Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 69

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 69
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 $1.4 billion. In connection with the sale, the Company received net cash proceeds of $18.4 million and derecognized $6.7 million of mortgage servicing rights. The resulting $11.7 million net gain on sale of mortgage servicing rights is included in Other income on the Consolidated Statements of Income and in Consumer Banking for segment reporting purposes.

Residential mortgage loan servicing fees, net of mortgage servicing rights amortization, which are included in Loan and lease related fees on the accompanying Consolidated Statements of Income, was $1.3 million, $4.0 million, and $5.9 million for the years ended December 31, 2024, 2023, and 2022, respectively. 

104

Note 6: Premises and Equipment

The following table summarizes the components of premises and equipment:  At December 31,(In thousands)20242023Land$73,442 $73,916 Buildings and improvements102,062 107,794 Leasehold improvements74,288 88,065 Furniture, fixtures, and equipment64,651 68,680 Data processing equipment and software103,811 94,030 Property and equipment418,254 432,485 Less: Accumulated depreciation and amortization(175,118)(186,365)Property and equipment, net243,136 246,120 ROU lease assets, net163,827 183,441 Premises and equipment, net$406,963 $429,561 Depreciation and amortization of property and equipment was $35.4 million, $34.7 million, and $41.7 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is included in both Occupancy and Technology and equipment expense on the accompanying Consolidated Statements of Income.The Company recognized $1.7 million, $4.6 million, and $6.3 million in losses on disposals of property and equipment for the years ended December 31, 2024, 2023, and 2022, respectively, which primarily pertained to construction in progress as a result of the Company’s decision to stop further project development and retired internal use software.Additional information regarding ROU lease assets can be found within Note 7: Leasing.Property and Equipment Held for SaleAssets held for disposition are included in