Company Quick10K Filing
Webster Financial
Price45.59 EPS4
Shares92 P/E11
MCap4,189 P/FCF32
Net Debt246 EBIT688
TEV4,435 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
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8-K 2018-01-18

WBS 10Q Quarterly Report

Part I - Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
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: Leasing
Note 7: Goodwill and Other Intangible Assets
Note 8: Deposits
Note 9: Borrowings
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 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 exhibit31103312020-nex.htm
EX-31.2 exhibit31203312020-nex.htm
EX-32.1 exhibit32103312020-nex.htm
EX-32.2 exhibit32203312020-nex.htm

Webster Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
30241812602012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
1.00.60.2-0.3-0.7-1.12012201420172020
Ops, Inv, Fin

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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, 2020
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ____ to ____
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 classTrading SymbolsName of Exchange on which registered
Common Stock, $0.01 par valueWBSNew York Stock Exchange
Depository Shares, each representing 1/1000th interest in a shareWBS PrFNew 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 April 30, 2020 was 90,169,710.







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
FORWARD-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 credit 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;
the potential adverse effects of the ongoing novel coronavirus (COVID-19) pandemic and any governmental or societal responses thereto, or other unusual and infrequently occurring events;
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 and goodwill;
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;
our 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, including recent and potential legislative and regulatory changes in response to the COVID-19 pandemic such as the CARES Act and the rules and regulations that may be promulgated thereunder;
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 recently adopted 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.


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Table of Contents
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
KEY TO ACRONYMS AND TERMS
ACLAllowance for credit losses
Agency CMO
Agency collateralized mortgage obligations
Agency MBS
Agency mortgage-backed securities
ALCO
Asset/Liability Committee
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
CARES ActThe Coronavirus Aid, Relief, and Economic Security Act
CECLCurrent expected credit losses
CET1 capital
Common Equity Tier 1 Capital, defined by Basel III capital rules
CFPBConsumer Financial Protection Bureau
CLO
Collateralized loan obligation securities
CMBS
Commercial mortgage-backed securities
CME
Chicago Mercantile Exchange
CRACommunity Reinvestment Act
DTADeferred tax asset
FASB
Financial Accounting Standards Board
FDIC
Federal Deposit Insurance Corporation
FHFAFederal Housing Finance Agency
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
GDPGross domestic product
Holding Company
Webster Financial Corporation
HSA Bank
A division of Webster Bank, National Association
LGDLoss given default
LPLLPL Financial Holdings Inc.
NAVNet asset value
NIINet interest income
NOLNet operating loss
OCCOffice of the Comptroller of the Currency
OCI/OCLOther comprehensive income (loss)
OREOOther real estate owned
PDProbability of default
PPNRPretax, pre-provision net revenue
PPPSmall Business Administration Paycheck Protection Program
ROU assetRight-of-use asset
RPARisk participation agreement
SECUnited States Securities and Exchange Commission
SERPSupplemental defined benefit retirement plan
TDRTroubled debt restructuring, defined in ASC 310-40 "Receivables-Troubled Debt Restructurings by Creditors"
VIEVariable interest entity, defined in ASC 810-10 "Consolidation-Overall"
Webster BankWebster Bank, National Association, a wholly-owned subsidiary of Webster Financial Corporation
Webster or the CompanyWebster Financial Corporation, collectively with its consolidated subsidiaries

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Table of Contents
PART I – FINANCIAL INFORMATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto, for the year ended December 31, 2019, included in the Company's Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission (SEC) on February 28, 2020, and in conjunction with the Condensed Consolidated Financial Statements and Notes thereto included in Item 1 of this report. Operating results for the three months ended March 31, 2020 are not necessarily indicative of results that may be attained during the full year ending December 31, 2020, or any future period.
Executive Summary
COVID-19
During the first quarter of 2020, a global health pandemic known as COVID-19, or the Coronavirus, emerged, which has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. The broad impact and preventive measures taken to contain or mitigate the outbreak have, and are likely to continue to have, significant negative effects on the U.S. and global economy, employment levels, employee productivity, and financial market conditions. The pandemic may cause increasingly negative effects on the ability of our borrowers to repay outstanding loans, the value of collateral securing loans, demand for loans and other financial services products, and consumer discretionary spending. As a result of these and other consequences, the outbreak has adversely affected our business, results of operations and financial condition. The extent to which the outbreak will continue to impact our results will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of the outbreak, the actions taken to contain or mitigate the outbreak, and the pace and extent of economic recovery in the United States and, in particular, in the states in which we operate.
Webster is taking the following steps to operate through this crisis, including:
Support for our Employees: 75% of Webster bankers are currently working remotely, special pay considerations and additional paid time off have been implemented for essential front line employees, no employees have been furloughed, bankers are at 100% pay, and zero-interest loans up to $5,000 are available to assist employees and their families facing unforeseen challenges due to COVID-19;
Support for Individuals and Businesses: Webster instituted a 90-day foreclosure moratorium on residential loans, increased deposit limits, is waiving penalties for early CD withdrawals, waiving or reducing certain fees, not reporting payment deferrals to credit bureaus, participating in the SBA Paycheck Protection Program with approximately $1.4 billion in approved SBA loan applications, and addressing payment modifications (needs based / COVID-19 related impact);
Support for the Communities We Serve: Webster is providing more than $375,000 in donations for urgent basic needs including to Feeding America, American Red Cross, and United Way (CT, RI, MA, NY, WI), and re-targeting existing sponsorships and grants to nonprofits to support COVID-19 related activities including Masks for Heroes, Junior Achievement, and Governor's Prevention Partnership.
Additional information regarding the effects and potential effects of the ongoing coronavirus pandemic on our business, operating results, and financial condition is described in this Management's Discussion and Analysis of Financial Condition and Results of Operations. Refer to "Use of Estimates" for information related to the potentially adverse impact of COVID-19 on accounting estimates which could affect the carrying value of certain assets and "Supervision and Regulation" for updated legal and regulatory matters that may have an impact on our business. Also, refer to Part II - Item 1A Risk Factors for an update to the Company's risk factors.
1


Results of Operations
The Company's financial position and results of operations as of and for the three months ended March 31, 2020 have been significantly impacted by the COVID-19 pandemic. The economic environment and uncertainty related to the pandemic contributed to the $76.0 million provision for credit losses recognized during the three months ended March 31, 2020 under the new CECL accounting standard adopted by the Company on January 1, 2020. While the Company has not yet experienced charge-offs related to the COVID-19 pandemic, the continued uncertainty regarding the severity and duration of the pandemic and related economic effects will continue to affect the Company’s estimate of its allowance for credit losses and resulting provision for credit losses. The Company’s interest income may also be negatively impacted in future periods as the Company continues to work with its affected borrowers to defer payments, interest, and fees. Additionally, net interest margin may be reduced generally as a result of the low rate environment. These uncertainties and the economic environment will continue to affect earnings and growth projections which may result in deterioration of asset quality in the Company's loan and investment portfolios.
Selected financial highlights are presented in the following table:
 At or for the three months ended March 31,
(In thousands, except per share and ratio data)20202019
Earnings:
Net interest income$230,801  $241,551  
Provision for credit losses76,000  8,600  
Total non-interest income73,378  68,612  
Total non-interest expense178,836  175,686  
Net income38,199  99,736  
Earnings applicable to common shareholders36,021  97,549  
Share Data:
Weighted-average common shares outstanding - diluted91,206  92,225  
Diluted earnings per common share$0.39  $1.06  
Dividends and dividend equivalents declared per common share0.40  0.33  
Dividends declared per Series F preferred share328.13  328.13  
Book value per common share32.66  30.62  
Tangible book value per common share (non-GAAP)
26.46  24.51  
Selected Ratios:
Net interest margin3.23 %3.74 %
Return on average assets (annualized basis)
0.50  1.44  
Return on average common shareholders' equity (annualized basis)
4.75  14.01  
CET1 risk-based capital10.95  11.46  
Tangible common equity ratio (non-GAAP)
7.67  8.16  
Return on average tangible common shareholders' equity (annualized basis) (non-GAAP)
5.95  17.70  
Efficiency ratio (non-GAAP)
58.03  55.93  
Providing the non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures identified in the preceding table provides investors with information useful in understanding the Company's financial performance, performance trends and financial position. These measures are used by management for internal planning and forecasting purposes, as well as by securities analysts, investors and other interested parties to compare peer company operating performance. Management believes that the presentation, together with the accompanying reconciliations provides a more complete understanding of the factors and trends affecting the Company's business and allows investors to view its performance in a similar manner. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results. Because non-GAAP financial measures are not standardized, it may not be possible to compare these measures with other companies that present measures having the same or similar names.
2


The following tables reconcile the non-GAAP financial measures with financial measures defined by GAAP:
At March 31,
(Dollars and shares in thousands, except per share data)20202019
Tangible book value per common share (non-GAAP):
Shareholders' equity (GAAP)$3,090,242  $2,966,255  
Less: Preferred stock (GAAP)145,037  145,037  
         Goodwill and other intangible assets (GAAP)559,328  563,176  
Tangible common shareholders' equity (non-GAAP)$2,385,877  $2,258,042  
Common shares outstanding90,172  92,125  
Tangible book value per common share (non-GAAP)$26.46  $24.51  
Tangible common equity ratio (non-GAAP):
Tangible common shareholders' equity (non-GAAP)$2,385,877  $2,258,042  
Total assets (GAAP)$31,654,874  $28,238,129  
Less: Goodwill and other intangible assets (GAAP)559,328  563,176  
Tangible assets (non-GAAP)$31,095,546  $27,674,953  
Tangible common equity ratio (non-GAAP)7.67 %8.16 %

Three months ended March 31,
(Dollars in thousands)20202019
Return on average tangible common shareholders' equity (non-GAAP):
Net income (GAAP)$38,199  $99,736  
Less: Preferred stock dividends (GAAP)1,969  1,969  
Add: Intangible assets amortization, tax-affected (GAAP)760  760  
Income adjusted for preferred stock dividends and intangible assets amortization (non-GAAP)$36,990  $98,527  
Income adjusted for preferred stock dividends and intangible assets amortization, annualized basis (non-GAAP)$147,960  $394,108  
Average shareholders' equity (non-GAAP)$3,193,525  $2,935,653  
Less: Average preferred stock (non-GAAP)145,037  145,037  
 Average goodwill and other intangible assets (non-GAAP)559,786  563,646  
Average tangible common shareholders' equity (non-GAAP)$2,488,702  $2,226,970  
Return on average tangible common shareholders' equity (non-GAAP)5.95 %17.70 %
Efficiency ratio (non-GAAP):
Non-interest expense (GAAP)$178,836  $175,686  
Less: Foreclosed property activity (GAAP)(250) (253) 
Intangible assets amortization (GAAP)962  962  
Other expense (non-GAAP) (1)
—   
Non-interest expense (non-GAAP)$178,124  $174,970  
Net interest income (GAAP)$230,801  $241,551  
Add: Tax-equivalent adjustment (non-GAAP)2,473  2,338  
 Non-interest income (GAAP)73,378  68,612  
 Other income (non-GAAP) (2)
299  342  
Less: Gain on sale of investment securities, net (GAAP) —  
Income (non-GAAP)$306,943  $312,843  
Efficiency ratio (non-GAAP)58.03 %55.93 %
(1)Other expense (non-GAAP) includes facility optimization charges.
(2)Other income (non-GAAP) includes low income housing tax credits.
Financial Performance
For the three months ended March 31, 2020, net income of $38.2 million decreased $61.5 million, or 61.7%, from the three months ended March 31, 2019, primarily due to an increase in the provision for credit losses of $67.4 million, which was driven by the impact of COVID-19 and, to a lesser extent, loan growth and higher credit provisioning due to the implementation of CECL.
Net interest income decreased $10.8 million, while non-interest income increased $4.8 million, and non-interest expense increased $3.2 million, resulting in a non-GAAP efficiency ratio of 58.0%.
Earnings applicable to common shareholders of $36.0 million and diluted earnings per share of $0.39 decreased for the three months ended March 31, 2020 compared to earnings applicable to common shareholders of $97.5 million and diluted earnings per share of $1.06 for the three months ended March 31, 2019.
3


The following table presents daily average balances, interest, yield/rate, and net interest margin on a fully tax-equivalent basis:
 Three months ended March 31,
 20202019
(Dollars in thousands)Average
Balance
InterestYield/ RateAverage
Balance
InterestYield/ Rate
Assets
Interest-earning assets:
Loans and leases$20,324,799  $216,918  4.24 %$18,509,174  $229,385  4.96 %
Investment Securities8,319,747  58,408  2.85  7,308,946  56,954  3.09  
FHLB and FRB stock126,364  1,251  3.98  113,016  1,712  6.14  
Interest-bearing deposits68,307  191  1.11  55,372  329  2.37  
Securities8,514,418  59,850  2.86  7,477,334  58,995  3.13  
Loans held for sale22,297  175  3.14  13,451  148  4.40  
Total interest-earning assets28,861,514  $276,943  3.84 %25,999,959  $288,528  4.43 %
Non-interest-earning assets1,930,996  1,795,430  
Total Assets$30,792,510  $27,795,389  
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits$4,516,906  $—  — %$4,191,870  $—  — %
Health savings accounts6,761,358  3,296  0.20  6,140,062  2,949  0.19  
Interest-bearing checking, money market and savings9,716,974  12,403  0.51  8,958,522  12,793  0.58  
Time deposits3,067,557  12,144  1.59  3,244,714  15,278  1.91  
Total deposits24,062,795  27,843  0.47  22,535,168  31,020  0.56  
Securities sold under agreements to repurchase and other borrowings1,296,925  3,730  1.14  597,107  2,752  1.84  
FHLB advances1,325,899  6,869  2.05  1,119,035  7,785  2.78  
Long-term debt551,250  5,227  4.00  249,169  3,082  4.95  
Total borrowings3,174,074  15,826  2.00  1,965,311  13,619  2.77  
Total interest-bearing liabilities27,236,869  $43,669  0.64 %24,500,479  $44,639  0.74 %
Non-interest-bearing liabilities362,116  359,257  
Total liabilities27,598,985  24,859,736  
Preferred stock145,037  145,037  
Common shareholders' equity3,048,488  2,790,616  
Total shareholders' equity3,193,525  2,935,653  
Total Liabilities and Shareholders' Equity$30,792,510  $27,795,389  
Tax-equivalent net interest income$233,274  $243,889  
Less: Tax-equivalent adjustments(2,473) (2,338) 
Net interest income$230,801  $241,551  
Net interest margin3.23 %3.74 %
(1)For purposes of yield/rate computation, unrealized gain (loss) balances on available-for-sale securities and senior fixed-rate notes hedges are excluded.

4


Net interest income (NII) and net interest margin are impacted by the level of interest rates, mix of assets earning and liabilities bearing those interest rates, and the volume of interest-earning assets and interest-bearing liabilities. These factors are influenced by changes in economic conditions that impact interest rate policy, competitive conditions that impact loan and deposit pricing strategies, as well as the extent of interest lost to non-performing assets.
Net interest income is the difference between interest income on earning assets, such as loans and securities, and interest expense on liabilities, such as deposits and borrowings, which are used to fund those assets. Net interest income is the Company's largest source of revenue, representing 75.9% of total revenue for the three months ended March 31, 2020.
Net interest margin is the ratio of tax-equivalent net interest income to average earning assets for the period.
Webster manages the risk of changes in interest rates on net interest income and net interest margin through its Asset/Liability Committee (ALCO) and through related interest rate risk monitoring and management policies. ALCO meets at least monthly to make decisions on the investment securities and funding portfolios based on the economic outlook, its interest rate expectations, the portfolio risk position, and other factors.
Four main tools are used for managing interest rate risk:
the size, duration and credit risk of the investment portfolio;
the size and duration of the wholesale funding portfolio;
interest rate contracts; and
the pricing and structure of loans and deposits.
The federal funds rate target range was 0-0.25% at March 31, 2020 compared to 1.50-1.75% at December 31, 2019 and 2.25-2.50% at December 31, 2018. The benchmark 10-year U.S. Treasury rate decreased to 0.70% at March 31, 2020 from 1.92% at December 31, 2019. Refer to the "Asset/Liability Management and Market Risk" section for further discussion of Webster's interest rate risk position.
Net Interest Income
Net interest income totaled $230.8 million for the three months ended March 31, 2020 as compared to $241.6 million for the three months ended March 31, 2019, a decrease of $10.8 million. On a fully tax-equivalent basis, net interest income decreased $10.6 million when compared to 2019.
Net interest margin decreased 51 basis points to 3.23% for the three months ended March 31, 2020 from 3.74% for the three months ended March 31, 2019. The decrease for the three months ended March 31, 2020 was a result of asset sensitivity in a period during which the federal funds rate was reduced to near zero, with variable rate loan yields particularly impacted.
Changes in Net Interest Income
The following table presents the components of the change in net interest income attributable to changes in rate and volume, and reflects net interest income on a fully tax-equivalent basis:
Three months ended March 31,
2020 vs. 2019
Increase (decrease) due to
(In thousands)
Rate (1)
VolumeTotal
Interest on interest-earning assets:
Loans and leases$(33,035) $20,568  $(12,467) 
Loans held for sale(61) 88  27  
Securities (2)
(7,244) 8,099  855  
Total interest income$(40,340) $28,755  $(11,585) 
Interest on interest-bearing liabilities:
Deposits$(3,725) $548  $(3,177) 
Borrowings(6,262) 8,469  2,207  
Total interest expense$(9,987) $9,017  $(970) 
Net change in net interest income$(30,353) $19,738  $(10,615) 
(1)The change attributable to mix, a combined impact of rate and volume, is included with the change due to rate.
(2)Securities include investment securities, Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, and interest-bearing deposits.
5


Average loans and leases for the three months ended March 31, 2020 increased $1.8 billion compared to the average for the three months ended March 31, 2019. The loan and lease portfolio comprised 70.4% of the average interest-earning assets at March 31, 2020 compared to 71.2% of the average interest-earning assets at March 31, 2019. The loan and lease portfolio yield decreased 72 basis points to 4.24% for the three months ended March 31, 2020 compared to 4.96% for the three months ended March 31, 2019. The decrease in the yield on the average loan and lease portfolio is primarily due to the impact of variable-rate loans resetting lower and commercial loan growth at a lower yield.
Average securities for the three months ended March 31, 2020 increased $1.0 billion compared to the average for the three months ended March 31, 2019. The securities portfolio comprised 29.5% of the average interest-earning assets at March 31, 2020 compared to 28.8% of the average interest-earning assets at March 31, 2019. The securities portfolio yield decreased 27 basis points to 2.86% for the three months ended March 31, 2020 compared to 3.13% for the three months ended March 31, 2019. The decrease in yield on the securities portfolio is primarily due to lower yield on variable-rate securities, higher premium amortization, and yield from newly purchased securities less than that of securities maturing and paying down.
Average total deposits for the three months ended March 31, 2020 increased $1.5 billion compared to the average for the three months ended March 31, 2019. The increase was driven by health savings accounts and transactional deposit products. The average cost of deposits decreased 9 basis points to 0.47% for the three months ended March 31, 2020 from 0.56% for the three months ended March 31, 2019. The average cost of deposits decreased due to deposit product mix and reductions in the federal funds rate. Higher cost time deposits decreased to 15.7% for the three months ended March 31, 2020 from 17.7% for the three months ended March 31, 2019, as a percentage of total interest-bearing deposits.
Average total borrowings for the three months ended March 31, 2020 increased $1.2 billion compared to the average for the three months ended March 31, 2019. Average securities sold under agreements to repurchase and other borrowings increased $699.8 million, and average FHLB advances increased $206.9 million. The Company completed an underwritten public offering of $300 million senior fixed-rate notes on March 25, 2019. The debt did not have a significant impact on the average balance, or cost, of borrowings for the three months ended March 31, 2019 given the timing of its issuance. The average cost of borrowings decreased 77 basis points to 2.00% for the three months ended March 31, 2020 from 2.77% for the three months ended March 31, 2019. The decrease in the average cost of borrowings was largely a result of changes in the federal funds rate.
Provision for Credit Losses
The provision for credit losses was $76.0 million for the three months ended March 31, 2020, which increased by $67.4 million compared to the three months ended March 31, 2019. The increase in provision for credit losses is primarily the result of the impact of COVID-19 on our allowance for credit losses. Total net charge-offs was $7.8 million and $9.6 million for the three months ended March 31, 2020 and 2019, respectively. Allowance for credit losses on loan and leases coverage increased to 1.60% at March 31, 2020 from 1.04% at December 31, 2019.
See the sections captioned "Loans and Leases" through "Troubled Debt Restructurings," contained elsewhere in the report for further details.
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Non-Interest Income
Three months ended March 31,
 Increase (decrease)
(Dollars in thousands)20202019AmountPercent
Deposit service fees$42,570  $43,024  $(454) (1.1)%
Loan and lease related fees6,496  7,819  (1,323) (16.9) 
Wealth and investment services8,739  7,651  1,088  14.2  
Mortgage banking activities2,893  764  2,129  278.7  
Increase in cash surrender value of life insurance policies3,580  3,584  (4) (0.1) 
Gain on sale of investment securities, net —   100.0  
Other income9,092  5,770  3,322  57.6  
Total non-interest income$73,378  $68,612  $4,766  6.9  
Comparison to Prior Year Quarter
Total non-interest income was $73.4 million for the three months ended March 31, 2020, an increase of $4.8 million from the three months ended March 31, 2019. The increase was primarily attributable to higher wealth and investment services, mortgage banking, and other income somewhat offset by lower loan and lease related fees.
Loan and lease related fees totaled $6.5 million for the three months ended March 31, 2020, compared to $7.8 million for the three months ended March 31, 2019. The decrease was primarily due to lower prepayment fees.
Wealth and investment services totaled $8.7 million for the three months ended March 31, 2020, compared to $7.7 million for the three months ended March 31, 2019. The increase was a result of higher transaction volume.
Mortgage banking activities totaled $2.9 million for the three months ended March 31, 2020, compared to $0.8 million for the three months ended March 31, 2019. The increase was a result of higher origination volume due to a lower mortgage interest rate environment.
Other income totaled $9.1 million for the three months ended March 31, 2020, compared to $5.8 million for the three months ended March 31, 2019. The increase was primarily due to the mark-to-market on client interest rate hedging.
Non-Interest Expense
Three months ended March 31,
 Increase (decrease)
(Dollars in thousands)
20202019AmountPercent
Compensation and benefits$101,887  $97,785  $4,102  4.2 %
Occupancy14,485  14,696  (211) (1.4) 
Technology and equipment27,837  25,697  2,140  8.3  
Intangible assets amortization962  962  —  —  
Marketing3,502  3,328  174  5.2  
Professional and outside services5,663  6,048  (385) (6.4) 
Deposit insurance4,725  4,430  295  6.7  
Other expense19,775  22,740  (2,965) (13.0) 
Total non-interest expense$178,836  $175,686  $3,150  1.8  
Comparison to Prior Year Quarter
Total non-interest expense was $178.8 million for the three months ended March 31, 2020, an increase of $3.2 million, from the three months ended March 31, 2019. The increase was primarily attributable to increases in compensation and benefits and technology and equipment, partially offset by lower other expense.
Compensation and benefits totaled $101.9 million for the three months ended March 31, 2020, compared to $97.8 million for the three months ended March 31, 2019. The increase was a result of annual merit increases and temporary help partially offset by lower variable-based compensation.
Technology and equipment totaled $27.8 million for the three months ended March 31, 2020, compared to $25.7 million for the three months ended March 31, 2019. The increase was a result of continued infrastructure investment.
Other expense totaled $19.8 million for the three months ended March 31, 2020, compared to $22.7 million for the three months ended March 31, 2019. The decrease was primarily due to decreased pension costs and a decrease in the reserve for unfunded commitments due to an increase in commitment line draws.
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Table of Contents
Income Taxes
Webster recognized income tax expense of $11.1 million, reflecting an effective tax rate of 22.6%, for the three months ended March 31, 2020, compared to $26.1 million, reflecting an effective tax rate of 20.8%, for the three months ended March 31, 2019.
The decrease in tax expense is due to the lower level of pre-tax income for the three months ended March 31, 2020 as compared to the same period in 2019. The increase in the effective tax rate for the three months ended March 31, 2020 as compared to the same period in 2019 reflects the recognition of $2.2 million of net tax benefits specific to the 2019 period, including $2.4 million of excess tax benefits from stock-based compensation.
For additional information related to income taxes, including deferred tax assets (DTAs), refer to the section captioned "Use of Estimates" elsewhere in this Item, and Note 9: Income Taxes in the Notes to Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.
Segment Reporting
Webster’s operations are organized into three reportable segments that represent its primary businesses - Commercial Banking, HSA Bank (a division of Webster Bank, National Association), and Community Banking. These segments reflect how executive management responsibilities are assigned, the type of customer served, how products and services are provided, and how discrete financial information is currently evaluated. Certain Corporate Treasury activities, along with the amounts required to reconcile profitability metrics to amounts reported in accordance with GAAP, are included in the Corporate and Reconciling category. Refer to Note 16: Segment Reporting in the Notes to Condensed Consolidated Financial Statements contained elsewhere in this report for a reconciliation of segment information to amounts reported in accordance with GAAP and for a description of segment reporting methodology. To better align segment results with key measurements used to review segment performance, the funds transfer pricing calculation was refined to reflect the allocation of capital credit to net interest income. Prior period amounts were revised accordingly.
Commercial Banking is comprised of Commercial Banking and Private Banking operating segments.
Commercial Banking provides commercial and industrial lending and leasing, commercial real estate lending, and treasury and payment solutions. Specifically, Webster Bank deploys lending through middle market, commercial real estate, equipment financing, asset-based lending and specialty lending units. These groups utilize a relationship approach model throughout its footprint when providing lending, deposit, and cash management services to middle market companies. In addition, Commercial Banking serves as a referral source to the other lines of business.
Private Banking provides asset management, financial planning services, trust services, loan products, and deposit products for high net worth clients, not-for-profit or