Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 74

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 74
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203,135 (1)The increase in the gross carrying amount is due to the Ametros acquisition in January 2024, which resulted in the identification and recognition of a $182.8 million core deposit intangible asset and a $6.1 million trade name. (2)The decrease in the net carrying amount is primarily due to the write-off of the factored receivables customer relationship intangible asset, which had a net carrying amount of $19.7 million ($27.0 million gross carrying amount net of $7.3 million in accumulated amortization), in connection with the sale of the factored receivables portfolio in September 2024. The net carrying amount of the factored receivables customer relationship intangible asset was included in Commercial Banking for segment reporting purposes. Further, during the third quarter of 2024, the Company also recognized a $1.9 million impairment loss on its payroll finance customer relationship intangible asset resulting from higher customer attrition and a reduction in forecasted future cash flows. The fair value of the payroll finance customer relationship intangible asset at the revaluation date was estimated to be $28.0 million, which was determined using a discounted cash flow methodology that reflected the estimated future value of the future net earnings, with adjustments for attrition. The net carrying amount of the payroll finance customer relationship intangible asset is included in Commercial Banking for segment reporting purposes.The remaining estimated aggregate future amortization expense for other intangible assets is as follows:(In thousands)At December 31,20242025$36,051 202634,083 202733,033 202830,162 202928,289 Thereafter172,683 

108

Note 9: Income Taxes

Income tax expense reflects the following expense (benefit) components: Years ended December 31,(In thousands)202420232022Current:Federal$171,913 $219,548 $170,779 State and local58,204 50,750 52,579 Total current230,117 270,298 223,358 Deferred:Federal(14,464)(43,615)(45,421)State and local32,647 (10,019)(24,243)Total deferred18,183 (53,634)(69,664)Total federal157,449 175,933 125,358 Total state and local90,851 40,731 28,