Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 279

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 279
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 as a source of funding, but also for interest rate risk management purposes. FHLB advances totaled $2.1 billion and $2.4 billion at December 31, 2024, and 2023, respectively. The $0.3 billion decrease 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 totaled $909.2 million, and $1.0 billion, at December 31, 2024, and 2023, respectively. The $139.6 million decrease is primarily due to the maturity of its 4.375% senior notes in February 2024.

The Bank had additional borrowing capacity from the FHLB of $8.7 billion and $12.5 billion at December 31, 2024, and 2023, respectively. The Bank also had additional borrowing capacity from the FRB of $13.3 billion and $6.6 billion at December 31, 2024, and 2023, respectively. Unencumbered investment securities of $1.0 billion at December 31, 2024, could have been used for collateral on borrowings or to increase borrowing capacity by either $0.8 billion with the FHLB or $0.9 billion with the FRB.

The following table summarizes daily average balances of borrowings by type and the weighted-average rates paid thereon:Years ended December 31,202420232022(In thousands)Average BalanceAverage RateAverage BalanceAverage RateAverage BalanceAverage RateSecurities sold under agreements to repurchase$142,025 0.77 %$210,676 0.58 %$466,282 0.78 %Federal funds purchased54,303 5.55 167,495 4.70 598,269 2.58 FHLB advances2,296,048 5.46 4,275,394 5.21 1,965,577 2.98 Long-term debt903,603 3.57 1,027,869 3.69 995,341 3.44 Total average borrowings$3,395,979 4.76 %$5,681,434