Company: WBS-PG
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0000801337-25-000104
Chunk: 85

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 85
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 banks to recover losses incurred by protecting uninsured depositors of Silicon Valley Bank and Signature Bank upon their failure in March 2023. The special assessment is to be collected for an anticipated total of nine quarterly assessment periods, which began during the second quarter of 2024. At September 30, 2025, and December 31, 2024, the Company’s remaining accrual for its estimated special assessment charge was $22.1 million and $39.8 million, respectively. The FDIC retains the right to cease collection early, extend the special assessment collection period, and impose shortfall special assessments if actual losses exceed the amounts collected. The Company continues to monitor the estimated loss attributable to the protection of uninsured depositors at Silicon Valley Bank and Signature Bank, which could impact the amount of its accrued liability.

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Note 18: Subsequent Events

The Company has evaluated subsequent events from the date of the Condensed Consolidated Financial Statements, and accompanying Notes thereto, through the date of issuance, and determined that, other than the below, there were no other significant events identified requiring recognition for disclosure.Elements Financial Federal Credit Union HSA Portfolio AcquisitionOn October 1, 2025, the Company acquired a portfolio of HSAs from Elements Financial Federal Credit Union. The transaction was accounted for as an asset acquisition, and the Company received $40.9 million in both cash and deposits on the acquisition date. The Company also paid a 12% deposit premium based on the final settlement of deposits, which resulted in the recognition of a $4.9 million core deposit intangible asset.Sale of Remaining Joint Venture Seed Portfolio LoansIn October and November 2025, the Company sold the remainder of the seed portfolio loans to launch the joint venture’s operations. The transfers each met the requisite criteria to be accounted for as sales in accordance with ASC 860, Transfers and Servicing. In connection with the sales, the Company derecognized $46.7 million, in aggregate, from Loans held for sale and recognized an immaterial gain.Redemption of the 3.875% Subordinated Fixed-to-Floating Rate Notes due 2030On November 3, 2025, the next business day following the scheduled call date of November 1, 2025, the Company repaid the outstanding $225.0 million principal balance due, plus any accrued and unpaid interest thereon, and recognized a $6.2 million gain upon debt extinguishment.Common Stock Repurchase ProgramIn