10-Q 1 wbs-20210930.htm 10-Q wbs-20210930
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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 ended September 30, 2021
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 each exchange on which registered
Common Stock, par value $0.01 per shareWBSNew York Stock Exchange
Depositary 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 transition 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 Rule 12b-2 of the Exchange Act). ☐ Yes   ☒ No
The number of shares of common stock, par value $.01 per share, outstanding at October 29, 2021 was 90,588,670.









i

WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
KEY TO ACRONYMS AND TERMS
ACLAllowance for credit losses
Agency CMBSAgency commercial mortgage-backed securities
Agency CMO
Agency collateralized mortgage obligations
Agency MBS
Agency mortgage-backed securities
ALCO
Asset/Liability Committee
AOCI (AOCL)
Accumulated other comprehensive income (loss)
ASC
Accounting Standards Codification
ASU or the Update
Accounting Standards Update
AUAAssets under administration
AUMAssets under management
Basel III
Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision
BHC Act
Bank Holding Company Act of 1956, as amended
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 obligations
CMBS
Non-agency commercial mortgage-backed securities
CME
Chicago Mercantile Exchange
COVID-19Coronavirus
CVA (DVA)Credit (debit) valuation adjustment
DTADeferred tax asset
EADExposure at default
ETSEmergency Temporary Standard
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
HSAHealth savings account
HSA Bank
HSA Bank, a division of Webster Bank, National Association
LGDLoss given default
NAVNet asset value
NIINet interest income
OCCOffice of the Comptroller of the Currency
OCI (OCL)Other comprehensive income (loss)
OREOOther real estate owned
OSHAOccupational Safety and Health Administration
PDProbability of default
PPDPrincipal paydown
PPNRPre-tax, pre-provision net revenue
ROURight-of-use
PPPSmall Business Administration Paycheck Protection Program
SECUnited States Securities and Exchange Commission
SERPSupplemental executive defined benefit retirement plan
SterlingSterling Bancorp, collectively with its consolidated subsidiaries
TDRTroubled debt restructuring, defined in ASC 310-40 "Receivables - Troubled Debt Restructurings by Creditors"
TPAThird-party administrator
VIEVariable interest entity, defined in ASC 810-10 "Consolidation - Overall"
Webster Bank or the BankWebster Bank, National Association, a wholly-owned subsidiary of Webster Financial Corporation
Webster or the CompanyWebster Financial Corporation, collectively with its consolidated subsidiaries

ii

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, these words are not the exclusive means of identifying such statements. 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 (ACL), expense savings, and other financial items;
▪statements of plans, objectives, and expectations of Webster Financial Corporation (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 strategic initiatives, and manage any risks or uncertainties;
▪our ability to successfully achieve the anticipated cost reductions and operating efficiencies from previously announced strategic initiatives, including branch consolidations, process automation, organization simplification, and spending reductions, and avoid any higher than anticipated costs or delays in the ongoing implementation;
▪our ability to complete the merger with Sterling Bancorp (Sterling) and realize the anticipated benefits of the merger;
▪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, or other unusual and infrequently occurring events, and any governmental or societal responses thereto;
▪changes in laws and regulations, including those concerning banking, taxes, dividends, securities, insurance, and healthcare, with which we and our subsidiaries must comply;
▪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 effects of the replacement of LIBOR as an interest rate benchmark;
▪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;
▪the effects of any cyber threats, attacks or events, or fraudulent activity;
▪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 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;
▪the effect of changes in accounting policies and practices applicable to us, including impacts of recently adopted accounting guidance;
▪legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; and
▪our ability to appropriately address social, environmental, and sustainability concerns that may arise from our business activities.
Any forward-looking statement in this Quarterly Report on Form 10-Q speaks only as of the date on which it is 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.
iii

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 accompanying Notes thereto, for the year ended December 31, 2020, included in Webster Financial Corporation's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (SEC) on February 26, 2021, and in conjunction with the Condensed Consolidated Financial Statements, and accompanying Notes thereto, included in Item 1 of this report. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of results that may be attained during the full year ending December 31, 2021, or any future period.    
Executive Summary
Nature of Operations
Webster Financial Corporation (the Holding Company) is a bank holding company and financial holding company under the Bank Holding Company Act of 1956, as amended (BHC Act), incorporated under the laws of Delaware in 1986, and headquartered in Waterbury, Connecticut. Webster Bank, National Association (Webster Bank) is the principal consolidated subsidiary of Webster Financial Corporation. Webster Bank, including its HSA Bank division, deliver a wide range of banking, investment, and financial services to individuals, families, and businesses. Webster Bank serves consumer and business customers with mortgage lending, financial planning, trust, and investment services through a distribution network consisting of banking centers, ATMs, a customer care center, and a full range of web and mobile-based banking services throughout southern New England and Westchester County, New York. It also offers equipment financing, commercial real estate lending, asset-based lending, and treasury and payment solutions primarily in the eastern U.S. HSA Bank is a leading provider of health savings accounts (HSAs), while also delivering health reimbursement arrangements, and flexible spending and commuter benefit account administration services to employers and individuals in all 50 states.
Pending Merger with Sterling Bancorp
On April 19, 2021, Webster and Sterling, a full-service regional bank headquartered in Pearl River, New York, that primarily serves the Greater New York metropolitan region, announced that their boards of directors approved by unanimous vote a definitive agreement under which the two companies will combine in an all-stock transaction. Under the terms of the agreement, Sterling will merge into Webster, and Sterling's shareholders will receive a fixed exchange ratio of 0.463 of a Webster common share for each share of Sterling common stock owned. In addition, at the effective time of the merger, each outstanding share of Sterling's 6.50% Series A Non-Cumulative Perpetual Preferred Stock will be converted into the right to receive a newly created series of Webster preferred stock having substantially the same terms. Following the closing of the transaction, Webster shareholders will own approximately 50.4% of the combined company, and Sterling shareholders will own approximately 49.6% of the combined company.
The proposed merger was approved by the respective shareholders of both Webster and Sterling on August 17, 2021. Webster Bank and Sterling National Bank, the respective subsidiary banks of Webster and Sterling, also received approval to merge from the Office of the Comptroller of the Currency (OCC) on August 2, 2021 as part of the proposed merger between Webster and Sterling. Completion of the merger remains subject to regulatory approval by the Board of Governors of the Federal Reserve System and the satisfaction of the other customary closing conditions set forth in the merger agreement. Webster is prepared to close the transaction with Sterling shortly after receipt of all required regulatory approvals.
In connection with the proposed merger, the Company incurred $26.9 million of merger-related expenses during the nine months ended September 30, 2021, primarily consisting of professional fees for investment banking, legal, and consulting services, and employee severance and retention costs. At September 30, 2021, Sterling reported $30.6 billion in assets, including $4.2 billion in investment securities and $22.3 billion in loans, $26.0 billion in liabilities, including $24.3 billion in deposits, and $4.6 billion in shareholders' equity.
Strategic Initiatives
During the fourth quarter of 2020, the Company launched a strategic plan to drive incremental revenue and cost savings measures across the organization through the consolidation of banking centers and corporate facilities, process automation, ancillary spend reduction, and other organizational actions. As of September 30, 2021, the Company has completed all 26 of its previously announced banking center closures, progressed on business process automation and ancillary spend reduction, and continues to realize operational efficiencies from the realignment of certain of the Company's business banking and investment services operations across its reportable segments.
For the nine months ended September 30, 2021, the Company incurred net strategic initiatives costs of $6.6 million, comprised of a net $2.1 million benefit in severance, a net $3.9 million in facilities optimization expense, and $4.8 million in consulting costs. During the three months ended September 30, 2021, the Company released $3.9 million from its previously recorded severance accrual, with a corresponding adjustment to earnings, as a result of changes in retention assumptions.
1

Refer to Note 3: Business Developments and Note 17: Segment Reporting in the Notes to the Condensed Consolidated Financial Statements for additional information related to the financial statement impact of the strategic initiatives, as well as the "Segment Reporting" section contained elsewhere in this report for further details specific to the Company's segment changes.
COVID-19 Update
The COVID-19 pandemic continues to cause disruptions to the United States' economy, affecting banking and other financial activities in the areas in which the Company operates. Information regarding the effects and potential effects of the ongoing COVID-19 pandemic on Webster's business, operating results, and financial condition is further discussed throughout Item 2.
On September 9, 2021, in an effort to prevent the spread of COVID-19 and the highly contagious Delta variant, President Biden announced executive orders that included a mandate for private-sector businesses with 100 or more employees to require COVID-19 vaccination or weekly testing as soon as the Occupational Safety and Health Administration (OSHA) drafts an Emergency Temporary Standard (ETS). As of the date of issuance of the Company's Quarterly Reporting on Form 10-Q, the OSHA has yet to deliver its ETS with further details of the rule. Webster is monitoring the status of the ETS and will review it upon release to understand and comply with the Company's legal obligations. Current health and safety protocols in place across Webster's offices and banking centers remain in compliance with applicable state and federal guidelines.
Results of Operations
Selected financial highlights are presented in the following table:
 At or for the three months ended September 30,At or for the nine months ended September 30,
(In thousands, except per share and ratio data)2021202020212020
Earnings:
Net interest income$229,691 $219,256 $674,307 $674,464 
Provision for credit losses7,750 22,750 (39,500)138,750 
Total non-interest income83,775 75,060 233,234 208,514 
Total non-interest expense180,237 183,996 555,247 539,416 
Net income95,713 69,281 297,826 160,577 
Earnings applicable to common shareholders93,171 66,890 290,259 153,758 
Share Data:
Weighted-average common shares outstanding - diluted90,232 89,738 90,186 90,235 
Diluted earnings per common share$1.03 $0.75 $3.22 $1.70 
Dividends and dividend equivalents declared per common share0.40 0.40 1.20 1.20 
Dividends declared per preferred share328.13 328.13 984.38 984.38 
Book value per common share35.78 34.09 35.78 34.09 
Tangible book value per common share (non-GAAP)
29.63 27.86 29.63 27.86 
Selected Ratios:
Net interest margin2.80 %2.88 %2.85 %3.03 %
Return on average assets (annualized basis)
1.10 0.84 1.17 0.67 
Return on average common shareholders' equity (annualized basis)
11.61 8.80 12.28 6.78 
CET1 risk-based capital11.77 11.23 11.77 11.23 
Tangible common equity ratio (non-GAAP)
7.71 7.75 7.71 7.75 
Return on average tangible common shareholders' equity (annualized basis) (non-GAAP)
14.16 10.91 15.05 8.44 
Efficiency ratio (non-GAAP)
54.84 59.99 56.62 59.34 
The non-GAAP financial measures identified in the preceding table provide both management and investors with information useful in understanding the Company's financial position, operating results, strength of its capital position, and overall business performance. These measures are used by management for internal planning and forecasting purposes, as well as by securities analysts, investors, and other interested parties to assess peer company operating performance. Management believes that this presentation, together with the accompanying reconciliations, provides a complete understanding of the factors and trends affecting the Company's business and allows investors to view its performance in a similar manner.
The tangible common equity ratio represents shareholders’ equity less preferred stock, goodwill, and intangible assets divided by total assets less goodwill and intangible assets, and is used by management to evaluate the strength of the Company's capital position. The return on average tangible common shareholders' equity is calculated using the Company’s net income available to common shareholders, adjusted for the tax-effected amortization of intangible assets, as a percentage of average shareholders’ equity less average preferred stock, average goodwill, and intangible assets. This measure is used by management to assess Webster's performance along with its peer financial institutions. The efficiency ratio, which represents the costs expended to generate a dollar of revenue, is calculated excluding certain non-operational items in order to measure how the Company is managing its recurring operating expenses.
2

These non-GAAP financial measures should not be considered a substitute for GAAP (U.S. Generally Accepted Accounting Principles) basis measures and results. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
The following tables reconcile non-GAAP financial measures with financial measures defined by GAAP:
At September 30,
(Dollars and shares in thousands, except per share data)20212020
Tangible book value per common share:
Shareholders' equity$3,386,189 $3,219,690 
Less: Preferred stock145,037 145,037 
         Goodwill and other intangible assets557,360 561,902 
Tangible common shareholders' equity$2,683,792 $2,512,751 
Common shares outstanding90,588 90,204 
Tangible book value per common share$29.63 $27.86 
Tangible common equity ratio:
Tangible common shareholders' equity$2,683,792 $2,512,751 
Total assets35,374,258 32,994,443 
Less: Goodwill and other intangible assets557,360 561,902 
Tangible assets$34,816,898 $32,432,541 
Tangible common equity ratio7.71 %7.75 %

Three months ended September 30,Nine months ended September 30,
(Dollars in thousands)2021202020212020
Return on average tangible common shareholders' equity:
Net income$95,713 $69,281 $297,826 $160,577 
Less: Preferred stock dividends1,968 1,968 5,906 5,906 
Add: Intangible assets amortization, tax-effected888 860 2,682 2,380 
Income adjusted for preferred stock dividends and intangible assets amortization$94,633 $68,173 $294,602 $157,051 
Income adjusted for preferred stock dividends and intangible assets amortization, annualized$378,532 $272,692 $392,803 $209,401 
Average shareholders' equity$3,375,401 $3,205,330 $3,314,114 $3,184,816 
Less: Average preferred stock145,037 145,037 145,037 145,037 
 Average goodwill and other intangible assets557,902 560,959 559,027 559,864 
Average tangible common shareholders' equity$2,672,462 $2,499,334 $2,610,050 $2,479,915 
Return on average tangible common shareholders' equity14.16 %10.91 %15.05 %8.44 %
Efficiency ratio:
Non-interest expense$180,237 $183,996 $555,247 $539,416 
Less: Foreclosed property activity(142)(201)(188)(668)
 Intangible assets amortization1,124 1,089 3,395 3,013 
 Merger-related9,847 — 26,894 — 
Strategic initiatives(4,011)4,786 6,568 4,786 
Non-interest expense$173,419 $178,322 $518,578 $532,285 
Net interest income$229,691 $219,256 $674,307 $674,464 
Add: Tax-equivalent adjustment2,434 2,635 7,416 7,669 
 Non-interest income83,775 75,060 233,234 208,514 
 Other (1)
327 297 913 6,400 
Less: Gain on sale of investment securities, net— — — 8 
Income$316,227 $297,248 $915,870 $897,039 
Efficiency ratio54.84 %59.99 %56.62 %59.34 %
(1)Other includes low income housing tax credits for all periods and a $5.5 million discrete customer derivative fair value adjustment during nine months ended September 30, 2020.
3

Financial Performance
Comparison to Prior Year Quarter
Net income increased $26.4 million, or 38.2%, from $69.3 million for the three months ended September 30, 2020 to $95.7 million for the three months ended September 30, 2021, primarily due to a $15.0 million decrease in the provision for credit losses and a $10.4 million increase in net interest income (NII), which is driven by lower rates on interest-bearing liabilities, offset by costs related to the pending merger and strategic optimization initiatives.
Diluted earnings per common share increased $0.28, or 37.3%, from $0.75 for the three months ended September 30, 2020 to $1.03 for the three months ended September 30, 2021.
The efficiency ratio (non-GAAP) decreased 515 basis points from 59.99% for the three months ended September 30, 2020 to 54.84% for the three months ended September 30, 2021, primarily due to increases in NII, higher fair value adjustments on direct investments, higher syndication and prepayment fees, and cost savings from the Company's strategic initiatives.
Comparison to Prior Year to Date
Net income increased $137.2 million, or 85.5%, from $160.6 million for the nine months ended September 30, 2020 to $297.8 million for the nine months ended September 30, 2021, primarily due to a $178.3 million decrease in the provision for credit losses, offset by a net $33.5 million of costs related to the pending merger and strategic optimization initiatives.
Diluted earnings per common share increased $1.52, or 89.4%, from $1.70 for the nine months ended September 30, 2020 to $3.22 for the nine months ended September 30, 2021.
The efficiency ratio (non-GAAP) decreased 272 basis points from 59.34% for the nine months ended September 30, 2020 to 56.62% for the nine months ended September 30, 2021, primarily due to higher interchange and other deposit service fees, increased investment services activity, higher income and fair value adjustments on direct investments, higher syndication fees, and cost savings from the Company's strategic initiatives.
4

The following tables present daily average balances, interest, yield/rate, and net interest margin on a fully tax-equivalent basis:
 Three months ended September 30,
 20212020
(Dollars in thousands)Average
Balance		Interest Yield/ RateAverage
Balance		InterestYield/ Rate
Assets
Interest-earning assets:
Loans and leases$21,538,513 $197,015 3.60 %$21,870,740 $188,865 3.40 %
Investment securities (1)
8,911,291 43,868 2.01 8,762,692 52,154 2.47 
FHLB and FRB stock76,212 290 1.51 91,232 600 2.62 
Interest-bearing deposits (2)
2,334,986 896 0.15 102,059 26 0.10 
Securities11,322,489 45,054 1.62 8,955,983 52,780 2.45 
Loans held for sale11,328 57 2.03 31,211 229 2.94 
Total interest-earning assets32,872,330 $242,126 2.92 %30,857,934 $241,874 3.13 %
Non-interest-earning assets2,021,962 2,057,503 
Total assets$34,894,292 $32,915,437 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits$7,182,116 $— — %$6,228,436 $— — %
Health savings accounts7,346,239 1,463 0.08 6,953,641 2,073 0.12 
Interest-bearing checking, money market and savings13,363,703 1,794 0.05 11,167,653 3,983 0.14 
Time deposits1,957,286 1,314 0.27 2,589,888 6,542 1.00 
Total deposits29,849,344 4,571 0.06 26,939,618 12,598 0.19 
Securities sold under agreements to repurchase and other borrowings544,311 721 0.52 1,225,616 608 0.19 
FHLB advances120,714 492 1.59 449,085 2,528 2.20 
Long-term debt (1)
564,692 4,217 3.22 569,425 4,249 3.25 
Total borrowings1,229,717 5,430 1.82 2,244,126 7,385 1.33 
Total interest-bearing liabilities31,079,061 $10,001 0.13 %29,183,744 $19,983 0.27 %
Non-interest-bearing liabilities439,830 526,363 
Total liabilities31,518,891 29,710,107 
Preferred stock145,037 145,037 
Common shareholders' equity3,230,364 3,060,293 
Total shareholders' equity3,375,401 3,205,330 
Total liabilities and shareholders' equity$34,894,292 $32,915,437 
Tax-equivalent net interest income$232,125 $221,891 
Less: Tax-equivalent adjustments(2,434)(2,635)
Net interest income$229,691 $219,256 
Net interest margin2.80 %2.88 %
(1)For purposes of our yield/rate computation, unrealized gain (loss) balances on available-for-sale securities and senior fixed-rate notes hedges are excluded.
(2)Interest-bearing deposits is a component of cash and cash equivalents on the Condensed Consolidated Statements of Cash Flows in Item 1. Financial Statements.
5

 Nine months ended September 30,
 20212020
(Dollars in thousands)Average
Balance		InterestYield/ RateAverage
Balance		InterestYield/ Rate
Assets
Interest-earning assets:
Loans and leases$21,477,967 $574,984 3.54 %$21,270,350 $603,100 3.75 %
Investment securities (1)
8,878,820 136,727 2.09 8,554,646 167,027 2.67 
FHLB and FRB stock77,040 909 1.58 108,788 2,716 3.33 
Interest-bearing deposits (2)
1,434,552 1,419 0.13 89,989 222 0.32 
Securities10,390,412 139,055 1.81 8,753,423 169,965 2.65 
Loans held for sale11,515 201 2.33 25,944 588 3.02 
Total interest-earning assets31,879,894 $714,240 2.98 %30,049,717 $773,653 3.43 %
Non-interest-earning assets1,968,707 2,017,159 
Total assets$33,848,601 $32,066,876 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits$6,800,456 $— — %$5,525,573 $— — %
Health savings accounts7,414,332 4,720 0.09 6,854,101 7,973 0.16 
Interest-bearing checking, money market and savings12,579,762 5,117 0.05 10,427,634 22,848 0.29 
Time deposits2,146,218 6,267 0.39 2,841,385 28,425 1.34 
Total deposits28,940,768 16,104 0.07 25,648,693 59,246 0.31 
Securities sold under agreements to repurchase and other borrowings522,638 2,216 0.56 1,366,292 5,318 0.51 
FHLB advances131,606 1,539 1.54 870,063 13,145 1.98 
Long-term debt (1)
565,866 12,658 3.22 563,805 13,811 3.52 
Total borrowings1,220,110 16,413 1.85 2,800,160 32,274 1.55 
Total interest-bearing liabilities30,160,878 $32,517 0.14 %28,448,853 $91,520 0.43 %
Non-interest-bearing liabilities373,609 433,207 
Total liabilities30,534,487 28,882,060 
Preferred stock145,037 145,037 
Common shareholders' equity3,169,077 3,039,779 
Total shareholders' equity3,314,114 3,184,816 
Total liabilities and shareholders' equity$33,848,601 $32,066,876 
Tax-equivalent net interest income$681,723 $682,133 
Less: Tax-equivalent adjustments(7,416)(7,669)
Net interest income$674,307 $674,464 
Net interest margin2.85 %3.03 %
(1)For purposes of our yield/rate computation, unrealized gain (loss) balances on available-for-sale securities and senior fixed-rate notes hedges are excluded.
(2)Interest-bearing deposits is a component of cash and cash equivalents on the Condensed Consolidated Statements of Cash Flows in Item 1. Financial Statements.


6

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.
NII 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. NII is the Company's largest source of revenue, representing 74.3% of total revenue for the nine months ended September 30, 2021.
Net interest margin is the ratio of tax-equivalent NII to average earning assets for the period.
Webster manages the risk of changes in interest rates on NII 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 both September 30, 2021 and December 31, 2020, as compared to 1.50-1.75% at December 31, 2019. The benchmark 10-year U.S. Treasury rate increased to 1.52% at September 30, 2021 from 0.93% at December 31, 2020, as compared to 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
Comparison to Prior Year Quarter
NII increased $10.4 million, or 4.8%, from $219.3 million for the three months ended September 30, 2020 to $229.7 million for the three months ended September 30, 2021. On a fully tax-equivalent basis, the quarter-over-quarter increase in NII was $10.2 million.
Net interest margin decreased 8 basis points from 2.88% for the three months ended September 30, 2020 to 2.80% for the three months ended September 30, 2021. The decrease was primarily due to excess cash held at the Federal Reserve Bank, as well as lower loan balances and securities yields, partially offset by lower deposit and borrowing costs and higher Small Business Administration Paycheck Protection Program (PPP) loan fee accretion.
Comparison to Prior Year to Date
NII decreased $0.2 million from $674.5 million for the nine months ended September 30, 2020 to $674.3 million for the nine months ended September 30, 2021. On a fully tax-equivalent basis, the year-over-year decrease in NII was $0.4 million.
Net interest margin decreased 18 basis points from 3.03% for the nine months ended September 30, 2020 to 2.85% for the nine months ended September 30, 2021. The decrease was primarily due to excess cash held at the Federal Reserve Bank and lower loan and securities yields, partially offset by interest-earning asset growth, lower deposit and borrowing costs, and higher PPP loan fee accretion.

7

Changes in Net Interest Income
The following table presents the components of the change in NII attributable to changes in rate and volume, and reflects NII on a fully tax-equivalent basis:
Three months ended September 30,Nine months ended September 30,
2021 vs. 2020
Increase (decrease) due to		2021 vs. 2020
Increase (decrease) due to
(In thousands)
Rate (1)
VolumeTotal
Rate (1)
VolumeTotal
Interest on interest-earning assets:
Loans and leases$12,615 $(4,466)$8,149 $(32,731)$4,615 $(28,116)
Loans held for sale(25)(147)(172)(60)(327)(387)
Securities (2)
(9,065)1,341 (7,724)(39,775)8,866 (30,909)
Total interest income$3,525 $(3,272)$253 $(72,566)$13,154 $(59,412)
Interest on interest-bearing liabilities:
Deposits$(7,226)$(800)$(8,026)$(41,236)$(1,905)$(43,141)
Borrowings65 (2,020)(1,955)(1,450)(14,411)(15,861)
Total interest expense$(7,161)$(2,820)$(9,981)$(42,686)$(16,316)$(59,002)
Net change in net interest income$10,686 $(452)$10,234 $(29,880)$29,470 $(410)

(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.
Average loans and leases for the nine months ended September 30, 2021 increased $0.2 billion as compared to the average balance for the nine months ended September 30, 2020, primarily due to higher commercial loan growth offset by the decrease in PPP loans. The loan and lease portfolio comprised 67.4% of the average interest-earning assets at September 30, 2021 as compared to 70.8% of the average interest-earning assets at September 30, 2020. The loan and lease portfolio yield decreased 21 basis points from 3.75% for the nine months ended September 30, 2020 to 3.54% for the nine months ended September 30, 2021. The decrease in the yield is primarily due to decreased prepayments and the lower rate environment.
Average securities for the nine months ended September 30, 2021 increased $1.6 billion as compared to the average balance for the nine months ended September 30, 2020. The securities portfolio comprised 32.6% of the average interest-earning assets at September 30, 2021 as compared to 29.1% of the average interest-earning assets at September 30, 2020. The securities portfolio yield decreased 84 basis points from 2.65% for the nine months ended September 30, 2020 to 1.81% for the nine months ended September 30, 2021. The decrease in yield is primarily due to higher premium amortization and lower market rates from newly purchased securities.
Average total deposits for the nine months ended September 30, 2021 increased $3.3 billion as compared to the average balance for the nine months ended September 30, 2020. The increase was driven by transactional deposit products resulting from fiscal stimulus. The average cost of deposits decreased 24 basis points from 0.31% for the nine months ended September 30, 2020 to 0.07% for the nine months ended September 30, 2021, primarily due to deposit pricing and product mix. Higher cost time deposits decreased as a percentage of total interest-bearing deposits from 14.1% for the nine months ended September 30, 2020 to 9.7% for the nine months ended September 30, 2021, primarily due to customer migration for more liquid deposit products.
Average total borrowings for the nine months ended September 30, 2021 decreased $1.6 billion as compared to the average balance for the nine months ended September 30, 2020. Specifically, average securities sold under agreements to repurchase and other borrowings decreased $843.7 million and average FHLB advances decreased $738.5 million. The average cost of borrowings increased 30 basis points from 1.55% for the nine months ended September 30, 2020 to 1.85% for the nine months ended September 30, 2021. The increase is primarily a result of a change in the mix of borrowings types.


8

Provision for Credit Losses
Comparison to Prior Year Quarter
The provision for credit losses decreased $15.0 million, or 65.9%, from $22.8 million for the three months ended September 30, 2020 to $7.8 million for the three months ended September 30, 2021. The decrease is primarily attributed to improvements in the forecasted economic outlook and favorable credit quality trends, which resulted in a release of reserves, partially offset by additional reserves on new loans. Total net charge-offs were $0.9 million and $11.5 million for the three months ended September 30, 2021 and 2020, respectively.
Comparison to Prior Year to Date
The provision for credit losses decreased $178.3 million, reflecting a benefit of $39.5 million for the nine months ended September 30, 2021, as compared to an expense of $138.8 million for the nine months ended September 30, 2020. The decrease is primarily attributed to improvements in the forecasted economic outlook and favorable credit quality trends, which resulted in a release of reserves, partially offset by additional reserves on new loans. Total net charge-offs were $5.1 million and $35.7 million for the nine months ended September 30, 2021 and 2020, respectively.
The ACL on loans and leases coverage ratio decreased 20 basis points from 1.66% at December 31, 2020 to 1.46% at September 30, 2021. Refer to the sections captioned "Loans and Leases" through "Troubled Debt Restructurings" contained elsewhere in this report for further details.
Non-Interest Income
Three months ended September 30,Nine months ended September 30,
 Increase (decrease)Increase (decrease)
(Dollars in thousands)20212020AmountPercent20212020AmountPercent
Deposit service fees$40,258 $39,278 $980 2.5 %$122,166 $117,687 $4,479 3.8 %
Loan and lease related fees10,881 6,568 4,313 65.7 27,056 20,032 7,024 35.1 
Wealth and investment services9,985 8,255 1,730 21.0 29,475 24,096 5,379 22.3 
Mortgage banking activities1,525 7,087 (5,562)(78.5)5,486 14,185 (8,699)(61.3)
Increase in cash surrender value of life insurance policies3,666 3,695 (29)(0.8)10,802 10,899 (97)(0.9)
Gain on sale of investment securities, net— — — n/m— 8 (8)(100.0)
Other income17,460 10,177 7,283 71.6 38,249 21,607 16,642 77.0 
Total non-interest income$83,775 $75,060 $8,715 11.6 $233,234 $208,514 $24,720 11.9 
Comparison to Prior Year Quarter
Total non-interest income increased $8.7 million, or 11.6%, from $75.1 million for the three months ended September 30, 2020 to $83.8 million for the three months ended September 30, 2021.
Loan and lease related fees totaled $10.9 million for the three months ended September 30, 2021, as compared to $6.6 million for the three months ended September 30, 2020. The increase is primarily due to higher syndication and prepayment fees.
Wealth and investment services totaled $10.0 million for the three months ended September 30, 2021, as compared to $8.3 million for the three months ended September 30, 2020. The increase was primarily due to increased customer-driven investment services activity and assets under management.
Mortgage banking activities totaled $1.5 million for the three months ended September 30, 2021, as compared to $7.1 million for the three months ended September 30, 2020. The decrease was primarily due to lower volume resulting from the Company's strategic decision to originate residential mortgage loans for investment rather than for sale, along with lower spreads on loans originated for sale.
Other income totaled $17.5 million for the three months ended September 30, 2021, as compared to $10.2 million for the three months ended September 30, 2020. The increase was primarily due to fair value adjustments on direct investments, partially offset by higher third-party administrator (TPA) closure fees at the Company's HSA division in the prior period.
Comparison to Prior Year to Date
Total non-interest income increased $24.7 million, or 11.9%, from $208.5 million for the nine months ended September 30, 2020 to $233.2 million for the nine months ended September 30, 2021.
Deposit service fees totaled $122.2 million for the nine months ended September 30, 2021, as compared to $117.7 million for the nine months ended September 30, 2020. The increase was primarily due to higher interchange and cash management fees.
9

Loan and lease related fees totaled $27.1 million for the nine months ended September 30, 2021, as compared to $20.0 million for the nine months ended September 30, 2020. The increase was primarily due to higher syndication, prepayment, and line usage fees, and mortgage servicing rights amortization.
Wealth and investment services totaled $29.5 million for the nine months ended September 30, 2021, as compared to $24.1 million for the nine months ended September 30, 2020. The increase was primarily due to increased customer-driven investment services activity and assets under management.
Mortgage banking activities totaled $5.5 million for the nine months ended September 30, 2021, as compared to $14.2 million for the nine months ended September 30, 2020. The decrease was primarily due to lower volume resulting from the Company's strategic decision to originate residential mortgage loans for investment rather than for sale, along with lower spreads on loans originated for sale.
Other income totaled $38.2 million for the nine months ended September 30, 2021, as compared to $21.6 million for the nine months ended September 30, 2020. The increase was primarily due to higher income and fair value adjustments on direct investments, partially offset by higher TPA closure fees at the Company's HSA division in the prior period.
Non-Interest Expense
Three months ended September 30,Nine months ended September 30,
 Increase (decrease)Increase (decrease)
(Dollars in thousands)20212020AmountPercent20212020AmountPercent
Compensation and benefits$105,352 $104,019 $1,333 1.3 %$310,706 $305,637 $5,069 1.7 %
Occupancy12,430 14,275 (1,845)(12.9)42,090 43,005 (915)(2.1)
Technology and equipment28,441 27,846 595 2.1 84,081 83,151 930 1.1 
Intangible assets amortization1,124 1,089 35 3.2 3,395 3,013 382 12.7 
Marketing3,721 3,852 (131)(3.4)9,452 10,640 (1,188)(11.2)
Professional and outside services7,074 9,223 (2,149)(23.3)37,875 21,044 16,831 80.0 
Deposit insurance3,855 4,204 (349)(8.3)