Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 254

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 254
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downs in home equities and small business commercial real estate loans. Total portfolio originations for the years ended December 31, 2024, and 2023, were $1.9 billion and $1.5 billion, respectively. The $0.4 billion increase was primarily due an increase in residential mortgage originations, which were lower in prior year as a result of the sharp increase in market rates and low housing inventories.

Deposits increased $1.1 billion, or 4.1%, at December 31, 2024, as compared to at December 31, 2023, primarily due to higher balances in interest-bearing deposit products, particularly money market, savings, and certificates of deposit, which was driven by higher interest rates, partially offset by lower balances in non-interest-bearing demand accounts.

Assets under administration increased $120.7 million, or 1.5%, at December 31, 2024, as compared to December 31, 2023, primarily due to an increase in investment account balances as a result of higher valuations in the equity markets and net inflows during the year.

44

Financial Condition

Total assets increased $4.1 billion, or 5.4%, from $74.9 billion at December 31, 2023, to $79.0 billion at December 31, 2024. The change in total assets was primarily attributed to the following, which experienced changes greater than $100 million:

•Cash and cash equivalents, which comprises Cash and due from banks and Interest-bearing deposits, increased $358.6 million, primarily due to an increase in interest-bearing deposits held at the FRB;

•Total investment securities, net increased $1.4 billion, primarily reflecting a $1.4 billion increase in the held-to-maturity portfolio, whereas the available-for-sale portfolio remained relatively flat. The increase in held-to-maturity was primarily due to purchases exceeding paydown activities, particularly across the Agency MBS and Agency CMBS categories. Throughout 2024, the Company sold $2.3 billion of available-for-sale Municipal bonds and notes, Agency MBS, Corporate debt securities, Agency CMBS, Government agency debentures, and Agency CMOs as part of its securities repositioning, in which the proceeds received were primarily reinvested in higher yielding Agency MBS and Agency CMBS; 

•Loans