Delaware | 06-1187536 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | WBS | New York Stock Exchange | ||||||
Depositary Shares, each representing 1/1000th interest in a share | WBS-PrF | New York Stock Exchange | ||||||
of 5.25% Series F Non-Cumulative Perpetual Preferred Stock | ||||||||
Depositary Shares, each representing 1/40th interest in a share | WBS-PrG | New York Stock Exchange | ||||||
of 6.50% Series G Non-Cumulative Perpetual Preferred Stock |
Large Accelerated Filer | ☒ | |||||||||||||||||||||||||||||||
Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||||||||||||
Emerging growth company | ☐ |
Page No. | ||||||||
Key to Acronyms and Terms | |||||||||
Forward-Looking Statements | |||||||||
Item 1. | |||||||||
Item 2. | |||||||||
Item 3. | |||||||||
Item 4. | |||||||||
Item 1. | |||||||||
Item 1A. | |||||||||
Item 2. | |||||||||
Item 3. | |||||||||
Item 4. | |||||||||
Item 5. | |||||||||
Item 6. | |||||||||
ACL | Allowance for credit losses | ||||
Agency CMBS | Agency commercial mortgage-backed securities | ||||
Agency CMO | Agency collateralized mortgage obligations | ||||
Agency MBS | Agency mortgage-backed securities | ||||
ALCO | Asset/Liability Committee | ||||
Ametros | Ametros Financial Corporation | ||||
AOCI (AOCL) | Accumulated other comprehensive income (loss), net of tax | ||||
ASC | Accounting Standards Codification | ||||
ASU or the Update | Accounting Standards Update | ||||
Basel III Capital Rules | Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision | ||||
BHC Act | Bank Holding Company Act of 1956, as amended | ||||
CECL | Current expected credit losses | ||||
CET1 | Common Equity Tier 1 Capital, defined by Basel III capital rules | ||||
CET1 Risk-Based Capital | Ratio of CET1 capital to total risk-weighted assets, defined by the Basel III Capital Rules | ||||
CFPB | Consumer Financial Protection Bureau | ||||
CLO | Collateralized loan obligations | ||||
CMBS | Non-agency commercial mortgage-backed securities | ||||
COVID-19 | Coronavirus | ||||
CRA | Community Reinvestment Act of 1977 | ||||
DTA | Deferred tax asset | ||||
EAD | Exposure at default | ||||
FASB | Financial Accounting Standards Board | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
FHLB | Federal Home Loan Bank | ||||
FICO | Fair Isaac Corporation | ||||
FRB | Federal Reserve Bank | ||||
FTE | Fully tax-equivalent | ||||
FTP | Funds Transfer Pricing, a matched maturity funding concept | ||||
GAAP | U.S. Generally Accepted Accounting Principles | ||||
Holding Company | Webster Financial Corporation | ||||
HSA | Health savings account | ||||
HSA Bank | HSA Bank, a division of Webster Bank, National Association | ||||
interLINK | Interlink Insured Sweep LLC | ||||
LGD | Loss given default | ||||
LIHTC | Low-income housing tax credit | ||||
MBS | Non-agency mortgage-backed securities | ||||
NAV | Net asset value | ||||
OCC | Office of the Comptroller of the Currency | ||||
OREO | Other real estate owned | ||||
PD | Probability of default | ||||
PPNR | Pre-tax, pre-provision net revenue | ||||
PTNR | Pre-tax, net revenue | ||||
ROU | Right-of-use | ||||
S&P | Standard and Poor’s Rating Services | ||||
SEC | United States Securities and Exchange Commission | ||||
SOFR | Secured overnight financing rate | ||||
Sterling | Sterling Bancorp, collectively with its consolidated subsidiaries | ||||
Tier 1 Leverage Capital | Ratio of Tier 1 capital to average tangible assets, defined by the Basel III Capital Rules | ||||
Tier 1 Risk-Based Capital | Ratio of Tier 1 capital to total risk-weighted assets, defined by the Basel III Capital Rules | ||||
Total Risk-Based Capital | Ratio of total capital to total risk-weighted assets, defined by the Basel III Capital Rules | ||||
UPB | Unpaid principal balance | ||||
Webster Bank or the Bank | Webster Bank, National Association, a wholly-owned subsidiary of Webster Financial Corporation | ||||
Webster or the Company | Webster Financial Corporation, collectively with its consolidated subsidiaries |
September 30, 2017 | December 31, 2016 | ||||||
(In thousands, except share data) | (Unaudited) | ||||||
Assets: | |||||||
Cash and due from banks | $ | 215,244 | $ | 190,663 | |||
Interest-bearing deposits | 26,992 | 29,461 | |||||
Investment securities available-for-sale, at fair value | 2,591,162 | 2,991,091 | |||||
Investment securities held-to-maturity (fair value of $4,481,675 and $4,125,125) | 4,497,311 | 4,160,658 | |||||
Federal Home Loan Bank and Federal Reserve Bank stock | 136,340 | 194,646 | |||||
Loans held for sale (valued under fair value option $32,855 and $60,260) | 32,855 | 67,577 | |||||
Loans and leases | 17,446,421 | 17,026,588 | |||||
Allowance for loan and lease losses | (201,803 | ) | (194,320 | ) | |||
Loans and leases, net | 17,244,618 | 16,832,268 | |||||
Deferred tax assets, net | 82,895 | 84,391 | |||||
Premises and equipment, net | 130,358 | 137,413 | |||||
Goodwill | 538,373 | 538,373 | |||||
Other intangible assets, net | 30,589 | 33,674 | |||||
Cash surrender value of life insurance policies | 528,136 | 517,852 | |||||
Accrued interest receivable and other assets | 295,309 | 294,462 | |||||
Total assets | $ | 26,350,182 | $ | 26,072,529 | |||
Liabilities and shareholders' equity: | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 4,138,206 | $ | 4,021,061 | |||
Interest-bearing | 16,717,029 | 15,282,796 | |||||
Total deposits | 20,855,235 | 19,303,857 | |||||
Securities sold under agreements to repurchase and other borrowings | 902,902 | 949,526 | |||||
Federal Home Loan Bank advances | 1,507,681 | 2,842,908 | |||||
Long-term debt | 225,704 | 225,514 | |||||
Accrued expenses and other liabilities | 219,873 | 223,712 | |||||
Total liabilities | 23,711,395 | 23,545,517 | |||||
Shareholders’ equity: | |||||||
Preferred stock, $.01 par value; Authorized - 3,000,000 shares: | |||||||
Series E issued and outstanding (5,060 shares) | 122,710 | 122,710 | |||||
Common stock, $.01 par value; Authorized - 200,000,000 shares: | |||||||
Issued (93,679,599 and 93,651,601 shares) | 937 | 937 | |||||
Paid-in capital | 1,123,685 | 1,125,937 | |||||
Retained earnings | 1,535,585 | 1,425,320 | |||||
Treasury stock, at cost (1,764,131 and 1,899,502 shares) | (75,032 | ) | (70,899 | ) | |||
Accumulated other comprehensive loss, net of tax | (69,098 | ) | (76,993 | ) | |||
Total shareholders' equity | 2,638,787 | 2,527,012 | |||||
Total liabilities and shareholders' equity | $ | 26,350,182 | $ | 26,072,529 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands, except per share data) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Interest Income: | |||||||||||||||
Interest and fees on loans and leases | $ | 181,130 | $ | 157,071 | $ | 523,394 | $ | 459,050 | |||||||
Taxable interest and dividends on investments | 43,819 | 43,384 | 136,167 | 136,734 | |||||||||||
Non-taxable interest on investment securities | 5,765 | 4,820 | 17,103 | 13,691 | |||||||||||
Loans held for sale | 307 | 440 | 826 | 1,006 | |||||||||||
Total interest income | 231,021 | 205,715 | 677,490 | 610,481 | |||||||||||
Interest Expense: | |||||||||||||||
Deposits | 16,760 | 12,594 | 44,874 | 37,267 | |||||||||||
Securities sold under agreements to repurchase and other borrowings | 3,847 | 3,447 | 10,970 | 10,999 | |||||||||||
Federal Home Loan Bank advances | 6,894 | 6,979 | 22,543 | 21,517 | |||||||||||
Long-term debt | 2,616 | 2,498 | 7,748 | 7,444 | |||||||||||
Total interest expense | 30,117 | 25,518 | 86,135 | 77,227 | |||||||||||
Net interest income | 200,904 | 180,197 | 591,355 | 533,254 | |||||||||||
Provision for loan and lease losses | 10,150 | 14,250 | 27,900 | 43,850 | |||||||||||
Net interest income after provision for loan and lease losses | 190,754 | 165,947 | 563,455 | 489,404 | |||||||||||
Non-interest Income: | |||||||||||||||
Deposit service fees | 38,321 | 35,734 | 113,519 | 105,553 | |||||||||||
Loan and lease related fees | 6,346 | 9,253 | 19,898 | 20,563 | |||||||||||
Wealth and investment services | 7,750 | 7,593 | 22,900 | 21,992 | |||||||||||
Mortgage banking activities | 2,421 | 4,322 | 8,038 | 11,335 | |||||||||||
Increase in cash surrender value of life insurance policies | 3,720 | 3,743 | 10,943 | 11,060 | |||||||||||
Gain on sale of investment securities, net | — | — | — | 414 | |||||||||||
Impairment loss on investment securities recognized in earnings | — | — | (126 | ) | (149 | ) | |||||||||
Other income | 7,288 | 5,767 | 18,267 | 23,093 | |||||||||||
Total non-interest income | 65,846 | 66,412 | 193,439 | 193,861 | |||||||||||
Non-interest Expense: | |||||||||||||||
Compensation and benefits | 89,192 | 83,148 | 264,822 | 244,089 | |||||||||||
Occupancy | 14,744 | 15,004 | 46,957 | 44,915 | |||||||||||
Technology and equipment | 22,580 | 19,753 | 66,646 | 59,067 | |||||||||||
Intangible assets amortization | 1,002 | 1,493 | 3,085 | 4,570 | |||||||||||
Marketing | 4,045 | 4,622 | 14,101 | 14,215 | |||||||||||
Professional and outside services | 4,030 | 4,795 | 11,813 | 11,360 | |||||||||||
Deposit insurance | 6,344 | 6,177 | 19,701 | 19,596 | |||||||||||
Other expense | 19,886 | 21,105 | 62,901 | 63,508 | |||||||||||
Total non-interest expense | 161,823 | 156,097 | 490,026 | 461,320 | |||||||||||
Income before income tax expense | 94,777 | 76,262 | 266,868 | 221,945 | |||||||||||
Income tax expense | 30,281 | 24,445 | 81,322 | 72,478 | |||||||||||
Net income | 64,496 | 51,817 | 185,546 | 149,467 | |||||||||||
Preferred stock dividends and other | (2,070 | ) | (2,183 | ) | (6,284 | ) | (6,540 | ) | |||||||
Earnings applicable to common shareholders | $ | 62,426 | $ | 49,634 | $ | 179,262 | $ | 142,927 | |||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 0.68 | $ | 0.54 | $ | 1.95 | $ | 1.57 | |||||||
Diluted | 0.67 | 0.54 | 1.94 | 1.56 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net income | $ | 64,496 | $ | 51,817 | $ | 185,546 | $ | 149,467 | |||||||
Other comprehensive income, net of tax: | |||||||||||||||
Total securities available-for-sale and transferred | 872 | 1,218 | 1,847 | 19,988 | |||||||||||
Total derivative instruments | 1,111 | 2,015 | 2,921 | 1,589 | |||||||||||
Total defined benefit pension and other postretirement benefit plans | 1,001 | 1,125 | 3,127 | 3,376 | |||||||||||
Other comprehensive income, net of tax | 2,984 | 4,358 | 7,895 | 24,953 | |||||||||||
Comprehensive income | $ | 67,480 | $ | 56,175 | $ | 193,441 | $ | 174,420 |
(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 | $ | 122,710 | $ | 937 | $ | 1,125,937 | $ | 1,425,320 | $ | (70,899 | ) | $ | (76,993 | ) | $ | 2,527,012 | |||||
Net income | — | — | — | 185,546 | — | — | 185,546 | ||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 7,895 | 7,895 | ||||||||||||||
Dividends and dividend equivalents declared on common stock $0.77 per share | — | — | 124 | (71,096 | ) | — | — | (70,972 | ) | ||||||||||||
Dividends paid on Series E preferred stock $1,200.00 per share | — | — | — | (6,072 | ) | — | — | (6,072 | ) | ||||||||||||
Stock-based compensation | — | — | — | 1,887 | 9,070 | — | 10,957 | ||||||||||||||
Exercise of stock options | — | — | (2,376 | ) | — | 7,677 | — | 5,301 | |||||||||||||
Common shares acquired related to stock compensation plan activity | — | — | — | — | (9,295 | ) | — | (9,295 | ) | ||||||||||||
Common stock repurchase program | — | — | — | — | (11,585 | ) | — | (11,585 | ) | ||||||||||||
Balance at September 30, 2017 | $ | 122,710 | $ | 937 | $ | 1,123,685 | $ | 1,535,585 | $ | (75,032 | ) | $ | (69,098 | ) | $ | 2,638,787 | |||||
(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 | $ | 122,710 | $ | 937 | $ | 1,124,325 | $ | 1,315,948 | $ | (71,854 | ) | $ | (78,106 | ) | $ | 2,413,960 | |||||
Net income | — | — | — | 149,467 | — | — | 149,467 | ||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 24,953 | 24,953 | ||||||||||||||
Dividends and dividend equivalents declared on common stock $0.73 per share | — | — | 109 | (67,088 | ) | — | — | (66,979 | ) | ||||||||||||
Dividends paid on Series E preferred stock $1,200.00 per share | — | — | — | (6,072 | ) | — | — | (6,072 | ) | ||||||||||||
Stock-based compensation, net of tax impact | — | — | 2,413 | 245 | 8,031 | — | 10,689 | ||||||||||||||
Exercise of stock options | — | — | (1,307 | ) | — | 3,679 | — | 2,372 | |||||||||||||
Common shares acquired related to stock compensation plan activity | — | — | — | — | (5,392 | ) | — | (5,392 | ) | ||||||||||||
Common stock repurchase program | — | — | — | — | (11,206 | ) | — | (11,206 | ) | ||||||||||||
Common stock warrants repurchased | — | — | (163 | ) | — | — | — | (163 | ) | ||||||||||||
Balance at September 30, 2016 | $ | 122,710 | $ | 937 | $ | 1,125,377 | $ | 1,392,500 | $ | (76,742 | ) | $ | (53,153 | ) | $ | 2,511,629 |
Nine months ended September 30, | |||||||
(In thousands) | 2017 | 2016 | |||||
Operating Activities: | |||||||
Net income | $ | 185,546 | $ | 149,467 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan and lease losses | 27,900 | 43,850 | |||||
Deferred tax (benefit) expense | (3,241 | ) | 14,425 | ||||
Depreciation and amortization | 28,060 | 27,342 | |||||
Amortization of earning assets and funding, premiums/discounts, net | 33,338 | 42,855 | |||||
Stock-based compensation | 9,050 | 8,558 | |||||
Gain on sale, net of write-down, on foreclosed and repossessed assets | (551 | ) | (744 | ) | |||
Write-down (gain on sale), net on premises and equipment | 218 | (713 | ) | ||||
Impairment loss on investment securities recognized in earnings | 126 | 149 | |||||
Gain on the sale of investment securities, net | — | (414 | ) | ||||
Increase in cash surrender value of life insurance policies | (10,943 | ) | (11,060 | ) | |||
Mortgage banking activities | (8,038 | ) | (11,335 | ) | |||
Proceeds from sale of loans held for sale | 262,029 | 298,840 | |||||
Origination of loans held for sale | (227,435 | ) | (320,739 | ) | |||
Net decrease (increase) in derivative contract assets net of liabilities | 11,235 | (73,765 | ) | ||||
Net (increase) decrease in accrued interest receivable and other assets | (19,405 | ) | 51,270 | ||||
Net increase (decrease) in accrued expenses and other liabilities | 12,386 | (30,419 | ) | ||||
Net cash provided by operating activities | 300,275 | 187,567 | |||||
Investing Activities: | |||||||
Net decrease in interest-bearing deposits | 2,469 | 133,969 | |||||
Purchases of available for sale investment securities | (305,309 | ) | (615,174 | ) | |||
Proceeds from maturities and principal payments of available for sale investment securities | 695,595 | 430,099 | |||||
Proceeds from sales of available for sale investment securities | — | 259,283 | |||||
Purchases of held-to-maturity investment securities | (887,240 | ) | (640,218 | ) | |||
Proceeds from maturities and principal payments of held-to-maturity investment securities | 525,499 | 517,513 | |||||
Net proceeds of Federal Home Loan Bank stock | 58,306 | 3,243 | |||||
Alternative investments return of capital (capital call), net | 107 | (649 | ) | ||||
Net increase in loans | (446,454 | ) | (1,010,423 | ) | |||
Proceeds from loans not originated for sale | 7,445 | 20,764 | |||||
Proceeds from life insurance policies | 746 | — | |||||
Proceeds from the sale of foreclosed and repossessed assets | 5,651 | 6,900 | |||||
Proceeds from the sale of premises and equipment | 2,182 | 1,550 | |||||
Additions to premises and equipment | (20,034 | ) | (31,250 | ) | |||
Proceeds from redemption of other assets | 7,581 | — | |||||
Net cash used for investing activities | (353,456 | ) | (924,393 | ) | |||
See accompanying Notes to Condensed Consolidated Financial Statements. | |||||||
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited), continued | |||||||
Nine months ended September 30, | |||||||
(In thousands) | 2017 | 2016 | |||||
Financing Activities: | |||||||
Net increase in deposits | 1,551,987 | 1,248,710 | |||||
Proceeds from Federal Home Loan Bank advances | 9,245,000 | 14,150,000 | |||||
Repayments of Federal Home Loan Bank advances | (10,580,218 | ) | (14,226,147 | ) | |||
Net decrease in securities sold under agreements to repurchase and other borrowings | (46,624 | ) | (350,695 | ) | |||
Dividends paid to common shareholders | (70,732 | ) | (66,648 | ) | |||
Dividends paid to preferred shareholders | (6,072 | ) | (6,072 | ) | |||
Exercise of stock options | 5,301 | 2,372 | |||||
Excess tax benefits from stock-based compensation | — | 2,363 | |||||
Common stock repurchase program | (11,585 | ) | (11,206 | ) | |||
Common shares purchased related to stock compensation plan activity | (9,295 | ) | (5,392 | ) | |||
Common stock warrants repurchased | — | (163 | ) | ||||
Net cash provided by financing activities | 77,762 | 737,122 | |||||
Net increase in cash and due from banks | 24,581 | 296 | |||||
Cash and due from banks at beginning of period | 190,663 | 199,693 | |||||
Cash and due from banks at end of period | $ | 215,244 | $ | 199,989 | |||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | $ | 85,242 | $ | 79,054 | |||
Income taxes paid | 78,832 | 61,639 | |||||
Noncash investing and financing activities: | |||||||
Transfer of loans and leases to foreclosed properties and repossessed assets | $ | 6,503 | $ | 4,917 | |||
Transfer of loans from loans and leases to loans-held-for-sale | — | 20,547 |
At or for the three months ended March 31, | |||||||||||
(In thousands, except per share and ratio data) | 2024 | 2023 | |||||||||
Income and performance ratios: | |||||||||||
Net income | $ | 216,323 | $ | 221,004 | |||||||
Net income available to common stockholders | 212,160 | 216,841 | |||||||||
Earnings per diluted common share | 1.23 | 1.24 | |||||||||
Return on average assets (annualized) | 1.15 | % | 1.22 | % | |||||||
Return on average tangible common stockholders’ equity (annualized) (non-GAAP) | 16.30 | 17.66 | |||||||||
Return on average common stockholders’ equity (annualized) | 10.01 | 10.94 | |||||||||
Non-interest income as a percentage of total revenue | 14.89 | 10.62 | |||||||||
Asset quality: | |||||||||||
ACL on loans and leases | $ | 641,442 | $ | 613,914 | |||||||
Non-performing assets (1) | 289,254 | 186,551 | |||||||||
ACL on loans and leases / total loans and leases | 1.26 | % | 1.21 | % | |||||||
Net charge-offs / average loans and leases (annualized) | 0.29 | 0.20 | |||||||||
Non-performing loans and leases / total loans and leases (1) | 0.56 | 0.36 | |||||||||
Non-performing assets / total loans and leases plus OREO and repossessed assets (1) | 0.57 | 0.37 | |||||||||
ACL on loans and leases / non-performing loans and leases (1) | 226.17 | 331.81 | |||||||||
Other ratios: | |||||||||||
Tangible common equity (non-GAAP) | 7.15 | % | 7.15 | % | |||||||
Tier 1 Risk-Based Capital | 11.08 | 10.93 | |||||||||
Total Risk-Based Capital | 13.21 | 12.99 | |||||||||
CET1 Risk-Based Capital | 10.57 | 10.42 | |||||||||
Stockholders’ equity / total assets | 11.49 | 11.08 | |||||||||
Net interest margin | 3.35 | 3.66 | |||||||||
Efficiency ratio (non-GAAP) | 45.25 | 41.64 | |||||||||
Equity and share related: | |||||||||||
Common stockholders’ equity | $ | 8,463,519 | $ | 8,010,315 | |||||||
Book value per common share | 49.07 | 45.85 | |||||||||
Tangible book value per common share (non-GAAP) | 30.22 | 29.47 | |||||||||
Common stock closing price | 50.77 | 39.42 | |||||||||
Dividends and equivalents declared per common share | 0.40 | 0.40 | |||||||||
Common shares issued and outstanding | 172,464 | 174,712 | |||||||||
Weighted-average common shares outstanding - basic | 170,445 | 172,766 | |||||||||
Weighted-average common shares outstanding - diluted | 170,704 | 172,883 |
At March 31, | |||||||||||
(Dollars and shares in thousands, except per share data) | 2024 | 2023 | |||||||||
Tangible book value per common share: | |||||||||||
Stockholders’ equity | $ | 8,747,498 | $ | 8,294,294 | |||||||
Less: Preferred stock | 283,979 | 283,979 | |||||||||
Common stockholders’ equity | $ | 8,463,519 | $ | 8,010,315 | |||||||
Less: Goodwill and other intangible assets | 3,250,909 | 2,861,310 | |||||||||
Tangible common stockholders’ equity | $ | 5,212,610 | $ | 5,149,005 | |||||||
Common shares outstanding | 172,464 | 174,712 | |||||||||
Tangible book value per common share | $ | 30.22 | $ | 29.47 | |||||||
Book value per common share (GAAP) | $ | 49.07 | $ | 45.85 | |||||||
Tangible common equity ratio: | |||||||||||
Tangible common stockholders’ equity | $ | 5,212,610 | $ | 5,149,005 | |||||||
Total assets | $ | 76,161,693 | $ | 74,844,395 | |||||||
Less: Goodwill and other intangible assets | 3,250,909 | 2,861,310 | |||||||||
Tangible assets | $ | 72,910,784 | $ | 71,983,085 | |||||||
Tangible common equity ratio | 7.15 | % | 7.15 | % | |||||||
Common stockholders’ equity to total assets (GAAP) | 11.11 | % | 10.70 | % |
Three months ended March 31, | |||||||||||
(Dollars in thousands) | 2024 | 2023 | |||||||||
Return on average tangible common stockholders’ equity: | |||||||||||
Net income | $ | 216,323 | $ | 221,004 | |||||||
Less: Preferred stock dividends | 4,163 | 4,163 | |||||||||
Add: Intangible assets amortization, tax-effected | 7,263 | 7,503 | |||||||||
Net income adjusted for preferred stock dividends and intangible assets amortization | $ | 219,423 | $ | 224,344 | |||||||
Net income adjusted for preferred stock dividends and intangible assets amortization (annualized) | $ | 877,692 | $ | 897,376 | |||||||
Average stockholders’ equity | $ | 8,759,992 | $ | 8,215,676 | |||||||
Less: Average preferred stock | 283,979 | 283,979 | |||||||||
Average goodwill and other intangible assets | 3,090,751 | 2,849,673 | |||||||||
Average tangible common stockholders’ equity | $ | 5,385,262 | $ | 5,082,024 | |||||||
Return on average tangible common stockholders’ equity | 16.30 | % | 17.66 | % | |||||||
Return on average common stockholders’ equity (annualized) (GAAP) | 10.01 | % | 10.94 | % | |||||||
Efficiency ratio: | |||||||||||
Non-interest expense | $ | 335,923 | $ | 332,467 | |||||||
Less: Foreclosed property activities | (330) | (262) | |||||||||
Intangible assets amortization | 9,194 | 9,497 | |||||||||
Operating lease depreciation | 663 | 1,884 | |||||||||
FDIC special assessment estimate | 11,862 | — | |||||||||
Merger-related expenses (1) | 3,139 | 29,373 | |||||||||
Non-interest expense | $ | 311,395 | $ | 291,975 | |||||||
Net interest income | $ | 567,739 | $ | 595,283 | |||||||
Add: FTE adjustment | 15,879 | 15,911 | |||||||||
Non-interest income | 99,353 | 70,766 | |||||||||
Other income (2) | 7,626 | 4,311 | |||||||||
Less: Operating lease depreciation | 663 | 1,884 | |||||||||
(Loss) on sale of investment securities, net | (9,826) | (16,747) | |||||||||
Net gain on sale of mortgage servicing rights | 11,655 | — | |||||||||
Income | $ | 688,105 | $ | 701,134 | |||||||
Efficiency ratio | 45.25 | % | 41.64 | % | |||||||
Non-interest expense as a percentage of total revenue (GAAP) | 50.36 | % | 49.92 | % |
Three months ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income/Expense | Average Yield/Rate | Average Balance | Interest Income/Expense | Average Yield/Rate | |||||||||||||||||
Assets | |||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans and leases (1) | $ | 50,938,418 | $ | 801,864 | 6.24 | % | $ | 50,095,192 | $ | 725,543 | 5.80 | % | |||||||||||
Investment securities: (2) | |||||||||||||||||||||||
Taxable | 13,955,397 | 141,131 | 3.87 | 12,093,477 | 92,290 | 2.91 | |||||||||||||||||
Non-taxable | 2,287,952 | 12,514 | 2.18 | 2,539,768 | 13,684 | 2.16 | |||||||||||||||||
Total investment securities | 16,243,349 | 153,645 | 3.64 | 14,633,245 | 105,974 | 2.79 | |||||||||||||||||
FHLB and FRB stock | 343,992 | 4,352 | 5.09 | 459,375 | 4,910 | 4.34 | |||||||||||||||||
Interest-bearing deposits (3) | 572,401 | 7,786 | 5.38 | 898,884 | 10,396 | 4.63 | |||||||||||||||||
Loans held for sale | 13,418 | 82 | 2.45 | 4,630 | 16 | 1.39 | |||||||||||||||||
Total interest-earning assets | 68,111,578 | $ | 967,729 | 5.59 | % | 66,091,326 | $ | 846,839 | 5.08 | % | |||||||||||||
Non-interest-earning assets | 7,221,187 | 6,225,199 | |||||||||||||||||||||
Total assets | $ | 75,332,765 | $ | 72,316,525 | |||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | $ | 10,582,416 | $ | — | — | % | $ | 12,629,928 | $ | — | — | % | |||||||||||
Health savings accounts | 8,605,640 | 3,191 | 0.15 | 8,292,450 | 3,027 | 0.15 | |||||||||||||||||
Interest-bearing checking, money market, and savings | 34,055,685 | 249,650 | 2.95 | 29,853,370 | 123,048 | 1.67 | |||||||||||||||||
Time deposits | 7,321,625 | 83,130 | 4.57 | 4,024,472 | 24,129 | 2.43 | |||||||||||||||||
Total deposits | 60,565,366 | 335,971 | 2.23 | 54,800,220 | 150,204 | 1.11 | |||||||||||||||||
Securities sold under agreements to repurchase | 130,653 | 171 | 0.52 | 243,848 | 67 | 0.11 | |||||||||||||||||
Federal funds purchased | 140,165 | 1,937 | 5.47 | 671,175 | 7,760 | 4.62 | |||||||||||||||||
FHLB advances | 2,689,632 | 37,367 | 5.50 | 5,673,826 | 68,126 | 4.80 | |||||||||||||||||
Long-term debt (2) | 980,926 | 8,665 | 3.64 | 1,072,252 | 9,488 | 3.65 | |||||||||||||||||
Total borrowings | 3,941,376 | 48,140 | 4.88 | 7,661,101 | 85,441 | 4.48 | |||||||||||||||||
Total interest-bearing liabilities | 64,506,742 | $ | 384,111 | 2.39 | % | 62,461,321 | $ | 235,645 | 1.52 | % | |||||||||||||
Non-interest-bearing liabilities | 2,066,031 | 1,639,528 | |||||||||||||||||||||
Total liabilities | 66,572,773 | 64,100,849 | |||||||||||||||||||||
Preferred stock | 283,979 | 283,979 | |||||||||||||||||||||
Common stockholders’ equity | 8,476,013 | 7,931,697 | |||||||||||||||||||||
Total stockholders’ equity | 8,759,992 | 8,215,676 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 75,332,765 | $ | 72,316,525 | |||||||||||||||||||
Net interest income (FTE) | $ | 583,618 | $ | 611,194 | |||||||||||||||||||
Less: FTE adjustment | (15,879) | (15,911) | |||||||||||||||||||||
Net interest income | $ | 567,739 | $ | 595,283 | |||||||||||||||||||
Net interest margin (FTE) | 3.35 | % | 3.66 | % | |||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||
2024 vs. 2023 Increase (decrease) due to | |||||||||||||||||||||||
(In thousands) | Rate (1) | Volume | Total | ||||||||||||||||||||
Change in interest on interest-earning assets: | |||||||||||||||||||||||
Loans and leases | $ | 69,137 | $ | 7,184 | $ | 76,321 | |||||||||||||||||
Investment securities | 36,483 | 11,188 | 47,671 | ||||||||||||||||||||
FHLB and FRB stock | 675 | (1,233) | (558) | ||||||||||||||||||||
Interest-bearing deposits | 1,166 | (3,776) | (2,610) | ||||||||||||||||||||
Loans held for sale | 76 | (10) | 66 | ||||||||||||||||||||
Total interest income | $ | 107,537 | $ | 13,353 | $ | 120,890 | |||||||||||||||||
Change in interest on interest-bearing liabilities: | |||||||||||||||||||||||
Health savings accounts | $ | 50 | $ | 114 | $ | 164 | |||||||||||||||||
Interest-bearing checking, money market, and savings | 70,546 | 56,056 | 126,602 | ||||||||||||||||||||
Time deposits | 42,447 | 16,554 | 59,001 | ||||||||||||||||||||
Securities sold under agreements to repurchase | 135 | (31) | 104 | ||||||||||||||||||||
Federal funds purchased | 317 | (6,140) | (5,823) | ||||||||||||||||||||
FHLB advances | 5,073 | (35,832) | (30,759) | ||||||||||||||||||||
Long-term debt | 11 | (834) | (823) | ||||||||||||||||||||
Total interest expense | $ | 118,579 | $ | 29,887 | $ | 148,466 | |||||||||||||||||
Net change in net interest income | $ | (11,042) | $ | (16,534) | $ | (27,576) |
Three months ended March 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | ||||||||||||||||||
Deposit service fees | $ | 42,589 | $ | 45,436 | ||||||||||||||||
Loan and lease related fees | 19,767 | 23,005 | ||||||||||||||||||
Wealth and investment services | 7,924 | 6,587 | ||||||||||||||||||
Cash surrender value of life insurance policies | 5,946 | 6,728 | ||||||||||||||||||
(Loss) on sale of investment securities, net | (9,826) | (16,747) | ||||||||||||||||||
Other income | 32,953 | 5,757 | ||||||||||||||||||
Total non-interest income | $ | 99,353 | $ | 70,766 |
Three months ended March 31, | ||||||||||||||||||||
(In thousands) | 2024 | 2023 | ||||||||||||||||||
Compensation and benefits | $ | 188,540 | $ | 173,200 | ||||||||||||||||
Occupancy | 19,439 | 20,171 | ||||||||||||||||||
Technology and equipment | 45,836 | 44,366 | ||||||||||||||||||
Intangible assets amortization | 9,194 | 9,497 | ||||||||||||||||||
Marketing | 4,281 | 3,476 | ||||||||||||||||||
Professional and outside services | 12,981 | 32,434 | ||||||||||||||||||
Deposit insurance | 24,223 | 12,323 | ||||||||||||||||||
Other expense | 31,429 | 37,000 | ||||||||||||||||||
Total non-interest expense | $ | 335,923 | $ | 332,467 |
Three months ended March 31, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Net interest income | $ | 341,942 | $ | 360,293 | |||||||
Non-interest income | 34,280 | 33,720 | |||||||||
Non-interest expense | 106,225 | 98,833 | |||||||||
Pre-tax, pre-provision net revenue | $ | 269,997 | $ | 295,180 |
(In thousands) | At March 31, 2024 | At December 31, 2023 | |||||||||
Loans and leases | $ | 39,883,343 | $ | 39,480,945 | |||||||
Deposits | 16,075,390 | 16,053,850 | |||||||||
Assets under administration / management (off-balance sheet) | 3,016,817 | 2,911,293 |
Three months ended March 31, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Net interest income | $ | 86,138 | $ | 71,730 | |||||||
Non-interest income | 31,061 | 24,067 | |||||||||
Non-interest expense | 52,127 | 43,700 | |||||||||
Pre-tax net revenue | $ | 65,072 | $ | 52,097 |
(In thousands) | At March 31, 2024 | At December 31, 2023 | |||||||||
Deposits | $ | 9,473,560 | $ | 8,287,705 | |||||||
Assets under administration, through linked investment accounts (off-balance sheet) | 5,194,204 | 4,641,830 | |||||||||
Three months ended March 31, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Net interest income | $ | 205,777 | $ | 234,604 | |||||||
Non-interest income | 33,978 | 27,636 | |||||||||
Non-interest expense | 120,121 | 116,555 | |||||||||
Pre-tax, pre-provision net revenue | $ | 119,634 | $ | 145,685 |
(In thousands) | At March 31, 2024 | At December 31, 2023 | |||||||||
Loans | $ | 11,208,804 | $ | 11,234,743 | |||||||
Deposits | 26,914,464 | 26,251,722 | |||||||||
Assets under administration (off-balance sheet) | 8,124,874 | 7,876,437 |
At March 31, 2024 | At December 31, 2023 | ||||||||||||||||
(In thousands) | Amount | % | Amount | % | |||||||||||||
Available-for-sale: | |||||||||||||||||
Government agency debentures | $ | 262,488 | 3.1 | % | $ | 264,633 | 3.0 | % | |||||||||
Municipal bonds and notes | 1,207,350 | 14.0 | 1,573,233 | 17.6 | |||||||||||||
Agency CMO | 46,236 | 0.5 | 48,941 | 0.5 | |||||||||||||
Agency MBS | 3,364,414 | 39.1 | 3,347,098 | 37.4 | |||||||||||||
Agency CMBS | 2,321,230 | 27.0 | 2,288,071 | 25.5 | |||||||||||||
CMBS | 731,851 | 8.5 | 763,749 | 8.5 | |||||||||||||
Corporate debt | 617,209 | 7.2 | 622,155 | 6.9 | |||||||||||||
Private label MBS | 41,308 | 0.5 | 42,808 | 0.5 | |||||||||||||
Other | 9,055 | 0.1 | 9,041 | 0.1 | |||||||||||||
Total available-for-sale | $ | 8,601,141 | 100.0 | % | $ | 8,959,729 | 100.0 | % | |||||||||
Held-to-maturity: | |||||||||||||||||
Agency CMO | $ | 22,489 | 0.3 | % | $ | 23,470 | 0.3 | % | |||||||||
Agency MBS | 2,618,783 | 34.1 | 2,409,521 | 34.1 | |||||||||||||
Agency CMBS | 4,028,799 | 52.5 | 3,625,627 | 51.2 | |||||||||||||
Municipal bonds and notes (1) | 910,422 | 11.8 | 916,104 | 13.0 | |||||||||||||
CMBS | 99,582 | 1.3 | 100,075 | 1.4 | |||||||||||||
Total held-to-maturity | $ | 7,680,075 | 100.0 | % | $ | 7,074,797 | 100.0 | % | |||||||||
Total investment securities | $ | 16,281,216 | $ | 16,034,526 |
At March 31, 2024 | ||||||||||||||||||||||||||||||||
1 Year or Less | 1 - 5 Years | 5 - 10 Years | After 10 Years | Total | ||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Weighted- Average Yield (1) | Amount | Weighted- Average Yield (1) | Amount | Weighted- Average Yield (1) | Amount | Weighted- Average Yield (1) | Amount | Weighted- Average Yield (1) | ||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||
Government agency debentures | $ | — | — | % | $ | 75,163 | 2.41 | % | $ | 16,350 | 2.26 | % | $ | 170,975 | 3.31 | % | $ | 262,488 | 2.99 | % | ||||||||||||
Municipal bonds and notes | 13,973 | 1.94 | 112,977 | 1.74 | 613,219 | 1.64 | 467,181 | 1.64 | 1,207,350 | 1.66 | ||||||||||||||||||||||
Agency CMO | — | — | 234 | 2.98 | 4,260 | 3.09 | 41,742 | 2.85 | 46,236 | 2.87 | ||||||||||||||||||||||
Agency MBS | — | — | 16,461 | 1.33 | 129,198 | 1.79 | 3,218,755 | 3.94 | 3,364,414 | 3.84 | ||||||||||||||||||||||
Agency CMBS | 8,382 | 0.85 | 100,352 | 1.08 | 31,436 | 2.12 | 2,181,060 | 4.49 | 2,321,230 | 4.29 | ||||||||||||||||||||||
CMBS | — | — | 69,319 | 6.92 | — | — | 662,532 | 6.90 | 731,851 | 6.90 | ||||||||||||||||||||||
Corporate debt | 9,266 | 3.44 | 186,102 | 2.66 | 375,065 | 3.26 | 46,776 | 3.67 | 617,209 | 3.12 | ||||||||||||||||||||||
Private label MBS | — | — | — | — | — | — | 41,308 | 4.01 | 41,308 | 4.01 | ||||||||||||||||||||||
Other | — | — | 4,855 | 3.80 | 4,200 | 2.70 | — | — | 9,055 | 3.29 | ||||||||||||||||||||||
Total available-for-sale | $ | 31,621 | 2.09 | % | $ | 565,463 | 2.66 | % | $ | 1,173,728 | 2.21 | % | $ | 6,830,329 | 4.22 | % | $ | 8,601,141 | 3.83 | % | ||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||
Agency CMO | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 22,489 | 2.88 | % | $ | 22,489 | 2.88 | % | ||||||||||||
Agency MBS | 90 | 3.09 | 462 | 1.99 | 27,025 | 2.66 | 2,591,206 | 2.82 | 2,618,783 | 2.82 | ||||||||||||||||||||||
Agency CMBS | — | — | 57,690 | 2.96 | 60,029 | 2.38 | 3,911,080 | 3.88 | 4,028,799 | 3.84 | ||||||||||||||||||||||
Municipal bonds and notes | 29,756 | 3.15 | 36,446 | 2.84 | 212,658 | 2.73 | 631,562 | 3.24 | 910,422 | 3.10 | ||||||||||||||||||||||
CMBS | — | — | — | — | — | — | 99,582 | 2.69 | 99,582 | 2.69 | ||||||||||||||||||||||
Total held-to-maturity | $ | 29,846 | 3.15 | % | $ | 94,598 | 2.91 | % | $ | 299,712 | 2.65 | % | $ | 7,255,919 | 3.43 | % | $ | 7,680,075 | 3.39 | % | ||||||||||||
Total investment securities | $ | 61,467 | 2.61 | % | $ | 660,061 | 2.69 | % | $ | 1,473,440 | 2.30 | % | $ | 14,086,248 | 3.81 | % | $ | 16,281,216 | 3.63 | % |
At March 31, 2024 | At December 31, 2023 | ||||||||||||||||
(Dollars in thousands) | Amount | % | Amount | % | |||||||||||||
Commercial non-mortgage | $ | 16,696,070 | 32.7 | % | $ | 16,885,475 | 33.3 | % | |||||||||
Asset-based | 1,492,886 | 2.9 | 1,557,841 | 3.1 | |||||||||||||
Commercial real estate | 13,972,916 | 27.3 | 13,569,762 | 26.7 | |||||||||||||
Multi-family | 7,896,586 | 15.5 | 7,587,970 | 15.0 | |||||||||||||
Equipment financing | 1,280,058 | 2.5 | 1,328,786 | 2.6 | |||||||||||||
Residential | 8,226,154 | 16.1 | 8,227,923 | 16.2 | |||||||||||||
Home equity | 1,479,420 | 2.9 | 1,516,955 | 3.0 | |||||||||||||
Other consumer | 54,552 | 0.1 | 51,340 | 0.1 | |||||||||||||
Total loans and leases (1) | $ | 51,098,642 | 100.0 | % | $ | 50,726,052 | 100.0 | % |
At March 31, 2024 | |||||||||||||||||
(In thousands) | 1 Year or Less | 1 - 5 Years | 5 - 15 Years | After 15 Years | Total | ||||||||||||
Fixed rate: | |||||||||||||||||
Commercial non-mortgage | $ | 129,444 | $ | 788,203 | $ | 2,328,841 | $ | 1,510,237 | $ | 4,756,725 | |||||||
Asset-based | — | 95,369 | — | — | 95,369 | ||||||||||||
Commercial real estate | 514,891 | 1,965,463 | 1,122,284 | 124,036 | 3,726,674 | ||||||||||||
Multi-family | 363,685 | 3,510,062 | 1,121,337 | 63,908 | 5,058,992 | ||||||||||||
Equipment financing | 119,567 | 924,002 | 236,489 | — | 1,280,058 | ||||||||||||
Residential | 844 | 50,788 | 364,416 | 5,015,988 | 5,432,036 | ||||||||||||
Home equity | 2,986 | 23,777 | 167,846 | 210,170 | 404,779 | ||||||||||||
Other consumer | 21,117 | 6,166 | 1,043 | 112 | 28,438 | ||||||||||||
Total fixed rate loans and leases | $ | 1,152,534 | $ | 7,363,830 | $ | 5,342,256 | $ | 6,924,451 | $ | 20,783,071 | |||||||
Variable rate: | |||||||||||||||||
Commercial non-mortgage | $ | 4,123,296 | $ | 7,176,187 | $ | 569,885 | $ | 69,977 | $ | 11,939,345 | |||||||
Asset-based | 415,701 | 981,816 | — | — | 1,397,517 | ||||||||||||
Commercial real estate | 2,497,244 | 4,811,981 | 2,255,905 | 681,112 | 10,246,242 | ||||||||||||
Multi-family | 346,702 | 1,254,661 | 1,207,623 | 28,608 | 2,837,594 | ||||||||||||
Residential | 185 | 10,448 | 287,848 | 2,495,637 | 2,794,118 | ||||||||||||
Home equity | 1,638 | 6,526 | 124,349 | 942,128 | 1,074,641 | ||||||||||||
Other consumer | 3,588 | 20,534 | 1,992 | — | 26,114 | ||||||||||||
Total variable rate loans and leases | $ | 7,388,354 | $ | 14,262,153 | $ | 4,447,602 | $ | 4,217,462 | $ | 30,315,571 | |||||||
Total loans and leases (1) | $ | 8,540,888 | $ | 21,625,983 | $ | 9,789,858 | $ | 11,141,913 | $ | 51,098,642 |
At March 31, 2024 | At December 31, 2023 | |||||||||||||||||||
(In thousands) | Amount | % | Amount | % | ||||||||||||||||
Finance | $ | 3,928,510 | 23.5 | % | $ | 4,109,280 | 24.4 | % | ||||||||||||
Services | 2,720,172 | 16.3 | 2,928,621 | 17.3 | ||||||||||||||||
Communications | 1,391,025 | 8.3 | 1,166,668 | 6.9 | ||||||||||||||||
Healthcare | 1,027,056 | 6.2 | 848,867 | 5.0 | ||||||||||||||||
Manufacturing | 996,336 | 6.0 | 1,163,798 | 6.9 | ||||||||||||||||
Retail & Wholesale | 780,762 | 4.7 | 874,547 | 5.2 | ||||||||||||||||
Real Estate | 773,660 | 4.6 | 815,769 | 4.8 | ||||||||||||||||
Transportation & Public Utilities | 550,132 | 3.3 | 547,967 | 3.3 | ||||||||||||||||
Construction | 447,574 | 2.7 | 477,303 | 2.8 | ||||||||||||||||
Other | 4,080,843 | 24.4 | 3,952,655 | 23.4 | ||||||||||||||||
Total Commercial non-mortgage | $ | 16,696,070 | 100.0 | % | $ | 16,885,475 | 100.0 | % |
(In thousands) | At March 31, 2024 | At December 31, 2023 | ||||||||||||||||||
Geography: | Amount | % | Amount | % | ||||||||||||||||
New York City | $ | 7,634,045 | 34.9 | % | $ | 7,482,324 | 35.4 | % | ||||||||||||
Other New York County | 3,297,133 | 15.1 | 3,321,313 | 15.7 | ||||||||||||||||
Connecticut | 1,789,142 | 8.2 | 1,749,839 | 8.3 | ||||||||||||||||
New Jersey | 1,782,090 | 8.1 | 1,729,139 | 8.2 | ||||||||||||||||
Massachusetts | 1,336,681 | 6.1 | 1,338,936 | 6.3 | ||||||||||||||||
Southeast | 2,523,181 | 11.6 | 2,311,574 | 10.9 | ||||||||||||||||
Other | 3,507,230 | 16.0 | 3,224,607 | 15.2 | ||||||||||||||||
Total Commercial real estate & Multi-family | $ | 21,869,502 | 100.0 | % | $ | 21,157,732 | 100.0 | % | ||||||||||||
Property Type: | ||||||||||||||||||||
Multi-family (1) | $ | 7,896,586 | 36.1 | % | $ | 7,587,970 | 35.9 | % | ||||||||||||
Industrial & Warehouse | 3,721,986 | 17.0 | 3,467,859 | 16.4 | ||||||||||||||||
Retail | 1,620,643 | 7.4 | 1,765,512 | 8.3 | ||||||||||||||||
Healthcare & Senior Living | 1,581,836 | 7.3 | 1,576,511 | 7.5 | ||||||||||||||||
Construction | 1,512,655 | 6.9 | 1,442,621 | 6.8 | ||||||||||||||||
Office | 986,182 | 4.5 | 1,041,451 | 4.9 | ||||||||||||||||
Hotel | 462,961 | 2.1 | 489,379 | 2.3 | ||||||||||||||||
Other | 4,086,653 | 18.7 | 3,786,429 | 17.9 | ||||||||||||||||
Total Commercial real estate & Multi-family | $ | 21,869,502 | 100.0 | % | $ | 21,157,732 | 100.0 | % |
At March 31, 2024 | At December 31, 2023 | ||||||||||||||||
(Dollars in thousands) | Amount | % (1) | Amount | % (1) | |||||||||||||
Commercial non-mortgage | $ | 186,448 | 29.1 | % | $ | 211,699 | 33.3 | % | |||||||||
Asset-based | 31,832 | 5.0 | 15,828 | 2.5 | |||||||||||||
Commercial real estate | 268,692 | 41.9 | 248,921 | 39.2 | |||||||||||||
Multi-family | 81,839 | 12.7 | 80,582 | 12.7 | |||||||||||||
Equipment financing | 20,298 | 3.2 | 20,633 | 3.2 | |||||||||||||
Residential | 25,948 | 4.0 | 29,739 | 4.7 | |||||||||||||
Home equity | 24,186 | 3.8 | 26,154 | 4.1 | |||||||||||||
Other consumer | 2,199 | 0.3 | 2,181 | 0.3 | |||||||||||||
Total ACL on loans and leases | $ | 641,442 | 100.0 | % | $ | 635,737 | 100.0 | % |
(Dollars in thousands) | At March 31, 2024 | At December 31, 2023 | |||||||||
Non-performing loans and leases (1) | $ | 283,612 | $ | 209,544 | |||||||
Total loans and leases | 51,098,642 | 50,726,052 | |||||||||
Non-performing loans and leases as a percentage of loans and leases | 0.56 | % | 0.41 | % | |||||||
Non-performing assets (1) | $ | 289,254 | $ | 218,600 | |||||||
Total loans and leases | $ | 51,098,642 | $ | 50,726,052 | |||||||
Add: OREO and repossessed assets | 5,642 | 9,056 | |||||||||
Total loans and leases plus OREO and repossessed assets | $ | 51,104,284 | $ | 50,735,108 | |||||||
Non-performing assets as a percentage of loans and leases plus OREO and repossessed assets | 0.57 | % | 0.43 | % | |||||||
Non-performing assets (1) | $ | 289,254 | $ | 218,600 | |||||||
Total assets | 76,161,693 | 74,945,249 | |||||||||
Non-performing assets as a percentage of total assets | 0.38 | % | 0.29 | % | |||||||
ACL on loans and leases | $ | 641,442 | $ | 635,737 | |||||||
Non-performing loans and leases (1) | 283,612 | 209,544 | |||||||||
ACL on loans and leases as a percentage of non-performing loans and leases | 226.17 | % | 303.39 | % | |||||||
ACL on loans and leases | $ | 641,442 | $ | 635,737 | |||||||
Total loans and leases | 51,098,642 | 50,726,052 | |||||||||
ACL on loans and leases as a percentage of loans and leases | 1.26 | % | 1.25 | % | |||||||
ACL on loans and leases | $ | 641,442 | $ | 635,737 | |||||||
Net charge-offs (annualized) | 149,956 | 108,086 | |||||||||
Ratio of ACL on loans and leases to net charge-offs (annualized) | 4.28x | 5.88x |
At or for the three months ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(Dollars in thousands) | Net Charge-offs (Recoveries) | Average Balance | % | Net Charge-offs (Recoveries) | Average Balance | % | |||||||||||||||||
Commercial non-mortgage | $ | 31,333 | $ | 16,941,546 | 0.74 | % | $ | 2,723 | $ | 16,635,874 | 0.07 | % | |||||||||||
Asset-based | — | 1,523,616 | — | 13,189 | 1,790,992 | 2.95 | |||||||||||||||||
Commercial real estate | 2,112 | 13,719,196 | 0.06 | 8,551 | 13,260,223 | 0.26 | |||||||||||||||||
Multi-family | 1,128 | 7,684,569 | 0.06 | 1,033 | 6,710,103 | 0.06 | |||||||||||||||||
Equipment financing | 3,335 | 1,293,856 | 1.03 | (660) | 1,625,463 | (0.16) | |||||||||||||||||
Warehouse lending | — | — | — | — | 409,580 | — | |||||||||||||||||
Residential | (72) | 8,225,151 | — | (461) | 7,995,327 | (0.02) | |||||||||||||||||
Home equity | (1,206) | 1,499,529 | (0.32) | (421) | 1,608,428 | (0.10) | |||||||||||||||||
Other consumer | 859 | 50,955 | 6.74 | 567 | 59,202 | 3.83 | |||||||||||||||||
Total | $ | 37,489 | $ | 50,938,418 | 0.29 | % | $ | 24,521 | $ | 50,095,192 | 0.20 | % | |||||||||||
Three months ended March 31, | |||||||||||||||||
2024 | 2023 | ||||||||||||||||
(Dollars in thousands) | Average Balance | Average Rate | Average Balance | Average Rate | |||||||||||||
Non-interest-bearing: | |||||||||||||||||
Demand | $ | 10,582,416 | — | % | $ | 12,629,928 | — | % | |||||||||
Interest-bearing: | |||||||||||||||||
Checking | 9,255,252 | 1.80 | 8,822,549 | 1.44 | |||||||||||||
Health savings accounts | 8,605,640 | 0.15 | 8,292,450 | 0.15 | |||||||||||||
Money market | 18,102,661 | 4.15 | 12,884,558 | 2.57 | |||||||||||||
Savings | 6,697,772 | 1.29 | 8,146,263 | 0.49 | |||||||||||||
Time deposits | 7,321,625 | 4.57 | 4,024,472 | 2.43 | |||||||||||||
Total interest-bearing | 49,982,950 | 2.70 | 42,170,292 | 1.42 | |||||||||||||
Total average deposits | $ | 60,565,366 | 2.23 | % | $ | 54,800,220 | 1.11 | % | |||||||||
(In thousands) | At March 31, 2024 | ||||||||||
Uninsured deposits, per regulatory reporting requirements | $ | 20,726,997 | |||||||||
Less: Affiliate deposits | (2,741,198) | ||||||||||
Collateralized deposits | (5,067,374) | ||||||||||
Uninsured deposits, after exclusions | $ | 12,918,425 | |||||||||
Immediately available liquidity (1) | $ | 18,756,799 | |||||||||
Uninsured deposits coverage | 145.2% |
(In thousands) | March 31, 2024 | ||||
Portion of U.S. time deposits in excess of insurance limit | $ | 508,998 | |||
Time deposits otherwise uninsured with a maturity of: | |||||
3 months or less | $ | 190,521 | |||
Over 3 months through 6 months | 186,435 | ||||
Over 6 months through 12 months | 124,826 | ||||
Over 12 months | 7,216 |
Three months ended March 31, | |||||||||||||||||
2024 | 2023 | ||||||||||||||||
(Dollars in thousands) | Average Balance | Average Rate | Average Balance | Average Rate | |||||||||||||
Securities sold under agreements to repurchase | $ | 130,653 | 0.52 | % | $ | 243,848 | 0.11 | % | |||||||||
Federal funds purchased | 140,165 | 5.47 | 671,175 | 4.62 | |||||||||||||
FHLB advances | 2,689,632 | 5.50 | 5,673,826 | 4.80 | |||||||||||||
Long-term debt | 980,926 | 3.64 | 1,072,252 | 3.65 | |||||||||||||
Total average borrowings | $ | 3,941,376 | 4.88 | % | $ | 7,661,101 | 4.48 | % | |||||||||
Payments Due by Period (1) | |||||||||||||||||||||||
(In thousands) | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | ||||||||||||||||
Senior notes | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 300,000 | $ | 300,000 | |||||||||
Subordinated notes | — | — | — | — | — | 499,000 | 499,000 | ||||||||||||||||
Junior subordinated debt | — | — | — | — | — | 77,320 | 77,320 | ||||||||||||||||
FHLB advances | 3,650,000 | — | — | 231 | 225 | 9,474 | 3,659,930 | ||||||||||||||||
Securities sold under agreements to repurchase | 126,886 | — | — | — | — | — | 126,886 | ||||||||||||||||
Federal funds purchased | 235,000 | — | — | — | — | — | 235,000 | ||||||||||||||||
Time deposits | 6,406,380 | 414,440 | 56,451 | 33,809 | 20,873 | 5,367 | 6,937,320 | ||||||||||||||||
Operating lease liabilities | 28,969 | 40,748 | 36,777 | 32,089 | 27,872 | 83,303 | 249,758 | ||||||||||||||||
Contingent consideration | 12,500 | 207 | — | — | — | — | 12,707 | ||||||||||||||||
Royalty liabilities | 8,940 | 1,560 | — | — | — | — | 10,500 | ||||||||||||||||
Purchase obligations (2) | 103,403 | 37,947 | 18,638 | 12,583 | 4,333 | 14,287 | 191,191 | ||||||||||||||||
Total contractual obligations | $ | 10,572,078 | $ | 494,902 | $ | 111,866 | $ | 78,712 | $ | 53,303 | $ | 988,751 | $ | 12,299,612 |
-300bp | -200bp | -100bp | +100bp | +200bp | +300bp | |||||||||||||||
March 31, 2024 | (7.0)% | (4.2)% | (2.0)% | 1.7% | 3.4% | 5.4% | ||||||||||||||
December 31, 2023 | (7.2)% | (4.5)% | (2.0)% | 1.7% | 3.3% | 5.4% |
Short End of the Yield Curve | Long End of the Yield Curve | ||||||||||||||||||||||||||||
-100bp | -50bp | +50bp | +100bp | -100bp | -50bp | +50bp | +100bp | ||||||||||||||||||||||
March 31, 2024 | (1.7)% | (0.7)% | 0.4% | 0.8% | (2.2)% | (1.1)% | 1.1% | 2.1% | |||||||||||||||||||||
December 31, 2023 | (1.8)% | (0.8)% | 0.4% | 0.7% | (2.3)% | (1.1)% | 1.1% | 2.2% |
(Dollars in thousands) | Book Value | Estimated Economic Value | Estimated Economic Value Change | |||||||||||
-100bp | +100bp | |||||||||||||
March 31, 2024 | ||||||||||||||
Assets | $ | 76,161,693 | $ | 71,150,404 | $ | 1,351,686 | $ | (1,399,835) | ||||||
Liabilities | 67,414,195 | 62,140,735 | 1,923,952 | (1,754,226) | ||||||||||
Net | $ | 8,747,498 | $ | 9,009,669 | $ | (572,266) | $ | 354,391 | ||||||
Net change as % base net economic value | (6.4) | % | 3.9 | % | ||||||||||
December 31, 2023 | ||||||||||||||
Assets | $ | 74,945,249 | $ | 70,356,779 | $ | 1,297,870 | $ | (1,350,496) | ||||||
Liabilities | 66,255,253 | 61,722,480 | 1,960,088 | (1,786,228) | ||||||||||
Net | $ | 8,689,996 | $ | 8,634,299 | $ | (662,218) | $ | 435,732 | ||||||
Net change as % base net economic value | (7.7) | % | 5.0 | % |
March 31, 2024 | December 31, 2023 | ||||||||||
(In thousands, except share data) | (Unaudited) | ||||||||||
Assets: | |||||||||||
Cash and due from banks | $ | 322,041 | $ | 429,323 | |||||||
Interest-bearing deposits | 1,223,187 | 1,286,472 | |||||||||
Investment securities available-for-sale, at fair value | 8,601,141 | 8,959,729 | |||||||||
Investment securities held-to-maturity, net of allowance for credit losses of $184 and $209 | 7,679,891 | 7,074,588 | |||||||||
Federal Home Loan Bank and Federal Reserve Bank stock | 381,451 | 326,882 | |||||||||
Loans held for sale ($323 and $2,610 valued under fair value option) | 239,763 | 6,541 | |||||||||
Loans and leases | 51,098,642 | 50,726,052 | |||||||||
Allowance for credit losses on loans and leases | (641,442) | (635,737) | |||||||||
Loans and leases, net | 50,457,200 | 50,090,315 | |||||||||
Deferred tax assets, net | 341,292 | 369,212 | |||||||||
Premises and equipment, net | 423,128 | 429,561 | |||||||||
Goodwill | 2,868,068 | 2,631,465 | |||||||||
Other intangible assets, net | 382,841 | 203,135 | |||||||||
Cash surrender value of life insurance policies | 1,237,828 | 1,247,938 | |||||||||
Accrued interest receivable and other assets | 2,003,862 | 1,890,088 | |||||||||
Total assets | $ | 76,161,693 | $ | 74,945,249 | |||||||
Liabilities and stockholders’ equity: | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing | $ | 10,212,509 | $ | 10,732,516 | |||||||
Interest-bearing | 50,535,234 | 50,051,768 | |||||||||
Total deposits | 60,747,743 | 60,784,284 | |||||||||
Securities sold under agreements to repurchase and other borrowings | 361,886 | 458,387 | |||||||||
Federal Home Loan Bank advances | 3,659,930 | 2,360,018 | |||||||||
Long-term debt | 914,520 | 1,048,820 | |||||||||
Accrued expenses and other liabilities | 1,730,116 | 1,603,744 | |||||||||
Total liabilities | 67,414,195 | 66,255,253 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.01 par value: Authorized—3,000,000 shares; | |||||||||||
Series F issued and outstanding—6,000 shares | 145,037 | 145,037 | |||||||||
Series G issued and outstanding—135,000 shares | 138,942 | 138,942 | |||||||||
Common stock, $0.01 par value: Authorized—400,000,000 shares; | |||||||||||
Issued—182,778,045 shares | 1,828 | 1,828 | |||||||||
Paid-in capital | 6,138,935 | 6,179,753 | |||||||||
Retained earnings | 3,425,701 | 3,282,530 | |||||||||
Treasury stock, at cost—10,314,159 and 10,756,089 shares | (486,844) | (507,523) | |||||||||
Accumulated other comprehensive (loss), net of tax | (616,101) | (550,571) | |||||||||
Total stockholders’ equity | 8,747,498 | 8,689,996 | |||||||||
Total liabilities and stockholders’ equity | $ | 76,161,693 | $ | 74,945,249 |
Three months ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
(In thousands, except per share data) | 2024 | 2023 | |||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||
Interest and fees on loans and leases | $ | 792,045 | $ | 716,356 | |||||||||||||||||||
Taxable interest on investment securities | 135,071 | 85,566 | |||||||||||||||||||||
Non-taxable interest on investment securities | 12,514 | 13,684 | |||||||||||||||||||||
Loans held for sale | 82 | 16 | |||||||||||||||||||||
Other interest and dividends | 12,138 | 15,306 | |||||||||||||||||||||
Total interest income | 951,850 | 830,928 | |||||||||||||||||||||
Interest Expense: | |||||||||||||||||||||||
Deposits | 335,971 | 150,204 | |||||||||||||||||||||
Securities sold under agreements to repurchase and other borrowings | 2,108 | 7,827 | |||||||||||||||||||||
Federal Home Loan Bank advances | 37,367 | 68,126 | |||||||||||||||||||||
Long-term debt | 8,665 | 9,488 | |||||||||||||||||||||
Total interest expense | 384,111 | 235,645 | |||||||||||||||||||||
Net interest income | 567,739 | 595,283 | |||||||||||||||||||||
Provision for credit losses | 45,500 | 46,749 | |||||||||||||||||||||
Net interest income after provision for credit losses | 522,239 | 548,534 | |||||||||||||||||||||
Non-interest Income: | |||||||||||||||||||||||
Deposit service fees | 42,589 | 45,436 | |||||||||||||||||||||
Loan and lease related fees | 19,767 | 23,005 | |||||||||||||||||||||
Wealth and investment services | 7,924 | 6,587 | |||||||||||||||||||||
Cash surrender value of life insurance policies | 5,946 | 6,728 | |||||||||||||||||||||
(Loss) on sale of investment securities, net | (9,826) | (16,747) | |||||||||||||||||||||
Other income | 32,953 | 5,757 | |||||||||||||||||||||
Total non-interest income | 99,353 | 70,766 | |||||||||||||||||||||
Non-interest Expense: | |||||||||||||||||||||||
Compensation and benefits | 188,540 | 173,200 | |||||||||||||||||||||
Occupancy | 19,439 | 20,171 | |||||||||||||||||||||
Technology and equipment | 45,836 | 44,366 | |||||||||||||||||||||
Intangible assets amortization | 9,194 | 9,497 | |||||||||||||||||||||
Marketing | 4,281 | 3,476 | |||||||||||||||||||||
Professional and outside services | 12,981 | 32,434 | |||||||||||||||||||||
Deposit insurance | 24,223 | 12,323 | |||||||||||||||||||||
Other expense | 31,429 | 37,000 | |||||||||||||||||||||
Total non-interest expense | 335,923 | 332,467 | |||||||||||||||||||||
Income before income taxes | 285,669 | 286,833 | |||||||||||||||||||||
Income tax expense | 69,346 | 65,829 | |||||||||||||||||||||
Net income | 216,323 | 221,004 | |||||||||||||||||||||
Preferred stock dividends | 4,163 | 4,163 | |||||||||||||||||||||
Net income available to common stockholders | $ | 212,160 | $ | 216,841 | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 1.23 | $ | 1.24 | |||||||||||||||||||
Diluted | 1.23 | 1.24 |
Three months ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
(In thousands) | 2024 | 2023 | |||||||||||||||||||||
Net income | $ | 216,323 | $ | 221,004 | |||||||||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||
Investment securities available-for-sale | (36,271) | 71,618 | |||||||||||||||||||||
Derivative instruments | (29,989) | 21,374 | |||||||||||||||||||||
Defined benefit pension and other postretirement benefit plans | 730 | 3,948 | |||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (65,530) | 96,940 | |||||||||||||||||||||
Comprehensive income | $ | 150,793 | $ | 317,944 |
At or for the three months ended March 31, 2024 | |||||||||||||||||||||||
(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 Stockholders’ Equity | ||||||||||||||||
Balance at December 31, 2023 | $ | 283,979 | $ | 1,828 | $ | 6,179,753 | $ | 3,282,530 | $ | (507,523) | $ | (550,571) | $ | 8,689,996 | |||||||||
Net income | — | — | — | 216,323 | — | — | 216,323 | ||||||||||||||||
Other comprehensive (loss), net of tax | — | — | — | — | — | (65,530) | (65,530) | ||||||||||||||||
Common stock dividends and equivalents—$0.40 per share | — | — | — | (68,989) | — | — | (68,989) | ||||||||||||||||
Series F preferred stock dividends—$328.125 per share | — | — | — | (1,969) | — | — | (1,969) | ||||||||||||||||
Series G preferred stock dividends—$16.25 per share | — | — | — | (2,194) | — | — | (2,194) | ||||||||||||||||
Stock-based compensation | — | — | (40,818) | — | 54,578 | — | 13,760 | ||||||||||||||||
Common shares acquired from stock compensation plan activity | — | — | — | — | (13,496) | — | (13,496) | ||||||||||||||||
Common stock repurchase program | — | — | — | — | (20,403) | — | (20,403) | ||||||||||||||||
Balance at March 31, 2024 | $ | 283,979 | $ | 1,828 | $ | 6,138,935 | $ | 3,425,701 | $ | (486,844) | $ | (616,101) | $ | 8,747,498 | |||||||||
At or for the three months ended March 31, 2023 | |||||||||||||||||||||||
(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 Stockholders’ Equity | ||||||||||||||||
Balance at December 31, 2022 | $ | 283,979 | $ | 1,828 | $ | 6,173,240 | $ | 2,713,861 | $ | (431,762) | $ | (684,960) | $ | 8,056,186 | |||||||||
Adoption of ASU No. 2022-02 | — | — | — | (4,245) | — | — | (4,245) | ||||||||||||||||
Net income | — | — | — | 221,004 | — | — | 221,004 | ||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 96,940 | 96,940 | ||||||||||||||||
Common stock dividends and equivalents—$0.40 per share | — | — | — | (69,712) | — | — | (69,712) | ||||||||||||||||
Series F preferred stock dividends—$328.125 per share | — | — | — | (1,969) | — | — | (1,969) | ||||||||||||||||
Series G preferred stock dividends—$16.25 per share | — | — | — | (2,194) | — | — | (2,194) | ||||||||||||||||
Stock-based compensation | — | — | (33,471) | — | 45,117 | — | 11,646 | ||||||||||||||||
Exercise of stock options | — | — | (2,026) | — | 3,749 | — | 1,723 | ||||||||||||||||
Common shares acquired from stock compensation plan activity | — | — | — | — | (15,085) | — | (15,085) | ||||||||||||||||
Balance at March 31, 2023 | $ | 283,979 | $ | 1,828 | $ | 6,137,743 | $ | 2,856,745 | $ | (397,981) | $ | (588,020) | $ | 8,294,294 |
Three months ended March 31, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Operating Activities: | |||||||||||
Net income | $ | 216,323 | $ | 221,004 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | 45,500 | 46,749 | |||||||||
Deferred income tax expense | 16,470 | 13,911 | |||||||||
Stock-based compensation | 13,760 | 11,646 | |||||||||
Depreciation and amortization of property and equipment and intangible assets | 19,027 | 20,745 | |||||||||
Net (accretion) and amortization of interest-earning assets and borrowings | (11,893) | (4,388) | |||||||||
Amortization of low-income housing tax credit investments | 20,413 | 21,478 | |||||||||
Reduction of right-of-use lease assets | 7,475 | 7,525 | |||||||||
Loss on sale of investment securities, net | 9,826 | 16,747 | |||||||||
Originations of loans held for sale | (3,317) | (2,590) | |||||||||
Proceeds from sale of loans held for sale | 4,713 | 3,832 | |||||||||
Net (gain) on sale of mortgage servicing rights | (11,655) | — | |||||||||
(Increase) in cash surrender value of life insurance policies | (5,946) | (6,728) | |||||||||
Other operating activities, net | (11,145) | (677) | |||||||||
Net decrease (increase) in derivative contract assets and liabilities | 56,534 | (48,570) | |||||||||
Net decrease (increase) in accrued interest receivable and other assets | 296,416 | (8,150) | |||||||||
Net (decrease) in accrued expenses and other liabilities | (418,820) | (78,240) | |||||||||
Net cash provided by operating activities | 243,681 | 214,294 | |||||||||
Investing Activities: | |||||||||||
Purchases of available-for-sale securities | (244,434) | (357,784) | |||||||||
Proceeds from principal payments, maturities, and calls of available-for-sale securities | 205,507 | 119,033 | |||||||||
Proceeds from sale of available-for-sale securities | 331,690 | 395,358 | |||||||||
Purchases of held-to-maturity securities | (677,961) | (599,387) | |||||||||
Proceeds from principal payments, maturities, and calls of held-to-maturity securities | 80,360 | 99,992 | |||||||||
Net (increase) in Federal Home Loan Bank and Federal Reserve Bank stock | (54,569) | (138,824) | |||||||||
Alternative investments (capital calls), net of distributions | (4,192) | (3,184) | |||||||||
Net (increase) in loans | (692,991) | (1,478,986) | |||||||||
Proceeds from sale of loans not originated for sale | 49,440 | 106,779 | |||||||||
Proceeds from sale of mortgage servicing rights | 18,310 | — | |||||||||
Proceeds from sale of foreclosed properties and repossessed assets | 790 | 1,745 | |||||||||
Proceeds from sale of property and equipment | 1,042 | — | |||||||||
Additions to property and equipment | (5,057) | (10,293) | |||||||||
Proceeds from life insurance policies | 3,977 | — | |||||||||
Net cash paid for acquisition of Ametros | (359,460) | — | |||||||||
Net cash paid for acquisition of interLINK | — | (157,646) | |||||||||
Net cash (used for) investing activities | (1,347,548) | (2,023,197) | |||||||||
See accompanying Notes to Condensed Consolidated Financial Statements. |
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited), continued | |||||||||||
Three months ended March 31, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Financing Activities: | |||||||||||
Net (decrease) increase in deposits | (26,850) | 1,236,463 | |||||||||
Net increase in Federal Home Loan Bank advances | 1,299,912 | 3,099,909 | |||||||||
Net (decrease) in securities sold under agreements to repurchase and other borrowings | (96,501) | (845,676) | |||||||||
Repayment of long-term debt | (132,550) | — | |||||||||
Payment of contingent consideration | (4,050) | — | |||||||||
Dividends paid to common stockholders | (68,599) | (70,140) | |||||||||
Dividends paid to preferred stockholders | (4,163) | (4,163) | |||||||||
Exercise of stock options | — | 1,723 | |||||||||
Common stock repurchase program | (20,403) | — | |||||||||
Common shares acquired related to stock compensation plan activity | (13,496) | (15,085) | |||||||||
Net cash provided by financing activities | 933,300 | 3,403,031 | |||||||||
Net (decrease) increase in cash and cash equivalents | (170,567) | 1,594,128 | |||||||||
Cash and cash equivalents, beginning of period | 1,715,795 | 839,943 | |||||||||
Cash and cash equivalents, end of period | $ | 1,545,228 | $ | 2,434,071 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid | $ | 416,290 | $ | 221,182 | |||||||
Income taxes paid | 11,240 | 6,334 | |||||||||
Non-cash investing and financing activities: | |||||||||||
Transfer of loans and leases to foreclosed properties and repossessed assets | $ | 742 | $ | 607 | |||||||
Transfer of returned lease equipment to assets held for sale | 1,524 | — | |||||||||
Transfer of loans and leases to loans held for sale | 284,806 | 316,596 | |||||||||
Acquisition of Ametros: | |||||||||||
Tangible assets acquired | 256,957 | — | |||||||||
Goodwill and other intangible assets | 417,085 | — | |||||||||
Liabilities assumed | 299,507 | — | |||||||||
Forgiveness of long-term debt | 12,875 | — | |||||||||
Pre-existing equity interest | 2,200 | — | |||||||||
Acquisition of interLINK: | |||||||||||
Tangible assets acquired | — | 6,417 | |||||||||
Goodwill and other intangible assets | — | 183,216 | |||||||||
Liabilities assumed | — | 15,948 | |||||||||
Contingent consideration | — | 16,039 | |||||||||
Acquisition of Bend: | |||||||||||
Tangible assets acquired | — | 294 | |||||||||
Goodwill and other intangible assets | — | (294) | |||||||||
Merger with Sterling: | |||||||||||
Tangible assets acquired | — | 17,607 | |||||||||
Goodwill and other intangible assets | — | (25,561) | |||||||||
Liabilities assumed | — | (7,954) | |||||||||
(In thousands) | Fair Value | ||||
Purchase price consideration | $ | 378,424 | |||
Assets: | |||||
Cash and due from banks | 310 | ||||
Premises and equipment | 1,078 | ||||
Other intangible assets | 188,900 | ||||
Deferred tax assets, net | (35,889) | ||||
Other assets: | |||||
Funds held in escrow | 288,167 | ||||
Accounts receivable | 2,435 | ||||
Prepaid expenses | 1,166 | ||||
Total other assets | 291,768 | ||||
Total assets acquired | $ | 446,167 | |||
Liabilities: | |||||
Interest-bearing deposits (1) | (20,622) | ||||
Other liabilities: | |||||
Accounts payable | 684 | ||||
Accrued expenses | 4,270 | ||||
Deferred revenue | 20,391 | ||||
Member’s funds | 288,167 | ||||
Operating lease liabilities | 838 | ||||
Total other liabilities | 314,350 | ||||
Total liabilities assumed | $ | 293,728 | |||
Net assets acquired | 152,439 | ||||
Pre-existing equity interest (2) | $ | 2,200 | |||
Goodwill | $ | 228,185 |
At March 31, 2024 | ||||||||||||||||||||
(In thousands) | Amortized Cost (1) | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||
Government agency debentures | $ | 302,261 | $ | — | $ | (39,773) | $ | 262,488 | ||||||||||||
Municipal bonds and notes | 1,257,643 | 23 | (50,316) | 1,207,350 | ||||||||||||||||
Agency CMO | 50,422 | — | (4,186) | 46,236 | ||||||||||||||||
Agency MBS | 3,629,162 | 19,414 | (284,162) | 3,364,414 | ||||||||||||||||
Agency CMBS | 2,619,079 | 12,555 | (310,404) | 2,321,230 | ||||||||||||||||
CMBS | 752,086 | 32 | (20,267) | 731,851 | ||||||||||||||||
Corporate debt | 693,093 | 142 | (76,026) | 617,209 | ||||||||||||||||
Private label MBS | 46,044 | — | (4,736) | 41,308 | ||||||||||||||||
Other | 9,836 | — | (781) | 9,055 | ||||||||||||||||
Total available-for-sale | $ | 9,359,626 | $ | 32,166 | $ | (790,651) | $ | 8,601,141 | ||||||||||||
At December 31, 2023 | ||||||||||||||||||||
(In thousands) | Amortized Cost (1) | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||
Government agency debentures | $ | 302,212 | $ | — | $ | (37,579) | $ | 264,633 | ||||||||||||
Municipal bonds and notes | 1,626,126 | 8 | (52,901) | 1,573,233 | ||||||||||||||||
Agency CMO | 52,994 | — | (4,053) | 48,941 | ||||||||||||||||
Agency MBS | 3,568,140 | 32,461 | (253,503) | 3,347,098 | ||||||||||||||||
Agency CMBS | 2,569,438 | 18,204 | (299,571) | 2,288,071 | ||||||||||||||||
CMBS | 788,478 | — | (24,729) | 763,749 | ||||||||||||||||
Corporate debt | 704,569 | — | (82,414) | 622,155 | ||||||||||||||||
Private label MBS | 46,635 | — | (3,827) | 42,808 | ||||||||||||||||
Other | 9,830 | — | (789) | 9,041 | ||||||||||||||||
Total available-for-sale | $ | 9,668,422 | $ | 50,673 | $ | (759,366) | $ | 8,959,729 |
At September 30, 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 | $ | 3,596 | $ | — | $ | — | $ | 3,596 | $ | 734 | $ | — | $ | — | $ | 734 | |||||||||
Agency CMO | 332,341 | 2,573 | (3,116 | ) | 331,798 | 419,865 | 3,344 | (3,503 | ) | 419,706 | |||||||||||||||
Agency MBS | 923,819 | 3,214 | (14,056 | ) | 912,977 | 969,460 | 4,398 | (19,509 | ) | 954,349 | |||||||||||||||
Agency CMBS | 599,165 | — | (14,205 | ) | 584,960 | 587,776 | 63 | (14,567 | ) | 573,272 | |||||||||||||||
CMBS | 402,015 | 1,539 | (121 | ) | 403,433 | 473,974 | 4,093 | (702 | ) | 477,365 | |||||||||||||||
CLO | 273,172 | 1,572 | (161 | ) | 274,583 | 425,083 | 2,826 | (519 | ) | 427,390 | |||||||||||||||
Trust preferred | 30,463 | 676 | (202 | ) | 30,937 | 30,381 | — | (1,748 | ) | 28,633 | |||||||||||||||
Corporate debt | 48,334 | 674 | (130 | ) | 48,878 | 108,490 | 1,502 | (350 | ) | 109,642 | |||||||||||||||
Available-for-sale | $ | 2,612,905 | $ | 10,248 | $ | (31,991 | ) | $ | 2,591,162 | $ | 3,015,763 | $ | 16,226 | $ | (40,898 | ) | $ | 2,991,091 | |||||||
Held-to-maturity: | |||||||||||||||||||||||||
Agency CMO | $ | 276,367 | $ | 1,138 | $ | (3,030 | ) | $ | 274,475 | $ | 339,455 | $ | 1,977 | $ | (3,824 | ) | $ | 337,608 | |||||||
Agency MBS | 2,549,500 | 24,275 | (30,012 | ) | 2,543,763 | 2,317,449 | 26,388 | (41,768 | ) | 2,302,069 | |||||||||||||||
Agency CMBS | 708,229 | 280 | (3,549 | ) | 704,960 | 547,726 | 694 | (1,348 | ) | 547,072 | |||||||||||||||
Municipal bonds and notes | 705,411 | 5,213 | (13,150 | ) | 697,474 | 655,813 | 4,389 | (25,749 | ) | 634,453 | |||||||||||||||
CMBS | 257,361 | 3,394 | (197 | ) | 260,558 | 298,538 | 4,107 | (411 | ) | 302,234 | |||||||||||||||
Private Label MBS | 443 | 2 | — | 445 | 1,677 | 12 | — | 1,689 | |||||||||||||||||
Held-to-maturity | $ | 4,497,311 | $ | 34,302 | $ | (49,938 | ) | $ | 4,481,675 | $ | 4,160,658 | $ | 37,567 | $ | (73,100 | ) | $ | 4,125,125 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Beginning balance | $ | 3,231 | $ | 3,437 | $ | 3,243 | $ | 3,288 | |||||||
Reduction for investment securities sold or called | (1,028 | ) | (30 | ) | (1,166 | ) | (30 | ) | |||||||
Additions for OTTI not previously recognized in earnings | — | — | 126 | 149 | |||||||||||
Ending balance | $ | 2,203 | $ | 3,407 | $ | 2,203 | $ | 3,407 |
At September 30, 2017 | At March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | # of Holdings | Fair Value | Unrealized Losses | (Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Holdings | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency debentures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency debentures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency debentures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and notes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency CMO | $ | 75,042 | $ | (1,002 | ) | $ | 70,167 | $ | (2,114 | ) | 16 | $ | 145,209 | $ | (3,116 | ) | ||||||||||||||||||||||||||||||||||||||||
Agency MBS | 464,031 | (5,169 | ) | 303,770 | (8,887 | ) | 104 | 767,801 | (14,056 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Agency CMBS | 306,025 | (6,240 | ) | 278,935 | (7,965 | ) | 34 | 584,960 | (14,205 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
CMBS | 39,775 | (121 | ) | — | — | 5 | 39,775 | (121 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
CLO | 82,989 | (161 | ) | — | — | 5 | 82,989 | (161 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred | 12,570 | (97 | ) | 4,574 | (105 | ) | 3 | 17,144 | (202 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | 5,797 | (87 | ) | 1,825 | (43 | ) | 2 | 7,622 | (130 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale in an unrealized loss position | $ | 986,229 | $ | (12,877 | ) | $ | 659,271 | $ | (19,114 | ) | 169 | $ | 1,645,500 | $ | (31,991 | ) | ||||||||||||||||||||||||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency CMO | $ | 82,839 | $ | (880 | ) | $ | 83,103 | $ | (2,150 | ) | 19 | $ | 165,942 | $ | (3,030 | ) | ||||||||||||||||||||||||||||||||||||||||
Agency MBS | 870,376 | (7,948 | ) | 775,331 | (22,064 | ) | 157 | 1,645,707 | (30,012 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Agency CMBS | 570,781 | (3,504 | ) | 4,730 | (45 | ) | 45 | 575,511 | (3,549 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and notes | 123,965 | (1,745 | ) | 226,545 | (11,405 | ) | 140 | 350,510 | (13,150 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
CMBS | 40,150 | (197 | ) | 250 | — | 5 | 40,400 | (197 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity in an unrealized loss position | $ | 1,688,111 | $ | (14,274 | ) | $ | 1,089,959 | $ | (35,664 | ) | 366 | $ | 2,778,070 | $ | (49,938 | ) | ||||||||||||||||||||||||||||||||||||||||
Corporate debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private label MBS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
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: | |||||||||||||||||||||
Agency CMO | $ | 107,853 | $ | (2,168 | ) | $ | 67,351 | $ | (1,335 | ) | 15 | $ | 175,204 | $ | (3,503 | ) | |||||
Agency MBS | 512,075 | (10,503 | ) | 252,779 | (9,006 | ) | 97 | 764,854 | (19,509 | ) | |||||||||||
Agency CMBS | 554,246 | (14,567 | ) | — | — | 32 | 554,246 | (14,567 | ) | ||||||||||||
CMBS | 12,427 | (24 | ) | 63,930 | (678 | ) | 12 | 76,357 | (702 | ) | |||||||||||
CLO | 49,946 | (54 | ) | 50,237 | (465 | ) | 5 | 100,183 | (519 | ) | |||||||||||
Trust preferred | — | — | 28,633 | (1,748 | ) | 5 | 28,633 | (1,748 | ) | ||||||||||||
Corporate debt | — | — | 7,384 | (350 | ) | 2 | 7,384 | (350 | ) | ||||||||||||
Available-for-sale in an unrealized loss position | $ | 1,236,547 | $ | (27,316 | ) | $ | 470,314 | $ | (13,582 | ) | 168 | $ | 1,706,861 | $ | (40,898 | ) | |||||
Held-to-maturity: | |||||||||||||||||||||
Agency CMO | $ | 163,439 | $ | (3,339 | ) | $ | 17,254 | $ | (485 | ) | 16 | $ | 180,693 | $ | (3,824 | ) | |||||
Agency MBS | 1,394,623 | (32,942 | ) | 273,779 | (8,826 | ) | 150 | 1,668,402 | (41,768 | ) | |||||||||||
Agency CMBS | 347,725 | (1,348 | ) | — | — | 25 | 347,725 | (1,348 | ) | ||||||||||||
Municipal bonds and notes | 384,795 | (25,745 | ) | 1,192 | (4 | ) | 196 | 385,987 | (25,749 | ) | |||||||||||
CMBS | 60,768 | (411 | ) | — | — | 8 | 60,768 | (411 | ) | ||||||||||||
Held-to-maturity in an unrealized loss position | $ | 2,351,350 | $ | (63,785 | ) | $ | 292,225 | $ | (9,315 | ) | 395 | $ | 2,643,575 | $ | (73,100 | ) |
At December 31, 2023 | |||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Holdings | Fair Value | Unrealized Losses | ||||||||||||||||||||||
Government agency debentures | $ | — | $ | — | $ | 264,633 | $ | (37,579) | 19 | $ | 264,633 | $ | (37,579) | ||||||||||||||||
Municipal bonds and notes | 18,066 | (124) | 1,536,656 | (52,777) | 386 | 1,554,722 | (52,901) | ||||||||||||||||||||||
Agency CMO | — | — | 48,941 | (4,053) | 36 | 48,941 | (4,053) | ||||||||||||||||||||||
Agency MBS | 71,187 | (272) | 1,945,221 | (253,231) | 457 | 2,016,408 | (253,503) | ||||||||||||||||||||||
Agency CMBS | 430,070 | (16,137) | 1,314,681 | (283,434) | 145 | 1,744,751 | (299,571) | ||||||||||||||||||||||
CMBS | 43,844 | (856) | 719,905 | (23,873) | 42 | 763,749 | (24,729) | ||||||||||||||||||||||
Corporate debt | 4,278 | (27) | 617,877 | (82,387) | 91 | 622,155 | (82,414) | ||||||||||||||||||||||
Private label MBS | — | — | 42,808 | (3,827) | 3 | 42,808 | (3,827) | ||||||||||||||||||||||
Other | — | — | 9,041 | (789) | 2 | 9,041 | (789) | ||||||||||||||||||||||
Total | $ | 567,445 | $ | (17,416) | $ | 6,499,763 | $ | (741,950) | 1,181 | $ | 7,067,208 | $ | (759,366) |
At March 31, 2024 | |||||||||||
(In thousands) | Amortized Cost | Fair Value | |||||||||
Maturing within 1 year | $ | 32,356 | $ | 31,621 | |||||||
After 1 year through 5 years | 597,123 | 565,463 | |||||||||
After 5 through 10 years | 1,271,850 | 1,173,728 | |||||||||
After 10 years | 7,458,297 | 6,830,329 | |||||||||
Total available-for-sale | $ | 9,359,626 | $ | 8,601,141 |
At September 30, 2017 | |||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||
Due in one year or less | $ | 18,668 | $ | 18,714 | $ | 40,146 | $ | 40,753 | |||||
Due after one year through five years | 40,246 | 40,748 | 13,410 | 13,684 | |||||||||
Due after five through ten years | 381,547 | 383,721 | 38,323 | 39,102 | |||||||||
Due after ten years | 2,172,444 | 2,147,979 | 4,405,432 | 4,388,136 | |||||||||
Total debt securities | $ | 2,612,905 | $ | 2,591,162 | $ | 4,497,311 | $ | 4,481,675 |
Three months ended March 31, | |||||||||||||||||||||||
(In thousands) | 2024 | 2023 | |||||||||||||||||||||
Proceeds from sales | $ | 331,690 | $ | 395,358 | |||||||||||||||||||
Gross realized gains | $ | 2,240 | $ | — | |||||||||||||||||||
Gross realized losses | (14,636) | (20,483) | |||||||||||||||||||||
(In thousands) | At March 31, 2024 | At December 31, 2023 | |||||||||
Pledged for deposits | $ | 2,418,726 | $ | 2,102,115 | |||||||
Pledged for borrowings and other | 5,687,136 | 6,111,430 | |||||||||
Total available-for-sale securities pledged | $ | 8,105,862 | $ | 8,213,545 |
At March 31, 2024 | |||||||||||||||||||||||
(In thousands) | Amortized Cost (1) | Unrealized Gains | Unrealized Losses | Fair Value | Allowance | Net Carrying Value | |||||||||||||||||
Agency CMO | $ | 22,489 | $ | — | $ | (1,938) | $ | 20,551 | $ | — | $ | 22,489 | |||||||||||
Agency MBS | 2,618,783 | 1,429 | (327,351) | 2,292,861 | — | 2,618,783 | |||||||||||||||||
Agency CMBS | 4,028,799 | 11,580 | (540,641) | 3,499,738 | — | 4,028,799 | |||||||||||||||||
Municipal bonds and notes | 910,422 | 683 | (34,953) | 876,152 | 184 | 910,238 | |||||||||||||||||
CMBS | 99,582 | — | (6,017) | 93,565 | — | 99,582 | |||||||||||||||||
Total held-to-maturity | $ | 7,680,075 | $ | 13,692 | $ | (910,900) | $ | 6,782,867 | $ | 184 | $ | 7,679,891 |
At December 31, 2023 | |||||||||||||||||||||||
(In thousands) | Amortized Cost (1) | Unrealized Gains | Unrealized Losses | Fair Value | Allowance | Net Carrying Value | |||||||||||||||||
Agency CMO | $ | 23,470 | $ | — | $ | (1,728) | $ | 21,742 | $ | — | $ | 23,470 | |||||||||||
Agency MBS | 2,409,521 | 1,141 | (284,776) | 2,125,886 | — | 2,409,521 | |||||||||||||||||
Agency CMBS | 3,625,627 | 18,586 | (514,534) | 3,129,679 | — | 3,625,627 | |||||||||||||||||
Municipal bonds and notes | 916,104 | 2,440 | (24,877) | 893,667 | 209 | 915,895 | |||||||||||||||||
CMBS | 100,075 | — | (6,426) | 93,649 | — | 100,075 | |||||||||||||||||
Total held-to-maturity | $ | 7,074,797 | $ | 22,167 | $ | (832,341) | $ | 6,264,623 | $ | 209 | $ | 7,074,588 |
Three months ended March 31, | |||||||||||||||||||||||
(In thousands) | 2024 | 2023 | |||||||||||||||||||||
Balance, beginning of period | $ | 209 | $ | 182 | |||||||||||||||||||
(Benefit) provision for credit losses | (25) | 100 | |||||||||||||||||||||
Balance, end of period | $ | 184 | $ | 282 |
At March 31, 2024 | |||||||||||
(In thousands) | Amortized Cost | Fair Value | |||||||||
Maturing within 1 year | $ | 29,846 | $ | 29,771 | |||||||
After 1 year through 5 years | 94,598 | 89,326 | |||||||||
After 5 through 10 years | 299,712 | 288,067 | |||||||||
After 10 years | 7,255,919 | 6,375,703 | |||||||||
Total held-to-maturity | $ | 7,680,075 | $ | 6,782,867 |
March 31, 2024 | ||||||||||||||||||||||||||||||||
Investment Grade | ||||||||||||||||||||||||||||||||
(In thousands) | Aaa | Aa1 | Aa2 | Aa3 | A1 | A3 | Not Rated | |||||||||||||||||||||||||
Agency CMO | $ | — | $ | 22,489 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Agency MBS | — | 2,618,783 | — | — | — | — | — | |||||||||||||||||||||||||
Agency CMBS | — | 4,028,799 | — | — | — | — | — | |||||||||||||||||||||||||
Municipal bonds and notes | 332,969 | 162,439 | 252,852 | 111,277 | 32,690 | 4,165 | 14,030 | |||||||||||||||||||||||||
CMBS | 99,582 | — | — | — | — | — | — | |||||||||||||||||||||||||
Total held-to-maturity | $ | 432,551 | $ | 6,832,510 | $ | 252,852 | $ | 111,277 | $ | 32,690 | $ | 4,165 | $ | 14,030 |
December 31, 2023 | ||||||||||||||||||||||||||||||||
Investment Grade | ||||||||||||||||||||||||||||||||
(In thousands) | Aaa | Aa1 | Aa2 | Aa3 | A1 | A3 | Not Rated | |||||||||||||||||||||||||
Agency CMO | $ | — | $ | 23,470 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Agency MBS | — | 2,409,521 | — | — | — | — | — | |||||||||||||||||||||||||
Agency CMBS | — | 3,625,627 | — | — | — | — | — | |||||||||||||||||||||||||
Municipal bonds and notes | 333,479 | 162,615 | 253,671 | 115,404 | 32,732 | 4,165 | 14,038 | |||||||||||||||||||||||||
CMBS | 100,075 | — | — | — | — | — | — | |||||||||||||||||||||||||
Total held-to-maturity | $ | 433,554 | $ | 6,221,233 | $ | 253,671 | $ | 115,404 | $ | 32,732 | $ | 4,165 | $ | 14,038 |
(In thousands) | At March 31, 2024 | At December 31, 2023 | |||||||||
Pledged for deposits | $ | 1,557,987 | $ | 1,212,824 | |||||||
Pledged for borrowings and other | 5,732,569 | 5,582,379 | |||||||||
Total held-to-maturity securities pledged | $ | 7,290,556 | $ | 6,795,203 |
(In thousands) | At March 31, 2024 | At December 31, 2023 | |||||||||
Commercial non-mortgage | $ | 16,696,070 | $ | 16,885,475 | |||||||
Asset-based | 1,492,886 | 1,557,841 | |||||||||
Commercial real estate | 13,972,916 | 13,569,762 | |||||||||
Multi-family | 7,896,586 | 7,587,970 | |||||||||
Equipment financing | 1,280,058 | 1,328,786 | |||||||||
Commercial portfolio | 41,338,516 | 40,929,834 | |||||||||
Residential | 8,226,154 | 8,227,923 | |||||||||
Home equity | 1,479,420 | 1,516,955 | |||||||||
Other consumer | 54,552 | 51,340 | |||||||||
Consumer portfolio | 9,760,126 | 9,796,218 | |||||||||
Loans and leases | $ | 51,098,642 | $ | 50,726,052 |
(In thousands) | At September 30, 2017 | At December 31, 2016 | |||||
Residential | $ | 4,499,441 | $ | 4,254,682 | |||
Consumer | 2,566,983 | 2,684,500 | |||||
Commercial | 5,348,303 | 4,940,931 | |||||
Commercial Real Estate | 4,464,917 | 4,510,846 | |||||
Equipment Financing | 566,777 | 635,629 | |||||
Loans and leases (1) (2) | $ | 17,446,421 | $ | 17,026,588 |
At March 31, 2024 | |||||||||||||||||||||||
(In thousands) | 30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | 90 or More Days Past Due and Accruing | Non-accrual | Total Past Due and Non-accrual | Current | Total Loans and Leases | ||||||||||||||||
Commercial non-mortgage | $ | 3,077 | $ | 3,138 | $ | 35 | $ | 193,294 | $ | 199,544 | $ | 16,496,526 | $ | 16,696,070 | |||||||||
Asset-based | — | — | — | 34,893 | 34,893 | 1,457,993 | 1,492,886 | ||||||||||||||||
Commercial real estate | 28,137 | 717 | 12,452 | 3,815 | 45,121 | 13,927,795 | 13,972,916 | ||||||||||||||||
Multi-family | 21,750 | 22,406 | — | 10,439 | 54,595 | 7,841,991 | 7,896,586 | ||||||||||||||||
Equipment financing | 6,189 | 2,984 | — | 8,677 | 17,850 | 1,262,208 | 1,280,058 | ||||||||||||||||
Commercial portfolio | 59,153 | 29,245 | 12,487 | 251,118 | 352,003 | 40,986,513 | 41,338,516 | ||||||||||||||||
Residential | 9,645 | 8,019 | — | 8,589 | 26,253 | 8,199,901 | 8,226,154 | ||||||||||||||||
Home equity | 4,971 | 1,652 | — | 22,934 | 29,557 | 1,449,863 | 1,479,420 | ||||||||||||||||
Other consumer | 100 | 141 | — | 200 | 441 | 54,111 | 54,552 | ||||||||||||||||
Consumer portfolio | 14,716 | 9,812 | — | 31,723 | 56,251 | 9,703,875 | 9,760,126 | ||||||||||||||||
Total | $ | 73,869 | $ | 39,057 | $ | 12,487 | $ | 282,841 | $ | 408,254 | $ | 50,690,388 | $ | 51,098,642 |
At December 31, 2023 | |||||||||||||||||||||||
(In thousands) | 30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | 90 or More Days Past Due and Accruing | Non-accrual | Total Past Due and Non-accrual | Current | Total Loans and Leases | ||||||||||||||||
Commercial non-mortgage | $ | 2,270 | $ | 890 | $ | 94 | $ | 122,855 | $ | 126,109 | $ | 16,759,366 | $ | 16,885,475 | |||||||||
Asset-based | — | — | — | 35,068 | 35,068 | 1,522,773 | 1,557,841 | ||||||||||||||||
Commercial real estate | 1,459 | — | 184 | 11,383 | 13,026 | 13,556,736 | 13,569,762 | ||||||||||||||||
Multi-family | 5,198 | 2,340 | — | — | 7,538 | 7,580,432 | 7,587,970 | ||||||||||||||||
Equipment financing | 3,966 | 8 | — | 9,828 | 13,802 | 1,314,984 | 1,328,786 | ||||||||||||||||
Commercial portfolio | 12,893 | 3,238 | 278 | 179,134 | 195,543 | 40,734,291 | 40,929,834 | ||||||||||||||||
Residential | 14,894 | 6,218 | — | 5,704 | 26,816 | 8,201,107 | 8,227,923 | ||||||||||||||||
Home equity | 5,676 | 3,285 | — | 23,545 | 32,506 | 1,484,449 | 1,516,955 | ||||||||||||||||
Other consumer | 410 | 94 | — | 142 | 646 | 50,694 | 51,340 | ||||||||||||||||
Consumer portfolio | 20,980 | 9,597 | — | 29,391 | 59,968 | 9,736,250 | 9,796,218 | ||||||||||||||||
Total | $ | 33,873 | $ | 12,835 | $ | 278 | $ | 208,525 | $ | 255,511 | $ | 50,470,541 | $ | 50,726,052 |
At March 31, 2024 | At December 31, 2023 | ||||||||||||||||
(In thousands) | Non-accrual | Non-accrual with No Allowance | Non-accrual | Non-accrual with No Allowance | |||||||||||||
Commercial non-mortgage | $ | 193,294 | $ | 12,367 | $ | 122,855 | $ | 20,066 | |||||||||
Asset-based | 34,893 | 1,155 | 35,068 | 1,330 | |||||||||||||
Commercial real estate | 3,815 | — | 11,383 | 2,681 | |||||||||||||
Multi-family | 10,439 | 957 | — | — | |||||||||||||
Equipment financing | 8,677 | 376 | 9,828 | 1,584 | |||||||||||||
Commercial portfolio | 251,118 | 14,855 | 179,134 | 25,661 | |||||||||||||
Residential | 8,589 | 1,690 | 5,704 | 856 | |||||||||||||
Home equity | 22,934 | 11,546 | 23,545 | 12,471 | |||||||||||||
Other consumer | 200 | 38 | 142 | 49 | |||||||||||||
Consumer portfolio | 31,723 | 13,274 | 29,391 | 13,376 | |||||||||||||
Total | $ | 282,841 | $ | 28,129 | $ | 208,525 | $ | 39,037 |
At September 30, 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 | $ | 8,069 | $ | 3,654 | $ | — | $ | 45,676 | $ | 57,399 | $ | 4,442,042 | $ | 4,499,441 | |||||||
Consumer: | |||||||||||||||||||||
Home equity | 7,613 | 4,685 | — | 37,105 | 49,403 | 2,269,468 | 2,318,871 | ||||||||||||||
Other consumer | 2,224 | 1,454 | — | 1,859 | 5,537 | 242,575 | 248,112 | ||||||||||||||
Commercial: | |||||||||||||||||||||
Commercial non-mortgage | 1,948 | 364 | 934 | 58,915 | 62,161 | 4,402,543 | 4,464,704 | ||||||||||||||
Asset-based | — | — | — | 8,558 | 8,558 | 875,041 | 883,599 | ||||||||||||||
Commercial real estate: | |||||||||||||||||||||
Commercial real estate | 1,347 | 444 | — | 10,603 | 12,394 | 4,161,572 | 4,173,966 | ||||||||||||||
Commercial construction | — | — | — | 477 | 477 | 290,474 | 290,951 | ||||||||||||||
Equipment financing | 818 | 49 | — | 570 | 1,437 | 565,340 | 566,777 | ||||||||||||||
Total | $ | 22,019 | $ | 10,650 | $ | 934 | $ | 163,763 | $ | 197,366 | $ | 17,249,055 | $ | 17,446,421 |
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 | $ | 8,631 | $ | 2,609 | $ | — | $ | 47,279 | $ | 58,519 | $ | 4,196,163 | $ | 4,254,682 | |||||||
Consumer: | |||||||||||||||||||||
Home equity | 8,831 | 5,782 | — | 35,926 | 50,539 | 2,359,354 | 2,409,893 | ||||||||||||||
Other consumer | 2,233 | 1,485 | — | 1,663 | 5,381 | 269,226 | 274,607 | ||||||||||||||
Commercial: | |||||||||||||||||||||
Commercial non-mortgage | 1,382 | 577 | 749 | 38,190 | 40,898 | 4,094,727 | 4,135,625 | ||||||||||||||
Asset-based | — | — | — | — | — | 805,306 | 805,306 | ||||||||||||||
Commercial real estate: | |||||||||||||||||||||
Commercial real estate | 6,357 | 1,816 | — | 9,871 | 18,044 | 4,117,742 | 4,135,786 | ||||||||||||||
Commercial construction | — | — | — | 662 | 662 | 374,398 | 375,060 | ||||||||||||||
Equipment financing | 903 | 693 | — | 225 | 1,821 | 633,808 | 635,629 | ||||||||||||||
Total | $ | 28,337 | $ | 12,962 | $ | 749 | $ | 133,816 | $ | 175,864 | $ | 16,850,724 | $ | 17,026,588 |
At or for the three months ended September 30, 2017 | ||||||||||||||||||
Residential | Consumer | Commercial | Commercial Real Estate | Equipment Financing | Total | |||||||||||||
ALLL: | ||||||||||||||||||
Balance, beginning of period | $ | 18,427 | $ | 42,488 | $ | 79,964 | $ | 52,402 | $ | 6,297 | $ | 199,578 | ||||||
(Benefit) provision charged to expense | (348 | ) | (41 | ) | 12,166 | (2,129 | ) | 502 | 10,150 | |||||||||
Charge-offs | (585 | ) | (6,197 | ) | (3,002 | ) | (749 | ) | (121 | ) | (10,654 | ) | ||||||
Recoveries | 280 | 1,894 | 466 | 10 | 79 | 2,729 | ||||||||||||
Balance, end of period | $ | 17,774 | $ | 38,144 | $ | 89,594 | $ | 49,534 | $ | 6,757 | $ | 201,803 | ||||||
At or for the three months ended September 30, 2016 | ||||||||||||||||||
(In thousands) | Residential | Consumer | Commercial | Commercial Real Estate | Equipment Financing | Total | ||||||||||||
ALLL: | ||||||||||||||||||
Balance, beginning of period | $ | 24,413 | $ | 42,956 | $ | 73,822 | $ | 33,622 | $ | 5,615 | $ | 180,428 | ||||||
Provision charged to expense | 1,076 | 4,985 | 4,351 | 2,953 | 885 | 14,250 | ||||||||||||
Charge-offs | (1,304 | ) | (5,259 | ) | (2,561 | ) | — | (300 | ) | (9,424 | ) | |||||||
Recoveries | 554 | 1,313 | 370 | 194 | 240 | 2,671 | ||||||||||||
Balance, end of period | $ | 24,739 | $ | 43,995 | $ | 75,982 | $ | 36,769 | $ | 6,440 | $ | 187,925 | ||||||
At or for the nine months ended September 30, 2017 | ||||||||||||||||||
(In thousands) | Residential | Consumer | Commercial | Commercial Real Estate | Equipment Financing | Total | ||||||||||||
ALLL: | ||||||||||||||||||
Balance, beginning of period | $ | 23,226 | $ | 45,233 | $ | 71,905 | $ | 47,477 | $ | 6,479 | $ | 194,320 | ||||||
(Benefit) provision charged to expense | (4,436 | ) | 6,847 | 21,905 | 2,987 | 597 | 27,900 | |||||||||||
Charge-offs | (1,940 | ) | (18,273 | ) | (5,321 | ) | (951 | ) | (425 | ) | (26,910 | ) | ||||||
Recoveries | 924 | 4,337 | 1,105 | 21 | 106 | 6,493 | ||||||||||||
Balance, end of period | $ | 17,774 | $ | 38,144 | $ | 89,594 | $ | 49,534 | $ | 6,757 | $ | 201,803 | ||||||
Individually evaluated for impairment | $ | 4,925 | $ | 1,689 | $ | 10,844 | $ | 290 | $ | 38 | $ | 17,786 | ||||||
Collectively evaluated for impairment | $ | 12,849 | $ | 36,455 | $ | 78,750 | $ | 49,244 | $ | 6,719 | $ | 184,017 | ||||||
Loan and lease balances: | ||||||||||||||||||
Individually evaluated for impairment | $ | 116,706 | $ | 46,224 | $ | 85,385 | $ | 18,199 | $ | 3,642 | $ | 270,156 | ||||||
Collectively evaluated for impairment | 4,382,735 | 2,520,759 | 5,262,918 | 4,446,718 | 563,135 | 17,176,265 | ||||||||||||
Loans and leases | $ | 4,499,441 | $ | 2,566,983 | $ | 5,348,303 | $ | 4,464,917 | $ | 566,777 | $ | 17,446,421 |
At or for the nine months ended September 30, 2016 | ||||||||||||||||||
(In thousands) | Residential | Consumer | Commercial | Commercial Real Estate | Equipment Financing | Total | ||||||||||||
ALLL: | ||||||||||||||||||
Balance, beginning of period | $ | 25,876 | $ | 42,052 | $ | 66,686 | $ | 34,889 | $ | 5,487 | $ | 174,990 | ||||||
Provision charged to expense | 991 | 12,458 | 25,447 | 3,921 | 1,033 | 43,850 | ||||||||||||
Charge-offs | (3,536 | ) | (14,236 | ) | (17,294 | ) | (2,521 | ) | (521 | ) | (38,108 | ) | ||||||
Recoveries | 1,408 | 3,721 | 1,143 | 480 | 441 | 7,193 | ||||||||||||
Balance, end of period | $ | 24,739 | $ | 43,995 | $ | 75,982 | $ | 36,769 | $ | 6,440 | $ | 187,925 | ||||||
Individually evaluated for impairment | $ | 9,443 | $ | 3,005 | $ | 6,579 | $ | 467 | $ | 9 | $ | 19,503 | ||||||
Collectively evaluated for impairment | $ | 15,296 | $ | 40,990 | $ | 69,403 | $ | 36,302 | $ | 6,431 | $ | 168,422 | ||||||
Loan and lease balances: | ||||||||||||||||||
Individually evaluated for impairment | $ | 122,020 | $ | 46,208 | $ | 58,197 | $ | 24,423 | $ | 6,863 | $ | 257,711 | ||||||
Collectively evaluated for impairment | 4,112,027 | 2,661,135 | 4,721,605 | 4,256,090 | 614,833 | 16,365,690 | ||||||||||||
Loans and leases | $ | 4,234,047 | $ | 2,707,343 | $ | 4,779,802 | $ | 4,280,513 | $ | 621,696 | $ | 16,623,401 |
At September 30, 2017 | |||||||||||||||
(In thousands) | Unpaid Principal Balance | Total Recorded Investment | Recorded Investment No Allowance | Recorded Investment With Allowance | Related Valuation Allowance | ||||||||||
Residential | $ | 127,986 | $ | 116,706 | $ | 27,961 | $ | 88,745 | $ | 4,925 | |||||
Consumer - home equity | 51,496 | 46,225 | 21,833 | 24,392 | 1,689 | ||||||||||
Commercial : | |||||||||||||||
Commercial non-mortgage | 88,221 | 76,827 | 28,124 | 48,703 | 10,844 | ||||||||||
Asset-based | 8,558 | 8,558 | 8,558 | — | — | ||||||||||
Commercial real estate: | |||||||||||||||
Commercial real estate | 19,026 | 17,725 | 12,894 | 4,831 | 271 | ||||||||||
Commercial construction | 580 | 474 | — | 474 | 19 | ||||||||||
Equipment financing | 3,721 | 3,642 | 3,004 | 638 | 38 | ||||||||||
Total | $ | 299,588 | $ | 270,157 | $ | 102,374 | $ | 167,783 | $ | 17,786 |
At December 31, 2016 | |||||||||||||||
(In thousands) | Unpaid Principal Balance | Total Recorded Investment | Recorded Investment No Allowance | Recorded Investment With Allowance | Related Valuation Allowance | ||||||||||
Residential | $ | 131,468 | $ | 119,424 | $ | 21,068 | $ | 98,356 | $ | 8,090 | |||||
Consumer - home equity | 52,432 | 45,719 | 22,746 | 22,973 | 2,903 | ||||||||||
Commercial : | |||||||||||||||
Commercial non-mortgage | 57,732 | 53,037 | 26,006 | 27,031 | 7,422 | ||||||||||
Asset-based | — | — | — | — | — | ||||||||||
Commercial real estate: | |||||||||||||||
Commercial real estate | 24,146 | 23,568 | 19,591 | 3,977 | 169 | ||||||||||
Commercial construction | 1,188 | 1,187 | 1,187 | — | — | ||||||||||
Equipment financing | 6,398 | 6,420 | 6,197 | 223 | 9 | ||||||||||
Total | $ | 273,364 | $ | 249,355 | $ | 96,795 | $ | 152,560 | $ | 18,593 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||
(In thousands) | Average Recorded Investment | Accrued Interest Income | Cash Basis Interest Income | Average Recorded Investment | Accrued Interest Income | Cash Basis Interest Income | Average Recorded Investment | Accrued Interest Income | Cash Basis Interest Income | Average Recorded Investment | Accrued Interest Income | Cash Basis Interest Income | |||||||||||||||||||||||||||
Residential | $ | 118,841 | $ | 1,027 | $ | 285 | $ | 124,993 | $ | 1,070 | $ | 304 | $ | 118,065 | $ | 3,133 | $ | 986 | $ | 128,234 | $ | 3,309 | $ | 918 | |||||||||||||||
Consumer - home equity | 46,753 | 341 | 246 | 46,892 | 336 | 238 | 45,972 | 998 | 808 | 47,317 | 1,029 | 754 | |||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||
Commercial Non-Mortgage | 81,816 | 249 | — | 58,874 | 352 | — | 64,932 | 704 | — | 57,389 | 1,299 | — | |||||||||||||||||||||||||||
Asset based | 4,279 | — | — | — | — | — | 4,279 | — | — | — | — | ||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||
Commercial real estate | 20,249 | 96 | — | 23,930 | 77 | — | 20,647 | 329 | — | 26,689 | 374 | — | |||||||||||||||||||||||||||
Commercial construction | 828 | — | — | 4,386 | 12 | — | 831 | 12 | — | 5,171 | 81 | — | |||||||||||||||||||||||||||
Equipment financing | 4,895 | 30 | — | 3,642 | 107 | — | 5,031 | 168 | — | 3,642 | 109 | — | |||||||||||||||||||||||||||
Total | $ | 277,661 | $ | 1,743 | $ | 531 | $ | 262,717 | $ | 1,954 | $ | 542 | $ | 259,757 | $ | 5,344 | $ | 1,794 | $ | 268,442 | $ | 6,201 | $ | 1,672 |
At or for the three months ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(In thousands) | Commercial Portfolio | Consumer Portfolio | Total | Commercial Portfolio | Consumer Portfolio | Total | |||||||||||||||||
ACL on loans and leases: | |||||||||||||||||||||||
Balance, beginning of period | $ | 577,663 | $ | 58,074 | $ | 635,737 | $ | 533,125 | $ | 61,616 | $ | 594,741 | |||||||||||
Adoption of ASU No. 2022-02 | — | — | — | 7,704 | (1,831) | 5,873 | |||||||||||||||||
Provision (benefit) | 49,354 | (6,160) | 43,194 | 38,757 | (936) | 37,821 | |||||||||||||||||
Charge-offs | (38,461) | (1,330) | (39,791) | (26,410) | (1,098) | (27,508) | |||||||||||||||||
Recoveries | 553 | 1,749 | 2,302 | 1,574 | 1,413 | 2,987 | |||||||||||||||||
Balance, end of period | $ | 589,109 | $ | 52,333 | $ | 641,442 | $ | 554,750 | $ | 59,164 | $ | 613,914 | |||||||||||
Individually evaluated for credit losses | 60,786 | 4,209 | 64,995 | 27,459 | 8,590 | 36,049 | |||||||||||||||||
Collectively evaluated for credit losses | $ | 528,323 | $ | 48,124 | $ | 576,447 | $ | 527,291 | $ | 50,574 | $ | 577,865 |
Commercial | Commercial Real Estate | Equipment Financing | |||||||||||||||||||||
(In thousands) | At September 30, 2017 | At December 31, 2016 | At September 30, 2017 | At December 31, 2016 | At September 30, 2017 | At December 31, 2016 | |||||||||||||||||
(1) - (6) Pass | $ | 5,037,439 | $ | 4,655,007 | $ | 4,266,658 | $ | 4,357,458 | $ | 548,298 | $ | 618,084 | |||||||||||
(7) Special Mention | 108,828 | 56,240 | 85,926 | 69,023 | 3,557 | 1,324 | |||||||||||||||||
(8) Substandard | 192,161 | 226,603 | 112,333 | 84,365 | 14,922 | 16,221 | |||||||||||||||||
(9) Doubtful | 9,875 | 3,081 | — | — | — | — | |||||||||||||||||
Total | $ | 5,348,303 | $ | 4,940,931 | $ | 4,464,917 | $ | 4,510,846 | $ | 566,777 | $ | 635,629 |
At March 31, 2024 | ||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Commercial non-mortgage: | ||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||
Pass | $ | 663,424 | $ | 2,467,862 | $ | 3,900,425 | $ | 1,315,230 | $ | 686,594 | $ | 1,480,383 | $ | 5,511,758 | $ | 16,025,676 | ||||||||||
Special mention | — | 54,770 | 56,426 | 47,247 | 32,684 | 11,246 | 34,044 | 236,417 | ||||||||||||||||||
Substandard | — | 77,736 | 127,796 | 41,141 | 26,857 | 48,295 | 112,126 | 433,951 | ||||||||||||||||||
Doubtful | — | — | — | — | — | 26 | — | 26 | ||||||||||||||||||
Total commercial non-mortgage | 663,424 | 2,600,368 | 4,084,647 | 1,403,618 | 746,135 | 1,539,950 | 5,657,928 | 16,696,070 | ||||||||||||||||||
Current period gross write-offs | — | 240 | 21,228 | 9,118 | 353 | 766 | — | 31,705 | ||||||||||||||||||
Asset-based: | ||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||
Pass | 7,552 | 20,276 | — | — | — | 28,179 | 1,264,087 | 1,320,094 | ||||||||||||||||||
Special mention | — | 927 | 732 | — | — | 3,497 | 16,527 | 21,683 | ||||||||||||||||||
Substandard | — | — | — | — | — | 1,152 | 149,957 | 151,109 | ||||||||||||||||||
Total asset-based | 7,552 | 21,203 | 732 | — | — | 32,828 | 1,430,571 | 1,492,886 | ||||||||||||||||||
Current period gross write-offs | — | — | — | — | — | — | — | — | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||
Pass | 575,902 | 2,319,662 | 3,557,239 | 1,748,708 | 1,138,226 | 4,032,725 | 151,615 | 13,524,077 | ||||||||||||||||||
Special mention | — | 19,635 | 4,675 | 20,978 | 29,561 | 116,552 | — | 191,401 | ||||||||||||||||||
Substandard | — | 29,149 | 22,571 | 6,546 | 59,648 | 138,314 | 1,210 | 257,438 | ||||||||||||||||||
Total commercial real estate | 575,902 | 2,368,446 | 3,584,485 | 1,776,232 | 1,227,435 | 4,287,591 | 152,825 | 13,972,916 | ||||||||||||||||||
Current period gross write-offs | — | — | — | 1,399 | — | 860 | — | 2,259 | ||||||||||||||||||
Multi-family: | ||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||
Pass | 393,731 | 1,638,357 | 1,921,264 | 1,057,961 | 384,683 | 2,447,598 | — | 7,843,594 | ||||||||||||||||||
Special mention | — | — | — | — | — | 1,685 | — | 1,685 | ||||||||||||||||||
Substandard | — | — | — | — | 359 | 50,948 | — | 51,307 | ||||||||||||||||||
Total multi-family | 393,731 | 1,638,357 | 1,921,264 | 1,057,961 | 385,042 | 2,500,231 | — | 7,896,586 | ||||||||||||||||||
Current period gross write-offs | — | — | — | — | — | 1,128 | — | 1,128 | ||||||||||||||||||
Equipment financing: | ||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||
Pass | 71,632 | 301,206 | 272,532 | 198,821 | 162,267 | 209,068 | — | 1,215,526 | ||||||||||||||||||
Special mention | 52 | 16,448 | 3,207 | 5,938 | 229 | 8,368 | — | 34,242 | ||||||||||||||||||
Substandard | 84 | 171 | 8,676 | 7,292 | 6,008 | 8,059 | — | 30,290 | ||||||||||||||||||
Total equipment financing | 71,768 | 317,825 | 284,415 | 212,051 | 168,504 | 225,495 | — | 1,280,058 | ||||||||||||||||||
Current period gross write-offs | — | — | — | — | — | 3,369 | — | 3,369 | ||||||||||||||||||
Total commercial portfolio | 1,712,377 | 6,946,199 | 9,875,543 | 4,449,862 | 2,527,116 | 8,586,095 | 7,241,324 | 41,338,516 | ||||||||||||||||||
Current period gross write-offs | $ | — | $ | 240 | $ | 21,228 | $ | 10,517 | $ | 353 | $ | 6,123 | $ | — | $ | 38,461 |
At December 31, 2023 | ||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Commercial non-mortgage: | ||||||||||||||||||||||||||
Pass | $ | 2,602,444 | $ | 4,089,327 | $ | 1,371,139 | $ | 711,362 | $ | 610,199 | $ | 952,097 | $ | 5,970,588 | $ | 16,307,156 | ||||||||||
Special mention | 15,184 | 60,240 | 61,235 | 33,111 | — | 720 | 48,561 | 219,051 | ||||||||||||||||||
Substandard | 48,849 | 104,087 | 23,258 | 28,222 | 44,612 | 30,426 | 79,778 | 359,232 | ||||||||||||||||||
Doubtful | — | 8 | — | — | 3 | 25 | — | 36 | ||||||||||||||||||
Total commercial non-mortgage | 2,666,477 | 4,253,662 | 1,455,632 | 772,695 | 654,814 | 983,268 | 6,098,927 | 16,885,475 | ||||||||||||||||||
Current period gross write-offs | 325 | 7,637 | 1,775 | 512 | 969 | 4,391 | — | 15,609 | ||||||||||||||||||
Asset-based: | ||||||||||||||||||||||||||
Pass | 23,007 | — | — | — | 3,280 | 34,999 | 1,333,271 | 1,394,557 | ||||||||||||||||||
Special mention | 651 | 763 | — | — | 3,676 | — | 29,610 | 34,700 | ||||||||||||||||||
Substandard | — | — | — | — | 1,330 | — | 127,254 | 128,584 | ||||||||||||||||||
Total asset-based | 23,658 | 763 | — | — | 8,286 | 34,999 | 1,490,135 | 1,557,841 | ||||||||||||||||||
Current period gross write-offs | — | — | — | — | 13,189 | 3,900 | — | 17,089 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||
Pass | 2,265,428 | 3,502,425 | 1,831,005 | 1,195,732 | 1,193,642 | 3,112,770 | 176,668 | 13,277,670 | ||||||||||||||||||
Special mention | 850 | 4,675 | 14,463 | 31,405 | 23,443 | 37,688 | 1,210 | 113,734 | ||||||||||||||||||
Substandard | 25,802 | 16,179 | 9,545 | 15,418 | 58,602 | 52,812 | — | 178,358 | ||||||||||||||||||
Total commercial real estate | 2,292,080 | 3,523,279 | 1,855,013 | 1,242,555 | 1,275,687 | 3,203,270 | 177,878 | 13,569,762 | ||||||||||||||||||
Current period gross write-offs | 4,632 | — | 12,617 | 3,813 | 2,754 | 38,569 | — | 62,385 | ||||||||||||||||||
Multi-family: | ||||||||||||||||||||||||||
Pass | 1,597,599 | 1,934,100 | 1,041,416 | 442,888 | 595,676 | 1,920,618 | — | 7,532,297 | ||||||||||||||||||
Special mention | — | — | — | — | 260 | 35,942 | — | 36,202 | ||||||||||||||||||
Substandard | — | — | — | 364 | 11,563 | 7,544 | — | 19,471 | ||||||||||||||||||
Total multi-family | 1,597,599 | 1,934,100 | 1,041,416 | 443,252 | 607,499 | 1,964,104 | — | 7,587,970 | ||||||||||||||||||
Current period gross write-offs | — | — | — | — | — | 3,447 | — | 3,447 | ||||||||||||||||||
Equipment financing: | ||||||||||||||||||||||||||
Pass | 335,874 | 297,186 | 232,304 | 176,061 | 183,679 | 69,927 | — | 1,295,031 | ||||||||||||||||||
Special mention | — | — | 116 | — | 90 | — | — | 206 | ||||||||||||||||||
Substandard | — | 9,144 | 8,064 | 6,600 | 4,285 | 5,456 | — | 33,549 | ||||||||||||||||||
Total equipment financing | 335,874 | 306,330 | 240,484 | 182,661 | 188,054 | 75,383 | — | 1,328,786 | ||||||||||||||||||
Current period gross write-offs | — | — | — | 2,633 | 3,304 | 42 | — | 5,979 | ||||||||||||||||||
Total commercial portfolio | 6,915,688 | 10,018,134 | 4,592,545 | 2,641,163 | 2,734,340 | 6,261,024 | 7,766,940 | 40,929,834 | ||||||||||||||||||
Current period gross write-offs | $ | 4,957 | $ | 7,637 | $ | 14,392 | $ | 6,958 | $ | 20,216 | $ | 50,349 | $ | — | $ | 104,509 |
At March 31, 2024 | ||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||
800+ | $ | 31,773 | $ | 258,518 | $ | 876,330 | $ | 1,085,654 | $ | 425,046 | $ | 1,029,578 | $ | — | $ | 3,706,899 | ||||||||||
740-799 | 63,609 | 336,781 | 660,935 | 748,992 | 300,885 | 713,330 | — | 2,824,532 | ||||||||||||||||||
670-739 | 16,063 | 139,978 | 334,526 | 284,846 | 88,711 | 518,781 | — | 1,382,905 | ||||||||||||||||||
580-669 | 887 | 18,590 | 49,910 | 43,025 | 17,029 | 106,517 | — | 235,958 | ||||||||||||||||||
579 and below | — | 1,391 | 10,072 | 12,128 | 782 | 51,487 | — | 75,860 | ||||||||||||||||||
Total residential | 112,332 | 755,258 | 1,931,773 | 2,174,645 | 832,453 | 2,419,693 | — | 8,226,154 | ||||||||||||||||||
Current period gross write-offs | — | — | — | — | — | 64 | — | 64 | ||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||
800+ | 1,319 | 28,064 | 26,971 | 34,581 | 25,209 | 61,331 | 381,942 | 559,417 | ||||||||||||||||||
740-799 | 1,373 | 23,922 | 19,804 | 26,051 | 12,507 | 37,911 | 333,256 | 454,824 | ||||||||||||||||||
670-739 | 3,970 | 14,475 | 14,413 | 15,265 | 7,083 | 30,424 | 241,202 | 326,832 | ||||||||||||||||||
580-669 | 354 | 3,097 | 3,783 | 2,555 | 1,237 | 13,881 | 73,203 | 98,110 | ||||||||||||||||||
579 and below | — | 198 | 1,514 | 733 | 232 | 4,172 | 33,388 | 40,237 | ||||||||||||||||||
Total home equity | 7,016 | 69,756 | 66,485 | 79,185 | 46,268 | 147,719 | 1,062,991 | 1,479,420 | ||||||||||||||||||
Current period gross write-offs | — | — | — | — | — | 177 | — | 177 | ||||||||||||||||||
Other consumer: | ||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||
800+ | 56 | 482 | 373 | 1,875 | 142 | 462 | 30,934 | 34,324 | ||||||||||||||||||
740-799 | 9 | 975 | 536 | 465 | 596 | 833 | 6,149 | 9,563 | ||||||||||||||||||
670-739 | 392 | 618 | 435 | 324 | 720 | 781 | 4,520 | 7,790 | ||||||||||||||||||
580-669 | 146 | 122 | 176 | 92 | 118 | 250 | 1,134 | 2,038 | ||||||||||||||||||
579 and below | — | 77 | 97 | 49 | 14 | 31 | 569 | 837 | ||||||||||||||||||
Total other consumer | 603 | 2,274 | 1,617 | 2,805 | 1,590 | 2,357 | 43,306 | 54,552 | ||||||||||||||||||
Current period gross write-offs | 890 | — | 11 | 18 | 26 | 144 | — | 1,089 | ||||||||||||||||||
Total consumer portfolio | 119,951 | 827,288 | 1,999,875 | 2,256,635 | 880,311 | 2,569,769 | 1,106,297 | 9,760,126 | ||||||||||||||||||
Current period gross write-offs | $ | 890 | $ | — | $ | 11 | $ | 18 | $ | 26 | $ | 385 | $ | — | $ | 1,330 | ||||||||||
(Dollars in thousands) | At September 30, 2017 | At December 31, 2016 | |||||
Accrual status | $ | 135,774 | $ | 147,809 | |||
Non-accrual status | 82,576 | 75,719 | |||||
Total recorded investment of TDRs | $ | 218,350 | $ | 223,528 | |||
Specific reserves for TDRs included in the balance of ALLL | $ | 11,837 | $ | 14,583 | |||
Additional funds committed to borrowers in TDR status | 3,944 | 459 |
At December 31, 2023 | ||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||
800+ | $ | 214,446 | $ | 847,009 | $ | 1,096,109 | $ | 451,307 | $ | 141,919 | $ | 910,117 | $ | — | $ | 3,660,907 | ||||||||||
740-799 | 363,696 | 703,568 | 755,750 | 279,946 | 112,303 | 633,578 | — | 2,848,841 | ||||||||||||||||||
670-739 | 137,460 | 293,699 | 292,255 | 95,838 | 48,412 | 346,663 | — | 1,214,327 | ||||||||||||||||||
580-669 | 20,208 | 52,962 | 45,770 | 14,840 | 10,492 | 106,497 | — | 250,769 | ||||||||||||||||||
579 and below | 6,909 | 52,690 | 11,749 | 1,345 | 128,714 | 51,672 | — | 253,079 | ||||||||||||||||||
Total residential | 742,719 | 1,949,928 | 2,201,633 | 843,276 | 441,840 | 2,048,527 | — | 8,227,923 | ||||||||||||||||||
Current period gross write-offs | — | — | 387 | — | 153 | 4,630 | — | 5,170 | ||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||
800+ | 27,047 | 27,439 | 35,927 | 25,586 | 8,110 | 56,062 | 391,616 | 571,787 | ||||||||||||||||||
740-799 | 24,772 | 20,069 | 27,147 | 13,888 | 5,158 | 34,190 | 355,926 | 481,150 | ||||||||||||||||||
670-739 | 15,857 | 15,655 | 15,389 | 5,992 | 3,189 | 29,454 | 242,189 | 327,725 | ||||||||||||||||||
580-669 | 3,080 | 3,786 | 1,991 | 1,658 | 1,115 | 9,988 | 70,102 | 91,720 | ||||||||||||||||||
579 and below | 696 | 1,109 | 1,079 | 576 | 552 | 6,319 | 34,242 | 44,573 | ||||||||||||||||||
Total home equity | 71,452 | 68,058 | 81,533 | 47,700 | 18,124 | 136,013 | 1,094,075 | 1,516,955 | ||||||||||||||||||
Current period gross write-offs | — | 4 | 81 | — | 104 | 3,114 | — | 3,303 | ||||||||||||||||||
Other consumer: | ||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||
800+ | 432 | 356 | 1,913 | 189 | 255 | 77 | 25,699 | 28,921 | ||||||||||||||||||
740-799 | 1,318 | 586 | 486 | 730 | 690 | 381 | 7,180 | 11,371 | ||||||||||||||||||
670-739 | 526 | 570 | 358 | 981 | 1,210 | 79 | 3,549 | 7,273 | ||||||||||||||||||
580-669 | 69 | 169 | 129 | 153 | 303 | 56 | 1,983 | 2,862 | ||||||||||||||||||
579 and below | 125 | 97 | 61 | 11 | 28 | 1 | 590 | 913 | ||||||||||||||||||
Total other consumer | 2,470 | 1,778 | 2,947 | 2,064 | 2,486 | 594 | 39,001 | 51,340 | ||||||||||||||||||
Current period gross write-offs | 3,263 | 7 | 2 | 218 | 377 | 363 | — | 4,230 | ||||||||||||||||||
Total consumer portfolio | 816,641 | 2,019,764 | 2,286,113 | 893,040 | 462,450 | 2,185,134 | 1,133,076 | 9,796,218 | ||||||||||||||||||
Current period gross write-offs | $ | 3,263 | $ | 11 | $ | 470 | $ | 218 | $ | 634 | $ | 8,107 | $ | — | $ | 12,703 | ||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Number of Loans and Leases | Post- Modification Recorded Investment(1) | Number of Loans and Leases | Post- Modification Recorded Investment(1) | 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 | — | $ | — | 4 | $ | 967 | 9 | $ | 1,390 | 11 | $ | 1,969 | |||||||||
Adjusted Interest Rate | — | — | 1 | 292 | 2 | 335 | 2 | 528 | |||||||||||||
Maturity/Rate Combined | 4 | 570 | 3 | 290 | 9 | 1,416 | 10 | 1,185 | |||||||||||||
Other (2) | 6 | 1,357 | 3 | 299 | 32 | 5,471 | 18 | 3,190 | |||||||||||||
Consumer - home equity | |||||||||||||||||||||
Extended Maturity | 2 | 158 | 2 | 89 | 8 | 822 | 9 | 381 | |||||||||||||
Adjusted Interest Rate | 1 | 247 | — | — | 1 | 247 | — | — | |||||||||||||
Maturity/Rate Combined | 2 | 399 | 3 | 264 | 13 | 3,212 | 11 | 923 | |||||||||||||
Other (2) | 12 | 839 | 8 | 270 | 55 | 3,733 | 37 | 1,447 | |||||||||||||
Commercial non - mortgage | |||||||||||||||||||||
Extended Maturity | — | — | 2 | 213 | 8 | 813 | 11 | 14,862 | |||||||||||||
Maturity/Rate Combined | 8 | 299 | — | — | 13 | 9,153 | 2 | 648 | |||||||||||||
Other (2) | — | — | 4 | 1,265 | 1 | 4 | 11 | 1,639 | |||||||||||||
Commercial real estate: | |||||||||||||||||||||
Extended Maturity | — | — | 1 | 109 | — | — | 1 | 109 | |||||||||||||
Maturity/Rate Combined | — | — | 1 | 291 | — | — | 2 | 335 | |||||||||||||
Other (2) | — | — | — | — | — | — | 1 | 509 | |||||||||||||
Equipment Financing | |||||||||||||||||||||
Extended Maturity | — | — | 6 | 6,638 | — | — | 7 | 6,642 | |||||||||||||
Total TDRs | 35 | $ | 3,869 | 38 | $ | 10,987 | 151 | $ | 26,596 | 133 | $ | 34,367 |
(In thousands) | At September 30, 2017 | At December 31, 2016 | |||||
(1) - (6) Pass | $ | 8,902 | $ | 10,210 | |||
(7) Special Mention | 360 | 7 | |||||
(8) Substandard | 46,157 | 45,509 | |||||
(9) Doubtful | — | 2,738 | |||||
Total | $ | 55,419 | $ | 58,464 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Beginning balance | $ | 843 | $ | 992 | $ | 790 | $ | 1,192 | |||||||
Provision (benefit) charged to expense | 25 | 37 | 78 | (64 | ) | ||||||||||
Repurchased loans and settlements charged off | (18 | ) | — | (18 | ) | (99 | ) | ||||||||
Ending balance | $ | 850 | $ | 1,029 | $ | 850 | $ | 1,029 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Residential mortgage loans held for sale: | |||||||||||||||
Proceeds from sale | $ | 88,691 | $ | 128,268 | $ | 262,029 | $ | 298,840 | |||||||
Loans sold with servicing rights retained | 79,690 | 115,822 | 239,357 | 273,827 | |||||||||||
Net gain on sale | 1,979 | 3,324 | 4,356 | 6,749 | |||||||||||
Ancillary fees | 682 | 1,046 | 2,091 | 2,485 | |||||||||||
Fair value option adjustment | (240 | ) | (48 | ) | 1,591 | 2,101 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Beginning balance | $ | 24,708 | $ | 21,946 | $ | 24,466 | $ | 20,698 | |||||||
Additions | 2,576 | 3,338 | 7,063 | 8,198 | |||||||||||
Amortization | (2,144 | ) | (1,900 | ) | (6,389 | ) | (5,512 | ) | |||||||
Ending balance | $ | 25,140 | $ | 23,384 | $ | 25,140 | $ | 23,384 |
For the three months ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Interest Rate Reduction | Term Extension | Payment Delay | Combination - Term Extension and Interest Rate Reduction | Total | % of Total Class (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial non-mortgage | $ | 1,934 | $ | 18,124 | $ | 50,038 | $ | 1,099 | $ | 71,195 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
Asset-based | — | 1,667 | — | — | 1,667 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | 7,753 | — | — | 7,753 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | — | 49,990 | — | — | 49,990 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Equipment financing | — | 556 | — | — | 556 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | 629 | — | — | 135 | 764 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity | — | — | — | 65 | 65 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total (1) | $ | 2,563 | $ | 78,090 | $ | 50,038 | $ | 1,299 | $ | 131,990 | 0.3 | % |
For the three months ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Interest Rate Reduction | Term Extension | Combination - Term Extension and Interest Rate Reduction | Total | % of Total Class (2) | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial non-mortgage | $ | 7 | $ | 29,884 | $ | — | $ | 29,891 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | 17,116 | — | 17,116 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | — | 57 | 64 | 121 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total (1) | $ | 7 | $ | 47,057 | $ | 64 | $ | 47,128 | 0.1 | % |
For the three months ended March 31, 2024 | |||||
Financial Effect (1) | |||||
Interest Rate Reduction: | |||||
Commercial non-mortgage | Reduced weighted average interest rate by 2.5% | ||||
Term Extension: | |||||
Commercial non-mortgage | Extended term by a weighted average of 0.5 years | ||||
Asset-based | Extended term by a weighted average of 0.3 years | ||||
Commercial real estate | Extended term by a weighted average of 0.3 years | ||||
Multi-family | Extended term by a weighted average of 0.7 years | ||||
Payment Delay: | |||||
Commercial non-mortgage | Provided payment deferrals for a weighted average of 0.5 years | ||||
For the three months ended March 31, 2023 | |||||
Financial Effect | |||||
Interest Rate Reduction: | |||||
Commercial non-mortgage | Reduced weighted average interest rate by 4.5% | ||||
Term Extension: | |||||
Commercial non-mortgage | Extended term by a weighted average of 0.6 years | ||||
Commercial real estate | Extended term by a weighted average of 1.0 year | ||||
Home equity | Extended term by a weighted average of 8.8 years | ||||
Combination - Term Extension and Interest Rate Reduction: | |||||
Home equity | Extended term by a weighted average of 5.1 years and reduced weighted average interest rate by 1.5% | ||||
At March 31, 2024 | |||||||||||||||||||||||||||||||||||
(In thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Non-Accrual | Total | |||||||||||||||||||||||||||||
Commercial non-mortgage | $ | 77,451 | $ | — | $ | 19 | $ | — | $ | 97,587 | $ | 175,057 | |||||||||||||||||||||||
Asset-based | 42,331 | — | — | — | — | 42,331 | |||||||||||||||||||||||||||||
Commercial real estate | 24,859 | — | — | — | 169 | 25,028 | |||||||||||||||||||||||||||||
Multi-family | — | 18,103 | 22,406 | — | 9,481 | 49,990 | |||||||||||||||||||||||||||||
Equipment financing | 1,762 | — | — | — | 317 | 2,079 | |||||||||||||||||||||||||||||
Residential | 1,258 | — | — | — | 764 | 2,022 | |||||||||||||||||||||||||||||
Home equity | 510 | — | — | — | 86 | 596 | |||||||||||||||||||||||||||||
Total | $ | 148,171 | $ | 18,103 | $ | 22,425 | $ | — | $ | 108,404 | $ | 297,103 | |||||||||||||||||||||||
At March 31, 2023 | |||||||||||||||||||||||||||||||||||
(In thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Non-Accrual | Total | |||||||||||||||||||||||||||||
Commercial non-mortgage | $ | 3,562 | $ | — | $ | — | $ | — | $ | 26,329 | $ | 29,891 | |||||||||||||||||||||||
Commercial real estate | 17,116 | — | — | — | — | 17,116 | |||||||||||||||||||||||||||||
Home equity | 23 | — | — | — | 98 | 121 | |||||||||||||||||||||||||||||
Total | $ | 20,701 | $ | — | $ | — | $ | — | $ | 26,427 | $ | 47,128 |
(In thousands) | At March 31, 2024 | At December 31, 2023 | |||||||||
Balance, beginning of period | $ | 2,631,465 | $ | 2,514,104 | |||||||
Ametros acquisition (1) | 236,603 | — | |||||||||
interLINK acquisition | — | 143,216 | |||||||||
Bend acquisition | — | (294) | |||||||||
Sterling merger | — | (25,561) | |||||||||
Balance, end of period | $ | 2,868,068 | $ | 2,631,465 |
At September 30, 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 | $ | 22,000 | $ | (8,036 | ) | $ | 13,964 | $ | 22,000 | $ | (6,162 | ) | $ | 15,838 | |||||
HSA Bank Customer relationships | 21,000 | (4,375 | ) | 16,625 | 21,000 | (3,164 | ) | 17,836 | |||||||||||
Total other intangible assets | $ | 43,000 | $ | (12,411 | ) | $ | 30,589 | $ | 43,000 | $ | (9,326 | ) | $ | 33,674 | |||||
Goodwill: | |||||||||||||||||||
Community Banking | $ | 516,560 | $ | 516,560 | |||||||||||||||
HSA Bank | 21,813 | 21,813 | |||||||||||||||||
Total goodwill | $ | 538,373 | $ | 538,373 |
At March 31, 2024 | At December 31, 2023 | ||||||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||
Core deposits (1) | $ | 328,837 | $ | 59,239 | $ | 269,598 | $ | 146,037 | $ | 53,986 | $ | 92,051 | |||||||||||
Customer relationships | 151,000 | 46,654 | 104,346 | 151,000 | 43,116 | 107,884 | |||||||||||||||||
Non-competition agreement | 4,000 | 1,000 | 3,000 | 4,000 | 800 | 3,200 | |||||||||||||||||
Trade name (1) | 6,100 | 203 | 5,897 | — | — | — | |||||||||||||||||
Total other intangible assets | $ | 489,937 | $ | 107,096 | $ | 382,841 | $ | 301,037 | $ | 97,902 | $ | 203,135 |
(In thousands) | At March 31, 2024 (1) | ||||
Remainder of 2024 | $ | 25,480 | |||
2025 | 31,094 | ||||
2026 | 30,113 | ||||
2027 | 29,558 | ||||
2028 | 26,687 | ||||
Thereafter | 190,258 |
(In thousands) | |||
Remainder of 2017 | $ | 978 | |
2018 | 3,847 | ||
2019 | 3,847 | ||
2020 | 3,847 | ||
2021 | 3,847 | ||
Thereafter | 14,223 |
(In thousands) | At March 31, 2024 | At December 31, 2023 | |||||||||
Non-interest-bearing: | |||||||||||
Demand | $ | 10,212,509 | $ | 10,732,516 | |||||||
Interest-bearing: | |||||||||||
Health savings accounts | 8,603,184 | 8,287,889 | |||||||||
Checking | 9,498,036 | 8,994,095 | |||||||||
Money market | 18,615,031 | 17,662,826 | |||||||||
Savings | 6,881,663 | 6,642,499 | |||||||||
Time deposits | 6,937,320 | 8,464,459 | |||||||||
Total interest-bearing | $ | 50,535,234 | $ | 50,051,768 | |||||||
Total deposits | $ | 60,747,743 | $ | 60,784,284 | |||||||
Time deposits, money market, and interest-bearing checking obtained through brokers (1) | $ | 1,778,381 | $ | 3,673,733 | |||||||
Aggregate amount of time deposit accounts that exceeded the FDIC limit | 1,348,498 | 1,221,887 | |||||||||
Demand deposit overdrafts reclassified as loan balances | 12,251 | 10,432 |
(In thousands) | At September 30, 2017 | At December 31, 2016 | |||||
Non-interest-bearing: | |||||||
Demand | $ | 4,138,206 | $ | 4,021,061 | |||
Interest-bearing: | |||||||
Checking | 2,581,266 | 2,528,274 | |||||
Health savings accounts | 4,891,024 | 4,362,503 | |||||
Money market | 2,598,187 | 2,047,121 | |||||
Savings | 4,428,061 | 4,320,090 | |||||
Time deposits | 2,218,491 | 2,024,808 | |||||
Total interest-bearing | 16,717,029 | 15,282,796 | |||||
Total deposits | $ | 20,855,235 | $ | 19,303,857 | |||
Time deposits and interest-bearing checking, included in above balances, obtained through brokers | $ | 913,042 | $ | 848,618 | |||
Time deposits, included in above balance, that meet or exceed the FDIC limit | 613,012 | 490,721 | |||||
Deposit overdrafts reclassified as loan balances | 2,494 | 1,885 |
(In thousands) | At March 31, 2024 | ||||
Remainder of 2024 | $ | 6,406,380 | |||
2025 | 414,440 | ||||
2026 | 56,451 | ||||
2027 | 33,809 | ||||
2028 | 20,873 | ||||
Thereafter | 5,367 | ||||
Total time deposits | $ | 6,937,320 |
(In thousands) | At September 30, 2017 | ||
Remainder of 2017 | $ | 285,203 | |
2018 | 952,745 | ||
2019 | 607,952 | ||
2020 | 225,159 | ||
2021 | 107,921 | ||
Thereafter | 39,511 | ||
Total time deposits | $ | 2,218,491 |
At March 31, 2024 | At December 31, 2023 | ||||||||||||||||
(Dollars in thousands) | Total Outstanding | Rate | Total Outstanding | Rate | |||||||||||||
Securities sold under agreements to repurchase (1) | $ | 126,886 | 0.12 | % | $ | 358,387 | 3.43 | % | |||||||||
Federal funds purchased | 235,000 | 5.44 | 100,000 | 5.48 | |||||||||||||
Securities sold under agreements to repurchase and other borrowings | $ | 361,886 | 3.58 | % | $ | 458,387 | 3.88 | % |
At September 30, 2017 | At December 31, 2016 | ||||||||||
(In thousands) | Amount | Rate | Amount | Rate | |||||||
Securities sold under agreements to repurchase: | |||||||||||
Original maturity of one year or less | $ | 335,902 | 0.18 | % | $ | 340,526 | 0.16 | % | |||
Original maturity of greater than one year, non-callable | 400,000 | 3.04 | 400,000 | 3.09 | |||||||
Total securities sold under agreements to repurchase | 735,902 | 1.73 | 740,526 | 1.82 | |||||||
Fed funds purchased | 167,000 | 1.12 | 209,000 | 0.46 | |||||||
Securities sold under agreements to repurchase and other borrowings | $ | 902,902 | 1.62 | % | $ | 949,526 | 1.53 | % |
At March 31, 2024 | At December 31, 2023 | ||||||||||||||||
(Dollars in thousands) | Total Outstanding | Weighted- Average Contractual Coupon Rate | Total Outstanding | Weighted- Average Contractual Coupon Rate | |||||||||||||
Maturing within 1 year | $ | 3,650,000 | 5.50 | % | $ | 2,350,000 | 5.53 | % | |||||||||
After 1 but within 2 years | — | — | — | — | |||||||||||||
After 2 but within 3 years | — | — | — | — | |||||||||||||
After 3 but within 4 years | 456 | 1.36 | 235 | — | |||||||||||||
After 4 but within 5 years | — | — | 228 | 2.75 | |||||||||||||
After 5 years | 9,474 | 2.08 | 9,555 | 2.07 | |||||||||||||
Total FHLB advances | $ | 3,659,930 | 5.49 | % | $ | 2,360,018 | 5.52 | % | |||||||||
Aggregate market value of assets pledged as collateral | $ | 20,238,325 | $ | 20,734,035 | |||||||||||||
Remaining borrowing capacity at FHLB | 10,779,412 | 12,535,423 |
At September 30, 2017 | At December 31, 2016 | ||||||||||
(Dollars in thousands) | Amount | Weighted- Average Contractual Coupon Rate | Amount | Weighted- Average Contractual Coupon Rate | |||||||
Maturing within 1 year | $ | 880,500 | 1.28 | % | $ | 2,130,500 | 0.71 | % | |||
After 1 but within 2 years | 133,731 | 1.34 | 200,000 | 1.36 | |||||||
After 2 but within 3 years | 259,295 | 1.79 | 128,026 | 1.73 | |||||||
After 3 but within 4 years | 75,000 | 1.51 | 175,000 | 1.77 | |||||||
After 4 but within 5 years | 150,061 | 2.23 | 200,000 | 1.81 | |||||||
After 5 years | 9,091 | 2.61 | 9,370 | 2.59 | |||||||
1,507,678 | 1.49 | % | 2,842,896 | 0.95 | % | ||||||
Premiums on advances | 3 | 12 | |||||||||
Federal Home Loan Bank advances | $ | 1,507,681 | $ | 2,842,908 | |||||||
Aggregate carrying value of assets pledged as collateral | $ | 6,388,102 | $ | 5,967,318 | |||||||
Remaining borrowing capacity | 2,668,964 | 1,192,758 |
(Dollars in thousands) | At March 31, 2024 | At December 31, 2023 | ||||||||||||
4.375% | Senior fixed-rate notes due February 15, 2024 | $ | — | $ | 132,550 | |||||||||
4.100% | Senior fixed-rate notes due March 25, 2029 (2) | 326,766 | 328,104 | |||||||||||
4.000% | Subordinated fixed-to-floating rate notes due December 30, 2029 | 274,000 | 274,000 | |||||||||||
3.875% | Subordinated fixed-to-floating rate notes due November 1, 2030 | 225,000 | 225,000 | |||||||||||
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (3) | 77,320 | 77,320 | ||||||||||||
Total senior and subordinated debt | 903,086 | 1,036,974 | ||||||||||||
Discount on senior fixed-rate notes | (498) | (537) | ||||||||||||
Debt issuance cost on senior fixed-rate notes | (1,337) | (1,419) | ||||||||||||
Premium on subordinated fixed-to-floating rate notes | 13,269 | 13,802 | ||||||||||||
Long-term debt (1) | $ | 914,520 | $ | 1,048,820 |
(Dollars in thousands) | At September 30, 2017 | At December 31, 2016 | ||||||
4.375% | Senior fixed-rate notes due February 15, 2024 | $ | 150,000 | $ | 150,000 | |||
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (1) | 77,320 | 77,320 | ||||||
Total notes and subordinated debt | 227,320 | 227,320 | ||||||
Discount on senior fixed-rate notes | (756 | ) | (845 | ) | ||||
Debt issuance cost on senior fixed-rate notes | (860 | ) | (961 | ) | ||||
Long-term debt | $ | 225,704 | $ | 225,514 |
Three months ended September 30, 2017 | Nine months ended September 30, 2017 | ||||||||||||||||||||||||
(In thousands) | Securities Available For Sale and Transferred | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | Securities Available For Sale and Transferred | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | |||||||||||||||||
Beginning balance | $ | (14,501 | ) | $ | (15,258 | ) | $ | (42,323 | ) | $ | (72,082 | ) | $ | (15,476 | ) | $ | (17,068 | ) | $ | (44,449 | ) | $ | (76,993 | ) | |
OCI/OCL before reclassifications | 872 | (34 | ) | — | 838 | 1,847 | (445 | ) | — | 1,402 | |||||||||||||||
Amounts reclassified from AOCL | — | 1,145 | 1,001 | 2,146 | — | 3,366 | 3,127 | 6,493 | |||||||||||||||||
Net current-period OCI/OCL | 872 | 1,111 | 1,001 | 2,984 | 1,847 | 2,921 | 3,127 | 7,895 | |||||||||||||||||
Ending balance | $ | (13,629 | ) | $ | (14,147 | ) | $ | (41,322 | ) | $ | (69,098 | ) | $ | (13,629 | ) | $ | (14,147 | ) | $ | (41,322 | ) | $ | (69,098 | ) |
Three months ended September 30, 2016 | Nine months ended September 30, 2016 | ||||||||||||||||||||||||
(In thousands) | Securities Available For Sale and Transferred | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | Securities Available For Sale and Transferred | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | |||||||||||||||||
Beginning balance | $ | 12,363 | $ | (23,406 | ) | $ | (46,468 | ) | $ | (57,511 | ) | $ | (6,407 | ) | $ | (22,980 | ) | $ | (48,719 | ) | $ | (78,106 | ) | ||
OCI/OCL before reclassifications | 1,218 | 794 | — | 2,012 | 20,156 | (2,416 | ) | — | 17,740 | ||||||||||||||||
Amounts reclassified from AOCL | — | 1,221 | 1,125 | 2,346 | (168 | ) | 4,005 | 3,376 | 7,213 | ||||||||||||||||
Net current-period OCI/OCL | 1,218 | 2,015 | 1,125 | 4,358 | 19,988 | 1,589 | 3,376 | 24,953 | |||||||||||||||||
Ending balance | $ | 13,581 | $ | (21,391 | ) | $ | (45,343 | ) | $ | (53,153 | ) | $ | 13,581 | $ | (21,391 | ) | $ | (45,343 | ) | $ | (53,153 | ) |
(In thousands) | Three months ended September 30, | Nine months ended September 30, | Associated Line Item in the Condensed Consolidated Statements of Income | |||||||||||||
AOCL Components | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Securities available-for-sale and transferred: | ||||||||||||||||
Unrealized gains (losses) on investment securities | $ | — | $ | — | $ | — | $ | 414 | Gain on sale of investment securities, net | |||||||
Unrealized gains (losses) on investment securities | — | — | — | (149 | ) | Impairment loss recognized in earnings | ||||||||||
Total before tax | — | — | — | 265 | ||||||||||||
Tax benefit (expense) | — | — | — | (97 | ) | Income tax expense | ||||||||||
Net of tax | $ | — | $ | — | $ | — | $ | 168 | ||||||||
Derivative instruments: | ||||||||||||||||
Cash flow hedges | $ | (1,810 | ) | $ | (1,925 | ) | $ | (5,316 | ) | $ | (6,314 | ) | Total interest expense | |||
Tax benefit | 665 | 704 | 1,950 | 2,309 | Income tax expense | |||||||||||
Net of tax | $ | (1,145 | ) | $ | (1,221 | ) | $ | (3,366 | ) | $ | (4,005 | ) | ||||
Defined benefit pension and other postretirement benefit plans: | ||||||||||||||||
Amortization of net loss | $ | (1,587 | ) | $ | (1,780 | ) | $ | (4,959 | ) | $ | (5,343 | ) | (1) | |||
Prior service costs | — | (4 | ) | — | (11 | ) | (1) | |||||||||
Total before tax | (1,587 | ) | (1,784 | ) | (4,959 | ) | (5,354 | ) | ||||||||
Tax benefit | 586 | 659 | 1,832 | 1,978 | Income tax expense | |||||||||||
Net of tax | $ | (1,001 | ) | $ | (1,125 | ) | $ | (3,127 | ) | $ | (3,376 | ) |
Three months ended March 31, 2024 | |||||||||||||||||||||||||||||
(In thousands) | Investment Securities Available-for-Sale | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | |||||||||||||||||||||||||
Balance, beginning of period | $ | (517,450) | $ | (2,869) | $ | (30,252) | $ | (550,571) | |||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (45,392) | (30,291) | 251 | (75,432) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) | 9,121 | 302 | 479 | 9,902 | |||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (36,271) | (29,989) | 730 | (65,530) | |||||||||||||||||||||||||
Balance, end of period | $ | (553,721) | $ | (32,858) | $ | (29,522) | $ | (616,101) |
Three months ended March 31, 2023 | |||||||||||||||||||||||||||||
(In thousands) | Investment Securities Available-for-Sale | Derivative Instruments | Defined Benefit Pension and Other Postretirement Benefit Plans | Total | |||||||||||||||||||||||||
Balance, beginning of period | $ | (631,160) | $ | (8,874) | $ | (44,926) | $ | (684,960) | |||||||||||||||||||||
Other comprehensive income before reclassifications | 56,635 | 20,782 | 3,553 | 80,970 | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) | 14,983 | 592 | 395 | 15,970 | |||||||||||||||||||||||||
Other comprehensive income, net of tax | 71,618 | 21,374 | 3,948 | 96,940 | |||||||||||||||||||||||||
Balance, end of period | $ | (559,542) | $ | 12,500 | $ | (40,978) | $ | (588,020) |
Accumulated Other Comprehensive (Loss) Components | Three months ended | Associated Line Item on the Condensed Consolidated Statements of Income | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||||||||||||
Net unrealized holding (losses) | $ | (12,396) | $ | (20,483) | (Loss) on sale of investment securities, net (1) | |||||||||||||||||||||
Tax benefit | 3,275 | 5,500 | Income tax expense | |||||||||||||||||||||||
Net of tax | $ | (9,121) | $ | (14,983) | ||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||
Hedge terminations | $ | (34) | $ | (76) | Interest expense | |||||||||||||||||||||
Premium amortization | (272) | (736) | Interest income | |||||||||||||||||||||||
Tax benefit | 4 | 220 | Income tax expense | |||||||||||||||||||||||
Net of tax | $ | (302) | $ | (592) | ||||||||||||||||||||||
Defined benefit pension and other postretirement benefit plans: | ||||||||||||||||||||||||||
Actuarial net loss amortization | $ | (657) | $ | (542) | Other expense | |||||||||||||||||||||
Tax benefit | 178 | 147 | Income tax expense | |||||||||||||||||||||||
Net of tax | $ | (479) | $ | (395) |
At March 31, 2024 | ||||||||||||||||||||||||||
Actual (1) | Minimum Requirement | Well Capitalized | ||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Webster Financial Corporation | ||||||||||||||||||||||||||
CET1 Risk-Based Capital | $ | 5,923,041 | 10.57 | % | $ | 2,521,412 | 4.5 | % | $ | 3,642,040 | 6.5 | % | ||||||||||||||
Tier 1 Risk-Based Capital | 6,207,020 | 11.08 | 3,361,883 | 6.0 | 4,482,510 | 8.0 | ||||||||||||||||||||
Total Risk-Based Capital | 7,400,017 | 13.21 | 4,482,510 | 8.0 | 5,603,138 | 10.0 | ||||||||||||||||||||
Tier 1 Leverage Capital | 6,207,020 | 8.51 | 2,916,558 | 4.0 | 3,645,697 | 5.0 | ||||||||||||||||||||
Webster Bank | ||||||||||||||||||||||||||
CET1 Risk-Based Capital | $ | 6,588,389 | 11.78 | % | $ | 2,516,948 | 4.5 | % | $ | 3,635,591 | 6.5 | % | ||||||||||||||
Tier 1 Risk-Based Capital | 6,588,389 | 11.78 | 3,355,930 | 6.0 | 4,474,574 | 8.0 | ||||||||||||||||||||
Total Risk-Based Capital | 7,191,796 | 12.86 | 4,474,574 | 8.0 | 5,593,217 | 10.0 | ||||||||||||||||||||
Tier 1 Leverage Capital | 6,588,389 | 9.04 | 2,913,783 | 4.0 | 3,642,229 | 5.0 |
At December 31, 2023 | ||||||||||||||||||||||||||
Actual (1) | Minimum Requirement | Well Capitalized | ||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Webster Financial Corporation | ||||||||||||||||||||||||||
CET1 Risk-Based Capital | $ | 6,188,433 | 11.11 | % | $ | 2,507,190 | 4.5 | % | $ | 3,621,497 | 6.5 | % | ||||||||||||||
Tier 1 Risk-Based Capital | 6,472,412 | 11.62 | 3,342,920 | 6.0 | 4,457,227 | 8.0 | ||||||||||||||||||||
Total Risk-Based Capital | 7,643,423 | 13.72 | 4,457,227 | 8.0 | 5,571,534 | 10.0 | ||||||||||||||||||||
Tier 1 Leverage Capital | 6,472,412 | 9.06 | 2,857,890 | 4.0 | 3,572,362 | 5.0 | ||||||||||||||||||||
Webster Bank | ||||||||||||||||||||||||||
CET1 Risk-Based Capital | $ | 6,913,443 | 12.43 | % | $ | 2,502,835 | 4.5 | % | $ | 3,615,206 | 6.5 | % | ||||||||||||||
Tier 1 Risk-Based Capital | 6,913,443 | 12.43 | 3,337,113 | 6.0 | 4,449,484 | 8.0 | ||||||||||||||||||||
Total Risk-Based Capital | 7,494,332 | 13.47 | 4,449,484 | 8.0 | 5,561,855 | 10.0 | ||||||||||||||||||||
Tier 1 Leverage Capital | 6,913,443 | 9.69 | 2,855,212 | 4.0 | 3,569,015 | 5.0 |
At September 30, 2017 | |||||||||||||||||
Actual | Minimum Requirement | Well Capitalized | |||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||
Webster Financial Corporation | |||||||||||||||||
CET1 risk-based capital | $ | 2,031,955 | 10.99 | % | $ | 832,149 | 4.5 | % | $ | 1,201,993 | 6.5 | % | |||||
Total risk-based capital | 2,436,332 | 13.17 | 1,479,376 | 8.0 | 1,849,220 | 10.0 | |||||||||||
Tier 1 risk-based capital | 2,154,665 | 11.65 | 1,109,532 | 6.0 | 1,479,376 | 8.0 | |||||||||||
Tier 1 leverage capital | 2,154,665 | 8.36 | 1,030,973 | 4.0 | 1,288,717 | 5.0 | |||||||||||
Webster Bank | |||||||||||||||||
CET1 risk-based capital | $ | 2,061,764 | 11.16 | % | $ | 831,319 | 4.5 | % | $ | 1,200,794 | 6.5 | % | |||||
Total risk-based capital | 2,266,110 | 12.27 | 1,477,900 | 8.0 | 1,847,376 | 10.0 | |||||||||||
Tier 1 risk-based capital | 2,061,764 | 11.16 | 1,108,425 | 6.0 | 1,477,900 | 8.0 | |||||||||||
Tier 1 leverage capital | 2,061,764 | 8.00 | 1,030,260 | 4.0 | 1,287,825 | 5.0 |
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 | $ | 1,932,171 | 10.52 | % | $ | 826,504 | 4.5 | % | $ | 1,193,840 | 6.5 | % | |||||
Total risk-based capital | 2,328,808 | 12.68 | 1,469,341 | 8.0 | 1,836,677 | 10.0 | |||||||||||
Tier 1 risk-based capital | 2,054,881 | 11.19 | 1,102,006 | 6.0 | 1,469,341 | 8.0 | |||||||||||
Tier 1 leverage capital | 2,054,881 | 8.13 | 1,010,857 | 4.0 | 1,263,571 | 5.0 | |||||||||||
Webster Bank | |||||||||||||||||
CET1 risk-based capital | $ | 1,945,332 | 10.61 | % | $ | 825,228 | 4.5 | % | $ | 1,191,995 | 6.5 | % | |||||
Total risk-based capital | 2,141,939 | 11.68 | 1,467,071 | 8.0 | 1,833,839 | 10.0 | |||||||||||
Tier 1 risk-based capital | 1,945,332 | 10.61 | 1,100,304 | 6.0 | 1,467,071 | 8.0 | |||||||||||
Tier 1 leverage capital | 1,945,332 | 7.70 | 1,010,005 | 4.0 | 1,262,507 | 5.0 |
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Gross investment in LIHTC investments | $ | 1,293,847 | $ | 1,135,192 | |||||||
Accumulated amortization | (161,612) | (141,199) | |||||||||
Net investment in LIHTC investments | $ | 1,132,235 | $ | 993,993 | |||||||
Unfunded commitments for LIHTC investments | $ | 683,133 | $ | 549,258 |
Three months ended March 31, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Income tax credits and other income tax benefits from LIHTC investments | $ | (28,024) | $ | (21,898) | |||||||
Investment amortization from LIHTC investments | 20,413 | 21,478 |
Three months ended March 31, | |||||||||||||||||||||||
(In thousands, except per share data) | 2024 | 2023 | |||||||||||||||||||||
Net income | $ | 216,323 | $ | 221,004 | |||||||||||||||||||
Less: Preferred stock dividends | 4,163 | 4,163 | |||||||||||||||||||||
Net income available to common stockholders | 212,160 | 216,841 | |||||||||||||||||||||
Less: Earnings allocated to participating securities | 2,101 | 1,845 | |||||||||||||||||||||
Earnings applicable to common stockholders | $ | 210,059 | $ | 214,996 | |||||||||||||||||||
Weighted-average common shares outstanding - basic | 170,445 | 172,766 | |||||||||||||||||||||
Add: Effect of dilutive stock options and restricted stock | 259 | 117 | |||||||||||||||||||||
Weighted-average common shares outstanding - diluted | 170,704 | 172,883 | |||||||||||||||||||||
Basic earnings per common share | $ | 1.23 | $ | 1.24 | |||||||||||||||||||
Diluted earnings per common share | 1.23 | 1.24 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands, except per share data) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Earnings for basic and diluted earnings per common share: | |||||||||||||||
Net income | $ | 64,496 | $ | 51,817 | $ | 185,546 | $ | 149,467 | |||||||
Less: Preferred stock dividends | 2,024 | 2,024 | 6,072 | 6,072 | |||||||||||
Net income available to common shareholders | 62,472 | 49,793 | 179,474 | 143,395 | |||||||||||
Less: Earnings applicable to participating securities | 46 | 159 | 212 | 468 | |||||||||||
Earnings applicable to common shareholders | $ | 62,426 | $ | 49,634 | $ | 179,262 | $ | 142,927 | |||||||
Shares: | |||||||||||||||
Weighted-average common shares outstanding - basic | 92,125 | 91,365 | 92,003 | 91,298 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Stock options and restricted stock | 372 | 465 | 403 | 452 | |||||||||||
Warrants | 6 | 27 | 6 | 26 | |||||||||||
Weighted-average common shares outstanding - diluted | 92,503 | 91,857 | 92,412 | 91,776 | |||||||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 0.68 | $ | 0.54 | $ | 1.95 | $ | 1.57 | |||||||
Diluted | 0.67 | 0.54 | 1.94 | 1.56 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||
Stock options (shares with exercise price greater than market price) | — | 172 | — | 172 | |||||||
Restricted stock (due to performance conditions on non-participating shares) | 80 | — | 61 | 161 |
At March 31, 2024 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(In thousands) | Notional Amounts | Fair Value | Notional Amounts | Fair Value | |||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Interest rate derivatives (1) | $ | 500,000 | $ | 263 | $ | 4,750,000 | $ | 44,366 | |||||||||
Not designated as hedging instruments: | |||||||||||||||||
Interest rate derivatives (1) | 8,542,883 | 362,602 | 8,542,895 | 362,802 | |||||||||||||
Mortgage banking derivatives (2) | 1,463 | 15 | — | — | |||||||||||||
Other (3) | 364,396 | 662 | 744,777 | 225 | |||||||||||||
Total not designated as hedging instruments | 8,908,742 | 363,279 | 9,287,672 | 363,027 | |||||||||||||
Gross derivative instruments, before netting | $ | 9,408,742 | 363,542 | $ | 14,037,672 | 407,393 | |||||||||||
Less: Master netting agreements | 61,395 | 61,395 | |||||||||||||||
Cash collateral received/paid | 285,297 | — | |||||||||||||||
Total derivative instruments, after netting | $ | 16,850 | $ | 345,998 | |||||||||||||
At December 31, 2023 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(In thousands) | Notional Amounts | Fair Value | Notional Amounts | Fair Value | |||||||||||||
Designated as hedging instruments: | |||||||||||||||||
Interest rate derivatives (1) | $ | 2,750,000 | $ | 11,140 | $ | 2,700,000 | $ | 13,679 | |||||||||
Not designated as hedging instruments: | |||||||||||||||||
Interest rate derivatives (1) | 8,284,356 | 319,122 | 8,272,197 | 321,064 | |||||||||||||
Mortgage banking derivatives (2) | 2,798 | 37 | — | — | |||||||||||||
Other (3) | 340,553 | 337 | 731,055 | 1,067 | |||||||||||||
Total not designated as hedging instruments | 8,627,707 | 319,496 | 9,003,252 | 322,131 | |||||||||||||
Gross derivative instruments, before netting | $ | 11,377,707 | 330,636 | $ | 11,703,252 | 335,810 | |||||||||||
Less: Master netting agreements | 55,949 | 55,949 | |||||||||||||||
Cash collateral received/paid | 232,190 | — | |||||||||||||||
Total derivative instruments, after netting | $ | 42,497 | $ | 279,861 |
At March 31, 2024 | ||||||||||||||||||||
(In thousands) | Gross Amount Recognized | Derivative Offset Amount | Cash Collateral Received/Paid | Net Amount Presented | ||||||||||||||||
Asset derivatives | $ | 346,853 | $ | 61,395 | $ | 285,297 | $ | 161 | ||||||||||||
Liability derivatives | 61,395 | 61,395 | — | — | ||||||||||||||||
At December 31, 2023 | ||||||||||||||||||||
(In thousands) | Gross Amount Recognized | Derivative Offset Amount | Cash Collateral Received/Paid | Net Amount Presented | ||||||||||||||||
Asset derivatives | $ | 289,778 | $ | 55,949 | $ | 232,190 | $ | 1,639 | ||||||||||||
Liability derivatives | 55,949 | 55,949 | — | — |
Recognized In | Three months ended March 31, | |||||||||||||||||||||||||
(In thousands) | Net Interest Income | 2024 | 2023 | |||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||
Interest rate derivatives | Deposits interest expense | $ | (1,320) | $ | (10,235) | |||||||||||||||||||||
Hedged item | Deposits interest expense | — | 10,427 | |||||||||||||||||||||||
Net recognized on fair value hedges (1) | $ | 1,320 | $ | (192) | ||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||
Interest rate derivatives | Long-term debt interest expense | $ | 34 | $ | 76 | |||||||||||||||||||||
Interest rate derivatives | Interest and fees on loans and leases | (10,764) | (736) | |||||||||||||||||||||||
Net recognized on cash flow hedges | $ | (10,798) | $ | (812) |
At September 30, 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 | $ | 225,000 | $ | 1,972 | $ | 100,000 | $ | 195 | $ | 225,000 | $ | 3,270 | $ | 100,000 | $ | 792 | |||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||||||||
Positions subject to a master netting agreement (1) | |||||||||||||||||||||||||||
Interest rate derivatives | 2,270,444 | 4,225 | 1,125,953 | 3,224 | 1,943,485 | 32,226 | 1,242,937 | 24,388 | |||||||||||||||||||
Other | 8,595 | 260 | 22,161 | 419 | 10,634 | 231 | 14,265 | 120 | |||||||||||||||||||
Positions not subject to a master netting agreement | |||||||||||||||||||||||||||
Interest rate derivatives | 1,738,527 | 35,065 | 1,652,004 | 15,764 | 1,734,679 | 38,668 | 1,451,762 | 19,001 | |||||||||||||||||||
RPAs | 94,103 | 112 | 99,538 | 136 | 86,037 | 139 | 87,273 | 166 | |||||||||||||||||||
Mortgage banking derivatives (2) | 42,290 | 614 | 60,698 | 128 | 103,440 | 3,084 | 59,895 | 711 | |||||||||||||||||||
Other | 262 | 2 | 1,777 | 157 | 1,438 | 19 | 181 | 11 | |||||||||||||||||||
Total not designated as hedging instruments | 4,154,221 | 40,278 | 2,962,131 | 19,828 | 3,879,713 | 74,367 | 2,856,313 | 44,397 | |||||||||||||||||||
Gross derivative instruments, before netting | $ | 4,379,221 | 42,250 | $ | 3,062,131 | 20,023 | $ | 4,104,713 | 77,637 | $ | 2,956,313 | 45,189 | |||||||||||||||
Less: Legally enforceable master netting agreements | 2,915 | 2,916 | 24,252 | 24,254 | |||||||||||||||||||||||
Less: Cash collateral posted | 2,540 | 766 | 11,475 | 600 | |||||||||||||||||||||||
Total derivative instruments, after netting | $ | 36,795 | $ | 16,341 | $ | 41,910 | $ | 20,335 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Interest rate derivatives | $ | 1,501 | $ | 608 | $ | 1,780 | $ | 6,515 | |||||||
RPAs | 51 | 110 | 157 | (143 | ) | ||||||||||
Mortgage banking derivatives | (219 | ) | 720 | (1,886 | ) | 357 | |||||||||
Other | (7 | ) | (285 | ) | (634 | ) | (582 | ) | |||||||
Total impact on other non-interest income | $ | 1,326 | $ | 1,153 | $ | (583 | ) | $ | 6,147 |
Recognized In | Three months ended March 31, | |||||||||||||||||||||||||
(In thousands) | Non-interest Income | 2024 | 2023 | |||||||||||||||||||||||
Interest rate derivatives | Other income | $ | 1,290 | $ | (3,687) | |||||||||||||||||||||
Mortgage banking derivatives | Mortgage banking activities | (22) | (16) | |||||||||||||||||||||||
Other | Other income | 1,277 | (735) | |||||||||||||||||||||||
Total not designated as hedging instruments | $ | 2,545 | $ | (4,438) |
At September 30, 2017 | At December 31, 2016 | ||||||||||||||||||||||||
(In thousands) | Gross Amount | Relationship Offset | Cash Collateral Offset | Net Amount | Gross Amount | Relationship Offset | Cash Collateral Offset | Net Amount | |||||||||||||||||
Derivative instrument gains: | |||||||||||||||||||||||||
Hedge accounting | $ | 1,972 | $ | 292 | $ | 1,051 | $ | 629 | $ | 3,270 | $ | 2,335 | $ | 935 | $ | — | |||||||||
Non-hedge accounting | 4,452 | 2,623 | 1,489 | 340 | 32,457 | 21,917 | 10,540 | — | |||||||||||||||||
Total assets | $ | 6,424 | $ | 2,915 | $ | 2,540 | $ | 969 | $ | 35,727 | $ | 24,252 | $ | 11,475 | $ | — | |||||||||
Derivative instrument losses: | |||||||||||||||||||||||||
Hedge accounting | $ | 195 | $ | 195 | $ | — | $ | — | $ | 792 | $ | 792 | $ | — | $ | — | |||||||||
Non-hedge accounting | 3,643 | 2,721 | 766 | 156 | 24,508 | 23,462 | 600 | 446 | |||||||||||||||||
Total liabilities | $ | 3,838 | $ | 2,916 | $ | 766 | $ | 156 | $ | 25,300 | $ | 24,254 | $ | 600 | $ | 446 |
•Level 1: Inputs to the valuation methodology are unadjusted |
•Level 2: Inputs to the valuation methodology include 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 (i.e., interest rates, rate volatility, prepayment speeds, and credit ratings), or inputs that are derived principally from or corroborated by market data, correlation, or other means. •Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. This includes certain pricing models or other similar |
At March 31, 2024 | At December 31, 2023 | ||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | UPB | Difference | Fair Value | UPB | Difference | |||||||||||||||||||||||||||||
Originated loans held for sale | $ | 323 | $ | 316 | $ | 7 | $ | 2,610 | $ | 2,658 | $ | (48) |
At March 31, 2024 | |||||||||||||||||
Agreement | Maximum Amount | Probability of Achievement | Payment Term (in years) | Discount Rate | Fair Value | ||||||||||||
(i) Re-sign broker dealers (1) | $ | 207 | 99.0 % | 1.63 | 6.40 % | $ | 182 | ||||||||||
(ii) Deposit program growth | $ | 12,500 | 100.0 % | 0.75 | 6.40 % | $ | 11,568 |
At December 31, 2023 | |||||||||||||||||
Agreement | Maximum Amount | Probability of Achievement | Payment Term (in years) | Discount Rate | Fair Value | ||||||||||||
(i) Re-sign broker dealers (1) | $ | 4,826 | 99.0 % | 1.88 | 6.40 % | $ | 4,232 | ||||||||||
(ii) Deposit program growth | $ | 12,500 | 100.0 % | 1.00 | 6.40 % | $ | 11,568 |
At March 31, 2024 | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial Assets: | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Government agency debentures | $ | — | $ | 262,488 | $ | — | $ | 262,488 | |||||||||
Municipal bonds and notes | — | 1,207,350 | — | 1,207,350 | |||||||||||||
Agency CMO | — | 46,236 | — | 46,236 | |||||||||||||
Agency MBS | — | 3,364,414 | — | 3,364,414 | |||||||||||||
Agency CMBS | — | 2,321,230 | — | 2,321,230 | |||||||||||||
CMBS | — | 731,851 | — | 731,851 | |||||||||||||
Corporate debt | — | 617,209 | — | 617,209 | |||||||||||||
Private label MBS | — | 41,308 | — | 41,308 | |||||||||||||
Other | — | 9,055 | — | 9,055 | |||||||||||||
Total available-for-sale securities | — | 8,601,141 | — | 8,601,141 | |||||||||||||
Gross derivative instruments, before netting (1) | 594 | 362,948 | — | 363,542 | |||||||||||||
Originated loans held for sale | — | 323 | — | 323 | |||||||||||||
Investments held in Rabbi Trusts | 12,545 | — | — | 12,545 | |||||||||||||
Alternative investments | 1,221 | — | — | 1,221 | |||||||||||||
Alternative investments measured at NAV (2) | — | — | — | 38,620 | |||||||||||||
Total financial assets | $ | 14,360 | $ | 8,964,412 | $ | — | $ | 9,017,392 | |||||||||
Financial Liabilities: | |||||||||||||||||
Gross derivative instruments, before netting (1) | $ | 160 | $ | 407,233 | $ | — | $ | 407,393 | |||||||||
Contingent consideration | — | — | 11,750 | 11,750 | |||||||||||||
Total financial liabilities | $ | 160 | $ | 407,233 | $ | 11,750 | $ | 419,143 |
At December 31, 2023 | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial Assets: | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Government agency debentures | $ | — | $ | 264,633 | $ | — | $ | 264,633 | |||||||||
Municipal bonds and notes | — | 1,573,233 | — | 1,573,233 | |||||||||||||
Agency CMO | — | 48,941 | — | 48,941 | |||||||||||||
Agency MBS | — | 3,347,098 | — | 3,347,098 | |||||||||||||
Agency CMBS | — | 2,288,071 | — | 2,288,071 | |||||||||||||
CMBS | — | 763,749 | — | 763,749 | |||||||||||||
Corporate debt | — | 622,155 | — | 622,155 | |||||||||||||
Private label MBS | — | 42,808 | — | 42,808 | |||||||||||||
Other | — | 9,041 | — | 9,041 | |||||||||||||
Total available-for-sale securities | — | 8,959,729 | — | 8,959,729 | |||||||||||||
Gross derivative instruments, before netting (1) | 217 | 330,419 | — | 330,636 | |||||||||||||
Originated loans held for sale | — | 2,610 | — | 2,610 | |||||||||||||
Investments held in Rabbi Trusts | 11,900 | — | — | 11,900 | |||||||||||||
Alternative investments | 959 | — | — | 959 | |||||||||||||
Alternative investments measured at NAV (2) | — | — | — | 35,888 | |||||||||||||
Total financial assets | $ | 13,076 | $ | 9,292,758 | $ | — | $ | 9,341,722 | |||||||||
Financial Liabilities: | |||||||||||||||||
Gross derivative instruments, before netting (1) | $ | 970 | $ | 334,840 | $ | — | $ | 335,810 | |||||||||
Contingent consideration | — | — | 15,800 | 15,800 | |||||||||||||
Total financial liabilities | $ | 970 | $ | 334,840 | $ | 15,800 | $ | 351,610 |
At September 30, 2017 | ||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||
Financial assets held at fair value: | ||||||||||||
U.S. Treasury Bills | $ | 3,596 | $ | — | $ | — | $ | 3,596 | ||||
Agency CMO | — | 331,798 | — | 331,798 | ||||||||
Agency MBS | — | 912,977 | — | 912,977 | ||||||||
Agency CMBS | — | 584,960 | — | 584,960 | ||||||||
CMBS | — | 403,433 | — | 403,433 | ||||||||
CLO | — | 274,583 | — | 274,583 | ||||||||
Trust preferred | — | 30,937 | — | 30,937 | ||||||||
Corporate debt | — | 48,878 | — | 48,878 | ||||||||
Total available-for-sale investment securities | 3,596 | 2,587,566 | — | 2,591,162 | ||||||||
Gross derivative instruments, before netting (1) | 262 | 41,988 | — | 42,250 | ||||||||
Investments held in Rabbi Trust | 5,278 | — | — | 5,278 | ||||||||
Alternative investments | — | — | 6,986 | 6,986 | ||||||||
Originated loans held for sale | — | 32,855 | — | 32,855 | ||||||||
Total financial assets held at fair value | $ | 9,136 | $ | 2,662,409 | $ | 6,986 | $ | 2,678,531 | ||||
Financial liabilities held at fair value: | ||||||||||||
Gross derivative instruments, before netting (1) | $ | 562 | $ | 19,461 | $ | — | $ | 20,023 |
At December 31, 2016 | ||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||
Financial assets held at fair value: | ||||||||||||
U.S. Treasury Bills | $ | 734 | $ | — | $ | — | $ | 734 | ||||
Agency CMO | — | 419,706 | — | 419,706 | ||||||||
Agency MBS | — | 954,349 | — | 954,349 | ||||||||
Agency CMBS | — | 573,272 | — | 573,272 | ||||||||
CMBS | — | 477,365 | — | 477,365 | ||||||||
CLO | — | 427,390 | — | 427,390 | ||||||||
Trust preferred | — | 28,633 | — | 28,633 | ||||||||
Corporate debt | — | 109,642 | — | 109,642 | ||||||||
Total available-for-sale investment securities | 734 | 2,990,357 | — | 2,991,091 | ||||||||
Gross derivative instruments, before netting (1) | 250 | 77,387 | — | 77,637 | ||||||||
Investments held in Rabbi Trust | 5,119 | — | — | 5,119 | ||||||||
Alternative investments | — | — | 5,502 | 5,502 | ||||||||
Originated loans held for sale | — | 60,260 | — | 60,260 | ||||||||
Total financial assets held at fair value | $ | 6,103 | $ | 3,128,004 | $ | 5,502 | $ | 3,139,609 | ||||
Financial liabilities held at fair value: | ||||||||||||
Gross derivative instruments, before netting (1) | $ | 120 | $ | 45,069 | $ | — | $ | 45,189 |
(In thousands) | Alternative Investments | ||
Balance at January 1, 2017 | $ | 5,502 | |
Unrealized gain included in net income | 639 | ||
Purchases/capital funding | 899 | ||
Payments | (54 | ) | |
Balance at September 30, 2017 | $ | 6,986 |
(Dollars in thousands) | ||||||||
Asset | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | ||||
Collateral dependent impaired loans and leases | $ | 15,955 | Real Estate Appraisals | Discount for appraisal type | 0% | - | 20% | |
Discount for costs to sell | 0% | - | 15% | |||||
OREO | $ | 2,587 | Real Estate Appraisals | Discount for appraisal type | 0% | - | 20% | |
Discount for costs to sell | 8% |
At September 30, 2017 | At December 31, 2016 | ||||||||||||||
(In thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Assets: | |||||||||||||||
Level 2 | |||||||||||||||
Held-to-maturity investment securities | $ | 4,497,311 | $ | 4,481,675 | $ | 4,160,658 | $ | 4,125,125 | |||||||
Transferred loans held for sale | — | — | 7,317 | 7,444 | |||||||||||
Level 3 | |||||||||||||||
Loans and leases, net | 17,244,618 | 17,155,002 | 16,832,268 | 16,678,106 | |||||||||||
Mortgage servicing assets | 25,140 | 44,992 | 24,466 | 52,075 | |||||||||||
Alternative investments | 10,296 | 12,539 | 11,034 | 13,189 | |||||||||||
Liabilities: | |||||||||||||||
Level 2 | |||||||||||||||
Deposit liabilities | $ | 18,636,744 | $ | 18,636,744 | $ | 17,279,049 | $ | 17,279,049 | |||||||
Time deposits | 2,218,491 | 2,213,155 | 2,024,808 | 2,024,395 | |||||||||||
Securities sold under agreements to repurchase and other borrowings | 902,902 | 905,249 | 949,526 | 955,660 | |||||||||||
FHLB advances (1) | 1,507,681 | 1,512,203 | 2,842,908 | 2,825,101 | |||||||||||
Long-term debt (1) | 225,704 | 235,686 | 225,514 | 225,514 |
At March 31, 2024 | At December 31, 2023 | ||||||||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Level 1 | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1,545,228 | $ | 1,545,228 | $ | 1,715,795 | $ | 1,715,795 | |||||||||||||||
Level 2 | |||||||||||||||||||||||
Held-to-maturity investment securities, net | 7,679,891 | 6,782,867 | 7,074,588 | 6,264,623 | |||||||||||||||||||
Level 3 | |||||||||||||||||||||||
Loans and leases, net | 50,457,200 | 48,348,067 | 50,090,315 | 48,048,106 | |||||||||||||||||||
Mortgage servicing rights | 1,514 | 3,973 | 8,523 | 24,495 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||
Deposit liabilities | $ | 53,810,423 | $ | 53,810,423 | $ | 52,319,825 | $ | 52,319,825 | |||||||||||||||
Time deposits | 6,937,320 | 6,902,736 | 8,464,459 | 8,426,708 | |||||||||||||||||||
Securities sold under agreements to repurchase and other borrowings | 361,886 | 361,867 | 458,387 | 458,380 | |||||||||||||||||||
FHLB advances | 3,659,930 | 3,657,612 | 2,360,018 | 2,358,381 | |||||||||||||||||||
Long-term debt (1) | 914,520 | 852,877 | 1,048,820 | 999,918 |
Three months ended September 30, | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||
(In thousands) | Pension Plan | SERP | Other Benefits | Pension Plan | SERP | Other Benefits | |||||||||||||
Service cost | $ | 12 | $ | — | $ | — | $ | 11 | $ | — | $ | — | |||||||
Interest cost on benefit obligations | 1,829 | 96 | 19 | 2,110 | 98 | 32 | |||||||||||||
Expected return on plan assets | (3,074 | ) | — | — | (3,067 | ) | — | — | |||||||||||
Amortization of prior service cost | — | — | — | — | — | 4 | |||||||||||||
Recognized net loss | 1,466 | 136 | (15 | ) | 1,666 | 106 | 8 | ||||||||||||
Net periodic benefit cost | $ | 233 | $ | 232 | $ | 4 | $ | 720 | $ | 204 | $ | 44 |
Nine months ended September 30, | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||
(In thousands) | Pension Plan | SERP | Other Benefits | Pension Plan | SERP | Other Benefits | |||||||||||||
Service cost | $ | 37 | $ | — | $ | — | $ | 34 | $ | — | $ | — | |||||||
Interest cost on benefit obligations | 5,486 | 281 | 69 | 6,331 | 292 | 94 | |||||||||||||
Expected return on plan assets | (9,222 | ) | — | — | (8,596 | ) | — | — | |||||||||||
Amortization of prior service cost | — | — | — | — | — | 11 | |||||||||||||
Recognized net loss | 4,398 | 561 | — | 4,998 | 319 | 26 | |||||||||||||
Net periodic benefit cost | $ | 699 | $ | 842 | $ | 69 | $ | 2,767 | $ | 611 | $ | 131 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Stock options | $ | — | $ | — | $ | — | $ | 43 | |||||||
Restricted stock | 3,007 | 2,944 | 9,050 | 8,515 | |||||||||||
Total stock compensation expense | $ | 3,007 | $ | 2,944 | $ | 9,050 | $ | 8,558 |
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 January 1, 2017 | 253,361 | $ | 32.24 | 2,158 | $ | 32.89 | 116,184 | $ | 33.62 | 1,072,974 | $ | 21.24 | |||||||||||
Granted | 164,953 | 54.79 | 8,129 | 56.07 | 89,581 | 56.18 | — | — | |||||||||||||||
Exercised options | — | — | — | — | — | — | 279,344 | 25.80 | |||||||||||||||
Vested restricted stock awards (1) | 155,390 | 36.36 | 6,900 | 48.82 | 87,982 | 40.74 | — | — | |||||||||||||||
Forfeited | 14,586 | 36.44 | — | — | 6,276 | 42.72 | — | — | |||||||||||||||
Outstanding and exercisable, at September 30, 2017 | 248,338 | $ | 43.96 | 3,387 | $ | 56.07 | 111,507 | $ | 45.61 | 793,630 | $ | 19.63 |
At March 31, 2024 | |||||||||||||||||||||||
(In thousands) | Commercial Banking | Healthcare Financial Services | Consumer Banking | Corporate and Reconciling | Consolidated Total | ||||||||||||||||||
Goodwill | $ | 1,960,363 | $ | 285,670 | $ | 622,035 | $ | — | $ | 2,868,068 | |||||||||||||
Total assets | 42,286,247 | 509,012 | 12,268,347 | 21,098,087 | 76,161,693 | ||||||||||||||||||
At December 31, 2023 | |||||||||||||||||||||||
(In thousands) | Commercial Banking | Healthcare Financial Services | Consumer Banking | Corporate and Reconciling | Consolidated Total | ||||||||||||||||||
Goodwill | $ | 1,951,945 | $ | 57,485 | $ | 622,035 | $ | — | $ | 2,631,465 | |||||||||||||
Total assets | 41,843,297 | 122,421 | 12,327,403 | 20,652,128 | 74,945,249 |
Total Assets | |||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Corporate and Reconciling | Consolidated Total | ||||||||||
At September 30, 2017 | $ | 9,428,676 | $ | 8,881,322 | $ | 76,090 | $ | 7,964,094 | $ | 26,350,182 | |||||
At December 31, 2016 | 9,069,445 | 8,721,046 | 83,987 | 8,198,051 | 26,072,529 |
Three months ended March 31, 2024 | ||||||||||||||||||||
(In thousands) | Commercial Banking | Healthcare Financial Services | Consumer Banking | Corporate and Reconciling | Consolidated Total | |||||||||||||||
Net interest income | $ | 341,942 | $ | 86,138 | $ | 205,777 | $ | (66,118) | $ | 567,739 | ||||||||||
Non-interest income | 34,280 | 31,061 | 33,978 | 34 | 99,353 | |||||||||||||||
Non-interest expense | 106,225 | 52,127 | 120,121 | 57,450 | 335,923 | |||||||||||||||
Pre-tax, pre-provision net revenue | 269,997 | 65,072 | 119,634 | (123,534) | 331,169 | |||||||||||||||
Provision (benefit) for credit losses | 47,283 | — | (4,089) | 2,306 | 45,500 | |||||||||||||||
Income before income taxes | 222,714 | 65,072 | 123,723 | (125,840) | 285,669 | |||||||||||||||
Income tax expense | 49,220 | 17,114 | 30,436 | (27,424) | 69,346 | |||||||||||||||
Net income | $ | 173,494 | $ | 47,958 | $ | 93,287 | $ | (98,416) | $ | 216,323 |
Three months ended March 31, 2023 | ||||||||||||||||||||
(In thousands) | Commercial Banking | Healthcare Financial Services | Consumer Banking | Corporate and Reconciling | Consolidated Total | |||||||||||||||
Net interest income | $ | 360,293 | $ | 71,730 | $ | 234,604 | $ | (71,344) | $ | 595,283 | ||||||||||
Non-interest income | 33,720 | 24,067 | 27,636 | (14,657) | 70,766 | |||||||||||||||
Non-interest expense | 98,833 | 43,700 | 116,555 | 73,379 | 332,467 | |||||||||||||||
Pre-tax, pre-provision net revenue | 295,180 | 52,097 | 145,685 | (159,380) | 333,582 | |||||||||||||||
Provision for credit losses | 35,250 | — | 2,571 | 8,928 | 46,749 | |||||||||||||||
Income before income taxes | 259,930 | 52,097 | 143,114 | (168,308) | 286,833 | |||||||||||||||
Income tax expense | 57,964 | 14,066 | 35,922 | (42,123) | 65,829 | |||||||||||||||
Net income | $ | 201,966 | $ | 38,031 | $ | 107,192 | $ | (126,185) | $ | 221,004 |
Three months ended September 30, 2017 | |||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Corporate and Reconciling | Consolidated Total | ||||||||||
Net interest income (expense) | $ | 81,925 | $ | 96,859 | $ | 26,713 | $ | (4,593 | ) | $ | 200,904 | ||||
Provision (benefit) for loan and lease losses | 12,073 | (1,923 | ) | — | — | 10,150 | |||||||||
Net interest income (expense) after provision for loan and lease losses | 69,852 | 98,782 | 26,713 | (4,593 | ) | 190,754 | |||||||||
Non-interest income | 13,207 | 27,079 | 19,371 | 6,189 | 65,846 | ||||||||||
Non-interest expense | 38,339 | 92,478 | 27,222 | 3,784 | 161,823 | ||||||||||
Income (loss) before income tax expense | 44,720 | 33,383 | 18,862 | (2,188 | ) | 94,777 | |||||||||
Income tax expense (benefit) | 14,363 | 10,605 | 6,006 | (693 | ) | 30,281 | |||||||||
Net income (loss) | $ | 30,357 | $ | 22,778 | $ | 12,856 | $ | (1,495 | ) | $ | 64,496 |
Three months ended September 30, 2016 | |||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Corporate and Reconciling | Consolidated Total | ||||||||||
Net interest income (expense) | $ | 74,265 | $ | 91,995 | $ | 20,560 | $ | (6,623 | ) | $ | 180,197 | ||||
Provision for loan and lease losses | 7,876 | 6,374 | — | — | 14,250 | ||||||||||
Net interest income (expense) after provision for loan and lease losses | 66,389 | 85,621 | 20,560 | (6,623 | ) | 165,947 | |||||||||
Non-interest income | 15,916 | 29,130 | 16,900 | 4,466 | 66,412 | ||||||||||
Non-interest expense | 35,793 | 92,508 | 23,021 | 4,775 | 156,097 | ||||||||||
Income (loss) before income tax expense | 46,512 | 22,243 | 14,439 | (6,932 | ) | 76,262 | |||||||||
Income tax expense (benefit) | 14,957 | 7,122 | 4,624 | (2,258 | ) | 24,445 | |||||||||
Net income (loss) | $ | 31,555 | $ | 15,121 | $ | 9,815 | $ | (4,674 | ) | $ | 51,817 |
Three months ended March 31, 2024 | |||||||||||||||||
(In thousands) | Commercial Banking | Healthcare Financial Services | Consumer Banking | Corporate and Reconciling | Consolidated Total | ||||||||||||
Non-interest Income: | |||||||||||||||||
Deposit service fees | $ | 5,842 | $ | 22,052 | $ | 14,796 | $ | (101) | $ | 42,589 | |||||||
Loan and lease related fees (1) | 3,622 | — | — | — | 3,622 | ||||||||||||
Wealth and investment services | 3,178 | — | 4,751 | (5) | 7,924 | ||||||||||||
Other income | — | 9,009 | (183) | 1,044 | 9,870 | ||||||||||||
Revenue from contracts with customers | 12,642 | 31,061 | 19,364 | 938 | 64,005 | ||||||||||||
Other sources of non-interest income | 21,638 | — | 14,614 | (904) | 35,348 | ||||||||||||
Total non-interest income | $ | 34,280 | $ | 31,061 | $ | 33,978 | $ | 34 | $ | 99,353 |
Three months ended March 31, 2023 | |||||||||||||||||
(In thousands) | Commercial Banking | Healthcare Financial Services | Consumer Banking | Corporate and Reconciling | Consolidated Total | ||||||||||||
Non-interest Income: | |||||||||||||||||
Deposit service fees | $ | 4,236 | $ | 22,092 | $ | 19,178 | $ | (70) | $ | 45,436 | |||||||
Loan and lease related fees (1) | 4,427 | — | — | — | 4,427 | ||||||||||||
Wealth and investment services | 2,767 | — | 3,828 | (8) | 6,587 | ||||||||||||
Other income | — | 1,975 | 358 | 932 | 3,265 | ||||||||||||
Revenue from contracts with customers | 11,430 | 24,067 | 23,364 | 854 | 59,715 | ||||||||||||
Other sources of non-interest income | 22,290 | — | 4,272 | (15,511) | 11,051 | ||||||||||||
Total non-interest income | $ | 33,720 | $ | 24,067 | $ | 27,636 | $ | (14,657) | $ | 70,766 |
Nine months ended September 30, 2017 | |||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Corporate and Reconciling | Consolidated Total | ||||||||||
Net interest income (expense) | $ | 239,118 | $ | 286,351 | $ | 76,339 | $ | (10,453 | ) | $ | 591,355 | ||||
Provision for loan and lease losses | 29,562 | (1,662 | ) | — | — | 27,900 | |||||||||
Net interest income (expense) after provision for loan and lease losses | 209,556 | 288,013 | 76,339 | (10,453 | ) | 563,455 | |||||||||
Non-interest income | 39,163 | 80,516 | 58,392 | 15,368 | 193,439 | ||||||||||
Non-interest expense | 113,767 | 281,979 | 84,211 | 10,069 | 490,026 | ||||||||||
Income (loss) before income tax expense | 134,952 | 86,550 | 50,520 | (5,154 | ) | 266,868 | |||||||||
Income tax expense (benefit) | 41,125 | 26,374 | 15,395 | (1,572 | ) | 81,322 | |||||||||
Net income (loss) | $ | 93,827 | $ | 60,176 | $ | 35,125 | $ | (3,582 | ) | $ | 185,546 |
Nine months ended September 30, 2016 | |||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Corporate and Reconciling | Consolidated Total | ||||||||||
Net interest income (expense) | $ | 211,422 | $ | 274,186 | $ | 60,484 | $ | (12,838 | ) | $ | 533,254 | ||||
Provision for loan and lease losses | 29,765 | 14,085 | — | — | 43,850 | ||||||||||
Net interest income (expense) after provision for loan and lease losses | 181,657 | 260,101 | 60,484 | (12,838 | ) | 489,404 | |||||||||
Non-interest income | 41,819 | 83,248 | 54,969 | 13,825 | 193,861 | ||||||||||
Non-interest expense | 103,336 | 276,045 | 71,966 | 9,973 | 461,320 | ||||||||||
Income (loss) before income tax expense | 120,140 | 67,304 | 43,487 | (8,986 | ) | 221,945 | |||||||||
Income tax expense (benefit) | 39,233 | 21,979 | 14,201 | (2,935 | ) | 72,478 | |||||||||
Net income (loss) | $ | 80,907 | $ | 45,325 | $ | 29,286 | $ | (6,051 | ) | $ | 149,467 |
(In thousands) | At September 30, 2017 | At December 31, 2016 | |||||
Commitments to extend credit | $ | 5,043,151 | $ | 5,224,280 | |||
Standby letter of credit | 159,485 | 128,985 | |||||
Commercial letter of credit | 42,007 | 46,497 | |||||
Total credit-related financial instruments with off-balance sheet risk | $ | 5,244,643 | $ | 5,399,762 |
(In thousands) | At March 31, 2024 | At December 31, 2023 | |||||||||
Commitments to extend credit | $ | 11,171,394 | $ | 12,026,597 | |||||||
Standby letters of credit | 497,573 | 482,462 | |||||||||
Commercial letters of credit | 36,300 | 54,382 | |||||||||
Total credit-related financial instruments with off-balance sheet risk | $ | 11,705,267 | $ | 12,563,441 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Beginning balance | $ | 2,544 | $ | 2,319 | $ | 2,287 | $ | 2,119 | |||||||
Provision charged to expense | — | 172 | 257 | 372 | |||||||||||
Ending balance | $ | 2,544 | $ | 2,491 | $ | 2,544 | $ | 2,491 |
At or for the three months ended September 30, | At or for the nine months ended September 30, | ||||||||||||||
(In thousands, except per share and ratio data) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Earnings: | |||||||||||||||
Net interest income | $ | 200,904 | $ | 180,197 | $ | 591,355 | $ | 533,254 | |||||||
Provision for loan and lease losses | 10,150 | 14,250 | 27,900 | 43,850 | |||||||||||
Total non-interest income | 65,846 | 66,412 | 193,439 | 193,861 | |||||||||||
Total non-interest expense | 161,823 | 156,097 | 490,026 | 461,320 | |||||||||||
Net income | 64,496 | 51,817 | 185,546 | 149,467 | |||||||||||
Earnings applicable to common shareholders | 62,426 | 49,634 | 179,262 | 142,927 | |||||||||||
Share Data: | |||||||||||||||
Weighted-average common shares outstanding - diluted | 92,503 | 91,857 | 92,412 | 91,776 | |||||||||||
Diluted earnings per common share | $ | 0.67 | $ | 0.54 | $ | 1.94 | $ | 1.56 | |||||||
Dividends and dividend equivalents declared per common share | 0.26 | 0.25 | 0.77 | 0.73 | |||||||||||
Dividends declared per Series E preferred share | 400.00 | 400.00 | 1,200.00 | 1,200.00 | |||||||||||
Book value per common share | 27.34 | 26.06 | 27.34 | 26.06 | |||||||||||
Tangible book value per common share (non-GAAP) | 21.16 | 19.80 | 21.16 | 19.80 | |||||||||||
Selected Ratios: | |||||||||||||||
Net interest margin | 3.30 | % | 3.10 | % | 3.27 | % | 3.10 | % | |||||||
Return on average assets (annualized basis) | 0.98 | 0.82 | 0.95 | 0.80 | |||||||||||
Return on average common shareholders' equity (annualized basis) | 9.95 | 8.36 | 9.67 | 8.16 | |||||||||||
CET1 risk-based capital | 10.99 | 10.48 | 10.99 | 10.48 | |||||||||||
Tangible common equity ratio (non-GAAP) | 7.55 | 7.25 | 7.55 | 7.25 | |||||||||||
Return on average tangible common shareholders' equity (annualized basis) (non-GAAP) | 12.99 | 11.24 | 12.71 | 11.04 | |||||||||||
Efficiency ratio (non-GAAP) | 59.18 | 61.43 | 60.62 | 61.63 |
At September 30, | |||||||
(Dollars and shares in thousands, except per share data) | 2017 | 2016 | |||||
Tangible book value per common share (non-GAAP): | |||||||
Shareholders' equity (GAAP) | $ | 2,638,787 | $ | 2,511,629 | |||
Less: Preferred stock (GAAP) | 122,710 | 122,710 | |||||
Goodwill and other intangible assets (GAAP) | 568,962 | 573,129 | |||||
Tangible common shareholders' equity (non-GAAP) | $ | 1,947,115 | $ | 1,815,790 | |||
Common shares outstanding | 92,034 | 91,687 | |||||
Tangible book value per common share (non-GAAP) | $ | 21.16 | $ | 19.80 | |||
Tangible common equity ratio (non-GAAP): | |||||||
Tangible common shareholders' equity (non-GAAP) | $ | 1,947,115 | $ | 1,815,790 | |||
Total Assets (GAAP) | $ | 26,350,182 | $ | 25,633,617 | |||
Less: Goodwill and other intangible assets (GAAP) | 568,962 | 573,129 | |||||
Tangible assets (non-GAAP) | $ | 25,781,220 | $ | 25,060,488 | |||
Tangible common equity ratio (non-GAAP) | 7.55 | % | 7.25 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Return on average tangible common shareholders' equity (non-GAAP): | |||||||||||||||
Net income (GAAP) | $ | 64,496 | $ | 51,817 | $ | 185,546 | $ | 149,467 | |||||||
Less: Preferred stock dividends (GAAP) | 2,024 | 2,024 | 6,072 | 6,072 | |||||||||||
Add: Intangible assets amortization, tax-affected at 35% (GAAP) | 651 | 970 | 2,005 | 2,971 | |||||||||||
Income adjusted for preferred stock dividends and intangible assets amortization (non-GAAP) | $ | 63,123 | $ | 50,763 | $ | 181,479 | $ | 146,366 | |||||||
Income adjusted for preferred stock dividends and intangible assets amortization, annualized (non-GAAP) | $ | 252,492 | $ | 203,052 | $ | 241,972 | $ | 195,155 | |||||||
Average shareholders' equity (non-GAAP) | $ | 2,635,312 | $ | 2,503,960 | $ | 2,597,574 | $ | 2,466,414 | |||||||
Less: Average preferred stock (non-GAAP) | 122,710 | 122,710 | 122,710 | 122,710 | |||||||||||
Average goodwill and other intangible assets (non-GAAP) | 569,538 | 573,978 | 570,562 | 575,491 | |||||||||||
Average tangible common shareholders' equity (non-GAAP) | $ | 1,943,064 | $ | 1,807,272 | $ | 1,904,302 | $ | 1,768,213 | |||||||
Return on average tangible common shareholders' equity (non-GAAP) | 12.99 | % | 11.24 | % | 12.71 | % | 11.04 | % | |||||||
Efficiency ratio (non-GAAP): | |||||||||||||||
Non-interest expense (GAAP) | $ | 161,823 | $ | 156,097 | $ | 490,026 | $ | 461,320 | |||||||
Less: Foreclosed property activity (GAAP) | (72 | ) | 45 | (141 | ) | (236 | ) | ||||||||
Intangible assets amortization (GAAP) | 1,002 | 1,493 | 3,085 | 4,570 | |||||||||||
Other expense (non-GAAP) | 213 | 793 | 2,923 | 2,270 | |||||||||||
Non-interest expense (non-GAAP) | $ | 160,680 | $ | 153,766 | $ | 484,159 | $ | 454,716 | |||||||
Net interest income (GAAP) | $ | 200,904 | $ | 180,197 | $ | 591,355 | $ | 533,254 | |||||||
Add: Tax-equivalent adjustment (non-GAAP) | 4,340 | 3,478 | 12,509 | 9,735 | |||||||||||
Non-interest income (GAAP) | 65,846 | 66,412 | 193,439 | 193,861 | |||||||||||
Less: Gain on sale of investment securities, net (GAAP) | — | — | — | 414 | |||||||||||
Other (non-GAAP) | (431 | ) | (236 | ) | (1,377 | ) | (1,372 | ) | |||||||
Income (non-GAAP) | $ | 271,521 | $ | 250,323 | $ | 798,680 | $ | 737,808 | |||||||
Efficiency ratio (non-GAAP) | 59.18 | % | 61.43 | % | 60.62 | % | 61.63 | % |
Three months ended September 30, | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | |||||||||||
Assets | |||||||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans and leases | $ | 17,364,519 | $ | 182,269 | 4.14 | % | $ | 16,423,642 | $ | 157,926 | 3.80 | % | |||||
Investment securities (based upon historical amortized cost) | 6,994,661 | 51,130 | 2.92 | 6,784,652 | 49,282 | 2.91 | |||||||||||
FHLB and FRB stock | 135,943 | 1,482 | 4.33 | 185,104 | 1,478 | 3.18 | |||||||||||
Interest-bearing deposits | 58,193 | 173 | 1.17 | 53,852 | 67 | 0.49 | |||||||||||
Loans held for sale | 34,939 | 307 | 3.51 | 58,299 | 440 | 3.02 | |||||||||||
Total interest-earning assets | 24,588,255 | $ | 235,361 | 3.78 | % | 23,505,549 | $ | 209,193 | 3.53 | % | |||||||
Non-interest-earning assets | 1,721,591 | 1,752,981 | |||||||||||||||
Total Assets | $ | 26,309,846 | $ | 25,258,530 | |||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Demand deposits | $ | 4,201,723 | $ | — | — | % | $ | 4,011,712 | $ | — | — | % | |||||
Savings, checking, & money market deposits | 14,577,673 | 10,229 | 0.28 | 13,257,559 | 7,005 | 0.21 | |||||||||||
Time deposits | 2,155,743 | 6,531 | 1.20 | 2,009,433 | 5,589 | 1.11 | |||||||||||
Total deposits | 20,935,139 | 16,760 | 0.32 | 19,278,704 | 12,594 | 0.26 | |||||||||||
Securities sold under agreements to repurchase and other borrowings | 904,854 | 3,847 | 1.66 | 909,560 | 3,447 | 1.48 | |||||||||||
FHLB advances | 1,362,165 | 6,894 | 1.98 | 2,158,911 | 6,979 | 1.26 | |||||||||||
Long-term debt | 225,673 | 2,616 | 4.64 | 225,414 | 2,498 | 4.43 | |||||||||||
Total borrowings | 2,492,692 | 13,357 | 2.11 | 3,293,885 | 12,924 | 1.54 | |||||||||||
Total interest-bearing liabilities | 23,427,831 | $ | 30,117 | 0.51 | % | 22,572,589 | $ | 25,518 | 0.45 | % | |||||||
Non-interest-bearing liabilities | 246,703 | 181,981 | |||||||||||||||
Total liabilities | 23,674,534 | 22,754,570 | �� | ||||||||||||||
Preferred stock | 122,710 | 122,710 | |||||||||||||||
Common shareholders' equity | 2,512,602 | 2,381,250 | |||||||||||||||
Total shareholders' equity | 2,635,312 | 2,503,960 | |||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 26,309,846 | $ | 25,258,530 | |||||||||||||
Tax-equivalent net interest income | $ | 205,244 | $ | 183,675 | |||||||||||||
Less: Tax-equivalent adjustments | (4,340 | ) | (3,478 | ) | |||||||||||||
Net interest income | $ | 200,904 | $ | 180,197 | |||||||||||||
Net interest margin | 3.30 | % | 3.10 | % | |||||||||||||
Nine months ended September 30, | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | |||||||||||
Assets | |||||||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans and leases | $ | 17,225,217 | $ | 526,419 | 4.05 | % | $ | 16,101,807 | $ | 461,399 | 3.79 | % | |||||
Investment securities (based upon historical amortized cost) | 7,031,738 | 157,550 | 2.98 | 6,861,128 | 153,280 | 2.98 | |||||||||||
FHLB and FRB stock | 160,911 | 4,732 | 3.93 | 188,692 | 4,315 | 3.05 | |||||||||||
Interest-bearing deposits | 63,684 | 472 | 0.98 | 57,692 | 216 | 0.49 | |||||||||||
Loans held for sale | 31,373 | 826 | 3.51 | 40,739 | 1,006 | 3.29 | |||||||||||
Total interest-earning assets | 24,512,923 | $ | 689,999 | 3.73 | % | 23,250,058 | $ | 620,216 | 3.54 | % | |||||||
Non-interest-earning assets | 1,666,080 | 1,768,426 | |||||||||||||||
Total Assets | $ | 26,179,003 | $ | 25,018,484 | |||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Demand deposits | $ | 4,039,738 | $ | — | — | % | $ | 3,802,873 | $ | — | — | % | |||||
Savings, checking & money market deposits | 14,315,225 | 26,732 | 0.25 | 13,010,427 | 20,481 | 0.21 | |||||||||||
Time deposits | 2,079,021 | 18,142 | 1.17 | 2,027,336 | 16,786 | 1.11 | |||||||||||
Total deposits | 20,433,984 | 44,874 | 0.29 | 18,840,636 | 37,267 | 0.26 | |||||||||||
Securities sold under agreements to repurchase and other borrowings | 884,975 | 10,970 | 1.63 | 943,458 | 10,999 | 1.53 | |||||||||||
FHLB advances | 1,829,175 | 22,543 | 1.63 | 2,340,055 | 21,517 | 1.21 | |||||||||||
Long-term debt | 225,607 | 7,748 | 4.58 | 225,651 | 7,444 | 4.40 | |||||||||||
Total borrowings | 2,939,757 | 41,261 | 1.85 | 3,509,164 | 39,960 | 1.50 | |||||||||||
Total interest-bearing liabilities | 23,373,741 | $ | 86,135 | 0.49 | % | 22,349,800 | $ | 77,227 | 0.46 | % | |||||||
Non-interest-bearing liabilities | 207,688 | 202,270 | |||||||||||||||
Total liabilities | 23,581,429 | 22,552,070 | |||||||||||||||
Preferred stock | 122,710 | 122,710 | |||||||||||||||
Common shareholders' equity | 2,474,864 | 2,343,704 | |||||||||||||||
Total shareholders' equity | 2,597,574 | 2,466,414 | |||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 26,179,003 | $ | 25,018,484 | |||||||||||||
Tax-equivalent net interest income | $ | 603,864 | $ | 542,989 | |||||||||||||
Less: Tax-equivalent adjustments | (12,509 | ) | (9,735 | ) | |||||||||||||
Net interest income | $ | 591,355 | $ | 533,254 | |||||||||||||
Net interest margin | 3.27 | % | 3.10 | % | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2017 vs. 2016 Increase (decrease) due to | 2017 vs. 2016 Increase (decrease) due to | ||||||||||||||||||
(In thousands) | Rate (1) | Volume | Total | Rate (1) | Volume | Total | |||||||||||||
Interest on interest-earning assets: | |||||||||||||||||||
Loans and leases | $ | 15,634 | $ | 8,708 | $ | 24,342 | $ | 34,294 | $ | 30,725 | $ | 65,019 | |||||||
Loans held for sale | 47 | (181 | ) | (134 | ) | 95 | (215 | ) | (120 | ) | |||||||||
Investments (2) | 366 | 1,594 | 1,960 | 897 | 3,987 | 4,884 | |||||||||||||
Total interest income | $ | 16,047 | $ | 10,121 | $ | 26,168 | $ | 35,286 | $ | 34,497 | $ | 69,783 | |||||||
Interest on interest-bearing liabilities: | |||||||||||||||||||
Deposits | $ | 3,104 | $ | 1,062 | $ | 4,166 | $ | 5,067 | $ | 2,541 | $ | 7,608 | |||||||
Borrowings | 3,034 | (2,601 | ) | 433 | 6,567 | (5,267 | ) | 1,300 | |||||||||||
Total interest expense | $ | 6,138 | $ | (1,539 | ) | $ | 4,599 | $ | 11,634 | $ | (2,726 | ) | $ | 8,908 | |||||
Net change in net interest income | $ | 9,909 | $ | 11,660 | $ | 21,569 | $ | 23,652 | $ | 37,223 | $ | 60,875 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||
Interest rate swaps on repurchase agreements | $ | — | $ | — | $ | — | $ | 361 | |||||
Interest rate swaps on FHLB advances | 1,657 | 2,099 | 5,139 | 6,469 | |||||||||
Interest rate swaps on senior fixed-rate notes | 76 | 76 | 229 | 229 | |||||||||
Interest rate swaps on brokered CDs and deposits | 195 | 195 | 585 | 585 | |||||||||
Net increase to interest expense on borrowings | $ | 1,928 | $ | 2,370 | $ | 5,953 | $ | 7,644 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||
Increase (decrease) | Increase (decrease) | ||||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | Amount | Percent | 2017 | 2016 | Amount | Percent | |||||||||||||||||
Deposit service fees | $ | 38,321 | $ | 35,734 | $ | 2,587 | 7.2 | % | $ | 113,519 | $ | 105,553 | $ | 7,966 | 7.5 | % | |||||||||
Loan related fees | 6,346 | 9,253 | (2,907 | ) | (31.4 | ) | 19,898 | 20,563 | (665 | ) | (3.2 | ) | |||||||||||||
Wealth and investment services | 7,750 | 7,593 | 157 | 2.1 | 22,900 | 21,992 | 908 | 4.1 | |||||||||||||||||
Mortgage banking activities | 2,421 | 4,322 | (1,901 | ) | (44.0 | ) | 8,038 | 11,335 | (3,297 | ) | (29.1 | ) | |||||||||||||
Increase in cash surrender value of life insurance policies | 3,720 | 3,743 | (23 | ) | (0.6 | ) | 10,943 | 11,060 | (117 | ) | (1.1 | ) | |||||||||||||
Gain on sale of investment securities, net | — | — | — | n/m | — | 414 | (414 | ) | n/m | ||||||||||||||||
Impairment loss recognized in earnings | — | — | — | n/m | (126 | ) | (149 | ) | 23 | n/m | |||||||||||||||
Other income | 7,288 | 5,767 | 1,521 | 26.4 | 18,267 | 23,093 | (4,826 | ) | (20.9 | ) | |||||||||||||||
Total non-interest income | $ | 65,846 | $ | 66,412 | $ | (566 | ) | (0.9 | )% | $ | 193,439 | $ | 193,861 | $ | (422 | ) | (0.2 | )% |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||
Increase (decrease) | Increase (decrease) | ||||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | Amount | Percent | 2017 | 2016 | Amount | Percent | |||||||||||||||||
Compensation and benefits | $ | 89,192 | $ | 83,148 | $ | 6,044 | 7.3 | % | $ | 264,822 | $ | 244,089 | $ | 20,733 | 8.5 | % | |||||||||
Occupancy | 14,744 | 15,004 | (260 | ) | (1.7 | ) | 46,957 | 44,915 | 2,042 | 4.5 | |||||||||||||||
Technology and equipment | 22,580 | 19,753 | 2,827 | 14.3 | 66,646 | 59,067 | 7,579 | 12.8 | |||||||||||||||||
Intangible assets amortization | 1,002 | 1,493 | (491 | ) | (32.9 | ) | 3,085 | 4,570 | (1,485 | ) | (32.5 | ) | |||||||||||||
Marketing | 4,045 | 4,622 | (577 | ) | (12.5 | ) | 14,101 | 14,215 | (114 | ) | (0.8 | ) | |||||||||||||
Professional and outside services | 4,030 | 4,795 | (765 | ) | (16.0 | ) | 11,813 | 11,360 | 453 | 4.0 | |||||||||||||||
Deposit insurance | 6,344 | 6,177 | 167 | 2.7 | 19,701 | 19,596 | 105 | 0.5 | |||||||||||||||||
Other expense | 19,886 | 21,105 | (1,219 | ) | (5.8 | ) | 62,901 | 63,508 | (607 | ) | (1.0 | ) | |||||||||||||
Total non-interest expense | $ | 161,823 | $ | 156,097 | $ | 5,726 | 3.7 | % | $ | 490,026 | $ | 461,320 | $ | 28,706 | 6.2 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net income (loss): | |||||||||||||||
Commercial Banking | $ | 30,357 | $ | 31,555 | $ | 93,827 | $ | 80,907 | |||||||
Community Banking | 22,778 | 15,121 | 60,176 | 45,325 | |||||||||||
HSA Bank | 12,856 | 9,815 | 35,125 | 29,286 | |||||||||||
Corporate and Reconciling | (1,495 | ) | (4,674 | ) | (3,582 | ) | (6,051 | ) | |||||||
Total | $ | 64,496 | $ | 51,817 | $ | 185,546 | $ | 149,467 |
At September 30, 2017 | |||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Corporate and Reconciling | Total | ||||||||||
Total assets | $ | 9,428,676 | $ | 8,881,322 | $ | 76,090 | $ | 7,964,094 | $ | 26,350,182 | |||||
Loans and leases | 9,291,257 | 8,155,063 | 101 | — | 17,446,421 | ||||||||||
Goodwill | — | 516,560 | 21,813 | — | 538,373 | ||||||||||
Deposits | 4,251,470 | 11,331,767 | 4,891,024 | 380,974 | 20,855,235 | ||||||||||
Not included in above amounts: | |||||||||||||||
Assets under administration/management | 1,990,988 | 3,231,345 | 1,158,601 | — | 6,380,934 | ||||||||||
At December 31, 2016 | |||||||||||||||
(In thousands) | Commercial Banking | Community Banking | HSA Bank | Corporate and Reconciling | Total | ||||||||||
Total assets | $ | 9,069,445 | $ | 8,721,046 | $ | 83,987 | $ | 8,198,051 | $ | 26,072,529 | |||||
Loans and leases | 9,066,905 | 7,959,558 | 125 | — | 17,026,588 | ||||||||||
Goodwill | — | 516,560 | 21,813 | — | 538,373 | ||||||||||
Deposits | 3,592,531 | 10,970,977 | 4,362,503 | 377,846 | 19,303,857 | ||||||||||
Not included in above amounts: | |||||||||||||||
Assets under administration/management | 1,781,840 | 2,980,113 | 878,190 | — | 5,640,143 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net interest income | $ | 81,925 | $ | 74,265 | $ | 239,118 | $ | 211,422 | |||||||
Provision for loan and lease losses | 12,073 | 7,876 | 29,562 | 29,765 | |||||||||||
Net interest income after provision | 69,852 | 66,389 | 209,556 | 181,657 | |||||||||||
Non-interest income | 13,207 | 15,916 | 39,163 | 41,819 | |||||||||||
Non-interest expense | 38,339 | 35,793 | 113,767 | 103,336 | |||||||||||
Income before income taxes | 44,720 | 46,512 | 134,952 | 120,140 | |||||||||||
Income tax expense | 14,363 | 14,957 | 41,125 | 39,233 | |||||||||||
Net income | $ | 30,357 | $ | 31,555 | $ | 93,827 | $ | 80,907 |
(In thousands) | At September 30, 2017 | At December 31, 2016 | |||||
Total assets | $ | 9,428,676 | $ | 9,069,445 | |||
Loans and leases | 9,291,257 | 9,066,905 | |||||
Deposits | 4,251,470 | 3,592,531 | |||||
Not included in above amounts: | |||||||
Assets under administration/management | 1,990,988 | 1,781,840 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net interest income | $ | 96,859 | $ | 91,995 | $ | 286,351 | $ | 274,186 | |||||||
(Benefit) provision for loan and lease losses | (1,923 | ) | 6,374 | (1,662 | ) | 14,085 | |||||||||
Net interest income after provision | 98,782 | 85,621 | 288,013 | 260,101 | |||||||||||
Non-interest income | 27,079 | 29,130 | 80,516 | 83,248 | |||||||||||
Non-interest expense | 92,478 | 92,508 | 281,979 | 276,045 | |||||||||||
Income before income taxes | 33,383 | 22,243 | 86,550 | 67,304 | |||||||||||
Income tax expense | 10,605 | 7,122 | 26,374 | 21,979 | |||||||||||
Net income | $ | 22,778 | $ | 15,121 | $ | 60,176 | $ | 45,325 |
(In thousands) | At September 30, 2017 | At December 31, 2016 | |||||
Total assets | $ | 8,881,322 | $ | 8,721,046 | |||
Loans | 8,155,063 | 7,959,558 | |||||
Deposits | 11,331,767 | 10,970,977 | |||||
Not included in above amounts: | |||||||
Assets under administration | 3,231,345 | 2,980,113 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net interest income | $ | 26,713 | $ | 20,560 | $ | 76,339 | $ | 60,484 | |||||||
Non-interest income | 19,371 | 16,900 | 58,392 | 54,969 | |||||||||||
Non-interest expense | 27,222 | 23,021 | 84,211 | 71,966 | |||||||||||
Income before income taxes | 18,862 | 14,439 | 50,520 | 43,487 | |||||||||||
Income tax expense | 6,006 | 4,624 | 15,395 | 14,201 | |||||||||||
Net income | $ | 12,856 | $ | 9,815 | $ | 35,125 | $ | 29,286 |
(In thousands) | At September 30, 2017 | At December 31, 2016 | |||||
Total assets | $ | 76,090 | $ | 83,987 | |||
Deposits | 4,891,024 | 4,362,503 | |||||
Not included in above amounts: | |||||||
Assets under administration | 1,158,601 | 878,190 |
At September 30, 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 | $ | 3,596 | $ | — | $ | — | $ | 3,596 | $ | 734 | $ | — | $ | — | $ | 734 | |||||||||
Agency CMO | 332,341 | 2,573 | (3,116 | ) | 331,798 | 419,865 | 3,344 | (3,503 | ) | 419,706 | |||||||||||||||
Agency MBS | 923,819 | 3,214 | (14,056 | ) | 912,977 | 969,460 | 4,398 | (19,509 | ) | 954,349 | |||||||||||||||
Agency CMBS | 599,165 | — | (14,205 | ) | 584,960 | 587,776 | 63 | (14,567 | ) | 573,272 | |||||||||||||||
CMBS | 402,015 | 1,539 | (121 | ) | 403,433 | 473,974 | 4,093 | (702 | ) | 477,365 | |||||||||||||||
CLO | 273,172 | 1,572 | (161 | ) | 274,583 | 425,083 | 2,826 | (519 | ) | 427,390 | |||||||||||||||
Trust preferred | 30,463 | 676 | (202 | ) | 30,937 | 30,381 | — | (1,748 | ) | 28,633 | |||||||||||||||
Corporate debt | 48,334 | 674 | (130 | ) | 48,878 | 108,490 | 1,502 | (350 | ) | 109,642 | |||||||||||||||
Available-for-sale | $ | 2,612,905 | $ | 10,248 | $ | (31,991 | ) | $ | 2,591,162 | $ | 3,015,763 | $ | 16,226 | $ | (40,898 | ) | $ | 2,991,091 | |||||||
Held-to-maturity: | |||||||||||||||||||||||||
Agency CMO | $ | 276,367 | $ | 1,138 | $ | (3,030 | ) | $ | 274,475 | $ | 339,455 | $ | 1,977 | $ | (3,824 | ) | $ | 337,608 | |||||||
Agency MBS | 2,549,500 | 24,275 | (30,012 | ) | 2,543,763 | 2,317,449 | 26,388 | (41,768 | ) | 2,302,069 | |||||||||||||||
Agency CMBS | 708,229 | 280 | (3,549 | ) | 704,960 | 547,726 | 694 | (1,348 | ) | 547,072 | |||||||||||||||
Municipal bonds and notes | 705,411 | 5,213 | (13,150 | ) | 697,474 | 655,813 | 4,389 | (25,749 | ) | 634,453 | |||||||||||||||
CMBS | 257,361 | 3,394 | (197 | ) | 260,558 | 298,538 | 4,107 | (411 | ) | 302,234 | |||||||||||||||
Private Label MBS | 443 | 2 | — | 445 | 1,677 | 12 | — | 1,689 | |||||||||||||||||
Held-to-maturity | $ | 4,497,311 | $ | 34,302 | $ | (49,938 | ) | $ | 4,481,675 | $ | 4,160,658 | $ | 37,567 | $ | (73,100 | ) | $ | 4,125,125 |
At September 30, 2017 | At December 31, 2016 | ||||||||
(Dollars in thousands) | Amount | % | Amount | % | |||||
Residential | $ | 4,473,557 | 25.6 | $ | 4,232,771 | 24.9 | |||
Consumer: | |||||||||
Home equity | 2,304,058 | 13.2 | 2,395,483 | 14.1 | |||||
Other consumer | 247,855 | 1.4 | 274,336 | 1.6 | |||||
Total consumer | 2,551,913 | 14.6 | 2,669,819 | 15.7 | |||||
Commercial: | |||||||||
Commercial non-mortgage | 4,482,191 | 25.7 | 4,151,740 | 24.4 | |||||
Asset-based | 886,475 | 5.1 | 808,836 | 4.8 | |||||
Total commercial | 5,368,666 | 30.8 | 4,960,576 | 29.1 | |||||
Commercial real estate: | |||||||||
Commercial real estate | 4,178,424 | 24.0 | 4,141,025 | 24.3 | |||||
Commercial construction | 290,936 | 1.7 | 375,041 | 2.2 | |||||
Total commercial real estate | 4,469,360 | 25.7 | 4,516,066 | 26.5 | |||||
Equipment financing | 562,171 | 3.2 | 630,040 | 3.7 | |||||
Net unamortized premiums | 14,780 | 0.1 | 9,402 | 0.1 | |||||
Net deferred fees | 5,974 | — | 7,914 | — | |||||
Total loans and leases | $ | 17,446,421 | 100.0 | $ | 17,026,588 | 100.0 |
At September 30, 2017 | At December 31, 2016 | ||||
Non-performing loans and leases as a percentage of loans and leases | 0.94 | % | 0.79 | % | |
Non-performing assets as a percentage of loans and leases plus OREO | 0.97 | 0.81 | |||
Non-performing assets as a percentage of total assets | 0.64 | 0.53 | |||
Loans and leases over 30 days past due and accruing income as a percentage of loans and leases | 0.19 | 0.25 | |||
ALLL as a percentage of non-performing loans and leases | 123.32 | 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) | 0.16 | 0.23 | |||
Ratio of ALLL to net charge-offs (1) | 7.41x | 5.25x |
At September 30, 2017 | At December 31, 2016 | ||||||||
(Dollars in thousands) | Amount | % (1) | Amount | % (1) | |||||
Residential | $ | 11,700 | 0.26 | $ | 11,202 | 0.26 | |||
Consumer: | |||||||||
Home equity | 12,268 | 0.53 | 14,578 | 0.61 | |||||
Other consumer | 3,674 | 1.48 | 3,715 | 1.35 | |||||
Commercial non-mortgage | 2,302 | 0.05 | 1,949 | 0.05 | |||||
Commercial real estate | 1,783 | 0.04 | 8,173 | 0.20 | |||||
Equipment financing | 867 | 0.15 | 1,596 | 0.25 | |||||
Loans and leases past due 30-89 days | 32,594 | 0.19 | 41,213 | 0.24 | |||||
Loans and leases past due 90 days and accruing (2) | 934 | 0.02 | 749 | 0.02 | |||||
Total | $ | 33,528 | 0.19 | $ | 41,962 | 0.25 | |||
Deferred costs and unamortized premiums | 75 | 86 | |||||||
Total loans and leases over 30 days past due and accruing income | $ | 33,603 | $ | 42,048 |
At September 30, 2017 | At December 31, 2016 | ||||||||
(Dollars in thousands) | Amount | % (1) | Amount | % (1) | |||||
Residential | $ | 45,597 | 1.02 | $ | 47,201 | 1.12 | |||
Consumer: | |||||||||
Home equity | 37,057 | 1.61 | 35,875 | 1.50 | |||||
Other consumer | 1,858 | 0.75 | 1,663 | 0.61 | |||||
Total consumer | 38,915 | 1.52 | 37,538 | 1.41 | |||||
Commercial: | |||||||||
Commercial non-mortgage | 58,942 | 1.32 | 38,550 | 0.93 | |||||
Asset-based loans | 8,558 | 0.97 | — | — | |||||
Total commercial | 67,500 | 1.26 | 38,550 | 0.78 | |||||
Commercial real estate: | |||||||||
Commercial real estate | 10,590 | 0.25 | 9,859 | 0.24 | |||||
Commercial construction | 476 | 0.16 | 662 | 0.18 | |||||
Total commercial real estate | 11,066 | 0.25 | 10,521 | 0.23 | |||||
Equipment financing | 570 | 0.10 | 225 | 0.04 | |||||
Total non-accrual loans and leases | 163,648 | 0.94 | 134,035 | 0.79 | |||||
Deferred costs and unamortized premiums | 115 | (219 | ) | ||||||
Total recorded investment in non-accrual loans and leases (2) | $ | 163,763 | $ | 133,816 | |||||
Total non-accrual loans and leases | $ | 163,648 | $ | 134,035 | |||||
Foreclosed and repossessed assets: | |||||||||
Residential and consumer | 4,986 | 3,911 | |||||||
Commercial and equipment financing | 328 | — | |||||||
Total foreclosed and repossessed assets | $ | 5,314 | $ | 3,911 | |||||
Total non-performing assets | $ | 168,962 | $ | 137,946 |
Nine months ended September 30, | |||||||
(In thousands) | 2017 | 2016 | |||||
Beginning balance | $ | 134,035 | $ | 139,941 | |||
Additions | 104,693 | 73,990 | |||||
Paydowns/draws | (48,187 | ) | (46,778 | ) | |||
Charge-offs | (21,002 | ) | (32,999 | ) | |||
Other reductions | (5,891 | ) | (5,936 | ) | |||
Ending balance | $ | 163,648 | $ | 128,218 |
Nine months ended September 30, | |||||||
(In thousands) | 2017 | 2016 | |||||
Beginning balance | $ | 223,528 | $ | 272,690 | |||
Additions | 25,604 | 32,996 | |||||
Paydowns/draws | (25,277 | ) | (49,906 | ) | |||
Charge-offs | (2,999 | ) | (17,927 | ) | |||
Transfers to OREO | (2,506 | ) | (1,853 | ) | |||
Ending balance | $ | 218,350 | $ | 236,000 |
(In thousands) | At September 30, 2017 | At December 31, 2016 | |||||
Accrual status | $ | 135,774 | $ | 147,809 | |||
Non-accrual status | 82,576 | 75,719 | |||||
Total recorded investment of TDRs | $ | 218,350 | $ | 223,528 | |||
Specific reserves for TDRs included in the balance of ALLL | $ | 11,837 | $ | 14,583 | |||
Additional funds committed to borrowers in TDR status | 3,944 | 459 |
At September 30, 2017 | At December 31, 2016 | ||||||||
(Dollars in thousands) | Amount | % (1) | Amount | % (1) | |||||
Residential | $ | 17,774 | 0.40 | $ | 23,226 | 0.55 | |||
Consumer | 38,144 | 1.49 | 45,233 | 1.68 | |||||
Commercial | 89,594 | 1.68 | 71,905 | 1.46 | |||||
Commercial real estate | 49,534 | 1.11 | 47,477 | 1.05 | |||||
Equipment financing | 6,757 | 1.19 | 6,479 | 1.02 | |||||
Total ALLL | $ | 201,803 | 1.16 | $ | 194,320 | 1.14 |
At or for the three months ended September 30, | At or for the nine months ended September 30, | ||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Beginning balance | $ | 199,578 | $ | 180,428 | $ | 194,320 | $ | 174,990 | |||||||
Provision | 10,150 | 14,250 | 27,900 | 43,850 | |||||||||||
Charge-offs: | |||||||||||||||
Residential | (585 | ) | (1,304 | ) | (1,940 | ) | (3,536 | ) | |||||||
Consumer | (6,197 | ) | (5,259 | ) | (18,273 | ) | (14,236 | ) | |||||||
Commercial | (3,002 | ) | (2,561 | ) | (5,321 | ) | (17,294 | ) | |||||||
Commercial real estate | (749 | ) | — | (951 | ) | (2,521 | ) | ||||||||
Equipment financing | (121 | ) | (300 | ) | (425 | ) | (521 | ) | |||||||
Total charge-offs | (10,654 | ) | (9,424 | ) | (26,910 | ) | (38,108 | ) | |||||||
Recoveries: | |||||||||||||||
Residential | 280 | 554 | 924 | 1,408 | |||||||||||
Consumer | 1,894 | 1,313 | 4,337 | 3,721 | |||||||||||
Commercial | 466 | 370 | 1,105 | 1,143 | |||||||||||
Commercial real estate | 10 | 194 | 21 | 480 | |||||||||||
Equipment financing | 79 | 240 | 106 | 441 | |||||||||||
Total recoveries | 2,729 | 2,671 | 6,493 | 7,193 | |||||||||||
Net charge-offs | (7,925 | ) | (6,753 | ) | (20,417 | ) | (30,915 | ) | |||||||
Ending balance | $ | 201,803 | $ | 187,925 | $ | 201,803 | $ | 187,925 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
(Dollars in thousands) | Amount | % (1) | Amount | % (1) | Amount | % (1) | Amount | % (1) | |||||||||||
Residential | $ | 305 | 0.03 | $ | 750 | 0.07 | $ | 1,016 | 0.03 | $ | 2,128 | 0.07 | |||||||
Consumer | 4,303 | 0.67 | 3,946 | 0.58 | 13,936 | 0.71 | 10,515 | 0.51 | |||||||||||
Commercial | 2,536 | 0.19 | 2,191 | 0.19 | 4,216 | 0.11 | 16,151 | 0.48 | |||||||||||
Commercial real estate | 739 | 0.07 | (194 | ) | (0.02) | 930 | 0.03 | 2,041 | 0.07 | ||||||||||
Equipment financing | 42 | 0.03 | 60 | 0.04 | 319 | 0.07 | 80 | 0.02 | |||||||||||
Net charge-offs | $ | 7,925 | 0.18 | $ | 6,753 | 0.16 | $ | 20,417 | 0.16 | $ | 30,915 | 0.26 |
NII | -200bp | -100bp | +100bp | +200bp |
September 30, 2017 | N/A | (6.1)% | 3.5% | 6.5% |
December 31, 2016 | N/A | N/A | 2.4% | 4.7% |
PPNR | -200bp | -100bp | +100bp | +200bp |
September 30, 2017 | N/A | (11.9)% | 5.5% | 10.7% |
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 | |
September 30, 2017 | (8.6)% | (4.3)% | 2.0% | 3.9% | (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 | |
September 30, 2017 | (16.3)% | (8.0)% | 3.2% | 6.3% | (6.3)% | (2.7)% | 2.3% | 4.5% | |
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 | ||||||||||
September 30, 2017 | ||||||||||||
Assets | $ | 26,350,182 | $ | 25,811,516 | $ | 518,087 | $ | (631,956 | ) | |||
Liabilities | 23,711,395 | 22,630,383 | 741,133 | (633,646 | ) | |||||||
Net | $ | 2,638,787 | $ | 3,181,133 | $ | (223,046 | ) | $ | 1,690 | |||
Net change as % base net economic value | (7.0 | )% | 0.1 | % | ||||||||
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 | N/A | (2.7 | )% |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Amount Available for Purchase Under the Plans or Programs (3) | |||||||||||||||||||
January 1, 2024 - January 31, 2024 | 42,931 | $ | 51.28 | — | $ | 293,356,942 | |||||||||||||||||
February 1, 2024 - February 29, 2024 | 273,192 | 46.96 | 215,824 | 283,232,096 | |||||||||||||||||||
March 1, 2024 - March 31, 2024 | 398,455 | 47.35 | 218,237 | 272,952,140 | |||||||||||||||||||
Total | 714,578 | 47.44 | 434,061 | 272,952,140 |
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 | ||||||||||
July 1-31, 2017 | 128,464 | $ | 52.22 | 128,238 | $ | 8,792,599 | — | $ | — | |||||||
August 1-31, 2017 | 93,762 | 52.14 | 93,762 | 3,903,923 | — | — | ||||||||||
September 1-30, 2017 | — | — | — | 3,903,923 | — | — | ||||||||||
Total | 222,226 | 52.18 | 222,000 | 3,903,923 | — | — |
Exhibit Number | Exhibit Description | Exhibit Included | Incorporated by Reference | |||||||||||||||||||||||||||||
Form | Exhibit | Filing Date | ||||||||||||||||||||||||||||||
2 | 8-K | 2.1 | 4/23/2021 | |||||||||||||||||||||||||||||
3 | Certificate of Incorporation and Bylaws. | |||||||||||||||||||||||||||||||
3.1 | 10-Q | 3.1 | 8/9/2016 | |||||||||||||||||||||||||||||
3.2.1 | 8-K | 3.1 | 4/28/2023 | |||||||||||||||||||||||||||||
3.2.2 | 8-K | 3.2 | 2/1/2022 | |||||||||||||||||||||||||||||
3.3 | 8-K | 3.1 | 6/11/2008 | |||||||||||||||||||||||||||||
3.4 | 8-K | 3.1 | 11/24/2008 | |||||||||||||||||||||||||||||
3.5 | 8-K | 3.1 | 7/31/2009 | |||||||||||||||||||||||||||||
3.6 | 8-K | 3.2 | 7/31/2009 | |||||||||||||||||||||||||||||
3.7 | 8-A12B | 3.3 | 12/4/2012 | |||||||||||||||||||||||||||||
3.8 | 8-A12B | 3.3 | 12/12/2017 | |||||||||||||||||||||||||||||
3.9 | 8-A12B | 3.4 | 2/1/2022 | |||||||||||||||||||||||||||||
3.10 | 8-K | 3.1 | 3/17/2020 | |||||||||||||||||||||||||||||
3.11 | 8-K | 3.5 | 2/1/2022 | |||||||||||||||||||||||||||||
10.1 | DEF 14A | A | 3/15/2023 | |||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||
32.1 | X (1) | |||||||||||||||||||||||||||||||
32.2 | X (1) | |||||||||||||||||||||||||||||||
101 | The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) Cover Page, (ii) Condensed Consolidated Balance Sheets, (iii) Condensed Consolidated Statements Of Income, (iv) Condensed Consolidated Statements Of Comprehensive Income, (v) Condensed Consolidated Statements Of Stockholders' Equity, (vi) Condensed Consolidated Statements Of Cash Flows, and (vii) Notes to Condensed Consolidated Financial Statements, tagged in summary and in detail. | X | ||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101) | X |
Exhibit Number | Exhibit Description | Filed Herewith | Incorporated by Reference | |||||||
Form | Exhibit | Filing Date | ||||||||
3 | Certificate of Incorporation and Bylaws. | |||||||||
3.1 | 10-Q | 3.1 | 8/9/2016 | |||||||
3.2 | 8-K | 3.1 | 6/11/2008 | |||||||
3.3 | 8-K | 3.1 | 11/24/2008 | |||||||
3.4 | 8-K | 3.1 | 7/31/2009 | |||||||
3.5 | 8-K | 3.2 | 7/31/2009 | |||||||
3.6 | 8-A12B | 3.3 | 12/4/2012 | |||||||
3.7 | 8-K | 3.1 | 6/12/2014 | |||||||
10.1 * | 8-K | 10.1 | 9/19/2017 | |||||||
31.1 | X | |||||||||
31.2 | X | |||||||||
32.1 + | X | |||||||||
32.2 + | 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 |
WEBSTER FINANCIAL CORPORATION | ||||||||||||||
(Registrant) | ||||||||||||||
Date: May 10, 2024 | By: | /s/ John R. Ciulla | ||||||||||||
John R. Ciulla | ||||||||||||||
Chief Executive Officer, Chairman, and Director | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: May 10, 2024 | By: | /s/ Glenn I. MacInnes | ||||||||||||
Glenn I. MacInnes | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||
Date: May 10, 2024 | By: | /s/ Albert J. Wang | ||||||||||||
Albert J. Wang | ||||||||||||||
Executive Vice President and Chief Accounting Officer | ||||||||||||||
(Principal Accounting Officer) | ||||||||||||||