UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarter ended March 31, 2000
OR
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 For the transition period from to
Commission File Number: 0-23513
WEBSTER PREFERRED CAPITAL CORPORATION
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(Exact name of registrant as specified in its charter)
CONNECTICUT 06-1478208
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(State or other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification Number)
145 BANK STREET, WATERBURY, CONNECTICUT 06702
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 578-2286
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No .
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The number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date is: 100 shares
WEBSTER PREFERRED CAPITAL CORPORATION
INDEX
PAGE
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PART I - FINANCIAL INFORMATION (UNAUDITED)
Statements of Condition at March 31, 2000 and December 31, 1999.............................................. 3
Statements of Income for the Three Months Ended March 31, 2000 and March 31, 1999 ........................... 4
Statements of Cash Flows for the Three Months Ended March 31, 2000 and March 31, 1999........................ 5
Condensed Notes to Financial Statements...................................................................... 6
Management's Discussion and Analysis of Financial Statements................................................. 9
Quantitative and Qualitative Disclosures About Market Risk................................................... 12
Forward Looking Statements................................................................................... 12
PART II - OTHER INFORMATION.................................................................................. 13
SIGNATURES................................................................................................... 14
INDEX TO EXHIBITS ........................................................................................... 15
2
WEBSTER PREFERRED CAPITAL CORPORATION
STATEMENTS OF CONDITION (UNAUDITED)
(Dollars in Thousands, Except Share Data)
March 31, 2000 December 31, 1999
- ------------------------------------------------------------------------------------------------------------------------
ASSETS
Cash $ 57,671 $ 16,667
Mortgage-Backed Securities Available for Sale, at Fair Value (Note 2) 42,844 95,647
Residential Mortgage Loans, Net (Note 3) 827,174 849,210
Accrued Interest Receivable 5,193 5,285
Other Real Estate Owned 36 60
Prepaid Expenses and Other Assets 48,607 340
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TOTAL ASSETS $ 981,525 $ 967,209
========================================================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Accrued Dividends Payable $ 794 $ 885
Accrued Expenses and Other Liabilities 85 97
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TOTAL LIABILITIES 879 982
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MANDATORILY REDEEMABLE PREFERRED STOCK (NOTE 4)
Series A 7.375% Cumulative Redeemable Preferred Stock,
Liquidation preference $1,000 per share; par value $1.00 per share;
40,000 shares authorized, issued and outstanding 40,000 40,000
SHAREHOLDERS' EQUITY
Series B 8.625% Cumulative Redeemable Preferred Stock,
Liquidation preference $10 per share; par value $1.00 per share;
1,000,000 shares authorized, issued and outstanding 1,000 1,000
Common Stock, par value $.01 per share:
Authorized - 1,000 shares
Issued and Outstanding - 100 shares 1 1
Paid-in Capital 928,799 928,799
Distributions in Excess of Accumulated Earnings - (2,134)
Retained Earnings 13,083 -
Accumulated Other Comprehensive Income (2,237) (1,439)
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TOTAL SHAREHOLDERS' EQUITY 940,646 926,227
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 981,525 $ 967,209
========================================================================================================================
See accompanying condensed notes to financial statements
3
WEBSTER PREFERRED CAPITAL CORPORATION
STATEMENTS OF INCOME (UNAUDITED)
(Dollars In Thousands, Except Share Data)
Three Months Ended March 31,
2000 1999
- ------------------------------------------------------------------------------------------------------------------------
Interest Income:
Loans $ 14,316 $ 13,617
Securities 2,013 1,889
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Total Interest Income 16,329 15,506
Provision for Loan Losses (Note 3) 110 120
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Interest Income After Provision for Loan Losses 16,219 15,386
Noninterest Income:
Gain on Sale of Investments 96 -
Noninterest Expenses:
Advisory Fee Expense Paid to Parent 39 38
Dividends on Mandatorily Redeemable Preferred Stock 737 738
Other Noninterest Expenses 107 100
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Total Noninterest Expenses 883 876
Income Before Taxes 15,432 14,510
Income Taxes - -
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Net Income 15,432 14,510
Preferred Stock Dividends 216 216
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Net Income Available to Common Shareholder $ 15,216 $ 14,294
========================================================================================================================
Net Income Per Common Share:
Basic $ 152,160 $ 142,940
Diluted $ 152,160 $ 142,940
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See accompanying condensed notes to financial statements
4
WEBSTER PREFERRED CAPITAL CORPORATION
STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars In Thousands)
Three Months Ended March 31,
2000 1999
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OPERATING ACTIVITIES:
Net Income $ 15,432 $ 14,510
Adjustments to Reconcile Net Cash Provided by Operating Activities:
Provision for Loan Losses 110 120
Amortization on Mortgage Premiums 50 -
Accretion of Securities Discount (5) (17)
Amortization of Deferred Loan Fees and Premiums 141 415
Gain on Sale of Securities (96) -
Decrease in Accrued Interest Receivable 92 29
Increase in Accrued Liabilities 634 1,255
Decrease in Prepaid Expenses and Other Assets 84 85
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Net Cash Provided by Operating Activities 16,442 16,397
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INVESTING ACTIVITIES:
Principal Collected on Mortgage-backed Securities 3,755 5,587
Purchase of Loans - (80,767)
Principal Repayments of Loans, Net 21,760 55,359
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Net Cash Provided (Used) by Investing Activities 25,515 (19,821)
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FINANCING ACTIVITIES:
Dividends Paid on Common and Preferred Stock (953) (1,178)
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Net Cash Used by Financing Activities (953) (1,178)
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Increase (Decrease) in Cash and Cash Equivalents 41,004 (4,602)
Cash and Cash Equivalents at Beginning of Period 16,667 26,964
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Cash and Cash Equivalents at End of Period $ 57,671 $ 22,362
=========================================================================================================================
SUPPLEMENTAL DISCLOSURES:
Income Taxes Paid $ - $ -
Interest Paid $ - $ -
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITY:
Sale of Mortgage-backed Securities recorded as Trade Date
sale, cash settlement date April 1, 2000 $ 48,351 $ -
SUPPLEMENTAL SCHEDULE OF NONCASH FINANCING ACTIVITY:
Transfer of Residential Mortgage Loans to Other Real Estate
Owned $ 25 $ -
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See accompanying condensed notes to financial statements
5
WEBSTER PREFERRED CAPITAL CORPORATION
CONDENSED NOTES TO FINANCIAL STATEMENTS
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NOTE 1: BASIS OF PRESENTATION
The accompanying financial statements include all adjustments which are, in the
opinion of management, necessary for a fair presentation of the results for the
interim periods presented. All adjustments were of a normal recurring nature.
The results of operations for the three month period ended March 31, 2000 are
not necessarily indicative of the results which may be expected for the year as
a whole. These financial statements should be read in conjunction with the
financial statements and notes thereto included in the Webster Preferred Capital
Corporation 1999 Annual Report to shareholders.
NOTE 2: MORTGAGE-BACKED SECURITIES AVAILABLE FOR SALE, AT FAIR VALUE
The following table sets forth certain information regarding the mortgage-backed
securities:
(In Thousands) Mortgage-Backed Securities
- ----------------------------------------------------------------------------------------------------------------------
Recorded Unrealized Unrealized Estimated
March 31, 2000 Value Gains Losses Fair Value
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Available for Sale Portfolio $ 45,081 $ - $(2,237) $ 42,844
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Recorded Unrealized Unrealized Estimated
December 31, 1999 Value Gains Losses Fair Value
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Available for Sale Portfolio $ 97,086 $ 989 $(2,428) $ 95,647
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All mortgage-backed securities have a contractual maturity of over 10 years. The
weighted average yield at March 31, 2000 is 6.79%. Although the stated final
maturity of these obligations are long-term, the weighted average life is much
shorter due to scheduled repayments and prepayments. Gains and losses on the
sales of securities are recorded using the specific identification method.
6
WEBSTER PREFERRED CAPITAL CORPORATION
CONDENSED NOTES TO FINANCIAL STATEMENTS (continued)
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NOTE 3: RESIDENTIAL MORTGAGE LOANS, NET
A summary of the Company's residential mortgage loans, net, follows:
March 31, December 31,
2000 1999
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Carrying Carrying
(In Thousands) Amount Amount
- ------------------------------------------------------------------------------------------
Fixed-Rate Loans:
15 yr. Loans $ 111,013 $ 113,950
20 yr. Loans 5,228 5,322
25 yr. Loans 2,744 2,758
30 yr. Loans 225,712 227,977
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Total Fixed-Rate Loans 344,697 350,007
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Variable-Rate Loans:
15 yr. Loans 5,810 6,108
20 yr. Loans 7,415 7,839
25 yr. Loans 6,339 6,759
30 yr. Loans 461,339 476,647
- ------------------------------------------------------------------------------------------
Total Variable-Rate Loans 480,903 497,353
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Total Residential Mortgage Loans $ 825,600 $ 847,360
Premiums and Deferred Fees on Loans, Net 3,571 3,762
Less: Allowance for Loan Losses (1,997) (1,912)
- ------------------------------------------------------------------------------------------
Residential Mortgage Loans, Net $ 827,174 $ 849,210
==========================================================================================
As of March 31, 2000, approximately 41.8% of the Company's residential mortgage
loans were fixed-rate loans and approximately 58.2% were adjustable-rate loans.
A detail of the change in the allowance for loan losses, for the periods
indicated follows:
(In Thousands) Three Months Ended
March 31, 2000
- ----------------------------------------------------------------------------------------------
Balance at Beginning of Period $ 1,912
Provision Charged to Operations 110
Charge-offs (25)
Recoveries -
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Balance at End of Period $ 1,997
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7
WEBSTER PREFERRED CAPITAL CORPORATION
CONDENSED NOTES TO FINANCIAL STATEMENTS (continued)
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NOTE 4: MANDATORILY REDEEMABLE PREFERRED STOCK
The Company is required to redeem all outstanding Series A Preferred Shares on
January 15, 2001 at a redemption price of $1,000 per share, plus accrued and
unpaid dividends.
The Series A Preferred Shares may be redeemed at the option of the Company at
any time on and after January 15, 1999 through January 14, 2001.
NOTE 5: OTHER COMPREHENSIVE INCOME
The following table summarizes reclassification adjustments for other
comprehensive income and the related tax effects for the three months ended
March 31, 2000 and 1999:
Before Income tax
tax (expense) Net-of-tax
(In Thousands) amount or benefit amount
-----------------------------------------------------------------------------------------------------------------------
Unrealized (loss) on available for sale securities:
Unrealized holding losses arising during the period $ (702) - $ (702)
Less: Reclassification adjustment for gains
realized during the period 96 - 96
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Other comprehensive income at March 31, 2000 $ (798) - $ (798)
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Unrealized (loss) on available for sale securities:
Unrealized holding losses arising during the period $ (193) - $ (193)
Less: Reclassification adjustment for gains
realized during the period - - -
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Other comprehensive income at March 31, 1999 $ (193) - $ (193)
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8
WEBSTER PREFERRED CAPITAL CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL STATEMENTS
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GENERAL
The Company is a subsidiary of Webster Bank and was incorporated in March 1997
to provide a cost-effective means of raising funds, including capital, on a
consolidated basis for Webster Bank. Total assets at March 31, 2000 and December
31,1999 were $981.5 million and $967.2 million, respectively, consisting
primarily of residential mortgage loans and mortgage-backed securities.
The Company has elected to be treated as a real estate investment trust ("REIT")
under the Internal Revenue Code of 1986 (the "Code"), and will generally not be
subject to federal income tax for as long as it maintains its qualification as a
REIT, requiring among other things, that it currently distribute to stockholders
at least 95% of its "REIT taxable income" (not including capital gains and
certain items of noncash income). Webster Bank will also benefit significantly
from state tax treatment of dividends paid by the Company as a result of its
qualification as a REIT. The following discussion of the Company's financial
condition and results of operations should be read in conjunction with the
Company's financial statements and other financial data included elsewhere
herein.
CHANGES IN FINANCIAL CONDITION
Total assets were $981.5 million at March 31, 2000, an increase of $14.3 million
from $967.2 million at December 31, 1999. The increase in total assets is
primarily attributable to net income of $15.4 million less the payment of
preferred stock dividends of $953,125. Shareholders' equity was $940.6 million
at March 31, 2000 and $926.2 million at December 31, 1999.
ASSET QUALITY
The Company maintains high asset quality by acquiring residential real estate
loans that have been conservatively underwritten, aggressively managing
nonaccrual assets and maintaining adequate reserve coverage. At March 31, 2000,
residential real estate loans comprised the entire loan portfolio. The Company
also invests in highly rated mortgage-backed securities.
The aggregate amount of nonaccrual assets was $1.2 million at March 31, 2000.
The following table details the Company's nonaccrual assets at March 31, 2000
and December 31, 1999:
March 31, December 31,
(In Thousands) 2000 1999
- ---------------------------------------------------------------------------------------------------------------------
Loans Accounted for on a Nonaccrual Basis:
Residential Fixed-Rate Loans $ 320 $ 319
Residential Variable-Rate Loans 830 830
OREO Properties 36 60
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Total Nonaccrual Assets $ 1,186 $ 1,209
- ---------------------------------------------------------------------------------------------------------------------
At March 31, 2000 the allowance for loan losses was approximately $2.0 million,
or 169% of nonaccrual assets. Management believes that the allowance for loan
losses is adequate to cover expected losses in the portfolio.
9
WEBSTER PREFERRED CAPITAL CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
LIQUIDITY AND CAPITAL RESOURCES
The primary sources of liquidity for the Company are net cash flows from
operating activities, investing activities and financing activities. Net cash
flows from operating activities primarily include net income, net changes in
prepaid expenses and other assets, accrued interest receivable and adjustments
for noncash items such as amortization on deferred fees and premiums, and
mortgage-backed securities net amortization and accretion. Net cash flows from
investing activities primarily include the purchase and repayments of
residential real estate loans and mortgage backed securities that are classified
as available for sale. Net cash flows from financing activities primarily
include net changes in capital generally related to stock issuances, capital
contributions from Webster Bank and dividend payments.
While scheduled loan amortization, maturing securities, short-term investments
and securities repayments are predictable sources of funds, loan and
mortgage-backed security prepayments are greatly influenced by general interest
rates, economic conditions and competition. One of the inherent risks of
investing in loans and mortgage-backed securities is the ability of such
instruments to incur prepayments of principal prior to maturity at prepayment
rates different than those estimated at the time of purchase. This generally
occurs because of changes in market interest rates. The market values of
fixed-rate loans and mortgage-backed securities are sensitive to fluctuations in
market interest rates, declining in value as interest rates rise. If interest
rates decrease, the market value of loans generally will tend to increase with
the level of prepayments also normally increasing.
Dividends on the Series A Preferred Stock are payable at the rate of 7.375% per
annum (an amount equal to $73.75 per annum per share), and the dividends on the
Series B Preferred Stock are payable at the rate of 8.625% per annum (an amount
equal to $.8625 per annum per share), in all cases if, when and as declared by
the Board of Directors of the Company. Dividends on the preferred shares are
cumulative and, if declared, payable on January 15, April 15, July 15 and
October 15 in each year.
ASSET/LIABILITY MANAGEMENT
The goal of the Company's asset/liability management policy is to manage
interest-rate risk so as to maximize net interest income over time in changing
interest-rate environments while maintaining acceptable levels of risk. The
Company must provide for sufficient liquidity for daily operations. The Company
prepares estimates of the level of prepayments and the effect of such
prepayments on the level of future earnings due to reinvestment of funds at
rates different than those that currently exist. The Company is unable to
predict future fluctuations in interest rates and as such the market values of
certain of the Company's financial assets are sensitive to fluctuations in
market interest rates. Changes in interest rates can affect the value of its
loans and other interest-earning assets. At March 31, 2000, 58.2% of the
Company's residential mortgage loans were variable-rate loans. The Company's
management believes these residential mortgage loans are less likely to incur
prepayments of principal.
10
WEBSTER PREFERRED CAPITAL CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
RESULTS OF OPERATIONS
For the three months ended March 31, 2000 and 1999, the Company reported net
income of $15.4 million and $14.5 million, respectively, or $152,160 and
$142,940, respectively, per common share on a diluted basis.
Total interest income for the three months ended March 31, 2000 and 1999
amounted to $16.3 million and $15.5 million, respectively, net of servicing
fees. The following table shows the major categories of average interest-earning
assets, their respective interest income and the rates earned by the Company:
Three Months Ended March 31, 2000 Three Months Ended March 31, 1999
Average Interest Average Average Interest Average
(In Thousands) Balance Income Yield Balance Income Yield
- ------------------------------------------------------------------------------------------------------------------------
Mortgage Loans $ 842,709 $ 14,316 6.80% $ 808,654 $ 13,617 6.74%
Mortgage-Backed Securities 94,424 1,611 6.82% 113,641 1,791 6.30%
Interest Bearing Deposits 29,240 402 5.50% 9,749 98 4.02%
- ------------------------------------------------------------------------------------------------------------------------
Total $ 966,373 $ 16,329 6.76% $ 932,044 $ 15,506 6.66%
- ------------------------------------------------------------------------------------------------------------------------
The provision for loan losses for the three months ended March 31, 2000 and
March 31, 1999 was $110,000 and $120,000 respectively. The provision for loan
losses reflects the decrease in the total residential mortgage loan portfolio.
Noninterest expenses for the three months ended March 31, 2000 and 1999 amounted
to $883,000 and $876,000, respectively, and included advisory fees and dividends
on Series A Preferred Stock. No income tax expense was recorded for either
period.
RECENT FINANCIAL ACCOUNTING STANDARDS
In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities." This statement establishes accounting and
reporting standards for derivative instruments, including certain derivative
instruments imbedded in other contracts, (collectively referred to as
derivatives) and for hedging activities. The accounting for changes in the fair
value of a derivative depends on the intended use of the derivative and the
resulting designation. Under this statement, an entity that elects to apply
hedge accounting is required to establish at the inception of the hedge the
method it will use for assessing the effectiveness of the hedging derivative and
the measurement approach for determining the ineffective aspect of the hedge.
Those methods must be consistent with the entity's approach to managing risk.
SFAS No. 133, as amended by SFAS No. 137, is now effective for all fiscal
quarters of fiscal years beginning after June 15, 2000. Upon adoption, hedging
relationships must be designated anew and documented pursuant to the provisions
of this statement. Early adoption is permitted; however, retroactive application
is prohibited. This SFAS is not expected to impact the Company since the Company
does not engage in hedging activities or utilize derivative instruments.
11
WEBSTER PREFERRED CAPITAL CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
YEAR 2000 READINESS DISCLOSURE STATEMENT
There has been no disruption to the Company's operations since January 1, 2000
and any future disruption is not expected. The Company will continue to monitor
its position
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The following table summarizes the estimated market value of the Company's
interest-sensitive assets and interest-sensitive liabilities at March 31, 2000
and the projected change to market values if interest rates instantaneously
increase or decrease by 100 basis points.
Estimated Market Value Impact
--------------------------------------
(In Thousands) Book Value Market Value -100 BP +100 BP
- ----------------------------------------------------------------------------------------------------------------------
AT MARCH 31, 2000
Interest Sensitive Assets:
Mortgage-Backed Securities $ 45,081 $ 42,844 $ 2,266 $ (2,898)
Variable-Rate Residential Loans 480,903 471,956 9,187 (11,123)
Fixed-Rate Residential Loans 344,697 321,118 11,128 (13,173)
Interest-Sensitive Liabilities:
Series A Preferred Stock 40,000 40,000 2,488 (2,959)
- ----------------------------------------------------------------------------------------------------------------------
Estimated Market Value Impact
--------------------------------------
(In Thousands) Book Value Market Value -100 BP +100 BP
- ----------------------------------------------------------------------------------------------------------------------
AT MARCH 31, 1999
Interest Sensitive Assets:
Mortgage-Backed Securities $ 112,498 $ 112,499 $ 2,024 $ (3,436)
Variable-Rate Residential Loans 513,139 523,075 6,464 (9,829)
Fixed-Rate Residential Loans 329,201 339,358 7,219 (13,330)
Interest-Sensitive Liabilities:
Series A Preferred Stock 40,000 40,000 533 (3,935)
- ----------------------------------------------------------------------------------------------------------------------
FORWARD LOOKING STATEMENTS
Statements in Management's Discussion and Analysis in the section captioned
"Quantitative and Qualitative Disclosures about Market Risk" is a
forward-looking statement within the meaning of the Securities Exchange Act of
1934, as amended. Actual results, performance or developments may differ
materially from those expressed or implied by such forward-looking statements as
a result of market uncertainties and other factors. Some important factors that
would cause actual results that differ from those in any forward-looking
statements include changes in interest rates and general economics in the
Connecticut market area where a substantial portion of the real estate securing
the Company's loans is located. Such developments could have an adverse impact
on the Company's financial position and results of operations.
12
WEBSTER PREFERRED CAPITAL CORPORATION
PART II - OTHER INFORMATION
- --------------------------------------------------------------------------------
Item 6: Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit Numbers Description
--------------- -----------
27 Financial Data Schedule
(b) No reports on Form 8-K were filed during the quarter ended March 31,
2000.
13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
WEBSTER PREFERRED CAPITAL CORPORATION
-------------------------------------
Registrant
BY: /s/ Peter J. Swiatek
-----------------------------------
Peter J. Swiatek,
Vice President & Treasurer
Principal Financial Officer
Principal Accounting Officer
Date: May 10, 2000
14
INDEX TO EXHIBITS
Exhibit Number Description
-------------- -----------
27 Financial Data Schedule.
15