Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Repurchase Agreements

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

	At September 30, 2022				At December 31, 2021
(Dollars in thousands)	Total Outstanding		Rate		Total Outstanding		Rate
Securities sold under agreements to repurchase (1):
Original maturity of one year or less	$	312,089	0.11	%	$	474,896	0.11	%
Original maturity of greater than one year, non-callable (2)	—		—		200,000		1.32
Total securities sold under agreements to repurchase (1)	312,089		0.11		674,896		0.47
Federal funds purchased	953,325		3.17		—		—
Securities sold under agreements to repurchase and other borrowings	$	1,265,414	2.41		$	674,896	0.47

(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.

(2)During the three months September 30, 2022, Webster and its repurchase agreement counterparty agreed to fully extinguish two $100 million long-term, structured repurchase agreements. As a result, a net fee of $2.5 million was paid to Webster, which was recognized as a gain and recorded within other non-interest income on the Condensed Consolidated Statements of Operations.

Federal Home Loan Bank, Advances

The following table summarizes information for FHLB advances:

	At September 30, 2022				At December 31, 2021
(Dollars in thousands)	Total Outstanding		Weighted- Average Contractual Coupon Rate		Total Outstanding		Weighted- Average Contractual Coupon Rate
Maturing within 1 year	$	3,500,145	3.03	%	$	90	—	%
After 1 but within 2 years	122		2.51		202		2.95
After 2 but within 3 years	—		—		—		—
After 3 but within 4 years	—		—		—		—
After 4 but within 5 years	—		—		—		—
After 5 years	10,450		2.03		10,705		2.03
Total FHLB advances	$	3,510,717	3.03		$	10,997	2.03
Aggregate carrying value of assets pledged as collateral	$	9,973,866			$	7,556,034
Remaining borrowing capacity at FHLB	3,513,563				5,087,294

Schedule of Long-term Debt Instruments

The following table summarizes long-term debt:

(Dollars in thousands)		At September 30, 2022		At December 31, 2021
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)	334,796		338,811
4.000%	Subordinated fixed-to-floating rate notes due December 30, 2029	274,000		—
3.875%	Subordinated fixed-to-floating rate notes due November 1, 2030	225,000		—
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2)		77,320		77,320
Total senior and subordinated debt		1,061,116		566,131
Discount on senior fixed-rate notes		(811)		(974)
Debt issuance cost on senior fixed-rate notes		(1,924)		(2,226)
Premium on subordinated fixed-to-floating rate notes		16,463		—
Long-term debt		$	1,074,844	$	562,931

(1)Webster de-designated its fair value hedging relationship on these senior notes in 2020. A basis adjustment of $34.8 million and $38.8 million at September 30, 2022 and December 31, 2021, 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 6.48% and 3.17% at September 30, 2022 and December 31, 2021, respectively.