Delaware | 06-1187536 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
Page No. | ||
Key to Acronyms and Terms | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
Agency CMBS | Agency commercial mortgage-backed securities |
Agency CMO | Agency collateralized mortgage obligations |
Agency MBS | Agency mortgage-backed securities |
ALCO | Asset/Liability Committee |
ALLL | Allowance for loan and lease losses |
AOCL | Accumulated other comprehensive loss, net of tax |
ASC | Accounting Standards Codification |
ASU | Accounting Standards Update |
Basel III | Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision |
CDI | Core deposit intangible assets |
CET1 capital | Common Equity Tier 1 Capital, defined by Basel III capital rules |
CLO | Collateralized loan obligation securities |
CMBS | Non-agency commercial mortgage-backed securities |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 |
FASB | Financial Accounting Standards Board |
FDIC | Federal Deposit Insurance Corporation |
FHLB | Federal Home Loan Bank |
FICO | Fair Isaac Corporation |
FINRA | Financial Industry Regulatory Authority |
FRB | Federal Reserve Bank |
FTP | Funds Transfer Pricing, a matched maturity funding concept |
GAAP | U.S. Generally Accepted Accounting Principles |
Holding Company | Webster Financial Corporation |
HSA Bank | A division of Webster Bank, National Association |
ISDA | International Swaps Derivative Association |
LBP | Look back period |
LEP | Loss emergence period |
LIBOR | London Interbank Offered Rate |
LPL | LPL Financial Holdings Inc. |
NII | Net interest income |
OCC | Office of the Comptroller of the Currency |
OCI/OCL | Other comprehensive income (loss) |
OREO | Other real estate owned |
OTTI | Other-than-temporary impairment |
PPNR | Pre-tax, pre-provision net revenue |
RPA | Risk participation agreement |
SEC | United States Securities and Exchange Commission |
SERP | Supplemental defined benefit retirement plan |
SIPC | Securities Investor Protection Corporation |
TDR | Troubled debt restructuring, defined in ASC 310-40 "Receivables-Troubled Debt Restructurings by Creditors" |
VIE | Variable interest entity, defined in ASC 810-10 "Consolidation-Overall" |
Webster 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 |
March 31, 2017 | December 31, 2016 | ||||||
(In thousands, except share data) | (Unaudited) | ||||||
Assets: | |||||||
Cash and due from banks | $ | $ | |||||
Interest-bearing deposits | |||||||
Securities available-for-sale | |||||||
Securities held-to-maturity (fair value of $4,170,403 and $4,125,125) | |||||||
Federal Home Loan Bank and Federal Reserve Bank stock | |||||||
Loans held for sale (valued under fair value option $28,698 and $60,260) | |||||||
Loans and leases | |||||||
Allowance for loan and lease losses | ( | ) | ( | ) | |||
Loans and leases, net | |||||||
Deferred tax assets, net | |||||||
Premises and equipment, net | |||||||
Goodwill | |||||||
Other intangible assets, net | |||||||
Cash surrender value of life insurance policies | |||||||
Accrued interest receivable and other assets | |||||||
Total assets | $ | $ | |||||
Liabilities and shareholders' equity: | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | $ | |||||
Interest-bearing | |||||||
Total deposits | |||||||
Securities sold under agreements to repurchase and other borrowings | |||||||
Federal Home Loan Bank advances | |||||||
Long-term debt | |||||||
Accrued expenses and other liabilities | |||||||
Total liabilities | |||||||
Shareholders’ equity: | |||||||
Preferred stock, $.01 par value; Authorized - 3,000,000 shares: | |||||||
Series E issued and outstanding (5,060 shares) | |||||||
Common stock, $.01 par value; Authorized - 200,000,000 shares: | |||||||
Issued (93,679,599 and 93,651,601 shares) | |||||||
Paid-in capital | |||||||
Retained earnings | |||||||
Treasury stock, at cost (1,697,934 and 1,899,502 shares) | ( | ) | ( | ) | |||
Accumulated other comprehensive loss, net of tax | ( | ) | ( | ) | |||
Total shareholders' equity | |||||||
Total liabilities and shareholders' equity | $ | $ |
Three months ended March 31, | |||||||||
(In thousands, except per share data) | 2017 | 2016 | |||||||
Interest Income: | |||||||||
Interest and fees on loans and leases | $ | $ | |||||||
Taxable interest and dividends on securities | |||||||||
Non-taxable interest on securities | |||||||||
Loans held for sale | |||||||||
Total interest income | |||||||||
Interest Expense: | |||||||||
Deposits | |||||||||
Securities sold under agreements to repurchase and other borrowings | |||||||||
Federal Home Loan Bank advances | |||||||||
Long-term debt | |||||||||
Total interest expense | |||||||||
Net interest income | |||||||||
Provision for loan and lease losses | |||||||||
Net interest income after provision for loan and lease losses | |||||||||
Non-interest Income: | |||||||||
Deposit service fees | |||||||||
Loan and lease related fees | |||||||||
Wealth and investment services | |||||||||
Mortgage banking activities | |||||||||
Increase in cash surrender value of life insurance policies | |||||||||
Gain on sale of investment securities, net | |||||||||
Impairment loss on securities recognized in earnings | ( | ) | |||||||
Other income | |||||||||
Total non-interest income | |||||||||
Non-interest Expense: | |||||||||
Compensation and benefits | |||||||||
Occupancy | |||||||||
Technology and equipment | |||||||||
Intangible assets amortization | |||||||||
Marketing | |||||||||
Professional and outside services | |||||||||
Deposit insurance | |||||||||
Other expense | |||||||||
Total non-interest expense | |||||||||
Income before income tax expense | |||||||||
Income tax expense | |||||||||
Net income | |||||||||
Preferred stock dividends and other | ( | ) | ( | ) | |||||
Earnings applicable to common shareholders | $ | $ |
Earnings per common share: | |||||||||
Basic | $ | $ | |||||||
Diluted |
Three months ended March 31, | |||||||||
(In thousands) | 2017 | 2016 | |||||||
Net income | $ | $ | |||||||
Other comprehensive (loss) income, net of tax: | |||||||||
Total available-for-sale and transferred securities | ( | ) | |||||||
Total derivative instruments | ( | ) | |||||||
Total defined benefit pension and other postretirement benefit plans | |||||||||
Other comprehensive (loss) income, net of tax | ( | ) | |||||||
Comprehensive income | $ | $ |
(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 December 31, 2016 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||
Net income | — | — | — | — | — | ||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | ( | ) | ( | ) | ||||||||||||
Dividends and dividend equivalents declared on common stock $0.25 per share | — | — | ( | ) | — | — | ( | ) | |||||||||||||
Dividends on Series E preferred stock $400.00 per share | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||
Common stock issued | — | — | — | — | — | — | |||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||
Exercise of stock options | — | — | ( | ) | — | — | |||||||||||||||
Common shares acquired related to stock compensation plan activity | — | — | — | — | ( | ) | — | ( | ) | ||||||||||||
Common stock repurchase program | — | — | — | — | — | ||||||||||||||||
Common stock warrants repurchased | — | — | — | — | — | ||||||||||||||||
Balance at March 31, 2017 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||
(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 December 31, 2015 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||
Net income | — | — | — | — | — | ||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||
Dividends and dividend equivalents declared on common stock $0.23 per share | — | — | ( | ) | — | — | ( | ) | |||||||||||||
Dividends on Series E preferred stock $400.00 per share | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||
Stock-based compensation, net of tax impact | — | — | ( | ) | — | ||||||||||||||||
Exercise of stock options | — | — | ( | ) | — | — | |||||||||||||||
Common shares acquired related to stock compensation plan activity | — | — | — | — | ( | ) | — | ( | ) | ||||||||||||
Common stock repurchase program | — | — | — | — | ( | ) | — | ( | ) | ||||||||||||
Common stock warrants repurchased | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||
Balance at March 31, 2016 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Operating Activities: | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan and lease losses | |||||||
Deferred tax expense | |||||||
Depreciation and amortization | |||||||
Amortization of earning assets and funding, premiums/discounts, net | |||||||
Stock-based compensation | |||||||
Gain on sale, net of write-down, on foreclosed and repossessed assets | ( | ) | ( | ) | |||
Write-down on premises and equipment | |||||||
Impairment loss on securities recognized in earnings | |||||||
Gain on the sale of investment securities, net | ( | ) | |||||
Increase in cash surrender value of life insurance policies | ( | ) | ( | ) | |||
Mortgage banking activities | ( | ) | ( | ) | |||
Proceeds from sale of loans held for sale | |||||||
Origination of loans held for sale | ( | ) | ( | ) | |||
Net decrease (increase) in derivative contract assets net of liabilities | ( | ) | |||||
Net increase in accrued interest receivable and other assets | ( | ) | ( | ) | |||
Net increase in accrued expenses and other liabilities | |||||||
Net cash provided by operating activities | |||||||
Investing Activities: | |||||||
Net (increase) decrease in interest-bearing deposits | ( | ) | |||||
Purchases of available for sale securities | ( | ) | ( | ) | |||
Proceeds from maturities and principal payments of available for sale securities | |||||||
Proceeds from sales of available for sale securities | |||||||
Purchases of held-to-maturity securities | ( | ) | ( | ) | |||
Proceeds from maturities and principal payments of held-to-maturity securities | |||||||
Net proceeds of Federal Home Loan Bank stock | |||||||
Alternative investments return of capital (capital call), net | ( | ) | |||||
Net increase in loans | ( | ) | ( | ) | |||
Proceeds from loans not originated for sale | |||||||
Proceeds from the sale of foreclosed and repossessed assets | |||||||
Additions to premises and equipment | ( | ) | ( | ) | |||
Proceeds from redemption of other assets | |||||||
Net cash provided by (used for) investing activities | ( | ) |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Financing Activities: | |||||||
Net increase in deposits | |||||||
Proceeds from Federal Home Loan Bank advances | |||||||
Repayments of Federal Home Loan Bank advances | ( | ) | ( | ) | |||
Net decrease in securities sold under agreements to repurchase and other borrowings | ( | ) | ( | ) | |||
Dividends paid to common shareholders | ( | ) | ( | ) | |||
Dividends paid to preferred shareholders | ( | ) | ( | ) | |||
Exercise of stock options | |||||||
Excess tax benefits from stock-based compensation | |||||||
Common stock issued | |||||||
Common stock repurchase program | ( | ) | |||||
Common shares purchased related to stock compensation plan activity | ( | ) | ( | ) | |||
Common stock warrants repurchased | ( | ) | |||||
Net cash (used for) provided by financing activities | ( | ) | |||||
Net decrease in cash and due from banks | ( | ) | ( | ) | |||
Cash and due from banks at beginning of period | |||||||
Cash and due from banks at end of period | $ | $ | |||||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | $ | $ | |||||
Income taxes paid | |||||||
Noncash investing and financing activities: | |||||||
Transfer of loans and leases to foreclosed properties and repossessed assets | $ | $ | |||||
Transfer of loans from portfolio to loans-held-for-sale | |||||||
• | Modifying system amortization requirements; |
• | Evaluation of premiums associated with debt securities to determine the appropriate cumulative-effect adjustment; and |
• | Establishing new accounting policies pertaining to premium amortization on purchased callable debt securities. |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||||||||
(In thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
U.S. Treasury Bills | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | |||||||||||||||
Agency CMO | ( | ) | ( | ) | |||||||||||||||||||||
Agency MBS | ( | ) | ( | ) | |||||||||||||||||||||
Agency CMBS | ( | ) | ( | ) | |||||||||||||||||||||
CMBS | ( | ) | ( | ) | |||||||||||||||||||||
CLO | ( | ) | ( | ) | |||||||||||||||||||||
Single issuer trust preferred securities | ( | ) | ( | ) | |||||||||||||||||||||
Corporate debt securities | ( | ) | ( | ) | |||||||||||||||||||||
Securities available-for-sale | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Agency CMO | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
Agency MBS | ( | ) | ( | ) | |||||||||||||||||||||
Agency CMBS | ( | ) | ( | ) | |||||||||||||||||||||
Municipal bonds and notes | ( | ) | ( | ) | |||||||||||||||||||||
CMBS | ( | ) | ( | ) | |||||||||||||||||||||
Private Label MBS | |||||||||||||||||||||||||
Securities held-to-maturity | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Beginning balance | $ | $ | |||||
Reduction for securities sold or called | ( | ) | |||||
Additions for OTTI not previously recognized in earnings | |||||||
Ending balance | $ | $ |
At March 31, 2017 | |||||||||||||||||||||
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 | ||||||||||||||
Available-for-sale: | |||||||||||||||||||||
U.S. Treasury Bills | $ | $ | ( | ) | $ | — | $ | — | $ | $ | ( | ) | |||||||||
Agency CMO | ( | ) | ( | ) | ( | ) | |||||||||||||||
Agency MBS | ( | ) | ( | ) | ( | ) | |||||||||||||||
Agency CMBS | ( | ) | — | — | ( | ) | |||||||||||||||
CMBS | ( | ) | ( | ) | ( | ) | |||||||||||||||
CLO | ( | ) | ( | ) | ( | ) | |||||||||||||||
Single issuer trust preferred securities | ( | ) | ( | ) | ( | ) | |||||||||||||||
Corporate debt securities | — | — | ( | ) | ( | ) | |||||||||||||||
Total available-for-sale in an unrealized loss position | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||
Held-to-maturity: | |||||||||||||||||||||
Agency CMO | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||
Agency MBS | ( | ) | ( | ) | ( | ) | |||||||||||||||
Agency CMBS | ( | ) | — | — | ( | ) | |||||||||||||||
Municipal bonds and notes | ( | ) | ( | ) | ( | ) | |||||||||||||||
CMBS | ( | ) | — | — | ( | ) | |||||||||||||||
Total held-to-maturity in an unrealized loss position | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
At December 31, 2016 | |||||||||||||||||||||
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 | ||||||||||||||
Available-for-sale: | |||||||||||||||||||||
U.S. Treasury Bills | $ | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||
Agency CMO | ( | ) | ( | ) | ( | ) | |||||||||||||||
Agency MBS | ( | ) | ( | ) | ( | ) | |||||||||||||||
Agency CMBS | ( | ) | — | — | ( | ) | |||||||||||||||
CMBS | ( | ) | ( | ) | ( | ) | |||||||||||||||
CLO | ( | ) | ( | ) | ( | ) | |||||||||||||||
Single issuer trust preferred securities | — | ( | ) | ( | ) | ||||||||||||||||
Corporate debt securities | — | — | ( | ) | ( | ) | |||||||||||||||
Total available-for-sale in an unrealized loss position | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||
Held-to-maturity: | |||||||||||||||||||||
Agency CMO | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||
Agency MBS | ( | ) | ( | ) | ( | ) | |||||||||||||||
Agency CMBS | ( | ) | — | — | ( | ) | |||||||||||||||
Municipal bonds and notes | ( | ) | ( | ) | ( | ) | |||||||||||||||
CMBS | ( | ) | — | — | ( | ) | |||||||||||||||
Total held-to-maturity in an unrealized loss position | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
Three months ended March 31, | |||||||
(In thousands) | 2017 (1) | 2016 | |||||
Proceeds from sales | $ | $ | |||||
Gross realized gains on sales | $ | $ | |||||
Less: Gross realized losses on sales | |||||||
Gain on sale of investment securities, net | $ | $ |
(1) | There were no sales of securities during the three months ended March 31, 2017. |
At March 31, 2017 | |||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||
Due in one year or less | $ | $ | $ | $ | |||||||||
Due after one year through five years | |||||||||||||
Due after five through ten years | |||||||||||||
Due after ten years | |||||||||||||
Total debt securities | $ | $ | $ | $ |
(In thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Residential | $ | $ | |||||
Consumer | |||||||
Commercial | |||||||
Commercial Real Estate | |||||||
Equipment Financing | |||||||
Loans and leases (1) (2) | $ | $ |
(1) |
(2) |
At March 31, 2017 | |||||||||||||||||||||
(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 | ||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity | |||||||||||||||||||||
Other consumer | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||
Commercial non-mortgage | |||||||||||||||||||||
Asset-based | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Commercial construction | |||||||||||||||||||||
Equipment financing | |||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
At December 31, 2016 | |||||||||||||||||||||
(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 | ||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||
Consumer: | |||||||||||||||||||||
Home equity | |||||||||||||||||||||
Other consumer | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||
Commercial non-mortgage | |||||||||||||||||||||
Asset-based | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Commercial construction | |||||||||||||||||||||
Equipment financing | |||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
At or for the three months ended March 31, 2017 | ||||||||||||||||||
(In thousands) | Residential | Consumer | Commercial | Commercial Real Estate | Equipment Financing | Total | ||||||||||||
ALLL: | ||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | ||||||||||||
Provision (benefit) charged to expense | ( | ) | ||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||
Recoveries | ||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | ||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | ||||||||||||
Collectively evaluated for impairment | $ | $ | $ | $ | $ | $ | ||||||||||||
Loan and lease balances: | ||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | ||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||
Loans and leases | $ | $ | $ | $ | $ | $ |
At or for the three months ended March 31, 2016 | ||||||||||||||||||
(In thousands) | Residential | Consumer | Commercial | Commercial Real Estate | Equipment Financing | Total | ||||||||||||
ALLL: | ||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | ||||||||||||
Provision (benefit) charged to expense | ( | ) | ||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||
Recoveries | ||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | ||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | ||||||||||||
Collectively evaluated for impairment | $ | $ | $ | $ | $ | $ | ||||||||||||
Loan and lease balances: | ||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | ||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||
Loans and leases | $ | $ | $ | $ | $ | $ |
At March 31, 2017 | |||||||||||||||
(In thousands) | Unpaid Principal Balance | Total Recorded Investment | Recorded Investment No Allowance | Recorded Investment With Allowance | Related Valuation Allowance | ||||||||||
Residential | $ | $ | $ | $ | $ | ||||||||||
Consumer | |||||||||||||||
Commercial | |||||||||||||||
Commercial real estate: | |||||||||||||||
Commercial real estate | |||||||||||||||
Commercial construction | |||||||||||||||
Equipment financing | |||||||||||||||
Total | $ | $ | $ | $ | $ |
At December 31, 2016 | |||||||||||||||
(In thousands) | Unpaid Principal Balance | Total Recorded Investment | Recorded Investment No Allowance | Recorded Investment With Allowance | Related Valuation Allowance | ||||||||||
Residential | $ | $ | $ | $ | $ | ||||||||||
Consumer | |||||||||||||||
Commercial | |||||||||||||||
Commercial real estate: | |||||||||||||||
Commercial real estate | |||||||||||||||
Commercial construction | |||||||||||||||
Equipment financing | |||||||||||||||
Total | $ | $ | $ | $ | $ |
Three months ended March 31, | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||
(In thousands) | Average Recorded Investment | Accrued Interest Income | Cash Basis Interest Income | Average Recorded Investment | Accrued Interest Income | Cash Basis Interest Income | |||||||||||||
Residential | $ | $ | $ | $ | $ | $ | |||||||||||||
Consumer | |||||||||||||||||||
Commercial | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||
Commercial construction | |||||||||||||||||||
Equipment financing | |||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Commercial | Commercial Real Estate | Equipment Financing | |||||||||||||||||||||
(In thousands) | At March 31, 2017 | At December 31, 2016 | At March 31, 2017 | At December 31, 2016 | At March 31, 2017 | At December 31, 2016 | |||||||||||||||||
(1) - (6) Pass | $ | $ | $ | $ | $ | $ | |||||||||||||||||
(7) Special Mention | |||||||||||||||||||||||
(8) Substandard | |||||||||||||||||||||||
(9) Doubtful | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Accrual status | $ | $ | |||||
Non-accrual status | |||||||
Total recorded investment of TDRs | $ | $ | |||||
Accruing TDRs performing under modified terms more than one year | % | % | |||||
Specific reserves for TDRs included in the balance of ALLL | $ | $ | |||||
Additional funds committed to borrowers in TDR status |
Three months ended March 31, | |||||||||
2017 | 2016 | ||||||||
Number of Loans and Leases | Post- Modification Recorded Investment(1) | Number of Loans and Leases | Post- Modification Recorded Investment(1) | ||||||
(Dollars in thousands) | |||||||||
Residential: | |||||||||
Extended Maturity | $ | $ | |||||||
Adjusted Interest Rate | |||||||||
Maturity/Rate Combined | |||||||||
Other (2) | |||||||||
Consumer: | |||||||||
Extended Maturity | |||||||||
Maturity/Rate Combined | |||||||||
Other (2) | |||||||||
Commercial: | |||||||||
Extended Maturity | |||||||||
Maturity/Rate Combined | |||||||||
Other (2) | |||||||||
Commercial real estate: | |||||||||
Maturity/Rate Combined | |||||||||
Other (2) | |||||||||
Equipment Financing | |||||||||
Extended Maturity | |||||||||
Total TDRs | $ | $ |
(1) | P |
(2) | O |
Three months ended March 31, | |||||||||
2017 | 2016 | ||||||||
(Dollars in thousands) | Number of Loans and Leases (1) | Recorded Investment (1) | Number of Loans and Leases | Recorded Investment | |||||
Residential | $ | $ | |||||||
Consumer | |||||||||
Commercial | |||||||||
Commercial real estate | |||||||||
Total | $ | $ |
(1) | There were no re-defaulted TDRs during the three months ended March 31, 2017. |
(In thousands) | At March 31, 2017 | At December 31, 2016 | |||||
(1) - (6) Pass | $ | $ | |||||
(7) Special Mention | |||||||
(8) Substandard | |||||||
(9) Doubtful | |||||||
Total | $ | $ |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Beginning balance | $ | $ | |||||
Provision charged to expense | |||||||
Repurchased loans and settlements charged off | ( | ) | |||||
Ending balance | $ | $ |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Residential mortgage loans held for sale: | |||||||
Proceeds from sale | $ | $ | |||||
Loans sold with servicing rights retained | |||||||
Net gain on sale | |||||||
Ancillary fees | |||||||
Fair value option adjustment |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Beginning balance | $ | $ | |||||
Additions | |||||||
Amortization | ( | ( | |||||
Ending balance | $ | $ |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||
Other intangible assets: | |||||||||||||||||||
HSA Bank CDI | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||
HSA Bank Customer relationships | ( | ) | ( | ) | |||||||||||||||
Total other intangible assets | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||
Goodwill: | |||||||||||||||||||
Community Banking | $ | $ | $ | $ | |||||||||||||||
HSA Bank | |||||||||||||||||||
Total goodwill | $ | $ | $ | $ |
(In thousands) | |||
Remainder of 2017 | $ | ||
2018 | |||
2019 | |||
2020 | |||
2021 | |||
Thereafter |
(In thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Non-interest-bearing: | |||||||
Demand | $ | $ | |||||
Interest-bearing: | |||||||
Checking | |||||||
Health savings accounts | |||||||
Money market | |||||||
Savings | |||||||
Time deposits | |||||||
Total interest-bearing | |||||||
Total deposits | $ | $ | |||||
Time deposits and interest-bearing checking, included in above balances, obtained through brokers | $ | $ | |||||
Time deposits, included in above balance, that meet or exceed the FDIC limit | |||||||
Deposit overdrafts reclassified as loan balances |
(In thousands) | At March 31, 2017 | ||
Remainder of 2017 | $ | ||
2018 | |||
2019 | |||
2020 | |||
2021 | |||
Thereafter | |||
Total time deposits | $ |
At March 31, 2017 | At December 31, 2016 | ||||||||
(In thousands) | Amount | Rate | Amount | Rate | |||||
Securities sold under agreements to repurchase: | |||||||||
Original maturity of one year or less | $ | $ | |||||||
Original maturity of greater than one year, non-callable | |||||||||
Total securities sold under agreements to repurchase | |||||||||
Fed funds purchased | |||||||||
Securities sold under agreements to repurchase and other borrowings | $ | $ |
At March 31, 2017 | At December 31, 2016 | ||||||||||
(Dollars in thousands) | Amount | Weighted- Average Contractual Coupon Rate | Amount | Weighted- Average Contractual Coupon Rate | |||||||
Maturing within 1 year | $ | % | $ | % | |||||||
After 1 but within 2 years | |||||||||||
After 2 but within 3 years | |||||||||||
After 3 but within 4 years | |||||||||||
After 4 but within 5 years | |||||||||||
After 5 years | |||||||||||
% | % | ||||||||||
Premiums on advances | |||||||||||
Federal Home Loan Bank advances | $ | $ | |||||||||
Aggregate carrying value of assets pledged as collateral | $ | $ | |||||||||
Remaining borrowing capacity |
(Dollars in thousands) | At March 31, 2017 | At December 31, 2016 | ||||||
Senior fixed-rate notes due February 15, 2024 | $ | $ | ||||||
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (1) | ||||||||
Total notes and subordinated debt | ||||||||
Discount on senior fixed-rate notes | ( | ) | ( | ) | ||||
Debt issuance cost on senior fixed-rate notes | ( | ) | ( | ) | ||||
Long-term debt | $ | $ |
(1) |
Three months ended March 31, 2017 | ||||||||||||
(In thousands) | Available For Sale and Transferred Securities | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | ||||||||
Beginning balance | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
OCI/OCL before reclassifications | ( | ) | ( | ) | ||||||||
Amounts reclassified from AOCL | ||||||||||||
Net current-period OCI/OCL | ( | ) | ( | ) | ||||||||
Ending balance | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Three months ended March 31, 2016 | ||||||||||||
(In thousands) | Available For Sale and Transferred Securities | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | ||||||||
Beginning balance | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
OCI/OCL before reclassifications | ( | ) | ||||||||||
Amounts reclassified from AOCL | ( | ) | ||||||||||
Net current-period OCI/OCL | ( | ) | ||||||||||
Ending balance | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(In thousands) | Three months ended March 31, | Associated Line Item in the Condensed Consolidated Statements of Income | ||||||
AOCL Components | 2017 | 2016 | ||||||
Available-for-sale and transferred securities: | ||||||||
Unrealized gains (losses) on investment securities | $ | $ | Gain on sale of investment securities, net | |||||
Unrealized gains (losses) on investment securities | ( | ) | Impairment loss recognized in earnings | |||||
Total before tax | ||||||||
Tax benefit (expense) | ( | ) | Income tax expense | |||||
Net of tax | $ | $ | ||||||
Derivative instruments: | ||||||||
Cash flow hedges | $ | ( | ) | $ | ( | ) | Total interest expense | |
Tax benefit | Income tax expense | |||||||
Net of tax | $ | ( | ) | $ | ( | ) | ||
Defined benefit pension and other postretirement benefit plans: | ||||||||
Amortization of net loss | $ | ( | ) | $ | ( | ) | (1) | |
Prior service costs | ( | ) | (1) | |||||
Total before tax | ( | ) | ( | ) | ||||
Tax benefit | Income tax expense | |||||||
Net of tax | $ | ( | ) | $ | ( | ) |
At March 31, 2017 | |||||||||||||||||
Actual | Minimum Requirement | Well Capitalized | |||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||
Webster Financial Corporation | |||||||||||||||||
CET1 risk-based capital | $ | % | $ | % | $ | % | |||||||||||
Total risk-based capital | |||||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||
Tier 1 leverage capital | |||||||||||||||||
Webster Bank | |||||||||||||||||
CET1 risk-based capital | $ | % | $ | % | $ | % | |||||||||||
Total risk-based capital | |||||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||
Tier 1 leverage capital |
At December 31, 2016 | |||||||||||||||||
Actual | Minimum Requirement | Well Capitalized | |||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||
Webster Financial Corporation | |||||||||||||||||
CET1 risk-based capital | $ | % | $ | % | $ | % | |||||||||||
Total risk-based capital | |||||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||
Tier 1 leverage capital | |||||||||||||||||
Webster Bank | |||||||||||||||||
CET1 risk-based capital | $ | % | $ | % | $ | % | |||||||||||
Total risk-based capital | |||||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||
Tier 1 leverage capital |
Three months ended March 31, | |||||||
(In thousands, except per share data) | 2017 | 2016 | |||||
Earnings for basic and diluted earnings per common share: | |||||||
Net income | $ | $ | |||||
Less: Preferred stock dividends | |||||||
Net income available to common shareholders | |||||||
Less: Earnings applicable to participating securities | |||||||
Earnings applicable to common shareholders | $ | $ | |||||
Shares: | |||||||
Weighted-average common shares outstanding - basic | |||||||
Effect of dilutive securities: | |||||||
Stock options and restricted stock | |||||||
Warrants | |||||||
Weighted-average common shares outstanding - diluted | |||||||
Earnings per common share: | |||||||
Basic | $ | $ | |||||
Diluted |
Three months ended March 31, | |||||
(In thousands) | 2017 | 2016 | |||
Stock options (shares with exercise price greater than market price) | |||||
Restricted stock (due to performance conditions on non-participating shares) |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||
Positions subject to a master netting agreement (1) | |||||||||||||||||||||||||||
Interest rate derivatives | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||||||||
Positions subject to a master netting agreement (1) | |||||||||||||||||||||||||||
Interest rate derivatives | |||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||
Positions not subject to a master netting agreement (2) | |||||||||||||||||||||||||||
Interest rate derivatives | |||||||||||||||||||||||||||
RPAs | |||||||||||||||||||||||||||
Mortgage banking derivatives (3) | |||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||
Total not designated as hedging instruments | |||||||||||||||||||||||||||
Gross derivative instruments, before netting | $ | $ | $ | $ | |||||||||||||||||||||||
Less: Legally enforceable master netting agreements | |||||||||||||||||||||||||||
Less: Cash collateral posted | |||||||||||||||||||||||||||
Total derivative instruments, after netting | $ | $ | $ | $ |
(1) | T |
(2) | D |
(3) |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Interest rate derivatives | $ | $ | |||||
RPAs | ( | ) | |||||
Mortgage banking derivatives | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Total impact on other non-interest income | $ | ( | ) | $ |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||
(In thousands) | Gross Amount | Amount Offset | Net Amount (1) (2) | Gross Amount | Amount Offset | Net Amount (1) (2) | |||||||||||||
Derivative instrument assets: | |||||||||||||||||||
Hedged Accounting Positions | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||
Non-Hedged Accounting Positions | ( | ) | ( | ) | |||||||||||||||
Total | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||
Derivative instrument liabilities: | |||||||||||||||||||
Hedged Accounting Positions | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||
Non-Hedged Accounting Positions | ( | ) | ( | ) | |||||||||||||||
Total | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ |
(1) | N |
(2) |
• | Level 1: Valuation is based upon unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. |
• | Level 2: Fair value is calculated using significant inputs other than quoted market prices that are directly or indirectly observable for the asset or liability. The valuation may rely on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit ratings, etc.), or inputs that are derived principally or corroborated by market data, by correlation, or other means. |
• | Level 3: Inputs for determining the fair value of the respective assets or liabilities are not observable. Level 3 valuations are reliant upon pricing models and techniques that require significant management judgment or estimation. |
At March 31, 2017 | ||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||
Financial assets held at fair value: | ||||||||||||
U.S. Treasury Bills | $ | $ | — | $ | — | $ | ||||||
Agency CMO | — | — | ||||||||||
Agency MBS | — | — | ||||||||||
Agency CMBS | ||||||||||||
CMBS | ||||||||||||
CLO | — | — | ||||||||||
Single issuer trust preferred securities | — | — | ||||||||||
Corporate debt securities | — | — | ||||||||||
Total available-for-sale investment securities | — | |||||||||||
Gross derivative instruments, before netting (1) | — | |||||||||||
Investments held in Rabbi Trust | — | — | ||||||||||
Alternative investments | ||||||||||||
Originated loans held for sale | — | |||||||||||
Total financial assets held at fair value | $ | $ | $ | $ | ||||||||
Financial liabilities held at fair value: | ||||||||||||
Gross derivative instruments, before netting (1) | $ | $ | $ | — | $ |
At December 31, 2016 | ||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||
Financial assets held at fair value: | ||||||||||||
U.S. Treasury Bills | $ | $ | — | $ | — | $ | ||||||
Agency CMO | — | — | ||||||||||
Agency MBS | — | — | ||||||||||
Agency CMBS | ||||||||||||
CMBS | ||||||||||||
CLO | — | — | ||||||||||
Single issuer trust preferred securities | — | — | ||||||||||
Corporate debt securities | — | — | ||||||||||
Total available-for-sale investment securities | — | |||||||||||
Gross derivative instruments, before netting (1) | ||||||||||||
Investments held in Rabbi Trust | — | — | ||||||||||
Alternative investments | ||||||||||||
Originated loans held for sale | — | |||||||||||
Total financial assets held at fair value | $ | $ | $ | $ | ||||||||
Financial liabilities held at fair value: | ||||||||||||
Gross derivative instruments, before netting (1) | $ | $ | $ | — | $ |
(1) |
(In thousands) | Alternative Investments | ||
Balance at January1, 2017 | $ | ||
Unrealized gain included in net income | |||
Purchases/capital funding | |||
Payments | ( | ) | |
Balance at March 31, 2017 | $ |
(Dollars in thousands) | ||||||||
Asset | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | ||||
Collateral dependent impaired loans and leases | $ | Real Estate Appraisals | Discount for appraisal type | - | ||||
Discount for costs to sell | - | |||||||
OREO | $ | Real Estate Appraisals | Discount for appraisal type | - | ||||
Discount for costs to sell |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||
(In thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Assets: | |||||||||||||||
Level 2 | |||||||||||||||
Held-to-maturity investment securities | $ | $ | $ | $ | |||||||||||
Loans held for sale | |||||||||||||||
Level 3 | |||||||||||||||
Loans and leases, net | |||||||||||||||
Mortgage servicing assets | |||||||||||||||
Alternative investments | |||||||||||||||
Liabilities: | |||||||||||||||
Level 2 | |||||||||||||||
Deposit liabilities, other than time deposits | $ | $ | $ | $ | |||||||||||
Time deposits | |||||||||||||||
Securities sold under agreements to repurchase and other borrowings | |||||||||||||||
FHLB advances (1) | |||||||||||||||
Long-term debt (1) |
(1) | T |
Three months ended March 31, | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||
(In thousands) | Pension Plan | SERP | Other Benefits | Pension Plan | SERP | Other Benefits | |||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||
Interest cost on benefit obligations | |||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | |||||||||||||||
Amortization of prior service cost | |||||||||||||||||||
Recognized net loss | |||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | $ | $ |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Stock options | $ | $ | |||||
Restricted stock | |||||||
Total stock compensation expense | $ | $ |
Restricted Stock Awards Outstanding | Stock Options Outstanding | ||||||||||||||||||||||
Time-Based | Performance-Based | ||||||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | Number of Units | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Exercise Price | ||||||||||||||||
Outstanding, at January1, 2017 | $ | $ | $ | $ | |||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised options | — | — | — | — | — | — | |||||||||||||||||
Vested restricted stock awards (1) | — | — | |||||||||||||||||||||
Forfeited | |||||||||||||||||||||||
Outstanding and exercisable, at March 31, 2017 | $ | $ | $ | $ |
(1) |
Three months ended March 31, 2017 | ||||||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Private Banking | Corporate and Reconciling | Consolidated Total | ||||||||||||
Net interest income (expense) | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||
Provision (benefit) for loan and lease losses | ( | ) | ( | ) | ||||||||||||||
Net interest income (expense) after provision for loan and lease losses | ( | ) | ||||||||||||||||
Non-interest income | ||||||||||||||||||
Non-interest expense | ||||||||||||||||||
Income (loss) before income tax expense | ( | ) | ||||||||||||||||
Income tax expense (benefit) | ( | ) | ||||||||||||||||
Net income (loss) | $ | $ | $ | $ | $ | ( | ) | $ |
Three months ended March 31, 2016 | ||||||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Private Banking | Corporate and Reconciling | Consolidated Total | ||||||||||||
Net interest income (expense) | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||
Provision (benefit) for loan and lease losses | ( | ) | ||||||||||||||||
Net interest income (expense) after provision for loan and lease losses | ( | ) | ||||||||||||||||
Non-interest income | ||||||||||||||||||
Non-interest expense | ||||||||||||||||||
Income (loss) before income tax expense | ( | ) | ||||||||||||||||
Income tax expense (benefit) | ( | ) | ||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | $ |
Total Assets | ||||||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Private Banking | Corporate and Reconciling | Consolidated Total | ||||||||||||
At March 31, 2017 | $ | $ | $ | $ | $ | $ | ||||||||||||
At December 31, 2016 |
(In thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Commitments to extend credit | $ | $ | |||||
Standby letter of credit | |||||||
Commercial letter of credit | |||||||
Total credit-related financial instruments with off-balance sheet risk | $ | $ |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Beginning balance | $ | $ | |||||
Provision | |||||||
Ending balance | $ | $ |
▪ | projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items; |
▪ | statements of plans, objectives and expectations of Webster or its management or Board of Directors; |
▪ | statements of future economic performance; and |
▪ | statements of assumptions underlying such statements. |
▪ | local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact; |
▪ | volatility and disruption in national and international financial markets; |
▪ | government intervention in the U.S. financial system; |
▪ | changes in the level of non-performing assets and charge-offs; |
▪ | changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; |
▪ | adverse conditions in the securities markets that lead to impairment in the value of securities in our investment portfolio; |
▪ | inflation, interest rate, securities market and monetary fluctuations; |
▪ | the timely development and acceptance of new products and services and perceived overall value of these products and services by customers; |
▪ | changes in consumer spending, borrowings and savings habits; |
▪ | technological changes and cyber-security matters; |
▪ | the ability to increase market share and control expenses; |
▪ | changes in the competitive environment among banks, financial holding companies and other financial services providers; |
▪ | the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply, including the Dodd-Frank Act; |
▪ | the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; |
▪ | the costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; and |
▪ | our success at managing the risks involved in the foregoing items. |
• | allowance for loan and lease losses; |
• | fair value measurements for valuation of investments and other financial instruments; |
• | evaluation for impairment of goodwill and other intangible assets; and |
• | assessing the realizability of deferred tax assets and the measurement of uncertain tax positions. |
At or for the three months ended March 31, | |||||||
(In thousands, except per share and ratio data) | 2017 | 2016 | |||||
Earnings: | |||||||
Net interest income | $ | 192,664 | $ | 176,152 | |||
Provision for loan and lease losses | 10,500 | 15,600 | |||||
Total non-interest income | 63,042 | 62,374 | |||||
Total non-interest expense | 163,784 | 152,445 | |||||
Net income | 59,471 | 47,047 | |||||
Earnings applicable to common shareholders | 57,342 | 44,921 | |||||
Share Data: | |||||||
Weighted-average common shares outstanding - diluted | 92,342 | 91,809 | |||||
Diluted earnings per common share | $ | 0.62 | $ | 0.49 | |||
Dividends and dividend equivalents declared per common share | 0.25 | 0.23 | |||||
Dividends declared per Series E preferred share | 400.00 | 400.00 | |||||
Book value per common share | 26.45 | 25.24 | |||||
Tangible book value per common share (non-GAAP) | 20.26 | 18.95 | |||||
Selected Ratios: | |||||||
Net interest margin | 3.22 | % | 3.11 | % | |||
Return on average assets (annualized basis) | 0.91 | 0.76 | |||||
Return on average common shareholders' equity (annualized basis) | 9.43 | 7.80 | |||||
CET1 risk-based capital | 10.75 | 10.61 | |||||
Tangible common equity ratio (non-GAAP) | 7.34 | 7.13 | |||||
Return on average tangible common shareholders' equity (annualized basis) (non-GAAP) | 12.47 | 10.63 | |||||
Efficiency ratio (non-GAAP) | 62.10 | 62.00 |
At March 31, | |||||||
(Dollars and shares in thousands, except per share data) | 2017 | 2016 | |||||
Tangible book value per common share (non-GAAP): | |||||||
Shareholders' equity (GAAP) | $ | 2,560,358 | $ | 2,434,786 | |||
Less: Preferred stock (GAAP) | 122,710 | 122,710 | |||||
Goodwill and other intangible assets (GAAP) | 570,992 | 576,145 | |||||
Tangible common shareholders' equity (non-GAAP) | $ | 1,866,656 | $ | 1,735,931 | |||
Common shares outstanding | 92,154 | 91,617 | |||||
Tangible book value per common share (non-GAAP) | $ | 20.26 | $ | 18.95 | |||
Tangible common equity ratio (non-GAAP): | |||||||
Tangible common shareholders' equity (non-GAAP) | $ | 1,866,656 | $ | 1,735,931 | |||
Total assets (GAAP) | $ | 26,002,916 | $ | 24,932,091 | |||
Less: Goodwill and other intangible assets (GAAP) | 570,992 | 576,145 | |||||
Tangible assets (non-GAAP) | $ | 25,431,924 | $ | 24,355,946 | |||
Tangible common equity ratio (non-GAAP) | 7.34 | % | 7.13 | % |
Three months ended March 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Return on average tangible common shareholders' equity (non-GAAP): | |||||||
Net income (GAAP) | $ | 59,471 | $ | 47,047 | |||
Less: Preferred stock dividends (GAAP) | 2,024 | 2,024 | |||||
Add: Intangible assets amortization, tax-affected at 35% (GAAP) | 686 | 1,010 | |||||
Income adjusted for preferred stock dividends and intangible assets amortization (non-GAAP) | $ | 58,133 | $ | 46,033 | |||
Income adjusted for preferred stock dividends and intangible assets amortization, annualized basis (non-GAAP) | $ | 232,532 | $ | 184,132 | |||
Average shareholders' equity (non-GAAP) | $ | 2,559,354 | $ | 2,432,554 | |||
Less: Average preferred stock (non-GAAP) | 122,710 | 122,710 | |||||
Average goodwill and other intangible assets (non-GAAP) | 571,611 | 577,029 | |||||
Average tangible common shareholders' equity (non-GAAP) | $ | 1,865,033 | $ | 1,732,815 | |||
Return on average tangible common shareholders' equity (non-GAAP) | 12.47 | % | 10.63 | % | |||
Efficiency ratio (non-GAAP): | |||||||
Non-interest expense (GAAP) | $ | 163,784 | $ | 152,445 | |||
Less: Foreclosed property activity (GAAP) | 74 | (158 | ) | ||||
Intangible assets amortization (GAAP) | 1,055 | 1,554 | |||||
Other expense (non-GAAP) | 1,123 | 1,217 | |||||
Non-interest expense (non-GAAP) | $ | 161,532 | $ | 149,832 | |||
Net interest income (GAAP) | $ | 192,664 | $ | 176,152 | |||
Add: Tax-equivalent adjustment (non-GAAP) | 4,033 | 2,975 | |||||
Non-interest income (GAAP) | 63,042 | 62,374 | |||||
Less: Gain on sale of investment securities, net (GAAP) | — | 320 | |||||
Other (non-GAAP) | (391 | ) | (481 | ) | |||
Income (non-GAAP) | $ | 260,130 | $ | 241,662 | |||
Efficiency ratio (non-GAAP) | 62.10 | % | 62.00 | % |
Three months ended March 31, | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | |||||||||||
Assets | |||||||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans and leases | $ | 17,041,156 | $ | 168,729 | 3.97 | % | $ | 15,798,897 | $ | 150,536 | 3.79 | % | |||||
Securities (based upon historical amortized cost) | 7,071,274 | 52,851 | 2.98 | 6,895,407 | 53,012 | 3.07 | |||||||||||
FHLB and FRB stock | 182,211 | 1,687 | 3.76 | 188,347 | 1,417 | 3.03 | |||||||||||
Interest-bearing deposits | 68,157 | 130 | 0.77 | 57,337 | 72 | 0.49 | |||||||||||
Loans held for sale | 36,239 | 316 | 3.49 | 26,623 | 273 | 4.10 | |||||||||||
Total interest-earning assets | 24,399,037 | $ | 223,713 | 3.67 | % | 22,966,611 | $ | 205,310 | 3.56 | % | |||||||
Non-interest-earning assets | 1,642,732 | 1,822,608 | |||||||||||||||
Total Assets | $ | 26,041,769 | $ | 24,789,219 | |||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Demand deposits | $ | 3,935,232 | $ | — | — | % | $ | 3,665,928 | $ | — | — | % | |||||
Savings, checking & money market deposits | 14,060,535 | 7,780 | 0.22 | 12,761,677 | 6,615 | 0.21 | |||||||||||
Time deposits | 2,022,522 | 5,655 | 1.13 | 2,057,650 | 5,684 | 1.11 | |||||||||||
Total deposits | 20,018,289 | 13,435 | 0.27 | 18,485,255 | 12,299 | 0.27 | |||||||||||
Securities sold under agreements to repurchase and other borrowings | 905,239 | 3,540 | 1.56 | 1,048,997 | 4,173 | 1.57 | |||||||||||
FHLB advances | 2,136,804 | 7,493 | 1.40 | 2,337,746 | 7,247 | 1.23 | |||||||||||
Long-term debt | 225,541 | 2,548 | 4.52 | 226,191 | 2,464 | 4.36 | |||||||||||
Total borrowings | 3,267,584 | 13,581 | 1.66 | 3,612,934 | 13,884 | 1.52 | |||||||||||
Total interest-bearing liabilities | 23,285,873 | $ | 27,016 | 0.47 | % | 22,098,189 | $ | 26,183 | 0.47 | % | |||||||
Non-interest-bearing liabilities | 196,542 | 258,476 | |||||||||||||||
Total liabilities | 23,482,415 | 22,356,665 | |||||||||||||||
Preferred stock | 122,710 | 122,710 | |||||||||||||||
Common shareholders' equity | 2,436,644 | 2,309,844 | |||||||||||||||
Total shareholders' equity | 2,559,354 | 2,432,554 | |||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 26,041,769 | $ | 24,789,219 | |||||||||||||
Tax-equivalent net interest income | $ | 196,697 | $ | 179,127 | |||||||||||||
Less: Tax-equivalent adjustments | (4,033 | ) | (2,975 | ) | |||||||||||||
Net interest income | $ | 192,664 | $ | 176,152 | |||||||||||||
Net interest margin | 3.22 | % | 3.11 | % | |||||||||||||
• | the size and duration and credit risk of the investment portfolio; |
• | the size and duration of the wholesale funding portfolio; |
• | off-balance sheet interest rate contracts; and |
• | the pricing and structure of loans and deposits. |
• | net interest income increased $16.5 million, |
• | loan related fees increased $2.2 million, and |
• | provision for loan and lease loss decreased $5.1 million. |
• | compensation and benefits increased $7.6 million, and |
• | other income decreased $2.4 million million primarily as a result of a fair value adjustment in the contingent receivable recognized during the prior year period. |
Three months ended March 31, | |||||||||
2017 vs. 2016 Increase (decrease) due to | |||||||||
(In thousands) | Rate (1) | Volume | Total | ||||||
Interest on interest-earning assets: | |||||||||
Loans and leases | $ | 6,619 | $ | 11,575 | $ | 18,194 | |||
Loans held for sale | 1,275 | (1,232 | ) | 43 | |||||
Investments (2) | (1,295 | ) | 1,460 | 165 | |||||
Total interest income | $ | 6,599 | $ | 11,803 | $ | 18,402 | |||
Interest on interest-bearing liabilities: | |||||||||
Deposits | $ | 500 | $ | 635 | $ | 1,135 | |||
Borrowings | 775 | (1,078 | ) | (303 | ) | ||||
Total interest expense | $ | 1,275 | $ | (443 | ) | $ | 832 | ||
Net change in net interest income | $ | 5,324 | $ | 12,246 | $ | 17,570 |
(1) | The change attributable to mix, a combined impact of rate and volume, is included with the change due to rate. |
(2) | Investments include: Securities, FHLB and FRB stock, and Interest-bearing deposits. |
Three months ended March 31, | ||||||
(In thousands) | 2017 | 2016 | ||||
Interest rate swaps on repurchase agreements | $ | — | $ | 361 | ||
Interest rate swaps on FHLB advances | 1,768 | 2,177 | ||||
Interest rate swaps on senior fixed-rate notes | 76 | 76 | ||||
Interest rate swaps on brokered CDs and deposits | 195 | 195 | ||||
Net increase to interest expense on borrowings | $ | 2,039 | $ | 2,809 |
Three months ended March 31, | ||||||||||||
Increase (decrease) | ||||||||||||
(Dollars in thousands) | 2017 | 2016 | Amount | Percent | ||||||||
Deposit service fees | $ | 37,006 | $ | 34,925 | $ | 2,081 | 6.0 | % | ||||
Loan related fees | 7,208 | 5,044 | 2,164 | 42.9 | ||||||||
Wealth and investment services | 7,273 | 7,195 | 78 | 1.1 | ||||||||
Mortgage banking activities | 2,266 | 3,260 | (994 | ) | (30.5 | ) | ||||||
Increase in cash surrender value of life insurance policies | 3,575 | 3,653 | (78 | ) | (2.1 | ) | ||||||
Gain on sale of investment securities, net | — | 320 | (320 | ) | (100.0 | ) | ||||||
Impairment loss on securities | — | (149 | ) | 149 | 100.0 | |||||||
Other income | 5,714 | 8,126 | (2,412 | ) | (29.7 | ) | ||||||
Total non-interest income | $ | 63,042 | $ | 62,374 | $ | 668 | 1.1 | % |
Three months ended March 31, | ||||||||||||
Increase (decrease) | ||||||||||||
(Dollars in thousands) | 2017 | 2016 | Amount | Percent | ||||||||
Compensation and benefits | $ | 88,276 | $ | 80,710 | $ | 7,566 | 9.4 | % | ||||
Occupancy | 16,179 | 15,069 | 1,110 | 7.4 | ||||||||
Technology and equipment | 21,608 | 19,938 | 1,670 | 8.4 | ||||||||
Intangible assets amortization | 1,055 | 1,554 | (499 | ) | (32.1 | ) | ||||||
Marketing | 5,441 | 4,924 | 517 | 10.5 | ||||||||
Professional and outside services | 4,276 | 2,811 | 1,465 | 52.1 | ||||||||
Deposit insurance | 6,732 | 6,786 | (54 | ) | (0.8 | ) | ||||||
Other expense | 20,217 | 20,653 | (436 | ) | (2.1 | ) | ||||||
Total non-interest expense | $ | 163,784 | $ | 152,445 | $ | 11,339 | 7.4 | % |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Net income (loss): | |||||||
Commercial Banking | $ | 33,811 | $ | 23,541 | |||
Community Banking | 14,590 | 13,067 | |||||
HSA Bank | 11,018 | 10,425 | |||||
Private Banking | 335 | (108 | ) | ||||
Corporate and Reconciling | (283 | ) | 122 | ||||
Consolidated total | $ | 59,471 | $ | 47,047 |
At March 31, 2017 | ||||||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Private Banking | Corporate and Reconciling | Total | ||||||||||||
Total assets | $ | 8,773,531 | $ | 8,694,622 | $ | 81,944 | $ | 542,246 | $ | 7,910,573 | $ | 26,002,916 | ||||||
Loans and leases | 8,573,712 | 7,920,681 | 162 | 538,101 | 61,843 | 17,094,499 | ||||||||||||
Goodwill | — | 516,560 | 21,813 | — | — | 538,373 | ||||||||||||
Deposits | 3,674,777 | 11,155,693 | 4,793,734 | 242,887 | 374,566 | 20,241,657 | ||||||||||||
Not included in above amounts: | ||||||||||||||||||
Assets under administration/management | — | 3,078,175 | 992,375 | 1,854,538 | — | 5,925,088 | ||||||||||||
At December 31, 2016 | ||||||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Private Banking | Corporate and Reconciling | Total | ||||||||||||
Total assets | $ | 8,518,830 | $ | 8,655,789 | $ | 83,987 | $ | 550,615 | $ | 8,263,308 | $ | 26,072,529 | ||||||
Loans and leases | 8,519,001 | 7,894,582 | 125 | 547,904 | 64,976 | 17,026,588 | ||||||||||||
Goodwill | — | 516,560 | 21,813 | — | — | 538,373 | ||||||||||||
Deposits | 3,365,516 | 10,970,977 | 4,362,503 | 227,015 | 377,846 | 19,303,857 | ||||||||||||
Not included in above amounts: | ||||||||||||||||||
Assets under administration/management | — | 2,980,113 | 878,190 | 1,781,840 | — | 5,640,143 |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Net interest income | $ | 75,273 | $ | 65,422 | |||
Provision for loan and lease losses | 7,015 | 10,248 | |||||
Net interest income after provision | 68,258 | 55,174 | |||||
Non-interest income | 11,000 | 8,783 | |||||
Non-interest expense | 32,967 | 28,689 | |||||
Income before income taxes | 46,291 | 35,268 | |||||
Income tax expense | 12,480 | 11,727 | |||||
Net income | $ | 33,811 | $ | 23,541 |
(In thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Total assets | $ | 8,773,531 | $ | 8,518,830 | |||
Loans and leases | 8,573,712 | 8,519,001 | |||||
Deposits | 3,674,777 | 3,365,516 |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Net interest income | $ | 93,182 | $ | 90,056 | |||
Provision for loan and lease losses | 4,183 | 6,244 | |||||
Net interest income after provision | 88,999 | 83,812 | |||||
Non-interest income | 25,371 | 26,640 | |||||
Non-interest expense | 94,395 | 90,876 | |||||
Income before income taxes | 19,975 | 19,576 | |||||
Income tax expense | 5,385 | 6,509 | |||||
Net income | $ | 14,590 | $ | 13,067 |
(In thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Total assets | $ | 8,694,622 | $ | 8,655,789 | |||
Loans | 7,920,681 | 7,894,582 | |||||
Deposits | 11,155,693 | 10,970,977 | |||||
Not included in above amounts: | |||||||
Assets under administration | 3,078,175 | 2,980,113 |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Net interest income | $ | 24,052 | $ | 19,919 | |||
Non-interest income | 19,271 | 19,955 | |||||
Non-interest expense | 28,239 | 24,257 | |||||
Income before income taxes | 15,084 | 15,617 | |||||
Income tax expense | 4,066 | 5,192 | |||||
Net income | $ | 11,018 | $ | 10,425 |
(In thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Total assets | $ | 81,944 | $ | 83,987 | |||
Deposits | 4,793,734 | 4,362,503 | |||||
Not included in above amounts: | |||||||
Assets under administration | 992,375 | 878,190 |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Net interest income | $ | 2,974 | $ | 2,873 | |||
(Benefit) provision for loan and lease losses | (218 | ) | 29 | ||||
Net interest income after (benefit) provision | 3,192 | 2,844 | |||||
Non-interest income | 2,424 | 2,365 | |||||
Non-interest expense | 5,157 | 5,371 | |||||
Loss before income taxes | 459 | (162 | ) | ||||
Income tax benefit | 124 | (54 | ) | ||||
Net income (loss) | $ | 335 | $ | (108 | ) |
(In thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Total assets | $ | 542,246 | $ | 550,615 | |||
Loans | 538,101 | 547,904 | |||||
Deposits | 242,887 | 227,015 | |||||
Not included in above amounts: | |||||||
Assets under administration/management | 1,854,538 | 1,781,840 |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||||||||
(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: | |||||||||||||||||||||||||
U.S. Treasury Bills | $ | 1,854 | $ | — | $ | (1 | ) | $ | 1,853 | $ | 734 | $ | — | $ | — | $ | 734 | ||||||||
Agency CMO | 387,389 | 3,158 | (3,340 | ) | 387,207 | 419,865 | 3,344 | (3,503 | ) | 419,706 | |||||||||||||||
Agency MBS | 929,729 | 4,049 | (20,165 | ) | 913,613 | 969,460 | 4,398 | (19,509 | ) | 954,349 | |||||||||||||||
Agency CMBS | 604,335 | — | (17,220 | ) | 587,115 | 587,776 | 63 | (14,567 | ) | 573,272 | |||||||||||||||
CMBS | 497,579 | 3,472 | (313 | ) | 500,738 | 473,974 | 4,093 | (702 | ) | 477,365 | |||||||||||||||
CLO | 366,102 | 2,577 | (22 | ) | 368,657 | 425,083 | 2,826 | (519 | ) | 427,390 | |||||||||||||||
Single issuer trust preferred securities | 30,412 | 97 | (1,183 | ) | 29,326 | 30,381 | — | (1,748 | ) | 28,633 | |||||||||||||||
Corporate debt securities | 107,862 | 1,108 | (419 | ) | 108,551 | 108,490 | 1,502 | (350 | ) | 109,642 | |||||||||||||||
Securities available-for-sale | $ | 2,925,262 | $ | 14,461 | $ | (42,663 | ) | $ | 2,897,060 | $ | 3,015,763 | $ | 16,226 | $ | (40,898 | ) | $ | 2,991,091 | |||||||
Held-to-maturity: | |||||||||||||||||||||||||
Agency CMO | $ | 317,641 | $ | 1,678 | $ | (3,554 | ) | $ | 315,765 | $ | 339,455 | $ | 1,977 | $ | (3,824 | ) | $ | 337,608 | |||||||
Agency MBS | 2,330,163 | 23,784 | (43,325 | ) | 2,310,622 | 2,317,449 | 26,388 | (41,768 | ) | 2,302,069 | |||||||||||||||
Agency CMBS | 591,154 | 116 | (3,062 | ) | 588,208 | 547,726 | 694 | (1,348 | ) | 547,072 | |||||||||||||||
Municipal bonds and notes | 690,652 | 3,780 | (23,890 | ) | 670,542 | 655,813 | 4,389 | (25,749 | ) | 634,453 | |||||||||||||||
CMBS | 281,100 | 3,322 | (503 | ) | 283,919 | 298,538 | 4,107 | (411 | ) | 302,234 | |||||||||||||||
Private Label MBS | 1,340 | 7 | — | 1,347 | 1,677 | 12 | — | 1,689 | |||||||||||||||||
Securities held-to-maturity | $ | 4,212,050 | $ | 32,687 | $ | (74,334 | ) | $ | 4,170,403 | $ | 4,160,658 | $ | 37,567 | $ | (73,100 | ) | $ | 4,125,125 |
At March 31, 2017 | At December 31, 2016 | ||||||||
(Dollars in thousands) | Amount | % | Amount | % | |||||
Residential | $ | 4,268,028 | 25.0 | $ | 4,232,771 | 24.9 | |||
Consumer: | |||||||||
Home equity | 2,292,759 | 13.4 | 2,330,508 | 13.7 | |||||
Liquidating - home equity | 61,843 | 0.4 | 64,975 | 0.4 | |||||
Other consumer | 264,680 | 1.5 | 274,336 | 1.6 | |||||
Total consumer | 2,619,282 | 15.3 | 2,669,819 | 15.7 | |||||
Commercial: | |||||||||
Commercial non-mortgage | 4,187,006 | 24.5 | 4,151,740 | 24.4 | |||||
Asset-based | 850,360 | 5.0 | 808,836 | 4.8 | |||||
Total commercial | 5,037,366 | 29.5 | 4,960,576 | 29.1 | |||||
Commercial real estate: | |||||||||
Commercial real estate | 4,121,665 | 24.1 | 4,141,025 | 24.3 | |||||
Commercial construction | 413,913 | 2.4 | 375,041 | 2.2 | |||||
Total commercial real estate | 4,535,578 | 26.5 | 4,516,066 | 26.5 | |||||
Equipment financing | 614,556 | 3.6 | 630,040 | 3.7 | |||||
Net unamortized premiums | 11,628 | 0.1 | 9,402 | 0.1 | |||||
Net deferred fees | 8,061 | — | 7,914 | — | |||||
Total loans and leases | $ | 17,094,499 | 100.0 | $ | 17,026,588 | 100.0 |
At March 31, 2017 | At December 31, 2016 | ||||
Non-performing loans and leases as a percentage of loans and leases | 1.02 | % | 0.79 | % | |
Non-performing assets as a percentage of loans and leases plus OREO | 1.04 | 0.81 | |||
Non-performing assets as a percentage of total assets | 0.68 | 0.53 | |||
Loans and leases over 30 days past due and accruing income | 0.19 | 0.25 | |||
ALLL as a percentage of non-performing loans and leases | 114.54 | 144.98 | |||
ALLL as a percentage of loans and leases | 1.16 | 1.14 | |||
Net charge-offs as a percentage of average loans and leases (1) | 0.13 | 0.23 | |||
Ratio of ALLL to net charge-offs (1) | 8.71x | 5.25x |
(1) | Calculated for the March 31, 2017 period based on the year-to-date net charge-offs, annualized. |
At March 31, 2017 | At December 31, 2016 | ||||||||
(Dollars in thousands) | Amount (1) | % (2) | Amount (1) | % (2) | |||||
Residential | $ | 11,530 | 0.27 | $ | 11,202 | 0.26 | |||
Consumer: | |||||||||
Home equity | 10,687 | 0.47 | 13,484 | 0.58 | |||||
Liquidating - home equity | 697 | 1.13 | 1,094 | 1.68 | |||||
Other consumer | 3,378 | 1.28 | 3,715 | 1.35 | |||||
Commercial: | |||||||||
Commercial non-mortgage | 1,685 | 0.04 | 1,949 | 0.05 | |||||
Commercial real estate: | |||||||||
Commercial real estate | 2,072 | 0.05 | 8,173 | 0.20 | |||||
Equipment financing | 1,298 | 0.21 | 1,596 | 0.25 | |||||
Loans and leases past due 30-89 days | 31,347 | 0.18 | 41,213 | 0.24 | |||||
Residential | — | — | — | — | |||||
Commercial non-mortgage | 747 | 0.02 | 749 | 0.02 | |||||
Commercial Real Estate | — | — | — | — | |||||
Loans and leases past due 90 days and accruing | 747 | — | 749 | — | |||||
Total loans and leases over 30 days past due and accruing income | $ | 32,094 | 0.19 | $ | 41,962 | 0.25 | |||
Deferred costs and unamortized premiums | 51 | 86 | |||||||
Total | $ | 32,145 | $ | 42,048 |
(1) | Past due loan and lease balances exclude non-accrual loans and leases. |
(2) | Represents the principal balance of past due loans and leases as a percentage of the outstanding principal balance within the comparable loan and lease category. The percentage excludes the impact of deferred costs and unamortized premiums. |
At March 31, 2017 | At December 31, 2016 | ||||||||||
(Dollars in thousands) | Amount (1) | % (2) | Amount (1) | % (2) | |||||||
Residential | $ | 46,792 | 1.10 | % | $ | 47,201 | 1.12 | % | |||
Consumer: | |||||||||||
Home equity | 38,876 | 1.70 | 32,992 | 1.42 | |||||||
Liquidating - home equity | 3,178 | 5.14 | 2,883 | 4.44 | |||||||
Other consumer | — | — | 1,663 | 0.61 | |||||||
Total consumer | 42,054 | 1.61 | 37,538 | 1.41 | |||||||
Commercial: | |||||||||||
Commercial non-mortgage | 74,483 | 1.78 | 38,550 | 0.93 | |||||||
Asset-based loans | — | — | — | — | |||||||
Total commercial | 74,483 | 1.48 | 38,550 | 0.78 | |||||||
Commercial real estate: | |||||||||||
Commercial real estate | 9,793 | 0.24 | 9,859 | 0.24 | |||||||
Commercial construction | — | — | 662 | 0.18 | |||||||
Total commercial real estate | 9,793 | 0.22 | 10,521 | 0.23 | |||||||
Equipment financing | 703 | 0.11 | 225 | 0.04 | |||||||
Total non-performing loans and leases (3) | 173,825 | 1.02 | 134,035 | 0.79 | |||||||
Deferred costs and unamortized premiums | (80 | ) | (219 | ) | |||||||
Total recorded investment in non-performing loans and leases | $ | 173,745 | $ | 133,816 | |||||||
Total non-performing loans and leases | $ | 173,825 | $ | 134,035 | |||||||
Foreclosed and repossessed assets: | |||||||||||
Residential and consumer | 4,028 | 3,911 | |||||||||
Commercial and equipment financing | 82 | — | |||||||||
Total foreclosed and repossessed assets | $ | 4,110 | $ | 3,911 | |||||||
Total non-performing assets | $ | 177,935 | $ | 137,946 |
(1) | Balances by class exclude the impact of net deferred costs and unamortized premiums. |
(2) | Represents the principal balance of non-performing loans and leases as a percentage of the outstanding principal balance within the comparable loan and lease category. The percentage excludes the impact of deferred costs and unamortized premiums. |
(3) | Includes non-accrual restructured loans and leases of $81.0 million at March 31, 2017 and $75.7 million at December 31, 2016. |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Beginning balance | $ | 134,035 | $ | 139,941 | |||
Additions | 59,870 | 40,367 | |||||
Paydowns/draws | (13,058 | ) | (20,761 | ) | |||
Charge-offs | (5,614 | ) | (16,568 | ) | |||
Other reductions | (1,408 | ) | (2,257 | ) | |||
Ending balance | $ | 173,825 | $ | 140,722 |
Three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Beginning balance | $ | 223,528 | $ | 272,690 | |||
Additions | 8,160 | 19,697 | |||||
Paydowns/draws | (3,105 | ) | (22,198 | ) | |||
Charge-offs | (2,034 | ) | (11,608 | ) | |||
Transfers to OREO | (488 | ) | (921 | ) | |||
Ending balance | $ | 226,061 | $ | 257,660 |
(In thousands) | At March 31, 2017 | At December 31, 2016 | |||||
Accrual status | $ | 145,073 | $ | 147,809 | |||
Non-accrual status | 80,988 | 75,719 | |||||
Total recorded investment of TDRs | $ | 226,061 | $ | 223,528 | |||
Accruing TDRs performing under modified terms more than one year | 57.0 | % | 57.1 | % | |||
Specific reserves for TDRs included in the balance of ALLL | $ | 13,248 | $ | 14,583 | |||
Additional funds committed to borrowers in TDR status | 2,487 | 459 |
• | Impaired loans and leases are either analyzed on an individual or pooled basis and assessed for specific reserves based on collateral, cash flow, and probability of re-default specific to each loan or lease; |
• | Loans and leases with similar risk characteristics are segmented into homogeneous pools and modeled using quantitative methods. The commercial portfolio loss estimate is based on the expected loss methodology specifically, probability of default and loss given default. Changes in risk ratings and other risk factors, for both performing and non-performing loans and leases, will affect the calculation of the allowance. Residential and consumer portfolio loss estimates are based on roll rate models. Key assumptions that impact forecasted losses are refreshed at least annually. These include the LEP that determines the forecast horizon for each portfolio, and the LBP that determines the amount of historical data used to calculate probability of default, loss given default, and delinquency migration rates. Webster Bank considers other quantitative contributing factors for risks impacting the performance of loan portfolios that are not explicitly included in the quantitative models and may adjust loss estimates based on these factors. Contributing factors may include, but are not limited to, policy exceptions, collateral values, unemployment, and other changes in economic activity, and internal performance metrics; and |
• | Webster Bank also considers qualitative factors that are not explicitly factored in the quantitative models but that can have an incremental impact on losses incurred in the current loan and lease portfolio. Examples include policy exceptions, credit concentrations, and macro-economic trends. The quantitative and qualitative contributing factors are consistent with interagency regulatory guidance. |
At March 31, 2017 | At December 31, 2016 | ||||||||
(Dollars in thousands) | Amount | % (1) | Amount | % (1) | |||||
Residential | $ | 20,264 | 0.47 | $ | 23,226 | 0.55 | |||
Consumer | 45,408 | 1.72 | 45,233 | 1.68 | |||||
Commercial | 76,354 | 1.52 | 71,905 | 1.46 | |||||
Commercial real estate | 50,727 | 1.12 | 47,477 | 1.05 | |||||
Equipment financing | 6,354 | 1.03 | 6,479 | 1.02 | |||||
Total ALLL | $ | 199,107 | 1.16 | $ | 194,320 | 1.14 |
(1) | Percentage represents allocated ALLL to total loans and leases within the comparable category. However, the allocation of a portion of the ALLL to one category of loans and leases does not preclude its availability to absorb losses in other categories. |
At or for the three months ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Beginning balance | $ | 194,320 | $ | 174,990 | |||
Provision | 10,500 | 15,600 | |||||
Charge-offs: | |||||||
Residential | (732 | ) | (1,594 | ) | |||
Consumer | (6,474 | ) | (4,421 | ) | |||
Commercial | (123 | ) | (11,208 | ) | |||
Commercial real estate | (102 | ) | (1,526 | ) | |||
Equipment financing | (185 | ) | (151 | ) | |||
Total charge-offs | (7,616 | ) | (18,900 | ) | |||
Recoveries: | |||||||
Residential | 237 | 721 | |||||
Consumer | 1,323 | 1,214 | |||||
Commercial | 322 | 457 | |||||
Commercial real estate | 7 | 74 | |||||
Equipment financing | 14 | 45 | |||||
Total recoveries | 1,903 | 2,511 | |||||
Net charge-offs | (5,713 | ) | (16,389 | ) | |||
Ending balance | $ | 199,107 | $ | 174,201 |
Three months ended March 31, | |||||||||
2017 | 2016 | ||||||||
(Dollars in thousands) | Net Charge-offs (Recoveries) | Net Charge-off (Recovery)Rate (1) | Net Charge-offs | Net Charge-off Rate (1) | |||||
Residential | $ | 495 | 0.05% | $ | 873 | 0.09% | |||
Consumer | 5,151 | 0.77 | 3,207 | 0.47 | |||||
Commercial | (199 | ) | (0.02) | 10,751 | 0.99 | ||||
Commercial real estate | 95 | 0.01 | 1,452 | 0.14 | |||||
Equipment financing | 171 | 0.11 | 106 | 0.07 | |||||
Net charge-offs | $ | 5,713 | 0.13 | $ | 16,389 | 0.41 |
(1) | Total net charge-offs to total average loans and leases. Calculated based on period to date net charge-offs (recoveries), annualized. |
• | the size and duration of the investment portfolio, |
• | the size and duration of the wholesale funding portfolio, |
• | off-balance sheet interest rate contracts, and |
• | the pricing and structure of loans and deposits. |
NII | -200bp | -100bp | +100bp | +200bp |
March 31, 2017 | N/A | N/A | 2.8% | 5.4% |
December 31, 2016 | N/A | N/A | 2.4% | 4.7% |
PPNR | -200bp | -100bp | +100bp | +200bp |
March 31, 2017 | N/A | N/A | 3.7% | 7.5% |
December 31, 2016 | N/A | N/A | 2.9% | 6.3% |
Short End of the Yield Curve | Long End of the Yield Curve | ||||||||
NII | -100bp | -50bp | +50bp | +100bp | -100bp | -50bp | +50bp | +100bp | |
March 31, 2017 | N/A | (3.6)% | 1.5% | 2.9% | (4.1)% | (1.8)% | 1.4% | 2.6% | |
December 31, 2016 | N/A | N/A | 1.2% | 2.3% | (3.8)% | (1.6)% | 1.3% | 2.3% |
Short End of the Yield Curve | Long End of the Yield Curve | ||||||||
PPNR | -100bp | -50bp | +50bp | +100bp | -100bp | -50bp | +50bp | +100bp | |
March 31, 2017 | N/A | (6.1)% | 2.0% | 3.8% | (6.1)% | (2.5)% | 1.9% | 3.8% | |
December 31, 2016 | N/A | N/A | 1.4% | 2.7% | (5.6)% | (2.1)% | 1.7% | 3.7% |
Book Value | Estimated Economic Value | Estimated Economic Value Change | ||||||||
(Dollars in thousands) | -100 bp | +100 bp | ||||||||
March 31, 2017 | ||||||||||
Assets | $ | 26,002,916 | $ | 25,439,020 | N/A | $ | (636,268 | ) | ||
Liabilities | 23,442,558 | 22,510,126 | N/A | (554,999 | ) | |||||
Net | $ | 2,560,358 | $ | 2,928,894 | N/A | $ | (81,269 | ) | ||
Net change as % base net economic value | (2.8 | )% | ||||||||
December 31, 2016 | ||||||||||
Assets | $ | 26,072,529 | $ | 25,527,648 | N/A | $ | (633,934 | ) | ||
Liabilities | 23,545,517 | 22,650,967 | N/A | (555,854 | ) | |||||
Net | $ | 2,527,012 | $ | 2,876,681 | N/A | $ | (78,080 | ) | ||
Net change as % base net economic value | (2.7 | )% |
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 (1) | Total Number of Warrants Purchased (2) | Average Price Paid Per Warrant | ||||||||||
January 1-31, 2017 | 661 | $ | 54.28 | — | $ | 15,488,842 | — | $ | — | |||||||
February 1-28, 2017 | 117,549 | 55.94 | — | 15,488,842 | — | — | ||||||||||
March 1-31, 2017 | 43,737 | 54.44 | — | 15,488,842 | — | — | ||||||||||
Total | 161,947 | 55.53 | — | 15,488,842 | — | — |
(1) | On December 6, 2012, the Company announced that its Board of Directors had approved the current common stock repurchase program which authorizes management to repurchase, in open market or privately negotiated transactions, subject to market conditions and other factors, up to a maximum of $100 million of common stock, and will remain in effect until fully utilized or until modified, superseded, or terminated. |
(2) | On June 3, 2011, the Company announced that, with approval from its Board of Directors, it had repurchased a significant number of the warrants issued as part of Webster's participation in the U.S. Treasury's Capital Purchase Program in a public auction conducted on behalf of the U.S. Treasury. The Board approved plan provides for additional repurchases from time-to-time, as permitted by securities laws and other legal requirements. There remain 9,777 outstanding warrants to purchase a share (1:1) of the Company's common stock, which carry an exercise price of $18.28 per share and expire on November 21, 2018. |
WEBSTER FINANCIAL CORPORATION | ||||
Registrant | ||||
Date: May 5, 2017 | By: | /s/ James C. Smith | ||
James C. Smith | ||||
Chairman and Chief Executive Officer | ||||
Date: May 5, 2017 | By: | /s/ Glenn I. MacInnes | ||
Glenn I. MacInnes | ||||
Executive Vice President and | ||||
Chief Financial Officer | ||||
(Principal Financial Officer) | ||||
Date: May 5, 2017 | By: | /s/ Gregory S. Madar | ||
Gregory S. Madar | ||||
Senior Vice President and | ||||
Chief Accounting Officer | ||||
(Principal Accounting Officer) |
Exhibit Number | Exhibit Description | Filed Herewith | Incorporated by Reference | |||||||
Form | Exhibit | Filing Date | ||||||||
3 | Certificate of Incorporation and Bylaws. | |||||||||
3.1 | Fourth Amended and Restated Certificate of Incorporation | 10-Q | 3.1 | 8/9/2016 | ||||||
3.2 | Certificate of Designations establishing the rights of the Company's 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock | 8-K | 3.1 | 6/11/2008 | ||||||
3.3 | Certificate of Designations establishing the rights of the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series B | 8-K | 3.1 | 11/24/2008 | ||||||
3.4 | Certificate of Designations establishing the rights of the Company's Perpetual Participating Preferred Stock, Series C | 8-K | 3.1 | 7/31/2009 | ||||||
3.5 | Certificate of Designations establishing the rights of the Company's Non-Voting Perpetual Participating Preferred Stock, Series D | 8-K | 3.2 | 7/31/2009 | ||||||
3.6 | Certificate of Designations establishing the rights of the Company's 6.40% Series E Non-Cumulative Perpetual Preferred Stock | 8-A12B | 3.3 | 12/4/2012 | ||||||
3.7 | Bylaws, as amended effective June 9, 2014 | 8-K | 3.1 | 6/12/2014 | ||||||
10.1 | Non-Competition Agreement, dated as of April 3, 2017, between Webster Financial Corporation, and Daniel Bley | X | ||||||||
10.2 | Non-Competition Agreement, dated as of April 3, 2017, between Webster Financial Corporation, and John Ciulla | X | ||||||||
10.3 | Non-Competition Agreement, dated as of April 3, 2017, between Webster Financial Corporation, and Nitin Mhatre | X | ||||||||
10.4 | Non-Competition Agreement, dated as of April 3, 2017, between Webster Financial Corporation, and Christopher Motl | X | ||||||||
10.5 | Non-Competition Agreement, dated as of April 3, 2017, between Webster Financial Corporation, and Charles Wilkins | X | ||||||||
31.1 | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by the Chief Executive Officer. | X | ||||||||
31.2 | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by the Chief Financial Officer. | X | ||||||||
32.1 + | Written statement pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed by the Chief Executive Officer. | X | ||||||||
32.2 + | Written statement pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed by the Chief Financial Officer. | X | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embeded within the Inline XBRL document | |||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||
101.DEF | XBRL Taxonomy Extension Definitions Linkbase Document | X | ||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X |
/s/ Daniel Bley | |
EXECUTIVE | |
WEBSTER FINANCIAL CORPORATION | |
By: /s/ James C. Smith | |
Name: James C. Smith Title: Chairman and Chief Executive Office |
/s/ John Ciulla | |
EXECUTIVE | |
WEBSTER FINANCIAL CORPORATION | |
By: /s/ James C. Smith | |
Name: James C. Smith Title: Chairman and Chief Executive Office |
/s/ Nitin Mhatre | |
EXECUTIVE | |
WEBSTER FINANCIAL CORPORATION | |
By: /s/ James C. Smith | |
Name: James C. Smith Title: Chairman and Chief Executive Office |
/s/ Christopher Motl | |
EXECUTIVE | |
WEBSTER FINANCIAL CORPORATION | |
By: /s/ James C. Smith | |
Name: James C. Smith Title: Chairman and Chief Executive Office |
/s/ Charles Wilkins | |
EXECUTIVE | |
WEBSTER FINANCIAL CORPORATION | |
By: /s/ James C. Smith | |
Name: James C. Smith Title: Chairman and Chief Executive Office |
1. | I have reviewed this quarterly report on Form 10-Q of Webster Financial Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ James C. Smith |
James C. Smith |
Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Webster Financial Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Glenn I. MacInnes | |
Glenn I. MacInnes | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
(a) | the Form 10-Q Report of the Company for the quarter ended March 31, 2017 filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
(b) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ James C. Smith |
James C. Smith |
Chairman and Chief Executive Officer |
(a) | the Form 10-Q Report of the Company for the quarter ended March 31, 2017 filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
(b) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Glenn I. MacInnes | |
Glenn I. MacInnes Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 28, 2017 |
|
Document and Entity Information [Abstract] | ||
Document Period End Date | Mar. 31, 2017 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Registrant Name | WEBSTER FINANCIAL CORPORATION | |
Entity Common Stock, Shares Outstanding | 92,204,805 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | WBS | |
Entity Central Index Key | 0000801337 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Securities held-to-maturity ,fair value | $ 4,170,403 | $ 4,125,125 |
Originated loans held for sale | $ 28,698 | $ 60,260 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 5,060 | 5,060 |
Preferred stock, shares outstanding (in shares) | 5,060 | 5,060 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 93,679,599 | 93,651,601 |
Treasury stock ,shares (in shares) | 1,697,934 | 1,899,502 |
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Interest Income: | ||
Interest and fees on loans and leases | $ 167,808 | $ 149,808 |
Taxable interest and dividends on securities | 45,940 | 48,039 |
Non-taxable interest on securities | 5,616 | 4,215 |
Loans held for sale | 316 | 273 |
Total interest income | 219,680 | 202,335 |
Interest Expense: | ||
Deposits | 13,435 | 12,299 |
Securities sold under agreements to repurchase and other borrowings | 3,540 | 4,173 |
Federal Home Loan Bank advances | 7,493 | 7,247 |
Long-term debt | 2,548 | 2,464 |
Total interest expense | 27,016 | 26,183 |
Net interest income | 192,664 | 176,152 |
Provision for loan and lease losses | 10,500 | 15,600 |
Net interest income after provision for loan and lease losses | 182,164 | 160,552 |
Non-interest Income: | ||
Deposit service fees | 37,006 | 34,925 |
Loan and lease related fees | 7,208 | 5,044 |
Wealth and investment services | 7,273 | 7,195 |
Mortgage banking activities | 2,266 | 3,260 |
Increase in cash surrender value of life insurance policies | 3,575 | 3,653 |
Gain on sale of investment securities, net | 0 | 320 |
Impairment loss on securities recognized in earnings | 0 | (149) |
Other income | 5,714 | 8,126 |
Total non-interest income | 63,042 | 62,374 |
Non-interest Expense: | ||
Compensation and benefits | 88,276 | 80,710 |
Occupancy | 16,179 | 15,069 |
Technology and equipment | 21,608 | 19,938 |
Intangible assets amortization | 1,055 | 1,554 |
Marketing | 5,441 | 4,924 |
Professional and outside services | 4,276 | 2,811 |
Deposit insurance | 6,732 | 6,786 |
Other expense | 20,217 | 20,653 |
Total non-interest expense | 163,784 | 152,445 |
Income (loss) before income tax expense | 81,422 | 70,481 |
Income tax expense | 21,951 | 23,434 |
Net of tax | 59,471 | 47,047 |
Preferred stock dividends and other | (2,129) | (2,126) |
Earnings applicable to common shareholders | $ 57,342 | $ 44,921 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.62 | $ 0.49 |
Diluted (in dollars per share) | $ 0.62 | $ 0.49 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 59,471 | $ 47,047 |
Other comprehensive (loss) income, net of tax: | ||
Total available-for-sale and transferred securities | (2,225) | 7,505 |
Total derivative instruments | 1,159 | (952) |
Total defined benefit pension and other postretirement benefit plans | 1,032 | 1,156 |
Other comprehensive (loss) income, net of tax | (34) | 7,709 |
Comprehensive income | $ 59,437 | $ 54,756 |
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Series E Preferred Stock [Member] |
Preferred Stock [Member] |
Common Stock [Member] |
Paid-In Capital [Member] |
Retained Earnings [Member] |
Retained Earnings [Member]
Series E Preferred Stock [Member]
|
Treasury Stock, at cost [Member] |
Accumulated Other Comprehensive Loss, Net of Tax [Member] |
---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2015 | $ 2,413,960 | $ 122,710 | $ 937 | $ 1,124,325 | $ 1,315,948 | $ (71,854) | $ (78,106) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 47,047 | 47,047 | |||||||
Other comprehensive loss, net of tax | 7,709 | 7,709 | |||||||
Dividends and dividend equivalents declared on common stock $0.25 and $0.23 per share during the 3 months ended March 31, 2017 and 2016, respectively | (21,139) | 32 | (21,171) | ||||||
Dividends on Series E preferred stock $400.00 per share for the 3 months ended March 31, 2017 and 2016 | $ (2,024) | $ (2,024) | |||||||
Stock-based compensation, net of tax impact | 4,725 | 2,138 | (51) | 2,638 | |||||
Exercise of stock options | 302 | (407) | 709 | ||||||
Common shares acquired related to stock compensation plan activity | (4,425) | (4,425) | |||||||
Common stock repurchase program | (11,206) | (11,206) | |||||||
Common stock warrants repurchased | (163) | (163) | |||||||
Ending Balance at Mar. 31, 2016 | 2,434,786 | 122,710 | 937 | 1,125,925 | 1,339,749 | (84,138) | (70,397) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Fair Value | 4,125,125 | ||||||||
Beginning Balance at Dec. 31, 2016 | 2,527,012 | 122,710 | 937 | 1,125,937 | 1,425,320 | (70,899) | (76,993) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 59,471 | 59,471 | |||||||
Other comprehensive loss, net of tax | (34) | (34) | |||||||
Dividends and dividend equivalents declared on common stock $0.25 and $0.23 per share during the 3 months ended March 31, 2017 and 2016, respectively | (23,094) | 39 | (23,133) | ||||||
Dividends on Series E preferred stock $400.00 per share for the 3 months ended March 31, 2017 and 2016 | $ (2,024) | $ (2,024) | |||||||
Stock Issued During Period, Value, New Issues | 0 | ||||||||
Stock-based compensation, net of tax impact | 5,226 | 0 | 392 | 4,834 | |||||
Exercise of stock options | 2,793 | (1,076) | 3,869 | ||||||
Common shares acquired related to stock compensation plan activity | (8,992) | (8,992) | |||||||
Common stock repurchase program | 0 | 0 | |||||||
Common stock warrants repurchased | 0 | 0 | |||||||
Ending Balance at Mar. 31, 2017 | 2,560,358 | $ 122,710 | $ 937 | $ 1,124,900 | $ 1,460,026 | $ (71,188) | $ (77,027) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Fair Value | $ 4,170,403 |
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
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Mar. 31, 2017 |
Mar. 31, 2016 |
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Dividends on common stock and dividend equivalents declared (in dollars per share) | $ 0.25 | $ 0.23 |
Series E Preferred Stock [Member] | ||
Dividends on preferred stock (in dollars per share) | $ 400 | $ 400 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2017 |
Mar. 31, 2016 |
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Operating Activities: | ||
Net income | $ 59,471 | $ 47,047 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan and lease losses | 10,500 | 15,600 |
Deferred tax expense | 7,548 | 16,847 |
Depreciation and amortization | 9,637 | 8,921 |
Amortization of earning assets and funding, premiums/discounts, net | 13,619 | 12,215 |
Stock-based compensation | 3,318 | 2,783 |
Gain on sale, net of write-down, on foreclosed and repossessed assets | (74) | (378) |
Write-down on premises and equipment | 530 | 288 |
Impairment loss on securities recognized in earnings | 0 | 149 |
Gain on the sale of investment securities, net | 0 | (320) |
Life Insurance, Corporate or Bank Owned, Change in Value | 3,575 | 3,653 |
Mortgage banking activities | (2,266) | (3,260) |
Proceeds from sale of loans held for sale | 106,620 | 85,161 |
Origination of loans held for sale | (72,984) | (73,491) |
Net decrease (increase) in derivative contract assets net of liabilities | 15,832 | (77,358) |
Net increase in accrued interest receivable and other assets | (6,673) | (24,866) |
Net increase in accrued expenses and other liabilities | 2,590 | 8,267 |
Net cash provided by operating activities | 144,093 | 13,952 |
Investing Activities: | ||
Net (increase) decrease in interest-bearing deposits | (8,689) | 128,102 |
Purchases of available for sale securities | (52,031) | (190,431) |
Proceeds from maturities and principal payments of available for sale securities | 160,350 | 125,534 |
Proceeds from sales of available for sale securities | 0 | 43,211 |
Purchases of held-to-maturity securities | (234,477) | (222,906) |
Proceeds from maturities and principal payments of held-to-maturity securities | 175,881 | 126,999 |
Net proceeds of Federal Home Loan Bank stock | 31,089 | 0 |
Payments for (Proceeds from) Other Investing Activities | (563) | 1,294 |
Net increase in loans | (76,329) | (215,546) |
Proceeds from loans not originated for sale | 7,445 | 8,247 |
Proceeds from the sale of foreclosed and repossessed assets | 1,285 | 1,983 |
Additions to premises and equipment | (7,232) | (12,441) |
Proceeds from redemption of other assets | 7,581 | 0 |
Net cash provided by (used for) investing activities | 5,436 | (208,542) |
Financing Activities: | ||
Net increase in deposits | 937,040 | 771,797 |
Proceeds from Federal Home Loan Bank advances | 3,875,000 | 4,545,000 |
Repayments of Federal Home Loan Bank advances | (4,795,073) | (4,846,005) |
Net decrease in securities sold under agreements to repurchase and other borrowings | (141,953) | (241,251) |
Dividends paid to common shareholders | (22,939) | (20,913) |
Dividends paid to preferred shareholders | (2,024) | (2,024) |
Exercise of stock options | 2,793 | 302 |
Excess tax benefits from stock-based compensation | 0 | 1,959 |
Common Stock Issued | 0 | 0 |
Common stock repurchase program | 0 | (11,206) |
Common shares purchased related to stock compensation plan activity | (8,992) | (4,425) |
Common stock warrants repurchased | 0 | (163) |
Net cash (used for) provided by financing activities | (156,148) | 193,071 |
Net decrease in cash and due from banks | (6,619) | (1,519) |
Cash and due from banks at beginning of period | 190,663 | 199,693 |
Cash and due from banks at end of period | 184,044 | 198,174 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 26,797 | 28,301 |
Income taxes paid | 5,386 | 6,248 |
Noncash investing and financing activities: | ||
Real Estate Owned, Transfer to Real Estate Owned | 1,410 | 1,640 |
Transfer of loans from portfolio to loans-held-for-sale | $ 0 | $ 11,186 |
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||
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Mar. 31, 2017 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations Webster Financial Corporation is a bank holding company and financial holding company under the Bank Holding Company Act, incorporated under the laws of Delaware in 1986 and headquartered in Waterbury, Connecticut. At March 31, 2017, Webster Financial Corporation's principal asset is all of the outstanding capital stock of Webster Bank. Webster delivers financial services to individuals, families, and businesses primarily within its regional footprint from New York to Massachusetts. Webster provides business and consumer banking, mortgage lending, financial planning, trust, and investment services through banking offices, ATMs, mobile banking, and its internet website (www.websterbank.com or www.wbst.com). Webster also offers equipment financing, commercial real estate lending, and asset-based lending primarily across the Northeast. On a nationwide basis, through its HSA Bank division, Webster Bank offers and administers health savings accounts, flexible spending accounts, health reimbursement accounts, and commuter benefits. Basis of Presentation The accounting and reporting policies of the Company that materially affect its financial statements conform with GAAP. The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in conformity with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements and should be read in conjunction with the Company's Consolidated Financial Statements, and notes thereto, for the year ended December 31, 2016, included in the Company's Annual Report on Form 10-K filed with the SEC on March 1, 2017. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as income and expense during the period. Actual results could differ from those estimates. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the full year or any future period. Certain prior period amounts have been reclassified to conform to the current year's presentation. These reclassifications had an immaterial effect on total assets, total liabilities and shareholders' equity, non-interest income, non-interest expense, net cash provided by operating activities, and net cash used for investing activities. Significant Accounting Policy Updates Centrally Cleared Derivatives Effective during the first quarter of 2016, the Company offset the variation margin pertaining to derivatives reported on a net basis, subject to a legally enforceable master netting arrangement, with the same counterparty against the net derivative position on the Company's balance sheets. The Chicago Mercantile Exchange have amended their rulebooks to legally characterize variation margin payments for over-the-counter derivatives that clear, as settlements rather than collateral, effective January 3, 2017. The Company has updated its significant accounting policies to classify variation margins deemed to be legal settlements as a single unit of account with the derivative for accounting and presentation purposes. The policy update does not result in a change in the presentation of the Company's balance sheets as the Company previously offset the variation margin pertaining to derivatives reporting on a net basis, subject to a legally enforceable master netting arrangement, with the same counterparty against the net derivative position. Accounting Standards Adopted during 2017 Effective January 1, 2017, the following new accounting guidance was adopted by the Company: ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share Based Payment Accounting The Update impacted the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Update requires the Company to recognize the income tax effects of awards in the income statement on a prospective basis when the awards vest or are settled, compared to within additional paid-in capital. As a result, applicable excess tax benefits and tax deficiencies are recorded as an income tax benefit or expense, respectively. The Company elected to present the classification on the statement of cash flows on a prospective basis to better align this presentation with the income tax effects. The adoption of the Update resulted in the recognition of an income tax benefit of $4.8 million during the first quarter of 2017, compared with $1.9 million recognized in additional paid-in capital during the first quarter of 2016. The impact of the Update will vary from period to period based on the Company's stock price and the quantity of shares that vest or are settled within a period. The Update also requires the Company to elect the accounting for forfeitures of share-based payments by either (i) recognizing forfeitures of awards as they occur or (ii) estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as is currently required. The Company elected to account for forfeitures of share-based payments by estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, which is in accordance with the Company's previous accounting practices. The adoption of this accounting standard did not have a material impact on the Company's financial statements. ASU No. 2016-06, Derivatives and Hedging (Topic 815) - Contingent Put and Call Options in Debt Instruments. The Update clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. The Update requires the assessment of embedded call (put) options solely in accordance with the four-step decision sequence. The Update clarified Companies are not required to assess whether the event triggering the ability to exercise the call/put option was also clearly and closely related. The adoption of this accounting standard did not have a material impact on the Company's financial statements, as the Company does not performed the additional step of assessing whether the event triggering the ability to exercise the call/put option was clearly and closely related, which was deemed not required by the Update. Accounting Standards Issued but not yet Adopted The following list identifies ASUs applicable to the Company that have been issued by the FASB but are not yet effective: ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. The Update eliminates Step 2 from the goodwill impairment analysis. Step 2, requires the Company to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities). Under current guidance, Step 2 testing would be performed only if Step 1 testing indicated the fair value of the reporting unit is below the reporting unit’s carrying amount. Once effective the Update will require the Company to record an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, eliminating the step 2 requirements. The Company intends to adopt the Update for the first quarter of 2020. Adoption is not anticipated to have a material impact on the Company's financial statements. ASU No. 2017-7, Compensation - Retirement Benefits (Topic 715) - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The Update requires the Company to disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the Update requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The new guidance will be applied on a retrospective basis. The Company intends to adopt the Update for the first quarter of 2018. Adoption is not anticipated to have a material impact on the Company's financial statements. ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) Premium Amortization on Purchased Callable Debt Securities. The Update is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities. Specifically, the Update shortens the amortization period for certain investments in callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. The Update is being issued in response to concerns from stakeholders that, current GAAP excludes certain callable debt securities from consideration of early repayment of principal even if the holder is certain that the call will be exercised. The Update, upon adoption, is expected to accelerate the Company’s recognition of premium amortization on debt securities held within the portfolio. The amendments in the Update will be applied on a modified retrospective basis through a cumulative-effect adjustment directly through retained earnings upon adoption. Management is in the process of evaluating the full impact of adopting the Update including, but not limited to the following:
The Update is effective for the first quarter of 2019, early adoption is permitted. The Company is evaluating the potential to early adopt the Update. ASU No. 2016-16, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The Update addresses the following eight issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The Company intends to adopt the Update for the first quarter of 2019. Adoption is not anticipated to have a material impact on the Company's financial statements. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments. Current GAAP requires an "incurred loss" methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. Both financial institutions and users of their financial statements expressed concern that current GAAP restricts the ability to record credit losses that are expected, but do not yet meet the "probable" threshold. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Change from an "incurred loss" method to an "expected loss" method represents a fundamental shift from existing GAAP, and may result in material changes to the Company's accounting for credit losses on financial instruments. The Company is evaluating the effect that this ASU will have on its financial statements and related disclosures. The ASU will be effective for the Company as of January 1, 2020. ASU No. 2016-02, Leases (Topic 842). The Update introduces a lessee model that brings most leases on the balance sheet. The Update also aligns certain of the underlying principles of the new lessor model with those in ASC 606 "Revenue from Contracts with Customers", the FASB’s new revenue recognition standard (e.g., evaluating how collectability should be considered and determining when profit can be recognized). Furthermore, the Update addresses other concerns including the elimination of the required use of bright-line tests for determining lease classification. Lessors are required to provide additional transparency into the exposure to the changes in value of their residual assets and how they manage that exposure. The Company intends to adopt the Update for the first quarter of 2019 and is in the process of assessing the impact on its financial statements. ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. Equity investments not accounted for under the equity method or those that do not result in consolidation of the investee are to be measured at fair value with changes in the fair value recognized through net income. Entities are to present separately in other comprehensive income, the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when an election to measure the liability at fair value in accordance with the fair value option for financial instruments has been made. Also, the requirement to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet has been eliminated. The Company intends to adopt the Update for the first quarter of 2018 and is in the process of assessing the impact on its financial statements. ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606). A single comprehensive model has been established for an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, and will supersede nearly all existing revenue recognition guidance, and clarify and converge revenue recognition principles under GAAP and International Financial Reporting Standards. The five steps to recognizing revenue: (i) identify the contracts with the customer; (ii) identify the separate performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the separate performance obligations; and (v) recognize revenue when each performance obligation is satisfied. The Company has performed a scoping analysis for revenue account balances. The Update is expected to have limited to no impact on the Company's total interest income. The Update impacts the Company's wealth and investment services, administrative services for customer deposit accounts, interchange fees, sale of of owned real estate properties. The extent of the Update on these revenue lines is being evaluated by the Company. An entity may elect either a full retrospective or a modified retrospective application. ASU No. 2015-14 - Revenue from Contracts with Customers (Topic 606), defers the effective date to annual and interim periods beginning after December 15, 2017. The Company intends to adopt the Update for the first quarter of 2018. Adoption is not anticipated to have a material impact on the Company's financial statements.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities A summary of the amortized cost and fair value of investment securities is presented below:
Other-Than-Temporary Impairment The balance of OTTI, included in the amortized cost columns above, is related to certain CLO positions that were previously considered Covered Funds as defined by Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule. The Company has taken measures to bring its CLO positions into conformance with the Volcker Rule. To the extent that changes occur in interest rates, credit movements, and other factors that impact fair value and expected recovery of amortized cost of its investment securities, the Company may, in future periods, be required to recognize OTTI in earnings. The following table presents the changes in OTTI:
Fair Value and Unrealized Losses The following tables provide information on fair value and unrealized losses for the individual securities with an unrealized loss, aggregated by investment security type and length of time that the individual securities have been in a continuous unrealized loss position:
Impairment Analysis The following impairment analysis by investment security type, summarizes the basis for evaluating if investment securities within the Company’s available-for-sale and held-to-maturity portfolios have been impacted by OTTI. Unless otherwise noted for an investment security type, management does not intend to sell these investments and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell these securities before the recovery of their amortized cost. As such, based on the following impairment analysis, the Company does not consider these securities, in unrealized loss positions, to be other-than-temporarily impaired at March 31, 2017. Available-for-Sale Securities Agency CMO. There were unrealized losses of $3.3 million on the Company’s investment in Agency CMO at March 31, 2017, compared to $3.5 million at December 31, 2016. Unrealized losses and market rates were approximately the same at March 31, 2017 compared to December 31, 2016. These investments are issued by a government agency or a government-sponsored agency and, therefore, are backed by certain government guarantees, either direct or indirect. The contractual cash flows for these investments are performing as expected, and there has been no change in the underlying credit quality. Agency MBS. There were unrealized losses of $20.2 million on the Company’s investment in Agency MBS at March 31, 2017, compared to $19.5 million at December 31, 2016. Unrealized losses and market rates were approximately the same at March 31, 2017 compared to December 31, 2016. These investments are issued by a government agency or a government-sponsored agency and, therefore, are backed by certain government guarantees, either direct or indirect. The contractual cash flows for these investments are performing as expected, and there has been no change in the underlying credit quality. Agency CMBS. There were unrealized losses of $17.2 million on the Company's investment in commercial mortgage-backed securities issued by government agencies at March 31, 2017, compared to $14.6 million at December 31, 2016. Unrealized losses increased due to higher spreads for this asset class which resulted in lower security prices since December 31, 2016. These investments are issued by a government agency or a government-sponsored agency and, therefore, are backed by certain government guarantees, either direct or indirect. The contractual cash flows for these investments are performing as expected, and there has been no change in the underlying credit quality. CMBS. There were unrealized losses of $0.3 million on the Company’s investment in CMBS at March 31, 2017, compared to $0.7 million at December 31, 2016. The portfolio of mainly floating rate CMBS experienced decreased market spreads which resulted in higher market prices and smaller unrealized losses at March 31, 2017 compared to December 31, 2016. Internal and external metrics are considered when evaluating potential OTTI. Internal stress tests are performed on individual bonds to monitor potential losses under stress scenarios. Contractual cash flows for these investments are performing as expected. CLO. There were unrealized losses of $22 thousand on the Company's investment in CLO at March 31, 2017, compared to $0.5 million at December 31, 2016. Unrealized losses decreased due to lower market spreads for the CLO portfolio at March 31, 2017 compared to December 31, 2016. Contractual cash flows for these investments are performing as expected. Single Issuer Trust Preferred Securities. There were unrealized losses of $1.2 million on the Company's investment in single issuer trust preferred securities at March 31, 2017, compared to $1.7 million at December 31, 2016. Unrealized losses decreased due to lower market spreads for this asset class, which resulted in higher security prices compared to December 31, 2016. The single issuer trust preferred securities portfolio consists of four floating rate investments issued by three large capitalization money center financial institutions, which continue to service the debt. The Company performs periodic credit reviews of the issuer to assess the likelihood for ultimate recovery of amortized cost. Corporate debt securities. There were $0.4 million unrealized losses on the Company's corporate debt securities at March 31, 2017 and December 31, 2016. The Company performs periodic credit reviews of the issuer to assess the likelihood for ultimate recovery of amortized cost. Held-to-Maturity Securities Agency CMO. There were unrealized losses of $3.6 million on the Company’s investment in Agency CMO at March 31, 2017 compared to $3.8 million at December 31, 2016. Unrealized losses and market rates were approximately the same at March 31, 2017 compared to December 31, 2016. These investments are issued by a government agency or a government-sponsored agency and, therefore, are backed by certain government guarantees, either direct or indirect. The contractual cash flows for these investments are performing as expected, and there has been no change in the underlying credit quality. Agency MBS. There were unrealized losses of $43.3 million on the Company’s investment in Agency MBS at March 31, 2017, compared to $41.8 million at December 31, 2016. Unrealized losses and market rates were approximately the same at March 31, 2017 compared to December 31, 2016. These investments are issued by a government agency or a government-sponsored agency and, therefore, are backed by certain government guarantees, either direct or indirect. There has been no change in the underlying credit quality, and the contractual cash flows are performing as expected. Agency CMBS. There were unrealized losses of $3.1 million on the Company's investment in commercial mortgage-backed securities issued by government agencies at March 31, 2017, compared to $1.3 million at December 31, 2016. Unrealized losses increased due to higher spreads for this asset class which resulted in lower security prices since December 31, 2016. Municipal Bonds and Notes. There were unrealized losses of $23.9 million on the Company’s investment in municipal bonds and notes at March 31, 2017, compared to $25.7 million at December 31, 2016. Unrealized losses decreased due to lower market rates which resulted in higher security prices at March 31, 2017. The Company performs periodic credit reviews of the issuers and the securities are currently performing as expected. CMBS. There were unrealized losses of $0.5 million on the Company’s investment in CMBS at March 31, 2017, compared to $0.4 million at December 31, 2016. Unrealized losses were approximately the same on the portfolio comprised mainly of seasoned fixed rate conduit transactions at March 31, 2017 compared to December 31, 2016. Internal and external metrics are considered when evaluating potential OTTI. Internal stress tests are performed on individual bonds to monitor potential losses under stress scenarios. The contractual cash flows for these investments are performing as expected. Sales of Available-for Sale Securities The following table provides information on sales of available-for-sale securities:
Contractual Maturities The amortized cost and fair value of debt securities by contractual maturity are set forth below:
For the maturity schedule above, mortgage-backed securities and CLO, which are not due at a single maturity date, have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this maturity date presentation as borrowers have the right to prepay obligations with or without prepayment penalties. At March 31, 2017, the Company had a carrying value of $1.3 billion in callable securities in its CMBS, CLO, and municipal bond portfolios. The Company considers prepayment risk in the evaluation of its interest rate risk profile. These maturities do not reflect actual durations which are impacted by prepayments. Securities with a carrying value totaling $2.7 billion at March 31, 2017 and $2.5 billion at December 31, 2016 were pledged to secure public funds, trust deposits, repurchase agreements, and for other purposes, as required or permitted by law.
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Variable Interest Entities |
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Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Company has an investment interest in several entities that meet the definition of a VIE. Under accounting policy guidelines, one of these entities is consolidated. The following discussion provides information about the Company's VIEs. Consolidated Rabbi Trust. The Company established a Rabbi Trust to meet the obligations due under its Deferred Compensation Plan for Directors and Officers and to mitigate the expense volatility of the aforementioned plan. The funding of the Rabbi Trust and the discontinuation of the Deferred Compensation Plan for Directors and Officers occurred during 2012. Investments held in the Rabbi Trust primarily consist of mutual funds that invest in equity and fixed income securities. The Company is considered the primary beneficiary of the Rabbi Trust as it has the power to direct the activities of the Rabbi Trust that significantly affect the VIE's economic performance and it has the obligation to absorb losses of the VIE that could potentially be significant to the VIE. The Company consolidates the invested assets of the trust along with the total deferred compensation obligations and includes them in accrued interest receivable and other assets and accrued expenses and other liabilities, respectively, in the accompanying Condensed Consolidated Balance Sheets. Earnings in the Rabbi Trust, including appreciation or depreciation, are reflected as other non-interest income, and changes in the corresponding liability are reflected as compensation and benefits, in the accompanying Condensed Consolidated Statements of Income. Non-Consolidated Securitized Investments. The Company, through normal investment activities, makes passive investments in securities issued by VIEs for which Webster is not the manager. The securities consist of Agency CMO, Agency MBS, Agency CMBS, CLO and single issuer trust preferred securities. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investment securities, the Company determined it is not the primary beneficiary due to the relative size of its investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and its inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss is limited to the amount of its investment in the VIEs. Refer to Note 2: Investment Securities for additional information. Tax Credit - Finance Investments. The Company makes equity investments in entities that finance affordable housing and other community development projects and provide a return primarily through the realization of tax benefits. In most instances the investments require the funding of capital commitments in the future. While the Company's investment in an entity may exceed 50% of its outstanding equity interests, the entity is not consolidated as Webster is not involved in its management. For these investments, the Company determined it is not the primary beneficiary due to its inability to direct the activities that most significantly impact the economic performance of the VIEs. At March 31, 2017 and December 31, 2016, the aggregate carrying value of the Company's tax credit-finance investments were$20.0 million and $22.8 million, respectively. At March 31, 2017 and December 31, 2016, unfunded commitments have been recognized, and are included in accrued expenses and other liabilities in the accompanying Condensed Consolidated Balance Sheets, totaling $12.4 million and $14.0 million, respectively. Webster Statutory Trust. The Company owns all of the outstanding common stock of Webster Statutory Trust, which is a financial vehicle that has issued, and may issue in the future, trust preferred securities. The trust is a VIE in which the Company is not the primary beneficiary and therefore, is not consolidated. The trust's only assets are junior subordinated debentures issued by the Company, which were acquired by the trust using the proceeds from the issuance of the trust preferred securities and common stock. The junior subordinated debentures are included in long-term debt in the accompanying Condensed Consolidated Balance Sheets, and the related interest expense is reported as interest expense on long-term debt in the accompanying Condensed Consolidated Statements of Income. Other Investments. The Company invests in various alternative investments in which it holds a variable interest. Alternative investments are non-public entities which cannot be redeemed since the Company’s investment is distributed as the underlying equity is liquidated. For these investments, the Company has determined it is not the primary beneficiary due to its inability to direct the activities that most significantly impact the economic performance of the VIEs. At March 31, 2017 and December 31, 2016, the aggregate carrying value of the Company's other investments in VIEs were $11.8 million and $12.3 million, respectively, and the total exposure of the Company's other investments in VIEs, including unfunded commitments, were $21.5 million and $19.9 million, respectively. The Company's equity interests in Tax Credit-Finance Investments, Webster Statutory Trust, and Other Investments are included in accrued interest receivable and other assets in the accompanying Condensed Consolidated Balance Sheets. For a further description of the Company's accounting policies regarding the consolidation of a VIE, refer to Note 1 to the Consolidated Financial Statements for the year ended December 31, 2016 included in its 2016 Form 10-K.
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Loans and Leases |
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases The following table summarizes loans and leases:
Loans and Leases Portfolio Aging The following tables summarize the aging of loans and leases:
Interest on non-accrual loans and leases that would have been recorded as additional interest income for the three months ended March 31, 2017 and 2016, had the loans and leases been current in accordance with their original terms, totaled $3.1 million and $3.0 million, respectively. Allowance for Loan and Lease Losses The following tables summarize the activity in, as well as the loan and lease balances that were evaluated for, the ALLL:
Impaired Loans and Leases The following tables summarize impaired loans and leases:
The following table summarizes the average recorded investment and interest income recognized for impaired loans and leases:
Credit Quality Indicators. To measure credit risk for the commercial, commercial real estate, and equipment financing portfolios, the Company employs a dual grade credit risk grading system for estimating the probability of borrower default and the loss given default. The credit risk grade system assigns a rating to each borrower and to the facility, which together form a Composite Credit Risk Profile. The credit risk grade system categorizes borrowers by common financial characteristics that measure the credit strength of borrowers and facilities by common structural characteristics. The Composite Credit Risk Profile has 10 grades, with each grade corresponding to a progressively greater risk of default. Grades 1 through 6 are considered pass ratings, and 7 through 10 are considered criticized, as defined by the regulatory agencies. Risk ratings, assigned to differentiate risk within the portfolio, are reviewed on an ongoing basis and revised to reflect changes in a borrower's current financial position and outlook, risk profile, and the related collateral and structural position. Loan officers review updated financial information on at least an annual basis for all pass rated loans to assess the accuracy of the risk grade. Criticized loans undergo more frequent reviews and enhanced monitoring. A "Special Mention" (7) credit has the potential weakness that, if left uncorrected, may result in deterioration of the repayment prospects for the asset. "Substandard" (8) assets have a well defined weakness that jeopardizes the full repayment of the debt. An asset rated "Doubtful" (9) has all of the same weaknesses as a substandard credit with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, improbable. Assets classified as "Loss" (10) in accordance with regulatory guidelines are considered uncollectible and charged off. The following table summarizes commercial, commercial real estate and equipment financing loans and leases segregated by risk rating exposure:
For residential and consumer loans, the Company considers factors such as past due status, updated FICO scores, employment status, collateral, geography, loans discharged in bankruptcy, and the status of first lien position loans on second lien position loans as credit quality indicators. On an ongoing basis for portfolio monitoring purposes, the Company estimates the current value of property secured as collateral for both home equity and residential first mortgage lending products. The estimate is based on home price indices compiled by the S&P/Case-Shiller Home Price Indices. The trend data is applied to the loan portfolios taking into account the age of the most recent valuation and geographic area. Troubled Debt Restructurings The following table summarizes information for TDRs:
In the three months ended March 31, 2017 and 2016, Webster charged off $2.0 million and $11.6 million, respectively, for the portion of TDRs deemed to be uncollectible. A TDR may be modified by means of extended maturity, below market adjusted interest rates, a combination of rate and maturity, or other means, including covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. The following table provides information on the type of concession for loans and leases modified as TDRs:
The following table provides information on loans and leases modified as TDRs within the previous 12 months and for which there was a payment default during the periods presented:
The recorded investment of TDRs in commercial, commercial real estate, and equipment financing segregated by risk rating exposure is as follows:
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Transfers of Financial Assets |
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Transfers of Financial Assets | Transfers of Financial Assets The Company sells financial assets in the normal course of business, primarily residential mortgage loans sold to government-sponsored enterprises through established programs and securitizations. The gain or loss on residential mortgage loans sold and the fair value adjustment to loans held-for-sale are included as mortgage banking activities in the accompanying Condensed Consolidated Statements of Income. The Company may be required to repurchase a loan in the event of certain breaches of the representations and warranties, or in the event of default of the borrower within 90 days of sale, as provided for in the sale agreements. A reserve for loan repurchases provides for estimated losses pertaining to the potential repurchase of loans associated with the Company’s mortgage banking activities. The reserve reflects management’s evaluation of the identity of the counterparty, the vintage of the loans sold, the amount of open repurchase requests, specific loss estimates for each open request, the current level of loan losses in similar vintages held in the residential loan portfolio, and estimated recoveries on the underlying collateral. The reserve also reflects management’s expectation of losses from repurchase requests for which the Company has not yet been notified, as the performance of loans sold and the quality of the servicing provided by the acquirer also may impact the reserve. The provision recorded at the time of the loan sale is netted from the gain or loss recorded in mortgage banking activities, while any incremental provision, post loan sale, is recorded in other non-interest expense in the accompanying Condensed Consolidated Statements of Income. The following table provides a summary of activity in the reserve for loan repurchases:
The following table provides information for mortgage banking activities:
The Company has retained servicing rights on residential mortgage loans totaling $2.6 billion at both March 31, 2017 and December 31, 2016. The following table presents the changes in carrying value for mortgage servicing assets:
Loan servicing fees, net of mortgage servicing rights amortization, were $0.2 million and $0.3 million for the three months ended March 31, 2017 and 2016, respectively, and are included as a component of loan related fees in the accompanying Condensed Consolidated Statements of Income. See Note 13: Fair Value Measurements for a further discussion on the fair value of loans held for sale and mortgage servicing assets. Additionally, loans not originated for sale were sold approximately at carrying value, for cash proceeds of $7.4 million for certain residential loans and $8.2 million for certain commercial loans for the three months ended March 31, 2017 and 2016, respectively.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets by reportable segment consisted of the following:
There was no change in the carrying amounts for goodwill since December 31, 2016. As of March 31, 2017, the remaining estimated aggregate future amortization expense for intangible assets is as follows:
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Deposits |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits A summary of deposits by type follows:
The scheduled maturities of time deposits are as follows:
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Borrowings |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings Total borrowings of $3.0 billion at March 31, 2017 and $4.0 billion at December 31, 2016 are described in detail below. The following table summarizes securities sold under agreements to repurchase and other borrowings:
Repurchase agreements are used as a source of borrowed funds and are collateralized by U.S. Government agency mortgage-backed securities. Repurchase agreement counterparties are limited to primary dealers in government securities and commercial/municipal customers through Webster’s Treasury Unit. Dealer counterparties have the right to pledge, transfer, or hypothecate purchased securities during the term of the transaction. The Company has right of offset with respect to all repurchase agreement assets and liabilities. Total securities sold under agreements to repurchase represents the gross amount for these transactions, as only liabilities are outstanding for the periods presented. The following table provides information for FHLB advances:
Webster Bank is in compliance with FHLB collateral requirements for the periods presented. Eligible collateral, primarily certain residential and commercial real estate loans, has been pledged to secure FHLB advances. The following table summarizes long-term debt:
(1) The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 4.10% at March 31, 2017 and 3.48% at December 31, 2016.
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Accumulated Other Comprehensive Loss, Net of Tax |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss, Net of Tax | Accumulated Other Comprehensive Loss, Net of Tax The following tables summarize the changes in AOCL by component:
The following tables provide information for the items reclassified from AOCL:
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Regulatory Matters |
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Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | Regulatory Matters Capital Requirements Webster Financial Corporation is subject to regulatory capital requirements administered by the Federal Reserve System, while Webster Bank is subject to regulatory capital requirements administered by the OCC. Regulatory authorities can initiate certain mandatory actions if Webster Financial Corporation or Webster Bank fail to meet minimum capital requirements, which could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, both Webster Financial Corporation and Webster Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. These quantitative measures require minimum amounts and ratios to ensure capital adequacy. Basel III total risk-based capital is comprised of three categories: CET1 capital, additional Tier 1 capital, and Tier 2 capital. CET1 capital includes common shareholders' equity, less deductions for goodwill, other intangibles, and certain deferred tax liabilities. Common shareholders' equity, for purposes of CET1 capital, excludes AOCL components as permitted by the opt-out election taken by Webster upon adoption of Basel III. Tier 1 capital is comprised of CET1 capital plus perpetual preferred stock, while Tier 2 capital includes qualifying subordinated debt and qualifying allowance for credit losses, that together equal total capital. The following table provides information on the capital ratios for Webster Financial Corporation and Webster Bank:
Dividend Restrictions Webster Financial Corporation is dependent upon dividends from Webster Bank to provide funds for its cash requirements,including payments of dividends to shareholders. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of Webster Bank to fall below specified minimum levels, or if dividends declared exceed the net income for that year combined with the undistributed net income for the preceding two years. In addition, the OCC has discretion to prohibit any otherwise permitted capital distribution on general safety and soundness grounds. Dividends paid by Webster Bank to Webster Financial Corporation totaled $10 million during the three months ended March 31, 2017 compared to $30 million during the three months ended March 31, 2016. Cash Restrictions Webster Bank is required by Federal Reserve System regulations to hold cash reserve balances on hand or with the Federal Reserve Bank. Pursuant to this requirement, Webster Bank held $57.7 million and $58.6 million at March 31, 2017 and December 31, 2016, respectively.
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Earnings Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share Reconciliation of the calculation of basic and diluted earnings per common share follows:
Potential common shares excluded from the effect of dilutive securities because they would have been anti-dilutive, are as follows:
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments Risk Management Objective of Using Derivatives Webster manages economic risks, including interest rate, liquidity, and credit risk by managing the amount, sources, and duration of its debt funding along with the use of interest rate derivative financial instruments. Webster enters into interest rate derivative financial instruments to manage exposure related to business activities that result in the receipt or payment of both future known and uncertain cash amounts determined by interest rates. Webster’s primary objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, Webster uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy. Interest rate swaps and caps designated as cash flow hedges are designed to manage the risk associated with a forecasted event or an uncertain variable-rate cash flow. Forward-settle interest rate swaps protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on forecasted debt issuances. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for payment of an up-front premium. Derivative instruments designated as cash flow hedges are recorded on the balance sheet at fair value. The effective portion of the change in the fair value of derivatives which are designated as cash flow hedges, and that qualify for hedge accounting, is recorded to AOCL and is reclassified into earnings in the subsequent periods that the hedged forecasted transaction affects earnings. During the periods presented, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt and forecasted issuances of debt. The ineffective portion of the change in the fair value of the derivatives is recognized directly in earnings. For the three months ended March 31, 2017 and 2016, the Company recorded no ineffectiveness in earnings attributable to the difference in the effective date of the hedge and the effective date of the debt issuance. Webster is also exposed to changes in the fair value of certain of its fixed-rate obligations due to changes in benchmark interest rates. Webster, on occasion, uses interest rate swaps to manage its exposure to changes in fair value on these obligations attributable to changes in the benchmark interest rates. Interest rate swaps designated as fair value hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for Webster making variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For a qualifying derivative designated as a fair value hedge, the gain or loss on the derivative, as well as the gain or loss on the hedged item, is recognized in interest expense. Webster did not have interest rate derivative financial instruments designated as fair value hedges at March 31, 2017 and December 31, 2016. As a result, there was no impact to interest expense during the periods presented. Additionally, in order to address certain other risk management matters, the Company utilizes the following derivative instruments that do not qualify for hedge accounting. These derivative instruments are recorded on the balance sheet at fair value, with changes in fair value recognized each period as other non-interest income in the accompanying Condensed Consolidated Statements of Income. Interest rate swap and cap contracts are sold to commercial and other customers who wish to modify loan interest rate sensitivity. These contracts are offset with dealer counterparty transactions structured with matching terms. As a result, there is minimal impact on earnings, except for fee income earned in such transactions. RPAs are entered into as financial guarantees of performance on interest rate swap derivatives. The purchased (asset) or sold (liability) guarantee allows the Company to participate-in (for a fee received) or participate-out (for a fee paid) the risk associated with certain derivative positions executed with the borrower by a lead bank. Other derivatives include foreign currency forward contracts related to lending arrangements, a VISA equity swap transaction, and mortgage banking derivatives such as mortgage-backed securities related to residential loan commitments and loans held for sale. Mortgage banking derivatives are utilized by Webster in its efforts to manage risk of loss associated with its mortgage loan commitments and mortgage loans held for sale. Prior to closing and funding certain single-family residential mortgage loans interest rate lock commitments are generally extended to the borrowers. During the period from commitment date to closing date, Webster is subject to the risk that market rates of interest may change. If market rates rise, investors generally will pay less to purchase such loans causing a reduction in the anticipated gain on sale of the loans and possibly resulting in a loss. In an effort to mitigate such risk, forward delivery sales commitments are established under which Webster agrees to deliver whole mortgage loans to various investors or issue mortgage-backed securities. Mandatory forward commitments establish the price to be received upon the sale of the related mortgage loan, thereby mitigating certain interest rate risk. There is, however, still certain execution risk specifically related to Webster’s ability to close and deliver to its investors the mortgage loans it has committed to sell. Fair Value of Derivative Instruments The following table presents the notional amounts and fair values of derivative positions:
Changes in Fair Value Changes in the fair value of derivatives not qualifying for hedge accounting treatment were recognized as follows:
Amounts for the effective portion of changes in the fair value of derivatives qualifying for hedge accounting treatment are reclassified to interest expense as interest payments are made on Webster's variable-rate debt. Over the next twelve months, the Company estimates that $1.4 million will be reclassified from AOCL as an increase to interest expense. Webster records gains and losses related to hedge terminations to AOCL. These balances are subsequently amortized into interest expense over the respective terms of the hedged debt instruments. At March 31, 2017, the remaining unamortized loss on the termination of cash flow hedges is $19.7 million. Over the next twelve months, the Company estimates that $6.4 million will be reclassified from AOCL as an increase to interest expense. Additional information about cash flow hedge activity impacting AOCL, and the related amounts reclassified to interest expense is provided in Note 9: Accumulated Other Comprehensive Loss, Net of Tax. Information about the valuation methods used to measure the fair value of derivatives is provided in Note 13: Fair Value Measurements. Offsetting Derivatives Webster has entered into transactions with counterparties that are subject to a legally enforceable master netting agreement. Derivatives subject to a legally enforceable master netting agreement are reported on a net basis, net of cash collateral. Net positions are recorded in other assets for a net gain position and in other liabilities for a net loss position in the accompanying Condensed Consolidated Balance Sheets. The following table is presented on a gross basis, prior to the application of counterparty netting agreements. Derivative assets and liabilities are shown net of cash collateral:
Counterparty Credit Risk Use of derivative contracts may expose the bank to counterparty credit risk. The Company has ISDA master agreements, including a Credit Support Annex, with all derivative counterparties. The ISDA master agreements provide that on each payment date, all amounts otherwise owing the same currency under the same transaction are netted so that only a single amount is owed in that currency. The ISDA provides, if the parties so elect, for such netting of amounts in the same currency among all transactions identified as being subject to such election that have common payment dates and booking offices. Under the Credit Support Annex, daily net exposure in excess of a negotiated threshold is secured by posted cash collateral. The Company has negotiated a zero threshold with the majority of its approved financial institution counterparties. In accordance with Webster policies, institutional counterparties must be analyzed and approved through the Company’s credit approval process. The Company’s credit exposure on interest rate derivatives with non-dealer counterparties is limited to the net favorable value, including accrued interest, of all such instruments, reduced by the amount of collateral pledged by the counterparties. The Company's credit exposure related to derivatives with dealer counterparties is significantly mitigated with cash collateral equal to, or in excess of, the market value of the instrument updated daily. In accordance with counterparty credit agreements and derivative clearing rules, the Company had approximately $35.1 million in net margin collateral posted with financial counterparties at March 31, 2017, comprised of $31.9 million in initial margin and $3.2 million in variation margin collateral posted to financial counterparties or the derivative clearing organization. Collateral levels for approved financial institution counterparties are monitored daily and adjusted as necessary. In the event of default, should the collateral not be returned, the exposure would be offset by terminating the transaction. The Company regularly evaluates the credit risk of its counterparties, taking into account the likelihood of default, net exposures, and remaining contractual life, among other related factors. The Company's net current credit exposure relating to interest rate derivatives with Webster Bank customers was $33.2 million at March 31, 2017. In addition, the Company monitors potential future exposure, representing its best estimate of exposure to remaining contractual maturity. The potential future exposure relating to interest rate derivatives with Webster Bank customers totaled $27.4 million at March 31, 2017. The credit exposures are mitigated as transactions with customers are generally secured by the same collateral of the underlying transactions being hedged.
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined using quoted market prices. However, in many instances, quoted market prices are not available. In such instances, fair values are determined using appropriate valuation techniques. Various assumptions and observable inputs must be relied upon in applying these techniques. Accordingly, categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. As such, the fair value estimates may not be realized in an immediate transfer of the respective asset or liability. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings or any part of a particular financial instrument. Fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These factors are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair Value Hierarchy The three levels within the fair value hierarchy are as follows:
Assets and Liabilities Measured at Fair Value on a Recurring Basis Available-for-Sale Investment Securities. When quoted prices are available in an active market, the Company classifies securities within Level 1 of the valuation hierarchy. Equity securities in financial services and U.S. Treasury Bills are classified within Level 1 of the fair value hierarchy. When quoted market prices are not available, the Company employs an independent pricing service that utilizes matrix pricing to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's assumptions and establishes processes to challenge the pricing service's valuations that appear unusual or unexpected. Available-for-Sale investment securities which include Agency CMO, Agency MBS, Agency CMBS, CMBS, CLO, single-issuer trust preferred securities, and corporate debt securities, are classified within Level 2 of the fair value hierarchy. Derivative Instruments. Foreign exchange contracts are valued based on unadjusted quoted prices in active markets and classified within Level 1 of the fair value hierarchy. Derivative instruments are valued using third-party valuation software, which considers the present value of cash flows discounted using observable forward rate assumptions. The Chicago Mercantile Exchange have amended their rulebooks to legally characterize variation margin payments for over-the-counter derivatives that clear as settlements rather than collateral, effective January 3, 2017. One of Webster's counterparty relationships was impacted by this change, resulting in the fair value of the instrument including cash collateral as a single unit of account. The resulting fair values are validated against valuations performed by independent third parties and are classified within Level 2 of the fair value hierarchy. In determining if any fair value adjustment related to credit risk is required, Webster evaluates the credit risk of its counterparties by considering factors such as the likelihood of default by the counterparties, its net exposures, the remaining contractual life, as well as the amount of collateral securing the position. Webster reviews its counterparty exposure on a regular basis, and, when necessary, appropriate business actions are taken to adjust the exposure. When determining fair value, Webster applies the portfolio exception with respect to measuring counterparty credit risk for all of its derivative transactions subject to a master netting arrangement. The change in value of derivative assets and liabilities attributable to credit risk was not significant during the reported periods. Mortgage Banking Derivatives. Forward sales of mortgage loans and mortgage-backed securities are utilized by the Company in its efforts to manage risk of loss associated with its mortgage loan commitments and mortgage loans held for sale. Prior to closing and funding certain single-family residential mortgage loans, an interest rate lock commitment is generally extended to the borrower. During the period from commitment date to closing date, the Company is subject to the risk that market rates of interest may change. If market rates rise, investors generally will pay less to purchase such loans resulting in a reduction in the gain on sale of the loans or, possibly, a loss. In an effort to mitigate such risk, forward delivery sales commitments are established, under which the Company agrees to deliver whole mortgage loans to various investors or issue mortgage-backed securities. The fair value of mortgage banking derivatives is determined based on current market prices for similar assets in the secondary market and, therefore, classified within Level 2 of the fair value hierarchy. Investments Held in Rabbi Trust. Investments held in the Rabbi Trust primarily include mutual funds that invest in equity and fixed income securities. Shares of mutual funds are valued based on net asset value, which represents quoted market prices for the underlying shares held in the mutual funds. Therefore, investments held in the Rabbi Trust are classified within Level 1 of the fair value hierarchy. Webster has elected to measure the investments held in the Rabbi Trust at fair value. The cost basis of the investments held in the Rabbi Trust is $3.0 million as of March 31, 2017. Alternative Investments. Alternative investments are non-public entities that cannot be redeemed since the Company’s investment is distributed as the underlying equity is liquidated. Depending on the Company's ownership percentage of the alternative investment it may be fair valued on a recurring or non-recurring basis. Alternative investments in which the ownership percentage is greater than 3% are fair valued on a recurring basis based upon the net asset value of the respective fund. Alternative investments in which the ownership percentage is less than 3% are fair valued on a non-recurring basis. These alternative investments are recorded at cost, subject to impairment testing. Both recurring and non-recurring alternative investments are classified within Level 3 of the fair value hierarchy, as they are non-public entities that cannot be redeemed since the Company's investment is distributed as the underlying investments are liquidated. The total book value of alternative investments was $16.0 million , as of March 31, 2017.The Company has $9.7 million in unfunded commitments remaining for its alternative investments, as of March 31, 2017. Originated Loans Held For Sale. Residential mortgage loans typically are classified as held for sale upon origination based on management's intent to sell such loans. The Company generally records residential mortgage loans held for sale under the fair value option of ASC 820 "Fair Value Measurement". The fair value of residential mortgage loans held for sale is based on quoted market prices of similar loans sold in conjunction with securitization transactions. Accordingly, such loans are classified within Level 2 of the fair value hierarchy. Summaries of the fair values of assets and liabilities measured at fair value on a recurring basis are as follows:
The following table presents the changes in Level 3 assets and liabilities that are measured at fair value on a recurring basis:
Assets Measured at Fair Value on a Non-Recurring Basis Certain assets are measured at fair value on a non-recurring basis; that is, the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. The following is a description of valuation methodologies used for assets measured on a non-recurring basis. Transferred Loans Held For Sale. Certain loans are transferred to loans held for sale once a decision has been made to sell such loans. These loans are accounted for at the lower of cost or market and are considered to be recognized at fair value when they are recorded at below cost. This activity is primarily commercial loans with observable inputs and is classified within Level 2. On the occasion should these loans include adjustments for changes in loan characteristics using unobservable inputs, the loans would be classified within Level 3. Collateral Dependent Impaired Loans and Leases. Impaired loans and leases for which repayment is expected to be provided solely by the value of the underlying collateral are considered collateral dependent and are valued based on the estimated fair value of such collateral using customized discounting criteria. As such, collateral dependent impaired loans and leases are classified as Level 3 of the fair value hierarchy. Other Real Estate Owned and Repossessed Assets. The total book value of OREO and repossessed assets was $4.1 million at March 31, 2017. OREO and repossessed assets are accounted for at the lower of cost or market and are considered to be recognized at fair value when they are recorded at below cost. The fair value of OREO is based on independent appraisals or internal valuation methods, less estimated selling costs. The valuation may consider available pricing guides, auction results, and price opinions. Certain assets require assumptions about factors that are not observable in an active market in the determination of fair value; as such, OREO and repossessed assets are classified within Level 3 of the fair value hierarchy. The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis as of March 31, 2017:
Fair Value of Financial Instruments and Servicing Assets The Company is required to disclose the estimated fair value of financial instruments, both assets and liabilities, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities. Cash, Due from Banks, and Interest-bearing Deposits. The carrying amount of cash, due from banks, and interest-bearing deposits is used to approximate fair value, given the short time frame to maturity and, as such, these assets do not present unanticipated credit concerns. Cash, due from banks, and interest-bearing deposits are classified within Level 1 of the fair value hierarchy. Held-to-Maturity Investment Securities. When quoted market prices are not available, the Company employs an independent pricing service that utilizes matrix pricing to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's assumptions and establishes processes to challenge the pricing service's valuations that appear unusual or unexpected. Held-to-Maturity investment securities, which include Agency CMO, Agency MBS, Agency CMBS, CMBS, municipal bonds and notes, and private label MBS securities, are classified within Level 2 of the fair value hierarchy. Loans and Leases, net. The estimated fair value of loans and leases held for investment is calculated using a discounted cash flow method, using future prepayments and market interest rates inclusive of an illiquidity premium for comparable loans and leases. The associated cash flows are adjusted for credit and other potential losses. Fair value for impaired loans and leases is estimated using the net present value of the expected cash flows. Loans and leases are classified within Level 3 of the fair value hierarchy. Deposit Liabilities. The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Deposit liabilities are classified within Level 2 of the fair value hierarchy. Securities Sold Under Agreements to Repurchase and Other Borrowings. The carrying value is an estimate of fair value for those securities sold under agreements to repurchase and other borrowings that mature within 90 days. The fair values of all other borrowings are estimated using discounted cash flow analysis based on current market rates adjusted, as appropriate, for associated credit risks. Securities sold under agreements to repurchase and other borrowings are classified within Level 2 of the fair value hierarchy. Federal Home Loan Bank Advances and Long-Term Debt. The fair value of FHLB advances and long-term debt is estimated using a discounted cash flow technique. Discount rates are matched with the time period of the expected cash flow and are adjusted, as appropriate, to reflect credit risk. FHLB advances and long-term debt are classified within Level 2 of the fair value hierarchy. Mortgage Servicing Assets. Mortgage servicing assets are accounted for at cost, subject to impairment testing. Mortgage servicing assets are considered to be recognized at fair value when they are recorded at below cost. Changes in fair value are included as a component of other non-interest income in the accompanying Condensed Consolidated Statements of Income. Fair value is calculated as the present value of estimated future net servicing income and relies on market based assumptions for loan prepayment speeds, servicing costs, discount rates, and other economic factors; as such, the primary risk inherent in valuing mortgage servicing assets is the impact of fluctuating interest rates on the servicing revenue stream. Mortgage servicing assets are classified within Level 3 of the fair value hierarchy. The estimated fair values of selected financial instruments and servicing assets are as follows:
•FHLB advances - unamortized premiums on advances •Long-term debt - unamortized discount and debt issuance cost on senior fixed-rate notes
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Retirement Benefit Plans |
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Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefit Plans | Retirement Benefit Plans Defined benefit pension and other postretirement benefits The following table summarizes the components of net periodic benefit cost:
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Share-Based Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Plans | Share-Based Plans Stock compensation plans Webster maintains stock compensation plans under which non-qualified stock options, incentive stock options, restricted stock, restricted stock units, or stock appreciation rights may be granted to employees and directors. The Company believes these share awards better align the interests of its employees with those of its shareholders. Stock compensation cost is recognized over the required service vesting period for the awards, based on the grant-date fair value, net of estimated forfeitures, and is included as a component of compensation and benefits reflected in non-interest expense. The following table provides a summary of stock compensation expense recognized in the accompanying Condensed Consolidated Statements of Income:
At March 31, 2017 there was $21.9 million of unrecognized stock compensation expense for restricted stock expected to be recognized over a weighted-average period of 2.3 years. The following table provides a summary of the activity under the stock compensation plans for the three months ended March 31, 2017:
Time-based restricted stock. Time-based restricted stock awards vest over the applicable service period ranging from 1 to 5 years. The number of time-based awards that may be granted to an eligible individual in a calendar year is limited to 100,000 shares. Compensation expense is recorded over the vesting period based on a fair value, which is measured using the Company's common stock closing price at the date of grant. Performance-based restricted stock. Performance-based restricted stock awards vest after a 3 year performance period. The awards vest with a share quantity dependent on that performance, in a range from 0 to 150%. The performance criteria for 50% of the shares granted in 2017 is based upon Webster's ranking for total shareholder return versus Webster's compensation peer group companies and the remaining 50% is based upon Webster's average of return on equity during the three year vesting period. The compensation peer group companies are utilized because they represent the financial institutions that best compare with Webster. The Company records compensation expense over the vesting period, based on a fair value calculated using the Monte-Carlo simulation model, which allows for the incorporation of the performance condition for the 50% of the performance-based shares tied to total shareholder return versus the compensation peer group, and based on a fair value of the market price on the date of grant for the remaining 50% of the performance-based shares tied to Webster's return on equity. Compensation expense is subject to adjustment based on management's assessment of Webster's return on equity performance relative to the target number of shares condition. Stock options. Stock option awards have an exercise price equal to the market price of Webster Financial Corporation's stock on the date of grant. Each option grants the holder the right to acquire a share of Webster Financial Corporation common stock over a contractual life of up to 10 years. All awarded options have vested. There were 825,092 non-qualified stock options and 74,789 incentive stock options outstanding at March 31, 2017.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting Webster’s operations are organized into four reportable segments that represent its primary businesses - Commercial Banking, Community Banking, HSA Bank, and Private Banking. These four segments reflect how executive management responsibilities are assigned by the chief operating decision maker for each of the primary businesses, the products and services provided, the type of customer served, and how discrete financial information is currently evaluated. The Corporate Treasury Unit of the Company and consumer liquidating portfolio are included in the Corporate and Reconciling category along with the amounts required to reconcile profitability metrics to amounts reported in accordance with GAAP. Description of Segment Reporting Methodology Webster’s reportable segment results are intended to reflect each segment as if it were a stand-alone business. Webster uses an internal profitability reporting system to generate information by operating segment, which is based on a series of management estimates and allocations regarding funds transfer pricing, provision for loan and lease losses, non-interest expense, income taxes, and equity capital. These estimates and allocations, certain of which are subjective in nature, are periodically reviewed and refined. Changes in estimates and allocations that affect the reported results of any operating segment do not affect the consolidated financial position or results of operations of Webster as a whole. The full profitability measurement reports, which are prepared for each operating segment, reflect non-GAAP reporting methodologies. The differences between full profitability and GAAP results are reconciled in the Corporate and Reconciling category. Webster allocates interest income and interest expense to each business, while also transferring the primary interest rate risk exposures to the Corporate and Reconciling category, using a matched maturity funding concept called Funds Transfer Pricing. The allocation process considers the specific interest rate risk and liquidity risk of financial instruments and other assets and liabilities in each line of business. The matched maturity funding concept considers the origination date and the earlier of the maturity date or the repricing date of a financial instrument to assign an FTP rate for loans and deposits originated each day. Loans are assigned an FTP rate for funds used and deposits are assigned an FTP rate for funds provided. This process is executed by the Company’s Financial Planning and Analysis division and is overseen by ALCO. Webster allocates the provision for loan and lease losses to each segment based on management’s estimate of the inherent loss content in each of the specific loan and lease portfolios. Provision expense for certain elements of risk that are not deemed specifically attributable to a reportable segment, such as the provision for the consumer liquidating portfolio, is shown as part of the Corporate and Reconciling category. Webster allocates a majority of non-interest expense to each reportable segment using a full-absorption costing process. Costs, including corporate overhead, are analyzed, pooled by process, and assigned to the appropriate reportable segment. Income tax expense is allocated to each reportable segment based on the consolidated effective income tax rate for the period shown. To further strengthen Webster's ability to deliver the totality of its products and services to the owners and executives of commercial clients and other high net worth individuals, an organizational decision was made during the second quarter of 2017 to have the head of Private Bank report directly to the head of Commercial Banking. The change in organizational structure impacts how executive management responsibilities are assigned by the chief operating decision maker. Webster expects the organizational change will result in a modification to reportable segments effective during the second quarter of 2017. The following tables present the operating results, including all appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category:
The following table presents total assets for Webster's reportable segments and the Corporate and Reconciling category:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Credit-Related Financial Instruments The Company offers credit-related financial instruments in the normal course of business to meet certain financing needs of its customers, that involve off-balance sheet risk. These transactions may include an unused commitment to extend credit, standby letter of credit, or commercial letter of credit. Such transactions involve, to varying degrees, elements of credit risk. The following table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk:
Commitments to Extend Credit. The Company makes commitments under various terms to lend funds to customers at a future point in time. These commitments include revolving credit arrangements, term loan commitments, and short-term borrowing agreements. Most of these loans have fixed expiration dates or other termination clauses where a fee may be required. Since commitments routinely expire without being funded, or after required availability of collateral occurs, the total commitment amount does not necessarily represent future liquidity requirements. Standby Letter of Credit. A standby letter of credit commits the Company to make payments on behalf of customers if certain specified future events occur. The Company has recourse against the customer for any amount required to be paid to a third party under a standby letter of credit, which is often part of a larger credit agreement under which security is provided. Historically, a large percentage of standby letters of credit expire without being funded. The contractual amount of a standby letter of credit represents the maximum amount of potential future payments the Company could be required to make, and is the Company's maximum credit risk. Commercial Letter of Credit. A commercial letter of credit is issued to facilitate either domestic or foreign trade arrangements for customers. As a general rule, drafts are committed to be drawn when the goods underlying the transaction are in transit. Similar to a standby letter of credit, a commercial letter of credit is often secured by an underlying security agreement including the assets or inventory to which they relate. These commitments subject the Company to potential exposure in excess of the amounts recorded in the financial statements, and therefore, management maintains a specific reserve for unfunded credit commitments. This reserve is reported as a component of accrued expenses and other liabilities in the accompanying Condensed Consolidated Balance Sheets. The following table provides a summary of activity in the reserve for unfunded credit commitments:
Litigation Webster is involved in routine legal proceedings occurring in the ordinary course of business and is subject to loss contingencies related to such litigation and claims arising therefrom. Webster evaluates these contingencies based on information currently available, including advice of counsel and assessment of available insurance coverage. Webster establishes an accrual for litigation and claims when a loss contingency is considered probable and the related amount is reasonably estimable. This accrual is periodically reviewed and may be adjusted as circumstances change. Webster also estimates certain loss contingencies for possible litigation and claims, whether or not there is an accrued probable loss. Webster believes it has defenses to all the claims asserted against it in existing litigation matters and intends to defend itself in all matters. Based upon its current knowledge, after consultation with counsel and after taking into consideration its current litigation accrual, Webster believes that at March 31, 2017 any reasonably possible losses, in addition to amounts accrued, are not material to Webster’s consolidated financial condition. However, in light of the uncertainties involved in such actions and proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the amounts currently accrued by Webster or that the Company’s litigation accrual will not need to be adjusted in future periods. Such an outcome could be material to the Company’s operating results in a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of the Company’s income for that period.
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Summary of Significant Accounting Policies (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Basis of Presentation | Basis of Presentation The accounting and reporting policies of the Company that materially affect its financial statements conform with GAAP. The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in conformity with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements and should be read in conjunction with the Company's Consolidated Financial Statements, and notes thereto, for the year ended December 31, 2016, included in the Company's Annual Report on Form 10-K filed with the SEC on March 1, 2017. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as income and expense during the period. Actual results could differ from those estimates. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the full year or any future period.
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Reclassification | Certain prior period amounts have been reclassified to conform to the current year's presentation. These reclassifications had an immaterial effect on total assets, total liabilities and shareholders' equity, non-interest income, non-interest expense, net cash provided by operating activities, and net cash used for investing activities. | ||||||||||||
Derivatives, Reporting of Derivative Activity [Policy Text Block] | Centrally Cleared Derivatives Effective during the first quarter of 2016, the Company offset the variation margin pertaining to derivatives reported on a net basis, subject to a legally enforceable master netting arrangement, with the same counterparty against the net derivative position on the Company's balance sheets. The Chicago Mercantile Exchange have amended their rulebooks to legally characterize variation margin payments for over-the-counter derivatives that clear, as settlements rather than collateral, effective January 3, 2017. The Company has updated its significant accounting policies to classify variation margins deemed to be legal settlements as a single unit of account with the derivative for accounting and presentation purposes. The policy update does not result in a change in the presentation of the Company's balance sheets as the Company previously offset the variation margin pertaining to derivatives reporting on a net basis, subject to a legally enforceable master netting arrangement, with the same counterparty against the net derivative position.
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Financial Accounting Standards Board (FASB) Standards Adopted during 2016 and FASB Standards Issued but not yet Adopted | Accounting Standards Adopted during 2017 Effective January 1, 2017, the following new accounting guidance was adopted by the Company: ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share Based Payment Accounting The Update impacted the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Update requires the Company to recognize the income tax effects of awards in the income statement on a prospective basis when the awards vest or are settled, compared to within additional paid-in capital. As a result, applicable excess tax benefits and tax deficiencies are recorded as an income tax benefit or expense, respectively. The Company elected to present the classification on the statement of cash flows on a prospective basis to better align this presentation with the income tax effects. The adoption of the Update resulted in the recognition of an income tax benefit of $4.8 million during the first quarter of 2017, compared with $1.9 million recognized in additional paid-in capital during the first quarter of 2016. The impact of the Update will vary from period to period based on the Company's stock price and the quantity of shares that vest or are settled within a period. The Update also requires the Company to elect the accounting for forfeitures of share-based payments by either (i) recognizing forfeitures of awards as they occur or (ii) estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as is currently required. The Company elected to account for forfeitures of share-based payments by estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, which is in accordance with the Company's previous accounting practices. The adoption of this accounting standard did not have a material impact on the Company's financial statements. ASU No. 2016-06, Derivatives and Hedging (Topic 815) - Contingent Put and Call Options in Debt Instruments. The Update clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. The Update requires the assessment of embedded call (put) options solely in accordance with the four-step decision sequence. The Update clarified Companies are not required to assess whether the event triggering the ability to exercise the call/put option was also clearly and closely related. The adoption of this accounting standard did not have a material impact on the Company's financial statements, as the Company does not performed the additional step of assessing whether the event triggering the ability to exercise the call/put option was clearly and closely related, which was deemed not required by the Update. Accounting Standards Issued but not yet Adopted The following list identifies ASUs applicable to the Company that have been issued by the FASB but are not yet effective: ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. The Update eliminates Step 2 from the goodwill impairment analysis. Step 2, requires the Company to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities). Under current guidance, Step 2 testing would be performed only if Step 1 testing indicated the fair value of the reporting unit is below the reporting unit’s carrying amount. Once effective the Update will require the Company to record an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, eliminating the step 2 requirements. The Company intends to adopt the Update for the first quarter of 2020. Adoption is not anticipated to have a material impact on the Company's financial statements. ASU No. 2017-7, Compensation - Retirement Benefits (Topic 715) - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The Update requires the Company to disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the Update requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The new guidance will be applied on a retrospective basis. The Company intends to adopt the Update for the first quarter of 2018. Adoption is not anticipated to have a material impact on the Company's financial statements. ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) Premium Amortization on Purchased Callable Debt Securities. The Update is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities. Specifically, the Update shortens the amortization period for certain investments in callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. The Update is being issued in response to concerns from stakeholders that, current GAAP excludes certain callable debt securities from consideration of early repayment of principal even if the holder is certain that the call will be exercised. The Update, upon adoption, is expected to accelerate the Company’s recognition of premium amortization on debt securities held within the portfolio. The amendments in the Update will be applied on a modified retrospective basis through a cumulative-effect adjustment directly through retained earnings upon adoption. Management is in the process of evaluating the full impact of adopting the Update including, but not limited to the following:
The Update is effective for the first quarter of 2019, early adoption is permitted. The Company is evaluating the potential to early adopt the Update. ASU No. 2016-16, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The Update addresses the following eight issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The Company intends to adopt the Update for the first quarter of 2019. Adoption is not anticipated to have a material impact on the Company's financial statements. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments. Current GAAP requires an "incurred loss" methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. Both financial institutions and users of their financial statements expressed concern that current GAAP restricts the ability to record credit losses that are expected, but do not yet meet the "probable" threshold. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Change from an "incurred loss" method to an "expected loss" method represents a fundamental shift from existing GAAP, and may result in material changes to the Company's accounting for credit losses on financial instruments. The Company is evaluating the effect that this ASU will have on its financial statements and related disclosures. The ASU will be effective for the Company as of January 1, 2020. ASU No. 2016-02, Leases (Topic 842). The Update introduces a lessee model that brings most leases on the balance sheet. The Update also aligns certain of the underlying principles of the new lessor model with those in ASC 606 "Revenue from Contracts with Customers", the FASB’s new revenue recognition standard (e.g., evaluating how collectability should be considered and determining when profit can be recognized). Furthermore, the Update addresses other concerns including the elimination of the required use of bright-line tests for determining lease classification. Lessors are required to provide additional transparency into the exposure to the changes in value of their residual assets and how they manage that exposure. The Company intends to adopt the Update for the first quarter of 2019 and is in the process of assessing the impact on its financial statements. ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. Equity investments not accounted for under the equity method or those that do not result in consolidation of the investee are to be measured at fair value with changes in the fair value recognized through net income. Entities are to present separately in other comprehensive income, the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when an election to measure the liability at fair value in accordance with the fair value option for financial instruments has been made. Also, the requirement to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet has been eliminated. The Company intends to adopt the Update for the first quarter of 2018 and is in the process of assessing the impact on its financial statements. ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606). A single comprehensive model has been established for an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, and will supersede nearly all existing revenue recognition guidance, and clarify and converge revenue recognition principles under GAAP and International Financial Reporting Standards. The five steps to recognizing revenue: (i) identify the contracts with the customer; (ii) identify the separate performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the separate performance obligations; and (v) recognize revenue when each performance obligation is satisfied. The Company has performed a scoping analysis for revenue account balances. The Update is expected to have limited to no impact on the Company's total interest income. The Update impacts the Company's wealth and investment services, administrative services for customer deposit accounts, interchange fees, sale of of owned real estate properties. The extent of the Update on these revenue lines is being evaluated by the Company. An entity may elect either a full retrospective or a modified retrospective application. ASU No. 2015-14 - Revenue from Contracts with Customers (Topic 606), defers the effective date to annual and interim periods beginning after December 15, 2017. The Company intends to adopt the Update for the first quarter of 2018. Adoption is not anticipated to have a material impact on the Company's financial statements.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investment Securities | A summary of the amortized cost and fair value of investment securities is presented below:
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Summary of Changes in OTTI | The following table presents the changes in OTTI:
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Summary of Gross Unrealized Losses not Considered OTTI | The following tables provide information on fair value and unrealized losses for the individual securities with an unrealized loss, aggregated by investment security type and length of time that the individual securities have been in a continuous unrealized loss position:
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Summary of Sale Proceeds of Available for Sale Securities | The following table provides information on sales of available-for-sale securities:
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Summary of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities by contractual maturity are set forth below:
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Loans and Leases (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table summarizes loans and leases:
(2) At March 31, 2017, the Company had pledged $6.3 billion of eligible residential, consumer and commercial loans as collateral to support borrowing capacity at the FHLB Boston and the FRB of Boston.
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Past Due Financing Receivables | The following tables summarize the aging of loans and leases:
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Activity In Allowance For Losses | The following tables summarize the activity in, as well as the loan and lease balances that were evaluated for, the ALLL:
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Impaired Loans | The following tables summarize impaired loans and leases:
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Financing Receivable Credit Quality Indicators | The following table summarizes commercial, commercial real estate and equipment financing loans and leases segregated by risk rating exposure:
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Troubled Debt Restructurings on Financing Receivables | Troubled Debt Restructurings The following table summarizes information for TDRs:
In the three months ended March 31, 2017 and 2016, Webster charged off $2.0 million and $11.6 million, respectively, for the portion of TDRs deemed to be uncollectible. A TDR may be modified by means of extended maturity, below market adjusted interest rates, a combination of rate and maturity, or other means, including covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. The following table provides information on the type of concession for loans and leases modified as TDRs:
The following table provides information on loans and leases modified as TDRs within the previous 12 months and for which there was a payment default during the periods presented:
The recorded investment of TDRs in commercial, commercial real estate, and equipment financing segregated by risk rating exposure is as follows:
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Transfers of Financial Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Reserve For Loan Repurchases Table | The following table provides a summary of activity in the reserve for loan repurchases:
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Schedule of Loan Sale Activity | The following table provides information for mortgage banking activities:
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Servicing Asset at Amortized Cost [Table Text Block] | The following table presents the changes in carrying value for mortgage servicing assets:
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Goodwill and Other Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | by reportable segment consisted of the following:
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Schedule Of Expected Amortization Expense, Next Four Years | As of March 31, 2017, the remaining estimated aggregate future amortization expense for intangible assets is as follows:
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Deposits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposits | A summary of deposits by type follows:
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Scheduled Maturities of Time Deposits | The scheduled maturities of time deposits are as follows:
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Borrowings (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Repurchase Agreements | The following table summarizes securities sold under agreements to repurchase and other borrowings:
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Federal Home Loan Bank, Advances | The following table provides information for FHLB advances:
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Schedule of Long-term Debt Instruments | The following table summarizes long-term debt:
(1) The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 4.10% at March 31, 2017 and 3.48% at December 31, 2016.
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Accumulated Other Comprehensive Loss, Net of Tax (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Loss by Component | The following tables summarize the changes in AOCL by component:
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Schedule of Accumulated Other Comprehensive Loss | The following tables provide information for the items reclassified from AOCL:
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Regulatory Matters (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information On The Capital Ratios | The following table provides information on the capital ratios for Webster Financial Corporation and Webster Bank:
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Earnings Per Common Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Basic And Diluted | Reconciliation of the calculation of basic and diluted earnings per common share follows:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potential common shares excluded from the effect of dilutive securities because they would have been anti-dilutive, are as follows:
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Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Derivative Financial Instruments Designated As Cash Flow Hedges | The following table presents the notional amounts and fair values of derivative positions:
(3) Notional amounts include mandatory forward commitments of $59.0 million, while notional amounts do not include approved floating rate commitments of $18.6 million, at March 31, 2017.
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Other Derivatives Not Designated For Hedge Accounting | Changes in the fair value of derivatives not qualifying for hedge accounting treatment were recognized as follows:
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Offsetting Liabilities | The following table is presented on a gross basis, prior to the application of counterparty netting agreements. Derivative assets and liabilities are shown net of cash collateral:
(2) Net amount excludes $31.9 million and $42.5 million of initial margin requirements posted at the derivative clearing organization at March 31, 2017 and December 31, 2016, respectively. Initial margin is recorded as a component of accrued interest receivable and other assets in the accompanying Condensed Consolidated Balance Sheets.
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Assets And Liabilities Measured On Recurring Basis | Summaries of the fair values of assets and liabilities measured at fair value on a recurring basis are as follows:
(1) For information relating to the impact of netting derivative assets and derivative liabilities as well as the impact from offsetting cash collateral paid to the same derivative counterparties see Note 12: Derivative Financial Instruments.
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Schedule Of Quantitative Inputs And Assumptions For Items Categorized In Level 3 Of The Fair Value Hierarchy | The following table presents the changes in Level 3 assets and liabilities that are measured at fair value on a recurring basis:
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Schedule Of Valuation Methodology And Unobservable Inputs | The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis as of March 31, 2017:
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Summary Of Estimated Fair Values Of Significant Financial Instruments | The estimated fair values of selected financial instruments and servicing assets are as follows:
•FHLB advances - unamortized premiums on advances •Long-term debt - unamortized discount and debt issuance cost on senior fixed-rate notes
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Reitrement Benefit Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Net Periodic Benefit Cost | The following table summarizes the components of net periodic benefit cost:
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Share-Based Plans (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Share-based Compensation Costs by Plan | The following table provides a summary of stock compensation expense recognized in the accompanying Condensed Consolidated Statements of Income:
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Schedule of Share-based Compensation, Activity | The following table provides a summary of the activity under the stock compensation plans for the three months ended March 31, 2017:
(1) Vested for purposes of recording compensation expense.
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Segment Reporting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Results And Total Assets Reportable Segments | The following tables present the operating results, including all appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category:
The following table presents total assets for Webster's reportable segments and the Corporate and Reconciling category:
|
Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Financial Instruments Contract Amounts Represent Credit Risk | The following table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk:
|
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Reserve For Unfunded Credit Commitments | The following table provides a summary of activity in the reserve for unfunded credit commitments:
|
Summary of Significant Accounting Policies New Accounting Pronouncements or Change in Accounting Principle (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Income tax benefit | $ (21,951) | $ (23,434) | |
Paid-in capital | 1,124,900 | $ 1,125,937 | |
Accounting Standards Update 2016-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Income tax benefit | $ 4,800 | ||
Paid-in capital | $ 1,900 |
Investment Securities (Summary Of Investment Securities) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Available-for-sale Securities [Abstract] | ||
Amortized Cost | $ 2,925,262 | $ 3,015,763 |
Unrealized Gains | 14,461 | 16,226 |
Unrealized Losses | (42,663) | (40,898) |
Fair Value | 2,897,060 | 2,991,091 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 4,212,050 | 4,160,658 |
Unrealized Gains | 32,687 | 37,567 |
Unrealized Losses | (74,334) | (73,100) |
Fair Value | 4,170,403 | 4,125,125 |
US Treasury Bill Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 1,854 | 734 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1) | 0 |
Fair Value | 1,853 | 734 |
Agency collateralized mortgage obligations (CMOs) [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 387,389 | 419,865 |
Unrealized Gains | 3,158 | 3,344 |
Unrealized Losses | (3,340) | (3,503) |
Fair Value | 387,207 | 419,706 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 317,641 | 339,455 |
Unrealized Gains | 1,678 | 1,977 |
Unrealized Losses | (3,554) | (3,824) |
Fair Value | 315,765 | 337,608 |
Agency mortgage-backed securities (MBS) [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 929,729 | 969,460 |
Unrealized Gains | 4,049 | 4,398 |
Unrealized Losses | (20,165) | (19,509) |
Fair Value | 913,613 | 954,349 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 2,330,163 | 2,317,449 |
Unrealized Gains | 23,784 | 26,388 |
Unrealized Losses | (43,325) | (41,768) |
Fair Value | 2,310,622 | 2,302,069 |
Agency commercial mortgage-backed securities (ACMBS) [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 604,335 | 587,776 |
Unrealized Gains | 0 | 63 |
Unrealized Losses | (17,220) | (14,567) |
Fair Value | 587,115 | 573,272 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 591,154 | 547,726 |
Unrealized Gains | 116 | 694 |
Unrealized Losses | (3,062) | (1,348) |
Fair Value | 588,208 | 547,072 |
Non-agency Commercial mortgage-backed securities (CMBS) [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 497,579 | 473,974 |
Unrealized Gains | 3,472 | 4,093 |
Unrealized Losses | (313) | (702) |
Fair Value | 500,738 | 477,365 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 281,100 | 298,538 |
Unrealized Gains | 3,322 | 4,107 |
Unrealized Losses | (503) | (411) |
Fair Value | 283,919 | 302,234 |
CLO [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 366,102 | 425,083 |
Unrealized Gains | 2,577 | 2,826 |
Unrealized Losses | (22) | (519) |
Fair Value | 368,657 | 427,390 |
Single issuer trust preferred securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 30,412 | 30,381 |
Unrealized Gains | 97 | 0 |
Unrealized Losses | (1,183) | (1,748) |
Fair Value | 29,326 | 28,633 |
Corporate debt securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 107,862 | 108,490 |
Unrealized Gains | 1,108 | 1,502 |
Unrealized Losses | (419) | (350) |
Fair Value | 108,551 | 109,642 |
Municipal bonds and notes [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 690,652 | 655,813 |
Unrealized Gains | 3,780 | 4,389 |
Unrealized Losses | (23,890) | (25,749) |
Fair Value | 670,542 | 634,453 |
Private Label MBS [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 1,340 | 1,677 |
Unrealized Gains | 7 | 12 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 1,347 | $ 1,689 |
Investment Securities (Other Than Temporary Impairment Credit Losses Recognized In Earnings) (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance of OTTI, beginning of period | $ 3,243 | $ 3,288 |
Reduction for securities sold, called | (12) | 0 |
Additions for OTTI not previously recognized in earnings | 0 | 149 |
Balance of OTTI, end of period | $ 3,231 | $ 3,437 |
Investment Securities (Summary Of Gross Unrealized Losses Not Considered OTTI) (Detail) $ in Thousands |
Mar. 31, 2017
USD ($)
holding
|
Dec. 31, 2016
USD ($)
holding
|
---|---|---|
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,252,233 | $ 1,236,547 |
Available for sale, Unrealized Losses - Less Than Twelve Months | (30,545) | (27,316) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 380,784 | 470,314 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (12,118) | $ (13,582) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 170 | 168 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 1,633,017 | $ 1,706,861 |
Available for sale, Unrealized Losses - Total | (42,663) | (40,898) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,551,067 | 2,351,350 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | (64,967) | (63,785) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 279,006 | 292,225 |
Held-to-maturity, Unrealized Losses, Twelve Months or Longer | $ (9,367) | $ (9,315) |
Held-to-maturity, Number of Holdings - Total | holding | 433 | 395 |
Held-to-maturity, Fair Value - Total | $ 2,830,073 | $ 2,643,575 |
Held-to-maturity, Unrealized Losses - Total | (74,334) | (73,100) |
US Treasury Bill Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,118 | |
Available for sale, Unrealized Losses - Less Than Twelve Months | $ (1) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 1,118 | |
Available for sale, Unrealized Losses - Total | (1) | |
Agency CMO [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 106,502 | 107,853 |
Available for sale, Unrealized Losses - Less Than Twelve Months | (2,096) | (2,168) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 65,168 | 67,351 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (1,244) | $ (1,335) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 19 | 15 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 171,670 | $ 175,204 |
Available for sale, Unrealized Losses - Total | (3,340) | (3,503) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 158,710 | 163,439 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | (3,139) | (3,339) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 16,573 | 17,254 |
Held-to-maturity, Unrealized Losses, Twelve Months or Longer | $ (415) | $ (485) |
Held-to-maturity, Number of Holdings - Total | holding | 16 | 16 |
Held-to-maturity, Fair Value - Total | $ 175,283 | $ 180,693 |
Held-to-maturity, Unrealized Losses - Total | (3,554) | (3,824) |
Agency MBS [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 510,698 | 512,075 |
Available for sale, Unrealized Losses - Less Than Twelve Months | (11,072) | (10,503) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 246,030 | 252,779 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (9,093) | $ (9,006) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 101 | 97 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 756,728 | $ 764,854 |
Available for sale, Unrealized Losses - Total | (20,165) | (19,509) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,403,600 | 1,394,623 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | (34,375) | (32,942) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 261,240 | 273,779 |
Held-to-maturity, Unrealized Losses, Twelve Months or Longer | $ (8,950) | $ (8,826) |
Held-to-maturity, Number of Holdings - Total | holding | 158 | 150 |
Held-to-maturity, Fair Value - Total | $ 1,664,840 | $ 1,668,402 |
Held-to-maturity, Unrealized Losses - Total | (43,325) | (41,768) |
Agency CMBS [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 587,115 | 554,246 |
Available for sale, Unrealized Losses - Less Than Twelve Months | $ (17,220) | $ (14,567) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 34 | 32 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 587,115 | $ 554,246 |
Available for sale, Unrealized Losses - Total | (17,220) | (14,567) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 485,207 | 347,725 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | $ (3,062) | $ (1,348) |
Held-to-maturity, Number of Holdings - Total | holding | 39 | 25 |
Held-to-maturity, Fair Value - Total | $ 485,207 | $ 347,725 |
Held-to-maturity, Unrealized Losses - Total | (3,062) | (1,348) |
Non-agency CMBS [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 13,044 | 12,427 |
Available for sale, Unrealized Losses - Less Than Twelve Months | (40) | (24) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 29,752 | 63,930 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (273) | $ (678) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 7 | 12 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 42,796 | $ 76,357 |
Available for sale, Unrealized Losses - Total | (313) | (702) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 80,740 | 60,768 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | $ (503) | $ (411) |
Held-to-maturity, Number of Holdings - Total | holding | 10 | 8 |
Held-to-maturity, Fair Value - Total | $ 80,740 | $ 60,768 |
Held-to-maturity, Unrealized Losses - Total | (503) | (411) |
CLO [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 25,000 | 49,946 |
Available for sale, Unrealized Losses - Less Than Twelve Months | (1) | (54) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 16,262 | 50,237 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (21) | $ (465) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 2 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 41,262 | $ 100,183 |
Available for sale, Unrealized Losses - Total | (22) | (519) |
Single issuer trust preferred securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 8,756 | 0 |
Available for sale, Unrealized Losses - Less Than Twelve Months | (115) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 16,251 | 28,633 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (1,068) | $ (1,748) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 4 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 25,007 | $ 28,633 |
Available for sale, Unrealized Losses - Total | (1,183) | (1,748) |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 7,321 | 7,384 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (419) | $ (350) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 2 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 7,321 | $ 7,384 |
Available for sale, Unrealized Losses - Total | (419) | (350) |
Municipal bonds and notes [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 422,810 | 384,795 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | (23,888) | (25,745) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,193 | 1,192 |
Held-to-maturity, Unrealized Losses, Twelve Months or Longer | $ (2) | $ (4) |
Held-to-maturity, Number of Holdings - Total | holding | 210 | 196 |
Held-to-maturity, Fair Value - Total | $ 424,003 | $ 385,987 |
Held-to-maturity, Unrealized Losses - Total | $ (23,890) | $ (25,749) |
Investment Securities (Summary Of Realized Gain (Loss) on Investments (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Gain (Loss) on Investments [Line Items] | ||
Proceeds from sales | $ 0 | $ 43,202 |
Gross realized gains on sales | 0 | 387 |
Less: Gross realized losses on sales | 0 | 67 |
Gain on sale of investment securities, net | $ 0 | $ 320 |
Investment Securities (Summary Of Debt Securities By Contractual Maturity) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Due in one year or less | $ 76,121 | |
Available-for-sale, Amortized Cost - Due after one year through five years | 21,604 | |
Available-for-sale, Amortized Cost - Due after five through ten years | 485,792 | |
Available-for-sale, Amortized Cost - Due after ten years | 2,341,745 | |
Available-for-sale, Amortized Cost - Total debt securities | 2,925,262 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Fair Value - Due in one year or less | 76,697 | |
Available-for-sale, Fair Value - Due after one year through five years | 22,004 | |
Available-for-sale, Fair Value - Due after five through ten years | 488,859 | |
Available-for-sale, Fair Value - Due after ten years | 2,309,500 | |
Available-for-sale, Fair Value - Total debt securities | 2,897,060 | |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Held-to-maturity, Amortized Cost - Due in one year or less | 16,350 | |
Held-to-maturity, Amortized Cost - Due after one year through five years | 12,273 | |
Held-to-maturity, Amortized Cost - Due after five through ten years | 46,691 | |
Held-to-maturity, Amortized Cost - Due after ten years | 4,136,736 | |
Amortized Cost | 4,212,050 | $ 4,160,658 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Held to maturity, Fair Value - Due in one year or less | 16,517 | |
Held-to-maturity, Fair Value - Due after one year through five years | 12,475 | |
Held to maturity, Fair Value - Due after five through ten years | 47,603 | |
Held to maturity, Fair Value - Due after ten years | 4,093,808 | |
Fair Value | $ 4,170,403 | $ 4,125,125 |
Investment Securities (Narrative) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule of Investments [Line Items] | ||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | $ (42,663) | $ (40,898) |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (74,334) | (73,100) |
Securities available-for-sale | 2,897,060 | 2,991,091 |
Pledged Financial Instruments, Not Separately Reported, Securities | 2,700,000 | 2,500,000 |
Agency collateralized mortgage obligations (CMOs) [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (3,340) | (3,503) |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (3,554) | (3,824) |
Securities available-for-sale | 387,207 | 419,706 |
Agency MBS [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (20,165) | (19,509) |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (43,325) | (41,768) |
Securities available-for-sale | 913,613 | 954,349 |
Agency CMBS [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (17,220) | (14,567) |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (3,062) | (1,348) |
Securities available-for-sale | 587,115 | 573,272 |
Non-agency Commercial mortgage-backed securities (CMBS) [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (313) | (702) |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (503) | (411) |
Securities available-for-sale | 500,738 | 477,365 |
CLO [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (22) | (519) |
Securities available-for-sale | 368,657 | 427,390 |
Single issuer trust preferred securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (1,183) | (1,748) |
Securities available-for-sale | 29,326 | 28,633 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (419) | (350) |
Securities available-for-sale | 108,551 | 109,642 |
Municipal bonds and notes [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (23,890) | $ (25,749) |
Callable at the option of the counterparty [Member] | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale | $ 1,300,000 |
Variable Interest Entities (Variable Interest Entity, Consolidated, Carrying Amount, Assets) (Details) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Other Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 20.0 | $ 22.8 |
Accounts Payable and Accrued Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 12.4 | 14.0 |
Other Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 11.8 | 12.3 |
Unfunded Loan Commitment [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 21.5 | $ 19.9 |
Loans and Leases (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
||||||
---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | $ 17,094,499 | [1],[2] | $ 17,026,588 | [1],[2] | $ 15,858,355 | ||||
Unamortized premiums | 19,700 | 17,300 | |||||||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral | 6,300,000 | ||||||||
Residential Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | 4,290,685 | 4,254,682 | 4,109,243 | ||||||
Consumer Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | 2,634,063 | 2,684,500 | 2,726,869 | ||||||
Commercial Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | 5,019,383 | 4,940,931 | 4,378,760 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | 4,530,507 | 4,510,846 | 4,046,911 | ||||||
Finance Leases Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | $ 619,861 | $ 635,629 | $ 596,572 | ||||||
|
Loans and Leases (Summary Of Loan And Lease Portfolio Aging By Class Of Loan) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
||||||
---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | $ 205,890 | $ 175,864 | |||||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 747 | 749 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 173,745 | 133,816 | |||||||
Financing Receivable, Recorded Investment, Current | 16,888,609 | 16,850,724 | |||||||
Loans and leases | 17,094,499 | [1],[2] | 17,026,588 | [1],[2] | $ 15,858,355 | ||||
Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 19,401 | 28,337 | |||||||
Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 11,997 | 12,962 | |||||||
Residential Portfolio Segment [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 58,424 | 58,519 | |||||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 46,871 | 47,279 | |||||||
Financing Receivable, Recorded Investment, Current | 4,232,261 | 4,196,163 | |||||||
Loans and leases | 4,290,685 | 4,254,682 | 4,109,243 | ||||||
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 5,994 | 8,631 | |||||||
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 5,559 | 2,609 | |||||||
Consumer Portfolio Segment [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Loans and leases | 2,634,063 | 2,684,500 | 2,726,869 | ||||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 52,310 | 50,539 | |||||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 40,906 | 35,926 | |||||||
Financing Receivable, Recorded Investment, Current | 2,316,659 | 2,359,354 | |||||||
Loans and leases | 2,368,969 | 2,409,893 | |||||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 7,669 | 8,831 | |||||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 3,735 | 5,782 | |||||||
Commercial Portfolio Segment [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Loans and leases | 5,019,383 | 4,940,931 | 4,378,760 | ||||||
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 76,696 | 40,898 | |||||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 747 | 749 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 74,257 | 38,190 | |||||||
Financing Receivable, Recorded Investment, Current | 4,094,550 | 4,094,727 | |||||||
Loans and leases | 4,171,246 | 4,135,625 | |||||||
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |||||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | |||||||
Financing Receivable, Recorded Investment, Current | 848,137 | 805,306 | |||||||
Loans and leases | 848,137 | 805,306 | |||||||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial and Industrial Sector [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 1,048 | 1,382 | |||||||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Asset Based Loans [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |||||||
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial and Industrial Sector [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 644 | 577 | |||||||
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Asset Based Loans [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Loans and leases | 4,530,507 | 4,510,846 | 4,046,911 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 11,235 | 18,044 | |||||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,163 | 9,871 | |||||||
Financing Receivable, Recorded Investment, Current | 4,105,334 | 4,117,742 | |||||||
Loans and leases | 4,116,569 | 4,135,786 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 1,942 | 6,357 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 130 | 1,816 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 642 | 662 | |||||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 642 | 662 | |||||||
Financing Receivable, Recorded Investment, Current | 413,296 | 374,398 | |||||||
Loans and leases | 413,938 | 375,060 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |||||||
Finance Leases Portfolio Segment [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 2,001 | 1,821 | |||||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 703 | 225 | |||||||
Financing Receivable, Recorded Investment, Current | 617,860 | 633,808 | |||||||
Loans and leases | 619,861 | 635,629 | $ 596,572 | ||||||
Finance Leases Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 751 | 903 | |||||||
Finance Leases Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 547 | 693 | |||||||
Consumer Borrower [Member] | Consumer Portfolio Segment [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 4,582 | 5,381 | |||||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,203 | 1,663 | |||||||
Financing Receivable, Recorded Investment, Current | 260,512 | 269,226 | |||||||
Loans and leases | 265,094 | 274,607 | |||||||
Consumer Borrower [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | 1,997 | 2,233 | |||||||
Consumer Borrower [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||||
Financing Receivable, Recorded Investment, Past Due | $ 1,382 | $ 1,485 | |||||||
|
Loans and Leases (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Loans and Leases Receivable Disclosure [Abstract] | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 3.1 | $ 3.0 |
Write-down of TDR's | $ 2.0 | $ 11.6 |
Loans and Leases (Allowance For Loan And Lease Losses By Portfolio Segment) (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
|||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance, beginning of period | $ 194,320 | $ 174,990 | |||||||||
Provision (benefit) charged to expense | 10,500 | 15,600 | |||||||||
Charge-offs | (7,616) | (18,900) | |||||||||
Recoveries | 1,903 | 2,511 | |||||||||
Balance, end of period | 194,320 | 174,990 | $ 199,107 | $ 194,320 | $ 174,201 | ||||||
ALLL, Individually evaluated for impairment | 21,411 | 18,380 | |||||||||
ALLL, Collectively evaluated for impairment | 177,696 | 155,821 | |||||||||
Loan and lease balances, Individually evaluated for impairment | 285,164 | 279,707 | |||||||||
Loan and lease balances, Collectively evaluated for impairment | 16,809,335 | 15,578,648 | |||||||||
Loans and leases | 17,094,499 | [1],[2] | 17,026,588 | [1],[2] | 15,858,355 | ||||||
Residential Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 23,226 | 25,876 | |||||||||
Provision (benefit) charged to expense | (2,467) | 2,327 | |||||||||
Charge-offs | (732) | (1,594) | |||||||||
Recoveries | 237 | 721 | |||||||||
Balance, end of period | 23,226 | 25,876 | 20,264 | 23,226 | 27,330 | ||||||
ALLL, Individually evaluated for impairment | 6,981 | 10,044 | |||||||||
ALLL, Collectively evaluated for impairment | 13,283 | 17,286 | |||||||||
Loan and lease balances, Individually evaluated for impairment | 120,976 | 130,133 | |||||||||
Loan and lease balances, Collectively evaluated for impairment | 4,169,709 | 3,979,110 | |||||||||
Loans and leases | 4,290,685 | 4,254,682 | 4,109,243 | ||||||||
Consumer Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 45,233 | 42,052 | |||||||||
Provision (benefit) charged to expense | 5,326 | 2,791 | |||||||||
Charge-offs | (6,474) | (4,421) | |||||||||
Recoveries | 1,323 | 1,214 | |||||||||
Balance, end of period | 45,233 | 42,052 | 45,408 | 45,233 | 41,636 | ||||||
ALLL, Individually evaluated for impairment | 2,605 | 3,037 | |||||||||
ALLL, Collectively evaluated for impairment | 42,803 | 38,599 | |||||||||
Loan and lease balances, Individually evaluated for impairment | 47,281 | 48,096 | |||||||||
Loan and lease balances, Collectively evaluated for impairment | 2,586,782 | 2,678,773 | |||||||||
Loans and leases | 2,634,063 | 2,684,500 | 2,726,869 | ||||||||
Commercial Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 71,905 | 66,686 | |||||||||
Provision (benefit) charged to expense | 4,250 | 10,536 | |||||||||
Charge-offs | (123) | (11,208) | |||||||||
Recoveries | 322 | 457 | |||||||||
Balance, end of period | 71,905 | 66,686 | 76,354 | 71,905 | 66,471 | ||||||
ALLL, Individually evaluated for impairment | 11,564 | 3,235 | |||||||||
ALLL, Collectively evaluated for impairment | 64,790 | 63,236 | |||||||||
Loan and lease balances, Individually evaluated for impairment | 86,805 | 64,847 | |||||||||
Loan and lease balances, Collectively evaluated for impairment | 4,932,578 | 4,313,913 | |||||||||
Loans and leases | 5,019,383 | 4,940,931 | 4,378,760 | ||||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 47,477 | 34,889 | |||||||||
Provision (benefit) charged to expense | 3,345 | (119) | |||||||||
Charge-offs | (102) | (1,526) | |||||||||
Recoveries | 7 | 74 | |||||||||
Balance, end of period | 47,477 | 34,889 | 50,727 | 47,477 | 33,318 | ||||||
ALLL, Individually evaluated for impairment | 256 | 2,022 | |||||||||
ALLL, Collectively evaluated for impairment | 50,471 | 31,296 | |||||||||
Loan and lease balances, Individually evaluated for impairment | 23,954 | 35,619 | |||||||||
Loan and lease balances, Collectively evaluated for impairment | 4,506,553 | 4,011,292 | |||||||||
Loans and leases | 4,530,507 | 4,510,846 | 4,046,911 | ||||||||
Finance Leases Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 6,479 | 5,487 | |||||||||
Provision (benefit) charged to expense | 46 | 65 | |||||||||
Charge-offs | (185) | (151) | |||||||||
Recoveries | 14 | 45 | |||||||||
Balance, end of period | $ 6,479 | $ 5,487 | 6,354 | 6,479 | 5,446 | ||||||
ALLL, Individually evaluated for impairment | 5 | 42 | |||||||||
ALLL, Collectively evaluated for impairment | 6,349 | 5,404 | |||||||||
Loan and lease balances, Individually evaluated for impairment | 6,148 | 1,012 | |||||||||
Loan and lease balances, Collectively evaluated for impairment | 613,713 | 595,560 | |||||||||
Loans and leases | $ 619,861 | $ 635,629 | $ 596,572 | ||||||||
|
Loans and Leases (Impaired Loans And Leases By Class) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 311,589 | $ 273,364 |
Total Recorded Investment | 285,164 | 249,355 |
Recorded Investment No Allowance | 94,183 | 96,795 |
Recorded Investment With Allowance | 190,981 | 152,560 |
Related Valuation Allowance | 21,411 | 18,593 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 132,986 | 131,468 |
Total Recorded Investment | 120,976 | 119,424 |
Recorded Investment No Allowance | 21,355 | 21,068 |
Recorded Investment With Allowance | 99,621 | 98,356 |
Related Valuation Allowance | 6,981 | 8,090 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 52,545 | 52,432 |
Total Recorded Investment | 47,281 | 45,719 |
Recorded Investment No Allowance | 22,845 | 22,746 |
Recorded Investment With Allowance | 24,436 | 22,973 |
Related Valuation Allowance | 2,605 | 2,903 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 95,269 | 57,732 |
Total Recorded Investment | 86,805 | 53,037 |
Recorded Investment No Allowance | 24,328 | 26,006 |
Recorded Investment With Allowance | 62,477 | 27,031 |
Related Valuation Allowance | 11,564 | 7,422 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 23,407 | 24,146 |
Total Recorded Investment | 22,772 | 23,568 |
Recorded Investment No Allowance | 18,962 | 19,591 |
Recorded Investment With Allowance | 3,810 | 3,977 |
Related Valuation Allowance | 157 | 169 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,188 | 1,188 |
Total Recorded Investment | 1,182 | 1,187 |
Recorded Investment No Allowance | 688 | 1,187 |
Recorded Investment With Allowance | 494 | 0 |
Related Valuation Allowance | 99 | 0 |
Finance Leases Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 6,194 | 6,398 |
Total Recorded Investment | 6,148 | 6,420 |
Recorded Investment No Allowance | 6,005 | 6,197 |
Recorded Investment With Allowance | 143 | 223 |
Related Valuation Allowance | $ 5 | $ 9 |
Loans and Leases (Interest Income From Impaired Loans And Leases, By Class) (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $ 267,259 | $ 279,440 |
Accrued Interest Income | 1,832 | 2,120 |
Cash Basis Interest Income | 728 | 576 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 120,200 | 132,291 |
Accrued Interest Income | 1,070 | 1,115 |
Cash Basis Interest Income | 415 | 317 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 46,500 | 48,261 |
Accrued Interest Income | 322 | 349 |
Cash Basis Interest Income | 313 | 259 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 69,921 | 60,714 |
Accrued Interest Income | 222 | 472 |
Cash Basis Interest Income | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 1,184 | 5,962 |
Accrued Interest Income | 12 | 35 |
Cash Basis Interest Income | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 23,170 | 31,495 |
Accrued Interest Income | 135 | 148 |
Cash Basis Interest Income | 0 | 0 |
Finance Leases Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 6,284 | 717 |
Accrued Interest Income | 71 | 1 |
Cash Basis Interest Income | $ 0 | $ 0 |
Loans and Leases (Commercial, Commercial Real Estate Loans And Equipment Financing Loans Segregated By Risk Rating Exposure) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
||||||
---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | $ 17,094,499 | [1],[2] | $ 17,026,588 | [1],[2] | $ 15,858,355 | ||||
Commercial Portfolio Segment [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 5,019,383 | 4,940,931 | 4,378,760 | ||||||
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 4,728,817 | 4,655,007 | |||||||
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 57,136 | 56,240 | |||||||
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 215,451 | 226,603 | |||||||
Commercial Portfolio Segment [Member] | (9) Doubtful [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 17,979 | 3,081 | |||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 4,530,507 | 4,510,846 | 4,046,911 | ||||||
Commercial Real Estate Portfolio Segment [Member] | (1) - (6) Pass [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 4,331,615 | 4,357,458 | |||||||
Commercial Real Estate Portfolio Segment [Member] | (7) Special Mention [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 109,932 | 69,023 | |||||||
Commercial Real Estate Portfolio Segment [Member] | (8) Substandard [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 81,456 | 84,365 | |||||||
Commercial Real Estate Portfolio Segment [Member] | (9) Doubtful [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 7,504 | 0 | |||||||
Finance Leases Portfolio Segment [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 619,861 | 635,629 | $ 596,572 | ||||||
Finance Leases Portfolio Segment [Member] | (1) - (6) Pass [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 602,108 | 618,084 | |||||||
Finance Leases Portfolio Segment [Member] | (7) Special Mention [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 1,716 | 1,324 | |||||||
Finance Leases Portfolio Segment [Member] | (8) Substandard [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | 16,037 | 16,221 | |||||||
Finance Leases Portfolio Segment [Member] | (9) Doubtful [Member] | |||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||
Loans and leases | $ 0 | $ 0 | |||||||
|
Loans and Leases (Summary Of The Recorded Investment Of Company's TDRs) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Financing Receivable, Modifications [Line Items] | ||||
Total recorded investment of TDRs | $ 226,061 | $ 223,528 | ||
Accruing TDRs performing under modified terms more than one year (as a percent) | 57.00% | 57.10% | ||
Specific reserves for TDRs included in the balance of ALLL | $ 199,107 | $ 194,320 | $ 174,201 | $ 174,990 |
Additional funds committed to borrowers in TDR status | 2,487 | 459 | ||
Performing Financial Instruments [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total recorded investment of TDRs | 145,073 | 147,809 | ||
Nonperforming Financial Instruments [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total recorded investment of TDRs | 80,988 | 75,719 | ||
Nonperforming Financial Instruments [Member] | Troubled Debt Restructures [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Specific reserves for TDRs included in the balance of ALLL | $ 13,248 | $ 14,583 |
Loans and Leases (Information on How Loans and Leases were Modified as a TDR) (Detail) $ in Thousands |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
loan
|
Mar. 31, 2016
USD ($)
loan
|
||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 72 | 42 | |||||
Post-Modification Recorded Investment | $ | [1] | $ 8,654 | $ 18,572 | ||||
Residential Portfolio Segment [Member] | Extended Maturity [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 5 | 5 | |||||
Post-Modification Recorded Investment | $ | [1] | $ 970 | $ 664 | ||||
Residential Portfolio Segment [Member] | Adjusted Interest Rate [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 0 | 1 | |||||
Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 236 | ||||
Residential Portfolio Segment [Member] | Maturity/Rate Combined [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 3 | 0 | |||||
Post-Modification Recorded Investment | $ | [1] | $ 492 | $ 0 | ||||
Residential Portfolio Segment [Member] | Other [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | [2] | 19 | 7 | ||||
Post-Modification Recorded Investment | $ | [1],[2] | $ 2,938 | $ 1,415 | ||||
Consumer Portfolio Segment [Member] | Extended Maturity [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 2 | 1 | |||||
Post-Modification Recorded Investment | $ | [1] | $ 39 | $ 99 | ||||
Consumer Portfolio Segment [Member] | Maturity/Rate Combined [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 7 | 4 | |||||
Post-Modification Recorded Investment | $ | [1] | $ 1,983 | $ 300 | ||||
Consumer Portfolio Segment [Member] | Other [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | [2] | 33 | 7 | ||||
Post-Modification Recorded Investment | $ | [1],[2] | $ 2,193 | $ 338 | ||||
Commercial Portfolio Segment [Member] | Extended Maturity [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 2 | 9 | |||||
Post-Modification Recorded Investment | $ | [1] | $ 35 | $ 14,649 | ||||
Commercial Portfolio Segment [Member] | Maturity/Rate Combined [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 0 | 1 | |||||
Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 4 | ||||
Commercial Portfolio Segment [Member] | Other [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | [2] | 1 | 4 | ||||
Post-Modification Recorded Investment | $ | [1],[2] | $ 4 | $ 310 | ||||
Commercial Real Estate Portfolio Segment [Member] | Maturity/Rate Combined [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 0 | 1 | |||||
Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 44 | ||||
Commercial Real Estate Portfolio Segment [Member] | Other [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | [2] | 0 | 1 | ||||
Post-Modification Recorded Investment | $ | [1],[2] | $ 0 | $ 509 | ||||
Finance Leases Portfolio Segment [Member] | Extended Maturity [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 0 | 1 | |||||
Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 4 | ||||
|
Loans and Leases (Information on Loans and Leases Modified as TDR within the Previous 12 Months) (Detail) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017
USD ($)
loan
|
Mar. 31, 2016
USD ($)
loan
|
|
Financing Receivable, Modifications [Line Items] | ||
Number of Loans and Leases | loan | 0 | 15 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 13,781 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans and Leases | loan | 0 | 3 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 699 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans and Leases | loan | 0 | 2 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 90 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans and Leases | loan | 0 | 9 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 12,587 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans and Leases | loan | 0 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 405 |
Loans and Leases (Investments in TDRs, Segregated by Risk Rating Exposure) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | $ 226,061 | $ 223,528 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | 57,804 | 58,464 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (1) - (6) Pass [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | 10,671 | 10,210 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (7) Special Mention [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | 6 | 7 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (8) Substandard [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | 44,430 | 45,509 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (9) Doubtful [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | $ 2,697 | $ 2,738 |
Transfers of Financial Assets (Reserve for loan repurchases) (Detail) - Loan Purchase Commitments [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Beginning balance | $ 790 | $ 1,192 |
Provision charged to expense | 34 | 25 |
Repurchased loans and settlements charged off | 0 | (98) |
Ending balance | $ 824 | $ 1,119 |
Transfers of Financial Assets (Loans sold) (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net gain on sale | $ 2,266 | $ 3,260 |
Ancillary Fee Income Generated by Servicing Financial Assets, Amount | 768 | 631 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from sale | 106,620 | 85,161 |
Loans sold with servicing rights retained | 99,500 | 79,360 |
Net gain on sale | 251 | 974 |
Fair value option adjustment | $ 1,247 | $ 1,024 |
Transfers of Financial Assets (Mortgage Servicing Assets) (Narrative) (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceeds from loans not originated for sale | $ 7,445 | $ 8,247 | |
Residential Mortgage [Member] | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Retained servicing rights | 2,600,000 | $ 2,600,000 | |
Bank servicing fees | 200 | 300 | |
Commercial Loan [Member] | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceeds from loans not originated for sale | $ 7,400 | ||
Consumer Loan [Member] | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceeds from loans not originated for sale | $ 8,200 |
Transfers of Financial Assets Servicing Assets at Amortized Cost Roll Forward (Details) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Transfers and Servicing [Abstract] | ||
Beginning Balance | $ 24,466 | $ 20,698 |
Additions | 2,009 | 1,913 |
Amortization | 2,139 | 1,607 |
Ending Balance | $ 24,336 | $ 21,004 |
Goodwill and Other Intangible Assets (Gross Carrying Value And Accumulated Amortization Of Other Intangible Assets) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 43,000 | $ 43,000 |
Accumulated Amortization | (10,381) | (9,326) |
Net Carrying Amount | 32,619 | 33,674 |
Goodwill | 538,373 | 538,373 |
Community Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 516,560 | 516,560 |
HSA Bank [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 21,813 | 21,813 |
Core Deposits [Member] | HSA Bank [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22,000 | 22,000 |
Accumulated Amortization | (6,814) | (6,162) |
Net Carrying Amount | 15,186 | 15,838 |
Customer Relationships [Member] | HSA Bank [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,000 | 21,000 |
Accumulated Amortization | (3,567) | (3,164) |
Net Carrying Amount | $ 17,433 | $ 17,836 |
Goodwill and Other Intangible Assets (Schedule Of Expected Future Amortization Expense) (Detail) $ in Thousands |
Mar. 31, 2017
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2017 | $ 3,008 |
2018 | 3,847 |
2019 | 3,847 |
2020 | 3,847 |
2021 | 3,847 |
Thereafter | $ 14,223 |
Deposits (Summary Of Deposits) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Non-interest-bearing: | ||
Demand | $ 3,913,058 | $ 4,021,061 |
Interest-bearing: | ||
Checking | 2,607,060 | 2,528,274 |
Health savings accounts | 4,793,734 | 4,362,503 |
Money market | 2,452,726 | 2,047,121 |
Savings | 4,456,980 | 4,320,090 |
Time deposits | 2,018,099 | 2,024,808 |
Total interest-bearing | 16,328,599 | 15,282,796 |
Total deposits | 20,241,657 | 19,303,857 |
Time deposits and interest-bearing checking, included in above balances, obtained through brokers | 850,216 | 848,618 |
Time deposits, included in above balance, that meet or exceed the FDIC limit | 539,520 | 490,721 |
Deposit overdrafts reclassified as loan balances | $ 1,125 | $ 1,885 |
Deposits (Scheduled Maturities Of Time Deposits) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Banking and Thrift [Abstract] | ||
Remainder of 2017 | $ 699,874 | |
2018 | 512,408 | |
2019 | 499,948 | |
2020 | 189,739 | |
2021 | 107,386 | |
Thereafter | 8,744 | |
Total time deposits | $ 2,018,099 | $ 2,024,808 |
Borrowings Borrowings - (Narrative) (Details) - USD ($) $ in Billions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Disclosure [Abstract] | ||
Total borrowings | $ 3.0 | $ 4.0 |
Borrowings (Summary Of Securities Sold Under Agreements To Repurchase And Other Borrowings) (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 693,573 | $ 740,526 |
Fed funds purchased | 114,000 | 209,000 |
Securities sold under agreements to repurchase and other borrowings | $ 807,573 | $ 949,526 |
Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate | 1.83% | 1.82% |
Federal Funds Purchased [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate | 0.82% | 0.46% |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate | 1.69% | 1.53% |
Original maturity of one year or less [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 293,573 | $ 340,526 |
Original maturity of one year or less [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate | 0.18% | 0.16% |
Original maturity of greater than one year, non-callable [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 400,000 | $ 400,000 |
Original maturity of greater than one year, non-callable [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate | 3.04% | 3.09% |
Borrowings (Federal Home Loan Advances) (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Federal Home Loan Bank, Advances, Maturity, Rolling Year [Abstract] | ||
FHLB advances maturing within 1 year, Total Outstanding | $ 1,260,500 | $ 2,130,500 |
FHLB advances maturing after 1 but within 2 years, Total Outstanding | 175,000 | 200,000 |
FHLB advances maturing after 2 but within 3 years, Total Outstanding | 153,026 | 128,026 |
FHLB advances maturing after 3 but within 4 years, Total Outstanding | 125,000 | 175,000 |
FHLB advances maturing after 4 but within 5 years, Total Outstanding | 200,000 | 200,000 |
FHLB advances maturing after 5 years, Total Outstanding | 9,297 | 9,370 |
Federal Home Loan Bank, Advances | 1,922,823 | 2,842,896 |
Premiums on advances | 9 | 12 |
Federal Home Loan Bank advances | $ 1,922,832 | $ 2,842,908 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate [Abstract] | ||
FHLB advances maturing within 1 year, Weighted Average Contractual Coupon Rate (as a percent) | 1.01% | 0.71% |
FHLB advances maturing after 1 but within 2 years, Weighted Average Contractual Coupon Rate (as a percent) | 1.45% | 1.36% |
FHLB advances maturing after 2 but within 3 years, Weighted Average Contractual Coupon Rate (as a percent) | 1.75% | 1.73% |
FHLB advances maturing after 3 but within 4 years, Weighted Average Contractual Coupon Rate (as a percent) | 1.83% | 1.77% |
FHLB advances maturing after 4 but within 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 1.92% | 1.81% |
FHLB advances maturing after 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.59% | 2.59% |
Federal Home Loan Bank, Advances, Weighted Average Contractual Coupon Rate (as a percent) | 1.26% | 0.95% |
Aggregate carrying value of assets pledged as collateral | $ 5,895,045 | $ 5,967,318 |
Remaining borrowing capacity | $ 2,046,011 | $ 1,192,758 |
Borrowings (Long Term Debt) (Details) - USD ($) |
Mar. 31, 2017 |
Dec. 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||
Notes and subordinated debt | $ 227,320,000 | $ 227,320,000 | |||||
Debt issuance cost on senior fixed-rates | [1] | (928,000) | (961,000) | ||||
Long-term debt | $ 225,577,000 | $ 225,514,000 | |||||
Variable interest rate | 4.10% | 3.48% | |||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.95% | ||||||
Long-term Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Discount on senior fixed-rate notes | $ (815,000) | $ (845,000) | |||||
4.375% Senior fixed-rate notes due February 15, 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, interest rate (as a percent) | 4.375% | ||||||
Notes and subordinated debt | $ 150,000,000 | 150,000,000 | |||||
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes and subordinated debt | [2] | $ 77,320,000 | $ 77,320,000 | ||||
|
Accumulated Other Comprehensive Loss, Net of Tax (Schedule of Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ (76,993) | $ (78,106) |
OCI/OCL before reclassifications | (2,164) | 5,162 |
Amounts reclassified from AOCL | 2,130 | 2,547 |
Other comprehensive income (loss), net of tax | 34 | (7,709) |
Ending balance | (77,027) | (70,397) |
Available For Sale and Transferred Securities [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (15,476) | (6,407) |
OCI/OCL before reclassifications | (2,225) | 7,614 |
Amounts reclassified from AOCL | 0 | (109) |
Other comprehensive income (loss), net of tax | 2,225 | (7,505) |
Ending balance | (17,701) | 1,098 |
Derivative Instruments [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (17,068) | (22,980) |
OCI/OCL before reclassifications | 61 | (2,452) |
Amounts reclassified from AOCL | 1,098 | 1,500 |
Other comprehensive income (loss), net of tax | (1,159) | 952 |
Ending balance | (15,909) | (23,932) |
Defined Benefit Pension and Other Postretirement Benefit Plans [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (44,449) | (48,719) |
OCI/OCL before reclassifications | 0 | 0 |
Amounts reclassified from AOCL | 1,032 | 1,156 |
Other comprehensive income (loss), net of tax | (1,032) | (1,156) |
Ending balance | $ (43,417) | $ (47,563) |
Accumulated Other Comprehensive Loss, Net of Tax (Schedule of Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Impairment loss recognized in earnings | $ 0 | $ (149) |
Income (loss) before income tax expense | 81,422 | 70,481 |
Income tax expense | (21,951) | (23,434) |
Earnings applicable to common shareholders | 57,342 | 44,921 |
Net of tax | (2,130) | (2,547) |
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of accumualted comprehensive income [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sale of investment securities, net | 0 | 320 |
Impairment loss recognized in earnings | 0 | (149) |
Income (loss) before income tax expense | 0 | 171 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | 0 | 109 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of accumualted comprehensive income [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 0 | (62) |
Earnings applicable to common shareholders | 0 | 109 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (1,098) | (1,500) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of accumualted comprehensive income [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Total interest expense | (1,735) | (2,365) |
Income tax expense | 637 | 865 |
Earnings applicable to common shareholders | (1,098) | (1,500) |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (1,638) | (1,829) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 0 | (4) |
Defined benefit pension and postretirement benefit plans [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (1,638) | (1,833) |
Income tax expense | 606 | 677 |
Net of tax | $ (1,032) | $ (1,156) |
Regulatory Matters (Information On The Capital Ratios) (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common equity tier 1, Actual Amount | $ 1,959,718 | $ 1,932,171 | |
Common equity tier 1, Actual Ratio | 10.70% | 10.50% | |
Common equity tier 1, Capital Requirements, Minimum Amount | $ 820,534 | $ 826,504 | |
Common equity tier 1, Capital Requirements, Minimum Ratio | 4.50% | 4.50% | |
Common equity tier 1, Capital Requirements, Well Capitalized Amount | $ 1,185,216 | $ 1,193,840 | |
Common equity tier 1, Capital Requirements, Well Capitalized Ratio | 6.50% | 6.50% | |
Total risk-based capital, Actual Amount | $ 2,361,510 | $ 2,328,808 | |
Total risk-based capital, Actual Ratio | 13.00% | 12.70% | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 1,458,727 | $ 1,469,341 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 8.00% | 8.00% | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 1,823,409 | $ 1,836,677 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 10.00% | 10.00% | |
Tier 1 capital, Actual Amount | $ 2,082,428 | $ 2,054,881 | |
Tier 1 capital, Actual Ratio | 11.40% | 11.20% | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 1,094,045 | $ 1,102,006 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 6.00% | 6.00% | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 1,458,727 | $ 1,469,341 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 8.00% | 8.00% | |
Tier 1 leverage capital ratio, Actual Amount | $ 2,082,428 | $ 2,054,881 | |
Tier 1 leverage capital ratio, Actual Ratio | 8.20% | 8.10% | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 1,020,450 | $ 1,010,857 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 4.00% | 4.00% | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 1,275,563 | $ 1,263,571 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Ratio | 5.00% | 5.00% | |
Dividends paid | $ 10,000 | $ 30,000 | |
Subsidiaries [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common equity tier 1, Actual Amount | $ 1,995,930 | $ 1,945,332 | |
Common equity tier 1, Actual Ratio | 11.00% | 10.60% | |
Common equity tier 1, Capital Requirements, Minimum Amount | $ 819,778 | $ 825,228 | |
Common equity tier 1, Capital Requirements, Minimum Ratio | 4.50% | 4.50% | |
Common equity tier 1, Capital Requirements, Well Capitalized Amount | $ 1,184,123 | $ 1,191,995 | |
Common equity tier 1, Capital Requirements, Well Capitalized Ratio | 6.50% | 6.50% | |
Total risk-based capital, Actual Amount | $ 2,197,692 | $ 2,141,939 | |
Total risk-based capital, Actual Ratio | 12.10% | 11.70% | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 1,457,382 | $ 1,467,071 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 8.00% | 8.00% | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 1,821,728 | $ 1,833,839 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 10.00% | 10.00% | |
Tier 1 capital, Actual Amount | $ 1,995,930 | $ 1,945,332 | |
Tier 1 capital, Actual Ratio | 11.00% | 10.60% | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 1,093,037 | $ 1,100,304 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 6.00% | 6.00% | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 1,457,382 | $ 1,467,071 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 8.00% | 8.00% | |
Tier 1 leverage capital ratio, Actual Amount | $ 1,995,930 | $ 1,945,332 | |
Tier 1 leverage capital ratio, Actual Ratio | 7.80% | 7.70% | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 1,019,719 | $ 1,010,005 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 4.00% | 4.00% | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 1,274,649 | $ 1,262,507 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Ratio | 5.00% | 5.00% | |
Cash Pass-through Reserve, Federal Home Loan Bank | $ 57,700 | $ 58,600 |
Earnings Per Common Share (Earnings Per Share Basic And Diluted) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings for basic and diluted earnings per common share: | ||
Net income | $ 59,471 | $ 47,047 |
Less: Preferred stock dividends | 2,024 | 2,024 |
Undistributed Earnings, Basic | 57,447 | 45,023 |
Net income available to common shareholders | 57,447 | 45,023 |
Less: Earnings applicable to participating securities | 105 | 102 |
Less: Earnings applicable to participating securities | 105 | 102 |
Earnings applicable to common shareholders | 57,342 | 44,921 |
Earnings applicable to common shareholders | $ 57,342 | $ 44,921 |
Shares: | ||
Weighted average common shares outstanding - basic (in shares) | 91,886 | 91,328 |
Effect of dilutive securities: | ||
Stock options and restricted stock (in shares) | 450 | 452 |
Warrants (in shares) | 6 | 29 |
Weighted-average common shares outstanding - diluted (in shares) | 92,342 | 91,809 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.62 | $ 0.49 |
Diluted (in dollars per share) | $ 0.62 | $ 0.49 |
Earnings Per Common Share Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Stock options (shares with exercise price greater than market price) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 213 |
Restricted stock (due to performance conditions on non-participating shares) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 40 | 129 |
Derivative Financial Instruments (Schedule fair value of derivative instruments) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Fair Value, Gross Asset | $ 8,307 | $ 35,727 | |||||||||
Asset Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 8,035 | 35,727 | |||||||||
Asset Derivatives, Fair Value, Less: Cash collateral posted | 31,900 | 42,500 | |||||||||
Derivative Asset | [1],[2] | 272 | 0 | ||||||||
Liability Derivatives, Fair Value, Gross Liability | 5,212 | 25,300 | |||||||||
Liability Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 5,008 | 24,854 | |||||||||
Liability Derivatives, Fair Value, Less: Cash collateral posted | 3,200 | ||||||||||
Derivative liability | [1],[2] | 204 | 446 | ||||||||
Mandatory Forward Commitment | 59,000 | ||||||||||
Floating rate Commitments | 18,600 | ||||||||||
Subject to and not subject to Master Netting Agreements [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Notional Amounts | 4,142,260 | 4,104,713 | |||||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 42,213 | 77,637 | |||||||||
Asset Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 4,311 | 24,252 | |||||||||
Asset Derivatives, Fair Value, Less: Cash collateral posted | 3,724 | 11,475 | |||||||||
Derivative Asset | 34,178 | 41,910 | |||||||||
Liability Derivatives, Notional Amount | 2,922,830 | 2,956,313 | |||||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 30,752 | 45,189 | |||||||||
Liability Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 4,311 | 24,254 | |||||||||
Liability Derivatives, Fair Value, Less: Cash collateral posted | 697 | 600 | |||||||||
Derivative liability | 25,744 | 20,335 | |||||||||
Designated as Hedging Instrument [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Fair Value, Gross Asset | 2,950 | 3,270 | |||||||||
Asset Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 2,678 | 3,270 | |||||||||
Derivative Asset | [1],[2] | 272 | 0 | ||||||||
Liability Derivatives, Fair Value, Gross Liability | 375 | 792 | |||||||||
Liability Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 375 | 792 | |||||||||
Derivative liability | [1],[2] | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Derivatives Subject to Master Netting Arrangement or Similar Arrangement [Member] | Interest rate derivatives [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Notional Amounts | [3] | 225,000 | 225,000 | ||||||||
Asset Derivatives, Fair Value, Gross Asset | [3] | 2,950 | 3,270 | ||||||||
Liability Derivatives, Notional Amount | [3] | 100,000 | 100,000 | ||||||||
Liability Derivatives, Fair Value, Gross Liability | [3] | 375 | 792 | ||||||||
Not Designated as Hedging Instrument [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Fair Value, Gross Asset | 5,357 | 32,457 | |||||||||
Asset Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 5,357 | 32,457 | |||||||||
Derivative Asset | [1],[2] | 0 | 0 | ||||||||
Liability Derivatives, Fair Value, Gross Liability | 4,837 | 24,508 | |||||||||
Liability Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 4,633 | 24,062 | |||||||||
Liability Derivatives, Fair Value, Less: Cash collateral posted | 3,000 | 10,900 | |||||||||
Derivative liability | [1],[2] | 204 | 446 | ||||||||
Not Designated as Hedging Instrument [Member] | Derivatives Subject to Master Netting Arrangement or Similar Arrangement [Member] | Interest rate derivatives [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Notional Amounts | [3] | 2,125,783 | 1,943,485 | ||||||||
Asset Derivatives, Fair Value, Gross Asset | [3] | 5,348 | 32,226 | ||||||||
Liability Derivatives, Notional Amount | [3] | 1,116,093 | 1,242,937 | ||||||||
Liability Derivatives, Fair Value, Gross Liability | [3] | 8,543 | 24,388 | ||||||||
Not Designated as Hedging Instrument [Member] | Derivatives Subject to Master Netting Arrangement or Similar Arrangement [Member] | Other [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Notional Amounts | [3] | 1,140 | 10,634 | ||||||||
Asset Derivatives, Fair Value, Gross Asset | [3] | 9 | 231 | ||||||||
Liability Derivatives, Notional Amount | [3] | 23,616 | 14,265 | ||||||||
Liability Derivatives, Fair Value, Gross Liability | [3] | 188 | 120 | ||||||||
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Notional Amounts | [4] | 3,917,260 | 3,879,713 | ||||||||
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | [4] | 39,263 | 74,367 | ||||||||
Liability Derivatives, Notional Amount | [4] | 2,822,830 | 2,856,313 | ||||||||
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | [4] | 30,377 | 44,397 | ||||||||
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | Interest rate derivatives [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Notional Amounts | [4] | 1,651,917 | 1,734,679 | ||||||||
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | [4] | 33,160 | 38,668 | ||||||||
Liability Derivatives, Notional Amount | [4] | 1,589,959 | 1,451,762 | ||||||||
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | [4] | 21,218 | 19,001 | ||||||||
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | RPAs [Member] | RPA-Out [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Notional Amounts | [4] | 85,800 | 86,037 | ||||||||
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | [4] | 117 | 139 | ||||||||
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | RPAs [Member] | RPA-In [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Liability Derivatives, Notional Amount | [4] | 92,250 | 87,273 | ||||||||
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | [4] | 142 | 166 | ||||||||
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | Mortgage Banking Derivatives [Member] | RPA-Out [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Notional Amounts | [4] | 50,724 | 103,440 | ||||||||
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | [4] | 606 | 3,084 | ||||||||
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | Mortgage Banking Derivatives [Member] | RPA-In [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Liability Derivatives, Notional Amount | [4] | 746 | 59,895 | ||||||||
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | [4] | 274 | 711 | ||||||||
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | Other [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset Derivatives, Notional Amounts | [4] | 1,896 | 1,438 | ||||||||
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | [4] | 23 | 19 | ||||||||
Liability Derivatives, Notional Amount | [4] | 166 | 181 | ||||||||
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | [4] | $ 12 | $ 11 | ||||||||
|
Derivative Financial Instruments (Schedule of the changes in the fair value of non-hedge accounting derivatives) (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (2,083) | $ 1,533 |
Interest Rate Derivatives [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 249 | 2,333 |
RPA [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 53 | (86) |
Mortgage Banking Derivatives [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | (2,041) | (201) |
Other [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (344) | $ (513) |
Derivative Financial Instruments (AOCI Related to Cash Flow Hedges) (Narrative) (Detail) - Cash Flow Hedging [Member] $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | $ (6.4) |
Remaining unamortized gain (loss) on termination of cash flow hedges | (19.7) |
Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | $ 1.4 |
Derivative Financial Instruments (Offsetting Derivatives) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Derivative [Line Items] | |||||||
Derivative instrument assets, Gross Amount | $ 8,307 | $ 35,727 | |||||
Derivative instrument asset, Amount Offset, Total | (8,035) | (35,727) | |||||
Derivative Asset | [1],[2] | 272 | 0 | ||||
Derivative instrument liability, Gross Amount | 5,212 | 25,300 | |||||
Derivative instrument liability, Amount Offset, Total | (5,008) | (24,854) | |||||
Derivative liability | [1],[2] | 204 | 446 | ||||
Derivative instrument liability, Amount Offset | (3,200) | ||||||
Derivative instrument asset, Amount Offset | (31,900) | (42,500) | |||||
Hedge Accounting Positions [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative instrument assets, Gross Amount | 2,950 | 3,270 | |||||
Derivative instrument asset, Amount Offset, Total | (2,678) | (3,270) | |||||
Derivative Asset | [1],[2] | 272 | 0 | ||||
Derivative instrument liability, Gross Amount | 375 | 792 | |||||
Derivative instrument liability, Amount Offset, Total | (375) | (792) | |||||
Derivative liability | [1],[2] | 0 | 0 | ||||
Non-Hedged Accounting Positions [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative instrument assets, Gross Amount | 5,357 | 32,457 | |||||
Derivative instrument asset, Amount Offset, Total | (5,357) | (32,457) | |||||
Derivative Asset | [1],[2] | 0 | 0 | ||||
Derivative instrument liability, Gross Amount | 4,837 | 24,508 | |||||
Derivative instrument liability, Amount Offset, Total | (4,633) | (24,062) | |||||
Derivative liability | [1],[2] | 204 | 446 | ||||
Derivative instrument liability, Amount Offset | (3,000) | (10,900) | |||||
Subject to and not subject to Master Netting Agreements [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative instrument asset, Amount Offset, Total | (4,311) | (24,252) | |||||
Derivative Asset | 34,178 | 41,910 | |||||
Derivative instrument liability, Amount Offset, Total | (4,311) | (24,254) | |||||
Derivative liability | 25,744 | 20,335 | |||||
Derivative instrument liability, Amount Offset | (697) | (600) | |||||
Derivative instrument asset, Amount Offset | $ (3,724) | $ (11,475) | |||||
|
Derivative Financial Instruments (Counterparty Credit Risk Narrative) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 35,100 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 31,900 | $ 42,500 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 3,200 | |
Credit Derivative, Maximum Exposure, Undiscounted | 33,200 | |
Market Approach Valuation Technique [Member] | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 27,400 | |
Subject to and not subject to Master Netting Agreements [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 3,724 | 11,475 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | $ 697 | $ 600 |
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total credit-related financial instruments with off-balance sheet risk | $ 5,194,071 | $ 5,399,762 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Book value of other real estate owned (OREO) and repossessed assets | 4,100 | |
Rabbi Trust [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 3,000 | |
Alternative investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total credit-related financial instruments with off-balance sheet risk | $ 9,700 |
Fair Value Measurements (Fair Value Assets And Liabilities Measured On Recurring Basis) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Financial assets held at fair value: | ||||||||||||
Derivative Asset | [1],[2] | $ 272 | $ 0 | |||||||||
Originated loans held for sale | 28,698 | 60,260 | ||||||||||
Financial liabilities held at fair value: | ||||||||||||
Derivative liability | [1],[2] | 204 | 446 | |||||||||
Fair Value, Measurements, Recurring [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Total financial assets held at fair value | 2,979,370 | 3,139,609 | ||||||||||
Financial liabilities held at fair value: | ||||||||||||
Derivative liability | [3] | 30,752 | 45,189 | |||||||||
Fair Value, Measurements, Recurring [Member] | Derivative instruments [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Derivative Asset | [3] | 42,213 | 77,637 | |||||||||
Fair Value, Measurements, Recurring [Member] | Available-for-sale Investment Securities [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 2,897,060 | 2,991,091 | ||||||||||
Fair Value, Measurements, Recurring [Member] | US Treasury Bill Securities [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 1,853 | 734 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Agency CMO [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 387,207 | 419,706 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Agency MBS [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 913,613 | 954,349 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Agency CMBS [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 587,115 | 573,272 | ||||||||||
Fair Value, Measurements, Recurring [Member] | CMBS [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 500,738 | 477,365 | ||||||||||
Fair Value, Measurements, Recurring [Member] | CLO [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 368,657 | 427,390 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Single issuer trust preferred securities [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 29,326 | 28,633 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 108,551 | 109,642 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Investments held In Rabbi Trust [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Other assets | 5,087 | 5,119 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Alternative investments [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Other assets | 6,312 | 5,502 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Loan Origination Commitments [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Originated loans held for sale | 28,698 | [4] | 60,260 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Total financial assets held at fair value | 6,972 | 6,103 | ||||||||||
Financial liabilities held at fair value: | ||||||||||||
Derivative liability | [3] | 188 | 120 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Derivative instruments [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Derivative Asset | [3] | 32 | 250 | |||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Available-for-sale Investment Securities [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 1,853 | 734 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | US Treasury Bill Securities [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 1,853 | 734 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Agency CMBS [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | CMBS [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Investments held In Rabbi Trust [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Other assets | 5,087 | 5,119 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Alternative investments [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Other assets | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Loan Origination Commitments [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Originated loans held for sale | 0 | [4] | 0 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Total financial assets held at fair value | 2,966,086 | 3,128,004 | ||||||||||
Financial liabilities held at fair value: | ||||||||||||
Derivative liability | [3] | 30,564 | 45,069 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Derivative instruments [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Derivative Asset | [3] | 42,181 | 77,387 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale Investment Securities [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 2,895,207 | 2,990,357 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Agency CMO [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 387,207 | 419,706 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Agency MBS [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 913,613 | 954,349 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Agency CMBS [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 587,115 | 573,272 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | CMBS [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 500,738 | 477,365 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | CLO [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 368,657 | 427,390 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Single issuer trust preferred securities [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 29,326 | 28,633 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate debt securities [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 108,551 | 109,642 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Alternative investments [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Other assets | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Loan Origination Commitments [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Originated loans held for sale | 28,698 | [4] | 60,260 | |||||||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Total financial assets held at fair value | 6,312 | 5,502 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Derivative instruments [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Derivative Asset | [3] | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Agency CMBS [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | CMBS [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Available for sale investment securities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Alternative investments [Member] | ||||||||||||
Financial assets held at fair value: | ||||||||||||
Other assets | $ 6,312 | $ 5,502 | ||||||||||
|
Fair Value Measurements (Schedule Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Payments | $ (42) |
Equity Method Investments [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Level 3, beginning of period, Financial Assets | 5,502 |
Unrealized gain included in net income | 57 |
Purchases/capital funding | 795 |
Level 3, end of period, Financial Assets | $ 6,312 |
Fair Value Measurements (Schedule Of Valuation Methodology And Unobservable Inputs) (Detail) - Significant Unobservable Inputs (Level 3) [Member] - Fair Value, Measurements, Nonrecurring [Member] $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Other Real Estate Owned [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
OREO | $ 809 |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 8.00% |
Impaired Loans and Leases [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Collateral dependent impaired loans and leases | $ 20,161 |
Impaired Loans and Leases [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 0.00% |
Impaired Loans and Leases [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 30.00% |
Impaired Loans and Leases [Member] | Market Approach Valuation Technique - Discount for cost to sell [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 8.00% |
Impaired Loans and Leases [Member] | Market Approach Valuation Technique - Discount for cost to sell [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 15.00% |
Other Real Estate Owned [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 0.00% |
Other Real Estate Owned [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 20.00% |
Fair Value Measurements (Summary Of Estimated Fair Values Of Significant Financial Instruments) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Loans held for sale | $ 28,698 | $ 60,260 | |||||
Mortgage servicing assets, Carrying Amount | 24,336 | 24,466 | $ 21,004 | $ 20,698 | |||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Loans held for sale | 0 | 7,317 | |||||
Loans and leases, net | 16,895,392 | 16,832,268 | |||||
Securities sold under agreements to repurchase and other borrowings | 807,573 | 949,526 | |||||
FHLB advances | [1] | 1,922,832 | 2,842,908 | ||||
Long-term debt | [1] | 225,577 | 225,514 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | Deposits Liabilities, other than time deposits [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Deposits | 18,223,558 | 17,279,049 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | Time Deposits [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Deposits | 2,018,099 | 2,024,808 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | Alternative investments [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Alternative investments | 9,718 | 11,034 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | Residential Mortgage [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Mortgage servicing assets, Carrying Amount | 24,336 | 24,466 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | Held-to-maturity Securities [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Held-to-maturity investment securities | 4,212,050 | 4,160,658 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Loans held for sale | 0 | 7,444 | |||||
Securities sold under agreements to repurchase and other borrowings | 812,344 | 955,660 | |||||
FHLB advances | [1] | 1,905,077 | 2,825,101 | ||||
Long-term debt | [1] | 231,947 | 225,514 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Loans and leases, net | 16,715,292 | 16,678,106 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Deposits Liabilities, other than time deposits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Deposits | 18,223,558 | 17,279,049 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Deposits | 2,014,304 | 2,024,395 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Alternative investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Alternative investments | 13,008 | 13,189 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Mortgage servicing assets, Fair value | 44,140 | 52,075 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Held-to-maturity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Held-to-maturity investment securities | $ 4,170,403 | $ 4,125,125 | |||||
|
Retirement Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 12 | $ 12 |
Interest cost on benefit obligations | 1,813 | 2,098 |
Expected return on plan assets | (3,073) | (2,565) |
Amortization of prior service cost | 0 | 0 |
Recognized net loss | 1,417 | 1,690 |
Net periodic benefit cost | 169 | 1,235 |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost on benefit obligations | 92 | 97 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Recognized net loss | 213 | 130 |
Net periodic benefit cost | 305 | 227 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost on benefit obligations | 25 | 31 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 4 |
Recognized net loss | 8 | 9 |
Net periodic benefit cost | $ 33 | $ 44 |
Share-Based Plans (Summary of Stock-based compensation expense recognized) (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock compensation expense | $ 3,318 | $ 2,783 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock compensation expense | 0 | 43 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock compensation expense | $ 3,318 | $ 2,740 |
Share-Based Plans (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock compensation expense | $ 21.9 | |
Weighted average recognition period | 2 years 3 months 18 days | |
Restricted Stock [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant | 100,000 | |
Time Based Restricted Stock Awards [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 1 year | |
Time Based Restricted Stock Awards [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 5 years | |
Performance-Based Restricted Stock Awards Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Vesting range (as a percent) | 50.00% | |
Performance-Based Restricted Stock Awards Shares [Member] | Minimum [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting range (as a percent) | 0.00% | |
Performance-Based Restricted Stock Awards Shares [Member] | Maximum [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting range (as a percent) | 150.00% | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding (in shares) | 899,881 | 1,072,974 |
Employee Stock Option [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award (in years) | P10Y0M0D | |
Non-Qualified Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding (in shares) | 825,092 | |
Incentive Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding (in shares) | 74,789 |
Share-Based Plans (Summary of Restricted Stock and Stock Option Activity) (Detail) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2017
$ / shares
shares
| ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options exercisable, Number of Shares | 899,881 | |||
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Restricted stock, Outstanding at beginning of period (in shares) | 253,361 | |||
Restricted stock, Granted (in shares) | 132,192 | |||
Restricted stock, Vested restricted stock awards (in shares) | 56,801 | [1] | ||
Restricted stock, Forfeited (in shares) | 3,567 | |||
Restricted stock, Outstanding at end of period (in shares) | 325,185 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Restricted stock, at beginning of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 32.24 | |||
Restricted stock, Granted (in dollars per share) | $ / shares | 55.93 | |||
Restricted stock, Vested restricted stock awards (in dollars per share) | $ / shares | 34.31 | [1] | ||
Restricted stock, Forfeited (in dollars per share) | $ / shares | 31.32 | |||
Restricted stock, at end of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 41.68 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Restricted stock, Outstanding at beginning of period (in shares) | 2,158 | |||
Restricted stock, Granted (in shares) | 8,129 | |||
Restricted stock, Vested restricted stock awards (in shares) | 2,835 | [1] | ||
Restricted stock, Forfeited (in shares) | 0 | |||
Restricted stock, Outstanding at end of period (in shares) | 7,452 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Restricted stock, at beginning of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 32.89 | |||
Restricted stock, Granted (in dollars per share) | $ / shares | 56.07 | |||
Restricted stock, Vested restricted stock awards (in dollars per share) | $ / shares | 38.43 | [1] | ||
Restricted stock, Forfeited (in dollars per share) | $ / shares | 0 | |||
Restricted stock, at end of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 56.07 | |||
Performance-Based Restricted Stock Awards Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Restricted stock, Outstanding at beginning of period (in shares) | 116,184 | |||
Restricted stock, Granted (in shares) | 89,581 | |||
Restricted stock, Vested restricted stock awards (in shares) | 33,596 | [1] | ||
Restricted stock, Forfeited (in shares) | 0 | |||
Restricted stock, Outstanding at end of period (in shares) | 172,169 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Restricted stock, at beginning of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 33.62 | |||
Restricted stock, Granted (in dollars per share) | $ / shares | 56.18 | |||
Restricted stock, Vested restricted stock awards (in dollars per share) | $ / shares | 35.85 | [1] | ||
Restricted stock, Forfeited (in dollars per share) | $ / shares | 0 | |||
Restricted stock, at end of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 44.95 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding, at beginning of period, Number of Shares | 1,072,974 | |||
Options granted, Number of Shares | 0 | |||
Exercised options, Number of Shares | 173,093 | |||
Options forfeited, Number of Shares | 0 | |||
Options outstanding, at end of period, Number of Shares | 899,881 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Options, at beginning of period, Weighted-average Exercise Price (in dollars per share) | $ / shares | $ 21.24 | |||
Options granted, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 0 | |||
Exercised options, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 27.17 | |||
Options forfeited, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 0 | |||
Options, at end of period, Weighted-average Exercise Price (in dollars per share) | $ / shares | $ 20.10 | |||
|
Segment Reporting (Operating Results and Total Assets Reportable Segments) (Detail) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017
USD ($)
Segment
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | Segment | 4 | ||
Net interest income (loss) | $ 192,664 | $ 176,152 | |
Provision (benefit) for loan and lease losses | 10,500 | 15,600 | |
Net interest income after provision for loan and lease losses | 182,164 | 160,552 | |
Non-interest income | 63,042 | 62,374 | |
Non-interest expense | 163,784 | 152,445 | |
Income (loss) before income tax expense | 81,422 | 70,481 | |
Income tax expense (benefit) | 21,951 | 23,434 | |
Net of tax | 59,471 | 47,047 | |
Total Assets | 26,002,916 | $ 26,072,529 | |
Operating Segments [Member] | Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 75,273 | 65,422 | |
Provision (benefit) for loan and lease losses | 7,015 | 10,248 | |
Net interest income after provision for loan and lease losses | 68,258 | 55,174 | |
Non-interest income | 11,000 | 8,783 | |
Non-interest expense | 32,967 | 28,689 | |
Income (loss) before income tax expense | 46,291 | 35,268 | |
Income tax expense (benefit) | 12,480 | 11,727 | |
Net of tax | 33,811 | 23,541 | |
Total Assets | 8,773,531 | 8,518,830 | |
Operating Segments [Member] | Community Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 93,182 | 90,056 | |
Provision (benefit) for loan and lease losses | 4,183 | 6,244 | |
Net interest income after provision for loan and lease losses | 88,999 | 83,812 | |
Non-interest income | 25,371 | 26,640 | |
Non-interest expense | 94,395 | 90,876 | |
Income (loss) before income tax expense | 19,975 | 19,576 | |
Income tax expense (benefit) | 5,385 | 6,509 | |
Net of tax | 14,590 | 13,067 | |
Total Assets | 8,694,622 | 8,655,789 | |
Operating Segments [Member] | HSA Bank [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 24,052 | 19,919 | |
Provision (benefit) for loan and lease losses | 0 | 0 | |
Net interest income after provision for loan and lease losses | 24,052 | 19,919 | |
Non-interest income | 19,271 | 19,955 | |
Non-interest expense | 28,239 | 24,257 | |
Income (loss) before income tax expense | 15,084 | 15,617 | |
Income tax expense (benefit) | 4,066 | 5,192 | |
Net of tax | 11,018 | 10,425 | |
Total Assets | 81,944 | 83,987 | |
Operating Segments [Member] | Private Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 2,974 | 2,873 | |
Provision (benefit) for loan and lease losses | (218) | 29 | |
Net interest income after provision for loan and lease losses | 3,192 | 2,844 | |
Non-interest income | 2,424 | 2,365 | |
Non-interest expense | 5,157 | 5,371 | |
Income (loss) before income tax expense | 459 | (162) | |
Income tax expense (benefit) | 124 | (54) | |
Net of tax | 335 | (108) | |
Total Assets | 542,246 | 550,615 | |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | (2,817) | (2,118) | |
Provision (benefit) for loan and lease losses | (480) | (921) | |
Net interest income after provision for loan and lease losses | (2,337) | (1,197) | |
Non-interest income | 4,976 | 4,631 | |
Non-interest expense | 3,026 | 3,252 | |
Income (loss) before income tax expense | (387) | 182 | |
Income tax expense (benefit) | (104) | 60 | |
Net of tax | (283) | $ 122 | |
Total Assets | $ 7,910,573 | $ 8,263,308 |
Commitments and Contingencies (Outstanding Financial Instruments Contract Amounts Represent Credit Risk) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Loss Contingencies [Line Items] | ||
Total credit-related financial instruments with off-balance sheet risk | $ 5,194,071 | $ 5,399,762 |
Standby letter of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total credit-related financial instruments with off-balance sheet risk | 128,780 | 128,985 |
Commercial letter of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total credit-related financial instruments with off-balance sheet risk | 40,881 | 46,497 |
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total credit-related financial instruments with off-balance sheet risk | $ 5,024,410 | $ 5,224,280 |
(Reserve for Unfunded Commitments) (Detail) - Reserve for Off-balance Sheet Activities [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Beginning balance | $ 2,287 | $ 2,119 |
Provision | 368 | 7 |
Ending balance | $ 2,655 | $ 2,126 |
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