Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 100

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 100
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 represent the offsetting of derivative financial instruments that are subject to master netting agreements:At December 31, 2024Gross Amounts of Recognized Assets/LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/Liabilities Presented in the Statement of Financial PositionGross Amounts Not Offset in the Statement of Financial position(In thousands)Financial InstrumentsCash Collateral PledgedNet AmountAsset derivatives$283,185 $31,881 $251,304 $— $251,212 $92 Liability derivatives32,218 31,881 337 — 80 257 At December 31, 2023Gross Amounts of Recognized Assets/LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/Liabilities Presented in the Statement of Financial PositionGross Amounts Not Offset in the Statement of Financial position(In thousands)Financial InstrumentsCash Collateral PledgedNet AmountAsset derivatives$289,778 $55,949 $233,829 $— $232,190 $1,639 Liability derivatives55,949 55,949 — — — — Derivative ActivityThe following table summarizes the income statement effect of derivatives designated as hedging instruments:Recognized InYears ended December 31,(In thousands)Net Interest Income202420232022Fair value hedges:Interest rate derivativesDeposits interest expense$(1,320)$3,194 $— Hedged itemDeposits interest expense— (15)— Net recognized on fair value hedges (1)$1,320 $(3,179)$— Cash flow hedges:Interest rate derivativesLong-term debt interest expense$34 $310 $306 Interest rate derivativesInterest and fees on loans and leases(42,005)(14,628)1,935 Net recognized on cash flow hedges$(42,039)$(14,938)$1,629 (1)The Company de-designated its fair value hedging relationship on $400.0 million of deposits, which pertained to a portion of Ametros’ member deposits, in 2023. The $1.3 million basis adjustment included in the carrying amount of deposits at December 31, 2023, was amortized into interest expense in January 2024 upon the acquisition of Ametros.Time-value premiums are excluded from the assessment of hedge effectiveness for