XML 74 R58.htm IDEA: XBRL DOCUMENT v3.25.0.1
Retirement Benefit Plans (Tables)
 12 Months Ended
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:
  
PensionSERPOPEB
(In thousands)202420232024202320242023
Change in benefit obligation:
Beginning balance$189,986 $187,836 $4,139 $4,245 $22,669 $22,822 
Service cost— — — — 17 27 
Interest cost8,648 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 balance174,112 189,986 3,598 4,139 13,667 22,669 
Change in plan assets:
Beginning balance217,167 201,382 — — — — 
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 balance209,339 217,167 — — — — 
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,
  
20242023
(In thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Common collective trusts$— $187,096 $— $187,096 $— $195,004 $— $195,004 
Registered investment companies20,939 — — 20,939 20,965 — — 20,965 
Cash and cash equivalents1,304 — — 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
  
20242023
Pension:
Webster Bank Pension Plan5.43 %4.76 %
SERP:
Webster Bank Supplemental Defined Benefit Plan for Executive Officers5.31 %4.68 %
Astoria Bank Excess Benefit and Supplemental Benefit Plans5.14 4.56 
Astoria Bank Directors’ Retirement Plan
5.04 4.50 
Retirement Plan of the Greater New York Savings Bank for Non-Employee Directors5.03 4.50 
Supplemental Executive Retirement Plan of Provident Bank5.32 4.83 
Supplemental Executive Retirement Plan of Provident Bank - Other5.09 4.71 
OPEB:
Webster Bank Postretirement Medical Benefit Plan5.01 %4.54 %
Sterling Bancorp Supplemental Postretirement Life Insurance Plan5.20 4.51 
Astoria Bank Postretirement Welfare Benefit Plans5.39 4.74 
Split Dollar Life Insurance Arrangement (1)
n/a4.45 
(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
  202420232022
Pension:
Webster Bank Pension Plan4.76 %4.96 %2.65 %
SERP:
Webster Bank Supplemental Defined Benefit Plan for Executive Officers4.68 %4.88 %2.45 %
Astoria Bank Excess Benefit and Supplemental Benefit Plans4.56 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 Directors4.50 4.70 2.37 
Supplemental Executive Retirement Plan of Provident Bank4.83 5.04 2.76 
Supplemental Executive Retirement Plan of Provident Bank - Other4.71 4.90 2.38 
OPEB:
Webster Bank Postretirement Medical Benefit Plan4.54 %4.72 %1.99 %
Sterling Bancorp Supplemental Postretirement Life Insurance Plan4.51 4.70 2.35 
Astoria Bank Postretirement Welfare Benefit Plans4.74 4.94 2.93 
Split Dollar Life Insurance Arrangement4.45 4.63 2.20 
Expected Long-Term Rate of Return on Plan Assets
202420232022
Pension:
Webster Bank Pension Plan6.00 %6.00 %5.50 %
Assumed Health Care Cost Trend Rate (1)
202420232022
OPEB:
Webster Bank Postretirement Medical Benefit Plan6.50 %6.50 %6.25 %
Astoria Bank Postretirement Welfare Benefit Plans6.50 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:
  
PensionSERPOPEB
(In thousands)202420232024202320242023
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:
PensionSERPOPEB
(In thousands)202420232022202420232022202420232022
Service cost $— $— $— $— $— $— $17 $27 $34 
Interest cost8,648 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)$646 
(1)Reflects the loss recognized upon cessation of the Split Dollar Life Insurance Arrangement in 2024.
(2)Net periodic benefit (income) cost is included in Other expense on the accompanying Consolidated Statements of Income.
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The following table summarizes amounts recognized in other comprehensive (loss) income, including reclassification adjustments, for the years ended December 31:
PensionSERPOPEB
(In thousands)202420232022202420232022202420232022
Net actuarial (gain) loss$(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)PensionSERPOPEB
2025$11,052 $457 $1,262 
202611,457 440 1,218 
202711,882 420 1,223 
202812,270 399 1,183 
202912,579 377 1,143 
Thereafter65,045 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 NameEmployer Identification NumberPlan NumberSurcharge Imposed20242023202220242023
Pentegra Defined Benefit Plan
for Financial Institutions		13-5645888333No$482$448$448At least 80 percentAt least 80 percent