Company: WBS-PG
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0000801337-25-000104
Chunk: 103

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 103
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ored receivables portfolio during the third quarter of 2024, increased client hedging activities, an increase in the credit valuation adjustment, and a $4.0 million beneficial legal settlement, partially offset by a $4.4 million net gain on sale of multi-family loans (securitization) in the third quarter of 2024.

Comparison to Prior Year to Date

Total non-interest income increased $88.8 million, or 44.5%, from $199.4 million for the nine months ended September 30, 2024, to $288.2 million for the nine months ended September 30, 2025, primarily due to the change in Net gains (losses) on sale of investment securities and increases in Other income and the Cash surrender value of life insurance polices, partially offset by a decrease in Loan and lease related fees.

Loan and lease related fees decreased $5.9 million, or 10.3%, from $57.6 million for the nine months ended September 30, 2024, to $51.7 million for the nine months ended September 30, 2025, primarily due to lower loan servicing fees, syndication fees, and amendment fees, partially offset by lower mortgage servicing rights amortization and an increase in prepayment penalties.

The Cash surrender value of life insurance policies increased $4.4 million, or 21.5%, from $20.3 million for the nine months ended September 30, 2024, to $24.7 million for the nine months ended September 30, 2025, primarily due to bank-owned life insurance events in the first quarter of 2024, which resulted in a lower cash surrender value in the prior year to date. 

Net gains (losses) on sale of investment securities changed $79.5 million, or 100.3%, from net (losses) of $79.3 million for the nine months ended September 30, 2024, to net gains of $0.2 million for the nine months ended September 30, 2025. During the nine months ended September 30, 2025, the Company sold $14.7 million of Corporate debt securities classified as available-for-sale for proceeds of $14.9 million. During the nine months ended September 30, 2024, the Company sold $1.6 billion of Municipal bonds and notes, Agency