Company: WBS-PG
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000801337-25-000026
Chunk: 118

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 118
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 short-term funding mix.

The Bank may also purchase term and overnight federal funds to meet its short-term liquidity needs. There were no federal funds purchased at March 31, 2025 and December 31, 2024.

FHLB advances are not only utilized as a source of funding, but also for interest rate risk management purposes. FHLB advances totaled $2.9 billion and $2.1 billion at March 31, 2025, and December 31, 2024, respectively. The $0.8 billion increase is primarily due to a change in short-term funding mix.

Long-term debt consists of senior notes maturing in 2029, subordinated notes maturing in 2029 and 2030, and junior subordinated notes maturing in 2033. Long-term debt remained flat at $0.9 billion at March 31, 2025 and December 31, 2024.

The Bank had additional borrowing capacity from the FHLB of $7.9 billion and $8.7 billion at March 31, 2025, and December 31, 2024, respectively. The Bank also had additional borrowing capacity from the FRB of $15.5 billion and $13.3 billion at March 31, 2025, and December 31, 2024, respectively. Unencumbered investment securities of $0.9 billion at March 31, 2025 could have been used for collateral on borrowings or to increase borrowing capacity by either $0.6 billion with the FHLB or $0.7 billion with the FRB.

The following table summarizes daily average balances of borrowings by type and the weighted-average rates paid thereon:Three months ended March 31,20252024(Dollars in thousands)AverageBalanceAverage RateAverageBalanceAverage RateSecurities sold under agreements to repurchase$244,560 2.74 %$130,653 0.52 %Federal funds purchased— — 140,165 5.47 FHLB advances2,112,301 4.47 2,689,632 5.50 Long-term debt (1)886,235 4.35 953,508 3.64 Total average borrowings$3,243,096 4.31 %$3,913,