Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document and Entity Information [Abstract] | ||
Document Period End Date | Sep. 30, 2017 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Registrant Name | WEBSTER FINANCIAL CORPORATION | |
Entity Common Stock, Shares Outstanding | 92,074,790 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | WBS | |
Entity Central Index Key | 801,337 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
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: | ||
Noninterest-bearing Deposit Liabilities | 4,138,206 | 4,021,061 |
Interest-bearing Deposit Liabilities | 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 (93,651,601 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 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Securities held-to-maturity ,fair value | $ 4,481,675 | $ 4,125,125 |
Originated loans held for sale | $ 32,855 | $ 60,260 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 5,060 | 5,060 |
Preferred stock, shares outstanding (in shares) | 5,060 | 5,060 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 93,679,599 | 93,651,601 |
Treasury stock ,shares (in shares) | 1,764,131 | 1,899,502 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 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 | 0 | 0 | 0 | 414 |
Impairment loss on investment securities recognized in earnings | 0 | 0 | (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 (loss) 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 (in dollars per share) | $ 0.68 | $ 0.54 | $ 1.95 | $ 1.57 |
Diluted (in dollars per share) | $ 0.67 | $ 0.54 | $ 1.94 | $ 1.56 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
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 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Series E Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Series E Preferred Stock [Member] | Treasury Stock, at cost [Member] | AOCI Attributable to Parent [Member] |
Beginning Balance at Dec. 31, 2015 | $ 2,413,960 | $ 122,710 | $ 937 | $ 1,124,325 | $ 1,315,948 | $ (71,854) | $ (78,106) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 149,467 | 149,467 | |||||||
Other comprehensive income, net of tax | 24,953 | 24,953 | |||||||
Dividends and dividend equivalents declared on common stock $0.25 and $0.23 per share during the 3 months ended March 31, 2017 and 2016, respectively | (66,979) | 109 | (67,088) | ||||||
Dividends on Series E preferred stock $400.00 per share for the 3 months ended March 31, 2017 and 2016 | $ (6,072) | $ (6,072) | |||||||
Stock-based compensation, net of tax impact | 10,689 | 2,413 | 245 | 8,031 | |||||
Exercise of stock options | 2,372 | (1,307) | 3,679 | ||||||
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) | |||||||
Ending Balance at Sep. 30, 2016 | 2,511,629 | 122,710 | 937 | 1,125,377 | 1,392,500 | (76,742) | (53,153) | ||
Beginning Balance at Jun. 30, 2016 | (57,511) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 51,817 | ||||||||
Other comprehensive income, net of tax | 4,358 | 4,358 | |||||||
Ending Balance at Sep. 30, 2016 | 2,511,629 | 122,710 | 937 | 1,125,377 | 1,392,500 | (76,742) | (53,153) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Fair Value | 4,125,125 | ||||||||
Beginning Balance at Dec. 31, 2016 | 2,527,012 | 122,710 | 937 | 1,125,937 | 1,425,320 | (70,899) | (76,993) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 185,546 | 185,546 | |||||||
Other comprehensive income, net of tax | 7,895 | 7,895 | |||||||
Dividends and dividend equivalents declared on common stock $0.25 and $0.23 per share during the 3 months ended March 31, 2017 and 2016, respectively | (70,972) | 124 | (71,096) | ||||||
Dividends on Series E preferred stock $400.00 per share for the 3 months ended March 31, 2017 and 2016 | $ (6,072) | $ (6,072) | |||||||
Stock-based compensation, net of tax impact | 10,957 | 1,887 | 9,070 | ||||||
Exercise of stock options | 5,301 | (2,376) | 7,677 | ||||||
Common shares acquired related to stock compensation plan activity | (9,295) | (9,295) | |||||||
Common stock repurchase program | (11,585) | (11,585) | |||||||
Ending Balance at Sep. 30, 2017 | 2,638,787 | 122,710 | 937 | 1,123,685 | 1,535,585 | (75,032) | (69,098) | ||
Beginning Balance at Jun. 30, 2017 | (72,082) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 64,496 | ||||||||
Other comprehensive income, net of tax | 2,984 | 2,984 | |||||||
Ending Balance at Sep. 30, 2017 | 2,638,787 | $ 122,710 | $ 937 | $ 1,123,685 | $ 1,535,585 | $ (75,032) | $ (69,098) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Fair Value | $ 4,481,675 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Dividends on common stock and dividend equivalents declared (in dollars per share) | $ 0.77 | $ 0.73 |
Series E Preferred Stock [Member] | ||
Dividends on preferred stock (in dollars per share) | $ 1,200 | $ 1,200 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 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 | 0 | (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 | 0 | 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 Policy | 746 | 0 |
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 | 0 |
Net cash used for investing activities | (353,456) | (924,393) |
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 | 0 | 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 | 0 | (163) |
Net cash (used for) provided by financing activities | 77,762 | 737,122 |
Net decrease 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: | ||
Real Estate Owned, Transfer to Real Estate Owned | 6,503 | 4,917 |
Transfer of loans from portfolio to loans-held-for-sale | $ 0 | $ 20,547 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Nature of Operations Webster Financial Corporation is a bank holding company and financial holding company under the Bank Holding Company Act, incorporated under the laws of Delaware in 1986 and headquartered in Waterbury, Connecticut. At September 30, 2017 , Webster Financial Corporation's principal asset is all of the outstanding capital stock of Webster Bank. Webster delivers financial services to individuals, families, and businesses primarily within its regional footprint from New York to Massachusetts. Webster provides business and consumer banking, mortgage lending, financial planning, trust, and investment services through banking offices, ATMs, mobile banking, and its internet website ( www.websterbank.com or www.wbst.com ). Webster also offers equipment financing, commercial real estate lending, and asset-based lending primarily across the Northeast. On a nationwide basis, through its HSA Bank division, Webster Bank offers and administers health savings accounts, flexible spending accounts, health reimbursement accounts, and commuter benefits. Basis of Presentation The accounting and reporting policies of the Company that materially affect its financial statements conform with GAAP. The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in conformity with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements and should be read in conjunction with the Company's Consolidated Financial Statements, and Notes thereto, for the year ended December 31, 2016 , included in the Company's Annual Report on Form 10-K filed with the SEC on March 1, 2017. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as income and expense during the period. Actual results could differ from those estimates. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the full year or any future period. Certain prior period amounts have been reclassified to conform to the current year's presentation. These reclassifications had an immaterial effect on non-interest income, non-interest expense, net cash provided by operating activities, and net cash used for investing activities. Significant Accounting Policy Updates Centrally Cleared Derivatives Effective during the first quarter of 2016, the Company offset the variation margin pertaining to derivatives reported on a net basis, subject to a legally enforceable master netting arrangement, with the same counterparty against the net derivative position on the Company's balance sheets. The Chicago Mercantile Exchange has amended their rulebooks to legally characterize variation margin payments for over-the-counter derivatives that clear, as settlements rather than collateral, effective January 3, 2017. The Company has updated its significant accounting policies to classify variation margin deemed to be legal settlements as a single unit of account with the derivative, for accounting and presentation purposes. The policy update does not result in a change in the presentation of the Company's balance sheets as the Company previously offset the variation margin pertaining to derivatives reporting on a net basis, subject to a legally enforceable master netting arrangement, with the same counterparty against the net derivative position. Accounting Standards Adopted during 2017 Effective January 1, 2017, the following new accounting guidance was adopted by the Company: ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share Based Payment Accounting The Update impacted the accounting for employee share-based payment transactions, including the income tax consequences, and classification on the statement of cash flows. The Update requires the Company to recognize the income tax effects of awards in the income statement on a prospective basis when the awards vest or are settled, compared to within additional paid-in capital. As a result, applicable excess tax benefits and tax deficiencies are recorded as an income tax benefit or expense, respectively. The Company elected to present the classification on the statement of cash flows on a prospective basis to better align this presentation with the income tax effects. The impact of the Update will vary from period to period based on the Company's stock price and the quantity of shares that vest or are settled within a given period. The Update also requires the Company to elect the accounting for forfeitures of share-based payments by either (i) recognizing forfeitures of awards as they occur or (ii) estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as is currently required. The Company elected to account for forfeitures of share-based payments by estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, which is in accordance with the Company's previous accounting practices. The adoption of this accounting standard did not have a material impact on the Company's financial statements. ASU No. 2016-06, Derivatives and Hedging (Topic 815) - Contingent Put and Call Options in Debt Instruments. The Update clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. The Update requires the assessment of embedded call (put) options solely in accordance with the four-step decision sequence. The Update clarified that companies are not required to assess whether the event triggering the ability to exercise the call/put option was also clearly and closely related. The adoption of this accounting standard did not have a material impact on the Company's financial statements, as the Company has not performed the additional step of assessing whether the event triggering the ability to exercise the call (put) option was clearly and closely related, which was deemed not required by the Update. Accounting Standards Issued but not yet Adopted The following list identifies ASUs applicable to the Company that have been issued by the FASB but are not yet effective: ASU No. 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities. The purpose of the Update is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The update requires a modified retrospective transition method in which the Company will recognize a cumulative effect of the change on the opening balance for each affected component of equity in the financial statements as of the date of adoption. The Company is in the process of assessing all potential impacts of the standard. The Update is effective for the first quarter of 2019, early adoption is permitted. The Company is evaluating the potential to early adopt the Update. ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities. The Update is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities. Specifically, the Update shortens the amortization period for certain investments in callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. The Update is being issued in response to concerns from stakeholders that, current GAAP excludes certain callable debt securities from consideration of early repayment of principal even if the holder is certain that the call will be exercised. The Update, upon adoption, is expected to accelerate the Company’s recognition of premium amortization on debt securities held within the portfolio. The amendments in the Update will be applied on a modified retrospective basis through a cumulative-effect adjustment directly through retained earnings upon adoption. Management is in the process of evaluating the full impact of adopting the Update including, but not limited to the following: • Modifying system amortization requirements; • Evaluation of premiums associated with debt securities to determine the appropriate cumulative-effect adjustment; and • Establishing new accounting policies pertaining to premium amortization on purchased callable debt securities. The Update is effective for the first quarter of 2019, early adoption is permitted. The Company is evaluating the potential to early adopt the Update. ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The Update requires the Company to disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the Update requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The new guidance will be applied on a retrospective basis. The Company intends to adopt the Update for the first quarter of 2018. The Company does not expect this guidance to have a material impact on its consolidated financial statements. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. The Update eliminates Step 2 from the goodwill impairment analysis. Step 2, requires the Company to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities). Under current guidance, Step 2 testing would be performed only if Step 1 testing indicated the fair value of the reporting unit is below the reporting unit’s carrying amount. Once effective the Update will require the Company to record an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, eliminating the Step 2 requirements. The Company intends to adopt the Update for the first quarter of 2020. Adoption is not anticipated to have a material impact on the Company's financial statements. ASU No. 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. The Update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The Update addresses the following eight issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The Company intends to adopt the Update for the first quarter of 2018. The Company does not expect this guidance to have a material impact on its consolidated financial statements. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments. Current GAAP requires an "incurred loss" methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. Both financial institutions and users of their financial statements expressed concern that current GAAP restricts the ability to record credit losses that are expected, but do not yet meet the "probable" threshold. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Change from an "incurred loss" method to an "expected loss" method represents a fundamental shift from existing GAAP, and is likely to result in a material increase to the Company's accounting for credit losses on financial instruments. The Company has established a project lead and identified a working group comprised of members from different disciplines including Credit, Finance and Information Technology. The Company is in the early stages of evaluation of the effect that this ASU will have on its financial statements and related disclosures, but has begun to develop a roadmap which includes a consideration of external resources that may be required, use of existing and new models, data availability and system solutions to facilitate implementation. The ASU will be effective for the Company as of the first quarter 2020. While we are currently unable to reasonably estimate the impact of adopting the Update, we expect the impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the economic conditions as of the adoption date. ASU No. 2016-02, Leases (Topic 842). The Update introduces a lessee model that brings most leases on the balance sheet. The Update also aligns certain of the underlying principles of the new lessor model with those in ASC 606 "Revenue from Contracts with Customers", the FASB’s new revenue recognition standard (e.g., evaluating how collectability should be considered and determining when profit can be recognized). Furthermore, the Update addresses other concerns including the elimination of the required use of bright-line tests for determining lease classification. Lessors are required to provide additional transparency into the exposure to the changes in value of their residual assets and how they manage that exposure. The Company intends to adopt the Update for the first quarter of 2019 using the modified retrospective method. The Company is in the early assessment stage and will continue to review the existing lease portfolio to evaluate the impact of the new accounting guidance on the financial statements. ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. Equity investments not accounted for under the equity method or those that do not result in consolidation of the investee are to be measured at fair value with changes in the fair value recognized through net income. Entities are to present separately in other comprehensive income, the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when an election to measure the liability at fair value in accordance with the fair value option for financial instruments has been made. Also, the requirement to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet has been eliminated. The Company intends to adopt the Update for the first quarter of 2018. Adoption is not anticipated to have a material impact on the Company's financial statements. ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Also, subsequent ASUs issued to clarify this Topic. The Update requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Update excludes the Company's revenue associated with net interest income, and certain non-interest income lines items (loan and lease related fees, mortgage banking activities, increase in cash surrender value of life insurance policies, gain on sale of investment securities, net, impairment loss on securities recognized in earnings, and a majority of other income). As a result a substantial amount of the Company's revenue will not be affected. The Company's deposit service fees, wealth and investment services, and certain other non-interest income items are within the scope of the Update. The Company's evaluation of the impacted revenue streams and associated customer contracts is near completion. While the assessment is not complete, the timing of the Company's revenue recognition is not expected to materially change. The disclosure objective of the Update is to provide users of the financial statement with sufficient information to understand the nature, amount, timing and uncertainty of revenue, certain costs, and cash flows arising from contracts with customers. The Company expects to provide expanded qualitative disclosure pertaining to significant judgments, accounting policy elections and the nature, timing, and uncertainty of revenue arising from contracts with customers. Further the Company expects to provide expanded quantitative disclosure pertaining to the disaggregation of revenue arising from contracts with customers. The Company continues to assess the impact of the changes in disclosure required by guidance. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities A summary of the amortized cost and fair value of investment securities is presented below: 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 Other-Than-Temporary Impairment The balance of OTTI, included in the amortized cost columns above, is related to certain CLO positions that were previously considered Covered Funds as defined by Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule. The Company has taken measures to bring its CLO positions into conformance with the Volcker Rule. During the nine months ended September 30, 2017 , OTTI of $126 thousand , related to principal held back in conjunction with the exercise of a clean-up call option for a Private Label MBS security, was recognized. To the extent that changes occur in interest rates, credit movements, and other factors that impact fair value and expected recovery of amortized cost of its investment securities, the Company may, in future periods, be required to recognize OTTI in earnings. The following table presents the changes in OTTI: 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 Fair Value and Unrealized Losses The following tables provide information on fair value and unrealized losses for the individual investment securities with an unrealized loss, aggregated by classification and length of time that the individual investment securities have been in a continuous unrealized loss position: At September 30, 2017 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses # of Holdings Fair Value Unrealized Losses Available-for-sale: 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 ) 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 ) Impairment Analysis The following impairment analysis by investment security type, summarizes the basis for evaluating if investment securities within the Company’s available-for-sale and held-to-maturity portfolios have been impacted by OTTI. Unless otherwise noted for an investment security type, management does not intend to sell these investment securities and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell these investment securities before the recovery of their amortized cost. As such, based on the following impairment analysis, the Company does not consider these investment securities, in unrealized loss positions, to be other-than-temporarily impaired at September 30, 2017 . Available-for-Sale Agency CMO. There were unrealized losses of $3.1 million on the Company’s investment in Agency CMO at September 30, 2017 , compared to $3.5 million at December 31, 2016 . Unrealized losses decreased due to lower principal balances for this asset class at September 30, 2017 compared to December 31, 2016 . Market prices remained essentially unchanged. These investments are issued by a government agency or a government-sponsored agency and, therefore, are backed by certain government guarantees, either direct or indirect. The contractual cash flows for these investments are performing as expected, and there has been no change in the underlying credit quality. Agency MBS. There were unrealized losses of $14.1 million on the Company’s investment in Agency MBS at September 30, 2017 , compared to $19.5 million at December 31, 2016 . Unrealized losses decreased due to lower principal balances for this asset class at September 30, 2017 compared to December 31, 2016 . Market prices remained essentially unchanged. These investments are issued by a government agency or a government-sponsored agency and, therefore, are backed by certain government guarantees, either direct or indirect. The contractual cash flows for these investments are performing as expected, and there has been no change in the underlying credit quality. Agency CMBS. There were unrealized losses of $14.2 million on the Company's investment in Agency CMBS at September 30, 2017 , compared to $14.6 million at December 31, 2016 . Unrealized losses decreased while principal balances remained essentially unchanged. Market prices were slightly higher at September 30, 2017 compared to December 31, 2016 . These investments are issued by a government agency or a government-sponsored agency and, therefore, are backed by certain government guarantees, either direct or indirect. The contractual cash flows for these investments are performing as expected, and there has been no change in the underlying credit quality. CMBS. There were unrealized losses of $0.1 million on the Company’s investment in CMBS at September 30, 2017 , compared to $0.7 million at December 31, 2016 . The portfolio of mainly floating rate CMBS experienced lower principal balances and lower market spreads which resulted in higher security prices and smaller unrealized losses at September 30, 2017 compared to December 31, 2016 . Internal and external metrics are considered when evaluating potential OTTI. Internal stress tests are performed on individual bonds to monitor potential losses under stress scenarios. Contractual cash flows for these investments are performing as expected. CLO. There were unrealized losses of $0.2 million on the Company's investment in CLO at September 30, 2017 , compared to $0.5 million at December 31, 2016 . Unrealized losses decreased due to lower principal balances and lower market spreads for the CLO portfolio at September 30, 2017 compared to December 31, 2016 . Internal and external metrics are considered when evaluating potential OTTI. Contractual cash flows for these investments are performing as expected. Trust preferred. There were unrealized losses of $0.2 million on the Company's investment in trust preferred at September 30, 2017 , compared to $1.7 million at December 31, 2016 . Unrealized losses decreased due to lower market spreads for this asset class, which resulted in higher security prices compared to December 31, 2016 . The trust preferred portfolio consists of three floating rate investments issued by two different large capitalization money center financial institutions, which continue to service the debt. The Company performs periodic credit reviews of the issuer to assess the likelihood for ultimate recovery of amortized cost. Corporate debt. There were $0.1 million unrealized losses on the Company's corporate debt at September 30, 2017 , compared to $0.4 million at December 31, 2016 . Unrealized losses decreased due to lower principal balances for this asset class at September 30, 2017 compared to December 31, 2016 . Market prices remained essentially unchanged. The Company performs periodic credit reviews of the issuer to assess the likelihood for ultimate recovery of amortized cost. Held-to-Maturity Agency CMO. There were unrealized losses of $3.0 million on the Company’s investment in Agency CMO at September 30, 2017 compared to $3.8 million at December 31, 2016 . Unrealized losses decreased due to lower principal balances for this asset class at September 30, 2017 compared to December 31, 2016 . Market prices remained essentially unchanged. These investments are issued by a government agency or a government-sponsored agency and, therefore, are backed by certain government guarantees, either direct or indirect. The contractual cash flows for these investments are performing as expected, and there has been no change in the underlying credit quality. Agency MBS. There were unrealized losses of $30.0 million on the Company’s investment in Agency MBS at September 30, 2017 , compared to $41.8 million at December 31, 2016 . Unrealized losses decreased due to lower principal balances for this asset class at September 30, 2017 compared to December 31, 2016 . Market prices remained essentially unchanged. These investments are issued by a government agency or a government-sponsored agency and, therefore, are backed by certain government guarantees, either direct or indirect. There has been no change in the underlying credit quality, and the contractual cash flows are performing as expected. Agency CMBS. There were unrealized losses of $3.5 million on the Company's investment in Agency CMBS at September 30, 2017 , compared to $1.3 million at December 31, 2016 . Unrealized losses increased due to lower prices on recently purchased ACMBS as principal balances increased at September 30, 2017 compared to December 31, 2016 . These investments are issued by a government agency or a government-sponsored agency and, therefore, are backed by certain government guarantees, either direct or indirect. There has been no change in the underlying credit quality, and the contractual cash flows are performing as expected. Municipal bonds and notes. There were unrealized losses of $13.2 million on the Company’s investment in municipal bonds and notes at September 30, 2017 , compared to $25.7 million at December 31, 2016 . Unrealized losses decreased due to lower market rates which resulted in higher prices at September 30, 2017 . The Company performs periodic credit reviews of the issuers and these investments are currently performing as expected. CMBS. There were unrealized losses of $0.2 million on the Company’s investment in CMBS at September 30, 2017 , compared to $0.4 million at December 31, 2016 . Unrealized losses were approximately the same, for the portfolio comprised mainly of seasoned fixed rate conduit transactions, at September 30, 2017 compared to December 31, 2016 . Internal and external metrics are considered when evaluating potential OTTI. Internal stress tests are performed on individual bonds to monitor potential losses under stress scenarios. The contractual cash flows for these investments are performing as expected. Sales of Available-for Sale Investment Securities There were no sales during the three and nine months ended September 30, 2017 , or the three months ended September 30, 2016 . For the nine months ended September 30, 2016, there were sales resulting in proceeds of $259.3 million , with the related gross realized gains and gross realized losses of $2.9 million and $2.5 million , respectively. Contractual Maturities The amortized cost and fair value of debt securities by contractual maturity are set forth below: 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 For the maturity schedule above, mortgage-backed securities and CLO, which are not due at a single maturity date, have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this maturity date presentation as borrowers have the right to prepay obligations with or without prepayment penalties. At September 30, 2017 , the Company had a carrying value of $1.2 billion in callable investment securities in its CMBS, CLO, and municipal bond portfolios. The Company considers prepayment risk in the evaluation of its interest rate risk profile. These maturities may not reflect actual durations, which may be impacted by prepayments. Investment securities with a carrying value totaling $2.8 billion at September 30, 2017 and $2.5 billion at December 31, 2016 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Company has an investment interest in several entities that meet the definition of a VIE. The following discussion provides information about the Company's VIEs. Consolidated Rabbi Trust. The Company established a Rabbi Trust to meet the obligations due under its Deferred Compensation Plan for Directors and Officers and to mitigate the expense volatility of the aforementioned plan. The funding of the Rabbi Trust and the discontinuation of the Deferred Compensation Plan for Directors and Officers occurred during 2012. Investments held in the Rabbi Trust primarily consist of mutual funds that invest in equity and fixed income securities. The Company is considered the primary beneficiary of the Rabbi Trust as it has the power to direct the activities of the Rabbi Trust that significantly affect the VIE's economic performance and it has the obligation to absorb losses of the VIE that could potentially be significant to the VIE. The Company consolidates the invested assets of the trust along with the total deferred compensation obligations and includes them in accrued interest receivable and other assets and accrued expenses and other liabilities, respectively, in the accompanying Condensed Consolidated Balance Sheets. Earnings in the Rabbi Trust, including appreciation or depreciation, are reflected as other non-interest income, and changes in the corresponding liability are reflected as compensation and benefits, in the accompanying Condensed Consolidated Statements of Income. Non-Consolidated Securitized Investments. The Company, through normal investment activities, makes passive investments in securities issued by VIEs for which Webster is not the manager. The investment securities consist of Agency CMO, Agency MBS, Agency CMBS, CLO and trust preferred. The Company has not provided financial or other support with respect to these investment securities other than its original investment. For these investment securities, the Company determined it is not the primary beneficiary due to the relative size of its investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and its inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss is limited to the amount of its investment in the VIEs. Refer to Note 2: Investment Securities for additional information. Tax Credit - Finance Investments. The Company makes equity investments in entities that finance affordable housing and other community development projects and provide a return primarily through the realization of tax benefits. In most instances the investments require the funding of capital commitments in the future. While the Company's investment in an entity may exceed 50% of its outstanding equity interests, the entity is not consolidated as Webster is not involved in its management. For these investments, the Company determined it is not the primary beneficiary due to its inability to direct the activities that most significantly impact the economic performance of the VIEs. At September 30, 2017 and December 31, 2016 , the aggregate carrying value of the Company's tax credit-finance investments were $35.7 million and $22.8 million , respectively. At September 30, 2017 and December 31, 2016 , unfunded commitments have been recognized, totaling $24.3 million and $14.0 million , respectively, and are included in accrued expenses and other liabilities in the accompanying Condensed Consolidated Balance Sheets. Webster Statutory Trust. The Company owns all of the outstanding common stock of Webster Statutory Trust, which is a financial vehicle that has issued, and may issue in the future, trust preferred securities. The trust is a VIE in which the Company is not the primary beneficiary and therefore, is not consolidated. The trust's only assets are junior subordinated debentures issued by the Company, which were acquired by the trust using the proceeds from the issuance of the trust preferred securities and common stock. The junior subordinated debentures are included in long-term debt in the accompanying Condensed Consolidated Balance Sheets, and the related interest expense is reported as interest expense on long-term debt in the accompanying Condensed Consolidated Statements of Income. Other Investments. The Company invests in various alternative investments in which it holds a variable interest. Alternative investments are non-public entities which cannot be redeemed since the Company’s investment is distributed as the underlying equity is liquidated. For these investments, the Company has determined it is not the primary beneficiary due to its inability to direct the activities that most significantly impact the economic performance of the VIEs. At September 30, 2017 and December 31, 2016 , the aggregate carrying value of the Company's other investments in VIEs were $13.0 million and $12.3 million , respectively, and the total exposure of the Company's other investments in VIEs, including unfunded commitments, were $22.4 million and $19.9 million , respectively. The Company's equity interests in Tax Credit-Finance Investments, Webster Statutory Trust, and Other Investments are included in accrued interest receivable and other assets in the accompanying Condensed Consolidated Balance Sheets. For a further description of the Company's accounting policies regarding the consolidation of a VIE, refer to Note 1 to the Consolidated Financial Statements for the year ended December 31, 2016 included in its 2016 |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | Loans and Leases The following table summarizes loans and leases: (In thousands) At September 30, 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 (1) Loans and leases include net deferred fees and net premiums/discounts of $20.8 million and $17.3 million at September 30, 2017 and December 31, 2016 , respectively. (2) At September 30, 2017 , the Company had pledged $6.7 billion of eligible residential, consumer and commercial loans as collateral to support borrowing capacity at the FHLB Boston and the FRB of Boston. Loans and Leases Aging The following tables summarize the aging of loans and leases: At September 30, 2017 (In thousands) 30-59 Days Past Due and Accruing 60-89 Days 90 or More Days Past Due and Accruing Non-accrual Total Past Due and Non-accrual Current Total Loans 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 60-89 Days Past Due and Accruing 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans 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 Interest on non-accrual loans and leases that would have been recorded as additional interest income had the loans and leases been current in accordance with the original terms totaled $2.8 million and $3.7 million for the three months ended September 30, 2017 and 2016 , respectively, and $6.4 million and $8.4 million for the nine months ended September 30, 2017 and 2016 , respectively. Allowance for Loan and Lease Losses The following tables summarize the activity in, as well as the loan and lease balances that were evaluated for, the ALLL: 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 Impaired Loans and Leases The following tables summarize impaired loans and leases: At September 30, 2017 (In thousands) Unpaid Principal Balance Total 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 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 The following table summarizes the average recorded investment and interest income recognized for impaired loans and leases: 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 Accrued Cash Basis Interest Income Average Recorded Investment Accrued Cash Basis Interest Income Average Recorded Investment Accrued 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 Credit Quality Indicators. To measure credit risk for the commercial, commercial real estate, and equipment financing portfolios, the Company employs a dual grade credit risk grading system for estimating the probability of borrower default and the loss given default. The credit risk grade system assigns a rating to each borrower and to the facility, which together form a Composite Credit Risk Profile. The credit risk grade system categorizes borrowers by common financial characteristics that measure the credit strength of borrowers and facilities by common structural characteristics. The Composite Credit Risk Profile has ten grades, with each grade corresponding to a progressively greater risk of default. Grades (1) - (6) are considered pass ratings, and (7) - (10) are considered criticized, as defined by the regulatory agencies. Risk ratings, assigned to differentiate risk within the portfolio, are reviewed on an ongoing basis and revised to reflect changes in a borrower's current financial position and outlook, risk profile, and the related collateral and structural position. Loan officers review updated financial information on at least an annual basis for all pass rated loans to assess the accuracy of the risk grade. Criticized loans undergo more frequent reviews and enhanced monitoring. A (7) "Special Mention" credit has the potential weakness that, if left uncorrected, may result in deterioration of the repayment prospects for the asset. An (8) "Substandard" asset has a well defined weakness that jeopardizes the full repayment of the debt. An asset rated (9) "Doubtful" has all of the same weaknesses as a substandard credit with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, improbable. Assets classified as (10) "Loss" in accordance with regulatory guidelines are considered uncollectible and charged off. The following table summarizes commercial, commercial real estate and equipment financing loans and leases segregated by risk rating exposure: Commercial Commercial Real Estate Equipment Financing (In thousands) At September 30, At December 31, At September 30, At December 31, At September 30, At December 31, (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 For residential and consumer loans, the Company considers factors such as past due status, updated FICO scores, employment status, collateral, geography, loans discharged in bankruptcy, and the status of first lien position loans on second lien position loans as credit quality indicators. On an ongoing basis for portfolio monitoring purposes, the Company estimates the current value of property secured as collateral for both home equity and residential first mortgage lending products. The estimate is based on home price indices compiled by the S&P/Case-Shiller Home Price Indices. The trend data is applied to the loan portfolios taking into account the age of the most recent valuation and geographic area. Troubled Debt Restructurings The following table summarizes information for TDRs: (Dollars in thousands) At September 30, 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 For the portion of TDRs deemed to be uncollectible, Webster charged off $0.4 million and $3.0 million for the three months ended September 30, 2017 and 2016 , respectively, and $3.0 million , and $17.9 million for the nine months ended September 30, 2017 and 2016 , respectively. The following table provides information on the type of concession for loans and leases modified as TDRs: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Number of Post- (1) Number of Post- (1) Number of Post- (1) Number of Post- (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 (1) Post-modification balances approximate pre-modification balances. The aggregate amount of charge-offs as a result of the restructurings was not significant. (2) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. Loans and leases modified as TDRs within the previous 12 months and for which there was a payment default, consisted of one residential loan with a recorded investment of $248 thousand for both the three and nine months ended September 30, 2017. There were no such loans and leases for both the three and nine months ended September 30, 2016. The recorded investment of TDRs in commercial, commercial real estate, and equipment financing segregated by risk rating exposure is as follows: (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 |
Transfers of Financial Assets
Transfers of Financial Assets | 9 Months Ended |
Sep. 30, 2017 | |
Transfers and Servicing [Abstract] | |
Transfers of Financial Assets | Transfers of Financial Assets The Company sells financial assets in the normal course of business, primarily residential mortgage loans sold to government-sponsored enterprises through established programs and securitizations. The gain or loss on residential mortgage loans sold and the related origination fee income, and the fair value adjustment to loans held-for-sale are included as mortgage banking activities in the accompanying Condensed Consolidated Statements of Income. The Company may be required to repurchase a loan in the event of certain breaches of the representations and warranties, or in the event of default of the borrower within 90 days of sale, as provided for in the sale agreements. A reserve for loan repurchases provides for estimated losses pertaining to the potential repurchase of loans associated with the Company’s mortgage banking activities. The reserve reflects management’s evaluation of the identity of the counterparty, the vintage of the loans sold, the amount of open repurchase requests, specific loss estimates for each open request, the current level of loan losses in similar vintages held in the residential loan portfolio, and estimated recoveries on the underlying collateral. The reserve also reflects management’s expectation of losses from repurchase requests for which the Company has not yet been notified, as the performance of loans sold and the quality of the servicing provided by the acquirer also may impact the reserve. The provision recorded at the time of the loan sale is netted from the gain or loss recorded in mortgage banking activities, while any incremental provision, post loan sale, is recorded in other non-interest expense in the accompanying Condensed Consolidated Statements of Income. The following table provides a summary of activity in the reserve for loan repurchases: 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 The following table provides information for mortgage banking activities: 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 The Company has retained servicing rights on residential mortgage loans totaling $2.6 billion at both September 30, 2017 and December 31, 2016 . The following table presents the changes in carrying value for mortgage servicing assets: 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 Loan servicing fees, net of mortgage servicing rights amortization, were $0.2 million and $0.3 million for the three months ended September 30, 2017 and 2016 , respectively, and $0.6 million and $0.9 million for the nine months ended September 30, 2017 and 2016 , respectively, and are included as a component of loan related fees in the accompanying Condensed Consolidated Statements of Income. See Note 13: Fair Value Measurements for a further discussion on the fair value of loans held for sale and mortgage servicing assets. Additionally, loans not originated for sale were sold approximately at carrying value, for cash proceeds of $7.4 million for certain residential loans and $20.8 million for certain commercial loans for the nine months ended September 30, 2017 and 2016 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets by reportable segment consisted of the following: 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 There was no change in the carrying amounts for goodwill since December 31, 2016 . As of September 30, 2017 , the remaining estimated aggregate future amortization expense for intangible assets is as follows: (In thousands) Remainder of 2017 $ 978 2018 3,847 2019 3,847 2020 3,847 2021 3,847 Thereafter 14,223 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits A summary of deposits by type follows: (In thousands) At September 30, At December 31, 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 The scheduled maturities of time deposits are as follows: (In thousands) At September 30, 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 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Total borrowings of $2.6 billion at September 30, 2017 and $4.0 billion at December 31, 2016 are described in detail below. The following table summarizes securities sold under agreements to repurchase and other borrowings: At September 30, At December 31, (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 % Repurchase agreements are used as a source of borrowed funds and are collateralized by U.S. Government agency mortgage-backed securities. Repurchase agreement counterparties are limited to primary dealers in government securities and commercial/municipal customers through Webster’s Treasury Unit. Dealer counterparties have the right to pledge, transfer, or hypothecate purchased securities during the term of the transaction. The Company has right of offset with respect to all repurchase agreement assets and liabilities. Total securities sold under agreements to repurchase represents the gross amount for these transactions, as only liabilities are outstanding for the periods presented. The following table provides information for FHLB advances: At September 30, At December 31, (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 Webster Bank is in compliance with FHLB collateral requirements for the periods presented. Eligible collateral, primarily certain residential and commercial real estate loans, has been pledged to secure FHLB advances. The following table summarizes long-term debt: (Dollars in thousands) At September 30, At December 31, 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 (1) The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95% , was 4.27% at September 30, 2017 and 3.94% at December 31, 2016 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss, Net of Tax | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss, Net of Tax | Accumulated Other Comprehensive Loss, Net of Tax The following tables summarize the changes in AOCL by component: 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 ) The following tables provide information for the items reclassified from AOCL: (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 ) |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | Regulatory Matters Capital Requirements Webster Financial Corporation is subject to regulatory capital requirements administered by the Federal Reserve System, while Webster Bank is subject to regulatory capital requirements administered by the OCC. Regulatory authorities can initiate certain mandatory actions if Webster Financial Corporation or Webster Bank fail to meet minimum capital requirements, which could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, both Webster Financial Corporation and Webster Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. These quantitative measures require minimum amounts and ratios to ensure capital adequacy. Basel III total risk-based capital is comprised of three categories: CET1 capital, additional Tier 1 capital, and Tier 2 capital. CET1 capital includes common shareholders' equity, less deductions for goodwill, other intangibles, and certain deferred tax liabilities. Common shareholders' equity, for purposes of CET1 capital, excludes AOCL components as permitted by the opt-out election taken by Webster upon adoption of Basel III. Tier 1 capital is comprised of CET1 capital plus perpetual preferred stock, while Tier 2 capital includes qualifying subordinated debt and qualifying allowance for credit losses, that together equal total capital. The following table provides information on the capital ratios for Webster Financial Corporation and Webster Bank: 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 Dividend Restrictions Webster Financial Corporation is dependent upon dividends from Webster Bank to provide funds for its cash requirements, including payments of dividends to shareholders. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of Webster Bank to fall below specified minimum levels, or if dividends declared exceed the net income for that year combined with the undistributed net income for the preceding two years. In addition, the OCC has discretion to prohibit any otherwise permitted capital distribution on general safety and soundness grounds. Dividends paid by Webster Bank to Webster Financial Corporation totaled $80 million during the nine months ended September 30, 2017 compared to $115 million during the nine months ended September 30, 2016 . Cash Restrictions Webster Bank is required by Federal Reserve System regulations to hold cash reserve balances on hand or with the Federal Reserve Bank. Pursuant to this requirement, Webster Bank held $76.7 million and $58.6 million at September 30, 2017 and December 31, 2016 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Reconciliation of the calculation of basic and diluted earnings per common share follows: 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 Potential common shares excluded from the effect of dilutive securities because they would have been anti-dilutive, are as follows: 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 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Risk Management Objective of Using Derivatives Webster manages economic risks, such as interest rate, liquidity, and credit risks by managing the amount, sources, and duration of its debt funding in conjunction with the use of interest rate derivative financial instruments. Webster enters into interest rate derivatives to mitigate the exposure related to business activities that result in the future receipt or payment of, both known and uncertain, cash amounts that are impacted by interest rates. The primary objective for using interest rate derivatives is to add stability to interest expense by managing exposure to interest rate movements. To accomplish this objective, Webster uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy. Interest rate swaps and interest rate caps designated as cash flow hedges are designed to manage the risk associated with a forecasted event or an uncertain variable-rate cash flow. Forward-settle interest rate swaps protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on forecasted debt issuances. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for payment of an up-front premium. Cash flow hedges are used to regulate the variable cash flows associated with existing variable-rate debt and forecasted issuances of debt. Derivative instruments designated as cash flow hedges are recorded on the balance sheet at fair value. The effective portion of the change in fair value of the derivatives which are designated as cash flow hedges, and that qualify for hedge accounting, is recorded to AOCL and is reclassified into earnings in the subsequent periods that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of these derivatives, attributable to the difference in the effective date of the hedge and the effective date of the debt issuance, is recognized directly in earnings. During the periods presented, there was no ineffectiveness to be recognized in earnings. Certain fixed-rate obligations can be exposed to a change in fair value attributable to changes in benchmark interest rates. On occasion, interest rate swaps will be used to manage this exposure. An interest rate swap which involves the receipt of fixed-rate amounts from a counterparty in exchange for Webster making variable-rate payments over the life of the agreement, without the exchange of the underlying notional amount, is designated as a fair value hedge. For a qualifying derivative designated as a fair value hedge, the gain or loss on the derivative, as well as the gain or loss on the hedged item, is recognized in interest expense. During the periods presented, Webster did not have any interest rate derivative financial instruments designated as fair value hedges and as a result, there was no impact to interest expense. Additionally, in order to address certain other risk management matters, the Company also utilizes derivative instruments that do not qualify for hedge accounting. These derivative instruments, which are recorded on the balance sheet at fair value, with changes in fair value recognized each period as other non-interest income in the accompanying Condensed Consolidated Statements of Income, are described in the following paragraphs. Interest rate swap and cap contracts are sold to commercial and other customers who wish to modify loan interest rate sensitivity. These contracts are offset with dealer counterparty transactions structured with matching terms. As a result, there is minimal impact on earnings, except for fee income earned in such transactions. RPAs are entered into as financial guarantees of performance on interest rate swap derivatives. The purchased (asset) or sold (liability) guarantee allows the Company to participate-in (fee received) or participate-out (fee paid) the risk associated with certain derivative positions executed with the borrower by the lead bank in a loan syndication. Other derivatives include foreign currency forward contracts related to lending arrangements, a VISA equity swap transaction, and mortgage banking derivatives such as mortgage-backed securities related to residential loan commitments and loans held for sale. Mortgage banking derivatives are utilized by Webster in its efforts to manage risk of loss associated with its mortgage loan commitments and mortgage loans held for sale. Prior to closing and funding certain single-family residential mortgage loans interest rate lock commitments are generally extended to the borrowers. During the period from commitment date to closing date, Webster is subject to the risk that market rates of interest may change. If market rates rise, investors generally will pay less to purchase such loans causing a reduction in the anticipated gain on sale of the loans, or possibly resulting in a loss. In an effort to mitigate such risk, forward delivery sales commitments are established under which Webster agrees to deliver whole mortgage loans to various investors or issue mortgage-backed securities. Mandatory forward commitments establish the price to be received upon the sale of the related mortgage loan, thereby mitigating certain interest rate risk. There is, however, still certain execution risk specifically related to Webster’s ability to close and deliver to its investors the mortgage loans it has committed to sell. Fair Value of Derivative Instruments The following table presents the notional amounts and fair values of derivative positions: At September 30, 2017 At December 31, 2016 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives (In thousands) Notional Fair Notional Fair Notional Fair Notional Fair 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 (1) One of Webster's counterparty relationships was impacted by a Chicago Mercantile Exchange rulebook amendment, resulting in the presentation of that relationship on a settlement basis, as a single unit of account at September 30, 2017 , versus a netting basis at December 31, 2016. (2) Notional amounts include mandatory forward commitments of $60.5 million , while notional amounts do not include approved floating rate commitments of $21.9 million , at September 30, 2017 . Changes in Fair Value Changes in the fair value of derivatives not qualifying for hedge accounting treatment were recognized as follows: 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 Amounts for the effective portion of changes in the fair value of derivatives qualifying for hedge accounting treatment are reclassified to interest expense as interest payments are made on Webster's variable-rate debt. Over the next twelve months, the Company estimates that $1.2 million will be reclassified from AOCL as an increase to interest expense. Webster records gains and losses related to hedge terminations to AOCL. These balances are subsequently amortized into interest expense over the respective terms of the hedged debt instruments. At September 30, 2017 , the remaining unamortized loss on the termination of cash flow hedges is $16.5 million . Over the next twelve months, the Company estimates that $6.4 million will be reclassified from AOCL as an increase to interest expense. Additional information about cash flow hedge activity impacting AOCL, and the related amounts reclassified to interest expense is provided in Note 9: Accumulated Other Comprehensive Loss, Net of Tax . Information about the valuation methods used to measure the fair value of derivatives is provided in Note 13: Fair Value Measurements . Offsetting Derivatives Webster has entered into transactions with counterparties that are subject to a legally enforceable master netting agreement. Derivatives subject to a legally enforceable master netting agreement are reported on a net basis, net of cash collateral. Net gain positions are recorded as assets and are included in accrued interest receivable and other assets, while, net loss positions are recorded as liabilities and are included in accrued expenses and other liabilities, in the accompanying Condensed Consolidated Balance Sheets. The following table is presented on a gross basis, prior to the application of counterparty netting agreements: 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 Counterparty Credit Risk Use of derivative contracts may expose the bank to counterparty credit risk. The Company has ISDA master agreements, including a Credit Support Annex, with all derivative counterparties. The ISDA master agreements provide that on each payment date, all amounts otherwise owing the same currency under the same transaction are netted so that only a single amount is owed in that currency. The ISDA provides, if the parties so elect, for such netting of amounts in the same currency among all transactions identified as being subject to such election that have common payment dates and booking offices. Under the Credit Support Annex, daily net exposure in excess of a negotiated threshold is secured by posted cash collateral. The Company has negotiated a zero threshold with the majority of its approved financial institution counterparties. In accordance with Webster policies, institutional counterparties must be analyzed and approved through the Company’s credit approval process. The Company’s credit exposure on interest rate derivatives with non-dealer counterparties is limited to the net favorable value, including accrued interest, of all such instruments, reduced by the amount of collateral pledged by the counterparties. The Company's credit exposure related to derivatives with dealer counterparties is significantly mitigated with cash collateral equal to, or in excess of, the market value of the instrument updated daily. In accordance with counterparty credit agreements and derivative clearing rules, the Company had approximately $20.7 million in net margin collateral posted with financial counterparties at September 30, 2017 , comprised of $30.5 million in initial margin and $9.8 million in variation margin collateral received from financial counterparties or the derivative clearing organization. Collateral levels for approved financial institution counterparties are monitored daily and adjusted as necessary. In the event of default, should the collateral not be returned, the exposure would be offset by terminating the transaction. The Company regularly evaluates the credit risk of its counterparties, taking into account the likelihood of default, net exposures, and remaining contractual life, among other related factors. The Company's net current credit exposure relating to interest rate derivatives with Webster Bank customers was $35.1 million at September 30, 2017 . In addition, the Company monitors potential future exposure, representing its best estimate of exposure to remaining contractual maturity. The potential future exposure relating to interest rate derivatives with Webster Bank customers totaled $27.7 million at September 30, 2017 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined using quoted market prices. However, in many instances, quoted market prices are not available. In such instances, fair values are determined using appropriate valuation techniques. Various assumptions and observable inputs must be relied upon in applying these techniques. Accordingly, categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. As such, the fair value estimates may not be realized in an immediate transfer of the respective asset or liability. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings or any part of a particular financial instrument. Fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These factors are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair Value Hierarchy The three levels within the fair value hierarchy are as follows: • Level 1: Valuation is based upon unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2: Fair value is calculated using significant inputs other than quoted market prices that are directly or indirectly observable for the asset or liability. The valuation may rely on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit ratings, etc.), or inputs that are derived principally or corroborated by market data, by correlation, or other means. • Level 3: Inputs for determining the fair value of the respective assets or liabilities are not observable. Level 3 valuations are reliant upon pricing models and techniques that require significant management judgment or estimation. Assets and Liabilities Measured at Fair Value on a Recurring Basis Available-for-Sale Investment Securities. When quoted prices are available in an active market, the Company classifies investment securities within Level 1 of the valuation hierarchy. U.S. Treasury Bills are classified within Level 1 of the fair value hierarchy. When quoted market prices are not available, the Company employs an independent pricing service that utilizes matrix pricing to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's assumptions and establishes processes to challenge the pricing service's valuations that appear unusual or unexpected. Available-for-Sale investment securities which include Agency CMO, Agency MBS, Agency CMBS, CMBS, CLO, trust preferred, and corporate debt, are classified within Level 2 of the fair value hierarchy. Derivative Instruments. Foreign exchange contracts are valued based on unadjusted quoted prices in active markets and classified within Level 1 of the fair value hierarchy. Derivative instruments are valued using third-party valuation software, which considers the present value of cash flows discounted using observable forward rate assumptions. The Chicago Mercantile Exchange have amended their rulebooks to legally characterize variation margin payments for over-the-counter derivatives that clear as settlements rather than collateral, effective January 3, 2017. One of Webster's counterparty relationships was impacted by this change, resulting in the fair value of the instrument including cash collateral as a single unit of account. The resulting fair values are validated against valuations performed by independent third parties and are classified within Level 2 of the fair value hierarchy. In determining if any fair value adjustment related to credit risk is required, Webster evaluates the credit risk of its counterparties by considering factors such as the likelihood of default by the counterparties, its net exposures, the remaining contractual life, as well as the amount of collateral securing the position. Webster reviews its counterparty exposure on a regular basis, and, when necessary, appropriate business actions are taken to adjust the exposure. When determining fair value, Webster applies the portfolio exception with respect to measuring counterparty credit risk for all of its derivative transactions subject to a master netting arrangement. The change in value of derivative assets and liabilities attributable to credit risk was not significant during the reported periods. Mortgage Banking Derivatives. Forward sales of mortgage loans and mortgage-backed securities are utilized by the Company in its efforts to manage risk of loss associated with its mortgage loan commitments and mortgage loans held for sale. Prior to closing and funding certain single-family residential mortgage loans, an interest rate lock commitment is generally extended to the borrower. During the period from commitment date to closing date, the Company is subject to the risk that market rates of interest may change. If market rates rise, investors generally will pay less to purchase such loans resulting in a reduction in the gain on sale of the loans or, possibly, a loss. In an effort to mitigate such risk, forward delivery sales commitments are established, under which the Company agrees to deliver whole mortgage loans to various investors or issue mortgage-backed securities. The fair value of mortgage banking derivatives is determined based on current market prices for similar assets in the secondary market and, therefore, classified within Level 2 of the fair value hierarchy. Investments Held in Rabbi Trust. Investments held in the Rabbi Trust primarily include mutual funds that invest in equity and fixed income securities. Shares of mutual funds are valued based on net asset value, which represents quoted market prices for the underlying shares held in the mutual funds. Therefore, investments held in the Rabbi Trust are classified within Level 1 of the fair value hierarchy. Webster has elected to measure the investments held in the Rabbi Trust at fair value. The cost basis of the investments held in the Rabbi Trust is $2.9 million at September 30, 2017 . Alternative Investments. Alternative investments are non-public entities that cannot be redeemed since the Company’s investment is distributed as the underlying equity is liquidated. Alternative investments in which the ownership percentage is greater than 3% are fair valued on a recurring basis based upon the net asset value of the respective fund. Alternative investments in which the ownership percentage is less than 3% are fair valued on a non-recurring basis. These alternative investments are recorded at cost, subject to impairment testing. Both recurring and non-recurring alternative investments are classified within Level 3 of the fair value hierarchy, as they are non-public entities that cannot be redeemed since the Company's investment is distributed as the underlying investments are liquidated. At September 30, 2017 , the alternative investments book value was $17.3 million and there was $9.4 million in remaining unfunded commitments. Originated Loans Held For Sale. Residential mortgage loans typically are classified as held for sale upon origination based on management's intent to sell such loans. The Company generally records residential mortgage loans held for sale under the fair value option of ASC 825 "Financial Instruments" . The fair value of residential mortgage loans held for sale is based on quoted market prices of similar loans sold in conjunction with securitization transactions. Accordingly, such loans are classified within Level 2 of the fair value hierarchy. Summaries of the fair values of assets and liabilities measured at fair value on a recurring basis are as follows: 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 (1) For information relating to the impact of netting derivative assets and derivative liabilities as well as the impact from offsetting cash collateral paid to the same derivative counterparties see Note 12: Derivative Financial Instruments . The following table presents the changes in Level 3 assets and liabilities that are measured at fair value on a recurring basis: (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 Assets Measured at Fair Value on a Non-Recurring Basis Certain assets are measured at fair value on a non-recurring basis; that is, the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. The following is a description of valuation methodologies used for assets measured on a non-recurring basis. Transferred Loans Held For Sale. Certain loans are transferred to loans held for sale once a decision has been made to sell such loans. These loans are accounted for at the lower of cost or market and are considered to be recognized at fair value when they are recorded at below cost. This activity is primarily commercial loans with observable inputs and is classified within Level 2. On the occasion should these loans include adjustments for changes in loan characteristics using unobservable inputs, the loans would be classified within Level 3. Collateral Dependent Impaired Loans and Leases. Impaired loans and leases for which repayment is expected to be provided solely by the value of the underlying collateral are considered collateral dependent and are valued based on the estimated fair value of such collateral using customized discounting criteria. As such, collateral dependent impaired loans and leases are classified as Level 3 of the fair value hierarchy. Other Real Estate Owned and Repossessed Assets. The total book value of OREO and repossessed assets was $5.3 million at September 30, 2017 . OREO and repossessed assets are accounted for at the lower of cost or market and are considered to be recognized at fair value when they are recorded at below cost. The fair value of OREO is based on independent appraisals or internal valuation methods, less estimated selling costs. The valuation may consider available pricing guides, auction results, and price opinions. Certain assets require assumptions about factors that are not observable in an active market in the determination of fair value; as such, OREO and repossessed assets are classified within Level 3 of the fair value hierarchy. The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis as of September 30, 2017 : (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% Fair Value of Financial Instruments and Servicing Assets The Company is required to disclose the estimated fair value of financial instruments, both assets and liabilities, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities. Cash, Due from Banks, and Interest-bearing Deposits. The carrying amount of cash, due from banks, and interest-bearing deposits is used to approximate fair value, given the short time frame to maturity and, as such, these assets do not present unanticipated credit concerns. Cash, due from banks, and interest-bearing deposits are classified within Level 1 of the fair value hierarchy. Held-to-Maturity Investment Securities. When quoted market prices are not available, the Company employs an independent pricing service that utilizes matrix pricing to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's assumptions and establishes processes to challenge the pricing service's valuations that appear unusual or unexpected. Held-to-Maturity investment securities, which include Agency CMO, Agency MBS, Agency CMBS, CMBS, municipal bonds and notes, and private label MBS securities, are classified within Level 2 of the fair value hierarchy. Loans and Leases, net. The estimated fair value of loans and leases held for investment is calculated using a discounted cash flow method, using future prepayments and market interest rates inclusive of an illiquidity premium for comparable loans and leases. The associated cash flows are adjusted for credit and other potential losses. Fair value for impaired loans and leases is estimated using the net present value of the expected cash flows. Loans and leases are classified within Level 3 of the fair value hierarchy. Deposit Liabilities. The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. Deposit liabilities are classified within Level 2 of the fair value hierarchy. Time Deposits. The fair value of a fixed-maturity certificate of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Time deposits are classified within Level 2 of the fair value hierarchy. Securities Sold Under Agreements to Repurchase and Other Borrowings. The carrying value is an estimate of fair value for those securities sold under agreements to repurchase and other borrowings that mature within 90 days. The fair values of all other borrowings are estimated using discounted cash flow analysis based on current market rates adjusted, as appropriate, for associated credit risks. Securities sold under agreements to repurchase and other borrowings are classified within Level 2 of the fair value hierarchy. Federal Home Loan Bank Advances and Long-Term Debt. The fair value of FHLB advances and long-term debt is estimated using a discounted cash flow technique. Discount rates are matched with the time period of the expected cash flow and are adjusted, as appropriate, to reflect credit risk. FHLB advances and long-term debt are classified within Level 2 of the fair value hierarchy. Mortgage Servicing Assets. Mortgage servicing assets are accounted for at cost, subject to impairment testing. Mortgage servicing assets are considered to be recognized at fair value when they are recorded at below cost. Changes in fair value are included as a component of other non-interest income in the accompanying Condensed Consolidated Statements of Income. Fair value is calculated as the present value of estimated future net servicing income and relies on market based assumptions for loan prepayment speeds, servicing costs, discount rates, and other economic factors; as such, the primary risk inherent in valuing mortgage servicing assets is the impact of fluctuating interest rates on the servicing revenue stream. Mortgage servicing assets are classified within Level 3 of the fair value hierarchy. The estimated fair values of selected financial instruments and servicing assets are as follows: 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 (1) The following adjustments to the carrying amount are not included for determination of fair value, see Note 8: Borrowings : • FHLB advances - unamortized premiums on advances • |
Retirement Benefit Plans
Retirement Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans Defined benefit pension and other postretirement benefits The following table summarizes the components of net periodic benefit cost: 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 |
Share-Based Plans
Share-Based Plans | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Plans | Share-Based Plans Stock compensation plans Webster maintains stock compensation plans under which non-qualified stock options, incentive stock options, restricted stock, restricted stock units, or stock appreciation rights may be granted to employees and directors. The Company believes these share awards better align the interests of its employees with those of its shareholders. Stock compensation cost is recognized over the required service vesting period for the awards, based on the grant-date fair value, net of estimated forfeitures, and is included as a component of compensation and benefits reflected in non-interest expense. The following table provides a summary of stock compensation expense recognized in the accompanying Condensed Consolidated Statements of Income: 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 At September 30, 2017 there was $16.7 million of unrecognized stock compensation expense for restricted stock expected to be recognized over a weighted-average period of 2.0 years . The following table provides a summary of the stock compensation plans activity for the nine months ended September 30, 2017 : 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 (1) Vested for purposes of recording compensation expense. Time-based restricted stock. Time-based restricted stock awards vest over the applicable service period ranging from 1 to 5 years. The number of time-based awards that may be granted to an eligible individual in a calendar year is limited to 100,000 shares. Compensation expense is recorded over the vesting period based on a fair value, which is measured using the Company's common stock closing price at the date of grant. Performance-based restricted stock. Performance-based restricted stock awards vest after a 3 year performance period. The awards vest with a share quantity dependent on that performance, in a range from 0 to 150% . The performance criteria for 50% of the shares granted in 2017 is based upon Webster's ranking for total shareholder return versus Webster's compensation peer group companies and the remaining 50% is based upon Webster's average of return on equity during the three year vesting period. The compensation peer group companies are utilized because they represent the financial institutions that best compare with Webster. The Company records compensation expense over the vesting period, based on a fair value calculated using the Monte-Carlo simulation model, which allows for the incorporation of the performance condition for the 50% of the performance-based shares tied to total shareholder return versus the compensation peer group, and based on a fair value of the market price on the date of grant for the remaining 50% of the performance-based shares tied to Webster's return on equity. Compensation expense is subject to adjustment based on management's assessment of Webster's return on equity performance relative to the target number of shares condition. Stock options. Stock option awards have an exercise price equal to the market price of Webster Financial Corporation's stock on the date of grant. Each option grants the holder the right to acquire a share of Webster Financial Corporation common stock over a contractual life of up to 10 years. All awarded options have vested. There were 735,785 non-qualified stock options and 57,845 incentive stock options outstanding at September 30, 2017 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Webster’s operations are organized into three reportable segments that represent its primary businesses - Commercial Banking, Community Banking and HSA Bank. These three segments reflect how executive management responsibilities are assigned, the primary businesses, the products and services provided, the type of customer served, and how discrete financial information is currently evaluated. The Corporate Treasury unit of the Company, along with the amounts required to reconcile profitability metrics to amounts reported in accordance with GAAP, are included in the Corporate and Reconciling category. Description of Segment Reporting Methodology Webster’s reportable segment results are intended to reflect each segment as if it were a stand-alone business. Webster uses an internal profitability reporting system to generate information by operating segment, which is based on a series of management estimates and allocations regarding funds transfer pricing, provision for loan and lease losses, non-interest expense, income taxes, and equity capital. These estimates and allocations, certain of which are subjective in nature, are periodically reviewed and refined. Changes in estimates and allocations that affect the reported results of any operating segment do not affect the consolidated financial position or results of operations of Webster as a whole. The full profitability measurement reports, which are prepared for each operating segment, reflect non-GAAP reporting methodologies. The differences between full profitability and GAAP results are reconciled in the Corporate and Reconciling category. Webster allocates interest income and interest expense to each business, while also transferring the primary interest rate risk exposures to the Corporate and Reconciling category, using a matched maturity funding concept called Funds Transfer Pricing. The allocation process considers the specific interest rate risk and liquidity risk of financial instruments and other assets and liabilities in each line of business. The matched maturity funding concept considers the origination date and the earlier of the maturity date or the repricing date of a financial instrument to assign an FTP rate for loans and deposits originated each day. Loans are assigned an FTP rate for funds used and deposits are assigned an FTP rate for funds provided. This process is executed by the Company’s Financial Planning and Analysis division and is overseen by ALCO. Webster allocates the provision for loan and lease losses to each segment based on management’s estimate of the inherent loss content in each of the specific loan and lease portfolios. Provision expense for certain elements of risk that are not deemed specifically attributable to a reportable segment, such as the provision for the consumer liquidating portfolio, is shown as part of the Corporate and Reconciling category. Webster allocates a majority of non-interest expense to each reportable segment using a full-absorption costing process. Costs, including corporate overhead, are analyzed, pooled by process, and assigned to the appropriate reportable segment. Income tax expense is allocated to each reportable segment based on the consolidated effective income tax rate for the period shown. Segment Reporting Modifications The 2016 segment results have been adjusted for comparability to the 2017 segment presentation for the following changes. • To further strengthen Webster's ability to deliver the totality of its products and services to the owners and executives of commercial clients and other high net worth individuals, an organizational change was made during the second quarter of 2017. Effective April 1, 2017, the head of Private Banking reports directly to the head of Commercial Banking. The current organizational structure reflects how executive management responsibilities are assigned and reviewed. As a result of this change, the Private Banking and Commercial Banking operating segments are aggregated into one reportable segment, Commercial Banking. • In late 2007 Webster discontinued its indirect residential construction lending and its indirect home equity lending outside of its primary New England market area referred to as National Wholesale Lending. Webster placed these two portfolios into a liquidating loan portfolio included within the Corporate and Reconciling category. The balance of the home equity liquidating loan portfolio was $65.0 million at December 31, 2016 . As the remainder of this portfolio has been performing in the same manner as the continuing home equity portfolio, management has decided to combine the liquidating loan portfolio with the continuing home equity loan portfolio. The combined portfolio is included in the Community Banking reportable segment. The following table presents total assets for Webster's reportable segments and the Corporate and Reconciling category: 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 The following tables present the operating results, including all appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category: 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 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 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Credit-Related Financial Instruments The Company offers credit-related financial instruments in the normal course of business to meet certain financing needs of its customers, that involve off-balance sheet risk. These transactions may include an unused commitment to extend credit, standby letter of credit, or commercial letter of credit. Such transactions involve, to varying degrees, elements of credit risk. The following table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk: (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 Commitments to Extend Credit . The Company makes commitments under various terms to lend funds to customers at a future point in time. These commitments include revolving credit arrangements, term loan commitments, and short-term borrowing agreements. Most of these loans have fixed expiration dates or other termination clauses where a fee may be required. Since commitments routinely expire without being funded, or after required availability of collateral occurs, the total commitment amount does not necessarily represent future liquidity requirements. Standby Letter of Credit . A standby letter of credit commits the Company to make payments on behalf of customers if certain specified future events occur. The Company has recourse against the customer for any amount required to be paid to a third party under a standby letter of credit, which is often part of a larger credit agreement under which security is provided. Historically, a large percentage of standby letters of credit expire without being funded. The contractual amount of a standby letter of credit represents the maximum amount of potential future payments the Company could be required to make, and is the Company's maximum credit risk. Commercial Letter of Credit . A commercial letter of credit is issued to facilitate either domestic or foreign trade arrangements for customers. As a general rule, drafts are committed to be drawn when the goods underlying the transaction are in transit. Similar to a standby letter of credit, a commercial letter of credit is often secured by an underlying security agreement including the assets or inventory to which they relate. These commitments subject the Company to potential exposure in excess of the amounts recorded in the financial statements, and therefore, management maintains a specific reserve for unfunded credit commitments. This reserve is reported as a component of accrued expenses and other liabilities in the accompanying Condensed Consolidated Balance Sheets. The following table provides a summary of activity in the reserve for unfunded credit commitments: 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 Litigation Webster is involved in routine legal proceedings occurring in the ordinary course of business and is subject to loss contingencies related to such litigation and claims arising therefrom. Webster evaluates these contingencies based on information currently available, including advice of counsel and assessment of available insurance coverage. Webster establishes an accrual for litigation and claims when a loss contingency is considered probable and the related amount is reasonably estimable. This accrual is periodically reviewed and may be adjusted as circumstances change. Webster also estimates certain loss contingencies for possible litigation and claims, whether or not there is an accrued probable loss. Webster believes it has defenses to all the claims asserted against it in existing litigation matters and intends to defend itself in all matters. Based upon its current knowledge, after consultation with counsel and after taking into consideration its current litigation accrual, Webster believes that at September 30, 2017 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accounting and reporting policies of the Company that materially affect its financial statements conform with GAAP. The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in conformity with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements and should be read in conjunction with the Company's Consolidated Financial Statements, and Notes thereto, for the year ended December 31, 2016 , included in the Company's Annual Report on Form 10-K filed with the SEC on March 1, 2017. |
Reclassification | Certain prior period amounts have been reclassified to conform to the current year's presentation. These reclassifications had an immaterial effect on non-interest income, non-interest expense, net cash provided by operating activities, and net cash used for investing activities. |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | Centrally Cleared Derivatives Effective during the first quarter of 2016, the Company offset the variation margin pertaining to derivatives reported on a net basis, subject to a legally enforceable master netting arrangement, with the same counterparty against the net derivative position on the Company's balance sheets. The Chicago Mercantile Exchange has amended their rulebooks to legally characterize variation margin payments for over-the-counter derivatives that clear, as settlements rather than collateral, effective January 3, 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Adopted during 2017 Effective January 1, 2017, the following new accounting guidance was adopted by the Company: ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share Based Payment Accounting The Update impacted the accounting for employee share-based payment transactions, including the income tax consequences, and classification on the statement of cash flows. The Update requires the Company to recognize the income tax effects of awards in the income statement on a prospective basis when the awards vest or are settled, compared to within additional paid-in capital. As a result, applicable excess tax benefits and tax deficiencies are recorded as an income tax benefit or expense, respectively. The Company elected to present the classification on the statement of cash flows on a prospective basis to better align this presentation with the income tax effects. The impact of the Update will vary from period to period based on the Company's stock price and the quantity of shares that vest or are settled within a given period. The Update also requires the Company to elect the accounting for forfeitures of share-based payments by either (i) recognizing forfeitures of awards as they occur or (ii) estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as is currently required. The Company elected to account for forfeitures of share-based payments by estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, which is in accordance with the Company's previous accounting practices. The adoption of this accounting standard did not have a material impact on the Company's financial statements. ASU No. 2016-06, Derivatives and Hedging (Topic 815) - Contingent Put and Call Options in Debt Instruments. The Update clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. The Update requires the assessment of embedded call (put) options solely in accordance with the four-step decision sequence. The Update clarified that companies are not required to assess whether the event triggering the ability to exercise the call/put option was also clearly and closely related. The adoption of this accounting standard did not have a material impact on the Company's financial statements, as the Company has not performed the additional step of assessing whether the event triggering the ability to exercise the call (put) option was clearly and closely related, which was deemed not required by the Update. Accounting Standards Issued but not yet Adopted The following list identifies ASUs applicable to the Company that have been issued by the FASB but are not yet effective: ASU No. 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities. The purpose of the Update is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The update requires a modified retrospective transition method in which the Company will recognize a cumulative effect of the change on the opening balance for each affected component of equity in the financial statements as of the date of adoption. The Company is in the process of assessing all potential impacts of the standard. The Update is effective for the first quarter of 2019, early adoption is permitted. The Company is evaluating the potential to early adopt the Update. ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities. The Update is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities. Specifically, the Update shortens the amortization period for certain investments in callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. The Update is being issued in response to concerns from stakeholders that, current GAAP excludes certain callable debt securities from consideration of early repayment of principal even if the holder is certain that the call will be exercised. The Update, upon adoption, is expected to accelerate the Company’s recognition of premium amortization on debt securities held within the portfolio. The amendments in the Update will be applied on a modified retrospective basis through a cumulative-effect adjustment directly through retained earnings upon adoption. Management is in the process of evaluating the full impact of adopting the Update including, but not limited to the following: • Modifying system amortization requirements; • Evaluation of premiums associated with debt securities to determine the appropriate cumulative-effect adjustment; and • Establishing new accounting policies pertaining to premium amortization on purchased callable debt securities. The Update is effective for the first quarter of 2019, early adoption is permitted. The Company is evaluating the potential to early adopt the Update. ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The Update requires the Company to disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the Update requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The new guidance will be applied on a retrospective basis. The Company intends to adopt the Update for the first quarter of 2018. The Company does not expect this guidance to have a material impact on its consolidated financial statements. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. The Update eliminates Step 2 from the goodwill impairment analysis. Step 2, requires the Company to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities). Under current guidance, Step 2 testing would be performed only if Step 1 testing indicated the fair value of the reporting unit is below the reporting unit’s carrying amount. Once effective the Update will require the Company to record an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, eliminating the Step 2 requirements. The Company intends to adopt the Update for the first quarter of 2020. Adoption is not anticipated to have a material impact on the Company's financial statements. ASU No. 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. The Update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The Update addresses the following eight issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The Company intends to adopt the Update for the first quarter of 2018. The Company does not expect this guidance to have a material impact on its consolidated financial statements. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments. Current GAAP requires an "incurred loss" methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. Both financial institutions and users of their financial statements expressed concern that current GAAP restricts the ability to record credit losses that are expected, but do not yet meet the "probable" threshold. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Change from an "incurred loss" method to an "expected loss" method represents a fundamental shift from existing GAAP, and is likely to result in a material increase to the Company's accounting for credit losses on financial instruments. The Company has established a project lead and identified a working group comprised of members from different disciplines including Credit, Finance and Information Technology. The Company is in the early stages of evaluation of the effect that this ASU will have on its financial statements and related disclosures, but has begun to develop a roadmap which includes a consideration of external resources that may be required, use of existing and new models, data availability and system solutions to facilitate implementation. The ASU will be effective for the Company as of the first quarter 2020. While we are currently unable to reasonably estimate the impact of adopting the Update, we expect the impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the economic conditions as of the adoption date. ASU No. 2016-02, Leases (Topic 842). The Update introduces a lessee model that brings most leases on the balance sheet. The Update also aligns certain of the underlying principles of the new lessor model with those in ASC 606 "Revenue from Contracts with Customers", the FASB’s new revenue recognition standard (e.g., evaluating how collectability should be considered and determining when profit can be recognized). Furthermore, the Update addresses other concerns including the elimination of the required use of bright-line tests for determining lease classification. Lessors are required to provide additional transparency into the exposure to the changes in value of their residual assets and how they manage that exposure. The Company intends to adopt the Update for the first quarter of 2019 using the modified retrospective method. The Company is in the early assessment stage and will continue to review the existing lease portfolio to evaluate the impact of the new accounting guidance on the financial statements. ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. Equity investments not accounted for under the equity method or those that do not result in consolidation of the investee are to be measured at fair value with changes in the fair value recognized through net income. Entities are to present separately in other comprehensive income, the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when an election to measure the liability at fair value in accordance with the fair value option for financial instruments has been made. Also, the requirement to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet has been eliminated. The Company intends to adopt the Update for the first quarter of 2018. Adoption is not anticipated to have a material impact on the Company's financial statements. ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Also, subsequent ASUs issued to clarify this Topic. The Update requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Update excludes the Company's revenue associated with net interest income, and certain non-interest income lines items (loan and lease related fees, mortgage banking activities, increase in cash surrender value of life insurance policies, gain on sale of investment securities, net, impairment loss on securities recognized in earnings, and a majority of other income). As a result a substantial amount of the Company's revenue will not be affected. The Company's deposit service fees, wealth and investment services, and certain other non-interest income items are within the scope of the Update. The Company's evaluation of the impacted revenue streams and associated customer contracts is near completion. While the assessment is not complete, the timing of the Company's revenue recognition is not expected to materially change. The disclosure objective of the Update is to provide users of the financial statement with sufficient information to understand the nature, amount, timing and uncertainty of revenue, certain costs, and cash flows arising from contracts with customers. The Company expects to provide expanded qualitative disclosure pertaining to significant judgments, accounting policy elections and the nature, timing, and uncertainty of revenue arising from contracts with customers. Further the Company expects to provide expanded quantitative disclosure pertaining to the disaggregation of revenue arising from contracts with customers. The Company continues to assess the impact of the changes in disclosure required by guidance. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Securities | A summary of the amortized cost and fair value of investment securities is presented below: 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 |
Summary of Changes in OTTI | The following table presents the changes in OTTI: 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 |
Summary of Gross Unrealized Losses not Considered OTTI | The following tables provide information on fair value and unrealized losses for the individual investment securities with an unrealized loss, aggregated by classification and length of time that the individual investment securities have been in a continuous unrealized loss position: At September 30, 2017 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses # of Holdings Fair Value Unrealized Losses Available-for-sale: 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 ) 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 ) |
Summary of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities by contractual maturity are set forth below: 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 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table summarizes loans and leases: (In thousands) At September 30, 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 (1) Loans and leases include net deferred fees and net premiums/discounts of $20.8 million and $17.3 million at September 30, 2017 and December 31, 2016 , respectively. (2) At September 30, 2017 , the Company had pledged $6.7 billion |
Past Due Financing Receivables | The following tables summarize the aging of loans and leases: At September 30, 2017 (In thousands) 30-59 Days Past Due and Accruing 60-89 Days 90 or More Days Past Due and Accruing Non-accrual Total Past Due and Non-accrual Current Total Loans 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 60-89 Days Past Due and Accruing 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans 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 |
Activity In Allowance For Losses | The following tables summarize the activity in, as well as the loan and lease balances that were evaluated for, the ALLL: 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 |
Impaired Loans | The following tables summarize impaired loans and leases: At September 30, 2017 (In thousands) Unpaid Principal Balance Total 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 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 The following table summarizes the average recorded investment and interest income recognized for impaired loans and leases: 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 Accrued Cash Basis Interest Income Average Recorded Investment Accrued Cash Basis Interest Income Average Recorded Investment Accrued 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 |
Financing Receivable Credit Quality Indicators | The following table summarizes commercial, commercial real estate and equipment financing loans and leases segregated by risk rating exposure: Commercial Commercial Real Estate Equipment Financing (In thousands) At September 30, At December 31, At September 30, At December 31, At September 30, At December 31, (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 |
Troubled Debt Restructurings on Financing Receivables | Troubled Debt Restructurings The following table summarizes information for TDRs: (Dollars in thousands) At September 30, 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 For the portion of TDRs deemed to be uncollectible, Webster charged off $0.4 million and $3.0 million for the three months ended September 30, 2017 and 2016 , respectively, and $3.0 million , and $17.9 million for the nine months ended September 30, 2017 and 2016 , respectively. The following table provides information on the type of concession for loans and leases modified as TDRs: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Number of Post- (1) Number of Post- (1) Number of Post- (1) Number of Post- (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 (1) Post-modification balances approximate pre-modification balances. The aggregate amount of charge-offs as a result of the restructurings was not significant. (2) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. Loans and leases modified as TDRs within the previous 12 months and for which there was a payment default, consisted of one residential loan with a recorded investment of $248 thousand for both the three and nine months ended September 30, 2017. There were no such loans and leases for both the three and nine months ended September 30, 2016. The recorded investment of TDRs in commercial, commercial real estate, and equipment financing segregated by risk rating exposure is as follows: (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 |
Transfers of Financial Assets (
Transfers of Financial Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Transfers and Servicing [Abstract] | |
Schedule Of Reserve For Loan Repurchases Table | The following table provides a summary of activity in the reserve for loan repurchases: 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 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 |
Transfer of Financial Assets Accounted for as Sales [Table Text Block] | 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 |
Servicing Asset at Amortized Cost [Table Text Block] | The following table presents the changes in carrying value for mortgage servicing assets: 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 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Goodwill and other intangible assets by reportable segment consisted of the following: 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 |
Schedule Of Expected Amortization Expense, Next Four Years | As of September 30, 2017 , the remaining estimated aggregate future amortization expense for intangible assets is as follows: (In thousands) Remainder of 2017 $ 978 2018 3,847 2019 3,847 2020 3,847 2021 3,847 Thereafter 14,223 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Deposit Liabilities, Type [Table Text Block] | A summary of deposits by type follows: (In thousands) At September 30, At December 31, 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 |
Time Deposit Maturities [Table Text Block] | The scheduled maturities of time deposits are as follows: (In thousands) At September 30, 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 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Repurchase Agreements | The following table summarizes securities sold under agreements to repurchase and other borrowings: At September 30, At December 31, (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 % |
Federal Home Loan Bank, Advances | The following table provides information for FHLB advances: At September 30, At December 31, (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 |
Schedule of Long-term Debt Instruments | The following table summarizes long-term debt: (Dollars in thousands) At September 30, At December 31, 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 (1) The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95% , was 4.27% at September 30, 2017 and 3.94% at December 31, 2016 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss, Net of Tax (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss by Component | The following tables summarize the changes in AOCL by component: 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 ) |
Schedule of Accumulated Other Comprehensive Loss | The following tables provide information for the items reclassified from AOCL: (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 ) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Information On The Capital Ratios | The following table provides information on the capital ratios for Webster Financial Corporation and Webster Bank: 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 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Basic And Diluted | Reconciliation of the calculation of basic and diluted earnings per common share follows: 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 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potential common shares excluded from the effect of dilutive securities because they would have been anti-dilutive, are as follows: 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 |
Derivative Financial Instrume36
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Of Derivative Financial Instruments Designated As Cash Flow Hedges | The following table presents the notional amounts and fair values of derivative positions: At September 30, 2017 At December 31, 2016 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives (In thousands) Notional Fair Notional Fair Notional Fair Notional Fair 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 (1) One of Webster's counterparty relationships was impacted by a Chicago Mercantile Exchange rulebook amendment, resulting in the presentation of that relationship on a settlement basis, as a single unit of account at September 30, 2017 , versus a netting basis at December 31, 2016. (2) Notional amounts include mandatory forward commitments of $60.5 million , while notional amounts do not include approved floating rate commitments of $21.9 million , at September 30, 2017 |
Other Derivatives Not Designated For Hedge Accounting | Changes in the fair value of derivatives not qualifying for hedge accounting treatment were recognized as follows: 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 |
Offsetting Liabilities | The following table is presented on a gross basis, prior to the application of counterparty netting agreements: 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | Summaries of the fair values of assets and liabilities measured at fair value on a recurring basis are as follows: 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 (1) For information relating to the impact of netting derivative assets and derivative liabilities as well as the impact from offsetting cash collateral paid to the same derivative counterparties see Note 12: Derivative Financial Instruments |
Schedule Of Quantitative Inputs And Assumptions For Items Categorized In Level 3 Of The Fair Value Hierarchy | The following table presents the changes in Level 3 assets and liabilities that are measured at fair value on a recurring basis: (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 |
Schedule Of Valuation Methodology And Unobservable Inputs | The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis as of September 30, 2017 : (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% |
Summary Of Estimated Fair Values Of Significant Financial Instruments | The estimated fair values of selected financial instruments and servicing assets are as follows: 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 (1) The following adjustments to the carrying amount are not included for determination of fair value, see Note 8: Borrowings : • FHLB advances - unamortized premiums on advances • |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Summary of Net Periodic Benefit Cost | The following table summarizes the components of net periodic benefit cost: 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 |
Share-Based Plans (Tables)
Share-Based Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Allocation of Share-based Compensation Costs by Plan | The following table provides a summary of stock compensation expense recognized in the accompanying Condensed Consolidated Statements of Income: 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 |
Schedule of Share-based Compensation, Activity | The following table provides a summary of the stock compensation plans activity for the nine months ended September 30, 2017 : 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 (1) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Operating Results And Total Assets Reportable Segments | The following table presents total assets for Webster's reportable segments and the Corporate and Reconciling category: 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 The following tables present the operating results, including all appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category: 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 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 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding Financial Instruments Contract Amounts Represent Credit Risk | The following table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk: (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 |
Reserve For Unfunded Credit Commitments | The following table provides a summary of activity in the reserve for loan repurchases: 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 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 |
Investment Securities (Summary
Investment Securities (Summary Of Investment Securities) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities [Abstract] | ||
Amortized Cost | $ 2,612,905 | $ 3,015,763 |
Unrealized Gains | 10,248 | 16,226 |
Unrealized Losses | (31,991) | (40,898) |
Fair Value | 2,591,162 | 2,991,091 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 4,497,311 | 4,160,658 |
Unrealized Gains | 34,302 | 37,567 |
Unrealized Losses | (49,938) | (73,100) |
Fair Value | 4,481,675 | 4,125,125 |
US Treasury Bill Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 3,596 | 734 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 3,596 | 734 |
Agency collateralized mortgage obligations (CMOs) [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 332,341 | 419,865 |
Unrealized Gains | 2,573 | 3,344 |
Unrealized Losses | (3,116) | (3,503) |
Fair Value | 331,798 | 419,706 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 276,367 | 339,455 |
Unrealized Gains | 1,138 | 1,977 |
Unrealized Losses | (3,030) | (3,824) |
Fair Value | 274,475 | 337,608 |
Agency mortgage-backed securities (MBS) [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 923,819 | 969,460 |
Unrealized Gains | 3,214 | 4,398 |
Unrealized Losses | (14,056) | (19,509) |
Fair Value | 912,977 | 954,349 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 2,549,500 | 2,317,449 |
Unrealized Gains | 24,275 | 26,388 |
Unrealized Losses | (30,012) | (41,768) |
Fair Value | 2,543,763 | 2,302,069 |
Agency commercial mortgage-backed securities (ACMBS) [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 599,165 | 587,776 |
Unrealized Gains | 0 | 63 |
Unrealized Losses | (14,205) | (14,567) |
Fair Value | 584,960 | 573,272 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 708,229 | 547,726 |
Unrealized Gains | 280 | 694 |
Unrealized Losses | (3,549) | (1,348) |
Fair Value | 704,960 | 547,072 |
Non-agency Commercial mortgage-backed securities (CMBS) [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 402,015 | 473,974 |
Unrealized Gains | 1,539 | 4,093 |
Unrealized Losses | (121) | (702) |
Fair Value | 403,433 | 477,365 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 257,361 | 298,538 |
Unrealized Gains | 3,394 | 4,107 |
Unrealized Losses | (197) | (411) |
Fair Value | 260,558 | 302,234 |
CLO [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 273,172 | 425,083 |
Unrealized Gains | 1,572 | 2,826 |
Unrealized Losses | (161) | (519) |
Fair Value | 274,583 | 427,390 |
Single issuer trust preferred securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 30,463 | 30,381 |
Unrealized Gains | 676 | 0 |
Unrealized Losses | (202) | (1,748) |
Fair Value | 30,937 | 28,633 |
Corporate debt securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 48,334 | 108,490 |
Unrealized Gains | 674 | 1,502 |
Unrealized Losses | (130) | (350) |
Fair Value | 48,878 | 109,642 |
Municipal bonds and notes [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 705,411 | 655,813 |
Unrealized Gains | 5,213 | 4,389 |
Unrealized Losses | (13,150) | (25,749) |
Fair Value | 697,474 | 634,453 |
Private Label MBS [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 443 | 1,677 |
Unrealized Gains | 2 | 12 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 445 | $ 1,689 |
Investment Securities (Other Th
Investment Securities (Other Than Temporary Impairment Credit Losses Recognized In Earnings) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance of OTTI, beginning of period | $ 3,231 | $ 3,437 | $ 3,243 | $ 3,288 |
Reduction for securities sold, called | (1,028) | (30) | (1,166) | (30) |
Additions for OTTI not previously recognized in earnings | 0 | 0 | 126 | 149 |
Balance of OTTI, end of period | $ 2,203 | $ 3,407 | $ 2,203 | $ 3,407 |
Investment Securities (Summar44
Investment Securities (Summary Of Gross Unrealized Losses Not Considered OTTI) (Detail) $ in Thousands | Sep. 30, 2017USD ($)holding | Dec. 31, 2016USD ($)holding |
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 986,229 | $ 1,236,547 |
Available for sale, Unrealized Losses - Less Than Twelve Months | (12,877) | (27,316) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 659,271 | 470,314 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (19,114) | $ (13,582) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 169 | 168 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 1,645,500 | $ 1,706,861 |
Available for sale, Unrealized Losses - Total | (31,991) | (40,898) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,688,111 | 2,351,350 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | (14,274) | (63,785) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,089,959 | 292,225 |
Held-to-maturity, Unrealized Losses, Twelve Months or Longer | $ (35,664) | $ (9,315) |
Held-to-maturity, Number of Holdings - Total | holding | 366 | 395 |
Held-to-maturity, Fair Value - Total | $ 2,778,070 | $ 2,643,575 |
Held-to-maturity, Unrealized Losses - Total | (49,938) | (73,100) |
Agency CMO [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 75,042 | 107,853 |
Available for sale, Unrealized Losses - Less Than Twelve Months | (1,002) | (2,168) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 70,167 | 67,351 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (2,114) | $ (1,335) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 16 | 15 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 145,209 | $ 175,204 |
Available for sale, Unrealized Losses - Total | (3,116) | (3,503) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 82,839 | 163,439 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | (880) | (3,339) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 83,103 | 17,254 |
Held-to-maturity, Unrealized Losses, Twelve Months or Longer | $ (2,150) | $ (485) |
Held-to-maturity, Number of Holdings - Total | holding | 19 | 16 |
Held-to-maturity, Fair Value - Total | $ 165,942 | $ 180,693 |
Held-to-maturity, Unrealized Losses - Total | (3,030) | (3,824) |
Agency MBS [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 464,031 | 512,075 |
Available for sale, Unrealized Losses - Less Than Twelve Months | (5,169) | (10,503) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 303,770 | 252,779 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (8,887) | $ (9,006) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 104 | 97 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 767,801 | $ 764,854 |
Available for sale, Unrealized Losses - Total | (14,056) | (19,509) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 870,376 | 1,394,623 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | (7,948) | (32,942) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 775,331 | 273,779 |
Held-to-maturity, Unrealized Losses, Twelve Months or Longer | $ (22,064) | $ (8,826) |
Held-to-maturity, Number of Holdings - Total | holding | 157 | 150 |
Held-to-maturity, Fair Value - Total | $ 1,645,707 | $ 1,668,402 |
Held-to-maturity, Unrealized Losses - Total | (30,012) | (41,768) |
Agency CMBS [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 306,025 | 554,246 |
Available for sale, Unrealized Losses - Less Than Twelve Months | (6,240) | $ (14,567) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 278,935 | |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (7,965) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 34 | 32 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 584,960 | $ 554,246 |
Available for sale, Unrealized Losses - Total | (14,205) | (14,567) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 570,781 | 347,725 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | (3,504) | $ (1,348) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,730 | |
Held-to-maturity, Unrealized Losses, Twelve Months or Longer | $ (45) | |
Held-to-maturity, Number of Holdings - Total | holding | 45 | 25 |
Held-to-maturity, Fair Value - Total | $ 575,511 | $ 347,725 |
Held-to-maturity, Unrealized Losses - Total | (3,549) | (1,348) |
Non-agency CMBS [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 39,775 | 12,427 |
Available for sale, Unrealized Losses - Less Than Twelve Months | $ (121) | (24) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 63,930 | |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (678) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 5 | 12 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 39,775 | $ 76,357 |
Available for sale, Unrealized Losses - Total | (121) | (702) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 40,150 | 60,768 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | (197) | $ (411) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 250 | |
Held-to-maturity, Number of Holdings - Total | holding | 5 | 8 |
Held-to-maturity, Fair Value - Total | $ 40,400 | $ 60,768 |
Held-to-maturity, Unrealized Losses - Total | (197) | (411) |
CLO [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 82,989 | 49,946 |
Available for sale, Unrealized Losses - Less Than Twelve Months | $ (161) | (54) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 50,237 | |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (465) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 5 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 82,989 | $ 100,183 |
Available for sale, Unrealized Losses - Total | (161) | (519) |
Single issuer trust preferred securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 12,570 | 0 |
Available for sale, Unrealized Losses - Less Than Twelve Months | (97) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,574 | 28,633 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (105) | $ (1,748) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 3 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 17,144 | $ 28,633 |
Available for sale, Unrealized Losses - Total | (202) | (1,748) |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,797 | |
Available for sale, Unrealized Losses - Less Than Twelve Months | (87) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,825 | 7,384 |
Available for sale, Unrealized Losses - Twelve Months or Longer | $ (43) | $ (350) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | holding | 2 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 7,622 | $ 7,384 |
Available for sale, Unrealized Losses - Total | (130) | (350) |
Municipal bonds and notes [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 123,965 | 384,795 |
Held-to-maturity, Unrealized Losses - Less Than Twelve Months | (1,745) | (25,745) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 226,545 | 1,192 |
Held-to-maturity, Unrealized Losses, Twelve Months or Longer | $ (11,405) | $ (4) |
Held-to-maturity, Number of Holdings - Total | holding | 140 | 196 |
Held-to-maturity, Fair Value - Total | $ 350,510 | $ 385,987 |
Held-to-maturity, Unrealized Losses - Total | $ (13,150) | $ (25,749) |
Investment Securities (Summar45
Investment Securities (Summary Of Debt Securities By Contractual Maturity) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Due in one year or less | $ 18,668 | |
Available-for-sale, Amortized Cost - Due after one year through five years | 40,246 | |
Available-for-sale, Amortized Cost - Due after five through ten years | 381,547 | |
Available-for-sale, Amortized Cost - Due after ten years | 2,172,444 | |
Available-for-sale, Amortized Cost - Total debt securities | 2,612,905 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Fair Value - Due in one year or less | 18,714 | |
Available-for-sale, Fair Value - Due after one year through five years | 40,748 | |
Available-for-sale, Fair Value - Due after five through ten years | 383,721 | |
Available-for-sale, Fair Value - Due after ten years | 2,147,979 | |
Available-for-sale, Fair Value - Total debt securities | 2,591,162 | |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Held-to-maturity, Amortized Cost - Due in one year or less | 40,146 | |
Held-to-maturity, Amortized Cost - Due after one year through five years | 13,410 | |
Held-to-maturity, Amortized Cost - Due after five through ten years | 38,323 | |
Held-to-maturity, Amortized Cost - Due after ten years | 4,405,432 | |
Amortized Cost | 4,497,311 | $ 4,160,658 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Held to maturity, Fair Value - Due in one year or less | 40,753 | |
Held-to-maturity, Fair Value - Due after one year through five years | 13,684 | |
Held to maturity, Fair Value - Due after five through ten years | 39,102 | |
Held to maturity, Fair Value - Due after ten years | 4,388,136 | |
Fair Value | $ 4,481,675 | $ 4,125,125 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | |||||
Additions for OTTI not previously recognized in earnings | $ 0 | $ 0 | $ 126 | $ 149 | |
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (31,991) | (31,991) | $ (40,898) | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (49,938) | (49,938) | (73,100) | ||
Investment securities available-for-sale, at fair value | 2,591,162 | 2,591,162 | 2,991,091 | ||
Pledged Financial Instruments, Not Separately Reported, Securities | 2,800,000 | 2,800,000 | 2,500,000 | ||
Agency collateralized mortgage obligations (CMOs) [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (3,116) | (3,116) | (3,503) | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (3,030) | (3,030) | (3,824) | ||
Investment securities available-for-sale, at fair value | 331,798 | 331,798 | 419,706 | ||
Agency MBS [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (14,056) | (14,056) | (19,509) | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (30,012) | (30,012) | (41,768) | ||
Investment securities available-for-sale, at fair value | 912,977 | 912,977 | 954,349 | ||
Agency CMBS [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (14,205) | (14,205) | (14,567) | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (3,549) | (3,549) | (1,348) | ||
Investment securities available-for-sale, at fair value | 584,960 | 584,960 | 573,272 | ||
Non-agency Commercial mortgage-backed securities (CMBS) [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (121) | (121) | (702) | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (197) | (197) | (411) | ||
Investment securities available-for-sale, at fair value | 403,433 | 403,433 | 477,365 | ||
CLO [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (161) | (161) | (519) | ||
Investment securities available-for-sale, at fair value | 274,583 | 274,583 | 427,390 | ||
Single issuer trust preferred securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (202) | (202) | (1,748) | ||
Investment securities available-for-sale, at fair value | 30,937 | 30,937 | 28,633 | ||
Corporate Debt Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale - Accumulated Gross Unrealized Losses Before Tax | (130) | (130) | (350) | ||
Investment securities available-for-sale, at fair value | 48,878 | 48,878 | 109,642 | ||
Municipal bonds and notes [Member] | |||||
Schedule of Investments [Line Items] | |||||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (13,150) | (13,150) | $ (25,749) | ||
Callable at the option of the counterparty [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment securities available-for-sale, at fair value | $ 1,200,000 | $ 1,200,000 |
Investment Securities (Narrat47
Investment Securities (Narrative) (Summary Of Realized Gain (Loss) on Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2016 | |
Gain (Loss) on Investments [Line Items] | ||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $ 0 | $ 259,300 |
Gross realized gains on sales | 2,900 | |
Less: Gross realized losses on sales | $ 2,500 |
Variable Interest Entities (Var
Variable Interest Entities (Variable Interest Entity, Consolidated, Carrying Amount, Assets) (Details) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Other Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 35.7 | $ 22.8 |
Accounts Payable and Accrued Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 24.3 | 14 |
Other Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 13 | 12.3 |
Unfunded Loan Commitment [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 22.4 | $ 19.9 |
Loans and Leases (Detail)
Loans and Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | $ 17,446,421 | $ 17,026,588 | $ 16,623,401 |
Unamortized premiums | 20,800 | 17,300 | |
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral | 6,700,000 | ||
Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 4,499,441 | 4,254,682 | 4,234,047 |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 2,566,983 | 2,684,500 | 2,707,343 |
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 5,348,303 | 4,940,931 | 4,779,802 |
Commercial Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 4,464,917 | 4,510,846 | 4,280,513 |
Finance Leases Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | $ 566,777 | $ 635,629 | $ 621,696 |
Loans and Leases (Summary Of Lo
Loans and Leases (Summary Of Loan And Lease Portfolio Aging By Class Of Loan) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 197,366 | $ 175,864 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 934 | 749 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 163,763 | 133,816 | |
Financing Receivable, Recorded Investment, Current | 17,249,055 | 16,850,724 | |
Loans and leases | 17,446,421 | 17,026,588 | $ 16,623,401 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 22,019 | 28,337 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 10,650 | 12,962 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 57,399 | 58,519 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 45,676 | 47,279 | |
Financing Receivable, Recorded Investment, Current | 4,442,042 | 4,196,163 | |
Loans and leases | 4,499,441 | 4,254,682 | 4,234,047 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 8,069 | 8,631 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 3,654 | 2,609 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 2,566,983 | 2,684,500 | 2,707,343 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 49,403 | 50,539 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 37,105 | 35,926 | |
Financing Receivable, Recorded Investment, Current | 2,269,468 | 2,359,354 | |
Loans and leases | 2,318,871 | 2,409,893 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 7,613 | 8,831 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 4,685 | 5,782 | |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 5,537 | 5,381 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,859 | 1,663 | |
Financing Receivable, Recorded Investment, Current | 242,575 | 269,226 | |
Loans and leases | 248,112 | 274,607 | |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,224 | 2,233 | |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,454 | 1,485 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 5,348,303 | 4,940,931 | 4,779,802 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 62,161 | 40,898 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 934 | 749 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 58,915 | 38,190 | |
Financing Receivable, Recorded Investment, Current | 4,402,543 | 4,094,727 | |
Loans and leases | 4,464,704 | 4,135,625 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,948 | 1,382 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 364 | 577 | |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 8,558 | 0 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,558 | 0 | |
Financing Receivable, Recorded Investment, Current | 875,041 | 805,306 | |
Loans and leases | 883,599 | 805,306 | |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 4,464,917 | 4,510,846 | 4,280,513 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 477 | 662 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 477 | 662 | |
Financing Receivable, Recorded Investment, Current | 290,474 | 374,398 | |
Loans and leases | 290,951 | 375,060 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 12,394 | 18,044 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,603 | 9,871 | |
Financing Receivable, Recorded Investment, Current | 4,161,572 | 4,117,742 | |
Loans and leases | 4,173,966 | 4,135,786 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,347 | 6,357 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 444 | 1,816 | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,437 | 1,821 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 570 | 225 | |
Financing Receivable, Recorded Investment, Current | 565,340 | 633,808 | |
Loans and leases | 566,777 | 635,629 | $ 621,696 |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 818 | 903 | |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 49 | $ 693 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | ||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 2.8 | $ 3.7 | $ 6.4 | $ 8.4 |
Write-down of TDR's | $ (0.4) | $ (3) | $ (3) | $ (17.9) |
Loans and Leases (Allowance For
Loans and Leases (Allowance For Loan And Lease Losses By Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Balance, beginning of period | $ 199,578 | $ 180,428 | $ 194,320 | $ 174,990 | |||
Provision (benefit) charged to expense | 10,150 | 14,250 | 27,900 | 43,850 | |||
Charge-offs | (10,654) | (9,424) | (26,910) | (38,108) | |||
Recoveries | 2,729 | 2,671 | 6,493 | 7,193 | |||
Balance, end of period | 199,578 | 180,428 | 194,320 | 174,990 | $ 201,803 | $ 194,320 | $ 187,925 |
ALLL, Individually evaluated for impairment | 17,786 | 19,503 | |||||
ALLL, Collectively evaluated for impairment | 184,017 | 168,422 | |||||
Loan and lease balances, Individually evaluated for impairment | 270,156 | 257,711 | |||||
Loan and lease balances, Collectively evaluated for impairment | 17,176,265 | 16,365,690 | |||||
Loans and leases | 17,446,421 | 17,026,588 | 16,623,401 | ||||
Residential Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Balance, beginning of period | 18,427 | 24,413 | 23,226 | 25,876 | |||
Provision (benefit) charged to expense | (348) | 1,076 | (4,436) | 991 | |||
Charge-offs | (585) | (1,304) | (1,940) | (3,536) | |||
Recoveries | 280 | 554 | 924 | 1,408 | |||
Balance, end of period | 18,427 | 24,413 | 23,226 | 25,876 | 17,774 | 23,226 | 24,739 |
ALLL, Individually evaluated for impairment | 4,925 | 9,443 | |||||
ALLL, Collectively evaluated for impairment | 12,849 | 15,296 | |||||
Loan and lease balances, Individually evaluated for impairment | 116,706 | 122,020 | |||||
Loan and lease balances, Collectively evaluated for impairment | 4,382,735 | 4,112,027 | |||||
Loans and leases | 4,499,441 | 4,254,682 | 4,234,047 | ||||
Consumer Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Balance, beginning of period | 42,488 | 42,956 | 45,233 | 42,052 | |||
Provision (benefit) charged to expense | (41) | 4,985 | 6,847 | 12,458 | |||
Charge-offs | (6,197) | (5,259) | (18,273) | (14,236) | |||
Recoveries | 1,894 | 1,313 | 4,337 | 3,721 | |||
Balance, end of period | 42,488 | 42,956 | 45,233 | 42,052 | 38,144 | 45,233 | 43,995 |
ALLL, Individually evaluated for impairment | 1,689 | 3,005 | |||||
ALLL, Collectively evaluated for impairment | 36,455 | 40,990 | |||||
Loan and lease balances, Individually evaluated for impairment | 46,224 | 46,208 | |||||
Loan and lease balances, Collectively evaluated for impairment | 2,520,759 | 2,661,135 | |||||
Loans and leases | 2,566,983 | 2,684,500 | 2,707,343 | ||||
Commercial Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Balance, beginning of period | 79,964 | 73,822 | 71,905 | 66,686 | |||
Provision (benefit) charged to expense | 12,166 | 4,351 | 21,905 | 25,447 | |||
Charge-offs | (3,002) | (2,561) | (5,321) | (17,294) | |||
Recoveries | 466 | 370 | 1,105 | 1,143 | |||
Balance, end of period | 79,964 | 73,822 | 71,905 | 66,686 | 89,594 | 71,905 | 75,982 |
ALLL, Individually evaluated for impairment | 10,844 | 6,579 | |||||
ALLL, Collectively evaluated for impairment | 78,750 | 69,403 | |||||
Loan and lease balances, Individually evaluated for impairment | 85,385 | 58,197 | |||||
Loan and lease balances, Collectively evaluated for impairment | 5,262,918 | 4,721,605 | |||||
Loans and leases | 5,348,303 | 4,940,931 | 4,779,802 | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Balance, beginning of period | 52,402 | 33,622 | 47,477 | 34,889 | |||
Provision (benefit) charged to expense | (2,129) | 2,953 | 2,987 | 3,921 | |||
Charge-offs | (749) | 0 | (951) | (2,521) | |||
Recoveries | 10 | 194 | 21 | 480 | |||
Balance, end of period | 52,402 | 33,622 | 47,477 | 34,889 | 49,534 | 47,477 | 36,769 |
ALLL, Individually evaluated for impairment | 290 | 467 | |||||
ALLL, Collectively evaluated for impairment | 49,244 | 36,302 | |||||
Loan and lease balances, Individually evaluated for impairment | 18,199 | 24,423 | |||||
Loan and lease balances, Collectively evaluated for impairment | 4,446,718 | 4,256,090 | |||||
Loans and leases | 4,464,917 | 4,510,846 | 4,280,513 | ||||
Finance Leases Portfolio Segment [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Balance, beginning of period | 6,297 | 5,615 | 6,479 | 5,487 | |||
Provision (benefit) charged to expense | 502 | 885 | 597 | 1,033 | |||
Charge-offs | (121) | (300) | (425) | (521) | |||
Recoveries | 79 | 240 | 106 | 441 | |||
Balance, end of period | $ 6,297 | $ 5,615 | $ 6,479 | $ 5,487 | 6,757 | 6,479 | 6,440 |
ALLL, Individually evaluated for impairment | 38 | 9 | |||||
ALLL, Collectively evaluated for impairment | 6,719 | 6,431 | |||||
Loan and lease balances, Individually evaluated for impairment | 3,642 | 6,863 | |||||
Loan and lease balances, Collectively evaluated for impairment | 563,135 | 614,833 | |||||
Loans and leases | $ 566,777 | $ 635,629 | $ 621,696 |
Loans and Leases (Impaired Loan
Loans and Leases (Impaired Loans And Leases By Class) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 299,588 | $ 273,364 |
Total Recorded Investment | 270,157 | 249,355 |
Recorded Investment No Allowance | 102,374 | 96,795 |
Recorded Investment With Allowance | 167,783 | 152,560 |
Related Valuation Allowance | 17,786 | 18,593 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 127,986 | 131,468 |
Total Recorded Investment | 116,706 | 119,424 |
Recorded Investment No Allowance | 27,961 | 21,068 |
Recorded Investment With Allowance | 88,745 | 98,356 |
Related Valuation Allowance | 4,925 | 8,090 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 52,432 | |
Total Recorded Investment | 45,719 | |
Recorded Investment No Allowance | 22,746 | |
Recorded Investment With Allowance | 22,973 | |
Related Valuation Allowance | 2,903 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 51,496 | |
Total Recorded Investment | 46,225 | |
Recorded Investment No Allowance | 21,833 | |
Recorded Investment With Allowance | 24,392 | |
Related Valuation Allowance | 1,689 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 88,221 | 57,732 |
Total Recorded Investment | 76,827 | 53,037 |
Recorded Investment No Allowance | 28,124 | 26,006 |
Recorded Investment With Allowance | 48,703 | 27,031 |
Related Valuation Allowance | 10,844 | 7,422 |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 8,558 | 0 |
Total Recorded Investment | 8,558 | 0 |
Recorded Investment No Allowance | 8,558 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Related Valuation Allowance | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 19,026 | 24,146 |
Total Recorded Investment | 17,725 | 23,568 |
Recorded Investment No Allowance | 12,894 | 19,591 |
Recorded Investment With Allowance | 4,831 | 3,977 |
Related Valuation Allowance | 271 | 169 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 580 | 1,188 |
Total Recorded Investment | 474 | 1,187 |
Recorded Investment No Allowance | 0 | 1,187 |
Recorded Investment With Allowance | 474 | 0 |
Related Valuation Allowance | 19 | 0 |
Finance Leases Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 3,721 | 6,398 |
Total Recorded Investment | 3,642 | 6,420 |
Recorded Investment No Allowance | 3,004 | 6,197 |
Recorded Investment With Allowance | 638 | 223 |
Related Valuation Allowance | $ 38 | $ 9 |
Loans and Leases (Interest Inco
Loans and Leases (Interest Income From Impaired Loans And Leases, By Class) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 277,661 | $ 262,717 | $ 259,757 | $ 268,442 |
Accrued Interest Income | 1,743 | 1,954 | 5,344 | 6,201 |
Cash Basis Interest Income | 531 | 542 | 1,794 | 1,672 |
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 118,841 | 124,993 | 118,065 | 128,234 |
Accrued Interest Income | 1,027 | 1,070 | 3,133 | 3,309 |
Cash Basis Interest Income | 285 | 304 | 986 | 918 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 46,753 | 46,892 | 45,972 | 47,317 |
Accrued Interest Income | 341 | 336 | 998 | 1,029 |
Cash Basis Interest Income | 246 | 238 | 808 | 754 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 81,816 | 58,874 | 64,932 | 57,389 |
Accrued Interest Income | 249 | 352 | 704 | 1,299 |
Cash Basis Interest Income | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 4,279 | 0 | 4,279 | 0 |
Accrued Interest Income | 0 | 0 | 0 | |
Cash Basis Interest Income | 0 | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 20,249 | 23,930 | 20,647 | 26,689 |
Accrued Interest Income | 96 | 77 | 329 | 374 |
Cash Basis Interest Income | 0 | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 828 | 4,386 | 831 | 5,171 |
Accrued Interest Income | 0 | 12 | 12 | 81 |
Cash Basis Interest Income | 0 | 0 | 0 | 0 |
Finance Leases Portfolio Segment [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 4,895 | 3,642 | 5,031 | 3,642 |
Accrued Interest Income | 30 | 107 | 168 | 109 |
Cash Basis Interest Income | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Leases (Commercial, C
Loans and Leases (Commercial, Commercial Real Estate Loans And Equipment Financing Loans Segregated By Risk Rating Exposure) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | $ 17,446,421 | $ 17,026,588 | $ 16,623,401 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 5,348,303 | 4,940,931 | 4,779,802 |
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 5,037,439 | 4,655,007 | |
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 108,828 | 56,240 | |
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 192,161 | 226,603 | |
Commercial Portfolio Segment [Member] | (9) Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 9,875 | 3,081 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 4,464,917 | 4,510,846 | 4,280,513 |
Commercial Real Estate Portfolio Segment [Member] | (1) - (6) Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 4,266,658 | 4,357,458 | |
Commercial Real Estate Portfolio Segment [Member] | (7) Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 85,926 | 69,023 | |
Commercial Real Estate Portfolio Segment [Member] | (8) Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 112,333 | 84,365 | |
Commercial Real Estate Portfolio Segment [Member] | (9) Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 0 | 0 | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 566,777 | 635,629 | $ 621,696 |
Finance Leases Portfolio Segment [Member] | (1) - (6) Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 548,298 | 618,084 | |
Finance Leases Portfolio Segment [Member] | (7) Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 3,557 | 1,324 | |
Finance Leases Portfolio Segment [Member] | (8) Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 14,922 | 16,221 | |
Finance Leases Portfolio Segment [Member] | (9) Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | $ 0 | $ 0 |
Loans and Leases (Summary Of Th
Loans and Leases (Summary Of The Recorded Investment Of Company's TDRs) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||||||
Total recorded investment of TDRs | $ 218,350 | $ 223,528 | ||||
Specific reserves for TDRs included in the balance of ALLL | 201,803 | $ 199,578 | 194,320 | $ 187,925 | $ 180,428 | $ 174,990 |
Additional funds committed to borrowers in TDR status | 3,944 | 459 | ||||
Performing Financial Instruments [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Total recorded investment of TDRs | 135,774 | 147,809 | ||||
Nonperforming Financial Instruments [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Total recorded investment of TDRs | 82,576 | 75,719 | ||||
Nonperforming Financial Instruments [Member] | Troubled Debt Restructures [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Specific reserves for TDRs included in the balance of ALLL | $ 11,837 | $ 14,583 |
Loans and Leases (Information o
Loans and Leases (Information on How Loans and Leases were Modified as a TDR) (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017USD ($)loan | Sep. 30, 2016USD ($)loan | Sep. 30, 2017USD ($)loan | Sep. 30, 2016USD ($)loan | ||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 35 | 38 | 151 | 133 | |||
Post-Modification Recorded Investment | $ | [1] | $ 3,869 | $ 10,987 | $ 26,596 | $ 34,367 | ||
Home Equity Loan [Member] | Adjusted Interest Rate [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 1 | 0 | |||||
Post-Modification Recorded Investment | $ | $ 247 | $ 0 | |||||
Residential Portfolio Segment [Member] | Extended Maturity [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 0 | 4 | 9 | 11 | |||
Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 967 | $ 1,390 | $ 1,969 | ||
Residential Portfolio Segment [Member] | Adjusted Interest Rate [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 0 | 1 | 2 | 2 | |||
Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 292 | $ 335 | $ 528 | ||
Residential Portfolio Segment [Member] | Maturity/Rate Combined [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 4 | 3 | 9 | 10 | |||
Post-Modification Recorded Investment | $ | [1] | $ 570 | $ 290 | $ 1,416 | $ 1,185 | ||
Residential Portfolio Segment [Member] | Other [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | [2] | 6 | 3 | 32 | 18 | ||
Post-Modification Recorded Investment | $ | [1],[2] | $ 1,357 | $ 299 | $ 5,471 | $ 3,190 | ||
Consumer Portfolio Segment [Member] | Adjusted Interest Rate [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 1 | 0 | |||||
Post-Modification Recorded Investment | $ | $ 247 | $ 0 | [1] | ||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Extended Maturity [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 2 | 2 | 8 | 9 | |||
Post-Modification Recorded Investment | $ | [1] | $ 158 | $ 89 | $ 822 | $ 381 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Maturity/Rate Combined [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 2 | 3 | 13 | 11 | |||
Post-Modification Recorded Investment | $ | [1] | $ 399 | $ 264 | $ 3,212 | $ 923 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Other [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | [2] | 12 | 8 | 55 | 37 | ||
Post-Modification Recorded Investment | $ | [1],[2] | $ 839 | $ 270 | $ 3,733 | $ 1,447 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Extended Maturity [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 0 | 2 | 8 | 11 | |||
Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 213 | $ 813 | $ 14,862 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Maturity/Rate Combined [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 8 | 0 | 13 | 2 | |||
Post-Modification Recorded Investment | $ | [1] | $ 299 | $ 0 | $ 9,153 | $ 648 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Other [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | [2] | 0 | 4 | 1 | 11 | ||
Post-Modification Recorded Investment | $ | [1],[2] | $ 0 | $ 1,265 | $ 4 | $ 1,639 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Extended Maturity [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 0 | 1 | 0 | 1 | |||
Post-Modification Recorded Investment | $ | $ 0 | $ 109 | $ 0 | [1] | $ 109 | [1] | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Maturity/Rate Combined [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 0 | 1 | 0 | 2 | |||
Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 291 | $ 0 | $ 335 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | Other [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | [2] | 0 | 0 | 0 | 1 | ||
Post-Modification Recorded Investment | $ | [1],[2] | $ 0 | $ 0 | $ 0 | $ 509 | ||
Finance Leases Portfolio Segment [Member] | Extended Maturity [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Number of Loans and Leases | loan | 0 | 6 | 0 | 7 | |||
Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 6,638 | $ 0 | $ 6,642 | ||
[1] | ost-modification balances approximate pre-modification balances. The aggregate amount of charge-offs as a result of the restructurings was not significant. | ||||||
[2] | ther includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. |
Loans and Leases (Information58
Loans and Leases (Information on Loans and Leases Modified as TDR within the Previous 12 Months with payment default) (Narrative) (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)loan | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | ||
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans and Leases | loan | 1 | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 248,000 | $ 248,000 |
Loans and Leases (Investments i
Loans and Leases (Investments in TDRs, Segregated by Risk Rating Exposure) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | $ 218,350 | $ 223,528 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | 55,419 | 58,464 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (1) - (6) Pass [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | 8,902 | 10,210 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (7) Special Mention [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | 360 | 7 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (8) Substandard [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | 46,157 | 45,509 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (9) Doubtful [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total recorded investment of TDRs | $ 0 | $ 2,738 |
Transfers of Financial Assets60
Transfers of Financial Assets (Reserve for loan repurchases) (Detail) - Reserve for Off-balance Sheet Activities [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Beginning balance | $ 843 | $ 992 | $ 790 | $ 1,192 |
Provision (benefit) charged to expense | 25 | 37 | 78 | (64) |
Repurchased loans and settlements charged off | (18) | 0 | (18) | (99) |
Ending balance | $ 850 | $ 1,029 | $ 850 | $ 1,029 |
Transfers of Financial Assets61
Transfers of Financial Assets (Loans sold) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net gain on sale | $ 2,421 | $ 4,322 | $ 8,038 | $ 11,335 |
Residential Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
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 Fee Income Generated by Servicing Financial Assets, Amount | 682 | 1,046 | 2,091 | 2,485 |
Fair value option adjustment | $ (240) | $ (48) | $ 1,591 | $ 2,101 |
Transfers of Financial Assets62
Transfers of Financial Assets (Mortgage Servicing Assets) (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||
Proceeds from loans not originated for sale | $ 7,445 | $ 20,764 | ||
Residential Mortgage [Member] | ||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||
Retained servicing rights | $ 2,600,000 | $ 2,600,000 | 2,600,000 | 2,600,000 |
Bank servicing fees | $ 200 | $ 300 | 600 | 900 |
Proceeds from loans not originated for sale | $ 7,400 | |||
Commercial Loan [Member] | ||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||
Proceeds from loans not originated for sale | $ 20,800 |
Transfers of Financial Assets S
Transfers of Financial Assets Servicing Assets at Amortized Cost Roll Forward (Details) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||||
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 |
Goodwill and Other Intangible64
Goodwill and Other Intangible Assets (Gross Carrying Value And Accumulated Amortization Of Other Intangible Assets) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 43,000 | $ 43,000 |
Accumulated Amortization | (12,411) | (9,326) |
Net Carrying Amount | 30,589 | 33,674 |
Goodwill | 538,373 | 538,373 |
HSA Bank [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 21,813 | 21,813 |
Community Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 516,560 | 516,560 |
Core Deposits [Member] | HSA Bank [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22,000 | 22,000 |
Accumulated Amortization | (8,036) | (6,162) |
Net Carrying Amount | 13,964 | 15,838 |
Customer Relationships [Member] | HSA Bank [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,000 | 21,000 |
Accumulated Amortization | (4,375) | (3,164) |
Net Carrying Amount | $ 16,625 | $ 17,836 |
Goodwill and Other Intangible65
Goodwill and Other Intangible Assets (Schedule Of Expected Future Amortization Expense) (Detail) $ in Thousands | Sep. 30, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2017 | $ 978 |
2,018 | 3,847 |
2,019 | 3,847 |
2,020 | 3,847 |
2,021 | 3,847 |
Thereafter | $ 14,223 |
Deposits (Summary Of Deposits)
Deposits (Summary Of Deposits) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 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 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities Of Time Deposits) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Remainder of 2017 | $ 285,203 | |
2,018 | 952,745 | |
2,019 | 607,952 | |
2,020 | 225,159 | |
2,021 | 107,921 | |
Thereafter | 39,511 | |
Total time deposits | $ 2,218,491 | $ 2,024,808 |
Borrowings Borrowings - (Narrat
Borrowings Borrowings - (Narrative) (Details) - USD ($) $ in Billions | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Total borrowings | $ 2.6 | $ 4 |
Borrowings (Summary Of Securiti
Borrowings (Summary Of Securities Sold Under Agreements To Repurchase And Other Borrowings) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 735,902 | $ 740,526 |
Fed funds purchased | 167,000 | 209,000 |
Securities sold under agreements to repurchase and other borrowings | $ 902,902 | $ 949,526 |
Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.73% | 1.82% |
Federal Funds Purchased [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.12% | 0.46% |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.62% | 1.53% |
Original maturity of one year or less [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 335,902 | $ 340,526 |
Original maturity of one year or less [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.18% | 0.16% |
Original maturity of greater than one year, non-callable [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 400,000 | $ 400,000 |
Original maturity of greater than one year, non-callable [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.04% | 3.09% |
Borrowings (Federal Home Loan A
Borrowings (Federal Home Loan Advances) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year [Abstract] | ||
FHLB advances maturing within 1 year, Total Outstanding | $ 880,500 | $ 2,130,500 |
FHLB advances maturing after 1 but within 2 years, Total Outstanding | 133,731 | 200,000 |
FHLB advances maturing after 2 but within 3 years, Total Outstanding | 259,295 | 128,026 |
FHLB advances maturing after 3 but within 4 years, Total Outstanding | 75,000 | 175,000 |
FHLB advances maturing after 4 but within 5 years, Total Outstanding | 150,061 | 200,000 |
FHLB advances maturing after 5 years, Total Outstanding | 9,091 | 9,370 |
Federal Home Loan Bank, Advances | 1,507,678 | 2,842,896 |
Premiums on advances | 3 | 12 |
Federal Home Loan Bank advances | $ 1,507,681 | $ 2,842,908 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate [Abstract] | ||
FHLB advances maturing within 1 year, Weighted Average Contractual Coupon Rate (as a percent) | 1.28% | 0.71% |
FHLB advances maturing after 1 but within 2 years, Weighted Average Contractual Coupon Rate (as a percent) | 1.34% | 1.36% |
FHLB advances maturing after 2 but within 3 years, Weighted Average Contractual Coupon Rate (as a percent) | 1.79% | 1.73% |
FHLB advances maturing after 3 but within 4 years, Weighted Average Contractual Coupon Rate (as a percent) | 1.51% | 1.77% |
FHLB advances maturing after 4 but within 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.23% | 1.81% |
FHLB advances maturing after 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.61% | 2.59% |
Federal Home Loan Bank, Advances, Weighted Average Contractual Coupon Rate (as a percent) | 1.49% | 0.95% |
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Federal Home Loan Bank Debt | $ 6,388,102 | $ 5,967,318 |
Remaining borrowing capacity | $ 2,668,964 | $ 1,192,758 |
Borrowings (Long Term Debt) (De
Borrowings (Long Term Debt) (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Notes and subordinated debt | $ 227,320,000 | $ 227,320,000 | |
Debt issuance cost on senior fixed-rates | (860,000) | (961,000) | |
Long-term debt | $ 225,704,000 | $ 225,514,000 | |
Variable interest rate | 4.27% | 3.94% | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.95% | ||
Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Discount on senior fixed-rate notes | $ (756,000) | $ (845,000) | |
4.375% Senior fixed-rate notes due February 15, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes, interest rate (as a percent) | 4.375% | ||
Notes and subordinated debt | $ 150,000,000 | 150,000,000 | |
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Notes and subordinated debt | [1] | $ 77,320,000 | $ 77,320,000 |
[1] | The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95% , was 4.27% at September 30, 2017 and 3.94% at December 31, 2016 |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Loss, Net of Tax (Schedule of Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 2,527,012 | $ 2,413,960 | ||
Other comprehensive income (loss), net of tax | $ 2,984 | $ 4,358 | 7,895 | 24,953 |
Ending Balance | 2,638,787 | 2,511,629 | 2,638,787 | 2,511,629 |
Available For Sale and Transferred Securities [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (14,501) | 12,363 | (15,476) | (6,407) |
OCI/OCL before reclassifications | 872 | 1,218 | 1,847 | 20,156 |
Amounts reclassified from AOCL | 0 | 0 | 0 | (168) |
Other comprehensive income (loss), net of tax | 872 | 1,218 | 1,847 | 19,988 |
Ending Balance | (13,629) | 13,581 | (13,629) | 13,581 |
Derivative Instruments [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (15,258) | (23,406) | (17,068) | (22,980) |
OCI/OCL before reclassifications | (34) | 794 | (445) | (2,416) |
Amounts reclassified from AOCL | 1,145 | 1,221 | 3,366 | 4,005 |
Other comprehensive income (loss), net of tax | 1,111 | 2,015 | 2,921 | 1,589 |
Ending Balance | (14,147) | (21,391) | (14,147) | (21,391) |
Defined Benefit Pension and Other Postretirement Benefit Plans [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (42,323) | (46,468) | (44,449) | (48,719) |
OCI/OCL before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCL | 1,001 | 1,125 | 3,127 | 3,376 |
Other comprehensive income (loss), net of tax | 1,001 | 1,125 | 3,127 | 3,376 |
Ending Balance | (41,322) | (45,343) | (41,322) | (45,343) |
AOCI Attributable to Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (72,082) | (57,511) | (76,993) | (78,106) |
OCI/OCL before reclassifications | 838 | 2,012 | 1,402 | 17,740 |
Amounts reclassified from AOCL | 2,146 | 2,346 | 6,493 | 7,213 |
Other comprehensive income (loss), net of tax | 2,984 | 4,358 | 7,895 | 24,953 |
Ending Balance | $ (69,098) | $ (53,153) | $ (69,098) | $ (53,153) |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive Loss, Net of Tax (Schedule of Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Impairment loss recognized in earnings | $ 0 | $ 0 | $ (126) | $ (149) |
Income (loss) before income tax expense | 94,777 | 76,262 | 266,868 | 221,945 |
Income tax expense | (30,281) | (24,445) | (81,322) | (72,478) |
Earnings applicable to common shareholders | 62,426 | 49,634 | 179,262 | 142,927 |
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of accumualted comprehensive income [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on sale of investment securities, net | 0 | 0 | 0 | 414 |
Impairment loss recognized in earnings | 0 | 0 | 0 | (149) |
Income (loss) before income tax expense | 0 | 0 | 0 | 265 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net of tax | 0 | 0 | 0 | 168 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of accumualted comprehensive income [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense | 0 | 0 | 0 | (97) |
Earnings applicable to common shareholders | 0 | 0 | 0 | 168 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net of tax | (1,145) | (1,221) | (3,366) | (4,005) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of accumualted comprehensive income [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense | 665 | 704 | 1,950 | 2,309 |
Earnings applicable to common shareholders | (1,145) | (1,221) | (3,366) | (4,005) |
Total interest expense | (1,810) | (1,925) | (5,316) | (6,314) |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (1,587) | (1,780) | (4,959) | (5,343) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 0 | (4) | 0 | (11) |
Defined benefit pension and postretirement benefit plans [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (1,587) | (1,784) | (4,959) | (5,354) |
Income tax expense | 586 | 659 | 1,832 | 1,978 |
Net of tax | $ (1,001) | $ (1,125) | $ (3,127) | $ (3,376) |
Regulatory Matters (Information
Regulatory Matters (Information On The Capital Ratios) (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital | $ 2,031,955 | $ 1,932,171 | |
Common Equity Tier One Capital Ratio | 10.99% | 10.52% | |
Common Equity Tier One Capital Required for Capital Adequacy | $ 832,149 | $ 826,504 | |
Common Equity Tier One Capital Required to be Well-Capitalized | 1,201,993 | 1,193,840 | |
Total risk-based capital, Actual Amount | $ 2,436,332 | $ 2,328,808 | |
Total risk-based capital, Actual Ratio | 13.17% | 12.68% | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 1,479,376 | $ 1,469,341 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 8.00% | 8.00% | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 1,849,220 | $ 1,836,677 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 10.00% | 10.00% | |
Tier 1 capital, Actual Amount | $ 2,154,665 | $ 2,054,881 | |
Tier 1 capital, Actual Ratio | 11.65% | 11.19% | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 1,109,532 | $ 1,102,006 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 6.00% | 6.00% | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 1,479,376 | $ 1,469,341 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 8.00% | 8.00% | |
Tier 1 leverage capital ratio, Actual Amount | $ 2,154,665 | $ 2,054,881 | |
Tier 1 leverage capital ratio, Actual Ratio | 8.36% | 8.13% | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 1,030,973 | $ 1,010,857 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 4.00% | 4.00% | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 1,288,717 | $ 1,263,571 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Ratio | 5.00% | 5.00% | |
Dividends paid | $ 80,000 | $ 115,000 | |
Subsidiaries [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital | $ 2,061,764 | $ 1,945,332 | |
Common Equity Tier One Capital Ratio | 11.16% | 10.61% | |
Common Equity Tier One Capital Required for Capital Adequacy | $ 831,319 | $ 825,228 | |
Common Equity Tier One Capital Required to be Well-Capitalized | 1,200,794 | 1,191,995 | |
Total risk-based capital, Actual Amount | $ 2,266,110 | $ 2,141,939 | |
Total risk-based capital, Actual Ratio | 12.27% | 11.68% | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 1,477,900 | $ 1,467,071 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 8.00% | 8.00% | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 1,847,376 | $ 1,833,839 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 10.00% | 10.00% | |
Tier 1 capital, Actual Amount | $ 2,061,764 | $ 1,945,332 | |
Tier 1 capital, Actual Ratio | 11.16% | 10.61% | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 1,108,425 | $ 1,100,304 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 6.00% | 6.00% | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 1,477,900 | $ 1,467,071 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 8.00% | 8.00% | |
Tier 1 leverage capital ratio, Actual Amount | $ 2,061,764 | $ 1,945,332 | |
Tier 1 leverage capital ratio, Actual Ratio | 8.00% | 7.70% | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 1,030,260 | $ 1,010,005 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 4.00% | 4.00% | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 1,287,825 | $ 1,262,507 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Ratio | 5.00% | 5.00% | |
Cash Pass-through Reserve, Federal Home Loan Bank | $ 76,700 | $ 58,600 | |
Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital Ratio | 4.50% | 4.50% | |
Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets [Member] | Subsidiaries [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital Ratio | 4.50% | 4.50% | |
Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital Ratio | 6.50% | 6.50% | |
Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets [Member] | Subsidiaries [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital Ratio | 6.50% | 6.50% |
Earnings Per Common Share (Earn
Earnings Per Common Share (Earnings Per Share Basic And Diluted) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 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 |
Undistributed Earnings, Basic | 62,472 | 49,793 | 179,474 | 143,395 |
Net income available to common shareholders | 62,472 | 49,793 | 179,474 | 143,395 |
Less: Earnings applicable to participating securities | 46 | 159 | 212 | 468 |
Less: Earnings applicable to participating securities | 46 | 159 | 212 | 468 |
Earnings applicable to common shareholders | 62,426 | 49,634 | 179,262 | 142,927 |
Earnings applicable to common shareholders | $ 62,426 | $ 49,634 | $ 179,262 | $ 142,927 |
Shares: | ||||
Weighted average common shares outstanding - basic (in shares) | 92,125 | 91,365 | 92,003 | 91,298 |
Effect of dilutive securities: | ||||
Stock options and restricted stock (in shares) | 372 | 465 | 403 | 452 |
Warrants (in shares) | 6 | 27 | 6 | 26 |
Weighted-average common shares outstanding - diluted (in shares) | 92,503 | 91,857 | 92,412 | 91,776 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.68 | $ 0.54 | $ 1.95 | $ 1.57 |
Diluted (in dollars per share) | $ 0.67 | $ 0.54 | $ 1.94 | $ 1.56 |
Earnings Per Common Share Sched
Earnings Per Common Share Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock options (shares with exercise price greater than market price) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 172 | 0 | 172 |
Restricted stock (due to performance conditions on non-participating shares) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 80 | 0 | 61 | 161 |
Derivative Financial Instrume77
Derivative Financial Instruments (Schedule fair value of derivative instruments) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Derivative instrument assets, Gross Amount | $ 6,424 | $ 35,727 | |
Asset Derivatives, Fair Value, Less: Cash collateral posted | 30,500 | ||
Derivative Asset | 969 | 0 | |
Liability Derivatives, Fair Value, Gross Liability | 3,838 | 25,300 | |
Liability Derivatives, Fair Value, Less: Cash collateral posted | 9,800 | ||
Derivative liability | 156 | 446 | |
Subject to and not subject to Master Netting Agreements [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 4,379,221 | 4,104,713 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 42,250 | 77,637 | |
Asset Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 2,915 | 24,252 | |
Asset Derivatives, Fair Value, Less: Cash collateral posted | 2,540 | 11,475 | |
Derivative Asset | 36,795 | 41,910 | |
Liability Derivatives, Notional Amount | 3,062,131 | 2,956,313 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 20,023 | 45,189 | |
Liability Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 2,916 | 24,254 | |
Liability Derivatives, Fair Value, Less: Cash collateral posted | 766 | 600 | |
Derivative liability | 16,341 | 20,335 | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative instrument assets, Gross Amount | 1,972 | 3,270 | |
Asset Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 292 | 2,335 | |
Asset Derivatives, Fair Value, Less: Cash collateral posted | 1,051 | 935 | |
Derivative Asset | 629 | 0 | |
Liability Derivatives, Fair Value, Gross Liability | 195 | 792 | |
Liability Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 195 | 792 | |
Liability Derivatives, Fair Value, Less: Cash collateral posted | 0 | 0 | |
Derivative liability | 0 | 0 | |
Designated as Hedging Instrument [Member] | Derivatives Subject to Master Netting Arrangement or Similar Arrangement [Member] | Interest rate derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | [1] | 225,000 | 225,000 |
Derivative instrument assets, Gross Amount | [1] | 1,972 | 3,270 |
Liability Derivatives, Notional Amount | [1] | 100,000 | 100,000 |
Liability Derivatives, Fair Value, Gross Liability | [1] | 195 | 792 |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative instrument assets, Gross Amount | 4,452 | 32,457 | |
Asset Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 2,623 | 21,917 | |
Asset Derivatives, Fair Value, Less: Cash collateral posted | 1,489 | 10,540 | |
Derivative Asset | 340 | 0 | |
Liability Derivatives, Fair Value, Gross Liability | 3,643 | 24,508 | |
Liability Derivatives, Fair Value, Less: Legally enforceable master netting agreements | 2,721 | 23,462 | |
Liability Derivatives, Fair Value, Less: Cash collateral posted | 766 | 600 | |
Derivative liability | 156 | 446 | |
Not Designated as Hedging Instrument [Member] | Derivatives Subject to Master Netting Arrangement or Similar Arrangement [Member] | Interest rate derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | [1] | 2,270,444 | 1,943,485 |
Derivative instrument assets, Gross Amount | [1] | 4,225 | 32,226 |
Liability Derivatives, Notional Amount | [1] | 1,125,953 | 1,242,937 |
Liability Derivatives, Fair Value, Gross Liability | [1] | 3,224 | 24,388 |
Not Designated as Hedging Instrument [Member] | Derivatives Subject to Master Netting Arrangement or Similar Arrangement [Member] | Other [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | [1] | 8,595 | 10,634 |
Derivative instrument assets, Gross Amount | [1] | 260 | 231 |
Liability Derivatives, Notional Amount | [1] | 22,161 | 14,265 |
Liability Derivatives, Fair Value, Gross Liability | [1] | 419 | 120 |
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 4,154,221 | 3,879,713 | |
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | 40,278 | 74,367 | |
Liability Derivatives, Notional Amount | 2,962,131 | 2,856,313 | |
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | 19,828 | 44,397 | |
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | Interest rate derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 1,738,527 | 1,734,679 | |
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | 35,065 | 38,668 | |
Liability Derivatives, Notional Amount | 1,652,004 | 1,451,762 | |
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | 15,764 | 19,001 | |
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | RPAs [Member] | RPA-Out [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 94,103 | 86,037 | |
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | 112 | 139 | |
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | RPAs [Member] | RPA-In [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives, Notional Amount | 99,538 | 87,273 | |
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | 136 | 166 | |
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | Mortgage Banking Derivatives [Member] | RPA-Out [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 42,290 | 103,440 | |
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | 614 | 3,084 | |
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | Mortgage Banking Derivatives [Member] | RPA-In [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives, Notional Amount | 60,698 | 59,895 | |
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | 128 | 711 | |
Not Designated as Hedging Instrument [Member] | Derivatives Not Subject to Master Netting Arrangement or Similar Arrangement [Member] | Other [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 262 | 1,438 | |
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | 2 | 19 | |
Liability Derivatives, Notional Amount | 1,777 | 181 | |
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | 157 | $ 11 | |
Loan Origination Commitments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Commitment | 60,500 | ||
Interest Rate Lock Commitments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Commitment | $ 21,900 | ||
[1] | One of Webster's counterparty relationships was impacted by a Chicago Mercantile Exchange rulebook amendment, resulting in the presentation of that relationship on a settlement basis, as a single unit of account at September 30, 2017 |
Derivative Financial Instrume78
Derivative Financial Instruments (Schedule of the changes in the fair value of non-hedge accounting derivatives) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 1,326 | $ 1,153 | $ (583) | $ 6,147 |
Interest Rate Derivatives [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 1,501 | 608 | 1,780 | 6,515 |
RPA [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 51 | 110 | 157 | (143) |
Mortgage Banking Derivatives [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | (219) | 720 | (1,886) | 357 |
Other [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (7) | $ (285) | $ (634) | $ (582) |
Derivative Financial Instrume79
Derivative Financial Instruments (AOCI Related to Cash Flow Hedges) (Narrative) (Detail) - Cash Flow Hedging [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | $ (6.4) |
Remaining unamortized gain (loss) on termination of cash flow hedges | (16.5) |
Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | $ 1.2 |
Derivative Financial Instrume80
Derivative Financial Instruments (Offsetting Derivatives) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Derivative instrument assets, Gross Amount | $ 6,424 | $ 35,727 |
Derivative instrument asset, Amount Offset | 30,500 | |
Derivative Asset | 969 | 0 |
Liability Derivatives, Fair Value, Gross Liability | 3,838 | 25,300 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | (9,800) | |
Derivative liability | 156 | 446 |
Hedge Accounting Positions [Member] | ||
Derivative [Line Items] | ||
Derivative instrument assets, Gross Amount | 1,972 | 3,270 |
Derivative instrument asset, Amount Offset, Total | (292) | (2,335) |
Derivative instrument asset, Amount Offset | 1,051 | 935 |
Derivative Asset | 629 | 0 |
Liability Derivatives, Fair Value, Gross Liability | 195 | 792 |
Derivative instrument liability, Amount Offset, Total | (195) | (792) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative liability | 0 | 0 |
Non-Hedged Accounting Positions [Member] | ||
Derivative [Line Items] | ||
Derivative instrument assets, Gross Amount | 4,452 | 32,457 |
Derivative instrument asset, Amount Offset, Total | (2,623) | (21,917) |
Derivative instrument asset, Amount Offset | 1,489 | 10,540 |
Derivative Asset | 340 | 0 |
Liability Derivatives, Fair Value, Gross Liability | 3,643 | 24,508 |
Derivative instrument liability, Amount Offset, Total | (2,721) | (23,462) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | (766) | (600) |
Derivative liability | 156 | 446 |
Subject to and not subject to Master Netting Agreements [Member] | ||
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset, Total | (2,915) | (24,252) |
Derivative instrument asset, Amount Offset | 2,540 | 11,475 |
Derivative Asset | 36,795 | 41,910 |
Derivative instrument liability, Amount Offset, Total | (2,916) | (24,254) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | (766) | (600) |
Derivative liability | $ 16,341 | $ 20,335 |
Derivative Financial Instrume81
Derivative Financial Instruments (Counterparty Credit Risk Narrative) (Detail) $ in Millions | Sep. 30, 2017USD ($) |
Derivative [Line Items] | |
Derivative, Collateral, Right to Reclaim Cash | $ 20.7 |
Derivative instrument asset, Amount Offset | 30.5 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | (9.8) |
Credit Derivative, Maximum Exposure, Undiscounted | 35.1 |
Market Approach Valuation Technique [Member] | |
Derivative [Line Items] | |
Credit Derivative, Maximum Exposure, Undiscounted | $ 27.7 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total credit-related financial instruments with off-balance sheet risk | $ 5,244,643 | $ 5,399,762 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Book value of other real estate owned (OREO) and repossessed assets | 5,300 | |
Rabbi Trust [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 2,900 | |
Alternative investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 17,300 | |
Total credit-related financial instruments with off-balance sheet risk | $ 9,400 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Assets And Liabilities Measured On Recurring Basis) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Financial assets held at fair value: | |||
Derivative Asset | $ 969 | $ 0 | |
Originated loans held for sale | 32,855 | 60,260 | |
Financial liabilities held at fair value: | |||
Derivative liability | 156 | 446 | |
Alternative investments [Member] | |||
Financial assets held at fair value: | |||
Other assets | 17,300 | ||
Fair Value, Measurements, Recurring [Member] | |||
Financial assets held at fair value: | |||
Total financial assets held at fair value | 2,678,531 | 3,139,609 | |
Financial liabilities held at fair value: | |||
Derivative liability | [1] | 20,023 | 45,189 |
Fair Value, Measurements, Recurring [Member] | Derivative instruments [Member] | |||
Financial assets held at fair value: | |||
Derivative Asset | [1] | 42,250 | 77,637 |
Fair Value, Measurements, Recurring [Member] | Available-for-sale Investment Securities [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 2,591,162 | 2,991,091 | |
Fair Value, Measurements, Recurring [Member] | US Treasury Bill Securities [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 3,596 | 734 | |
Fair Value, Measurements, Recurring [Member] | Agency CMO [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 331,798 | 419,706 | |
Fair Value, Measurements, Recurring [Member] | Agency MBS [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 912,977 | 954,349 | |
Fair Value, Measurements, Recurring [Member] | Agency CMBS [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 584,960 | 573,272 | |
Fair Value, Measurements, Recurring [Member] | CMBS [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 403,433 | 477,365 | |
Fair Value, Measurements, Recurring [Member] | CLO [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 274,583 | 427,390 | |
Fair Value, Measurements, Recurring [Member] | Single issuer trust preferred securities [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 30,937 | 28,633 | |
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 48,878 | 109,642 | |
Fair Value, Measurements, Recurring [Member] | Investments held In Rabbi Trust [Member] | |||
Financial assets held at fair value: | |||
Other assets | 5,278 | 5,119 | |
Fair Value, Measurements, Recurring [Member] | Alternative investments [Member] | |||
Financial assets held at fair value: | |||
Other assets | 6,986 | 5,502 | |
Fair Value, Measurements, Recurring [Member] | Loan Origination Commitments [Member] | |||
Financial assets held at fair value: | |||
Originated loans held for sale | 32,855 | 60,260 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | |||
Financial assets held at fair value: | |||
Total financial assets held at fair value | 9,136 | 6,103 | |
Financial liabilities held at fair value: | |||
Derivative liability | [1] | 562 | 120 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Derivative instruments [Member] | |||
Financial assets held at fair value: | |||
Derivative Asset | [1] | 262 | 250 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Available-for-sale Investment Securities [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 3,596 | 734 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | US Treasury Bill Securities [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 3,596 | 734 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Agency CMBS [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | CMBS [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Investments held In Rabbi Trust [Member] | |||
Financial assets held at fair value: | |||
Other assets | 5,278 | 5,119 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Alternative investments [Member] | |||
Financial assets held at fair value: | |||
Other assets | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | Loan Origination Commitments [Member] | |||
Financial assets held at fair value: | |||
Originated loans held for sale | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets held at fair value: | |||
Total financial assets held at fair value | 2,662,409 | 3,128,004 | |
Financial liabilities held at fair value: | |||
Derivative liability | [1] | 19,461 | 45,069 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Derivative instruments [Member] | |||
Financial assets held at fair value: | |||
Derivative Asset | [1] | 41,988 | 77,387 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale Investment Securities [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 2,587,566 | 2,990,357 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Agency CMO [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 331,798 | 419,706 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Agency MBS [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 912,977 | 954,349 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Agency CMBS [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 584,960 | 573,272 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | CMBS [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 403,433 | 477,365 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | CLO [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 274,583 | 427,390 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Single issuer trust preferred securities [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 30,937 | 28,633 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate debt securities [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 48,878 | 109,642 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Alternative investments [Member] | |||
Financial assets held at fair value: | |||
Other assets | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Loan Origination Commitments [Member] | |||
Financial assets held at fair value: | |||
Originated loans held for sale | 32,855 | 60,260 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Financial assets held at fair value: | |||
Total financial assets held at fair value | 6,986 | 5,502 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Derivative instruments [Member] | |||
Financial assets held at fair value: | |||
Derivative Asset | [1] | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Agency CMBS [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | CMBS [Member] | |||
Financial assets held at fair value: | |||
Available for sale investment securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Alternative investments [Member] | |||
Financial assets held at fair value: | |||
Other assets | $ 6,986 | $ 5,502 | |
[1] | or information relating to the impact of netting derivative assets and derivative liabilities as well as the impact from offsetting cash collateral paid to the same derivative counterparties see Note 12: Derivative Financial Instruments |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - Equity Method Investments [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Level 3, beginning of period, Financial Assets | $ 5,502 |
Unrealized gain included in net income | 639 |
Purchases/capital funding | 899 |
Payments | (54) |
Level 3, end of period, Financial Assets | $ 6,986 |
Fair Value Measurements (Sche85
Fair Value Measurements (Schedule Of Valuation Methodology And Unobservable Inputs) (Detail) - Significant Unobservable Inputs (Level 3) [Member] - Fair Value, Measurements, Nonrecurring [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
OREO | $ 2,587 |
Impaired Loans and Leases [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Collateral dependent impaired loans and leases | $ 15,955 |
Impaired Loans and Leases [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 0.00% |
Impaired Loans and Leases [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 20.00% |
Impaired Loans and Leases [Member] | Market Approach Valuation Technique - Discount for cost to sell [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 0.00% |
Impaired Loans and Leases [Member] | Market Approach Valuation Technique - Discount for cost to sell [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 15.00% |
Other Real Estate Owned [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 0.00% |
Other Real Estate Owned [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 20.00% |
Other Real Estate Owned [Member] | Market Approach Valuation Technique - Discount for cost to sell [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate (as a percent) | 8.00% |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Estimated Fair Values Of Significant Financial Instruments) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Loans held for sale | $ 32,855 | $ 60,260 | |||||
Mortgage servicing assets, Carrying Amount | 25,140 | $ 24,708 | 24,466 | $ 23,384 | $ 21,946 | $ 20,698 | |
Alternative investments [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Alternative investments | 17,300 | ||||||
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Alternative investments | 2,587 | ||||||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Loans held for sale | 0 | 7,317 | |||||
Loans and leases, net | 17,244,618 | 16,832,268 | |||||
Securities sold under agreements to repurchase and other borrowings | 902,902 | 949,526 | |||||
FHLB advances | [1] | 1,507,681 | 2,842,908 | ||||
Long-term debt | [1] | 225,704 | 225,514 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | Deposits Liabilities, other than time deposits [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Deposits | 18,636,744 | 17,279,049 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | Time Deposits [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Deposits | 2,218,491 | 2,024,808 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | Alternative investments [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Alternative investments | 10,296 | 11,034 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | Residential Mortgage [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Mortgage servicing assets, Carrying Amount | 25,140 | 24,466 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Reported Value Measurement [Member] | Held-to-maturity Securities [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Held-to-maturity investment securities | 4,497,311 | 4,160,658 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Loans held for sale | 0 | 7,444 | |||||
Securities sold under agreements to repurchase and other borrowings | 905,249 | 955,660 | |||||
FHLB advances | [1] | 1,512,203 | 2,825,101 | ||||
Long-term debt | [1] | 235,686 | 225,514 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Loans and leases, net | 17,155,002 | 16,678,106 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Deposits Liabilities, other than time deposits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Deposits | 18,636,744 | 17,279,049 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Deposits | 2,213,155 | 2,024,395 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Alternative investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Alternative investments | 12,539 | 13,189 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Mortgage servicing assets, Fair value | 44,992 | 52,075 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Held-to-maturity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Held-to-maturity investment securities | $ 4,481,675 | $ 4,125,125 | |||||
[1] | he following adjustments to the carrying amount are not included for determination of fair value, see Note 8: Borrowings : • FHLB advances - unamortized premiums on advances • |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 12 | $ 11 | $ 37 | $ 34 |
Interest cost on benefit obligations | 1,829 | 2,110 | 5,486 | 6,331 |
Expected return on plan assets | (3,074) | (3,067) | (9,222) | (8,596) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Recognized net loss | 1,466 | 1,666 | 4,398 | 4,998 |
Net periodic benefit cost | 233 | 720 | 699 | 2,767 |
Supplemental Employee Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost on benefit obligations | 96 | 98 | 281 | 292 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Recognized net loss | 136 | 106 | 561 | 319 |
Net periodic benefit cost | 232 | 204 | 842 | 611 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost on benefit obligations | 19 | 32 | 69 | 94 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 4 | 0 | 11 |
Recognized net loss | (15) | 8 | 0 | 26 |
Net periodic benefit cost | $ 4 | $ 44 | $ 69 | $ 131 |
Share-Based Plans (Summary of S
Share-Based Plans (Summary of Stock-based compensation expense recognized) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock compensation expense | $ 3,007 | $ 2,944 | $ 9,050 | $ 8,558 |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock compensation expense | 0 | 0 | 0 | 43 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock compensation expense | $ 3,007 | $ 2,944 | $ 9,050 | $ 8,515 |
Share-Based Plans (Narrative) (
Share-Based Plans (Narrative) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock compensation expense | $ 16.7 | |
Weighted average recognition period | 2 years | |
Restricted Stock [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant | 100,000 | |
Time Based Restricted Stock Awards [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 1 year | |
Time Based Restricted Stock Awards [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 5 years | |
Performance-Based Restricted Stock Awards Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Vesting range (as a percent) | 50.00% | |
Performance-Based Restricted Stock Awards Shares [Member] | Minimum [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting range (as a percent) | 0.00% | |
Performance-Based Restricted Stock Awards Shares [Member] | Maximum [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting range (as a percent) | 150.00% | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding (in shares) | 793,630 | 1,072,974 |
Employee Stock Option [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award (in years) | P10Y | |
Non-Qualified Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding (in shares) | 735,785 | |
Incentive Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding (in shares) | 57,845 |
Share-Based Plans (Summary of R
Share-Based Plans (Summary of Restricted Stock and Stock Option Activity) (Detail) | 9 Months Ended | |
Sep. 30, 2017$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options exercisable, Number of Shares | 793,630 | |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Restricted stock, Outstanding at beginning of period (in shares) | 253,361 | |
Restricted stock, Granted (in shares) | 164,953 | |
Restricted stock, Vested restricted stock awards (in shares) | 155,390 | [1] |
Restricted stock, Forfeited (in shares) | 14,586 | |
Restricted stock, Outstanding at end of period (in shares) | 248,338 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Restricted stock, at beginning of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 32.24 | |
Restricted stock, Granted (in dollars per share) | $ / shares | 54.79 | |
Restricted stock, Vested restricted stock awards (in dollars per share) | $ / shares | 36.36 | [1] |
Restricted stock, Forfeited (in dollars per share) | $ / shares | 36.44 | |
Restricted stock, at end of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 43.96 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Restricted stock, Outstanding at beginning of period (in shares) | 2,158 | |
Restricted stock, Granted (in shares) | 8,129 | |
Restricted stock, Vested restricted stock awards (in shares) | 6,900 | [1] |
Restricted stock, Forfeited (in shares) | 0 | |
Restricted stock, Outstanding at end of period (in shares) | 3,387 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Restricted stock, at beginning of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 32.89 | |
Restricted stock, Granted (in dollars per share) | $ / shares | 56.07 | |
Restricted stock, Vested restricted stock awards (in dollars per share) | $ / shares | 48.82 | [1] |
Restricted stock, Forfeited (in dollars per share) | $ / shares | 0 | |
Restricted stock, at end of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 56.07 | |
Performance-Based Restricted Stock Awards Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Restricted stock, Outstanding at beginning of period (in shares) | 116,184 | |
Restricted stock, Granted (in shares) | 89,581 | |
Restricted stock, Vested restricted stock awards (in shares) | 87,982 | [1] |
Restricted stock, Forfeited (in shares) | 6,276 | |
Restricted stock, Outstanding at end of period (in shares) | 111,507 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Restricted stock, at beginning of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 33.62 | |
Restricted stock, Granted (in dollars per share) | $ / shares | 56.18 | |
Restricted stock, Vested restricted stock awards (in dollars per share) | $ / shares | 40.74 | [1] |
Restricted stock, Forfeited (in dollars per share) | $ / shares | 42.72 | |
Restricted stock, at end of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 45.61 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding, at beginning of period, Number of Shares | 1,072,974 | |
Options granted, Number of Shares | 0 | |
Exercised options, Number of Shares | 279,344 | |
Options forfeited, Number of Shares | 0 | |
Options outstanding, at end of period, Number of Shares | 793,630 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Options, at beginning of period, Weighted-average Exercise Price (in dollars per share) | $ / shares | $ 21.24 | |
Options granted, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 0 | |
Exercised options, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 25.80 | |
Options forfeited, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 0 | |
Options, at end of period, Weighted-average Exercise Price (in dollars per share) | $ / shares | $ 19.63 | |
[1] | ested for purposes of recording compensation expense. |
Segment Reporting (Operating Re
Segment Reporting (Operating Results and Total Assets Reportable Segments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Total Assets | $ 26,350,182 | $ 26,350,182 | $ 26,072,529 | ||
Net interest income (expense) | 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 | |
Noninterest Income | 65,846 | 66,412 | 193,439 | 193,861 | |
Total non-interest expense | 161,823 | 156,097 | 490,026 | 461,320 | |
Income (loss) 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 | |
Operating Segments [Member] | Commercial Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 9,428,676 | 9,428,676 | 9,069,445 | ||
Net interest income (expense) | 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 for loan and lease losses | 69,852 | 66,389 | 209,556 | 181,657 | |
Noninterest Income | 13,207 | 15,916 | 39,163 | 41,819 | |
Total non-interest expense | 38,339 | 35,793 | 113,767 | 103,336 | |
Income (loss) before income tax expense | 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 | |
Operating Segments [Member] | Community Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 8,881,322 | 8,881,322 | 8,721,046 | ||
Net interest income (expense) | 96,859 | 91,995 | 286,351 | 274,186 | |
Provision for Loan and Lease Losses | (1,923) | 6,374 | (1,662) | 14,085 | |
Net interest income after provision for loan and lease losses | 98,782 | 85,621 | 288,013 | 260,101 | |
Noninterest Income | 27,079 | 29,130 | 80,516 | 83,248 | |
Total non-interest expense | 92,478 | 92,508 | 281,979 | 276,045 | |
Income (loss) before income tax expense | 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 | |
Operating Segments [Member] | HSA Bank [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 76,090 | 76,090 | 83,987 | ||
Net interest income (expense) | 26,713 | 20,560 | 76,339 | 60,484 | |
Provision for Loan and Lease Losses | 0 | 0 | 0 | 0 | |
Net interest income after provision for loan and lease losses | 26,713 | 20,560 | 76,339 | 60,484 | |
Noninterest Income | 19,371 | 16,900 | 58,392 | 54,969 | |
Total non-interest expense | 27,222 | 23,021 | 84,211 | 71,966 | |
Income (loss) before income tax expense | 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 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 7,964,094 | 7,964,094 | $ 8,198,051 | ||
Net interest income (expense) | (4,593) | (6,623) | (10,453) | (12,838) | |
Provision for Loan and Lease Losses | 0 | 0 | 0 | 0 | |
Net interest income after provision for loan and lease losses | (4,593) | (6,623) | (10,453) | (12,838) | |
Noninterest Income | 6,189 | 4,466 | 15,368 | 13,825 | |
Total non-interest expense | 3,784 | 4,775 | 10,069 | 9,973 | |
Income (loss) before income tax expense | (2,188) | (6,932) | (5,154) | (8,986) | |
Income tax expense | (693) | (2,258) | (1,572) | (2,935) | |
Net income | $ (1,495) | $ (4,674) | $ (3,582) | $ (6,051) |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting Narrative (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017USD ($)Segment | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | Segment | 3 | ||
Loans and leases | $ 17,446,421 | $ 17,026,588 | $ 16,623,401 |
Consumer Portfolio Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Loans and leases | $ 2,566,983 | 2,684,500 | $ 2,707,343 |
Consumer Portfolio Segment [Member] | Home Equity Liquidating Portfolio [Member] | |||
Segment Reporting Information [Line Items] | |||
Loans and leases | $ 65,000 |
Commitments and Contingencies93
Commitments and Contingencies (Outstanding Financial Instruments Contract Amounts Represent Credit Risk) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Total credit-related financial instruments with off-balance sheet risk | $ 5,244,643 | $ 5,399,762 |
Standby letter of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total credit-related financial instruments with off-balance sheet risk | 159,485 | 128,985 |
Commercial letter of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total credit-related financial instruments with off-balance sheet risk | 42,007 | 46,497 |
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total credit-related financial instruments with off-balance sheet risk | $ 5,043,151 | $ 5,224,280 |
(Reserve for Unfunded Commitmen
(Reserve for Unfunded Commitments) (Detail) - Allowance for Credit Loss [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Beginning balance | $ 2,544 | $ 2,319 | $ 2,287 | $ 2,119 |
Provision charged to expense | 0 | 172 | 257 | 372 |
Ending balance | $ 2,544 | $ 2,491 | $ 2,544 | $ 2,491 |