v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
Securities Sold Under Agreements to Repurchase
The following table summarizes securities sold under agreements to repurchase:
June 30, 2026December 31, 2025
(Dollars in thousands)Total OutstandingRateTotal OutstandingRate
Securities sold under agreements to repurchase (1)
$73,395 0.16 %$596,738 3.32 %
(1)Securities sold under agreements to repurchase have an original maturity date of one year or less for the periods presented.
The Company’s repurchase agreement counterparties are limited to primary dealers in government securities and commercial and municipal customers through the Corporate Treasury function. The Company has the right of offset with respect to repurchase agreement assets and liabilities with the same counterparty when master netting agreements are in place. Securities sold under agreements to repurchase are presented as gross transactions at June 30, 2026, and at December 31, 2025, since only liabilities are outstanding. Agency MBS securities, which had an aggregate carrying value of $75.7 million at June 30, 2026, and $625.3 million at December 31, 2025, are pledged to secure repurchase agreements. These Agency MBS securities are subject to changes in market value and, therefore, the Company may increase or decrease the level of securities pledged as collateral based upon movements in market value.
The following tables represent the offsetting of repurchase agreements that are subject to master netting agreements:
June 30, 2026
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Liabilities Presented in the Statement of Financial PositionGross Amounts Not Offset in the Statement of Financial Position
(In thousands)Financial InstrumentsCash Collateral PledgedNet Amount
Repurchase agreements$— $— $— $— $— $— 
December 31, 2025
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Liabilities Presented in the Statement of Financial PositionGross Amounts Not Offset in the Statement of Financial Position
(In thousands)
Financial Instruments (1)
Cash Collateral PledgedNet Amount
Repurchase agreements$494,420 $— $494,420 $494,420 $— $— 
(1)Amounts disclosed are limited to the balance of securities sold under agreements to repurchase reported on the accompanying Condensed Consolidated Balance Sheets that are subject to master netting agreements and, accordingly, exclude excess collateral pledged. At December 31, 2025, Agency MBS with an aggregate carrying value of $520.1 million was pledged as collateral against such securities sold under agreements to repurchase, resulting in an excess collateral position of $25.6 million.
FHLB Advances
The following table summarizes information for FHLB advances:
June 30, 2026December 31, 2025
(Dollars in thousands)Total OutstandingWeighted-Average Contractual Coupon RateTotal OutstandingWeighted-
Average Contractual Coupon Rate
Maturing within 1 year$3,650,000 3.85 %$2,970,000 3.44 %
After 1 year but within 2 years386 1.38 201 — 
After 2 years but within 3 years— — 201 2.75 
After 3 years but within 4 years601 1.75 615 1.75 
After 4 years but within 5 years4,332 1.04 3,669 1.25 
After 5 years5,927 2.16 6,032 2.16 
Total FHLB advances$3,661,246 3.84 %$2,980,718 3.44 %
Aggregate market value of assets pledged as collateral$22,906,954 $16,331,016 
Remaining borrowing capacity at the FHLB of Boston12,955,009 7,882,187 
The Bank may borrow up to a discounted amount of eligible loans and securities that have been pledged as collateral to secure FHLB advances, which includes certain residential, multi-family, and commercial real estate loans, home equity lines of credit, Agency MBS, and Agency CMO. The Bank was in compliance with its FHLB collateral requirements at June 30, 2026, and at December 31, 2025.
Long-term Debt
The following table summarizes long-term debt:
(Dollars in thousands)June 30,
2026		December 31,
2025
4.100%
Senior fixed-rate notes due March 25, 2029 (1)
$314,721 $317,398 
5.784%Fixed-rate reset subordinated notes due September 11, 2035350,000 350,000 
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2)
77,320 77,320 
Total senior and subordinated debt742,041 744,718 
Discount on senior fixed-rate notes(273)(323)
Debt issuance cost on senior fixed-rate notes(735)(869)
Discount on fixed-rate reset subordinated notes(2,413)(2,545)
Debt issuance cost on fixed-rate reset subordinated notes(1,449)(1,527)
Total long-term debt (3)
$737,171 $739,454 
(1)The Company de-designated its fair value hedging relationship on these senior fixed-rate notes in 2020. A basis adjustment of $14.7 million at June 30, 2026, and $17.4 million at December 31, 2025, is included in the carrying value and is being amortized over the remaining life of the senior fixed-rate notes.
(2)The interest rate on the Webster Statutory Trust I floating-rate notes varies quarterly based on 3-month SOFR plus a credit spread adjustment plus a market spread of 2.95%, which yielded 6.89% at June 30, 2026, and 6.92% at December 31, 2025.
(3)The classification of debt as long-term is based on the initial term of greater than one year as of the date of issuance.
Additional information regarding the Company’s long-term debt can be found within Note 10: Borrowings in the Notes to Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.