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Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Borrowings Borrowings
The following table summarizes securities sold under agreements to repurchase and other borrowings:
At December 31,
20222021
(In thousands)Total OutstandingRateTotal OutstandingRate
Securities sold under agreements to repurchase (1):
Original maturity of one year or less$282,005 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)
282,005 0.11 674,896 0.47 
Federal funds purchased869,825 4.44 — — 
Securities sold under agreements to repurchase and other borrowings$1,151,830 3.38 %$674,896 0.47 %
(1)The Company 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 year ended December 31, 2022, the Company 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 the Company, which was recognized as a gain and recorded within Other income on the accompanying Consolidated Statements of Income.
Securities sold under agreements to repurchase are used as a source of borrowed funds and are collateralized by Agency MBS and Corporate debt. 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 may also purchase unsecured term and overnight federal funds to satisfy its short-term liquidity needs.
The following table summarizes information for FHLB advances:
At December 31,
20222021
(In thousands)Total
Outstanding		Weighted-Average Contractual Coupon RateTotal
Outstanding		Weighted-Average Contractual Coupon Rate
Maturing within 1 year$5,450,187 4.40 %$90 — %
After 1 but within 2 years— — 202 2.95 
After 2 but within 3 years— — — — 
After 3 but within 4 years— — — — 
After 4 but within 5 years252 — — — 
After 5 years10,113 2.09 10,705 2.03 
FHLB advances$5,460,552 4.39 %$10,997 2.03 %
Aggregate carrying value of assets pledged as collateral$13,692,379 $7,556,034 
Remaining borrowing capacity at FHLB4,291,326 5,087,294 
The Bank may borrow up to the amount of eligible mortgages and securities that have been pledged as collateral to secure FHLB advances, which includes certain residential and commercial real estate loans, home equity lines of credit, MBS and Agency CLO. The Bank was in compliance with its FHLB collateral requirements at both December 31, 2022, and 2021.
The following table summarizes long-term debt:
At December 31,
(In thousands)20222021
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)
333,458 338,811 
4.000%Subordinated fixed-to-floating rate notes due December 30, 2029274,000 — 
3.875 %Subordinated fixed-to-floating rate notes due November 1, 2030225,000 — 
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2)
77,320 77,320 
Total senior and subordinated debt1,059,778 566,131 
Discount on senior fixed-rate notes(756)(974)
Debt issuance cost on senior fixed-rate notes(1,824)(2,226)
Premium on subordinated fixed-to-floating rate notes15,930 — 
Long-term debt$1,073,128 $562,931 
(1)The Company de-designated its fair value hedging relationship on these senior notes in 2020. A basis adjustment of $33.5 million and $38.8 million at December 31, 2022, and 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 7.69% and 3.17% at December 31, 2022, and 2021, respectively.
The Company assumed $274.0 million in aggregate principal amount of 4.00% fixed-to-floating rate subordinated notes due on December 30, 2029 (the 2029 subordinated notes), in connection with the Sterling merger. The 2029 subordinated notes were issued by Sterling on December 16, 2019, through a public offering, and are redeemable at a price equal to the total principal amount plus any accrued and unpaid interest thereon, in whole or in part by the Company on December 30, 2024, or any interest payment date thereafter, upon the occurrence of certain specified events. Until December 30, 2024, the interest rate is fixed at 4.00% and payable semi-annually in arrears on each June 30 and December 30. From and including
December 30, 2024, through the earlier of maturity or redemption, the 2029 subordinated notes will bear interest at a floating rate per annum equal to three-month term SOFR plus 253 basis points, payable quarterly in arrears on March 30, June 30, September 30, and December 30 of each year, commencing on March 30, 2025.
The Company also assumed $225.0 million in aggregate principal amount of 3.875% fixed-to-floating rate subordinated notes due on November 1, 2030 (the 2030 subordinated notes), in connection with the Sterling merger. The 2030 subordinated notes were issued by Sterling on October 30, 2020, through a public offering, and are redeemable at a price equal to the total principal amount plus any accrued and unpaid interest thereon, in whole or in part by the Company on November 1, 2025, or any interest payment date thereafter, upon the occurrence of certain specified events. Until November 1, 2025, the interest rate is fixed at 3.875% and payable semi-annually in arrears on each May 1 and November 1. From and including November 1, 2025, through the earlier of maturity or redemption, the 2030 subordinated notes will bear interest at a floating rate per annum equal to
three-month term SOFR plus 369 basis points, payable quarterly in arrears on February 1, May 1, August 1, and November 1 of each year, commencing on February 1, 2026.
The Company recorded the 2029 and 2030 subordinated notes at their estimated fair value of $281.0 million and $235.9 million, respectively, on January 31, 2022. The corresponding purchase premiums are being amortized into interest expense over the remaining lives of the subordinated notes.