties are limited to primary dealers in government securities and commercial and municipal customers through the Corporate Treasury function. The Company has the right of offset with respect to repurchase agreement assets and liabilities with the same counterparty when master netting agreements are in place. Securities sold under agreements to repurchase are presented as gross transactions at December 31, 2024, and 2023, since only liabilities are outstanding. Agency MBS securities, which had an aggregate market value of $358.4 million and $381.4 million at December 31, 2024, and 2023, respectively, are pledged to secure repurchase agreements. These Agency MBS securities are subject to changes in market value and, therefore, the Company may increase or decrease the level of securities pledged as collateral based upon movements in market value.The following tables represent the offsetting of repurchase agreements that are subject to master netting agreements:At December 31, 2024Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Liabilities Presented in the Statement of Financial PositionGross Amounts Not Offset in the Statement of Financial position(In thousands)Financial InstrumentsCash Collateral PledgedNet AmountRepurchase agreements$209,961 $— $209,961 $220,588 $— $(10,627)At December 31, 2023Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Liabilities Presented in the Statement of Financial PositionGross Amounts Not Offset in the Statement of Financial position(In thousands)Financial InstrumentsCash Collateral PledgedNet AmountRepurchase agreements$216,251 $— $216,251 $232,176 $— $(15,925)FHLB AdvancesThe following table summarizes information for FHLB advances:At December 31,20242023(In thousands)TotalOutstandingWeighted-Average Contractual Coupon RateTotalOutstanding