Company Quick10K Filing
Webster Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 92 $4,190
10-Q 2019-11-01 Quarter: 2019-09-30
10-Q 2019-08-05 Quarter: 2019-06-30
10-Q 2019-05-07 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-07 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-06 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-09 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-11-05 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-Q 2014-05-07 Quarter: 2014-03-31
10-K 2014-02-28 Annual: 2013-12-31
10-Q 2013-11-05 Quarter: 2013-09-30
10-Q 2013-08-01 Quarter: 2013-06-30
10-Q 2013-05-06 Quarter: 2013-03-31
10-K 2013-02-28 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-01 Quarter: 2012-06-30
10-Q 2012-05-02 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-02 Quarter: 2011-09-30
10-Q 2011-08-01 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-03 Quarter: 2010-09-30
10-Q 2010-08-03 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-03-01 Annual: 2009-12-31
8-K 2019-10-29 Other Events, Exhibits
8-K 2019-07-18 Earnings, Regulation FD, Exhibits
8-K 2019-04-25 Officers, Shareholder Vote, Exhibits
8-K 2019-04-18 Earnings, Regulation FD, Exhibits
8-K 2019-03-25 Other Events, Exhibits
8-K 2019-02-14 Other Events, 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
WBS 2019-09-30
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: Leasing
Note 10: Accumulated Other Comprehensive Loss, Net of Tax
Note 11: Regulatory Matters
Note 12: Earnings per Common Share
Note 13: Derivative Financial Instruments
Note 14: Fair Value Measurements
Note 15: Retirement Benefit 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-31.1 exhibit31109-30x2019.htm
EX-31.2 exhibit31209-30x2019.htm
EX-32.1 exhibit32109-30x2019.htm
EX-32.2 exhibit32209-30x2019.htm

Webster Financial Earnings 2019-09-30

WBS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
PB 4,580 22,375 18,247 0 0 331 535 4,278 8.0 1%
PACW 4,529 26,344 21,492 1,040 0 472 822 5,834 0% 7.1 2%
WAL 4,495 25,315 22,464 0 0 484 740 3,428 4.6 2%
PNFP 4,360 26,540 22,364 0 0 383 731 4,360 6.0 1%
STL 4,324 30,238 25,778 26 0 432 842 8,115 0% 9.6 1%
WBS 4,190 28,942 25,877 208 0 397 666 4,511 0% 6.8 1%
FFIN 4,187 7,979 6,815 0 0 159 215 4,187 19.5 2%
WTFC 4,141 33,642 30,195 1,055 0 342 736 3,840 0% 5.2 1%
IBKC 4,023 31,447 27,209 0 0 433 805 4,609 5.7 1%
FNB 3,765 33,903 29,150 0 0 390 765 4,604 6.0 1%

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, 2019
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)
______________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbols
Name of Exchange on which registered
Common Stock, $0.01 par value
WBS
New York Stock Exchange
Depository Shares, each representing 1/1000th interest in a share
WBS-F
New York Stock Exchange
 of 5.25% Series F Non-Cumulative Perpetual Preferred Stock
 
 
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, 2019 was 92,031,914.

 



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, allowance for loan and lease losses, 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 our actual results to differ from those discussed in any forward-looking statements include, but are not limited to:
our ability to successfully execute our business plan and manage our risks;
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;
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, changes in interest rates, and monetary fluctuations;
the timely development and acceptance of new products and services and the perceived value of those products and services by customers;
changes in deposit flows, consumer spending, borrowings, and savings habits;
our ability to implement new technologies and maintain secure and reliable technology systems;
performance by our counterparties and vendors;
the ability to increase market share and control expenses;
changes in the competitive environment among banks, financial holding companies, and other financial services providers;
changes in laws and regulations (including those concerning taxes, banking, securities, insurance, and healthcare) with which we and our subsidiaries must comply;
the effect of changes in accounting policies and practices applicable to us, including changes in estimates of expected credit losses resulting from our models and assumptions in connection with adopting new accounting guidance; and
legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews.
All forward-looking statements in this Quarterly Report on Form 10-Q speak 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
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
Pretax, pre-provision net revenue
ROU asset
Right-of-use asset
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,
2019
 
December 31,
2018
(In thousands, except share data)
(Unaudited)
 
 
Assets:
 
 
 
Cash and due from banks (includes restricted cash)
$
227,966

 
$
260,422

Interest-bearing deposits
74,865

 
69,077

Investment securities available-for-sale, at fair value
2,960,103

 
2,898,730

Investment securities held-to-maturity (fair value of $5,285,705 and $4,209,121)
5,193,521

 
4,325,420

Federal Home Loan Bank and Federal Reserve Bank stock
116,984

 
149,286

Loans held for sale (valued under fair value option $27,061 and $7,908)
27,061

 
11,869

Loans and leases
19,551,646

 
18,465,489

Allowance for loan and lease losses
(209,152
)
 
(212,353
)
Loans and leases, net
19,342,494

 
18,253,136

Deferred tax assets, net
59,956

 
96,516

Premises and equipment, net
278,642

 
124,850

Goodwill
538,373

 
538,373

Other intangible assets, net
22,879

 
25,764

Cash surrender value of life insurance policies
549,335

 
543,616

Accrued interest receivable and other assets
502,921

 
313,256

Total assets
$
29,895,100

 
$
27,610,315

Liabilities and shareholders' equity:
 
 
 
Deposits:
 
 
 
Non-interest-bearing
$
4,291,659

 
$
4,162,446

Interest-bearing
18,989,006

 
17,696,399

Total deposits
23,280,665

 
21,858,845

Securities sold under agreements to repurchase and other borrowings
1,210,692

 
581,874

Federal Home Loan Bank advances
1,392,849

 
1,826,808

Long-term debt
549,158

 
226,021

Accrued expenses and other liabilities
309,342

 
230,252

Total liabilities
26,742,706

 
24,723,800

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

 
145,037

Common stock, $.01 par value; Authorized - 200,000,000 shares:
 
 
 
Issued (93,686,311 shares)
937

 
937

Paid-in capital
1,115,204

 
1,114,394

Retained earnings
2,010,930

 
1,828,303

Treasury stock, at cost (1,652,279 and 1,508,456 shares)
(82,480
)
 
(71,504
)
Accumulated other comprehensive loss, net of tax
(37,234
)
 
(130,652
)
Total shareholders' equity
3,152,394

 
2,886,515

Total liabilities and shareholders' equity
$
29,895,100

 
$
27,610,315

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)
2019
 
2018
 
2019
 
2018
Interest Income:
 
 
 
 
 
 
 
Interest and fees on loans and leases
$
236,453

 
$
215,448

 
$
701,166

 
$
616,488

Taxable interest and dividends on investments
52,046

 
47,646

 
154,556

 
142,361

Non-taxable interest on investment securities
5,471

 
5,061

 
16,402

 
15,428

Loans held for sale
166

 
208

 
459

 
498

Total interest income
294,136

 
268,363

 
872,583

 
774,775

Interest Expense:
 
 
 
 
 
 
 
Deposits
34,214

 
24,397

 
97,991

 
62,778

Securities sold under agreements to repurchase and other borrowings
6,571

 
3,084

 
13,227

 
10,722

Federal Home Loan Bank advances
6,910

 
7,685

 
22,467

 
23,437

Long-term debt
5,902

 
2,825

 
15,021

 
8,288

Total interest expense
53,597

 
37,991

 
148,706

 
105,225

Net interest income
240,539

 
230,372

 
723,877

 
669,550

Provision for loan and lease losses
11,300

 
10,500

 
31,800

 
32,000

Net interest income after provision for loan and lease losses
229,239

 
219,872

 
692,077

 
637,550

Non-interest Income:
 
 
 
 
 
 
 
Deposit service fees
41,410

 
40,601

 
127,552

 
121,911

Loan and lease related fees
8,246

 
10,782

 
22,623

 
24,111

Wealth and investment services
8,496

 
8,412

 
24,456

 
24,738

Mortgage banking activities
2,133

 
1,305

 
3,829

 
3,684

Increase in cash surrender value of life insurance policies
3,708

 
3,706

 
10,942

 
10,921

Other income
5,938

 
7,478

 
24,994

 
24,040

Total non-interest income
69,931

 
72,284

 
214,396

 
209,405

Non-interest Expense:
 
 
 
 
 
 
 
Compensation and benefits
98,623

 
96,640

 
294,935

 
284,457

Occupancy
14,087

 
14,502

 
42,802

 
45,489

Technology and equipment
26,180

 
24,553

 
77,644

 
73,019

Intangible assets amortization
961

 
961

 
2,885

 
2,885

Marketing
4,758

 
4,052

 
12,329

 
12,493

Professional and outside services
5,024

 
4,930

 
16,706

 
14,099

Deposit insurance
4,409

 
9,694

 
13,292

 
30,098

Other expense
25,852

 
23,451

 
75,627

 
68,317

Total non-interest expense
179,894

 
178,783

 
536,220

 
530,857

Income before income tax expense
119,276

 
113,373

 
370,253

 
316,098

Income tax expense
25,411

 
13,700

 
78,003

 
54,518

Net income
93,865

 
99,673

 
292,250

 
261,580

Preferred stock dividends and other
(2,423
)
 
(2,213
)
 
(7,331
)
 
(6,540
)
Earnings applicable to common shareholders
$
91,442

 
$
97,460

 
$
284,919

 
$
255,040

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
1.00

 
$
1.06

 
$
3.11

 
$
2.77

Diluted
1.00

 
1.06

 
3.10

 
2.77

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)
 
2019
 
2018
 
2019
 
2018
Net income
 
$
93,865

 
$
99,673

 
$
292,250

 
$
261,580

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
Investment securities available-for-sale
 
24,304

 
(13,811
)
 
86,272

 
(50,481
)
Derivative instruments
 
3,603

 
1,635

 
3,985

 
5,837

Defined benefit pension and other postretirement benefit plans
 
1,049

 
2,548

 
3,161

 
4,611

Other comprehensive income (loss), net of tax
 
28,956

 
(9,628
)
 
93,418

 
(40,033
)
Comprehensive income
 
$
122,821

 
$
90,045

 
$
385,668

 
$
221,547

See accompanying Notes to Condensed Consolidated Financial Statements.


3

Table of Contents

WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
 
At or for the three months ended September 30, 2019
(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 June 30, 2019
$
145,037

$
937

$
1,113,893

$
1,955,933

$
(84,393
)
$
(66,190
)
$
3,065,217

Net income



93,865



93,865

Other comprehensive income, net of tax





28,956

28,956

Common stock dividends/equivalents $0.40 per share



(36,900
)


(36,900
)
Series F preferred stock dividends $328.125 per share



(1,968
)


(1,968
)
Stock-based compensation


1,311


1,957


3,268

Common shares acquired from stock compensation plan activity




(44
)

(44
)
Balance at September 30, 2019
$
145,037

$
937

$
1,115,204

$
2,010,930

$
(82,480
)
$
(37,234
)
$
3,152,394

 
 
 
 
 
 
 
 
 
At or for the three months ended September 30, 2018
(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 June 30, 2018
$
145,037

$
937

$
1,115,414

$
1,699,767

$
(77,496
)
$
(121,936
)
$
2,761,723