Company: WBS-PG
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0000801337-25-000104
Chunk: 233

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 233
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 other significant events identified requiring recognition for disclosure.Elements Financial Federal Credit Union HSA Portfolio AcquisitionOn October 1, 2025, the Company acquired a portfolio of HSAs from Elements Financial Federal Credit Union. The transaction was accounted for as an asset acquisition, and the Company received $40.9 million in both cash and deposits on the acquisition date. The Company also paid a 12% deposit premium based on the final settlement of deposits, which resulted in the recognition of a $4.9 million core deposit intangible asset.Sale of Remaining Joint Venture Seed Portfolio LoansIn October and November 2025, the Company sold the remainder of the seed portfolio loans to launch the joint venture’s operations. The transfers each met the requisite criteria to be accounted for as sales in accordance with ASC 860, Transfers and Servicing. In connection with the sales, the Company derecognized $46.7 million, in aggregate, from Loans held for sale and recognized an immaterial gain.Redemption of the 3.875% Subordinated Fixed-to-Floating Rate Notes due 2030On November 3, 2025, the next business day following the scheduled call date of November 1, 2025, the Company repaid the outstanding $225.0 million principal balance due, plus any accrued and unpaid interest thereon, and recognized a $6.2 million gain upon debt extinguishment.Common Stock Repurchase ProgramIn October and November 2025, the Company repurchased 3,535,620 shares, in aggregate, of common stock under its authorized repurchase program at a weighted-average price of $56.56 per share. The total cost of these repurchases, including commissions, was approximately $200.0 million.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information regarding quantitative and qualitative disclosures about market risk can be found in Part I within Note 13: Derivative Financial Instruments in the Notes to the Condensed Consolidated Financial Statements contained in Item 1. Financial Statements, and under the section captioned “Asset/Liability Management and Market Risk” contained in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, which are incorporated herein by reference.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, under the supervision and with the participation of the Chief Executive Officer (who is our principal executive officer) and Chief Financial Officer