Company: WBS-PG
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0000801337-25-000083
Chunk: 99

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2
Chunk 99
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Non-Interest IncomeThree months ended June 30,Six months ended June 30,(Dollars in thousands)2025202420252024Deposit service fees$40,934 $41,027 $79,829 $83,616 Loan and lease related fees17,657 19,334 35,278 39,101 Wealth and investment services7,779 8,556 15,568 16,480 Cash surrender value of life insurance policies9,172 6,359 17,164 12,305 Gain (loss) on sale of investment securities, net — (49,915)220 (59,741)Other income19,115 16,937 39,204 49,890 Total non-interest income$94,657 $42,298 $187,263 $141,651 

Comparison to Prior Year Quarter

Total non-interest income increased $52.4 million, or 123.8%, from $42.3 million for the three months ended June 30, 2024, to $94.7 million for the three months ended June 30, 2025, primarily due to the change in Net gains (losses) on sale of investment securities, and increases in the Cash surrender value of life insurance policies and Other income.

The Cash surrender value of life insurance policies increased $2.8 million, or 44.2%, from $6.4 million for the three months ended June 30, 2024, to $9.2 million for the three months ended June 30, 2025, primarily due to bank-owned life insurance events in the first quarter of 2024, which resulted in a lower cash surrender value in the prior year quarter.

There were no sales of investment securities during the three months ended June 30, 2025. During the three months ended June 30, 2024, net (losses) on sale of investment securities totaled $49.9 million, as the Company sold $971.6 million of Municipal bonds and notes classified as available-for-sale for proceeds of $921.6 million. The amounts presented in non-interest income include the portion of any losses that were not due to credit related factors.

Other income increased $2.2 million, or 12.9%, from $16.9 million for the three months ended June 30,