Borrowings (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Repurchase Agreements

The following table summarizes securities sold under agreements to repurchase and federal funds purchased:

	June 30, 2025				December 31, 2024
(Dollars in thousands)	Total Outstanding		Rate		Total Outstanding		Rate
Securities sold under agreements to repurchase (1)	$	372,806	3.66	%	$	344,168	2.98	%
Securities sold under agreements to repurchase and federal funds purchased (2)	$	372,806	3.66	%	$	344,168	2.98	%

(1)Securities sold under agreements to repurchase have an original maturity date of one year or less for the periods presented.

(2)There were no outstanding federal funds purchased at June 30, 2025, and December 31, 2024.

Summary of Repurchase Agreement Offsetting

The following tables represent the offsetting of repurchase agreements that are subject to master netting agreements:

	June 30, 2025
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities Presented in the Statement of Financial Position		Gross Amounts Not Offset in the Statement of Financial Position
(In thousands)							Financial Instruments (1)		Cash Collateral Pledged		Net Amount
Repurchase agreements	$	302,306	$	—	$	302,306	$	302,306	$	—	$	—
	December 31, 2024
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities Presented in the Statement of Financial Position		Gross Amounts Not Offset in the Statement of Financial Position
(In thousands)							Financial Instruments (1)		Cash Collateral Pledged		Net Amount
Repurchase agreements	$	209,961	$	—	$	209,961	$	209,961	$	—	$	—

(1)Amounts disclosed are limited to the balance of securities sold under agreements to repurchase reported on the accompanying Condensed Consolidated Balance Sheets that are subject to master netting agreements and, accordingly, exclude excess collateral pledged. At June 30, 2025, and December 31, 2024, Agency MBS with a carrying amount of $315.1 million and $220.6 million, respectively, were pledged as collateral against such securities sold under agreements to repurchase, resulting in excess collateral positions of $12.8 million and $10.6 million, respectively.

Summary of FHLB Advances

The following table summarizes information for FHLB advances:

	June 30, 2025				December 31, 2024
(Dollars in thousands)	Total Outstanding		Weighted- Average Contractual Coupon Rate		Total Outstanding		Weighted- Average Contractual Coupon Rate
Maturing within 1 year	$	3,330,000	4.49	%	$	2,100,000	4.50	%
After 1 but within 2 years	—		—		—		—
After 2 but within 3 years	417		1.37		218		—
After 3 but within 4 years	—		—		215		2.75
After 4 but within 5 years	629		1.75		642		1.75
After 5 years	8,868		2.02		9,033		2.02
Total FHLB advances	$	3,339,914	4.48	%	$	2,110,108	4.49	%
Aggregate market value of assets pledged as collateral	$	16,530,103			$	16,581,133
Remaining borrowing capacity at FHLB	7,557,549				8,670,348

Schedule of Long-Term Debt

The following table summarizes long-term debt:

(Dollars in thousands)		June 30, 2025		December 31, 2024
4.100%	Senior fixed-rate notes due March 25, 2029 (1)	$	320,074	$	322,751
Subordinated floating-rate notes due December 30, 2029 (2)		274,000		274,000
3.875%	Subordinated fixed-to-floating rate notes due November 1, 2030	225,000		225,000
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (3)		77,320		77,320
Total senior and subordinated debt		896,394		899,071
Discount on senior fixed-rate notes		(373)		(423)
Debt issuance cost on senior fixed-rate notes		(1,003)		(1,137)
Premium on subordinated fixed-to-floating rate notes		10,616		11,674
Long-term debt (4)		$	905,634	$	909,185

(1)The Company de-designated its fair value hedging relationship on these senior fixed-rate notes in 2020. A basis adjustment of $20.1 million and $22.8 million at June 30, 2025, and December 31, 2024, respectively, is included in the carrying value and is being amortized over the remaining life of the senior fixed-rate notes.

(2)The interest rate on the 2029 subordinated floating-rate notes varies quarterly based on 3-month term SOFR plus 253 basis points, which yielded 6.82% at June 30, 2025, and 6.84% at December 31, 2024.

(3)The interest rate on the Webster Statutory Trust I floating-rate notes varies quarterly based on 3-month SOFR plus a credit spread adjustment plus a market spread of 2.95%, which yielded 7.52% at June 30, 2025, and 7.56% at December 31, 2024.

(4)The classification of debt as long-term is based on the initial term of greater than one year as of the date of issuance.