Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 245

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 245
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)13,177364292656Total interest income$251,763$35,841$287,604$1,017,921$347,413$1,365,334Change in interest on interest-bearing liabilities:Health savings accounts$172$601$773$5,710$341$6,051Interest-bearing checking, money market, and savings177,558136,870314,428596,02345,227641,250Time deposits60,16530,42090,585178,26257,303235,565Securities sold under agreements to repurchase268(401)(133)(402)(1,981)(2,383)Federal funds purchased463(5,319)(4,856)3,547(11,120)(7,573)Other borrowings———(1)—(1)FHLB advances5,818(103,026)(97,208)95,16868,812163,980Long-term debt (2)(1,095)(4,586)(5,681)2,5311,1203,651Total interest expense$243,349$54,559$297,908$880,838$159,702$1,040,540Net change in net interest income$8,414$(18,718)$(10,304)$137,083$187,711$324,794

(1)The change attributable to mix, a combined impact of rate and volume, is included with the change due to rate.

(2)The increase due to rate and volume for 2023 vs. 2022 for investment securities and long-term debt were recast in connection with the change in presentation of certain consolidated average balances effective in 2024, as discussed on the previous page. 

Provision for Credit Losses

The provision for credit losses was $222.0 million and $150.7 million for the year ended December 31, 2024, and 2023, respectively. The balance for the year ended December 31, 2023, included a discrete merger-related charge of $6.8 million, which increased the provision for unfunded loan commitments. Excluding this charge, the provision for credit losses increased $78.1 million, primarily due to the impact of the current macroeconomic environment on credit performance, risk rating migration, loan portfolio mix, and organic loan growth.

Additional information regarding the Company’s provision for credit losses and ACL can be found under the sections caption