Cover
Cover - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 27, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-31486 | ||
Entity Registrant Name | WEBSTER FINANCIAL CORPORATION | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 06-1187536 | ||
Entity Address, Address Line One | 145 Bank Street | ||
Entity Address, City or Town | Waterbury | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06702 | ||
City Area Code | 203 | ||
Local Phone Number | 578-2202 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,300,000 | ||
Entity Common Stock, Shares Outstanding | 91,629,752 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000801337 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Documents Incorporated by Reference | Part III: Definitive Proxy Statement (the “Proxy Statement”) for the Annual Meeting of Shareholders to be held on April 23, 2020 | ||
Common Class A [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | WBS | ||
Security Exchange Name | NYSE | ||
Series F Preferred Stock [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depository Shares, each representing 1/1000th interest in a share | ||
Trading Symbol | WBS PrF | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and Due from Banks | $ 185,341 | $ 260,422 |
Interest-bearing deposits | 72,554 | 69,077 |
Investment securities available-for-sale, at fair value | 2,925,833 | 2,898,730 |
Investment securities available-for-sale, at fair value | 5,293,918 | 4,325,420 |
Federal Home Loan Bank and Federal Reserve Bank stock | 149,046 | 149,286 |
Loans Held-for-sale, Fair Value Disclosure | 35,750 | 7,908 |
Loans Receivable Held-for-sale, Amount | 36,053 | 11,869 |
Loans and leases | 20,036,986 | 18,465,489 |
Allowance for loan and lease losses | (209,096) | (212,353) |
Loans and leases, net | 19,827,890 | 18,253,136 |
Deferred tax assets, net | 61,975 | 96,516 |
Premises and equipment, net | 270,413 | 124,850 |
Goodwill | 538,373 | 538,373 |
Other intangible assets, net | 21,917 | 25,764 |
Cash surrender value of life insurance policies | 550,651 | 543,616 |
Accrued interest receivable and other assets | 455,380 | 313,256 |
Total assets | 30,389,344 | 27,610,315 |
Liabilities and Equity [Abstract] | ||
Non-interest-bearing | 4,446,463 | 4,162,446 |
Interest-bearing | 18,878,283 | 17,696,399 |
Total deposits | 23,324,746 | 21,858,845 |
Securities sold under agreements to repurchase and other borrowings | 1,040,431 | 581,874 |
Advances from Federal Home Loan Banks | 1,948,476 | 1,826,808 |
Long-term debt | 540,364 | 226,021 |
Finance Lease, Liability | 174,396 | 0 |
Accrued expenses and other liabilities | 153,161 | 230,252 |
Total liabilities | $ 27,181,574 | 24,723,800 |
Shareholders’ equity: | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Preferred stock, shares authorized | 3,000,000 | |
Preferred Stock, Shares Outstanding | 6,000 | |
Common stock par value (in usd per share) | $ 0.01 | |
Common stock, shares issued | 93,686,311 | |
Common stock, $.01 par value: Authorized - 200,000,000 shares; (Issued 93,651,601 shares) | $ 937 | 937 |
Paid-in capital | 1,113,250 | 1,114,394 |
Retained earnings | $ 2,061,352 | $ 1,828,303 |
Treasury Stock, Common, Shares | 1,659,749 | 1,508,456 |
Treasury Stock, Value | $ 76,734 | $ 71,504 |
Accumulated other comprehensive loss, net of tax | (36,072) | (130,652) |
Total shareholders' equity | 3,207,770 | 2,886,515 |
Total liabilities and shareholders' equity | $ 30,389,344 | 27,610,315 |
Common Stock, Shares Authorized | 200,000,000 | |
Debt Securities, Held-to-maturity, Fair Value | $ 5,380,653 | 4,209,121 |
Series F Preferred Stock [Member] | ||
Shareholders’ equity: | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Preferred stock, $.01 par value; Authorized - 3,000,000 shares: Series E issued and outstanding (5,060 shares) Series E issued and outstanding (5,060 shares)Series F issued and outstanding(6,000)Series E issued and outstanding (5,060 shares) | $ 145,037 | $ 145,037 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income: | |||
Interest and fees on loans and leases | $ 924,693,000 | $ 842,449,000 | $ 708,566,000 |
Taxable interest and dividends on securities | 207,294,000 | 191,493,000 | 181,131,000 |
Non-taxable interest on securities | 21,869,000 | 20,597,000 | 22,874,000 |
Loans held for sale | 727,000 | 628,000 | 1,034,000 |
Interest income | 1,154,583,000 | 1,055,167,000 | 913,605,000 |
Interest Expense: | |||
Deposits | 129,577,000 | 90,407,000 | 62,253,000 |
Securities sold under agreements to repurchase and other borrowings | 17,953,000 | 13,491,000 | 14,365,000 |
Federal Home Loan Bank advances | 31,399,000 | 33,461,000 | 30,320,000 |
Long-term debt | 20,527,000 | 11,127,000 | 10,380,000 |
Interest expense | 199,456,000 | 148,486,000 | 117,318,000 |
Net interest income | 955,127,000 | 906,681,000 | 796,287,000 |
Provision for loan and lease losses | 37,800,000 | 42,000,000 | 40,900,000 |
Net interest income (loss) after provision for loan and lease losses | 917,327,000 | 864,681,000 | 755,387,000 |
Non-interest Income: | |||
Deposit service fees | 168,022,000 | 162,183,000 | 151,137,000 |
Loan and lease related fees | 31,327,000 | 32,025,000 | 26,448,000 |
Wealth and investment services | 32,932,000 | 32,843,000 | 31,055,000 |
Mortgage banking activities | 6,115,000 | 4,424,000 | 9,937,000 |
Increase in cash surrender value of life insurance policies | 14,612,000 | 14,614,000 | 14,627,000 |
Gain on the sale of investment securities, net | 29,000 | 0 | 0 |
Impairment loss on securities recognized in earnings | 0 | 0 | (126,000) |
Other income | 32,278,000 | 36,479,000 | 26,400,000 |
Total non-interest income | 285,315,000 | 282,568,000 | 259,478,000 |
Non-interest Expense: | |||
Compensation and benefits | 395,402,000 | 381,496,000 | 356,505,000 |
Occupancy | 57,181,000 | 59,463,000 | 60,490,000 |
Technology and equipment | 105,283,000 | 97,877,000 | 89,464,000 |
Intangible assets amortization | 3,847,000 | 3,847,000 | 4,062,000 |
Marketing | 16,286,000 | 16,838,000 | 17,421,000 |
Professional and outside services | 21,380,000 | 20,300,000 | 16,858,000 |
Deposit insurance | 17,954,000 | 34,749,000 | 25,649,000 |
Other expense | 98,617,000 | 91,046,000 | 90,626,000 |
Total non-interest expense | 715,950,000 | 705,616,000 | 661,075,000 |
Income before income tax expense | 486,692,000 | 441,633,000 | 353,790,000 |
Income tax expense | 103,969,000 | 81,215,000 | 98,351,000 |
Net income | 382,723,000 | 360,418,000 | 255,439,000 |
Preferred stock dividends and other | (9,738,000) | (8,715,000) | (8,608,000) |
Earnings applicable to common shareholders | $ 372,985,000 | $ 351,703,000 | $ 246,831,000 |
Earnings per common share: | |||
Earnings per common share, Basic (in dollars per share) | $ 4.07 | $ 3.83 | $ 2.68 |
Earnings per common share, Diluted (in dollars per share) | $ 4.06 | $ 3.81 | $ 2.67 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other comprehensive (loss) income, net of tax: | |||
Investment securities available-for-sale | $ 88,625 | $ (43,427) | $ (7,590) |
Total defined benefit pension and postretirement benefit plans | 5,826 | (1,397) | 4,135 |
Other comprehensive (loss) income, net of tax | 94,580 | (39,121) | 1,110 |
Comprehensive income | $ 477,303 | $ 321,297 | $ 256,549 |
Consolidated Statement of Share
Consolidated Statement of Shareholder Equity Statement - USD ($) $ in Thousands | Total | Series E Preferred Stock [Member] | Series F Preferred Stock [Member] | Common Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series E Preferred Stock [Member] | Preferred Stock [Member]Series F Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Series E Preferred Stock [Member] | Retained Earnings [Member]Series F Preferred Stock [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] |
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 | 255,439 | 255,439 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,110 | 1,110 | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.03 | |||||||||||||
Dividends, Common Stock | 94,929 | 168 | (95,097) | |||||||||||
Preferred Stock, Dividends Per Share, Declared | $ 1,600 | |||||||||||||
Dividends, Preferred Stock | $ 8,096 | $ (8,096) | ||||||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 14,184 | 2,636 | 11,548 | |||||||||||
Stock Issued During Period, Value, Stock Options Exercised | 8,259 | (3,941) | 12,200 | |||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 11,694 | (11,694) | ||||||||||||
Stock Repurchased During Period, Value | 11,585 | (11,585) | ||||||||||||
Stockholders' Equity, Other | $ (88) | $ (88) | ||||||||||||
Ending Balance at Dec. 31, 2017 | 2,701,958 | 145,056 | 937 | 1,122,164 | 1,595,762 | (70,430) | (91,531) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (39,121) | (39,121) | ||||||||||||
Ending Balance at Sep. 30, 2018 | (130,652) | |||||||||||||
Beginning Balance at Dec. 31, 2017 | 2,701,958 | 145,056 | 937 | 1,122,164 | 1,595,762 | (70,430) | (91,531) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 360,418 | 360,418 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (39,121) | (39,121) | ||||||||||||
Common Stock, Dividends, Per Share, Declared | 1.25 | |||||||||||||
Dividends, Common Stock | 115,343 | 99 | (115,442) | |||||||||||
Preferred Stock, Dividends Per Share, Declared | $ 1,323.4375 | |||||||||||||
Dividends, Preferred Stock | $ 7,875 | (7,875) | ||||||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 11,612 | (1,541) | 3,275 | 9,878 | ||||||||||
Stock Issued During Period, Value, Stock Options Exercised | 2,173 | (5,762) | 7,935 | |||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 13,779 | (13,779) | ||||||||||||
Stock Repurchased During Period, Value | 12,158 | (12,158) | ||||||||||||
Stock Issued During Period, Value, Other | (19) | |||||||||||||
Stockholders' Equity, Other | 22 | 22 | ||||||||||||
Stock Redeemed or Called During Period, Value | $ 122,710 | $ 122,710 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 145,056 | $ 145,056 | ||||||||||||
Ending Balance at Dec. 31, 2018 | 2,886,515 | 145,037 | 937 | 1,114,394 | 1,828,303 | (71,504) | (130,652) | |||||||
Beginning Balance at Sep. 30, 2018 | (130,652) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 98,838 | |||||||||||||
Ending Balance at Dec. 31, 2018 | 2,886,515 | 145,037 | 937 | 1,114,394 | 1,828,303 | (71,504) | (130,652) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 94,580 | 94,580 | ||||||||||||
Ending Balance at Sep. 30, 2019 | (36,072) | |||||||||||||
Beginning Balance at Dec. 31, 2018 | 2,886,515 | 145,037 | 937 | 1,114,394 | 1,828,303 | (71,504) | (130,652) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 382,723 | 382,723 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 94,580 | 94,580 | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.53 | |||||||||||||
Dividends, Common Stock | 141,286 | (141,286) | ||||||||||||
Preferred Stock, Dividends Per Share, Declared | $ 1,312.50 | |||||||||||||
Dividends, Preferred Stock | $ 7,875 | $ (7,875) | ||||||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 12,626 | 885 | 0 | 11,741 | ||||||||||
Stock Issued During Period, Value, Stock Options Exercised | 619 | (2,029) | 2,648 | |||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 6,616 | (6,616) | ||||||||||||
Stock Repurchased During Period, Value | 13,003 | (13,003) | ||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | (566) | (6,484) | 7,050 | ||||||||||
Ending Balance at Dec. 31, 2019 | 3,207,770 | 145,037 | 937 | 1,113,250 | 2,061,352 | (76,734) | (36,072) | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2018-08 [Member] | (513) | (513) | ||||||||||||
Beginning Balance at Sep. 30, 2019 | (36,072) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 90,473 | |||||||||||||
Ending Balance at Dec. 31, 2019 | $ 3,207,770 | $ 145,037 | $ 937 | $ 1,113,250 | $ 2,061,352 | $ (76,734) | $ (36,072) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||
Net income | $ 382,723,000 | $ 360,418,000 | $ 255,439,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan and lease losses | 37,800,000 | 42,000,000 | 40,900,000 |
Deferred tax expense (benefit) | 927,000 | 9,472,000 | (9,074,000) |
Depreciation and amortization | 37,507,000 | 38,750,000 | 37,172,000 |
Amortization of earning assets and funding premium/discount, net | 49,731,000 | 50,984,000 | 45,444,000 |
Stock-based compensation | 12,626,000 | 11,612,000 | 12,276,000 |
Gain on sale, net of write-down, on foreclosed and repossessed assets | (729,000) | (709,000) | (784,000) |
Loss (gain) on sale, net of write-down, on premises and equipment | 1,340,000 | 346,000 | (15,000) |
Impairment loss on securities recognized in earnings | 0 | 0 | 126,000 |
Gain on the sale of investment securities, net | 29,000 | 0 | 0 |
Increase in cash surrender value of life insurance policies | (14,612,000) | (14,614,000) | (14,627,000) |
Gain from life insurance policies | (4,933,000) | (2,553,000) | 0 |
Mortgage banking activities | (6,115,000) | (4,424,000) | (9,937,000) |
Proceeds from sale of loans held for sale | 216,239,000 | 188,025,000 | 333,027,000 |
Originations of loans held for sale | (240,305,000) | (171,883,000) | (287,634,000) |
Net change in right-of-use lease assets | 2,479,000 | 0 | 0 |
Net decrease (increase) in derivative contract assets net of liabilities | (123,752,000) | (4,615,000) | 32,763,000 |
Gain on sale of banking center deposits | 0 | (4,596,000) | 0 |
Net (increase) decrease in accrued interest receivable and other assets | (23,790,000) | (739,000) | (19,790,000) |
Net (decrease) increase in accrued expenses and other liabilities | (23,257,000) | (28,066,000) | 29,680,000 |
Net cash provided by operating activities | 303,850,000 | 469,408,000 | 444,966,000 |
Investing Activities: | |||
Purchases of available-for-sale securities | (549,541,000) | (873,108,000) | (660,106,000) |
Proceeds from maturities and principal payments of available-for-sale securities | 556,283,000 | 538,747,000 | 984,732,000 |
Proceeds from sales of available-for-sale securities | 70,087,000 | 0 | 0 |
Purchases of held-to-maturity securities | (1,571,604,000) | (393,693,000) | (1,043,278,000) |
Proceeds from maturities and principal payments of held-to-maturity securities | 573,703,000 | 524,862,000 | 687,439,000 |
Net proceeds from (purchase of) Federal Home Loan Bank stock | 240,000 | 2,280,000 | 43,080,000 |
Purchases of intercompany debt securities | (6,065,000) | (1,215,000) | 873,000 |
Net increase in loans | (1,642,501,000) | (990,014,000) | (549,213,000) |
Proceeds from loans not originated for sale | 20,931,000 | 1,687,000 | 14,679,000 |
Proceeds from life insurance policies | 12,866,000 | 4,271,000 | 746,000 |
Proceeds from the sale of foreclosed properties and repossessed assets | 11,562,000 | 8,011,000 | 7,603,000 |
Proceeds from the sale of premises and equipment | 0 | 567,000 | 3,357,000 |
Additions to premises and equipment | (25,717,000) | (32,958,000) | (28,546,000) |
Net (increase) decrease in interest-bearing deposits | 0 | (107,361,000) | 0 |
Proceeds from redemption of other assets | 0 | 0 | 7,581,000 |
Net cash provided by (used for) investing activities | (2,549,756,000) | (1,317,924,000) | (531,053,000) |
Financing Activities: | |||
Net increase in deposits | 1,465,377,000 | 979,519,000 | 1,690,197,000 |
Proceeds from Federal Home Loan Bank advances | 9,200,000,000 | 8,960,000,000 | 12,255,000,000 |
Repayments of Federal Home Loan Bank advances | (9,078,332,000) | (8,810,297,000) | (13,420,791,000) |
Net increase (decrease) in securities sold under agreements to repurchase and other borrowings | 458,557,000 | (61,395,000) | (306,257,000) |
Issuance of long-term debt | 300,000,000 | 0 | 0 |
Debt issuance costs | (3,642,000) | 0 | 0 |
Redemption of Series E preferred stock | 0 | 0 | (122,710,000) |
Issuance of Series F preferred stock | 0 | 0 | 145,056,000 |
Dividends paid to common shareholders | (140,783,000) | (114,959,000) | (94,630,000) |
Dividends paid to preferred shareholders | (7,875,000) | (7,875,000) | (8,096,000) |
Exercise of stock options | 619,000 | 2,173,000 | 8,259,000 |
Common stock repurchased | (13,003,000) | (12,158,000) | (11,585,000) |
Common shares acquired related to stock compensation plan activity | (6,616,000) | (13,779,000) | (11,694,000) |
Net cash (used for) provided by financing activities | 2,174,302,000 | 921,229,000 | 122,749,000 |
Net (decrease) increase in cash and cash equivalents | (71,604,000) | 72,713,000 | 36,662,000 |
Cash and due from banks at beginning of year | 329,499,000 | 256,786,000 | 220,124,000 |
Cash and due from banks at end of year | 257,895,000 | 329,499,000 | 256,786,000 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 197,200,000 | 144,726,000 | 114,046,000 |
Income taxes paid | 110,057,000 | 60,925,000 | 109,059,000 |
Noncash investing and financing activities: | |||
Transfer of loans and leases to foreclosed properties and repossessed assets | 10,440,000 | 8,105,000 | 8,972,000 |
Transfer of loans from portfolio to loans held for sale | $ 16,609,000 | $ 5,443,000 | $ 7,234,000 |
Parent Company Information
Parent Company Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Information | Parent Company Information Financial information for the Parent Company only is presented in the following tables: Condensed Balance Sheets December 31, (In thousands) 2019 2018 Assets: Cash and due from banks $ 510,940 $ 317,473 Intercompany debt securities 150,000 150,000 Investment in subsidiaries 3,079,549 2,633,848 Due from subsidiaries — 36 Alternative investments 5,356 3,252 Other assets 13,537 12,003 Total assets $ 3,759,382 $ 3,116,612 Liabilities and shareholders’ equity: Senior notes $ 463,044 $ 148,701 Junior subordinated debt 77,320 77,320 Accrued interest payable 6,057 2,664 Due to subsidiaries 52 — Other liabilities 5,139 1,412 Total liabilities 551,612 230,097 Shareholders’ equity 3,207,770 2,886,515 Total liabilities and shareholders’ equity $ 3,759,382 $ 3,116,612 Condensed Statements of Income Years ended December 31, (In thousands) 2019 2018 2017 Operating Income: Dividend income from bank subsidiary $ 360,000 $ 290,000 $ 120,000 Interest on securities and deposits 10,728 7,342 4,477 Alternative investments (loss) income (256) 290 1,504 Other non-interest income 382 805 204 Total operating income 370,854 298,437 126,185 Operating Expense: Interest expense on borrowings 21,062 11,127 10,380 Non-interest expense 15,527 19,105 23,008 Total operating expense 36,589 30,232 33,388 Income before income tax benefit and equity in undistributed earnings of subsidiaries 334,265 268,205 92,797 Income tax benefit 4,671 2,207 3,004 Equity in undistributed earnings of subsidiaries 43,787 90,006 159,638 Net income $ 382,723 $ 360,418 $ 255,439 Condensed Statements of Comprehensive Income Years ended December 31, (In thousands) 2019 2018 2017 Net income $ 382,723 $ 360,418 $ 255,439 Other comprehensive income (loss), net of tax: Net unrealized gains on derivative instruments 1,479 1,447 1,216 Other comprehensive income (loss) of subsidiaries 93,101 (40,568) (106) Other comprehensive income (loss), net of tax 94,580 (39,121) 1,110 Comprehensive income $ 477,303 $ 321,297 $ 256,549 Condensed Statements of Cash Flows Years ended December 31, (In thousands) 2019 2018 2017 Net cash provided by operating activities $ 362,617 $ 282,986 $ 115,957 Investing activities: Alternative investments capital call (1,850) — — Investment in subsidiaries (296,000) — — Proceeds from the sale of other assets — — 7,581 Net cash (used for) provided by investing activities (297,850) — 7,581 Financing activities: Issuance of long-term debt 296,358 — — Preferred stock issued — — 145,056 Preferred stock redeemed — — (122,710) Cash dividends paid to common shareholders (140,783) (114,959) (94,630) Cash dividends paid to preferred shareholders (7,875) (7,875) (8,096) Exercise of stock options 619 2,173 8,259 Common stock repurchased and acquired from stock compensation plan activity (19,619) (25,937) (23,279) Net cash provided by (used for) financing activities 128,700 (146,598) (95,400) Increase in cash and due from banks 193,467 136,388 28,138 Cash and due from banks at beginning of year 317,473 181,085 152,947 Cash and due from banks at end of year $ 510,940 $ 317,473 $ 181,085 |
Selected Quarterly Consolidated
Selected Quarterly Consolidated Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Consolidated Financial Information (Unaudited) | Selected Quarterly Consolidated Financial Information (Unaudited) 2019 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Interest income $ 286,190 $ 292,257 $ 294,136 $ 282,000 Interest expense 44,639 50,470 53,597 50,750 Net interest income 241,551 241,787 240,539 231,250 Provision for loan and lease losses 8,600 11,900 11,300 6,000 Non-interest income 68,612 75,853 69,931 70,919 Non-interest expense 175,686 180,640 179,894 179,730 Income before income tax expense 125,877 125,100 119,276 116,439 Income tax expense 26,141 26,451 25,411 25,966 Net income $ 99,736 $ 98,649 $ 93,865 $ 90,473 Earnings applicable to common shareholders $ 97,549 $ 96,193 $ 91,442 $ 88,066 Earnings per common share: Basic $ 1.06 $ 1.05 $ 1.00 $ 0.96 Diluted 1.06 1.05 1.00 0.96 2018 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Interest income $ 245,921 $ 260,491 $ 268,363 $ 280,392 Interest expense 31,753 35,481 37,991 43,261 Net interest income 214,168 225,010 230,372 237,131 Provision for loan and lease losses 11,000 10,500 10,500 10,000 Non-interest income 68,747 68,374 72,284 73,163 Non-interest expense 171,615 180,459 178,783 174,759 Income before income tax expense 100,300 102,425 113,373 125,535 Income tax expense 20,075 20,743 13,700 26,697 Net income $ 80,225 $ 81,682 $ 99,673 $ 98,838 Earnings applicable to common shareholders $ 78,083 $ 79,489 $ 97,460 $ 96,666 Earnings per common share: Basic $ 0.85 $ 0.87 $ 1.06 $ 1.05 Diluted 0.85 0.86 1.06 1.05 |
Parent Company Information (Tab
Parent Company Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Parent Company Information Balance Sheet | Financial information for the Parent Company only is presented in the following tables: Condensed Balance Sheets December 31, (In thousands) 2019 2018 Assets: Cash and due from banks $ 510,940 $ 317,473 Intercompany debt securities 150,000 150,000 Investment in subsidiaries 3,079,549 2,633,848 Due from subsidiaries — 36 Alternative investments 5,356 3,252 Other assets 13,537 12,003 Total assets $ 3,759,382 $ 3,116,612 Liabilities and shareholders’ equity: Senior notes $ 463,044 $ 148,701 Junior subordinated debt 77,320 77,320 Accrued interest payable 6,057 2,664 Due to subsidiaries 52 — Other liabilities 5,139 1,412 Total liabilities 551,612 230,097 Shareholders’ equity 3,207,770 2,886,515 Total liabilities and shareholders’ equity $ 3,759,382 $ 3,116,612 |
Schedule of Parent Company Information Income Statement | Condensed Statements of Income Years ended December 31, (In thousands) 2019 2018 2017 Operating Income: Dividend income from bank subsidiary $ 360,000 $ 290,000 $ 120,000 Interest on securities and deposits 10,728 7,342 4,477 Alternative investments (loss) income (256) 290 1,504 Other non-interest income 382 805 204 Total operating income 370,854 298,437 126,185 Operating Expense: Interest expense on borrowings 21,062 11,127 10,380 Non-interest expense 15,527 19,105 23,008 Total operating expense 36,589 30,232 33,388 Income before income tax benefit and equity in undistributed earnings of subsidiaries 334,265 268,205 92,797 Income tax benefit 4,671 2,207 3,004 Equity in undistributed earnings of subsidiaries 43,787 90,006 159,638 Net income $ 382,723 $ 360,418 $ 255,439 |
Schedule of Parent Company Information Comprehensive Income Statement | Condensed Statements of Comprehensive Income Years ended December 31, (In thousands) 2019 2018 2017 Net income $ 382,723 $ 360,418 $ 255,439 Other comprehensive income (loss), net of tax: Net unrealized gains on derivative instruments 1,479 1,447 1,216 Other comprehensive income (loss) of subsidiaries 93,101 (40,568) (106) Other comprehensive income (loss), net of tax 94,580 (39,121) 1,110 Comprehensive income $ 477,303 $ 321,297 $ 256,549 |
Schedule of Parent Company Information Cash Flow Statement | Condensed Statements of Cash Flows Years ended December 31, (In thousands) 2019 2018 2017 Net cash provided by operating activities $ 362,617 $ 282,986 $ 115,957 Investing activities: Alternative investments capital call (1,850) — — Investment in subsidiaries (296,000) — — Proceeds from the sale of other assets — — 7,581 Net cash (used for) provided by investing activities (297,850) — 7,581 Financing activities: Issuance of long-term debt 296,358 — — Preferred stock issued — — 145,056 Preferred stock redeemed — — (122,710) Cash dividends paid to common shareholders (140,783) (114,959) (94,630) Cash dividends paid to preferred shareholders (7,875) (7,875) (8,096) Exercise of stock options 619 2,173 8,259 Common stock repurchased and acquired from stock compensation plan activity (19,619) (25,937) (23,279) Net cash provided by (used for) financing activities 128,700 (146,598) (95,400) Increase in cash and due from banks 193,467 136,388 28,138 Cash and due from banks at beginning of year 317,473 181,085 152,947 Cash and due from banks at end of year $ 510,940 $ 317,473 $ 181,085 |
Selected Quarterly Consolidat_2
Selected Quarterly Consolidated Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information | 2019 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Interest income $ 286,190 $ 292,257 $ 294,136 $ 282,000 Interest expense 44,639 50,470 53,597 50,750 Net interest income 241,551 241,787 240,539 231,250 Provision for loan and lease losses 8,600 11,900 11,300 6,000 Non-interest income 68,612 75,853 69,931 70,919 Non-interest expense 175,686 180,640 179,894 179,730 Income before income tax expense 125,877 125,100 119,276 116,439 Income tax expense 26,141 26,451 25,411 25,966 Net income $ 99,736 $ 98,649 $ 93,865 $ 90,473 Earnings applicable to common shareholders $ 97,549 $ 96,193 $ 91,442 $ 88,066 Earnings per common share: Basic $ 1.06 $ 1.05 $ 1.00 $ 0.96 Diluted 1.06 1.05 1.00 0.96 2018 (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Interest income $ 245,921 $ 260,491 $ 268,363 $ 280,392 Interest expense 31,753 35,481 37,991 43,261 Net interest income 214,168 225,010 230,372 237,131 Provision for loan and lease losses 11,000 10,500 10,500 10,000 Non-interest income 68,747 68,374 72,284 73,163 Non-interest expense 171,615 180,459 178,783 174,759 Income before income tax expense 100,300 102,425 113,373 125,535 Income tax expense 20,075 20,743 13,700 26,697 Net income $ 80,225 $ 81,682 $ 99,673 $ 98,838 Earnings applicable to common shareholders $ 78,083 $ 79,489 $ 97,460 $ 96,666 Earnings per common share: Basic $ 0.85 $ 0.87 $ 1.06 $ 1.05 Diluted 0.85 0.86 1.06 1.05 |
Parent Company Information (Com
Parent Company Information (Components of Condensed Balance Sheets The Parent Company) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 257,895 | $ 329,499 |
Intercompany debt securities | 150,000 | |
Other assets | 455,380 | 313,256 |
Total assets | 30,389,344 | 27,610,315 |
Liabilities and shareholders’ equity: | ||
Total liabilities | 27,181,574 | 24,723,800 |
Total liabilities and shareholders' equity | 30,389,344 | 27,610,315 |
Parent Company [Member] | ||
Assets: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 510,940 | 317,473 |
Intercompany debt securities | 150,000 | |
Investment in subsidiaries | 3,079,549 | 2,633,848 |
Due from subsidiaries | 0 | 36 |
Alternative investments | 5,356 | 3,252 |
Other assets | 13,537 | 12,003 |
Total assets | 3,759,382 | 3,116,612 |
Liabilities and shareholders’ equity: | ||
Senior notes | 463,044 | 148,701 |
Junior subordinated debt | 77,320 | 77,320 |
Accrued interest payable | 6,057 | 2,664 |
Due to subsidiaries | 52 | 0 |
Other liabilities | 5,139 | 1,412 |
Total liabilities | 551,612 | 230,097 |
Shareholders’ equity | 3,207,770 | 2,886,515 |
Total liabilities and shareholders' equity | $ 3,759,382 | $ 3,116,612 |
Parent Company Information (C_2
Parent Company Information (Components of Condensed Income Statement The Parent Company) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Income: | |||
Total operating income | $ 524,492 | $ 483,633 | $ 394,690 |
Operating Expense: | |||
Compensation and benefits | 395,402 | 381,496 | 356,505 |
Non-interest expense | 98,617 | 91,046 | 90,626 |
Income tax benefit | (103,969) | (81,215) | (98,351) |
Net income | 382,723 | 360,418 | 255,439 |
Parent Company [Member] | |||
Operating Income: | |||
Dividend income from bank subsidiary | 360,000 | 290,000 | 120,000 |
Interest on securities and deposits | 10,728 | 7,342 | 4,477 |
Alternative investments income | (256) | 290 | 1,504 |
Other non-interest income | 382 | 805 | 204 |
Total operating income | 370,854 | 298,437 | 126,185 |
Operating Expense: | |||
Interest expense on borrowings | 21,062 | 11,127 | 10,380 |
Non-interest expense | 15,527 | 19,105 | 23,008 |
Total operating expense | 36,589 | 30,232 | 33,388 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 334,265 | 268,205 | 92,797 |
Income tax benefit | 4,671 | 2,207 | 3,004 |
Equity in undistributed earnings of subsidiaries | 43,787 | 90,006 | 159,638 |
Net income | $ 382,723 | $ 360,418 | $ 255,439 |
Parent Company Information (C_3
Parent Company Information (Components of Condensed Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other comprehensive income (loss), net of tax: | |||
Derivative instruments | $ 129 | $ 5,703 | $ 4,565 |
Other comprehensive (loss) income, net of tax | 94,580 | (39,121) | 1,110 |
Parent Company [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 382,723 | 360,418 | 255,439 |
Other comprehensive income (loss), net of tax: | |||
Derivative instruments | 1,479 | 1,447 | 1,216 |
Other comprehensive income (loss) of subsidiaries | 93,101 | (40,568) | (106) |
Other comprehensive (loss) income, net of tax | 94,580 | (39,121) | 1,110 |
Comprehensive income | $ 477,303 | $ 321,297 | $ 256,549 |
Parent Company Information (C_4
Parent Company Information (Components of Condensed Cash Flow The Parent Company) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net cash provided by operating activities | $ 303,850 | $ 469,408 | $ 444,966 |
Investing activities: | |||
Alternative investments capital call | (6,065) | (1,215) | 873 |
Proceeds from redemption of other assets | 0 | 0 | 7,581 |
Net cash provided by (used for) investing activities | (2,549,756) | (1,317,924) | (531,053) |
Financing activities: | |||
Issuance of Series F preferred stock | 0 | 0 | 145,056 |
Redemption of Series E preferred stock | 0 | 0 | (122,710) |
Cash dividends paid to common shareholders | (140,783) | (114,959) | (94,630) |
Cash dividends paid to preferred shareholders | (7,875) | (7,875) | (8,096) |
Exercise of stock options | 619 | 2,173 | 8,259 |
Common stock repurchased and acquired from stock compensation plan activity | (13,003) | (12,158) | (11,585) |
Net cash (used for) provided by financing activities | 2,174,302 | 921,229 | 122,749 |
Net (decrease) increase in cash and cash equivalents | (71,604) | 72,713 | 36,662 |
Cash and due from banks at beginning of year | 329,499 | 256,786 | 220,124 |
Cash and due from banks at end of year | 257,895 | 329,499 | 256,786 |
Parent Company [Member] | |||
Operating activities: | |||
Net cash provided by operating activities | 362,617 | 282,986 | 115,957 |
Investing activities: | |||
Alternative investments capital call | (1,850) | 0 | 0 |
Investment in subsidiaries | (296,000) | 0 | 0 |
Proceeds from redemption of other assets | 0 | 0 | 7,581 |
Net cash provided by (used for) investing activities | (297,850) | 0 | 7,581 |
Financing activities: | |||
Issuance of long-term debt | 296,358 | 0 | 0 |
Issuance of Series F preferred stock | 0 | 0 | 145,056 |
Redemption of Series E preferred stock | 0 | 0 | 122,710 |
Cash dividends paid to common shareholders | 140,783 | 114,959 | 94,630 |
Cash dividends paid to preferred shareholders | 7,875 | 7,875 | 8,096 |
Exercise of stock options | 619 | 2,173 | 8,259 |
Common stock repurchased and acquired from stock compensation plan activity | 19,619 | 25,937 | 23,279 |
Net cash (used for) provided by financing activities | 128,700 | (146,598) | (95,400) |
Net (decrease) increase in cash and cash equivalents | 193,467 | 136,388 | 28,138 |
Cash and due from banks at beginning of year | 317,473 | 181,085 | 152,947 |
Cash and due from banks at end of year | $ 510,940 | $ 317,473 | $ 181,085 |
Selected Quarterly Consolidat_3
Selected Quarterly Consolidated Financial Information (Unaudited) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Interest income | $ 282,000 | $ 294,136 | $ 292,257 | $ 286,190 | $ 280,392 | $ 268,363 | $ 260,491 | $ 245,921 | $ 1,154,583 | $ 1,055,167 | $ 913,605 |
Interest expense | 50,750 | 53,597 | 50,470 | 44,639 | 43,261 | 37,991 | 35,481 | 31,753 | 199,456 | 148,486 | 117,318 |
Net interest income | 231,250 | 240,539 | 241,787 | 241,551 | 237,131 | 230,372 | 225,010 | 214,168 | 955,127 | 906,681 | 796,287 |
Provision for loan and lease losses | 6,000 | 11,300 | 11,900 | 8,600 | 10,000 | 10,500 | 10,500 | 11,000 | 37,800 | 42,000 | 40,900 |
Non-interest income | 70,919 | 69,931 | 75,853 | 68,612 | 73,163 | 72,284 | 68,374 | 68,747 | |||
Non-interest expense | 179,730 | 179,894 | 180,640 | 175,686 | 174,759 | 178,783 | 180,459 | 171,615 | 715,950 | 705,616 | 661,075 |
Income before income tax expense | 116,439 | 119,276 | 125,100 | 125,877 | 125,535 | 113,373 | 102,425 | 100,300 | 486,692 | 441,633 | 353,790 |
Income tax expense | 25,966 | 25,411 | 26,451 | 26,141 | 26,697 | 13,700 | 20,743 | 20,075 | 103,969 | 81,215 | 98,351 |
Net income | 90,473 | 93,865 | 98,649 | 99,736 | 98,838 | 99,673 | 81,682 | 80,225 | 382,723 | 360,418 | 255,439 |
Earnings applicable to common shareholders | $ 88,066 | $ 91,442 | $ 96,193 | $ 97,549 | $ 96,666 | $ 97,460 | $ 79,489 | $ 78,083 | $ 372,985 | $ 351,703 | $ 246,831 |
Earnings per common share: | |||||||||||
Earnings per common share, Basic (in dollars per share) | $ 0.96 | $ 1 | $ 1.05 | $ 1.06 | $ 1.05 | $ 1.06 | $ 0.87 | $ 0.85 | $ 4.07 | $ 3.83 | $ 2.68 |
Earnings per common share, Diluted (in dollars per share) | $ 0.96 | $ 1 | $ 1.05 | $ 1.06 | $ 1.05 | $ 1.06 | $ 0.86 | $ 0.85 | $ 4.06 | $ 3.81 | $ 2.67 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations Webster Financial Corporation is a bank holding company and financial holding company under the BHC Act, incorporated under the laws of Delaware in 1986 and headquartered in Waterbury, Connecticut. Webster Bank is the principal consolidated subsidiary of Webster Financial Corporation. Webster Bank and its HSA Bank division deliver a wide range of banking, investment, and financial services to individuals, families, and businesses. Webster Bank serves consumer and business customers with mortgage lending, financial planning, trust, and investment services through a distribution network consisting of banking centers, ATMs, a customer care center, and a full range of web and mobile-based banking services throughout southern New England and Westchester County, New York. It also offers equipment financing, commercial real estate lending, asset-based lending, and treasury and payment solutions primarily in the eastern U.S. HSA Bank is a leading provider of health savings accounts, while also delivering health reimbursement arrangements, and flexible spending and commuter benefit account administration services to employers and individuals in all 50 states. Basis of Presentation The accounting and reporting policies of the Company that materially affect its financial statements conform with GAAP, and align with general practices within the financial services industry. The Consolidated Financial Statements and the accompanying Notes thereto include the accounts of Webster Financial Corporation and all other entities in which it has a controlling financial interest. Intercompany accounts and transactions have been eliminated in consolidation. Assets that the Company holds or manages in a fiduciary or agency capacity for customers, typically referred to as assets under administration or assets under management, are not included in the consolidated balance sheets as those assets are not Webster's, and the Company is not the primary beneficiary. Certain prior period amounts have been reclassified to conform to the current year's presentation. These reclassifications had an immaterial effect on the Company's consolidated financial statements. Principles of Consolidation The purpose of consolidated financial statements is to present the results of operations and the financial position of the Company and its subsidiaries as if the consolidated group were a single economic entity. In accordance with the applicable accounting guidance for consolidations, the consolidated financial statements include any voting interest entity (VOE) in which the Company has a controlling financial interest and any variable interest entity (VIE) for which the Company is deemed to be the primary beneficiary. The Company generally consolidates its VOEs if the Company, directly or indirectly, owns more than 50% of the outstanding voting shares of the entity and the non-controlling shareholders do not hold any substantive participating or controlling rights. The Company evaluates VIEs to understand the purpose and design of the entity, and its involvement in the ongoing activities of the VIE and will consolidate the VIE if it has (i) the power to direct the activities of the VIE that most significantly affect the VIE's economic performance and (ii) an obligation to absorb losses of the VIE, or the right to receive benefits from the VIE, that could potentially be significant to the VIE. The Company accounts for unconsolidated partnerships and certain other investments using the equity method of accounting if it has the ability to significantly influence the operating and financial policies of the investee. This is generally presumed to exist when the Company owns between 20% and 50% of a corporation, or when it has greater than 3%-5% interest in a limited partnership or similarly structured entity. Refer to Note 2: Variable Interest Entities for further information. Use of Estimates 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. Cash and Cash Equivalents Cash and cash equivalents, as referenced in the consolidated statement of cash flows, is comprised of cash and due from banks and interest-bearing deposits. Cash equivalents have a maturity of three months or less. Cash and due from banks, as referenced in the consolidated balance sheets, includes cash on hand, certain deposits at the FRB of Boston, and cash due from banks. Restricted cash related to Federal Reserve System requirements and cash collateral received on derivative positions are included in cash and due from banks. Interest-bearing deposits, as referenced in the consolidated balance sheets, includes deposits at the FRB of Boston in excess of reserve requirements and federal funds sold to other financial institutions. Federal funds sold essentially represents an uncollateralized loan and therefore the Company regularly evaluates the credit risk associated with the other financial institutions to assure that Webster does not become exposed to any significant credit risk on those cash equivalents. Investment in Debt Securities Investment securities are classified as available-for-sale or held-to-maturity at the time of purchase. Any classification change subsequent to trade date is reviewed for compliance with corporate objectives and accounting policies. Debt securities classified as held-to-maturity are those which Webster has the ability and intent to hold to maturity. Securities classified as held-to-maturity are recorded at amortized cost net of unamortized premiums and discounts. Discount accretion income and premium amortization expense are recognized as interest income using the effective interest method, with consideration given to prepayment assumptions on mortgage backed securities. Premiums are amortized to the earliest call date for debt securities purchased at a premium, with explicit, non-contingent call features and are callable at a fixed price and preset date. Securities classified as available-for-sale are recorded at fair value with unrealized gains and losses recorded as a component of other comprehensive income (OCI) or other comprehensive loss (OCL). If securities are transferred from available-for-sale to held-to-maturity they are recorded at fair value at the time of transfer and the respective gain or loss would be recorded as a separate component of OCI or OCL and amortized as an adjustment to interest income over the remaining life of such security. Securities classified as available-for-sale or held-to-maturity and in an unrealized loss position are evaluated for other-than-temporary impairment (OTTI) on a quarterly basis. The evaluation considers several qualitative factors, including the period of time the security has been in a loss position, and the amount of the unrealized loss. If the Company intends to sell a debt security or it is more likely than not the Company will be required to sell the debt security prior to recovery of its amortized cost basis, it is written down to fair value, and the loss is recognized in non-interest income. If the Company does not intend to sell the debt security and it is more likely than not that the Company will not be required to sell the debt security prior to recovery of its amortized cost basis, only the credit component of the unrealized loss is recorded as an impairment charge in non-interest income. The remaining loss component would be recorded to accumulated other comprehensive loss, net of tax (AOCL). Debt security transactions are recognized on the trade date, which is the date the order to buy or sell the security is executed. The carrying value plus any related accumulated OCI or OCL balance of sold securities is used to calculate the realized gain or loss on sale. The specific identification method is used to determine realized gains and losses on sales of securities. Refer to Note 3: Investment Securities for further information. Investment in Equity Securities The Company’s accounting treatment for equity investments differs for those with and without readily determinable fair values. Equity investments with readily determinable fair values are recorded at fair value with changes in fair value recorded in non-interest income. For equity investments without readily determinable fair values, the Company elected the measurement alternative, and therefore carry these investments at cost, less impairment, if any, plus or minus changes in observable prices. Certain equity investments that do not have a readily available fair value may qualify for net asset value (NAV) measurement based on specific requirements. The Company's alternative investments accounted for at NAV consist of investments in non-public entities that generally cannot be redeemed since the Company’s investments are distributed as the underlying equity is liquidated. On a quarterly basis, the Company reviews its equity investments without readily determinable fair values for impairment. If the equity investment is considered impaired, an impairment loss equal to the amount by which the carrying value exceeds its fair value is recorded through a charge to earnings. The impairment loss may be reversed in a subsequent period if there are observable transactions for the identical or similar investment of the same issuer at a higher amount than the carrying amount that was established when the impairment was recognized. Impairment as well as upward or downward adjustments resulting from observable price changes in orderly transactions for identical or similar investments are included in non-interest income. Equity investments in entities that finance affordable housing and other community development projects provide a return primarily through the realization of tax benefits. The Company applies the proportional amortization method to account for its investments in qualified affordable housing projects. Investment in Federal Home Loan Bank and Federal Reserve Bank Stock Webster Bank is a member of the FHLB and the Federal Reserve System, and is required to maintain an investment in capital stock of the FHLB of Boston and FRB of Boston. Based on redemption provisions, the stock of both the FHLB and the FRB has no quoted market value and is carried at cost. Membership stock is reviewed for impairment as economic circumstances warrant special review. Loans Held for Sale Loans that are classified as held for sale at the time of origination are accounted for under the fair value option. Loans not originated for sale but subsequently transferred to held for sale are valued at the lower of cost or fair value and are valued on an individual asset basis. Any cost amount in excess of fair value is recorded as a valuation allowance and recognized as a reduction of other non-interest income. Gains or losses on the sale of loans held for sale are recorded as part of mortgage banking activities. Cash flows from the sale of loans that were originated specifically for resale are presented as operating cash flows. Cash flows from the sale of loans originated for investment then subsequently transferred to held for sale are presented as investing cash flows. Refer to Note 5: Transfers of Financial Assets for further information. Transfers and Servicing of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is generally considered to have been surrendered when: (i) the transferred assets are legally isolated from the Company or its consolidated affiliates, even in bankruptcy or other receivership; (ii) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to the Company; and (iii) the Company does not maintain the obligation or unilateral ability to reclaim or repurchase the assets. The Company sells financial assets in the normal course of business, the majority of which are residential mortgage loan sales, primarily to government-sponsored enterprises through established programs, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales. In accordance with accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses covering certain characteristics of the mortgage loans sold and the Company's origination process. The gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any other assets obtained or liabilities incurred in exchange for the transferred assets. When the Company sells financial assets, it may retain servicing rights and/or other interests in the financial assets. Servicing assets and any other interests held by the Company are recorded at fair value upon transfer, and thereafter are carried at the lower of cost or fair value. Refer to Note 5: Transfers of Financial Assets for further information. Loans and Leases Loans and leases are stated at the principal amount outstanding, net of amounts charged off, unearned income, unamortized premiums and discounts, and deferred loan and lease fees or costs which are recognized as yield adjustments using the effective interest method. These yield adjustments are amortized over the contractual life of the related loans and leases adjusted for prepayments when applicable. Interest on loans and leases is credited to interest income as earned based on the interest rate applied to principal amounts outstanding. Prepayment fees are recognized in non-interest income. Cash flows from loans and leases are presented as investing cash flows. Non-accrual Loans Loans and leases are placed on non-accrual status when collection of principal and interest in accordance with contractual terms is doubtful, generally when principal or interest payments become 90 days delinquent, unless the loan or lease is well secured and in process of collection, or sooner if management concludes circumstances indicate that the borrower may be unable to meet contractual principal or interest payments. Residential real estate loans, excluding loans fully insured against loss and in the process of collection, and consumer loans are placed on non-accrual status at 90 days past due, or at the date when the Company is notified that the borrower is discharged in bankruptcy. Residential loans that are more than 90 days past due, fully insured against loss, and in the process of collection, remain accruing and are reported as 90 days or more past due and accruing. Commercial, commercial real estate loans, and equipment finance loans or leases are subject to a detailed review when 90 days past due to determine accrual status, or when payment is uncertain and a specific consideration is made to put a loan or lease on non-accrual status. When loans and leases are placed on non-accrual status, the accrual of interest is discontinued, and any unpaid accrued interest is reversed and charged against interest income. If ultimate repayment of a non-accrual loan or lease is expected, any payments received are applied in accordance with contractual terms. If ultimate repayment is not expected on commercial, commercial real estate, and equipment finance loans and leases, any payment received on a non-accrual loan or lease is applied to principal until the unpaid balance has been fully recovered. Any excess is then credited to interest income when received. If the Company determines, through a current valuation analysis, that principal can be repaid on residential real estate and consumer loans, interest payments may be taken into income as received on a cash basis. Loans are generally removed from non-accrual status when they become current as to principal and interest or demonstrate a period of performance under contractual terms and, in the opinion of management, are fully collectible as to principal and interest. Pursuant to regulatory guidance, a loan discharged under Chapter 7 of the U.S. bankruptcy code is removed from non-accrual status when the bank expects full repayment of the remaining pre-discharged contractual principal and interest, and had at least six consecutive months of current payments. Refer to Note 4: Loans and Leases for further information. Allowance for Loan and Lease Losses ALLL is a reserve established through a provision for loan and lease losses charged to expense and represents management’s best estimate of probable losses that may be incurred within the existing loan and lease portfolio as of the balance sheet date. The ALLL consists of three elements: (i) specific valuation allowances established for probable losses on impaired loans and leases; (ii) quantitative valuation allowances calculated using loss experience for like loans and leases with similar characteristics and trends, adjusted, as necessary, to reflect the impact of current conditions; and (iii) qualitative factors determined based on general economic conditions and other factors that may be internal or external to the Company. The reserve level reflects management’s view of trends in losses, current portfolio quality, and present economic, political, and regulatory conditions. The ALLL may be allocated for specific portfolio segments; however, the entire balance is available to absorb credit losses inherent in the total loan and lease portfolio. A charge-off is recorded when all or a portion of the loan or lease is deemed to be uncollectible. While management utilizes its best judgment based on the information available at the time, the ultimate adequacy of the allowance is dependent upon a variety of factors that are beyond the Company’s control, which include the performance of the Company’s portfolio, economic conditions, interest rate sensitivity, and other external factors. The process for estimating probable losses is based on predictive models that measure the current risk profile of the loan and lease portfolio and combines the measurement with other quantitative and qualitative factors. 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 PD and the LGD. 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 loss. 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 borrowers’ current financial position and outlook, risk profile, and the related collateral and structural position. Loan officers review updated financial information or other loan factors 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" asset 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. 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 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 real estate price data is applied to the loan portfolios taking into account the age of the most recent valuation and geographic area. Back-testing is performed to compare original estimated losses and actual observed losses, resulting in ongoing refinements. The balance resulting from this process together with specific valuation allowances determines the overall reserve level. Charge-offs of Uncollectible Loans Any loan may be charged-off if a loss confirming event has occurred. Loss confirming events usually involve the receipt of specific adverse information about the borrower and may include bankruptcy (unsecured), foreclosure, or receipt of an asset valuation indicating a shortfall between the value of the collateral and the book value of the loan when that collateral asset is the sole source of repayment. The Company generally charges-off commercial loans when it is determined that the specific loan or a portion thereof is uncollectible. This determination is based on facts and circumstances of the individual loans and normally includes considering the viability of the related business, the value of any collateral, the ability and willingness of any guarantors to perform and the overall financial condition of the borrower. The Company generally charges-off residential real estate loans to the estimated fair value of their collateral, net of selling costs, when they become 180 days past due. Impaired Loans Loans and leases are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impairment is evaluated on a pooled basis for smaller-balance homogeneous residential, consumer loans and small business loans. Commercial, commercial real estate, and equipment financing loans and leases over a specific dollar amount and all TDRs are evaluated individually for impairment. A loan identified as a TDR is considered an impaired loan for its entire term, with few exceptions. If a loan is impaired, a specific valuation allowance may be established, and the loan is reported net, at the present value of estimated future cash flows using the loan’s original interest rate or at the fair value of collateral less cost to sell if repayment is expected from collateral liquidation. Interest payments on non-accruing impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Factors considered by management in determining impairment include payment status, collateral value, discharged bankruptcy, and the likelihood of collecting scheduled principal and interest payments. Refer to Note 4: Loans and Leases for further information. Reserve for Unfunded Commitments The reserve for unfunded commitments provides for probable losses inherent with funding the unused portion of legal commitments to lend. The unfunded reserve calculation includes factors that are consistent with the ALLL methodology for funded loans using the PD, LGD, and a draw down factor applied to the underlying borrower risk and facility grades. The reserve for unfunded credit commitments is included within other liabilities in the consolidated balance sheets, and changes in the reserve are reported as a component of other non-interest expense in the consolidated statements of income. Refer to Note 22: Commitments and Contingencies for further information. Troubled Debt Restructurings A modified loan is considered a TDR when the following two conditions are met: (i) the borrower is experiencing financial difficulty; and (ii) the modification constitutes a concession. The Company considers all aspects of the restructuring in determining whether a concession has been granted, including the borrower's ability to access funds at a market rate. In general, a concession exists when the modified terms of the loan are more attractive to the borrower than standard market terms. Modified terms are dependent upon the financial position and needs of the individual borrower. The most common types of modifications include covenant modifications and forbearance. Loans for which the borrower has been discharged under Chapter 7 bankruptcy are considered collateral dependent TDR, impaired at the date of discharge, and charged down to the fair value of collateral less cost to sell, if management considers that loss potential likely exists. The Company’s policy is to place consumer loan TDRs, except those that were performing prior to TDR status, on non-accrual status for a minimum period of six months. Commercial TDR are evaluated on a case-by-case basis for determination of whether or not to place them on non-accrual status. Loans qualify for return to accrual status once they have demonstrated performance with the restructured terms of the loan agreement for a minimum of six months. Initially, all TDRs are reported as impaired. Generally, TDRs are classified as impaired loans and reported as TDR for the remaining life of the loan. Impaired and TDR classification may be removed if the borrower demonstrates compliance with the modified terms for a minimum of six months and through a fiscal year-end and the restructuring agreement specifies a market rate of interest equal to that which would be provided to a borrower with similar credit at the time of restructuring. In the limited circumstance that a loan is removed from TDR classification, it is the Company’s policy to continue to base its measure of loan impairment on the contractual terms specified by the loan agreement. Refer to Note 4: Loans and Leases for further information. Foreclosed and Repossessed Assets Real estate acquired through foreclosure or completion of a deed in lieu of foreclosure and other assets acquired through repossession are recorded at fair value less estimated cost to sell at the date of transfer. Subsequent to the acquisition date, the foreclosed and repossessed assets are carried at the lower of cost or fair value less estimated selling costs and are included within other assets in the consolidated balance sheet. Independent appraisals generally are obtained to substantiate fair value and may be subject to adjustment based upon historical experience or specific geographic trends impacting the property. Upon transfer to OREO the excess of loan balance over fair value less cost to sell is charged off against the ALLL. Subsequent write-downs in value, maintenance costs as incurred, and gains or losses upon sale are charged to non-interest expense in the consolidated statement of income. Property and Equipment Property and equipment is carried at cost, less accumulated depreciation and amortization, which is computed on a straight-line basis over the estimated useful lives of the assets, as follows: Minimum Maximum Building and Improvements 5 - 40 years Leasehold improvements 5 - 20 years (or lease term, if shorter) Fixtures and equipment 5 - 10 years Data processing and software 3 - 7 years Repairs and maintenance costs are charged to non-interest expense as incurred. Property and equipment that is actively marketed for sale is reclassified to assets held for disposition. The cost and accumulated depreciation and amortization relating to property and equipment retired or otherwise disposed of are eliminated, and any resulting losses are charged to non-interest expense. Refer to Note 6: Premises and Equipment for further information. Leasing A right-of-use (ROU) asset and corresponding lease liability is recognized at the lease commencement date when the Company is a lessee. ROU lease assets are included in premises and equipment on the consolidated balance sheet. A ROU asset reflects the present value of the future minimum lease payments adjusted for any initial direct costs, incentives, or other payments prior to the lease commencement date. A lease liability represents a legal obligation to make lease payments and is determined by the present value of the future minimum lease payments discounted using the rate implicit in the lease, or the Company’s incremental borrowing rate. Variable lease payments that are dependent on an index, or rate, are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Renewal options are not included as part of the ROU asset or lease liability unless the option is deemed reasonably certain to exercise. For real estate leases, lease components and non-lease components are accounted for as a single lease component. For equipment leases, lease and non-lease components are accounted for separately. Operating lease expense is comprised of operating lease costs and variable lease costs, net of sublease income, and is reflected as part of occupancy within non-interest expense in the consolidated statement of income. Operating lease expense is recorded on a straight-line basis. Refer to Note 7: Leasing for further information. Goodwill Goodwill represents the excess purchase price of businesses acquired over the fair value of the identifiable net assets acquired and is assigned to specific reporting units. Goodwill is not subject to amortization but rather is evaluated for impairment annually, or more frequently if events occur or circumstances change indicating it would more likely than not result in a reduction of the fair value of a reporting unit below its carrying value. Goodwill may be evaluated for impairment by performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill, then a quantitative process will be performed that requires the Company to utilize an equally weighted combined income and market approach to arrive at an indicated fair value range for the reporting unit. In Step 1, the fair value of a reporting unit is compared to its carrying amount, including goodwill, to ascertain if a goodwill impairment exists. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired, and it is not necessary to continue to Step 2 of the impairment process. Otherwise, Step 2 is performed where the implied fair value of goodwill is compared to the carrying value of goodwill in the reporting unit. If a reporting unit's carrying value of goodwill exceeds fair value of goodwill, the difference is charged to non-interest expense. The Company completed a qualitative assessment for its reporting units during its most recent annual impairment review to determine if the quantitative impairment test was necessary. Based on its qualitative assessment, the Company determined that there was no evidence of impairment to the balance of its goodwill. Refer to Note 8: Goodwill and Other Intangible Assets for further information. Other Intangible Assets Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights, or because it is capable of being sold or exchanged either separately or in combination with a related contract, asset, or liability. Other intangible assets with finite useful lives, such as core deposits and customer relationships, are amortized |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Company has an investment interest in the following entities that meet the definition of a VIE. 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 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 consolidated statement of income. Refer to Note 17: Fair Value Measurements for additional information. Non-Consolidated Tax Credit - Finance Investments. The Company makes non-marketable 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 the Company 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. The Company applies the proportional amortization method to account for its investments in qualified affordable housing projects. At December 31, 2019 and December 31, 2018, the aggregate carrying value of the Company's tax credit-finance investments was $42.5 million and $29.1 million, respectively, which represents the Company's maximum exposure to loss. At December 31, 2019 and December 31, 2018, unfunded commitments have been recognized, totaling $15.1 million and $10.4 million, respectively, and are included in accrued expenses and other liabilities in the consolidated balance sheets. Webster Statutory Trust. The Company owns all the outstanding common stock of Webster Statutory Trust, a financial vehicle that has issued, and in the future may issue, trust preferred securities. The trust is a VIE in which the Company is not the primary beneficiary. 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 consolidated balance sheets, and the related interest expense is reported as interest expense on long-term debt in the consolidated statement of income. Other Non-Marketable Investments. The Company invests in various alternative investments in which it holds a variable interest. These 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 December 31, 2019 and December 31, 2018, the aggregate carrying value of the Company's other non-marketable investments in VIEs was $21.8 million and $17.6 million, respectively, and the maximum exposure to loss of the Company's other non-marketable investments in VIEs, including unfunded commitments, was $64.2 million and $31.0 million, respectively. Refer to Note 17: Fair Value Measurements for additional information. The Company's equity interests in Other Non-Marketable Investments, as well as Tax Credit-Finance Investments and Webster Statutory Trust, are included in accrued interest receivable and other assets in the consolidated balance sheet. For a description of the Company's accounting policy regarding the consolidation of VIEs, refer to Note 1: Summary of Significant Accounting Policies under the section “Principles of Consolidation”. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 2018 (In thousands) Amortized Unrealized Unrealized Fair Value Amortized Unrealized Unrealized Fair Value Available-for-sale: U.S. Treasury Bills $ — $ — $ — $ — $ 7,549 $ 1 $ — $ 7,550 Agency CMO 184,500 2,218 (917) 185,801 238,968 412 (4,457) 234,923 Agency MBS 1,580,743 35,456 (4,035) 1,612,164 1,521,534 1,631 (42,076) 1,481,089 Agency CMBS 587,974 513 (6,935) 581,552 608,167 — (41,930) 566,237 CMBS 432,085 38 (252) 431,871 447,897 645 (2,961) 445,581 CLO 92,628 45 (468) 92,205 114,641 94 (1,964) 112,771 Corporate debt 23,485 — (1,245) 22,240 55,860 — (5,281) 50,579 Total available-for-sale $ 2,901,415 $ 38,270 $ (13,852) $ 2,925,833 $ 2,994,616 $ 2,783 $ (98,669) $ 2,898,730 Held-to-maturity: Agency CMO $ 167,443 $ 1,123 $ (1,200) $ 167,366 $ 208,113 $ 287 $ (5,255) $ 203,145 Agency MBS 2,957,900 60,602 (8,733) 3,009,769 2,517,823 8,250 (79,701) 2,446,372 Agency CMBS 1,172,491 6,444 (5,615) 1,173,320 667,500 53 (22,572) 644,981 Municipal bonds and notes 740,431 32,709 (21) 773,119 715,041 2,907 (18,285) 699,663 CMBS 255,653 2,278 (852) 257,079 216,943 405 (2,388) 214,960 Total held-to-maturity $ 5,293,918 $ 103,156 $ (16,421) $ 5,380,653 $ 4,325,420 $ 11,902 $ (128,201) $ 4,209,121 Other-Than-Temporary Impairment The amount in the amortized cost columns in the table above includes OTTI related to certain CLO positions that were previously considered Covered Funds as defined by Section 619 of Dodd-Frank. The Company has taken measures to bring its CLO positions into compliance with these requirements. The following table presents the changes in OTTI: Years ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 822 $ 1,364 $ 3,243 Reduction for investment securities called — (542) (2,005) Additions for OTTI not previously recognized in earnings — — 126 Ending balance $ 822 $ 822 $ 1,364 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 December 31, 2019 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized Available-for-sale: Agency CMO $ 36,447 $ (352) $ 32,288 $ (565) 9 $ 68,735 $ (917) Agency MBS 41,408 (193) 299,674 (3,842) 79 341,082 (4,035) Agency CMBS 174,406 (1,137) 357,717 (5,798) 34 532,123 (6,935) CMBS 355,260 (232) 7,480 (20) 29 362,740 (252) CLO — — 43,232 (468) 2 43,232 (468) Corporate debt — — 22,240 (1,245) 4 22,240 (1,245) Total available-for-sale in an unrealized loss position $ 607,521 $ (1,914) $ 762,631 $ (11,938) 157 $ 1,370,152 $ (13,852) Held-to-maturity: Agency CMO $ 26,480 $ (174) $ 54,602 $ (1,026) 11 $ 81,082 $ (1,200) Agency MBS 164,269 (1,165) 727,778 (7,568) 105 892,047 (8,733) Agency CMBS 488,091 (5,591) 4,148 (24) 21 492,239 (5,615) Municipal bonds and notes 2,508 (21) — — 1 2,508 (21) CMBS 85,422 (852) — — 8 85,422 (852) Total held-to-maturity in an unrealized loss position $ 766,770 $ (7,803) $ 786,528 $ (8,618) 146 $ 1,553,298 $ (16,421) At December 31, 2018 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized Available-for-sale: Agency CMO $ 15,524 $ (72) $ 180,641 $ (4,385) 36 $ 196,165 $ (4,457) Agency MBS 321,678 (2,078) 975,084 (39,998) 184 1,296,762 (42,076) Agency CMBS — — 566,237 (41,930) 37 566,237 (41,930) CMBS 343,457 (2,937) 5,193 (24) 39 348,650 (2,961) CLO 83,305 (1,695) 14,873 (269) 5 98,178 (1,964) Corporate debt 35,990 (1,820) 14,589 (3,461) 8 50,579 (5,281) Total available-for-sale in an unrealized loss position $ 799,954 $ (8,602) $ 1,756,617 $ (90,067) 309 $ 2,556,571 $ (98,669) Held-to-maturity: Agency CMO $ 691 $ (1) $ 182,396 $ (5,254) 25 $ 183,087 $ (5,255) Agency MBS 288,635 (1,916) 1,892,951 (77,785) 272 2,181,586 (79,701) Agency CMBS — — 635,284 (22,572) 56 635,284 (22,572) Municipal bonds and notes 68,351 (882) 414,776 (17,403) 223 483,127 (18,285) CMBS 24,881 (270) 132,464 (2,118) 20 157,345 (2,388) Total held-to-maturity in an unrealized loss position $ 382,558 $ (3,069) $ 3,257,871 $ (125,132) 596 $ 3,640,429 $ (128,201) Impairment Analysis The following impairment analysis summarizes the basis for evaluating if investment securities within the Company’s available-for-sale and held-to-maturity portfolios are other-than-temporarily impaired as of December 31, 2019. 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 any of these investment securities, in unrealized loss positions, to be other-than-temporarily impaired at December 31, 2019. Available-for-Sale Securities Agency CMO. There were unrealized losses of $0.9 million on the Company’s investment in Agency CMO at December 31, 2019, compared to $4.5 million at December 31, 2018. Unrealized losses decreased due to lower market rates while principal balances decreased for this asset class since December 31, 2018. These investments are issued by a government or government sponsored agency and therefore, are backed by certain government guarantees, either direct or implicit. There has been no change in the credit quality, and the contractual cash flows are performing as expected. Agency MBS. There were unrealized losses of $4.0 million on the Company’s investment in residential mortgage-backed securities issued by government agencies at December 31, 2019, compared to $42.1 million at December 31, 2018. Unrealized losses decreased due to lower market rates, while principal balances increased for this asset class since December 31, 2018. These investments are issued by a government or government sponsored agency and therefore, are backed by certain government guarantees, either direct or implicit. There has been no change in the credit quality, and the contractual cash flows are performing as expected. Agency CMBS. There were unrealized losses of $6.9 million on the Company's investment in commercial mortgage-backed securities issued by government agencies at December 31, 2019, compared to $41.9 million at December 31, 2018. Unrealized losses decreased due to lower market rates while principal balances decreased for this asset class since December 31, 2018. These investments are issued by a government or government sponsored agency and therefore, are backed by certain government guarantees, either direct or implicit. There has been no change in the credit quality, and the contractual cash flows are performing as expected. CMBS. There were unrealized losses of $252 thousand on the Company’s investment in CMBS at December 31, 2019, compared to $3.0 million at December 31, 2018. The portfolio of mainly floating rate CMBS experienced reduced market spreads which resulted in higher market prices and lower unrealized losses while principal balances declined for this asset class since December 31, 2018. Internal stress tests are performed on individual bonds to monitor potential losses under stress scenarios. Contractual cash flows for the bonds continue to perform as expected. CLO. There were unrealized losses of $468 thousand on the Company’s investments in CLO at December 31, 2019 compared to $2.0 million of unrealized losses at December 31, 2018. Unrealized losses decreased due to reduced market spreads while principal balances decreased due to call activity and amortization for this asset class since December 31, 2018. Internal stress tests are performed on individual bonds to monitor potential losses under stress scenarios. Contractual cash flows for the bonds continue to perform as expected. Corporate debt. There were $1.2 million of unrealized losses on the Company's corporate debt portfolio at December 31, 2019, compared to $5.3 million at December 31, 2018. Unrealized losses decreased due to reduced market spreads while principal balances decreased since December 31, 2018. The Company performs periodic credit reviews of the issuer to assess the likelihood for ultimate recovery of amortized cost. Held-to-Maturity Securities Agency CMO. There were unrealized losses of $1.2 million on the Company’s investment in Agency CMO at December 31, 2019, compared to $5.3 million at December 31, 2018. Unrealized losses decreased due to lower market rates while principal balances decreased for this asset class since December 31, 2018. These investments are issued by a government or government sponsored agency and therefore, are backed by certain government guarantees, either direct or implicit. There has been no change in the credit quality, and the contractual cash flows are performing as expected. Agency MBS. There were unrealized losses of $8.7 million on the Company’s investment in residential mortgage-backed securities issued by government agencies at December 31, 2019, compared to $79.7 million at December 31, 2018. Unrealized losses decreased due to lower market rates while principal balances increased for this asset class since December 31, 2018. These investments are issued by a government or government sponsored agency and therefore, are backed by certain government guarantees, either direct or implicit. There has been no change in the credit quality, and the contractual cash flows are performing as expected. Agency CMBS. There were unrealized losses of $5.6 million on the Company’s investment in commercial mortgage-backed securities issued by government agencies at December 31, 2019, compared to $22.6 million at December 31, 2018. Unrealized losses decreased due to lower market rates while principal balances increased for this asset class since December 31, 2018. These investments are issued by a government or government sponsored agency and therefore, are backed by certain government guarantees, either direct or implicit. There has been no change in the credit quality, and the contractual cash flows are performing as expected. Municipal bonds and notes. There were unrealized losses of $21 thousand on the Company’s investment in municipal bonds and notes at December 31, 2019, compared to $18.3 million at December 31, 2018. Unrealized losses decreased due to lower market rates while principal balances increased for this asset class since December 31, 2018. The Company performs periodic credit reviews of the issuers and the securities are currently performing as expected. CMBS. There were unrealized losses of $852 thousand on the Company’s investment in CMBS at December 31, 2019, compared to $2.4 million unrealized losses at December 31, 2018. Unrealized losses decreased due to lower market rates on mainly seasoned fixed rate conduit transactions while principal balances increased for this asset class since December 31, 2018. Internal stress tests are performed on individual bonds to monitor potential losses under stress scenarios. Sales of Available-for Sale Securities For the year ended December 31, 2019, proceeds from sales of available-for-sale securities were $70.1 million. These sales produced gross realized gains of $773 thousand and a gross realized loss of $744 thousand from the tender of a corporate debt security, which resulted in a net gain on sale of investment securities of $29 thousand. There were no sales during the years ended December 31, 2018 and 2017. Contractual Maturities The amortized cost and fair value of debt securities by contractual maturity are set forth below: At December 31, 2019 Available-for-Sale Held-to-Maturity (In thousands) Amortized Fair Amortized Fair Due in one year or less $ — $ — $ 1,084 $ 1,088 Due after one year through five years — — 4,621 4,747 Due after five through ten years 299,979 299,531 245,473 249,501 Due after ten years 2,601,436 2,626,302 5,042,740 5,125,317 Total debt securities $ 2,901,415 $ 2,925,833 $ 5,293,918 $ 5,380,653 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 December 31, 2019, the Company had a carrying value of $1.3 billion in callable debt 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 $2.7 billion at December 31, 2019 and $2.2 billion at December 31, 2018 were pledged to secure public funds, trust deposits, repurchase agreements, and for other purposes, as required or permitted by law. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | Loans and Leases The following table summarizes loans and leases: At December 31, (In thousands) 2019 2018 Commercial $ 6,343,497 $ 6,216,606 Commercial Real Estate 5,949,339 4,927,145 Equipment Financing 537,341 508,397 Residential 4,972,685 4,416,637 Consumer 2,234,124 2,396,704 Loans and leases (1) (2) $ 20,036,986 $ 18,465,489 (1) Loans and leases include net deferred fees and net premiums and discounts of $17.6 million and $13.9 million at December 31, 2019 and December 31, 2018, respectively. (2) At December 31, 2019, the Company had pledged $7.9 billion of eligible loans as collateral to support borrowing capacity at the FHLB of Boston and the FRB of Boston. The equipment financing portfolio includes net investment in leases of $169.3 million at December 31, 2019. Total undiscounted cash flows to be received from the Company's net investment in leases are $184.1 million at December 31, 2019 and are primarily due within the next five years. The Company's lessor portfolio has recognized interest income of $5.5 million for year ended December 31, 2019. Loans and Leases Portfolio Aging The following tables summarize the aging of loans and leases: At December 31, 2019 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Commercial: Commercial non-mortgage $ 2,094 $ 617 $ — $ 59,369 $ 62,080 $ 5,234,531 $ 5,296,611 Asset-based — — — 139 139 1,046,747 1,046,886 Commercial real estate: Commercial real estate 1,256 454 — 9,950 11,660 5,713,939 5,725,599 Commercial construction — — — 1,613 1,613 222,127 223,740 Equipment financing 5,493 292 — 5,433 11,218 526,123 537,341 Residential 7,166 6,441 — 43,193 56,800 4,915,885 4,972,685 Consumer: Home equity 8,267 5,551 — 30,170 43,988 1,970,556 2,014,544 Other consumer 4,269 807 — 1,192 6,268 213,312 219,580 Total $ 28,545 $ 14,162 $ — $ 151,059 $ 193,766 $ 19,843,220 $ 20,036,986 At December 31, 2018 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Current Total Loans Commercial: Commercial non-mortgage $ 1,011 $ 702 $ 104 $ 55,810 $ 57,627 $ 5,189,808 $ 5,247,435 Asset-based — — — 224 224 968,947 969,171 Commercial real estate: Commercial real estate 1,275 245 — 8,242 9,762 4,698,552 4,708,314 Commercial construction — — — — — 218,831 218,831 Equipment financing 510 405 — 6,314 7,229 501,168 508,397 Residential 8,513 4,301 — 49,188 62,002 4,354,635 4,416,637 Consumer: Home equity 9,250 5,385 — 33,495 48,130 2,121,049 2,169,179 Other consumer 1,774 957 — 1,494 4,225 223,300 227,525 Total $ 22,333 $ 11,995 $ 104 $ 154,767 $ 189,199 $ 18,276,290 $ 18,465,489 Interest on non-accrual loans and leases that would have been recorded as additional interest income for the years ended December 31, 2019, 2018, and 2017, had the loans and leases been current in accordance with their original terms, totaled $11.3 million, $9.7 million, and $8.4 million, respectively. Allowance for Loan and Lease Losses The following tables summarize the activity in, as well as the loan and lease balances that were evaluated for, the ALLL: At or for the Year ended December 31, 2019 (In thousands) Commercial Commercial Equipment Residential Consumer Total Allowance for loan and lease losses: Balance at January 1, 2019 $ 98,793 $ 60,151 $ 5,129 $ 19,599 $ 28,681 $ 212,353 Provision for loan and lease losses 20,370 8,550 254 4,110 4,516 37,800 Charge-offs (29,033) (3,501) (793) (4,153) (15,000) (52,480) Recoveries 1,626 45 78 1,363 8,311 11,423 Balance at December 31, 2019 $ 91,756 $ 65,245 $ 4,668 $ 20,919 $ 26,508 $ 209,096 Individually evaluated for impairment 7,867 1,143 418 3,618 1,203 14,249 Collectively evaluated for impairment $ 83,889 $ 64,102 $ 4,250 $ 17,301 $ 25,305 $ 194,847 Loan and lease balances: Individually evaluated for impairment $ 102,393 $ 23,297 $ 5,433 $ 90,096 $ 35,191 $ 256,410 Collectively evaluated for impairment 6,241,104 5,926,042 531,908 4,882,589 2,198,933 19,780,576 Loans and leases $ 6,343,497 $ 5,949,339 $ 537,341 $ 4,972,685 $ 2,234,124 $ 20,036,986 At or for the Year ended December 31, 2018 (In thousands) Commercial Commercial Equipment Residential Consumer Total Allowance for loan and lease losses: Balance at January 1, 2018 $ 89,533 $ 49,407 $ 5,806 $ 19,058 $ 36,190 $ 199,994 Provision for loan and lease losses 23,041 12,644 (329) 2,016 4,628 42,000 Charge-offs (18,220) (2,061) (423) (3,455) (19,228) (43,387) Recoveries 4,439 161 75 1,980 7,091 13,746 Balance at December 31, 2018 $ 98,793 $ 60,151 $ 5,129 $ 19,599 $ 28,681 $ 212,353 Individually evaluated for impairment 7,824 1,661 196 4,286 1,383 15,350 Collectively evaluated for impairment $ 90,969 $ 58,490 $ 4,933 $ 15,313 $ 27,298 $ 197,003 Loan and lease balances: Individually evaluated for impairment $ 99,512 $ 10,828 $ 6,315 $ 103,531 $ 39,144 $ 259,330 Collectively evaluated for impairment 6,117,094 4,916,317 502,082 4,313,106 2,357,560 18,206,159 Loans and leases $ 6,216,606 $ 4,927,145 $ 508,397 $ 4,416,637 $ 2,396,704 $ 18,465,489 At or for the Year ended December 31, 2017 (In thousands) Commercial Commercial Equipment Residential Consumer Total Allowance for loan and lease losses: Balance at January 1, 2017 $ 71,905 $ 47,477 $ 6,479 $ 23,226 $ 45,233 $ 194,320 Provision for loan and lease losses 23,417 11,040 (232) (2,692) 9,367 40,900 Charge-offs (8,147) (9,275) (558) (2,500) (24,447) (44,927) Recoveries 2,358 165 117 1,024 6,037 9,701 Balance at December 31, 2017 $ 89,533 $ 49,407 $ 5,806 $ 19,058 $ 36,190 $ 199,994 Individually evaluated for impairment 9,786 272 23 4,805 1,668 16,554 Collectively evaluated for impairment $ 79,747 $ 49,135 $ 5,783 $ 14,253 $ 34,522 $ 183,440 Loan and lease balances: Individually evaluated for impairment $ 72,471 $ 11,226 $ 3,325 $ 114,295 $ 45,436 $ 246,753 Collectively evaluated for impairment 5,296,223 4,512,602 546,908 4,376,583 2,544,789 17,277,105 Loans and leases $ 5,368,694 $ 4,523,828 $ 550,233 $ 4,490,878 $ 2,590,225 $ 17,523,858 Impaired Loans and Leases The following tables summarize impaired loans and leases: At December 31, 2019 (In thousands) Unpaid Total Recorded Recorded Related Commercial non-mortgage $ 140,096 $ 102,254 $ 29,739 $ 72,515 $ 7,862 Asset-based 465 139 — 139 5 Commercial real estate 27,678 21,684 13,205 8,479 1,143 Commercial construction 1,614 1,613 1,613 — — Equipment financing 5,591 5,433 2,159 3,274 418 Residential 98,790 90,096 56,231 33,865 3,618 Consumer home equity 38,503 35,191 27,672 7,519 1,203 Total $ 312,737 $ 256,410 $ 130,619 $ 125,791 $ 14,249 At December 31, 2018 (In thousands) Unpaid Total Recorded Recorded Related Commercial non-mortgage $ 120,165 $ 99,287 $ 65,724 $ 33,563 $ 7,818 Asset based 550 225 — 225 6 Commercial real estate 13,355 10,828 2,125 8,703 1,661 Commercial construction — — — — — Equipment financing 6,368 6,315 2,946 3,369 196 Residential 113,575 103,531 64,899 38,632 4,286 Consumer home equity 44,654 39,144 30,576 8,568 1,383 Total $ 298,667 $ 259,330 $ 166,270 $ 93,060 $ 15,350 The following table summarizes the average recorded investment and interest income recognized for impaired loans and leases: Years ended December 31, 2019 2018 2017 (In thousands) Average Accrued Cash Basis Interest Income Average Accrued Cash Basis Interest Income Average Accrued Cash Basis Interest Income Commercial non-mortgage $ 100,771 $ 3,241 $ — $ 85,585 $ 3,064 $ — $ 62,459 $ 1,095 $ — Asset based 182 — — 407 — — 295 — — Commercial real estate 16,256 385 — 11,027 198 — 17,397 417 — Commercial construction 806 — — — — — 594 12 — Equipment financing 5,874 — — 4,820 112 — 4,872 207 — Residential 96,814 3,502 1,078 108,913 3,781 1,106 116,859 4,138 1,264 Consumer home equity 37,167 1,045 981 42,290 1,158 980 45,578 1,323 1,046 Total $ 257,870 $ 8,173 $ 2,059 $ 253,042 $ 8,313 $ 2,086 $ 248,054 $ 7,192 $ 2,310 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 At December 31, At December 31, At December 31, (In thousands) 2019 2018 2019 2018 2019 2018 (1) - (6) Pass $ 5,985,338 $ 5,781,138 $ 5,860,981 $ 4,773,298 $ 528,561 $ 494,585 (7) Special Mention 94,809 206,351 26,978 75,338 808 1,303 (8) Substandard 259,490 222,405 61,380 78,509 7,972 12,509 (9) Doubtful 3,860 6,712 — — — — Total $ 6,343,497 $ 6,216,606 $ 5,949,339 $ 4,927,145 $ 537,341 $ 508,397 Troubled Debt Restructurings The following table summarizes information for TDRs: At December 31, (Dollars in thousands) 2019 2018 Accrual status $ 136,449 $ 138,479 Non-accrual status 100,989 91,935 Total recorded investment of TDR $ 237,438 $ 230,414 Specific reserves for TDR included in the balance of ALLL $ 12,956 $ 11,930 Additional funds committed to borrowers in TDR status 4,856 3,893 For years ended December 31, 2019, 2018 and 2017, Webster charged off $21.8 million, $14.3 million, and $3.2 million, respectively, for the portion of TDRs deemed to be uncollectible. The following table provides information on the type of concession for loans and leases modified as TDRs: Years ended December 31, 2019 2018 2017 Number of Post-Modification Recorded Investment (1) Number of Post-Modification Recorded Investment (1) Number of Post-Modification Recorded Investment (1) (Dollars in thousands) Commercial non mortgage: Extended Maturity 15 $ 2,413 12 $ 823 12 $ 1,233 Adjusted Interest rates 2 112 — — — — Combination Rate and Maturity 11 673 15 8,842 18 9,592 Other (2) 28 65,186 20 41,248 4 6,375 Commercial real estate: Extended Maturity 3 8,356 2 97 — — Combination Rate and Maturity — — 3 1,485 — — Other (2) 3 4,816 1 5,111 — — Equipment Financing Extended Maturity — — 4 736 — — Residential: Extended Maturity 7 1,327 1 20 16 2,569 Adjusted Interest rates — — — — 2 335 Combination Rate and Maturity 15 2,241 9 947 12 1,733 Other (2) 8 1,001 21 3,573 39 6,200 Consumer home equity: Extended Maturity 6 599 4 469 12 976 Adjusted Interest rates — — — — 1 247 Combination Rate and Maturity 4 140 6 618 14 3,469 Other (2) 34 1,907 45 2,812 73 4,907 Total 136 $ 88,771 143 $ 66,781 203 $ 37,636 (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, and/or other concessions. For the year ended December 31, 2019 there were six Commercial non-mortgage and one Commercial Real Estate TDRs with a recorded investment of $0.8 million and $1.7 million, respectively, that had been modified within the previous 12 months and for which there was a payment default. There were no significant amounts for the years ended December 31, 2018 and 2017. The recorded investment of TDRs in commercial, commercial real estate, and equipment financing segregated by risk rating exposure is as follows: At December 31, (In thousands) 2019 2018 (1) - (6) Pass $ 3,952 $ 13,165 (7) Special Mention 63 84 (8) Substandard 104,277 67,880 (9) Doubtful 3,860 6,610 Total $ 112,152 $ 87,739 |
Transfers of Financial Assets
Transfers of Financial Assets | 12 Months Ended |
Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Transfers of Financial Assets | 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 securitization. Residential mortgage origination fees, adjustments for changes in fair value, and gain or loss on loans sold are included as mortgage banking activities in the consolidated statement 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 loan repurchase requests received by the Company for which management evaluates the identity of 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 loan repurchase requests for which the Company has not yet been notified. 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 consolidated statement of income. The following table provides a summary of activity in the reserve for loan repurchases: Years ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 674 $ 872 $ 790 Provision (benefit) charged to expense 1,865 (160) 100 Repurchased loans and settlements charged off (2,031) (38) (18) Ending balance $ 508 $ 674 $ 872 The increase to the provision and corresponding charge-off during 2019 was related to a discrete legal settlement in connection with previously sold loans. The following table provides information for mortgage banking activities: Years ended December 31, (In thousands) 2019 2018 2017 Residential mortgage loans held for sale: Proceeds from sale $ 216,239 $ 188,025 $ 335,656 Loans sold with servicing rights retained 199,114 166,909 304,788 Net gain on sale 4,031 3,146 6,211 Ancillary fees 1,614 1,544 2,629 Fair value option adjustment 470 (266) 1,097 Additionally, loans not originated for sale were sold approximately at carrying value, except as noted, for cash proceeds of: $17.0 million for certain commercial loans, resulting in a gain of $0.7 million, and $4.0 million for certain residential loans for the year ended December 31, 2019; $1.3 million for certain commercial loans and $0.4 million for certain residential loans for the year ended December 31, 2018; and $7.2 million for certain commercial loans and $7.4 for certain residential loans for the year ended December 31, 2017. The Company has retained servicing rights on residential mortgage loans totaling $2.4 billion and $2.5 billion at December 31, 2019 and 2018, respectively. The following table presents the changes in carrying value for mortgage servicing assets: Years ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 21,215 $ 25,139 $ 24,466 Additions 3,587 4,459 9,249 Amortization (7,318) (8,383) (8,576) Ending balance $ 17,484 $ 21,215 $ 25,139 Loan servicing fees, net of mortgage servicing rights amortization, were $1.9 million, $1.2 million, and $0.8 million, for the years ended December 31, 2019, 2018, and 2017, respectively, and are included as a component of loan and lease related fees in the consolidated statement of income. Refer to Note 17: Fair Value Measurements for additional information on loans held for sale and mortgage servicing assets. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment A summary of premises and equipment follows: At December 31, (In thousands) 2019 2018 Land $ 10,997 $ 10,997 Buildings and improvements 77,892 79,619 Leasehold improvements 77,346 77,669 Fixtures and equipment 73,946 75,219 Data processing and software 263,445 252,723 Property and equipment 503,626 496,227 Less: Accumulated depreciation and amortization (388,562) (371,377) Property and equipment, net 115,064 124,850 Leased assets, net 155,349 — Premises and equipment, net $ 270,413 $ 124,850 Depreciation and amortization of property and equipment was $33.7 million, $34.9 million, and $33.1 million for the years ended December 31, 2019, 2018, and 2017, respectively. Additional information about leased assets is provided in Note 7: Leasing . Assets held for disposition are included as a component of accrued interest receivable and other assets in the consolidated balance sheets. The following table provides a summary of activity for assets held for disposition: Years ended December 31, (In thousands) 2019 2018 Beginning balance $ 91 $ 144 Additions — 498 Write-downs (91) (137) Sales — (414) Ending balance $ — $ 91 |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leasing The Company enters into leases, as lessee, primarily for office space, banking centers, and certain other operational assets. These leases are generally classified as operating leases, however, an insignificant amount are classified as finance leases. The Company's operating leases generally have lease terms for periods of 5 to 20 years with various renewal options. The Company does not have any material sub-lease agreements. The following table summarizes lessee information related to the Company’s operating ROU assets and lease liability: At December 31, 2019 (In thousands) Operating Leases Consolidated Balance Sheet Line Item Location ROU lease assets $ 155,052 Premises and equipment, net Lease liabilities 174,396 Operating lease liabilities The components of operating lease cost and other related information are as follows: (In thousands) At or for the Year ended December 31, 2019 Lease Cost: Operating lease costs $ 29,908 Variable lease costs 4,889 Sublease income (577) Total operating lease cost $ 34,220 Other Information: Cash paid for amounts included in the measurement of lease liabilities $ 31,223 Right-of-use assets obtained in exchange for new operating lease liabilities 22,948 Weighted-average remaining lease term, in years 8.39 Weighted-average discount rate - operating leases 3.31 % The undiscounted scheduled maturities reconciled to total operating lease liabilities are as follows: (In thousands) At December 31, 2019 2020 $ 28,504 2021 30,070 2022 26,548 2023 23,647 2024 20,215 Thereafter 74,134 Total operating lease liability payments 203,118 Less: Present value adjustment 28,722 Lease liabilities $ 174,396 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The net carrying amount for goodwill at December 31, 2019 was $538.4 million, comprised of $516.6 million in Community Banking and $21.8 million in HSA Bank. There was no change to these carrying amounts during 2019. Other intangible assets by reportable segment consisted of the following: At December 31, 2019 2018 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Other intangible assets: HSA Bank - Core deposits $ 22,000 $ 13,073 $ 8,927 $ 22,000 $ 10,842 $ 11,158 HSA Bank - Customer relationships 21,000 8,010 12,990 21,000 6,394 14,606 Total other intangible assets $ 43,000 $ 21,083 $ 21,917 $ 43,000 $ 17,236 $ 25,764 At December 31, 2019, the remaining estimated aggregate future amortization expense for other intangible assets is as follows: (In thousands) 2020 $ 3,847 2021 3,847 2022 3,847 2023 3,847 2024 1,615 Thereafter 4,914 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense reflects the following expense (benefit) components: Years ended December 31, (In thousands) 2019 2018 2017 Current: Federal $ 84,447 $ 58,334 $ 96,364 State and local 18,595 13,409 11,061 Total current 103,042 71,743 107,425 Deferred: Federal 811 8,508 39,568 State and local 116 964 (48,642) Total deferred 927 9,472 (9,074) Total federal 85,258 66,842 135,932 Total state and local 18,711 14,373 (37,581) Income tax expense $ 103,969 $ 81,215 $ 98,351 Included in the Company's income tax expense for the years ended December 31, 2019, 2018, and 2017, are net tax credits of $4.8 million, $1.2 million, and $1.6 million, respectively. Income tax expense in 2017 also included benefits from operating loss carryforwards of $25.1 million. These net tax credits and benefits are exclusive of the Tax Act impacts. The $4.8 million of net tax credits in 2019 includes $3.0 million, related to federal and state research tax credits, $2.4 million of which relates to the Company’s qualifying technology expenditures incurred between 2015 and 2018. The Company's deferred state and local benefit in 2017 includes $47.5 million related to a reduction in its beginning-of-year valuation allowance for SALT DTA's, or $37.5 million net of deferred federal expense of $10.0 million. The deferred state and local benefit in 2017 also includes $1.8 million from other SALT DTA adjustments, net of federal effects. The Company's deferred federal expense in 2017 also includes $31.5 million from a re-measurement of its DTA upon the enactment of the Tax Act. Due to a $10.6 million impact of the Tax Act on the $39.3 million of net SALT DTA adjustments noted above, the Company reported a $20.9 million expense attributable to the Tax Act, and a $28.7 million net benefit from SALT DTAs in 2017. The following table reflects a reconciliation of reported income tax expense to the amount that would result from applying the federal statutory rate of 21.0% in 2019, and 2018, and 35.0% and 2017: Years ended December 31, 2019 2018 2017 (Dollars in thousands) Amount Percent Amount Percent Amount Percent Income tax expense at federal statutory rate $ 102,205 21.0 % $ 92,743 21.0 % $ 123,826 35.0 % Reconciliation to reported income tax expense: SALT expense, net of federal 14,782 3.0 11,354 2.6 8,189 2.3 Tax-exempt interest income, net (6,752) (1.4) (6,475) (1.5) (10,826) (3.1) Increase in cash surrender value of life insurance (3,069) (0.6) (3,069) (0.7) (5,120) (1.4) Excess tax benefits, net (2,251) (0.4) (4,483) (1.0) (6,349) (1.8) Non-deductible FDIC Deposit insurance premiums 1,904 0.4 2,215 0.5 — — SALT DTA adjustments, net of federal — — — — (28,724) (8.1) Tax Act impacts, net — — (10,982) (2.5) 20,891 5.9 Other, net (2,850) (0.6) (88) — (3,536) (1.0) Income tax expense and effective tax rate $ 103,969 21.4 % $ 81,215 18.4 % $ 98,351 27.8 % Included in the Tax Act impacts, net for 2018 are $10.4 million of tax planning benefits related to the Tax Act. The following table reflects the significant components of the DTAs, net: At December 31, (In thousands) 2019 2018 Deferred tax assets: Allowance for loan and lease losses $ 53,851 $ 54,390 Net operating loss and credit carry forwards 69,827 70,808 Compensation and employee benefit plans 24,518 29,623 Lease liabilities under operating leases 45,923 — Net unrealized loss on securities available for sale — 25,060 Other 9,521 14,388 Gross deferred tax assets 203,640 194,269 Valuation allowance 38,181 38,181 Total deferred tax assets, net of valuation allowance $ 165,459 $ 156,088 Deferred tax liabilities: Net unrealized gain on securities available for sale $ 6,430 $ — ROU assets under operating leases 40,908 — Equipment financing leases 31,332 28,140 Premises and equipment 7,838 10,293 Loan origination costs, net 6,816 9,608 Goodwill and other intangible assets 6,172 6,293 Other 3,988 5,238 Gross deferred tax liabilities 103,484 59,572 Deferred tax assets, net $ 61,975 $ 96,516 The Company's DTAs, net decreased by $34.5 million during 2019, reflecting the $0.9 million deferred tax expense and a $33.6 million benefit allocated directly to shareholders' equity. The $38.2 million valuation allowance at December 31, 2019 is attributable to SALT net operating loss carryforwards, which approximated $1.2 billion. SALT net operating loss carryforwards approximated $1.2 billion at December 31, 2019 and are scheduled to expire in varying amounts during tax years 2024 through 2032. The valuation allowance has been established for approximately $644.4 million of those net operating loss carryforwards estimated to expire unused. Credit carryovers of $0.7 million, net at December 31, 2019 have a five-year carryover period and are scheduled to expire in varying amounts during tax years 2020 through 2024. Management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize its total DTAs, net of the valuation allowance. Although taxable income in prior years is no longer able to be included as a source of taxable income, due to the general repeal of the carryback of net operating losses under the Tax Act, significant positive evidence remains in support of management's conclusion regarding the realizability of Webster's DTAs, including projected future reversals of existing taxable temporary differences and book-taxable income levels in recent and projected in future years. There can, however, be no assurance that any specific level of future income will be generated or that the Company’s DTAs will ultimately be realized. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits A summary of deposits by type follows: At December 31, (In thousands) 2019 2018 Non-interest-bearing: Demand $ 4,446,463 $ 4,162,446 Interest-bearing: Health savings accounts 6,416,135 5,740,601 Checking 2,689,734 2,518,472 Money market 2,312,840 2,100,084 Savings 4,354,809 4,140,696 Time deposits 3,104,765 3,196,546 Total interest-bearing 18,878,283 17,696,399 Total deposits $ 23,324,746 $ 21,858,845 Time deposits and interest-bearing checking, included in above balances, obtained through brokers $ 652,151 $ 869,003 Time deposits, included in above balance, that exceed the FDIC limit 661,334 555,949 Demand deposit overdrafts reclassified as loan balances 1,721 2,245 The scheduled maturities of time deposits are as follows: (In thousands) At December 31, 2019 2020 $ 2,621,413 2021 358,454 2022 73,463 2023 29,283 2024 22,152 Total time deposits $ 3,104,765 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Total borrowings of $3.5 billion at December 31, 2019 and $2.6 billion at December 31, 2018, are described in detail below. The following table summarizes securities sold under agreements to repurchase and other borrowings: At December 31, (In thousands) 2019 2018 Total Outstanding Rate Total Outstanding Rate Securities sold under agreements to repurchase (1) : Original maturity of one year or less $ 240,431 0.19 % $ 236,874 0.35 % Original maturity of greater than one year, non-callable 200,000 1.78 — — Total securities sold under agreements to repurchase 440,431 0.91 236,874 0.35 Fed funds purchased 600,000 1.59 345,000 2.52 Securities sold under agreements to repurchase and other borrowings $ 1,040,431 1.30 $ 581,874 1.64 (1) The Company has right of offset with respect to all repurchase agreement assets and liabilities. Total securities sold under agreements to repurchase are presented as gross transactions, as only liabilities are outstanding for the periods presented. 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 the Corporate Treasury function. The following table provides information for FHLB advances: At December 31, 2019 2018 (Dollars in thousands) Total Weighted- Total Weighted- Maturing within 1 year $ 1,690,000 1.79 % $ 1,403,026 2.55 % After 1 but within 2 years 200,000 2.53 215,000 1.73 After 2 but within 3 years 130 — 200,000 3.16 After 3 but within 4 years 229 2.95 150 — After 4 but within 5 years 50,000 1.59 242 2.95 After 5 years 8,117 2.66 8,390 2.65 FHLB advances $ 1,948,476 1.87 $ 1,826,808 2.52 Aggregate carrying value of assets pledged as collateral $ 7,318,748 $ 6,689,761 Remaining borrowing capacity 2,937,644 2,568,664 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: At December 31, (Dollars in thousands) 2019 2018 4.375% Senior fixed-rate notes due February 15, 2024 $ 150,000 $ 150,000 4.100 % Senior fixed-rate notes due March 25, 2029 (1) 317,486 — Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2) 77,320 77,320 Total notes and subordinated debt 544,806 227,320 Discount on senior fixed-rate notes (1,412) (608) Debt issuance cost on senior fixed-rate notes (3,030) (691) Long-term debt $ 540,364 $ 226,021 (1) In March 2019, the Company completed a $300 million senior fixed-rate notes issuance. The fixed interest rate has been designated in a fair value hedging relationship and swapped to a weighted-average variable rate of 3.40% at December 31, 2019. The $17.5 million basis adjustment included in the carrying value reflects the changes in the benchmark rate. (2) The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 4.85% at December 31, 2019 and 5.74% at December 31, 2018. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Share activity during the year ended December 31, 2019 is as follows: Preferred Stock Series F Common Stock Issued Treasury Stock Held Common Stock Outstanding Balance at January 1, 2019 6,000 93,686,311 1,508,456 92,177,855 Restricted share activity — — (16,045) 16,045 Stock options exercised — — (59,861) 59,861 Common stock repurchased — — 227,199 (227,199) Balance at December 31, 2019 6,000 93,686,311 1,659,749 92,026,562 Common Stock Webster maintains a common stock repurchase program which authorizes management to purchase shares of its common stock, in open market or privately negotiated transactions, subject to market conditions and other factors. On October 29, 2019, the Company's Board of Directors approved a modification to this program, originally approved on October 24, 2017, increasing the maximum dollar amount available for repurchase to $200 million. Common stock repurchased during 2019 was acquired at an average cost of $57.23 per common share. The shares were acquired prior to the modification and, therefore, the remaining repurchase authority under the common stock repurchase program was $200.0 million at December 31, 2019. Preferred Stock Webster has 6,000,000 depository shares outstanding, each representing 1/1000th ownership interest in a share of Webster's 5.25% Series F Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $25,000 per share (equivalent to $25 per depository share) (the Series F Preferred Stock). Webster will pay dividends as declared by the Board of Directors or a duly authorized committee of the Board. Dividends are payable at a rate of 5.25% per annum, quarterly in arrears, on the fifteenth day of each March, June, September, and December. Dividends on the Series F Preferred Stock are not cumulative and are not mandatory. If for any reason the Board of Directors or a duly authorized committee of the Board does not declare a dividend on the Series F Preferred Stock for any dividend period, such dividend will not accrue or be payable, and Webster will have no obligation to pay dividends for such dividend period, whether or not dividends are declared for any future dividend periods. The terms of the Series F Preferred Stock prohibit the Company from declaring or paying any cash dividends on its common stock, unless Webster has declared and paid full dividends on the Series F Preferred Stock for the most recently completed dividend period. The Company may redeem the Series F Preferred Stock, at its option in whole or in part, on December 15, 2022, or any dividend payment date thereafter, or in whole but not in part upon a "regulatory capital treatment event" as defined in the certificate of designation, at a redemption price equal to the liquidation preference plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series F Preferred Stock does not have any voting rights except with respect to authorizing or increasing the authorized amount of senior stock, certain changes to the terms of the Series F Preferred Stock, or in the case of certain dividend non-payments. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss, Net of Tax | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss, Net of Tax | Accumulated Other Comprehensive Loss, Net of Tax The following table summarizes the changes in AOCL by component: (In thousands) Available For Sale Securities Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance at December 31, 2016 $ (15,476) $ (17,068) $ (44,449) $ (76,993) Other comprehensive (loss) income before reclassifications (7,590) 181 98 (7,311) Amounts reclassified from accumulated other comprehensive loss — 4,384 4,037 8,421 Net current-period other comprehensive (loss) income, net of tax (7,590) 4,565 4,135 1,110 Balance at Adoption of ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from AOCI (4,881) (2,513) (8,254) (15,648) Balance at December 31, 2017 (27,947) (15,016) (48,568) (91,531) Other comprehensive (loss) income before reclassifications (43,427) 208 (7,122) (50,341) Amounts reclassified from accumulated other comprehensive loss — 5,495 5,725 11,220 Net current-period other comprehensive (loss) income, net of tax (43,427) 5,703 (1,397) (39,121) Balance at December 31, 2018 (71,374) (9,313) (49,965) (130,652) Other comprehensive income (loss) before reclassifications 88,647 (4,945) 1,622 85,324 Amounts reclassified from accumulated other comprehensive loss (22) 5,074 4,204 9,256 Net current-period other comprehensive income, net of tax 88,625 129 5,826 94,580 Balance at December 31, 2019 $ 17,251 $ (9,184) $ (44,139) $ (36,072) The following table provides information for the items reclassified from AOCL: Years ended December 31, Accumulated Other Comprehensive Loss Components 2019 2018 2017 Associated Line Item in the Consolidated Statement Of Income (In thousands) Available-for-sale securities: Unrealized gains on investments $ 29 $ — $ — Gain on sale of investment securities, net Tax expense (7) — — Income tax expense Net of tax $ 22 $ — $ — Derivative instruments: Hedge terminations $ (5,509) $ (7,425) $ (7,160) Interest expense Premium amortization (1,323) — — Interest income Tax benefit 1,758 1,930 2,776 Income tax expense Net of tax $ (5,074) $ (5,495) $ (4,384) Defined benefit pension and other postretirement benefit plans: Amortization of net loss $ (5,706) $ (7,708) $ (6,612) Other non-interest expense Tax benefit 1,502 1,983 2,575 Income tax expense Net of tax $ (4,204) $ (5,725) $ (4,037) The following tables summarize the items and related tax effects for each component of OCI/OCL, net of tax: Year ended December 31, 2019 (In thousands) Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Available-for-sale securities: Net unrealized gain during the period $ 120,333 $ (31,686) $ 88,647 Reclassification for net gain included in net income (29) 7 (22) Total available-for-sale securities 120,304 (31,679) 88,625 Derivative instruments: Net unrealized loss during the period (6,672) 1,727 (4,945) Reclassification adjustment for net loss included in net income 6,832 (1,758) 5,074 Total derivative instruments 160 (31) 129 Defined benefit pension and other postretirement benefit plans: Current year actuarial gain 2,202 (580) 1,622 Reclassification adjustment for amortization of net loss included in net income 5,706 (1,502) 4,204 Total defined benefit pension and postretirement benefit plans 7,908 (2,082) 5,826 Other comprehensive income, net of tax $ 128,372 $ (33,792) $ 94,580 Year ended December 31, 2018 (In thousands) Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Available-for-sale securities: Net unrealized loss during the period $ (58,792) $ 15,365 $ (43,427) Reclassification for net gain included in net income — — — Total available-for-sale securities (58,792) 15,365 (43,427) Derivative instruments: Net unrealized gain during the period 280 (72) 208 Reclassification adjustment for net loss included in net income 7,425 (1,930) 5,495 Total derivative instruments 7,705 (2,002) 5,703 Defined benefit pension and other postretirement benefit plans: Current year actuarial loss (9,600) 2,478 (7,122) Reclassification adjustment for amortization of net loss included in net income 7,708 (1,983) 5,725 Total defined benefit pension and postretirement benefit plans (1,892) 495 (1,397) Other comprehensive loss, net of tax $ (52,979) $ 13,858 $ (39,121) Year ended December 31, 2017 (In thousands) Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Available-for-sale securities: Net unrealized loss during the period $ (12,423) $ 4,833 $ (7,590) Reclassification for net gain included in net income — — — Total available-for-sale securities (12,423) 4,833 (7,590) Derivative instruments: Net unrealized gain during the period 291 (110) 181 Reclassification adjustment for net loss included in net income 7,160 (2,776) 4,384 Total derivative instruments 7,451 (2,886) 4,565 Defined benefit pension and other postretirement benefit plans: Current year actuarial gain 155 (57) 98 Reclassification adjustment for amortization of net loss included in net income 6,612 (2,575) 4,037 Total defined benefit pension and postretirement benefit plans 6,767 (2,632) 4,135 Other comprehensive income, net of tax $ 1,795 $ (685) $ 1,110 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [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 adjustments. 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: Actual Capital Requirements Adequately Capitalized Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio At December 31, 2019 Webster Financial Corporation CET1 risk-based capital $ 2,516,361 11.56 % $ 979,739 4.5 % $ 1,415,179 6.5 % Total risk-based capital 2,950,181 13.55 1,741,758 8.0 2,177,198 10.0 Tier 1 risk-based capital 2,661,398 12.22 1,306,319 6.0 1,741,758 8.0 Tier 1 leverage capital 2,661,398 8.96 1,188,507 4.0 1,485,634 5.0 Webster Bank CET1 risk-based capital $ 2,527,645 11.61 % $ 979,497 4.5 % $ 1,414,829 6.5 % Total risk-based capital 2,739,108 12.58 1,741,328 8.0 2,176,660 10.0 Tier 1 risk-based capital 2,527,645 11.61 1,305,996 6.0 1,741,328 8.0 Tier 1 leverage capital 2,527,645 8.51 1,187,953 4.0 1,484,941 5.0 At December 31, 2018 Webster Financial Corporation CET1 risk-based capital $ 2,284,978 11.44 % $ 898,972 4.5 % $ 1,298,514 6.5 % Total risk-based capital 2,722,194 13.63 1,598,172 8.0 1,997,715 10.0 Tier 1 risk-based capital 2,430,015 12.16 1,198,629 6.0 1,598,172 8.0 Tier 1 leverage capital 2,430,015 9.02 1,077,303 4.0 1,346,628 5.0 Webster Bank CET1 risk-based capital $ 2,170,566 10.87 % $ 898,317 4.5 % $ 1,297,569 6.5 % Total risk-based capital 2,385,425 11.95 1,597,008 8.0 1,996,260 10.0 Tier 1 risk-based capital 2,170,566 10.87 1,197,756 6.0 1,597,008 8.0 Tier 1 leverage capital 2,170,566 8.06 1,076,712 4.0 1,345,889 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. Dividends paid by Webster Bank to Webster Financial Corporation totaled $360 million and $290 million during the years ended December 31, 2019 and 2018, respectively. Cash Restrictions Webster Bank is required by Federal Reserve System regulations to hold cash reserve balances, on hand or with Federal Reserve Banks. Pursuant to this requirement, the Bank held $93.8 million and $81.2 million at December 31, 2019 and 2018, respectively. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
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: Years ended December 31, (In thousands, except per share data) 2019 2018 2017 Earnings for basic and diluted earnings per common share: Net income $ 382,723 $ 360,418 $ 255,439 Less: Preferred stock dividends 7,875 7,853 8,184 Net income available to common shareholders 374,848 352,565 247,255 Less: Earnings applicable to participating securities (1) 1,863 862 424 Earnings applicable to common shareholders $ 372,985 $ 351,703 $ 246,831 Shares: Weighted-average common shares outstanding - basic 91,559 91,930 91,965 Effect of dilutive securities 323 297 391 Weighted-average common shares outstanding - diluted 91,882 92,227 92,356 Earnings per common share (1) : Basic $ 4.07 $ 3.83 $ 2.68 Diluted 4.06 3.81 2.67 (1) Earnings per common share amounts under the two-class method, for nonvested time-based restricted shares with nonforfeitable dividends and dividend rights, are determined the same as the presentation above. Dilutive Securities The Company maintains stock compensation plans under which restricted stock, restricted stock units, non-qualified stock options, incentive stock options, or stock appreciation rights may be granted to employees and directors. The effect of dilutive securities for the periods presented is primarily the result of outstanding stock options, as well as non-participating restricted stock. Potential common shares from non-participating restricted stock of $73 thousand, $47 thousand, and $58 thousand for the years ended December 31, 2019, 2018, and 2017, respectively, are excluded from the effect of dilutive securities because they would have been anti-dilutive under the treasury stock method. Refer to Note 12: Shareholders' Equity and Note 19: Share-Based Plans for further information relating to potential common shares excluded from the effect of dilutive securities. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
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, rate volatility, prepayment speeds, credit ratings,) 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 available-for-sale 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 results and has an established process to challenge their valuations, or methodologies, that appear unusual or unexpected. Available-for-Sale investment securities which include Agency CMO, Agency MBS, Agency CMBS, CMBS, CLO, 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. All other derivative instruments are valued using third-party valuation software, which considers the present value of cash flows discounted using observable forward rate assumptions. The resulting fair value is validated against valuations performed by independent third parties and are classified within Level 2 of the fair value hierarchy. Webster evaluates the credit risk of its counterparties to determine if any fair value adjustment related to credit risk may be required, by considering factors such as the likelihood of default by the counterparty, its net exposure, remaining contractual life, as well as the collateral securing the position. 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. 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 Topic 825 "Financial Instruments." Electing to measure originated loans held for sale at fair value reduces certain timing differences and better matches changes in the value of these assets with changes in the value of the derivatives used as an economic hedge on these assets. 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. The following table compares the fair value to unpaid principal balance of assets accounted for under the fair value option: At December 31, 2019 At December 31, 2018 (In thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 35,750 $ 35,186 $ 564 $ 7,908 $ 8,227 $ (319) 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. The Company 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 $1.6 million as of December 31, 2019. Alternative Investments. Equity investments have a readily determinable fair value when quoted prices are available in an active market. Accordingly, such alternative investments are classified within Level 1 of the fair value hierarchy. Equity investments that do not have a readily available fair value may qualify for NAV practical expedient measurement, based on specific requirements. The Company's alternative investments accounted for at NAV consist of investments in non-public entities that generally cannot be redeemed since the Company’s investments are distributed as the underlying equity is liquidated. Alternative investments recorded at NAV are not classified within the fair value hierarchy. At December 31, 2019, these alternative investments had a remaining unfunded commitment of $23.8 million. Summaries of the fair values of assets and liabilities measured at fair value on a recurring basis are as follows: At December 31, 2019 (In thousands) Level 1 Level 2 Level 3 NAV Total Financial assets held at fair value: U.S. Treasury Bills $ — $ — $ — $ — $ — Agency CMO — 185,801 — — 185,801 Agency MBS — 1,612,164 — — 1,612,164 Agency CMBS — 581,552 — — 581,552 CMBS — 431,871 — — 431,871 CLO — 92,205 — — 92,205 Corporate debt — 22,240 — — 22,240 Total available-for-sale investment securities — 2,925,833 — — 2,925,833 Gross derivative instruments, before netting (1) 328 145,709 — — 146,037 Originated loans held for sale — 35,750 — — 35,750 Investments held in Rabbi Trust 4,780 — — — 4,780 Alternative investments — — — 4,331 4,331 Total financial assets held at fair value $ 5,108 $ 3,107,292 $ — $ 4,331 $ 3,116,731 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 611 $ 13,202 $ — $ — $ 13,813 At December 31, 2018 (In thousands) Level 1 Level 2 Level 3 NAV Total Financial assets held at fair value: U.S. Treasury Bills $ 7,550 $ — $ — $ — $ 7,550 Agency CMO — 234,923 — — 234,923 Agency MBS — 1,481,089 — — 1,481,089 Agency CMBS — 566,237 — — 566,237 CMBS — 445,581 — — 445,581 CLO — 112,771 — — 112,771 Corporate debt — 50,579 — — 50,579 Total available-for-sale investment securities 7,550 2,891,180 — — 2,898,730 Gross derivative instruments, before netting (1) 758 45,520 — — 46,278 Originated loans held for sale — 7,908 — — 7,908 Investments held in Rabbi Trust 4,307 — — — 4,307 Alternative investments — — — 2,563 2,563 Total financial assets held at fair value $ 12,615 $ 2,944,608 $ — $ 2,563 $ 2,959,786 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 588 $ 38,422 $ — $ — $ 39,010 (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 refer to Note 16: Derivative Financial Instruments. 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. At December 31, 2019, no significant assets classified within Level 3 were identified and measured under this basis. The following is a description of valuation methodologies used for assets measured on a non-recurring basis. Alternative Investments. The measurement alternative has been elected for alternative investments without readily determinable fair values that do not qualify for the NAV practical expedient. The measurement alternative requires investments to be accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. These alternative investments are investments in non-public entities that generally cannot be redeemed since the investment is distributed as the underlying equity is liquidated. Accordingly, these alternative investments are classified within Level 2 of the fair value hierarchy.The carrying amount of these alternative investments was $12.6 million at December 31, 2019. No reductions for impairments, or adjustments due to observable price changes, was identified during the year ended December 31, 2019. 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 fair value and are considered to be recognized at fair value when they are recorded at below cost. This activity primarily consists of commercial loans with observable inputs and is classified within Level 2. On the occasion that these loans should include adjustments for changes in loan characteristics using unobservable inputs, the loans would be classified within Level 3. Impaired Loans and Leases. Impaired loans and leases are reported based on one of three measures: (i) the present value of expected future cash flows discounted at the loan's original effective interest rate; (ii) the loan's observable market price; or (iii) the fair value of the collateral, less estimated cost to sell, if the loan is collateral dependent. Accordingly, certain impaired loans and leases may be subject to measurement at fair value on a non-recurring basis. The Company has measured impairment generally based on the fair value of the loan’s collateral or using a discounted cash flow analysis. Impaired collateral dependent loans and leases are primarily expected to be repaid solely by the underlying collateral and are valued based on the estimated fair value of such collateral using customized discounting criteria. As such, impaired loans and leases are classified within Level 3 of the fair value hierarchy. Other Real Estate Owned and Repossessed Assets. The total book value of OREO and repossessed assets was $6.5 million at December 31, 2019. OREO and repossessed assets are accounted for at the lower of cost or fair value and are considered to be recognized at fair value when recorded 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. Fair Value of Financial Instruments and Servicing Assets The Company is required to disclose the estimated fair value of financial instruments for which it is practicable to estimate fair value, as well as servicing assets. 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 results and has an established process to challenge their valuations, or methodologies, that appear unusual or unexpected. Held-to-Maturity investment securities, which include Agency CMO, Agency MBS, Agency CMBS, CMBS, and municipal bonds and notes, 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 fair value of securities sold under agreements to repurchase and other borrowings that mature within 90 days is the carrying value. Fair value for all other balances are estimated using discounted cash flow analysis based on current market rates adjusted for associated credit risks, as appropriate. 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 initially recorded at fair value and subsequently measured under the amortization method. Mortgage servicing assets are subject to impairment testing and thereafter carried at the lower of cost or fair value. Amortization and impairment charges, if any, are included as a component of other non-interest income in the consolidated statement 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. Fair value of selected financial instruments and servicing assets amounts are as follows: At December 31, 2019 2018 (In thousands) Carrying Fair Carrying Fair Financial Assets: Level 2 Held-to-maturity investment securities $ 5,293,918 $ 5,380,653 $ 4,325,420 $ 4,209,121 Level 3 Loans and leases, net 19,827,890 19,961,632 18,253,136 18,155,798 Mortgage servicing assets 17,484 33,250 21,215 45,478 Financial Liabilities: Level 2 Deposit liabilities, other than time deposits $ 20,219,981 $ 20,219,981 $ 18,662,299 $ 18,662,299 Time deposits 3,104,765 3,102,316 3,196,546 3,175,948 Securities sold under agreements to repurchase and other borrowings 1,040,431 1,041,042 581,874 581,874 FHLB advances 1,948,476 1,950,035 1,826,808 1,826,381 Long-term debt (1) 540,364 555,775 226,021 229,306 (1) Adjustments to the carrying amount of long-term debt for basis adjustment, unamortized discount, and debt issuance cost on senior fixed-rate notes are not included for determination of fair value. Refer to Note 11: Borrowings for additional information. |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans Defined Benefit Pension and Other Postretirement Benefits Webster Bank offered a defined benefit noncontributory pension plan through December 31, 2007 for eligible employees who met certain minimum service and age requirements. Pension plan benefits are based upon employee earnings during the period of credited service. A supplemental defined benefit retirement plan (SERP) was also offered to certain employees who were at the Executive Vice President level or above through December 31, 2007. The SERP provides eligible participants with additional pension benefits. Webster Bank also provides postretirement healthcare benefits to certain retired employees. The Webster Bank Pension Plan and the SERP were frozen as of December 31, 2007. No additional benefits have been accrued since that time. Employees hired on or after January 1, 2007 receive no qualified or supplemental retirement income under the plans. All other employees accrue no additional qualified or supplemental retirement benefits after January 1, 2008, and the amount of their qualified and supplemental retirement benefits will not exceed the amount of benefits determined as of December 31, 2007. The measurement date is December 31 for the Webster Bank Pension Plan, SERP, and postretirement healthcare benefits. The mortality assumptions used in the pension liability assessment for the year ended December 31, 2019 were the Pri-2012 mortality table projected to measurement date with scale MP-2019. The following table sets forth changes in benefit obligation, changes in plan assets, and the funded status of the defined benefit pension and other postretirement benefits at December 31: Pension Plan SERP Other (In thousands) 2019 2018 2019 2018 2019 2018 Change in benefit obligation: Beginning balance $ 209,513 $ 229,318 $ 1,835 $ 13,096 $ 2,612 $ 3,094 Interest cost 7,941 7,212 65 103 85 78 Actuarial loss (gain) 33,157 (18,499) 163 — (103) (352) Benefits paid and administrative expenses (9,207) (8,518) (128) (11,364) (195) (208) Ending balance (1) 241,404 209,513 1,935 1,835 2,399 2,612 Change in plan assets: Beginning balance 191,972 216,225 — — — — Actual return on plan assets 46,856 (15,735) — — — — Employer contributions 10,000 — 128 11,364 195 208 Benefits paid and administrative expenses (9,207) (8,518) (128) (11,364) (195) (208) Ending balance 239,621 191,972 — — — — Funded status of the plan at year end (2) $ (1,783) $ (17,541) $ (1,935) $ (1,835) $ (2,399) $ (2,612) (1) The total accumulated benefit obligation for the defined benefit pension and other postretirement benefits was $245.7 million and $214.0 million at December 31, 2019 and 2018, respectively. (2) The underfunded status amounts are included in accrued expense and other liabilities in the consolidated balance sheets. The following table summarizes the impact on AOCL related to the defined benefit pension and other postretirement benefits at December 31: Pension Plan SERP Other (In thousands) 2019 2018 2019 2018 2019 2018 Net actuarial loss (gain) included in AOCL $ 56,555 $ 64,523 $ 602 $ 453 $ (458) $ (368) Deferred tax benefit (expense) 12,528 14,623 133 103 (101) (83) Amounts included in accumulated AOCL, net of tax $ 44,027 $ 49,900 $ 469 $ 350 $ (357) $ (285) Expected future benefit payments for the defined benefit pension and other postretirement benefits are presented below: (In thousands) Pension Plan SERP Other 2020 $ 9,010 $ 131 $ 314 2021 9,797 134 295 2022 10,490 133 274 2023 10,488 132 252 2024 10,883 135 229 2025-2029 59,126 627 815 The components of the net periodic benefit cost (benefit) for the defined benefit pension and other postretirement benefits were as follows for the years ended December 31: Pension Plan SERP Other (In thousands) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ 50 $ — $ — $ — $ — $ — $ — Interest cost on benefit obligations 7,941 7,212 7,314 65 103 375 85 78 92 Expected return on plan assets (11,436) (12,716) (12,296) — — — — — — Recognized net loss (gain) 5,705 4,862 5,864 14 2,846 748 (13) — — Net periodic benefit cost (benefit) $ 2,210 $ (642) $ 932 $ 79 $ 2,949 $ 1,123 $ 72 $ 78 $ 92 Changes in funded status related to the defined benefit pension and other postretirement benefits and recognized as a component of OCI in the consolidated statement of comprehensive income as follows for the years ended December 31: Pension Plan SERP Other (In thousands) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Net (gain) loss $ (2,263) $ 9,952 $ (561) $ 164 $ — $ 1,037 $ (103) $ (352) $ (631) Amounts reclassified from AOCL (5,705) (4,862) (5,864) (14) (2,846) (748) 13 — — Total (gain) loss recognized in OCI $ (7,968) $ 5,090 $ (6,425) $ 150 $ (2,846) $ 289 $ (90) $ (352) $ (631) The Company expects a $4.1 million net actuarial loss will be recognized as a component of net periodic benefit cost in 2020. Fair Value Measurement The following is a description of the valuation methodologies used to measure the fair value of pension plan assets and includes the classification of those instruments within the valuation hierarchy: Exchange traded fund. The exchange traded fund has quoted market prices on an exchange, in an active market, which represents the net asset value of the shares held in the fund and is classified within Level 1 of the fair value hierarchy. The fair value for the exchange traded fund is benchmarked against the Standard & Poor's 500 Index. Money market fund. The money market fund is carried at cost, which approximates fair value given the short time frame to maturity for cash and cash equivalents and is classified within Level 1 of the fair value hierarchy. Common collective trusts. Common collective trusts hold investments in fixed income and equity funds. Transactions may occur daily within a trust. Should a full redemption of the trust be initiated, the investment advisor reserves the right to temporarily delay withdrawals in order to ensure that the liquidation of securities is carried out in an orderly business manner. A trustee for each common collective trust provides the net asset value of its underlying investments, less its liabilities, which represents the fair value of the trust under the NAV practical expedient. Common collective trusts are benchmarked against the Standard and Poor’s 500 Stock Index, the S&P 400 Mid Cap Index, the Russell 2000 Index, the MSCI ACWI ex U.S. Index, and the Barclays Capital U.S. Long Credit Index. A summary of the fair value and hierarchy classification of financial assets of the pension plan is as follows: At December 31, 2019 2018 (In thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Exchange traded fund $ 36,552 $ — $ — $ 36,552 $ 30,641 $ — $ — $ 30,641 Money market fund 1,225 — — 1,225 1,695 — — 1,695 Investments measured at NAV (1) — — — 201,844 — — — 159,636 Total pension plan assets $ 37,777 $ — $ — 239,621 $ 32,336 $ — $ — $ 191,972 (1) Common collective trust investments are recorded at NAV. Investments measured at NAV are not classified within the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the total pension plan assets to amounts presented elsewhere for pension plan assets. Asset Management The following table presents the target allocation and the pension plan asset allocation for the periods indicated, by asset category: Target Allocation Percentage of Pension Plan Assets 2020 2019 2018 Fixed income investments 62 % 61 % 56 % Equity investments 38 38 43 Cash and cash equivalents — 1 1 Total 100 % 100 % 100 % The Retirement Plan Committee is a fiduciary under ERISA and is charged with the responsibility for directing and monitoring the investment management of the pension plan. To assist the Retirement Plan Committee in this function, it engages the services of investment managers and advisors who possess the necessary expertise to manage the pension plan assets within the established investment policy guidelines and objectives. The investment policy guidelines and objectives are reviewed at a minimum annually by the Retirement Plan Committee. The primary objective of the pension plan investment strategy is to provide long-term total return through capital appreciation and dividend and interest income. The Plan invests in registered investment companies and bank collective trusts. The volatility, as measured by standard deviation, of the pension plan assets should not exceed that of the Composite Index. The investment policy guidelines allow the pension plan assets to be invested in certain types of cash equivalents, fixed income securities, equity securities, mutual funds, and collective trusts. Investments in mutual funds and collective trust funds are substantially limited to funds with the securities characteristic of their assigned benchmarks. The pension plan investment strategy is designed to maintain a diversified portfolio with a target average long-term rate of 5.75%, however, there is no certainty that the portfolio will perform to expectations. Asset allocations are monitored monthly and the portfolio is re-balanced when appropriate. Weighted-average assumptions used to determine benefit obligations at December 31 are as follows: Pension Plan SERP Other 2019 2018 2019 2018 2019 2018 Discount rate 3.07 % 4.12 % 2.82 % 3.95 % 2.50 % 3.69 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are as follows: Pension Plan SERP Other 2019 2018 2017 2019 2018 2017 2019 2018 2017 Discount rate 4.12 % 3.50 % 4.01 % 3.95 % 3.30 % 3.63 % 3.69 % 3.00 % 3.27 % Expected long-term return on assets 6.00 % 6.00 % 6.50 % n/a n/a n/a n/a n/a n/a Assumed healthcare cost trend n/a n/a n/a n/a n/a n/a 6.50 % 7.00 % 7.50 % The assumed healthcare cost-trend rate for 2020 is 6.50%, declining 0.25% each year thereafter until 2028 when the rate will be 4.60%. An increase of 1.0% in the assumed healthcare cost-trend rate for 2019 would have increased the net periodic postretirement benefit cost by $3 thousand and increased the accumulated benefit obligation by $97 thousand. A decrease of 1.0% in the assumed healthcare cost trend rate for 2019 would have decreased the net periodic postretirement benefit cost by $3 thousand and decreased the accumulated postretirement benefit obligation by $89 thousand. Multiple-Employer Plan For the benefit of former employees of a bank acquired by the Company, the Bank is a sponsor of a multiple-employer pension plan that does not segregate the assets or liabilities of its employers participating in the plan. The plan administrator confirmed Webster Bank’s portion of the plan is under-funded by $2.4 million as of July 1, 2019, the date of the latest actuarial valuation. The following table sets forth contributions and funding status of Webster Bank's portion of this plan: (Dollars in thousands) Contributions by Webster Bank for the year ended December 31, Funded Status of the Plan at December 31, Plan Name Employer Identification Number Plan Number 2019 2018 2017 2019 2018 Pentegra Defined Benefit Plan for Financial Institutions 13-5645888 333 $863 $679 $614 At least 80 percent At least 80 percent Multi-employer accounting is applied to the Fund. As a multiple-employer pension plan, there are no collective bargained contracts affecting its contribution or benefit provisions. Any shortfall amortization basis is being amortized over seven years, as required by the Pension Protection Act. All benefit accruals were frozen as of September 1, 2004. The Company's contributions to this plan did not exceed more than 5% of total contributions in the plan for the years ended December 31, 2019, 2018, and 2017. Webster Bank Retirement Savings Plan Webster Bank provides an employee retirement savings plan governed by section 401(k) of the Internal Revenue Code. Webster Bank matches 100% of the first 2% and 50% of the next 6% of employees’ pre-tax contributions based on annual compensation. If a participant fails to make a pre-tax contribution election within 90 days of his or her date of hire, automatic pre-tax contributions will commence 90 days after his or her date of hire at a rate equal to 3% of compensation. Compensation and benefit expense included $13.2 million, $12.4 million, and $12.0 million for the years ended December 31, 2019, 2018, and 2017, respectively, of employer contributions. |
Share-Based Plans
Share-Based Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Plans | Note 19: Share-Based Plans Stock Compensation Plans Webster maintains stock compensation plans to better align the interests of its employees and directors with those of its shareholders. The Plans have shareholder approval for up to 13.4 million shares of common stock. At December 31, 2019, there were 1.6 million common shares remaining available for grant, while no stock appreciation rights have been granted. 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. Stock compensation expense for restricted stock of $12.6 million, $11.6 million, and $12.3 million, and an income tax benefit of $6.1 million, $8.5 million, and $11.8 million, was recognized for the years ended December 31, 2019, 2018, and 2017, respectively. At December 31, 2019 there was $15.7 million of unrecognized stock compensation expense for restricted stock, expected to be recognized over a weighted-average period of 1.9 years. The following table summarizes the activity under the stock compensation plans for the year ended December 31, 2019: Unvested Restricted Stock Awards Outstanding Stock Options Outstanding Time-Based Performance-Based Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Balance at January 1, 2019 464,831 $ 47.48 270,044 $ 44.34 480,792 $ 21.73 Granted 189,894 55.40 123,514 56.14 — — Vested 190,199 38.05 160,254 32.75 — — Forfeited 14,302 56.26 — — — — Exercised — — — — 59,861 10.36 Balance at December 31, 2019 450,224 54.53 233,304 54.94 420,931 23.35 Time-based restricted stock . Time-based restricted stock awards vest over the applicable service period ranging from 1 to 3 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 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 zero to 150%. The performance criteria for 50% of the shares granted in 2019 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 3 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. The total fair value of restricted stock awards vested during the years ended December 31, 2019, 2018, and 2017 was $12.5 million, $11.1 million, and $12.7 million, respectively. 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. There have been no stock options granted since 2013. At December 31, 2019, there was stock options outstanding for 420,931 shares of common stock, all of which are exercisable, with a weighted-average exercise price of $23.35 and a weighted-average remaining contractual life of 2.7 years, comprised of 387,043 non-qualified stock options and 33,888 incentive stock options. Total pretax intrinsic value, which is the difference between Webster's closing stock price on the last trading day of the year and the weighted-average exercise price multiplied by the number of shares, represents aggregate intrinsic value that would have been received by the option holders had they all exercised their options at that time. At December 31, 2019, as all awarded options have vested, all of the outstanding options are exercisable, and the aggregate intrinsic value of these options was $12.6 million. The total intrinsic value of options exercised during the years ended December 31, 2019, 2018, and 2017 was $2.4 million, $9.7 million, and $11.1 million, respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Webster’s operations are organized into three reportable segments that represent its primary businesses - Commercial Banking, HSA Bank, and Community Banking. These segments reflect how executive management responsibilities are assigned, the type of customer served, how products and services are provided, and how discrete financial information is currently evaluated. Certain Corporate Treasury activities, 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 uses an internal profitability reporting system to generate information by operating segment, which is based on a series of management estimates for funds transfer pricing, and allocations for non-interest expense, provision for loan and lease losses, 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 any mismatch associated with the matched maturity funding concept called Funds Transfer Pricing is absorbed in the Corporate Treasury function. 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 a Funds Transfer Pricing (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. 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. The results of funds transfer pricing and allocations for non-interest expense, as well as non-interest income produces pre-tax, pre-provision net revenue, under which basis the segments are reviewed by executive management. Webster also 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. During the three months ended June 30, 2019, Webster refined and improved the precision of this allocation approach. Prior period provision for loan and lease losses amounts, and resulting impacts from income tax expense were revised accordingly. Allowance for loan and lease losses are included within the Corporate and Reconciling category’s total assets. Beginning in 2018, income tax expense is estimated for each reportable segment individually. The 2017 income tax expense was estimated for all segments using the consolidated effective tax rate. The following table presents total assets for Webster's reportable segments and the Corporate and Reconciling category: Total Assets (In thousands) Commercial HSA Community Banking Corporate and Consolidated At December 31, 2019 $ 11,541,803 $ 80,176 $ 9,348,727 $ 9,418,638 $ 30,389,344 At December 31, 2018 10,477,050 70,826 8,727,335 8,335,104 27,610,315 The following tables present the operating results, including all appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category: Year ended December 31, 2019 (In thousands) Commercial HSA Community Banking Corporate and Consolidated Net interest income $ 372,845 $ 167,239 $ 400,744 $ 14,299 $ 955,127 Non-interest income 59,063 97,041 109,270 19,941 285,315 Non-interest expense 181,580 135,586 388,399 10,385 715,950 Pre-tax, pre-provision net revenue 250,328 128,694 121,615 23,855 524,492 Provision for loan and lease losses 25,407 — 12,393 — 37,800 Income before income tax expense 224,921 128,694 109,222 23,855 486,692 Income tax expense 55,331 33,460 21,735 (6,557) 103,969 Net income $ 169,590 $ 95,234 $ 87,487 $ 30,412 $ 382,723 Year ended December 31, 2018 (In thousands) Commercial HSA Community Banking Corporate and Consolidated Net interest income $ 356,509 $ 143,255 $ 404,869 $ 2,048 $ 906,681 Non-interest income 64,765 89,323 109,669 18,811 282,568 Non-interest expense 174,054 124,594 384,599 22,369 705,616 Pre-tax, pre-provision net revenue 247,220 107,984 129,939 (1,510) 483,633 Provision for loan and lease losses 32,388 — 9,612 — 42,000 Income before income tax expense 214,832 107,984 120,327 (1,510) 441,633 Income tax expense 52,849 28,076 23,945 (23,655) 81,215 Net income $ 161,983 $ 79,908 $ 96,382 $ 22,145 $ 360,418 Year ended December 31, 2017 (In thousands) Commercial HSA Community Banking Corporate and Consolidated Net interest income $ 322,393 $ 104,704 $ 383,700 $ (14,510) $ 796,287 Non-interest income 55,194 77,378 107,368 19,538 259,478 Non-interest expense 154,037 113,143 373,081 20,814 661,075 Pre-tax, pre-provision net revenue 223,550 68,939 117,987 (15,786) 394,690 Provision for loan and lease losses 34,066 — 6,834 — 40,900 Income before income tax expense 189,484 68,939 111,153 (15,786) 353,790 Income tax expense 52,676 19,165 30,899 (4,389) 98,351 Net income $ 136,808 $ 49,774 $ 80,254 $ (11,397) $ 255,439 |
Revenue from contracts with Cus
Revenue from contracts with Customers Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers The following tables present revenues within the scope of ASC 606, Revenue from Contracts with Customers and the net amount of other sources of non-interest income that is within the scope of other GAAP topics: Year ended December 31, 2019 (In thousands) Commercial HSA Community Corporate and Consolidated Non-interest Income: Deposit service fees $ 12,136 $ 92,096 $ 63,572 $ 218 $ 168,022 Wealth and investment services 10,330 — 22,637 (35) 32,932 Other — 4,945 2,394 — 7,339 Revenue from contracts with customers 22,466 97,041 88,603 183 208,293 Other sources of non-interest income 36,597 — 20,667 19,758 77,022 Total non-interest income $ 59,063 $ 97,041 $ 109,270 $ 19,941 $ 285,315 Year ended December 31, 2018 (In thousands) Commercial HSA Community Corporate and Consolidated Non-interest Income: Deposit service fees $ 12,775 $ 85,809 $ 63,522 $ 77 $ 162,183 Wealth and investment services 10,145 — 22,732 (34) 32,843 Other — 3,514 2,133 — 5,647 Revenue from contracts with customers 22,920 89,323 88,387 43 200,673 Other sources of non-interest income 41,845 — 21,282 18,768 81,895 Total non-interest income $ 64,765 $ 89,323 $ 109,669 $ 18,811 $ 282,568 Year ended December 31, 2017 (In thousands) Commercial HSA Community Corporate and Consolidated Non-interest Income: Deposit service fees $ 12,203 $ 74,448 $ 64,194 $ 292 $ 151,137 Wealth and investment services 9,817 — 21,274 (36) 31,055 Other — 2,930 823 — 3,753 Revenue from contracts with customers 22,020 77,378 86,291 256 185,945 Other sources of non-interest income 33,174 — 21,077 19,282 73,533 Total non-interest income $ 55,194 $ 77,378 $ 107,368 $ 19,538 $ 259,478 The major types of revenue streams that are within the scope of ASC 606 are described below: Deposit service fees, predominately consist of fees earned from deposit accounts and interchange fees. Fees earned from deposit accounts relate to event-driven services and periodic account maintenance activities. Webster's obligations for event-driven services are satisfied at the time the service is delivered, while the obligations for maintenance services is satisfied monthly. Interchange fees are assessed as the performance obligation is satisfied, which is at the point in time the card transaction is authorized. Wealth and investment services, consists of fees earned from investment and securities-related services, trust and other related services. Obligations for wealth and investment services are generally satisfied over time through a time-based measurement of progress, but certain obligations may be satisfied at points in time for activities that are transactional in nature. These disaggregated amounts are reconciled to non-interest income as presented in Note 20: Segment Reporting. Contracts with customers did not generate significant contract assets and liabilities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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. 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 they relate to. The following table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk: At December 31, (In thousands) 2019 2018 Commitments to extend credit $ 6,162,658 $ 5,840,585 Standby letter of credit 188,103 189,040 Commercial letter of credit 29,180 21,181 Total credit-related financial instruments with off-balance sheet risk $ 6,379,941 $ 6,050,806 These commitments subject the Company to potential exposure in excess of 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 consolidated balance sheet. The following table provides a summary of activity in the reserve for unfunded credit commitments: Years ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 2,506 $ 2,362 $ 2,287 (Benefit) provision (139) 144 75 Ending balance $ 2,367 $ 2,506 $ 2,362 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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, and align with general practices within the financial services industry. The Consolidated Financial Statements and the accompanying Notes thereto include the accounts of Webster Financial Corporation and all other entities in which it has a controlling financial interest. Intercompany accounts and transactions have been eliminated in consolidation. Assets that the Company holds or manages in a fiduciary or agency capacity for customers, typically referred to as assets under administration or assets under management, are not included in the consolidated balance sheets as those assets are not Webster's, and the Company is not the primary beneficiary. Certain prior period amounts have been reclassified to conform to the current year's presentation. These reclassifications had an immaterial effect on the Company's consolidated financial statements. |
Variable Interest Entities | Principles of Consolidation The purpose of consolidated financial statements is to present the results of operations and the financial position of the Company and its subsidiaries as if the consolidated group were a single economic entity. In accordance with the applicable accounting guidance for consolidations, the consolidated financial statements include any voting interest entity (VOE) in which the Company has a controlling financial interest and any variable interest entity (VIE) for which the Company is deemed to be the primary beneficiary. The Company generally consolidates its VOEs if the Company, directly or indirectly, owns more than 50% of the outstanding voting shares of the entity and the non-controlling shareholders do not hold any substantive participating or controlling rights. The Company evaluates VIEs to understand the purpose and design of the entity, and its involvement in the ongoing activities of the VIE and will consolidate the VIE if it has (i) the power to direct the activities of the VIE that most significantly affect the VIE's economic performance and (ii) an obligation to absorb losses of the VIE, or the right to receive benefits from the VIE, that could potentially be significant to the VIE. The Company accounts for unconsolidated partnerships and certain other investments using the equity method of accounting if it has the ability to significantly influence the operating and financial policies of the investee. This is generally presumed to exist when the Company owns between 20% and 50% of a corporation, or when it has greater than 3%-5% interest in a limited partnership or similarly structured entity. Refer to Note 2: Variable Interest Entities for further information. |
Use of Estimates | Use of EstimatesThe 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. |
Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents, as referenced in the consolidated statement of cash flows, is comprised of cash and due from banks and interest-bearing deposits. Cash equivalents have a maturity of three months or less. Cash and due from banks, as referenced in the consolidated balance sheets, includes cash on hand, certain deposits at the FRB of Boston, and cash due from banks. Restricted cash related to Federal Reserve System requirements and cash collateral received on derivative positions are included in cash and due from banks. Interest-bearing deposits, as referenced in the consolidated balance sheets, includes deposits at the FRB of Boston in excess of reserve requirements and federal funds sold to other financial institutions. Federal funds sold essentially represents an uncollateralized loan and therefore the Company regularly evaluates the credit risk associated with the other financial institutions to assure that Webster does not become exposed to any significant credit risk on those cash equivalents. |
Investment Securities | Investment in Debt Securities Investment securities are classified as available-for-sale or held-to-maturity at the time of purchase. Any classification change subsequent to trade date is reviewed for compliance with corporate objectives and accounting policies. Debt securities classified as held-to-maturity are those which Webster has the ability and intent to hold to maturity. Securities classified as held-to-maturity are recorded at amortized cost net of unamortized premiums and discounts. Discount accretion income and premium amortization expense are recognized as interest income using the effective interest method, with consideration given to prepayment assumptions on mortgage backed securities. Premiums are amortized to the earliest call date for debt securities purchased at a premium, with explicit, non-contingent call features and are callable at a fixed price and preset date. Securities classified as available-for-sale are recorded at fair value with unrealized gains and losses recorded as a component of other comprehensive income (OCI) or other comprehensive loss (OCL). If securities are transferred from available-for-sale to held-to-maturity they are recorded at fair value at the time of transfer and the respective gain or loss would be recorded as a separate component of OCI or OCL and amortized as an adjustment to interest income over the remaining life of such security. Securities classified as available-for-sale or held-to-maturity and in an unrealized loss position are evaluated for other-than-temporary impairment (OTTI) on a quarterly basis. The evaluation considers several qualitative factors, including the period of time the security has been in a loss position, and the amount of the unrealized loss. If the Company intends to sell a debt security or it is more likely than not the Company will be required to sell the debt security prior to recovery of its amortized cost basis, it is written down to fair value, and the loss is recognized in non-interest income. If the Company does not intend to sell the debt security and it is more likely than not that the Company will not be required to sell the debt security prior to recovery of its amortized cost basis, only the credit component of the unrealized loss is recorded as an impairment charge in non-interest income. The remaining loss component would be recorded to accumulated other comprehensive loss, net of tax (AOCL). Debt security transactions are recognized on the trade date, which is the date the order to buy or sell the security is executed. The carrying value plus any related accumulated OCI or OCL balance of sold securities is used to calculate the realized gain or loss on sale. The specific identification method is used to determine realized gains and losses on sales of securities. Refer to Note 3: Investment Securities for further information. Investment in Equity Securities The Company’s accounting treatment for equity investments differs for those with and without readily determinable fair values. Equity investments with readily determinable fair values are recorded at fair value with changes in fair value recorded in non-interest income. For equity investments without readily determinable fair values, the Company elected the measurement alternative, and therefore carry these investments at cost, less impairment, if any, plus or minus changes in observable prices. Certain equity investments that do not have a readily available fair value may qualify for net asset value (NAV) measurement based on specific requirements. The Company's alternative investments accounted for at NAV consist of investments in non-public entities that generally cannot be redeemed since the Company’s investments are distributed as the underlying equity is liquidated. On a quarterly basis, the Company reviews its equity investments without readily determinable fair values for impairment. If the equity investment is considered impaired, an impairment loss equal to the amount by which the carrying value exceeds its fair value is recorded through a charge to earnings. The impairment loss may be reversed in a subsequent period if there are observable transactions for the identical or similar investment of the same issuer at a higher amount than the carrying amount that was established when the impairment was recognized. Impairment as well as upward or downward adjustments resulting from observable price changes in orderly transactions for identical or similar investments are included in non-interest income. Equity investments in entities that finance affordable housing and other community development projects provide a return primarily through the realization of tax benefits. The Company applies the proportional amortization method to account for its investments in qualified affordable housing projects. |
Loans Held for Sale | Loans Held for Sale Loans that are classified as held for sale at the time of origination are accounted for under the fair value option. Loans not originated for sale but subsequently transferred to held for sale are valued at the lower of cost or fair value and are valued on an individual asset basis. Any cost amount in excess of fair value is recorded as a valuation allowance and recognized as a reduction of other non-interest income. Gains or losses on the sale of loans held for sale are recorded as part of mortgage banking activities. Cash flows from the sale of loans that were originated specifically for resale are presented as operating cash flows. Cash flows from the sale of loans originated for investment then subsequently transferred to held for sale are presented as investing cash flows. Refer to Note 5: Transfers of Financial Assets for further information. |
Transfers and Servicing of Financial Assets | Transfers and Servicing of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is generally considered to have been surrendered when: (i) the transferred assets are legally isolated from the Company or its consolidated affiliates, even in bankruptcy or other receivership; (ii) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to the Company; and (iii) the Company does not maintain the obligation or unilateral ability to reclaim or repurchase the assets. The Company sells financial assets in the normal course of business, the majority of which are residential mortgage loan sales, primarily to government-sponsored enterprises through established programs, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales. In accordance with accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses covering certain characteristics of the mortgage loans sold and the Company's origination process. The gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any other assets obtained or liabilities incurred in exchange for the transferred assets. When the Company sells financial assets, it may retain servicing rights and/or other interests in the financial assets. Servicing assets and any other interests held by the Company are recorded at fair value upon transfer, and thereafter are carried at the lower of cost or fair value. Refer to Note 5: Transfers of Financial Assets for further information. |
Loans and Leases | Loans and Leases Loans and leases are stated at the principal amount outstanding, net of amounts charged off, unearned income, unamortized premiums and discounts, and deferred loan and lease fees or costs which are recognized as yield adjustments using the effective interest method. These yield adjustments are amortized over the contractual life of the related loans and leases adjusted for prepayments when applicable. Interest on loans and leases is credited to interest income as earned based on the interest rate applied to principal amounts outstanding. Prepayment fees are recognized in non-interest income. Cash flows from loans and leases are presented as investing cash flows. Non-accrual Loans Loans and leases are placed on non-accrual status when collection of principal and interest in accordance with contractual terms is doubtful, generally when principal or interest payments become 90 days delinquent, unless the loan or lease is well secured and in process of collection, or sooner if management concludes circumstances indicate that the borrower may be unable to meet contractual principal or interest payments. Residential real estate loans, excluding loans fully insured against loss and in the process of collection, and consumer loans are placed on non-accrual status at 90 days past due, or at the date when the Company is notified that the borrower is discharged in bankruptcy. Residential loans that are more than 90 days past due, fully insured against loss, and in the process of collection, remain accruing and are reported as 90 days or more past due and accruing. Commercial, commercial real estate loans, and equipment finance loans or leases are subject to a detailed review when 90 days past due to determine accrual status, or when payment is uncertain and a specific consideration is made to put a loan or lease on non-accrual status. When loans and leases are placed on non-accrual status, the accrual of interest is discontinued, and any unpaid accrued interest is reversed and charged against interest income. If ultimate repayment of a non-accrual loan or lease is expected, any payments received are applied in accordance with contractual terms. If ultimate repayment is not expected on commercial, commercial real estate, and equipment finance loans and leases, any payment received on a non-accrual loan or lease is applied to principal until the unpaid balance has been fully recovered. Any excess is then credited to interest income when received. If the Company determines, through a current valuation analysis, that principal can be repaid on residential real estate and consumer loans, interest payments may be taken into income as received on a cash basis. Loans are generally removed from non-accrual status when they become current as to principal and interest or demonstrate a period of performance under contractual terms and, in the opinion of management, are fully collectible as to principal and interest. Pursuant to regulatory guidance, a loan discharged under Chapter 7 of the U.S. bankruptcy code is removed from non-accrual status when the bank expects full repayment of the remaining pre-discharged contractual principal and interest, and had at least six consecutive months of current payments. Refer to Note 4: Loans and Leases for further information. |
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments | Allowance for Loan and Lease Losses ALLL is a reserve established through a provision for loan and lease losses charged to expense and represents management’s best estimate of probable losses that may be incurred within the existing loan and lease portfolio as of the balance sheet date. The ALLL consists of three elements: (i) specific valuation allowances established for probable losses on impaired loans and leases; (ii) quantitative valuation allowances calculated using loss experience for like loans and leases with similar characteristics and trends, adjusted, as necessary, to reflect the impact of current conditions; and (iii) qualitative factors determined based on general economic conditions and other factors that may be internal or external to the Company. The reserve level reflects management’s view of trends in losses, current portfolio quality, and present economic, political, and regulatory conditions. The ALLL may be allocated for specific portfolio segments; however, the entire balance is available to absorb credit losses inherent in the total loan and lease portfolio. A charge-off is recorded when all or a portion of the loan or lease is deemed to be uncollectible. While management utilizes its best judgment based on the information available at the time, the ultimate adequacy of the allowance is dependent upon a variety of factors that are beyond the Company’s control, which include the performance of the Company’s portfolio, economic conditions, interest rate sensitivity, and other external factors. The process for estimating probable losses is based on predictive models that measure the current risk profile of the loan and lease portfolio and combines the measurement with other quantitative and qualitative factors. 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 PD and the LGD. 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 loss. 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 borrowers’ current financial position and outlook, risk profile, and the related collateral and structural position. Loan officers review updated financial information or other loan factors 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" asset 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. 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 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 real estate price data is applied to the loan portfolios taking into account the age of the most recent valuation and geographic area. Back-testing is performed to compare original estimated losses and actual observed losses, resulting in ongoing refinements. The balance resulting from this process together with specific valuation allowances determines the overall reserve level. Charge-offs of Uncollectible Loans Any loan may be charged-off if a loss confirming event has occurred. Loss confirming events usually involve the receipt of specific adverse information about the borrower and may include bankruptcy (unsecured), foreclosure, or receipt of an asset valuation indicating a shortfall between the value of the collateral and the book value of the loan when that collateral asset is the sole source of repayment. The Company generally charges-off commercial loans when it is determined that the specific loan or a portion thereof is uncollectible. This determination is based on facts and circumstances of the individual loans and normally includes considering the viability of the related business, the value of any collateral, the ability and willingness of any guarantors to perform and the overall financial condition of the borrower. The Company generally charges-off residential real estate loans to the estimated fair value of their collateral, net of selling costs, when they become 180 days past due. Impaired Loans Loans and leases are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impairment is evaluated on a pooled basis for smaller-balance homogeneous residential, consumer loans and small business loans. Commercial, commercial real estate, and equipment financing loans and leases over a specific dollar amount and all TDRs are evaluated individually for impairment. A loan identified as a TDR is considered an impaired loan for its entire term, with few exceptions. If a loan is impaired, a specific valuation allowance may be established, and the loan is reported net, at the present value of estimated future cash flows using the loan’s original interest rate or at the fair value of collateral less cost to sell if repayment is expected from collateral liquidation. Interest payments on non-accruing impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Factors considered by management in determining impairment include payment status, collateral value, discharged bankruptcy, and the likelihood of collecting scheduled principal and interest payments. Refer to Note 4: Loans and Leases for further information. Reserve for Unfunded Commitments The reserve for unfunded commitments provides for probable losses inherent with funding the unused portion of legal commitments to lend. The unfunded reserve calculation includes factors that are consistent with the ALLL methodology for funded loans using the PD, LGD, and a draw down factor applied to the underlying borrower risk and facility grades. The reserve for unfunded credit commitments is included within other liabilities in the consolidated balance sheets, and changes in the reserve are reported as a component of other non-interest expense in the consolidated statements of income. Refer to Note 22: Commitments and Contingencies for further information. |
Troubled Debt Restructurings | Troubled Debt Restructurings A modified loan is considered a TDR when the following two conditions are met: (i) the borrower is experiencing financial difficulty; and (ii) the modification constitutes a concession. The Company considers all aspects of the restructuring in determining whether a concession has been granted, including the borrower's ability to access funds at a market rate. In general, a concession exists when the modified terms of the loan are more attractive to the borrower than standard market terms. Modified terms are dependent upon the financial position and needs of the individual borrower. The most common types of modifications include covenant modifications and forbearance. Loans for which the borrower has been discharged under Chapter 7 bankruptcy are considered collateral dependent TDR, impaired at the date of discharge, and charged down to the fair value of collateral less cost to sell, if management considers that loss potential likely exists. The Company’s policy is to place consumer loan TDRs, except those that were performing prior to TDR status, on non-accrual status for a minimum period of six months. Commercial TDR are evaluated on a case-by-case basis for determination of whether or not to place them on non-accrual status. Loans qualify for return to accrual status once they have demonstrated performance with the restructured terms of the loan agreement for a minimum of six months. Initially, all TDRs are reported as impaired. Generally, TDRs are classified as impaired loans and reported as TDR for the remaining life of the loan. Impaired and TDR classification may be removed if the borrower demonstrates compliance with the modified terms for a minimum of six months and through a fiscal year-end and the restructuring agreement specifies a market rate of interest equal to that which would be provided to a borrower with similar credit at the time of restructuring. In the limited circumstance that a loan is removed from TDR classification, it is the Company’s policy to continue to base its measure of loan impairment on the contractual terms specified by the loan agreement. Refer to Note 4: Loans and Leases for further information. |
Foreclosed and Repossessed Assets | Foreclosed and Repossessed Assets Real estate acquired through foreclosure or completion of a deed in lieu of foreclosure and other assets acquired through repossession are recorded at fair value less estimated cost to sell at the date of transfer. Subsequent to the acquisition date, the foreclosed and repossessed assets are carried at the lower of cost or fair value less estimated selling costs and are included within other assets in the consolidated balance sheet. Independent appraisals generally are obtained to substantiate fair value and may be subject to adjustment based upon historical experience or specific geographic trends impacting the property. Upon transfer to OREO the excess of loan balance over fair value less cost to sell is charged off against the ALLL. Subsequent write-downs in value, maintenance costs as incurred, and gains or losses upon sale are charged to non-interest expense in the consolidated statement of income. |
Premises and Equipment | Property and Equipment Property and equipment is carried at cost, less accumulated depreciation and amortization, which is computed on a straight-line basis over the estimated useful lives of the assets, as follows: Minimum Maximum Building and Improvements 5 - 40 years Leasehold improvements 5 - 20 years (or lease term, if shorter) Fixtures and equipment 5 - 10 years Data processing and software 3 - 7 years Repairs and maintenance costs are charged to non-interest expense as incurred. Property and equipment that is actively marketed for sale is reclassified to assets held for disposition. The cost and accumulated depreciation and amortization relating to property and equipment retired or otherwise disposed of are eliminated, and any resulting losses are charged to non-interest expense. Refer to Note 6: Premises and Equipment for further information. Leasing A right-of-use (ROU) asset and corresponding lease liability is recognized at the lease commencement date when the Company is a lessee. ROU lease assets are included in premises and equipment on the consolidated balance sheet. A ROU asset reflects the present value of the future minimum lease payments adjusted for any initial direct costs, incentives, or other payments prior to the lease commencement date. A lease liability represents a legal obligation to make lease payments and is determined by the present value of the future minimum lease payments discounted using the rate implicit in the lease, or the Company’s incremental borrowing rate. Variable lease payments that are dependent on an index, or rate, are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Renewal options are not included as part of the ROU asset or lease liability unless the option is deemed reasonably certain to exercise. For real estate leases, lease components and non-lease components are accounted for as a single lease component. For equipment leases, lease and non-lease components are accounted for separately. Operating lease expense is comprised of operating lease costs and variable lease costs, net of sublease income, and is reflected as part of occupancy within non-interest expense in the consolidated statement of income. Operating lease expense is recorded on a straight-line basis. Refer to Note 7: Leasing for further information. |
Goodwill | Goodwill Goodwill represents the excess purchase price of businesses acquired over the fair value of the identifiable net assets acquired and is assigned to specific reporting units. Goodwill is not subject to amortization but rather is evaluated for impairment annually, or more frequently if events occur or circumstances change indicating it would more likely than not result in a reduction of the fair value of a reporting unit below its carrying value. Goodwill may be evaluated for impairment by performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill, then a quantitative process will be performed that requires the Company to utilize an equally weighted combined income and market approach to arrive at an indicated fair value range for the reporting unit. In Step 1, the fair value of a reporting unit is compared to its carrying amount, including goodwill, to ascertain if a goodwill impairment exists. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired, and it is not necessary to continue to Step 2 of the impairment process. Otherwise, Step 2 is performed where the implied fair value of goodwill is compared to the carrying value of goodwill in the reporting unit. If a reporting unit's carrying value of goodwill exceeds fair value of goodwill, the difference is charged to non-interest expense. |
Other Intangible Assets | Other Intangible Assets Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights, or because it is capable of being sold or exchanged either separately or in combination with a related contract, asset, or liability. Other intangible assets with finite useful lives, such as core deposits and customer relationships, are amortized to non-interest expense over their estimated useful lives and are evaluated for impairment whenever events occur or circumstances change indicating the carrying amount of the asset may not be recoverable. Refer to Note 8: Goodwill and Other Intangible Assets for further information. |
Cash Surrender Value of Life Insurance | Cash Surrender Value of Life Insurance Investment in life insurance represents the cash surrender value of life insurance policies on certain current and former employees of Webster. Cash surrender value increases are recorded in non-interest income, decreases are the result of collection on the policies, with death benefit proceeds in excess of cash surrender value recorded in other non-interest income upon the death of an insured. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase These agreements are accounted for as secured financing transactions since Webster maintains effective control over the transferred investment securities and the transfer meets the other criteria for such accounting. Obligations to repurchase the sold investment securities are reflected as a liability in the consolidated balance sheets. The investment securities sold, with agreement to repurchase, to wholesale dealers are transferred to a custodial account for the benefit of the dealer or bank with whom each transaction is executed. The dealers or banks may sell, loan, or otherwise hypothecate such securities to other parties in the normal course of their operations and agree to resell to Webster the same securities at the maturity date of the agreements. Webster also enters into repurchase agreements with Bank customers. The investment securities sold with agreement to repurchase to Bank customers are not transferred but internally pledged to the repurchase agreement transaction. Refer to Note 11: Borrowings for further information. |
Revenue Recognition for Alternative Revenue Programs, Policy [Policy Text Block] | Revenue From Contracts With Customers Revenue from contracts with customers generally comprises non-interest income earned by the Company in exchange for services provided to customers and is recognized when services are complete or as they are rendered. These revenue streams include deposit service fees, wealth and investment services, and an insignificant component of other non-interest income in the consolidated statement of income. The Company identifies the performance obligations included in the contracts with customers, determines the transaction price, allocates the transaction price to the performance obligations, as applicable, and recognizes revenue when performance obligations are satisfied. Services provided over a period of time are typically transferred to customers evenly over the term of the contracts and revenue is recognized evenly over the period services are provided. Contract receivables are included in accrued interest receivable and other assets. Payment terms vary by services offered, and the time between completion of performance obligations and payment is typically not significant. Refer to Note 21: Revenue from Contracts with Customers for further information. |
Share-based Compensation | Share-Based Compensation Webster maintains stock compensation plans under which restricted stock, restricted stock units, non-qualified stock options, incentive stock options, or stock appreciation rights may be granted to employees and directors. Share awards are issued from available treasury shares. Share-based compensation cost is recognized over the vesting period, is based on the grant-date fair value, net of a reduction for estimated forfeitures which is adjusted for actual forfeitures as they occur, and is reported as a component of compensation and benefits expense. Awards are generally subject to a 3-year vesting period, while certain conditions provide for a 1-year vesting period. Excess tax benefit or tax deficiency results when tax return deductions differ from recognized compensation cost determined using the grant-date fair value approach for financial statement purposes. |
Income Taxes | Income Taxes Income tax expense, or benefit, is comprised of two components, current and deferred. The current component reflects taxes payable or refundable for a current period based on applicable tax laws, and the deferred component represents the tax effects of temporary differences between amounts recognized for financial accounting and tax purposes. Deferred tax assets and liabilities reflect the tax effects of such differences that are anticipated to result in taxable or deductible amounts in the future, when the temporary differences reverse. DTAs are recognized if it is more likely than not they will be realized, and may be reduced by a valuation allowance if it is more likely than not that all or some portion will not be realized. Tax positions that are uncertain but meet a more likely than not recognition threshold are initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position meets the more likely than not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management's judgment. Webster recognizes interest expense and penalties on uncertain tax positions as a component of income tax expense and recognizes interest income on refundable income taxes as a component of other non-interest income. Refer to Note 9: Income Taxes for further information. |
Earnings Per Common Share | Earnings Per Common Share Earnings per common share is presented under the two-class method. Basic earnings per common share is computed by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Certain unvested restricted stock awards are participating securities as they have non-forfeitable rights to dividends. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation and warrants for common stock using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted-average common shares used in calculating diluted earnings per common share is provided in Note 15: Earnings Per Common Share. |
Comprehensive Income | Comprehensive Income Comprehensive income includes all changes in shareholders’ equity during a period, except those resulting from transactions with shareholders. Comprehensive income consists of net income, and the after-tax effect of the following items: changes in net unrealized gain/loss on securities available for sale, changes in net unrealized gain/loss on derivative instruments, and changes in net actuarial gain/loss and prior service cost for defined benefit pension and other postretirement benefit plans. Comprehensive income is reported in the consolidated statement of shareholders' equity, consolidated statement of comprehensive income, and Note 13: Accumulated Other Comprehensive Loss, Net of Tax. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Derivatives are recognized at fair value, with exchange-traded contracts based on quoted market prices while non-exchange traded contracts are based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques for which the determination of fair value may require management judgment or estimation, relating to future rates and credit activities. Derivatives are included in accrued interest receivable and other assets and in accrued expenses and other liabilities on the consolidated balance sheet. Cash flows from derivative financial instruments are included in net cash provided by operating activities on the consolidated cash flow statement. Derivatives Designated in Hedge Relationships. The Company uses derivatives to hedge exposures, or to modify interest rate characteristics, for certain balance sheet accounts under its interest rate risk management strategy. The Company designates derivatives in qualifying hedge relationships as fair value or cash flow hedges for accounting purposes. Derivative financial instruments receive hedge accounting treatment if they are qualified and properly designated as a hedge and remain highly effective in offsetting changes in the fair value or cash flows attributable to the risk being hedged both at hedge inception and on an ongoing basis throughout the life of the hedge. Quarterly prospective and retrospective assessments are performed to ensure hedging relationships continue to be highly effective. If a hedge relationship were no longer highly effective, hedge accounting would be discontinued. The change in fair value on a derivative designated and qualifying as a fair value hedge, as well as the offsetting change in fair value on the hedged item attributable to the risk being hedged, is recognized in earnings in the same accounting period. The gain or loss on a derivative designated and qualifying as a cash flow hedge is initially recorded as a component of AOCL and subsequently reclassified to interest income as hedged interest payments are received or to interest expense as hedged interest payments are made in the same period during which the hedged transaction affects earnings. Derivatives Not Designated in Hedge Relationships . The Company also enters into derivative transactions which are not designated in a hedge relationship. Derivative financial instruments not designated in a hedge relationship are recorded at fair value with changes in fair value recognized in other non-interest income on the consolidated statement of income. Offsetting Assets and Liabilities . The Company presents derivative assets and derivative liabilities with the same counterparty and the related variation margin of cash collateral are presented on a net basis in the consolidated balance sheet. Cash collateral relating to the initial margin is included in accrued interest receivable and other assets on the consolidated balance sheet. Securities collateral is not offset. The Company clears all dealer eligible contracts through the Chicago Mercantile Exchange (CME), and has elected to record non-cleared derivative positions subject to a legally enforceable master netting agreement on a net basis. Refer to Note 16: Derivative Financial Instruments for further information. |
Fair Value Measurements | Fair Value Measurements The Company measures many of its assets and liabilities on a fair value basis, in accordance with ASC Topic 820, " Fair Value Measurement. " Fair value is used on a recurring basis for certain assets and liabilities in which fair value is the primary basis of accounting. Examples of these include derivative instruments, available-for-sale securities and loans held for sale where the Company has elected the fair value option. Additionally, fair value is used on a non-recurring basis to evaluate assets or liabilities for impairment. Examples of these include impaired loans and leases, mortgage servicing assets, long-lived assets, goodwill, and loans not originated for sale but subsequently transferred to held for sale, which are accounted for at the lower of cost or fair value. Further information regarding the Company's policies and methodology used to measure fair value is presented in Note 17: Fair Value Measurements. |
Employee Retirement Benefit Plan | Employee Retirement Benefit Plan Webster Bank maintains a noncontributory defined benefit pension plan covering all employees that were participants on or before December 31, 2007. Costs related to this qualified plan, based upon actuarial computations of current and future benefits for eligible employees, are charged to non-interest expense and are funded in accordance with the requirements of the Employee Retirement Income Security Act. The plan is recorded as an asset if over-funded or a liability if under-funded. There is a supplemental retirement plan for select executive level employees that were participants on or before December 31, 2007. There is also a postretirement healthcare benefits plan for certain retired employees. |
Recently Adopted and Issued Accounting Standards Updates | Recently Adopted Accounting Standards Updates Effective January 1, 2019, the following new accounting guidance was adopted by the Company: ASU No. 2018-16, Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The Update permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct U.S. Treasury obligations, the London Interbank Offered Rate swap rate, the OIS rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association Municipal Swap Rate. The Company adopted the Update during the first quarter of 2019 on a prospective basis. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements. 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 risk management and financial reporting for hedging activities with the economic objectives of those activities. The Update expands an entity's ability to hedge non-financial and financial risk components and reduce complexity in hedges of interest rate risk. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness, and generally requires the entire change in fair value of a hedging instrument to be presented in the same income statement line in which the earnings effect of the hedged item is reported. The Company adopted the Update during the first quarter of 2019 on a modified retrospective basis. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements. The Company has provided enhanced disclosures in Note 16: Derivative Financial Instruments as a result of adopting this Update. ASU No. 2016-02, Leases (Topic 842) and subsequent ASUs issued to amend this Topic. The Updates introduce a lessee model that requires substantially all leases to be recorded as assets and liabilities on the balance sheet and requires expanded quantitative and qualitative disclosures regarding key information about leasing arrangements. The lessor model remains substantially the same with targeted improvements that do not materially impact the Company. The Company adopted the Updates during the first quarter of 2019 using the new transition method option that allows the use of effective date, January 1, 2019, as the date of initial application of the new lease accounting standard and to recognize a cumulative-effect adjustment to the opening balance of retained earnings upon adoption. The Company elected the transition relief package of practical expedients which forgoes the requirement to reassess the existence of leases in existing contracts, their lease classification and the accounting treatment of their initial direct costs. As a practical expedient, the Company has also made a policy election to not separate non-lease components from lease components for its real estate leases and instead account for each separate lease components and non-lease components associated with that lease component as a single lease component. The Company will separately account for the lease and non-lease components in its equipment leases. The Company determines whether a contract contains a lease based on whether a contract, or a part of a contract, conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The discount rate used is either the rate implicit in the lease, or when a rate cannot be readily determined an incremental borrowing rate. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments, in a similar economic environment. As a result of adopting this Update, the Company recognized $157.2 million of right-of-use asset (ROU) and $178.8 million of lease liability, as of January 1, 2019. The Company also recorded a $513 thousand cumulative-effect adjustment directly to retained earnings as of January 1, 2019 for abandoned leased properties and the remaining deferred gains on sale-leaseback transactions which occurred prior to the date of adoption. Refer to Note 7: Leasing for further information. 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 pending adoption: ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The Update provides simplifications to the accounting for income taxes related to a variety of topics and makes minor codification improvements. Changes include a requirement that the effects of an enacted change in tax law be reflected in the computation of the annual effective tax rate in the first interim period that includes the enactment date of the new legislation. The Update will be effective for the Company on January 1, 2021. The Company does not expect this Update to have a material impact on its consolidated financial statements. ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The Update amends guidance on credit losses, hedge accounting, and recognition and measurement of financial instruments. The changes provide clarifications and codification improvements in relation to recently issued accounting updates. The amendments to the guidance on credit losses are considered in the paragraphs below related to our adoption of ASU 2016-13, and will be adopted concurrently with those Updates. The Update became effective for the Company on January 1, 2020. The Company does not expect these changes to have a material impact on its consolidated financial statements. ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The Update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The updated guidance also requires an entity to amortize the capitalized implementation costs as an expense over the term of the hosting arrangement and to present in the same income statement line item as the fees associated with the hosting arrangement. The Update became effective for the Company on January 1, 2020. The Company will apply the amendments in this update prospectively to all implementation costs incurred after the date of adoption. The Company does not expect these changes to have a material impact on its consolidated financial statements. ASU No. 2018-14, Compensation-Retirement Benefits - Defined Benefit Plan - General (Subtopic 715-20) - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The Update modifies disclosure requirements for employers that sponsor defined benefit pension and other postretirement plans. The Update will be effective for the Company on January 1, 2021. The Company does not expect this Update to have a material impact on its consolidated financial statements. ASU No. 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The Update modifies the disclosure requirements on fair value measurements. The updated guidance will no longer require entities to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. However, it will require public companies to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. The Update became effective for the Company on January 1, 2020. The Company does not expect these changes 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 simplifies quantitative goodwill impairment testing by requiring entities to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which the carrying amount exceeds the fair value of a reporting unit, up to but not exceeding the amount of goodwill allocated to the reporting unit. The Update changes current guidance by eliminating the second step of the goodwill impairment analysis which involves calculating the implied fair value of goodwill determined in the same manner as the amount of goodwill recognized in a business combination upon acquisition. Entities will still have the option to first perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Update must be applied prospectively and became effective for the Company on January 1, 2020. The Company does not expect this new 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 and subsequent ASUs issued to clarify this Topic. The Updates will replace the existing incurred loss approach for recognizing credit losses with a new credit loss methodology known as the current expected credit loss (CECL) model. The CECL methodology requires earlier recognition of credit losses using a lifetime credit loss measurement approach for financial assets carried at amortized cost. The CECL methodology also requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. To implement the new standard, the Company established a project lead and empowered a steering committee comprised of members from different disciplines including Credit, Accounting, Finance, Financial Analytics, Information Technology, and Treasury, as well as specific working groups focused on key components of the development process. Through the working groups, the Company evaluated the effect that the Updates have on its financial statements and related disclosures. The CECL credit models incorporate assumptions used to calculate credit losses over the estimated life of the applicable financial assets and include the impact of forecasted macroeconomic conditions. During the fourth quarter of 2019, the Company continued testing CECL credit models, processes, and controls in parallel with the existing incurred loss approach. The Company is continuing to work on finalizing CECL accounting policies and drafting required disclosures under these Updates. Adopting the new standard required the Company to make certain policy elections and decisions on how expected losses are measured. Under CECL, the Company will estimate lifetime credit losses based on three portfolio segments: commercial loans and leases, consumer loans and lines of credit, and HTM debt securities. Expected losses within the commercial and consumer portfolio segments will be collectively assessed using PD/LGD models. Expected losses on HTM debt securities will be collectively assessed with separate models for each type of security. Through the Company’s established CECL Committee, policy elections, key assumptions, processes, and models will be reviewed and updated as necessary. These Updates became effective for the Company on January 1, 2020, at which time the CECL processes, controls, and models became the Company’s primary method for calculating and recording the allowance for credit losses. The Company will adopt the Updates using the modified retrospective approach. Upon adoption of the Updates the Company expects an increase of approximately 30% in its allowance for credit losses, reflected as a reduction, net of tax, to the Company's beginning total shareholders' equity at January 1, 2020. Upon adoption the Company’s allowance for credit losses became reflective of all credit losses expected over the lifetime of the Company’s applicable financial assets. The allowance for credit losses will be based on the composition, characteristics, and credit quality of the loan and securities portfolios as of the reporting date and will include consideration of current economic conditions and reasonable and supportable forecasts at that date. The entire increase in the allowance for credit losses will be reflected in the Company's regulatory capital ratios and will not have a significant impact. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property, Plant and Equipment | A summary of premises and equipment follows: At December 31, (In thousands) 2019 2018 Land $ 10,997 $ 10,997 Buildings and improvements 77,892 79,619 Leasehold improvements 77,346 77,669 Fixtures and equipment 73,946 75,219 Data processing and software 263,445 252,723 Property and equipment 503,626 496,227 Less: Accumulated depreciation and amortization (388,562) (371,377) Property and equipment, net 115,064 124,850 Leased assets, net 155,349 — Premises and equipment, net $ 270,413 $ 124,850 Depreciation and amortization of property and equipment was $33.7 million, $34.9 million, and $33.1 million for the years ended December 31, 2019, 2018, and 2017, respectively. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Securities | Investment Securities A summary of the amortized cost and fair value of investment securities is presented below: At December 31, 2019 2018 (In thousands) Amortized Unrealized Unrealized Fair Value Amortized Unrealized Unrealized Fair Value Available-for-sale: U.S. Treasury Bills $ — $ — $ — $ — $ 7,549 $ 1 $ — $ 7,550 Agency CMO 184,500 2,218 (917) 185,801 238,968 412 (4,457) 234,923 Agency MBS 1,580,743 35,456 (4,035) 1,612,164 1,521,534 1,631 (42,076) 1,481,089 Agency CMBS 587,974 513 (6,935) 581,552 608,167 — (41,930) 566,237 CMBS 432,085 38 (252) 431,871 447,897 645 (2,961) 445,581 CLO 92,628 45 (468) 92,205 114,641 94 (1,964) 112,771 Corporate debt 23,485 — (1,245) 22,240 55,860 — (5,281) 50,579 Total available-for-sale $ 2,901,415 $ 38,270 $ (13,852) $ 2,925,833 $ 2,994,616 $ 2,783 $ (98,669) $ 2,898,730 Held-to-maturity: Agency CMO $ 167,443 $ 1,123 $ (1,200) $ 167,366 $ 208,113 $ 287 $ (5,255) $ 203,145 Agency MBS 2,957,900 60,602 (8,733) 3,009,769 2,517,823 8,250 (79,701) 2,446,372 Agency CMBS 1,172,491 6,444 (5,615) 1,173,320 667,500 53 (22,572) 644,981 Municipal bonds and notes 740,431 32,709 (21) 773,119 715,041 2,907 (18,285) 699,663 CMBS 255,653 2,278 (852) 257,079 216,943 405 (2,388) 214,960 Total held-to-maturity $ 5,293,918 $ 103,156 $ (16,421) $ 5,380,653 $ 4,325,420 $ 11,902 $ (128,201) $ 4,209,121 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | Other-Than-Temporary Impairment The amount in the amortized cost columns in the table above includes OTTI related to certain CLO positions that were previously considered Covered Funds as defined by Section 619 of Dodd-Frank. The Company has taken measures to bring its CLO positions into compliance with these requirements. The following table presents the changes in OTTI: Years ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 822 $ 1,364 $ 3,243 Reduction for investment securities called — (542) (2,005) Additions for OTTI not previously recognized in earnings — — 126 Ending balance $ 822 $ 822 $ 1,364 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 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 December 31, 2019 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized Available-for-sale: Agency CMO $ 36,447 $ (352) $ 32,288 $ (565) 9 $ 68,735 $ (917) Agency MBS 41,408 (193) 299,674 (3,842) 79 341,082 (4,035) Agency CMBS 174,406 (1,137) 357,717 (5,798) 34 532,123 (6,935) CMBS 355,260 (232) 7,480 (20) 29 362,740 (252) CLO — — 43,232 (468) 2 43,232 (468) Corporate debt — — 22,240 (1,245) 4 22,240 (1,245) Total available-for-sale in an unrealized loss position $ 607,521 $ (1,914) $ 762,631 $ (11,938) 157 $ 1,370,152 $ (13,852) Held-to-maturity: Agency CMO $ 26,480 $ (174) $ 54,602 $ (1,026) 11 $ 81,082 $ (1,200) Agency MBS 164,269 (1,165) 727,778 (7,568) 105 892,047 (8,733) Agency CMBS 488,091 (5,591) 4,148 (24) 21 492,239 (5,615) Municipal bonds and notes 2,508 (21) — — 1 2,508 (21) CMBS 85,422 (852) — — 8 85,422 (852) Total held-to-maturity in an unrealized loss position $ 766,770 $ (7,803) $ 786,528 $ (8,618) 146 $ 1,553,298 $ (16,421) At December 31, 2018 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized Available-for-sale: Agency CMO $ 15,524 $ (72) $ 180,641 $ (4,385) 36 $ 196,165 $ (4,457) Agency MBS 321,678 (2,078) 975,084 (39,998) 184 1,296,762 (42,076) Agency CMBS — — 566,237 (41,930) 37 566,237 (41,930) CMBS 343,457 (2,937) 5,193 (24) 39 348,650 (2,961) CLO 83,305 (1,695) 14,873 (269) 5 98,178 (1,964) Corporate debt 35,990 (1,820) 14,589 (3,461) 8 50,579 (5,281) Total available-for-sale in an unrealized loss position $ 799,954 $ (8,602) $ 1,756,617 $ (90,067) 309 $ 2,556,571 $ (98,669) Held-to-maturity: Agency CMO $ 691 $ (1) $ 182,396 $ (5,254) 25 $ 183,087 $ (5,255) Agency MBS 288,635 (1,916) 1,892,951 (77,785) 272 2,181,586 (79,701) Agency CMBS — — 635,284 (22,572) 56 635,284 (22,572) Municipal bonds and notes 68,351 (882) 414,776 (17,403) 223 483,127 (18,285) CMBS 24,881 (270) 132,464 (2,118) 20 157,345 (2,388) Total held-to-maturity in an unrealized loss position $ 382,558 $ (3,069) $ 3,257,871 $ (125,132) 596 $ 3,640,429 $ (128,201) |
Summary of Debt Securities by Contractual Maturity | Contractual Maturities The amortized cost and fair value of debt securities by contractual maturity are set forth below: At December 31, 2019 Available-for-Sale Held-to-Maturity (In thousands) Amortized Fair Amortized Fair Due in one year or less $ — $ — $ 1,084 $ 1,088 Due after one year through five years — — 4,621 4,747 Due after five through ten years 299,979 299,531 245,473 249,501 Due after ten years 2,601,436 2,626,302 5,042,740 5,125,317 Total debt securities $ 2,901,415 $ 2,925,833 $ 5,293,918 $ 5,380,653 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. |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table summarizes loans and leases: At December 31, (In thousands) 2019 2018 Commercial $ 6,343,497 $ 6,216,606 Commercial Real Estate 5,949,339 4,927,145 Equipment Financing 537,341 508,397 Residential 4,972,685 4,416,637 Consumer 2,234,124 2,396,704 Loans and leases (1) (2) $ 20,036,986 $ 18,465,489 (1) Loans and leases include net deferred fees and net premiums and discounts of $17.6 million and $13.9 million at December 31, 2019 and December 31, 2018, respectively. (2) At December 31, 2019, the Company had pledged $7.9 billion of eligible loans as collateral to support borrowing capacity at the FHLB of Boston and the FRB of Boston. The equipment financing portfolio includes net investment in leases of $169.3 million at December 31, 2019. Total undiscounted cash flows to be received from the Company's net investment in leases are $184.1 million at December 31, 2019 and are primarily due within the next five years. The Company's lessor portfolio has recognized interest income of $5.5 million for year ended December 31, 2019. |
Past Due Financing Receivables | Loans and Leases Portfolio Aging The following tables summarize the aging of loans and leases: At December 31, 2019 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Commercial: Commercial non-mortgage $ 2,094 $ 617 $ — $ 59,369 $ 62,080 $ 5,234,531 $ 5,296,611 Asset-based — — — 139 139 1,046,747 1,046,886 Commercial real estate: Commercial real estate 1,256 454 — 9,950 11,660 5,713,939 5,725,599 Commercial construction — — — 1,613 1,613 222,127 223,740 Equipment financing 5,493 292 — 5,433 11,218 526,123 537,341 Residential 7,166 6,441 — 43,193 56,800 4,915,885 4,972,685 Consumer: Home equity 8,267 5,551 — 30,170 43,988 1,970,556 2,014,544 Other consumer 4,269 807 — 1,192 6,268 213,312 219,580 Total $ 28,545 $ 14,162 $ — $ 151,059 $ 193,766 $ 19,843,220 $ 20,036,986 At December 31, 2018 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Current Total Loans Commercial: Commercial non-mortgage $ 1,011 $ 702 $ 104 $ 55,810 $ 57,627 $ 5,189,808 $ 5,247,435 Asset-based — — — 224 224 968,947 969,171 Commercial real estate: Commercial real estate 1,275 245 — 8,242 9,762 4,698,552 4,708,314 Commercial construction — — — — — 218,831 218,831 Equipment financing 510 405 — 6,314 7,229 501,168 508,397 Residential 8,513 4,301 — 49,188 62,002 4,354,635 4,416,637 Consumer: Home equity 9,250 5,385 — 33,495 48,130 2,121,049 2,169,179 Other consumer 1,774 957 — 1,494 4,225 223,300 227,525 Total $ 22,333 $ 11,995 $ 104 $ 154,767 $ 189,199 $ 18,276,290 $ 18,465,489 |
Activity In Allowance For Losses | 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 Year ended December 31, 2019 (In thousands) Commercial Commercial Equipment Residential Consumer Total Allowance for loan and lease losses: Balance at January 1, 2019 $ 98,793 $ 60,151 $ 5,129 $ 19,599 $ 28,681 $ 212,353 Provision for loan and lease losses 20,370 8,550 254 4,110 4,516 37,800 Charge-offs (29,033) (3,501) (793) (4,153) (15,000) (52,480) Recoveries 1,626 45 78 1,363 8,311 11,423 Balance at December 31, 2019 $ 91,756 $ 65,245 $ 4,668 $ 20,919 $ 26,508 $ 209,096 Individually evaluated for impairment 7,867 1,143 418 3,618 1,203 14,249 Collectively evaluated for impairment $ 83,889 $ 64,102 $ 4,250 $ 17,301 $ 25,305 $ 194,847 Loan and lease balances: Individually evaluated for impairment $ 102,393 $ 23,297 $ 5,433 $ 90,096 $ 35,191 $ 256,410 Collectively evaluated for impairment 6,241,104 5,926,042 531,908 4,882,589 2,198,933 19,780,576 Loans and leases $ 6,343,497 $ 5,949,339 $ 537,341 $ 4,972,685 $ 2,234,124 $ 20,036,986 At or for the Year ended December 31, 2018 (In thousands) Commercial Commercial Equipment Residential Consumer Total Allowance for loan and lease losses: Balance at January 1, 2018 $ 89,533 $ 49,407 $ 5,806 $ 19,058 $ 36,190 $ 199,994 Provision for loan and lease losses 23,041 12,644 (329) 2,016 4,628 42,000 Charge-offs (18,220) (2,061) (423) (3,455) (19,228) (43,387) Recoveries 4,439 161 75 1,980 7,091 13,746 Balance at December 31, 2018 $ 98,793 $ 60,151 $ 5,129 $ 19,599 $ 28,681 $ 212,353 Individually evaluated for impairment 7,824 1,661 196 4,286 1,383 15,350 Collectively evaluated for impairment $ 90,969 $ 58,490 $ 4,933 $ 15,313 $ 27,298 $ 197,003 Loan and lease balances: Individually evaluated for impairment $ 99,512 $ 10,828 $ 6,315 $ 103,531 $ 39,144 $ 259,330 Collectively evaluated for impairment 6,117,094 4,916,317 502,082 4,313,106 2,357,560 18,206,159 Loans and leases $ 6,216,606 $ 4,927,145 $ 508,397 $ 4,416,637 $ 2,396,704 $ 18,465,489 At or for the Year ended December 31, 2017 (In thousands) Commercial Commercial Equipment Residential Consumer Total Allowance for loan and lease losses: Balance at January 1, 2017 $ 71,905 $ 47,477 $ 6,479 $ 23,226 $ 45,233 $ 194,320 Provision for loan and lease losses 23,417 11,040 (232) (2,692) 9,367 40,900 Charge-offs (8,147) (9,275) (558) (2,500) (24,447) (44,927) Recoveries 2,358 165 117 1,024 6,037 9,701 Balance at December 31, 2017 $ 89,533 $ 49,407 $ 5,806 $ 19,058 $ 36,190 $ 199,994 Individually evaluated for impairment 9,786 272 23 4,805 1,668 16,554 Collectively evaluated for impairment $ 79,747 $ 49,135 $ 5,783 $ 14,253 $ 34,522 $ 183,440 Loan and lease balances: Individually evaluated for impairment $ 72,471 $ 11,226 $ 3,325 $ 114,295 $ 45,436 $ 246,753 Collectively evaluated for impairment 5,296,223 4,512,602 546,908 4,376,583 2,544,789 17,277,105 Loans and leases $ 5,368,694 $ 4,523,828 $ 550,233 $ 4,490,878 $ 2,590,225 $ 17,523,858 |
Impaired Loans | Impaired Loans and Leases The following tables summarize impaired loans and leases: At December 31, 2019 (In thousands) Unpaid Total Recorded Recorded Related Commercial non-mortgage $ 140,096 $ 102,254 $ 29,739 $ 72,515 $ 7,862 Asset-based 465 139 — 139 5 Commercial real estate 27,678 21,684 13,205 8,479 1,143 Commercial construction 1,614 1,613 1,613 — — Equipment financing 5,591 5,433 2,159 3,274 418 Residential 98,790 90,096 56,231 33,865 3,618 Consumer home equity 38,503 35,191 27,672 7,519 1,203 Total $ 312,737 $ 256,410 $ 130,619 $ 125,791 $ 14,249 At December 31, 2018 (In thousands) Unpaid Total Recorded Recorded Related Commercial non-mortgage $ 120,165 $ 99,287 $ 65,724 $ 33,563 $ 7,818 Asset based 550 225 — 225 6 Commercial real estate 13,355 10,828 2,125 8,703 1,661 Commercial construction — — — — — Equipment financing 6,368 6,315 2,946 3,369 196 Residential 113,575 103,531 64,899 38,632 4,286 Consumer home equity 44,654 39,144 30,576 8,568 1,383 Total $ 298,667 $ 259,330 $ 166,270 $ 93,060 $ 15,350 The following table summarizes the average recorded investment and interest income recognized for impaired loans and leases: Years ended December 31, 2019 2018 2017 (In thousands) Average Accrued Cash Basis Interest Income Average Accrued Cash Basis Interest Income Average Accrued Cash Basis Interest Income Commercial non-mortgage $ 100,771 $ 3,241 $ — $ 85,585 $ 3,064 $ — $ 62,459 $ 1,095 $ — Asset based 182 — — 407 — — 295 — — Commercial real estate 16,256 385 — 11,027 198 — 17,397 417 — Commercial construction 806 — — — — — 594 12 — Equipment financing 5,874 — — 4,820 112 — 4,872 207 — Residential 96,814 3,502 1,078 108,913 3,781 1,106 116,859 4,138 1,264 Consumer home equity 37,167 1,045 981 42,290 1,158 980 45,578 1,323 1,046 Total $ 257,870 $ 8,173 $ 2,059 $ 253,042 $ 8,313 $ 2,086 $ 248,054 $ 7,192 $ 2,310 |
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 At December 31, At December 31, At December 31, (In thousands) 2019 2018 2019 2018 2019 2018 (1) - (6) Pass $ 5,985,338 $ 5,781,138 $ 5,860,981 $ 4,773,298 $ 528,561 $ 494,585 (7) Special Mention 94,809 206,351 26,978 75,338 808 1,303 (8) Substandard 259,490 222,405 61,380 78,509 7,972 12,509 (9) Doubtful 3,860 6,712 — — — — Total $ 6,343,497 $ 6,216,606 $ 5,949,339 $ 4,927,145 $ 537,341 $ 508,397 |
Troubled Debt Restructurings on Financing Receivables | Troubled Debt Restructurings The following table summarizes information for TDRs: At December 31, (Dollars in thousands) 2019 2018 Accrual status $ 136,449 $ 138,479 Non-accrual status 100,989 91,935 Total recorded investment of TDR $ 237,438 $ 230,414 Specific reserves for TDR included in the balance of ALLL $ 12,956 $ 11,930 Additional funds committed to borrowers in TDR status 4,856 3,893 For years ended December 31, 2019, 2018 and 2017, Webster charged off $21.8 million, $14.3 million, and $3.2 million, respectively, for the portion of TDRs deemed to be uncollectible. The following table provides information on the type of concession for loans and leases modified as TDRs: Years ended December 31, 2019 2018 2017 Number of Post-Modification Recorded Investment (1) Number of Post-Modification Recorded Investment (1) Number of Post-Modification Recorded Investment (1) (Dollars in thousands) Commercial non mortgage: Extended Maturity 15 $ 2,413 12 $ 823 12 $ 1,233 Adjusted Interest rates 2 112 — — — — Combination Rate and Maturity 11 673 15 8,842 18 9,592 Other (2) 28 65,186 20 41,248 4 6,375 Commercial real estate: Extended Maturity 3 8,356 2 97 — — Combination Rate and Maturity — — 3 1,485 — — Other (2) 3 4,816 1 5,111 — — Equipment Financing Extended Maturity — — 4 736 — — Residential: Extended Maturity 7 1,327 1 20 16 2,569 Adjusted Interest rates — — — — 2 335 Combination Rate and Maturity 15 2,241 9 947 12 1,733 Other (2) 8 1,001 21 3,573 39 6,200 Consumer home equity: Extended Maturity 6 599 4 469 12 976 Adjusted Interest rates — — — — 1 247 Combination Rate and Maturity 4 140 6 618 14 3,469 Other (2) 34 1,907 45 2,812 73 4,907 Total 136 $ 88,771 143 $ 66,781 203 $ 37,636 (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, and/or other concessions. For the year ended December 31, 2019 there were six Commercial non-mortgage and one Commercial Real Estate TDRs with a recorded investment of $0.8 million and $1.7 million, respectively, that had been modified within the previous 12 months and for which there was a payment default. There were no significant amounts for the years ended December 31, 2018 and 2017. The recorded investment of TDRs in commercial, commercial real estate, and equipment financing segregated by risk rating exposure is as follows: At December 31, (In thousands) 2019 2018 (1) - (6) Pass $ 3,952 $ 13,165 (7) Special Mention 63 84 (8) Substandard 104,277 67,880 (9) Doubtful 3,860 6,610 Total $ 112,152 $ 87,739 |
Transfers of Financial Assets (
Transfers of Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: Years ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 674 $ 872 $ 790 Provision (benefit) charged to expense 1,865 (160) 100 Repurchased loans and settlements charged off (2,031) (38) (18) Ending balance $ 508 $ 674 $ 872 |
Schedule of Loan Sale Activity [Table Text Block] | The following table provides information for mortgage banking activities: Years ended December 31, (In thousands) 2019 2018 2017 Residential mortgage loans held for sale: Proceeds from sale $ 216,239 $ 188,025 $ 335,656 Loans sold with servicing rights retained 199,114 166,909 304,788 Net gain on sale 4,031 3,146 6,211 Ancillary fees 1,614 1,544 2,629 Fair value option adjustment 470 (266) 1,097 |
Servicing Asset at Amortized Cost | The Company has retained servicing rights on residential mortgage loans totaling $2.4 billion and $2.5 billion at December 31, 2019 and 2018, respectively. The following table presents the changes in carrying value for mortgage servicing assets: Years ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 21,215 $ 25,139 $ 24,466 Additions 3,587 4,459 9,249 Amortization (7,318) (8,383) (8,576) Ending balance $ 17,484 $ 21,215 $ 25,139 Loan servicing fees, net of mortgage servicing rights amortization, were $1.9 million, $1.2 million, and $0.8 million, for the years ended December 31, 2019, 2018, and 2017, respectively, and are included as a component of loan and lease related fees in the consolidated statement of income. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | A summary of premises and equipment follows: At December 31, (In thousands) 2019 2018 Land $ 10,997 $ 10,997 Buildings and improvements 77,892 79,619 Leasehold improvements 77,346 77,669 Fixtures and equipment 73,946 75,219 Data processing and software 263,445 252,723 Property and equipment 503,626 496,227 Less: Accumulated depreciation and amortization (388,562) (371,377) Property and equipment, net 115,064 124,850 Leased assets, net 155,349 — Premises and equipment, net $ 270,413 $ 124,850 Depreciation and amortization of property and equipment was $33.7 million, $34.9 million, and $33.1 million for the years ended December 31, 2019, 2018, and 2017, respectively. |
Disclosure of Long Lived Assets Held-for-sale | The following table provides a summary of activity for assets held for disposition: Years ended December 31, (In thousands) 2019 2018 Beginning balance $ 91 $ 144 Additions — 498 Write-downs (91) (137) Sales — (414) Ending balance $ — $ 91 |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating lease costs | The following table summarizes lessee information related to the Company’s operating ROU assets and lease liability: |
Lease, Cost [Table Text Block] | The components of operating lease cost and other related information are as follows: (In thousands) At or for the Year ended December 31, 2019 Lease Cost: Operating lease costs $ 29,908 Variable lease costs 4,889 Sublease income (577) Total operating lease cost $ 34,220 Other Information: Cash paid for amounts included in the measurement of lease liabilities $ 31,223 Right-of-use assets obtained in exchange for new operating lease liabilities 22,948 Weighted-average remaining lease term, in years 8.39 Weighted-average discount rate - operating leases 3.31 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The undiscounted scheduled maturities reconciled to total operating lease liabilities are as follows: (In thousands) At December 31, 2019 2020 $ 28,504 2021 30,070 2022 26,548 2023 23,647 2024 20,215 Thereafter 74,134 Total operating lease liability payments 203,118 Less: Present value adjustment 28,722 Lease liabilities $ 174,396 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | oodwill at December 31, 2019 was $538.4 million, comprised of $516.6 million in Community Banking and $21.8 million in HSA Bank. There was no change to these carrying amounts during 2019. Other intangible assets by reportable segment consisted of the following: At December 31, 2019 2018 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Other intangible assets: HSA Bank - Core deposits $ 22,000 $ 13,073 $ 8,927 $ 22,000 $ 10,842 $ 11,158 HSA Bank - Customer relationships 21,000 8,010 12,990 21,000 6,394 14,606 Total other intangible assets $ 43,000 $ 21,083 $ 21,917 $ 43,000 $ 17,236 $ 25,764 |
Schedule Of Expected Amortization Expense, Next Four Years | At December 31, 2019, the remaining estimated aggregate future amortization expense for other intangible assets is as follows: (In thousands) 2020 $ 3,847 2021 3,847 2022 3,847 2023 3,847 2024 1,615 Thereafter 4,914 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense reflects the following expense (benefit) components: Years ended December 31, (In thousands) 2019 2018 2017 Current: Federal $ 84,447 $ 58,334 $ 96,364 State and local 18,595 13,409 11,061 Total current 103,042 71,743 107,425 Deferred: Federal 811 8,508 39,568 State and local 116 964 (48,642) Total deferred 927 9,472 (9,074) Total federal 85,258 66,842 135,932 Total state and local 18,711 14,373 (37,581) Income tax expense $ 103,969 $ 81,215 $ 98,351 |
Schedule of Effective Income Tax Rate Reconciliation | he following table reflects a reconciliation of reported income tax expense to the amount that would result from applying the federal statutory rate of 21.0% in 2019, and 2018, and 35.0% and 2017: Years ended December 31, 2019 2018 2017 (Dollars in thousands) Amount Percent Amount Percent Amount Percent Income tax expense at federal statutory rate $ 102,205 21.0 % $ 92,743 21.0 % $ 123,826 35.0 % Reconciliation to reported income tax expense: SALT expense, net of federal 14,782 3.0 11,354 2.6 8,189 2.3 Tax-exempt interest income, net (6,752) (1.4) (6,475) (1.5) (10,826) (3.1) Increase in cash surrender value of life insurance (3,069) (0.6) (3,069) (0.7) (5,120) (1.4) Excess tax benefits, net (2,251) (0.4) (4,483) (1.0) (6,349) (1.8) Non-deductible FDIC Deposit insurance premiums 1,904 0.4 2,215 0.5 — — SALT DTA adjustments, net of federal — — — — (28,724) (8.1) Tax Act impacts, net — — (10,982) (2.5) 20,891 5.9 Other, net (2,850) (0.6) (88) — (3,536) (1.0) Income tax expense and effective tax rate $ 103,969 21.4 % $ 81,215 18.4 % $ 98,351 27.8 % |
Schedule of Deferred Tax Assets and Liabilities | The following table reflects the significant components of the DTAs, net: At December 31, (In thousands) 2019 2018 Deferred tax assets: Allowance for loan and lease losses $ 53,851 $ 54,390 Net operating loss and credit carry forwards 69,827 70,808 Compensation and employee benefit plans 24,518 29,623 Lease liabilities under operating leases 45,923 — Net unrealized loss on securities available for sale — 25,060 Other 9,521 14,388 Gross deferred tax assets 203,640 194,269 Valuation allowance 38,181 38,181 Total deferred tax assets, net of valuation allowance $ 165,459 $ 156,088 Deferred tax liabilities: Net unrealized gain on securities available for sale $ 6,430 $ — ROU assets under operating leases 40,908 — Equipment financing leases 31,332 28,140 Premises and equipment 7,838 10,293 Loan origination costs, net 6,816 9,608 Goodwill and other intangible assets 6,172 6,293 Other 3,988 5,238 Gross deferred tax liabilities 103,484 59,572 Deferred tax assets, net $ 61,975 $ 96,516 |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | The following table reflects a reconciliation of the beginning and ending balances of unrecognized tax benefits (UTBs): Years ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 2,856 $ 3,595 $ 3,847 Additions as a result of tax positions taken during the current year 1,106 249 584 Additions as a result of tax positions taken during prior years 1,744 71 7 Reductions as a result of tax positions taken during prior years (238) (474) (61) Reductions relating to settlements with taxing authorities (18) (97) (392) Reductions as a result of lapse of statute of limitation periods (637) (488) (390) Ending balance $ 4,813 $ 2,856 $ 3,595 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposit Liabilities, Type [Table Text Block] | A summary of deposits by type follows: At December 31, (In thousands) 2019 2018 Non-interest-bearing: Demand $ 4,446,463 $ 4,162,446 Interest-bearing: Health savings accounts 6,416,135 5,740,601 Checking 2,689,734 2,518,472 Money market 2,312,840 2,100,084 Savings 4,354,809 4,140,696 Time deposits 3,104,765 3,196,546 Total interest-bearing 18,878,283 17,696,399 Total deposits $ 23,324,746 $ 21,858,845 Time deposits and interest-bearing checking, included in above balances, obtained through brokers $ 652,151 $ 869,003 Time deposits, included in above balance, that exceed the FDIC limit 661,334 555,949 Demand deposit overdrafts reclassified as loan balances 1,721 2,245 |
Time Deposit Maturities [Table Text Block] | The scheduled maturities of time deposits are as follows: (In thousands) At December 31, 2019 2020 $ 2,621,413 2021 358,454 2022 73,463 2023 29,283 2024 22,152 Total time deposits $ 3,104,765 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Repurchase Agreements | The following table summarizes securities sold under agreements to repurchase and other borrowings: At December 31, (In thousands) 2019 2018 Total Outstanding Rate Total Outstanding Rate Securities sold under agreements to repurchase (1) : Original maturity of one year or less $ 240,431 0.19 % $ 236,874 0.35 % Original maturity of greater than one year, non-callable 200,000 1.78 — — Total securities sold under agreements to repurchase 440,431 0.91 236,874 0.35 Fed funds purchased 600,000 1.59 345,000 2.52 Securities sold under agreements to repurchase and other borrowings $ 1,040,431 1.30 $ 581,874 1.64 (1) The Company has right of offset with respect to all repurchase agreement assets and liabilities. Total securities sold under agreements to repurchase are presented as gross transactions, as only liabilities are outstanding for the periods presented. 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 the Corporate Treasury function. |
Federal Home Loan Bank, Advances | The following table provides information for FHLB advances: At December 31, 2019 2018 (Dollars in thousands) Total Weighted- Total Weighted- Maturing within 1 year $ 1,690,000 1.79 % $ 1,403,026 2.55 % After 1 but within 2 years 200,000 2.53 215,000 1.73 After 2 but within 3 years 130 — 200,000 3.16 After 3 but within 4 years 229 2.95 150 — After 4 but within 5 years 50,000 1.59 242 2.95 After 5 years 8,117 2.66 8,390 2.65 FHLB advances $ 1,948,476 1.87 $ 1,826,808 2.52 Aggregate carrying value of assets pledged as collateral $ 7,318,748 $ 6,689,761 Remaining borrowing capacity 2,937,644 2,568,664 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. |
Schedule of Long-Term Debt | The following table summarizes long-term debt: At December 31, (Dollars in thousands) 2019 2018 4.375% Senior fixed-rate notes due February 15, 2024 $ 150,000 $ 150,000 4.100 % Senior fixed-rate notes due March 25, 2029 (1) 317,486 — Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2) 77,320 77,320 Total notes and subordinated debt 544,806 227,320 Discount on senior fixed-rate notes (1,412) (608) Debt issuance cost on senior fixed-rate notes (3,030) (691) Long-term debt $ 540,364 $ 226,021 (1) In March 2019, the Company completed a $300 million senior fixed-rate notes issuance. The fixed interest rate has been designated in a fair value hedging relationship and swapped to a weighted-average variable rate of 3.40% at December 31, 2019. The $17.5 million basis adjustment included in the carrying value reflects the changes in the benchmark rate. (2) The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 4.85% at December 31, 2019 and 5.74% at December 31, 2018. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Stock by Class | Share activity during the year ended December 31, 2019 is as follows: Preferred Stock Series F Common Stock Issued Treasury Stock Held Common Stock Outstanding Balance at January 1, 2019 6,000 93,686,311 1,508,456 92,177,855 Restricted share activity — — (16,045) 16,045 Stock options exercised — — (59,861) 59,861 Common stock repurchased — — 227,199 (227,199) Balance at December 31, 2019 6,000 93,686,311 1,659,749 92,026,562 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss, Net of Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCL by component: (In thousands) Available For Sale Securities Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance at December 31, 2016 $ (15,476) $ (17,068) $ (44,449) $ (76,993) Other comprehensive (loss) income before reclassifications (7,590) 181 98 (7,311) Amounts reclassified from accumulated other comprehensive loss — 4,384 4,037 8,421 Net current-period other comprehensive (loss) income, net of tax (7,590) 4,565 4,135 1,110 Balance at Adoption of ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from AOCI (4,881) (2,513) (8,254) (15,648) Balance at December 31, 2017 (27,947) (15,016) (48,568) (91,531) Other comprehensive (loss) income before reclassifications (43,427) 208 (7,122) (50,341) Amounts reclassified from accumulated other comprehensive loss — 5,495 5,725 11,220 Net current-period other comprehensive (loss) income, net of tax (43,427) 5,703 (1,397) (39,121) Balance at December 31, 2018 (71,374) (9,313) (49,965) (130,652) Other comprehensive income (loss) before reclassifications 88,647 (4,945) 1,622 85,324 Amounts reclassified from accumulated other comprehensive loss (22) 5,074 4,204 9,256 Net current-period other comprehensive income, net of tax 88,625 129 5,826 94,580 Balance at December 31, 2019 $ 17,251 $ (9,184) $ (44,139) $ (36,072) |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table provides information for the items reclassified from AOCL: Years ended December 31, Accumulated Other Comprehensive Loss Components 2019 2018 2017 Associated Line Item in the Consolidated Statement Of Income (In thousands) Available-for-sale securities: Unrealized gains on investments $ 29 $ — $ — Gain on sale of investment securities, net Tax expense (7) — — Income tax expense Net of tax $ 22 $ — $ — Derivative instruments: Hedge terminations $ (5,509) $ (7,425) $ (7,160) Interest expense Premium amortization (1,323) — — Interest income Tax benefit 1,758 1,930 2,776 Income tax expense Net of tax $ (5,074) $ (5,495) $ (4,384) Defined benefit pension and other postretirement benefit plans: Amortization of net loss $ (5,706) $ (7,708) $ (6,612) Other non-interest expense Tax benefit 1,502 1,983 2,575 Income tax expense Net of tax $ (4,204) $ (5,725) $ (4,037) The following tables summarize the items and related tax effects for each component of OCI/OCL, net of tax: Year ended December 31, 2019 (In thousands) Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Available-for-sale securities: Net unrealized gain during the period $ 120,333 $ (31,686) $ 88,647 Reclassification for net gain included in net income (29) 7 (22) Total available-for-sale securities 120,304 (31,679) 88,625 Derivative instruments: Net unrealized loss during the period (6,672) 1,727 (4,945) Reclassification adjustment for net loss included in net income 6,832 (1,758) 5,074 Total derivative instruments 160 (31) 129 Defined benefit pension and other postretirement benefit plans: Current year actuarial gain 2,202 (580) 1,622 Reclassification adjustment for amortization of net loss included in net income 5,706 (1,502) 4,204 Total defined benefit pension and postretirement benefit plans 7,908 (2,082) 5,826 Other comprehensive income, net of tax $ 128,372 $ (33,792) $ 94,580 Year ended December 31, 2018 (In thousands) Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Available-for-sale securities: Net unrealized loss during the period $ (58,792) $ 15,365 $ (43,427) Reclassification for net gain included in net income — — — Total available-for-sale securities (58,792) 15,365 (43,427) Derivative instruments: Net unrealized gain during the period 280 (72) 208 Reclassification adjustment for net loss included in net income 7,425 (1,930) 5,495 Total derivative instruments 7,705 (2,002) 5,703 Defined benefit pension and other postretirement benefit plans: Current year actuarial loss (9,600) 2,478 (7,122) Reclassification adjustment for amortization of net loss included in net income 7,708 (1,983) 5,725 Total defined benefit pension and postretirement benefit plans (1,892) 495 (1,397) Other comprehensive loss, net of tax $ (52,979) $ 13,858 $ (39,121) Year ended December 31, 2017 (In thousands) Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Available-for-sale securities: Net unrealized loss during the period $ (12,423) $ 4,833 $ (7,590) Reclassification for net gain included in net income — — — Total available-for-sale securities (12,423) 4,833 (7,590) Derivative instruments: Net unrealized gain during the period 291 (110) 181 Reclassification adjustment for net loss included in net income 7,160 (2,776) 4,384 Total derivative instruments 7,451 (2,886) 4,565 Defined benefit pension and other postretirement benefit plans: Current year actuarial gain 155 (57) 98 Reclassification adjustment for amortization of net loss included in net income 6,612 (2,575) 4,037 Total defined benefit pension and postretirement benefit plans 6,767 (2,632) 4,135 Other comprehensive income, net of tax $ 1,795 $ (685) $ 1,110 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Information On The Capital Ratios | The following table provides information on the capital ratios for Webster Financial Corporation and Webster Bank: Actual Capital Requirements Adequately Capitalized Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio At December 31, 2019 Webster Financial Corporation CET1 risk-based capital $ 2,516,361 11.56 % $ 979,739 4.5 % $ 1,415,179 6.5 % Total risk-based capital 2,950,181 13.55 1,741,758 8.0 2,177,198 10.0 Tier 1 risk-based capital 2,661,398 12.22 1,306,319 6.0 1,741,758 8.0 Tier 1 leverage capital 2,661,398 8.96 1,188,507 4.0 1,485,634 5.0 Webster Bank CET1 risk-based capital $ 2,527,645 11.61 % $ 979,497 4.5 % $ 1,414,829 6.5 % Total risk-based capital 2,739,108 12.58 1,741,328 8.0 2,176,660 10.0 Tier 1 risk-based capital 2,527,645 11.61 1,305,996 6.0 1,741,328 8.0 Tier 1 leverage capital 2,527,645 8.51 1,187,953 4.0 1,484,941 5.0 At December 31, 2018 Webster Financial Corporation CET1 risk-based capital $ 2,284,978 11.44 % $ 898,972 4.5 % $ 1,298,514 6.5 % Total risk-based capital 2,722,194 13.63 1,598,172 8.0 1,997,715 10.0 Tier 1 risk-based capital 2,430,015 12.16 1,198,629 6.0 1,598,172 8.0 Tier 1 leverage capital 2,430,015 9.02 1,077,303 4.0 1,346,628 5.0 Webster Bank CET1 risk-based capital $ 2,170,566 10.87 % $ 898,317 4.5 % $ 1,297,569 6.5 % Total risk-based capital 2,385,425 11.95 1,597,008 8.0 1,996,260 10.0 Tier 1 risk-based capital 2,170,566 10.87 1,197,756 6.0 1,597,008 8.0 Tier 1 leverage capital 2,170,566 8.06 1,076,712 4.0 1,345,889 5.0 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Basic And Diluted | Reconciliation of the calculation of basic and diluted earnings per common share follows: Years ended December 31, (In thousands, except per share data) 2019 2018 2017 Earnings for basic and diluted earnings per common share: Net income $ 382,723 $ 360,418 $ 255,439 Less: Preferred stock dividends 7,875 7,853 8,184 Net income available to common shareholders 374,848 352,565 247,255 Less: Earnings applicable to participating securities (1) 1,863 862 424 Earnings applicable to common shareholders $ 372,985 $ 351,703 $ 246,831 Shares: Weighted-average common shares outstanding - basic 91,559 91,930 91,965 Effect of dilutive securities 323 297 391 Weighted-average common shares outstanding - diluted 91,882 92,227 92,356 Earnings per common share (1) : Basic $ 4.07 $ 3.83 $ 2.68 Diluted 4.06 3.81 2.67 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potential common shares from non-participating restricted stock of $73 thousand, $47 thousand, and $58 thousand for the years ended December 31, 2019, 2018, and 2017, respectively, are excluded from the effect of dilutive securities because they would have been anti-dilutive under the treasury stock method. |
Derivative Financial Instrument
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table presents the notional amounts and fair values of derivative positions: At December 31, 2019 At December 31, 2018 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives (In thousands) Notional Fair Notional Fair Notional Fair Notional Fair Designated as hedging instruments: Interest rate derivatives (1) (2) $ 1,225,000 $ 11,855 $ 300,000 $ 3,153 $ 325,000 $ 3,050 $ — $ — Not designated as hedging instruments: Interest rate derivatives (1) 4,869,139 133,455 4,090,522 9,732 4,435,530 42,205 3,643,985 38,029 Mortgage banking derivatives (3) 27,873 329 57,000 110 13,599 226 17,000 293 Other (4) 76,544 398 275,279 818 85,432 797 140,601 688 Total not designated as hedging instruments 4,973,556 134,182 4,422,801 10,660 4,534,561 43,228 3,801,586 39,010 Gross derivative instruments, before netting $ 6,198,556 146,037 $ 4,722,801 13,813 $ 4,859,561 46,278 $ 3,801,586 39,010 Less: Master netting agreements 4,779 4,779 2,495 2,495 Cash collateral 8,100 1,871 4,936 — Total derivative instruments, after netting $ 133,158 $ 7,163 $ 38,847 $ 36,515 |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents fair value positions transitioned from gross to net upon application of counterparty netting agreements: At December 31, 2019 (In thousands) Gross Offset Amount Net Amount on Balance Sheet Amounts Not Offset Net Amounts Asset derivatives $ 13,012 12,879 $ 133 $ 299 $ 432 Liability derivatives 6,710 6,650 60 329 389 At December 31, 2018 (In thousands) Gross Offset Amount Net Amount on Balance Sheet Amounts Not Offset Net Amounts Asset derivatives $ 9,928 $ 7,431 $ 2,497 $ — $ 2,497 Liability derivatives 2,566 2,495 71 756 827 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item and the income statement effect of derivatives designated as cash flow hedges: Recognized In Years ended December 31, (In thousands) Net Interest Income 2019 2018 2017 Fair value hedges: Recognized on derivatives Long-term debt $ 17,486 $ — $ — Recognized on hedged items Long-term debt (17,486) — — Net recognized on fair value hedges $ — $ — $ — Cash flow hedges: Interest rate derivatives Long-term debt $ 4,241 $ 6,557 $ 7,885 Interest rate derivatives Interest and fees on loans and leases 1,314 — — Net recognized on cash flow hedges $ 5,555 $ 6,557 $ 7,885 Additional information related to fair value hedges: Consolidated Balance Sheet Line Item in Which Hedged Item is Located Carrying Amount of Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount At December 31, At December 31, (In thousands) 2019 2018 2019 2018 Long-term debt $ 317,486 $ — $ 17,486 $ — |
Other Derivatives Not Designated For Hedge Accounting | The following table presents the effect on the income statement for derivatives not designated as hedging instruments: Recognized In Years ended December 31, (In thousands) Non-interest Income 2019 2018 2017 Interest rate derivatives Other income $ 8,477 $ 10,376 $ 2,702 Mortgage banking derivatives Mortgage banking activities (6) (378) (2,062) Other Other income 1,100 2,391 (526) Total not designated as hedging instruments $ 9,571 $ 12,389 $ 114 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option, Disclosures [Table Text Block] | 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 available-for-sale 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 results and has an established process to challenge their valuations, or methodologies, that appear unusual or unexpected. Available-for-Sale investment securities which include Agency CMO, Agency MBS, Agency CMBS, CMBS, CLO, 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. All other derivative instruments are valued using third-party valuation software, which considers the present value of cash flows discounted using observable forward rate assumptions. The resulting fair value is validated against valuations performed by independent third parties and are classified within Level 2 of the fair value hierarchy. Webster evaluates the credit risk of its counterparties to determine if any fair value adjustment related to credit risk may be required, by considering factors such as the likelihood of default by the counterparty, its net exposure, remaining contractual life, as well as the collateral securing the position. 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. 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 Topic 825 "Financial Instruments." Electing to measure originated loans held for sale at fair value reduces certain timing differences and better matches changes in the value of these assets with changes in the value of the derivatives used as an economic hedge on these assets. 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. The following table compares the fair value to unpaid principal balance of assets accounted for under the fair value option: At December 31, 2019 At December 31, 2018 (In thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 35,750 $ 35,186 $ 564 $ 7,908 $ 8,227 $ (319) |
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 December 31, 2019 (In thousands) Level 1 Level 2 Level 3 NAV Total Financial assets held at fair value: U.S. Treasury Bills $ — $ — $ — $ — $ — Agency CMO — 185,801 — — 185,801 Agency MBS — 1,612,164 — — 1,612,164 Agency CMBS — 581,552 — — 581,552 CMBS — 431,871 — — 431,871 CLO — 92,205 — — 92,205 Corporate debt — 22,240 — — 22,240 Total available-for-sale investment securities — 2,925,833 — — 2,925,833 Gross derivative instruments, before netting (1) 328 145,709 — — 146,037 Originated loans held for sale — 35,750 — — 35,750 Investments held in Rabbi Trust 4,780 — — — 4,780 Alternative investments — — — 4,331 4,331 Total financial assets held at fair value $ 5,108 $ 3,107,292 $ — $ 4,331 $ 3,116,731 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 611 $ 13,202 $ — $ — $ 13,813 At December 31, 2018 (In thousands) Level 1 Level 2 Level 3 NAV Total Financial assets held at fair value: U.S. Treasury Bills $ 7,550 $ — $ — $ — $ 7,550 Agency CMO — 234,923 — — 234,923 Agency MBS — 1,481,089 — — 1,481,089 Agency CMBS — 566,237 — — 566,237 CMBS — 445,581 — — 445,581 CLO — 112,771 — — 112,771 Corporate debt — 50,579 — — 50,579 Total available-for-sale investment securities 7,550 2,891,180 — — 2,898,730 Gross derivative instruments, before netting (1) 758 45,520 — — 46,278 Originated loans held for sale — 7,908 — — 7,908 Investments held in Rabbi Trust 4,307 — — — 4,307 Alternative investments — — — 2,563 2,563 Total financial assets held at fair value $ 12,615 $ 2,944,608 $ — $ 2,563 $ 2,959,786 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 588 $ 38,422 $ — $ — $ 39,010 (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 refer to Note 16: Derivative Financial Instruments. |
Summary Of Estimated Fair Values Of Significant Financial Instruments | Fair value of selected financial instruments and servicing assets amounts are as follows: At December 31, 2019 2018 (In thousands) Carrying Fair Carrying Fair Financial Assets: Level 2 Held-to-maturity investment securities $ 5,293,918 $ 5,380,653 $ 4,325,420 $ 4,209,121 Level 3 Loans and leases, net 19,827,890 19,961,632 18,253,136 18,155,798 Mortgage servicing assets 17,484 33,250 21,215 45,478 Financial Liabilities: Level 2 Deposit liabilities, other than time deposits $ 20,219,981 $ 20,219,981 $ 18,662,299 $ 18,662,299 Time deposits 3,104,765 3,102,316 3,196,546 3,175,948 Securities sold under agreements to repurchase and other borrowings 1,040,431 1,041,042 581,874 581,874 FHLB advances 1,948,476 1,950,035 1,826,808 1,826,381 Long-term debt (1) 540,364 555,775 226,021 229,306 (1) Adjustments to the carrying amount of long-term debt for basis adjustment, unamortized discount, and debt issuance cost on senior fixed-rate notes are not included for determination of fair value. Refer to Note 11: Borrowings for additional information. |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The following table sets forth changes in benefit obligation, changes in plan assets, and the funded status of the defined benefit pension and other postretirement benefits at December 31: Pension Plan SERP Other (In thousands) 2019 2018 2019 2018 2019 2018 Change in benefit obligation: Beginning balance $ 209,513 $ 229,318 $ 1,835 $ 13,096 $ 2,612 $ 3,094 Interest cost 7,941 7,212 65 103 85 78 Actuarial loss (gain) 33,157 (18,499) 163 — (103) (352) Benefits paid and administrative expenses (9,207) (8,518) (128) (11,364) (195) (208) Ending balance (1) 241,404 209,513 1,935 1,835 2,399 2,612 Change in plan assets: Beginning balance 191,972 216,225 — — — — Actual return on plan assets 46,856 (15,735) — — — — Employer contributions 10,000 — 128 11,364 195 208 Benefits paid and administrative expenses (9,207) (8,518) (128) (11,364) (195) (208) Ending balance 239,621 191,972 — — — — Funded status of the plan at year end (2) $ (1,783) $ (17,541) $ (1,935) $ (1,835) $ (2,399) $ (2,612) (1) The total accumulated benefit obligation for the defined benefit pension and other postretirement benefits was $245.7 million and $214.0 million at December 31, 2019 and 2018, respectively. (2) The underfunded status amounts are included in accrued expense and other liabilities in the consolidated balance sheets. |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following table summarizes the impact on AOCL related to the defined benefit pension and other postretirement benefits at December 31: Pension Plan SERP Other (In thousands) 2019 2018 2019 2018 2019 2018 Net actuarial loss (gain) included in AOCL $ 56,555 $ 64,523 $ 602 $ 453 $ (458) $ (368) Deferred tax benefit (expense) 12,528 14,623 133 103 (101) (83) Amounts included in accumulated AOCL, net of tax $ 44,027 $ 49,900 $ 469 $ 350 $ (357) $ (285) |
Schedule of Expected Benefit Payments | Expected future benefit payments for the defined benefit pension and other postretirement benefits are presented below: (In thousands) Pension Plan SERP Other 2020 $ 9,010 $ 131 $ 314 2021 9,797 134 295 2022 10,490 133 274 2023 10,488 132 252 2024 10,883 135 229 2025-2029 59,126 627 815 |
Summary of Net Periodic Benefit Cost | The components of the net periodic benefit cost (benefit) for the defined benefit pension and other postretirement benefits were as follows for the years ended December 31: Pension Plan SERP Other (In thousands) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ 50 $ — $ — $ — $ — $ — $ — Interest cost on benefit obligations 7,941 7,212 7,314 65 103 375 85 78 92 Expected return on plan assets (11,436) (12,716) (12,296) — — — — — — Recognized net loss (gain) 5,705 4,862 5,864 14 2,846 748 (13) — — Net periodic benefit cost (benefit) $ 2,210 $ (642) $ 932 $ 79 $ 2,949 $ 1,123 $ 72 $ 78 $ 92 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Changes in funded status related to the defined benefit pension and other postretirement benefits and recognized as a component of OCI in the consolidated statement of comprehensive income as follows for the years ended December 31: Pension Plan SERP Other (In thousands) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Net (gain) loss $ (2,263) $ 9,952 $ (561) $ 164 $ — $ 1,037 $ (103) $ (352) $ (631) Amounts reclassified from AOCL (5,705) (4,862) (5,864) (14) (2,846) (748) 13 — — Total (gain) loss recognized in OCI $ (7,968) $ 5,090 $ (6,425) $ 150 $ (2,846) $ 289 $ (90) $ (352) $ (631) |
Schedule of Changes in Fair Value of Plan Assets | A summary of the fair value and hierarchy classification of financial assets of the pension plan is as follows: At December 31, 2019 2018 (In thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Exchange traded fund $ 36,552 $ — $ — $ 36,552 $ 30,641 $ — $ — $ 30,641 Money market fund 1,225 — — 1,225 1,695 — — 1,695 Investments measured at NAV (1) — — — 201,844 — — — 159,636 Total pension plan assets $ 37,777 $ — $ — 239,621 $ 32,336 $ — $ — $ 191,972 |
Schedule of Assumptions Used | Weighted-average assumptions used to determine benefit obligations at December 31 are as follows: Pension Plan SERP Other 2019 2018 2019 2018 2019 2018 Discount rate 3.07 % 4.12 % 2.82 % 3.95 % 2.50 % 3.69 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are as follows: Pension Plan SERP Other 2019 2018 2017 2019 2018 2017 2019 2018 2017 Discount rate 4.12 % 3.50 % 4.01 % 3.95 % 3.30 % 3.63 % 3.69 % 3.00 % 3.27 % Expected long-term return on assets 6.00 % 6.00 % 6.50 % n/a n/a n/a n/a n/a n/a Assumed healthcare cost trend n/a n/a n/a n/a n/a n/a 6.50 % 7.00 % 7.50 % |
Schedule of Multiemployer Plans | The following table sets forth contributions and funding status of Webster Bank's portion of this plan: (Dollars in thousands) Contributions by Webster Bank for the year ended December 31, Funded Status of the Plan at December 31, Plan Name Employer Identification Number Plan Number 2019 2018 2017 2019 2018 Pentegra Defined Benefit Plan for Financial Institutions 13-5645888 333 $863 $679 $614 At least 80 percent At least 80 percent |
Schedule of Allocation of Plan Assets | The following table presents the target allocation and the pension plan asset allocation for the periods indicated, by asset category: Target Allocation Percentage of Pension Plan Assets 2020 2019 2018 Fixed income investments 62 % 61 % 56 % Equity investments 38 38 43 Cash and cash equivalents — 1 1 Total 100 % 100 % 100 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 HSA Community Banking Corporate and Consolidated At December 31, 2019 $ 11,541,803 $ 80,176 $ 9,348,727 $ 9,418,638 $ 30,389,344 At December 31, 2018 10,477,050 70,826 8,727,335 8,335,104 27,610,315 The following tables present the operating results, including all appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category: Year ended December 31, 2019 (In thousands) Commercial HSA Community Banking Corporate and Consolidated Net interest income $ 372,845 $ 167,239 $ 400,744 $ 14,299 $ 955,127 Non-interest income 59,063 97,041 109,270 19,941 285,315 Non-interest expense 181,580 135,586 388,399 10,385 715,950 Pre-tax, pre-provision net revenue 250,328 128,694 121,615 23,855 524,492 Provision for loan and lease losses 25,407 — 12,393 — 37,800 Income before income tax expense 224,921 128,694 109,222 23,855 486,692 Income tax expense 55,331 33,460 21,735 (6,557) 103,969 Net income $ 169,590 $ 95,234 $ 87,487 $ 30,412 $ 382,723 Year ended December 31, 2018 (In thousands) Commercial HSA Community Banking Corporate and Consolidated Net interest income $ 356,509 $ 143,255 $ 404,869 $ 2,048 $ 906,681 Non-interest income 64,765 89,323 109,669 18,811 282,568 Non-interest expense 174,054 124,594 384,599 22,369 705,616 Pre-tax, pre-provision net revenue 247,220 107,984 129,939 (1,510) 483,633 Provision for loan and lease losses 32,388 — 9,612 — 42,000 Income before income tax expense 214,832 107,984 120,327 (1,510) 441,633 Income tax expense 52,849 28,076 23,945 (23,655) 81,215 Net income $ 161,983 $ 79,908 $ 96,382 $ 22,145 $ 360,418 Year ended December 31, 2017 (In thousands) Commercial HSA Community Banking Corporate and Consolidated Net interest income $ 322,393 $ 104,704 $ 383,700 $ (14,510) $ 796,287 Non-interest income 55,194 77,378 107,368 19,538 259,478 Non-interest expense 154,037 113,143 373,081 20,814 661,075 Pre-tax, pre-provision net revenue 223,550 68,939 117,987 (15,786) 394,690 Provision for loan and lease losses 34,066 — 6,834 — 40,900 Income before income tax expense 189,484 68,939 111,153 (15,786) 353,790 Income tax expense 52,676 19,165 30,899 (4,389) 98,351 Net income $ 136,808 $ 49,774 $ 80,254 $ (11,397) $ 255,439 |
Revenue from contracts with C_2
Revenue from contracts with Customers Revenue from Contracts with Customers Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | Revenue from Contracts with Customers The following tables present revenues within the scope of ASC 606, Revenue from Contracts with Customers and the net amount of other sources of non-interest income that is within the scope of other GAAP topics: Year ended December 31, 2019 (In thousands) Commercial HSA Community Corporate and Consolidated Non-interest Income: Deposit service fees $ 12,136 $ 92,096 $ 63,572 $ 218 $ 168,022 Wealth and investment services 10,330 — 22,637 (35) 32,932 Other — 4,945 2,394 — 7,339 Revenue from contracts with customers 22,466 97,041 88,603 183 208,293 Other sources of non-interest income 36,597 — 20,667 19,758 77,022 Total non-interest income $ 59,063 $ 97,041 $ 109,270 $ 19,941 $ 285,315 Year ended December 31, 2018 (In thousands) Commercial HSA Community Corporate and Consolidated Non-interest Income: Deposit service fees $ 12,775 $ 85,809 $ 63,522 $ 77 $ 162,183 Wealth and investment services 10,145 — 22,732 (34) 32,843 Other — 3,514 2,133 — 5,647 Revenue from contracts with customers 22,920 89,323 88,387 43 200,673 Other sources of non-interest income 41,845 — 21,282 18,768 81,895 Total non-interest income $ 64,765 $ 89,323 $ 109,669 $ 18,811 $ 282,568 Year ended December 31, 2017 (In thousands) Commercial HSA Community Corporate and Consolidated Non-interest Income: Deposit service fees $ 12,203 $ 74,448 $ 64,194 $ 292 $ 151,137 Wealth and investment services 9,817 — 21,274 (36) 31,055 Other — 2,930 823 — 3,753 Revenue from contracts with customers 22,020 77,378 86,291 256 185,945 Other sources of non-interest income 33,174 — 21,077 19,282 73,533 Total non-interest income $ 55,194 $ 77,378 $ 107,368 $ 19,538 $ 259,478 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Reserve For Unfunded Credit Commitments | The following table provides a summary of activity in the reserve for loan repurchases: Years ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 674 $ 872 $ 790 Provision (benefit) charged to expense 1,865 (160) 100 Repurchased loans and settlements charged off (2,031) (38) (18) Ending balance $ 508 $ 674 $ 872 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies New Accounting Pronouncements - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ 155,052 | $ 157,234 | $ 0 | $ 0 | |
Operating Lease, Liability | $ 28,722 | $ 174,396 | 178,802 | $ 0 | $ 0 |
Building and Building Improvements | Minimum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Building and Building Improvements | Maximum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Leasehold Improvements | Minimum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Leasehold Improvements | Maximum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Furniture and Fixtures | Minimum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Furniture and Fixtures | Maximum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 10 years | ||||
Information Technology and Data Processing | Minimum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Information Technology and Data Processing | Maximum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 7 years | ||||
Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 513 | ||||
Operating Lease, Right-of-Use Asset | 157,200 | ||||
Operating Lease, Liability | $ 178,800 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Other Assets [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, investments, carrying value | $ 42.5 | $ 29.1 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, unfunded commitments | $ 15.1 | 10.4 | |
Other Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, investments, carrying value | 21.8 | 17.6 | |
Unfunded Loan Commitment [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable interest entities, total exposure of other investments including unfunded commitments | $ 64.2 | $ 31 |
Investment Securities (Summary
Investment Securities (Summary Of Investment Securities) (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 2,901,415,000 | $ 2,994,616,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 38,270,000 | 2,783,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 13,852,000 | 98,669,000 |
Investment securities available-for-sale, at fair value | 2,925,833,000 | 2,898,730,000 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 5,293,918,000 | 4,325,420,000 |
Unrealized Gains | 103,156,000 | 11,902,000 |
Unrealized Losses | (16,421,000) | (128,201,000) |
Fair Value | 5,380,653,000 | 4,209,121,000 |
US Treasury Bill Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 0 | 7,549,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 1,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Investment securities available-for-sale, at fair value | 0 | 7,550,000 |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 184,500,000 | 238,968,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2,218,000 | 412,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 917,000 | 4,457,000 |
Investment securities available-for-sale, at fair value | 185,801,000 | 234,923,000 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 167,443,000 | 208,113,000 |
Unrealized Gains | 1,123,000 | 287,000 |
Unrealized Losses | (1,200,000) | (5,255,000) |
Fair Value | 167,366,000 | 203,145,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,580,743,000 | 1,521,534,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 35,456,000 | 1,631,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 4,035,000 | 42,076,000 |
Investment securities available-for-sale, at fair value | 1,612,164,000 | 1,481,089,000 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 2,957,900,000 | 2,517,823,000 |
Unrealized Gains | 60,602,000 | 8,250,000 |
Unrealized Losses | (8,733,000) | (79,701,000) |
Fair Value | 3,009,769,000 | 2,446,372,000 |
Agency commercial mortgage-backed securities (agency CMBS) [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 587,974,000 | 608,167,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 513,000 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 6,935,000 | 41,930,000 |
Investment securities available-for-sale, at fair value | 581,552,000 | 566,237,000 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 1,172,491,000 | 667,500,000 |
Unrealized Gains | 6,444,000 | 53,000 |
Unrealized Losses | (5,615,000) | (22,572,000) |
Fair Value | 1,173,320,000 | 644,981,000 |
Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 432,085,000 | 447,897,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 38,000 | 645,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 252,000 | 2,961,000 |
Investment securities available-for-sale, at fair value | 431,871,000 | 445,581,000 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 255,653,000 | 216,943,000 |
Unrealized Gains | 2,278,000 | 405,000 |
Unrealized Losses | (852,000) | (2,388,000) |
Fair Value | 257,079,000 | 214,960,000 |
Collateralized loan obligations (CLO) [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 92,628,000 | 114,641,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 45,000 | 94,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 468,000 | 1,964,000 |
Investment securities available-for-sale, at fair value | 92,205,000 | 112,771,000 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Debt Securities, Available-for-sale, Amortized Cost | 23,485,000 | 55,860,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,245,000 | 5,281,000 |
Investment securities available-for-sale, at fair value | 22,240,000 | 50,579,000 |
Municipal Bonds [Member] | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 740,431,000 | 715,041,000 |
Unrealized Gains | 32,709,000 | 2,907,000 |
Unrealized Losses | (21,000) | (18,285,000) |
Fair Value | $ 773,119,000 | $ 699,663,000 |
Investment Securities (Other Th
Investment Securities (Other Than Temporary Impairment Credit Losses Recognized In Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Balance of OTTI, beginning of period | $ 822 | $ 1,364 | $ 3,243 |
Reduction for securities sold, called | 0 | (542) | (2,005) |
Additions for OTTI not previously recognized in earnings | 0 | 0 | 126 |
Balance of OTTI, end of period | $ 822 | $ 822 | $ 1,364 |
Investment Securities (Summar_2
Investment Securities (Summary Of Gross Unrealized Losses Not Considered OTTI) (Detail) $ in Thousands | Dec. 31, 2019USD ($)numberOfHoldings | Dec. 31, 2018USD ($)numberOfHoldings |
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 607,521 | $ 799,954 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,914) | (8,602) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 762,631 | 1,756,617 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (11,938) | $ (90,067) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 157 | 309 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 1,370,152 | $ 2,556,571 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (13,852) | (98,669) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 766,770 | 382,558 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7,803 | 3,069 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 786,528 | 3,257,871 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 8,618 | $ 125,132 |
Held-to-maturity, Number of Holdings - Total | numberOfHoldings | 146 | 596 |
Held-to-maturity, Fair Value - Total | $ 1,553,298 | $ 3,640,429 |
Held-to-maturity, Unrealized Losses - Total | (16,421) | (128,201) |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 36,447 | 15,524 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (352) | (72) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 32,288 | 180,641 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (565) | $ (4,385) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 9 | 36 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 68,735 | $ 196,165 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (917) | (4,457) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 26,480 | 691 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 174 | 1 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 54,602 | 182,396 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 1,026 | $ 5,254 |
Held-to-maturity, Number of Holdings - Total | numberOfHoldings | 11 | 25 |
Held-to-maturity, Fair Value - Total | $ 81,082 | $ 183,087 |
Held-to-maturity, Unrealized Losses - Total | (1,200) | (5,255) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 41,408 | 321,678 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (193) | (2,078) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 299,674 | 975,084 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (3,842) | $ (39,998) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 79 | 184 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 341,082 | $ 1,296,762 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (4,035) | (42,076) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 164,269 | 288,635 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,165 | 1,916 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 727,778 | 1,892,951 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 7,568 | $ 77,785 |
Held-to-maturity, Number of Holdings - Total | numberOfHoldings | 105 | 272 |
Held-to-maturity, Fair Value - Total | $ 892,047 | $ 2,181,586 |
Held-to-maturity, Unrealized Losses - Total | (8,733) | (79,701) |
Agency commercial mortgage-backed securities (agency CMBS) [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 174,406 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,137) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 357,717 | 566,237 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (5,798) | $ (41,930) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 34 | 37 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 532,123 | $ 566,237 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (6,935) | (41,930) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 488,091 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5,591 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 4,148 | 635,284 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 24 | $ 22,572 |
Held-to-maturity, Number of Holdings - Total | numberOfHoldings | 21 | 56 |
Held-to-maturity, Fair Value - Total | $ 492,239 | $ 635,284 |
Held-to-maturity, Unrealized Losses - Total | (5,615) | (22,572) |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 355,260 | 343,457 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (232) | (2,937) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 7,480 | 5,193 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (20) | $ (24) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 29 | 39 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 362,740 | $ 348,650 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (252) | (2,961) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 85,422 | 24,881 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 852 | 270 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 132,464 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2,118 | |
Held-to-maturity, Number of Holdings - Total | numberOfHoldings | 8 | 20 |
Held-to-maturity, Fair Value - Total | $ 85,422 | $ 157,345 |
Held-to-maturity, Unrealized Losses - Total | (852) | (2,388) |
Collateralized loan obligations (CLO) [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 83,305 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,695) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 43,232 | 14,873 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (468) | $ (269) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 2 | 5 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 43,232 | $ 98,178 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (468) | (1,964) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 2,508 | 68,351 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 21 | 882 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 414,776 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 17,403 | |
Held-to-maturity, Number of Holdings - Total | numberOfHoldings | 1 | 223 |
Held-to-maturity, Fair Value - Total | $ 2,508 | $ 483,127 |
Held-to-maturity, Unrealized Losses - Total | (21) | (18,285) |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 35,990 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,820) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 22,240 | 14,589 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (1,245) | $ (3,461) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 4 | 8 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 22,240 | $ 50,579 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (1,245) | $ (5,281) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 13,852,000 | $ 98,669,000 |
Held-to-maturity securities, accumulated unrealized holding loss | (16,421,000) | (128,201,000) |
Investment securities available-for-sale, at fair value | 2,925,833,000 | 2,898,730,000 |
Securities pledged to secure public funds, carrying value | 2,700,000,000 | 2,200,000,000 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 917,000 | 4,457,000 |
Held-to-maturity securities, accumulated unrealized holding loss | (1,200,000) | (5,255,000) |
Investment securities available-for-sale, at fair value | 185,801,000 | 234,923,000 |
Agency mortgage-backed securities (agency MBS) [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 4,035,000 | 42,076,000 |
Held-to-maturity securities, accumulated unrealized holding loss | (8,733,000) | (79,701,000) |
Investment securities available-for-sale, at fair value | 1,612,164,000 | 1,481,089,000 |
Agency commercial mortgage-backed securities (agency CMBS) [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 6,935,000 | 41,930,000 |
Held-to-maturity securities, accumulated unrealized holding loss | (5,615,000) | (22,572,000) |
Investment securities available-for-sale, at fair value | 581,552,000 | 566,237,000 |
Non-agency commercial mortgage-backed securities (non-agency CMBS) [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 252,000 | 2,961,000 |
Held-to-maturity securities, accumulated unrealized holding loss | (852,000) | (2,388,000) |
Investment securities available-for-sale, at fair value | 431,871,000 | 445,581,000 |
Collateralized loan obligations (CLO) [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 468,000 | 1,964,000 |
Investment securities available-for-sale, at fair value | 92,205,000 | 112,771,000 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,245,000 | 5,281,000 |
Investment securities available-for-sale, at fair value | 22,240,000 | 50,579,000 |
Municipal bonds and notes [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity securities, accumulated unrealized holding loss | (21,000) | $ (18,285,000) |
Callable at the option of the counterparty [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities available-for-sale, at fair value | $ 1,300,000,000 |
Investment Securities (Summar_3
Investment Securities (Summary Of Sale Proceeds Of Available For Sale Securities) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales of available-for-sale securities | $ 70,087,000 | $ 0 | $ 0 |
Gains | 773,000 | ||
Losses | 744,000 | ||
Debt Securities, Available-for-sale, Realized Gain (Loss) | $ (29,000) | $ 0 | $ 0 |
Investment Securities (Summar_4
Investment Securities (Summary Of Debt Securities By Contractual Maturity) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | $ 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 299,979 | |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 2,601,436 | |
Debt Securities, Available-for-sale, Amortized Cost | 2,901,415 | $ 2,994,616 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 299,531 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 2,626,302 | |
Available for Sale, Fair Value - Total debt securities | 2,925,833 | 2,898,730 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 1,084 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 4,621 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 245,473 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after 10 Years, Amortized Cost | 5,042,740 | |
Amortized Cost | 5,293,918 | 4,325,420 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 1,088 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 4,747 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 249,501 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 5,125,317 | |
Debt Securities, Held-to-maturity, Fair Value | $ 5,380,653 | $ 4,209,121 |
Loans and Leases (Detail)
Loans and Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | $ 20,036,986 | $ 18,465,489 | $ 17,523,858 |
Unamortized premiums | 17,600 | 13,900 | |
Pledged loans as collateral | 7,900,000 | ||
Lessee, Operating Lease, Liability, Payments, Due | 203,118 | ||
Sales-type and Direct Financing Leases, Interest Income | 5,500 | ||
Leasing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 169,300 | ||
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 6,343,497 | 6,216,606 | 5,368,694 |
Commercial Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 5,949,339 | 4,927,145 | 4,523,828 |
Finance Leases Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 537,341 | 508,397 | 550,233 |
Lessee, Operating Lease, Liability, Payments, Due | 184,100 | ||
Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | 4,972,685 | 4,416,637 | 4,490,878 |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases | $ 2,234,124 | $ 2,396,704 | $ 2,590,225 |
Loans and Leases (Summary Of Lo
Loans and Leases (Summary Of Loan And Lease Portfolio Aging By Class Of Loan) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | $ 193,766 | $ 189,199 | |
90 or More Days Past Due and Accruing | 0 | 104 | |
Non-accrual | 151,059 | 154,767 | |
Current | 19,843,220 | 18,276,290 | |
Total Loans and Leases | 20,036,986 | 18,465,489 | $ 17,523,858 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 56,800 | 62,002 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 43,193 | 49,188 | |
Current | 4,915,885 | 4,354,635 | |
Total Loans and Leases | 4,972,685 | 4,416,637 | 4,490,878 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans and Leases | 2,234,124 | 2,396,704 | 2,590,225 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 43,988 | 48,130 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 30,170 | 33,495 | |
Current | 1,970,556 | 2,121,049 | |
Total Loans and Leases | 2,014,544 | 2,169,179 | |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 6,268 | 4,225 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 1,192 | 1,494 | |
Current | 213,312 | 223,300 | |
Total Loans and Leases | 219,580 | 227,525 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans and Leases | 6,343,497 | 6,216,606 | 5,368,694 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 62,080 | 57,627 | |
90 or More Days Past Due and Accruing | 0 | 104 | |
Non-accrual | 59,369 | 55,810 | |
Current | 5,234,531 | 5,189,808 | |
Total Loans and Leases | 5,296,611 | 5,247,435 | |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 139 | 224 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 139 | 224 | |
Current | 1,046,747 | 968,947 | |
Total Loans and Leases | 1,046,886 | 969,171 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans and Leases | 5,949,339 | 4,927,145 | 4,523,828 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 1,613 | 0 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 1,613 | 0 | |
Current | 222,127 | 218,831 | |
Total Loans and Leases | 223,740 | 218,831 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 11,660 | 9,762 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 9,950 | 8,242 | |
Current | 5,713,939 | 4,698,552 | |
Total Loans and Leases | 5,725,599 | 4,708,314 | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 11,218 | 7,229 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 5,433 | 6,314 | |
Current | 526,123 | 501,168 | |
Total Loans and Leases | 537,341 | 508,397 | $ 550,233 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 28,545 | 22,333 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 7,166 | 8,513 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 8,267 | 9,250 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 4,269 | 1,774 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 2,094 | 1,011 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 1,256 | 1,275 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 5,493 | 510 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 14,162 | 11,995 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 6,441 | 4,301 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 5,551 | 5,385 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 807 | 957 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 617 | 702 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | 454 | 245 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due and Non-accrual | $ 292 | $ 405 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | ||||
Interest on non-accrual loans that would have been recorded as additional interest income | $ 9,700 | $ 11,300 | $ 8,400 | |
Write-down of TDR's | (21,800) | $ (14,300) | $ (3,200) | |
Sales-type and Direct Financing Leases, Interest Income | $ 5,500 |
Loans and Leases (Allowance For
Loans and Leases (Allowance For Loan And Lease Losses By Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Balance, beginning of period | $ 212,353 | $ 199,994 | $ 212,353 | $ 199,994 | $ 194,320 | |||||||
Provision (benefit) charged to expense | $ 6,000 | $ 11,300 | $ 11,900 | 8,600 | $ 10,000 | $ 10,500 | $ 10,500 | 11,000 | 37,800 | 42,000 | 40,900 | |
Losses charged off | (52,480) | (43,387) | (44,927) | |||||||||
Recoveries | 11,423 | 13,746 | 9,701 | |||||||||
Balance, end of period | 209,096 | 212,353 | 212,353 | 199,994 | 212,353 | 199,994 | 194,320 | $ 199,994 | ||||
Individually evaluated for impairment | 14,249 | 15,350 | 16,554 | |||||||||
Collectively evaluated for impairment | 194,847 | 197,003 | 183,440 | |||||||||
Individually evaluated for impairment | 256,410 | 259,330 | 246,753 | |||||||||
Collectively evaluated for impairment | 19,780,576 | 18,206,159 | 17,277,105 | |||||||||
Total Loans and Leases | 20,036,986 | 18,465,489 | 17,523,858 | |||||||||
Residential Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Balance, beginning of period | 19,599 | 19,058 | 19,599 | 19,058 | 23,226 | |||||||
Provision (benefit) charged to expense | 4,110 | 2,016 | (2,692) | |||||||||
Losses charged off | (4,153) | (3,455) | (2,500) | |||||||||
Recoveries | 1,363 | 1,980 | 1,024 | |||||||||
Balance, end of period | 20,919 | 19,599 | 19,599 | 19,058 | 19,599 | 19,058 | 23,226 | 19,058 | ||||
Individually evaluated for impairment | 3,618 | 4,286 | 4,805 | |||||||||
Collectively evaluated for impairment | 17,301 | 15,313 | 14,253 | |||||||||
Individually evaluated for impairment | 90,096 | 103,531 | 114,295 | |||||||||
Collectively evaluated for impairment | 4,882,589 | 4,313,106 | 4,376,583 | |||||||||
Total Loans and Leases | 4,972,685 | 4,416,637 | 4,490,878 | |||||||||
Consumer Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Balance, beginning of period | 28,681 | 36,190 | 28,681 | 36,190 | 45,233 | |||||||
Provision (benefit) charged to expense | 4,516 | 4,628 | 9,367 | |||||||||
Losses charged off | (15,000) | (19,228) | (24,447) | |||||||||
Recoveries | 8,311 | 7,091 | 6,037 | |||||||||
Balance, end of period | 26,508 | 28,681 | 28,681 | 36,190 | 28,681 | 36,190 | 45,233 | 36,190 | ||||
Individually evaluated for impairment | 1,203 | 1,383 | 1,668 | |||||||||
Collectively evaluated for impairment | 25,305 | 27,298 | 34,522 | |||||||||
Individually evaluated for impairment | 35,191 | 39,144 | 45,436 | |||||||||
Collectively evaluated for impairment | 2,198,933 | 2,357,560 | 2,544,789 | |||||||||
Total Loans and Leases | 2,234,124 | 2,396,704 | 2,590,225 | |||||||||
Commercial Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Balance, beginning of period | 98,793 | 89,533 | 98,793 | 89,533 | 71,905 | |||||||
Provision (benefit) charged to expense | 20,370 | 23,041 | 23,417 | |||||||||
Losses charged off | (29,033) | (18,220) | (8,147) | |||||||||
Recoveries | 1,626 | 4,439 | 2,358 | |||||||||
Balance, end of period | 91,756 | 98,793 | 98,793 | 89,533 | 98,793 | 89,533 | 71,905 | 89,533 | ||||
Individually evaluated for impairment | 7,867 | 7,824 | 9,786 | |||||||||
Collectively evaluated for impairment | 83,889 | 90,969 | 79,747 | |||||||||
Individually evaluated for impairment | 102,393 | 99,512 | 72,471 | |||||||||
Collectively evaluated for impairment | 6,241,104 | 6,117,094 | 5,296,223 | |||||||||
Total Loans and Leases | 6,343,497 | 6,216,606 | 5,368,694 | |||||||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Balance, beginning of period | 60,151 | 49,407 | 60,151 | 49,407 | 47,477 | |||||||
Provision (benefit) charged to expense | 8,550 | 12,644 | 11,040 | |||||||||
Losses charged off | (3,501) | (2,061) | (9,275) | |||||||||
Recoveries | 45 | 161 | 165 | |||||||||
Balance, end of period | 65,245 | 60,151 | 60,151 | 49,407 | 60,151 | 49,407 | 47,477 | 49,407 | ||||
Individually evaluated for impairment | 1,143 | 1,661 | 272 | |||||||||
Collectively evaluated for impairment | 64,102 | 58,490 | 49,135 | |||||||||
Individually evaluated for impairment | 23,297 | 10,828 | 11,226 | |||||||||
Collectively evaluated for impairment | 5,926,042 | 4,916,317 | 4,512,602 | |||||||||
Total Loans and Leases | 5,949,339 | 4,927,145 | 4,523,828 | |||||||||
Finance Leases Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Balance, beginning of period | 5,129 | 5,806 | 5,129 | 5,806 | 6,479 | |||||||
Provision (benefit) charged to expense | 254 | (329) | (232) | |||||||||
Losses charged off | (793) | (423) | (558) | |||||||||
Recoveries | 78 | 75 | 117 | |||||||||
Balance, end of period | 4,668 | $ 5,129 | 5,129 | $ 5,806 | $ 5,129 | $ 5,806 | $ 6,479 | 5,806 | ||||
Individually evaluated for impairment | 418 | 196 | 23 | |||||||||
Collectively evaluated for impairment | 4,250 | 4,933 | 5,783 | |||||||||
Individually evaluated for impairment | 5,433 | 6,315 | 3,325 | |||||||||
Collectively evaluated for impairment | 531,908 | 502,082 | 546,908 | |||||||||
Total Loans and Leases | $ 537,341 | $ 508,397 | $ 550,233 |
Loans and Leases (Impaired Loan
Loans and Leases (Impaired Loans And Leases By Class) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 312,737 | $ 298,667 |
Total Recorded Investment | 256,410 | 259,330 |
Recorded Investment No Allowance | 130,619 | 166,270 |
Recorded Investment With Allowance | 125,791 | 93,060 |
Related Valuation Allowance | 14,249 | 15,350 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 98,790 | 113,575 |
Total Recorded Investment | 90,096 | 103,531 |
Recorded Investment No Allowance | 56,231 | 64,899 |
Recorded Investment With Allowance | 33,865 | 38,632 |
Related Valuation Allowance | 3,618 | 4,286 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 44,654 | |
Total Recorded Investment | 39,144 | |
Recorded Investment No Allowance | 30,576 | |
Recorded Investment With Allowance | 8,568 | |
Related Valuation Allowance | 1,383 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 38,503 | |
Total Recorded Investment | 35,191 | |
Recorded Investment No Allowance | 27,672 | |
Recorded Investment With Allowance | 7,519 | |
Related Valuation Allowance | 1,203 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 140,096 | 120,165 |
Total Recorded Investment | 102,254 | 99,287 |
Recorded Investment No Allowance | 29,739 | 65,724 |
Recorded Investment With Allowance | 72,515 | 33,563 |
Related Valuation Allowance | 7,862 | 7,818 |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 465 | 550 |
Total Recorded Investment | 139 | 225 |
Recorded Investment No Allowance | 0 | 0 |
Recorded Investment With Allowance | 139 | 225 |
Related Valuation Allowance | 5 | 6 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,614 | 0 |
Total Recorded Investment | 1,613 | 0 |
Recorded Investment No Allowance | 1,613 | 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 | 27,678 | 13,355 |
Total Recorded Investment | 21,684 | 10,828 |
Recorded Investment No Allowance | 13,205 | 2,125 |
Recorded Investment With Allowance | 8,479 | 8,703 |
Related Valuation Allowance | 1,143 | 1,661 |
Finance Leases Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 5,591 | 6,368 |
Total Recorded Investment | 5,433 | 6,315 |
Recorded Investment No Allowance | 2,159 | 2,946 |
Recorded Investment With Allowance | 3,274 | 3,369 |
Related Valuation Allowance | $ 418 | $ 196 |
Loans and Leases (Interest Inco
Loans and Leases (Interest Income From Impaired Loans And Leases, By Class) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 257,870 | $ 253,042 | $ 248,054 |
Accrued Interest Income | 8,173 | 8,313 | 7,192 |
Cash Basis Interest Income | 2,059 | 2,086 | 2,310 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 96,814 | 108,913 | 116,859 |
Accrued Interest Income | 3,502 | 3,781 | 4,138 |
Cash Basis Interest Income | 1,078 | 1,106 | 1,264 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 37,167 | 42,290 | 45,578 |
Accrued Interest Income | 1,045 | 1,158 | 1,323 |
Cash Basis Interest Income | 981 | 980 | 1,046 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 100,771 | 85,585 | 62,459 |
Accrued Interest Income | 3,241 | 3,064 | 1,095 |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 182 | 407 | 295 |
Accrued Interest Income | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 16,256 | 11,027 | 17,397 |
Accrued Interest Income | 385 | 198 | 417 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 806 | 0 | 594 |
Accrued Interest Income | 0 | 0 | 12 |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 5,874 | 4,820 | 4,872 |
Accrued Interest Income | $ 0 | $ 112 | $ 207 |
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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | $ 20,036,986 | $ 18,465,489 | $ 17,523,858 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 6,343,497 | 6,216,606 | 5,368,694 |
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 5,985,338 | 5,781,138 | |
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 94,809 | 206,351 | |
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 259,490 | 222,405 | |
Commercial Portfolio Segment [Member] | (9) Doubtful [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 3,860 | 6,712 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 5,949,339 | 4,927,145 | 4,523,828 |
Commercial Real Estate Portfolio Segment [Member] | (1) - (6) Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 5,860,981 | 4,773,298 | |
Commercial Real Estate Portfolio Segment [Member] | (7) Special Mention [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 26,978 | 75,338 | |
Commercial Real Estate Portfolio Segment [Member] | (8) Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 61,380 | 78,509 | |
Commercial Real Estate Portfolio Segment [Member] | (9) Doubtful [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 0 | 0 | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 537,341 | 508,397 | $ 550,233 |
Finance Leases Portfolio Segment [Member] | (1) - (6) Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 528,561 | 494,585 | |
Finance Leases Portfolio Segment [Member] | (7) Special Mention [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 808 | 1,303 | |
Finance Leases Portfolio Segment [Member] | (8) Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total Loans and Leases | 7,972 | 12,509 | |
Finance Leases Portfolio Segment [Member] | (9) Doubtful [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total 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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDR | $ 237,438 | $ 230,414 | ||
Specific reserves for TDR included in the balance of ALLL | 209,096 | 212,353 | $ 199,994 | $ 194,320 |
Additional funds committed to borrowers in TDR status | 4,856 | 3,893 | ||
Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDR | 136,449 | 138,479 | ||
Nonperforming Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDR | 100,989 | 91,935 | ||
Troubled Debt Restructures [Member] | Nonperforming Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves for TDR included in the balance of ALLL | $ 12,956 | $ 11,930 |
Loans and Leases (Information o
Loans and Leases (Information on How Loans and Leases were Modified as a TDR) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 136 | 143 | 203 |
Post-Modification Recorded Investment | $ | $ 88,771 | $ 66,781 | $ 37,636 |
Residential Portfolio Segment [Member] | Extended Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 7 | 1 | 16 |
Post-Modification Recorded Investment | $ | $ 1,327 | $ 20 | $ 2,569 |
Residential Portfolio Segment [Member] | Adjusted Interest Rates [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 0 | 0 | 2 |
Post-Modification Recorded Investment | $ | $ 0 | $ 0 | $ 335 |
Residential Portfolio Segment [Member] | Combination Rate and Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 15 | 9 | 12 |
Post-Modification Recorded Investment | $ | $ 2,241 | $ 947 | $ 1,733 |
Residential Portfolio Segment [Member] | other concessions [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 8 | 21 | 39 |
Post-Modification Recorded Investment | $ | $ 1,001 | $ 3,573 | $ 6,200 |
Consumer Portfolio Segment [Member] | Adjusted Interest Rates [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 0 | 0 | 1 |
Post-Modification Recorded Investment | $ | $ 0 | $ 0 | $ 247 |
Commercial Portfolio Segment [Member] | Adjusted Interest Rates [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 2 | 0 | 0 |
Post-Modification Recorded Investment | $ | $ 112 | $ 0 | $ 0 |
Finance Leases Portfolio Segment [Member] | Extended Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 0 | 4 | 0 |
Post-Modification Recorded Investment | $ | $ 0 | $ 736 | $ 0 |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Extended Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 6 | 4 | 12 |
Post-Modification Recorded Investment | $ | $ 599 | $ 469 | $ 976 |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | Combination Rate and Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 4 | 6 | 14 |
Post-Modification Recorded Investment | $ | $ 140 | $ 618 | $ 3,469 |
Home Equity Loan [Member] | Consumer Portfolio Segment [Member] | other concessions [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 34 | 45 | 73 |
Post-Modification Recorded Investment | $ | $ 1,907 | $ 2,812 | $ 4,907 |
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 3 | 2 | 0 |
Post-Modification Recorded Investment | $ | $ 8,356 | $ 97 | $ 0 |
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | Combination Rate and Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 0 | 3 | 0 |
Post-Modification Recorded Investment | $ | $ 0 | $ 1,485 | $ 0 |
Real Estate Loan [Member] | Commercial Real Estate Portfolio Segment [Member] | other concessions [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 3 | 1 | 0 |
Post-Modification Recorded Investment | $ | $ 4,816 | $ 5,111 | $ 0 |
Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member] | Extended Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 15 | 12 | 12 |
Post-Modification Recorded Investment | $ | $ 2,413 | $ 823 | $ 1,233 |
Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member] | Combination Rate and Maturity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 11 | 15 | 18 |
Post-Modification Recorded Investment | $ | $ 673 | $ 8,842 | $ 9,592 |
Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member] | other concessions [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans and Leases | loan | 28 | 20 | 4 |
Post-Modification Recorded Investment | $ | $ 65,186 | $ 41,248 | $ 6,375 |
Loans and Leases (Information_2
Loans and Leases (Information on Loans and Leases Modified as TDR within the Previous 12 Months (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)numberOfHoldings | Dec. 31, 2018numberOfHoldings | Dec. 31, 2017numberOfHoldings | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 6 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ | $ 0.8 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ | $ 1.7 |
Loans and Leases (Investments i
Loans and Leases (Investments in TDRs, Segregated by Risk Rating Exposure) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | $ 237,438 | $ 230,414 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 112,152 | 87,739 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (1) - (6) Pass [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 3,952 | 13,165 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (7) Special Mention [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 63 | 84 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (8) Substandard [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 104,277 | 67,880 |
Commerial, Commercial Real Estate, Equipment Financing TDR's [Member] | (9) Doubtful [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | $ 3,860 | $ 6,610 |
Transfers of Financial Assets_2
Transfers of Financial Assets (Reserve for loan repurchases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 2,362 | $ 2,287 | |
(Benefit) provision charged to expense | 75 | ||
Ending balance | 2,362 | ||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 674 | 872 | 790 |
(Benefit) provision charged to expense | 1,865 | (160) | 100 |
Repurchased loans and settlements charged off | (2,031) | (38) | (18) |
Ending balance | $ 508 | $ 674 | $ 872 |
Transfers of Financial Assets_3
Transfers of Financial Assets (Loans sold) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Servicing Assets at Fair Value [Line Items] | |||
Net gain on sale | $ 6,115 | $ 4,424 | $ 9,937 |
Residential Mortgage [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Proceeds from sale | 216,239 | 188,025 | 335,656 |
Net gain on sale | 4,031 | 3,146 | 6,211 |
Ancillary Fee Income Generated by Servicing Financial Assets, Amount | 1,614 | 1,544 | 2,629 |
Fair value option adjustment | 470 | (266) | 1,097 |
Commercial Loan [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Net gain on sale | 700 | ||
Residential Mortgage Loans Servicing Retained [Member] | Residential Mortgage [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Proceeds from sale | $ 199,114 | $ 166,909 | $ 304,788 |
Transfers of Financial Assets_4
Transfers of Financial Assets (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||
Retained servicing rights | $ 2,500,000 | |||
Proceeds from loans not originated for sale | $ 20,931 | 1,687 | $ 14,679 | |
Net gain on sale | 6,115 | 4,424 | 9,937 | |
Residential Mortgage [Member] | ||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||
Retained servicing rights | 2,400,000 | |||
Bank servicing fees | $ 1,200 | 1,900 | 800 | |
Proceeds from loans not originated for sale | 4,000 | 400 | 7,400 | |
Net gain on sale | 4,031 | $ 3,146 | 6,211 | |
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 | $ 1,300 | 17,000 | $ 7,200 | |
Net gain on sale | $ 700 |
Transfers of Financial Assets S
Transfers of Financial Assets Servicing Assets at Amortized Cost Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Beginning balance | $ 21,215 | $ 25,139 | $ 24,466 |
Additions | 3,587 | 4,459 | 9,249 |
Amortization | (7,318) | (8,383) | (8,576) |
Ending balance | $ 17,484 | $ 21,215 | $ 25,139 |
Premises and Equipment (Summary
Premises and Equipment (Summary of Premises and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Land | $ 10,997 | $ 10,997 | |
Buildings and improvements | 77,892 | 79,619 | |
Leasehold improvements | 77,346 | 77,669 | |
Fixtures and equipment | 73,946 | 75,219 | |
Data processing and software | 263,445 | 252,723 | |
Total premises and equipment | 503,626 | 496,227 | |
Less: Accumulated depreciation and amortization | (388,562) | (371,377) | |
Property and equipment, net | 115,064 | 124,850 | |
Net Investment in Lease | 155,349 | 0 | |
Premises and equipment, net | 270,413 | 124,850 | |
Depreciation and amortization | $ 33,700 | $ 34,900 | $ 33,100 |
Premises and Equipment (Disclos
Premises and Equipment (Disclosure of Long Lived Assets Held-for-sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | $ 91 | $ 144 |
Additions | 0 | 498 |
Write-downs | 91 | 137 |
Sales | 0 | (414) |
Ending balance | $ 0 | $ 91 |
Leases Lease Cost (Details)
Leases Lease Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease, Cost [Abstract] | |
Operating Lease, Cost | $ 29,908 |
Variable Lease, Cost | 4,889 |
Sublease Income | (577) |
Lease, Cost | 34,220 |
Operating Lease, Payments | 31,223 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 22,948 |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 4 months 20 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.31% |
Leases Leases (Details)
Leases Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Leased Assets [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ 155,052 | $ 157,234 | $ 0 | $ 0 | |
Operating Lease, Liability | $ 28,722 | $ 174,396 | $ 178,802 | $ 0 | $ 0 |
Minimum [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Lessee, Operating Lease, Term of Contract | 5 years | ||||
Maximum [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Lessee, Operating Lease, Term of Contract | 20 years |
Leases Operating Lease Liabilit
Leases Operating Lease Liabilities, Payments, Due, Rolling Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | |||||
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | $ 28,504 | ||||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two | 30,070 | ||||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three | 26,548 | ||||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four | 23,647 | ||||
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five | $ 20,215 | ||||
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five | 74,134 | ||||
Lessee, Operating Lease, Liability, Payments, Due | 203,118 | ||||
Operating Lease, Liability | 28,722 | $ 174,396 | $ 178,802 | $ 0 | $ 0 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 174,396 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Gross Carrying Value And Accumulated Amortization Of Other Intangible Assets) (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 538,373,000 | $ 538,373,000 |
Gross Carrying Amount | 43,000,000 | 43,000,000 |
Accumulated Amortization | (21,083,000) | (17,236,000) |
Net Carrying Amount | 21,917,000 | 25,764,000 |
Community Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 516,600,000 | |
HSA Bank [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 21,800,000 | |
Core Deposits [Member] | HSA Bank [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22,000,000 | 22,000,000 |
Accumulated Amortization | (13,073,000) | (10,842,000) |
Net Carrying Amount | 8,927,000 | 11,158,000 |
Customer Relationships [Member] | HSA Bank [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,000,000 | 21,000,000 |
Accumulated Amortization | (8,010,000) | (6,394,000) |
Net Carrying Amount | $ 12,990,000 | $ 14,606,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule Of Expected Future Amortization Expense) (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 3,847 |
2021 | 3,847 |
2022 | 3,847 |
2023 | 3,847 |
2024 | 1,615 |
Thereafter | $ 4,914 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||||||||||
Federal | $ 84,447 | $ 58,334 | $ 96,364 | ||||||||
State and local | 18,595 | 13,409 | 11,061 | ||||||||
Total current | 103,042 | 71,743 | 107,425 | ||||||||
Deferred: | |||||||||||
Federal | 811 | 8,508 | 39,568 | ||||||||
State and local | 116 | 964 | (48,642) | ||||||||
Total deferred | 927 | 9,472 | (9,074) | ||||||||
Total: | |||||||||||
Total federal | 85,258 | 66,842 | 135,932 | ||||||||
Total state and local | 18,711 | 14,373 | (37,581) | ||||||||
Income tax expense | $ 25,966 | $ 25,411 | $ 26,451 | $ 26,141 | $ 26,697 | $ 13,700 | $ 20,743 | $ 20,075 | $ 103,969 | $ 81,215 | $ 98,351 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards [Line Items] | |||||
Net tax credits | $ 4,800 | $ 1,200 | $ 1,600 | ||
Operating loss carryforwards | $ 25,100 | ||||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit) | 47,500 | ||||
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Asset, Income Tax Expense | 31,500 | ||||
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | $ (28,700) | ||||
Tax Cuts and Jobs Act, Incomplete Accounting, Provisional Cumulative Temporary Difference | $ 10,400 | ||||
Income tax expense at federal statutory rate | 21.00% | 21.00% | 35.00% | ||
Increase (decrease) in deferred income taxes | $ (34,500) | ||||
Deferred tax expense (benefit) | 927 | $ 9,472 | $ (9,074) | ||
Tax benefit directly allocated to shareholder's equity | 33,600 | ||||
Valuation allowance | 38,181 | 38,181 | |||
Net operating loss and credit carry forwards | 69,827 | 70,808 | |||
Unrecognized deferred tax liability for thrift bad-debt reserves | 15,300 | ||||
Unrecognized tax benefits that would impact effective tax rate | 3,900 | 2,300 | 2,800 | ||
Interest and penalties | 100 | 0 | 200 | ||
Accrued interest and penalties related to UTBs | 1,800 | $ 1,800 | |||
Cumulative taxable temporary differences | 58,000 | ||||
Research Tax Credit Carryforward [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net tax credits | 3,000 | ||||
Investment Tax Credit Carryforward [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net tax credits | 2,400 | ||||
General Business Tax Credit Carryforward [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net tax credits | 700 | ||||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Valuation allowance | 38,200 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 644,400 | ||||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit) | 37,500 | ||||
Tax Cuts and Jobs Act, Decrease in Deferred Tax Liability due to Transition Tax | 1,800 | ||||
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Asset, Income Tax Expense | 39,300 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 1,200,000 | ||||
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit) | 10,000 | ||||
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Asset, Income Tax Expense | 10,600 | ||||
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | $ 20,900 | ||||
Minimum [Member] | Forecast [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Decrease in UTBs | $ (1,900) | ||||
Maximum [Member] | Forecast [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Decrease in UTBs | $ (2,700) |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||
Income tax expense at federal statutory rate | $ 102,205 | $ 92,743 | $ 123,826 | ||||||||
SALT expense, net of federal | 14,782 | 11,354 | 8,189 | ||||||||
Tax-exempt interest income, net | (6,752) | (6,475) | (10,826) | ||||||||
Increase in cash surrender value of life insurance | (3,069) | (3,069) | (5,120) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | 2,251 | 4,483 | 6,349 | ||||||||
Non-deductible FDIC deposit insurance premiums | 1,904 | 2,215 | 0 | ||||||||
SALT DTA adjustments, net of federal | 0 | 0 | 28,724 | ||||||||
Tax Act impacts, net | 0 | 10,982 | (20,891) | ||||||||
Other, net | 2,850 | 88 | 3,536 | ||||||||
Income tax expense | $ 25,966 | $ 25,411 | $ 26,451 | $ 26,141 | $ 26,697 | $ 13,700 | $ 20,743 | $ 20,075 | $ 103,969 | $ 81,215 | $ 98,351 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||||||||||
Income tax expense at federal statutory rate | 21.00% | 21.00% | 35.00% | ||||||||
SALT expense, net of federal | 3.00% | 2.60% | 2.30% | ||||||||
Tax-exempt interest income, net | (1.40%) | (1.50%) | (3.10%) | ||||||||
Increase in cash surrender value of life insurance | (0.60%) | (0.70%) | (1.40%) | ||||||||
Excess tax benefits, net | 0.40% | 1.00% | 1.80% | ||||||||
Non-deductible FDIC deposit insurance premiums | 0.40% | 0.50% | 0.00% | ||||||||
SALT DTA adjustments, net of federal | 0.00% | 0.00% | 8.10% | ||||||||
Tax Act impacts, net | 0.00% | 2.50% | (5.90%) | ||||||||
Other, net | 0.60% | 0.00% | 1.00% | ||||||||
Income tax expense and effective tax rate | 21.40% | 18.40% | 27.80% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan and lease losses | $ 53,851 | $ 54,390 |
Net operating loss and credit carry forwards | 69,827 | 70,808 |
Compensation and employee benefit plans | 24,518 | 29,623 |
Deferred Tax Assets, Property, Plant and Equipment | 45,923 | 0 |
Net unrealized loss on securities available for sale | 0 | 25,060 |
Other | 9,521 | 14,388 |
Gross deferred tax assets | 203,640 | 194,269 |
Valuation allowance | (38,181) | (38,181) |
Total deferred tax assets, net of valuation allowance | 165,459 | 156,088 |
Deferred tax liabilities: | ||
Deferred Tax Liabilities, Unrealized Gains on Trading Securities | 6,430 | 0 |
Deferred Tax Liabilities, Interests in Financial Assets Continued to be Held | 40,908 | 0 |
Equipment financing leases | 31,332 | 28,140 |
Deferred Tax Liabilities, Property, Plant and Equipment | 7,838 | 10,293 |
Mortgage servicing assets | 6,816 | 9,608 |
Goodwill and other intangible assets | 6,172 | 6,293 |
Other | 3,988 | 5,238 |
Gross deferred tax liabilities | 103,484 | 59,572 |
Deferred tax assets, net | $ 61,975 | $ 96,516 |
Income Taxes (Summary of Positi
Income Taxes (Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 2,856 | $ 3,595 | $ 3,847 |
Additions as a result of tax positions taken during the current year | 1,106 | 249 | 584 |
Additions as a result of tax positions taken during prior years | 1,744 | 71 | 7 |
Reductions as a result of tax positions taken during prior years | (238) | (474) | (61) |
Reductions relating to settlements with taxing authorities | (18) | (97) | (392) |
Reductions as a result of lapse of statute of limitation periods | (637) | (488) | (390) |
Ending balance | $ 4,813 | $ 2,856 | $ 3,595 |
Deposits (Summary Of Deposits)
Deposits (Summary Of Deposits) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Demand | $ 4,446,463 | $ 4,162,446 |
Health Savings Accounts | 6,416,135 | 5,740,601 |
Checking | 2,689,734 | 2,518,472 |
Money market | 2,312,840 | 2,100,084 |
Savings | 4,354,809 | 4,140,696 |
Time deposits | 3,104,765 | 3,196,546 |
Total interest-bearing | 18,878,283 | 17,696,399 |
Total deposits | 23,324,746 | 21,858,845 |
Time deposits and interest-bearing checking, included in above balances, obtained through brokers | 652,151 | 869,003 |
Time deposits, included in above balance, that exceed the FDIC limit | 661,334 | 555,949 |
Demand deposit overdrafts reclassified as loan balances | $ 1,721 | $ 2,245 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities Of Time Deposits) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
2020 | $ 2,621,413 | |
2021 | 358,454 | |
2022 | 73,463 | |
2023 | 29,283 | |
2024 | 22,152 | |
Total time deposits | $ 3,104,765 | $ 3,196,546 |
Borrowings Borrowings - (Narrat
Borrowings Borrowings - (Narrative) (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Total borrowings | $ 3.5 | $ 2.6 |
Borrowings (Summary Of Securiti
Borrowings (Summary Of Securities Sold Under Agreements To Repurchase And Other Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total securities sold under agreements to repurchase | $ 440,431 | $ 236,874 |
Fed funds purchased | 600,000 | 345,000 |
Securities sold under agreements to repurchase and other borrowings | 1,040,431 | 581,874 |
Original maturity of one year or less [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total securities sold under agreements to repurchase | 240,431 | 236,874 |
Original maturity of greater than one year, non-callable [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total securities sold under agreements to repurchase | $ 200,000 | $ 0 |
Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Rate (as a percent) | 0.91% | 0.35% |
Securities Sold under Agreements to Repurchase [Member] | Original maturity of one year or less [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Rate (as a percent) | 0.19% | 0.35% |
Securities Sold under Agreements to Repurchase [Member] | Original maturity of greater than one year, non-callable [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Rate (as a percent) | 1.78% | 0.00% |
Federal Funds Purchased [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Rate (as a percent) | 1.59% | 2.52% |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Rate (as a percent) | 1.30% | 1.64% |
Borrowings (Summary Of Advances
Borrowings (Summary Of Advances Payable To The Federal Home Loan Bank) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year [Abstract] | ||
FHLB advances maturing within 1 year, Weighted-Average Contractual Coupon Rate (as a percent) | 1.79% | 2.55% |
FHLB advances maturing after 1 but within 2 years, Weighted-Average Contractual Coupon Rate (as a percent) | 2.53% | 1.73% |
FHLB advances maturing after 2 but within 3 years, Weighted-Average Contractual Coupon Rate (as a percent) | 0.00% | 3.16% |
FHLB advances maturing after 3 but within 4 years, Weighted-Average Contractual Coupon Rate (as a percent) | 2.95% | 0.00% |
FHLB advances maturing after 4 but within 5 years, Weighted-Average Contractual Coupon Rate (as a percent) | 1.59% | 2.95% |
FHLB advances maturing after 5 years, Weighted-Average Contractual Coupon Rate (as a percent) | 2.66% | 2.65% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate (as a percent) | 1.87% | 2.52% |
Aggregate carrying value of assets pledged as collateral | $ 7,318,748 | $ 6,689,761 |
Remaining borrowing capacity | 2,937,644 | 2,568,664 |
FHLB advances maturing within 1 year, Total Outstanding | 1,690,000 | 1,403,026 |
FHLB advances maturing after 1 but within 2 years, Total Outstanding | 200,000 | 215,000 |
FHLB advances maturing after 2 but within 3 years, Total Outstanding | 130 | 200,000 |
FHLB advances maturing after 3 but within 4 years, Total Outstanding | 229 | 150 |
FHLB advances maturing after 4 but within 5 years, Total Outstanding | 50,000 | 242 |
FHLB advances maturing after 5 years, Total Outstanding | 8,117 | 8,390 |
FHLB advances | $ 1,948,476 | $ 1,826,808 |
Borrowings (Long-Term Debt) (De
Borrowings (Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Notes and subordinated debt | $ 544,806 | $ 227,320 | |
Debt issuance cost on senior fixed-rate notes | (3,030) | (691) | |
Long-term debt | $ 540,364 | $ 226,021 | |
Long term debt, variable interest rate, percentage | 4.85% | 5.74% | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 0 | ||
Long-term Debt, Weighted Average Interest Rate, over Time | 3.40% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate spread of LIBOR plus (as a percent) | 2.95% | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Notes and subordinated debt | $ 300,000 | ||
Junior Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Notes and subordinated debt | 77,320 | $ 77,320 | |
Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Discount on senior fixed-rate notes | (1,412) | (608) | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 17,500 | ||
Debt Instrument, Redemption, Period One [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Notes and subordinated debt | $ 150,000 | 150,000 | |
Debt instrument, stated interest rate, percentage | 4.375% | ||
Debt Instrument, Redemption, Period Two | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Notes and subordinated debt | $ 317,486 | $ 0 | |
Debt instrument, stated interest rate, percentage | 4.10% |
Shareholders' Equity (Class of
Shareholders' Equity (Class of Stock Disclosure) (Details) | 12 Months Ended |
Dec. 31, 2019shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Treasury Stock Held, beginning balance | 1,508,456 |
Common Stock Outstanding, beginning balance | 92,177,855 |
Restricted share activity | 16,045 |
Stock options exercised | (59,861) |
Common stock repurchased | (227,199) |
Treasury Stock Held, ending balance | 1,659,749 |
Common Stock Outstanding, ending balance | 92,026,562 |
Series F Preferred Stock [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares, beginning balance | 6,000 |
Restricted share activity | 0 |
Stock options exercised | 0 |
Common stock repurchased | 0 |
Shares, ending balance | 6,000 |
Common Stock [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares, beginning balance | 93,686,311 |
Restricted share activity | 0 |
Stock options exercised | 0 |
Common stock repurchased | 0 |
Treasury Stock [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Restricted share activity | (16,045) |
Stock options exercised | (59,861) |
Common stock repurchased | (227,199) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Class of Stock [Line Items] | |
Stock repurchase program, authorized amount | $ | $ 200,000 |
Common stock, shares issued | shares | 93,686,311 |
Stock repurchase program, remaining authorized repurchase amount | $ | $ 6,000 |
Common stock par value (in usd per share) | $ 0.01 |
Preferred Stock, Par or Stated Value Per Share | 0.01 |
Preferred stock, liquidation preference per share (in usd per share) | $ 25,000 |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Common stock, shares issued | shares | 93,686,311 |
Treasury stock acquired, average cost per share (in usd per share) | $ 57.23 |
Stock repurchase program, remaining authorized repurchase amount | $ | $ 200,000 |
Series F Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred stock, dividend rate (as a percent) | 5.25% |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 |
Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock, Par or Stated Value Per Share | $ 25 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss, Net of Tax (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning Balance | $ 2,886,515 | $ 2,701,958 | $ 2,527,012 | $ 2,886,515 | $ 2,701,958 | $ 2,527,012 | |
Adoption of ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from AOCI | $ 0 | ||||||
Other comprehensive (loss) income, net of tax | 94,580 | (39,121) | 1,110 | 94,580 | (39,121) | 1,110 | |
Ending Balance | 3,207,770 | 2,886,515 | 2,701,958 | ||||
Available For Sale and Transferred Securities [Member] | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning Balance | (27,947) | (15,476) | (27,947) | (15,476) | |||
Other comprehensive income (loss) before reclassifications | 88,647 | (43,427) | (7,590) | ||||
Adoption of ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from AOCI | (4,881) | ||||||
Amounts reclassified from accumulated other comprehensive loss | (22) | 0 | 0 | ||||
Other comprehensive (loss) income, net of tax | 88,625 | (43,427) | (7,590) | ||||
Ending Balance | 17,251 | (71,374) | (27,947) | ||||
Derivative Instruments | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning Balance | (15,016) | (17,068) | (15,016) | (17,068) | |||
Other comprehensive income (loss) before reclassifications | (4,945) | 208 | 181 | ||||
Adoption of ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from AOCI | (2,513) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 5,074 | 5,495 | 4,384 | ||||
Other comprehensive (loss) income, net of tax | 129 | 5,703 | 4,565 | ||||
Ending Balance | (9,184) | (9,313) | (15,016) | ||||
Defined Benefit Pension and Postretirement Benefit Plans [Member] | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning Balance | (48,568) | (44,449) | (48,568) | (44,449) | |||
Other comprehensive income (loss) before reclassifications | 1,622 | (7,122) | 98 | ||||
Adoption of ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from AOCI | (8,254) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 4,204 | 5,725 | 4,204 | 5,725 | 4,037 | ||
Other comprehensive (loss) income, net of tax | 5,826 | (1,397) | 4,135 | ||||
Ending Balance | (44,139) | (49,965) | (48,568) | ||||
AOCI Attributable to Parent [Member] | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning Balance | (130,652) | (91,531) | $ (76,993) | (130,652) | (91,531) | (76,993) | |
Other comprehensive income (loss) before reclassifications | 85,324 | (50,341) | (7,311) | ||||
Adoption of ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from AOCI | $ (15,648) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 9,256 | 11,220 | 8,421 | ||||
Other comprehensive (loss) income, net of tax | 94,580 | (39,121) | 94,580 | (39,121) | 1,110 | ||
Ending Balance | $ (36,072) | $ (130,652) | $ (36,072) | $ (130,652) | $ (91,531) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss, Net of Tax (Schedule of Reclassifications from AOCI) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Gain on the sale of investment securities, net | $ 29,000 | $ 0 | $ 0 | ||||||||||
Interest expense | $ (50,750,000) | $ (53,597,000) | $ (50,470,000) | $ (44,639,000) | $ (43,261,000) | $ (37,991,000) | $ (35,481,000) | $ (31,753,000) | (199,456,000) | (148,486,000) | (117,318,000) | ||
Interest income | 282,000,000 | 294,136,000 | 292,257,000 | 286,190,000 | 280,392,000 | 268,363,000 | 260,491,000 | 245,921,000 | 1,154,583,000 | 1,055,167,000 | 913,605,000 | ||
Income tax expense | (25,966,000) | (25,411,000) | (26,451,000) | (26,141,000) | (26,697,000) | (13,700,000) | (20,743,000) | (20,075,000) | (103,969,000) | (81,215,000) | (98,351,000) | ||
Earnings applicable to common shareholders | $ 88,066,000 | $ 91,442,000 | $ 96,193,000 | $ 97,549,000 | $ 96,666,000 | $ 97,460,000 | $ 79,489,000 | $ 78,083,000 | 372,985,000 | 351,703,000 | 246,831,000 | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member] | Reclassification out of accumualted comprehensive income [Member] | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Gain on the sale of investment securities, net | 29,000 | 0 | 0 | ||||||||||
Available For Sale and Transferred Securities [Member] | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Net of tax | $ 22,000 | $ 0 | 0 | ||||||||||
Available For Sale and Transferred Securities [Member] | Reclassification out of accumualted comprehensive income [Member] | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Income tax expense | (7,000) | 0 | 0 | ||||||||||
Earnings applicable to common shareholders | 22,000 | 0 | 0 | ||||||||||
Derivative Instruments | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Net of tax | (5,074,000) | (5,495,000) | (4,384,000) | ||||||||||
Derivative Instruments | Reclassification out of accumualted comprehensive income [Member] | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Interest expense | (5,509,000) | (7,425,000) | (7,160,000) | ||||||||||
Interest income | (1,323,000) | 0 | 0 | ||||||||||
Income tax expense | 1,758,000 | 1,930,000 | 2,776,000 | ||||||||||
Earnings applicable to common shareholders | (5,074,000) | (5,495,000) | (4,384,000) | ||||||||||
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Total before tax | (5,706,000) | (7,708,000) | (6,612,000) | ||||||||||
Defined benefit pension and postretirement benefit plans [Member] | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Tax benefit | 1,502,000 | 1,983,000 | 2,575,000 | ||||||||||
Net of tax | $ (4,204,000) | $ (5,725,000) | $ (4,204,000) | $ (5,725,000) | $ (4,037,000) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss, Net of Tax (Schedule of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Available-for-sale securities: | ||||||
Net unrealized loss during the period | $ 120,333 | $ (58,792) | $ (12,423) | |||
Reclassification for net gain included in net income | (29) | 0 | 0 | |||
Total available-for-sale securities | 120,304 | (58,792) | (12,423) | |||
Derivative instruments: | ||||||
Net unrealized loss during the period | (6,672) | 280 | 291 | |||
Reclassification adjustment for net loss included in net income | 6,832 | 7,425 | 7,160 | |||
Total derivative instruments | 160 | 7,705 | 7,451 | |||
Defined benefit pension and other postretirement benefit plans: | ||||||
Current year actuarial gain | 2,202 | (9,600) | 155 | |||
Reclassification adjustment for amortization of net loss included in net income | 5,706 | 7,708 | 6,612 | |||
Total (gain) loss recognized in OCI | (7,908) | 1,892 | (6,767) | |||
Available-for-sale securities: | ||||||
Net unrealized loss during the period | (31,686) | 15,365 | 4,833 | |||
Reclassification for net gain included in net income | (7) | 0 | 0 | |||
Total available-for-sale securities | 31,679 | (15,365) | (4,833) | |||
Derivative instruments: | ||||||
Net unrealized loss during the period | 1,727 | (72) | (110) | |||
Reclassification adjustment for net loss included in net income | (1,758) | (1,930) | (2,776) | |||
Total derivative instruments | (31) | (2,002) | (2,886) | |||
Defined benefit pension and other postretirement benefit plans: | ||||||
Current year actuarial loss | (580) | 2,478 | (57) | |||
Reclassification adjustment for amortization of net loss included in net income | (1,502) | (1,983) | (2,575) | |||
Total defined benefit pension and postretirement benefit plans | (2,082) | 495 | (2,632) | |||
Available-for-sale securities: | ||||||
Net unrealized loss during the period | 88,647 | (43,427) | (7,590) | |||
Reclassification for net gain included in net income | (22) | 0 | 0 | |||
Total available-for-sale securities | $ 88,625 | $ (43,427) | $ (7,590) | 88,625 | (43,427) | (7,590) |
Derivative instruments: | ||||||
Net unrealized loss during the period | (4,945) | 208 | 181 | |||
Reclassification adjustment for net loss included in net income | 5,074 | 5,495 | 4,384 | |||
Total derivative instruments | 129 | 5,703 | 4,565 | |||
Defined benefit pension and other postretirement benefit plans: | ||||||
Current year actuarial loss | 1,622 | (7,122) | 98 | |||
Reclassification adjustment for amortization of net loss included in net income | 4,204 | 5,725 | 4,037 | |||
Total defined benefit pension and postretirement benefit plans | 5,826 | (1,397) | 4,135 | 5,826 | (1,397) | 4,135 |
Other Comprehensive Income (Loss), Pre-Tax Amount | 128,372 | (52,979) | 1,795 | |||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | (33,792) | 13,858 | (685) | |||
Other comprehensive (loss) income, net of tax | $ 94,580 | $ (39,121) | $ 1,110 | $ 94,580 | $ (39,121) | $ 1,110 |
Regulatory Matters (Information
Regulatory Matters (Information On The Capital Ratios) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier One Capital | $ 2,516,361 | $ 2,284,978 |
Common Equity Tier One Capital Required for Capital Adequacy | $ 979,739 | $ 898,972 |
Common Equity Tier One Capital Ratio | 11.56% | 11.44% |
Common Equity Tier One Capital Required to be Well-Capitalized | $ 1,415,179 | $ 1,298,514 |
Total risk-based capital, Actual Amount | $ 2,950,181 | $ 2,722,194 |
Total risk-based capital, Actual Ratio | 13.55% | 13.63% |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 1,741,758 | $ 1,598,172 |
Total risk-based capital, Capital Requirements, Minimum Ratio | 8.00% | 8.00% |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 2,177,198 | $ 1,997,715 |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 risk-based capital, Actual Amount | $ 2,661,398 | $ 2,430,015 |
Tier 1 risk-based capital, Actual Ratio | 12.22% | 12.16% |
Tier 1 risk-based capital, Capital Requirements, Minimum Amount | $ 1,306,319 | $ 1,198,629 |
Tier 1 risk-based capital, Capital Requirements, Minimum Ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, Capital Requirements, Well Capitalized Amount | $ 1,741,758 | $ 1,598,172 |
Tier 1 risk-based capital, Capital Requirements, Well Capitalized Ratio | 8.00% | 8.00% |
Tier 1 leverage capital, Actual Amount | $ 2,661,398 | $ 2,430,015 |
Tier 1 leverage capital, Actual Ratio | 8.96% | 9.02% |
Tier 1 leverage capital, Capital Requirements, Minimum Amount | $ 1,188,507 | $ 1,077,303 |
Tier 1 leverage capital, Capital Requirements, Minimum Ratio | 4.00% | 4.00% |
Tier 1 leverage capital, Capital Requirements, Well Capitalized Amount | $ 1,485,634 | $ 1,346,628 |
Tier 1 leverage capital, Capital Requirements, Well Capitalized Ratio | 5.00% | 5.00% |
Subsidiaries [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier One Capital | $ 2,527,645 | $ 2,170,566 |
Common Equity Tier One Capital Required for Capital Adequacy | $ 979,497 | $ 898,317 |
Common Equity Tier One Capital Ratio | 11.61% | 10.87% |
Common Equity Tier One Capital Required to be Well-Capitalized | $ 1,414,829 | $ 1,297,569 |
Total risk-based capital, Actual Amount | $ 2,739,108 | $ 2,385,425 |
Total risk-based capital, Actual Ratio | 12.58% | 11.95% |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 1,741,328 | $ 1,597,008 |
Total risk-based capital, Capital Requirements, Minimum Ratio | 8.00% | 8.00% |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 2,176,660 | $ 1,996,260 |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 risk-based capital, Actual Amount | $ 2,527,645 | $ 2,170,566 |
Tier 1 risk-based capital, Actual Ratio | 11.61% | 10.87% |
Tier 1 risk-based capital, Capital Requirements, Minimum Amount | $ 1,305,996 | $ 1,197,756 |
Tier 1 risk-based capital, Capital Requirements, Minimum Ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, Capital Requirements, Well Capitalized Amount | $ 1,741,328 | $ 1,597,008 |
Tier 1 risk-based capital, Capital Requirements, Well Capitalized Ratio | 8.00% | 8.00% |
Tier 1 leverage capital, Actual Amount | $ 2,527,645 | $ 2,170,566 |
Tier 1 leverage capital, Actual Ratio | 8.51% | 8.06% |
Tier 1 leverage capital, Capital Requirements, Minimum Amount | $ 1,187,953 | $ 1,076,712 |
Tier 1 leverage capital, Capital Requirements, Minimum Ratio | 4.00% | 4.00% |
Tier 1 leverage capital, Capital Requirements, Well Capitalized Amount | $ 1,484,941 | $ 1,345,889 |
Tier 1 leverage capital, Capital Requirements, Well Capitalized Ratio | 5.00% | 5.00% |
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% |
Regulatory Matters Regulatory M
Regulatory Matters Regulatory Matters - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Cash dividends paid to parent company | $ 290 | $ 360 | |
Subsidiaries [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Cash held by Bank | $ 93.8 | $ 81.2 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Net income | $ 90,473 | $ 93,865 | $ 98,649 | $ 99,736 | $ 98,838 | $ 99,673 | $ 81,682 | $ 80,225 | $ 382,723 | $ 360,418 | $ 255,439 |
Less: Preferred stock dividends | 7,875 | 7,853 | 8,184 | ||||||||
Net income available to common shareholders, basic | 352,565 | 247,255 | |||||||||
Net income available to common shareholders, diluted | 374,848 | 352,565 | 247,255 | ||||||||
Less: Earnings applicable to participating securities, basic | 1,863 | 862 | 424 | ||||||||
Less: Earnings applicable to participating securities, diluted | 1,863 | 862 | 424 | ||||||||
Earnings applicable to common shareholders | $ 88,066 | $ 91,442 | $ 96,193 | $ 97,549 | $ 96,666 | $ 97,460 | $ 79,489 | $ 78,083 | 372,985 | 351,703 | 246,831 |
Earnings applicable to common shareholders, diluted | $ 372,985 | $ 351,703 | $ 246,831 | ||||||||
Earnings per common share: | |||||||||||
Earnings per common share, Basic (in dollars per share) | $ 0.96 | $ 1 | $ 1.05 | $ 1.06 | $ 1.05 | $ 1.06 | $ 0.87 | $ 0.85 | $ 4.07 | $ 3.83 | $ 2.68 |
Earnings per common share, Diluted (in dollars per share) | $ 0.96 | $ 1 | $ 1.05 | $ 1.06 | $ 1.05 | $ 1.06 | $ 0.86 | $ 0.85 | $ 4.06 | $ 3.81 | $ 2.67 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||
Weighted-average common shares outstanding - basic | 91,559 | 91,930 | 91,965 | ||||||||
Stock options and restricted stock (in shares) | 323 | 297 | 391 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 91,882 | 92,227 | 92,356 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, shares | 73 | 47 | 58 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Schedule fair value of derivative instruments) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | $ 6,198,556 | $ 4,859,561 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 146,037 | 46,278 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 4,779 | 2,495 | |
Asset Derivatives, Fair Value, Less: Cash collateral posted | 8,100 | 4,936 | |
Derivative asset | 133,158 | 38,847 | |
Liability Derivatives, Notional Amount | 4,722,801 | 3,801,586 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 13,813 | 39,010 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 4,779 | 2,495 | |
Liability Derivatives, Fair Value, Less: Cash collateral posted | 1,871 | 0 | |
Derivative liability | 7,163 | 36,515 | |
Interest Rate Floor [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 1,000,000 | ||
CME SWAPS MARKETS (CME) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Fair Value, Less: Cash collateral posted | 56,600 | ||
Cross Currency Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 65,700 | 65,000 | |
Liability Derivatives, Notional Amount | 223,400 | 96,300 | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 13,012 | 9,928 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 12,879 | 7,431 | |
Derivative asset | 133 | 2,497 | |
Derivative Liability, Fair Value, Gross Liability | 6,710 | 2,566 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 6,650 | 2,495 | |
Derivative liability | 60 | 71 | |
Designated as Hedging Instrument [Member] | Interest rate derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 1,225,000 | 325,000 | |
Derivative Asset, Fair Value, Gross Asset | 11,855 | 3,050 | |
Liability Derivatives, Notional Amount | 300,000 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 3,153 | 0 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 4,973,556 | 4,534,561 | |
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | 134,182 | 43,228 | |
Liability Derivatives, Notional Amount | 4,422,801 | 3,801,586 | |
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | 10,660 | 39,010 | |
Not Designated as Hedging Instrument [Member] | Interest rate derivatives [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 4,869,139 | 4,435,530 | |
Derivative Asset, Fair Value, Gross Asset | 133,455 | 42,205 | |
Liability Derivatives, Notional Amount | 4,090,522 | 3,643,985 | |
Derivative Liability, Fair Value, Gross Liability | 9,732 | 38,029 | |
Not Designated as Hedging Instrument [Member] | Mortgage Banking Derivatives [Member] | RPA-Out [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 27,873 | 13,599 | |
Derivative Asset, Fair Value, Gross Asset | 329 | 226 | |
Not Designated as Hedging Instrument [Member] | Mortgage Banking Derivatives [Member] | RPA-In [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives, Notional Amount | 57,000 | 17,000 | |
Derivative Liability, Fair Value, Gross Liability | 110 | 293 | |
Not Designated as Hedging Instrument [Member] | Other Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 76,544 | 85,432 | |
Derivative Asset, Fair Value, Gross Asset | 398 | 797 | |
Liability Derivatives, Notional Amount | 275,279 | 140,601 | |
Derivative Liability, Fair Value, Gross Liability | $ 818 | 688 | |
Not Designated as Hedging Instrument [Member] | CME SWAPS MARKETS (CME) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Notional Amounts | 1,100,000 | 1,900,000 | |
Liability Derivatives, Notional Amount | 2,600,000 | $ 1,100,000 | |
Loan Origination Commitments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Commitment | 57,000 | ||
Interest Rate Lock Commitments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Commitment | $ 7,300 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Offsetting Derivatives) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | |||
Derivative instrument asset, Amount Offset, Total | $ (4,779) | $ (2,495) | |
Derivative instrument asset, Amount Offset | 8,100 | 4,936 | |
Derivative asset | 133,158 | 38,847 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 4,779 | 2,495 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | (1,871) | 0 | |
Derivative liability | 7,163 | 36,515 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ (299) | 0 | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | (432) | (2,497) | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (329) | (756) | |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | (389) | (827) | |
Hedge Accounting Positions [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 13,012 | 9,928 | |
Derivative instrument asset, Amount Offset, Total | (12,879) | (7,431) | |
Derivative asset | 133 | 2,497 | |
Derivative Liability, Fair Value, Gross Liability | 6,710 | 2,566 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 6,650 | 2,495 | |
Derivative liability | $ 60 | 71 | |
Interest Rate Derivatives [Member] | Hedge Accounting Positions [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 11,855 | 3,050 | |
Derivative Liability, Fair Value, Gross Liability | $ 3,153 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments Impact of Fair Value on Qualifying Hedges (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 12,389 | $ 114 | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 0 | |||
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 0 | 0 | 0 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 5,555 | 6,557 | 7,885 | |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 9,571 | |||
Operating Expense [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | (17,486) | 0 | 0 | |
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 | 8,477 | 10,376 | 2,702 | |
Interest rate derivatives [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 4,241 | 6,557 | 7,885 | |
Interest rate derivatives [Member] | Other Income [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 1,314 | 0 | 0 | |
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 | (6) | (378) | (2,062) | |
Other Contract [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 | 1,100 | 2,391 | (526) | |
Long-term Debt [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedged Liability, Fair Value Hedge | 317,486 | $ 0 | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 17,486 | |||
Long-term Debt [Member] | Operating Expense [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 17,486 | $ 0 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule of the changes in the fair value of non-hedge accounting derivatives) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 12,389 | $ 114 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 9,571 | ||
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 | 8,477 | 10,376 | 2,702 |
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 | (6) | (378) | (2,062) |
Other Contract [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 | 1,100 | 2,391 | (526) |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 0 | 0 | 0 |
Fair Value Hedging [Member] | Operating Expense [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | (17,486) | 0 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 5,555 | 6,557 | 7,885 |
Cash Flow Hedging [Member] | 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 | 4,241 | 6,557 | 7,885 |
Cash Flow Hedging [Member] | Interest Rate Derivatives [Member] | Other Income [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 1,314 | 0 | 0 |
Long-term Debt [Member] | Fair Value Hedging [Member] | Operating Expense [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 17,486 | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments (AOCI Related to Cash Flow Hedges) (Narrative) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Remaining unamortized gain (loss) on termination of cash flow hedges | $ 2,300 |
Price Risk Derivative [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Remaining unamortized gain (loss) | 12,100 |
Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Remaining unamortized gain (loss) | 1,300 |
Cash Flow Hedging [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | $ 4,800 |
Maximum Length of Time Hedged in Cash Flow Hedge | 10 years |
Remaining unamortized gain (loss) | $ 4,900 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Counterparty Credit Risk Narrative) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | |||
Derivative instrument asset, Amount Offset | $ 8,100 | $ 4,936 | |
Derivative, Collateral, Right to Reclaim Cash | $ 121,600 | ||
Credit Derivative, Maximum Exposure, Undiscounted | 132,300 | ||
Valuation, Cost Approach [Member] | |||
Derivative [Line Items] | |||
Derivative, Collateral, Right to Reclaim Cash | 8,400 | ||
Valuation, Market Approach [Member] | |||
Derivative [Line Items] | |||
Credit Derivative, Maximum Exposure, Undiscounted | 39,600 | ||
CME SWAPS MARKETS (CME) [Member] | |||
Derivative [Line Items] | |||
Derivative instrument asset, Amount Offset | 56,600 | ||
Derivative, Collateral, Right to Reclaim Cash | $ 71,300 |
Derivative Financial Instrume_8
Derivative Financial Instruments Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 4,779 | $ 2,495 | |
Derivative Asset | 133,158 | 38,847 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 4,779 | 2,495 | |
Derivative Liability | $ 7,163 | 36,515 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 299 | 0 | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 432 | 2,497 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 329 | 756 | |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 389 | 827 | |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 6,710 | 2,566 | |
Derivative Asset, Fair Value, Gross Asset | 13,012 | 9,928 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 12,879 | 7,431 | |
Derivative Asset | 133 | 2,497 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 6,650 | 2,495 | |
Derivative Liability | $ 60 | $ 71 |
Fair Value Measurements Fair va
Fair Value Measurements Fair value Option, Disclosures (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $ 35,750 | $ 7,908 |
Loans Receivable Held-for-sale, Amount | 36,053 | 11,869 |
Fair Value, Option, Loans Held as Assets, Aggregate Difference | 564 | (319) |
loans held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Receivable Held-for-sale, Amount | $ 35,186 | $ 8,227 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unused Commitments to Extend Credit | $ 6,379,941 | $ 6,050,806 | |
Rabbi Trust [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Assets, Fair Value Disclosure | 1,600 | ||
Alternative investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Assets, Fair Value Disclosure | $ 23,800 | ||
Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other Assets, Fair Value Disclosure | 6,500 | ||
Fair Value, Nonrecurring [Member] | Alternative investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unused Commitments to Extend Credit | $ 12,600 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Assets And Liabilities Measured On Recurring Basis) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | $ 2,925,833 | $ 2,898,730 | |
Derivative asset | $ 133,158 | 38,847 | |
Loans Held-for-sale, Fair Value Disclosure | 35,750 | 7,908 | |
Derivative liability | 7,163 | 36,515 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 2,925,833 | 2,898,730 | |
Alternative Investment | 4,331 | 2,563 | |
Assets, Fair Value Disclosure | 3,116,731 | 2,959,786 | |
Derivative liability | 13,813 | 39,010 | |
Fair Value, Recurring [Member] | Derivative instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative asset | 146,037 | 46,278 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 7,550 | ||
Alternative Investment | 0 | 0 | |
Assets, Fair Value Disclosure | 5,108 | 12,615 | |
Derivative liability | 611 | 588 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative asset | 328 | 758 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 2,925,833 | 2,891,180 | |
Alternative Investment | 0 | ||
Assets, Fair Value Disclosure | 3,107,292 | 2,944,608 | |
Derivative liability | 13,202 | 38,422 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative asset | 145,709 | 45,520 | |
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Alternative Investment | 4,331 | 2,563 | |
Assets, Fair Value Disclosure | 4,331 | 2,563 | |
Derivative liability | 0 | ||
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Derivative instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative asset | 0 | ||
Investments held In Rabbi Trust [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Assets, Fair Value Disclosure | 4,780 | 4,307 | |
Investments held In Rabbi Trust [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Assets, Fair Value Disclosure | 4,780 | 4,307 | |
Investments held In Rabbi Trust [Member] | Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Assets, Fair Value Disclosure | 0 | ||
Alternative investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Assets, Fair Value Disclosure | $ 23,800 | ||
Loan Origination Commitments [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 35,750 | 7,908 | |
Loan Origination Commitments [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |
Loan Origination Commitments [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 35,750 | 7,908 | |
Loan Origination Commitments [Member] | Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | ||
US Treasury Bill Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 0 | 7,550 | |
US Treasury Bill Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 7,550 | ||
US Treasury Bill Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 7,550 | ||
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 22,240 | 50,579 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 22,240 | 50,579 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 22,240 | 50,579 | |
Collateralized loan obligations (CLO) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 92,205 | 112,771 | |
Collateralized loan obligations (CLO) [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 92,205 | 112,771 | |
Collateralized loan obligations (CLO) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 92,205 | 112,771 | |
Commercial Mortgage Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 431,871 | 445,581 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 431,871 | 445,581 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 0 | 0 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 431,871 | 445,581 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 0 | 0 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 0 | 0 | |
Agency commercial mortgage-backed securities (agency CMBS) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 581,552 | 566,237 | |
Agency commercial mortgage-backed securities (agency CMBS) [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 581,552 | 566,237 | |
Agency commercial mortgage-backed securities (agency CMBS) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 0 | 0 | |
Agency commercial mortgage-backed securities (agency CMBS) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 581,552 | 566,237 | |
Agency commercial mortgage-backed securities (agency CMBS) [Member] | Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 0 | 0 | |
Agency commercial mortgage-backed securities (agency CMBS) [Member] | Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 0 | 0 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 1,612,164 | 1,481,089 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 1,612,164 | 1,481,089 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 1,612,164 | 1,481,089 | |
Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 185,801 | 234,923 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | 185,801 | 234,923 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities available-for-sale, at fair value | $ 185,801 | $ 234,923 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Estimated Fair Values Of Significant Financial Instruments) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale, at fair value | $ 5,293,918 | $ 4,325,420 | ||
Loans and leases, net | 19,827,890 | 18,253,136 | ||
Securities sold under agreements to repurchase and other borrowings | 1,040,431 | 581,874 | ||
FHLB advances | 1,948,476 | 1,826,808 | ||
Long-term debt | 540,364 | 226,021 | ||
Reported Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Deposits other than time deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deposits | 20,219,981 | 18,662,299 | ||
Reported Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deposits | 3,104,765 | 3,196,546 | ||
Reported Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Residential Mortgage [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing assets, Carrying Amount | 17,484 | 21,215 | ||
Investment securities available-for-sale, at fair value | 5,293,918 | 4,325,420 | ||
Debt Securities, Held-to-maturity, Fair Value | 5,380,653 | 4,209,121 | ||
Loans Held-for-sale, Fair Value Disclosure | 35,750 | 7,908 | ||
Mortgage servicing assets, Carrying Amount | 17,484 | 21,215 | $ 25,139 | $ 24,466 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Held-to-maturity, Fair Value | 5,380,653 | 4,209,121 | ||
Securities sold under agreements to repurchase and other borrowings | 1,041,042 | 581,874 | ||
FHLB advances | 1,950,035 | 1,826,381 | ||
Long-term debt | 555,775 | 229,306 | ||
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Deposits other than time deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deposits | 20,219,981 | 18,662,299 | ||
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deposits | 3,102,316 | 3,175,948 | ||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans and leases, net | 19,961,632 | 18,155,798 | ||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Residential Mortgage [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing assets | $ 33,250 | $ 45,478 |
Retirement Benefit Plans (Narra
Retirement Benefit Plans (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 245,700 | $ 214,000 | ||
Net actuarial loss | $ (4,100) | |||
Expected long-term return on assets (as a percent) | 5.75% | |||
Healthcare-cost trend rate in 2024 (as a percent) | 4.60% | 6.50% | ||
Increase in net periodic postretirement benefit cost if trend increased by 1% | $ 3 | |||
Increase in accumulated benefit obligation if trend increased by 1% | 97 | |||
Decrease in net periodic postretirement benefit cost if trend rate decreased by 1% | 3 | |||
Decrease in accumulated benefit obligation if trend rate decreased 1% | 89 | |||
Funded status of plan | $ 2,400 | |||
Employer matching contribution, percent of match | 100.00% | |||
Employer matching contribution, percent of employees' gross pay | 2.00% | |||
Employer matching contribution, additional percent of match | 50.00% | |||
Employer additional matching contribution, percent of employees' gross pay | 6.00% | |||
Compensation expense | $ 13,200 | 12,400 | $ 12,000 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 10,000 | $ 0 | ||
Expected long-term return on assets (as a percent) | 6.00% | 6.00% | 6.50% | |
Funded status of plan | $ (1,783) | $ (17,541) | ||
SERP [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 128 | 11,364 | ||
Funded status of plan | (1,935) | (1,835) | ||
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 195 | $ 208 | ||
Assumed healthcare cost trend (as a percent) | 6.50% | 7.00% | 7.50% | |
Funded status of plan | $ (2,399) | $ (2,612) |
Retirement Benefit Plans (Chang
Retirement Benefit Plans (Changes in Plan Assets and Funded Status of Pension Plans and Other Postretirement Benefit Plans) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan assets: | |||||
Beginning balance | $ 191,972 | $ 191,972 | |||
Ending balance | 239,621 | $ 191,972 | |||
Funded status of the plan at year end (2) | 2,400 | ||||
Pension Plan [Member] | |||||
Change in benefit obligation: | |||||
Beginning balance | 209,513 | $ 229,318 | 209,513 | 229,318 | |
Service cost | 0 | 0 | $ 50 | ||
Interest cost | 7,941 | 7,212 | 7,314 | ||
Actuarial loss (gain) | (33,157) | 18,499 | |||
Benefits paid and administrative expenses | (9,207) | (8,518) | |||
Ending balance (1) | 241,404 | 209,513 | 229,318 | ||
Change in plan assets: | |||||
Beginning balance | 191,972 | 216,225 | 191,972 | 216,225 | |
Actual return on plan assets | 46,856 | (15,735) | |||
Employer contributions | 10,000 | 0 | |||
Benefits paid and administrative expenses | (9,207) | (8,518) | |||
Ending balance | 239,621 | 191,972 | 216,225 | ||
Funded status of the plan at year end (2) | (1,783) | (17,541) | |||
SERP [Member] | |||||
Change in benefit obligation: | |||||
Beginning balance | 1,835 | 13,096 | 1,835 | 13,096 | |
Service cost | 0 | 0 | 0 | ||
Interest cost | 65 | 103 | 65 | 103 | 375 |
Actuarial loss (gain) | (163) | 0 | |||
Benefits paid and administrative expenses | (128) | (11,364) | |||
Ending balance (1) | 1,935 | 1,835 | 13,096 | ||
Change in plan assets: | |||||
Beginning balance | 0 | 0 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 128 | 11,364 | |||
Benefits paid and administrative expenses | (128) | (11,364) | |||
Ending balance | 0 | 0 | 0 | ||
Funded status of the plan at year end (2) | (1,935) | (1,835) | |||
Other Benefits [Member] | |||||
Change in benefit obligation: | |||||
Beginning balance | 2,612 | 3,094 | 2,612 | 3,094 | |
Service cost | 0 | 0 | 0 | ||
Interest cost | 85 | 78 | 85 | 78 | 92 |
Actuarial loss (gain) | 103 | 352 | |||
Benefits paid and administrative expenses | (195) | (208) | |||
Ending balance (1) | 2,399 | 2,612 | 3,094 | ||
Change in plan assets: | |||||
Beginning balance | $ 0 | $ 0 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 195 | 208 | |||
Benefits paid and administrative expenses | (195) | (208) | |||
Ending balance | 0 | 0 | $ 0 | ||
Funded status of the plan at year end (2) | $ (2,399) | $ (2,612) |
Retirement Benefit Plans (Summa
Retirement Benefit Plans (Summary of Components of Accumulated Other Comprehensive Loss Related to Pensions and Postretirement Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) included in AOCL | $ 56,555 | $ 64,523 |
Deferred tax benefit | 12,528 | 14,623 |
Amounts included in accumulated AOCL, net of tax | 44,027 | 49,900 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) included in AOCL | 602 | 453 |
Deferred tax benefit | 133 | 103 |
Amounts included in accumulated AOCL, net of tax | 469 | 350 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amounts included in accumulated AOCL, net of tax | (357) | (285) |
Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) included in AOCL | (458) | (368) |
Deferred tax benefit | $ (101) | $ (83) |
Retirement Benefit Plans (Expec
Retirement Benefit Plans (Expected Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 9,010 |
2021 | 9,797 |
2022 | 10,490 |
2023 | 10,488 |
2024 | 10,883 |
2025-2029 | 59,126 |
SERP [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 131 |
2021 | 134 |
2022 | 133 |
2023 | 132 |
2024 | 135 |
2025-2029 | 627 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 314 |
2021 | 295 |
2022 | 274 |
2023 | 252 |
2024 | 229 |
2025-2029 | $ 815 |
Retirement Benefit Plans (Sum_2
Retirement Benefit Plans (Summary of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 0 | $ 0 | $ 50 | ||
Interest cost on benefit obligations | 7,941 | 7,212 | 7,314 | ||
Expected return on plan assets | (11,436) | (12,716) | (12,296) | ||
Recognized net loss | 5,705 | 4,862 | 5,864 | ||
Net periodic benefit cost (benefit) | 2,210 | (642) | 932 | ||
SERP [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 0 | $ 0 | 0 | ||
Interest cost on benefit obligations | 65 | 103 | 65 | 103 | 375 |
Expected return on plan assets | 0 | 0 | 0 | ||
Recognized net loss | 14 | 2,846 | 748 | ||
Net periodic benefit cost (benefit) | 79 | 2,949 | 1,123 | ||
Other Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 0 | 0 | 0 | ||
Interest cost on benefit obligations | 85 | 78 | $ 85 | $ 78 | 92 |
Expected return on plan assets | 0 | 0 | 0 | ||
Recognized net loss | (13) | 0 | 0 | ||
Net periodic benefit cost (benefit) | $ 72 | $ 78 | $ 92 |
Retirement Benefit Plans (Cha_2
Retirement Benefit Plans (Changes in Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net (gain) loss | $ (2,202) | $ 9,600 | $ (155) |
Amounts reclassified from AOCL | (5,706) | (7,708) | (6,612) |
Total (gain) loss recognized in OCI | (7,908) | 1,892 | (6,767) |
Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net (gain) loss | (2,263) | 9,952 | (561) |
Amounts reclassified from AOCL | (5,705) | (4,862) | (5,864) |
Total (gain) loss recognized in OCI | (7,968) | 5,090 | (6,425) |
SERP [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net (gain) loss | 164 | 0 | 1,037 |
Amounts reclassified from AOCL | (14) | (2,846) | (748) |
Total (gain) loss recognized in OCI | 150 | (2,846) | 289 |
Other Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net (gain) loss | (103) | (352) | (631) |
Amounts reclassified from AOCL | 13 | 0 | 0 |
Total (gain) loss recognized in OCI | $ (90) | $ (352) | $ (631) |
Retirement Benefit Plans (Sum_3
Retirement Benefit Plans (Summary of Fair Value of Plan Assets by Level) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 239,621 | $ 191,972 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37,777 | 32,336 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Exchange traded funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 36,552 | 30,641 |
Exchange traded funds [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 36,552 | 30,641 |
Exchange traded funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Exchange traded funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,225 | 1,695 |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,225 | 1,695 |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Defined Benefit Plan, Common Collective Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 201,844 | $ 159,636 |
Retirement Benefit Plans (Weigh
Retirement Benefit Plans (Weighted Average Assumptions used to Determine Benefit Obligations) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 3.07% | 4.12% |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 2.82% | 3.95% |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 2.50% | 3.69% |
Retirement Benefit Plans (Wei_2
Retirement Benefit Plans (Weighted Average Assumptions used to Determine Net Periodic Benefit Cost) (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected long-term return on assets (as a percent) | 5.75% | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate (as a percent) | 4.12% | 3.50% | 4.01% | |
Expected long-term return on assets (as a percent) | 6.00% | 6.00% | 6.50% | |
SERP [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate (as a percent) | 3.95% | 3.30% | 3.63% | |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate (as a percent) | 3.69% | 3.00% | 3.27% | |
Assumed healthcare cost trend (as a percent) | 6.50% | 6.50% | 7.00% | 7.50% |
Retirement Benefit Plans (Contr
Retirement Benefit Plans (Contributions and Funding Status of the Fund) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Contributions by Webster Bank | $ 863 | $ 679 | $ 614 |
Funded Status of the Plan at December 31, | At least 80 percent | At least 80 percent |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
Fixed Income Funds [Member] | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 62.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 61.00% | 56.00% |
Equity Funds [Member] | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 38.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 38.00% | 43.00% |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 1.00% | 1.00% |
Share-Based Plans (Narrative) (
Share-Based Plans (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 13,400,000 | ||
Number of common shares available for grant | 1,600,000 | ||
Stock appreciation rights granted | 0 | ||
Unrecognized stock compensation expense | $ 15,700 | ||
Unrecognized stock compensation expense, recognition period (in years) | 1 year 10 months 24 days | ||
Award vesting percentage | 50.00% | ||
Fair value of restricted stock awards | $ 12,500 | $ 11,100 | $ 12,700 |
Stock options granted | 16,045 | ||
Number of options outstanding (in shares) | 420,931 | ||
Aggregate intrinsic value | $ 12,600 | ||
Total intrinsic value of options exercised | $ 2,400 | $ 9,700 | $ 11,100 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 23.35 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 1 year | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock appreciation rights granted | 189,894 | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common shares available for grant | 100,000 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock appreciation rights granted | 123,514 | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 0.00% | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 150.00% | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 0 | ||
Number of options outstanding (in shares) | 420,931 | 480,792 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 23.35 | $ 21.73 | |
Non-Qualified Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options outstanding (in shares) | 387,043 | ||
Incentive Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual life (in years) | 10 | ||
Number of options outstanding (in shares) | 33,888 |
Share-Based Plans (Summary of S
Share-Based Plans (Summary of Stock-based Compensation Expense Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit | $ 6,100 | $ 8,500 | $ 11,800 |
Restricted stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 12,600 | $ 11,600 | $ 12,300 |
Share-Based Plans (Summary of R
Share-Based Plans (Summary of Restricted Stock and Stock Option Activity) (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Restricted Stock, Granted (in shares) | 0 |
Restricted stock, Outstanding at end of period (in shares) | 233,304 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options granted, Number of Shares | 16,045 |
Options outstanding, at end of period, Number of Shares | 420,931 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Options exercised, Number of Shares | 59,861 |
Options, at end of period, Weighted-average Exercise Price (in dollars per share) | $ / shares | $ 23.35 |
Restricted Stock [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) | 464,831 |
Restricted Stock, Granted (in shares) | 189,894 |
Restricted stock, Vested restricted stock awards (in shares) | 190,199 |
Restricted stock, Forfeited (in shares) | 14,302 |
Restricted stock, Outstanding at end of period (in shares) | 450,224 |
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 | $ 47.48 |
Restricted stock, Granted (in dollars per share) | $ / shares | 55.40 |
Restricted stock, Vested restricted stock awards (in dollars per share) | $ / shares | 38.05 |
Restricted stock, Forfeited (in dollars per share) | $ / shares | 56.26 |
Restricted stock, at end of period, Weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 54.53 |
Performance 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) | 270,044 |
Restricted Stock, Granted (in shares) | 123,514 |
Restricted stock, Vested restricted stock awards (in shares) | 160,254 |
Restricted stock, Forfeited (in shares) | 0 |
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 | $ 44.34 |
Restricted stock, Granted (in dollars per share) | $ / shares | 56.14 |
Restricted stock, Vested restricted stock awards (in dollars per share) | $ / shares | 32.75 |
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 | $ 54.94 |
Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding, at beginning of period, Number of Shares | 480,792 |
Options granted, Number of Shares | 0 |
Options forfeited, Number of Shares | 59,861 |
Options outstanding, at end of period, Number of Shares | 420,931 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Options exercised, Number of Shares | 0 |
Options, at beginning of period, Weighted-average Exercise Price (in dollars per share) | $ / shares | $ 21.73 |
Options granted, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 0 |
Options exercised, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 0 |
Options forfeited, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 10.36 |
Options, at end of period, Weighted-average Exercise Price (in dollars per share) | $ / shares | $ 23.35 |
Share-Based Plans (Options Outs
Share-Based Plans (Options Outstanding and Options Exercisable) (Details) | 12 Months Ended |
Dec. 31, 2019shares | |
Share-based Payment Arrangement [Abstract] | |
Options Outstanding, Weighted-Average Remaining Contractual Life (years) | 2 years 8 months 12 days |
Options Exercisable, Weighted-Average Remaining Contractual Life (years) | 2 years 8 months 12 days |
Number of options outstanding (in shares) | 420,931 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 420,931 |
Segment Reporting (Operating Re
Segment Reporting (Operating Results and Total Assets Reportable Segments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||||
Total Assets | $ 30,389,344 | $ 27,610,315 | $ 30,389,344 | $ 27,610,315 | |||||||||
Net interest income (expense) | 231,250 | $ 240,539 | $ 241,787 | $ 241,551 | 237,131 | $ 230,372 | $ 225,010 | $ 214,168 | 955,127 | 906,681 | $ 796,287 | ||
Noninterest Income | $ 285,315 | $ 282,568 | 285,315 | 282,568 | 259,478 | ||||||||
Non-interest expense | 179,730 | 179,894 | 180,640 | 175,686 | 174,759 | 178,783 | 180,459 | 171,615 | 715,950 | 705,616 | 661,075 | ||
Pre-tax, pre-provision net revenue | 524,492 | 483,633 | 394,690 | ||||||||||
Provision for Loan and Lease Losses | 6,000 | 11,300 | 11,900 | 8,600 | 10,000 | 10,500 | 10,500 | 11,000 | 37,800 | 42,000 | 40,900 | ||
Income (loss) before income tax expense | 116,439 | 119,276 | 125,100 | 125,877 | 125,535 | 113,373 | 102,425 | 100,300 | 486,692 | 441,633 | 353,790 | ||
Income tax expense | 25,966 | 25,411 | 26,451 | 26,141 | 26,697 | 13,700 | 20,743 | 20,075 | 103,969 | 81,215 | 98,351 | ||
Net income | 90,473 | $ 93,865 | $ 98,649 | $ 99,736 | 98,838 | $ 99,673 | $ 81,682 | $ 80,225 | 382,723 | 360,418 | 255,439 | ||
Operating Segments [Member] | Commercial Banking [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Assets | 11,541,803 | 10,477,050 | 11,541,803 | 10,477,050 | |||||||||
Net interest income (expense) | 372,845 | 356,509 | 322,393 | ||||||||||
Noninterest Income | 59,063 | 64,765 | 59,063 | 64,765 | 55,194 | ||||||||
Non-interest expense | 181,580 | 174,054 | 154,037 | ||||||||||
Pre-tax, pre-provision net revenue | 250,328 | 247,220 | 223,550 | ||||||||||
Provision for Loan and Lease Losses | 25,407 | 32,388 | 34,066 | ||||||||||
Income (loss) before income tax expense | 224,921 | 214,832 | 189,484 | ||||||||||
Income tax expense | 55,331 | 52,849 | 52,676 | ||||||||||
Net income | 169,590 | 161,983 | 136,808 | ||||||||||
Operating Segments [Member] | HSA Bank [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Assets | 80,176 | 70,826 | 80,176 | 70,826 | |||||||||
Net interest income (expense) | 167,239 | 143,255 | 104,704 | ||||||||||
Noninterest Income | 97,041 | 89,323 | 97,041 | 89,323 | 77,378 | ||||||||
Non-interest expense | 135,586 | 124,594 | 113,143 | ||||||||||
Pre-tax, pre-provision net revenue | 128,694 | 107,984 | 68,939 | ||||||||||
Provision for Loan and Lease Losses | 0 | 0 | 0 | ||||||||||
Income (loss) before income tax expense | 128,694 | 107,984 | 68,939 | ||||||||||
Income tax expense | 33,460 | 28,076 | 19,165 | ||||||||||
Net income | 95,234 | 79,908 | 49,774 | ||||||||||
Operating Segments [Member] | Community Banking [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Assets | 9,348,727 | 8,727,335 | 9,348,727 | 8,727,335 | |||||||||
Net interest income (expense) | 400,744 | 404,869 | 383,700 | ||||||||||
Noninterest Income | 109,270 | 109,669 | 109,270 | 109,669 | 107,368 | ||||||||
Non-interest expense | 388,399 | 384,599 | 373,081 | ||||||||||
Pre-tax, pre-provision net revenue | 121,615 | 129,939 | 117,987 | ||||||||||
Provision for Loan and Lease Losses | 12,393 | 9,612 | 6,834 | ||||||||||
Income (loss) before income tax expense | 109,222 | 120,327 | 111,153 | ||||||||||
Income tax expense | 21,735 | 23,945 | 30,899 | ||||||||||
Net income | 87,487 | 96,382 | 80,254 | ||||||||||
Corporate, Non-Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total Assets | $ 9,418,638 | $ 8,335,104 | 9,418,638 | 8,335,104 | |||||||||
Net interest income (expense) | 14,299 | 2,048 | (14,510) | ||||||||||
Noninterest Income | $ 19,941 | $ 18,811 | 19,941 | 18,811 | 19,538 | ||||||||
Non-interest expense | 10,385 | 22,369 | 20,814 | ||||||||||
Pre-tax, pre-provision net revenue | 23,855 | (1,510) | (15,786) | ||||||||||
Provision for Loan and Lease Losses | 0 | 0 | 0 | ||||||||||
Income (loss) before income tax expense | 23,855 | (1,510) | (15,786) | ||||||||||
Income tax expense | (6,557) | (23,655) | (4,389) | ||||||||||
Net income | $ 30,412 | $ 22,145 | $ (11,397) |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting Narrative (Details) | 12 Months Ended |
Dec. 31, 2019Segment | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | 3 |
Revenue from contracts with C_3
Revenue from contracts with Customers Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 208,293 | $ 200,673 | $ 185,945 | ||
Noninterest Income | 285,315 | 282,568 | $ 285,315 | $ 282,568 | 259,478 |
Deposit Service Fees [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 168,022 | 162,183 | 151,137 | ||
Investment Advisory, Management and Administrative Service [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 32,932 | 32,843 | 31,055 | ||
Other Non Interest Income [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,339 | 5,647 | 3,753 | ||
Non-Interest Income Within the Scope of Other GAAP Topics [Member] | |||||
Noninterest Income | 77,022 | 81,895 | 73,533 | ||
Operating Segments [Member] | Commercial Banking [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 22,466 | 22,920 | 22,020 | ||
Noninterest Income | 59,063 | 64,765 | 59,063 | 64,765 | 55,194 |
Operating Segments [Member] | Commercial Banking [Member] | Deposit Service Fees [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,136 | 12,775 | 12,203 | ||
Operating Segments [Member] | Commercial Banking [Member] | Investment Advisory, Management and Administrative Service [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,330 | 10,145 | 9,817 | ||
Operating Segments [Member] | Commercial Banking [Member] | Other Non Interest Income [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Operating Segments [Member] | Commercial Banking [Member] | Non-Interest Income Within the Scope of Other GAAP Topics [Member] | |||||
Noninterest Income | 36,597 | 41,845 | 33,174 | ||
Operating Segments [Member] | Community Banking [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 88,603 | 88,387 | 86,291 | ||
Noninterest Income | 109,270 | 109,669 | 109,270 | 109,669 | 107,368 |
Operating Segments [Member] | Community Banking [Member] | Deposit Service Fees [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 63,572 | 63,522 | 64,194 | ||
Operating Segments [Member] | Community Banking [Member] | Investment Advisory, Management and Administrative Service [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 22,637 | 22,732 | 21,274 | ||
Operating Segments [Member] | Community Banking [Member] | Other Non Interest Income [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,394 | 2,133 | 823 | ||
Operating Segments [Member] | Community Banking [Member] | Non-Interest Income Within the Scope of Other GAAP Topics [Member] | |||||
Noninterest Income | 20,667 | 21,282 | 21,077 | ||
Operating Segments [Member] | HSA Bank [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 97,041 | 89,323 | 77,378 | ||
Noninterest Income | 97,041 | 89,323 | 97,041 | 89,323 | 77,378 |
Operating Segments [Member] | HSA Bank [Member] | Deposit Service Fees [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 92,096 | 85,809 | 74,448 | ||
Operating Segments [Member] | HSA Bank [Member] | Investment Advisory, Management and Administrative Service [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Operating Segments [Member] | HSA Bank [Member] | Other Non Interest Income [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,945 | 3,514 | 2,930 | ||
Operating Segments [Member] | HSA Bank [Member] | Non-Interest Income Within the Scope of Other GAAP Topics [Member] | |||||
Noninterest Income | 0 | 0 | 0 | ||
Corporate, Non-Segment [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 183 | 43 | 256 | ||
Noninterest Income | 19,941 | 18,811 | $ 19,941 | $ 18,811 | 19,538 |
Corporate, Non-Segment [Member] | Deposit Service Fees [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 218 | 77 | 292 | ||
Corporate, Non-Segment [Member] | Investment Advisory, Management and Administrative Service [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | (35) | (34) | (36) | ||
Corporate, Non-Segment [Member] | Other Non Interest Income [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Corporate, Non-Segment [Member] | Non-Interest Income Within the Scope of Other GAAP Topics [Member] | |||||
Noninterest Income | $ 19,758 | $ 18,768 | $ 19,282 |
Commitments and Contingencies_2
Commitments and Contingencies (Outstanding Financial Instruments Contract Amounts Represent Credit Risk) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | $ 6,379,941 | $ 6,050,806 |
Standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | 188,103 | 189,040 |
Letter of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | 29,180 | 21,181 |
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | $ 6,162,658 | $ 5,840,585 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule for Unfunded Commitments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Unused Commitments to Extend Credit | $ 6,379,941 | $ 6,050,806 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 2,362 | $ 2,287 | |
Provision | 75 | ||
Ending balance | 2,362 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 2,506 | 2,362 | |
Provision | (139) | 144 | |
Ending balance | $ 2,367 | $ 2,506 | $ 2,362 |
Uncategorized Items - wbs-20191
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 15,648,000 |
Accounting Standards Update 2018-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,373,000) |
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,373,000) |