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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 September 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 October 31, 2017 was 92,074,790.

 



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
FOWARD-LOOKING STATEMENTS and FACTORS THAT COULD AFFECT FUTURE RESULTS
This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "believes," "anticipates," "expects," "intends," "targeted," "continue," "remain," "will," "should," "may," "plans," "estimates" and similar references to future periods; however, such words are not the exclusive means of identifying such statements. References to the "Company," " Webster," "we," "our," or "us" mean Webster Financial Corporation and its consolidated subsidiaries.
Examples of forward-looking statements include, but are not limited to:
projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items;
statements of plans, objectives and expectations of Webster or its management or Board of Directors;
statements of future economic performance; and
statements of assumptions underlying such statements.
Forward-looking statements are based on Webster’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Webster’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.
Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact;
volatility and disruption in national and international financial markets;
government intervention in the U.S. financial system;
changes in the level of non-performing assets and charge-offs;
changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements;
adverse conditions in the securities markets that lead to impairment in the value of our investment securities;
inflation, interest rate, securities market and monetary fluctuations;
the timely development and acceptance of new products and services and perceived overall value of these products and services by customers;
changes in consumer spending, borrowings and savings habits;
technological changes and cyber-security matters;
the ability to increase market share and control expenses;
changes in the competitive environment among banks, financial holding companies and other financial services providers;
the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply, including the Dodd-Frank Act;
the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters;
the costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; and
our success at managing the risks involved in the foregoing items.
Any forward-looking statements made by the Company in this Quarterly Report on Form 10-Q speaks only as of the date they are made. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

ii


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
LGD
Loss given default
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
PD
Probability of default
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


iii

Table of Contents

PART I. – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 
September 30,
2017
 
December 31,
2016
(In thousands, except share data)
(Unaudited)
 
 
Assets:
 
 
 
Cash and due from banks
$
215,244

 
$
190,663

Interest-bearing deposits
26,992

 
29,461

Investment securities available-for-sale, at fair value
2,591,162

 
2,991,091

Investment securities held-to-maturity (fair value of $4,481,675 and $4,125,125)
4,497,311

 
4,160,658

Federal Home Loan Bank and Federal Reserve Bank stock
136,340

 
194,646

Loans held for sale (valued under fair value option $32,855 and $60,260)
32,855

 
67,577

Loans and leases
17,446,421

 
17,026,588

Allowance for loan and lease losses
(201,803
)
 
(194,320
)
Loans and leases, net
17,244,618

 
16,832,268

Deferred tax assets, net
82,895

 
84,391

Premises and equipment, net
130,358

 
137,413

Goodwill
538,373

 
538,373

Other intangible assets, net
30,589

 
33,674

Cash surrender value of life insurance policies
528,136

 
517,852

Accrued interest receivable and other assets
295,309

 
294,462

Total assets
$
26,350,182

 
$
26,072,529

Liabilities and shareholders' equity:
 
 
 
Deposits:
 
 
 
Non-interest-bearing
$
4,138,206

 
$
4,021,061

Interest-bearing
16,717,029

 
15,282,796

Total deposits
20,855,235

 
19,303,857

Securities sold under agreements to repurchase and other borrowings
902,902

 
949,526

Federal Home Loan Bank advances
1,507,681

 
2,842,908

Long-term debt
225,704

 
225,514

Accrued expenses and other liabilities
219,873

 
223,712

Total liabilities
23,711,395

 
23,545,517

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

 
122,710

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

 
937

Paid-in capital
1,123,685

 
1,125,937

Retained earnings
1,535,585

 
1,425,320

Treasury stock, at cost (1,764,131 and 1,899,502 shares)
(75,032
)
 
(70,899
)
Accumulated other comprehensive loss, net of tax
(69,098
)
 
(76,993
)
Total shareholders' equity
2,638,787

 
2,527,012

Total liabilities and shareholders' equity
$
26,350,182

 
$
26,072,529

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 September 30,
 
Nine months ended September 30,
(In thousands, except per share data)
2017
 
2016
 
2017
 
2016
Interest Income:
 
 
 
 
 
 
 
Interest and fees on loans and leases
$
181,130

 
$
157,071

 
$
523,394

 
$
459,050

Taxable interest and dividends on investments
43,819

 
43,384

 
136,167

 
136,734

Non-taxable interest on investment securities
5,765

 
4,820

 
17,103

 
13,691

Loans held for sale
307

 
440

 
826

 
1,006

Total interest income
231,021

 
205,715

 
677,490

 
610,481

Interest Expense:
 
 
 
 
 
 
 
Deposits
16,760

 
12,594

 
44,874

 
37,267

Securities sold under agreements to repurchase and other borrowings
3,847

 
3,447

 
10,970

 
10,999

Federal Home Loan Bank advances
6,894

 
6,979

 
22,543

 
21,517

Long-term debt
2,616

 
2,498

 
7,748

 
7,444

Total interest expense
30,117

 
25,518

 
86,135

 
77,227

Net interest income
200,904

 
180,197

 
591,355

 
533,254

Provision for loan and lease losses
10,150

 
14,250

 
27,900

 
43,850

Net interest income after provision for loan and lease losses
190,754

 
165,947

 
563,455

 
489,404

Non-interest Income:
 
 
 
 
 
 
 
Deposit service fees
38,321

 
35,734

 
113,519

 
105,553

Loan and lease related fees
6,346

 
9,253

 
19,898

 
20,563

Wealth and investment services
7,750

 
7,593

 
22,900

 
21,992

Mortgage banking activities
2,421

 
4,322

 
8,038

 
11,335

Increase in cash surrender value of life insurance policies
3,720

 
3,743

 
10,943

 
11,060

Gain on sale of investment securities, net

 

 

 
414

Impairment loss on investment securities recognized in earnings

 

 
(126
)
 
(149
)
Other income
7,288

 
5,767

 
18,267

 
23,093

Total non-interest income
65,846

 
66,412

 
193,439

 
193,861

Non-interest Expense:
 
 
 
 
 
 
 
Compensation and benefits
89,192

 
83,148

 
264,822

 
244,089

Occupancy
14,744

 
15,004

 
46,957

 
44,915

Technology and equipment
22,580

 
19,753

 
66,646

 
59,067

Intangible assets amortization
1,002

 
1,493

 
3,085

 
4,570

Marketing
4,045

 
4,622

 
14,101

 
14,215

Professional and outside services
4,030

 
4,795

 
11,813

 
11,360

Deposit insurance
6,344

 
6,177

 
19,701

 
19,596

Other expense
19,886

 
21,105

 
62,901

 
63,508

Total non-interest expense
161,823

 
156,097

 
490,026

 
461,320

Income before income tax expense
94,777

 
76,262

 
266,868

 
221,945

Income tax expense
30,281

 
24,445

 
81,322

 
72,478

Net income
64,496

 
51,817

 
185,546

 
149,467

Preferred stock dividends and other
(2,070
)
 
(2,183
)
 
(6,284
)
 
(6,540
)
Earnings applicable to common shareholders
$
62,426

 
$
49,634

 
$
179,262

 
$
142,927

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
0.68

 
$
0.54

 
$
1.95

 
$
1.57

Diluted
0.67

 
0.54

 
1.94

 
1.56

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 September 30,
 
Nine months ended September 30,
(In thousands)
2017
 
2016
 
2017
 
2016
Net income
$
64,496

 
$
51,817

 
$
185,546

 
$
149,467

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Total securities available-for-sale and transferred
872

 
1,218

 
1,847

 
19,988

Total derivative instruments
1,111

 
2,015

 
2,921

 
1,589

Total defined benefit pension and other postretirement benefit plans
1,001

 
1,125

 
3,127

 
3,376

Other comprehensive income, net of tax
2,984

 
4,358

 
7,895

 
24,953

Comprehensive income
$
67,480

 
$
56,175

 
$
193,441

 
$
174,420

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



185,546



185,546

Other comprehensive income, net of tax





7,895

7,895

Dividends and dividend equivalents declared on common stock $0.77 per share


124

(71,096
)


(70,972
)
Dividends paid on Series E preferred stock $1,200.00 per share



(6,072
)


(6,072
)
Stock-based compensation



1,887

9,070


10,957

Exercise of stock options


(2,376
)

7,677


5,301

Common shares acquired related to stock compensation plan activity




(9,295
)

(9,295
)
Common stock repurchase program




(11,585
)

(11,585
)
Balance at September 30, 2017
$
122,710

$
937

$
1,123,685

$
1,535,585

$
(75,032
)
$
(69,098
)
$
2,638,787

 
 
 
 
 
 
 
 
(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



149,467



149,467

Other comprehensive income, net of tax





24,953

24,953

Dividends and dividend equivalents declared on common stock $0.73 per share


109

(67,088
)


(66,979
)
Dividends paid on Series E preferred stock $1,200.00 per share



(6,072
)


(6,072
)
Stock-based compensation, net of tax impact


2,413

245

8,031


10,689

Exercise of stock options


(1,307
)

3,679


2,372

Common shares acquired related to stock compensation plan activity




(5,392
)

(5,392
)
Common stock repurchase program




(11,206
)

(11,206
)
Common stock warrants repurchased


(163
)



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

$
937

$
1,125,377

$
1,392,500

$
(76,742
)
$
(53,153
)
$
2,511,629

See accompanying Notes to Condensed Consolidated Financial Statements.

4

Table of Contents

WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Nine months ended September 30,
(In thousands)
2017
 
2016
Operating Activities:
 
 
 
Net income
$
185,546

 
$
149,467

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for loan and lease losses
27,900

 
43,850

Deferred tax (benefit) expense
(3,241
)
 
14,425

Depreciation and amortization
28,060

 
27,342

Amortization of earning assets and funding, premiums/discounts, net
33,338

 
42,855

Stock-based compensation
9,050

 
8,558

Gain on sale, net of write-down, on foreclosed and repossessed assets
(551
)
 
(744
)
Write-down (gain on sale), net on premises and equipment
218

 
(713
)
Impairment loss on investment securities recognized in earnings
126

 
149

Gain on the sale of investment securities, net

 
(414
)
Increase in cash surrender value of life insurance policies
(10,943
)
 
(11,060
)
Mortgage banking activities
(8,038
)
 
(11,335
)
Proceeds from sale of loans held for sale
262,029

 
298,840

Origination of loans held for sale
(227,435
)
 
(320,739
)
Net decrease (increase) in derivative contract assets net of liabilities
11,235

 
(73,765
)
Net (increase) decrease in accrued interest receivable and other assets
(19,405
)
 
51,270

Net increase (decrease) in accrued expenses and other liabilities
12,386

 
(30,419
)
Net cash provided by operating activities
300,275

 
187,567

Investing Activities:
 
 
 
Net decrease in interest-bearing deposits
2,469

 
133,969

Purchases of available for sale investment securities
(305,309
)
 
(615,174
)
Proceeds from maturities and principal payments of available for sale investment securities
695,595

 
430,099

Proceeds from sales of available for sale investment securities

 
259,283

Purchases of held-to-maturity investment securities
(887,240
)
 
(640,218
)