Company Quick10K Filing
Quick10K
Webster Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$51.50 92 $4,750
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
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
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
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 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
CBRL Cracker Barrel Old Country Store 4,060
CTRA Contura Energy 1,140
BKCC Blackrock Capital Investment 429
WATT Energous 154
HOTH Hoth Therapeutics 51
VVUS Vivus 42
CYTR Cytrx 18
QRTE Qurate Retail 0
OVTZ Oculus 0
BICX Biocorrx 0
WBS 2019-03-31
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-10.1 exhibit101.htm
EX-31.1 exhibit31103-31x2019.htm
EX-31.2 exhibit31203-31x2019.htm
EX-32.1 exhibit32103-31x2019.htm
EX-32.2 exhibit32203-31x2019.htm

Webster Financial Earnings 2019-03-31

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 March 31, 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 Symbol
Name of Exchange on which registered
Common Stock, $.01 par value
WBS
New York Stock Exchange
Depository Shares, each representing 1/1000th interest in a share of 5.25% Series F Non-Cumulative Perpetual Preferred Stock
WBS-F
New York Stock Exchange
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 April 30, 2019 was 92,142,999.

 



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 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; 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
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
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
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
 
March 31,
2019
 
December 31,
2018
(In thousands, except share data)
(Unaudited)
 
 
Assets:
 
 
 
Cash and due from banks (includes restricted cash)
$
167,587

 
$
260,422

Interest-bearing deposits
53,072

 
69,077

Investment securities available-for-sale, at fair value
2,977,316

 
2,898,730

Investment securities held-to-maturity (fair value of $4,433,377 and $4,209,121)
4,480,160

 
4,325,420

Federal Home Loan Bank and Federal Reserve Bank stock
106,674

 
149,286

Loans held for sale (valued under fair value option $20,615 and $7,908)
20,615

 
11,869

Loans and leases
18,814,290

 
18,465,489

Allowance for loan and lease losses
(211,389
)
 
(212,353
)
Loans and leases, net
18,602,901

 
18,253,136

Deferred tax assets, net
76,576

 
96,516

Premises and equipment, net
279,580

 
124,850

Goodwill
538,373

 
538,373

Other intangible assets, net
24,803

 
25,764

Cash surrender value of life insurance policies
546,094

 
543,616

Accrued interest receivable and other assets
364,378

 
313,256

Total assets
$
28,238,129

 
$
27,610,315

Liabilities and shareholders' equity:
 
 
 
Deposits:
 
 
 
Non-interest-bearing
$
4,224,144

 
$
4,162,446

Interest-bearing
18,526,784

 
17,696,399

Total deposits
22,750,928

 
21,858,845

Securities sold under agreements to repurchase and other borrowings
688,065

 
581,874

Federal Home Loan Bank advances
951,730

 
1,826,808

Long-term debt
524,303

 
226,021

Accrued expenses and other liabilities
356,848

 
230,252

Total liabilities
25,271,874

 
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
1,113,107

 
1,114,394

Retained earnings
1,895,870

 
1,828,303

Treasury stock, at cost (1,613,308 and 1,508,456 shares)
(86,855
)
 
(71,504
)
Accumulated other comprehensive loss, net of tax
(101,841
)
 
(130,652
)
Total shareholders' equity
2,966,255

 
2,886,515

Total liabilities and shareholders' equity
$
28,238,129

 
$
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 March 31,
(In thousands, except per share data)
2019
 
2018
Interest Income:
 
 
 
Interest and fees on loans and leases
$
228,764

 
$
193,220

Taxable interest and dividends on investments
51,876

 
47,288

Non-taxable interest on investment securities
5,402

 
5,271

Loans held for sale
148

 
142

Total interest income
286,190

 
245,921

Interest Expense:
 
 
 
Deposits
31,020

 
18,156

Securities sold under agreements to repurchase and other borrowings
2,752

 
3,640

Federal Home Loan Bank advances
7,785

 
7,281

Long-term debt
3,082

 
2,676

Total interest expense
44,639

 
31,753

Net interest income
241,551

 
214,168

Provision for loan and lease losses
8,600

 
11,000

Net interest income after provision for loan and lease losses
232,951

 
203,168

Non-interest Income:
 
 
 
Deposit service fees
43,024

 
40,451

Loan and lease related fees
7,819

 
6,996

Wealth and investment services
7,651

 
7,870

Mortgage banking activities
764

 
1,144

Increase in cash surrender value of life insurance policies
3,584

 
3,572

Other income
5,770

 
8,714

Total non-interest income
68,612

 
68,747

Non-interest Expense:
 
 
 
Compensation and benefits
97,785

 
94,765

Occupancy
14,696

 
15,145

Technology and equipment
25,697

 
23,862

Intangible assets amortization
962

 
962

Marketing
3,328

 
3,552

Professional and outside services
6,048

 
4,788

Deposit insurance
4,430

 
6,717

Other expense
22,740

 
21,824

Total non-interest expense
175,686

 
171,615

Income before income tax expense
125,877

 
100,300

Income tax expense
26,141

 
20,075

Net income
99,736

 
80,225

Preferred stock dividends and other
(2,187
)
 
(2,142
)
Earnings applicable to common shareholders
$
97,549

 
$
78,083

 
 
 
 
Earnings per common share:
 
 
 
Basic
$
1.06

 
$
0.85

Diluted
1.06

 
0.85

See accompanying Notes to Condensed Consolidated Financial Statements.


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WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
 
Three months ended March 31,
(In thousands)
 
2019
 
2018
Net income
 
$
99,736

 
$
80,225

Other comprehensive income (loss), net of tax:
 
 
 
 
Investment securities available-for-sale
 
27,559

 
(27,424
)
Derivative instruments
 
196

 
2,522

Defined benefit pension and other postretirement benefit plans
 
1,056

 
954

Other comprehensive income (loss), net of tax
 
28,811

 
(23,948
)
Comprehensive income
 
$
128,547

 
$
56,277

See accompanying Notes to Condensed Consolidated Financial Statements.


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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, 2018
$
145,037

$
937

$
1,114,394

$
1,828,303

$
(71,504
)
$
(130,652
)
$
2,886,515

Cumulative effect of changes in accounting principles



(515
)


(515
)
Net income



99,736



99,736

Other comprehensive income, net of tax





28,811

28,811

Common stock dividends/equivalents $0.33 per share



(30,589
)


(30,589
)
Series F preferred stock dividends $328.125 per share



(1,969
)


(1,969
)
Stock-based compensation



904

2,072


2,976

Exercise of stock options


(1,287
)

1,691


404

Common shares acquired from stock compensation plan activity




(6,111
)

(6,111
)
Common stock repurchase program




(13,003
)

(13,003
)
Balance at March 31, 2019
$
145,037

$
937

$
1,113,107

$
1,895,870

$
(86,855
)
$
(101,841
)
$
2,966,255

 
 
 
 
 
 
 
 
(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



80,225



80,225

Other comprehensive loss, net of tax





(23,948
)
(23,948
)
Common stock dividends/equivalents $0.26 per share


43

(24,111
)


(24,068
)
Series F preferred stock dividends $328.125 per share



(1,969
)


(1,969
)
Dividends accrued on Series F preferred stock



22



22

Stock-based compensation


(1,541
)
957

3,919


3,335

Exercise of stock options


(144
)

434


290

Common shares acquired from stock compensation plan activity




(6,164
)

(6,164
)
Common stock repurchase program




(12,158
)

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





(19
)
Balance at March 31, 2018
$
145,037

$
937

$
1,120,522

$
1,649,524

$
(84,399
)
$
(115,479
)
$
2,716,142

See accompanying Notes to Condensed Consolidated Financial Statements.

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WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Three months ended March 31,
(In thousands)
2019
 
2018
Operating Activities:
 
 
 
Net income
$
99,736

 
$
80,225

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for loan and lease losses
8,600

 
11,000

Deferred tax expense
9,939

 
1,286

Depreciation and amortization
9,636

 
9,489

Amortization of premium/discount on earning assets and funding, net
10,604

 
13,390

Stock-based compensation
2,976

 
3,335

Gain on sale, net of write-down, on foreclosed and repossessed assets
(457
)
 
(89
)
Loss on sale, net of write-down, on premises and equipment
446

 
57

Increase in cash surrender value of life insurance policies
(3,584
)
 
(3,572
)
Gain from life insurance policies
(64
)
 

Mortgage banking activities
(764
)
 
(1,144
)
Proceeds from sale of loans held for sale
20,613

 
44,806

Origination of loans held for sale
(33,168
)
 
(43,131
)
Net increase in right-of-use lease assets
(654
)
 

Net (increase) decrease in derivative contract assets net of liabilities
(45,896
)
 
11,744

Net increase in accrued interest receivable and other assets
(23,004
)
 
(10,484
)
Net (decrease) increase in accrued expenses and other liabilities
(11,625
)
 
15,355

Net cash provided by operating activities
43,334

 
132,267

Investing Activities:
 
 
 
Purchases of available for sale investment securities
(126,717
)
 
(251,920
)
Proceeds from maturities and principal payments of available for sale investment securities
81,858

 
111,231

Purchases of held-to-maturity investment securities
(269,670
)
 
(64,281
)
Proceeds from maturities and principal payments of held-to-maturity investment securities
108,732

 
133,692

Net proceeds from Federal Home Loan Bank stock
42,612

 
26,238

Alternative investments capital call, net
(700
)
 
(364
)
Net increase in loans
(361,881
)
 
(289,165
)
Proceeds from loans not originated for sale
4,395

 
34

Proceeds from life insurance policies
2,270

 

Proceeds from the sale of foreclosed and repossessed assets
5,561

 
1,948

Additions to premises and equipment
(5,963
)
 
(5,780
)
Net cash used for investing activities (1)
(519,503
)
 
(338,367
)
 
 
 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
 
 
 
 

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WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited), continued
 
 
Three months ended March 31,
(In thousands)
2019
 
2018
Financing Activities:
 
 
 
Net increase in deposits
890,903

 
391,087

Proceeds from Federal Home Loan Bank advances
1,400,000

 
1,525,000

Repayments of Federal Home Loan Bank advances
(2,275,078
)
 
(2,000,075
)
Net increase in securities sold under agreements to repurchase and other borrowings
106,191

 
288,030

Issuance of long-term debt
300,000

 

Debt issuance costs
(3,642
)
 

Dividends paid to common shareholders
(30,366
)
 
(23,901
)
Dividends paid to preferred shareholders
(1,969
)
 
(1,969
)
Exercise of stock options
404

 
290

Common stock repurchase program
(13,003
)
 
(12,158
)
Common shares purchased related to stock compensation plan activity
(6,111
)
 
(6,164
)
Net cash provided by financing activities
367,329

 
160,140

Net increase (decrease) in cash and due from banks and interest-bearing deposits (1)
(108,840
)
 
(45,960
)
Cash and due from banks and interest-bearing deposits at beginning of period (1)
329,499

 
256,786

Cash and due from banks and interest-bearing deposits at end of period (1)
$
220,659

 
$
210,826

 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
Interest paid
$
43,372

 
$
33,986

Income taxes paid
4,274

 
3,313

Noncash investing and financing activities:
 
 
 
Transfer of loans and leases to foreclosed properties and repossessed assets
$
3,735

 
$
1,626

Transfer of loans from loans and leases to loans-held-for-sale
436

 
35

Right-of-use lease assets recorded
157,234

 

Lessee operating lease liabilities recorded
178,208

 

(1)
The Condensed Consolidated Statements of Cash Flows have been revised to present an aggregated total change in cash and due from banks and interest-bearing deposits. Previously, cash flows from interest-bearing deposits was presented in Net cash used for investing activities. As a result of this revision, cash flows from interest-bearing deposits have been excluded from Net cash used for investing activities.
See accompanying Notes to Condensed Consolidated Financial Statements.

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Note 1: Summary of Significant Accounting Policies
Nature of Operations
Webster Financial Corporation (the Holding Company) is a bank holding company and financial holding company under the Bank Holding Company Act, incorporated under the laws of Delaware in 1986 and headquartered in Waterbury, Connecticut. At March 31, 2019, the Holding Company's principal asset is all of the outstanding capital stock of Webster Bank, National Association (Webster Bank).
Webster delivers financial services to individuals, families, and businesses primarily within its regional footprint from New York to Massachusetts. Webster provides business and consumer banking, mortgage lending, financial planning, trust, and investment services through banking offices, ATMs, mobile banking, and its internet website (www.websterbank.com or www.wbst.com). Webster also offers equipment financing, commercial real estate lending, and asset-based lending primarily across the Northeast. On a nationwide basis, through its HSA Bank division, Webster Bank offers and administers health savings accounts, flexible spending accounts, health reimbursement accounts, and commuter benefits.
Basis of Presentation
The accounting and reporting policies of the Company that materially affect its financial statements conform with U.S. Generally Accepted Accounting Principles (GAAP). The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in conformity with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements and should be read in conjunction with the Company's Consolidated Financial Statements, and Notes thereto, for the year ended December 31, 2018, included in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 1, 2019.
Certain prior period amounts have been reclassified to conform to the current year's presentation. These reclassifications had an immaterial effect on the Company's consolidated financial statements.
Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as income and expense during the period. Actual results could differ from those estimates. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the full year or any future period.
Accounting Standards Adopted During 2019
Effective January 1, 2019, the following new Accounting Standards Updates (ASU or Update) were adopted by the Company:
ASU No. 2018-16, Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.
The Update permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct U.S. Treasury obligations, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association Municipal Swap Rate.
The Company adopted the Update during the first quarter of 2019 on a prospective basis. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements.
ASU No. 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities.
The purpose of the Update is to better align a company’s risk management and financial reporting for hedging activities with the economic objectives of those activities. The Update expands an entity's ability to hedge non-financial and financial risk components and reduce complexity in hedges of interest rate risk. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness, and generally requires the entire change in fair value of a hedging instrument to be presented in the same income statement line in which the earnings effect of the hedged item is reported.
The Company adopted the Update during the first quarter of 2019 on a modified retrospective basis. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements. The Company has provided enhanced disclosures in Note 13 - Derivative Financial Instruments as a result of adopting this Update.

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Table of Contents

ASU No. 2016-02, Leases (Topic 842) and subsequent ASUs issued to amend this Topic.
The Updates introduce a lessee model that requires substantially all leases to be recorded as assets and liabilities on the balance sheet and requires expanded quantitative and qualitative disclosures regarding key information about leasing arrangements. The lessor model remains substantially the same with targeted improvements that do not materially impact the Company.
The Company adopted the Updates during the first quarter of 2019 using the new transition method option that allows the use of effective date, January 1, 2019, as the date of initial application of the new lease accounting standard and to recognize a cumulative-effect adjustment to the opening balance of retained earnings upon adoption. The Company elected the transition relief package of practical expedients which forgoes the requirement to reassess the existence of leases in existing contracts, their lease classification and the accounting treatment of their initial direct costs. As a practical expedient, the Company has also made a policy election to not separate non-lease components from lease components for its real estate leases and instead account for each separate lease components and non-lease components associated with that lease component as a single lease component. The Company will separately account for the lease and non-lease components in its equipment leases. The Company determines whether a contract contains a lease based on whether a contract, or a part of a contract, conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The discount rate used is either the rate implicit in the lease, or when a rate cannot be readily determined an incremental borrowing rate. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments, in a similar economic environment.
As a result of adopting this Update, the Company recognized $157.2 million of right-of-use asset (ROU) and $178.2 million of lease liability, as of January 1, 2019. The Company also recorded a $0.5 million cumulative-effect adjustment directly to retained earnings as of January 1, 2019 for abandoned leased properties and the remaining deferred gains on sale-leaseback transactions which occurred prior to the date of adoption. See Note 9: Leasing for further information.
Accounting Standards Issued But Not Yet Adopted
The following list identifies ASUs applicable to the Company that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective:
ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
The Update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The updated guidance also requires an entity to amortize the capitalized implementation costs as an expense over the term of the hosting arrangement and to present in the same income statement line item as the fees associated with the hosting arrangement.
The Update is effective for the Company on January 1, 2020. Early adoption is permitted, although the Company does not intend to early adopt. The Company will apply the amendments in this update prospectively to all implementation costs incurred after the date of adoption. The Company does not expect this Update to have a material impact on its consolidated financial statements.
ASU No. 2018-14, Compensation-Retirement Benefits - Defined Benefit Plan - General (Subtopic 715-20) - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans  
The Update modifies the disclosure requirements for employers that sponsor defined benefit pension plans and other postretirement plans.
The updated guidance will be effective for the Company on January 1, 2021. The Company does not expect this Update to have a material impact on its consolidated financial statements.
ASU No. 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
The Update modifies the disclosure requirements on fair value measurements. The updated guidance will no longer require entities to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. However, it will require public companies to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 measurements.
The Update is effective for the Company on January 1, 2020, and earlier adoption is permitted. The Company does not expect this Update to have a material impact on its consolidated financial statements.

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ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment.
The Update simplifies quantitative goodwill impairment testing by requiring entities to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which the carrying amount exceeds the reporting unit's fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit.
This changes current guidance by eliminating the second step of the goodwill impairment analysis which involves calculating the implied fair value of goodwill determined in the same manner as the amount of goodwill recognized in a business combination upon acquisition. Entities will still have the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary.
The Update must be applied prospectively and is effective for the Company on January 1, 2020. Early adoption is permitted. The Company does not expect this new guidance to have a material impact on its consolidated financial statements.
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments and subsequent ASUs issued to clarify this Topic.
Current GAAP requires an incurred loss methodology for recognizing credit losses. This approach requires recognition of credit losses when it is probable a loss has been incurred. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this Update will replace today's incurred loss approach with a new credit loss methodology known as the Current Expected Credit Loss (CECL) model which requires earlier recognition of credit losses using a lifetime credit loss measurement approach for financial assets carried at amortized cost. The CECL model requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates.
The change from an incurred loss method to an expected loss method represents a fundamental shift from existing GAAP and may result in a material increase to the Company's accounting for credit losses on financial instruments. To prepare for implementation of the new standard the Company has established a project lead and has empowered a cross functional steering committee comprised of members from different disciplines including Credit, Accounting, Finance, IT, and Treasury as well as specific working groups to focus on key components of the development process. Through these working groups, the Company has begun to evaluate the effect that this Update, including the subsequent ASUs issued to clarify this Topic, will have on its financial statements and related disclosures. An implementation project plan has been created and is made up of targeted work streams focused on credit models, data management, treasury, and accounting. These work streams are collectively assessing required resources, use of existing and new models, and data availability. The Company expects that the new credit models will include additional assumptions used to calculate credit losses over the estimated life of the financial assets and will include the impact of forecasted macroeconomic conditions. The Company contracted with system solution providers and is in the process of implementing the selected solutions. During 2019, the Company is focused on model validations as well as the development of processes and related controls. The Company expects to begin parallel runs by mid-2019.
These Updates are effective for the Company on January 1, 2020. The adoption of these Updates is expected to increase the Company's allowance for loan and lease losses (ALLL). The magnitude of the increase will depend on the composition, characteristics, and credit quality of our loan and securities portfolios as well as the economic conditions in effect at the adoption date.

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Table of Contents

Note 2: Variable Interest Entities
The Company has an investment interest in the following entities that meet the definition of a variable interest entity (VIE).
Consolidated
Rabbi Trust. The Company established a Rabbi Trust to meet the obligations due under its Deferred Compensation Plan for Directors and Officers and to mitigate the expense volatility of the aforementioned plan. The funding of the Rabbi Trust and the discontinuation of the Deferred Compensation Plan for Directors and Officers occurred during 2012.
Invested assets in the Rabbi Trust primarily consist of mutual funds that invest in equity and fixed income securities. The Company is considered the primary beneficiary of the Rabbi Trust as it has the power to direct the activities of the Rabbi Trust that significantly affect the VIE's economic performance and it has the obligation to absorb losses of the VIE that could potentially be significant to the VIE.
The Company consolidates the invested assets of the trust along with the total deferred compensation obligations and includes them in accrued interest receivable and other assets, and accrued expenses and other liabilities, respectively, in the accompanying Condensed Consolidated Balance Sheets. Earnings in the Rabbi Trust, including appreciation or depreciation, are reflected as other non-interest income, and changes in the corresponding liability are reflected as compensation and benefits, in the accompanying Condensed Consolidated Statements of Income. See Note 14: Fair Value Measurements for additional information.
Non-Consolidated
Securitized Investments. The Company, through normal investment activities, makes passive investments in securities issued by VIEs for which Webster is not the manager. The investment securities consist of Agency CMO, Agency MBS, Agency CMBS, CMBS, and CLO. The Company has not provided financial or other support with respect to these investment securities other than its original investment. For these investment securities, the Company determined it is not the primary beneficiary due to the relative size of its investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and its inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss is limited to the amount of its investment in the VIEs. See Note 3: Investment Securities for additional information.
Tax Credit - Finance Investments. The Company makes non-marketable equity investments in entities that finance affordable housing and other community development projects and provide a return primarily through the realization of tax benefits. In most instances the investments require the funding of capital commitments in the future. While the Company's investment in an entity may exceed 50% of its outstanding equity interests, the entity is not consolidated as Webster is not involved in its management. For these investments, the Company determined it is not the primary beneficiary due to its inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company applies the proportional amortization method to account for its investments in qualified affordable housing projects.
At March 31, 2019 and December 31, 2018, the aggregate carrying value of the Company's tax credit-finance investments was $38.8 million and $29.1 million, respectively, which represents the Company's maximum exposure to loss. At March 31, 2019 and December 31, 2018, unfunded commitments have been recognized, totaling $15.0 million and $10.4 million, respectively, and are included in accrued expenses and other liabilities in the accompanying Condensed Consolidated Balance Sheets.
Webster Statutory Trust. The Company owns all the outstanding common stock of Webster Statutory Trust, a financial vehicle that has issued, and in the future may issue, trust preferred securities. The trust is a VIE in which the Company is not the primary beneficiary. The trust's only assets are junior subordinated debentures issued by the Company, which were acquired by the trust using the proceeds from the issuance of the trust preferred securities and common stock. The junior subordinated debentures are included in long-term debt in the accompanying Condensed Consolidated Balance Sheets, and the related interest expense is reported as interest expense on long-term debt in the accompanying Condensed Consolidated Statements of Income.
Other Non-Marketable Investments. The Company invests in various alternative investments in which it holds a variable interest. These investments are non-public entities which cannot be redeemed since the Company’s investment is distributed as the underlying equity is liquidated. For these investments, the Company has determined it is not the primary beneficiary due to its inability to direct the activities that most significantly impact the economic performance of the VIEs.
At March 31, 2019 and December 31, 2018, the aggregate carrying value of the Company's other investments in VIEs was $18.1 million and $17.6 million, respectively, and the total exposure of the Company's other investments in VIEs, including unfunded commitments, was $31.2 million and $31.0 million, respectively. Refer to Note 14: Fair Value Measurements for additional information.
The Company's equity interests in Tax Credit-Finance Investments, Webster Statutory Trust, and Other Non-Marketable Investments are included in accrued interest receivable and other assets in the accompanying Condensed Consolidated Balance Sheets. For a description of the Company's accounting policy regarding the consolidation of VIEs, refer to Note 1 to the Consolidated Financial Statements included in its Form 10-K, for the year ended December 31, 2018.

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Table of Contents

Note 3: Investment Securities
A summary of the amortized cost and fair value of investment securities is presented below:
 
At March 31, 2019
 
At December 31, 2018
(In thousands)
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
 
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
Available-for-sale:




 
 



U.S. Treasury Bills
$
7,595

$

$

$
7,595

 
$
7,549

$
1

$

$
7,550

Agency CMO
226,104

704

(2,814
)
223,994

 
238,968

412

(4,457
)
234,923

Agency MBS
1,603,023

7,876

(25,501
)
1,585,398

 
1,521,534

1,631

(42,076
)
1,481,089

Agency CMBS
598,442


(33,943
)
564,499

 
608,167


(41,930
)
566,237

CMBS
432,933

500

(1,132
)
432,301

 
447,897

645

(2,961
)
445,581

CLO
112,116

89

(581
)
111,624

 
114,641

94

(1,964
)
112,771

Corporate debt
55,678

5

(3,778
)
51,905