Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Repurchase Agreements

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

	At December 31,
	2022				2021
(In thousands)	Total Outstanding		Rate		Total Outstanding		Rate
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 purchased	869,825		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.

Federal Home Loan Bank, Advances

The following table summarizes information for FHLB advances:

	At December 31,
	2022				2021
(In thousands)	Total Outstanding		Weighted-Average Contractual Coupon Rate		Total 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 years	252		—		—		—
After 5 years	10,113		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 FHLB	4,291,326				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.

Schedule of Long-Term Debt

The following table summarizes long-term debt:

			At December 31,
(In thousands)			2022		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)	333,458		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			1,059,778		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 notes			15,930		—
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.