Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
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 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 Common Stock, Shares Outstanding | 90,169,710 | |
Entity Central Index Key | 0000801337 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Trading Symbol | WBS | |
Series F Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Trading Symbol | WBS PrF | |
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Class A [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Security Exchange Name | NYSE | |
NEW YORK STOCK EXCHANGE, INC. [Member] | Series F Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depository Shares, each representing 1/1000th interest in a share | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Assets [Abstract] | ||
Cash and due from banks | $ 198,458,000 | $ 185,341,000 |
Interest-bearing deposits | 69,482,000 | 72,554,000 |
Investment securities available-for-sale, at fair value | 3,016,631,000 | 2,925,833,000 |
Investment securities held-to-maturity, net | 5,486,206,000 | 5,293,918,000 |
Allowance for credit losses on investment securities held-to-maturity | (312,000) | 0 |
Investment securities held-to-maturity, net | 5,485,894,000 | 5,293,918,000 |
Federal Home Loan Bank and Federal Reserve Bank stock | 141,327,000 | 149,046,000 |
Loans held for sale (valued under fair value option $22,147 and $35,750) | 22,448,000 | 36,053,000 |
Loans and leases | 20,891,524,000 | 20,036,986,000 |
Allowance for credit losses on loans and leases | (334,931,000) | (209,096,000) |
Loans and leases, net | 20,556,593,000 | 19,827,890,000 |
Deferred tax assets, net | 80,318,000 | 61,975,000 |
Premises and equipment, net | 268,420,000 | 270,413,000 |
Goodwill | 538,373,000 | 538,373,000 |
Other intangible assets, net | 20,955,000 | 21,917,000 |
Cash surrender value of life insurance policies | 554,231,000 | 550,651,000 |
Accrued interest receivable and other assets | 701,744,000 | 455,380,000 |
Total assets | 31,654,874,000 | 30,389,344,000 |
Liabilities and Equity [Abstract] | ||
Non-interest-bearing | 4,883,436,000 | 4,446,463,000 |
Interest-bearing | 19,630,401,000 | 18,878,283,000 |
Total deposits | 24,513,837,000 | 23,324,746,000 |
Securities sold under agreements to repurchase and other borrowings | 1,262,749,000 | 1,040,431,000 |
Federal Home Loan Bank advances | 1,773,399,000 | 1,948,476,000 |
Long-term debt | 571,212,000 | 540,364,000 |
Less: Present value adjustment | 177,061,000 | 174,396,000 |
Accrued expenses and other liabilities | 266,374,000 | 153,161,000 |
Total liabilities | $ 28,564,632,000 | $ 27,181,574,000 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Series F issued and outstanding (6,000 shares) | 6,000 | 6,000 |
Preferred Stock, Value, Issued | $ 0.01 | $ 0.01 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Issued (93,686,311 shares) | 93,686,311 | |
Common Stock, Value, Issued | $ 937,000 | |
Paid-in capital | $ 1,101,324,000 | 1,113,250,000 |
Retained earnings | $ 2,009,541,000 | $ 2,061,352,000 |
Treasury stock, at cost (3,514,769 and 1,659,749 shares) | 3,514,769 | 1,659,749 |
Treasury Stock, Value | $ (141,797,000) | $ (76,734,000) |
Accumulated other comprehensive loss, net of tax | (24,800,000) | (36,072,000) |
Total shareholders' equity | 3,090,242,000 | 3,207,770,000 |
Total liabilities and shareholders' equity | $ 31,654,874,000 | $ 30,389,344,000 |
Series F Preferred Stock [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 145,037,000 | $ 145,037,000 |
Common Stock [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Value, Issued | $ 937,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and Dividend Income, Operating [Abstract] | ||
Interest and fees on loans and leases | $ 216,187 | $ 228,764 |
Taxable interest and dividends on investments | 52,622 | 51,876 |
Non-taxable interest on investment securities | 5,486 | 5,402 |
Loans held for sale | 175 | 148 |
Total interest income | 274,470 | 286,190 |
Interest Expense [Abstract] | ||
Deposits | 27,843 | 31,020 |
Securities sold under agreements to repurchase and other borrowings | 3,730 | 2,752 |
Federal Home Loan Bank advances | 6,869 | 7,785 |
Long-term debt | 5,227 | 3,082 |
Total interest expense | 43,669 | 44,639 |
Net interest income | 230,801 | 241,551 |
Provision for credit losses | 76,085 | 8,600 |
Net interest income after provision for credit losses | 154,801 | 232,951 |
Noninterest Income [Abstract] | ||
Deposit service fees | 42,570 | 43,024 |
Loan and lease related fees | 6,496 | 7,819 |
Wealth and investment services | 8,739 | 7,651 |
Mortgage banking activities | 2,893 | 764 |
Increase in cash surrender value of life insurance policies | 3,580 | 3,584 |
Gain on Sale of Investments | 8 | 0 |
Other income | 9,092 | 5,770 |
Total non-interest income | 73,378 | 68,612 |
Noninterest Expense [Abstract] | ||
Compensation and benefits | 101,887 | 97,785 |
Occupancy | 14,485 | 14,696 |
Technology and equipment | 27,837 | 25,697 |
Intangible assets amortization | 962 | 962 |
Marketing | 3,502 | 3,328 |
Professional and outside services | 5,663 | 6,048 |
Deposit insurance | 4,725 | 4,430 |
Other expense | 19,775 | 22,740 |
Total non-interest expense | 178,836 | 175,686 |
Income before income tax expense | 49,343 | 125,877 |
Income tax expense | 11,144 | 26,141 |
Net income | 38,199 | 99,736 |
Preferred stock dividends and other | (2,178) | (2,187) |
Net Income (Loss) Available to Common Stockholders, Basic, Total | $ 36,021 | $ 97,549 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Basic | $ 0.40 | $ 1.06 |
Diluted | $ 0.39 | $ 1.06 |
Provision for credit losses | $ 76,000 | $ 8,600 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 38,199 | $ 99,736 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||
Investment securities available-for-sale | (15,689) | 27,559 |
Derivative instruments | (26,232) | (196) |
Defined benefit pension and other postretirement benefit plans | 729 | 1,056 |
Other comprehensive (loss) income, net of tax | 11,272 | 28,811 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ 49,471 | $ 128,547 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Series F Preferred Stock [Member] | Common Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Series F Preferred Stock [Member] | Treasury Stock, at cost [Member] | AOCI Attributable to Parent [Member] |
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 | 99,736 | 99,736 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 28,811 | 28,811 | ||||||||
Dividends and dividend equivalents declared on common stock | (30,589) | 0 | (30,589) | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.33 | |||||||||
Dividends on preferred stock | $ (1,969) | $ (1,969) | ||||||||
Dividends on preferred stock (in dollars per share) | $ 328.125 | |||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 2,976 | 0 | 904 | 2,072 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 404 | (1,287) | 1,691 | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (6,111) | 6,111 | ||||||||
Stock Repurchased During Period, Value | (13,003) | 13,003 | ||||||||
Ending Balance at Mar. 31, 2019 | 2,966,255 | 145,037 | 937 | 1,113,107 | 1,895,870 | (86,855) | (101,841) | |||
Beginning Balance at Dec. 31, 2019 | 3,207,770 | 145,037 | 937 | 1,113,250 | 2,061,352 | (76,734) | (36,072) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 38,199 | 38,199 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 11,272 | 11,272 | ||||||||
Dividends and dividend equivalents declared on common stock | (36,828) | (36,828) | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.40 | |||||||||
Dividends on preferred stock | $ (1,969) | $ (1,969) | ||||||||
Dividends on preferred stock (in dollars per share) | $ 328.125 | |||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 2,609 | (11,821) | 0 | 14,430 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 118 | (105) | 223 | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (3,160) | 3,160 | ||||||||
Stock Repurchased During Period, Value | (76,556) | 76,556 | ||||||||
Ending Balance at Mar. 31, 2020 | 3,090,242 | $ 145,037 | $ 937 | $ 1,101,324 | 2,009,541 | $ (141,797) | $ (24,800) | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2018-08 | $ (51,213) | $ (51,213) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net income | $ 38,199 | $ 99,736 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Provision for credit losses | 76,000 | 8,600 |
Deferred Income Tax Expense (Benefit) | (6,518) | 9,939 |
Depreciation, Amortization and Accretion, Net | 9,063 | 9,636 |
Accretion (Amortization) of Discounts and Premiums, Investments | 10,345 | 10,604 |
Share-based Payment Arrangement, Noncash Expense | 2,609 | 2,976 |
Gains (Losses) on Sales of Other Real Estate | (363) | (457) |
Gain (Loss) on Disposition of Property Plant Equipment | 100 | 446 |
Available-for-sale Securities, Gross Realized Gains | (8) | 0 |
Life Insurance, Corporate or Bank Owned, Change in Value | (3,580) | (3,584) |
Bank Owned Life Insurance Income | (6) | (64) |
Gain (Loss) on Sales of Loans, Net | (2,893) | (764) |
Proceeds from Sale of Loans Held-for-sale | 75,594 | 20,613 |
Payments for Origination of Mortgage Loans Held-for-sale | (59,562) | (33,168) |
Increase (Decrease) in Financial Instruments Used in Operating Activities | (2,660) | (654) |
Increase (Decrease) in Derivative Assets and Liabilities | (189,718) | (45,896) |
Increase (Decrease) in Other Operating Assets | 5,447 | (23,004) |
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities | (13,637) | (11,625) |
Net Cash Provided by (Used in) Operating Activities, Total | (61,588) | 43,334 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Payments to Acquire Debt Securities, Available-for-sale | (122,353) | (126,717) |
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | 124,848 | 81,858 |
Proceeds from Sale of Available-for-sale Securities | 8,963 | 0 |
Payments to Acquire Held-to-maturity Securities | (371,935) | (269,670) |
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities | 172,032 | 108,732 |
Payments for (Proceeds from) Federal Home Loan Bank Stock | 7,719 | 42,612 |
Payments for (Proceeds from) Other Investing Activities | (2,192) | (700) |
Payments for (Proceeds from) Other Loans and Leases | (863,351) | (361,881) |
Proceeds of Other Loans and Leases Held-for-investment | 390 | 4,395 |
Proceeds from Life Insurance Policy | 750 | 2,270 |
Proceeds from Sale of Foreclosed Assets | 2,636 | 5,561 |
Payments to Acquire Property, Plant, and Equipment | (3,548) | (5,963) |
Net Cash Provided by (Used in) Investing Activities, Total | (1,046,041) | (519,503) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Increase (Decrease) in Deposits | 1,188,728 | 890,903 |
Proceeds from FHLBank Borrowings, Financing Activities | 2,950,000 | 1,400,000 |
Payments of FHLBank Borrowings, Financing Activities | (3,125,077) | (2,275,078) |
Increase (Decrease) in Federal Funds Purchased and Securities Sold under Agreements to Repurchase, Net | 222,318 | 106,191 |
Proceeds from Issuance of Senior Long-term Debt | 0 | 300,000 |
Payments of Debt Issuance Costs | 0 | (3,642) |
Payments of Ordinary Dividends, Common Stock | (36,728) | (30,366) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (1,969) | (1,969) |
Proceeds from Stock Options Exercised | 118 | 404 |
Payments for Repurchase of Common Stock | (76,556) | (13,003) |
Payments for Repurchase of Equity, Share-based Compensation | (3,160) | (6,111) |
Net Cash Provided by (Used in) Financing Activities, Total | 1,117,674 | 367,329 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 10,045 | (108,840) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance | 257,895 | 329,499 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 267,940 | 220,659 |
Supplemental Cash Flow Information [Abstract] | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 50,327 | 43,372 |
Income Taxes Paid | 4,928 | 4,274 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Real Estate Owned, Transfer to Real Estate Owned | 2,627 | 3,735 |
Transfer of Portfolio Loans and Leases to Held-for-sale | 214 | 436 |
Operating Lease, Right-of-Use Asset | 157,786 | |
Less: Present value adjustment | 177,061 | |
Liabilities Assumed | 0 | 178,802 |
Lease Obligation Incurred | $ 0 | $ 157,234 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations Webster Financial Corporation (the Holding Company) is a bank holding company and financial holding company under the Bank Holding Company Act, incorporated under the laws of Delaware in 1986 and headquartered in Waterbury, Connecticut. Webster Bank, National Association (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 U.S. GAAP. The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in conformity with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements and should be read in conjunction with the Company's Consolidated Financial Statements, and related Notes, for the year ended December 31, 2019, included in our Form 10-K filed with the SEC. There have been changes to the Company's significant accounting policies since December 31, 2019. The impacted policies are described within the Recently Adopted Accounting Standards Updates section of this note. 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. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as income and expense during the reporting period. Economic and market assumptions are key factors in developing estimates. Declining economic activity and volatile market conditions related to the COVID-19 pandemic have impacted and may continue to impact accounting estimates. Actual results could differ significantly from assumptions previously used resulting in material changes for impacted accounting estimates in future periods. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the full year or any future period. Recently Adopted Accounting Standards Updates Effective January 1, 2020, the following new accounting guidance was adopted by the Company: ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The Update provides optional expedients and exceptions available to contracts, hedging relationships, and other transactions affected by reference rate reform. In addition to expedients for contract modifications, the Update allows for a one-time transfer or sale of held-to-maturity securities that reference an eligible rate. The Company will consider this one-time securities transfer along with other expedients available under the Update as the Company proceeds with reference rate reform activities. For additional information on reference rate reform refer to the risk factors previously disclosed in Webster's Annual Report on Form 10-K for the year ended December 31, 2019. The Update became effective during the first quarter 2020, and applies to contract modifications and amendments made as of the beginning of the reporting period including the Update issuance date, March 12, 2020, and applies through December 31, 2022. The adoption of this guidance did not have a material effect on the Company's 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 has been adopted concurrently with those Updates. The Company adopted the Update during the first quarter 2020 on a prospective basis. The adoption of this guidance did not have a material effect on the Company's 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 Company adopted the Update during the first quarter 2020 on a prospective basis to all implementation costs incurred after the date of adoption. The adoption of this guidance did not have a material effect on the Company's 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 for fair value measurements. The updated guidance no longer requires entities to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. However, it requires public companies to disclose changes in unrealized gains and losses for the period included in other comprehensive income (OCI) 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 Company adopted the Update during the first quarter 2020 on a prospective basis. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements. ASU No. 2017-04, 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 still have the option to first perform a qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted the Update during the first quarter 2020 on a prospective basis. The adoption of this guidance did not have a material effect on the Company's 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 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 Updates also revised the accounting for credit losses on available-for-sale debt securities, which is outside the scope of the CECL methodology. The CECL accounting model applies to all assets measured at amortized cost including loans, net investments in leases, off balance sheet credit exposures, and held-to-maturity debt securities. CECL requires recognition of credit losses at purchase or origination using a lifetime credit loss measurement approach. The allowance for credit losses is based on the composition, characteristics, and credit quality of the loan and securities portfolios as of the reporting date and includes consideration of current economic conditions and reasonable and supportable forecasts at that date. The CECL methodology also requires consideration of a broader range of reasonable and supportable information to determine the allowance for credit losses including economic forecasts. Allowance for credit losses on loans and leases. Under CECL the Company determines its allowance for credit losses on loans and leases collectively, using pools of assets with similar risk characteristics. Loans that no longer match the risk profile of the pool are individually assessed for credit losses. Collective assessments are performed based on two portfolio segments, commercial loans and leases, and consumer loans. Expected losses within the commercial and consumer portfolios are collectively assessed using PD/LGD models based on the portfolio or class of financing receivable. The Company’s lifetime credit loss models are based on historical data and incorporate forecasts of macroeconomic variables, expected prepayments and recoveries. Outside of the model, non-economic qualitative factors are applied to further refine the expected loss calculation for each portfolio. A two year reasonable and supportable forecast period is currently used for all loan and lease portfolios. The expected loss models revert to historical loss rates on a linear basis over a one year period. When the risk characteristics of a loan no longer match the characteristics of the collective pool, the loan is removed from the pool and individually assessed for credit losses. Generally, all non-accrual loans, TDRs, potential TDRs, loans with a charge-off, and collateral dependent loans are individually assessed. The individual assessment for credit impairment is generally based on a discounted cash flow approach unless the asset is collateral dependent. A loan is considered collateral dependent when repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Collateral dependent loans are individually assessed and the expected credit loss is based on the fair value of the collateral. The fair value is reduced for estimated costs to sell if the value of the collateral is expected to be realized through sale. The Company has elected to present accrued interest receivable separately from the amortized cost basis on the balance sheet and is not estimating an allowance for credit loss on accrued interest. This election applies to loans and leases as well as debt securities. The Company's non-accrual policies have not changed as a result of adopting the Updates. Allowance for credit losses on investment securities held-to-maturity. Held-to-maturity debt securities follow the CECL accounting model. Expected losses are calculated on a pooled basis using statistical models which include forecasted scenarios of future economic conditions. The forecasts revert to long-run loss rates implicitly through the economic scenario, generally over three years. If the risk of an held-to-maturity debt security no longer matches the collective assessment pool, it is removed and individually assessed for credit deterioration. A zero credit loss assumption is maintained for U.S. Treasuries and agency-backed securities in both the held-to-maturity and available-for-sale portfolios. The zero loss assumption is re-considered on a quarterly basis to ensure it is still appropriate. Securities 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 security 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. Allowance for credit losses on unfunded loan commitments. Accounting for unfunded loan commitments also follows the CECL model, with an allowance recorded on commitments that are not unconditionally cancellable by the Company. The calculation of the allowance includes the probability of funding to occur and a corresponding estimate of expected lifetime credit losses on amounts assumed to be funded. The allowance for credit losses on unfunded loan commitments is included in accrued expenses and other liabilities on the consolidated balance sheet and the related credit expense is recorded in other non-interest expense in the consolidated statements of income. Accounting for available-for-sale debt securities. The Updates revised the accounting for available-for-sale debt securities by eliminating the other-than-temporary impairment model, and requiring credit losses be presented as an allowance rather than a direct write-down of available-for-sale debt securities under certain circumstances. Available-for-sale debt securities continue to be recorded at fair value with changes in fair value reflected in OCI. When the fair value of an available-for-sale debt security falls below the amortized cost basis it is evaluated to determine if any of the decline in value is attributable to credit loss. Decreases in fair value attributable to credit loss are recorded directly to earnings with a corresponding allowance for credit losses, limited to the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves the allowance is reversed up to a maximum of the previously recorded credit losses. Available-for-sale debt securities follow the same non-accrual policy as held-to-maturity debt securities. When the Company intends to sell an impaired available-for-sale debt security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment will immediately be recognized in earnings with no corresponding allowance for credit losses. Impact of Adoption . The Company adopted the Updates during the first quarter 2020, using the modified retrospective method. Upon adoption, the Company recorded an increase in its allowance for credit losses as a cumulative effect adjustment. This adjustment, net of tax, reduced the Company's beginning total shareholders' equity at January 1, 2020. Upon adoption, the Company's allowance for credit losses reflected all credit losses expected over the lifetime of the Company's financial assets held at amortized cost. The total increase in allowance and corresponding decrease in equity did not have a material impact to the Company's regulatory capital amounts and ratios. Periods prior to January 1, 2020, are reported in accordance with previously applicable GAAP. The impact of the January 1, 2020, adoption entry is summarized in the table below: December 31, 2019 January 1, 2020 (In thousands) Pre-ASC 326 Adoption Impact of Adoption Reported Under ASC 326 Assets: Allowance for credit losses on investment securities held-to-maturity $ — $ (397) $ (397) Allowance for credit losses on loans and leases (209,096) (57,568) (266,664) Deferred tax assets, net 61,975 15,891 77,866 Liabilities and shareholders' equity: Accrued expenses and other liabilities 153,161 9,139 162,300 Retained earnings 2,061,352 (51,213) 2,010,139 For additional information on accounting for credit losses refer to Note 3: Investment Securities and Note 4: Loans and Leases. Accounting Standards Issued But Not Yet Adopted The following new accounting guidance, applicable to the Company, has been issued by the Financial Accounting Standards Board (FASB) but is pending adoption: ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The Update provides simplification 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. 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. Loan Modifications Under the CARES Act and Interagency Statement The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Section 4013, and the Revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus. On March 27, 2020, the CARES Act, which provides relief from certain requirements under GAAP, was signed into law. Section 4013 of the CARES Act gives entities temporary relief from the accounting and disclosure requirements for troubled debt restructurings (TDRs) under ASC 310-40 in certain situations. In addition, on April 7, 2020, certain regulatory banking agencies issued an interagency statement that offers practical expedients for evaluating whether loan modifications in response to the COVID-19 pandemic are TDRs. The interagency statement was originally issued on March 22, 2020, but was revised to address the relationship between their original TDR guidance and the guidance in Section 4013 of the CARES Act. To qualify for TDR accounting and disclosure relief under the CARES Act, the applicable loan must not have been more than 30 days past due as of December 31, 2019, and the modification must be executed during the period beginning on March 1, 2020, and ending on the earlier of December 31, 2020, or the date that is 60 days after the termination date of the national emergency declared by the president on March 13, 2020, under the National Emergencies Act related to the outbreak of COVID-19. The CARES Act applies to modifications made as a result of COVID-19 including: forbearance agreements, interest rate modifications, repayment plans, and other arrangements to defer or delay payment of principal or interest. The interagency statement does not require the modification to be completed within a certain time period if it is related to COVID-19 and the loan was not more than 30 days past due as of the date of the Company’s implementation of its modification programs. Moreover, the interagency statement applies to short-term modifications including payment deferrals, fee waivers, extensions of repayment terms, or other insignificant payment delays as a result of COVID-19. The Company will apply section 4013 of the CARES Act and the interagency statement in connection with applicable modifications. For modifications that qualify under either the CARES Act or the interagency statement, TDR accounting and reporting is suspended through the period of the modification; however, the Company will continue to apply its existing non-accrual policies including consideration of the loan's past due status which is determined on the basis of the contractual terms of the loan. Once a loan has been contractually modified, the past due status is generally based on the updated terms including payment deferrals. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
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 variable interest entity (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. Invested assets 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, on the consolidated balance sheet. 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 income statement. Refer to Note 14: 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 Webster is not involved in its management. For these investments, the Company determined it is not the primary beneficiary due to its inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company applies the proportional amortization method to account for its investments in qualified affordable housing projects. At March 31, 2020 and December 31, 2019, the aggregate carrying value of the Company's tax credit-finance investments was $41.2 million and $42.5 million, respectively, which represents the Company's maximum exposure to loss. At both March 31, 2020 and December 31, 2019, unfunded commitments have been recognized, totaling $15.1 million and are included in accrued expenses and other liabilities on the consolidated balance sheet. 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 on the consolidated balance sheet, and the related interest expense is reported as interest expense on long-term debt in the consolidated income statement. 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 March 31, 2020 and December 31, 2019, the aggregate carrying value of the Company's other non-marketable investments in VIEs was $23.7 million and $21.8 million, respectively, and the total exposure of the Company's other non-marketable investments in VIEs, including unfunded commitments, was $70.2 million and $64.2 million, respectively. Refer to Note 14: 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 to the Consolidated Financial Statements included in its Form 10-K, for the year ended December 31, 2019. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Held-to-Maturity Securities A summary of the amortized cost, fair value, and allowance for credit losses on investment securities held-to-maturity is presented below: At March 31, 2020 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance (2) Net Carrying Value Agency CMO $ 156,087 $ 4,738 $ — $ 160,825 $ — $ 156,087 Agency MBS 2,896,651 95,436 (253) 2,991,834 — 2,896,651 Agency CMBS 1,450,800 21,003 (623) 1,471,180 — 1,450,800 Municipal bonds and notes 739,531 35,184 (86) 774,629 312 739,219 CMBS 243,137 1,704 (782) 244,059 — 243,137 Held-to-maturity securities $ 5,486,206 $ 158,065 $ (1,744) $ 5,642,527 $ 312 $ 5,485,894 At December 31, 2019 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance (2) Net Carrying Value Agency CMO $ 167,443 $ 1,123 $ (1,200) $ 167,366 $ — $ 167,443 Agency MBS 2,957,900 60,602 (8,733) 3,009,769 — 2,957,900 Agency CMBS 1,172,491 6,444 (5,615) 1,173,320 — 1,172,491 Municipal bonds and notes 740,431 32,709 (21) 773,119 — 740,431 CMBS 255,653 2,278 (852) 257,079 — 255,653 Held-to-maturity securities $ 5,293,918 $ 103,156 $ (16,421) $ 5,380,653 $ — $ 5,293,918 (1) Amortized cost excludes accrued interest receivable of $18.3 million and $21.8 million at March 31, 2020 and December 31, 2019, respectively, which is included in accrued interest and other assets in the consolidated balance sheet. (2) The Company adopted the new accounting standard for credit losses on January 1, 2020. For periods subsequent to adoption Allowance is calculated under the CECL methodology and the resulting provision includes expected credit losses on held-to-maturity securities. The prior period did not have an allowance under applicable GAAP for that period. Agency securities represent obligations issued by a U.S. government-sponsored enterprise or other federally-related entity and are either explicitly or implicitly guaranteed and therefore, assumed to be zero loss. Securities with unrealized losses and no allowance are considered to be of high credit quality, and therefore, no credit loss as of March 31, 2020. The current unrealized loss position of certain agency securities and non-agency CMBS with no credit loss allowance can be attributed to the changing interest rate environment. An allowance for credit losses on investment securities held-to-maturity of $312 thousand has been recorded for certain Municipal bonds and notes to account for expected lifetime credit loss. Expected lifetime credit loss on investment securities held-to-maturity is primarily attributed to securities not rated. The following table summarizes the activity in the allowance for credit losses on investment securities held-to-maturity: Three months ended March 31, 2020 (In thousands) Municipal bonds and notes Balance beginning of period $ — Adoption of ASU No. 2016-13 (CECL) 397 Recovery of credit losses (85) Balance end of period $ 312 Credit Quality Information The Company monitors the credit quality of held-to-maturity debt securities through credit ratings by Standard & Poor's Rating Services (S&P), Moody's Investor Services (Moody's), Fitch Ratings, Inc., Kroll Bond Rating Agency, or DBRS Inc. Credit ratings express opinions about the credit quality of a security. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody's, and generally considered by the rating agencies and market participants to be of low credit risk. Conversely, securities rated below investment grade, labeled as speculative grade by the rating agencies, are considered to have distinctively higher credit risk than investment grade securities. Securities shown below that are not rated are backed by U.S. Treasury obligations, and credit quality indicators are updated at each quarter end. The following table summarizes credit ratings for amortized cost of held-to-maturity debt securities according to their lowest public credit rating as of March 31, 2020: Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa2 Not Rated Agency CMOs $ — $ 156,087 $ — $ — $ — $ — $ — $ — $ — Agency MBS — 2,896,651 — — — — — — — Agency CMBS — 1,450,800 — — — — — — — Municipal bonds and notes 210,496 139,502 207,227 126,623 42,265 8,671 2,066 285 2,396 CMBS 243,137 — — — — — — — — Total held-to-maturity $ 453,633 $ 4,643,040 $ 207,227 $ 126,623 $ 42,265 $ 8,671 $ 2,066 $ 285 $ 2,396 As of March 31, 2020, none of the held-to-maturity investment securities were in non-accrual status. Contractual Maturities The amortized cost and fair value of held-to-maturity debt securities by contractual maturity are set forth below: At March 31, 2020 (In thousands) Amortized Fair Due in one year or less $ 1,084 $ 1,088 Due after one year through five years 5,273 5,452 Due after five through ten years 266,866 274,217 Due after ten years 5,212,983 5,361,770 Total held-to-maturity debt securities $ 5,486,206 $ 5,642,527 For the maturity schedule above, investment securities 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 repay obligations with or without prepayment penalties. Available-for-Sale Securities A summary of the amortized cost and fair value of available-for-sale securities is presented below: At March 31, 2020 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value (2) Agency CMO $ 197,019 $ 7,839 $ (28) $ 204,830 Agency MBS 1,565,689 47,875 (746) 1,612,818 Agency CMBS 693,371 4,765 (454) 697,682 CMBS 453,879 — (44,856) 409,023 CLO 89,015 12 (7,629) 81,398 Corporate debt 14,538 — (3,658) 10,880 Available-for-sale securities $ 3,013,511 $ 60,491 $ (57,371) $ 3,016,631 At December 31, 2019 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value (2) Agency CMO $ 184,500 $ 2,218 $ (917) $ 185,801 Agency MBS 1,580,743 35,456 (4,035) 1,612,164 Agency CMBS 587,974 513 (6,935) 581,552 CMBS 432,085 38 (252) 431,871 CLO 92,628 45 (468) 92,205 Corporate debt 23,485 — (1,245) 22,240 Available-for-sale securities $ 2,901,415 $ 38,270 $ (13,852) $ 2,925,833 (1) Amortized cost excludes accrued interest receivable of $7.7 million and $8.1 million at March 31, 2020 and December 31, 2019, respectively, which is included in accrued interest and other assets in the consolidated balance sheet. (2) Fair value represents net carrying value as there is no allowance for credit losses recorded on investment securities available-for-sale, as the securities are high credit quality, investment grade. Fair Value and Unrealized Losses The following tables provide information on fair value and unrealized losses for the individual available-for-sale securities with an unrealized loss, for which an allowance for credit losses on investment securities available-for-sale has not been recorded, aggregated by classification and length of time that the individual investment securities have been in a continuous unrealized loss position: At March 31, 2020 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized Agency CMO $ — $ — $ 10,682 $ (28) 1 $ 10,682 $ (28) Agency MBS 34,313 (180) 60,837 (566) 38 95,150 (746) Agency CMBS 145,948 (454) — — 10 145,948 (454) CMBS 402,409 (43,971) 6,615 (885) 45 409,024 (44,856) CLO 61,708 (4,592) 15,663 (3,037) 4 77,371 (7,629) Corporate debt 3,400 (856) 7,480 (2,802) 3 10,880 (3,658) Available-for-sale in unrealized loss position $ 647,778 $ (50,053) $ 101,277 $ (7,318) 101 $ 749,055 $ (57,371) At December 31, 2019 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized 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) Available-for-sale in unrealized loss position $ 607,521 $ (1,914) $ 762,631 $ (11,938) 157 $ 1,370,152 $ (13,852) Unrealized losses on available-for-sale debt securities presented in the previous table have not been recognized in the consolidated statements of income because the securities are high credit quality, investment grade securities that the Company does not intend to sell and will not be required to sell prior to their anticipated recovery, and the decline in fair value is attributable to factors other than credit losses. Fair value is expected to recover as the securities approach maturity. As of March 31, 2020, none of the available-for-sale investment securities were in non-accrual status. Contractual Maturities The amortized cost and fair value of available-for-sale debt securities by contractual maturity are set forth below: At March 31, 2020 (In thousands) Amortized Fair Due in one year or less $ — $ — Due after one year through five years — — Due after five through ten years 270,170 244,659 Due after ten years 2,743,341 2,771,972 Total available-for-sale debt securities $ 3,013,511 $ 3,016,631 For the maturity schedule above, investment securities 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 repay obligations with or without prepayment penalties. Sales of Available-for Sale Investment Securities For the three months ended March 31, 2020, proceeds from sales of available-for-sale securities were $9.0 million. These sales produced realized gains of $8 thousand. There were no sales during the three months ended March 31, 2019. Other Information At March 31, 2020, the Company had a carrying value of $1.2 billion in callable debt securities in its CMBS, CLO, and municipal bond portfolios. The Company considers this prepayment risk in the evaluation of its interest rate risk profile. Investment securities with a carrying value totaling $4.0 billion at March 31, 2020 and $2.7 billion at December 31, 2019 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 | 3 Months Ended |
Mar. 31, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | Loans and Leases The following table summarizes loans and leases: (In thousands) At March 31, At December 31, 2019 Commercial non-mortgage $ 5,838,673 $ 5,296,611 Asset-based 1,180,328 1,046,886 Commercial real estate 6,122,474 5,949,339 Equipment financing 546,946 537,341 Total commercial portfolio 13,688,421 12,830,177 Residential 4,991,512 4,972,685 Home equity 1,992,372 2,014,544 Other consumer 219,219 219,580 Total consumer portfolio 7,203,103 7,206,809 Loans and leases (1) (2) (3) $ 20,891,524 $ 20,036,986 (1) Loan balances include net deferred fees/costs and net premiums/discounts of $19.7 million and $17.6 million at March 31, 2020 and December 31, 2019, respectively. (2) At March 31, 2020 the Company had pledged $7.7 billion of eligible loans as collateral to support borrowing capacity at the Federal Home Loan Bank (FHLB) of Boston and the Federal Reserve Bank (FRB) of Boston. (3) Loan balances exclude accrued interest receivable of $61.5 million and $59.0 million at March 31, 2020 and December 31, 2019, respectively, which is included in accrued interest and other assets in the consolidated balance sheet. Equipment financing includes net investment in leases of $179.1 million at March 31, 2020. Total undiscounted cash flows to be received from the Company's net investment in leases are $194.5 million at March 31, 2020 and are primarily due within the next five years. The Company's lessor activity has recognized interest income of $1.5 million and $1.4 million for the three months ended March 31, 2020 and 2019, respectively. Loans and Leases Aging The following tables summarize the aging of loans and leases: At March 31, 2020 (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 non-mortgage $ 3,303 $ 515 $ 75 $ 65,139 $ 69,032 $ 5,769,641 $ 5,838,673 Asset-based — — — 137 137 1,180,191 1,180,328 Commercial real estate 2,222 — — 12,910 15,132 6,107,342 6,122,474 Equipment financing 3,922 483 — 8,950 13,355 533,591 546,946 Residential 7,603 4,232 — 42,465 54,300 4,937,212 4,991,512 Home equity 8,230 4,462 — 31,796 44,488 1,947,884 1,992,372 Other consumer 1,230 791 — 1,033 3,054 216,165 219,219 Total $ 26,510 $ 10,483 $ 75 $ 162,430 $ 199,498 $ 20,692,026 $ 20,891,524 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 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 1,256 454 — 11,563 13,273 5,936,066 5,949,339 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 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 The following table provides additional detail related to loans and leases on non-accrual status: At March 31, 2020 At December 31, 2019 (In thousands) Nonaccrual Nonaccrual With No Allowance Nonaccrual Nonaccrual With No Allowance Commercial non-mortgage $ 65,139 $ 33,604 $ 59,369 $ 13,584 Asset-based 137 — 139 — Commercial real estate 12,910 5,654 11,563 4,717 Equipment financing 8,950 564 5,433 2,159 Total commercial portfolio 87,136 39,822 76,504 20,460 Residential 42,465 33,779 43,193 19,271 Home equity 31,796 24,159 30,170 15,195 Other consumer 1,033 65 1,192 — Total consumer portfolio 75,294 58,003 74,555 34,466 Total $ 162,430 $ 97,825 $ 151,059 $ 54,926 Interest income on non-accrual loans for the three months ended March 31, 2020 and the three months ended March 31, 2019 for residential was $0.3 million for both periods and for home equity was $0.5 million and $0.4 million, respectively. Interest on non-accrual loans and leases that would have been recorded as additional interest income had the loans and leases been current in accordance with the original terms totaled $3.3 million and $3.0 million for the three months ended March 31, 2020 and 2019, respectively. Refer to Note 1 to the Consolidated Financial Statements included in the Company's Form 10-K, for the year ended December 31, 2019, for details of non-accrual policies. Allowance for Credit Losses on Loans and Leases The following tables summarize the activity in, as well as the loan and lease balances that were evaluated for, ACL on loans and leases: At or for the three months ended March 31, 2020 At or for the three months ended March 31, 2019 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 161,669 $ 47,427 $ 209,096 $ 164,073 $ 48,280 $ 212,353 Adoption of ASU No. 2016-13 (CECL) 34,024 23,544 57,568 — — — Provision charged to expense 71,243 4,842 76,085 7,990 610 8,600 Charge-offs (5,574) (4,587) (10,161) (8,810) (4,223) (13,033) Recoveries 564 1,779 2,343 804 2,665 3,469 Balance, end of period $ 261,926 $ 73,005 $ 334,931 $ 164,057 $ 47,332 $ 211,389 Individually evaluated for impairment $ 8,235 $ 4,777 $ 13,012 $ 8,262 $ 5,543 $ 13,805 Collectively evaluated for impairment $ 253,691 $ 68,228 $ 321,919 $ 155,795 $ 41,789 $ 197,584 Loan and lease balances: Individually evaluated for impairment $ 177,012 $ 155,105 $ 332,117 $ 133,203 $ 141,173 $ 274,376 Collectively evaluated for impairment 13,511,409 7,047,998 20,559,407 11,709,564 6,830,350 18,539,914 Loans and leases $ 13,688,421 $ 7,203,103 $ 20,891,524 $ 11,842,767 $ 6,971,523 $ 18,814,290 Credit Quality Indicators. To measure credit risk for the commercial, commercial real estate, and equipment financing portfolios, the Company employs a dual grade credit risk grading system for estimating the PD and the LGD. The Company's credit risk grading system has not changed with the adoption of CECL. 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 on at least an annual basis for all pass rated loans to assess the accuracy of the risk grade. Criticized loans undergo more frequent reviews and enhanced monitoring. A (7) "Special Mention" credit has the potential weakness that, if left uncorrected, may result in deterioration of the repayment prospects for the asset. A (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 most relevant credit characteristic is FICO score. FICO scores are a widely used credit score and range from 300 to 850. A lower FICO score is indicative of higher credit risk. FICO scores are updated at least quarterly. The following table summarizes commercial, commercial real estate, and equipment financing loans and leases segregated by origination year and risk rating exposure under the Composite Credit Risk Profile grades as of March 31, 2020: (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage Pass $ 430,104 $ 1,385,259 $ 1,117,948 $ 608,794 $ 324,107 $ 334,448 $ 1,322,658 $ 5,523,318 Special mention — 12,935 7,306 15,837 — 9,014 3,703 48,795 Substandard 1,014 35,271 40,267 55,992 22,609 40,292 67,257 262,702 Doubtful — 3,378 — 480 — — — 3,858 Total commercial non-mortgage 431,118 1,436,843 1,165,521 681,103 346,716 383,754 1,393,618 5,838,673 Asset-based Pass — 24,171 21,757 14,218 11,445 24,754 1,011,753 1,108,098 Special mention — 2,333 850 — — 1,613 32,686 37,482 Substandard — — — — — — 34,748 34,748 Total asset-based — 26,504 22,607 14,218 11,445 26,367 1,079,187 1,180,328 Commercial real estate Pass 319,742 1,493,595 1,304,836 671,838 678,616 1,521,662 41,126 6,031,415 Special mention — — 22,684 3,865 567 3,240 — 30,356 Substandard — — 529 23,053 2,178 34,943 — 60,703 Total commercial real estate 319,742 1,493,595 1,328,049 698,756 681,361 1,559,845 41,126 6,122,474 Equipment financing Pass 58,694 195,860 104,696 46,139 70,410 38,836 — 514,635 Special mention 45 4,209 4,515 — 302 262 — 9,333 Substandard 163 1,324 6,358 3,014 5,232 6,887 — 22,978 Total equipment financing 58,902 201,393 115,569 49,153 75,944 45,985 — 546,946 Total commercial portfolio $ 809,762 $ 3,158,335 $ 2,631,746 $ 1,443,230 $ 1,115,466 $ 2,015,951 $ 2,513,931 $ 13,688,421 The following table summarizes residential and consumer loans segregated by origination year and risk rating exposure under FICO score groupings as of March 31, 2020: (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Residential 800+ $ 22,988 $ 317,512 $ 84,511 $ 246,445 $ 342,342 $ 1,024,460 $ — $ 2,038,258 740-799 85,134 477,768 106,474 223,136 234,160 667,180 — 1,793,852 670-739 33,038 199,222 64,161 106,085 108,279 334,075 — 844,860 580-669 856 32,110 11,471 13,141 19,061 121,294 — 197,933 579 and below — 24,367 412 4,967 4,684 82,179 — 116,609 Total residential 142,016 1,050,979 267,029 593,774 708,526 2,229,188 — 4,991,512 Home equity 800+ 3,447 17,876 32,108 19,123 18,729 73,163 548,752 713,198 740-799 5,357 20,881 27,965 16,554 17,693 55,972 481,738 626,160 670-739 4,416 13,677 16,389 12,336 10,556 56,375 337,893 451,642 580-669 341 2,938 3,474 3,038 2,943 21,931 104,333 138,998 579 and below 49 738 1,303 1,108 732 13,607 44,837 62,374 Total home equity 13,610 56,110 81,239 52,159 50,653 221,048 1,517,553 1,992,372 Other consumer 800+ 1,293 3,920 2,689 791 197 238 7,329 16,457 740-799 7,752 23,298 14,404 2,638 956 681 3,472 53,201 670-739 18,745 62,579 29,506 7,793 3,425 2,239 6,993 131,280 580-669 1,839 5,395 2,798 1,212 578 581 2,227 14,630 579 and below 410 613 425 121 84 262 1,736 3,651 Total other consumer 30,039 95,805 49,822 12,555 5,240 4,001 21,757 219,219 Total consumer portfolio 185,665 1,202,894 398,090 658,488 764,419 2,454,237 1,539,310 7,203,103 Total commercial portfolio 809,762 3,158,335 2,631,746 1,443,230 1,115,466 2,015,951 2,513,931 13,688,421 Total loans and leases $ 995,427 $ 4,361,229 $ 3,029,836 $ 2,101,718 $ 1,879,885 $ 4,470,188 $ 4,053,241 $ 20,891,524 Individually Assessed Loans and Leases The following tables summarize individually assessed loans and leases (At December 31, 2019, partially charged-off consumer loans and leases were included in collectively evaluated for impairment): At March 31, 2020 (In thousands) Unpaid Amortized Cost Amortized Cost No Allowance Amortized Cost With Allowance Related Commercial non-mortgage $ 188,458 $ 143,415 $ 53,032 $ 90,383 $ 6,527 Asset-based 463 137 — 137 3 Commercial real estate 30,540 24,509 15,699 8,810 1,044 Equipment financing 9,063 8,951 549 8,402 661 Residential 119,579 105,460 68,788 36,672 3,438 Home equity 114,212 48,612 35,606 13,006 1,137 Other consumer 2,675 1,033 65 968 202 Total $ 464,990 $ 332,117 $ 173,739 $ 158,378 $ 13,012 At December 31, 2019 (In thousands) Unpaid Amortized Cost Amortized Cost No Allowance Amortized Cost With Allowance Related Commercial non-mortgage $ 140,096 $ 102,254 $ 29,739 $ 72,515 $ 7,862 Asset-based 465 139 — 139 5 Commercial real estate 29,292 23,297 14,818 8,479 1,143 Equipment financing 5,591 5,433 2,159 3,274 418 Residential 98,790 90,096 56,231 33,865 3,618 Home equity 38,503 35,191 27,672 7,519 1,203 Other consumer — — — — — Total $ 312,737 $ 256,410 $ 130,619 $ 125,791 $ 14,249 The following table summarizes the average amortized cost and interest income recognized for individually assessed loans and leases: Three months ended March 31, 2020 2019 (In thousands) Average Accrued Cash Basis Interest Income Average Accrued Cash Basis Interest Income Commercial non-mortgage $ 122,835 $ 1,053 $ — $ 107,529 $ 920 $ — Asset-based 138 — — 222 — — Commercial real estate 23,903 146 — 11,544 73 — Equipment financing 7,192 — — 5,634 — — Residential 97,778 830 630 102,926 908 264 Home equity 41,902 391 830 38,998 269 280 Other consumer 512 17 — — — — Total $ 294,260 $ 2,437 $ 1,460 $ 266,853 $ 2,170 $ 544 Collateral Dependent Loans and Leases. The ACL on loans and leases specific to collateral dependent loans is individually assessed based on the fair value of the collateral, less costs to sell, as of the reporting date. A loan is considered collateral dependent when the borrower is experiencing financial difficulty and when the loan is expected to be repaid substantially through the sale or operation of the collateral. Commercial non-mortgage, asset based, and equipment financing are collateralized by equipment, inventory, receivables, or other non-real estate assets. Commercial real estate, residential, and home equity are collateralized by real estate. The following table summarizes whether, or not, individually assessed loans and leases are collateral dependent: March 31, 2020 December 31, 2019 (In thousands) Collateral Dependent Not Considered Collateral Dependent Total Collateral Dependent Not Considered Collateral Dependent Total Commercial non-mortgage $ 21,219 $ 122,196 $ 143,415 $ 10,682 $ 91,572 $ 102,254 Asset-based — 137 137 — 139 139 Commercial real estate 20,157 4,352 24,509 14,097 9,200 23,297 Equipment financing — 8,951 8,951 — 5,433 5,433 Residential 36,663 68,797 105,460 17,635 72,461 90,096 Home equity 27,987 20,625 48,612 17,136 18,055 35,191 Other consumer — 1,033 1,033 — — — Total amortized cost of CDA $ 106,026 $ 226,091 $ 332,117 $ 59,550 $ 196,860 $ 256,410 Collateral value $ 362,368 $ 362,368 $ 109,810 $ 109,810 Troubled Debt Restructurings The following table summarizes information for TDRs: (In thousands) At March 31, At December 31, 2019 Accrual status $ 157,235 $ 136,449 Non-accrual status 100,892 100,989 Total TDRs $ 258,127 $ 237,438 Specific reserves for TDRs included in the balance of ACL on loans and leases $ 11,984 $ 12,956 Additional funds committed to borrowers in TDR status 6,949 4,856 For the portion of TDRs deemed to be uncollectible, Webster charged off $1.2 million and $1.4 million for the three months ended March 31, 2020 and 2019, respectively. The following table provides information on the type of concession for loans and leases modified as TDRs: Three months ended March 31, 2020 2019 Number of Post- Modification Recorded Investment (1) Number of Post- Modification Recorded Investment (1) (Dollars in thousands) Commercial non-mortgage Extended Maturity 2 $ 104 2 $ 124 Maturity/Rate Combined 5 274 1 25 Other (2) 10 27,137 15 22,027 Commercial real estate Extended Maturity — — — — Maturity/Rate Combined 1 278 — — Other (2) — — 2 2,636 Residential Extended Maturity 1 264 1 519 Maturity/Rate Combined 3 443 5 451 Other (2) 3 613 2 261 Consumer Extended Maturity — — 2 145 Maturity/Rate Combined 1 13 — — Other (2) 11 1,113 13 754 Total TDRs 37 $ 30,239 43 $ 26,942 (1) Post-modification balances approximate pre-modification balances. The aggregate amount of charge-offs as a result of the restructurings was not significant. (2) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. There were no significant amounts of loans and leases modified as TDRs within the previous 12 months and for which there was a payment default for the three months ended March 31, 2020 and 2019, respectively. TDRs in commercial, commercial real estate, and equipment financing segregated by risk rating exposure is as follows: (In thousands) At March 31, 2020 At December 31, 2019 (1) - (6) Pass $ 4,125 $ 3,952 (7) Special Mention 59 63 (8) Substandard 129,525 104,277 (9) Doubtful 3,857 3,860 Total $ 137,566 $ 112,152 |
Transfers of Financial Assets
Transfers of Financial Assets | 3 Months Ended |
Mar. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Transfers of Financial Assets | Transfers of Financial Assets The Company sells financial assets in the normal course of business, primarily residential mortgage loans sold to government-sponsored enterprises through established programs and securitizations. 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 the counterparty, the vintage of the loans sold, the amount of open repurchase requests, specific loss estimates for each open request, the current level of loan losses in similar vintages held in the residential loan portfolio, and estimated recoveries on the underlying collateral. The reserve also reflects management’s expectation of losses from 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 income statement. The following table provides a summary of activity in the reserve for loan repurchases: Three months ended March 31, (In thousands) 2020 2019 Beginning balance $ 508 $ 674 Provision charged to expense 22 7 Recoveries (repurchased loans and settlements charged off) 103 (5) Ending balance $ 633 $ 676 The following table provides information for mortgage banking activities: Three months ended March 31, (In thousands) 2020 2019 Residential mortgage loans held for sale: Proceeds from sale $ 75,594 $ 20,613 Loans sold with servicing rights retained 72,091 17,348 Net gain on sale 2,519 158 Ancillary fees 401 261 Fair value option adjustment (27) 345 Additionally, loans not originated for sale were sold approximately at carrying value for cash proceeds of $0.4 million for certain commercial loans for the three months ended March 31, 2020, and $4.0 million for certain residential loans for the three months ended March 31, 2019. The Company services residential mortgage loans for other entities totaling $2.4 billion at both March 31, 2020 and December 31, 2019. The following table presents the changes in carrying value for mortgage servicing assets: Three months ended March 31, (In thousands) 2020 2019 Beginning balance $ 17,484 $ 21,215 Additions 1,189 462 Amortization (1,707) (1,892) Valuation allowance (575) — Ending balance $ 16,391 $ 19,785 Loan servicing fees, net of mortgage servicing rights amortization, were $0.5 million and $0.4 million for the three months ended March 31, 2020 and 2019, respectively, and are included as a component of loan related fees in the consolidated statement of income. Refer to Note 14: Fair Value Measurements for additional information on loans held for sale and mortgage servicing assets. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 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 March 31, 2020 (In thousands) Operating Leases Consolidated Balance Sheet Line Item Location ROU lease assets $ 157,786 Premises and equipment, net Lease liabilities 177,061 Operating lease liabilities The components of operating lease cost and other related information are as follows: At or for the three months ended (In thousands) March 31, 2020 March 31, 2019 Lease Cost: Operating lease costs $ 7,424 $ 7,385 Variable lease costs 1,427 1,253 Sublease income (145) (140) Total operating lease cost $ 8,706 $ 8,498 Other Information: Cash paid for amounts included in the measurement of lease liabilities $ 7,758 $ 7,673 ROU lease assets obtained in exchange for new operating lease liabilities 8,666 6,638 The undiscounted scheduled maturities reconciled to total operating lease liabilities are as follows: (In thousands) At March 31, 2020 Remainder of 2020 $ 20,816 2021 30,940 2022 27,793 2023 24,880 2024 21,432 Thereafter 79,784 Total operating lease liability payments 205,645 Less: Present value adjustment 28,584 Lease liabilities $ 177,061 Weighted-average remaining lease term - operating leases, in years 8.39 Weighted-average discount rate - operating leases 3.26 % |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets There has been no change during 2020 in the carrying amounts for goodwill. For additional information on goodwill refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2019. Other intangible assets by reportable segment consisted of the following: At March 31, 2020 At December 31, 2019 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying HSA Bank - Core deposits $ 22,000 $ 13,631 $ 8,369 $ 22,000 $ 13,073 $ 8,927 HSA Bank - Customer relationships 21,000 8,414 12,586 21,000 8,010 12,990 Total other intangible assets $ 43,000 $ 22,045 $ 20,955 $ 43,000 $ 21,083 $ 21,917 At March 31, 2020, the remaining estimated aggregate future amortization expense for other intangible assets is as follows: (In thousands) Remainder of 2020 $ 2,885 2021 3,847 2022 3,847 2023 3,847 2024 1,615 Thereafter 4,914 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits A summary of deposits by type follows: (In thousands) At March 31, At December 31, Non-interest-bearing: Demand $ 4,883,436 $ 4,446,463 Interest-bearing: Health savings accounts 6,736,178 6,416,135 Checking 3,007,069 2,689,734 Money market 2,477,304 2,312,840 Savings 4,418,689 4,354,809 Time deposits 2,991,161 3,104,765 Total interest-bearing $ 19,630,401 $ 18,878,283 Total deposits $ 24,513,837 $ 23,324,746 Time deposits and interest-bearing checking, included in above balances, obtained through brokers $ 810,190 $ 652,151 Time deposits, included in above balance, that exceed the FDIC limit 588,488 661,334 Deposit overdrafts reclassified as loan balances 1,358 1,721 The scheduled maturities of time deposits are as follows: (In thousands) At March 31, Remainder of 2020 $ 2,351,819 2021 492,301 2022 83,698 2023 32,914 2024 21,891 Thereafter 8,538 Total time deposits $ 2,991,161 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Total borrowings of $3.6 billion at March 31, 2020 and $3.5 billion at December 31, 2019 are described in detail below. The following table summarizes securities sold under agreements to repurchase and other borrowings: At March 31, At December 31, (Dollars in thousands) Amount Rate Amount Rate Securities sold under agreements to repurchase (1) : Original maturity of one year or less $ 237,749 0.24 % $ 240,431 0.19 % Original maturity of greater than one year, non-callable 200,000 0.84 200,000 1.78 Total securities sold under agreements to repurchase 437,749 0.51 440,431 0.91 Fed funds purchased 825,000 0.17 600,000 1.59 Securities sold under agreements to repurchase and other borrowings $ 1,262,749 0.29 $ 1,040,431 1.30 (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 March 31, 2020 At December 31, 2019 (Dollars in thousands) Amount Weighted- Amount Weighted- Maturing within 1 year $ 1,465,000 0.74 % $ 1,690,000 1.79 % After 1 but within 2 years 200,000 2.09 200,000 2.53 After 2 but within 3 years 125 — 130 — After 3 but within 4 years 226 2.95 229 2.95 After 4 but within 5 years 100,000 1.50 50,000 1.59 After 5 years 8,048 2.66 8,117 2.66 FHLB advances $ 1,773,399 0.95 $ 1,948,476 1.87 Aggregate carrying value of assets pledged as collateral $ 7,552,332 $ 7,318,748 Remaining borrowing capacity 3,334,467 2,937,644 Webster Bank is in compliance with FHLB collateral requirements for the periods presented. Eligible collateral, primarily certain residential and commercial real estate loans, has been pledged to secure FHLB advances. The following table summarizes long-term debt: (Dollars in thousands) At March 31, At December 31, 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) 348,179 317,486 Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2) 77,320 77,320 Total notes and subordinated debt 575,499 544,806 Discount on senior fixed-rate notes (1,357) (1,412) Debt issuance cost on senior fixed-rate notes (2,930) (3,030) Long-term debt $ 571,212 $ 540,364 (1) The Company has de-designated its fair value hedging relationship on the notes. A $48.2 million basis adjustment included in the carrying value will be amortized over the remaining life of the notes. (2) The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month London Interbank Offered Rate plus 2.95%, was 3.79% at March 31, 2020 and 4.85% at December 31, 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss, Net of Tax | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss, Net of Tax | Accumulated Other Comprehensive Loss, Net of Tax The following tables summarize the changes in accumulated other comprehensive loss (AOCL), net of tax by component: Three months ended March 31, 2020 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Beginning balance $ 17,251 $ (9,184) $ (44,139) $ (36,072) OCI before reclassifications (15,683) 24,779 — 9,096 Amounts reclassified from AOCL (6) 1,453 729 2,176 Net current-period OCI (15,689) 26,232 729 11,272 Ending balance $ 1,562 $ 17,048 $ (43,410) $ (24,800) Three months ended March 31, 2019 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Beginning balance $ (71,374) $ (9,313) $ (49,965) $ (130,652) OCI/ (OCL) before reclassifications 27,559 (839) — 26,720 Amounts reclassified from AOCL — 1,035 1,056 2,091 Net current-period OCI 27,559 196 1,056 28,811 Ending balance $ (43,815) $ (9,117) $ (48,909) $ (101,841) The following table provides information for the items reclassified from AOCL: (In thousands) Three months ended March 31, Associated Line Item in the Condensed Consolidated Statements of Income AOCL Components 2020 2019 Securities available-for-sale: Unrealized gains (losses) on investment securities $ 8 $ — Gain on sale of investment securities, net Tax benefit (expense) (2) — Income tax expense Net of tax $ 6 $ — Derivative instruments: Hedge terminations $ (1,173) $ (1,391) Interest expense Premium amortization (794) — Interest income Tax benefit 514 356 Income tax expense Net of tax $ (1,453) $ (1,035) Defined benefit pension and other postretirement benefit plans: Amortization of net loss $ (990) $ (1,430) Other non-interest expense Tax benefit 261 374 Income tax expense Net of tax $ (729) $ (1,056) |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2020 | |
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: common equity tier 1 capital, defined by Basel III capital rules (CET1 capital), 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: At March 31, 2020 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 2,459,318 10.95 % $ 1,010,688 4.5 % $ 1,459,883 6.5 % Total risk-based capital 2,943,209 13.10 1,796,779 8.0 2,245,974 10.0 Tier 1 risk-based capital 2,604,355 11.60 1,347,584 6.0 1,796,779 8.0 Tier 1 leverage capital 2,604,355 8.61 1,209,381 4.0 1,511,727 5.0 Webster Bank CET1 risk-based capital $ 2,596,274 11.58 % $ 1,009,288 4.5 % $ 1,457,860 6.5 % Total risk-based capital 2,857,808 12.74 1,794,289 8.0 2,242,862 10.0 Tier 1 risk-based capital 2,596,274 11.58 1,345,717 6.0 1,794,289 8.0 Tier 1 leverage capital 2,596,274 8.59 1,209,218 4.0 1,511,522 5.0 At December 31, 2019 Actual Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio 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 (1) In accordance with regulatory capital rules, the Company elected an option to delay the estimated impact of CECL on its regulatory capital over a two-year deferral and subsequent three-year transition period ending December 31, 2024. As a result, capital ratios and amounts as of March 31, 2020 exclude the impact of the increased allowance for credit losses on loans, held-to-maturity debt securities and unfunded loan commitments attributed to the adoption of CECL. 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 the Bank to fall below specified minimum levels, or exceed the net income for that year combined with the undistributed net income for the preceding two years. Webster Bank paid no dividends to Webster Financial Corporation during the three months ended March 31, 2020 compared to $80 million during the three months ended March 31, 2019. Cash Restrictions. Webster Bank is required by Federal Reserve System regulations to hold cash reserve balances on hand or with a Federal Reserve Bank. To address potential impacts of the COVID-19 pandemic the Federal Reserve reset the requirement to zero, effective March 26, 2020. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Reconciliation of the calculation of basic and diluted earnings per common share follows: Three Months Ended March 31, (In thousands, except per share data) 2020 2019 Earnings for basic and diluted earnings per common share: Net income $ 38,199 $ 99,736 Less: Preferred stock dividends 1,969 1,969 Net income available to common shareholders 36,230 97,767 Less: Earnings applicable to participating securities (1) 209 218 Earnings applicable to common shareholders $ 36,021 $ 97,549 Shares: Weighted-average common shares outstanding - basic 90,936 91,962 Effect of dilutive securities 270 263 Weighted-average common shares outstanding - diluted 91,206 92,225 Earnings per common share (1) : Basic $ 0.40 $ 1.06 Diluted 0.39 1.06 (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 35 thousand and 91 thousand for the three months ended March 31, 2020 and 2019, 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 | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Derivative Positions and Offsetting Derivatives Designated in Hedge Relationships . Interest rate swaps allow the Company to change the fixed or variable nature of an interest rate without the exchange of the underlying notional amount. Certain pay fixed/receive variable interest rate swaps are designated as cash flow hedges to convert floating-rate debt into fixed-rate debt, while certain receive fixed/pay variable interest rate swaps are designated as fair value hedges to convert fixed-rate long-term debt into a variable-rate obligation. Certain purchased options are designated as cash flow hedges. Purchased options allow the Company to limit the potential adverse impact of variable interest rates by establishing a cap or a floor strike rate in exchange for an upfront premium. The purchased options designated as cash flow hedges represent interest rate caps where payment is received from the counterparty if interest rates rise above the contractual strike rate and interest rate floors where payment is received from the counterparty when interest rates fall below the contractual strike rate. Derivatives Not Designated in Hedge Relationships. The Company also enters into other derivative transactions to manage economic risks but does not designate the instruments in hedge relationships. Further, the Company enters into derivative contracts to accommodate customer needs. Derivative contracts with customers are offset with dealer counterparty transactions structured with matching terms to ensure minimal impact on earnings. The following table presents the notional amounts and fair values of derivative positions: At March 31, 2020 At December 31, 2019 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) $ 1,150,000 $ 45,910 $ 75,000 $ 417 $ 1,225,000 $ 11,855 $ 300,000 $ 3,153 Not designated as hedging instruments: Interest rate derivatives (1) 4,483,609 352,782 4,475,948 17,017 4,869,139 133,455 4,090,522 9,732 Mortgage banking derivatives (2) 79,265 1,401 5,000 189 27,873 329 57,000 110 Other (3) 105,109 1,071 253,134 1,180 76,544 398 275,279 818 Total not designated as hedging instruments 4,667,983 355,254 4,734,082 18,386 4,973,556 134,182 4,422,801 10,660 Gross derivative instruments, before netting $ 5,817,983 401,164 $ 4,809,082 18,803 $ 6,198,556 146,037 $ 4,722,801 13,813 Less: Master netting agreements 12,212 12,212 4,779 4,779 Cash collateral 33,730 5,437 8,100 1,871 Total derivative instruments, after netting $ 355,222 $ 1,154 $ 133,158 $ 7,163 (1) Balances related to Chicago Mercantile Exchange (CME) are presented as a single unit of account. In accordance with its rule book, CME legally characterizes variation margin payments as settlement of derivatives rather than collateral against derivative positions. Notional amounts of interest rate swaps cleared through CME include $10.0 million and $1.1 billion for asset derivatives and $3.5 billion and $2.6 billion for liability derivatives at March 31, 2020 and December 31, 2019, respectively. The related fair values approximate zero. (2) Notional amounts related to residential loan commitments do not include approved floating rate commitments of $9.8 million, at March 31, 2020. (3) Other derivatives include foreign currency forward contracts related to lending arrangements and customer hedging activity, a Visa equity swap transaction, and risk participation agreements (RPAs). Notional amounts of RPAs include $78.1 million and $65.7 million for asset derivatives and $208.4 million and $223.4 million for liability derivatives at March 31, 2020 and December 31, 2019, respectively, that have insignificant related fair values. The following table presents fair value positions transitioned from gross to net upon applying counterparty netting agreements: At March 31, 2020 (In thousands) Gross Offset Amount Net Amount on Balance Sheet Amounts Not Offset Net Amounts Asset derivatives $ 46,762 45,942 $ 820 $ 143 $ 963 Liability derivatives 18,012 17,649 363 — 363 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 Derivative Activity 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 Three months ended March 31, (In thousands) Net Interest Income 2020 2019 Fair value hedges: Recognized on derivatives Long-term debt $ 20,486 $ 1,628 Recognized on hedged items Long-term debt (20,486) (1,628) Net recognized on fair value hedges $ — $ — Cash flow hedges: Interest rate derivatives Long-term debt $ 1,121 $ 953 Interest rate derivatives Interest and fees on loans and leases 740 — Net recognized on cash flow hedges $ 1,861 $ 953 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 (1) (In thousands) At March 31 At December 31 At March 31 At December 31 Long-term debt $ 348,179 $ 317,486 $ 48,179 $ 17,486 (1) The Company has de-designated its fair value hedging relationship on the long-term debt. The $48.2 million basis adjustment included in the carrying value will be amortized over the remaining life of the notes. The following table presents the effect on the income statement for derivatives not designated as hedging instruments: Recognized In Three months ended March 31, (In thousands) Non-interest Income 2020 2019 Interest rate derivatives Other income $ 5,926 $ 1,051 Mortgage banking derivatives Mortgage banking activities (993) (408) Other Other income 1,911 515 Total not designated as hedging instruments $ 6,844 $ 1,158 Purchased options designated as cash flow hedges exclude time-value premiums from the assessment of hedge effectiveness. Time-value premiums are amortized on a straight-line basis. During the three months ending March 31, 2020, $0.8 million was amortized to net interest income. At March 31, 2020, the remaining unamortized balance of time-value premiums was $11.6 million. Over the next twelve months, an estimated $6.3 million decrease to interest expense will be reclassified from AOCL relating to cash flow hedges, and an estimated $2.1 million increase to interest expense will be reclassified from AOCL relating to hedge terminations. At March 31, 2020, the remaining unamortized loss on terminated cash flow hedges is $4.2 million. The maximum length of time over which forecasted transactions are hedged is 4 years. Additional information about cash flow hedge activity impacting AOCL and the related amounts reclassified to interest expense is provided in Note 10: Accumulated Other Comprehensive Loss, Net of Tax. Information about the valuation methods used to measure the fair value of derivatives is provided in Note 14: Fair Value Measurements. Derivative Exposure The Company had approximately $357.6 million in net margin posted with financial counterparties or the derivative clearing organization at March 31, 2020, which is primarily comprised of $85.4 million in initial margin collateral posted at CME and $300.3 million in CME variation margin posted. At March 31, 2020, $33.7 million of cash collateral received is included in cash and due from banks on the consolidated balance sheet and is considered restricted in nature. Webster regularly evaluates the credit risk of its derivative customers, taking into account the likelihood of default, net exposures, and remaining contractual life, among other related factors. Credit risk exposure is mitigated as transactions with customers are generally secured by the same collateral of the underlying transactions being hedged. Current net credit exposure relating to interest rate derivatives with Webster Bank customers was $352.1 million at March 31, 2020. In addition, the Company monitors potential future exposure, representing its best estimate of exposure to remaining contractual maturity. The potential future exposure relating to interest rate derivatives with Webster Bank customers totaled $40.2 million at March 31, 2020. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 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 Accounting Standards Codification (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 March 31, 2020 At December 31, 2019 (In thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 22,147 $ 22,006 $ 141 $ 35,750 $ 35,186 $ 564 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 (NAV), 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 at March 31, 2020. 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 March 31, 2020, these alternative investments had a remaining unfunded commitment of $28.1 million. Summaries of the fair values of assets and liabilities measured at fair value on a recurring basis are as follows: At March 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Financial assets held at fair value: U.S. Treasury Bills $ — $ — $ — $ — Agency CMO — 204,830 — 204,830 Agency MBS — 1,612,818 — 1,612,818 Agency CMBS — 697,682 — 697,682 CMBS — 409,023 — 409,023 CLO — 81,398 — 81,398 Corporate debt — 10,880 — 10,880 Total available-for-sale investment securities — 3,016,631 — 3,016,631 Gross derivative instruments, before netting (1) 808 400,356 — 401,164 Originated loans held for sale — 22,147 — 22,147 Investments held in Rabbi Trust 3,990 — — 3,990 Alternative investments (2) — — — 5,701 Total financial assets held at fair value $ 4,798 $ 3,439,134 $ — $ 3,449,633 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 759 $ 18,044 $ — $ 18,803 At December 31, 2019 (In thousands) Level 1 Level 2 Level 3 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 (2) — — — 5,701 Total financial assets held at fair value $ 5,108 $ 3,107,292 $ — $ 3,118,101 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 611 $ 13,202 $ — $ 13,813 (1) For information relating to the impact of netting derivative assets and derivative liabilities as well as the impact from offsetting cash collateral paid to the same derivative counterparties see Note 13: Derivative Financial Instruments. (2) Alternative investments are recorded at NAV. Assets measured at NAV are not classified within the fair value hierarchy. 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 March 31, 2020, 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 $13.2 million at March 31, 2020. No reductions for impairments, or adjustments due to observable price changes, was identified during the three months ended March 31, 2020. 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. Collateral Dependent Loans and Leases. Loans and leases for which the payment is expected to be provided solely by the value of the underlying collateral are considered collateral dependent and are valued based on the estimated fair value of such collateral, less estimated cost to sell, using customized discounting criteria. Accordingly, such collateral dependent 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 $6.8 million at March 31, 2020. 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. In addition, the amortized cost of consumer loans secured by residential real estate property that are in process of foreclosure amounted to $6.8 million at March 31, 2020. 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 collateral dependent 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. 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 reviewed quarterly and held at the lower of the carrying amount or fair value. Fair value adjustments, if any, are included as a component of loan related fees in the consolidated statement of income. During the three months ended March 31, 2020, the Company recorded a $575 thousand valuation allowance. Mortgage servicing assets are classified within Level 3 of the fair value hierarchy. The estimated fair value of selected financial instruments and servicing assets are as follows: At March 31, 2020 At December 31, 2019 (In thousands) Carrying Fair Carrying Fair Assets: Level 2 Held-to-maturity investment securities $ 5,485,894 $ 5,642,527 $ 5,293,918 $ 5,380,653 Level 3 Loans and leases, net 20,556,593 20,844,596 19,827,890 19,961,632 Mortgage servicing assets 16,391 20,846 17,484 33,250 Liabilities: Level 2 Deposit liabilities $ 21,522,676 $ 21,522,676 $ 20,219,981 $ 20,219,981 Time deposits 2,991,161 3,000,656 3,104,765 3,102,316 Securities sold under agreements to repurchase and other borrowings 1,262,749 1,268,094 1,040,431 1,041,042 FHLB advances 1,773,399 1,783,284 1,948,476 1,950,035 Long-term debt (1) 571,212 500,410 540,364 555,775 (1) Adjustments to the carrying amount of long-term debt for basis adjustment and unamortized discount and debt issuance cost on senior fixed-rate notes are not included for determination of fair value Refer to Note 9: Borrowings for additional information. |
Retirement Benefit Plans
Retirement Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans Defined benefit pension and other postretirement benefits The following table summarizes the components of net periodic benefit cost: Three months ended March 31, 2020 2019 (In thousands) Pension Plan SERP Other Benefits Pension Plan SERP Other Benefits Interest cost on benefit obligations $ 1,675 $ 11 $ 13 $ 1,978 $ 16 $ 21 Expected return on plan assets (3,380) — — (2,815) — — Recognized net loss 992 6 (9) 1,430 4 (4) Net periodic benefit (benefit) cost $ (713) $ 17 $ 4 $ 593 $ 20 $ 17 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
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 credit 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 (FTP) is absorbed in corporate treasury activities. 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 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. Beginning in 2020, Webster refined the FTP calculation to reflect the allocation of capital credit to net interest income to better align segment results with key measurements used to review segment performance. Prior period net interest income and income tax expense were revised to reflect this change. 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 allocates the provision for credit 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 credit losses amounts, and resulting impacts from income tax expense were revised accordingly. Allowance for credit losses on loans and leases is included in total assets within the Corporate and Reconciling category. The following table presents total assets for Webster's reportable segments and the Corporate and Reconciling category: (In thousands) Commercial HSA Community Corporate and Consolidated At March 31, 2020 $ 12,332,819 $ 80,130 $ 9,441,305 $ 9,800,620 $ 31,654,874 At December 31, 2019 11,541,803 80,176 9,348,727 9,418,638 30,389,344 The following tables present the operating results, including all appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category: Three months ended March 31, 2020 (In thousands) Commercial HSA Community Banking Corporate and Consolidated Net interest income $ 99,316 $ 42,673 $ 99,470 $ (10,658) $ 230,801 Non-interest income 13,239 26,383 27,620 6,136 73,378 Non-interest expense 46,544 37,078 98,967 (3,753) 178,836 Pre-tax, pre-provision net revenue 66,011 31,978 28,123 (769) 125,343 Provision for credit losses 63,524 — 12,561 (85) 76,000 Income before income tax expense 2,487 31,978 15,562 (684) 49,343 Income tax expense 609 8,538 3,081 (1,084) 11,144 Net income $ 1,878 $ 23,440 $ 12,481 $ 400 $ 38,199 Three months ended March 31, 2019 (In thousands) Commercial HSA Community Banking Corporate and Consolidated Net interest income $ 98,342 $ 43,098 $ 106,290 $ (6,179) $ 241,551 Non-interest income 14,011 25,577 25,382 3,642 68,612 Non-interest expense 44,618 33,522 95,075 2,471 175,686 Pre-tax, pre-provision net revenue 67,735 35,153 36,597 (5,008) 134,477 Provision for credit losses 6,241 — 2,359 — 8,600 Income before income tax expense 61,494 35,153 34,238 (5,008) 125,877 Income tax expense 15,251 9,316 7,258 (5,684) 26,141 Net income $ 46,243 $ 25,837 $ 26,980 $ 676 $ 99,736 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers Revenue from Contracts with customers | 3 Months Ended |
Mar. 31, 2020 | |
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: Three months ended March 31, 2020 (In thousands) Commercial HSA Community Corporate and Consolidated Non-interest Income: Deposit service fees $ 3,059 $ 24,842 $ 14,592 $ 77 $ 42,570 Wealth and investment services 2,528 — 6,218 (7) 8,739 Other — 1,541 317 — 1,858 Revenue from contracts with customers 5,587 26,383 21,127 70 53,167 Other sources of non-interest income 7,652 — 6,493 6,066 20,211 Total non-interest income $ 13,239 $ 26,383 $ 27,620 $ 6,136 $ 73,378 Three months ended March 31, 2019 (In thousands) Commercial HSA Community Corporate and Consolidated Non-interest Income: Deposit service fees $ 3,036 $ 24,528 $ 15,365 $ 95 $ 43,024 Wealth and investment services 2,484 — 5,175 (8) 7,651 Other — 1,049 501 — 1,550 Revenue from contracts with customers 5,520 25,577 21,041 87 52,225 Other sources of non-interest income 8,491 — 4,341 3,555 16,387 Total non-interest income $ 14,011 $ 25,577 $ 25,382 $ 3,642 $ 68,612 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, while 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 16: Segment Reporting. Contracts with customers have not generated significant contract assets and liabilities. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
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 to which they relate. The following table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk: (In thousands) At March 31 At December 31, 2019 Commitments to extend credit $ 5,387,188 $ 6,162,658 Standby letter of credit 178,489 188,103 Commercial letter of credit 28,744 29,180 Total credit-related financial instruments with off-balance sheet risk $ 5,594,421 $ 6,379,941 These commitments subject the Company to potential exposure in excess of amounts recorded in the financial statements, and therefore, management maintains a reserve for unfunded credit commitments to provide for expected losses in connection with funding the unused portion of legal commitments to lend when those commitments are not unconditionally cancellable by Webster. Loss calculation factors are consistent with the ACL methodology for funded loans using PD and LGD applied to the underlying borrower risk and facility grades, a draw down factor applied to utilization rates, and relevant forecast information. This reserve is reported as a component of accrued expenses and other liabilities on the consolidated balance sheet. The following table provides a summary of activity in the reserve for unfunded credit commitments: Three months ended March 31, (In thousands) 2020 2019 Beginning balance $ 2,367 $ 2,506 Adoption of ASU No. 2016-13 (CECL) 9,139 — (Benefit) provision charged to non-interest expense (1,422) 5 Ending balance $ 10,084 $ 2,511 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events from the date of the Condensed Consolidated Financial Statements and accompanying Notes thereto, March 31, 2020, through the issuance of this Quarterly Report on Form 10-Q. During the second quarter of 2020, the Company began offering loans that are guaranteed by the SBA under its PPP and authorized under the CARES Act. Through early May 2020, the SBA has approved over 9,000 applications totaling $1.4 billion under this program, of which the Company has funded over 7,000 loans, for approximately $1.2 billion. Webster Bank also received approval from the FRB of Boston to access the PPP Liquidity Facility to fund PPP loans. In addition, the Company continued to provide loan modifications, primarily three-month and six-month payment deferrals, subject to relief provisions under the CARES Act and Interagency Statement. Including both in process and executed deferrals, loan balances associated with payment accommodations totaled approximately $2.2 billion through early May 2020. Also, on April 20, 2020, the Company announced that its HSA Bank division of Webster Bank has signed a definitive agreement to acquire approximately 24,000 health savings accounts, including an estimated $140 million in deposits from State Farm Bank, F.S.B., a subsidiary of State Farm Mutual Automobile Insurance Company. The transaction is expected to close in the second or third quarter of 2020 and is subject to regulatory approval and customary closing conditions. Except for these transactions, the Company determined that no other significant events were identified requiring recognition or disclosure in this report. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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 U.S. GAAP. The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in conformity with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements and should be read in conjunction with the Company's Consolidated Financial Statements, and related Notes, for the year ended December 31, 2019, included in our Form 10-K filed with the SEC. There have been changes to the Company's significant accounting policies since December 31, 2019. The impacted policies are described within the Recently Adopted Accounting Standards Updates section of this note. 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. Use of Estimates |
Recently Adopted Accounting Standards Updates | Recently Adopted Accounting Standards Updates Effective January 1, 2020, the following new accounting guidance was adopted by the Company: ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The Update provides optional expedients and exceptions available to contracts, hedging relationships, and other transactions affected by reference rate reform. In addition to expedients for contract modifications, the Update allows for a one-time transfer or sale of held-to-maturity securities that reference an eligible rate. The Company will consider this one-time securities transfer along with other expedients available under the Update as the Company proceeds with reference rate reform activities. For additional information on reference rate reform refer to the risk factors previously disclosed in Webster's Annual Report on Form 10-K for the year ended December 31, 2019. The Update became effective during the first quarter 2020, and applies to contract modifications and amendments made as of the beginning of the reporting period including the Update issuance date, March 12, 2020, and applies through December 31, 2022. The adoption of this guidance did not have a material effect on the Company's 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 has been adopted concurrently with those Updates. The Company adopted the Update during the first quarter 2020 on a prospective basis. The adoption of this guidance did not have a material effect on the Company's 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 Company adopted the Update during the first quarter 2020 on a prospective basis to all implementation costs incurred after the date of adoption. The adoption of this guidance did not have a material effect on the Company's 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 for fair value measurements. The updated guidance no longer requires entities to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. However, it requires public companies to disclose changes in unrealized gains and losses for the period included in other comprehensive income (OCI) 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 Company adopted the Update during the first quarter 2020 on a prospective basis. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements. ASU No. 2017-04, 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 still have the option to first perform a qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted the Update during the first quarter 2020 on a prospective basis. The adoption of this guidance did not have a material effect on the Company's 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 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 Updates also revised the accounting for credit losses on available-for-sale debt securities, which is outside the scope of the CECL methodology. The CECL accounting model applies to all assets measured at amortized cost including loans, net investments in leases, off balance sheet credit exposures, and held-to-maturity debt securities. CECL requires recognition of credit losses at purchase or origination using a lifetime credit loss measurement approach. The allowance for credit losses is based on the composition, characteristics, and credit quality of the loan and securities portfolios as of the reporting date and includes consideration of current economic conditions and reasonable and supportable forecasts at that date. The CECL methodology also requires consideration of a broader range of reasonable and supportable information to determine the allowance for credit losses including economic forecasts. Allowance for credit losses on loans and leases. Under CECL the Company determines its allowance for credit losses on loans and leases collectively, using pools of assets with similar risk characteristics. Loans that no longer match the risk profile of the pool are individually assessed for credit losses. Collective assessments are performed based on two portfolio segments, commercial loans and leases, and consumer loans. Expected losses within the commercial and consumer portfolios are collectively assessed using PD/LGD models based on the portfolio or class of financing receivable. The Company’s lifetime credit loss models are based on historical data and incorporate forecasts of macroeconomic variables, expected prepayments and recoveries. Outside of the model, non-economic qualitative factors are applied to further refine the expected loss calculation for each portfolio. A two year reasonable and supportable forecast period is currently used for all loan and lease portfolios. The expected loss models revert to historical loss rates on a linear basis over a one year period. When the risk characteristics of a loan no longer match the characteristics of the collective pool, the loan is removed from the pool and individually assessed for credit losses. Generally, all non-accrual loans, TDRs, potential TDRs, loans with a charge-off, and collateral dependent loans are individually assessed. The individual assessment for credit impairment is generally based on a discounted cash flow approach unless the asset is collateral dependent. A loan is considered collateral dependent when repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Collateral dependent loans are individually assessed and the expected credit loss is based on the fair value of the collateral. The fair value is reduced for estimated costs to sell if the value of the collateral is expected to be realized through sale. The Company has elected to present accrued interest receivable separately from the amortized cost basis on the balance sheet and is not estimating an allowance for credit loss on accrued interest. This election applies to loans and leases as well as debt securities. The Company's non-accrual policies have not changed as a result of adopting the Updates. Allowance for credit losses on investment securities held-to-maturity. Held-to-maturity debt securities follow the CECL accounting model. Expected losses are calculated on a pooled basis using statistical models which include forecasted scenarios of future economic conditions. The forecasts revert to long-run loss rates implicitly through the economic scenario, generally over three years. If the risk of an held-to-maturity debt security no longer matches the collective assessment pool, it is removed and individually assessed for credit deterioration. A zero credit loss assumption is maintained for U.S. Treasuries and agency-backed securities in both the held-to-maturity and available-for-sale portfolios. The zero loss assumption is re-considered on a quarterly basis to ensure it is still appropriate. Securities 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 security 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. Allowance for credit losses on unfunded loan commitments. Accounting for unfunded loan commitments also follows the CECL model, with an allowance recorded on commitments that are not unconditionally cancellable by the Company. The calculation of the allowance includes the probability of funding to occur and a corresponding estimate of expected lifetime credit losses on amounts assumed to be funded. The allowance for credit losses on unfunded loan commitments is included in accrued expenses and other liabilities on the consolidated balance sheet and the related credit expense is recorded in other non-interest expense in the consolidated statements of income. Accounting for available-for-sale debt securities. The Updates revised the accounting for available-for-sale debt securities by eliminating the other-than-temporary impairment model, and requiring credit losses be presented as an allowance rather than a direct write-down of available-for-sale debt securities under certain circumstances. Available-for-sale debt securities continue to be recorded at fair value with changes in fair value reflected in OCI. When the fair value of an available-for-sale debt security falls below the amortized cost basis it is evaluated to determine if any of the decline in value is attributable to credit loss. Decreases in fair value attributable to credit loss are recorded directly to earnings with a corresponding allowance for credit losses, limited to the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves the allowance is reversed up to a maximum of the previously recorded credit losses. Available-for-sale debt securities follow the same non-accrual policy as held-to-maturity debt securities. When the Company intends to sell an impaired available-for-sale debt security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment will immediately be recognized in earnings with no corresponding allowance for credit losses. Impact of Adoption . The Company adopted the Updates during the first quarter 2020, using the modified retrospective method. Upon adoption, the Company recorded an increase in its allowance for credit losses as a cumulative effect adjustment. This adjustment, net of tax, reduced the Company's beginning total shareholders' equity at January 1, 2020. Upon adoption, the Company's allowance for credit losses reflected all credit losses expected over the lifetime of the Company's financial assets held at amortized cost. The total increase in allowance and corresponding decrease in equity did not have a material impact to the Company's regulatory capital amounts and ratios. Periods prior to January 1, 2020, are reported in accordance with previously applicable GAAP. The impact of the January 1, 2020, adoption entry is summarized in the table below: December 31, 2019 January 1, 2020 (In thousands) Pre-ASC 326 Adoption Impact of Adoption Reported Under ASC 326 Assets: Allowance for credit losses on investment securities held-to-maturity $ — $ (397) $ (397) Allowance for credit losses on loans and leases (209,096) (57,568) (266,664) Deferred tax assets, net 61,975 15,891 77,866 Liabilities and shareholders' equity: Accrued expenses and other liabilities 153,161 9,139 162,300 Retained earnings 2,061,352 (51,213) 2,010,139 For additional information on accounting for credit losses refer to Note 3: Investment Securities and Note 4: Loans and Leases. Accounting Standards Issued But Not Yet Adopted The following new accounting guidance, applicable to the Company, has been issued by the Financial Accounting Standards Board (FASB) but is pending adoption: ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The Update provides simplification 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. 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. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Held-to-maturity | A summary of the amortized cost, fair value, and allowance for credit losses on investment securities held-to-maturity is presented below: At March 31, 2020 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance (2) Net Carrying Value Agency CMO $ 156,087 $ 4,738 $ — $ 160,825 $ — $ 156,087 Agency MBS 2,896,651 95,436 (253) 2,991,834 — 2,896,651 Agency CMBS 1,450,800 21,003 (623) 1,471,180 — 1,450,800 Municipal bonds and notes 739,531 35,184 (86) 774,629 312 739,219 CMBS 243,137 1,704 (782) 244,059 — 243,137 Held-to-maturity securities $ 5,486,206 $ 158,065 $ (1,744) $ 5,642,527 $ 312 $ 5,485,894 At December 31, 2019 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance (2) Net Carrying Value Agency CMO $ 167,443 $ 1,123 $ (1,200) $ 167,366 $ — $ 167,443 Agency MBS 2,957,900 60,602 (8,733) 3,009,769 — 2,957,900 Agency CMBS 1,172,491 6,444 (5,615) 1,173,320 — 1,172,491 Municipal bonds and notes 740,431 32,709 (21) 773,119 — 740,431 CMBS 255,653 2,278 (852) 257,079 — 255,653 Held-to-maturity securities $ 5,293,918 $ 103,156 $ (16,421) $ 5,380,653 $ — $ 5,293,918 (1) Amortized cost excludes accrued interest receivable of $18.3 million and $21.8 million at March 31, 2020 and December 31, 2019, respectively, which is included in accrued interest and other assets in the consolidated balance sheet. (2) The Company adopted the new accounting standard for credit losses on January 1, 2020. For periods subsequent to adoption Allowance is calculated under the CECL methodology and the resulting provision includes expected credit losses on held-to-maturity securities. The prior period did not have an allowance under applicable GAAP for that period. The following table summarizes the activity in the allowance for credit losses on investment securities held-to-maturity: Three months ended March 31, 2020 (In thousands) Municipal bonds and notes Balance beginning of period $ — Adoption of ASU No. 2016-13 (CECL) 397 Recovery of credit losses (85) Balance end of period $ 312 The following table summarizes credit ratings for amortized cost of held-to-maturity debt securities according to their lowest public credit rating as of March 31, 2020: Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa2 Not Rated Agency CMOs $ — $ 156,087 $ — $ — $ — $ — $ — $ — $ — Agency MBS — 2,896,651 — — — — — — — Agency CMBS — 1,450,800 — — — — — — — Municipal bonds and notes 210,496 139,502 207,227 126,623 42,265 8,671 2,066 285 2,396 CMBS 243,137 — — — — — — — — Total held-to-maturity $ 453,633 $ 4,643,040 $ 207,227 $ 126,623 $ 42,265 $ 8,671 $ 2,066 $ 285 $ 2,396 The amortized cost and fair value of held-to-maturity debt securities by contractual maturity are set forth below: At March 31, 2020 (In thousands) Amortized Fair Due in one year or less $ 1,084 $ 1,088 Due after one year through five years 5,273 5,452 Due after five through ten years 266,866 274,217 Due after ten years 5,212,983 5,361,770 Total held-to-maturity debt securities $ 5,486,206 $ 5,642,527 |
Debt Securities, Available-for-sale | A summary of the amortized cost and fair value of available-for-sale securities is presented below: At March 31, 2020 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value (2) Agency CMO $ 197,019 $ 7,839 $ (28) $ 204,830 Agency MBS 1,565,689 47,875 (746) 1,612,818 Agency CMBS 693,371 4,765 (454) 697,682 CMBS 453,879 — (44,856) 409,023 CLO 89,015 12 (7,629) 81,398 Corporate debt 14,538 — (3,658) 10,880 Available-for-sale securities $ 3,013,511 $ 60,491 $ (57,371) $ 3,016,631 At December 31, 2019 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value (2) Agency CMO $ 184,500 $ 2,218 $ (917) $ 185,801 Agency MBS 1,580,743 35,456 (4,035) 1,612,164 Agency CMBS 587,974 513 (6,935) 581,552 CMBS 432,085 38 (252) 431,871 CLO 92,628 45 (468) 92,205 Corporate debt 23,485 — (1,245) 22,240 Available-for-sale securities $ 2,901,415 $ 38,270 $ (13,852) $ 2,925,833 (1) Amortized cost excludes accrued interest receivable of $7.7 million and $8.1 million at March 31, 2020 and December 31, 2019, respectively, which is included in accrued interest and other assets in the consolidated balance sheet. (2) Fair value represents net carrying value as there is no allowance for credit losses recorded on investment securities available-for-sale, as the securities are high credit quality, investment grade. The following tables provide information on fair value and unrealized losses for the individual available-for-sale securities with an unrealized loss, for which an allowance for credit losses on investment securities available-for-sale has not been recorded, aggregated by classification and length of time that the individual investment securities have been in a continuous unrealized loss position: At March 31, 2020 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized Agency CMO $ — $ — $ 10,682 $ (28) 1 $ 10,682 $ (28) Agency MBS 34,313 (180) 60,837 (566) 38 95,150 (746) Agency CMBS 145,948 (454) — — 10 145,948 (454) CMBS 402,409 (43,971) 6,615 (885) 45 409,024 (44,856) CLO 61,708 (4,592) 15,663 (3,037) 4 77,371 (7,629) Corporate debt 3,400 (856) 7,480 (2,802) 3 10,880 (3,658) Available-for-sale in unrealized loss position $ 647,778 $ (50,053) $ 101,277 $ (7,318) 101 $ 749,055 $ (57,371) At December 31, 2019 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized 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) Available-for-sale in unrealized loss position $ 607,521 $ (1,914) $ 762,631 $ (11,938) 157 $ 1,370,152 $ (13,852) The amortized cost and fair value of available-for-sale debt securities by contractual maturity are set forth below: At March 31, 2020 (In thousands) Amortized Fair Due in one year or less $ — $ — Due after one year through five years — — Due after five through ten years 270,170 244,659 Due after ten years 2,743,341 2,771,972 Total available-for-sale debt securities $ 3,013,511 $ 3,016,631 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | ||
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table summarizes loans and leases: (In thousands) At March 31, At December 31, 2019 Commercial non-mortgage $ 5,838,673 $ 5,296,611 Asset-based 1,180,328 1,046,886 Commercial real estate 6,122,474 5,949,339 Equipment financing 546,946 537,341 Total commercial portfolio 13,688,421 12,830,177 Residential 4,991,512 4,972,685 Home equity 1,992,372 2,014,544 Other consumer 219,219 219,580 Total consumer portfolio 7,203,103 7,206,809 Loans and leases (1) (2) (3) $ 20,891,524 $ 20,036,986 (1) Loan balances include net deferred fees/costs and net premiums/discounts of $19.7 million and $17.6 million at March 31, 2020 and December 31, 2019, respectively. (2) At March 31, 2020 the Company had pledged $7.7 billion of eligible loans as collateral to support borrowing capacity at the Federal Home Loan Bank (FHLB) of Boston and the Federal Reserve Bank (FRB) of Boston. (3) Loan balances exclude accrued interest receivable of $61.5 million and $59.0 million at March 31, 2020 and December 31, 2019, respectively, which is included in accrued interest and other assets in the consolidated balance sheet. | |
Past Due Financing Receivables | The following tables summarize the aging of loans and leases: At March 31, 2020 (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 non-mortgage $ 3,303 $ 515 $ 75 $ 65,139 $ 69,032 $ 5,769,641 $ 5,838,673 Asset-based — — — 137 137 1,180,191 1,180,328 Commercial real estate 2,222 — — 12,910 15,132 6,107,342 6,122,474 Equipment financing 3,922 483 — 8,950 13,355 533,591 546,946 Residential 7,603 4,232 — 42,465 54,300 4,937,212 4,991,512 Home equity 8,230 4,462 — 31,796 44,488 1,947,884 1,992,372 Other consumer 1,230 791 — 1,033 3,054 216,165 219,219 Total $ 26,510 $ 10,483 $ 75 $ 162,430 $ 199,498 $ 20,692,026 $ 20,891,524 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 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 1,256 454 — 11,563 13,273 5,936,066 5,949,339 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 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 | |
Financing Receivable, Nonaccrual | The following table provides additional detail related to loans and leases on non-accrual status: At March 31, 2020 At December 31, 2019 (In thousands) Nonaccrual Nonaccrual With No Allowance Nonaccrual Nonaccrual With No Allowance Commercial non-mortgage $ 65,139 $ 33,604 $ 59,369 $ 13,584 Asset-based 137 — 139 — Commercial real estate 12,910 5,654 11,563 4,717 Equipment financing 8,950 564 5,433 2,159 Total commercial portfolio 87,136 39,822 76,504 20,460 Residential 42,465 33,779 43,193 19,271 Home equity 31,796 24,159 30,170 15,195 Other consumer 1,033 65 1,192 — Total consumer portfolio 75,294 58,003 74,555 34,466 Total $ 162,430 $ 97,825 $ 151,059 $ 54,926 Interest income on non-accrual loans for the three months ended March 31, 2020 and the three months ended March 31, 2019 for residential was $0.3 million for both periods and for home equity was $0.5 million and $0.4 million, respectively. Interest on non-accrual loans and leases that would have been recorded as additional interest income had the loans and leases been current in accordance with the original terms totaled $3.3 million and $3.0 million for the three months ended March 31, 2020 and 2019, respectively. Refer to Note 1 to the Consolidated Financial Statements included in the Company's Form 10-K, for the year ended December 31, 2019, for details of non-accrual policies. | |
Activity In Allowance For Losses | The following tables summarize the activity in, as well as the loan and lease balances that were evaluated for, ACL on loans and leases: At or for the three months ended March 31, 2020 At or for the three months ended March 31, 2019 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 161,669 $ 47,427 $ 209,096 $ 164,073 $ 48,280 $ 212,353 Adoption of ASU No. 2016-13 (CECL) 34,024 23,544 57,568 — — — Provision charged to expense 71,243 4,842 76,085 7,990 610 8,600 Charge-offs (5,574) (4,587) (10,161) (8,810) (4,223) (13,033) Recoveries 564 1,779 2,343 804 2,665 3,469 Balance, end of period $ 261,926 $ 73,005 $ 334,931 $ 164,057 $ 47,332 $ 211,389 Individually evaluated for impairment $ 8,235 $ 4,777 $ 13,012 $ 8,262 $ 5,543 $ 13,805 Collectively evaluated for impairment $ 253,691 $ 68,228 $ 321,919 $ 155,795 $ 41,789 $ 197,584 Loan and lease balances: Individually evaluated for impairment $ 177,012 $ 155,105 $ 332,117 $ 133,203 $ 141,173 $ 274,376 Collectively evaluated for impairment 13,511,409 7,047,998 20,559,407 11,709,564 6,830,350 18,539,914 Loans and leases $ 13,688,421 $ 7,203,103 $ 20,891,524 $ 11,842,767 $ 6,971,523 $ 18,814,290 | |
Impaired Loans | he following tables summarize individually assessed loans and leases (At December 31, 2019, partially charged-off consumer loans and leases were included in collectively evaluated for impairment): At March 31, 2020 (In thousands) Unpaid Amortized Cost Amortized Cost No Allowance Amortized Cost With Allowance Related Commercial non-mortgage $ 188,458 $ 143,415 $ 53,032 $ 90,383 $ 6,527 Asset-based 463 137 — 137 3 Commercial real estate 30,540 24,509 15,699 8,810 1,044 Equipment financing 9,063 8,951 549 8,402 661 Residential 119,579 105,460 68,788 36,672 3,438 Home equity 114,212 48,612 35,606 13,006 1,137 Other consumer 2,675 1,033 65 968 202 Total $ 464,990 $ 332,117 $ 173,739 $ 158,378 $ 13,012 At December 31, 2019 (In thousands) Unpaid Amortized Cost Amortized Cost No Allowance Amortized Cost With Allowance Related Commercial non-mortgage $ 140,096 $ 102,254 $ 29,739 $ 72,515 $ 7,862 Asset-based 465 139 — 139 5 Commercial real estate 29,292 23,297 14,818 8,479 1,143 Equipment financing 5,591 5,433 2,159 3,274 418 Residential 98,790 90,096 56,231 33,865 3,618 Home equity 38,503 35,191 27,672 7,519 1,203 Other consumer — — — — — Total $ 312,737 $ 256,410 $ 130,619 $ 125,791 $ 14,249 The following table summarizes the average amortized cost and interest income recognized for individually assessed loans and leases: Three months ended March 31, 2020 2019 (In thousands) Average Accrued Cash Basis Interest Income Average Accrued Cash Basis Interest Income Commercial non-mortgage $ 122,835 $ 1,053 $ — $ 107,529 $ 920 $ — Asset-based 138 — — 222 — — Commercial real estate 23,903 146 — 11,544 73 — Equipment financing 7,192 — — 5,634 — — Residential 97,778 830 630 102,926 908 264 Home equity 41,902 391 830 38,998 269 280 Other consumer 512 17 — — — — Total $ 294,260 $ 2,437 $ 1,460 $ 266,853 $ 2,170 $ 544 Collateral Dependent Loans and Leases. The ACL on loans and leases specific to collateral dependent loans is individually assessed based on the fair value of the collateral, less costs to sell, as of the reporting date. A loan is considered collateral dependent when the borrower is experiencing financial difficulty and when the loan is expected to be repaid substantially through the sale or operation of the collateral. Commercial non-mortgage, asset based, and equipment financing are collateralized by equipment, inventory, receivables, or other non-real estate assets. Commercial real estate, residential, and home equity are collateralized by real estate. The following table summarizes whether, or not, individually assessed loans and leases are collateral dependent: March 31, 2020 December 31, 2019 (In thousands) Collateral Dependent Not Considered Collateral Dependent Total Collateral Dependent Not Considered Collateral Dependent Total Commercial non-mortgage $ 21,219 $ 122,196 $ 143,415 $ 10,682 $ 91,572 $ 102,254 Asset-based — 137 137 — 139 139 Commercial real estate 20,157 4,352 24,509 14,097 9,200 23,297 Equipment financing — 8,951 8,951 — 5,433 5,433 Residential 36,663 68,797 105,460 17,635 72,461 90,096 Home equity 27,987 20,625 48,612 17,136 18,055 35,191 Other consumer — 1,033 1,033 — — — Total amortized cost of CDA $ 106,026 $ 226,091 $ 332,117 $ 59,550 $ 196,860 $ 256,410 Collateral value $ 362,368 $ 362,368 $ 109,810 $ 109,810 | |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes information for TDRs: (In thousands) At March 31, At December 31, 2019 Accrual status $ 157,235 $ 136,449 Non-accrual status 100,892 100,989 Total TDRs $ 258,127 $ 237,438 Specific reserves for TDRs included in the balance of ACL on loans and leases $ 11,984 $ 12,956 Additional funds committed to borrowers in TDR status 6,949 4,856 For the portion of TDRs deemed to be uncollectible, Webster charged off $1.2 million and $1.4 million for the three months ended March 31, 2020 and 2019, respectively. The following table provides information on the type of concession for loans and leases modified as TDRs: Three months ended March 31, 2020 2019 Number of Post- Modification Recorded Investment (1) Number of Post- Modification Recorded Investment (1) (Dollars in thousands) Commercial non-mortgage Extended Maturity 2 $ 104 2 $ 124 Maturity/Rate Combined 5 274 1 25 Other (2) 10 27,137 15 22,027 Commercial real estate Extended Maturity — — — — Maturity/Rate Combined 1 278 — — Other (2) — — 2 2,636 Residential Extended Maturity 1 264 1 519 Maturity/Rate Combined 3 443 5 451 Other (2) 3 613 2 261 Consumer Extended Maturity — — 2 145 Maturity/Rate Combined 1 13 — — Other (2) 11 1,113 13 754 Total TDRs 37 $ 30,239 43 $ 26,942 (1) Post-modification balances approximate pre-modification balances. The aggregate amount of charge-offs as a result of the restructurings was not significant. (2) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. There were no significant amounts of loans and leases modified as TDRs within the previous 12 months and for which there was a payment default for the three months ended March 31, 2020 and 2019, respectively. TDRs in commercial, commercial real estate, and equipment financing segregated by risk rating exposure is as follows: (In thousands) At March 31, 2020 At December 31, 2019 (1) - (6) Pass $ 4,125 $ 3,952 (7) Special Mention 59 63 (8) Substandard 129,525 104,277 (9) Doubtful 3,857 3,860 Total $ 137,566 $ 112,152 | |
Financing Receivable Credit Quality Indicators | The following table summarizes commercial, commercial real estate, and equipment financing loans and leases segregated by origination year and risk rating exposure under the Composite Credit Risk Profile grades as of March 31, 2020: (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage Pass $ 430,104 $ 1,385,259 $ 1,117,948 $ 608,794 $ 324,107 $ 334,448 $ 1,322,658 $ 5,523,318 Special mention — 12,935 7,306 15,837 — 9,014 3,703 48,795 Substandard 1,014 35,271 40,267 55,992 22,609 40,292 67,257 262,702 Doubtful — 3,378 — 480 — — — 3,858 Total commercial non-mortgage 431,118 1,436,843 1,165,521 681,103 346,716 383,754 1,393,618 5,838,673 Asset-based Pass — 24,171 21,757 14,218 11,445 24,754 1,011,753 1,108,098 Special mention — 2,333 850 — — 1,613 32,686 37,482 Substandard — — — — — — 34,748 34,748 Total asset-based — 26,504 22,607 14,218 11,445 26,367 1,079,187 1,180,328 Commercial real estate Pass 319,742 1,493,595 1,304,836 671,838 678,616 1,521,662 41,126 6,031,415 Special mention — — 22,684 3,865 567 3,240 — 30,356 Substandard — — 529 23,053 2,178 34,943 — 60,703 Total commercial real estate 319,742 1,493,595 1,328,049 698,756 681,361 1,559,845 41,126 6,122,474 Equipment financing Pass 58,694 195,860 104,696 46,139 70,410 38,836 — 514,635 Special mention 45 4,209 4,515 — 302 262 — 9,333 Substandard 163 1,324 6,358 3,014 5,232 6,887 — 22,978 Total equipment financing 58,902 201,393 115,569 49,153 75,944 45,985 — 546,946 Total commercial portfolio $ 809,762 $ 3,158,335 $ 2,631,746 $ 1,443,230 $ 1,115,466 $ 2,015,951 $ 2,513,931 $ 13,688,421 The following table summarizes residential and consumer loans segregated by origination year and risk rating exposure under FICO score groupings as of March 31, 2020: (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Residential 800+ $ 22,988 $ 317,512 $ 84,511 $ 246,445 $ 342,342 $ 1,024,460 $ — $ 2,038,258 740-799 85,134 477,768 106,474 223,136 234,160 667,180 — 1,793,852 670-739 33,038 199,222 64,161 106,085 108,279 334,075 — 844,860 580-669 856 32,110 11,471 13,141 19,061 121,294 — 197,933 579 and below — 24,367 412 4,967 4,684 82,179 — 116,609 Total residential 142,016 1,050,979 267,029 593,774 708,526 2,229,188 — 4,991,512 Home equity 800+ 3,447 17,876 32,108 19,123 18,729 73,163 548,752 713,198 740-799 5,357 20,881 27,965 16,554 17,693 55,972 481,738 626,160 670-739 4,416 13,677 16,389 12,336 10,556 56,375 337,893 451,642 580-669 341 2,938 3,474 3,038 2,943 21,931 104,333 138,998 579 and below 49 738 1,303 1,108 732 13,607 44,837 62,374 Total home equity 13,610 56,110 81,239 52,159 50,653 221,048 1,517,553 1,992,372 Other consumer 800+ 1,293 3,920 2,689 791 197 238 7,329 16,457 740-799 7,752 23,298 14,404 2,638 956 681 3,472 53,201 670-739 18,745 62,579 29,506 7,793 3,425 2,239 6,993 131,280 580-669 1,839 5,395 2,798 1,212 578 581 2,227 14,630 579 and below 410 613 425 121 84 262 1,736 3,651 Total other consumer 30,039 95,805 49,822 12,555 5,240 4,001 21,757 219,219 Total consumer portfolio 185,665 1,202,894 398,090 658,488 764,419 2,454,237 1,539,310 7,203,103 Total commercial portfolio 809,762 3,158,335 2,631,746 1,443,230 1,115,466 2,015,951 2,513,931 13,688,421 Total loans and leases $ 995,427 $ 4,361,229 $ 3,029,836 $ 2,101,718 $ 1,879,885 $ 4,470,188 $ 4,053,241 $ 20,891,524 |
Transfers of Financial Assets (
Transfers of Financial Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Schedule Of Reserve For Loan Repurchases Table | The following table provides a summary of activity in the reserve for loan repurchases: Three months ended March 31, (In thousands) 2020 2019 Beginning balance $ 508 $ 674 Provision charged to expense 22 7 Recoveries (repurchased loans and settlements charged off) 103 (5) Ending balance $ 633 $ 676 |
Transfer of Financial Assets Accounted for as Sales [Table Text Block] | The following table provides information for mortgage banking activities: Three months ended March 31, (In thousands) 2020 2019 Residential mortgage loans held for sale: Proceeds from sale $ 75,594 $ 20,613 Loans sold with servicing rights retained 72,091 17,348 Net gain on sale 2,519 158 Ancillary fees 401 261 Fair value option adjustment (27) 345 |
Servicing Asset at Amortized Cost [Table Text Block] | The following table presents the changes in carrying value for mortgage servicing assets: Three months ended March 31, (In thousands) 2020 2019 Beginning balance $ 17,484 $ 21,215 Additions 1,189 462 Amortization (1,707) (1,892) Valuation allowance (575) — Ending balance $ 16,391 $ 19,785 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Components of Leveraged Lease Investments [Table Text Block] | The following table summarizes lessee information related to the Company’s operating ROU assets and lease liability: At March 31, 2020 (In thousands) Operating Leases Consolidated Balance Sheet Line Item Location ROU lease assets $ 157,786 Premises and equipment, net Lease liabilities 177,061 Operating lease liabilities |
Lease, Cost [Table Text Block] | The components of operating lease cost and other related information are as follows: At or for the three months ended (In thousands) March 31, 2020 March 31, 2019 Lease Cost: Operating lease costs $ 7,424 $ 7,385 Variable lease costs 1,427 1,253 Sublease income (145) (140) Total operating lease cost $ 8,706 $ 8,498 Other Information: Cash paid for amounts included in the measurement of lease liabilities $ 7,758 $ 7,673 ROU lease assets obtained in exchange for new operating lease liabilities 8,666 6,638 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The undiscounted scheduled maturities reconciled to total operating lease liabilities are as follows: (In thousands) At March 31, 2020 Remainder of 2020 $ 20,816 2021 30,940 2022 27,793 2023 24,880 2024 21,432 Thereafter 79,784 Total operating lease liability payments 205,645 Less: Present value adjustment 28,584 Lease liabilities $ 177,061 Weighted-average remaining lease term - operating leases, in years 8.39 Weighted-average discount rate - operating leases 3.26 % |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | ther intangible assets by reportable segment consisted of the following: At March 31, 2020 At December 31, 2019 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying HSA Bank - Core deposits $ 22,000 $ 13,631 $ 8,369 $ 22,000 $ 13,073 $ 8,927 HSA Bank - Customer relationships 21,000 8,414 12,586 21,000 8,010 12,990 Total other intangible assets $ 43,000 $ 22,045 $ 20,955 $ 43,000 $ 21,083 $ 21,917 |
Schedule Of Expected Amortization Expense, Next Four Years | At March 31, 2020, the remaining estimated aggregate future amortization expense for other intangible assets is as follows: (In thousands) Remainder of 2020 $ 2,885 2021 3,847 2022 3,847 2023 3,847 2024 1,615 Thereafter 4,914 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Deposit Liabilities, Type [Table Text Block] | A summary of deposits by type follows: (In thousands) At March 31, At December 31, Non-interest-bearing: Demand $ 4,883,436 $ 4,446,463 Interest-bearing: Health savings accounts 6,736,178 6,416,135 Checking 3,007,069 2,689,734 Money market 2,477,304 2,312,840 Savings 4,418,689 4,354,809 Time deposits 2,991,161 3,104,765 Total interest-bearing $ 19,630,401 $ 18,878,283 Total deposits $ 24,513,837 $ 23,324,746 Time deposits and interest-bearing checking, included in above balances, obtained through brokers $ 810,190 $ 652,151 Time deposits, included in above balance, that exceed the FDIC limit 588,488 661,334 Deposit overdrafts reclassified as loan balances 1,358 1,721 |
Time Deposit Maturities [Table Text Block] | The scheduled maturities of time deposits are as follows: (In thousands) At March 31, Remainder of 2020 $ 2,351,819 2021 492,301 2022 83,698 2023 32,914 2024 21,891 Thereafter 8,538 Total time deposits $ 2,991,161 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Repurchase Agreements | The following table summarizes securities sold under agreements to repurchase and other borrowings: At March 31, At December 31, (Dollars in thousands) Amount Rate Amount Rate Securities sold under agreements to repurchase (1) : Original maturity of one year or less $ 237,749 0.24 % $ 240,431 0.19 % Original maturity of greater than one year, non-callable 200,000 0.84 200,000 1.78 Total securities sold under agreements to repurchase 437,749 0.51 440,431 0.91 Fed funds purchased 825,000 0.17 600,000 1.59 Securities sold under agreements to repurchase and other borrowings $ 1,262,749 0.29 $ 1,040,431 1.30 |
Federal Home Loan Bank, Advances | The following table provides information for FHLB advances: At March 31, 2020 At December 31, 2019 (Dollars in thousands) Amount Weighted- Amount Weighted- Maturing within 1 year $ 1,465,000 0.74 % $ 1,690,000 1.79 % After 1 but within 2 years 200,000 2.09 200,000 2.53 After 2 but within 3 years 125 — 130 — After 3 but within 4 years 226 2.95 229 2.95 After 4 but within 5 years 100,000 1.50 50,000 1.59 After 5 years 8,048 2.66 8,117 2.66 FHLB advances $ 1,773,399 0.95 $ 1,948,476 1.87 Aggregate carrying value of assets pledged as collateral $ 7,552,332 $ 7,318,748 Remaining borrowing capacity 3,334,467 2,937,644 |
Schedule of Long-term Debt Instruments | The following table summarizes long-term debt: (Dollars in thousands) At March 31, At December 31, 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) 348,179 317,486 Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2) 77,320 77,320 Total notes and subordinated debt 575,499 544,806 Discount on senior fixed-rate notes (1,357) (1,412) Debt issuance cost on senior fixed-rate notes (2,930) (3,030) Long-term debt $ 571,212 $ 540,364 (1) The Company has de-designated its fair value hedging relationship on the notes. A $48.2 million basis adjustment included in the carrying value will be amortized over the remaining life of the notes. (2) The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month London Interbank Offered Rate plus 2.95%, was 3.79% at March 31, 2020 and 4.85% at December 31, 2019. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss, Net of Tax (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss by Component | The following tables summarize the changes in accumulated other comprehensive loss (AOCL), net of tax by component: Three months ended March 31, 2020 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Beginning balance $ 17,251 $ (9,184) $ (44,139) $ (36,072) OCI before reclassifications (15,683) 24,779 — 9,096 Amounts reclassified from AOCL (6) 1,453 729 2,176 Net current-period OCI (15,689) 26,232 729 11,272 Ending balance $ 1,562 $ 17,048 $ (43,410) $ (24,800) Three months ended March 31, 2019 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Beginning balance $ (71,374) $ (9,313) $ (49,965) $ (130,652) OCI/ (OCL) before reclassifications 27,559 (839) — 26,720 Amounts reclassified from AOCL — 1,035 1,056 2,091 Net current-period OCI 27,559 196 1,056 28,811 Ending balance $ (43,815) $ (9,117) $ (48,909) $ (101,841) |
Schedule of Accumulated Other Comprehensive Loss | The following table provides information for the items reclassified from AOCL: (In thousands) Three months ended March 31, Associated Line Item in the Condensed Consolidated Statements of Income AOCL Components 2020 2019 Securities available-for-sale: Unrealized gains (losses) on investment securities $ 8 $ — Gain on sale of investment securities, net Tax benefit (expense) (2) — Income tax expense Net of tax $ 6 $ — Derivative instruments: Hedge terminations $ (1,173) $ (1,391) Interest expense Premium amortization (794) — Interest income Tax benefit 514 356 Income tax expense Net of tax $ (1,453) $ (1,035) Defined benefit pension and other postretirement benefit plans: Amortization of net loss $ (990) $ (1,430) Other non-interest expense Tax benefit 261 374 Income tax expense Net of tax $ (729) $ (1,056) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: At March 31, 2020 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 2,459,318 10.95 % $ 1,010,688 4.5 % $ 1,459,883 6.5 % Total risk-based capital 2,943,209 13.10 1,796,779 8.0 2,245,974 10.0 Tier 1 risk-based capital 2,604,355 11.60 1,347,584 6.0 1,796,779 8.0 Tier 1 leverage capital 2,604,355 8.61 1,209,381 4.0 1,511,727 5.0 Webster Bank CET1 risk-based capital $ 2,596,274 11.58 % $ 1,009,288 4.5 % $ 1,457,860 6.5 % Total risk-based capital 2,857,808 12.74 1,794,289 8.0 2,242,862 10.0 Tier 1 risk-based capital 2,596,274 11.58 1,345,717 6.0 1,794,289 8.0 Tier 1 leverage capital 2,596,274 8.59 1,209,218 4.0 1,511,522 5.0 At December 31, 2019 Actual Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio 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 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Basic And Diluted | Reconciliation of the calculation of basic and diluted earnings per common share follows: Three Months Ended March 31, (In thousands, except per share data) 2020 2019 Earnings for basic and diluted earnings per common share: Net income $ 38,199 $ 99,736 Less: Preferred stock dividends 1,969 1,969 Net income available to common shareholders 36,230 97,767 Less: Earnings applicable to participating securities (1) 209 218 Earnings applicable to common shareholders $ 36,021 $ 97,549 Shares: Weighted-average common shares outstanding - basic 90,936 91,962 Effect of dilutive securities 270 263 Weighted-average common shares outstanding - diluted 91,206 92,225 Earnings per common share (1) : Basic $ 0.40 $ 1.06 Diluted 0.39 1.06 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 At December 31, 2019 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) $ 1,150,000 $ 45,910 $ 75,000 $ 417 $ 1,225,000 $ 11,855 $ 300,000 $ 3,153 Not designated as hedging instruments: Interest rate derivatives (1) 4,483,609 352,782 4,475,948 17,017 4,869,139 133,455 4,090,522 9,732 Mortgage banking derivatives (2) 79,265 1,401 5,000 189 27,873 329 57,000 110 Other (3) 105,109 1,071 253,134 1,180 76,544 398 275,279 818 Total not designated as hedging instruments 4,667,983 355,254 4,734,082 18,386 4,973,556 134,182 4,422,801 10,660 Gross derivative instruments, before netting $ 5,817,983 401,164 $ 4,809,082 18,803 $ 6,198,556 146,037 $ 4,722,801 13,813 Less: Master netting agreements 12,212 12,212 4,779 4,779 Cash collateral 33,730 5,437 8,100 1,871 Total derivative instruments, after netting $ 355,222 $ 1,154 $ 133,158 $ 7,163 (1) Balances related to Chicago Mercantile Exchange (CME) are presented as a single unit of account. In accordance with its rule book, CME legally characterizes variation margin payments as settlement of derivatives rather than collateral against derivative positions. Notional amounts of interest rate swaps cleared through CME include $10.0 million and $1.1 billion for asset derivatives and $3.5 billion and $2.6 billion for liability derivatives at March 31, 2020 and December 31, 2019, respectively. The related fair values approximate zero. (2) Notional amounts related to residential loan commitments do not include approved floating rate commitments of $9.8 million, at March 31, 2020. (3) Other derivatives include foreign currency forward contracts related to lending arrangements and customer hedging activity, a Visa equity swap transaction, and risk participation agreements (RPAs). Notional amounts of RPAs include $78.1 million and $65.7 million for asset derivatives and $208.4 million and $223.4 million for liability derivatives at March 31, 2020 and December 31, 2019, respectively, that have insignificant related fair values. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents fair value positions transitioned from gross to net upon applying counterparty netting agreements: At March 31, 2020 (In thousands) Gross Offset Amount Net Amount on Balance Sheet Amounts Not Offset Net Amounts Asset derivatives $ 46,762 45,942 $ 820 $ 143 $ 963 Liability derivatives 18,012 17,649 363 — 363 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 |
Schedule of Net Investment Hedges, 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 Three months ended March 31, (In thousands) Net Interest Income 2020 2019 Fair value hedges: Recognized on derivatives Long-term debt $ 20,486 $ 1,628 Recognized on hedged items Long-term debt (20,486) (1,628) Net recognized on fair value hedges $ — $ — Cash flow hedges: Interest rate derivatives Long-term debt $ 1,121 $ 953 Interest rate derivatives Interest and fees on loans and leases 740 — Net recognized on cash flow hedges $ 1,861 $ 953 |
Other Derivatives Not Designated For Hedge Accounting | 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 (1) (In thousands) At March 31 At December 31 At March 31 At December 31 Long-term debt $ 348,179 $ 317,486 $ 48,179 $ 17,486 (1) The Company has de-designated its fair value hedging relationship on the long-term debt. The $48.2 million basis adjustment included in the carrying value will be amortized over the remaining life of the notes. The following table presents the effect on the income statement for derivatives not designated as hedging instruments: Recognized In Three months ended March 31, (In thousands) Non-interest Income 2020 2019 Interest rate derivatives Other income $ 5,926 $ 1,051 Mortgage banking derivatives Mortgage banking activities (993) (408) Other Other income 1,911 515 Total not designated as hedging instruments $ 6,844 $ 1,158 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option, Disclosures | At March 31, 2020 At December 31, 2019 (In thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 22,147 $ 22,006 $ 141 $ 35,750 $ 35,186 $ 564 |
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 March 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Financial assets held at fair value: U.S. Treasury Bills $ — $ — $ — $ — Agency CMO — 204,830 — 204,830 Agency MBS — 1,612,818 — 1,612,818 Agency CMBS — 697,682 — 697,682 CMBS — 409,023 — 409,023 CLO — 81,398 — 81,398 Corporate debt — 10,880 — 10,880 Total available-for-sale investment securities — 3,016,631 — 3,016,631 Gross derivative instruments, before netting (1) 808 400,356 — 401,164 Originated loans held for sale — 22,147 — 22,147 Investments held in Rabbi Trust 3,990 — — 3,990 Alternative investments (2) — — — 5,701 Total financial assets held at fair value $ 4,798 $ 3,439,134 $ — $ 3,449,633 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 759 $ 18,044 $ — $ 18,803 At December 31, 2019 (In thousands) Level 1 Level 2 Level 3 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 (2) — — — 5,701 Total financial assets held at fair value $ 5,108 $ 3,107,292 $ — $ 3,118,101 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 611 $ 13,202 $ — $ 13,813 (1) For information relating to the impact of netting derivative assets and derivative liabilities as well as the impact from offsetting cash collateral paid to the same derivative counterparties see Note 13: Derivative Financial Instruments. (2) Alternative investments are recorded at NAV. Assets measured at NAV are not classified within the fair value hierarchy. |
Summary Of Estimated Fair Values Of Significant Financial Instruments | The estimated fair value of selected financial instruments and servicing assets are as follows: At March 31, 2020 At December 31, 2019 (In thousands) Carrying Fair Carrying Fair Assets: Level 2 Held-to-maturity investment securities $ 5,485,894 $ 5,642,527 $ 5,293,918 $ 5,380,653 Level 3 Loans and leases, net 20,556,593 20,844,596 19,827,890 19,961,632 Mortgage servicing assets 16,391 20,846 17,484 33,250 Liabilities: Level 2 Deposit liabilities $ 21,522,676 $ 21,522,676 $ 20,219,981 $ 20,219,981 Time deposits 2,991,161 3,000,656 3,104,765 3,102,316 Securities sold under agreements to repurchase and other borrowings 1,262,749 1,268,094 1,040,431 1,041,042 FHLB advances 1,773,399 1,783,284 1,948,476 1,950,035 Long-term debt (1) 571,212 500,410 540,364 555,775 (1) Adjustments to the carrying amount of long-term debt for basis adjustment and unamortized discount and debt issuance cost on senior fixed-rate notes are not included for determination of fair value Refer to Note 9: Borrowings for additional information. |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Summary of Net Periodic Benefit Cost | The following table summarizes the components of net periodic benefit cost: Three months ended March 31, 2020 2019 (In thousands) Pension Plan SERP Other Benefits Pension Plan SERP Other Benefits Interest cost on benefit obligations $ 1,675 $ 11 $ 13 $ 1,978 $ 16 $ 21 Expected return on plan assets (3,380) — — (2,815) — — Recognized net loss 992 6 (9) 1,430 4 (4) Net periodic benefit (benefit) cost $ (713) $ 17 $ 4 $ 593 $ 20 $ 17 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: (In thousands) Commercial HSA Community Corporate and Consolidated At March 31, 2020 $ 12,332,819 $ 80,130 $ 9,441,305 $ 9,800,620 $ 31,654,874 At December 31, 2019 11,541,803 80,176 9,348,727 9,418,638 30,389,344 The following tables present the operating results, including all appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category: Three months ended March 31, 2020 (In thousands) Commercial HSA Community Banking Corporate and Consolidated Net interest income $ 99,316 $ 42,673 $ 99,470 $ (10,658) $ 230,801 Non-interest income 13,239 26,383 27,620 6,136 73,378 Non-interest expense 46,544 37,078 98,967 (3,753) 178,836 Pre-tax, pre-provision net revenue 66,011 31,978 28,123 (769) 125,343 Provision for credit losses 63,524 — 12,561 (85) 76,000 Income before income tax expense 2,487 31,978 15,562 (684) 49,343 Income tax expense 609 8,538 3,081 (1,084) 11,144 Net income $ 1,878 $ 23,440 $ 12,481 $ 400 $ 38,199 Three months ended March 31, 2019 (In thousands) Commercial HSA Community Banking Corporate and Consolidated Net interest income $ 98,342 $ 43,098 $ 106,290 $ (6,179) $ 241,551 Non-interest income 14,011 25,577 25,382 3,642 68,612 Non-interest expense 44,618 33,522 95,075 2,471 175,686 Pre-tax, pre-provision net revenue 67,735 35,153 36,597 (5,008) 134,477 Provision for credit losses 6,241 — 2,359 — 8,600 Income before income tax expense 61,494 35,153 34,238 (5,008) 125,877 Income tax expense 15,251 9,316 7,258 (5,684) 26,141 Net income $ 46,243 $ 25,837 $ 26,980 $ 676 $ 99,736 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers Disaggregation of Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | 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: Three months ended March 31, 2020 (In thousands) Commercial HSA Community Corporate and Consolidated Non-interest Income: Deposit service fees $ 3,059 $ 24,842 $ 14,592 $ 77 $ 42,570 Wealth and investment services 2,528 — 6,218 (7) 8,739 Other — 1,541 317 — 1,858 Revenue from contracts with customers 5,587 26,383 21,127 70 53,167 Other sources of non-interest income 7,652 — 6,493 6,066 20,211 Total non-interest income $ 13,239 $ 26,383 $ 27,620 $ 6,136 $ 73,378 Three months ended March 31, 2019 (In thousands) Commercial HSA Community Corporate and Consolidated Non-interest Income: Deposit service fees $ 3,036 $ 24,528 $ 15,365 $ 95 $ 43,024 Wealth and investment services 2,484 — 5,175 (8) 7,651 Other — 1,049 501 — 1,550 Revenue from contracts with customers 5,520 25,577 21,041 87 52,225 Other sources of non-interest income 8,491 — 4,341 3,555 16,387 Total non-interest income $ 14,011 $ 25,577 $ 25,382 $ 3,642 $ 68,612 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding Financial Instruments Contract Amounts Represent Credit Risk | The following table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk: (In thousands) At March 31 At December 31, 2019 Commitments to extend credit $ 5,387,188 $ 6,162,658 Standby letter of credit 178,489 188,103 Commercial letter of credit 28,744 29,180 Total credit-related financial instruments with off-balance sheet risk $ 5,594,421 $ 6,379,941 |
Reserve For Unfunded Credit Commitments | The following table provides a summary of activity in the reserve for loan repurchases: Three months ended March 31, (In thousands) 2020 2019 Beginning balance $ 508 $ 674 Provision charged to expense 22 7 Recoveries (repurchased loans and settlements charged off) 103 (5) Ending balance $ 633 $ 676 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies New Accounting Pronouncements or Change in Accounting Principle (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on investment securities held-to-maturity | $ (312) | $ 0 | ||
Allowance for credit losses on loans and leases | (209,096) | |||
Deferred Tax Assets, Tax Deferred Expense | 61,975 | |||
Accrued expenses and other liabilities | 266,374 | 153,161 | ||
Retained Earnings, Unappropriated | $ 2,061,352 | |||
Accounting Standards Update 2016-13 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on investment securities held-to-maturity | (397) | $ (397) | ||
Allowance for credit losses on loans and leases | (57,568) | (266,664) | $ 0 | |
Deferred Tax Assets, Tax Deferred Expense | 15,891 | 77,866 | ||
Accrued expenses and other liabilities | 9,139 | 162,300 | ||
Retained Earnings, Unappropriated | $ (51,213) | $ 2,010,139 |
Variable Interest Entities (Var
Variable Interest Entities (Variable Interest Entity, Consolidated, Carrying Amount, Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Assets | $ 31,654,874 | $ 30,389,344 |
Liabilities | 28,564,632 | 27,181,574 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Assets [Member] | Tax Credit - Finance Investments | ||
Variable Interest Entity [Line Items] | ||
Assets | 41,200 | 42,500 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Accounts Payable and Accrued Liabilities [Member] | Tax Credit - Finance Investments | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 15,100 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Investments [Member] | Other Non-Marketable Investments | ||
Variable Interest Entity [Line Items] | ||
Assets | 23,700 | 21,800 |
Unfunded Loan Commitment [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Other Non-Marketable Investments | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 70,200 | $ 64,200 |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | $ 5,486,206 | $ 5,293,918 |
Unrealized Gains | 158,065 | 103,156 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (1,744) | (16,421) |
Debt Securities, Held-to-maturity, Fair Value | 5,642,527 | 5,380,653 |
Allowance for credit losses on investment securities held-to-maturity | 312 | 0 |
Net Carrying Value | 5,485,894 | 5,293,918 |
Interest Receivable | 61,500 | 59,000 |
Held-to-maturity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Interest Receivable | 18,300 | 21,800 |
Agency CMO [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 156,087 | 167,443 |
Unrealized Gains | 4,738 | 1,123 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 0 | (1,200) |
Debt Securities, Held-to-maturity, Fair Value | 160,825 | 167,366 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | 156,087 | 167,443 |
Agency MBS [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 2,896,651 | 2,957,900 |
Unrealized Gains | 95,436 | 60,602 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (253) | (8,733) |
Debt Securities, Held-to-maturity, Fair Value | 2,991,834 | 3,009,769 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | 2,896,651 | 2,957,900 |
Agency Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 1,450,800 | 1,172,491 |
Unrealized Gains | 21,003 | 6,444 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (623) | (5,615) |
Debt Securities, Held-to-maturity, Fair Value | 1,471,180 | 1,173,320 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | 1,450,800 | 1,172,491 |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 739,531 | 740,431 |
Unrealized Gains | 35,184 | 32,709 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (86) | (21) |
Debt Securities, Held-to-maturity, Fair Value | 774,629 | 773,119 |
Allowance for credit losses on investment securities held-to-maturity | 312 | 0 |
Net Carrying Value | 739,219 | 740,431 |
Non-agency CMBS [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 243,137 | 255,653 |
Unrealized Gains | 1,704 | 2,278 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (782) | (852) |
Debt Securities, Held-to-maturity, Fair Value | 244,059 | 257,079 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | $ 243,137 | $ 255,653 |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities Allowance for Credit Losses (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Beginning Balance | $ 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Recovery | (85) |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Ending Balance | $ 312 |
Investment Securities (Summary
Investment Securities (Summary Of Debt Securities Held-to Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | $ 5,486,206 | $ 5,293,918 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (1,744) | (16,421) |
Debt Securities, Held-to-maturity, Fair Value | 5,642,527 | 5,380,653 |
Allowance for credit losses on investment securities held-to-maturity | 312 | 0 |
Net Carrying Value | 5,485,894 | 5,293,918 |
Investment securities available-for-sale, at fair value | 3,016,631 | 2,925,833 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Held-to-maturity, Amortized Cost - Due in one year or less | 1,084 | |
Held-to-maturity, Amortized Cost - Due after one year through five years | 5,273 | |
Held-to-maturity, Amortized Cost - Due after five through ten years | 266,866 | |
Held-to-maturity, Amortized Cost - Due after ten years | 5,212,983 | |
Amortized Cost(1) | 5,486,206 | 5,293,918 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held to maturity, Fair Value - Due in one year or less | 1,088 | |
Held-to-maturity, Fair Value - Due after one year through five years | 5,452 | |
Held to maturity, Fair Value - Due after five through ten years | 274,217 | |
Held to maturity, Fair Value - Due after ten years | 5,361,770 | |
Fair Value(2) | 5,642,527 | 5,380,653 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 5,486,206 | 5,293,918 |
Unrealized Gains | 158,065 | 103,156 |
Fair Value(2) | 5,642,527 | 5,380,653 |
Allowance for credit losses on investment securities held-to-maturity | 312 | 0 |
Net Carrying Value | 5,485,894 | 5,293,918 |
Moody's, Aaa Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 453,633 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 453,633 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 453,633 | |
Moody's, Aa1 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 4,643,040 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 4,643,040 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 4,643,040 | |
Moody's, Aa2 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 207,227 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 207,227 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 207,227 | |
Moody's, Aa3 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 126,623 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 126,623 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 126,623 | |
Moody's, A1 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 42,265 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 42,265 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 42,265 | |
Moody's, A2 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 8,671 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 8,671 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 8,671 | |
Moody's, A3 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 2,066 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,066 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,066 | |
Moody's, Baa2 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 285 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 285 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 285 | |
Moody's, B1 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 2,396 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,396 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,396 | |
Agency CMO [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 156,087 | 167,443 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 0 | (1,200) |
Debt Securities, Held-to-maturity, Fair Value | 160,825 | 167,366 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | 156,087 | 167,443 |
Investment securities available-for-sale, at fair value | 204,830 | 185,801 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 156,087 | 167,443 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value(2) | 160,825 | 167,366 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 156,087 | 167,443 |
Unrealized Gains | 4,738 | 1,123 |
Fair Value(2) | 160,825 | 167,366 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | 156,087 | 167,443 |
Agency CMO [Member] | Moody's, Aaa Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMO [Member] | Moody's, Aa1 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 156,087 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 156,087 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 156,087 | |
Agency MBS [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 2,896,651 | 2,957,900 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (253) | (8,733) |
Debt Securities, Held-to-maturity, Fair Value | 2,991,834 | 3,009,769 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | 2,896,651 | 2,957,900 |
Investment securities available-for-sale, at fair value | 1,612,818 | 1,612,164 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,896,651 | 2,957,900 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value(2) | 2,991,834 | 3,009,769 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,896,651 | 2,957,900 |
Unrealized Gains | 95,436 | 60,602 |
Fair Value(2) | 2,991,834 | 3,009,769 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | 2,896,651 | 2,957,900 |
Agency MBS [Member] | Moody's, Aaa Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency MBS [Member] | Moody's, Aa1 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 2,896,651 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,896,651 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,896,651 | |
Agency CMBS [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 1,450,800 | 1,172,491 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (623) | (5,615) |
Debt Securities, Held-to-maturity, Fair Value | 1,471,180 | 1,173,320 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | 1,450,800 | 1,172,491 |
Investment securities available-for-sale, at fair value | 697,682 | 581,552 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 1,450,800 | 1,172,491 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value(2) | 1,471,180 | 1,173,320 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 1,450,800 | 1,172,491 |
Unrealized Gains | 21,003 | 6,444 |
Fair Value(2) | 1,471,180 | 1,173,320 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | 1,450,800 | 1,172,491 |
Agency CMBS [Member] | Moody's, Aaa Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMBS [Member] | Moody's, Aa1 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 1,450,800 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 1,450,800 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 1,450,800 | |
Municipal bonds and notes [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 739,531 | 740,431 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (86) | (21) |
Debt Securities, Held-to-maturity, Fair Value | 774,629 | 773,119 |
Allowance for credit losses on investment securities held-to-maturity | 312 | 0 |
Net Carrying Value | 739,219 | 740,431 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 739,531 | 740,431 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value(2) | 774,629 | 773,119 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 739,531 | 740,431 |
Unrealized Gains | 35,184 | 32,709 |
Fair Value(2) | 774,629 | 773,119 |
Allowance for credit losses on investment securities held-to-maturity | 312 | 0 |
Net Carrying Value | 739,219 | 740,431 |
Municipal bonds and notes [Member] | Moody's, Aaa Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 210,496 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 210,496 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 210,496 | |
Municipal bonds and notes [Member] | Moody's, Aa1 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 139,502 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 139,502 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 139,502 | |
Municipal bonds and notes [Member] | Moody's, Aa2 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 207,227 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 207,227 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 207,227 | |
Municipal bonds and notes [Member] | Moody's, Aa3 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 126,623 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 126,623 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 126,623 | |
Municipal bonds and notes [Member] | Moody's, A1 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 42,265 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 42,265 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 42,265 | |
Municipal bonds and notes [Member] | Moody's, A2 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 8,671 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 8,671 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 8,671 | |
Municipal bonds and notes [Member] | Moody's, A3 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 2,066 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,066 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,066 | |
Municipal bonds and notes [Member] | Moody's, Baa2 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 285 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 285 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 285 | |
Municipal bonds and notes [Member] | Moody's, B1 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 2,396 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,396 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,396 | |
Non-agency CMBS [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 243,137 | 255,653 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (782) | (852) |
Debt Securities, Held-to-maturity, Fair Value | 244,059 | 257,079 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | 243,137 | 255,653 |
Investment securities available-for-sale, at fair value | 409,023 | 431,871 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 243,137 | 255,653 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value(2) | 244,059 | 257,079 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 243,137 | 255,653 |
Unrealized Gains | 1,704 | 2,278 |
Fair Value(2) | 244,059 | 257,079 |
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 |
Net Carrying Value | 243,137 | 255,653 |
Non-agency CMBS [Member] | Moody's, Aaa Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 243,137 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 243,137 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 243,137 | |
Non-agency CMBS [Member] | Moody's, Aa1 Rating | ||
Schedule of Investments [Line Items] | ||
Investment securities held-to-maturity, net | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
CLO [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities available-for-sale, at fair value | 81,398 | 92,205 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment securities available-for-sale, at fair value | $ 10,880 | $ 22,240 |
Investment Securities (Summar_2
Investment Securities (Summary Of Debt Securities Available-for-Sale) (Detail) $ in Thousands | Mar. 31, 2020USD ($)numberOfHoldings | Dec. 31, 2019USD ($)numberOfHoldings |
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 647,778 | $ 607,521 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (50,053) | (1,914) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 101,277 | 762,631 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (7,318) | $ (11,938) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 101 | 157 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 749,055 | $ 1,370,152 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (57,371) | (13,852) |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 3,013,511 | 2,901,415 |
Unrealized Gains | 60,491 | 38,270 |
Unrealized Losses | (57,371) | (13,852) |
Investment securities available-for-sale, at fair value | 3,016,631 | 2,925,833 |
Interest Receivable | 61,500 | 59,000 |
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 | |
Available-for-sale, Amortized Cost - Due after one year through five years | 0 | |
Available-for-sale, Amortized Cost - Due after five through ten years | 270,170 | |
Available-for-sale, Amortized Cost - Due after ten years | 2,743,341 | |
Available-for-sale, Amortized Cost - Total debt securities | 3,013,511 | 2,901,415 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Fair Value - Due in one year or less | 0 | |
Available-for-sale, Fair Value - Due after one year through five years | 0 | |
Available-for-sale, Fair Value - Due after five through ten years | 244,659 | |
Available-for-sale, Fair Value - Due after ten years | 2,771,972 | |
Debt Securities, Available-for-sale | 3,016,631 | 2,925,833 |
Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Interest Receivable | 7,700 | 8,100 |
Agency CMO [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 36,447 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (352) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 10,682 | 32,288 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (28) | $ (565) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 1 | 9 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 10,682 | $ 68,735 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (28) | (917) |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 197,019 | 184,500 |
Unrealized Gains | 7,839 | 2,218 |
Unrealized Losses | (28) | (917) |
Investment securities available-for-sale, at fair value | 204,830 | 185,801 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 197,019 | 184,500 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | 204,830 | 185,801 |
Agency MBS [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 34,313 | 41,408 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (180) | (193) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 60,837 | 299,674 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (566) | $ (3,842) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 38 | 79 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 95,150 | $ 341,082 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (746) | (4,035) |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 1,565,689 | 1,580,743 |
Unrealized Gains | 47,875 | 35,456 |
Unrealized Losses | (746) | (4,035) |
Investment securities available-for-sale, at fair value | 1,612,818 | 1,612,164 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 1,565,689 | 1,580,743 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | 1,612,818 | 1,612,164 |
Agency CMBS [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 145,948 | 174,406 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (454) | (1,137) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 357,717 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (5,798) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 10 | 34 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 145,948 | $ 532,123 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (454) | (6,935) |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 693,371 | 587,974 |
Unrealized Gains | 4,765 | 513 |
Unrealized Losses | (454) | (6,935) |
Investment securities available-for-sale, at fair value | 697,682 | 581,552 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 693,371 | 587,974 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | 697,682 | 581,552 |
Non-agency CMBS [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 402,409 | 355,260 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (43,971) | (232) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 6,615 | 7,480 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (885) | $ (20) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 45 | 29 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 409,024 | $ 362,740 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (44,856) | (252) |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 453,879 | 432,085 |
Unrealized Gains | 0 | 38 |
Unrealized Losses | (44,856) | (252) |
Investment securities available-for-sale, at fair value | 409,023 | 431,871 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 453,879 | 432,085 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | 409,023 | 431,871 |
CLO [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 61,708 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4,592) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 15,663 | 43,232 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (3,037) | $ (468) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 4 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 77,371 | $ 43,232 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (7,629) | (468) |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 89,015 | 92,628 |
Unrealized Gains | 12 | 45 |
Unrealized Losses | (7,629) | (468) |
Investment securities available-for-sale, at fair value | 81,398 | 92,205 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 89,015 | 92,628 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | 81,398 | 92,205 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,400 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (856) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 7,480 | 22,240 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (2,802) | $ (1,245) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | numberOfHoldings | 3 | 4 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 10,880 | $ 22,240 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (3,658) | (1,245) |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 14,538 | 23,485 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (3,658) | (1,245) |
Investment securities available-for-sale, at fair value | 10,880 | 22,240 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 14,538 | 23,485 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | $ 10,880 | $ 22,240 |
Investment Securities Investmen
Investment Securities Investment Securities (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Proceeds from Sale of Available-for-sale Securities | $ 8,963 | $ 0 | |
Available-for-sale Securities, Gross Realized Gains | 8 | $ 0 | |
Debt Securities, Available-for-sale | 3,016,631 | $ 2,925,833 | |
Pledged Financial Instruments, Not Separately Reported, Securities | 4,000,000 | 2,700,000 | |
Agency CMO [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Debt Securities, Available-for-sale | 204,830 | 185,801 | |
Agency MBS [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Debt Securities, Available-for-sale | 1,612,818 | 1,612,164 | |
Agency CMBS [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Debt Securities, Available-for-sale | 697,682 | 581,552 | |
Non-agency CMBS [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Debt Securities, Available-for-sale | 409,023 | 431,871 | |
CLO [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Debt Securities, Available-for-sale | 81,398 | 92,205 | |
Corporate Debt Securities [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Proceeds from Sale of Available-for-sale Securities | 9,000 | ||
Debt Securities, Available-for-sale | 10,880 | $ 22,240 | |
Callable at the option of the counterparty [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Debt Securities, Available-for-sale | $ 1,200,000 |
Loans and Leases (Detail)
Loans and Leases (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | $ 20,891,524,000 | $ 20,036,986,000 | $ 18,814,290,000 |
Unamortized premiums | 19,700,000 | ||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral | 7,700,000,000 | ||
Interest Receivable | 61,500,000 | 59,000,000 | |
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 13,688,421,000 | 12,830,177,000 | 11,842,767,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 5,838,673,000 | 5,296,611,000 | |
Commercial Portfolio Segment [Member] | Asset Based Lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 1,180,328,000 | 1,046,886,000 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 6,122,474,000 | 5,949,339,000 | |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 546,946,000 | 537,341,000 | |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 7,203,103,000 | 7,206,809,000 | $ 6,971,523,000 |
Consumer Portfolio Segment [Member] | Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 4,991,512,000 | 4,972,685,000 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 1,992,372,000 | 2,014,544,000 | |
Consumer Portfolio Segment [Member] | Consumer Lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 219,219,000 | 219,580,000 | |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | $ 4,991,512,000 | $ 4,972,685,000 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Operating Leased Assets [Line Items] | |||
Total operating lease liability payments | $ 205,645 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 3,300 | $ 3,000 | |
Write-down of TDR's | (1,200) | (1,400) | |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | |||
Operating Leased Assets [Line Items] | |||
Net Investment in Direct Financing and Sales Type Leases | 179,100 | ||
Total operating lease liability payments | 194,500 | ||
Sales-type and Direct Financing Leases, Interest Income | 1,500 | $ 1,400 | |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Operating Leased Assets [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 300 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Operating Leased Assets [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | $ 500 | $ 400 |
Loans and Leases (Summary Of Lo
Loans and Leases (Summary Of Loan And Lease Portfolio Aging By Class Of Loan) (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 199,498,000 | $ 193,766,000 | |
Financing Receivable, Nonaccrual | 162,430,000 | 151,059,000 | $ 151,059,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 75,000 | 0 | |
Financing Receivable, Not Past Due | 20,692,026,000 | 19,843,220,000 | |
Loans and leases | 20,891,524,000 | 20,036,986,000 | 18,814,290,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 26,510,000 | 28,545,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 10,483,000 | 14,162,000 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 87,136,000 | 76,504,000 | |
Loans and leases | 13,688,421,000 | 12,830,177,000 | 11,842,767,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 69,032,000 | 62,080,000 | |
Financing Receivable, Nonaccrual | 65,139,000 | 59,369,000 | 59,369,000 |
Financing Receivable, Not Past Due | 5,769,641,000 | 5,234,531,000 | |
Loans and leases | 5,838,673,000 | 5,296,611,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,303,000 | 2,094,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 515,000 | 617,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 75,000 | 0 | |
Commercial Portfolio Segment [Member] | Asset Based Lending | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 137,000 | 139,000 | |
Financing Receivable, Nonaccrual | 137,000 | 139,000 | 139,000 |
Financing Receivable, Not Past Due | 1,180,191,000 | 1,046,747,000 | |
Loans and leases | 1,180,328,000 | 1,046,886,000 | |
Commercial Portfolio Segment [Member] | Asset Based Lending | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Asset Based Lending | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 15,132,000 | 13,273,000 | |
Financing Receivable, Nonaccrual | 12,910,000 | 11,563,000 | 11,563,000 |
Financing Receivable, Not Past Due | 6,107,342,000 | 5,936,066,000 | |
Loans and leases | 6,122,474,000 | 5,949,339,000 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,222,000 | 1,256,000 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 454,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 13,355,000 | 11,218,000 | |
Financing Receivable, Nonaccrual | 8,950,000 | 5,433,000 | 5,433,000 |
Financing Receivable, Not Past Due | 533,591,000 | 526,123,000 | |
Loans and leases | 546,946,000 | 537,341,000 | |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,922,000 | 5,493,000 | |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 483,000 | 292,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 75,294,000 | 74,555,000 | |
Loans and leases | 7,203,103,000 | 7,206,809,000 | 6,971,523,000 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 54,300,000 | 56,800,000 | |
Financing Receivable, Nonaccrual | 42,465,000 | 43,193,000 | 43,193,000 |
Financing Receivable, Not Past Due | 4,937,212,000 | 4,915,885,000 | |
Loans and leases | 4,991,512,000 | 4,972,685,000 | |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 7,603,000 | 7,166,000 | |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 4,232,000 | 6,441,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 44,488,000 | 43,988,000 | |
Financing Receivable, Nonaccrual | 31,796,000 | 30,170,000 | $ 30,170,000 |
Financing Receivable, Not Past Due | 1,947,884,000 | 1,970,556,000 | |
Loans and leases | 1,992,372,000 | 2,014,544,000 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 8,230,000 | 8,267,000 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 4,462,000 | 5,551,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,054,000 | 6,268,000 | |
Financing Receivable, Nonaccrual | 1,033,000 | 1,192,000 | |
Financing Receivable, Not Past Due | 216,165,000 | 213,312,000 | |
Loans and leases | 219,219,000 | 219,580,000 | |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,230,000 | 4,269,000 | |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 791,000 | 807,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 |
Loans and Leases Nonaccrual (De
Loans and Leases Nonaccrual (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | $ 162,430 | $ 151,059 | $ 151,059 |
Financing Receivable, Nonaccrual, No Allowance | 97,825 | 54,926 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 87,136 | 76,504 | |
Financing Receivable, Nonaccrual, No Allowance | 39,822 | 20,460 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 65,139 | 59,369 | 59,369 |
Financing Receivable, Nonaccrual, No Allowance | 33,604 | 13,584 | |
Commercial Portfolio Segment [Member] | Asset Based Lending | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 137 | 139 | 139 |
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 12,910 | 11,563 | 11,563 |
Financing Receivable, Nonaccrual, No Allowance | 5,654 | 4,717 | |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 8,950 | 5,433 | 5,433 |
Financing Receivable, Nonaccrual, No Allowance | 564 | 2,159 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 75,294 | 74,555 | |
Financing Receivable, Nonaccrual, No Allowance | 58,003 | 34,466 | |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 42,465 | 43,193 | 43,193 |
Financing Receivable, Nonaccrual, No Allowance | 33,779 | 19,271 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 31,796 | $ 30,170 | 30,170 |
Financing Receivable, Nonaccrual, No Allowance | 24,159 | 15,195 | |
Consumer Portfolio Segment [Member] | Consumer Lending | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 1,033 | 1,192 | |
Financing Receivable, Nonaccrual, No Allowance | $ 65 | $ 0 |
Loans and Leases (Allowance For
Loans and Leases (Allowance For Loan And Lease Losses By Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance, beginning of period | $ 209,096 | $ 212,353 | ||||
Provision charged to expense | 76,085 | 8,600 | ||||
Charge-offs | (10,161) | (13,033) | ||||
Recoveries | 2,343 | 3,469 | ||||
Balance, end of period | 209,096 | 212,353 | $ 334,931 | $ 209,096 | $ 211,389 | |
ALLL, Individually evaluated for impairment | 13,012 | 13,805 | ||||
ALLL, Collectively evaluated for impairment | 321,919 | 197,584 | ||||
Loan and lease balances, Individually evaluated for impairment | 332,117 | 274,376 | ||||
Loan and lease balances, Collectively evaluated for impairment | 20,559,407 | 18,539,914 | ||||
Loans and leases | 20,891,524 | 20,036,986 | 18,814,290 | |||
Allowance for credit losses on loans and leases | 209,096 | |||||
Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Allowance for credit losses on loans and leases | 57,568 | $ 266,664 | 0 | |||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance, beginning of period | 161,669 | 164,073 | ||||
Provision charged to expense | 71,243 | 7,990 | ||||
Charge-offs | (5,574) | (8,810) | ||||
Recoveries | 564 | 804 | ||||
Balance, end of period | 161,669 | 164,073 | 261,926 | 161,669 | 164,057 | |
ALLL, Individually evaluated for impairment | 8,235 | 8,262 | ||||
ALLL, Collectively evaluated for impairment | 253,691 | 155,795 | ||||
Loan and lease balances, Individually evaluated for impairment | 177,012 | 133,203 | ||||
Loan and lease balances, Collectively evaluated for impairment | 13,511,409 | 11,709,564 | ||||
Loans and leases | 13,688,421 | 12,830,177 | 11,842,767 | |||
Commercial Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Allowance for credit losses on loans and leases | 34,024 | 0 | ||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance, beginning of period | 47,427 | 48,280 | ||||
Provision charged to expense | 4,842 | 610 | ||||
Charge-offs | (4,587) | (4,223) | ||||
Recoveries | 1,779 | 2,665 | ||||
Balance, end of period | $ 47,427 | $ 48,280 | 73,005 | 47,427 | 47,332 | |
ALLL, Individually evaluated for impairment | 4,777 | 5,543 | ||||
ALLL, Collectively evaluated for impairment | 68,228 | 41,789 | ||||
Loan and lease balances, Individually evaluated for impairment | 155,105 | 141,173 | ||||
Loan and lease balances, Collectively evaluated for impairment | 7,047,998 | 6,830,350 | ||||
Loans and leases | 7,203,103 | $ 7,206,809 | 6,971,523 | |||
Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Allowance for credit losses on loans and leases | $ 23,544 | $ 0 |
Loans and Leases (Credit Qualit
Loans and Leases (Credit Quality Indicators) (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | $ 995,427,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,361,229,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,029,836,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,101,718,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,879,885,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,470,188,000 | ||
Financing Receivable, Revolving | 4,053,241,000 | ||
Loans and leases | 20,891,524,000 | $ 20,036,986,000 | $ 18,814,290,000 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 809,762,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,158,335,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,631,746,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,443,230,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,115,466,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,015,951,000 | ||
Financing Receivable, Revolving | 2,513,931,000 | ||
Loans and leases | 13,688,421,000 | 12,830,177,000 | 11,842,767,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 431,118,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,436,843,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,165,521,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 681,103,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 346,716,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 383,754,000 | ||
Financing Receivable, Revolving | 1,393,618,000 | ||
Loans and leases | 5,838,673,000 | 5,296,611,000 | |
Commercial Portfolio Segment [Member] | Asset Based Lending | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,504,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 22,607,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,218,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 11,445,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 26,367,000 | ||
Financing Receivable, Revolving | 1,079,187,000 | ||
Loans and leases | 1,180,328,000 | 1,046,886,000 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 319,742,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,493,595,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,328,049,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 698,756,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 681,361,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,559,845,000 | ||
Financing Receivable, Revolving | 41,126,000 | ||
Loans and leases | 6,122,474,000 | 5,949,339,000 | |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 58,902,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 201,393,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 115,569,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 49,153,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 75,944,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 45,985,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 546,946,000 | 537,341,000 | |
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 430,104,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,385,259,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,117,948,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 608,794,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 324,107,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 334,448,000 | ||
Financing Receivable, Revolving | 1,322,658,000 | ||
Loans and leases | 5,523,318,000 | ||
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | Asset Based Lending | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 24,171,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 21,757,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,218,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 11,445,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 24,754,000 | ||
Financing Receivable, Revolving | 1,011,753,000 | ||
Loans and leases | 1,108,098,000 | ||
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 319,742,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,493,595,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,304,836,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 671,838,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 678,616,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,521,662,000 | ||
Financing Receivable, Revolving | 41,126,000 | ||
Loans and leases | 6,031,415,000 | ||
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | 6172 Finance Lessors | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 58,694,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 195,860,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 104,696,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 46,139,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 70,410,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 38,836,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 514,635,000 | ||
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 12,935,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 7,306,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,837,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 9,014,000 | ||
Financing Receivable, Revolving | 3,703,000 | ||
Loans and leases | 48,795,000 | ||
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | Asset Based Lending | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,333,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 850,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,613,000 | ||
Financing Receivable, Revolving | 32,686,000 | ||
Loans and leases | 37,482,000 | ||
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 22,684,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,865,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 567,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,240,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 30,356,000 | ||
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | 6172 Finance Lessors | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 45,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,209,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,515,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 302,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 262,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 9,333,000 | ||
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 1,014,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 35,271,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 40,267,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 55,992,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 22,609,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 40,292,000 | ||
Financing Receivable, Revolving | 67,257,000 | ||
Loans and leases | 262,702,000 | ||
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | Asset Based Lending | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Revolving | 34,748,000 | ||
Loans and leases | 34,748,000 | ||
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 529,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 23,053,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,178,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 34,943,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 60,703,000 | ||
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | 6172 Finance Lessors | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 163,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,324,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 6,358,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,014,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,232,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,887,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 22,978,000 | ||
Commercial Portfolio Segment [Member] | (9) Doubtful [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,378,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 480,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 3,858,000 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 185,665,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,202,894,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 398,090,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 658,488,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 764,419,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,454,237,000 | ||
Financing Receivable, Revolving | 1,539,310,000 | ||
Loans and leases | 7,203,103,000 | 7,206,809,000 | $ 6,971,523,000 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 142,016,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,050,979,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 267,029,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 593,774,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 708,526,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,229,188,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 4,991,512,000 | 4,972,685,000 | |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | 800+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 22,988,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 317,512,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 84,511,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 246,445,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 342,342,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,024,460,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 2,038,258,000 | ||
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | 740-799 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 85,134,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 477,768,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 106,474,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 223,136,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 234,160,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 667,180,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 1,793,852,000 | ||
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | 670 to 739 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 33,038,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 199,222,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 64,161,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 106,085,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 108,279,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 334,075,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 844,860,000 | ||
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | 580-669 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 856,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 32,110,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 11,471,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 13,141,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 19,061,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 121,294,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 197,933,000 | ||
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | 579 and below | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 24,367,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 412,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,967,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,684,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 82,179,000 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 116,609,000 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 13,610,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 56,110,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 81,239,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 52,159,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 50,653,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 221,048,000 | ||
Financing Receivable, Revolving | 1,517,553,000 | ||
Loans and leases | 1,992,372,000 | $ 2,014,544,000 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | 800+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 3,447,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 17,876,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 32,108,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,123,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 18,729,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 73,163,000 | ||
Financing Receivable, Revolving | 548,752,000 | ||
Loans and leases | 713,198,000 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | 740-799 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 5,357,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 20,881,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 27,965,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 16,554,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 17,693,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 55,972,000 | ||
Financing Receivable, Revolving | 481,738,000 | ||
Loans and leases | 626,160,000 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | 670 to 739 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 4,416,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 13,677,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,389,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,336,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 10,556,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 56,375,000 | ||
Financing Receivable, Revolving | 337,893,000 | ||
Loans and leases | 451,642,000 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | 580-669 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 341,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,938,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,474,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,038,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,943,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 21,931,000 | ||
Financing Receivable, Revolving | 104,333,000 | ||
Loans and leases | 138,998,000 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | 579 and below | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 49,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 738,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,303,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,108,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 732,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 13,607,000 | ||
Financing Receivable, Revolving | 44,837,000 | ||
Loans and leases | 62,374,000 | ||
Consumer Portfolio Segment [Member] | Consumer Loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 30,039,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 95,805,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 49,822,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,555,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,240,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,001,000 | ||
Financing Receivable, Revolving | 21,757,000 | ||
Loans and leases | 219,219,000 | ||
Consumer Portfolio Segment [Member] | Consumer Loan | 800+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 1,293,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,920,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,689,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 791,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 197,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 238,000 | ||
Financing Receivable, Revolving | 7,329,000 | ||
Loans and leases | 16,457,000 | ||
Consumer Portfolio Segment [Member] | Consumer Loan | 740-799 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 7,752,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 23,298,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,404,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,638,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 956,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 681,000 | ||
Financing Receivable, Revolving | 3,472,000 | ||
Loans and leases | 53,201,000 | ||
Consumer Portfolio Segment [Member] | Consumer Loan | 670 to 739 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 18,745,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 62,579,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 29,506,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 7,793,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,425,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,239,000 | ||
Financing Receivable, Revolving | 6,993,000 | ||
Loans and leases | 131,280,000 | ||
Consumer Portfolio Segment [Member] | Consumer Loan | 580-669 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 1,839,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,395,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,798,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,212,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 578,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 581,000 | ||
Financing Receivable, Revolving | 2,227,000 | ||
Loans and leases | 14,630,000 | ||
Consumer Portfolio Segment [Member] | Consumer Loan | 579 and below | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 410,000 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 613,000 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 425,000 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 121,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 84,000 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 262,000 | ||
Financing Receivable, Revolving | 1,736,000 | ||
Loans and leases | $ 3,651,000 |
Loans and Leases (Impaired Loan
Loans and Leases (Impaired Loans And Leases By Class) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 464,990 | |
Amortized Cost | 332,117 | $ 256,410 |
Amortized Cost No Allowance | 173,739 | |
Amortized Cost With Allowance | 158,378 | |
Related Valuation Allowance | 13,012 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 188,458 | 140,096 |
Amortized Cost | 143,415 | 102,254 |
Amortized Cost No Allowance | 53,032 | 29,739 |
Amortized Cost With Allowance | 90,383 | 72,515 |
Related Valuation Allowance | 6,527 | 7,862 |
Commercial Portfolio Segment [Member] | Asset Based Lending | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 463 | 465 |
Amortized Cost | 137 | 139 |
Amortized Cost No Allowance | 0 | 0 |
Amortized Cost With Allowance | 137 | 139 |
Related Valuation Allowance | 3 | 5 |
Commercial Portfolio Segment [Member] | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 30,540 | 29,292 |
Amortized Cost | 24,509 | 23,297 |
Amortized Cost No Allowance | 15,699 | 14,818 |
Amortized Cost With Allowance | 8,810 | 8,479 |
Related Valuation Allowance | 1,044 | 1,143 |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 9,063 | 5,591 |
Amortized Cost | 8,951 | 5,433 |
Amortized Cost No Allowance | 549 | 2,159 |
Amortized Cost With Allowance | 8,402 | 3,274 |
Related Valuation Allowance | 661 | 418 |
Commercial Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 98,790 | |
Amortized Cost | 90,096 | |
Amortized Cost No Allowance | 56,231 | |
Amortized Cost With Allowance | 33,865 | |
Related Valuation Allowance | 3,618 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 312,737 | |
Amortized Cost | 256,410 | |
Amortized Cost No Allowance | 130,619 | |
Amortized Cost With Allowance | 125,791 | |
Related Valuation Allowance | 14,249 | |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 119,579 | |
Amortized Cost | 105,460 | 90,096 |
Amortized Cost No Allowance | 68,788 | |
Amortized Cost With Allowance | 36,672 | |
Related Valuation Allowance | 3,438 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 114,212 | 38,503 |
Amortized Cost | 48,612 | 35,191 |
Amortized Cost No Allowance | 35,606 | 27,672 |
Amortized Cost With Allowance | 13,006 | 7,519 |
Related Valuation Allowance | 1,137 | 1,203 |
Consumer Portfolio Segment [Member] | Consumer Loan | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,675 | 0 |
Amortized Cost | 1,033 | 0 |
Amortized Cost No Allowance | 65 | 0 |
Amortized Cost With Allowance | 968 | 0 |
Related Valuation Allowance | $ 202 | $ 0 |
Loans and Leases (Interest Inco
Loans and Leases (Interest Income From Impaired Loans And Leases, By Class) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | $ 294,260 | $ 266,853 |
Accrued Interest Income | 2,437 | 2,170 |
Cash Basis Interest Income | 1,460 | 544 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 122,835 | 107,529 |
Accrued Interest Income | 1,053 | 920 |
Commercial Portfolio Segment [Member] | Asset Based Lending | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 138 | 222 |
Accrued Interest Income | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 23,903 | 11,544 |
Accrued Interest Income | 146 | 73 |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 7,192 | 5,634 |
Accrued Interest Income | 0 | 0 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 97,778 | 102,926 |
Accrued Interest Income | 830 | 908 |
Cash Basis Interest Income | 630 | 264 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 41,902 | 38,998 |
Accrued Interest Income | 391 | 269 |
Cash Basis Interest Income | 830 | 280 |
Consumer Portfolio Segment [Member] | Consumer Loan | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 512 | 0 |
Accrued Interest Income | 17 | 0 |
Cash Basis Interest Income | $ 0 | $ 0 |
Loans and Leases Impaired Colla
Loans and Leases Impaired Collateral (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 332,117 | $ 256,410 |
Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 106,026 | 59,550 |
Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 226,091 | 196,860 |
Collateral Value | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 362,368 | 109,810 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 143,415 | 102,254 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 21,219 | 10,682 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 122,196 | 91,572 |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 137 | 139 |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 137 | 139 |
Commercial Portfolio Segment [Member] | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 24,509 | 23,297 |
Commercial Portfolio Segment [Member] | Commercial Real Estate | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 20,157 | 14,097 |
Commercial Portfolio Segment [Member] | Commercial Real Estate | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 4,352 | 9,200 |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 8,951 | 5,433 |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 8,951 | 5,433 |
Commercial Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 90,096 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 256,410 | |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 105,460 | 90,096 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 36,663 | 17,635 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 68,797 | 72,461 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 48,612 | 35,191 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 27,987 | 17,136 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 20,625 | 18,055 |
Consumer Portfolio Segment [Member] | Consumer Loan | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,033 | 0 |
Consumer Portfolio Segment [Member] | Consumer Loan | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Consumer Portfolio Segment [Member] | Consumer Loan | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 1,033 | $ 0 |
Loans and Leases (Summary Of Th
Loans and Leases (Summary Of The Recorded Investment Of Company's TDRs) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | $ 258,127 | $ 237,438 | ||
Specific reserves for TDRs included in the balance of ACL on loans and leases | 334,931 | 209,096 | $ 211,389 | $ 212,353 |
Additional funds committed to borrowers in TDR status | 6,949 | 4,856 | ||
Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | 157,235 | 136,449 | ||
Nonperforming Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | 100,892 | 100,989 | ||
Nonperforming Financial Instruments [Member] | Troubled Debt Restructures [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves for TDRs included in the balance of ACL on loans and leases | $ 11,984 | $ 12,956 |
Loans and Leases (Information o
Loans and Leases (Information on How Loans and Leases were Modified as a TDR) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)loan | Mar. 31, 2019USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 37 | 43 |
Post-Modification Recorded Investment | $ | $ 30,239 | $ 26,942 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 2 | 2 |
Post-Modification Recorded Investment | $ | $ 104 | $ 124 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Maturity/Rate Combined [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 5 | 1 |
Post-Modification Recorded Investment | $ | $ 274 | $ 25 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 10 | 15 |
Post-Modification Recorded Investment | $ | $ 27,137 | $ 22,027 |
Commercial Portfolio Segment [Member] | Commercial Real Estate | Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 0 | 0 |
Post-Modification Recorded Investment | $ | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Commercial Real Estate | Maturity/Rate Combined [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 1 | 0 |
Post-Modification Recorded Investment | $ | $ 278 | $ 0 |
Commercial Portfolio Segment [Member] | Commercial Real Estate | Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 0 | 2 |
Post-Modification Recorded Investment | $ | $ 0 | $ 2,636 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 1 | 1 |
Post-Modification Recorded Investment | $ | $ 264 | $ 519 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | Maturity/Rate Combined [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 3 | 5 |
Post-Modification Recorded Investment | $ | $ 443 | $ 451 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 3 | 2 |
Post-Modification Recorded Investment | $ | $ 613 | $ 261 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 0 | 2 |
Post-Modification Recorded Investment | $ | $ 0 | $ 145 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Maturity/Rate Combined [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 1 | 0 |
Post-Modification Recorded Investment | $ | $ 13 | $ 0 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 11 | 13 |
Post-Modification Recorded Investment | $ | $ 1,113 | $ 754 |
Loans and Leases Loans and Leas
Loans and Leases Loans and Leases (Information on TDRs with subsequent default) (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)loan | Mar. 31, 2019loan | Dec. 31, 2019USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amortized Cost With Allowance | $ 158,378 | ||
Related Valuation Allowance | 13,012 | ||
Unpaid Principal Balance | $ 464,990 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 0 | |
Impaired Financing Receivable, Recorded Investment | $ 332,117 | $ 256,410 | |
Amortized Cost No Allowance | 173,739 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amortized Cost With Allowance | 90,383 | 72,515 | |
Related Valuation Allowance | 6,527 | 7,862 | |
Unpaid Principal Balance | 188,458 | 140,096 | |
Impaired Financing Receivable, Recorded Investment | 143,415 | 102,254 | |
Amortized Cost No Allowance | 53,032 | 29,739 | |
Commercial Portfolio Segment [Member] | Asset Based Loans [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 137 | 139 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amortized Cost With Allowance | 8,810 | 8,479 | |
Related Valuation Allowance | 1,044 | 1,143 | |
Unpaid Principal Balance | 30,540 | 29,292 | |
Impaired Financing Receivable, Recorded Investment | 24,509 | 23,297 | |
Amortized Cost No Allowance | 15,699 | 14,818 | |
Commercial Portfolio Segment [Member] | 6172 Finance Lessors | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amortized Cost With Allowance | 8,402 | 3,274 | |
Related Valuation Allowance | 661 | 418 | |
Unpaid Principal Balance | 9,063 | 5,591 | |
Impaired Financing Receivable, Recorded Investment | 8,951 | 5,433 | |
Amortized Cost No Allowance | 549 | 2,159 | |
Commercial Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amortized Cost With Allowance | 33,865 | ||
Related Valuation Allowance | 3,618 | ||
Unpaid Principal Balance | 98,790 | ||
Impaired Financing Receivable, Recorded Investment | 90,096 | ||
Amortized Cost No Allowance | 56,231 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amortized Cost With Allowance | 125,791 | ||
Related Valuation Allowance | 14,249 | ||
Unpaid Principal Balance | 312,737 | ||
Impaired Financing Receivable, Recorded Investment | 256,410 | ||
Amortized Cost No Allowance | 130,619 | ||
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amortized Cost With Allowance | 36,672 | ||
Related Valuation Allowance | 3,438 | ||
Unpaid Principal Balance | 119,579 | ||
Impaired Financing Receivable, Recorded Investment | 105,460 | 90,096 | |
Amortized Cost No Allowance | 68,788 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amortized Cost With Allowance | 13,006 | 7,519 | |
Related Valuation Allowance | 1,137 | 1,203 | |
Unpaid Principal Balance | 114,212 | 38,503 | |
Impaired Financing Receivable, Recorded Investment | 48,612 | 35,191 | |
Amortized Cost No Allowance | 35,606 | 27,672 | |
Consumer Portfolio Segment [Member] | Consumer Loan | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amortized Cost With Allowance | 968 | 0 | |
Related Valuation Allowance | 202 | 0 | |
Unpaid Principal Balance | 2,675 | 0 | |
Impaired Financing Receivable, Recorded Investment | 1,033 | 0 | |
Amortized Cost No Allowance | $ 65 | $ 0 |
Loans and Leases (Investments i
Loans and Leases (Investments in TDRs, Segregated by Risk Rating Exposure) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | $ 258,127 | $ 237,438 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 137,566 | 112,152 |
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 4,125 | 3,952 |
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 59 | 63 |
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 129,525 | 104,277 |
Commercial Portfolio Segment [Member] | (9) Doubtful [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | $ 3,857 | $ 3,860 |
Transfers of Financial Assets_2
Transfers of Financial Assets (Reserve for loan repurchases) (Detail) - SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Beginning balance | $ 508 | $ 674 |
Provision charged to expense | 22 | 7 |
Recoveries (repurchased loans and settlements charged off) | 103 | (5) |
Ending balance | $ 633 | $ 676 |
Transfers of Financial Assets_3
Transfers of Financial Assets (Mortgage Servicing Assets) (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
Proceeds of Other Loans and Leases Held-for-investment | $ 390 | $ 4,395 |
Residential Mortgage [Member] | ||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
Proceeds of Other Loans and Leases Held-for-investment | 400 | 4,000 |
Consumer Portfolio Segment [Member] | 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 | |
Contractually Specified Servicing Fees, Amount | $ 500 | $ 400 |
Transfers of Financial Assets_4
Transfers of Financial Assets (Loans sold) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net gain on sale | $ 2,893 | $ 764 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ancillary fees | 401 | 261 |
Consumer Portfolio Segment [Member] | Residential Mortgage Loans Servicing Retained [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from sale | 72,091 | 17,348 |
Consumer Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from sale | 75,594 | 20,613 |
Net gain on sale | 2,519 | 158 |
Fair value option adjustment | $ (27) | $ 345 |
Transfers of Financial Assets S
Transfers of Financial Assets Servicing Assets at Amortized Cost Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning Balance | $ 17,484 | $ 21,215 |
Additions | 1,189 | 462 |
Amortization | (1,707) | (1,892) |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | (575) | 0 |
Ending Balance | $ 16,391 | $ 19,785 |
Leases Lessee Accounting (Detai
Leases Lessee Accounting (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 157,786 | |
Less: Present value adjustment | $ 177,061 | $ 174,396 |
Leases Lessee Cost (Details)
Leases Lessee Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Lease, Cost [Abstract] | ||
Operating lease costs | $ 7,424 | $ 7,385 |
Variable lease costs | 1,427 | 1,253 |
Sublease income | (145) | (140) |
Total operating lease cost | 8,706 | 8,498 |
Cash paid for amounts included in the measurement of lease liabilities | 7,758 | 7,673 |
ROU lease assets obtained in exchange for new operating lease liabilities | $ 8,666 | $ 6,638 |
Weighted-average remaining lease term - operating leases, in years | 8 years 4 months 20 days | |
Weighted-average discount rate - operating leases | 3.26% |
Leases Operating Lease Liabilit
Leases Operating Lease Liabilities, Payments, Due, Rolling Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | ||
Remainder of 2020 | $ 20,816 | |
2021 | 30,940 | |
2022 | 27,793 | |
2023 | 24,880 | |
2024 | 21,432 | |
Thereafter | 79,784 | |
Total operating lease liability payments | 205,645 | |
Less: Present value adjustment | 177,061 | $ 174,396 |
Lease liabilities | $ 28,584 |
Leases (Details)
Leases (Details) | Mar. 31, 2020 |
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 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Gross Carrying Value And Accumulated Amortization Of Other Intangible Assets) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 43,000 | $ 43,000 |
Accumulated Amortization | 22,045 | 21,083 |
Net Carrying Amount | 20,955 | 21,917 |
Core Deposits [Member] | HSA Bank [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22,000 | 22,000 |
Accumulated Amortization | 13,631 | 13,073 |
Net Carrying Amount | 8,369 | 8,927 |
Customer Relationships [Member] | HSA Bank [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,000 | 21,000 |
Accumulated Amortization | 8,414 | 8,010 |
Net Carrying Amount | $ 12,586 | $ 12,990 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule Of Expected Future Amortization Expense) (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2020 | $ 2,885 |
2021 | 3,847 |
2022 | 3,847 |
2023 | 3,847 |
2024 | 1,615 |
Thereafter | $ 4,914 |
Deposits (Summary Of Deposits)
Deposits (Summary Of Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Non-interest-bearing: | ||
Demand | $ 4,883,436 | $ 4,446,463 |
Interest-bearing: | ||
HSA | 6,736,178 | 6,416,135 |
Checking | 3,007,069 | 2,689,734 |
Money market | 2,477,304 | 2,312,840 |
Savings | 4,418,689 | 4,354,809 |
Time deposits | 2,991,161 | 3,104,765 |
Total interest-bearing | 19,630,401 | 18,878,283 |
Total deposits | 24,513,837 | 23,324,746 |
Time deposits and interest-bearing checking, included in above balances, obtained through brokers | 810,190 | 652,151 |
Time deposits, included in above balance, that exceed the FDIC limit | 588,488 | 661,334 |
Deposit overdrafts reclassified as loan balances | $ 1,358 | $ 1,721 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities Of Time Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Banking and Thrift [Abstract] | ||
Remainder of 2020 | $ 2,351,819 | |
2021 | 492,301 | |
2022 | 83,698 | |
2023 | 32,914 | |
2024 | 21,891 | |
Thereafter | 8,538 | |
Total time deposits | $ 2,991,161 | $ 3,104,765 |
Borrowings Borrowings - (Narrat
Borrowings Borrowings - (Narrative) (Details) - USD ($) $ in Billions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Total borrowings | $ 3.6 | $ 3.5 |
Borrowings (Summary Of Securiti
Borrowings (Summary Of Securities Sold Under Agreements To Repurchase And Other Borrowings) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 437,749 | $ 440,431 |
Fed funds purchased | 825,000 | 600,000 |
Securities sold under agreements to repurchase and other borrowings | $ 1,262,749 | $ 1,040,431 |
Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.51% | 0.91% |
Federal Funds Purchased [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.17% | 1.59% |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.29% | 1.30% |
Original maturity of one year or less [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 237,749 | $ 240,431 |
Original maturity of one year or less [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.24% | 0.19% |
Original maturity of greater than one year, non-callable [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 200,000 | $ 200,000 |
Original maturity of greater than one year, non-callable [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.84% | 1.78% |
Borrowings Borrowings (Summary
Borrowings Borrowings (Summary Of Advances Payable To the Federal Home Loan Bank) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year [Abstract] | ||
FHLB advances maturing within 1 year, Total Outstanding | $ 1,465,000 | $ 1,690,000 |
FHLB advances maturing after 1 but within 2 years, Total Outstanding | 200,000 | 200,000 |
FHLB advances maturing after 2 but within 3 years, Total Outstanding | 125 | 130 |
FHLB advances maturing after 3 but within 4 years, Total Outstanding | 226 | 229 |
FHLB advances maturing after 4 but within 5 years, Total Outstanding | 100,000 | 50,000 |
FHLB advances maturing after 5 years, Total Outstanding | 8,048 | 8,117 |
Federal Home Loan Bank, Advances | $ 1,773,399 | $ 1,948,476 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate [Abstract] | ||
FHLB advances maturing within 1 year, Weighted Average Contractual Coupon Rate (as a percent) | 0.74% | 1.79% |
FHLB advances maturing after 1 but within 2 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.09% | 2.53% |
FHLB advances maturing after 2 but within 3 years, Weighted Average Contractual Coupon Rate (as a percent) | 0.00% | 0.00% |
FHLB advances maturing after 3 but within 4 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.95% | 2.95% |
FHLB advances maturing after 4 but within 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 1.50% | 1.59% |
FHLB advances maturing after 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.66% | 2.66% |
Federal Home Loan Bank, Advances, Weighted Average Contractual Coupon Rate (as a percent) | 0.95% | 1.87% |
Aggregate carrying value of assets pledged as collateral | $ 7,552,332 | $ 7,318,748 |
Remaining borrowing capacity | $ 3,334,467 | $ 2,937,644 |
Borrowings (Long Term Debt) (De
Borrowings (Long Term Debt) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Notes and subordinated debt | $ 575,499,000 | $ 544,806,000 | |
Debt issuance cost on senior fixed-rates | (2,930,000) | (3,030,000) | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 17,486,000 | ||
Long-term debt | $ 571,212,000 | $ 540,364,000 | |
Variable interest rate | 3.79% | 4.85% | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.95% | ||
Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Discount on senior fixed-rate notes | $ (1,357,000) | $ (1,412,000) | |
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Notes and subordinated debt | [1] | $ 77,320,000 | 77,320,000 |
Debt Instrument, Redemption, Period One [Member] | 4.375% Senior fixed-rate notes due February 15, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes, interest rate (as a percent) | 4.375% | ||
Notes and subordinated debt | $ 150,000,000 | 150,000,000 | |
Debt Instrument, Redemption, Period Two [Member] | 4.375% Senior fixed-rate notes due February 15, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes, interest rate (as a percent) | 4.10% | ||
Notes and subordinated debt | $ 348,179,000 | $ 317,486,000 | |
Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 48,179,000 | ||
[1] | The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month London Interbank Offered Rate plus 2.95%, was 3.79% at March 31, 2020 and 4.85% at December 31, 2019 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss, Net of Tax (Schedule of Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ 3,207,770 | $ 2,886,515 |
Net current-period OCI | 11,272 | 28,811 |
Ending Balance | 3,090,242 | 2,966,255 |
Available For Sale and Transferred Securities [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 17,251 | (71,374) |
OCI before reclassifications | (15,683) | 27,559 |
Amounts reclassified from AOCL | (6) | 0 |
Net current-period OCI | (15,689) | 27,559 |
Ending Balance | 1,562 | (43,815) |
Derivative Instruments [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (9,184) | (9,313) |
OCI before reclassifications | 24,779 | (839) |
Amounts reclassified from AOCL | 1,453 | 1,035 |
Net current-period OCI | 26,232 | 196 |
Ending Balance | 17,048 | (9,117) |
Defined Benefit Pension and Other Postretirement Benefit Plans [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (44,139) | (49,965) |
OCI before reclassifications | 0 | 0 |
Amounts reclassified from AOCL | 729 | 1,056 |
Net current-period OCI | 729 | 1,056 |
Ending Balance | (43,410) | (48,909) |
AOCI Attributable to Parent [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (36,072) | (130,652) |
OCI before reclassifications | 9,096 | 26,720 |
Amounts reclassified from AOCL | 2,176 | 2,091 |
Net current-period OCI | 11,272 | 28,811 |
Ending Balance | $ (24,800) | $ (101,841) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss, Net of Tax (Schedule of Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | $ (11,144) | $ (26,141) |
Earnings applicable to common shareholders | 36,021 | 97,549 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 2 | 0 |
Net of tax | 6 | 0 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of accumualted comprehensive income [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Debt Securities, Available-for-sale, Gain (Loss) | 8 | 0 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (1,453) | (1,035) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of accumualted comprehensive income [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Nonoperating Expense | (1,173) | (1,391) |
Interest Income, Other | (794) | 0 |
Income tax expense | 514 | 356 |
Earnings applicable to common shareholders | (1,453) | (1,035) |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (990) | (1,430) |
Defined benefit pension and postretirement benefit plans [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 261 | 374 |
Net of tax | $ (729) | $ (1,056) |
Regulatory Matters (Information
Regulatory Matters (Information On The Capital Ratios) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common Equity Tier One Capital | $ 2,459,318 | $ 2,516,361 | ||
Common Equity Tier One Capital Ratio | 10.95% | 11.56% | ||
Common Equity Tier One Capital Required for Capital Adequacy | $ 1,010,688 | $ 979,739 | ||
Common Equity Tier One Capital Required to be Well-Capitalized | 1,459,883 | 1,415,179 | ||
Total risk-based capital, Actual Amount | $ 2,943,209 | $ 2,950,181 | ||
Total risk-based capital, Actual Ratio | 13.10% | 13.55% | ||
Total risk-based capital, Capital Requirements, Minimum Amount | $ 1,796,779 | $ 1,741,758 | ||
Total risk-based capital, Capital Requirements, Minimum Ratio | 8.00% | 8.00% | ||
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 2,245,974 | $ 2,177,198 | ||
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 10.00% | 10.00% | ||
Tier 1 capital, Actual Amount | $ 2,604,355 | $ 2,661,398 | ||
Tier 1 capital, Actual Ratio | 11.60% | 12.22% | ||
Tier 1 capital, Capital Requirements, Minimum Amount | $ 1,347,584 | $ 1,306,319 | ||
Tier 1 capital, Capital Requirements, Minimum Ratio | 6.00% | 6.00% | ||
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 1,796,779 | $ 1,741,758 | ||
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 8.00% | 8.00% | ||
Tier 1 leverage capital ratio, Actual Amount | $ 2,604,355 | $ 2,661,398 | ||
Tier 1 leverage capital ratio, Actual Ratio | 8.61% | 8.96% | ||
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 1,209,381 | $ 1,188,507 | ||
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 4.00% | 4.00% | ||
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 1,511,727 | $ 1,485,634 | ||
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Ratio | 5.00% | 5.00% | ||
Dividends paid | $ 80,000 | $ 0 | ||
Subsidiaries [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common Equity Tier One Capital | $ 2,596,274 | $ 2,527,645 | ||
Common Equity Tier One Capital Ratio | 11.58% | 11.61% | ||
Common Equity Tier One Capital Required for Capital Adequacy | $ 1,009,288 | $ 979,497 | ||
Common Equity Tier One Capital Required to be Well-Capitalized | 1,457,860 | 1,414,829 | ||
Total risk-based capital, Actual Amount | $ 2,857,808 | $ 2,739,108 | ||
Total risk-based capital, Actual Ratio | 12.74% | 12.58% | ||
Total risk-based capital, Capital Requirements, Minimum Amount | $ 1,794,289 | $ 1,741,328 | ||
Total risk-based capital, Capital Requirements, Minimum Ratio | 8.00% | 8.00% | ||
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 2,242,862 | $ 2,176,660 | ||
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 10.00% | 10.00% | ||
Tier 1 capital, Actual Amount | $ 2,596,274 | $ 2,527,645 | ||
Tier 1 capital, Actual Ratio | 11.58% | 11.61% | ||
Tier 1 capital, Capital Requirements, Minimum Amount | $ 1,345,717 | $ 1,305,996 | ||
Tier 1 capital, Capital Requirements, Minimum Ratio | 6.00% | 6.00% | ||
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 1,794,289 | $ 1,741,328 | ||
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 8.00% | 8.00% | ||
Tier 1 leverage capital ratio, Actual Amount | $ 2,596,274 | $ 2,527,645 | ||
Tier 1 leverage capital ratio, Actual Ratio | 8.59% | 8.51% | ||
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 1,209,218 | $ 1,187,953 | ||
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 4.00% | 4.00% | ||
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 1,511,522 | $ 1,484,941 | ||
Tier 1 leverage capital ratio, 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% |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings for basic and diluted earnings per common share: | ||
Net income | $ 38,199 | $ 99,736 |
Less: Preferred stock dividends | 1,969 | 1,969 |
Undistributed Earnings, Basic | 36,230 | 97,767 |
Undistributed Earnings, Diluted, Total | 36,230 | 97,767 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 209 | 218 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | 209 | 218 |
Net Income (Loss) Available to Common Stockholders, Basic, Total | 36,021 | 97,549 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 36,021 | $ 97,549 |
Shares: | ||
Weighted-average common shares outstanding - basic | 90,936 | 91,962 |
Effect of dilutive securities | 270 | 263 |
Weighted-average common shares outstanding - diluted | 91,206 | 92,225 |
Earnings per common share(1): | ||
Basic | $ 0.40 | $ 1.06 |
Diluted | $ 0.39 | $ 1.06 |
Earnings Per Common Share Sched
Earnings Per Common Share Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restricted stock (due to performance conditions on non-participating shares) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 35 | 91 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Schedule fair value of derivative instruments) (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | $ 5,817,983,000 | $ 6,198,556,000 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 401,164,000 | 146,037,000 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 12,212,000 | 4,779,000 |
Asset Derivatives, Fair Value, Less: Cash collateral posted | 33,730,000 | 8,100,000 |
Gross derivative instruments, before netting (1) | 355,222,000 | 133,158,000 |
Liability Derivatives, Notional Amount | 4,809,082,000 | 4,722,801,000 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 18,803,000 | 13,813,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 12,212,000 | 4,779,000 |
Liability Derivatives, Fair Value, Less: Cash collateral posted | 5,437,000 | 1,871,000 |
Derivative liability | 1,154,000 | 7,163,000 |
CME [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value, Less: Cash collateral posted | 85,400,000 | |
Gross derivative instruments, before netting (1) | 0 | |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 46,762,000 | 13,012,000 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 45,942,000 | 12,879,000 |
Gross derivative instruments, before netting (1) | 820,000 | 133,000 |
Derivative Liability, Fair Value, Gross Liability | 18,012,000 | 6,710,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 17,649,000 | 6,650,000 |
Derivative liability | 363,000 | 60,000 |
Designated as Hedging Instrument [Member] | Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 1,150,000,000 | 1,225,000,000 |
Derivative Asset, Fair Value, Gross Asset | 45,910,000 | 11,855,000 |
Liability Derivatives, Notional Amount | 75,000,000 | 300,000,000 |
Derivative Liability, Fair Value, Gross Liability | 417,000 | 3,153,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 4,667,983,000 | 4,973,556,000 |
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | 355,254,000 | 134,182,000 |
Liability Derivatives, Notional Amount | 4,734,082,000 | 4,422,801,000 |
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | 18,386,000 | 10,660,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, CME [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 10,000,000 | 1,100,000,000 |
Liability Derivatives, Notional Amount | 3,500,000,000 | 2,600,000,000 |
Not Designated as Hedging Instrument [Member] | Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 4,483,609,000 | 4,869,139,000 |
Derivative Asset, Fair Value, Gross Asset | 352,782,000 | 133,455,000 |
Liability Derivatives, Notional Amount | 4,475,948,000 | 4,090,522,000 |
Derivative Liability, Fair Value, Gross Liability | 17,017,000 | 9,732,000 |
Not Designated as Hedging Instrument [Member] | Credit Risk Contract [Member] | RPA-Out [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 78,100,000 | |
Not Designated as Hedging Instrument [Member] | Credit Risk Contract [Member] | RPA-In [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Notional Amount | 208,400,000 | |
Not Designated as Hedging Instrument [Member] | Mortgage Banking Derivatives [Member] | RPA-Out [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 79,265,000 | 27,873,000 |
Derivative Asset, Fair Value, Gross Asset | 1,401,000 | 329,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking Derivatives [Member] | RPA-In [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Notional Amount | 5,000,000 | 57,000,000 |
Derivative Liability, Fair Value, Gross Liability | 189,000 | 110,000 |
Not Designated as Hedging Instrument [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 105,109,000 | 76,544,000 |
Derivative Asset, Fair Value, Gross Asset | 1,071,000 | 398,000 |
Liability Derivatives, Notional Amount | 253,134,000 | 275,279,000 |
Derivative Liability, Fair Value, Gross Liability | 1,180,000 | $ 818,000 |
Interest Rate Lock Commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Commitment | $ 9,800,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule of the changes in the fair value of non-hedge accounting derivatives) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 1,158 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 6,844 | |
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 | 5,926 | 1,051 |
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 | (993) | (408) |
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 | 1,911 | 515 |
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 |
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 | (20,486) | (1,628) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 1,861 | 953 |
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 | 1,121 | 953 |
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 | 740 | 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 | $ 20,486 | $ 1,628 |
Derivative Financial Instrume_5
Derivative Financial Instruments (AOCI Related to Cash Flow Hedges) (Narrative) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Loss from Components Excluded from Assessment of Fair Value Hedge Effectiveness | $ 0.8 |
Gain (Loss) on Components Excluded from Assessment of Interest Rate Cash Flow Hedge Effectiveness | 11.6 |
Cash Flow Hedging [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | (2.1) |
Remaining unamortized gain (loss) on termination of cash flow hedges | (4.2) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | $ (6.3) |
Derivative Financial Instrume_6
Derivative Financial Instruments (Offsetting Derivatives) (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset, Total | $ (12,212,000) | $ (4,779,000) |
Derivative instrument asset, Amount Offset | 33,730,000 | 8,100,000 |
Gross derivative instruments, before netting (1) | 355,222,000 | 133,158,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 12,212,000 | 4,779,000 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | (5,437,000) | (1,871,000) |
Derivative liability | 1,154,000 | 7,163,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (143,000) | (299,000) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | (963,000) | (432,000) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | (329,000) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | (363,000) | (389,000) |
Hedge Accounting Positions [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 46,762,000 | 13,012,000 |
Derivative instrument asset, Amount Offset, Total | (45,942,000) | (12,879,000) |
Gross derivative instruments, before netting (1) | 820,000 | 133,000 |
Derivative Liability, Fair Value, Gross Liability | 18,012,000 | 6,710,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 17,649,000 | 6,650,000 |
Derivative liability | 363,000 | 60,000 |
CME [Member] | ||
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset | 85,400,000 | |
Gross derivative instruments, before netting (1) | 0 | |
Interest Rate Derivatives [Member] | Hedge Accounting Positions [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 45,910,000 | 11,855,000 |
Derivative Liability, Fair Value, Gross Liability | $ 417,000 | $ 3,153,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments Impact of Fair Value on Qualifying Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 1,158 | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 17,486 | |
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 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 1,861 | 953 |
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 | (20,486) | (1,628) |
Long-term Debt [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 48,179 | |
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 | $ 20,486 | $ 1,628 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Counterparty Credit Risk Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 4 years | |
Derivative instrument asset, Amount Offset | $ 33,730 | $ 8,100 |
Derivative, Collateral, Right to Reclaim Cash | 357,600 | |
Credit Derivative, Maximum Exposure, Undiscounted | 352,100 | |
Valuation, Market Approach [Member] | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 40,200 | |
CME [Member] | ||
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset | 85,400 | |
Derivative, Collateral, Right to Reclaim Cash | $ 300,300 |
Derivative Financial Instrume_9
Derivative Financial Instruments Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 12,212 | $ 4,779 |
Derivative Asset | 355,222 | 133,158 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 12,212 | 4,779 |
Derivative Liability | 1,154 | 7,163 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 143 | 299 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 963 | 432 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 329 |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 363 | 389 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 18,012 | 6,710 |
Derivative Asset, Fair Value, Gross Asset | 46,762 | 13,012 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 45,942 | 12,879 |
Derivative Asset | 820 | 133 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 17,649 | 6,650 |
Derivative Liability | $ 363 | $ 60 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 6,800 | |
Unused Commitments to Extend Credit | 5,594,421 | $ 6,379,941 |
Valuation Allowance for Impairment of Recognized Servicing Assets, Sales and Disposals | 575 | |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 6,800 | |
Rabbi Trust [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 1,600 | |
Alternative investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 28,100 | |
Alternative investments [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unused Commitments to Extend Credit | $ 13,200 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Assets And Liabilities Measured On Recurring and Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | $ 3,016,631 | $ 2,925,833 | |
Gross derivative instruments, before netting (1) | 355,222 | 133,158 | |
Loans held for sale (valued under fair value option $22,147 and $35,750) | 22,147 | 35,750 | |
Financial liabilities held at fair value: | |||
Derivative liability | 1,154 | 7,163 | |
Agency CMO [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 204,830 | 185,801 | |
Agency MBS [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 1,612,818 | 1,612,164 | |
Agency CMBS [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 697,682 | 581,552 | |
Non-agency CMBS [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 409,023 | 431,871 | |
CLO [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 81,398 | 92,205 | |
Corporate debt securities [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 10,880 | 22,240 | |
Fair Value, Recurring [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 3,016,631 | 2,925,833 | |
Alternative investments (2) | 5,701 | 5,701 | |
Total financial assets held at fair value | 3,449,633 | 3,118,101 | |
Financial liabilities held at fair value: | |||
Derivative liability | [1] | 18,803 | 13,813 |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | |||
Financial assets held at fair value: | |||
Alternative investments (2) | 0 | 0 | |
Total financial assets held at fair value | 4,798 | 5,108 | |
Financial liabilities held at fair value: | |||
Derivative liability | [1] | 759 | 611 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 3,016,631 | 2,925,833 | |
Alternative investments (2) | 0 | 0 | |
Total financial assets held at fair value | 3,439,134 | 3,107,292 | |
Financial liabilities held at fair value: | |||
Derivative liability | [1] | 18,044 | 13,202 |
Fair Value, Recurring [Member] | Derivative instruments [Member] | |||
Financial assets held at fair value: | |||
Gross derivative instruments, before netting (1) | [1] | 401,164 | 146,037 |
Fair Value, Recurring [Member] | Derivative instruments [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | |||
Financial assets held at fair value: | |||
Gross derivative instruments, before netting (1) | [1] | 808 | 328 |
Fair Value, Recurring [Member] | Derivative instruments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets held at fair value: | |||
Gross derivative instruments, before netting (1) | [1] | 400,356 | 145,709 |
Fair Value, Recurring [Member] | Investments Held In Rabbi Trust [Member] | |||
Financial assets held at fair value: | |||
Other assets | 3,990 | 4,780 | |
Fair Value, Recurring [Member] | Investments Held In Rabbi Trust [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | |||
Financial assets held at fair value: | |||
Other assets | 3,990 | 4,780 | |
Fair Value, Recurring [Member] | Loan Origination Commitments [Member] | |||
Financial assets held at fair value: | |||
Loans held for sale (valued under fair value option $22,147 and $35,750) | 22,147 | 35,750 | |
Fair Value, Recurring [Member] | Loan Origination Commitments [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | |||
Financial assets held at fair value: | |||
Loans held for sale (valued under fair value option $22,147 and $35,750) | 0 | 0 | |
Fair Value, Recurring [Member] | Loan Origination Commitments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets held at fair value: | |||
Loans held for sale (valued under fair value option $22,147 and $35,750) | 22,147 | 35,750 | |
Fair Value, Recurring [Member] | Agency CMO [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 204,830 | 185,801 | |
Fair Value, Recurring [Member] | Agency CMO [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 204,830 | 185,801 | |
Fair Value, Recurring [Member] | Agency MBS [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 1,612,818 | 1,612,164 | |
Fair Value, Recurring [Member] | Agency MBS [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 1,612,818 | 1,612,164 | |
Fair Value, Recurring [Member] | Agency CMBS [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 697,682 | 581,552 | |
Fair Value, Recurring [Member] | Agency CMBS [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Agency CMBS [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 697,682 | 581,552 | |
Fair Value, Recurring [Member] | Agency CMBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Non-agency CMBS [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 409,023 | 431,871 | |
Fair Value, Recurring [Member] | Non-agency CMBS [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | Non-agency CMBS [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 409,023 | 431,871 | |
Fair Value, Recurring [Member] | Non-agency CMBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 0 | 0 | |
Fair Value, Recurring [Member] | CLO [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 81,398 | 92,205 | |
Fair Value, Recurring [Member] | CLO [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 81,398 | 92,205 | |
Fair Value, Recurring [Member] | Corporate debt securities [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | 10,880 | 22,240 | |
Fair Value, Recurring [Member] | Corporate debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets held at fair value: | |||
Investment securities available-for-sale, at fair value | $ 10,880 | $ 22,240 | |
[1] | or information relating to the impact of netting derivative assets and derivative liabilities as well as the impact from offsetting cash collateral paid to the same derivative counterparties see Note 13: Derivative Financial Instruments. (2) Alternative investments are recorded at NAV. Assets measured at NAV are not classified within the fair value hierarchy. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Option, Disclosures (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale (valued under fair value option $22,147 and $35,750) | $ 22,147 | $ 35,750 |
Loans held for sale (valued under fair value option $22,147 and $35,750) | 22,448 | 36,053 |
Fair Value, Option, Loans Held as Assets, Aggregate Difference | 141 | 564 |
loans held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale (valued under fair value option $22,147 and $35,750) | $ 22,006 | $ 35,186 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Estimated Fair Values Of Significant Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities held-to-maturity, net | $ 5,486,206 | $ 5,293,918 | |||
Debt Securities, Held-to-maturity, Fair Value | 5,642,527 | 5,380,653 | |||
Mortgage servicing assets, Carrying Amount | 16,391 | 17,484 | $ 19,785 | $ 21,215 | |
Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities held-to-maturity, net | 5,485,894 | 5,293,918 | |||
Loans and leases, net | 20,556,593 | 19,827,890 | |||
Securities sold under agreements to repurchase and other borrowings | 1,262,749 | 1,040,431 | |||
FHLB advances | [1] | 1,773,399 | 1,948,476 | ||
Long-term debt | [1] | 571,212 | 540,364 | ||
Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | Deposits Liabilities, other than time deposits [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Time deposits | 21,522,676 | 20,219,981 | |||
Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | Time Deposits [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Time deposits | 2,991,161 | 3,104,765 | |||
Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | Residential Mortgage [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Mortgage servicing assets, Carrying Amount | 16,391 | 17,484 | |||
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt Securities, Held-to-maturity, Fair Value | 5,642,527 | 5,380,653 | |||
Securities sold under agreements to repurchase and other borrowings | 1,268,094 | 1,041,042 | |||
FHLB advances | [1] | 1,783,284 | 1,950,035 | ||
Long-term debt | [1] | 500,410 | 555,775 | ||
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans and leases, net | 20,844,596 | 19,961,632 | |||
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Deposits Liabilities, other than time deposits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Time deposits | 21,522,676 | 20,219,981 | |||
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Time deposits | 3,000,656 | 3,102,316 | |||
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Residential Mortgage [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Mortgage servicing assets, Fair value | $ 20,846 | $ 33,250 | |||
[1] | djustments to the carrying amount of long-term debt for basis adjustment and unamortized discount and debt issuance cost on senior fixed-rate notes are not included for determination of fair value Refer to Note 9: Borrowings for additional information. |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on benefit obligations | $ 1,675 | $ 1,978 |
Expected return on plan assets | (3,380) | (2,815) |
Recognized net loss | 992 | 1,430 |
Net periodic benefit (benefit) cost | (713) | 593 |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on benefit obligations | 11 | 16 |
Expected return on plan assets | 0 | 0 |
Recognized net loss | 6 | 4 |
Net periodic benefit (benefit) cost | 17 | 20 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on benefit obligations | 13 | 21 |
Expected return on plan assets | 0 | 0 |
Recognized net loss | (9) | (4) |
Net periodic benefit (benefit) cost | $ 4 | $ 17 |
Segment Reporting (Operating Re
Segment Reporting (Operating Results and Total Assets Reportable Segments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 31,654,874 | $ 30,389,344 | |
Net interest income | 230,801 | $ 241,551 | |
Non-interest income | 73,378 | 68,612 | |
Non-interest expense | 178,836 | 175,686 | |
Pre-tax, pre-provision net revenue | 125,343 | 134,477 | |
Provision for credit losses | 76,000 | 8,600 | |
Income (loss) before income tax expense | 49,343 | 125,877 | |
Income tax expense | 11,144 | 26,141 | |
Net income | 38,199 | 99,736 | |
Operating Segments [Member] | Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 12,332,819 | 11,541,803 | |
Net interest income | 99,316 | 98,342 | |
Non-interest income | 13,239 | 14,011 | |
Non-interest expense | 46,544 | 44,618 | |
Pre-tax, pre-provision net revenue | 66,011 | 67,735 | |
Provision for credit losses | 63,524 | 6,241 | |
Income (loss) before income tax expense | 2,487 | 61,494 | |
Income tax expense | 609 | 15,251 | |
Net income | 1,878 | 46,243 | |
Operating Segments [Member] | HSA Bank [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 80,130 | 80,176 | |
Net interest income | 42,673 | 43,098 | |
Non-interest income | 26,383 | 25,577 | |
Non-interest expense | 37,078 | 33,522 | |
Pre-tax, pre-provision net revenue | 31,978 | 35,153 | |
Provision for credit losses | 0 | 0 | |
Income (loss) before income tax expense | 31,978 | 35,153 | |
Income tax expense | 8,538 | 9,316 | |
Net income | 23,440 | 25,837 | |
Operating Segments [Member] | Community Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 9,441,305 | 9,348,727 | |
Net interest income | 99,470 | 106,290 | |
Non-interest income | 27,620 | 25,382 | |
Non-interest expense | 98,967 | 95,075 | |
Pre-tax, pre-provision net revenue | 28,123 | 36,597 | |
Provision for credit losses | 12,561 | 2,359 | |
Income (loss) before income tax expense | 15,562 | 34,238 | |
Income tax expense | 3,081 | 7,258 | |
Net income | 12,481 | 26,980 | |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 9,800,620 | $ 9,418,638 | |
Net interest income | (10,658) | (6,179) | |
Non-interest income | 6,136 | 3,642 | |
Non-interest expense | (3,753) | 2,471 | |
Pre-tax, pre-provision net revenue | (769) | (5,008) | |
Provision for credit losses | (85) | 0 | |
Income (loss) before income tax expense | (684) | (5,008) | |
Income tax expense | (1,084) | (5,684) | |
Net income | $ 400 | $ 676 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting Narrative (Details) | 3 Months Ended |
Mar. 31, 2020Segment | |
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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 53,167 | $ 52,225 |
Non-interest income | 73,378 | 68,612 |
Deposit service fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 42,570 | 43,024 |
Wealth and investment services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,739 | 7,651 |
Other non interest income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,858 | 1,550 |
Non-interest income within the scope of other GAAP topics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,211 | 16,387 |
Operating Segments [Member] | Commercial Banking [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,587 | 5,520 |
Non-interest income | 13,239 | 14,011 |
Operating Segments [Member] | Commercial Banking [Member] | Deposit service fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,059 | 3,036 |
Operating Segments [Member] | Commercial Banking [Member] | Wealth and investment services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,528 | 2,484 |
Operating Segments [Member] | Commercial Banking [Member] | Other non interest income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Operating Segments [Member] | Commercial Banking [Member] | Non-interest income within the scope of other GAAP topics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,652 | 8,491 |
Operating Segments [Member] | HSA Bank [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,383 | 25,577 |
Non-interest income | 26,383 | 25,577 |
Operating Segments [Member] | HSA Bank [Member] | Deposit service fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 24,842 | 24,528 |
Operating Segments [Member] | HSA Bank [Member] | Wealth and investment services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Operating Segments [Member] | HSA Bank [Member] | Other non interest income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,541 | 1,049 |
Operating Segments [Member] | HSA Bank [Member] | Non-interest income within the scope of other GAAP topics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Operating Segments [Member] | Community Banking [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 21,127 | 21,041 |
Non-interest income | 27,620 | 25,382 |
Operating Segments [Member] | Community Banking [Member] | Deposit service fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 14,592 | 15,365 |
Operating Segments [Member] | Community Banking [Member] | Wealth and investment services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,218 | 5,175 |
Operating Segments [Member] | Community Banking [Member] | Other non interest income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 317 | 501 |
Operating Segments [Member] | Community Banking [Member] | Non-interest income within the scope of other GAAP topics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,493 | 4,341 |
Corporate, Non-Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 70 | 87 |
Non-interest income | 6,136 | 3,642 |
Corporate, Non-Segment [Member] | Deposit service fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 77 | 95 |
Corporate, Non-Segment [Member] | Wealth and investment services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (7) | (8) |
Corporate, Non-Segment [Member] | Other non interest income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Corporate, Non-Segment [Member] | Non-interest income within the scope of other GAAP topics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 6,066 | $ 3,555 |
Commitments and Contingencies_2
Commitments and Contingencies (Outstanding Financial Instruments Contract Amounts Represent Credit Risk) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | $ 5,594,421 | $ 6,379,941 |
Standby letter of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | 178,489 | 188,103 |
Commercial letter of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | 28,744 | 29,180 |
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | $ 5,387,188 | $ 6,162,658 |
(Reserve for Unfunded Commitmen
(Reserve for Unfunded Commitments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounting Standards Update 2016-13 [Member] | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Beginning balance | $ 0 | |
Ending balance | 9,139 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Beginning balance | 2,367 | $ 2,506 |
(Benefit) provision charged to non-interest expense | (1,422) | 5 |
Ending balance | $ 10,084 | $ 2,511 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Apr. 30, 2020 | Apr. 20, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Subsequent Event [Line Items] | |||||
Loans and leases | $ 20,891,524,000 | $ 20,036,986,000 | $ 18,814,290,000 | ||
HSA | $ 6,736,178,000 | $ 6,416,135,000 | |||
Number of loan applications | $ 9,000 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Loans and leases | 1,400,000,000 | ||||
Number of Deposit Accounts | $ 24,000 | ||||
HSA | $ 140,000,000 | ||||
Subsequent Event | Payment Protection Program [Member] | |||||
Subsequent Event [Line Items] | |||||
Loans and leases | 1,200,000,000 | ||||
Number of Loans | 7,000 | ||||
Subsequent Event | CARES Act [Member] | |||||
Subsequent Event [Line Items] | |||||
Loans and leases | $ 2,200,000,000 |
Uncategorized Items - wbs-20200
Label | Element | Value |
Accounting Standards Update 2018-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (515,000) |
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (515,000) |
Accounting Standards Update 2016-13 [Member] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss | $ 397,000 |