Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 111

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 111
---
090,315 48,048,106 Mortgage servicing rights1,234 3,667 8,523 24,495 Liabilities:Level 2Deposit liabilities$56,518,126 $56,518,126 $52,319,825 $52,319,825 Time deposits8,234,954 8,211,582 8,464,459 8,426,708 Securities sold under agreements to repurchase and federal funds purchased344,168 344,166 458,387 458,380 FHLB advances2,110,108 2,107,790 2,360,018 2,358,381 Long-term debt (1)909,185 860,200 1,048,820 999,918 

(1)Any unamortized premiums/discounts, debt issuance costs, or basis adjustments to long-term debt, as applicable, are excluded from the determination of fair value.  

132

Note 19: Retirement Benefit Plans

Defined Benefit Pension and Other Postretirement Benefit PlansThe Bank had offered a qualified noncontributory defined benefit Pension Plan and a non-qualified SERP to eligible employees and key executives who met certain age and service requirements, both of which were frozen effective December 31, 2007. Only those employees who were hired prior to January 1, 2007, and who became participants of the plans prior to January 1, 2008, have accrued benefits under the plans. The Bank also provides an OPEB plan to certain retired employees. In connection with the Sterling merger in 2022, the Company assumed the benefit obligations of Sterling’s non-qualified SERP and OPEB plans, which includes the Astoria Bank Excess Benefit and Supplemental Benefit Plans, Astoria Bank Directors’ Retirement Plan, Retirement Plan of the Greater New York Savings Bank for Non-Employee Directors, Supplemental Executive Retirement Plan of Provident Bank, Supplemental Executive Retirement Plan of Provident Bank - Other, Sterling Bancorp Supplemental Postretirement Life Insurance Plan, Astoria Bank Postretirement Welfare Benefit Plans, and a Split Dollar Life Insurance Arrangement.Each of the plan’s measurement dates, including the plans assumed from Sterling in the merger, coincides with the Company’s December 31 year end.The following table summarizes the changes in the benefit obligation, fair value of plan assets, and funded status of the defined benefit pension and other post