Company Quick10K Filing
Quick10K
Webster Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$53.88 92 $4,970
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
8-K 2019-02-14 Other Events, Exhibits
8-K 2019-01-24 Earnings, Regulation FD, Exhibits
8-K 2019-01-24 Earnings, Regulation FD, Exhibits
8-K 2018-12-05 Regulation FD
8-K 2018-11-08 Regulation FD
8-K 2018-10-24 Officers, Exhibits
8-K 2018-10-18 Earnings, Regulation FD, Exhibits
8-K 2018-09-12 Regulation FD
8-K 2018-07-19 Earnings, Regulation FD, Exhibits
8-K 2018-04-26 Shareholder Vote
8-K 2018-04-19 Earnings, Exhibits
8-K 2018-02-14 Other Events, Exhibits
8-K 2018-01-23 Earnings, Exhibits
8-K 2018-01-18 Other Events
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UNB Union Bankshares
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HWBK Hawthorn Bancshares
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UBCP United Bancorp
WBS 2018-09-30
Part I. - Financial Information
Item 1. Financial Statements
Note 1:Summary of Significant Accounting Policies
Note 2:Variable Interest Entities
Note 3:Investment Securities
Note 4:Loans and Leases
Note 5:Transfers of Financial Assets
Note 6:Goodwill and Other Intangible Assets
Note 7:Deposits
Note 8:Borrowings
Note 9:Accumulated Other Comprehensive Loss, Net of Tax
Note 10:Regulatory Matters
Note 11:Earnings per Common Share
Note 12:Derivative Financial Instruments
Note 13:Fair Value Measurements
Note 14:Retirement Benefit Plans
Note 15:Share-Based Plans
Note 16:Segment Reporting
Note 17:Revenue From Contracts with Customers
Note 18:Commitments and Contingencies
Note 19:Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.26 exhibit10-26.htm
EX-31.1 exhibit31109-30x2018.htm
EX-31.2 exhibit31209-30x2018.htm
EX-32.1 exhibit32109-30x2018.htm
EX-32.2 exhibit32209-30x2018.htm

Webster Financial Earnings 2018-09-30

WBS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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, 2018
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 every Interactive Data File required to be submitted 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 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, 2018 was 92,236,627.

 



INDEX
 
 
Page No.
 
 
 
Forward-Looking Statements
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

Table of Contents

WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
FOWARD-LOOKING STATEMENTS
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;
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 periodic review under relevant regulatory and accounting requirements;
adverse conditions in the securities markets that lead to impairment in the value of securities in our investment portfolio;
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, insurance and healthcare) with which we and our subsidiaries must comply, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the final rules establishing a new comprehensive capital framework for U.S. banking organizations, and the Tax Cuts and Jobs Act of 2017 (Tax 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 (FASB) 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 assessing and 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

Table of Contents

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 or the Update
Accounting Standards Update
Basel III
Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision
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
CME
Chicago Mercantile Exchange
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
EGRRCPA
Economic Growth, Regulatory Relief, and Consumer Protection Act
FASB
Financial Accounting Standards Board
FDIC
Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FICO
Fair Isaac Corporation
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
LEP
Loss emergence period
LGD
Loss given default
LPL
LPL Financial Holdings Inc.
NAV
Net asset value
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
Tax Act
Tax Cuts and Jobs Act of 2017
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,
2018
 
December 31,
2017
(In thousands, except share data)
(Unaudited)
 
 
Assets:
 
 
 
Cash and due from banks
$
222,234

 
$
231,158

Interest-bearing deposits
99,746

 
25,628

Investment securities available-for-sale, at fair value
2,823,953

 
2,638,037

Investment securities held-to-maturity (fair value of $4,164,359 and $4,456,350)
4,332,458

 
4,487,392

Federal Home Loan Bank and Federal Reserve Bank stock
133,740

 
151,566

Loans held for sale, fair value option
17,137

 
20,888

Loans and leases
18,321,019

 
17,523,858

Allowance for loan and lease losses
(211,832
)
 
(199,994
)
Loans and leases, net
18,109,187

 
17,323,864

Deferred tax assets, net
92,910

 
92,630

Premises and equipment, net
128,507

 
130,001

Goodwill
538,373

 
538,373

Other intangible assets, net
26,726

 
29,611

Cash surrender value of life insurance policies
539,923

 
531,820

Accrued interest receivable and other assets
281,423

 
286,677

Total assets
$
27,346,317

 
$
26,487,645

Liabilities and shareholders' equity:
 
 
 
Deposits:
 
 
 
Non-interest-bearing
$
4,231,505

 
$
4,191,496

Interest-bearing
17,766,118

 
16,802,233

Total deposits
21,997,623

 
20,993,729

Securities sold under agreements to repurchase and other borrowings
564,488

 
643,269

Federal Home Loan Bank advances
1,441,884

 
1,677,105

Long-term debt
225,957

 
225,767

Accrued expenses and other liabilities
300,167

 
245,817

Total liabilities
24,530,119

 
23,785,687

Shareholders’ equity:
 
 
 
Preferred stock, $.01 par value; Authorized - 3,000,000 shares:
 
 
 
Series F issued and outstanding (6,000 shares)
145,037

 
145,056

Common stock, $.01 par value; Authorized - 200,000,000 shares:
 
 
 
Issued (93,680,724 and 93,680,291 shares)
937

 
937

Paid-in capital
1,114,848

 
1,122,164

Retained earnings
1,761,036

 
1,595,762

Treasury stock, at cost (1,536,554 and 1,658,526 shares)
(74,096
)
 
(70,430
)
Accumulated other comprehensive loss, net of tax
(131,564
)
 
(91,531
)
Total shareholders' equity
2,816,198

 
2,701,958

Total liabilities and shareholders' equity
$
27,346,317

 
$
26,487,645

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)
2018
 
2017
 
2018
 
2017
Interest Income:
 
 
 
 
 
 
 
Interest and fees on loans and leases
$
215,448

 
$
181,130

 
$
616,488

 
$
523,394

Taxable interest and dividends on investments
47,646

 
43,819

 
142,361

 
136,167

Non-taxable interest on investment securities
5,061

 
5,765

 
15,428

 
17,103

Loans held for sale
208

 
307

 
498

 
826

Total interest income
268,363

 
231,021

 
774,775

 
677,490

Interest Expense:
 
 
 
 
 
 
 
Deposits
24,397

 
16,760

 
62,778

 
44,874

Securities sold under agreements to repurchase and other borrowings
3,084

 
3,847

 
10,722

 
10,970

Federal Home Loan Bank advances
7,685

 
6,894

 
23,437

 
22,543

Long-term debt
2,825

 
2,616

 
8,288

 
7,748

Total interest expense
37,991

 
30,117

 
105,225

 
86,135

Net interest income
230,372

 
200,904

 
669,550

 
591,355

Provision for loan and lease losses
10,500

 
10,150

 
32,000

 
27,900

Net interest income after provision for loan and lease losses
219,872

 
190,754

 
637,550

 
563,455

Non-interest Income:
 
 
 
 
 
 
 
Deposit service fees
40,601

 
38,321

 
121,911

 
113,519

Loan and lease related fees
10,782

 
6,346

 
24,111

 
19,898

Wealth and investment services
8,412

 
7,750

 
24,738

 
22,900

Mortgage banking activities
1,305

 
2,421

 
3,684

 
8,038

Increase in cash surrender value of life insurance policies
3,706

 
3,720

 
10,921

 
10,943

Impairment loss on investment securities recognized in earnings

 

 

 
(126
)
Other income
7,478

 
7,288

 
24,040

 
18,267

Total non-interest income
72,284

 
65,846

 
209,405

 
193,439

Non-interest Expense:
 
 
 
 
 
 
 
Compensation and benefits
96,640

 
88,395

 
284,457

 
262,288

Occupancy
14,502

 
14,744

 
45,489

 
46,957

Technology and equipment
24,553

 
22,580

 
73,019

 
66,646

Intangible assets amortization
961

 
1,002

 
2,885

 
3,085

Marketing
4,052

 
4,045

 
12,493

 
14,101

Professional and outside services
4,930

 
4,030

 
14,099

 
11,813

Deposit insurance
9,694

 
6,344

 
30,098

 
19,701

Other expense
23,451

 
20,683

 
68,317

 
65,435

Total non-interest expense
178,783

 
161,823

 
530,857

 
490,026

Income before income tax expense
113,373

 
94,777

 
316,098

 
266,868

Income tax expense
13,700

 
30,281

 
54,518

 
81,322

Net income
99,673

 
64,496

 
261,580

 
185,546

Preferred stock dividends and other
(2,213
)
 
(2,070
)
 
(6,540
)
 
(6,284
)
Earnings applicable to common shareholders
$
97,460

 
$
62,426

 
$
255,040

 
$
179,262

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
1.06

 
$
0.68

 
$
2.77

 
$
1.95

Diluted
1.06

 
0.67

 
2.77

 
1.94

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)
 
2018
 
2017
 
2018
 
2017
Net income
 
$
99,673

 
$
64,496

 
$
261,580

 
$
185,546

Other comprehensive (loss) income (OCL) OCI, net of tax:
 
 
 
 
 
 
 
 
Total securities available-for-sale
 
(13,811
)
 
872

 
(50,481
)
 
1,847

Total derivative instruments
 
1,635

 
1,111

 
5,837

 
2,921

Total defined benefit pension and other postretirement benefit plans
 
2,548

 
1,001

 
4,611

 
3,127

Other comprehensive (loss) income, net of tax
 
(9,628
)
 
2,984

 
(40,033
)
 
7,895

Comprehensive income
 
$
90,045

 
$
67,480

 
$
221,547

 
$
193,441

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, 2017
$
145,056

$
937

$
1,122,164

$
1,595,762

$
(70,430
)
$
(91,531
)
$
2,701,958

Cumulative effect of changes in accounting principles



(1,362
)


(1,362
)
Net income



261,580



261,580

Other comprehensive loss, net of tax





(40,033
)
(40,033
)
Common stock dividends/equivalents $0.92 per share


99

(85,002
)


(84,903
)
Series F preferred stock dividends $995.3125 per share



(5,906
)


(5,906
)
Series F preferred stock dividends accrued adjustment



22



22

Stock-based compensation


(1,541
)
2,426

7,713


8,598

Exercise of stock options


(5,308
)

7,418


2,110

Stock units conversion to shares


(566
)
(6,484
)
7,050



Common shares acquired from stock compensation plan activity




(13,689
)

(13,689
)
Common stock repurchase program




(12,158
)

(12,158
)
Series F preferred stock issuance adjustment
(19
)





(19
)
Balance at September 30, 2018
$
145,037

$
937

$
1,114,848

$
1,761,036

$
(74,096
)
$
(131,564
)
$
2,816,198

 
 
 
 
 
 
 
 
(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

Common stock dividends/equivalents $0.77 per share


124

(71,096
)


(70,972
)
Series E preferred stock dividends $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 from stock compensation plan activity




(9,295
)

(9,295
)
Common stock repurchase program