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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________________

FORM 10-Q

_________________________________________________________________________________________________________________________________________-___________________________________________________________________________________________________

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ____ to ____

Commission File Number: 001-31486

_______________________________________________________________________________________

WEBSTER FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

______________________________________________________________________________________


Delaware						06-1187536
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

200 Elm Street, Stamford, Connecticut 06902

(Address and zip code of principal executive offices)

(203) 578-2202

(Registrant’s telephone number, including area code)

______________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of each exchange on which registered
Common Stock, par value $0.01 per share	WBS	New York Stock Exchange
Depositary Shares, each representing 1/1000th interest in a share	WBS-PrF	New York Stock Exchange
of 5.25% Series F Non-Cumulative Perpetual Preferred Stock
Depositary Shares, each representing 1/40th interest in a share	WBS-PrG	New York Stock Exchange
of 6.50% Series G Non-Cumulative Perpetual Preferred Stock

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The number of shares of common stock, par value $0.01 per share, outstanding as of November 7, 2025 was 161,290,301.

INDEX


		Page No.

Key to Acronyms and Terms		ii
Forward-Looking Statements		iii

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	33

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	89

Item 4.	Controls and Procedures	89

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	90

Item 1A.	Risk Factors	90

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	90

Item 3.	Defaults Upon Senior Securities	90

Item 4.	Mine Safety Disclosures	90

Item 5.	Other Information	90

Item 6.	Exhibits	91

EXHIBIT INDEX		91

SIGNATURES		92

KEY TO ACRONYMS AND TERMS


ACH			Automated clearing house
ACL			Allowance for credit losses
Agency			A financial services corporation created by the United States Congress
Agency CMBS			Agency commercial mortgage-backed securities
Agency CMO			Agency collateralized mortgage obligations
Agency MBS			Agency mortgage-backed securities
ALCO			Asset/Liability Committee
Ametros			Ametros Financial Corporation
AOCI / AOCL			Accumulated other comprehensive income (loss), net of tax
ASC			Accounting Standards Codification
ASU or the Update			Accounting Standards Update
ATM			Automated teller machine
Basel III Capital Rules			Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision

BHC Act			Bank Holding Company Act of 1956, as amended
CECL			Current expected credit losses
CET1			Common Equity Tier 1 Capital, defined by Basel III capital rules
CET1 Risk-Based Capital			Ratio of CET1 capital to total risk-weighted assets, defined by the Basel III Capital Rules


CMBS			Non-agency commercial mortgage-backed securities
CODM			Chief Operating Decision Maker
CRA			Community Reinvestment Act of 1977

EAD			Exposure at default
FASB			Financial Accounting Standards Board
FDIC			Federal Deposit Insurance Corporation
FHLB			Federal Home Loan Bank
FICO			Fair Isaac Corporation
FRB			Federal Reserve Bank
FTE			Fully tax-equivalent
FTP			Funds Transfer Pricing, a matched maturity funding concept
GAAP			U.S. Generally Accepted Accounting Principles
Holding Company			Webster Financial Corporation
HSA			Health savings account
HSA Bank			HSA Bank, a division of Webster Bank, National Association

interSYNC			interLINK Insured Sweep LLC, rebranded as interSYNC


LGD			Loss given default

LIHTC			Low-income housing tax credit
LTV			Loan-to-value
Marathon Asset Management			Marathon Asset Management MW Holding, LLC
MBS			Mortgage-backed securities
Moody’s			Moody’s Investor Services
NAICS			North American Industry Classification System
NAV			Net asset value
OCC			Office of the Comptroller of the Currency

OREO			Other real estate owned

PD			Probability of default
PPNR			Pre-tax, pre-provision net revenue


ROU			Right-of-use
S&P			Standard and Poor’s Rating Services

SEC			United States Securities and Exchange Commission

SOFR			Secured overnight financing rate

Tier 1 Leverage Capital			Ratio of Tier 1 capital to average tangible assets, defined by the Basel III Capital Rules
Tier 1 Risk-Based Capital			Ratio of Tier 1 capital to total risk-weighted assets, defined by the Basel III Capital Rules
Total Risk-Based Capital			Ratio of total capital to total risk-weighted assets, defined by the Basel III Capital Rules

UPB			Unpaid principal balance
U.S.			United States
VIE			Variable Interest Entity; defined in ASC 810-10 “Consolidation-Overall”
Webster Bank or the Bank			Webster Bank, National Association, a wholly-owned subsidiary of Webster Financial Corporation
Webster or the Company			Webster Financial Corporation, collectively with its consolidated subsidiaries

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “could,” “believes,” “anticipates,” “expects,” “intends,” “outlook,” “target,” “continue,” “remain,” “will,” “should,” “may,” “might,” “plans,” “estimates,” “likely,” “future,” and similar references to future periods. However, these words are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to:

▪projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items;

▪statements of plans, objectives, and expectations of the Company or its management or Board of Directors;

▪statements of future economic performance; and

▪statements of assumptions underlying such statements.

Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, and in many cases, are beyond the Company’s control. The Company’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Factors that could cause the Company’s actual results to differ from those discussed in any forward-looking statements include, but are not limited to:

▪our ability to successfully execute our business plan and strategic initiatives, and manage any risks or uncertainties;

▪continued regulatory changes or other risk mitigation efforts taken by government agencies in response to the risk to safety and soundness in the banking industry;

▪volatility in Webster’s stock price due to investor sentiment and perception of the banking industry;

▪local, regional, national, and international economic conditions or macroeconomic instability (including any economic slowdown or recession, inflation, monetary fluctuation, interest rate changes, credit loss trends, unemployment, changes in housing or securities markets, or other factors) and the impact of the same on us or our customers;

▪volatility, disruption, or uncertainty in national and international financial markets, including as a result of geopolitical developments;

▪the impact of unrealized losses in our financial instruments, particularly in our available-for-sale securities portfolio;

▪changes in laws and regulations, or existing laws and regulations that we become subject to, including those concerning banking, taxes, dividends, securities, insurance, cybersecurity, and healthcare administration, with which we must comply;

▪adverse conditions in the securities markets that could lead to impairment in the value of our securities portfolio;

▪possible changes in governmental monetary and fiscal policies, or any leadership changes of those determining such policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures;

▪the effects of any restructurings, staff reductions, or other disruptions (including any potential effects from the current government shutdown) in the U.S. federal government or in agencies regulating or otherwise impacting our business;

▪the direct or indirect impact of any new regulatory, policy, or enforcement developments resulting from the policies or actions of the current U.S. presidential administration, including trade deals, changes in tariffs and other protectionist trade policies, any reciprocal and/or retaliatory tariffs by foreign countries, and any uncertainties related thereto;

▪the timely development and acceptance of any new products and services, and the perceived value of those products and services by customers;

▪changes in deposit flows, consumer spending, borrowings, and savings habits;

▪our ability to implement new technologies and maintain secure and reliable information and technology systems;

▪the effects of any cybersecurity threats, attacks or disruptions, fraudulent activity, or other data breaches or security events, including those involving our third-party vendors and service providers;

▪issues with the performance of our counterparties and third-party vendors;

▪our ability to increase market share and control expenses;

▪changes in the competitive environment among banks, financial holding companies, and other traditional and non-traditional financial service providers;

▪our ability to maintain adequate sources of funding and liquidity;

▪our ability to attract, develop, motivate, and retain skilled employees;

▪changes in loan demand or real estate values;

▪changes in the mix of loan geographies, sectors, or types, and the level of non-performing assets, charge-offs, and delinquencies;

iii

▪changes in our estimates of current expected credit losses based upon periodic review under relevant regulatory and accounting requirements;

▪the effect of changes in accounting policies and practices applicable to us, including impacts of recently adopted accounting guidance;

▪legal and regulatory developments, including any due to judicial decisions, the initiation or resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews, disruptions at regulatory agencies, government funding, or other issues;

▪our ability to navigate differing environmental, social, governmental, and sustainability concerns among federal and state governmental administrations and judicial decisions, our stakeholders, and other activists that may arise from our business activities;

▪our ability to assess and monitor the effect of evolving uses of artificial intelligence on our business and operations;

▪the occurrence of natural disasters, severe weather events, and public health crises, and any governmental or societal responses thereto; and

▪the impact of any of the foregoing on the business or credit quality of our customers.

Any forward-looking statement in this Quarterly Report on Form 10-Q speaks only as of the date on which it is made. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law.

PART I – FINANCIAL INFORMATION

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Webster Financial Corporation is a bank holding company and financial holding company under the BHC Act, incorporated under the laws of Delaware in 1986, and headquartered in Stamford, Connecticut. As of September 30, 2025, Webster Financial Corporation had more than $83 billion in total consolidated assets. Webster Bank is a commercial bank with a national bank charter focused on providing financial products and services to businesses, individuals, and families. While its core footprint spans the Northeast from the New York metropolitan area to Rhode Island and Massachusetts, certain businesses operate in extended geographies. Webster Bank offers three differentiated lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking.

The following discussion and analysis provides information that management believes is necessary to understand the Company’s consolidated financial condition, results of operations, and cash flows for the three and nine months ended September 30, 2025, and 2024. This information should be read in conjunction with the Condensed Consolidated Financial Statements, and accompanying Notes thereto, contained in Part I - Item 1. Financial Statements of this report, and the Consolidated Financial Statements, and accompanying Notes thereto, contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company’s consolidated financial condition, results of operations, and cash flows for the three and nine months ended September 30, 2025, and 2024, are not necessarily indicative of future results that may be attained for the entire year or other interim periods.

Economic Outlook

Recent announcements from the current U.S. administration regarding changes in trade policies and other economic policies and practices, including tariffs, have created significant economic uncertainty in the U.S., which could contribute to higher inflation and increase the risk of a recession. Events such as these are outside of our control, but nonetheless may alter customer behavior, including borrowing, repayment, investment, and deposit practices, which could, in turn, adversely impact our business and financial results in future periods. While we cannot predict the potential impact that these changes and economic developments may have on us or our customers, we believe that our diverse businesses, strong capital position, unique deposit profile, and solid risk management framework allow us to operate in a range of economic environments.

Results of Operations

The following table summarizes selected financial highlights and key performance indicators:


	Three months ended September 30,						Nine months ended September 30,
(In thousands, except per share and ratio data)	2025			2024			2025			2024
Income and performance ratios:
Net income	$	261,217		$	192,985		$	746,982		$	590,941
Net income applicable to common stockholders	254,051			186,799			726,156			572,318
Earnings per common share - diluted	1.54			1.10			4.36			3.36
Return on average assets (annualized)	1.27		%	1.01		%	1.24		%	1.04		%
Return on average tangible common stockholders’ equity (annualized) (non-GAAP)	17.64			14.29			17.18			14.92
Return on average common stockholders’ equity (annualized)	11.23			8.67			10.83			9.02
Non-interest income as a percentage of total revenue	13.77			8.92			13.38			10.33
Asset quality:
ACL on loans and leases	$	727,897		$	687,798		$	727,897		$	687,798
Non-performing assets (1)	545,327			427,274			545,327			427,274
ACL on loans and leases / total loans and leases	1.32		%	1.32		%	1.32		%	1.32		%
Net charge-offs / average loans and leases (annualized)	0.28			0.27			0.32			0.28
Non-performing loans and leases / total loans and leases (1)	0.99			0.82			0.99			0.82
Non-performing assets / total loans and leases plus OREO and repossessed assets (1)	0.99			0.82			0.99			0.82
ACL on loans and leases / non-performing loans and leases (1)	133.82			161.60			133.82			161.60
Other ratios:

Tangible common equity (non-GAAP)	7.50		%	7.48		%	7.50		%	7.48		%
Tier 1 Risk-Based Capital	11.89			11.77			11.89			11.77
Total Risk-Based Capital	14.68			14.06			14.68			14.06
CET1 Risk-Based Capital	11.39			11.25			11.39			11.25
Stockholders’ equity / total assets	11.37			11.58			11.37			11.58
Net interest margin (2)	3.40			3.41			3.44			3.41
Efficiency ratio (non-GAAP)	45.79			45.49			45.66			45.65
Equity and share related:
Common stockholders’ equity	$	9,178,698		$	8,914,071		$	9,178,698		$	8,914,071
Book value per common share	55.69			52.00			55.69			52.00
Tangible book value per common share (non-GAAP)	36.42			33.26			36.42			33.26
Common stock closing price	59.44			46.61			59.44			46.61
Dividends and equivalents declared per common share	0.40			0.40			1.20			1.20
Common shares outstanding	164,817			171,428			164,817			171,428
Weighted-average common shares outstanding - basic	164,138			169,569			166,386			169,898
Weighted-average common shares - diluted	164,456			169,894			166,738			170,226

(1)Non-performing asset balances and related asset quality ratios exclude the impact of net unamortized (discounts)/premiums and net unamortized deferred (fees)/costs on loans and leases.

(2)Effective as of the first quarter of 2025, the Company changed its methodology used to annualize net interest income in its quarterly and year to date net interest margin calculation. Net interest margin for the prior periods has been recast.

Non-GAAP Financial Measures

The non-GAAP financial measures identified in the preceding table provide both management and investors with information useful in understanding the Company’s financial position, results of operations, the strength of its capital position, and overall business performance. These non-GAAP financial measures are used by management for performance measurement purposes, as well as for internal planning and forecasting, and by securities analysts, investors, and other interested parties to assess peer company operating performance. Management believes that this presentation, together with the accompanying reconciliations, provides investors with a more complete understanding of the factors and trends affecting the Company’s business and allows investors to view its performance in a similar manner.

Tangible book value per common share represents stockholders’ equity, less preferred stock and goodwill and other intangible assets (tangible common equity), divided by common shares outstanding at the end of the reporting period. The tangible common equity ratio represents tangible common equity divided by total assets, less goodwill and other intangible assets (tangible assets). Both of these measures are used by management to evaluate the Company’s capital position. The annualized return on average tangible common stockholders’ equity is calculated using net income less preferred stock dividends, adjusted for the annualized tax-effected amortization of intangible assets, as a percentage of average tangible common equity. This measure is used by management to assess the Company’s performance against its peer financial institutions. The efficiency ratio, which represents the costs expended to generate a dollar of revenue, is calculated excluding certain non-operational items in order to measure how well the Company is managing its recurring operating expenses.

These non-GAAP financial measures should not be considered a substitute for GAAP-basis financial measures. Because
non-GAAP financial measures are not standardized, it may not be possible to compare these with other companies that present financial measures having the same or similar names.

The following tables reconcile non-GAAP financial measures to the most comparable financial measures defined by GAAP:


	September 30,
(Dollars and shares in thousands, except per share data)	2025			2024
Tangible book value per common share:
Stockholders’ equity	$	9,462,677		$	9,198,050
Less: Preferred stock	283,979			283,979

Goodwill and other intangible assets	3,175,747			3,212,050
Tangible common stockholders’ equity	$	6,002,951		$	5,702,021
Common shares outstanding	164,817			171,428
Tangible book value per common share	$	36.42		$	33.26
Book value per common share (GAAP)	$	55.69		$	52.00

Tangible common equity ratio:
Tangible common stockholders’ equity	$	6,002,951		$	5,702,021
Total assets	$	83,192,652		$	79,453,900
Less: Goodwill and other intangible assets	3,175,747			3,212,050
Tangible assets	$	80,016,905		$	76,241,850
Tangible common equity ratio	7.50		%	7.48		%
Common stockholders’ equity to total assets (GAAP)	11.03		%	11.22		%


	Three months ended September 30,						Nine months ended September 30,
(Dollars in thousands)	2025			2024			2025			2024
Return on average tangible common stockholders’ equity:
Net income	$	261,217		$	192,985		$	746,982		$	590,941
Less: Preferred stock dividends	4,162			4,162			12,487			12,487
Add: Intangible assets amortization, tax-effected	6,534			6,708			19,893			20,857
Adjusted net income	$	263,589		$	195,531		$	754,388		$	599,311
Adjusted net income (annualized)	$	1,054,356		$	782,124		$	1,005,851		$	799,081
Average stockholders’ equity	$	9,440,148		$	8,995,134		$	9,327,030		$	8,830,225
Less: Average preferred stock	283,979			283,979			283,979			283,979
Average goodwill and other intangible assets	3,180,111			3,238,115			3,188,994			3,192,104
Average tangible common stockholders’ equity	$	5,976,058		$	5,473,040		$	5,854,057		$	5,354,142
Return on average tangible common stockholders’ equity (annualized)	17.64		%	14.29		%	17.18		%	14.92		%
Return on average common stockholders’ equity (annualized) (GAAP)	11.23		%	8.67		%	10.83		%	9.02		%

Efficiency ratio:
Non-interest expense	$	356,669		$	348,958		$	1,046,027		$	1,010,902
Less: Foreclosed property activity	1,535			(687)			2,593			(1,381)
Intangible assets amortization	8,966			8,491			27,296			26,401
Operating lease depreciation	3			197			28			1,420
FDIC special assessment	—			(1,544)			—			10,318
Ametros acquisition expenses	—			—			—			3,139
Strategic restructuring costs and other (1)	—			22,169			—			22,169
Adjusted non-interest expense	$	346,165		$	320,332		$	1,016,110		$	948,836
Net interest income	$	631,667		$	589,883		$	1,865,041		$	1,729,919
Add: FTE adjustment	14,258			13,659			41,739			43,853
Non-interest income	100,906			57,741			288,169			199,392
Other income (2)	9,234			7,448			30,794			22,876
Less: Operating lease depreciation	3			197			28			1,420
Gain (loss) on sale of investment securities, net	—			(19,597)			220			(79,338)
Net (loss) on sale of factored receivables portfolio	—			(15,977)			—			(15,977)
Net gain on sale of mortgage servicing rights	—			—			—			11,655
Adjusted income	$	756,062		$	704,108		$	2,225,495		$	2,078,280
Efficiency ratio	45.79		%	45.49		%	45.66		%	45.65		%
Non-interest expense as a percentage of total revenue (GAAP)	48.69		%	53.88		%	48.58		%	52.40		%

(1)Strategic restructuring costs and other primarily includes severance, technology contract termination costs, and the partial impairment of the payroll finance customer relationship intangible asset for the three and nine months ended September 30, 2024.

(2)Other income (non-GAAP) includes the taxable equivalent of net income generated from LIHTC investments.

Net Interest Income Analysis

The following tables summarize daily average balances, interest, and average yield/rate by major category, and net interest margin on an FTE basis:


	Three months ended September 30,
	2025						2024
(Dollars in thousands)	Average Balance		Interest Income/Expense		Average Yield/Rate		Average Balance		Interest Income/Expense		Average Yield/Rate

Assets
Interest-earning assets:
Loans and leases (1)	$	54,372,960	$	806,695	5.83	%	$	51,752,193	$	820,209	6.22	%
Investment securities: (2)
Taxable	17,445,699		196,509		4.50		16,374,528		171,217		4.18
Non-taxable	926,078		7,043		3.04		1,108,813		8,139		2.97
Total investment securities	18,371,777		203,552		4.43		17,483,341		179,356		4.10
FHLB and FRB stock	345,001		4,729		5.44		340,330		4,383		5.12
Interest-bearing deposits (3)	2,120,664		23,596		4.35		629,180		8,374		5.21

Loans held for sale	192,686		3,988		8.28		216,735		5,400		9.97
Total interest-earning assets	75,403,088		$	1,042,560	5.45	%	70,421,779		$	1,017,722	5.69	%
Non-interest-earning assets (2)	6,591,115						6,383,522
Total assets	$	81,994,203					$	76,805,301

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Demand	$	10,141,954	$	—	—	%	$	10,243,045	$	—	—	%
Interest-bearing checking	10,502,974		47,305		1.79		9,744,885		48,160		1.96
Health savings accounts	9,127,705		3,886		0.17		8,546,941		3,257		0.15
Money market	22,513,065		201,086		3.54		19,945,165		208,980		4.17
Savings	7,233,339		30,813		1.69		6,909,526		29,140		1.69
Certificates of deposit	6,120,864		53,853		3.49		5,895,329		64,368		4.34
Brokered certificates of deposit	1,679,127		18,561		4.39		1,294,764		17,170		5.28
Total deposits	67,319,028		355,504		2.10		62,579,655		371,075		2.36

Securities sold under agreements to repurchase	139,567		631		1.77		125,738		38		0.12


FHLB advances	2,602,949		29,620		4.45		2,535,497		35,172		5.43
Long-term debt (2)	960,497		10,880		4.53		887,090		7,895		3.56
Total borrowings	3,703,013		41,131		4.37		3,548,325		43,105		4.77
Total deposits and interest-bearing liabilities	71,022,041		$	396,635	2.21	%	66,127,980		$	414,180	2.49	%
Non-interest-bearing liabilities (2)	1,532,014						1,682,187
Total liabilities	72,554,055						67,810,167

Preferred stock	283,979						283,979
Common stockholders’ equity	9,156,169						8,711,155
Total stockholders’ equity	9,440,148						8,995,134
Total liabilities and stockholders’ equity	$	81,994,203					$	76,805,301
Net interest income (FTE)			$	645,925					$	603,542
Less: FTE adjustment (4)			(14,258)						(13,659)
Net interest income			$	631,667					$	589,883
Net interest margin (FTE) (5)					3.40	%					3.41	%


	Nine months ended September 30,
	2025						2024
(Dollars in thousands)	Average Balance		Interest Income/Expense		Average Yield/Rate		Average Balance		Interest Income/Expense		Average Yield/Rate

Assets
Interest-earning assets:
Loans and leases (1)	$	53,413,031	$	2,359,891	5.84	%	$	51,376,513	$	2,430,382	6.23	%
Investment securities: (2)
Taxable	17,291,709		578,829		4.46		15,452,825		467,039		4.02
Non-taxable	946,357		21,563		3.04		1,693,776		30,892		2.48
Total investment securities	18,238,066		600,392		4.39		17,146,601		497,931		3.87
FHLB and FRB stock	338,576		12,926		5.10		340,222		13,901		5.46
Interest-bearing deposits (3)	2,013,349		66,896		4.38		563,217		22,763		5.31

Loans held for sale	93,748		4,010		5.70		150,985		11,075		9.78
Total interest-earning assets	74,096,770		$	3,044,115	5.44	%	69,577,538		$	2,976,052	5.65	%
Non-interest-earning assets (2)	6,506,268						6,450,110
Total assets	$	80,603,038					$	76,027,648

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Demand	$	10,178,346	$	—	—	%	$	10,327,076	$	—	—	%
Interest-bearing checking	9,997,950		130,594		1.75		9,475,927		134,091		1.89
Health savings accounts	9,190,317		11,081		0.16		8,560,303		9,654		0.15
Money market	21,762,954		575,046		3.53		18,905,798		588,760		4.16
Savings	7,267,170		90,580		1.67		6,845,957		77,088		1.50
Certificates of deposit	6,076,756		160,668		3.53		5,861,288		192,649		4.39
Brokered certificate of deposit	1,619,633		53,656		4.43		1,647,193		66,067		5.36
Total deposits	66,093,126		1,021,625		2.07		61,623,542		1,068,309		2.32

Securities sold under agreements to repurchase	164,659		2,525		2.02		125,492		245		0.26
Federal funds purchased	—		—		—		72,537		3,015		5.46

FHLB advances	2,456,918		83,034		4.46		2,551,535		106,266		5.47
Long-term debt (2)	911,107		30,151		4.41		909,294		24,445		3.58
Total borrowings	3,532,684		115,710		4.33		3,658,858		133,971		4.82
Total deposits and interest-bearing liabilities	69,625,810		$	1,137,335	2.18	%	65,282,400		$	1,202,280	2.46	%
Non-interest-bearing liabilities (2)	1,650,198						1,915,023
Total liabilities	71,276,008						67,197,423

Preferred stock	283,979						283,979
Common stockholders’ equity	9,043,051						8,546,246
Total stockholders’ equity	9,327,030						8,830,225
Total liabilities and stockholders’ equity	$	80,603,038					$	76,027,648
Net interest income (FTE)			$	1,906,780					$	1,773,772
Less: FTE adjustment (4)			(41,739)						(43,853)
Net interest income			$	1,865,041					$	1,729,919
Net interest margin (FTE) (5)					3.44	%					3.41	%

(1)Non-accrual loans have been included in the computation of average balances.

(2)In order to provide the users of the Company’s financial statements with a more transparent view of the actual consolidated average balances that are used in the calculation of net interest margin, the Company has recast, in the tables above, certain consolidated
average balances for the three and nine months ended September 30, 2024, to reflect a change in presentation being applied retrospectively. Specifically, adjustments were made to exclude average unsettled trades of $52.3 million and $97.0 million, respectively, and average available-for-sale unrealized losses of $649.2 million and $738.2 million, respectively, from investment securities, and to exclude an average basis adjustment of $24.7 million and $26.1 million, respectively, from long-term debt related to a de-designated fair value hedge. Rather, effective as of December 31, 2024, these amounts are being presented in average non-interest-earning assets and average non-interest-bearing liabilities, respectively. There were no changes to the related yields/rates or net interest income that had been previously disclosed.

(3)Interest-bearing deposits are a component of Cash and cash equivalents on the Condensed Consolidated Statements of Cash Flows included in Part I - Item 1. Financial Statements.

(4)FTE adjustments on loans and leases and investment securities are determined assuming a statutory federal income tax rate of 21%. Items computed on an FTE basis are considered non-GAAP financial measures, and are used by management to evaluate the comparability of the Company’s revenue arising from both taxable and non-taxable sources.

(5)Effective as of the first quarter of 2025, the Company changed its methodology used to annualize net interest income in its quarterly and year to date net interest margin calculation. Net interest margin for the prior periods has been recast. There were no changes to the related yields/rates or net interest income that had been previously disclosed.

The following table summarizes the change in net interest income attributable to changes in rate and volume, and reflects net interest income on an FTE basis:


	Three months ended September 30,						Nine months ended September 30,
	2025 vs. 2024 Increase (decrease) due to						2025 vs. 2024 Increase (decrease) due to
(In thousands)	Rate (1)		Volume		Total		Rate (1)		Volume		Total
Change in interest on interest-earning assets:
Loans and leases	$	(54,961)	$	41,447	$	(13,514)	$	(162,757)	$	92,266	$	(70,491)
Investment securities	14,185		10,011		24,196		69,936		32,525		102,461

FHLB and FRB stock	286		60		346		(908)		(67)		(975)
Interest bearing-deposits	(4,627)		19,849		15,222		(14,475)		58,608		44,133
Loans held for sale	(813)		(599)		(1,412)		(2,867)		(4,198)		(7,065)
Total interest income	$	(45,930)	$	70,768	$	24,838	$	(111,071)	$	179,134	$	68,063
Change in interest on interest-bearing liabilities:

Interest-bearing checking	$	(4,602)	$	3,747	$	(855)	$	(10,884)	$	7,387	$	(3,497)
Health savings accounts	408		221		629		716		711		1,427
Money market	(34,800)		26,906		(7,894)		(102,691)		88,977		(13,714)
Savings	307		1,366		1,673		8,749		4,743		13,492
Certificates of deposit	(12,978)		2,463		(10,515)		(39,063)		7,082		(31,981)
Brokered certificates of deposit	(3,706)		5,097		1,391		(11,306)		(1,105)		(12,411)
Securities sold under agreements to repurchase	589		4		593		2,203		77		2,280
Federal funds purchased	—		—		—		—		(3,015)		(3,015)

FHLB advances	(6,488)		936		(5,552)		(19,291)		(3,941)		(23,232)
Long-term debt	2,332		653		2,985		5,657		49		5,706
Total interest expense	$	(58,938)	$	41,393	$	(17,545)	$	(165,910)	$	100,965	$	(64,945)
Net change in net interest income	$	13,008	$	29,375	$	42,383	$	54,839	$	78,169	$	133,008

(1)The change attributable to mix, a combined impact of rate and volume, and other is included with the change due to rate.

Comparison to Prior Year Quarter

Net interest income increased $41.8 million, or 7.1%, from $589.9 million for the three months ended September 30, 2024, to $631.7 million for the three months ended September 30, 2025, reflecting increases of $5.0 billion, or 7.1%, in average total interest-earning assets and $4.9 billion, or 7.4%, in average total deposits and interest-bearing liabilities. Net interest margin decreased 1 basis point from 3.41% for the three months ended September 30, 2024, to 3.40% for the three months ended September 30, 2025. The lower interest rate environment during the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily caused the average yield on average total interest-earning assets to decrease by 24 basis points and the average rate on average total deposits and interest-bearing liabilities to decrease by 28 basis points.

The change in average total interest-earnings assets was primarily attributed to the following items:

•Average loans and leases increased $2.6 billion, or 5.1%, primarily due to increases in commercial non-mortgage, residential mortgages, and other consumer loans, partially offset by decreases in multi-family mortgages and asset-based lending.

•Average total investment securities increased $0.9 billion, or 5.1%, reflecting an increase of $1.4 billion in available-for-sale securities, partially offset by a decrease of $0.5 billion in held-to-maturity securities, primarily due to the timing and volume of purchase, paydown, and sales activities.

•Average interest-bearing deposits held at the FRB increased $1.5 billion, or 237.1%, primarily due to management’s strategic decision to hold higher levels of on-balance sheet liquidity.

The change in average total deposits and interest-bearing liabilities was primarily attributed to the following item:

•Average total deposits increased $4.7 billion, or 7.6%, primarily due to an increase in money market deposits, which contributed to $2.6 billion of the change. The Company also experienced increases across all other deposit products, except for demand deposits.

Comparison to Prior Year to Date

Net interest income increased $0.2 billion, or 7.8%, from $1.7 billion for the nine months ended September 30, 2024, to $1.9 billion for the nine months ended September 30, 2025, reflecting increases of $4.5 billion, or 6.5%, in average total interest-earning assets and $4.3 billion, or 6.7%, in average total deposits and interest-bearing liabilities. Net interest margin increased 3 basis points from 3.41% for the nine months ended September 30, 2024, to 3.44% for the nine months ended September 30, 2025. The lower interest rate environment during the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily caused the average yield on average total interest-earning assets to decrease by 21 basis points and the average rate on average total deposits and interest-bearing liabilities to decrease by 28 basis points.

The change in average total interest-earnings assets was primarily attributed to the following items:

•Average loans and leases increased $2.0 billion, or 4.0%, primarily due to increases in commercial non-mortgage, residential mortgages, commercial real estate, and other consumer loans, partially offset by decreases in multi-family mortgages and asset-based lending.

•Average total investment securities increased $1.1 billion, or 6.4%, reflecting increases of $0.9 billion in available-for-sale securities and $0.2 billion in held-to-maturity securities, primarily due to the timing and volume of purchase, paydown, and sales activities.

•Average interest-bearing deposits held at the FRB increased $1.5 billion, or 257.5%, primarily due to management’s strategic decision to hold higher levels of on-balance sheet liquidity.

The change in average total deposits and interest-bearing liabilities was primarily attributed to the following item:

•Average total deposits increased $4.5 billion, or 7.3%, primarily due to an increase in money market deposits, which contributed to $2.9 billion of the change. The Company also experienced increases across all other deposit products, except for demand deposits and brokered certificates of deposit.

Provision for Credit Losses

Comparison to Prior Year Quarter

The total provision for credit losses decreased $10.0 million, or 18.5%, from $54.0 million for the three months ended September 30, 2024, to $44.0 million for three months ended September 30, 2025, primarily due to improvements in risk rating migration, partially offset by changes in the macroeconomic forecast, economic uncertainty, and organic loan growth.

Comparison to Prior Year to Date

The total provision for credit losses increased $9.5 million, or 6.0%, from $158.5 million for the nine months ended September 30, 2024, to $168.0 million for the nine months ended September 30, 2025, primarily due to higher net charge-offs, changes in the macroeconomic forecast, economic uncertainty, and loan growth, partially offset by improvements in risk rating migration.

Additional information regarding the Company’s provision for credit losses on loans and leases and the related ACL can be found under the sections captioned “Loans and Leases” through “Allowance for Credit Losses on Loans and Leases” contained elsewhere in this Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Non-Interest Income


	Three months ended September 30,				Nine months ended September 30,
(Dollars in thousands)	2025		2024		2025		2024
Deposit service fees	$	39,576	$	38,863	$	119,405	$	122,479
Loan and lease related fees	16,404		18,513		51,682		57,614
Wealth and investment services	7,640		8,367		23,208		24,847

Cash surrender value of life insurance policies	7,535		8,020		24,699		20,325
Gain (loss) on sale of investment securities, net	—		(19,597)		220		(79,338)

Other income	29,751		3,575		68,955		53,465
Total non-interest income	$	100,906	$	57,741	$	288,169	$	199,392

Comparison to Prior Year Quarter

Total non-interest income increased $43.2 million, or 74.8%, from $57.7 million for the three months ended September 30, 2024, to $100.9 million for the three months ended September 30, 2025, primarily due to the change in Net gains (losses) on sale of investment securities and an increase in Other income, partially offset by a decrease in Loan and lease related fees.

Loan and lease related fees decreased $2.1 million, or 11.4%, from $18.5 million for the three months ended September 30, 2024, to $16.4 million for the three months ended September 30, 2025, primarily due to lower loan servicing fees, syndication fees, and amendment fees, partially offset by an increase in prepayment penalties.

There were no sales of investment securities during the three months ended September 30, 2025. During the three months ended September 30, 2024, net (losses) on sale of investment securities totaled $19.6 million, as the Company sold $304.3 million of Municipal bonds and notes, Agency MBS, and Agency CMBS classified as available-for-sale for proceeds of $284.7 million. The amounts presented in non-interest income include the portion of any losses that were not due to credit related factors.

Other income increased $26.2 million, or 732.2%, from $3.6 million for the three months ended September 30, 2024, to $29.8 million for the three months ended September 30, 2025, primarily due to a $16.0 million net loss on the sale of the factored receivables portfolio during the third quarter of 2024, increased client hedging activities, an increase in the credit valuation adjustment, and a $4.0 million beneficial legal settlement, partially offset by a $4.4 million net gain on sale of multi-family loans (securitization) in the third quarter of 2024.

Comparison to Prior Year to Date

Total non-interest income increased $88.8 million, or 44.5%, from $199.4 million for the nine months ended September 30, 2024, to $288.2 million for the nine months ended September 30, 2025, primarily due to the change in Net gains (losses) on sale of investment securities and increases in Other income and the Cash surrender value of life insurance polices, partially offset by a decrease in Loan and lease related fees.

Loan and lease related fees decreased $5.9 million, or 10.3%, from $57.6 million for the nine months ended September 30, 2024, to $51.7 million for the nine months ended September 30, 2025, primarily due to lower loan servicing fees, syndication fees, and amendment fees, partially offset by lower mortgage servicing rights amortization and an increase in prepayment penalties.

The Cash surrender value of life insurance policies increased $4.4 million, or 21.5%, from $20.3 million for the nine months ended September 30, 2024, to $24.7 million for the nine months ended September 30, 2025, primarily due to bank-owned life insurance events in the first quarter of 2024, which resulted in a lower cash surrender value in the prior year to date.

Net gains (losses) on sale of investment securities changed $79.5 million, or 100.3%, from net (losses) of $79.3 million for the nine months ended September 30, 2024, to net gains of $0.2 million for the nine months ended September 30, 2025. During the nine months ended September 30, 2025, the Company sold $14.7 million of Corporate debt securities classified as available-for-sale for proceeds of $14.9 million. During the nine months ended September 30, 2024, the Company sold $1.6 billion of Municipal bonds and notes, Agency MBS, Agency CMBS, and Corporate debt securities classified as available-for-sale for proceeds of $1.5 billion. The amounts presented in non-interest income include the portion of any losses that were not due to credit related factors.

Other income increased $15.5 million, or 29.0%, from $53.5 million for the nine months ended September 30, 2024, to $69.0 million for the nine months ended September 30, 2025, primarily due to a $16.0 million net loss on the sale of the factored receivables portfolio during the third quarter of 2024, increased client hedging activities, an increase in the credit valuation adjustment, higher direct investment gains, and a $4.0 million beneficial legal settlement, partially offset by an $11.7 million net gain on sale of mortgage servicing rights in the first quarter of 2024, bank owned life insurance events in the first quarter of 2024, and a $4.4 million net gain on sale of multi-family loans (securitization) in the third quarter of 2024.

Non-Interest Expense


	Three months ended September 30,				Nine months ended September 30,
(Dollars in thousands)	2025		2024		2025		2024
Compensation and benefits	$	209,036	$	194,736	$	607,611	$	570,126
Occupancy	19,003		18,879		58,057		53,421
Technology and equipment	47,520		56,696		141,171		147,835
Intangible assets amortization	8,966		8,491		27,296		26,401
Marketing	4,953		4,224		14,151		12,612
Professional and outside services	17,815		16,001		53,435		43,048
Deposit insurance	15,621		13,555		47,027		52,843
Other expense	33,755		36,376		97,279		104,616
Total non-interest expense	$	356,669	$	348,958	$	1,046,027	$	1,010,902

Comparison to Prior Year Quarter

Total non-interest expense increased $7.7 million, or 2.2%, from $349.0 million for the three months ended September 30, 2024, to $356.7 million for the three months ended September 30, 2025, primarily due to increases in Compensation and benefits and Deposit insurance, partially offset by decreases in Technology and equipment and Other expense.

Compensation and benefits increased $14.3 million, or 7.3%, from $194.7 million for the three months ended September 30, 2024, to $209.0 million for the three months ended September 30, 2025, primarily due to higher compensation resulting from investments in human capital and risk management infrastructure and performance-based incentives, partially offset by a decrease in severance.

Technology and equipment decreased $9.2 million, or 16.2%, from $56.7 million for the three months ended September 30, 2024, to $47.5 million for the three months ended September 30, 2025, primarily due to a decrease in technology contract termination costs.

Deposit insurance increased $2.1 million, or 15.2%, from $13.6 million for the three months ended September 30, 2024, to $15.6 million for the three months ended September 30, 2025, primarily due to the impact from an increase in the Company’s deposit insurance assessment base.

Other expense decreased $2.6 million, or 7.2%, from $36.4 million for the three months ended September 30, 2024, to $33.8 million for the three months ended September 30, 2025, primarily due to the impairment loss on the payroll finance customer relationship intangible asset in the third quarter of 2024 and individually immaterial decreases in various other expense items.

Comparison to Prior Year to Date

Total non-interest expense remained relatively flat at approximately $1.0 billion for the nine months ended September 30, 2025, and 2024. Although the financial statement caption as a whole did not change significantly, notable fluctuations were experienced in Compensation and benefits, Occupancy, Technology and equipment, Professional and outside services, Deposit insurance, and Other expense.

Compensation and benefits increased $37.5 million, or 6.6%, from $570.1 million for the nine months ended September 30, 2024, to $607.6 million for the nine months ended September 30, 2025, primarily due to higher compensation resulting from investments in human capital and risk management infrastructure, performance-based incentives, and employee benefits, partially offset by a decrease in severance.

Occupancy increased $4.7 million, or 8.7%, from $53.4 million for the nine months ended September 30, 2024, to $58.1 million for the nine months ended September 30, 2025, primarily due to a one-time lease termination benefit in the second quarter of 2024.

Technology and equipment decreased $6.6 million, or 4.5%, from $147.8 million for the nine months ended September 30, 2024, to $141.2 million for the nine months ended September 30, 2025, primarily due to decreases in service contracts and technology contract termination costs.

Professional and outside services increased $10.4 million, or 24.1%, from $43.0 million for the nine months ended September 30, 2024, to $53.4 million for the nine months ended September 30, 2025, primarily due to an increase in technology consulting fees.

Deposit insurance decreased $5.8 million, or 11.0%, from $52.8 million for the nine months ended September 30, 2024, to $47.0 million for the nine months ended September 30, 2025, primarily due to an increase in the FDIC special assessment estimate in the first quarter of 2024, partially offset by the impact from an increase in the Company’s deposit insurance assessment base.

Other expense decreased $7.3 million, or 7.0%, from $104.6 million for the nine months ended September 30, 2024, to $97.3 million for the nine months ended September 30, 2025, primarily due to the impairment loss on the payroll finance customer relationship intangible asset in the third quarter of 2024 and individually immaterial decreases in various other expense items.

Income Taxes

Comparison to Prior Year Quarter

The Company recognized income tax expense of $70.7 million and $51.7 million for the three months ended September 30, 2025, and 2024, respectively, reflecting effective tax rates of 21.3% and 21.1%, respectively. The increase in income tax expense is primarily due to a higher level of pre-tax income recognized during the three months ended September 30, 2025. The higher effective tax rate for the three months ended September 30, 2025, primarily reflects a higher level of estimated annual pre-tax ordinary income for 2025, compared to 2024, partially offset by the recognition of a $3.7 million net discrete tax benefit in the current period, which impacted the effective tax rate by 1.1 percentage points, compared to the recognition of a $4.1 million net discrete tax expense in the prior period, which impacted the effective tax rate by 1.7 percentage tax points.

Comparison to Prior Year to Date

The Company recognized income tax expense of $192.2 million and $169.0 million for the nine months ended September 30, 2025, and 2024, respectively, reflecting effective tax rates of 20.5% and 22.2%, respectively. The increase in income tax expense is primarily due to a higher level of pre-tax income recognized during the nine months ended September 30, 2025. The higher effective tax rate for the nine months ended September 30, 2024, primarily reflects the recognition of a $13.2 million net discrete tax expense in that period, which impacted the effective tax rate by 1.7 percentage points, compared to the recognition of a $9.7 million net discrete tax benefit in the current period, which impacted the effective tax rate by 1.0 percentage point.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law, which includes a broad range of tax reform provisions with varying effective dates. The Company has evaluated the changes in tax law and determined that the impact on its consolidated financial statements is not material.

Additional information regarding the Company’s income taxes, including its deferred tax assets, can be found within Note 9: Income Taxes in the Notes to Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Segment Reporting

The Company’s operations are organized into three reportable segments that represent its differentiated lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking. Additional information regarding the Company’s reportable segments and its segment reporting methodology can be found within Note 15: Segment Reporting in the Notes to Condensed Consolidated Financial Statements contained in Part I -Item 1. Financial Statements of this report, and within Note 21: Segment Reporting in the Notes to Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Commercial Banking

Operating Results:


	Three months ended September 30,				Nine months ended September 30,
(In thousands)	2025		2024		2025		2024
Net interest income	$	328,306	$	338,424	$	965,947	$	1,017,954
Non-interest income	33,902		33,288		93,488		102,078
Non-interest expense	108,590		100,892		323,544		311,705
Pre-tax, pre-provision net revenue	$	253,618	$	270,820	$	735,891	$	808,327

Comparison to Prior Year Quarter

Commercial Banking’s PPNR decreased $17.2 million, or 6.4%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024 due to a decrease in net interest income and an increase in non-interest expense, partially offset by an increase in non-interest income. The $10.1 million decrease in net interest income is primarily due to a lower net spread on loans and leases, partially offset by higher average loan and deposit balances. The $0.6 million increase in non-interest income is primarily due to higher syndication and prepayment fees and an increase in client hedging activities, partially offset by a non-recurring gain from a multi-family securitization event in the third quarter of 2024. The $7.7 million increase in non-interest expense is primarily due to increased investments in human capital, operational process improvements, technology, and higher foreclosed property and loan workout expenses.

Comparison to Prior Year to Date

Commercial Banking’s PPNR decreased $72.4 million, or 9.0%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, due to decreases in net interest income and non-interest income and an increase in non-interest expense. The $52.0 million decrease in net interest income is primarily due to a lower net spread on loans and leases, partially offset by higher average loan and deposit balances and lower deposit costs. The $8.6 million decrease in non-interest income is primarily due to lower factoring, syndication, and deposit service fees, and a non-recurring gain from a multi-family securitization event in 2024. The $11.8 million increase in non-interest expense is primarily due to increased investments in human capital, operational process improvements, technology, and higher foreclosed property and loan workout expenses.

Selected Balance Sheet and Off-Balance Sheet Information:


(In thousands)	September 30, 2025		December 31, 2024
Loans and leases	$	42,361,058	$	40,616,156
Deposits	18,260,847		16,251,850

Assets under administration / management (off-balance sheet)	2,812,602		2,965,624

Loans and leases increased $1.7 billion, or 4.3%, at September 30, 2025, as compared to December 31, 2024, primarily due to growth across middle market, lender finance, and public sector finance, partially offset by the transfer of loans from portfolio to held for sale, particularly as it relates to joint venture activities in the second quarter of 2025. Total portfolio originations for the nine months ended September 30, 2025, and 2024, were $8.9 billion and $6.9 billion, respectively. The $2.0 billion increase was primarily due to increased commercial real estate origination activities and higher lender finance originations.

Deposits increased $2.0 billion, or 12.4%, at September 30, 2025, as compared to December 31, 2024, primarily due to seasonal inflows of public funds and growth in middle market.

Assets under administration and assets under management, in aggregate, decreased $153.0 million, or 5.2%, at September 30, 2025, as compared to December 31, 2024, primarily due to volatility in the equity markets during the nine months ended September 30, 2025, and customer investment outflows.

Healthcare Financial Services

Operating Results:


	Three months ended September 30,				Nine months ended September 30,
(In thousands)	2025		2024		2025		2024
Net interest income	$	100,041	$	93,940	$	294,027	$	271,742
Non-interest income	27,304		26,541		85,381		85,067
Non-interest expense	54,492		54,023		165,665		157,417
Pre-tax, pre-provision net revenue	$	72,853	$	66,458	$	213,743	$	199,392

Comparison to Prior Year Quarter

Healthcare Financial Services’ PPNR increased $6.4 million, or 9.6%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, due to increases in net interest income and non-interest income, partially offset by an increase in non-interest expense. The $6.1 million increase in net interest income is primarily due to higher deposit balances, partially offset by lower deposit spreads. The $0.8 million increase in non-interest income is primarily due to higher interchange fees and medical fees. The $0.5 million increase in non-interest expense is primarily due to higher compensation and benefits costs, partially offset by lower service contract expenses.

Comparison to Prior Year to Date

Healthcare Financial Services’ PPNR increased $14.4 million, or 7.2%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, due to increases in net interest income and non-interest income, partially offset by an increase in non-interest expense. The $22.3 million increase in net interest income is primarily due to higher deposit balances, partially offset by lower deposit spreads. The $0.3 million increase in non-interest income is primarily due to higher interchange fees and medical fees. The $8.2 million increase in non-interest expense is primarily due to higher compensation and benefits and technology costs, and a one-time lease termination benefit in the second quarter of 2024, partially offset by lower service contract expenses.

Selected Balance Sheet and Off-Balance Sheet Information:


(In thousands)	September 30, 2025		December 31, 2024
Deposits	$	10,305,213	$	9,966,773

Assets under administration, through linked investment accounts (off-balance sheet)	6,270,170		5,321,736

Deposits increased $338.4 million, or 3.4%, at September 30, 2025, as compared to December 31, 2024, primarily due to additional HSA Bank and Ametros account holders.

Assets under administration, through linked investment accounts, increased $948.4 million, or 17.8%, at September 30, 2025, as compared to December 31, 2024, primarily due to additional HSA Bank account holders and an increase in investment account balances as a result of volatility in the equity markets during the nine months ended September 30, 2025.

Consumer Banking

Operating Results:


	Three months ended September 30,				Nine months ended September 30,
(In thousands)	2025		2024		2025		2024
Net interest income	$	214,465	$	202,122	$	629,201	$	610,578
Non-interest income	24,909		28,299		75,704		86,669
Non-interest expense	125,397		116,253		371,097		352,279
Pre-tax, pre-provision net revenue	$	113,977	$	114,168	$	333,808	$	344,968

Comparison to Prior Year Quarter

Consumer Banking’s PPNR decreased $0.2 million, or 0.2%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, due to a decrease in non-interest income and an increase in non-interest expense, partially offset by an increase in net interest income. The $12.3 million increase in net interest income is primarily due to higher average loan and deposit balances coupled with a higher interest rate spread on loans, partially offset by a lower interest rate spread on deposits. The $3.4 million decrease in non-interest income is primarily due to a gain on an investment portfolio sale in the third quarter of 2024 and lower investment services income. The $9.1 million increase in non-interest expense is primarily due to increased investments in technology, employee-related expenses, and loan-related expenses.

Comparison to Prior Year to Date

Consumer Banking’s PPNR decreased $11.2 million, or 3.2%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, due to a decrease in non-interest income and an increase in non-interest expense, partially offset by an increase in net interest income. The $18.6 million increase in net interest income is primarily due to higher average loan and deposit balances coupled with a higher interest rate spread on loans, partially offset by a lower interest rate spread on deposits. The $11.0 million decrease in non-interest income is primarily due to the net gain on sale of mortgage servicing rights in the first quarter of 2024, a gain on an investment portfolio sale in the third quarter of 2024, and lower investment services income, partially offset by increased deposit and loan servicing fees. The $18.8 million increase in non-interest expense is primarily due to increased investments in technology, human capital, and outside professional services, partially offset by lower operational support expenses and costs related to debit card processing.

Selected Balance Sheet and Off-Balance Sheet Information:


(In thousands)	September 30, 2025		December 31, 2024
Loans	$	12,683,490	$	11,886,095
Deposits	27,548,034		27,332,786
Assets under administration (off-balance sheet)	7,655,783		7,997,114

Loans increased $797.4 million, or 6.7%, at September 30, 2025, as compared to December 31, 2024, primarily due to growth in residential mortgages and other consumer loans, partially offset by net principal paydowns in home equity loans/lines of credit and small business commercial loans. Total portfolio originations for the nine months ended September 30, 2025, and 2024, were $1.7 billion and $1.3 billion, respectively. The $0.3 billion increase was primarily due to increased residential mortgage and home equity line/loan originations, partially offset by decreased small business commercial loan originations.

Deposits increased $215.2 million, or 0.8%, at September 30, 2025, as compared to December 31, 2024, primarily due to growth in online savings, money market, and certificates of deposit products, partially offset by seasonal outflows in demand and interest-bearing checking.

Assets under administration decreased $341.3 million, or 4.3%, at September 30, 2025, as compared to December 31, 2024, primarily due to the sale of two investment portfolios in the first quarter of 2025 and volatility in the equity markets during the nine months ended September 30, 2025.

Financial Condition

Total assets increased $4.2 billion, or 5.3%, from $79.0 billion at December 31, 2024, to $83.2 billion at September 30, 2025. The change in total assets was primarily attributed to the following items, which experienced changes greater than $100 million:

•Cash and cash equivalents increased $1.0 billion, primarily due to an increase in interest-bearing deposits held at the FRB as a result of management’s strategic decision to hold higher levels of on-balance sheet liquidity;

•Total investment securities, net increased $0.5 billion, reflecting a $0.9 billion increase in the available-for-sale portfolio, partially offset by a $0.4 billion decrease in the held-to-maturity portfolio. The net increase in total investment securities was primarily due to purchases exceeding paydown activities, particularly across the Agency MBS, Agency CMBS, and CMBS categories;

•Loans and leases increased $2.5 billion, primarily due to $10.6 billion of originations during the nine months ended September 30, 2025, particularly across the commercial non-mortgage, commercial real estate, and residential mortgages categories, partially offset by net principal paydowns and the transfer of loans from portfolio to held for sale, particularly as it relates to joint venture activities in the second quarter of 2025; and

•Accrued interest receivable and other assets increased $0.1 billion. Notable drivers of the change included increases in LIHTC investments, treasury derivative assets, other alternative investments, and accrued interest receivable, partially offset by a decrease in other assets.

Total liabilities increased $3.8 billion, or 5.5%, from $69.9 billion at December 31, 2024, to $73.7 billion at September 30, 2025. The change in total liabilities was primarily attributed to the following items:

•Total deposits increased $3.4 billion, reflecting a $3.2 billion increase in interest-bearing deposits and $0.2 billion net increase in non-interest-bearing deposits. The net increase in total deposits was primarily due to an increase in money market deposits, particularly from interSYNC, which contributed to $1.9 billion of the change. The Company also experienced increases across all other deposit categories except for brokered certificates of deposit, which decreased primarily due to a change in short-term funding mix;

•Securities sold under agreements to repurchase decreased 0.2 billion primarily due to a change in short-term funding mix;

•FHLB advances increased $0.5 billion, also primarily due to a change in short-term funding mix;

•Long-term debt increased $0.3 billion, primarily due to the issuance of 5.784% fixed-rate reset subordinated notes due 2035 on September 11, 2025; and

•Accrued expenses and other liabilities decreased $0.1 billion. Notable drivers of the change included decreases in treasury derivative liabilities, accrued compensation due to bonus payouts in March 2025, unfunded commitments for LIHTC investments, and accrued interest payable, partially offset by increases in operating lease liabilities and unsettled securities trades.

Total stockholders’ equity increased $0.4 billion, or 3.6%, from $9.1 billion at December 31, 2024, to $9.5 billion at September 30, 2025. The change in total stockholders’ equity was attributed to the following items:

•Net income of $747.0 million;

•Other comprehensive income, net of tax, of $171.4 million;

•Dividends paid to common and preferred stockholders of $202.8 million and $12.5 million, respectively;

•Stock-based compensation expense of $41.9 million;

•Stock options exercised of $0.1 million; and

•Repurchases of common stock of $392.9 million under the Company’s common stock repurchase program and $22.6 million related to employee stock-based compensation plan activity.

Investment Securities

Through its Corporate Treasury function, the Company maintains and invests in debt securities that are primarily used to provide a source of liquidity for operating needs, as a means to manage the Company’s interest-rate risk, and to generate interest income. The Company’s investment securities are classified into two major categories: available-for-sale and
held-to-maturity.

The ALCO manages the Company’s investment securities in accordance with regulatory guidelines and corporate policies, which include limitations on aspects such as concentrations in and types of investments, as well as minimum risk ratings per type of security. In addition, the OCC may further establish individual limits on certain types of investments if the concentration in such security presents a safety and soundness concern. Although the Bank held the entirety of the Company’s investment securities portfolio at both September 30, 2025, and December 31, 2024, the Holding Company may also directly hold investments.

The following table summarizes the carrying amount and percentage composition of the Company’s investment securities:


	September 30, 2025				December 31, 2024
(In thousands)	Amount		%		Amount		%
Available-for-sale:

Government agency debentures	$	196,071	2.0	%	$	186,426	2.1	%
Municipal bonds and notes	107,914		1.1		110,876		1.2
Agency CMO	25,833		0.3		29,043		0.3
Agency MBS	5,011,855		50.4		4,519,785		50.2
Agency CMBS	3,371,247		33.9		3,034,392		33.8
CMBS	821,447		8.3		625,388		6.9

Corporate debt	350,093		3.5		452,266		5.0
Private label MBS	38,409		0.4		39,219		0.4
Other	9,475		0.1		9,205		0.1
Total available-for-sale	$	9,932,344	100.0	%	$	9,006,600	100.0	%

Held-to-maturity:
Agency CMO	$	17,581	0.2	%	$	19,847	0.2	%
Agency MBS	2,867,864		35.5		3,109,411		36.8
Agency CMBS	4,300,757		53.3		4,357,505		51.6
Municipal bonds and notes (1)	826,290		10.2		891,909		10.6
CMBS	65,115		0.8		65,690		0.8
Total held-to-maturity	$	8,077,607	100.0	%	$	8,444,362	100.0	%
Total investment securities	$	18,009,951			$	17,450,962

(1)The balances at September 30, 2025, and December 31, 2024, exclude the ACL recorded on held-to-maturity securities of $0.1 million and $0.2 million, respectively.

Available-for-sale securities increased $0.9 billion, or 10.3%, from $9.0 billion at December 31, 2024, to $9.9 billion at
September 30, 2025, primarily due to purchases exceeding paydown activities, particularly across the Agency MBS, Agency CMBS, and CMBS categories. The average FTE yield on the available-for-sale portfolio was 4.79% and 4.73% for the three and nine months ended September 30, 2025, respectively, as compared to 4.30% and 4.04%, for the three and nine months ended September 30, 2024, respectively. The 49 and 69 basis point increases, respectively, are primarily due to higher yields on securities that were purchased in 2024 and 2025, as compared to the yields on securities with paydown activities or that were sold.

At September 30, 2025, and December 31, 2024, gross unrealized losses on available-for-sale securities were $573.0 million and $725.9 million, respectively. The $152.9 million decrease is primarily due to lower market interest rates. On a quarterly basis, each available-for-sale security that is in an unrealized loss position is evaluated to determine whether the decline in fair value below the amortized cost basis is a result of any credit related factors. There was no ACL recorded on available-for-sale securities at September 30, 2025. At December 31, 2024, the ACL on available-for-sale securities was $0.9 million, which related to a single Corporate debt security. Each of the Company’s available-for-sale securities in an unrealized loss position at September 30, 2025, are investment grade, current as to principal and interest, and their price changes are consistent with interest and credit spreads when adjusting for duration, convexity, rating, and industry differences. Based on current market conditions and the Company’s targeted balance sheet composition strategy, the Company intends to hold its available-for-sale securities in unrealized loss positions through the anticipated recovery period.

Held-to-maturity securities decreased $0.3 billion, or 4.3%, from $8.4 billion at December 31, 2024, to $8.1 billion at
September 30, 2025, primarily due to paydown activities across the Agency MBS, Agency CMBS, and Municipal bonds and notes categories. There were no purchases of held-to-maturity securities during the nine months ended September 30, 2025. The average FTE yield on the held-to-maturity portfolio was 3.98% for both the three and nine months ended September 30, 2025, respectively, as compared to 3.90% and 3.68% for the three and nine months ended September 30, 2024, respectively. The 8 and 30 basis point increases, respectively, are primarily due to higher yields on securities that were purchased in 2024, as compared to the yields on securities with paydown activities.

At September 30, 2025, and December 31, 2024, gross unrealized losses on held-to-maturity securities were $857.7 million and $992.7 million, respectively. The $135.1 million decrease is primarily due to lower market interest rates. Held-to-maturity securities are evaluated for credit losses on a quarterly basis under the CECL methodology. At September 30, 2025, and December 31, 2024, the ACL on held-to-maturity securities was $0.1 million and $0.2 million, respectively.

The following table summarizes the maturity distribution of investment securities by the earlier of either contractual maturity or call date, as applicable, along with their respective weighted-average yields:


	September 30, 2025
	1 Year or Less				1 - 5 Years				5 - 10 Years				After 10 Years				Total
(Dollars in thousands)	Amount		Weighted- Average Yield (1)		Amount		Weighted- Average Yield (1)		Amount		Weighted- Average Yield (1)		Amount		Weighted- Average Yield (1)		Amount		Weighted- Average Yield (1)
Available-for-sale:

Government agency debentures	$	—	—	%	$	—	—	%	$	99,574	2.51	%	$	123,254	3.76	%	$	222,828	3.20	%
Municipal bonds and notes	440		4.07		3,456		2.83		59,508		2.25		53,826		2.09		117,230		2.20
Agency CMO	1		5.00		—		—		1,901		3.42		26,053		2.80		27,955		2.84
Agency MBS	174		1.36		2,023		1.32		4,111		3.68		5,100,153		4.69		5,106,461		4.69
Agency CMBS	—		—		109,176		4.68		481,097		4.57		3,113,731		4.81		3,704,004		4.78
CMBS	—		—		16,259		5.87		—		—		806,467		5.82		822,726		5.83

Corporate debt	—		—		145,767		3.93		209,647		3.32		20,790		2.94		376,204		3.54
Private label MBS	—		—		—		—		—		—		41,857		4.01		41,857		4.01
Other	—		—		5,000		3.80		4,874		2.69		—		—		9,874		3.25
Total available-for-sale	$	615	3.30	%	$	281,681	4.30	%	$	860,712	3.85	%	$	9,286,131	4.79	%	$	10,429,139	4.70	%
Held-to-maturity:
Agency CMO	$	—	—	%	$	—	—	%	$	—	—	%	$	17,581	2.88	%	$	17,581	2.88	%
Agency MBS	—		—		41		2.39		55,221		2.44		2,812,602		3.45		2,867,864		3.43
Agency CMBS	—		—		100,978		2.68		—		—		4,199,779		4.28		4,300,757		4.24
Municipal bonds and notes	5,457		2.78		69,851		2.76		217,522		2.89		533,460		3.31		826,290		2.78
CMBS	—		—		—		—		—		—		65,115		2.39		65,115		2.39
Total held-to-maturity	$	5,457	2.78	%	$	170,870	2.71	%	$	272,743	2.80	%	$	7,628,537	3.88	%	$	8,077,607	3.82	%
Total investment securities (2)	$	6,072	2.83	%	$	452,551	3.70	%	$	1,133,455	3.60	%	$	16,914,668	4.38	%	$	18,506,746	4.32	%

(1)Weighted-average yields exclude FTE adjustments and hedge adjustments, and are calculated on a pre-tax basis using the current yield inclusive of premium amortization and discount accretion for each security, major type, and maturity bucket.

(2)Available-for-sale securities and held-to-maturity securities are presented at amortized cost before any allowance for credit losses.

Additional information regarding the Company’s investment securities’ portfolios can be found within Note 3: Investment Securities in the Notes to Condensed Consolidated Financial Statements contained in Part I - Item 1. Financial Statements.

Loans and Leases

The following table summarizes the amortized cost and percentage composition of the Company’s loans and leases:


	September 30, 2025				December 31, 2024
(Dollars in thousands)	Amount		%		Amount		%
Commercial non-mortgage	$	19,408,782	35.2	%	$	18,037,942	34.4	%
Asset-based	1,258,478		2.3		1,404,007		2.7
Commercial real estate	14,974,670		27.2		14,492,436		27.6
Multi-family	6,936,628		12.6		6,898,600		13.1
Equipment financing	1,245,549		2.3		1,235,016		2.3

Residential	9,509,142		17.3		8,853,669		16.9
Home equity	1,377,380		2.5		1,427,692		2.7
Other consumer	341,452		0.6		155,806		0.3
Total loans and leases (1)	$	55,052,081	100.0	%	$	52,505,168	100.0	%

(1)The amortized cost balances at September 30, 2025, and December 31, 2024, exclude the ACL recorded on loans and leases of $727.9 million and $689.6 million, respectively.

The following table summarizes loans and leases by contractual maturity, along with the indication of whether interest rates are fixed or variable:


	September 30, 2025
(In thousands)	1 Year or Less		1 - 5 Years		5 - 15 Years		After 15 Years		Total
Fixed rate:
Commercial non-mortgage	$	256,170	$	1,046,760	$	2,785,074	$	1,501,629	$	5,589,633
Asset-based	109,183		353,380		—		—		462,563
Commercial real estate	930,330		2,093,021		661,295		121,040		3,805,686
Multi-family	666,328		3,464,287		611,831		105,956		4,848,402
Equipment financing	117,575		801,457		326,517		—		1,245,549

Residential	1,576		31,669		378,978		5,763,648		6,175,871
Home equity	3,039		20,126		150,402		218,124		391,691
Other consumer	11,821		259,152		44,985		32		315,990
Total fixed rate loans and leases	$	2,096,022	$	8,069,852	$	4,959,082	$	7,710,429	$	22,835,385
Variable rate:
Commercial non-mortgage	$	3,580,467	$	8,094,906	$	2,075,247	$	68,529	$	13,819,149
Asset-based	329,940		465,975		—		—		795,915
Commercial real estate	2,169,749		6,193,154		2,257,951		548,130		11,168,984
Multi-family	377,793		1,085,727		621,571		3,135		2,088,226


Residential	549		6,854		225,241		3,100,627		3,333,271
Home equity	2,163		4,168		87,183		892,175		985,689
Other consumer	4,227		19,571		1,664		—		25,462
Total variable rate loans and leases (1)	$	6,464,888	$	15,870,355	$	5,268,857	$	4,612,596	$	32,216,696
Total loans and leases (2)	$	8,560,910	$	23,940,207	$	10,227,939	$	12,323,025	$	55,052,081

(1)The Company has a back-to-back swap program, whereby it enters into an interest rate swap with qualified customers and simultaneously enters into an equal and opposite interest-rate swap with a swap counterparty, to hedge interest rate risk. At
September 30, 2025, there were 896 customer interest rate swap arrangements with a total notional amount of $8.0 billion to convert floating-rate loan payments to fixed-rate loan payments, and 47 customer interest rate cap arrangements with a total notional amount of $1.2 billion limiting how high interest rates can rise on variable-rate loans in a rising interest rate environment.

(2)Amounts due exclude total accrued interest receivable of $279.0 million.

Portfolio Concentrations

The Company actively monitors and manages concentrations of credit risk pertaining to specific industries, geographies, property types, and other characteristics that may exist in its loan and lease portfolio. At both September 30, 2025, and December 31, 2024, commercial non-mortgage, commercial real estate, and multi-family loans comprised approximately 75% of the Company’s loan and lease portfolio, with a large portion of the borrowers or properties associated with these loans geographically concentrated in New York City and the proximate areas.

The following table summarizes the percentage composition of commercial non-mortgage loans by industry, as determined using NAICS codes, which are used by the Company to categorize loans based on the borrower’s type of business:


Industry:	September 30, 2025		December 31, 2024
Finance	28.7	%	25.7	%
Public Administration	16.5		15.8
Services	16.2		16.1
Communications	7.1		7.7
Manufacturing	6.0		6.4
Real Estate	5.1		5.0
Retail & Wholesale	4.4		4.6
Transportation & Public Utilities	3.5		3.0
Healthcare	3.3		4.6
Construction	2.1		2.3
Other	7.1		8.8
Total Commercial non-mortgage	100.0	%	100.0	%

As illustrated above, concentrations are generally consistent from period to period. Any change in composition is consistent with the Company’s portfolio growth strategy.

The following tables summarize the percentage composition of commercial real estate and multi-family loans by both geography and property type, and whether the properties are owner occupied or non-owner occupied:


	September 30, 2025						December 31, 2024
Geography:	Owner Occupied		Non-Owner Occupied		Total		Owner Occupied		Non-Owner Occupied		Total
New York City	2.7	%	31.1	%	33.8	%	2.9	%	32.6	%	35.5	%
Other New York Counties	3.1		10.8		13.9		2.6		11.7		14.3
Connecticut	2.0		7.0		9.0		2.4		6.3		8.7
New Jersey	1.0		6.7		7.7		1.6		6.9		8.5
Massachusetts	1.3		5.1		6.4		1.4		4.9		6.3
Southeast	0.6		11.5		12.1		1.0		10.2		11.2
Other	1.1		16.0		17.1		1.4		14.1		15.5
Total Commercial real estate & Multi-family	11.8	%	88.2	%	100.0	%	13.3	%	86.7	%	100.0	%

	September 30, 2025						December 31, 2024
Property Type:	Owner Occupied		Non-Owner Occupied		Total		Owner Occupied		Non-Owner Occupied		Total
Multi-family	0.2	%	34.9	%	35.1	%	0.4	%	34.3	%	34.7	%
Industrial & Warehouse	3.2		16.9		20.1		3.1		14.6		17.7
Retail	0.5		8.8		9.3		0.5		8.1		8.6
Construction	—		5.8		5.8		0.1		7.7		7.8
Medical Office	0.1		4.5		4.6		0.1		4.2		4.3
Healthcare & Senior Living	2.6		1.8		4.4		4.3		1.9		6.2
Traditional Office	—		3.9		3.9		—		3.8		3.8
Hotel	—		2.0		2.0		—		2.1		2.1
Other	5.2		9.6		14.8		4.8		10.0		14.8
Total Commercial real estate & Multi-family	11.8	%	88.2	%	100.0	%	13.3	%	86.7	%	100.0	%

The weighted-average LTV ratio for non-owner occupied commercial real estate and multi-family loans at both September 30, 2025, and December 31, 2024, was 57%. The Company calculates its LTV ratios primarily using appraisals at origination unless a full appraisal is subsequently required based on deal-specific events.

Given the foundational change in office demand driven by the acceptance of remote work options, the commercial real estate market has continued to experience an increase in office property vacancies. As such, commercial real estate performance across the United States related to the traditional office sector continues to be an area of uncertainty. At September 30, 2025, the outstanding principal balance of traditional office commercial real estate loans was approximately $0.7 billion, which had corresponding reserves of $42.8 million. While the Company does anticipate ongoing change in the traditional office sector, management believes that its reserve levels reflect the expected credit losses in the portfolio.

Credit Policies and Procedures

The Bank has credit policies and procedures in place designed to support its lending activities within an acceptable level of risk, which are reviewed and approved by management and the Board of Directors on a regular basis. To assist with this process, management inspects reports generated by the Company’s loan reporting systems related to loan production, loan quality, concentrations of credit, loan delinquencies, non-performing loans, and potential problem loans.

Commercial non-mortgage, asset-based, and equipment finance loans are underwritten after evaluating and understanding the borrower’s ability to operate and service its debt. Assessment of the borrower’s management is a critical element of the underwriting process and credit decision. Once it has been determined that the borrower’s management possesses sound ethics and a solid business acumen, current and projected cash flows are examined to determine the ability of the borrower to repay obligations, as contracted. Commercial non-mortgage, asset-based, and equipment finance loans are primarily made based on the identified cash flows of the borrower, and secondarily on the underlying collateral provided by the borrower. However, the cash flows of borrowers may not be as expected, and the collateral securing these loans, as applicable, may fluctuate in value. Most commercial non-mortgage, asset-based, and equipment finance loans are secured by the assets being financed and may incorporate personal guarantees of the principal balance.

Commercial real estate loans, including multi-family, are subject to underwriting standards and processes similar to those for commercial non-mortgage, asset-based, and equipment finance loans. These loans are primarily viewed as cash flow loans, and secondarily as loans secured by real estate. Repayment of commercial real estate loans is largely dependent on the successful operation of the property securing the loan, the market in which the property is located, and the tenants of the property securing the loan. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. All transactions are appraised to determine market value. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. Management periodically utilizes third-party experts to provide insight and guidance about economic conditions and trends affecting its commercial real estate loan portfolio.

The Bank requires a valuation of real estate collateral, which generally includes third-party appraisals, at the time of origination or renewal in accordance with regulatory guidance. On an annual basis, appraisal assumptions and other factors are internally reviewed to determine whether an incremental third-party appraisal is warranted. New appraisals are obtained sooner if a loan becomes adversely classified, substandard, or non-accrual.

Consumer loans are subject to policies and procedures developed to manage the specific risk characteristics of the portfolio. These policies and procedures, coupled with relatively small individual loan amounts and predominately collateralized loan structures, are spread across many different borrowers, minimizing the level of credit risk. Trend and outlook reports are reviewed by management on a regular basis, and policies and procedures are modified or developed, as needed. Underwriting factors for residential mortgage and home equity loans include the borrower’s FICO score, the loan amount relative to property value, and the borrower’s debt-to-income level. The Bank originates both qualified mortgage and non-qualified mortgage loans.

Allowance for Credit Losses on Loans and Leases

The ACL on loans and leases increased $38.3 million, or 5.6%, from $689.6 million at December 31, 2024, to $727.9 million at September 30, 2025, primarily due to additional reserves resulting from uncertainty in the current macroeconomic environment and loan growth, partially offset by net charge-offs and improvements in risk rating migration.

The following table summarizes the percentage allocation of the ACL across the loans and leases categories:


	September 30, 2025				December 31, 2024
(Dollars in thousands)	Amount		% (1)		Amount		% (1)
Commercial non-mortgage	$	286,199	39.3	%	$	270,613	39.2	%
Asset-based	28,093		3.9		30,049		4.4
Commercial real estate	250,452		34.3		245,124		35.5
Multi-family	62,269		8.6		70,998		10.3
Equipment financing	15,689		2.2		19,087		2.8

Residential	40,592		5.6		27,354		4.0
Home equity	26,438		3.6		19,625		2.8
Other consumer	18,165		2.5		6,716		1.0
Total ACL on loans and leases	$	727,897	100.0	%	$	689,566	100.0	%

(1)The ACL allocated to a single loan and lease category does not preclude its availability to absorb losses in other categories.

Methodology

The Company’s ACL on loans and leases is considered to be a critical accounting policy. The ACL on loans and leases is a contra-asset account that offsets the amortized cost basis of loans and leases for the credit losses that are expected to occur over the life of the asset. Executive management reviews and advises on the adequacy of the allowance on a quarterly basis, which is maintained at a level that management deems to be sufficient to cover expected losses within the loan and lease portfolios.

The ACL on loans and leases is determined using the CECL model, whereby an expected lifetime credit loss is recognized at the origination or purchase of an asset, including those acquired through a business combination, which is then reassessed at each reporting date over the contractual life of the asset. The calculation of expected credit losses includes consideration of past events, current conditions, and reasonable and supportable economic forecasts that affect the collectability of the reported amounts. Generally, expected credit losses are determined through a pooled, collective assessment of loans and leases with similar risk characteristics. However, if the risk characteristics of a loan or lease change such that it no longer aligns to that of the collectively assessed pool, it is removed from the population and individually assessed for credit losses. The total ACL on loans and leases recorded by management represents the aggregated estimated credit loss determined through both the collective and individual assessments.

Collectively Assessed Loans and Leases. Collectively assessed loans and leases are segmented based on product type and credit quality, and expected losses are determined using models that follow a PD, LGD, or EAD framework. Under these frameworks, expected credit losses are calculated as the product of the probability of a loan defaulting, expected loss given the occurrence of a default, and the expected exposure of a loan at default. Summing the product across loans over their lives yields the lifetime expected credit losses for a given portfolio. The Company’s PD and LGD calculations are predictive models that measure the current risk profile of the loan pools using forecasts of future macroeconomic conditions, historical loss information, loan-level risk attributes, and credit quality indicators. The calculation of EAD follows an iterative process to determine the expected remaining principal balance of a loan based on historical paydown rates for loans of a similar segment within the same portfolio. The calculation of portfolio exposure in future quarters incorporates expected losses, the loan’s amortization schedule, and prepayment rates.

The Company’s models incorporate a baseline and a downside macroeconomic forecast scenario, and management weights the scenarios to arrive at the most likely macroeconomic scenario for each quarter end over a reasonable and supportable forecast period. The development of the reasonable and supportable forecast assumes that each portfolio will revert to its long-term loss rate expectation. The reasonable and supportable forecast period is two years, after which the reversion period is one year. Models use output reversion and revert to mean historical portfolio and risk rating specific loss rates on a straight-line basis in the third year of the forecast.

The Company incorporates forecasts of macroeconomic variables in the determination of expected credit losses. Macroeconomic variables are selected for each class of financing receivable based on relevant factors, such as asset type and the correlation of the variables to credit losses, among others. Data from the forecast scenario of these macroeconomic variables are used as inputs to the modeled loss calculation.

A portion of the collective ACL is comprised of qualitative adjustments for risk characteristics that are not reflected or captured in the quantitative models, but are likely to impact the measurement of estimated credit losses. Qualitative adjustments are based on management’s judgment of the Company, market, industry, or business specific data, and may be applied in relation to economic forecasts when relevant facts and circumstances are expected to impact credit losses, particularly in times of significant volatility in economic activity. Qualitative factors that are generally used in the Company’s models for all loan and lease portfolios include, but are not limited to, nature and volume of portfolio growth, credit quality trends, underwriting exception levels, quality of internal loan review, credit concentrations, and staffing trends.

During the third quarter of 2025, the Company completed a refresh of its CECL models, incorporating additional loss history and enhancements to modeling methodologies used in the estimation process, which resulted in an increase in the quantitative portion of the collective ACL relative to the total ACL on loans and leases. The refreshed models reflect the estimated impact of economic conditions including tariffs, the risk of recession/inflation, and the general economic uncertainty associated with these evolving risks. The change in expected macroeconomic conditions resulted in an increase to the collective ACL of $29.5 million from December 31, 2024, to September 30, 2025. The qualitative portion of the collective ACL accounted for approximately 21% and 39% of the total ACL on loans and leases at September 30, 2025, and December 31, 2024, respectively. The composition of qualitative reserves primarily relates to credit quality trends and credit concentrations, which decreased in the current quarter as a result of the effects of the CECL model refresh along with improvements in commercial risk rating migration trends.

Individually Assessed Loans and Leases. If the risk characteristics of a loan or lease change such that it no longer matches the risk characteristics of the collectively assessed pool, it is removed from the population and individually assessed for credit losses. Generally, all non-accrual loans and loans with a charge-off are individually assessed. The measurement method used to calculate the expected credit loss on an individually assessed loan or lease depends on the type and whether the loan or lease is considered to be collateral dependent. Methods for collateral dependent commercial loans are either based on the fair value of the collateral less estimated costs to sell when the basis of repayment is the sale of collateral, or the present value of the expected cash flows from the operation of the collateral. For non-collateral dependent loans, either a discounted cash flow method or other loss factor method is used. Any individually assessed loan or lease for which no specific allowance is deemed necessary is either the result of sufficient cash flows or sufficient collateral coverage relative to the amortized cost of the asset.

Additional information regarding the Company’s ACL methodology can be found within Note 1: Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Asset Quality Ratios

The Company manages asset quality using risk tolerance levels established through the Company’s underwriting standards, servicing, and management of its loan and lease portfolio. Loans and leases for which a heightened risk of loss has been identified are regularly monitored to mitigate further deterioration and preserve asset quality in future periods. Non-performing assets, credit losses, and net charge-offs are considered by management to be key measures of asset quality.

The following table summarizes key asset quality ratios and their underlying components:


(Dollars in thousands)	September 30, 2025			December 31, 2024
Non-performing loans and leases (1) (2)	$	543,928		$	461,326
Total loans and leases	55,052,081			52,505,168
Non-performing loans and leases as a percentage of total loans and leases	0.99		%	0.88		%

Non-performing loans and leases (1) (2)	$	543,928		$	461,326
Add: OREO and repossessed assets	1,399			425
Total non-performing assets (1)	$	545,327		$	461,751
Total loans and leases plus OREO and repossessed assets	$	55,053,480		$	52,505,593
Non-performing assets as a percentage of total loans and leases plus OREO and repossessed assets	0.99		%	0.88		%

Non-performing assets (1)	$	545,327		$	461,751
Total assets	83,192,652			79,025,073
Non-performing assets as a percentage of total assets	0.66		%	0.58		%

ACL on loans and leases	$	727,897		$	689,566
Non-performing loans and leases (1) (2)	543,928			461,326
ACL on loans and leases as a percentage of non-performing loans and leases	133.82		%	149.47		%

ACL on loans and leases	$	727,897		$	689,566
Total loans and leases	55,052,081			52,505,168
ACL on loans and leases as a percentage of total loans and leases	1.32		%	1.31		%

ACL on loans and leases	$	727,897		$	689,566
Net charge-offs (annualized)	172,949			166,914
Ratio of ACL on loans and leases to net charge-offs (annualized)	4.21x			4.13x

(1)Non-performing asset balances and related asset quality ratios exclude the impact of net unamortized (discounts)/premiums and net unamortized deferred (fees)/costs on loans and leases.

(2)The change from December 31, 2024, to September 30, 2025, is primarily due to increases in non-performing commercial real estate, asset-based, and multi-family, partially offset by a decrease in non-performing commercial non-mortgage.

The following table summarizes net charge-offs (recoveries) as a percentage of average loans and leases for each category:


	Three months ended September 30,
	2025						2024
(Dollars in thousands)	Net Charge-offs (Recoveries)		Average Balance		% (1)		Net Charge-offs (Recoveries)		Average Balance		% (1)
Commercial non-mortgage	$	15,697	$	19,221,539	0.33	%	$	9,551	$	16,904,543	0.23	%
Asset-based	7,594		1,289,208		2.36		—		1,452,794		—
Commercial real estate	12,829		14,681,460		0.35		20,827		14,481,233		0.58
Multi-family	75		6,827,086		—		5,631		7,734,060		0.29
Equipment financing	954		1,230,100		0.31		(24)		1,261,715		(0.01)

Residential	(72)		9,416,499		—		(473)		8,390,613		(0.02)
Home equity	(389)		1,381,770		(0.11)		(799)		1,451,137		(0.22)
Other consumer	1,666		325,298		2.05		713		76,098		3.75
Total	$	38,354	$	54,372,960	0.28	%	$	35,426	$	51,752,193	0.27	%

	Nine months ended September 30,
	2025						2024
(Dollars in thousands)	Net Charge-offs (Recoveries)		Average Balance		% (1)		Net Charge-offs (Recoveries)		Average Balance		% (1)
Commercial non-mortgage	$	55,712	$	18,559,699	0.40	%	$	53,201	$	16,858,873	0.42	%
Asset-based	23,181		1,352,451		2.29		5,048		1,483,084		0.45
Commercial real estate	46,553		14,519,775		0.43		32,367		14,101,337		0.31
Multi-family	322		6,863,801		0.01		12,976		7,834,893		0.22
Equipment financing	2,547		1,219,227		0.28		3,297		1,273,690		0.35

Residential	(912)		9,211,754		(0.01)		(815)		8,289,757		(0.01)
Home equity	(1,177)		1,394,396		(0.11)		(2,648)		1,474,676		(0.24)
Other consumer	3,486		291,928		1.59		2,617		60,203		5.80
Total	$	129,712	$	53,413,031	0.32	%	$	106,043	$	51,376,513	0.28	%

(1)Percentage represents annualized net charge-offs (recoveries) to average loans and leases within the comparable category.

Comparison to Prior Year Quarter

Net charge-offs increased $3.0 million, or 8.3%, to $38.4 million for the three months ended September 30, 2025, as compared to $35.4 million for the three months ended September 30, 2024, primarily due to increases in asset-based and commercial non-mortgage, partially offset by decreases in commercial real estate and multi-family.

Comparison to Prior Year to Date

Net charge-offs increased $23.7 million, or 22.3%, to $129.7 million for the nine months ended September 30, 2025, as compared to $106.0 million for the nine months ended September 30, 2024, primarily due to increases in asset-based, commercial real estate, and commercial non-mortgage, partially offset by a decrease in multi-family.

Liquidity and Capital Resources

The Company manages its cash flow requirements through proactive liquidity measures at both the Holding Company and the Bank. In order to maintain stable, cost-effective funding, and to promote overall balance sheet strength, the liquidity position of the Company is continuously monitored, and adjustments are made to balance sources and uses of funds, as appropriate. At September 30, 2025, management is not aware of any events that are reasonably likely to have a material adverse effect on the Company’s liquidity position, capital resources, or operating activities.

Cash inflows are provided through a variety of sources, including principal and interest payments on loans and investments, unpledged securities that can be sold or utilized to secure funding, and new deposits. The Company is committed to maintaining a strong base of core deposits, which consists of demand, health savings, interest-bearing checking, money market, and savings accounts, to support growth in its loan portfolios. Management actively monitors the interest rate environment and makes adjustments to its deposit strategy in response to evolving market conditions, funding needs, and client relationship dynamics.

Holding Company Liquidity. The primary source of liquidity at the Holding Company is dividends from the Bank. To a lesser extent, investment income, net proceeds from investment sales, borrowings, and public offerings may provide additional liquidity. The Holding Company generally uses its funds for principal and interest payments on senior notes, subordinated notes, and junior subordinated debt, dividend payments to preferred and common stockholders, repurchases of its common stock, and purchases of debt and equity securities, as applicable.

There are certain restrictions on the Bank’s payment of dividends to the Holding Company, which can be found within
Note 10: Regulatory Capital and Restrictions in the Notes to Condensed Consolidated Financial Statements contained in Part I - Item 1. Financial Statements of this report, and under the section captioned “Supervision and Regulation” in Part I - Item 1. Business of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. During the three and nine months ended September 30, 2025, the Bank paid $200.0 million and $500.0 million in dividends to the Holding Company, respectively. At September 30, 2025, there was $776.8 million of retained earnings available for the payment of dividends by the Bank to the Holding Company. On October 29, 2025, the Bank was approved to pay the Holding Company $400.0 million in dividends in the fourth quarter of 2025.

The quarterly cash dividend to common stockholders remained at $0.40 per common share for the three months ended
September 30, 2025. On October 29, 2025, it was announced that the Holding Company’s Board of Directors had declared a quarterly cash dividend of $0.40 per share on Webster common stock. For the Series F Preferred Stock and Series G Preferred Stock, quarterly cash dividends of $328.125 per share and $16.25 per share, respectively, were declared. The Company continues to monitor economic forecasts, anticipated earnings, and its capital position in the determination of its dividend payments.

The Holding Company maintains a common stock repurchase program, which was approved by the Board of Directors, that permits management to repurchase shares of its common stock in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC, subject to the availability and trading price of stock, general market conditions, alternative uses for capital, regulatory considerations, and the Company’s financial performance. On April 30, 2025, the Board of Directors increased management’s authority to repurchase shares of Webster common stock under the repurchase program by $700.0 million. During the three and nine months ended September 30, 2025, the Holding Company repurchased 2,231,026 and 7,320,994 shares, respectively, under the program at a weighted-average price of $58.17 and $53.19 per share, respectively, totaling $129.8 million and $389.4 million, respectively. At September 30, 2025, the Holding Company’s remaining repurchase authority was $538.6 million.

In addition, the Holding Company will periodically acquire common shares outside of the repurchase program related to employee stock compensation plan activity. During the three and nine months ended September 30, 2025, the Holding Company repurchased 6,870 and 399,644 shares, respectively, at a weighted-average price of $59.17 and $56.54 per share, respectively, totaling $0.4 million and $22.6 million, respectively, for this purpose.

Webster Bank Liquidity. The Bank’s primary source of funding is its core deposits. Including time deposits, the Bank had a loan to total deposit ratio of 80.8% and 81.1% at September 30, 2025, and December 31, 2024, respectively.

The Bank is required by OCC regulations to maintain a sufficient level of liquidity to ensure safe and sound operations. The adequacy of liquidity, as assessed by the OCC, depends on factors such as overall asset and liability structure, market conditions, competition, and the nature of the institution’s deposit and loan customers. At September 30, 2025, the Bank exceeded all regulatory liquidity requirements. The Company has designed a detailed contingency plan in order to respond to any liquidity concerns in a prompt and comprehensive manner, including early detection of potential problems and corrective action to address liquidity stress scenarios.

Capital Requirements. The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory actions by regulators that could have a direct material effect on the Company’s Condensed Consolidated Financial Statements. Under capital adequacy guidelines and/or the regulatory framework for prompt corrective action (applies to the Bank only), both the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated pursuant to regulatory directives. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by Basel III to ensure capital adequacy require the Company and the Bank to maintain minimum ratios of CET1 Risk-Based Capital, Tier 1 Risk-Based Capital, Total Risk-Based Capital, and Tier 1 Leverage Capital, as defined in the regulations.

The following table presents the minimum ratios required as of September 30, 2025, and December 31, 2024:


	Adequately Capitalized		Well Capitalized
CET1 Risk-Based Capital	4.5	%	6.5	%
Tier 1 Risk-Based Capital	6.0		8.0
Total Risk-Based Capital	8.0		10.0
Tier 1 Leverage Capital	4.0		5.0

At September 30, 2025, and December 31, 2024, both the Company and the Bank were classified as “well-capitalized.” Management believes that no events or changes have occurred subsequent to quarter-end and through the date of this Quarterly Report on Form 10-Q that would change this designation.

The Company’s and the Bank’s capital ratios, which exceeded minimum regulatory requirements, were as follows:


	September 30, 2025				December 31, 2024 (1)
(Dollars in thousands)	Capital/Assets		Ratio		Capital/Assets		Ratio
Webster Financial Corporation
CET1 Risk-Based Capital	$	6,480,775	11.39	%	$	6,318,876	11.54	%
Tier 1 Risk-Based Capital	6,764,754		11.89		6,602,855		12.06	%
Total Risk-Based Capital	8,352,757		14.68		7,800,717		14.24	%
Tier 1 Leverage Capital	6,764,754		8.51		6,602,855		8.70	%
Risk-weighted assets	56,896,293				54,767,609
Webster Bank
CET1 Risk-Based Capital	$	7,161,572	12.60	%	$	6,847,474	12.53	%
Tier 1 Risk-Based Capital	7,161,572		12.60		6,847,474		12.53	%
Total Risk-Based Capital	7,872,291		13.85		7,512,143		13.74	%
Tier 1 Leverage Capital	7,161,572		9.02		6,847,474		9.04	%
Risk-weighted assets	56,851,473				54,667,360

(1)In accordance with regulatory capital rules, the Company elected to delay the estimated impact of the adoption of CECL on its regulatory capital over a two-year deferral period, which ended on January 1, 2022, and a subsequent three-year transition period, which ended on December 31, 2024. During the three-year transition period, regulatory capital ratios phased out the aggregate amount of the regulatory capital benefit provided from the delayed CECL adoption in the initial two years. For 2024, the Company was allowed 25% of the regulatory capital benefit as of December 31, 2021. Full absorption occurred in 2025.

Additional information regarding the required regulatory capital levels and ratios applicable to the Company and the Bank can be found within Note 10: Regulatory Capital and Restrictions in the Notes to Condensed Consolidated Financial Statements contained in Part I - Item 1. Financial Statements.

Sources and Uses of Funds

Sources of Funds. Deposits are the primary source of cash flows for the Bank’s lending activities and general operational needs. Loan and securities repayments, proceeds from sales of loans and securities held for sale, and maturities also provide cash flows. While scheduled loan and securities repayments are a relatively stable source of funds, prepayments and other deposit inflows are influenced by economic conditions and prevailing interest rates, the timing of which are inherently uncertain. Additional sources of funds are provided by both short-term and long-term borrowings, and to a lesser extent, dividends received as part of the Bank’s membership with the FHLB and FRB.

Deposits. The Bank offers a wide variety of checking and savings deposit products designed to meet the transactional and investment needs of its consumer and business customers. The Bank’s deposit services include, but are not limited to, ATM and debit card use, direct deposit, ACH payments, mobile banking, internet-based banking, banking by mail, account transfers, and overdraft protection, among others. The Bank manages the flow of funds in its deposit accounts and interest rates consistent with FDIC regulations. The Bank’s Consumer and Digital Pricing Committee and its Commercial and Institutional Liability and Loan Pricing Committee both meet regularly to determine pricing and marketing initiatives. In addition, the Bank may use brokered certificates of deposit as a funding source, which are managed based on established limits set by the ALCO.

Total deposits were $68.2 billion and $64.8 billion at September 30, 2025, and December 31, 2024, respectively. The
$3.4 billion net increase in total deposits was primarily due to an increase in money market deposits, particularly from interSYNC, which contributed to $1.9 billion of the change. The Company also experienced increases across all other deposit categories except for brokered certificates of deposit, which decreased primarily due to a change in short-term funding mix.

The following table summarizes daily average balances of deposits by type and the weighted-average rates paid thereon:


	Three months ended September 30,
	2025				2024
(Dollars in thousands)	Average Balance		Average Rate		Average Balance		Average Rate
Non-interest-bearing:
Demand	$	10,141,954	—	%	$	10,243,045	—	%
Interest-bearing:
Checking	10,502,974		1.79		9,744,885		1.96
Health savings accounts	9,127,705		0.17		8,546,941		0.15
Money market	22,513,065		3.54		19,945,165		4.17
Savings	7,233,339		1.69		6,909,526		1.69
Certificates of deposit	6,120,864		3.49		5,895,329		4.34
Brokered certificates of deposit	1,679,127		4.39		1,294,764		5.28
Total interest-bearing	57,177,074		2.47		52,336,610		2.82
Total average deposits	$	67,319,028	2.10	%	$	62,579,655	2.36	%

	Nine months ended September 30,
	2025				2024
(Dollars in thousands)	Average Balance		Average Rate		Average Balance		Average Rate
Non-interest-bearing:
Demand	$	10,178,346	—	%	$	10,327,076	—	%
Interest-bearing:
Checking	9,997,950		1.75		9,475,927		1.89
Health savings accounts	9,190,317		0.16		8,560,303		0.15
Money market	21,762,954		3.53		18,905,798		4.16
Savings	7,267,170		1.67		6,845,957		1.50
Certificates of deposit	6,076,756		3.53		5,861,288		4.39
Brokered certificates of deposit	1,619,633		4.43		1,647,193		5.36
Total interest-bearing	55,914,780		2.44		51,296,466		2.78
Total average deposits	$	66,093,126	2.07	%	$	61,623,542	2.32	%

Uninsured deposits represent the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit or similar state deposit insurance regimes, and amounts in any other uninsured investment or deposit accounts that are classified as deposits and not subject to any federal or state deposit insurance regimes. The Company calculates its uninsured deposit balances based on the methodologies and assumptions used for regulatory reporting requirements, which includes an estimated portion and affiliate deposits. At September 30, 2025, and December 31, 2024, total uninsured deposits as per regulatory reporting requirements and reported on Schedule RC-O of the Bank’s Call Report were $24.5 billion and $22.6 billion, respectively.

The following table summarizes uninsured deposits information at September 30, 2025, after certain exclusions:



(In thousands)	September 30, 2025
Uninsured deposits, per regulatory reporting requirements	$	24,485,272
Less: Affiliate deposits	(4,826,300)
Collateralized deposits	(5,623,637)
Uninsured deposits, after exclusions	$	14,035,335

Immediately available liquidity (1)	$	27,616,917
Uninsured deposits coverage	196.8%

(1)Reflects $8.3 billion and $16.7 billion of additional borrowing capacity from the FHLB and the FRB, respectively, and $2.6 billion of interest-bearing deposits held at FRB.

Uninsured deposits, after adjusting for affiliate deposits and collateralized deposits, represented 20.6% of total deposits at September 30, 2025. Management believes that this presentation provides a more accurate view of deposits at risk given that affiliate deposits are not customer-facing, and therefore are eliminated upon consolidation, and collateralized deposits are secured by other means. As of the date of this Quarterly Report on Form 10-Q, the Company’s uninsured deposits as a percentage of total deposits, adjusted for affiliate deposits and collateralized deposits, is consistent with the percentage reported at September 30, 2025.

The following table summarizes the portion of U.S. time deposits in excess of the FDIC insurance limit and time deposits otherwise uninsured by contractual maturity:


(In thousands)	September 30, 2025
Portion of U.S. time deposits in excess of insurance limit	$	597,825
Time deposits otherwise uninsured with a maturity of:
3 months or less	$	286,371
Over 3 months through 6 months	218,236
Over 6 months through 12 months	92,014
Over 12 months	1,204

Additional information regarding period-end deposit balances and rates can be found within Note 6: Deposits in the Notes to Condensed Consolidated Financial Statements contained in Part I - Item 1. Financial Statements.

Borrowings. The Bank’s primary borrowing sources include securities sold under agreements to repurchase, federal funds purchased, FHLB advances, and long-term debt. Total borrowings were $3.9 billion and $3.4 billion at September 30, 2025, and December 31, 2024, respectively, and represented 4.7% and 4.3% of total assets, respectively. The $0.5 billion net increase is primarily due to increases of $0.4 billion in FHLB advances and $0.3 billion in long-term debt, partially offset by a decrease of $0.2 billion in securities sold under agreements to repurchase.

Securities sold under agreements to repurchase are generally a form of short-term funding for the Bank in which it sells securities to counterparties with an agreement to buy them back in the future at a fixed price. Securities sold under agreements to repurchase totaled $101.7 million and $344.2 million at September 30, 2025, and December 31, 2024, respectively. The $0.2 billion decrease is primarily due to a change in short-term funding mix.

The Bank may also purchase term and overnight federal funds to meet its short-term liquidity needs. There were no federal funds purchased at September 30, 2025 and December 31, 2024.

FHLB advances are not only utilized as a source of funding, but also for interest rate risk management purposes. FHLB advances totaled $2.6 billion and $2.1 billion at September 30, 2025, and December 31, 2024, respectively. The $0.5 billion increase is primarily due to a change in short-term funding mix.

Long-term debt consists of senior notes maturing in 2029, subordinated notes maturing in 2029, 2030, and 2035, and junior subordinated notes maturing in 2033. Long-term debt totaled $1.2 billion and $0.9 billion at September 30, 2025 and December 31, 2024, respectively. The $0.3 billion increase is primarily due to the issuance of 5.784% fixed-rate reset subordinated notes due 2035 on September 11, 2025.

The Bank had additional borrowing capacity from the FHLB of $8.3 billion and $8.7 billion at September 30, 2025, and December 31, 2024, respectively. The Bank also had additional borrowing capacity from the FRB of $16.7 billion and $13.3 billion at September 30, 2025, and December 31, 2024, respectively. Unencumbered investment securities of $0.6 billion at September 30, 2025 could have been used for collateral on borrowings or to increase borrowing capacity by either $0.4 billion with the FHLB or $0.6 billion with the FRB.

The following table summarizes daily average balances of borrowings by type and the weighted-average rates paid thereon:


	Three months ended September 30,
	2025				2024
(Dollars in thousands)	Average Balance		Average Rate		Average Balance		Average Rate
Securities sold under agreements to repurchase	$	139,567	1.77	%	$	125,738	0.12	%

FHLB advances	2,602,949		4.45		2,535,497		5.43
Long-term debt (1)	960,497		4.53		887,090		3.56

Total average borrowings	$	3,703,013	4.37	%	$	3,548,325	4.77	%

	Nine months ended September 30,
	2025				2024
(Dollars in thousands)	Average Balance		Average Rate		Average Balance		Average Rate
Securities sold under agreements to repurchase	$	164,659	2.02	%	$	125,492	0.26	%
Federal funds purchased	—		—		72,537		5.46
FHLB advances	2,456,918		4.46		2,551,535		5.47
Long-term debt (1)	911,107		4.41		909,294		3.58

Total average borrowings	$	3,532,684	4.33	%	$	3,658,858	4.82	%

(1)The average balance of long-term debt for the three and nine months ended September 30, 2024, has been recast in connection with a change in presentation effective as of December 31, 2024. Additional information regarding this change in presentation can be found under the section captioned “Net Interest Income Analysis” contained elsewhere in this Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Additional information regarding period-end borrowings balances and rates can be found within Note 7: Borrowings in the Notes to Condensed Consolidated Financial Statements contained in Part I - Item 1. Financial Statements.

Federal Home Loan Bank and Federal Reserve Bank Stock. The Bank is a member of the FHLB System, which consists of 11 district FHLBs, each of which is subject to the supervision and regulation of the Federal Housing Finance Agency. An activity-based capital stock investment in the FHLB is required in order for the Bank to maintain its membership and access advances and other extensions of credit for sources of funds and liquidity purposes. The FHLB capital stock investment is restricted as there is no market for it, and it can only be redeemed by the FHLB. The Bank held FHLB capital stock of $109.4 million and $91.7 million at September 30, 2025, and December 31, 2024, respectively. The most recent FHLB quarterly cash dividend was paid on November 4, 2025, in an amount equal to an annual yield of 7.39%.

The Bank is also required to hold FRB stock equal to 6% of its capital and surplus, of which 50% is paid. The remaining 50% is subject to call when deemed necessary by the Federal Reserve System. Similar to FHLB stock, the FRB capital stock investment is restricted as there is no market for it, and it can only be redeemed by the FRB. The Bank held FRB capital stock of $230.9 million and $229.6 million at September 30, 2025, and December 31, 2024, respectively. The most recent FRB semi-annual cash dividend was paid on June 30, 2025, in an amount equal to an annual yield of 4.42%.

Uses of Funds. The Company enters into various contractual obligations in the normal course of business that require future cash payments and that could impact its short-term and long-term liquidity and capital resource needs. The following table summarizes significant fixed and determinable contractual obligations at September 30, 2025. The actual timing and amounts of future cash payments may differ from the amounts presented. Based on the Company’s current liquidity position, it is expected that our sources of funds will be sufficient to fulfill these obligations when they come due.


	Payments Due by Period (1)
(In thousands)	2025		2026		2027		2028		2029		Thereafter		Total
Senior notes	$	—	$	—	$	—	$	—	$	300,000	$	—	$	300,000
Subordinated notes (2)	—		—		—		—		274,000		575,000		849,000
Junior subordinated debt	—		—		—		—		—		77,320		77,320
FHLB advances	2,430,000		120,000		206		204		622		9,785		2,560,817
Securities sold under agreements to repurchase	101,717		—		—		—		—		—		101,717

Time deposits	4,185,109		3,287,469		41,806		20,409		16,908		24,112		7,575,813
Operating lease liabilities	6,649		39,000		35,677		33,731		29,642		96,668		241,367

Royalty liabilities	250		1,000		1,000		1,000		1,000		4,887		9,137

Total contractual obligations	$	6,723,725	$	3,447,469	$	78,689	$	55,344	$	622,172	$	787,772	$	11,715,171

(1)Interest payments on borrowings and obligations arising from agreements to purchase goods or receive services have been excluded.

(2)On November 3, 2025, the Company repaid the outstanding $225.0 million principal balance due on the 3.875% subordinated fixed-to-floating notes due 2030, plus any accrued and unpaid interest thereon. Additional information regarding this redemption of long-term debt can be found within Note 18: Subsequent Events in the Notes to Condensed Consolidated Financial Statements contained in Part I - Item 1. Financial Statements.

In addition, in the normal course of business, the Company offers financial instruments with off-balance sheet risk to meet the financing needs of its customers. These transactions include commitments to extend credit and commercial and standby letters of credit, which involve, to a varying degree, elements of credit risk. Since many of these commitments are expected to expire unused or be only partially funded, the total commitment amount of $13.1 billion at September 30, 2025 does not necessarily reflect future cash payments.

The Company also enters into commitments to invest in venture capital and private equity funds and tax credit structures to assist the Bank in meeting its responsibilities under the CRA. The total unfunded commitment for these alternative investments was $837.9 million at September 30, 2025. However, the timing of capital calls cannot be reasonably estimated, and depending on the nature of the contract, the entirety of the capital committed by the Company may not be called.

In connection with the formation of the joint venture with Marathon Asset Management, the Company and Marathon Asset Management have agreed to collectively make a capital contribution to a certain investment fund formed in connection with the joint venture (the “Fund”) for an amount equal to the lesser of $20 million or 2% of total capital commitments from limited partners to the Fund. At its discretion, the Company may contribute amounts exceeding this commitment, up to BHC Act limitations (less than 25% of the Fund’s total equity interests and less than 5% of its voting equity interests). The Company is expected to make its contribution to the Fund approximately over the next 15 months.

Pension obligations are funded by the Company, as needed, to provide for participant benefit payments as it relates to the Company’s frozen, non-contributory, qualified defined benefit pension plan. Decisions to contribute to the defined benefit pension plan are made based upon pension funding requirements under the Pension Protection Act, the maximum amount deductible under the Internal Revenue Code, the actual performance of plan assets, and trends in the regulatory environment. The Company was not required to contribute to the defined benefit pension plan in 2025, nor does it currently anticipate that it will be required to contribute in 2026. The Company’s non-qualified supplemental executive retirement plans and other post-employment benefit plans are unfunded.

At September 30, 2025, the Company’s Condensed Consolidated Balance Sheet reflects a liability for uncertain tax positions of $10.1 million and $5.5 million of accrued interest and penalties, respectively. The ultimate timing and amount of any related future cash settlements cannot be predicted with reasonable certainty.

On November 29, 2023, the FDIC published a final rule implementing a special assessment for certain banks to recover losses incurred by protecting uninsured depositors of Silicon Valley Bank and Signature Bank upon their failure in March 2023. At September 30, 2025, the Company’s remaining accrual for its estimated special assessment charge was $22.1 million, which is anticipated to be collected over the remainder of three quarterly assessment periods. The FDIC retains the right to cease collection early, extend the special assessment collection period, and impose shortfall special assessments if actual losses exceed the amounts collected. The Company continues to monitor the estimated loss attributable to the protection of uninsured depositors at Silicon Valley Bank and Signature Bank, which could impact the amount of its accrued liability.

In connection with the completion of a multi-family securitization during the third quarter of 2024, the Company assumed an obligation to reimburse, or guarantee, losses incurred by the multi-family securitization trusts of up to 12% of the aggregate UPB of the loans at the time of sale. Essentially, this obligation represents a first credit loss enhancement provided by the Company. Based on the credit quality of the multi-family loans, among other factors, the Company estimated the amount of its reimbursement obligation to be $3.3 million at September 30, 2025. The Company has not yet been required to make any guarantee payments to Freddie Mac. However, in the event that value of the assets in the multi-family securitization trusts significantly declined, the Company’s maximum exposure to loss could be $36.4 million.

Additional information regarding credit-related financial instruments and the FDIC special assessment, and alternative investments and the joint venture with Marathon Asset Management, can be found within Note 17: Commitments and Contingencies and Note 11: Variable Interest Entities, respectively, in the Notes to the Condensed Consolidated Financial Statements contained in Part I - Item 1. Financial Statements of this report. Additional information regarding defined benefit pension and other postretirement benefit plans, income taxes, and the multifamily securitization can be found within Note 19: Retirement Benefit Plans, Note 9: Income Taxes, and Note 5: Transfers and Servicing of Financial Assets, respectively, in the Notes to the Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Asset/Liability Management and Market Risk

The Company’s ALCO uses four main tools to manage interest rate risk: (i) the size, duration, and credit risk of the investment portfolio; (ii) the size and duration of the wholesale funding portfolio; (iii) interest rate contracts; and (iv) the pricing and structure of loans and deposits. Interest rate risk is measured using simulation analysis and asset/liability modeling software to calculate the Company’s earnings at risk and equity at risk. Earnings at risk is defined as the change in net interest income due to change in interest rates. Equity at risk is defined as the change in the net economic value of financial assets, financial liabilities, and off-balance sheet financial instruments, due to changes in interest rates compared to a base net economic value.

Information regarding the key model assumptions and methods used to calculate the Company’s earnings at risk and equity at risk, along with other information regarding the Company’s asset/liability management process overall, can be found under the section captioned “Asset/Liability Management and Market Risk” contained in Part II - Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. There were no changes to management’s asset/liability management process during the six months ended September 30, 2025, that had a material impact on its measurement of interest rate risk.

The following table summarizes the estimated impact that gradual parallel changes in interest rates of up and down 100, 200, and 300 basis points might have on the Company’s net interest income over a 12-month period starting at September 30, 2025, and December 31, 2024, as compared to actual net interest income and assuming no changes in interest rates:


	-300bp	-200bp	-100bp	+100bp	+200bp	+300bp
September 30, 2025	(0.7)%	(0.4)%	(0.2)%	0.1%	(0.1)%	(0.5)%
December 31, 2024	(1.6)%	(0.6)%	—%	0.4%	0.6%	0.8%

Asset sensitivity in terms of net interest income decreased from December 31, 2024, to September 30, 2025, primarily due to changes in the overall balance sheet composition, which included a $1.9 billion increase in interSYNC floating-rate money market deposits and a $2.2 billion increase in floating-rate loans and leases.

The following table summarizes the estimated impact that yield curve twists or immediate non-parallel changes in interest rates of up and down 50 and 100 basis points might have on the Company’s net interest income over a 12-month period starting at September 30, 2025, and December 31, 2024:


	Short End of the Yield Curve				Long End of the Yield Curve
	-100bp	-50bp	+50bp	+100bp	-100bp	-50bp	+50bp	+100bp
September 30, 2025	1.3%	0.6%	(0.6)%	(1.3)%	(2.3)%	(1.1)%	1.0%	2.0%
December 31, 2024	2.1%	1.0%	(0.7)%	(1.6)%	(2.2)%	(1.0)%	1.0%	1.9%

Sensitivity to the short end of the yield curve for net interest income slightly decreased, primarily due to changes in the overall balance sheet composition, as discussed above, whereas sensitivity to the long end of the yield curve for net interest income remained stable from December 31, 2024, to September 30, 2025.

The following table summarizes the estimated economic value of financial assets, financial liabilities, and off-balance sheet financial instruments and the corresponding estimated change in economic value if interest rates were to instantaneously increase or decrease by 100 basis points at September 30, 2025, and December 31, 2024:


(Dollars in thousands)		Estimated Economic Value		Estimated Economic Value Change

	-100bp									+100bp
September 30, 2025
Assets		$	78,740,570	$	2,145,458		$	(2,316,294)
Liabilities		66,482,853		2,120,708			(1,920,447)
Net		$	12,257,717	$	24,750		$	(395,847)
Net change as % base net economic value				0.2		%	(3.2)		%

December 31, 2024
Assets		$	73,921,262	$	2,180,555		$	(2,223,719)
Liabilities		60,952,551		2,089,770			(1,813,843)
Net		$	12,968,711	$	90,785		$	(409,876)
Net change as % base net economic value				0.7		%	(3.2)		%

Changes in economic value can best be described through duration, which is a measure of the price sensitivity of financial assets and financial liabilities due to changes in interest rates. Overall, the longer the duration, the greater the price sensitivity due to changes in interest rates.

Duration gap represents the difference between the duration of financial assets and financial liabilities. A duration gap at or near zero would imply that the balance sheet is matched and, therefore, would exhibit no change in estimated economic value for changes in interest rates. At September 30, 2025, and December 31, 2024, the Company’s duration gap was zero.

These earnings and net economic value estimates are subject to factors that could cause actual results to differ, and also assume that management does not take any additional action to mitigate any positive or negative effects from changing interest rates. Management believes that the Company’s interest rate risk position at September 30, 2025, represents a reasonable level of risk given the current interest rate outlook. Management continues to monitor interest rates and other relevant factors given recent market volatility and is prepared to take additional action, as necessary.

Critical Accounting Estimates

The preparation of the Company’s Condensed Consolidated Financial Statements, and accompanying notes thereto, in accordance with GAAP and practices generally applicable to the financial services industry, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the disclosure of contingent assets and liabilities. While management’s estimates are made based on historical experience, current available information, and other factors that are deemed to be relevant, actual results could significantly differ from those estimates.

Accounting estimates are necessary in the application of certain accounting policies and can be susceptible to significant change in the near term. Critical accounting estimates are those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had, or are reasonably likely to have, a material impact on the Company’s financial condition or results of operations. Management has identified that the Company’s most critical accounting estimates are those related to the ACL on loans and leases and business combinations accounting policies. These accounting policies and their underlying estimates are discussed directly with the Audit Committee of the Board of Directors.

Allowance for Credit Losses on Loans and Leases

The ACL on loans and leases is a reserve established through a provision for credit losses charged to expense, which represents management’s best estimate of expected lifetime credit losses within the Company’s loan and lease portfolios at the balance sheet date. The calculation of expected credit losses is determined using predictive methods and models that follow a PD, LGD, EAD, or loss rate framework and include consideration of past events, current conditions, macroeconomic variables (i.e., unemployment, gross domestic product, property values, and interest rate spreads), and reasonable and supportable economic forecasts that affect the collectability of the reported amounts. Changes to the ACL on loans and leases and, therefore, to the related provision for credit losses, can materially affect financial results.

The determination of the appropriate level of ACL on loans and leases inherently involves a high degree of subjectivity and requires the Company to make significant estimates of current credit risks and trends using existing qualitative and quantitative information, and reasonable and supportable forecasts of future economic conditions, all of which may undergo frequent and material changes. Changes in economic conditions affecting borrowers and macroeconomic variables that the Company is more susceptible to, unforeseen events such as natural disasters and pandemics, along with new information regarding existing loans, identification of additional problem loans, the fair value of underlying collateral, and other factors, both within and outside the Company’s control

WEBSTER FINANCIAL CORP 10-Q