Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 51

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 51
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,310 $301,187 Adoption of ASU No. 2022-02— — — 7,704 (1,831)5,873 — — — Initial allowance for PCD loans and leases (1)— — — — — — 78,376 9,669 88,045 Provision (benefit)225,599 (4,856)220,743 138,057 5,152 143,209 268,295 4,502 272,797 Charge-offs(171,460)(5,010)(176,470)(104,509)(12,703)(117,212)(82,860)(4,662)(87,522)Recoveries4,069 5,487 9,556 3,286 5,840 9,126 11,437 8,797 20,234 Balance, end of period$635,871 $53,695 $689,566 $577,663 $58,074 $635,737 $533,125 $61,616 $594,741 Individually evaluated for credit losses68,013 693 68,706 43,559 4,635 48,194 34,793 12,441 47,234 Collectively evaluated for credit losses$567,858 $53,002 $620,860 $534,104 $53,439 $587,543 $498,332 $49,175 $547,507 (1)Represents the establishment of the initial reserve for PCD loans and leases, which is reported net of $48.3 million of day one charge-offs recognized at the date of acquisition in accordance with GAAP.

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Concentrations of Credit RiskConcentrations of credit risk may exist when a number of borrowers are engaged in similar activities, or activities in the same geographic region, and have similar economic characteristics that would cause them to be similarly impacted by changes in economic or other conditions. Concentrations of credit risk are controlled and monitored as part of the Company’s credit policies and procedures. The Company is a regional financial services holding company in the Northeast U.S. with a geographic concentration primarily in five geographic markets: New York City, Other New York Counties, Connecticut, New Jersey, and Massachusetts; and secondarily