Company: WBS-PG
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000801337-25-000026
Chunk: 117

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 117
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Uninsured deposits, after adjusting for affiliate deposits and collateralized deposits, represented 20.7% of total deposits at March 31, 2025. Management believes that this presentation provides a more accurate view of deposits at risk given that affiliate deposits are not customer-facing, and therefore are eliminated upon consolidation, and collateralized deposits are secured by other means. As of the date of this Quarterly Report on Form 10-Q, the Company’s uninsured deposits as a percentage of total deposits, adjusted for affiliate deposits and collateralized deposits, is consistent with the percentage reported at March 31, 2025.

The following table summarizes the portion of U.S. time deposits in excess of the FDIC insurance limit and time deposits otherwise uninsured by contractual maturity:(In thousands)March 31, 2025Portion of U.S. time deposits in excess of insurance limit$1,411,038Time deposits otherwise uninsured with a maturity of:3 months or less$702,880Over 3 months through 6 months275,391Over 6 months through 12 months428,417Over 12 months4,350

Additional information regarding period-end deposit balances and rates can be found within Note 6: Deposits in the Notes to Condensed Consolidated Financial Statements contained in Part I - Item 1. Financial Statements.

Borrowings. The Bank’s primary borrowing sources include securities sold under agreements to repurchase, federal funds purchased, FHLB advances, and long-term debt. Total borrowings were $3.9 billion and $3.4 billion at March 31, 2025, and December 31, 2024, respectively, and represented 4.9% and 4.3% of total assets, respectively. The $0.5 billion net increase is primarily due to an increase of $0.8 billion in FHLB advances, partially offset by a decrease of $0.3 billion in securities sold under agreements to repurchase.

Securities sold under agreements to repurchase are generally a form of short-term funding for the Bank in which it sells securities to counterparties with an agreement to buy them back in the future at a fixed price. Securities sold under agreements to repurchase totaled $83.4 million and $344.2 million at March 31, 2025, and December 31, 2024, respectively. The $260.8 million decrease is primarily due to a change in