Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 253

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 253
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, HSA deposit growth, and a discrete transfer of cash associated with accounts that were previously held by former investment partners.

Assets under administration, through linked investment accounts, increased $679.9 million, or 14.6%, at December 31, 2024, as compared to at December 31, 2023, primarily due to additional HSA account holders and an increase in investment account balances as a result of higher valuations in the equity markets.

43

Consumer Banking

Operating Results:Years ended December 31,(In thousands)202420232022Net interest income$812,743 $898,898 $814,867 Non-interest income113,638 114,851 127,084 Non-interest expense471,402 469,629 461,390 Pre-tax, pre-provision net revenue$454,979 $544,120 $480,561 

Consumer Banking’s PPNR decreased $89.1 million, or 16.4%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023, due to decreases in net interest income and non-interest income and an increase in non-interest expense. The $86.1 million decrease in net interest income is primarily due to higher deposit costs, partially offset by an increase in loan interest rate spreads and higher average loan and deposit balances. The $1.2 million decrease in non-interest income is primarily due to lower deposit service fees and loan servicing fees, partially offset by a $11.7 million net gain on sale or mortgage servicing rights and an increase in investment services income. The $1.8 million increase in non-interest expense is primarily due to higher compensation and benefits costs and an increase in operational support costs, partially offset by lower processing costs, occupancy, and professional services.

Selected Balance Sheet Information:At December 31,(In thousands)20242023Loans$11,886,095 $11,234,743 Deposits27,332,786 26,251,722 Assets under administration (off-balance sheet)7,997,114 7,876,437 

Loans increased $0.7 billion, or 5.8%, at December 31, 2024, as compared to at December 31, 2023, primarily due to growth in residential mortgages, small business commercial non-real estate loans, and other consumer loans, partially offset by net principal pay