Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 236

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 236
---
246,461   Common stock contribution to charitable foundation— — 10,500 FDIC special assessment10,318 47,164 — Strategic restructuring costs and other (2)22,169 — (3,032)Adjusted non-interest expense$1,279,443 $1,166,180 $1,103,317 Net interest income$2,338,387 $2,337,269 $2,034,286 Add:  FTE adjustment57,517 68,939 47,128  Non-interest income251,899 314,337 440,783  Other income (3)29,440 18,059 22,887 Less: Operating lease depreciation1,541 5,569 8,193          (Loss) on sale of investment securities, net(136,224)(33,620)(6,751)       Gain on extinguishment of borrowings— — 2,548  Net (loss) on sale of factored receivables portfolio(15,977)— —  Net gain on sale of mortgage servicing rights11,655 — — Adjusted income$2,816,248 $2,766,655 $2,541,094 Efficiency ratio45.43 %42.15 %43.42 %Non-interest expense as a percentage of total revenue (GAAP)52.17 %53.41 %56.42 %

(1)Merger-related expenses included Ametros acquisition expenses for the year ended December 31, 2024, and primarily Sterling merger expenses for the years ended December 31, 2023, and 2022. Additional information regarding the acquisition of Ametros can be found within Note 2: Acquisitions and Joint Ventures in the Notes to Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data.

(2)Strategic restructuring costs and other primarily included severance, technology contract termination costs, and the partial impairment of the payroll finance customer relationship intangible asset for the year ended December 31, 2024. For the year ended December 31, 2022, the charge primarily reflects modifications to the Company’s strategic initiatives that were announced in 2020 as a result of the Company re-evaluating its strategic priorities as a combined organization in connection with the Sterling merger.

(3