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Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plans Disclosures | The following table summarizes the changes in the benefit obligation, fair value of plan assets, and funded status of the defined benefit pension and other postretirement benefit plans at December 31:
| Pension |  | SERP |  | OPEB
(In thousands) | 2024 | 2023 |  | 2024 | 2023 |  | 2024 | 2023
Change in benefit obligation: |  |  |  |  |  |  |  |
Beginning balance | $ | 189,986 |  | $ | 187,836 |  |  | $ | 4,139 |  | $ | 4,245 |  |  | $ | 22,669 |  | $ | 22,822 |
Service cost | — |  | — |  |  | — |  | — |  |  | 17 |  | 27 |
Interest cost | 8,648 |  | 8,782 |  |  | 178 |  | 191 |  |  | 956 |  | 1,042 |
Actuarial (gain) loss (1) | (13,588) |  | 3,333 |  |  | (260) |  | 183 |  |  | 3,637 |  | (382) |
Benefits paid | (10,934) |  | (9,965) |  |  | (459) |  | (480) |  |  | (13,612) |  | (840) |
Ending balance | 174,112 |  | 189,986 |  |  | 3,598 |  | 4,139 |  |  | 13,667 |  | 22,669 |
Change in plan assets: |  |  |  |  |  |  |  |
Beginning balance | 217,167 |  | 201,382 |  |  | — |  | — |  |  | — |  | — |
Actual return on plan assets (2) | 3,106 |  | 25,750 |  |  | — |  | — |  |  | — |  | — |
Employer contributions | — |  | — |  |  | 459 |  | 480 |  |  | 13,612 |  | 840 |
Benefits paid | (10,934) |  | (9,965) |  |  | (459) |  | (480) |  |  | (13,612) |  | (840) |
Ending balance | 209,339 |  | 217,167 |  |  | — |  | — |  |  | — |  | — |
Funded status (3) | $ | 35,227 |  | $ | 27,181 |  |  | $ | (3,598) |  | $ | (4,139) |  |  | $ | (13,667) |  | $ | (22,669) |
(1)The change in actuarial (gain) loss is primarily due to actuarial gains in 2024 resulting from an increase in discount rates, as compared to actuarial losses in 2023 resulting from a decrease in discount rates. (2)The decrease in actual return on plan assets for the Pension Plan is primarily due to the performance of fixed income investments, which comprise approximately 65% of the portfolio. In 2024, fixed income investments earned a negative return, as compared to a positive return in 2023. (3)The overfunded (underfunded) status of each plan is respectively included in Accrued interest receivable and other assets or Accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets, as applicable. The following table sets forth by level within the fair value hierarchy the Pension Plan’s assets at fair value:
| At December 31,
| 2024 |  | 2023
(In thousands) | Level 1 | Level 2 | Level 3 | Total |  | Level 1 | Level 2 | Level 3 | Total
Common collective trusts | $ | — |  | $ | 187,096 |  | $ | — |  | $ | 187,096 |  |  | $ | — |  | $ | 195,004 |  | $ | — |  | $ | 195,004 |
Registered investment companies | 20,939 |  | — |  | — |  | 20,939 |  |  | 20,965 |  | — |  | — |  | 20,965 |
Cash and cash equivalents | 1,304 |  | — |  | — |  | 1,304 |  |  | 1,198 |  | — |  | — |  | 1,198 |
Total pension plan assets | $ | 22,243 |  | $ | 187,096 |  | $ | — |  | $ | 209,339 |  |  | $ | 22,163 |  | $ | 195,004 |  | $ | — |  | $ | 217,167 |
Schedule of Assumptions Used | The following table summarizes the weighted-average assumptions used to determine the benefit obligation at December 31:
| Discount Rate
| 2024 | 2023 |
Pension: |  |  |
Webster Bank Pension Plan | 5.43 | % | 4.76 | % |
SERP: |  |  |
Webster Bank Supplemental Defined Benefit Plan for Executive Officers | 5.31 | % | 4.68 | % |
Astoria Bank Excess Benefit and Supplemental Benefit Plans | 5.14 |  | 4.56 |  |
Astoria Bank Directors’ Retirement Plan | 5.04 |  | 4.50 |  |
Retirement Plan of the Greater New York Savings Bank for Non-Employee Directors | 5.03 |  | 4.50 |  |
Supplemental Executive Retirement Plan of Provident Bank | 5.32 |  | 4.83 |  |
Supplemental Executive Retirement Plan of Provident Bank - Other | 5.09 |  | 4.71 |  |
OPEB: |  |  |
Webster Bank Postretirement Medical Benefit Plan | 5.01 | % | 4.54 | % |
Sterling Bancorp Supplemental Postretirement Life Insurance Plan | 5.20 |  | 4.51 |  |
Astoria Bank Postretirement Welfare Benefit Plans | 5.39 |  | 4.74 |  |
Split Dollar Life Insurance Arrangement (1) | n/a | 4.45 |  |
(1)The year end discount rate at December 31, 2024, is not applicable due to plan cessation during the year The following table summarizes the weighted-average assumptions used to determine net periodic benefit (income) cost for the years ended December 31:
| Discount Rate
| 2024 | 2023 | 2022
Pension: |  |  |
Webster Bank Pension Plan | 4.76 | % | 4.96 | % | 2.65 | %
SERP: |  |  |
Webster Bank Supplemental Defined Benefit Plan for Executive Officers | 4.68 | % | 4.88 | % | 2.45 | %
Astoria Bank Excess Benefit and Supplemental Benefit Plans | 4.56 |  | 4.77 |  | 2.58 |
Astoria Bank Directors’ Retirement Plan | 4.50 |  | 4.70 |  | 2.23 |
Retirement Plan of the Greater New York Savings Bank for Non-Employee Directors | 4.50 |  | 4.70 |  | 2.37 |
Supplemental Executive Retirement Plan of Provident Bank | 4.83 |  | 5.04 |  | 2.76 |
Supplemental Executive Retirement Plan of Provident Bank - Other | 4.71 |  | 4.90 |  | 2.38 |
OPEB: |  |  |
Webster Bank Postretirement Medical Benefit Plan | 4.54 | % | 4.72 | % | 1.99 | %
Sterling Bancorp Supplemental Postretirement Life Insurance Plan | 4.51 |  | 4.70 |  | 2.35 |
Astoria Bank Postretirement Welfare Benefit Plans | 4.74 |  | 4.94 |  | 2.93 |
Split Dollar Life Insurance Arrangement | 4.45 |  | 4.63 |  | 2.20 |
| Expected Long-Term Rate of Return on Plan Assets
| 2024 | 2023 | 2022
Pension: |  |  |
Webster Bank Pension Plan | 6.00 | % | 6.00 | % | 5.50 | %
| Assumed Health Care Cost Trend Rate (1)
| 2024 | 2023 | 2022
OPEB: |  |  |
Webster Bank Postretirement Medical Benefit Plan | 6.50 | % | 6.50 | % | 6.25 | %
Astoria Bank Postretirement Welfare Benefit Plans | 6.50 |  | 6.40 |  | 6.60 |
(1)The rates to which the healthcare cost trend rates are assumed to decline (ultimate trend rates) along with the year that the ultimate trend rates will be reached for the Webster Bank Postretirement Medical Benefit Plan and the Astoria Bank Postretirement Welfare Benefit Plans are 4.40% in 2033, and 4.40% in 2034, respectively.
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following table summarizes the amounts recorded in accumulated other comprehensive (loss) income that have not yet been recognized in net periodic benefit (income) cost at December 31:
| Pension |  | SERP |  | OPEB
(In thousands) | 2024 | 2023 |  | 2024 | 2023 |  | 2024 | 2023
Net actuarial loss (gain) | $ | 34,440 |  | $ | 41,296 |  |  | $ | (44) |  | $ | 312 |  |  | $ | (1,788) |  | $ | (3,231) |
Deferred tax (benefit) expense | (6,488) |  | (11,201) |  |  | 8 |  | (85) |  |  | 337 |  | 876 |
Net amount recorded in (AOCL) | $ | 27,952 |  | $ | 30,095 |  |  | $ | (36) |  | $ | 227 |  |  | $ | (1,451) |  | $ | (2,355) |
Summary of Net Periodic Benefit Cost | The following table summarizes the components of net periodic benefit (income) cost for the years ended December 31:
| Pension |  | SERP |  | OPEB
(In thousands) | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Service cost | $ | — |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 17 |  | $ | 27 |  | $ | 34 |
Interest cost | 8,648 |  | 8,782 |  | 5,565 |  |  | 178 |  | 191 |  | 107 |  |  | 956 |  | 1,042 |  | 652 |
Expected return on plan assets | (12,709) |  | (11,778) |  | (14,675) |  |  | — |  | — |  | — |  |  | — |  | — |  | — |
Amortization of actuarial loss (gain) | 2,871 |  | 4,781 |  | 2,224 |  |  | 12 |  | 6 |  | 26 |  |  | (976) |  | (2,704) |  | (40) |
Other (1) | — | — | — |  |  | — | — | — |  |  | 3,212 |  | — |  | — |
Net periodic benefit (income) cost (2) | $ | (1,190) |  | $ | 1,785 |  | $ | (6,886) |  |  | $ | 190 |  | $ | 197 |  | $ | 133 |  |  | $ | 3,209 |  | $ | (1,635) |  | $ | 646 |
(1)Reflects the loss recognized upon cessation of the Split Dollar Life Insurance Arrangement in 2024. (2)Net periodic benefit (income) cost is included in Other expense on the accompanying Consolidated Statements of Income.
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The following table summarizes amounts recognized in other comprehensive (loss) income, including reclassification adjustments, for the years ended December 31:
| Pension |  | SERP |  | OPEB
(In thousands) | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Net actuarial (gain) loss | $ | (3,985) |  | $ | (10,639) |  | $ | 17,148 |  |  | $ | (260) |  | $ | 183 |  | $ | (581) |  |  | $ | 955 |  | $ | (382) |  | $ | (4,992) |
Amounts reclassified from (AOCL) | (2,871) |  | (4,781) |  | (2,224) |  |  | (12) |  | (6) |  | (26) |  |  | 976 |  | 2,704 |  | 40 |
Total (gain) loss recognized in OCI (OCL) | $ | (6,856) |  | $ | (15,420) |  | $ | 14,924 |  |  | $ | (272) |  | $ | 177 |  | $ | (607) |  |  | $ | 1,931 |  | $ | 2,322 |  | $ | (4,952) |
Schedule of Expected Benefit Payments | At December 31, 2024, the expected future benefit payments for the Company’s defined benefit pension and other postretirement benefits plans are as follows:
(In thousands) | Pension | SERP | OPEB
2025 | $ | 11,052 |  | $ | 457 |  | $ | 1,262 |
2026 | 11,457 |  | 440 |  | 1,218 |
2027 | 11,882 |  | 420 |  | 1,223 |
2028 | 12,270 |  | 399 |  | 1,183 |
2029 | 12,579 |  | 377 |  | 1,143 |
Thereafter | 65,045 |  | 1,492 |  | 5,132 |
Schedule of Multiemployer Plans | The following table summarizes information related to the Bank’s participation in the multi-employer plan:
(In thousands) |  |  |  |  |  |  |  | Contributions Years Ended December 31, |  | Funded Status At December 31,
Plan Name |  | Employer Identification Number |  | Plan Number |  | Surcharge Imposed |  | 2024 | 2023 | 2022 |  | 2024 | 2023
Pentegra Defined Benefit Plan for Financial Institutions |  | 13-5645888 |  | 333 |  | No |  | $482 | $448 | $448 |  | At least 80 percent | At least 80 percent

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