Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 133

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 133
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 is adjusted to reflect any subsequent developments. Legal contingencies are subject to inherent uncertainties, and unfavorable rulings may occur that could cause the Company to either adjust its litigation accrual or incur actual losses that exceed the current estimate, which ultimately could have a material adverse effect, either individually or in the aggregate, on its business, financial condition, or operating results. The Company will consider settlement of cases when it is in the best interests of the Company and its stakeholders. The Company intends to defend itself in all claims asserted against it, and management currently believes that the outcome of these contingencies will not be material, either individually or in the aggregate, to the Company or its consolidated financial position. Federal Deposit Insurance Corporation Special AssessmentOn November 29, 2023, the FDIC published a final rule implementing a special assessment for certain 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 ten quarterly assessment periods, which began during the second quarter of 2024. At December 31, 2024, and 2023, the Company’s remaining accrual for its estimated special assessment charge was $39.8 million and $47.2 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 24: Parent Company Financial Information

The following tables summarize condensed financial information for the Parent Company only:CONDENSED BALANCE SHEETS    December 31,(In thousands)20242023Assets:Cash and cash equivalents$456,166 $406,754 Intercompany debt securities150,000 150,000 Investment in subsidiaries9,377,808 9,131,026 Alternative investments71,959 59,015 Other assets7,962 13,314 Total assets$10,063,895 $9,760,109 Liabilities and stockholders’ equity:Senior notes$321,191 $458,698 Subordinated notes510,674 512,802 Junior subordinated debt77,320 77,320 Accrued interest payable5,007 12,693 Due to subsidiaries10,613