Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 247

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 247
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2024, the Company sold $2.3 billion of Municipal bonds and notes, Agency MBS, Corporate debt securities, Agency CMBS, Government agency debentures, and Agency CMOs classified as available-for-sale for proceeds of $2.1 billion. During the year ended December 31, 2023, the Company sold $827.0 million of Municipal bonds and notes, U.S. Treasury notes, and Corporate debt securities classified as available-for-sale for proceeds of $789.6 million. The amounts included in non-interest income reflect the portion of the losses that were not due to credit related factors.

Other income increased $51.1 million, or 132.5%, from $38.5 million for the year ended December 31, 2023, to $89.6 million for the year ended December 31, 2024, primarily due to $23.0 million of incremental fee income related to the acquired Ametros business, a $11.7 million net gain on sale of mortgage servicing rights, a $4.4 million net gain on sale of multi-family loans (securitization), proceeds from bank-owned life insurance policies, direct investment gains, and customer derivative activities, partially offset by a $16.0 million net loss on sale of the factored receivables portfolio.

39

Non-Interest Expense Years ended December 31,(In thousands)202420232022Compensation and benefits$762,794 $711,752 $723,620 Occupancy72,161 77,520 113,899 Technology and equipment195,017 197,928 186,384 Intangible assets amortization36,082 36,207 31,940 Marketing18,751 18,622 16,438 Professional and outside services58,253 107,497 117,530 Deposit insurance68,912 98,081 26,574 Other expense139,309 168,748 180,088 Total non-interest expense$1,351,279 $1,416,355 $1,396,473 

Total non-interest expense slightly decreased by 4.5% from the year ended December 31, 2023, to the year ended December 31, 2024. Although the financial statement caption as a whole did not change significantly, notable fluctuations were experienced in Compensation and benefits, Occupancy, Professional and outside services, Deposit