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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Webster Financial Corporation | NYSE:WBS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.12 | 0.27% | 44.92 | 45.65 | 44.76 | 45.08 | 1,469,122 | 01:00:00 |
Delaware | 06-1187536 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbols | Name of 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 |
Large Accelerated Filer |
☒
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Accelerated filer |
☐
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Non-accelerated filer |
☐
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Smaller reporting company |
☐
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Emerging growth company |
☐
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Page No. | ||||||||
Key to Acronyms and Terms | ||||||||
Forward-Looking Statements | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. |
Exhibits
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ACL | Allowance for credit losses | ||||
Agency CMBS | Agency commercial mortgage-backed securities | ||||
Agency CMO |
Agency collateralized mortgage obligations
|
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Agency MBS |
Agency mortgage-backed securities
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ALCO |
Asset/Liability Committee
|
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AOCI (AOCL) |
Accumulated other comprehensive income (loss)
|
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ASC |
Accounting Standards Codification
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ASU or the Update |
Accounting Standards Update
|
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Basel III |
Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision
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BHC Act |
Bank Holding Company Act of 1956, as amended
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CARES Act | The Coronavirus Aid, Relief, and Economic Security Act | ||||
CECL | Current expected credit losses | ||||
CET1 capital |
Common Equity Tier 1 Capital, defined by Basel III capital rules
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CFPB | Consumer Financial Protection Bureau | ||||
CLO |
Collateralized loan obligations
|
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CMBS |
Non-agency commercial mortgage-backed securities
|
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CME |
Chicago Mercantile Exchange
|
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COVID-19 | Coronavirus | ||||
CVA (DVA) | Credit (debit) valuation adjustment | ||||
DTA | Deferred tax asset | ||||
FASB |
Financial Accounting Standards Board
|
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FDIC |
Federal Deposit Insurance Corporation
|
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FHLB |
Federal Home Loan Bank
|
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FICO |
Fair Isaac Corporation
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FRB |
Federal Reserve Bank
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FTP |
Funds Transfer Pricing, a matched maturity funding concept
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GAAP |
U.S. Generally Accepted Accounting Principles
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Holding Company |
Webster Financial Corporation
|
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HSA | Health savings account | ||||
HSA Bank |
HSA Bank, a division of Webster Bank, National Association
|
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LGD | Loss given default | ||||
NAV | Net asset value | ||||
NII | Net interest income | ||||
OCC | Office of the Comptroller of the Currency | ||||
OCI (OCL) | Other comprehensive income (loss) | ||||
OREO | Other real estate owned | ||||
PD | Probability of default | ||||
PPNR | Pretax, pre-provision net revenue | ||||
ROU | Right-of-use | ||||
PPP | Small Business Administration Paycheck Protection Program | ||||
SEC | United States Securities and Exchange Commission | ||||
SERP | Supplemental executive defined benefit retirement plan | ||||
Sterling | Sterling Bancorp, collectively with its consolidated subsidiaries | ||||
TDR | Troubled debt restructuring, defined in ASC 310-40 "Receivables - Troubled Debt Restructurings by Creditors" | ||||
TPA | Third-party administrator | ||||
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 |
At or for the three months ended June 30, | At or for the six months ended June 30, | ||||||||||||||||||||||
(In thousands, except per share and ratio data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Net interest income | $ | 220,852 | $ | 224,407 | $ | 444,616 | $ | 455,208 | |||||||||||||||
Provision for credit losses | (21,500) | 40,000 | (47,250) | 116,000 | |||||||||||||||||||
Total non-interest income | 72,702 | 60,076 | 149,459 | 133,454 | |||||||||||||||||||
Total non-interest expense | 187,028 | 176,584 | 375,010 | 355,420 | |||||||||||||||||||
Net income | 94,035 | 53,097 | 202,113 | 91,296 | |||||||||||||||||||
Earnings applicable to common shareholders | 91,555 | 50,729 | 197,085 | 86,766 | |||||||||||||||||||
Share Data: | |||||||||||||||||||||||
Weighted-average common shares outstanding - diluted | 90,221 | 89,570 | 90,164 | 90,391 | |||||||||||||||||||
Diluted earnings per common share | $ | 1.01 | $ | 0.57 | $ | 2.19 | $ | 0.96 | |||||||||||||||
Dividends and dividend equivalents declared per common share | 0.40 | 0.40 | 0.80 | 0.80 | |||||||||||||||||||
Dividends declared per preferred share | 328.13 | 328.13 | 656.25 | 656.25 | |||||||||||||||||||
Book value per common share | 35.15 | 33.59 | 35.15 | 33.59 | |||||||||||||||||||
Tangible book value per common share (non-GAAP)
|
28.99 | 27.40 | 28.99 | 27.40 | |||||||||||||||||||
Selected Ratios: | |||||||||||||||||||||||
Net interest margin | 2.82 | % | 2.99 | % | 2.87 | % | 3.11 | % | |||||||||||||||
Return on average assets (annualized basis)
|
1.12 | 0.65 | 1.21 | 0.58 | |||||||||||||||||||
Return on average common shareholders' equity (annualized basis)
|
11.63 | 6.79 | 12.63 | 5.77 | |||||||||||||||||||
CET1 risk-based capital | 11.66 | 11.17 | 11.66 | 11.17 | |||||||||||||||||||
Tangible common equity ratio (non-GAAP)
|
7.91 | 7.69 | 7.91 | 7.69 | |||||||||||||||||||
Return on average tangible common shareholders' equity (annualized basis) (non-GAAP)
|
14.26 | 8.47 | 15.51 | 7.20 | |||||||||||||||||||
Efficiency ratio (non-GAAP)
|
56.64 | 60.04 | 57.56 | 59.01 |
At June 30, | |||||||||||
(Dollars and shares in thousands, except per share data) | 2021 | 2020 | |||||||||
Tangible book value per common share (non-GAAP): | |||||||||||
Shareholders' equity (GAAP) | $ | 3,329,705 | $ | 3,174,779 | |||||||
Less: Preferred stock (GAAP) | 145,037 | 145,037 | |||||||||
Goodwill and other intangible assets (GAAP) | 558,485 | 558,367 | |||||||||
Tangible common shareholders' equity (non-GAAP) | $ | 2,626,183 | $ | 2,471,375 | |||||||
Common shares outstanding | 90,594 | 90,194 | |||||||||
Tangible book value per common share (non-GAAP) | $ | 28.99 | $ | 27.40 | |||||||
Tangible common equity ratio (non-GAAP): | |||||||||||
Tangible common shareholders' equity (non-GAAP) | $ | 2,626,183 | $ | 2,471,375 | |||||||
Total assets (GAAP) | 33,753,752 | 32,708,617 | |||||||||
Less: Goodwill and other intangible assets (GAAP) | 558,485 | 558,367 | |||||||||
Tangible assets (non-GAAP) | $ | 33,195,267 | $ | 32,150,250 | |||||||
Tangible common equity ratio (non-GAAP) | 7.91 | % | 7.69 | % |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Return on average tangible common shareholders' equity (non-GAAP): | |||||||||||||||||||||||
Net income (GAAP) | $ | 94,035 | $ | 53,097 | $ | 202,113 | $ | 91,296 | |||||||||||||||
Less: Preferred stock dividends (GAAP) | 1,969 | 1,969 | 3,938 | 3,938 | |||||||||||||||||||
Add: Intangible assets amortization, tax-effected (GAAP) | 894 | 760 | 1,794 | 1,520 | |||||||||||||||||||
Income adjusted for preferred stock dividends and intangible assets amortization (non-GAAP) | $ | 92,960 | $ | 51,888 | $ | 199,969 | $ | 88,878 | |||||||||||||||
Income adjusted for preferred stock dividends and intangible assets amortization, annualized (non-GAAP) | $ | 371,840 | $ | 207,552 | $ | 399,938 | $ | 177,756 | |||||||||||||||
Average shareholders' equity (non-GAAP) | $ | 3,311,406 | $ | 3,155,368 | $ | 3,282,962 | $ | 3,174,446 | |||||||||||||||
Less: Average preferred stock (non-GAAP) | 145,037 | 145,037 | 145,037 | 145,037 | |||||||||||||||||||
Average goodwill and other intangible assets (non-GAAP) | 559,032 | 558,835 | 559,599 | 559,311 | |||||||||||||||||||
Average tangible common shareholders' equity (non-GAAP) | $ | 2,607,337 | $ | 2,451,496 | $ | 2,578,326 | $ | 2,470,098 | |||||||||||||||
Return on average tangible common shareholders' equity (non-GAAP) | 14.26 | % | 8.47 | % | 15.51 | % | 7.20 | % | |||||||||||||||
Efficiency ratio (non-GAAP): | |||||||||||||||||||||||
Non-interest expense (GAAP) | $ | 187,028 | $ | 176,584 | $ | 375,010 | $ | 355,420 | |||||||||||||||
Less: Foreclosed property activity (GAAP) | (137) | (217) | (46) | (467) | |||||||||||||||||||
Intangible assets amortization (GAAP) | 1,132 | 962 | 2,271 | 1,924 | |||||||||||||||||||
Merger-related (non-GAAP) | 17,047 | — | 17,047 | — | |||||||||||||||||||
Strategic initiatives (non-GAAP) | 1,138 | — | 10,579 | — | |||||||||||||||||||
Non-interest expense (non-GAAP) | $ | 167,848 | $ | 175,839 | $ | 345,159 | $ | 353,963 | |||||||||||||||
Net interest income (GAAP) | $ | 220,852 | $ | 224,407 | $ | 444,616 | $ | 455,208 | |||||||||||||||
Add: Tax-equivalent adjustment (non-GAAP) | 2,487 | 2,561 | 4,982 | 5,034 | |||||||||||||||||||
Non-interest income (GAAP) | 72,702 | 60,076 | 149,459 | 133,454 | |||||||||||||||||||
Other (non-GAAP) (1)
|
309 | 5,804 | 586 | 6,103 | |||||||||||||||||||
Less: Gain on sale of investment securities, net (GAAP) | — | — | — | 8 | |||||||||||||||||||
Income (non-GAAP) | $ | 296,350 | $ | 292,848 | $ | 599,643 | $ | 599,791 | |||||||||||||||
Efficiency ratio (non-GAAP) | 56.64 | % | 60.04 | % | 57.56 | % | 59.01 | % |
Three months ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(Dollars in thousands) |
Average
Balance |
Interest | Yield/ Rate |
Average
Balance |
Interest | Yield/ Rate | |||||||||||||||||
Assets | |||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans and leases | $ | 21,413,439 | $ | 186,681 | 3.46 | % | $ | 21,608,914 | $ | 197,317 | 3.63 | % | |||||||||||
Investment securities (1)
|
8,834,859 | 46,582 | 2.13 | 8,579,213 | 56,465 | 2.69 | |||||||||||||||||
FHLB and FRB stock | 77,292 | 382 | 1.98 | 108,962 | 865 | 3.19 | |||||||||||||||||
Interest-bearing deposits (2)
|
1,270,121 | 347 | 0.11 | 99,467 | 5 | 0.02 | |||||||||||||||||
Securities | 10,182,272 | 47,311 | 1.88 | 8,787,642 | 57,335 | 2.66 | |||||||||||||||||
Loans held for sale | 8,898 | 53 | 2.37 | 24,266 | 184 | 3.03 | |||||||||||||||||
Total interest-earning assets | 31,604,609 | $ | 234,045 | 2.95 | % | 30,420,822 | $ | 254,836 | 3.35 | % | |||||||||||||
Non-interest-earning assets | 1,901,412 | 2,062,534 | |||||||||||||||||||||
Total assets | $ | 33,506,021 | $ | 32,483,356 | |||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | $ | 6,774,206 | $ | — | — | % | $ | 5,823,655 | $ | — | — | % | |||||||||||
Health savings accounts | 7,446,735 | 1,650 | 0.09 | 6,846,210 | 2,604 | 0.15 | |||||||||||||||||
Interest-bearing checking, money market and savings | 12,365,074 | 1,603 | 0.05 | 10,390,143 | 6,462 | 0.25 | |||||||||||||||||
Time deposits | 2,114,889 | 1,841 | 0.35 | 2,869,471 | 9,739 | 1.36 | |||||||||||||||||
Total deposits | 28,700,904 | 5,094 | 0.07 | 25,929,479 | 18,805 | 0.29 | |||||||||||||||||
Securities sold under agreements to repurchase and other borrowings | 500,638 | 860 | 0.68 | 1,577,881 | 980 | 0.25 | |||||||||||||||||
FHLB advances | 138,483 | 534 | 1.52 | 839,830 | 3,748 | 1.77 | |||||||||||||||||
Long-term debt (1)
|
565,874 | 4,218 | 3.22 | 570,679 | 4,335 | 3.31 | |||||||||||||||||
Total borrowings | 1,204,995 | 5,612 | 1.93 | 2,988,390 | 9,063 | 1.23 | |||||||||||||||||
Total interest-bearing liabilities | 29,905,899 | $ | 10,706 | 0.14 | % | 28,917,869 | $ | 27,868 | 0.39 | % | |||||||||||||
Non-interest-bearing liabilities | 288,716 | 410,119 | |||||||||||||||||||||
Total liabilities | 30,194,615 | 29,327,988 | |||||||||||||||||||||
Preferred stock | 145,037 | 145,037 | |||||||||||||||||||||
Common shareholders' equity | 3,166,369 | 3,010,331 | |||||||||||||||||||||
Total shareholders' equity | 3,311,406 | 3,155,368 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 33,506,021 | $ | 32,483,356 | |||||||||||||||||||
Tax-equivalent net interest income | $ | 223,339 | $ | 226,968 | |||||||||||||||||||
Less: Tax-equivalent adjustments | (2,487) | (2,561) | |||||||||||||||||||||
Net interest income | $ | 220,852 | $ | 224,407 | |||||||||||||||||||
Net interest margin | 2.82 | % | 2.99 | % | |||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(Dollars in thousands) |
Average
Balance |
Interest | Yield/ Rate |
Average
Balance |
Interest | Yield/ Rate | |||||||||||||||||
Assets | |||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans and leases | $ | 21,447,192 | $ | 377,969 | 3.51 | % | $ | 20,966,857 | $ | 414,235 | 3.93 | % | |||||||||||
Investment securities (1)
|
8,862,314 | 92,859 | 2.13 | 8,449,480 | 114,873 | 2.77 | |||||||||||||||||
FHLB and FRB stock | 77,461 | 619 | 1.61 | 117,663 | 2,116 | 3.62 | |||||||||||||||||
Interest-bearing deposits (2)
|
976,873 | 523 | 0.11 | 83,887 | 196 | 0.46 | |||||||||||||||||
Securities | 9,916,648 | 94,001 | 1.92 | 8,651,030 | 117,185 | 2.76 | |||||||||||||||||
Loans held for sale | 11,610 | 144 | 2.48 | 23,281 | 359 | 3.08 | |||||||||||||||||
Total interest-earning assets | 31,375,450 | $ | 472,114 | 3.01 | % | 29,641,168 | $ | 531,779 | 3.59 | % | |||||||||||||
Non-interest-earning assets | 1,941,640 | 1,996,765 | |||||||||||||||||||||
Total assets | $ | 33,317,090 | $ | 31,637,933 | |||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | $ | 6,606,464 | $ | — | — | % | $ | 5,170,280 | $ | — | — | % | |||||||||||
Health savings accounts | 7,448,943 | 3,257 | 0.09 | 6,803,784 | 5,900 | 0.17 | |||||||||||||||||
Interest-bearing checking, money market and savings | 12,181,295 | 3,323 | 0.06 | 10,053,559 | 18,865 | 0.38 | |||||||||||||||||
Time deposits | 2,242,250 | 4,953 | 0.45 | 2,968,514 | 21,883 | 1.48 | |||||||||||||||||
Total deposits | 28,478,952 | 11,533 | 0.08 | 24,996,137 | 46,648 | 0.38 | |||||||||||||||||
Securities sold under agreements to repurchase and other borrowings | 511,622 | 1,495 | 0.58 | 1,437,403 | 4,710 | 0.65 | |||||||||||||||||
FHLB advances | 137,143 | 1,047 | 1.52 | 1,082,865 | 10,617 | 1.94 | |||||||||||||||||
Long-term debt (1)
|
566,462 | 8,441 | 3.22 | 560,964 | 9,562 | 3.66 | |||||||||||||||||
Total borrowings | 1,215,227 | 10,983 | 1.87 | 3,081,232 | 24,889 | 1.62 | |||||||||||||||||
Total interest-bearing liabilities | 29,694,179 | $ | 22,516 | 0.15 | % | 28,077,369 | $ | 71,537 | 0.51 | % | |||||||||||||
Non-interest-bearing liabilities | 339,949 | 386,118 | |||||||||||||||||||||
Total liabilities | 30,034,128 | 28,463,487 | |||||||||||||||||||||
Preferred stock | 145,037 | 145,037 | |||||||||||||||||||||
Common shareholders' equity | 3,137,925 | 3,029,409 | |||||||||||||||||||||
Total shareholders' equity | 3,282,962 | 3,174,446 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 33,317,090 | $ | 31,637,933 | |||||||||||||||||||
Tax-equivalent net interest income | $ | 449,598 | $ | 460,242 | |||||||||||||||||||
Less: Tax-equivalent adjustments | (4,982) | (5,034) | |||||||||||||||||||||
Net interest income | $ | 444,616 | $ | 455,208 | |||||||||||||||||||
Net interest margin | 2.87 | % | 3.11 | % | |||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 vs. 2020
Increase (decrease) due to |
2021 vs. 2020
Increase (decrease) due to |
||||||||||||||||||||||
(In thousands) |
Rate (1)
|
Volume | Total |
Rate (1)
|
Volume | Total | |||||||||||||||||
Interest on interest-earning assets: | |||||||||||||||||||||||
Loans and leases | $ | (8,217) | $ | (2,419) | $ | (10,636) | $ | (46,890) | $ | 10,624 | $ | (36,266) | |||||||||||
Loans held for sale | (10) | (122) | (132) | (35) | (180) | (215) | |||||||||||||||||
Securities (2)
|
(11,524) | 1,501 | (10,023) | (30,168) | 6,984 | (23,184) | |||||||||||||||||
Total interest income | $ | (19,751) | $ | (1,040) | $ | (20,791) | $ | (77,093) | $ | 17,428 | $ | (59,665) | |||||||||||
Interest on interest-bearing liabilities: | |||||||||||||||||||||||
Deposits | $ | (12,407) | $ | (1,304) | $ | (13,711) | $ | (34,051) | $ | (1,064) | $ | (35,115) | |||||||||||
Borrowings | 221 | (3,672) | (3,451) | (1,589) | (12,317) | (13,906) | |||||||||||||||||
Total interest expense | $ | (12,186) | $ | (4,976) | $ | (17,162) | $ | (35,640) | $ | (13,381) | $ | (49,021) | |||||||||||
Net change in net interest income | $ | (7,565) | $ | 3,936 | $ | (3,629) | $ | (41,453) | $ | 30,809 | $ | (10,644) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
Increase (decrease) | Increase (decrease) | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | |||||||||||||||||||||||||||
Deposit service fees | $ | 41,439 | $ | 35,839 | $ | 5,600 | 15.6 | % | $ | 81,908 | $ | 78,409 | $ | 3,499 | 4.5 | % | |||||||||||||||||||
Loan and lease related fees | 7,862 | 6,968 | 894 | 12.8 | 16,175 | 13,464 | 2,711 | 20.1 | |||||||||||||||||||||||||||
Wealth and investment services | 10,087 | 7,102 | 2,985 | 42.0 | 19,490 | 15,841 | 3,649 | 23.0 | |||||||||||||||||||||||||||
Mortgage banking activities | 1,319 | 4,205 | (2,886) | (68.6) | 3,961 | 7,098 | (3,137) | (44.2) | |||||||||||||||||||||||||||
Increase in cash surrender value of life insurance policies | 3,603 | 3,624 | (21) | (0.6) | 7,136 | 7,204 | (68) | (0.9) | |||||||||||||||||||||||||||
Gain on sale of investment securities, net | — | — | — | n/m | — | 8 | (8) | (100.0) | |||||||||||||||||||||||||||
Other income | 8,392 | 2,338 | 6,054 | 258.9 | 20,789 | 11,430 | 9,359 | 81.9 | |||||||||||||||||||||||||||
Total non-interest income | $ | 72,702 | $ | 60,076 | $ | 12,626 | 21.0 | $ | 149,459 | $ | 133,454 | $ | 16,005 | 12.0 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
Increase (decrease) | Increase (decrease) | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | |||||||||||||||||||||||||||
Compensation and benefits | $ | 97,754 | $ | 99,731 | $ | (1,977) | (2.0) | % | $ | 205,354 | $ | 201,618 | $ | 3,736 | 1.9 | % | |||||||||||||||||||
Occupancy | 14,010 | 14,245 | (235) | (1.6) | 29,660 | 28,730 | 930 | 3.2 | |||||||||||||||||||||||||||
Technology and equipment | 27,124 | 27,468 | (344) | (1.3) | 55,640 | 55,305 | 335 | 0.6 | |||||||||||||||||||||||||||
Intangible assets amortization | 1,132 | 962 | 170 | 17.7 | 2,271 | 1,924 | 347 | 18.0 | |||||||||||||||||||||||||||
Marketing | 3,227 | 3,286 | (59) | (1.8) | 5,731 | 6,788 | (1,057) | (15.6) | |||||||||||||||||||||||||||
Professional and outside services | 21,025 | 6,158 | 14,867 | 241.4 | 30,801 | 11,821 | 18,980 | 160.6 | |||||||||||||||||||||||||||
Deposit insurance | 3,749 | 5,015 | (1,266) | (25.2) | 7,705 | 9,740 | (2,035) | (20.9) | |||||||||||||||||||||||||||
Other expense | 19,007 | 19,719 | (712) | (3.6) | 37,848 | 39,494 | (1,646) | (4.2) | |||||||||||||||||||||||||||
Total non-interest expense | $ | 187,028 | $ | 176,584 | $ | 10,444 | 5.9 | $ | 375,010 | $ | 355,420 | $ | 19,590 | 5.5 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net interest income | $ | 141,124 | $ | 128,123 | $ | 283,162 | $ | 245,710 | |||||||||||||||
Non-interest income | 25,713 | 21,849 | 50,890 | 44,265 | |||||||||||||||||||
Non-interest expense | 61,445 | 61,261 | 126,281 | 126,482 | |||||||||||||||||||
Pre-tax, pre-provision net revenue | $ | 105,392 | $ | 88,711 | $ | 207,771 | $ | 163,493 |
(In thousands) |
At June 30,
2021 |
At December 31,
2020 |
|||||||||
Loans and leases | $ | 14,654,087 | $ | 14,573,343 | |||||||
Deposits | 8,844,273 | 8,190,997 | |||||||||
Assets under administration/management (off-balance sheet)
|
7,060,851 | 6,585,795 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net interest income | $ | 42,193 | $ | 39,334 | $ | 84,302 | $ | 82,007 | |||||||||||||||
Non-interest income | 26,554 | 23,103 | 53,559 | 49,486 | |||||||||||||||||||
Non-interest expense | 32,792 | 34,020 | 69,042 | 71,098 | |||||||||||||||||||
Pre-tax net revenue | $ | 35,955 | $ | 28,417 | $ | 68,819 | $ | 60,395 |
(In thousands) |
At June 30,
2021 |
At December 31,
2020 |
|||||||||
Deposits | $ | 7,323,421 | $ | 7,120,017 | |||||||
Assets under administration, through linked brokerage accounts (off-balance sheet)
|
3,383,670 | 2,852,877 | |||||||||
Total footings | $ | 10,707,091 | $ | 9,972,894 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net interest income | $ | 92,540 | $ | 81,609 | $ | 181,353 | $ | 162,808 | |||||||||||||||
Non-interest income | 16,763 | 16,281 | 32,834 | 34,724 | |||||||||||||||||||
Non-interest expense | 72,346 | 77,119 | 148,470 | 157,409 | |||||||||||||||||||
Pre-tax, pre-provision net revenue | $ | 36,957 | $ | 20,771 | $ | 65,717 | $ | 40,123 |
(In thousands) |
At June 30,
2021 |
At December 31,
2020 |
|||||||||
Loans | $ | 6,820,876 | $ | 7,067,818 | |||||||
Deposits | 12,680,453 | 12,023,600 |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||||||||||||||
(In thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value | |||||||||||||||||||||
Available-for-sale:
|
|||||||||||||||||||||||||||||
Agency CMO | $ | 115,985 | $ | 4,366 | $ | (23) | $ | 120,328 | $ | 148,711 | $ | 6,000 | $ | (98) | $ | 154,613 | |||||||||||||
Agency MBS | 1,339,769 | 47,666 | (4,905) | 1,382,530 | 1,389,100 | 68,598 | (289) | 1,457,409 | |||||||||||||||||||||
Agency CMBS | 939,055 | 10,509 | (8,167) | 941,397 | 1,092,430 | 26,317 | (1,514) | 1,117,233 | |||||||||||||||||||||
CMBS | 754,192 | 1,008 | (230) | 754,970 | 512,759 | 1,082 | (5,823) | 508,018 | |||||||||||||||||||||
CLO | 50,000 | 8 | (44) | 49,964 | 76,693 | — | (310) | 76,383 | |||||||||||||||||||||
Corporate debt | 14,569 | 11 | (876) | 13,704 | 14,557 | — | (1,437) | 13,120 | |||||||||||||||||||||
Available-for-sale | $ | 3,213,570 | $ | 63,568 | $ | (14,245) | $ | 3,262,893 | $ | 3,234,250 | $ | 101,997 | $ | (9,471) | $ | 3,326,776 | |||||||||||||
Held-to-maturity:
|
|||||||||||||||||||||||||||||
Agency CMO | $ | 61,080 | $ | 1,425 | $ | (63) | $ | 62,442 | $ | 91,622 | $ | 1,785 | $ | (241) | $ | 93,166 | |||||||||||||
Agency MBS | 2,562,863 | 96,187 | (3,684) | 2,655,366 | 2,419,751 | 137,863 | (84) | 2,557,530 | |||||||||||||||||||||
Agency CMBS | 2,105,924 | 30,491 | (16,545) | 2,119,870 | 2,101,227 | 60,484 | (2,213) | 2,159,498 | |||||||||||||||||||||
Municipal bonds and notes | 715,195 | 56,218 | — | 771,413 | 739,507 | 60,371 | (3) | 799,875 | |||||||||||||||||||||
CMBS | 178,563 | 6,501 | — | 185,064 | 216,081 | 9,214 | — | 225,295 | |||||||||||||||||||||
Held-to-maturity | $ | 5,623,625 | $ | 190,822 | $ | (20,292) | $ | 5,794,155 | $ | 5,568,188 | $ | 269,717 | $ | (2,541) | $ | 5,835,364 |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||
(Dollars in thousands) | Amount | % | Amount | % | |||||||||||||
Commercial non-mortgage | $ | 6,843,415 | 31.9 | $ | 7,085,076 | 32.8 | |||||||||||
Asset-based | 943,961 | 4.4 | 890,598 | 4.1 | |||||||||||||
Commercial real estate | 6,410,672 | 29.9 | 6,322,637 | 29.2 | |||||||||||||
Equipment financing | 630,343 | 2.9 | 602,224 | 2.8 | |||||||||||||
Residential | 4,856,302 | 22.6 | 4,782,016 | 22.1 | |||||||||||||
Home equity | 1,677,136 | 7.8 | 1,802,865 | 8.3 | |||||||||||||
Other consumer | 113,172 | 0.5 | 155,799 | 0.7 | |||||||||||||
Total loans and leases | $ | 21,475,001 | 100.0 | $ | 21,641,215 | 100.0 |
Six months ended June 30, | |||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Beginning balance | $ | 235,427 | $ | 237,438 | |||||||
Additions | 3,820 | 52,385 | |||||||||
Paydowns, net of draws | (52,331) | (23,997) | |||||||||
Charge-offs | (2,248) | (3,084) | |||||||||
Transfers to OREO | (325) | (1,296) | |||||||||
Ending balance | $ | 184,343 | $ | 261,446 |
(In thousands) |
At June 30,
2021 |
At December 31,
2020 |
|||||||||
Accrual status | $ | 119,707 | $ | 140,089 | |||||||
Non-accrual status | 64,636 | 95,338 | |||||||||
Total TDRs | $ | 184,343 | $ | 235,427 | |||||||
Specific reserves for TDRs included in the balance of ACL on loans and leases | $ | 11,726 | $ | 12,728 | |||||||
Additional funds committed to borrowers in TDR status | 13,512 | 12,895 |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||
(Dollars in thousands) |
Amount (1)
|
% (2)
|
Amount (1)
|
% (2)
|
|||||||||||||
Commercial non-mortgage | $ | 1,138 | 0.02 | $ | 1,503 | 0.02 | |||||||||||
Asset-based lending | — | — | 1,175 | 0.13 | |||||||||||||
Commercial real estate | 1,679 | 0.03 | 3,003 | 0.05 | |||||||||||||
Equipment financing | 2,016 | 0.32 | 7,415 | 1.24 | |||||||||||||
Residential | 4,690 | 0.10 | 10,623 | 0.22 | |||||||||||||
Home equity | 8,016 | 0.48 | 7,246 | 0.41 | |||||||||||||
Other consumer | 813 | 0.72 | 1,474 | 0.95 | |||||||||||||
Loans and leases past due 30-89 days | 18,352 | 0.09 | 32,439 | 0.15 | |||||||||||||
Commercial non-mortgage loans and leases past due 90 days and accruing | 25 | — | 445 | 0.01 | |||||||||||||
Total | 18,377 | 0.09 | 32,884 | 0.15 | |||||||||||||
Net deferred (fees) costs and net (premiums) discounts | 40 | 98 | |||||||||||||||
Total loans and leases past due 30 days or more and accruing income | $ | 18,417 | $ | 32,982 |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||
(Dollars in thousands) | Amount |
% (1)
|
Amount |
% (1)
|
|||||||||||||
Commercial non-mortgage | $ | 49,669 | 0.72 | $ | 64,200 | 0.90 | |||||||||||
Asset-based | 2,403 | 0.25 | 2,622 | 0.29 | |||||||||||||
Commercial real estate | 12,687 | 0.20 | 21,222 | 0.34 | |||||||||||||
Equipment financing | 8,162 | 1.31 | 7,299 | 1.22 | |||||||||||||
Residential | 21,467 | 0.45 | 41,033 | 0.86 | |||||||||||||
Home equity | 25,942 | 1.56 | 30,980 | 1.73 | |||||||||||||
Other consumer | 411 | 0.36 | 649 | 0.42 | |||||||||||||
Total non-accrual loans and leases | 120,741 | 0.56 | 168,005 | 0.78 | |||||||||||||
Net deferred (fees) costs and net (premiums) discounts | (137) | (45) | |||||||||||||||
Amortized cost of non-accrual loans and leases (2)
|
$ | 120,604 | $ | 167,960 | |||||||||||||
Total non-accrual loans and leases | $ | 120,741 | $ | 168,005 | |||||||||||||
Foreclosed and repossessed assets: | |||||||||||||||||
Commercial non-mortgage | — | 175 | |||||||||||||||
Residential and consumer | 2,756 | 2,134 | |||||||||||||||
Total foreclosed and repossessed assets | 2,756 | 2,309 | |||||||||||||||
Total non-performing assets | $ | 123,497 | $ | 170,314 |
Six months ended June 30, | |||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Beginning balance | $ | 168,005 | $ | 150,906 | |||||||
Additions | 24,345 | 62,952 | |||||||||
Paydowns, net of draws | (40,284) | (9,874) | |||||||||
Charge-offs | (8,654) | (25,880) | |||||||||
Other | (22,671) | (5,050) | |||||||||
Ending balance | $ | 120,741 | $ | 173,054 |
At June 30,
2021 |
At December 31, 2020 | ||||||||||
Non-performing loans and leases as a percentage of loans and leases | 0.56 | % | 0.78 | % | |||||||
Non-performing assets as a percentage of loans and leases plus other real estate owned (OREO) | 0.57 | 0.79 | |||||||||
Non-performing assets as a percentage of total assets | 0.37 | 0.52 | |||||||||
ACL on loans and leases as a percentage of non-performing loans and leases | 255.05 | 213.94 | |||||||||
ACL on loans and leases as a percentage of loans and leases | 1.43 | 1.66 | |||||||||
Net charge-offs as a percentage of average loans and leases (1)
|
0.04 | 0.21 | |||||||||
Ratio of ACL on loans and leases to net charge-offs (1)
|
37.08x | 7.97x |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||
(Dollars in thousands) | Amount |
% (1)
|
Amount |
% (1)
|
|||||||||||||
Commercial portfolio | $ | 263,071 | 1.77 | $ | 312,244 | 2.10 | |||||||||||
Consumer portfolio | 44,874 | 0.68 | 47,187 | 0.70 | |||||||||||||
Total ACL on loans and leases | $ | 307,945 | 1.43 | $ | 359,431 | 1.66 |
At or for the three months ended June 30, | At or for the six months ended June 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Beginning balance | $ | 328,351 | $ | 334,931 | $ | 359,431 | $ | 209,096 | |||||||||||||||
Adoption of ASU No. 2016-13 (CECL) | — | — | — | 57,568 | |||||||||||||||||||
(Benefit) provision | (21,574) | 40,003 | (47,333) | 116,088 | |||||||||||||||||||
Charge-offs: | |||||||||||||||||||||||
Commercial non-mortgage | (431) | (14,727) | (1,510) | (20,166) | |||||||||||||||||||
Commercial real estate | (163) | — | (5,320) | (30) | |||||||||||||||||||
Equipment financing | — | (567) | (85) | (672) | |||||||||||||||||||
Residential | (1,105) | (194) | (1,485) | (1,705) | |||||||||||||||||||
Home equity | (244) | (490) | (938) | (1,351) | |||||||||||||||||||
Other consumer | (1,459) | (2,096) | (3,359) | (4,311) | |||||||||||||||||||
Total charge-offs | (3,402) | (18,074) | (12,697) | (28,235) | |||||||||||||||||||
Recoveries: | |||||||||||||||||||||||
Commercial non-mortgage | 824 | 249 | 1,033 | 758 | |||||||||||||||||||
Asset-based | 2 | 10 | 1,426 | 13 | |||||||||||||||||||
Commercial real estate | 10 | 2 | 13 | 5 | |||||||||||||||||||
Equipment financing | — | 22 | — | 71 | |||||||||||||||||||
Residential | 782 | 83 | 1,940 | 318 | |||||||||||||||||||
Home equity | 2,448 | 817 | 3,172 | 1,855 | |||||||||||||||||||
Other consumer | 504 | 479 | 960 | 985 | |||||||||||||||||||
Total recoveries | 4,570 | 1,662 | 8,544 | 4,005 | |||||||||||||||||||
Net charge-offs | 1,168 | (16,412) | (4,153) | (24,230) | |||||||||||||||||||
Ending balance | $ | 307,945 | $ | 358,522 | $ | 307,945 | $ | 358,522 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount |
% (1)
|
Amount |
% (1)
|
Amount |
% (1)
|
Amount |
% (1)
|
|||||||||||||||||||||||||||
Commercial portfolio | $ | (242) | (0.01) | $ | 15,011 | 0.41 | $ | 4,443 | 0.06 | $ | 20,021 | 0.29 | |||||||||||||||||||||||
Consumer portfolio | (926) | (0.06) | 1,401 | 0.08 | (290) | (0.01) | 4,209 | 0.12 | |||||||||||||||||||||||||||
Net (recoveries) charge-offs | $ | (1,168) | (0.02) | $ | 16,412 | 0.30 | $ | 4,153 | 0.04 | $ | 24,230 | 0.23 |
NII | -200bp | -100bp | +100bp | +200bp | ||||||||||
June 30, 2021 | n/a | n/a | 5.4% | 11.6% | ||||||||||
December 31, 2020 | n/a | n/a | 1.7% | 4.7% |
PPNR | -200bp | -100bp | +100bp | +200bp | ||||||||||
June 30, 2021 | n/a | n/a | 8.8% | 19.0% | ||||||||||
December 31, 2020 | n/a | n/a | 2.4% | 7.1% |
Short End of the Yield Curve | Long End of the Yield Curve | ||||||||||||||||||||||||||||
NII | -100bp | -50bp | +50bp | +100bp | -100bp | -50bp | +50bp | +100bp | |||||||||||||||||||||
June 30, 2021 | n/a | n/a | 3.6% | 7.9% | (3.1)% | (1.5)% | 1.4% | 2.8% | |||||||||||||||||||||
December 31, 2020 | n/a | n/a | 0.2% | 1.5% | n/a | (2.2)% | 1.0% | 2.5% |
Short End of the Yield Curve | Long End of the Yield Curve | ||||||||||||||||||||||||||||
PPNR | -100bp | -50bp | +50bp | +100bp | -100bp | -50bp | +50bp | +100bp | |||||||||||||||||||||
June 30, 2021 | n/a | n/a | 6.0% | 13.1% | (5.1)% | (2.6)% | 2.4% | 4.6% | |||||||||||||||||||||
December 31, 2020 | n/a | n/a | (0.3)% | 1.7% | n/a | (4.0)% | 1.8% | 4.4% |
(Dollars in thousands) |
Book
Value |
Estimated
Economic Value |
Estimated Economic Value Change | |||||||||||
-100 bp | +100 bp | |||||||||||||
June 30, 2021 | ||||||||||||||
Assets | $ | 33,753,752 | $ | 33,481,272 | n/a | $ | (726,608) | |||||||
Liabilities | 30,424,047 | 29,437,861 | n/a | (1,010,173) | ||||||||||
Net | $ | 3,329,705 | $ | 4,043,411 | n/a | $ | 283,565 | |||||||
Net change as % base net economic value | n/a | 7.0 | % | |||||||||||
December 31, 2020 | ||||||||||||||
Assets | $ | 32,590,690 | $ | 32,546,388 | n/a | $ | (625,173) | |||||||
Liabilities | 29,356,065 | 29,357,878 | n/a | (1,058,460) | ||||||||||
Net | $ | 3,234,625 | $ | 3,188,510 | n/a | $ | 433,287 | |||||||
Net change as % base net economic value | n/a | 13.6 | % |
June 30,
2021 |
December 31,
2020 |
||||||||||
(In thousands, except share data) | (Unaudited) | ||||||||||
Assets: | |||||||||||
Cash and due from banks | $ | 193,430 | $ | 193,501 | |||||||
Interest-bearing deposits | 1,386,463 | 69,603 | |||||||||
Investment securities available-for-sale, at fair value | 3,262,893 | 3,326,776 | |||||||||
Investment securities held-to-maturity, net of allowance for credit losses of $382 and $299
|
5,623,243 | 5,567,889 | |||||||||
Federal Home Loan Bank and Federal Reserve Bank stock | 76,874 | 77,594 | |||||||||
Loans held for sale (valued under fair value option $4,335 and $14,000)
|
4,335 | 14,012 | |||||||||
Loans and leases | 21,475,001 | 21,641,215 | |||||||||
Allowance for credit losses on loans and leases | (307,945) | (359,431) | |||||||||
Loans and leases, net | 21,167,056 | 21,281,784 | |||||||||
Deferred tax assets, net | 78,268 | 81,286 | |||||||||
Premises and equipment, net | 215,716 | 226,743 | |||||||||
Goodwill | 538,373 | 538,373 | |||||||||
Other intangible assets, net | 20,112 | 22,383 | |||||||||
Cash surrender value of life insurance policies | 570,380 | 564,195 | |||||||||
Accrued interest receivable and other assets | 616,609 | 626,551 | |||||||||
Total assets | $ | 33,753,752 | $ | 32,590,690 | |||||||
Liabilities and shareholders' equity: | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing | $ | 6,751,373 | $ | 6,155,592 | |||||||
Interest-bearing | 22,095,593 | 21,179,844 | |||||||||
Total deposits | 28,846,966 | 27,335,436 | |||||||||
Securities sold under agreements to repurchase and other borrowings | 507,124 | 995,355 | |||||||||
Federal Home Loan Bank advances | 138,444 | 133,164 | |||||||||
Long-term debt | 565,297 | 567,663 | |||||||||
Operating lease liabilities | 154,461 | 158,280 | |||||||||
Accrued expenses and other liabilities | 211,755 | 166,167 | |||||||||
Total liabilities | 30,424,047 | 29,356,065 | |||||||||
Shareholders’ equity: | |||||||||||
Preferred stock, $0.01 par value; Authorized - 3,000,000 shares:
|
|||||||||||
Series F issued and outstanding (6,000 shares)
|
145,037 | 145,037 | |||||||||
Common stock, $0.01 par value; Authorized - 200,000,0000 shares:
|
|||||||||||
Issued (93,686,311 shares)
|
937 | 937 | |||||||||
Paid-in capital | 1,101,126 | 1,109,532 | |||||||||
Retained earnings | 2,203,160 | 2,077,522 | |||||||||
Treasury stock, at cost (3,092,351 and 3,487,389 shares)
|
(126,445) | (140,659) | |||||||||
Accumulated other comprehensive income, net of tax | 5,890 | 42,256 | |||||||||
Total shareholders' equity | 3,329,705 | 3,234,625 | |||||||||
Total liabilities and shareholders' equity | $ | 33,753,752 | $ | 32,590,690 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Interest Income: | |||||||||||||||||||||||
Interest and fees on loans and leases | $ | 185,919 | $ | 196,521 | $ | 376,455 | $ | 412,708 | |||||||||||||||
Taxable interest and dividends on investments | 40,303 | 50,069 | 79,917 | 102,691 | |||||||||||||||||||
Non-taxable interest on investment securities | 5,283 | 5,501 | 10,616 | 10,987 | |||||||||||||||||||
Loans held for sale | 53 | 184 | 144 | 359 | |||||||||||||||||||
Total interest income | 231,558 | 252,275 | 467,132 | 526,745 | |||||||||||||||||||
Interest Expense: | |||||||||||||||||||||||
Deposits | 5,094 | 18,805 | 11,533 | 46,648 | |||||||||||||||||||
Securities sold under agreements to repurchase and other borrowings | 860 | 980 | 1,495 | 4,710 | |||||||||||||||||||
Federal Home Loan Bank advances | 534 | 3,748 | 1,047 | 10,617 | |||||||||||||||||||
Long-term debt | 4,218 | 4,335 | 8,441 | 9,562 | |||||||||||||||||||
Total interest expense | 10,706 | 27,868 | 22,516 | 71,537 | |||||||||||||||||||
Net interest income | 220,852 | 224,407 | 444,616 | 455,208 | |||||||||||||||||||
Provision for credit losses | (21,500) | 40,000 | (47,250) | 116,000 | |||||||||||||||||||
Net interest income after provision for credit losses | 242,352 | 184,407 | 491,866 | 339,208 | |||||||||||||||||||
Non-interest Income: | |||||||||||||||||||||||
Deposit service fees | 41,439 | 35,839 | 81,908 | 78,409 | |||||||||||||||||||
Loan and lease related fees | 7,862 | 6,968 | 16,175 | 13,464 | |||||||||||||||||||
Wealth and investment services | 10,087 | 7,102 | 19,490 | 15,841 | |||||||||||||||||||
Mortgage banking activities | 1,319 | 4,205 | 3,961 | 7,098 | |||||||||||||||||||
Increase in cash surrender value of life insurance policies | 3,603 | 3,624 | 7,136 | 7,204 | |||||||||||||||||||
Gain on sale of investment securities, net | — | — | — | 8 | |||||||||||||||||||
Other income | 8,392 | 2,338 | 20,789 | 11,430 | |||||||||||||||||||
Total non-interest income | 72,702 | 60,076 | 149,459 | 133,454 | |||||||||||||||||||
Non-interest Expense: | |||||||||||||||||||||||
Compensation and benefits | 97,754 | 99,731 | 205,354 | 201,618 | |||||||||||||||||||
Occupancy | 14,010 | 14,245 | 29,660 | 28,730 | |||||||||||||||||||
Technology and equipment | 27,124 | 27,468 | 55,640 | 55,305 | |||||||||||||||||||
Intangible assets amortization | 1,132 | 962 | 2,271 | 1,924 | |||||||||||||||||||
Marketing | 3,227 | 3,286 | 5,731 | 6,788 | |||||||||||||||||||
Professional and outside services | 21,025 | 6,158 | 30,801 | 11,821 | |||||||||||||||||||
Deposit insurance | 3,749 | 5,015 | 7,705 | 9,740 | |||||||||||||||||||
Other expense | 19,007 | 19,719 | 37,848 | 39,494 | |||||||||||||||||||
Total non-interest expense | 187,028 | 176,584 | 375,010 | 355,420 | |||||||||||||||||||
Income before income tax expense | 128,026 | 67,899 | 266,315 | 117,242 | |||||||||||||||||||
Income tax expense | 33,991 | 14,802 | 64,202 | 25,946 | |||||||||||||||||||
Net income | 94,035 | 53,097 | 202,113 | 91,296 | |||||||||||||||||||
Preferred stock dividends and other | (2,480) | (2,368) | (5,028) | (4,530) | |||||||||||||||||||
Earnings applicable to common shareholders | $ | 91,555 | $ | 50,729 | $ | 197,085 | $ | 86,766 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 1.02 | $ | 0.57 | $ | 2.19 | $ | 0.96 | |||||||||||||||
Diluted | 1.01 | 0.57 | 2.19 | 0.96 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income | $ | 94,035 | $ | 53,097 | $ | 202,113 | $ | 91,296 | |||||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||
Investment securities available-for-sale | (1,473) | 61,914 | (31,826) | 46,225 | |||||||||||||||||||
Derivative instruments | (1,652) | 3,601 | (6,024) | 29,833 | |||||||||||||||||||
Defined benefit pension and other postretirement benefit plans | 741 | 730 | 1,484 | 1,459 | |||||||||||||||||||
Other comprehensive (loss) income, net of tax | (2,384) | 66,245 | (36,366) | 77,517 | |||||||||||||||||||
Comprehensive income | $ | 91,651 | $ | 119,342 | $ | 165,747 | $ | 168,813 |
At or for the three months ended June 30, 2021 | |||||||||||||||||||||||
(In thousands, except per share data) | Preferred Stock |
Common
Stock |
Paid-In
Capital |
Retained
Earnings |
Treasury
Stock, at cost |
Accumulated Other
Comprehensive (Loss), Net of Tax |
Total
Shareholders' Equity |
||||||||||||||||
Balance at March 31, 2021 | $ | 145,037 | $ | 937 | $ | 1,105,137 | $ | 2,147,436 | $ | (133,893) | $ | 8,274 | $ | 3,272,928 | |||||||||
Net income | — | — | — | 94,035 | — | — | 94,035 | ||||||||||||||||
Other comprehensive (loss), net of tax | — | — | — | — | — | (2,384) | (2,384) | ||||||||||||||||
Common stock dividends/equivalents $0.40 per share
|
— | — | — | (36,342) | — | — | (36,342) | ||||||||||||||||
Series F preferred stock dividends $328.125 per share
|
— | — | — | (1,969) | — | — | (1,969) | ||||||||||||||||
Stock-based compensation | — | — | (3,960) | — | 7,428 | — | 3,468 | ||||||||||||||||
Exercise of stock options | — | — | (51) | — | 123 | — | 72 | ||||||||||||||||
Common shares acquired from stock compensation plan activity | — | — | — | — | (103) | — | (103) | ||||||||||||||||
Balance at June 30, 2021 | $ | 145,037 | $ | 937 | $ | 1,101,126 | $ | 2,203,160 | $ | (126,445) | $ | 5,890 | $ | 3,329,705 | |||||||||
At or for the three months ended June 30, 2020 | |||||||||||||||||||||||
(In thousands, except per share data) | Preferred Stock |
Common
Stock |
Paid-In
Capital |
Retained
Earnings |
Treasury
Stock, at cost |
Accumulated Other Comprehensive
(Loss) Income, Net of Tax |
Total
Shareholders' Equity |
||||||||||||||||
Balance at March 31, 2020 | $ | 145,037 | $ | 937 | $ | 1,101,324 | $ | 2,009,541 | $ | (141,797) | $ | (24,800) | $ | 3,090,242 | |||||||||
Net income | — | — | — | 53,097 | — | — | 53,097 | ||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 66,245 | 66,245 | ||||||||||||||||
Common stock dividends/equivalents $0.40 per share
|
— | — | — | (36,182) | — | — | (36,182) | ||||||||||||||||
Series F preferred stock dividends $328.125 per share
|
— | — | — | (1,969) | — | — | (1,969) | ||||||||||||||||
Stock-based compensation | — | — | 2,432 | — | 973 | — | 3,405 | ||||||||||||||||
Common shares acquired from stock compensation plan activity | — | — | — | — | (59) | — | (59) | ||||||||||||||||
Balance at June 30, 2020 | $ | 145,037 | $ | 937 | $ | 1,103,756 | $ | 2,024,487 | $ | (140,883) | $ | 41,445 | $ | 3,174,779 | |||||||||
At or for the six months ended June 30, 2021 | |||||||||||||||||||||||
(In thousands, except per share data) |
Preferred
Stock |
Common
Stock |
Paid-In
Capital |
Retained
Earnings |
Treasury
Stock, at cost |
Accumulated Other
Comprehensive Income, Net of Tax |
Total
Shareholders' Equity |
||||||||||||||||
Balance at December 31, 2020 | $ | 145,037 | $ | 937 | $ | 1,109,532 | $ | 2,077,522 | $ | (140,659) | $ | 42,256 | $ | 3,234,625 | |||||||||
Net income | — | — | — | 202,113 | — | — | 202,113 | ||||||||||||||||
Other comprehensive (loss), net of tax | — | — | — | — | — | (36,366) | (36,366) | ||||||||||||||||
Common stock dividends/equivalents $0.80 per share
|
— | — | — | (72,537) | — | — | (72,537) | ||||||||||||||||
Series F preferred stock dividends $656.250 per share
|
— | — | — | (3,938) | — | — | (3,938) | ||||||||||||||||
Stock-based compensation | — | — | (3,311) | — | 9,744 | — | 6,433 | ||||||||||||||||
Exercise of stock options | — | — | (5,095) | — | 8,481 | — | 3,386 | ||||||||||||||||
Common shares acquired from stock compensation plan activity | — | — | — | — | (4,011) | — | (4,011) | ||||||||||||||||
Balance at June 30, 2021 | $ | 145,037 | $ | 937 | $ | 1,101,126 | $ | 2,203,160 | $ | (126,445) | $ | 5,890 | $ | 3,329,705 | |||||||||
At or for the six months ended June 30, 2020 | |||||||||||||||||||||||
(In thousands, except per share data) |
Preferred
Stock |
Common
Stock |
Paid-In
Capital |
Retained
Earnings |
Treasury
Stock, at cost |
Accumulated Other Comprehensive (Loss) Income,
Net of Tax |
Total
Shareholders' Equity |
||||||||||||||||
Balance at December 31, 2019 | $ | 145,037 | $ | 937 | $ | 1,113,250 | $ | 2,061,352 | $ | (76,734) | $ | (36,072) | $ | 3,207,770 | |||||||||
Cumulative effect of changes in accounting principles | — | — | — | (51,213) | — | — | (51,213) | ||||||||||||||||
Net income | — | — | — | 91,296 | — | — | 91,296 | ||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 77,517 | 77,517 | ||||||||||||||||
Common stock dividends/equivalents $0.80 per share
|
— | — | — | (73,010) | — | — | (73,010) | ||||||||||||||||
Series F preferred stock dividends $656.250 per share
|
— | — | — | (3,938) | — | — | (3,938) | ||||||||||||||||
Stock-based compensation | — | — | (9,389) | — | 15,403 | — | 6,014 | ||||||||||||||||
Exercise of stock options | — | — | (105) | — | 223 | — | 118 | ||||||||||||||||
Common shares acquired from stock compensation plan activity | — | — | — | — | (3,219) | — | (3,219) | ||||||||||||||||
Common stock repurchase program | — | — | — | — | (76,556) | — | (76,556) | ||||||||||||||||
Balance at June 30, 2020 | $ | 145,037 | $ | 937 | $ | 1,103,756 | $ | 2,024,487 | $ | (140,883) | $ | 41,445 | $ | 3,174,779 |
Six months ended June 30, | |||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Operating Activities: | |||||||||||
Net income | $ | 202,113 | $ | 91,296 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | (47,250) | 116,000 | |||||||||
Deferred tax expense (benefit) | 16,012 | (27,020) | |||||||||
Depreciation and amortization | 18,683 | 18,110 | |||||||||
Amortization of premiums/discounts, net | 66,312 | 27,996 | |||||||||
Stock-based compensation | 6,433 | 6,014 | |||||||||
Gain on sale, net of write-down, of foreclosed and repossessed assets | (141) | (664) | |||||||||
Loss on disposal of premises and equipment | 724 | 256 | |||||||||
Gain on sale of investment securities, net | — | (8) | |||||||||
Increase in cash surrender value of life insurance policies | (7,136) | (7,204) | |||||||||
Gain from life insurance policies | (805) | (348) | |||||||||
Mortgage banking activities | (3,961) | (7,098) | |||||||||
Proceeds from sale of loans held for sale | 147,735 | 170,168 | |||||||||
Originations of loans held for sale | (135,930) | (175,228) | |||||||||
Net change in right-of-use lease assets | 1,336 | 3,395 | |||||||||
Net decrease (increase) in derivative contract assets net of liabilities | 106,759 | (256,780) | |||||||||
Gain on sale of banking centers | (533) | — | |||||||||
Net (increase) decrease in accrued interest receivable and other assets | (91,177) | 14,755 | |||||||||
Net increase in accrued expenses and other liabilities | 34,057 | 67,239 | |||||||||
Net cash provided by operating activities | 313,231 | 40,879 | |||||||||
Investing Activities: | |||||||||||
Purchases of available-for-sale investment securities | (504,286) | (479,330) | |||||||||
Proceeds from available-for-sale investment securities maturities/principal repayments | 510,484 | 266,704 | |||||||||
Proceeds from sales of available-for-sale investment securities | — | 8,963 | |||||||||
Purchases of held-to-maturity investment securities | (775,673) | (529,233) | |||||||||
Proceeds from held-to-maturity investment securities maturities/principal repayments | 694,951 | 382,903 | |||||||||
Net decrease in Federal Home Loan Bank/Federal Reserve Bank stock | 720 | 54,551 | |||||||||
Alternative investments capital call, net | (5,568) | (1,103) | |||||||||
Net decrease (increase) in loans | 84,886 | (1,797,719) | |||||||||
Proceeds from loans not originated for sale | 49,122 | 3,606 | |||||||||
Proceeds from life insurance policies | 2,683 | 1,019 | |||||||||
Proceeds from sale of foreclosed and repossessed assets | 523 | 4,667 | |||||||||
Proceeds from sale of banking centers | 2,413 | — | |||||||||
Additions to premises and equipment | (7,407) | (7,817) | |||||||||
Net cash provided by (used for) investing activities | 52,848 | (2,092,789) | |||||||||
See accompanying Notes to Condensed Consolidated Financial Statements.
|
|||||||||||
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited), continued |
|||||||||||
Six months ended June 30, | |||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Financing Activities: | |||||||||||
Net increase in deposits | 1,510,573 | 3,030,321 | |||||||||
Proceeds from Federal Home Loan Bank advances | 180,470 | 3,450,000 | |||||||||
Repayments of Federal Home Loan Bank advances | (175,190) | (4,875,155) | |||||||||
Net (decrease) increase in securities sold under agreements to repurchase and other borrowings | (488,231) | 648,374 | |||||||||
Dividends paid to common shareholders | (72,349) | (72,806) | |||||||||
Dividends paid to preferred shareholders | (3,938) | (3,938) | |||||||||
Exercise of stock options | 3,386 | 118 | |||||||||
Common stock repurchase program | — | (76,556) | |||||||||
Common shares purchased related to stock compensation plan activity | (4,011) | (3,219) | |||||||||
Net cash provided by financing activities | 950,710 | 2,097,139 | |||||||||
Net increase in cash and cash equivalents | 1,316,789 | 45,229 | |||||||||
Cash and cash equivalents at beginning of period | 263,104 | 257,895 | |||||||||
Cash and cash equivalents at end of period | $ | 1,579,893 | $ | 303,124 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid | $ | 23,113 | $ | 77,757 | |||||||
Income taxes paid | 80,873 | 11,353 | |||||||||
Noncash investing and financing activities: | |||||||||||
Transfer of loans and leases to foreclosed properties and repossessed assets | $ | 829 | $ | 2,857 | |||||||
Transfer of loans from loans and leases to loans-held-for-sale | 48,395 | 3,036 | |||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||
(In thousands) | Severance | ROU Asset | Other | Total | |||||||||||||||||||
Beginning balance | $ | 18,370 | $ | — | $ | 4,545 | $ | 22,915 | |||||||||||||||
Charged to earnings | 45 | 30 | 1,063 | 1,138 | |||||||||||||||||||
Charged against assets | — | (30) | (332) | (362) | |||||||||||||||||||
Cash payments | (4,451) | — | (3,046) | (7,497) | |||||||||||||||||||
Ending balance | $ | 13,964 | $ | — | $ | 2,230 | $ | 16,194 | |||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||
Severance | ROU Asset | Other | Total | ||||||||||||||||||||
Beginning balance | $ | 17,675 | $ | — | $ | 2,120 | $ | 19,795 | |||||||||||||||
Charged to earnings | 2,105 | 209 | 8,265 | 10,579 | |||||||||||||||||||
Charged against assets | — | (209) | (1,966) | (2,175) | |||||||||||||||||||
Cash payments | (5,816) | — | (6,189) | (12,005) | |||||||||||||||||||
Ending balance | $ | 13,964 | $ | — | $ | 2,230 | $ | 16,194 |
At June 30, 2021 | |||||||||||||||||||||||
(In thousands) |
Amortized
Cost (1)
|
Unrealized
Gains |
Unrealized
Losses |
Fair Value | Allowance | Net Carrying Value | |||||||||||||||||
Agency CMO | $ | 61,080 | $ | 1,425 | $ | (63) | $ | 62,442 | $ | — | $ | 61,080 | |||||||||||
Agency MBS | 2,562,863 | 96,187 | (3,684) | 2,655,366 | — | 2,562,863 | |||||||||||||||||
Agency CMBS | 2,105,924 | 30,491 | (16,545) | 2,119,870 | — | 2,105,924 | |||||||||||||||||
Municipal bonds and notes | 715,195 | 56,218 | — | 771,413 | 382 | 714,813 | |||||||||||||||||
CMBS | 178,563 | 6,501 | — | 185,064 | — | 178,563 | |||||||||||||||||
Held-to-maturity securities | $ | 5,623,625 | $ | 190,822 | $ | (20,292) | $ | 5,794,155 | $ | 382 | $ | 5,623,243 |
At December 31, 2020 | |||||||||||||||||||||||
(In thousands) |
Amortized
Cost (1)
|
Unrealized
Gains |
Unrealized
Losses |
Fair Value | Allowance | Net Carrying Value | |||||||||||||||||
Agency CMO | $ | 91,622 | $ | 1,785 | $ | (241) | $ | 93,166 | $ | — | $ | 91,622 | |||||||||||
Agency MBS | 2,419,751 | 137,863 | (84) | 2,557,530 | — | 2,419,751 | |||||||||||||||||
Agency CMBS | 2,101,227 | 60,484 | (2,213) | 2,159,498 | — | 2,101,227 | |||||||||||||||||
Municipal bonds and notes | 739,507 | 60,371 | (3) | 799,875 | 299 | 739,208 | |||||||||||||||||
CMBS | 216,081 | 9,214 | — | 225,295 | — | 216,081 | |||||||||||||||||
Held-to-maturity securities | $ | 5,568,188 | $ | 269,717 | $ | (2,541) | $ | 5,835,364 | $ | 299 | $ | 5,567,889 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Balance beginning of period | $ | 308 | $ | 312 | $ | 299 | $ | — | |||||||||||||||
Adoption of ASU No. 2016-13 (CECL) | — | — | — | 397 | |||||||||||||||||||
Provision (benefit) for credit losses | 74 | (3) | 83 | (88) | |||||||||||||||||||
Balance end of period | $ | 382 | $ | 309 | $ | 382 | $ | 309 |
Investment Grade | ||||||||||||||||||||||||||||||||
(In thousands) | Aaa | Aa1 | Aa2 | Aa3 | A1 | A2 | A3 | Baa2 | Not Rated | |||||||||||||||||||||||
Agency CMOs | $ | — | $ | 61,080 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Agency MBS | — | 2,562,863 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Agency CMBS | — | 2,105,924 | — | — | — | — | — | — | — | |||||||||||||||||||||||
Municipal bonds and notes | 208,615 | 120,173 | 227,856 | 108,619 | 36,087 | 8,468 | 2,066 | 190 | 3,121 | |||||||||||||||||||||||
CMBS | 178,563 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total held-to-maturity | $ | 387,178 | $ | 4,850,040 | $ | 227,856 | $ | 108,619 | $ | 36,087 | $ | 8,468 | $ | 2,066 | $ | 190 | $ | 3,121 | ||||||||||||||
At June 30, 2021 | |||||||||||
(In thousands) |
Amortized
Cost |
Fair
Value |
|||||||||
Due in one year or less | $ | 380 | $ | 384 | |||||||
Due after one year through five years | 4,843 | 5,163 | |||||||||
Due after five years through ten years | 285,191 | 298,449 | |||||||||
Due after ten years | 5,333,211 | 5,490,159 | |||||||||
Total held-to-maturity debt securities | $ | 5,623,625 | $ | 5,794,155 |
At June 30, 2021 | ||||||||||||||||||||
(In thousands) |
Amortized
Cost(1)
|
Unrealized
Gains |
Unrealized
Losses |
Fair Value(2)
|
||||||||||||||||
Agency CMO | $ | 115,985 | $ | 4,366 | $ | (23) | $ | 120,328 | ||||||||||||
Agency MBS | 1,339,769 | 47,666 | (4,905) | 1,382,530 | ||||||||||||||||
Agency CMBS | 939,055 | 10,509 | (8,167) | 941,397 | ||||||||||||||||
CMBS | 754,192 | 1,008 | (230) | 754,970 | ||||||||||||||||
CLO | 50,000 | 8 | (44) | 49,964 | ||||||||||||||||
Corporate debt | 14,569 | 11 | (876) | 13,704 | ||||||||||||||||
Available-for-sale securities | $ | 3,213,570 | $ | 63,568 | $ | (14,245) | $ | 3,262,893 | ||||||||||||
At December 31, 2020 | ||||||||||||||||||||
(In thousands) |
Amortized
Cost(1)
|
Unrealized
Gains |
Unrealized
Losses |
Fair Value(2)
|
||||||||||||||||
Agency CMO | $ | 148,711 | $ | 6,000 | $ | (98) | $ | 154,613 | ||||||||||||
Agency MBS | 1,389,100 | 68,598 | (289) | 1,457,409 | ||||||||||||||||
Agency CMBS | 1,092,430 | 26,317 | (1,514) | 1,117,233 | ||||||||||||||||
CMBS | 512,759 | 1,082 | (5,823) | 508,018 | ||||||||||||||||
CLO | 76,693 | — | (310) | 76,383 | ||||||||||||||||
Corporate debt | 14,557 | — | (1,437) | 13,120 | ||||||||||||||||
Available-for-sale securities | $ | 3,234,250 | $ | 101,997 | $ | (9,471) | $ | 3,326,776 |
At June 30, 2021 | |||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||
(Dollars in thousands) |
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
# of
Holdings |
Fair
Value |
Unrealized
Losses |
||||||||||||||||||||||
Agency CMO | $ | 3,879 | $ | (8) | $ | 2,580 | $ | (15) | 3 | $ | 6,459 | $ | (23) | ||||||||||||||||
Agency MBS | 224,986 | (4,687) | 15,482 | (218) | 46 | 240,468 | (4,905) | ||||||||||||||||||||||
Agency CMBS | 421,812 | (8,167) | — | — | 11 | 421,812 | (8,167) | ||||||||||||||||||||||
CMBS | 285,792 | (125) | 117,796 | (105) | 29 | 403,588 | (230) | ||||||||||||||||||||||
CLO | — | — | 24,956 | (44) | 1 | 24,956 | (44) | ||||||||||||||||||||||
Corporate debt | — | — | 9,422 | (876) | 2 | 9,422 | (876) | ||||||||||||||||||||||
Available-for-sale in unrealized loss position | $ | 936,469 | $ | (12,987) | $ | 170,236 | $ | (1,258) | 92 | $ | 1,106,705 | $ | (14,245) |
At December 31, 2020 | |||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||
(Dollars in thousands) |
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
# of
Holdings |
Fair
Value |
Unrealized
Losses |
||||||||||||||||||||||
Agency CMO | $ | 13,137 | $ | (49) | $ | 5,944 | $ | (49) | 5 | $ | 19,081 | $ | (98) | ||||||||||||||||
Agency MBS | 33,742 | (219) | 4,561 | (70) | 30 | 38,303 | (289) | ||||||||||||||||||||||
Agency CMBS | 376,330 | (1,514) | — | — | 8 | 376,330 | (1,514) | ||||||||||||||||||||||
CMBS | 409,591 | (5,486) | 23,167 | (337) | 38 | 432,758 | (5,823) | ||||||||||||||||||||||
CLO | 57,728 | (265) | 18,655 | (45) | 4 | 76,383 | (310) | ||||||||||||||||||||||
Corporate debt | 4,100 | (166) | 9,020 | (1,271) | 3 | 13,120 | (1,437) | ||||||||||||||||||||||
Available-for-sale in unrealized loss position | $ | 894,628 | $ | (7,699) | $ | 61,347 | $ | (1,772) | 88 | $ | 955,975 | $ | (9,471) |
At June 30, 2021 | |||||||||||
(In thousands) |
Amortized
Cost |
Fair
Value |
|||||||||
Due in one year or less | $ | — | $ | — | |||||||
Due after one year through five years | 2,614 | 2,703 | |||||||||
Due after five through ten years | 183,925 | 184,105 | |||||||||
Due after ten years | 3,027,031 | 3,076,085 | |||||||||
Total available-for-sale debt securities | $ | 3,213,570 | $ | 3,262,893 |
(In thousands) |
At June 30,
2021 |
At December 31, 2020 | |||||||||
Commercial non-mortgage | $ | 6,843,415 | $ | 7,085,076 | |||||||
Asset-based | 943,961 | 890,598 | |||||||||
Commercial real estate | 6,410,672 | 6,322,637 | |||||||||
Equipment financing | 630,343 | 602,224 | |||||||||
Commercial portfolio | 14,828,391 | 14,900,535 | |||||||||
Residential | 4,856,302 | 4,782,016 | |||||||||
Home equity | 1,677,136 | 1,802,865 | |||||||||
Other consumer | 113,172 | 155,799 | |||||||||
Consumer portfolio | 6,646,610 | 6,740,680 | |||||||||
Loans and leases (1) (2) (3)
|
$ | 21,475,001 | $ | 21,641,215 |
At June 30, 2021 | |||||||||||||||||||||||
(In thousands) |
30-59 Days
Past Due and Accruing |
60-89 Days
Past Due and Accruing |
90 or More Days Past Due
and Accruing |
Non-accrual | Total Past Due and Non-accrual | Current |
Total Loans
and Leases |
||||||||||||||||
Commercial non-mortgage | $ | 1,017 | $ | 127 | $ | 25 | $ | 49,513 | $ | 50,682 | $ | 6,792,733 | $ | 6,843,415 | |||||||||
Asset-based | — | — | — | 2,375 | 2,375 | 941,586 | 943,961 | ||||||||||||||||
Commercial real estate | 1,324 | 364 | — | 12,695 | 14,383 | 6,396,289 | 6,410,672 | ||||||||||||||||
Equipment financing | 1,578 | 438 | — | 8,162 | 10,178 | 620,165 | 630,343 | ||||||||||||||||
Commercial portfolio | 3,919 | 929 | 25 | 72,745 | 77,618 | 14,750,773 | 14,828,391 | ||||||||||||||||
Residential | 3,891 | 805 | — | 21,472 | 26,168 | 4,830,134 | 4,856,302 | ||||||||||||||||
Home equity | 5,429 | 2,604 | — | 25,975 | 34,008 | 1,643,128 | 1,677,136 | ||||||||||||||||
Other consumer | 479 | 336 | — | 412 | 1,227 | 111,945 | 113,172 | ||||||||||||||||
Consumer portfolio | 9,799 | 3,745 | — | 47,859 | 61,403 | 6,585,207 | 6,646,610 | ||||||||||||||||
Total | $ | 13,718 | $ | 4,674 | $ | 25 | $ | 120,604 | $ | 139,021 | $ | 21,335,980 | $ | 21,475,001 |
At December 31, 2020 | |||||||||||||||||||||||
(In thousands) |
30-59 Days
Past Due and Accruing |
60-89 Days
Past Due and Accruing |
90 or More Days Past Due
and Accruing |
Non-accrual | Total Past Due and Non-accrual | Current |
Total Loans
and Leases |
||||||||||||||||
Commercial non-mortgage | $ | 612 | $ | 903 | $ | 445 | $ | 64,073 | $ | 66,033 | $ | 7,019,043 | $ | 7,085,076 | |||||||||
Asset-based | 1,174 | — | — | 2,594 | 3,768 | 886,830 | 890,598 | ||||||||||||||||
Commercial real estate | 2,400 | 619 | — | 21,231 | 24,250 | 6,298,387 | 6,322,637 | ||||||||||||||||
Equipment financing | 5,107 | 2,308 | — | 7,299 | 14,714 | 587,510 | 602,224 | ||||||||||||||||
Commercial portfolio | 9,293 | 3,830 | 445 | 95,197 | 108,765 | 14,791,770 | 14,900,535 | ||||||||||||||||
Residential | 4,334 | 6,330 | — | 41,081 | 51,745 | 4,730,271 | 4,782,016 | ||||||||||||||||
Home equity | 5,500 | 1,771 | — | 31,030 | 38,301 | 1,764,564 | 1,802,865 | ||||||||||||||||
Other consumer | 878 | 601 | — | 652 | 2,131 | 153,668 | 155,799 | ||||||||||||||||
Consumer portfolio | 10,712 | 8,702 | — | 72,763 | 92,177 | 6,648,503 | 6,740,680 | ||||||||||||||||
Total | $ | 20,005 | $ | 12,532 | $ | 445 | $ | 167,960 | $ | 200,942 | $ | 21,440,273 | $ | 21,641,215 |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||
(In thousands) | Non-accrual | Non-accrual With No Allowance | Non-accrual | Non-accrual With No Allowance | |||||||||||||
Commercial non-mortgage | $ | 49,513 | $ | 8,386 | $ | 64,073 | $ | 16,985 | |||||||||
Asset-based | 2,375 | 2,375 | 2,594 | — | |||||||||||||
Commercial real estate | 12,695 | 554 | 21,231 | 15,529 | |||||||||||||
Equipment financing | 8,162 | 2,538 | 7,299 | 2,983 | |||||||||||||
Commercial portfolio | 72,745 | 13,853 | 95,197 | 35,497 | |||||||||||||
Residential | 21,472 | 12,680 | 41,081 | 29,843 | |||||||||||||
Home equity | 25,975 | 20,620 | 31,030 | 24,091 | |||||||||||||
Other consumer | 412 | 6 | 652 | 2 | |||||||||||||
Consumer portfolio | 47,859 | 33,306 | 72,763 | 53,936 | |||||||||||||
Total | $ | 120,604 | $ | 47,159 | $ | 167,960 | $ | 89,433 |
At or for the three months ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In thousands) | Commercial Portfolio | Consumer Portfolio | Total | Commercial Portfolio | Consumer Portfolio | Total | |||||||||||||||||
ACL on loans and leases: | |||||||||||||||||||||||
Balance, beginning of period | $ | 283,906 | $ | 44,445 | $ | 328,351 | $ | 261,926 | $ | 73,005 | $ | 334,931 | |||||||||||
(Benefit) provision | (21,077) | (497) | (21,574) | 44,605 | (4,602) | 40,003 | |||||||||||||||||
Charge-offs | (594) | (2,808) | (3,402) | (15,294) | (2,780) | (18,074) | |||||||||||||||||
Recoveries | 836 | 3,734 | 4,570 | 283 | 1,379 | 1,662 | |||||||||||||||||
Balance, end of period | $ | 263,071 | $ | 44,874 | $ | 307,945 | $ | 291,520 | $ | 67,002 | $ | 358,522 | |||||||||||
At or for the six months ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In thousands) | Commercial Portfolio | Consumer Portfolio | Total | Commercial Portfolio | Consumer Portfolio | Total | |||||||||||||||||
ACL on loans and leases: | |||||||||||||||||||||||
Balance, beginning of period | $ | 312,244 | $ | 47,187 | $ | 359,431 | $ | 161,669 | $ | 47,427 | $ | 209,096 | |||||||||||
Adoption of ASU No. 2016-13 (CECL)
|
— | — | — | 34,024 | 23,544 | 57,568 | |||||||||||||||||
(Benefit) provision | (44,730) | (2,603) | (47,333) | 115,848 | 240 | 116,088 | |||||||||||||||||
Charge-offs | (6,915) | (5,782) | (12,697) | (20,868) | (7,367) | (28,235) | |||||||||||||||||
Recoveries | 2,472 | 6,072 | 8,544 | 847 | 3,158 | 4,005 | |||||||||||||||||
Balance, end of period | $ | 263,071 | $ | 44,874 | $ | 307,945 | $ | 291,520 | $ | 67,002 | $ | 358,522 | |||||||||||
Individually evaluated for impairment | 11,537 | 4,560 | 16,097 | 15,271 | 4,484 | 19,755 | |||||||||||||||||
Collectively evaluated for impairment | $ | 251,534 | $ | 40,314 | $ | 291,848 | $ | 276,249 | $ | 62,518 | $ | 338,767 | |||||||||||
Loan and lease balances: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 128,937 | $ | 110,521 | $ | 239,458 | $ | 165,010 | $ | 158,146 | $ | 323,156 | |||||||||||
Collectively evaluated for impairment | 14,699,454 | 6,536,089 | 21,235,543 | 14,589,073 | 6,890,288 | 21,479,361 | |||||||||||||||||
Loans and leases | $ | 14,828,391 | $ | 6,646,610 | $ | 21,475,001 | $ | 14,754,083 | $ | 7,048,434 | $ | 21,802,517 |
At June 30, 2021 | ||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Commercial non-mortgage | ||||||||||||||||||||||||||
Pass | $ | 1,380,022 | $ | 1,635,700 | $ | 921,484 | $ | 705,932 | $ | 363,486 | $ | 398,483 | $ | 1,068,452 | $ | 6,473,559 | ||||||||||
Special mention | — | 8,973 | 48,957 | 56,527 | 119 | 16,621 | 13,134 | 144,331 | ||||||||||||||||||
Substandard | 106 | 66,050 | 20,294 | 66,010 | 24,011 | 23,257 | 25,797 | 225,525 | ||||||||||||||||||
Commercial non-mortgage | 1,380,128 | 1,710,723 | 990,735 | 828,469 | 387,616 | 438,361 | 1,107,383 | 6,843,415 | ||||||||||||||||||
Asset-based | ||||||||||||||||||||||||||
Pass | 3,744 | 27,329 | 15,127 | 19,540 | 6,431 | 25,584 | 779,349 | 877,104 | ||||||||||||||||||
Special mention | — | — | — | 725 | — | — | 63,757 | 64,482 | ||||||||||||||||||
Substandard | — | — | 2,375 | — | — | — | — | 2,375 | ||||||||||||||||||
Asset-based | 3,744 | 27,329 | 17,502 | 20,265 | 6,431 | 25,584 | 843,106 | 943,961 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Pass | 447,624 | 925,584 | 1,451,104 | 1,130,513 | 491,810 | 1,565,554 | 24,998 | 6,037,187 | ||||||||||||||||||
Special mention | 440 | 2,221 | 9,182 | 79,499 | 54,481 | 113,566 | — | 259,389 | ||||||||||||||||||
Substandard | — | 808 | 780 | 21,567 | 43,028 | 47,913 | — | 114,096 | ||||||||||||||||||
Commercial real estate | 448,064 | 928,613 | 1,461,066 | 1,231,579 | 589,319 | 1,727,033 | 24,998 | 6,410,672 | ||||||||||||||||||
Equipment financing | ||||||||||||||||||||||||||
Pass | 132,213 | 219,007 | 123,041 | 57,096 | 19,368 | 47,107 | — | 597,832 | ||||||||||||||||||
Special mention | — | 885 | 4,362 | 64 | 99 | 1,165 | — | 6,575 | ||||||||||||||||||
Substandard | — | 9,630 | 4,943 | 6,702 | 2,180 | 2,481 | — | 25,936 | ||||||||||||||||||
Equipment financing | 132,213 | 229,522 | 132,346 | 63,862 | 21,647 | 50,753 | — | 630,343 | ||||||||||||||||||
Commercial portfolio | $ | 1,964,149 | $ | 2,896,187 | $ | 2,601,649 | $ | 2,144,175 | $ | 1,005,013 | $ | 2,241,731 | $ | 1,975,487 | $ | 14,828,391 |
At December 31, 2020 | ||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Commercial non-mortgage | ||||||||||||||||||||||||||
Pass | $ | 2,771,373 | $ | 1,052,080 | $ | 907,110 | $ | 481,321 | $ | 231,280 | $ | 218,001 | $ | 936,592 | $ | 6,597,757 | ||||||||||
Special mention | 32,535 | 33,969 | 62,034 | 435 | 8,357 | 13,757 | 38,496 | 189,583 | ||||||||||||||||||
Substandard | 54,716 | 51,798 | 66,324 | 36,159 | 15,535 | 23,957 | 49,084 | 297,573 | ||||||||||||||||||
Doubtful | — | — | — | 163 | — | — | — | 163 | ||||||||||||||||||
Commercial non-mortgage | 2,858,624 | 1,137,847 | 1,035,468 | 518,078 | 255,172 | 255,715 | 1,024,172 | 7,085,076 | ||||||||||||||||||
Asset-based | ||||||||||||||||||||||||||
Pass | 26,344 | 15,960 | 23,123 | 11,333 | 10,963 | 16,484 | 741,336 | 845,543 | ||||||||||||||||||
Special mention | — | — | 775 | — | — | — | 41,687 | 42,462 | ||||||||||||||||||
Substandard | — | 2,504 | — | — | — | — | 89 | 2,593 | ||||||||||||||||||
Asset-based | 26,344 | 18,464 | 23,898 | 11,333 | 10,963 | 16,484 | 783,112 | 890,598 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Pass | 965,582 | 1,461,201 | 1,242,322 | 527,931 | 554,630 | 1,165,331 | 28,113 | 5,945,110 | ||||||||||||||||||
Special mention | 27 | 10,385 | 70,704 | 37,539 | 35,617 | 69,832 | — | 224,104 | ||||||||||||||||||
Substandard | 817 | 1,132 | 21,923 | 73,621 | 2,962 | 52,968 | — | 153,423 | ||||||||||||||||||
Commercial real estate | 966,426 | 1,472,718 | 1,334,949 | 639,091 | 593,209 | 1,288,131 | 28,113 | 6,322,637 | ||||||||||||||||||
Equipment financing | ||||||||||||||||||||||||||
Pass | 249,370 | 135,263 | 68,092 | 26,433 | 43,469 | 22,879 | — | 545,506 | ||||||||||||||||||
Special mention | 7,934 | 11,043 | 6,981 | 1,220 | 1,577 | 788 | — | 29,543 | ||||||||||||||||||
Substandard | 7,483 | 6,169 | 5,749 | 2,460 | 4,743 | 571 | — | 27,175 | ||||||||||||||||||
Equipment financing | 264,787 | 152,475 | 80,822 | 30,113 | 49,789 | 24,238 | — | 602,224 | ||||||||||||||||||
Commercial portfolio | $ | 4,116,181 | $ | 2,781,504 | $ | 2,475,137 | $ | 1,198,615 | $ | 909,133 | $ | 1,584,568 | $ | 1,835,397 | $ | 14,900,535 |
At June 30, 2021 | ||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Residential | ||||||||||||||||||||||||||
800+ | $ | 216,867 | $ | 443,796 | $ | 189,777 | $ | 41,846 | $ | 140,310 | $ | 871,273 | $ | — | $ | 1,903,869 | ||||||||||
740-799 | 529,874 | 526,584 | 210,767 | 49,417 | 100,206 | 550,153 | — | 1,967,001 | ||||||||||||||||||
670-739 | 187,435 | 158,404 | 85,483 | 24,678 | 49,323 | 265,179 | — | 770,502 | ||||||||||||||||||
580-669 | 15,047 | 11,478 | 8,213 | 4,887 | 11,003 | 86,098 | — | 136,726 | ||||||||||||||||||
579 and below | 270 | 411 | 37,612 | 1,831 | 1,216 | 36,864 | — | 78,204 | ||||||||||||||||||
Residential | 949,493 | 1,140,673 | 531,852 | 122,659 | 302,058 | 1,809,567 | — | 4,856,302 | ||||||||||||||||||
Home equity | ||||||||||||||||||||||||||
800+ | 16,759 | 32,346 | 12,233 | 19,613 | 13,742 | 66,580 | 516,121 | 677,394 | ||||||||||||||||||
740-799 | 22,141 | 27,472 | 10,892 | 15,092 | 8,752 | 43,852 | 414,822 | 543,023 | ||||||||||||||||||
670-739 | 7,528 | 11,250 | 7,484 | 10,464 | 7,055 | 42,004 | 239,265 | 325,050 | ||||||||||||||||||
580-669 | 42 | 1,426 | 1,923 | 1,539 | 2,527 | 16,935 | 71,886 | 96,278 | ||||||||||||||||||
579 and below | 110 | 365 | 718 | 984 | 368 | 6,214 | 26,632 | 35,391 | ||||||||||||||||||
Home equity | 46,580 | 72,859 | 33,250 | 47,692 | 32,444 | 175,585 | 1,268,726 | 1,677,136 | ||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
800+ | 287 | 1,912 | 4,131 | 1,542 | 436 | 139 | 6,735 | 15,182 | ||||||||||||||||||
740-799 | 354 | 8,355 | 13,497 | 5,221 | 766 | 394 | 8,145 | 36,732 | ||||||||||||||||||
670-739 | 2,094 | 11,331 | 21,734 | 6,653 | 1,312 | 362 | 6,554 | 50,040 | ||||||||||||||||||
580-669 | 114 | 1,604 | 4,060 | 1,267 | 490 | 259 | 1,337 | 9,131 | ||||||||||||||||||
579 and below | 93 | 189 | 294 | 241 | 83 | 47 | 1,140 | 2,087 | ||||||||||||||||||
Other consumer | 2,942 | 23,391 | 43,716 | 14,924 | 3,087 | 1,201 | 23,911 | 113,172 | ||||||||||||||||||
Consumer portfolio | 999,015 | 1,236,923 | 608,818 | 185,275 | 337,589 | 1,986,353 | 1,292,637 | 6,646,610 | ||||||||||||||||||
Commercial portfolio | 1,964,149 | 2,896,187 | 2,601,649 | 2,144,175 | 1,005,013 | 2,241,731 | 1,975,487 | 14,828,391 | ||||||||||||||||||
Loans and leases | $ | 2,963,164 | $ | 4,133,110 | $ | 3,210,467 | $ | 2,329,450 | $ | 1,342,602 | $ | 4,228,084 | $ | 3,268,124 | $ | 21,475,001 |
At December 31, 2020 | ||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Residential | ||||||||||||||||||||||||||
800+ | $ | 360,336 | $ | 283,755 | $ | 61,048 | $ | 178,849 | $ | 268,044 | $ | 805,537 | $ | — | $ | 1,957,569 | ||||||||||
740-799 | 654,973 | 288,173 | 58,249 | 133,416 | 176,286 | 492,720 | — | 1,803,817 | ||||||||||||||||||
670-739 | 199,329 | 118,620 | 39,125 | 75,375 | 76,666 | 248,268 | — | 757,383 | ||||||||||||||||||
580-669 | 17,151 | 19,389 | 8,884 | 11,843 | 12,225 | 96,333 | — | 165,825 | ||||||||||||||||||
579 and below | — | 36,498 | 673 | 3,278 | 3,179 | 53,794 | — | 97,422 | ||||||||||||||||||
Residential | 1,231,789 | 746,435 | 167,979 | 402,761 | 536,400 | 1,696,652 | — | 4,782,016 | ||||||||||||||||||
Home equity | ||||||||||||||||||||||||||
800+ | 30,604 | 16,567 | 25,205 | 14,439 | 17,192 | 59,956 | 542,600 | 706,563 | ||||||||||||||||||
740-799 | 34,797 | 13,565 | 19,715 | 11,073 | 12,839 | 43,802 | 434,271 | 570,062 | ||||||||||||||||||
670-739 | 13,753 | 8,855 | 10,761 | 10,206 | 7,318 | 44,025 | 275,691 | 370,609 | ||||||||||||||||||
580-669 | 1,708 | 2,172 | 2,660 | 2,234 | 2,316 | 16,680 | 86,126 | 113,896 | ||||||||||||||||||
579 and below | 129 | 919 | 880 | 1,070 | 1,073 | 7,163 | 30,501 | 41,735 | ||||||||||||||||||
Home equity | 80,991 | 42,078 | 59,221 | 39,022 | 40,738 | 171,626 | 1,369,189 | 1,802,865 | ||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
800+ | 2,827 | 5,725 | 2,610 | 658 | 115 | 190 | 7,171 | 19,296 | ||||||||||||||||||
740-799 | 12,317 | 21,036 | 8,925 | 1,493 | 457 | 263 | 5,119 | 49,610 | ||||||||||||||||||
670-739 | 14,761 | 31,952 | 11,843 | 2,284 | 665 | 228 | 8,403 | 70,136 | ||||||||||||||||||
580-669 | 2,344 | 5,419 | 2,360 | 793 | 194 | 124 | 1,570 | 12,804 | ||||||||||||||||||
579 and below | 608 | 982 | 500 | 183 | 37 | 215 | 1,428 | 3,953 | ||||||||||||||||||
Other consumer | 32,857 | 65,114 | 26,238 | 5,411 | 1,468 | 1,020 | 23,691 | 155,799 | ||||||||||||||||||
Consumer portfolio | 1,345,637 | 853,627 | 253,438 | 447,194 | 578,606 | 1,869,298 | 1,392,880 | 6,740,680 | ||||||||||||||||||
Commercial portfolio | 4,116,181 | 2,781,504 | 2,475,137 | 1,198,615 | 909,133 | 1,584,568 | 1,835,397 | 14,900,535 | ||||||||||||||||||
Loans and leases | $ | 5,461,818 | $ | 3,635,131 | $ | 2,728,575 | $ | 1,645,809 | $ | 1,487,739 | $ | 3,453,866 | $ | 3,228,277 | $ | 21,641,215 |
At June 30, 2021 | |||||||||||||||||
(In thousands) |
Unpaid
Principal Balance |
Amortized Cost | Amortized Cost No Allowance | Amortized Cost With Allowance |
Related
Allowance |
||||||||||||
Commercial non-mortgage | $ | 122,891 | $ | 97,270 | $ | 43,936 | $ | 53,334 | $ | 8,488 | |||||||
Asset-based | 2,499 | 2,375 | 2,375 | — | — | ||||||||||||
Commercial real estate | 24,581 | 21,130 | 7,329 | 13,801 | 1,808 | ||||||||||||
Equipment financing | 8,621 | 8,162 | 2,538 | 5,624 | 1,241 | ||||||||||||
Residential | 72,749 | 68,823 | 36,092 | 32,731 | 2,770 | ||||||||||||
Home equity | 46,364 | 41,286 | 30,162 | 11,124 | 1,668 | ||||||||||||
Other consumer | 412 | 412 | 6 | 406 | 122 | ||||||||||||
Total | $ | 278,117 | $ | 239,458 | $ | 122,438 | $ | 117,020 | $ | 16,097 |
At December 31, 2020 | |||||||||||||||||
(In thousands) |
Unpaid
Principal Balance |
Amortized Cost | Amortized Cost No Allowance | Amortized Cost With Allowance |
Related
Allowance |
||||||||||||
Commercial non-mortgage | $ | 172,069 | $ | 119,884 | $ | 55,742 | $ | 64,142 | $ | 9,665 | |||||||
Asset-based | 2,989 | 2,594 | — | 2,594 | 50 | ||||||||||||
Commercial real estate | 37,177 | 33,879 | 25,931 | 7,948 | 1,610 | ||||||||||||
Equipment financing | 7,770 | 7,298 | 2,983 | 4,315 | 362 | ||||||||||||
Residential | 108,077 | 98,164 | 58,915 | 39,249 | 3,357 | ||||||||||||
Home equity | 109,156 | 46,950 | 34,335 | 12,615 | 988 | ||||||||||||
Other consumer | 2,381 | 653 | 2 | 651 | 105 | ||||||||||||
Total | $ | 439,619 | $ | 309,422 | $ | 177,908 | $ | 131,514 | $ | 16,137 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Average
Amortized Cost |
Accrued
Interest Income |
Cash Basis Interest Income |
Average
Amortized Cost |
Accrued
Interest Income |
Cash Basis Interest Income |
Average
Amortized Cost |
Accrued
Interest Income |
Cash Basis Interest Income |
Average
Amortized Cost |
Accrued
Interest Income |
Cash Basis Interest Income | |||||||||||||||||||||||||||||||||||
Commercial non-mortgage | $ | 105,811 | $ | 682 | $ | — | $ | 136,483 | $ | 875 | $ | — | $ | 108,577 | $ | 1,541 | $ | — | $ | 115,903 | $ | 1,928 | $ | — | |||||||||||||||||||||||
Asset-based | 2,389 | — | — | 138 | — | — | 2,485 | — | — | 139 | — | — | |||||||||||||||||||||||||||||||||||
Commercial real estate | 23,721 | 126 | — | 26,017 | 169 | — | 27,505 | 308 | — | 25,411 | 315 | — | |||||||||||||||||||||||||||||||||||
Equipment financing | 7,121 | — | — | 8,373 | — | — | 7,730 | — | — | 6,613 | — | — | |||||||||||||||||||||||||||||||||||
Residential | 80,670 | 577 | 168 | 121,488 | 781 | 230 | 83,494 | 1,216 | 441 | 113,806 | 1,611 | 860 | |||||||||||||||||||||||||||||||||||
Home equity | 44,120 | 287 | 302 | 50,573 | 309 | 413 | 44,118 | 509 | 516 | 43,863 | 700 | 1,243 | |||||||||||||||||||||||||||||||||||
Other consumer | 504 | — | — | 1,121 | — | — | 533 | — | — | 609 | 17 | — | |||||||||||||||||||||||||||||||||||
Total | $ | 264,336 | $ | 1,672 | $ | 470 | $ | 344,193 | $ | 2,134 | $ | 643 | $ | 274,442 | $ | 3,574 | $ | 957 | $ | 306,344 | $ | 4,571 | $ | 2,103 |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||||||||
(In thousands) | Collateral Dependent | Not Considered Collateral Dependent | Total | Collateral Dependent | Not Considered Collateral Dependent | Total | |||||||||||||||||
Commercial non-mortgage | $ | 18,496 | $ | 78,774 | $ | 97,270 | $ | 11,074 | $ | 108,810 | $ | 119,884 | |||||||||||
Asset-based | 2,375 | — | 2,375 | 2,504 | 90 | 2,594 | |||||||||||||||||
Commercial real estate | 17,598 | 3,532 | 21,130 | 28,482 | 5,397 | 33,879 | |||||||||||||||||
Equipment financing | — | 8,162 | 8,162 | — | 7,298 | 7,298 | |||||||||||||||||
Residential | 17,649 | 51,174 | 68,823 | 33,980 | 64,184 | 98,164 | |||||||||||||||||
Home equity | 22,494 | 18,792 | 41,286 | 26,796 | 20,154 | 46,950 | |||||||||||||||||
Other consumer | — | 412 | 412 | — | 653 | 653 | |||||||||||||||||
Total amortized cost | $ | 78,612 | $ | 160,846 | $ | 239,458 | $ | 102,836 | $ | 206,586 | $ | 309,422 |
(In thousands) | At June 30, 2021 | At December 31, 2020 | |||||||||
Accrual status | $ | 119,707 | $ | 140,089 | |||||||
Non-accrual status | 64,636 | 95,338 | |||||||||
Total TDRs | $ | 184,343 | $ | 235,427 | |||||||
Specific reserves for TDRs included in the balance of ACL on loans and leases | $ | 11,726 | $ | 12,728 | |||||||
Additional funds committed to borrowers in TDR status | 13,512 | 12,895 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Number of
Loans |
Post-
Modification
Recorded
Investment (1)
|
Number of
Loans |
Post-
Modification
Recorded
Investment (1)
|
Number of
Loans |
Post-
Modification
Recorded
Investment (1)
|
Number of
Loans |
Post-
Modification
Recorded
Investment (1)
|
||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Commercial portfolio | |||||||||||||||||||||||||||||||||||
Extended Maturity | 1 | $ | 50 | 5 | $ | 475 | 8 | $ | 740 | 7 | $ | 579 | |||||||||||||||||||||||
Maturity/Rate Combined | 5 | 173 | — | — | 6 | 210 | 6 | 552 | |||||||||||||||||||||||||||
Other (2)
|
1 | 1 | 13 | 12,985 | 3 | 114 | 23 | 40,122 | |||||||||||||||||||||||||||
Consumer portfolio | |||||||||||||||||||||||||||||||||||
Extended Maturity | — | — | 3 | 244 | 2 | 127 | 4 | 508 | |||||||||||||||||||||||||||
Maturity/Rate Combined | 3 | 415 | 2 | 255 | 8 | 1,426 | 6 | 711 | |||||||||||||||||||||||||||
Other (2)
|
7 | 535 | 80 | 7,461 | 16 | 1,201 | 94 | 9,187 | |||||||||||||||||||||||||||
Total TDRs | 17 | $ | 1,174 | 103 | $ | 21,420 | 43 | $ | 3,818 | 140 | $ | 51,659 |
(In thousands) | At June 30, 2021 | At December 31, 2020 | |||||||||
Pass | $ | 8,740 | $ | 12,462 | |||||||
Special Mention | 8,670 | — | |||||||||
Substandard | 72,996 | 105,070 | |||||||||
Doubtful | — | 163 | |||||||||
Total | $ | 90,406 | $ | 117,695 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Beginning balance | $ | 770 | $ | 633 | $ | 747 | $ | 508 | |||||||||||||||
Provision charged to expense | 20 | 27 | 43 | 49 | |||||||||||||||||||
(Charge-offs/settlements) recoveries, net | (8) | (5) | (8) | 98 | |||||||||||||||||||
Ending balance | $ | 782 | $ | 655 | $ | 782 | $ | 655 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Residential mortgage loans held for sale: | |||||||||||||||||||||||
Proceeds from sale | $ | 68,427 | $ | 94,574 | $ | 147,735 | $ | 170,168 | |||||||||||||||
Loans sold with servicing rights retained | 66,087 | 89,687 | 141,778 | 161,778 | |||||||||||||||||||
Net gain on sale | 1,351 | 2,824 | 3,460 | 5,343 | |||||||||||||||||||
Ancillary fees | 377 | 824 | 918 | 1,225 | |||||||||||||||||||
Fair value option adjustment | (409) | 557 | (417) | 530 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Beginning balance | $ | 12,327 | $ | 16,391 | $ | 13,422 | $ | 17,484 | |||||||||||||||
Additions | 616 | 779 | 1,202 | 1,968 | |||||||||||||||||||
Amortization | (1,442) | (1,669) | (2,932) | (3,376) | |||||||||||||||||||
Adjustment to valuation allowance | — | (575) | (191) | (1,150) | |||||||||||||||||||
Ending balance | $ | 11,501 | $ | 14,926 | $ | 11,501 | $ | 14,926 |
At June 30, 2021 | |||||||||||
(In thousands) | Operating Leases | Condensed Consolidated Balance Sheet Line Item Location | |||||||||
ROU lease assets | $ | 126,145 |
Premises and equipment, net
|
||||||||
Lease liabilities | 154,461 | Operating lease liabilities |
At or for the three months ended June 30, | At or for the six months ended June 30, | ||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Lease Cost: | |||||||||||||||||
Operating lease costs | $ | 6,554 | $ | 7,407 | $ | 13,111 | $ | 14,831 | |||||||||
Variable lease costs | 1,351 | 1,493 | 2,651 | 2,920 | |||||||||||||
Sublease income | (140) | (142) | (271) | (287) | |||||||||||||
Total operating lease cost | $ | 7,765 | $ | 8,758 | $ | 15,491 | $ | 17,464 | |||||||||
Other Information: | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 7,672 | $ | 7,778 | $ | 15,505 | $ | 15,536 | |||||||||
ROU lease assets obtained in exchange for new operating lease liabilities | 4,160 | 30 | 9,558 | 8,696 |
(In thousands) | At June 30, 2021 | |||||||
Remainder of 2021 | $ | 12,611 | ||||||
2022 | 28,144 | |||||||
2023 | 25,900 | |||||||
2024 | 23,120 | |||||||
2025 | 21,154 | |||||||
Thereafter | 65,902 | |||||||
Total operating lease liability payments | 176,831 | |||||||
Less: Present value adjustment | 22,370 | |||||||
Lease liabilities | $ | 154,461 | ||||||
Weighted-average remaining lease term, in years | 7.82 | |||||||
Weighted-average discount rate | 3.10% |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||||||||
(In thousands) |
Gross Carrying
Amount |
Accumulated
Amortization |
Net Carrying
Amount |
Gross Carrying
Amount |
Accumulated
Amortization |
Net Carrying
Amount |
|||||||||||||||||
HSA Bank - Core deposits | $ | 26,625 | $ | 17,080 | $ | 9,545 | $ | 26,625 | $ | 15,618 | $ | 11,007 | |||||||||||
HSA Bank - Customer relationships | 21,000 | 10,433 | 10,567 | 21,000 | 9,624 | 11,376 | |||||||||||||||||
Total other intangible assets | $ | 47,625 | $ | 27,513 | $ | 20,112 | $ | 47,625 | $ | 25,242 | $ | 22,383 |
(In thousands) | |||||
Remainder of 2021 | $ | 2,242 | |||
2022 | 4,411 | ||||
2023 | 4,315 | ||||
2024 | 2,084 | ||||
2025 | 2,084 | ||||
Thereafter | 4,976 |
(In thousands) |
At June 30,
2021 |
At December 31,
2020 |
|||||||||
Non-interest-bearing: | |||||||||||
Demand | $ | 6,751,373 | $ | 6,155,592 | |||||||
Interest-bearing: | |||||||||||
Health savings accounts | 7,323,421 | 7,120,017 | |||||||||
Checking | 3,843,725 | 3,652,763 | |||||||||
Money market | 3,442,319 | 2,940,215 | |||||||||
Savings | 5,471,584 | 4,979,031 | |||||||||
Time deposits | 2,014,544 | 2,487,818 | |||||||||
Total interest-bearing | $ | 22,095,593 | $ | 21,179,844 | |||||||
Total deposits | $ | 28,846,966 | $ | 27,335,436 | |||||||
Time deposits and interest-bearing checking obtained through brokers (included in above balances) | $ | 112,732 | $ | 720,440 | |||||||
Time deposits that exceed the FDIC limit (included in above balance) | 337,866 | 504,543 | |||||||||
Deposit overdrafts reclassified as loan balances | 1,050 | 2,007 |
(In thousands) |
At June 30,
2021 |
||||
Remainder of 2021 | $ | 1,253,018 | |||
2022 | 566,946 | ||||
2023 | 91,793 | ||||
2024 | 39,125 | ||||
2025 | 50,983 | ||||
Thereafter | 12,679 | ||||
Total time deposits | $ | 2,014,544 |
At June 30,
2021 |
At December 31,
2020 |
||||||||||||||||
(Dollars in thousands) | Total Outstanding | Rate | Total Outstanding | Rate | |||||||||||||
Securities sold under agreements to repurchase (1):
|
|||||||||||||||||
Original maturity of one year or less | $ | 307,124 | 0.11 | % | $ | 269,330 | 0.13 | % | |||||||||
Original maturity of greater than one year, non-callable | 200,000 | 1.47 | 200,000 | 0.84 | |||||||||||||
Total securities sold under agreements to repurchase | 507,124 | 0.65 | 469,330 | 0.43 | |||||||||||||
Fed funds purchased | — | — | 526,025 | 0.08 | |||||||||||||
Securities sold under agreements to repurchase and other borrowings | $ | 507,124 | 0.65 | $ | 995,355 | 0.25 |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||
(Dollars in thousands) | Total Outstanding |
Weighted-
Average Contractual Coupon Rate |
Total Outstanding |
Weighted-
Average Contractual Coupon Rate |
|||||||||||||
Maturing within 1 year | $ | 25,000 | 0.33 | % | $ | 25,000 | 0.38 | % | |||||||||
After 1 but within 2 years | 100 | — | 110 | — | |||||||||||||
After 2 but within 3 years | 208 | 2.95 | 215 | 2.95 | |||||||||||||
After 3 but within 4 years | 100,000 | 1.50 | 50,000 | 1.59 | |||||||||||||
After 4 but within 5 years | — | — | 50,000 | 1.42 | |||||||||||||
After 5 years | 13,136 | 2.56 | 7,839 | 2.66 | |||||||||||||
FHLB advances | $ | 138,444 | 1.39 | $ | 133,164 | 1.36 | |||||||||||
Aggregate carrying value of assets pledged as collateral | $ | 7,004,625 | $ | 7,387,054 | |||||||||||||
Remaining borrowing capacity | 4,528,972 | 4,689,642 |
(Dollars in thousands) |
At June 30,
2021 |
At December 31,
2020 |
||||||||||||
4.375% | Senior fixed-rate notes due February 15, 2024 | $ | 150,000 | $ | 150,000 | |||||||||
4.100% |
Senior fixed-rate notes due March 25, 2029 (1)
|
341,488 | 344,164 | |||||||||||
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2)
|
77,320 | 77,320 | ||||||||||||
Total notes and subordinated debt | 568,808 | 571,484 | ||||||||||||
Discount on senior fixed-rate notes | (1,084) | (1,193) | ||||||||||||
Debt issuance cost on senior fixed-rate notes | (2,427) | (2,628) | ||||||||||||
Long-term debt | $ | 565,297 | $ | 567,663 |
Three months ended June 30, 2021 | Six months ended June 30, 2021 | ||||||||||||||||||||||||||||
(In thousands) | Securities Available For Sale | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | Securities Available For Sale | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | |||||||||||||||||||||
Beginning balance | $ | 37,071 | $ | 15,546 | $ | (44,343) | $ | 8,274 | $ | 67,424 | $ | 19,918 | $ | (45,086) | $ | 42,256 | |||||||||||||
Other comprehensive (loss) before reclassifications | (1,473) | (2,475) | — | (3,948) | (31,826) | (7,645) | — | (39,471) | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) | — | 823 | 741 | 1,564 | — | 1,621 | 1,484 | 3,105 | |||||||||||||||||||||
Net current-period other comprehensive (loss) income, net of tax | (1,473) | (1,652) | 741 | (2,384) | (31,826) | (6,024) | 1,484 | (36,366) | |||||||||||||||||||||
Ending balance | $ | 35,598 | $ | 13,894 | $ | (43,602) | $ | 5,890 | $ | 35,598 | $ | 13,894 | $ | (43,602) | $ | 5,890 |
Three months ended June 30, 2020 | Six months ended June 30, 2020 | ||||||||||||||||||||||||||||
(In thousands) | Securities Available For Sale | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | Securities Available For Sale | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | |||||||||||||||||||||
Beginning balance | $ | 1,562 | $ | 17,048 | $ | (43,410) | $ | (24,800) | $ | 17,251 | $ | (9,184) | $ | (44,139) | $ | (36,072) | |||||||||||||
Other comprehensive income before reclassifications | 61,914 | 2,186 | — | 64,100 | 46,231 | 26,965 | — | 73,196 | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 1,415 | 730 | 2,145 | (6) | 2,868 | 1,459 | 4,321 | |||||||||||||||||||||
Net current-period other comprehensive income, net of tax | 61,914 | 3,601 | 730 | 66,245 | 46,225 | 29,833 | 1,459 | 77,517 | |||||||||||||||||||||
Ending balance | $ | 63,476 | $ | 20,649 | $ | (42,680) | $ | 41,445 | $ | 63,476 | $ | 20,649 | $ | (42,680) | $ | 41,445 |
(In thousands) | Three months ended June 30, | Six months ended June 30, | Associated Line Item on the Condensed Consolidated Statements of Income | ||||||||||||||||||||||||||
AOCI (AOCL) Component | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||||||
Unrealized gains on investment securities | $ | — | $ | — | $ | — | $ | 8 | Gain on sale of investment securities, net | ||||||||||||||||||||
Tax expense | — | — | — | (2) | Income tax expense | ||||||||||||||||||||||||
Net of tax | $ | — | $ | — | $ | — | $ | 6 | |||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||||||||
Hedge terminations | $ | (1,037) | $ | (1,088) | $ | (2,042) | $ | (2,261) | Interest expense | ||||||||||||||||||||
Premium amortization | (77) | (828) | (153) | (1,622) | Interest income | ||||||||||||||||||||||||
Tax benefit | 291 | 501 | 574 | 1,015 | Income tax expense | ||||||||||||||||||||||||
Net of tax | $ | (823) | $ | (1,415) | $ | (1,621) | $ | (2,868) | |||||||||||||||||||||
Defined benefit pension and other postretirement benefit plans: | |||||||||||||||||||||||||||||
Amortization of net loss | $ | (1,007) | $ | (990) | $ | (2,015) | $ | (1,980) | Other non-interest expense | ||||||||||||||||||||
Tax benefit | 266 | 260 | 531 | 521 | Income tax expense | ||||||||||||||||||||||||
Net of tax | $ | (741) | $ | (730) | $ | (1,484) | $ | (1,459) |
At June 30, 2021 | ||||||||||||||||||||||||||
Actual (1)
|
Minimum Requirement | Well Capitalized | ||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Webster Financial Corporation | ||||||||||||||||||||||||||
CET1 risk-based capital | $ | 2,664,879 | 11.66 | % | $ | 1,028,123 | 4.5 | % | $ | 1,485,067 | 6.5 | % | ||||||||||||||
Total risk-based capital | 3,130,000 | 13.70 | 1,827,774 | 8.0 | 2,284,718 | 10.0 | ||||||||||||||||||||
Tier 1 risk-based capital | 2,809,916 | 12.30 | 1,370,831 | 6.0 | 1,827,774 | 8.0 | ||||||||||||||||||||
Tier 1 leverage capital | 2,809,916 | 8.53 | 1,317,538 | 4.0 | 1,646,923 | 5.0 | ||||||||||||||||||||
Webster Bank | ||||||||||||||||||||||||||
CET1 risk-based capital | $ | 2,897,545 | 12.69 | % | $ | 1,027,620 | 4.5 | % | $ | 1,484,340 | 6.5 | % | ||||||||||||||
Total risk-based capital | 3,140,309 | 13.75 | 1,826,881 | 8.0 | 2,283,601 | 10.0 | ||||||||||||||||||||
Tier 1 risk-based capital | 2,897,545 | 12.69 | 1,370,160 | 6.0 | 1,826,881 | 8.0 | ||||||||||||||||||||
Tier 1 leverage capital | 2,897,545 | 8.80 | 1,317,166 | 4.0 | 1,646,458 | 5.0 |
At December 31, 2020 | ||||||||||||||||||||||||||
Actual | Minimum Requirement | Well Capitalized | ||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Webster Financial Corporation | ||||||||||||||||||||||||||
CET1 risk-based capital | $ | 2,543,131 | 11.35 | % | $ | 1,008,512 | 4.5 | % | $ | 1,456,739 | 6.5 | % | ||||||||||||||
Total risk-based capital | 3,045,652 | 13.59 | 1,792,910 | 8.0 | 2,241,137 | 10.0 | ||||||||||||||||||||
Tier 1 risk-based capital | 2,688,168 | 11.99 | 1,344,682 | 6.0 | 1,792,910 | 8.0 | ||||||||||||||||||||
Tier 1 leverage capital | 2,688,168 | 8.32 | 1,291,980 | 4.0 | 1,614,975 | 5.0 | ||||||||||||||||||||
Webster Bank | ||||||||||||||||||||||||||
CET1 risk-based capital | $ | 2,791,474 | 12.46 | % | $ | 1,008,027 | 4.5 | % | $ | 1,456,039 | 6.5 | % | ||||||||||||||
Total risk-based capital | 3,071,505 | 13.71 | 1,792,048 | 8.0 | 2,240,060 | 10.0 | ||||||||||||||||||||
Tier 1 risk-based capital | 2,791,474 | 12.46 | 1,344,036 | 6.0 | 1,792,048 | 8.0 | ||||||||||||||||||||
Tier 1 leverage capital | 2,791,474 | 8.65 | 1,291,415 | 4.0 | 1,614,268 | 5.0 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Earnings for basic and diluted earnings per common share: | |||||||||||||||||||||||
Net income | $ | 94,035 | $ | 53,097 | $ | 202,113 | $ | 91,296 | |||||||||||||||
Less: Preferred stock dividends | 1,969 | 1,969 | 3,938 | 3,938 | |||||||||||||||||||
Net income available to common shareholders | 92,066 | 51,128 | 198,175 | 87,358 | |||||||||||||||||||
Less: Earnings applicable to participating securities (1)
|
511 | 399 | 1,090 | 592 | |||||||||||||||||||
Earnings applicable to common shareholders | $ | 91,555 | $ | 50,729 | $ | 197,085 | $ | 86,766 | |||||||||||||||
Shares: | |||||||||||||||||||||||
Weighted-average common shares outstanding - basic | 90,027 | 89,485 | 89,918 | 90,206 | |||||||||||||||||||
Effect of dilutive securities | 194 | 85 | 246 | 185 | |||||||||||||||||||
Weighted-average common shares outstanding - diluted | 90,221 | 89,570 | 90,164 | 90,391 | |||||||||||||||||||
Earnings per common share (1):
|
|||||||||||||||||||||||
Basic | $ | 1.02 | $ | 0.57 | $ | 2.19 | $ | 0.96 | |||||||||||||||
Diluted | 1.01 | 0.57 | 2.19 | 0.96 |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||
(In thousands) |
Notional
Amounts |
Fair
Value |
Notional
Amounts |
Fair
Value |
Notional
Amounts |
Fair
Value |
Notional
Amounts |
Fair
Value |
|||||||||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate derivatives (1)
|
$ | 1,000,000 | $ | 29,179 | $ | 25,000 | $ | 14 | $ | 1,000,000 | $ | 39,641 | $ | 25,000 | $ | 103 | |||||||||||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate derivatives (1)
|
4,526,290 | 196,438 | 4,422,119 | 16,137 | 4,533,441 | 292,096 | 4,356,339 | 11,874 | |||||||||||||||||||||||||||
Mortgage banking derivatives (2)
|
32,078 | 263 | 1,294 | 2 | 40,771 | 855 | — | — | |||||||||||||||||||||||||||
Other (3)
|
108,871 | 354 | 309,867 | 139 | 108,987 | 264 | 360,497 | 377 | |||||||||||||||||||||||||||
Total not designated as hedging instruments | 4,667,239 | 197,055 | 4,733,280 | 16,278 | 4,683,199 | 293,215 | 4,716,836 | 12,251 | |||||||||||||||||||||||||||
Gross derivative instruments, before netting | $ | 5,667,239 | 226,234 | $ | 4,758,280 | 16,292 | $ | 5,683,199 | 332,856 | $ | 4,741,836 | 12,354 | |||||||||||||||||||||||
Less: Master netting agreements | 4,724 | 4,724 | 7,522 | 7,522 | |||||||||||||||||||||||||||||||
Cash collateral | 30,234 | 2,996 | 33,043 | 4,485 | |||||||||||||||||||||||||||||||
Total derivative instruments, after netting | $ | 191,276 | $ | 8,572 | $ | 292,291 | $ | 347 |
At June 30, 2021 | ||||||||||||||||||||
(In thousands) |
Gross
Amount |
Offset Amount | Net Amount on Balance Sheet | Amounts Not Offset | Net Amounts | |||||||||||||||
Asset derivatives | $ | 34,958 | $ | 34,958 | $ | — | $ | 134 | $ | 134 | ||||||||||
Liability derivatives | 7,720 | 7,720 | — | 1,915 | 1,915 | |||||||||||||||
At December 31, 2020 | ||||||||||||||||||||
(In thousands) |
Gross
Amount |
Offset Amount | Net Amount on Balance Sheet | Amounts Not Offset | Net Amounts | |||||||||||||||
Asset derivatives | $ | 40,565 | $ | 40,565 | $ | — | $ | 785 | $ | 785 | ||||||||||
Liability derivatives | 12,007 | 12,007 | — | 1,247 | 1,247 |
Recognized In | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
(In thousands) | Net Interest Income | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||
Interest rate derivatives | Long-term debt | $ | 123 | $ | 1,228 | $ | 244 | $ | 2,349 | |||||||||||||||||
Interest rate derivatives | Interest and fees on loans and leases | (2,645) | (1,837) | (5,227) | (1,097) | |||||||||||||||||||||
Net recognized on cash flow hedges | $ | (2,522) | $ | (609) | $ | (4,983) | $ | 1,252 |
Condensed Consolidated Balance Sheet Line Item in Which Hedged Item is Located | Carrying Amount of Previously Hedged Item | Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount | |||||||||||||||||||||
(In thousands) |
At June 30,
2021 |
At December 31,
2020 |
At June 30,
2021 |
At December 31,
2020 |
|||||||||||||||||||
Long-term debt | $ | 341,488 | $ | 344,164 | $ | 41,488 | $ | 44,164 |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unpaid Principal Balance | Difference | Fair Value | Unpaid Principal Balance | Difference | |||||||||||||||||||||||||||||
Originated loans held for sale | $ | 4,335 | $ | 4,845 | $ | (510) | $ | 14,000 | $ | 13,511 | $ | 489 |
At June 30, 2021 | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial assets held at fair value: | |||||||||||||||||
Agency CMO | $ | — | $ | 120,328 | $ | — | $ | 120,328 | |||||||||
Agency MBS | — | 1,382,530 | — | 1,382,530 | |||||||||||||
Agency CMBS | — | 941,397 | — | 941,397 | |||||||||||||
CMBS | — | 754,970 | — | 754,970 | |||||||||||||
CLO | — | 49,964 | — | 49,964 | |||||||||||||
Corporate debt | — | 13,704 | — | 13,704 | |||||||||||||
Total available-for-sale investment securities | — | 3,262,893 | — | 3,262,893 | |||||||||||||
Gross derivative instruments, before netting (1)
|
317 | 225,917 | — | 226,234 | |||||||||||||
Originated loans held for sale | — | 4,335 | — | 4,335 | |||||||||||||
Investments held in Rabbi Trust | 3,617 | — | — | 3,617 | |||||||||||||
Alternative investments (2)
|
— | — | — | 18,002 | |||||||||||||
Total financial assets held at fair value | $ | 3,934 | $ | 3,493,145 | $ | — | $ | 3,515,081 | |||||||||
Financial liabilities held at fair value: | |||||||||||||||||
Gross derivative instruments, before netting (1)
|
$ | 51 | $ | 16,241 | $ | — | $ | 16,292 |
At December 31, 2020 | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial assets held at fair value: | |||||||||||||||||
Agency CMO | $ | — | $ | 154,613 | $ | — | $ | 154,613 | |||||||||
Agency MBS | — | 1,457,409 | — | 1,457,409 | |||||||||||||
Agency CMBS | — | 1,117,233 | — | 1,117,233 | |||||||||||||
CMBS | — | 508,018 | — | 508,018 | |||||||||||||
CLO | — | 76,383 | — | 76,383 | |||||||||||||
Corporate debt | — | 13,120 | — | 13,120 | |||||||||||||
Total available-for-sale investment securities | — | 3,326,776 | — | 3,326,776 | |||||||||||||
Gross derivative instruments, before netting (1)
|
205 | 332,651 | — | 332,856 | |||||||||||||
Originated loans held for sale | — | 14,000 | — | 14,000 | |||||||||||||
Investments held in Rabbi Trust | 4,811 | — | — | 4,811 | |||||||||||||
Alternative investments (2)
|
— | — | — | 11,112 | |||||||||||||
Total financial assets held at fair value | $ | 5,016 | $ | 3,673,427 | $ | — | $ | 3,689,555 | |||||||||
Financial liabilities held at fair value: | |||||||||||||||||
Gross derivative instruments, before netting (1)
|
$ | 218 | $ | 12,136 | $ | — | $ | 12,354 |
At June 30, 2021 | At December 31, 2020 | ||||||||||||||||||||||
(In thousands) |
Carrying
Amount |
Fair
Value |
Carrying
Amount |
Fair
Value |
|||||||||||||||||||
Assets: | |||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||
Held-to-maturity investment securities, net | $ | 5,623,243 | $ | 5,794,155 | $ | 5,567,889 | $ | 5,835,364 | |||||||||||||||
Level 3 | |||||||||||||||||||||||
Loans and leases, net | 21,167,056 | 21,242,694 | 21,281,784 | 21,413,397 | |||||||||||||||||||
Mortgage servicing assets | 11,501 | 16,578 | 13,422 | 14,362 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||
Deposit liabilities | $ | 26,832,422 | $ | 26,832,422 | $ | 24,847,618 | $ | 24,847,618 | |||||||||||||||
Time deposits | 2,014,544 | 2,016,468 | 2,487,818 | 2,494,601 | |||||||||||||||||||
Securities sold under agreements to repurchase and other borrowings | 507,124 | 513,384 | 995,355 | 1,000,189 | |||||||||||||||||||
FHLB advances | 138,444 | 142,736 | 133,164 | 139,035 | |||||||||||||||||||
Long-term debt (1)
|
565,297 | 523,139 | 567,663 | 538,407 |
Three months ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In thousands) | Pension Plan | SERP | Other | Pension Plan | SERP | Other Benefits | |||||||||||||||||
Interest cost on benefit obligations | $ | 1,166 | $ | 6 | $ | 4 | $ | 1,675 | $ | 12 | $ | 12 | |||||||||||
Expected return on plan assets | (3,596) | — | — | (3,380) | — | — | |||||||||||||||||
Recognized net loss (gain) | 1,020 | 9 | (20) | 993 | 6 | (8) | |||||||||||||||||
Net periodic benefit (income) cost | $ | (1,410) | $ | 15 | $ | (16) | $ | (712) | $ | 18 | $ | 4 | |||||||||||
Six months ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In thousands) | Pension Plan | SERP | Other Benefits | Pension Plan | SERP | Other Benefits | |||||||||||||||||
Interest cost on benefit obligations | $ | 2,332 | $ | 13 | $ | 8 | $ | 3,350 | $ | 23 | $ | 25 | |||||||||||
Expected return on plan assets | (7,191) | — | — | (6,760) | — | — | |||||||||||||||||
Recognized net loss (gain) | 2,039 | 17 | (40) | 1,985 | 12 | (17) | |||||||||||||||||
Net periodic benefit (income) cost | $ | (2,820) | $ | 30 | $ | (32) | $ | (1,425) | $ | 35 | $ | 8 |
At June 30, 2021 | |||||||||||||||||||||||
(In thousands) | Commercial Banking | HSA Bank | Retail Banking | Corporate and Reconciling | Consolidated Total | ||||||||||||||||||
Goodwill | $ | 131,000 | $ | 21,813 | $ | 385,560 | $ | — | $ | 538,373 | |||||||||||||
Total assets | $ | 14,837,710 | $ | 78,054 | $ | 7,432,340 | $ | 11,405,648 | $ | 33,753,752 | |||||||||||||
At December 31, 2020 | |||||||||||||||||||||||
(In thousands) | Commercial Banking | HSA Bank | Retail Banking | Corporate and Reconciling | Consolidated Total | ||||||||||||||||||
Goodwill | $ | 131,000 | $ | 21,813 | $ | 385,560 | $ | — | $ | 538,373 | |||||||||||||
Total assets | $ | 14,732,792 | $ | 80,352 | $ | 7,726,287 | $ | 10,051,259 | $ | 32,590,690 |
Three months ended June 30, 2021 | ||||||||||||||||||||
(In thousands) | Commercial Banking | HSA Bank | Retail Banking | Corporate and Reconciling | Consolidated Total | |||||||||||||||
Net interest income | $ | 141,124 | $ | 42,193 | $ | 92,540 | $ | (55,005) | $ | 220,852 | ||||||||||
Non-interest income | 25,713 | 26,554 | 16,763 | 3,672 | 72,702 | |||||||||||||||
Non-interest expense | 61,445 | 32,792 | 72,346 | 20,445 | 187,028 | |||||||||||||||
Pre-tax, pre-provision net revenue | 105,392 | 35,955 | 36,957 | (71,778) | 106,526 | |||||||||||||||
Provision for credit losses | (23,328) | — | 1,754 | 74 | (21,500) | |||||||||||||||
Income before income tax expense | 128,720 | 35,955 | 35,203 | (71,852) | 128,026 | |||||||||||||||
Income tax expense | 32,566 | 9,600 | 7,745 | (15,920) | 33,991 | |||||||||||||||
Net income | $ | 96,154 | $ | 26,355 | $ | 27,458 | $ | (55,932) | $ | 94,035 |
Three months ended June 30, 2020 | ||||||||||||||||||||
(In thousands) | Commercial Banking | HSA Bank | Retail Banking | Corporate and Reconciling | Consolidated Total | |||||||||||||||
Net interest income | $ | 128,123 | $ | 39,334 | $ | 81,609 | $ | (24,659) | $ | 224,407 | ||||||||||
Non-interest income | 21,849 | 23,103 | 16,281 | (1,157) | 60,076 | |||||||||||||||
Non-interest expense | 61,261 | 34,020 | 77,119 | 4,184 | 176,584 | |||||||||||||||
Pre-tax, pre-provision net revenue | 88,711 | 28,417 | 20,771 | (30,000) | 107,899 | |||||||||||||||
Provision for credit losses | 43,569 | — | (3,566) | (3) | 40,000 | |||||||||||||||
Income before income tax expense | 45,142 | 28,417 | 24,337 | (29,997) | 67,899 | |||||||||||||||
Income tax expense | 11,015 | 7,587 | 5,305 | (9,105) | 14,802 | |||||||||||||||
Net income | $ | 34,127 | $ | 20,830 | $ | 19,032 | $ | (20,892) | $ | 53,097 |
Six months ended June 30, 2021 | ||||||||||||||||||||
(In thousands) |
Commercial
Banking |
HSA
Bank |
Retail Banking |
Corporate and
Reconciling |
Consolidated
Total |
|||||||||||||||
Net interest income | $ | 283,162 | $ | 84,302 | $ | 181,353 | $ | (104,201) | $ | 444,616 | ||||||||||
Non-interest income | 50,890 | 53,559 | 32,834 | 12,176 | 149,459 | |||||||||||||||
Non-interest expense | 126,281 | 69,042 | 148,470 | 31,217 | $ | 375,010 | ||||||||||||||
Pre-tax, pre-provision net revenue | 207,771 | $ | 68,819 | 65,717 | (123,242) | 219,065 | ||||||||||||||
Provision for credit losses | (42,701) | — | (4,632) | 83 | (47,250) | |||||||||||||||
Income before income tax expense | 250,472 | 68,819 | 70,349 | (123,325) | 266,315 | |||||||||||||||
Income tax expense | 63,369 | 18,375 | 15,477 | (33,019) | 64,202 | |||||||||||||||
Net income | $ | 187,103 | $ | 50,444 | $ | 54,872 | $ | (90,306) | $ | 202,113 |
Six months ended June 30, 2020 | ||||||||||||||||||||
(In thousands) |
Commercial
Banking |
HSA
Bank |
Retail Banking |
Corporate and
Reconciling |
Consolidated
Total |
|||||||||||||||
Net interest income | $ | 245,710 | $ | 82,007 | $ | 162,808 | $ | (35,317) | $ | 455,208 | ||||||||||
Non-interest income | 44,265 | 49,486 | 34,724 | 4,979 | 133,454 | |||||||||||||||
Non-interest expense | 126,482 | 71,098 | 157,409 | 431 | 355,420 | |||||||||||||||
Pre-tax, pre-provision net revenue | 163,493 | 60,395 | 40,123 | (30,769) | 233,242 | |||||||||||||||
Provision for credit losses | 112,587 | — | 3,501 | (88) | 116,000 | |||||||||||||||
Income before income tax expense | 50,906 | 60,395 | 36,622 | (30,681) | 117,242 | |||||||||||||||
Income tax expense | 12,421 | 16,125 | 7,983 | (10,583) | 25,946 | |||||||||||||||
Net income | $ | 38,485 | $ | 44,270 | $ | 28,639 | $ | (20,098) | $ | 91,296 |
Three months ended June 30, 2021 | |||||||||||||||||
(In thousands) | Commercial Banking | HSA Bank | Retail Banking | Corporate and Reconciling | Consolidated Total | ||||||||||||
Non-interest Income: | |||||||||||||||||
Deposit service fees | $ | 4,104 | $ | 24,478 | $ | 12,734 | $ | 123 | $ | 41,439 | |||||||
Wealth and investment services | 10,096 | — | — | (9) | 10,087 | ||||||||||||
Other | 276 | 2,076 | 303 | — | 2,655 | ||||||||||||
Revenue from contracts with customers | 14,476 | 26,554 | 13,037 | 114 | 54,181 | ||||||||||||
Other sources of non-interest income | 11,237 | — | 3,726 | 3,558 | 18,521 | ||||||||||||
Total non-interest income | $ | 25,713 | $ | 26,554 | $ | 16,763 | $ | 3,672 | $ | 72,702 |
Three months ended June 30, 2020 | |||||||||||||||||
(In thousands) | Commercial Banking | HSA Bank | Retail Banking | Corporate and Reconciling | Consolidated Total | ||||||||||||
Non-interest Income: | |||||||||||||||||
Deposit service fees | $ | 3,443 | $ | 21,741 | $ | 10,748 | $ | (93) | $ | 35,839 | |||||||
Wealth and investment services | 7,140 | — | — | (38) | 7,102 | ||||||||||||
Other | 363 | 1,362 | 377 | — | 2,102 | ||||||||||||
Revenue from contracts with customers | 10,946 | 23,103 | 11,125 | (131) | 45,043 | ||||||||||||
Other sources of non-interest income | 10,903 | — | 5,156 | (1,026) | 15,033 | ||||||||||||
Total non-interest income | $ | 21,849 | $ | 23,103 | $ | 16,281 | $ | (1,157) | $ | 60,076 |
Six months ended June 30, 2021 | |||||||||||||||||
(In thousands) |
Commercial
Banking |
HSA
Bank |
Retail Banking |
Corporate and
Reconciling |
Consolidated
Total |
||||||||||||
Non-interest Income: | |||||||||||||||||
Deposit service fees | $ | 8,205 | $ | 49,496 | $ | 24,037 | $ | 170 | $ | 81,908 | |||||||
Wealth and investment services | 19,508 | — | — | (18) | 19,490 | ||||||||||||
Other | 578 | 4,063 | 549 | — | 5,190 | ||||||||||||
Revenue from contracts with customers | 28,291 | 53,559 | 24,586 | 152 | 106,588 | ||||||||||||
Other sources of non-interest income | 22,599 | — | 8,248 | 12,024 | 42,871 | ||||||||||||
Total non-interest income | $ | 50,890 | $ | 53,559 | $ | 32,834 | $ | 12,176 | $ | 149,459 |
Six months ended June 30, 2020 | |||||||||||||||||
(In thousands) |
Commercial
Banking |
HSA
Bank |
Retail Banking |
Corporate and
Reconciling |
Consolidated
Total |
||||||||||||
Non-interest Income: | |||||||||||||||||
Deposit service fees | $ | 7,354 | $ | 46,583 | $ | 24,488 | $ | (16) | $ | 78,409 | |||||||
Wealth and investment services | 15,886 | — | — | (45) | 15,841 | ||||||||||||
Other | 619 | 2,903 | 438 | — | 3,960 | ||||||||||||
Revenue from contracts with customers | 23,859 | 49,486 | 24,926 | (61) | 98,210 | ||||||||||||
Other sources of non-interest income | 20,406 | — | 9,798 | 5,040 | 35,244 | ||||||||||||
Total non-interest income | $ | 44,265 | $ | 49,486 | $ | 34,724 | $ | 4,979 | $ | 133,454 |
(In thousands) |
At June 30,
2021 |
At December 31, 2020 | |||||||||
Commitments to extend credit | $ | 7,143,906 | $ | 6,517,840 | |||||||
Standby letters of credit | 213,751 | 207,201 | |||||||||
Commercial letters of credit | 50,120 | 30,522 | |||||||||
Total credit-related financial instruments with off-balance sheet risk | $ | 7,407,777 | $ | 6,755,563 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Beginning balance | $ | 12,800 | $ | 10,084 | $ | 12,755 | $ | 2,367 | |||||||||||||||
Adoption of ASU No. 2016-13 (CECL) | — | — | — | 9,139 | |||||||||||||||||||
(Benefit) provision | (826) | 655 | (781) | (767) | |||||||||||||||||||
Ending balance | $ | 11,974 | $ | 10,739 | $ | 11,974 | $ | 10,739 |
Period |
Total
Number of
Shares
Purchased (1)
|
Average Price
Paid Per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum
Dollar Amount Available for Repurchase
Under the Plans
or Programs (2)
|
|||||||||||||||||||
April | 1,580 | $ | 55.24 | — | $ | 123,443,785 | |||||||||||||||||
May | — | — | — | 123,443,785 | |||||||||||||||||||
June | 275 | 56.92 | — | 123,443,785 | |||||||||||||||||||
Total | 1,855 | 55.49 | — | 123,443,785 |
Exhibit Number
|
Exhibit Description
|
Exhibit Included
|
Incorporated by Reference
|
|||||||||||||||||||||||||||||
Form
|
Exhibit
|
Filing Date
|
||||||||||||||||||||||||||||||
2 | 8-K | 2.1 | 4/23/2021 | |||||||||||||||||||||||||||||
3 |
Certificate of Incorporation and Bylaws.
|
|||||||||||||||||||||||||||||||
3.1 |
10-Q
|
3.1
|
8/9/2016
|
|||||||||||||||||||||||||||||
3.2 |
8-K
|
3.1
|
6/11/2008
|
|||||||||||||||||||||||||||||
3.3 |
8-K
|
3.1
|
11/24/2008
|
|||||||||||||||||||||||||||||
3.4 |
8-K
|
3.1
|
7/31/2009
|
|||||||||||||||||||||||||||||
3.5 |
8-K
|
3.2
|
7/31/2009
|
|||||||||||||||||||||||||||||
3.6 |
8-A12B
|
3.3
|
12/4/2012
|
|||||||||||||||||||||||||||||
3.7 | 8-A12B | 3.3 | 12/12/2017 | |||||||||||||||||||||||||||||
3.8 |
8-K
|
3.1
|
3/17/2020
|
|||||||||||||||||||||||||||||
10 (1)
|
DEF 14A | A |
3/19/2021
|
|||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||
32.1 |
X (2)
|
|||||||||||||||||||||||||||||||
32.2 |
X (2)
|
|||||||||||||||||||||||||||||||
101 |
The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) Cover Page, (ii) Condensed Consolidated Balance Sheets, (iii) Condensed Consolidated Statements Of Income, (iv) Condensed Consolidated Statements Of Comprehensive Income, (v) Condensed Consolidated Statements Of Shareholders' Equity, (vi) Condensed Consolidated Statements Of Cash Flows, and (vii) Notes to Condensed Consolidated Financial Statements, tagged in summary and in detail.
|
X | ||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101) | X |
WEBSTER FINANCIAL CORPORATION | ||||||||||||||
Registrant | ||||||||||||||
Date: August 4, 2021 | By: | /s/ John R. Ciulla | ||||||||||||
John R. Ciulla | ||||||||||||||
Chairman, President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: August 4, 2021 | By: | /s/ Glenn I. MacInnes | ||||||||||||
Glenn I. MacInnes | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||
Date: August 4, 2021 | By: | /s/ Albert J. Wang | ||||||||||||
Albert J. Wang | ||||||||||||||
Executive Vice President and Chief Accounting Officer | ||||||||||||||
(Principal Accounting Officer) | ||||||||||||||
1 Year Webster Financial Chart |
1 Month Webster Financial Chart |
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