Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowings

Borrowings

Total borrowed funds were $1.2 billion and $1.7 billion at December 31, 2021 and 2020, respectively. The components of Webster's borrowings are discussed further below.

The following table summarizes securities sold under agreements to repurchase and other borrowings:

	At December 31,
	2021				2020
(Dollars in thousands)	Total Outstanding		Rate		Total Outstanding		Rate
Securities sold under agreements to repurchase (1):
Original maturity of one year or less	$	474,896	0.11	%	$	269,330	0.13	%
Original maturity of greater than one year, non-callable	200,000		1.32		200,000		0.84
Total securities sold under agreements to repurchase	674,896		0.47		469,330		0.43
Federal funds purchased	—		—		526,025		0.08
Securities sold under agreements to repurchase and other borrowings	$	674,896	0.47	%	$	995,355	0.25	%

(1)Webster has the right of offset with respect to all repurchase agreement assets and liabilities. Total securities sold under agreements to repurchase are presented as gross transactions, as only liabilities are outstanding for the periods presented.

Securities sold under agreements to repurchase are used as a source of borrowed funds and are collateralized by Agency MBS. Webster's repurchase agreement counterparties are limited to primary dealers in government securities, and commercial and municipal customers through the Corporate Treasury function. Webster may also purchase term and overnight federal funds to satisfy its short-term liquidity needs.

The following table summarizes information for FHLB advances:

	At December 31,
	2021				2020
(Dollars in thousands)	Total Outstanding		Weighted-Average Contractual Coupon Rate		Total Outstanding		Weighted-Average Contractual Coupon Rate
Maturing within 1 year	$	90	—	%	$	25,000	0.38	%
After 1 year but within 2 years	202		2.95		110		—
After 2 years but within 3 years	—		—		215		2.95
After 3 years but within 4 years	—		—		50,000		1.59
After 4 years but within 5 years	—		—		50,000		1.42
After 5 years	10,705		2.03		7,839		2.66
FHLB advances	$	10,997	2.03	%	$	133,164	1.36	%
Aggregate carrying value of assets pledged as collateral	$	7,556,034			$	7,387,054
Remaining borrowing capacity at FHLB	5,087,294				4,689,642

Webster Bank may borrow up to the amount of eligible mortgages and securities that have been pledged as collateral to secure FHLB advances, which primarily include certain residential and commercial real estate loans, and home equity lines of credit. Webster Bank was in compliance with its FHLB collateral requirements at both December 31, 2021 and 2020.

The following table summarizes long-term debt:

			At December 31,
(Dollars in thousands)			2021		2020
4.375%		Senior fixed-rate notes due February 15, 2024	$	150,000	$	150,000
4.100	%	Senior fixed-rate notes due March 25, 2029 (1)	338,811		344,164
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2)			77,320		77,320
Total senior and subordinated debt			566,131		571,484
Discount on senior fixed-rate notes			(974)		(1,193)
Debt issuance cost on senior fixed-rate notes			(2,226)		(2,628)
Long-term debt			$	562,931	$	567,663

(1)Webster de-designated its fair value hedging relationship on these senior notes in 2020. A basis adjustment of $38.8 million and $44.2 million at December 31, 2021 and 2020, respectively, is included in the carrying value and is being amortized over the remaining life of the senior notes.

(2)The interest rate on the Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 3.17% and 3.18% at December 31, 2021