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Table of Contents


 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
_______________________________________________________________________________
FORM 10-Q
_______________________________________________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ending June 30, 2017
Commission File Number: 001-31486
_______________________________________________________________________________

WEBSTER FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
 _______________________________________________________________________________
Delaware
 
06-1187536
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)

145 Bank Street, Waterbury, Connecticut 06702
(Address and zip code of principal executive offices)

(203) 578-2202
(Registrant's telephone number, including area code)
______________________________________________________________________________

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      No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transaction period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).      Yes      No
The number of shares of common stock, par value $.01 per share, outstanding as of July 31, 2017 was 92,075,458.

 



INDEX
 
 
Page No.
 
 
 
Key to Acronyms and Terms
 
 
 
 
 
 
 
Item 1.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 
 




i


WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
KEY TO ACRONYMS AND TERMS
Agency CMBS
Agency commercial mortgage-backed securities
Agency CMO
Agency collateralized mortgage obligations
Agency MBS
Agency mortgage-backed securities
ALCO
Asset/Liability Committee
ALLL
Allowance for loan and lease losses
AOCL
Accumulated other comprehensive loss, net of tax
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
Basel III
Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision
CDI
Core deposit intangible assets
CET1 capital
Common Equity Tier 1 Capital, defined by Basel III capital rules
CLO
Collateralized loan obligation securities
CMBS
Non-agency commercial mortgage-backed securities
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
FASB
Financial Accounting Standards Board
FDIC
Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FICO
Fair Isaac Corporation
FINRA
Financial Industry Regulatory Authority
FRB
Federal Reserve Bank
FTP
Funds Transfer Pricing, a matched maturity funding concept
GAAP
U.S. Generally Accepted Accounting Principles
Holding Company
Webster Financial Corporation
HSA Bank
A division of Webster Bank, National Association
ISDA
International Swaps Derivative Association
LBP
Look back period
LEP
Loss emergence period
LIBOR
London Interbank Offered Rate
LPL
LPL Financial Holdings Inc.
NII
Net interest income
OCC
Office of the Comptroller of the Currency
OCI/OCL
Other comprehensive income (loss)
OREO
Other real estate owned
OTTI
Other-than-temporary impairment
PPNR
Pre-tax, pre-provision net revenue
RPA
Risk participation agreement
SEC
United States Securities and Exchange Commission
SERP
Supplemental defined benefit retirement plan
SIPC
Securities Investor Protection Corporation
TDR
Troubled debt restructuring, defined in ASC 310-40 "Receivables-Troubled Debt Restructurings by Creditors"
VIE
Variable interest entity, defined in ASC 810-10 "Consolidation-Overall"
Webster Bank
Webster Bank, National Association, a wholly-owned subsidiary of Webster Financial Corporation
Webster or the Company
Webster Financial Corporation, collectively with its consolidated subsidiaries


ii

Table of Contents

PART I. – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 
June 30,
2017
 
December 31,
2016
(In thousands, except share data)
(Unaudited)
 
 
Assets:
 
 
 
Cash and due from banks
$
231,808

 
$
190,663

Interest-bearing deposits
33,662

 
29,461

Investment securities available-for-sale
2,807,966

 
2,991,091

Investment securities held-to-maturity (fair value of $4,197,378 and $4,125,125)
4,219,198

 
4,160,658

Federal Home Loan Bank and Federal Reserve Bank stock
155,505

 
194,646

Loans held for sale (valued under fair value option $39,407 and $60,260)
39,407

 
67,577

Loans and leases
17,273,678

 
17,026,588

Allowance for loan and lease losses
(199,578
)
 
(194,320
)
Loans and leases, net
17,074,100

 
16,832,268

Deferred tax assets, net
80,942

 
84,391

Premises and equipment, net
131,833

 
137,413

Goodwill
538,373

 
538,373

Other intangible assets, net
31,591

 
33,674

Cash surrender value of life insurance policies
524,674

 
517,852

Accrued interest receivable and other assets
305,871

 
294,462

Total assets
$
26,174,930

 
$
26,072,529

Liabilities and shareholders' equity:
 
 
 
Deposits:
 
 
 
Non-interest-bearing
$
4,074,819

 
$
4,021,061

Interest-bearing
16,383,278

 
15,282,796

Total deposits
20,458,097

 
19,303,857

Securities sold under agreements to repurchase and other borrowings
872,692

 
949,526

Federal Home Loan Bank advances
1,767,757

 
2,842,908

Long-term debt
225,640

 
225,514

Accrued expenses and other liabilities
245,618

 
223,712

Total liabilities
23,569,804

 
23,545,517

Shareholders’ equity:
 
 
 
Preferred stock, $.01 par value; Authorized - 3,000,000 shares:
 
 
 
Series E issued and outstanding (5,060 shares)
122,710

 
122,710

Common stock, $.01 par value; Authorized - 200,000,000 shares:
 
 
 
Issued (93,679,599 and 93,651,601 shares)
937

 
937

Paid-in capital
1,124,661

 
1,125,937

Retained earnings
1,496,300

 
1,425,320

Treasury stock, at cost (1,628,450 and 1,899,502 shares)
(67,400
)
 
(70,899
)
Accumulated other comprehensive loss, net of tax
(72,082
)
 
(76,993
)
Total shareholders' equity
2,605,126

 
2,527,012

Total liabilities and shareholders' equity
$
26,174,930

 
$
26,072,529

See accompanying Notes to Condensed Consolidated Financial Statements.

1

Table of Contents

WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
(In thousands, except per share data)
2017
 
2016
 
2017
 
2016
Interest Income:
 
 
 
 
 
 
 
Interest and fees on loans and leases
$
174,456

 
$
152,171

 
$
342,264

 
$
301,979

Taxable interest and dividends on investments
46,408

 
45,311

 
92,348

 
93,350

Non-taxable interest on investment securities
5,722

 
4,656

 
11,338

 
8,871

Loans held for sale
203

 
293

 
519

 
566

Total interest income
226,789

 
202,431

 
446,469

 
404,766

Interest Expense:
 
 
 
 
 
 
 
Deposits
14,679

 
12,374

 
28,114

 
24,673

Securities sold under agreements to repurchase and other borrowings
3,583

 
3,379

 
7,123

 
7,552

Federal Home Loan Bank advances
8,156

 
7,291

 
15,649

 
14,538

Long-term debt
2,584

 
2,482

 
5,132

 
4,946

Total interest expense
29,002

 
25,526

 
56,018

 
51,709

Net interest income
197,787

 
176,905

 
390,451

 
353,057

Provision for loan and lease losses
7,250

 
14,000

 
17,750

 
29,600

Net interest income after provision for loan and lease losses
190,537

 
162,905

 
372,701

 
323,457

Non-interest Income:
 
 
 
 
 
 
 
Deposit service fees
38,192

 
34,894

 
75,198

 
69,819

Loan and lease related fees
6,344

 
6,266

 
13,552

 
11,310

Wealth and investment services
7,877

 
7,204

 
15,150

 
14,399

Mortgage banking activities
3,351

 
3,753

 
5,617

 
7,013

Increase in cash surrender value of life insurance policies
3,648

 
3,664

 
7,223

 
7,317

Gain on sale of investment securities, net

 
94

 

 
414

Impairment loss on investment securities recognized in earnings
(126
)
 

 
(126
)
 
(149
)
Other income
5,265

 
9,200

 
10,979

 
17,326

Total non-interest income
64,551

 
65,075

 
127,593

 
127,449

Non-interest Expense:
 
 
 
 
 
 
 
Compensation and benefits
87,354

 
80,231

 
175,630

 
160,941

Occupancy
16,034

 
14,842

 
32,213

 
29,911

Technology and equipment
22,458

 
19,376

 
44,066

 
39,314

Intangible assets amortization
1,028

 
1,523

 
2,083

 
3,077

Marketing
4,615

 
4,669

 
10,056

 
9,593

Professional and outside services
3,507

 
3,754

 
7,783

 
6,565

Deposit insurance
6,625

 
6,633

 
13,357

 
13,419

Other expense
22,798

 
21,750

 
43,015

 
42,403

Total non-interest expense
164,419

 
152,778

 
328,203

 
305,223

Income before income tax expense
90,669

 
75,202

 
172,091

 
145,683

Income tax expense
29,090

 
24,599

 
51,041

 
48,033

Net income
61,579

 
50,603

 
121,050

 
97,650

Preferred stock dividends and other
(2,094
)
 
(2,205
)
 
(4,224
)
 
(4,368
)
Earnings applicable to common shareholders
$
59,485

 
$
48,398

 
$
116,826

 
$
93,282

Earnings per common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.65

 
$
0.53

 
$
1.27

 
$
1.02

Diluted
0.64

 
0.53

 
1.26

 
1.02

See accompanying Notes to Condensed Consolidated Financial Statements.


2

Table of Contents

WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
 
Three months ended June 30,
 
Six months ended June 30,
(In thousands)
 
2017
 
2016
 
2017
 
2016
Net income
 
$
61,579

 
$
50,603

 
$
121,050

 
$
97,650

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
Total securities available-for-sale and transferred
 
3,200

 
11,265

 
975

 
18,770

Total derivative instruments
 
651

 
526

 
1,810

 
(426
)
Total defined benefit pension and other postretirement benefit plans
 
1,094

 
1,095

 
2,126

 
2,251

Other comprehensive income, net of tax
 
4,945

 
12,886

 
4,911

 
20,595

Comprehensive income
 
$
66,524

 
$
63,489

 
$
125,961

 
$
118,245

See accompanying Notes to Condensed Consolidated Financial Statements.


3

Table of Contents

WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
 
(In thousands, except per share data)
Preferred
Stock
Common
Stock
Paid-In
Capital
Retained
Earnings
Treasury
Stock, at cost
Accumulated
Other
Comprehensive
Loss, Net of Tax
Total
Shareholders'
Equity
Balance at December 31, 2016
$
122,710

$
937

$
1,125,937

$
1,425,320

$
(70,899
)
$
(76,993
)
$
2,527,012

Net income



121,050



121,050

Other comprehensive income, net of tax





4,911

4,911

Dividends and dividend equivalents declared on common stock $0.51 per share


82

(47,140
)


(47,058
)
Dividends on Series E preferred stock $800.00 per share



(4,048
)


(4,048
)
Stock-based compensation



1,118

6,833


7,951

Exercise of stock options


(1,358
)

5,949


4,591

Common shares acquired related to stock compensation plan activity




(9,283
)

(9,283
)
Balance at June 30, 2017
$
122,710

$
937

$
1,124,661

$
1,496,300

$
(67,400
)
$
(72,082
)
$
2,605,126

 
 
 
 
 
 
 
 
(In thousands, except per share data)
Preferred
Stock
Common
Stock
Paid-In
Capital
Retained
Earnings
Treasury
Stock, at cost
Accumulated
Other
Comprehensive
Loss, Net of Tax
Total
Shareholders'
Equity
Balance at December 31, 2015
$
122,710

$
937

$
1,124,325

$
1,315,948

$
(71,854
)
$
(78,106
)
$
2,413,960

Net income



97,650



97,650

Other comprehensive income, net of tax





20,595

20,595

Dividends and dividend equivalents declared on common stock $0.48 per share


70

(44,124
)


(44,054
)
Dividends on Series E preferred stock $800.00 per share



(4,048
)


(4,048
)
Stock-based compensation, net of tax impact


2,265

123

5,254


7,642

Exercise of stock options


(1,051
)

2,824


1,773

Common shares acquired related to stock compensation plan activity




(5,183
)

(5,183
)
Common stock repurchase program




(11,206
)

(11,206
)
Common stock warrants repurchased


(163
)



(163
)
Balance at June 30, 2016
$
122,710

$
937

$
1,125,446

$
1,365,549

$
(80,165
)
$
(57,511
)
$
2,476,966

See accompanying Notes to Condensed Consolidated Financial Statements.

4

Table of Contents

WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Six months ended June 30,
(In thousands)
2017
 
2016
Operating Activities:
 
 
 
Net income
$
121,050

 
$
97,650

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for loan and lease losses
17,750

 
29,600

Deferred tax expense
488

 
10,632

Depreciation and amortization
18,960

 
17,930

Amortization of earning assets and funding, premiums/discounts, net
23,287

 
27,449

Stock-based compensation
6,043

 
5,614

Gain on sale, net of write-down, on foreclosed and repossessed assets
(314
)
 
(791
)
Write-down (gain on sale), net on premises and equipment
559

 
(20
)
Impairment loss on investment securities recognized in earnings
126

 
149

Gain on the sale of investment securities, net

 
(414
)
Increase in cash surrender value of life insurance policies
(7,223
)
 
(7,317
)
Mortgage banking activities
(5,617
)
 
(7,013
)
Proceeds from sale of loans held for sale
173,338

 
170,572

Origination of loans held for sale
(147,437
)
 
(182,329
)
Net increase in derivative contract assets net of liabilities
(213
)
 
(110,393
)
Net (increase) decrease in accrued interest receivable and other assets
(24,054
)
 
31,755

Net increase in accrued expenses and other liabilities
5,261

 
15,729

Net cash provided by operating activities
182,004

 
98,803

Investing Activities:
 
 
 
Net (increase) decrease in interest-bearing deposits
(4,201
)
 
117,816

Purchases of available for sale investment securities
(106,476
)
 
(428,991
)
Proceeds from maturities and principal payments of available for sale investment securities
314,038

 
271,331

Proceeds from sales of available for sale investment securities

 
259,004

Purchases of held-to-maturity investment securities
(429,711
)
 
(311,420
)
Proceeds from maturities and principal payments of held-to-maturity investment securities
357,283

 
298,796

Net proceeds of Federal Home Loan Bank stock
39,141

 
3,243

Alternative investments return of capital (capital call), net
296

 
(1,749
)
Net increase in loans
(263,241
)
 
(640,922
)
Proceeds from loans not originated for sale
7,445

 
11,743

Proceeds from life insurance policies
484

 

Proceeds from the sale of foreclosed and repossessed assets
3,371

 
4,671

Proceeds from the sale of premises and equipment
507

 
750

Additions to premises and equipment
(13,392
)
 
(20,639
)
Proceeds from redemption of other assets
7,581

 

Net cash used for investing activities
(86,875
)
 
(436,367
)
 
 
 
 

5

Table of Contents

 
Six months ended June 30,
(In thousands)
2017
 
2016
Financing Activities:
 
 
 
Net increase in deposits
1,153,597

 
875,997

Proceeds from Federal Home Loan Bank advances
7,300,000

 
10,125,000

Repayments of Federal Home Loan Bank advances
(8,375,145
)
 
(10,326,076
)
Net decrease in securities sold under agreements to repurchase and other borrowings
(76,834
)
 
(251,709
)
Dividends paid to common shareholders
(46,862
)
 
(43,791
)
Dividends paid to preferred shareholders
(4,048
)
 
(4,048
)
Exercise of stock options
4,591

 
1,773

Excess tax benefits from stock-based compensation

 
2,241

Common stock repurchase program

 
(11,206