Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 251

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 251
---
,044 Non-interest expense418,467 394,942 362,843 Pre-tax, pre-provision net revenue$1,072,983 $1,166,939 $1,053,507 

Commercial Banking’s PPNR decreased $94.0 million, or 8.1%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023, due to a decrease in net interest income and an increase in non-interest expense, partially offset by an increase in non-interest income. The $88.3 million decrease in net interest income is primarily due to higher deposit costs and a decrease in loan interest rate spread, partially offset by higher average loan and deposit balances. The $17.8 million increase in non-interest income is primarily due to direct investment activities, higher cash management fees, and a $4.4 million net gain on sale of multi-family loans (securitization), partially offset by lower loan servicing fees. The $23.5 million increase in non-interest expense is primarily due to higher compensation and benefits costs, and increases in technology and operational support costs.

Selected Balance Sheet and Off-Balance Sheet Information:At December 31,(In thousands)20242023Loans and leases$40,616,156 $39,480,945 Deposits16,251,850 16,053,850 Assets under administration / management (off-balance sheet)2,965,624 2,911,293 

Loans and leases increased $1.1 billion, or 2.9%, at December 31, 2024, as compared to at December 31, 2023, primarily due to organic growth in commercial non-mortgage and commercial real estate, partially offset by net principal paydowns in asset-based lending and equipment finance loans and leases. Total portfolio originations for the years ended December 31, 2024, and 2023, were $9.7 billion and $9.0 billion, respectively. The $0.7 billion increase was primarily due to increases in commercial non-mortgage and equipment finance originations, partially offset by a decrease in commercial real estate originations.

Deposits increased $198.0 million, or 1.2%, at December 31, 2024, as compared to at December 31, 2023, primarily due to higher account balances in money