Company: WBS-PG
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000801337-25-000026
Chunk: 94

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 94
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 due to decreases in net interest income and non-interest income, and an increase in non-interest expense. The $3.7 million decrease in net interest income is primarily due to growth in higher cost deposit products, partially offset by loan growth. The $7.8 million decrease in non-interest income is primarily due to the net gain on sale of mortgage servicing rights in the first quarter of 2024, coupled with lower investment services income and loan servicing fees, partially offset by increased deposit service fees. The $2.5 million increase in non-interest expense is primarily due to increased investments in technology and outside professional services, partially offset by lower operational support expenses, costs related to debit card processing, and employee benefits expenses.

Selected Balance Sheet and Off-Balance Sheet Information:(In thousands)March 31,2025December 31,2024Loans$12,266,777 $11,886,095 Deposits27,797,351 27,332,786 Assets under administration (off-balance sheet)7,433,931 7,997,114 

Loans increased $0.4 billion, or 3.2%, at March 31, 2025, as compared to December 31, 2024, primarily due to growth in residential mortgages and an increase in other consumer loans, partially offset by net principal paydowns in home equity loans/lines of credit and small business commercial loans. Total portfolio originations for the three months ended March 31, 2025, and 2024, were $0.6 billion and $0.3 billion. The $0.3 billion increase was primarily due to increased residential mortgage originations, partially offset by decreased small business commercial loan originations.

Deposits increased $0.5 billion, or 1.7%, at March 31, 2025, as compared to December 31, 2024, primarily due to higher savings, money market, checking, and non-interest-bearing demand deposits balances resulting from seasonal net inflows.

Assets under administration decreased $0.6 billion, or 7.0% at March 31, 2025, as compared to December 31, 2024, primarily due to the sale of two investment portfolios and lower valuations in the equity markets.

11

Financial Condition

Total assets increased $1.3 billion, or 1.6%, from $79.0 billion