Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

The following table summarizes the changes in the benefit obligation, fair value of plan assets, and funded status of the defined benefit pension and postretirement benefit plans at December 31:

	Pension				SERP				OPEB
(In thousands)	2022		2021		2022		2021		2022		2021
Change in benefit obligation:
Beginning balance	$	250,263	$	266,414	$	1,873	$	2,046	$	1,904	$	1,998
Benefit obligation assumed from Sterling	—		—		4,517		—		26,030		—
Service cost	—		—		—		—		34		—
Interest cost	5,565		4,663		107		30		652		19
Actuarial (gain) loss	(57,751)		(11,131)		(581)		(77)		(4,992)		32
Benefits and administrative expenses paid	(10,241)		(9,683)		(1,671)		(126)		(806)		(145)
Ending balance	187,836		250,263		4,245		1,873		22,822		1,904
Change in plan assets:
Beginning balance	271,846		266,268		—		—		—		—
Actual return on plan assets	(60,223)		15,261		—		—		—		—
Employer contributions	—		—		1,671		126		806		145
Benefits paid	(10,241)		(9,683)		(1,671)		(126)		(806)		(145)
Ending balance	201,382		271,846		—		—		—		—
Funded status (1)	$	13,546	$	21,583	$	(4,245)	$	(1,873)	$	(22,822)	$	(1,904)

(1)The overfunded (underfunded) status of each plan is respectively included in Accrued interest receivable and other assets or Accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets, as applicable.

Excluding the impact of the merger with Sterling, the change in the total funded status of the defined benefit pension and postretirement benefit plans is primarily attributed to higher actuarial gains due to the increase in discount rate and, for the pension plan only, a negative return on plan assets due to lower market valuations.

The following table sets forth by level within the fair value hierarchy the Pension Plan's assets at fair value:

	At December 31,
	2022								2021
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Common collective trusts	—		172,941		—		172,941		—		230,923		—		230,923
Registered investment companies	$	26,923	$	—	$	—	$	26,923	$	39,082	$	—	$	—	$	39,082
Cash and cash equivalents	1,518		—		—		1,518		1,841		—		—		1,841
Total pension plan assets	$	28,441	$	172,941	$	—	$	201,382	$	40,923	$	230,923	$	—	$	271,846

Schedule of Assumptions Used

The following table summarizes the weighted-average assumptions used to determine the benefit obligation at December 31:

	Discount Rate
	2022		2021
Pension:
Webster Bank Pension Plan	4.96	%	2.65	%
SERP:
Webster Bank Supplemental Defined Benefit Plan for Executive Officers	4.88	%	2.45	%
Astoria Bank Excess Benefit and Supplemental Benefit Plans	4.77	%	n/a
Astoria Bank Directors' Retirement Plan	4.70	%	n/a
Retirement Plan of the Greater New York Savings Bank for Non-Employee Directors	4.70	%	n/a
Supplemental Executive Retirement Plan of Provident Bank	5.04	%	n/a
Supplemental Executive Retirement Plan of Provident Bank - Other	4.90	%	n/a
OPEB:
Webster Bank Postretirement Medical Benefit Plan	4.72	%	1.99	%
Sterling Bancorp Supplemental Postretirement Life Insurance Plan	4.70	%	n/a
Astoria Bank Postretirement Welfare Benefit Plans	4.94	%	n/a
Split Dollar Life Insurance Arrangement	4.63	%	n/a

The following table summarizes the weighted-average assumptions used to determine net periodic benefit (income) cost for the years ended December 31:

	Discount Rate
	2022		2021		2020
Pension:
Webster Bank Pension Plan	2.65	%	2.29	%	3.07	%
SERP:
Webster Bank Supplemental Defined Benefit Plan for Executive Officers	2.45	%	1.91	%	2.82	%
Astoria Bank Excess Benefit and Supplemental Benefit Plans	2.58	%	n/a		n/a
Astoria Bank Directors' Retirement Plan	2.23	%	n/a		n/a
Retirement Plan of the Greater New York Savings Bank for Non-Employee Directors	2.37	%	n/a		n/a
Supplemental Executive Retirement Plan of Provident Bank	2.76	%	n/a		n/a
Supplemental Executive Retirement Plan of Provident Bank - Other	2.38	%	n/a		n/a
OPEB:
Webster Bank Postretirement Medical Benefit Plan	1.99	%	1.40	%	2.50	%
Sterling Bancorp Supplemental Postretirement Life Insurance Plan	2.35	%	n/a		n/a
Astoria Bank Postretirement Welfare Benefit Plans	2.93	%	n/a		n/a
Split Dollar Life Insurance Arrangement	2.20	%	n/a		n/a
	Expected Long-Term Rate of Return on Plan Assets
	2022		2021		2020
Pension:
Webster Bank Pension Plan	5.50	%	5.50	%	5.75	%
	Assumed Health Care Cost Trend Rate (1)
	2022		2021		2020
OPEB:
Webster Bank Postretirement Medical Benefit Plan	6.25	%	6.50	%	6.50	%
Astoria Bank Postretirement Welfare Benefit Plans	6.60	%	n/a		n/a

(1)The rates to which the healthcare cost trend rates are assumed to decline (ultimate trend rates) along with the year that the ultimate trend rates will be reached for the Webster Bank Postretirement Medical Benefit Plan and the Astoria Bank Postretirement Welfare Benefit Plans are 4.40% in 2030, and 4.75% in 2033, respectively.

Schedule of Net Periodic Benefit Cost Not yet Recognized

The following table summarizes the amounts recorded in accumulated other comprehensive (loss) income that have not yet been recognized in net periodic benefit (income) cost at December 31:

	Pension				SERP				OPEB
(In thousands)	2022		2021		2022		2021		2022		2021
Net actuarial loss (gain)	$	56,717	$	41,792	$	50	$	658	$	(5,573)	$	(620)
Deferred tax benefit (expense)	15,383		8,636		14		136		(1,512)		(128)
Net amount recorded in (AOCL) AOCI	$	41,334	$	33,156	$	36	$	522	$	(4,061)	$	(492)

Summary of Net Periodic Benefit Cost

The following table summarizes the components of net periodic benefit (income) cost for the years ended December 31:

	Pension						SERP						OPEB
(In thousands)	2022		2021		2020		2022		2021		2020		2022		2021		2020
Service cost	$	—	$	—	$	—	$	—	$	—	$	—	$	34	$	—	$	—
Interest cost	5,565		4,663		6,511		107		30		46		652		19		46
Expected return on plan assets	(14,675)		(14,385)		(13,522)		—		—		—		—		—		—
Amortization of actuarial loss (gain)	2,224		4,102		4,027		26		38		23		(40)		(38)		(74)
Net periodic benefit (income) cost (1)	$	(6,886)	$	(5,620)	$	(2,984)	$	133	$	68	$	69	$	646	$	(19)	$	(28)

(1)Net periodic benefit (income) cost is included in Other expense on the accompanying Consolidated Statements of Income.

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The following table summarizes amounts recognized in other comprehensive (loss) income, including reclassification adjustments, for the years ended December 31:

	Pension							SERP						OPEB
(In thousands)	2022		2021		2020			2022		2021		2020		2022		2021		2020
Net actuarial loss (gain)	$	17,148	$	(12,008)	$	5,375		$	(581)	$	(77)	$	194	$	(4,992)	$	33	$	(307)
Amounts reclassified from (AOCL) AOCI	(2,224)		(4,102)		(4,027)		-4027000	(26)		(38)		(23)		40		38		74
Total loss (gain) recognized in (OCL) OCI	$	14,924	$	(16,110)	$	1,348		$	(607)	$	(115)	$	171	$	(4,952)	$	71	$	(233)

Schedule of Expected Benefit Payments

At December 31, 2022, the expected future benefit payments for the Company's defined benefit pension and postretirement benefits plans are as follows:

(In thousands)	Pension		SERP		OPEB
2023	$	10,224	$	475	$	2,850
2024	10,804		478		2,669
2025	11,236		460		2,522
2026	11,644		440		2,330
2027	12,046		419		2,153
Thereafter	63,884		1,724		7,800

Schedule of Multiemployer Plans

The following table summarizes information related to the Bank's participation in the multi-employer plan:

(In thousands)				Contributions Years Ended December 31,			Funded Status At December 31,
Plan Name	Employer Identification Number	Plan Number	Surcharge Imposed	2022	2021	2020	2022	2021
Pentegra Defined Benefit Plan for Financial Institutions	13-5645888	333	No	$448	$692	$998	At least 80 percent	At least 80 percent