Webster Financial Earnings 2018-09-30
WBS 10Q Quarterly Report
Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________
FORM 10-Q
_______________________________________________________________________________
☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ending September 30, 2018
Commission File Number: 001-31486
_______________________________________________________________________________
WEBSTER FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________
Delaware
06-1187536
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
145 Bank Street, Waterbury, Connecticut 06702
(Address and zip code of principal executive offices)
(203) 578-2202
(Registrant's telephone number, including area code)
______________________________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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History
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transaction period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). ☐ Yes ☑ No
The number of shares of common stock, par value $.01 per share, outstanding as of October 31, 2018 was 92,236,627 .
INDEX
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History
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.
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
FOWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "believes," "anticipates," "expects," "intends," "targeted," "continue," "remain," "will," "should," "may," "plans," "estimates" and similar references to future periods; however, such words are not the exclusive means of identifying such statements. References to the "Company," " Webster," "we," "our," or "us" mean Webster Financial Corporation and its consolidated subsidiaries.
Examples of forward-looking statements include, but are not limited to:
▪
projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items;
▪
statements of plans, objectives and expectations of Webster or its management or Board of Directors;
▪
statements of future economic performance; and
▪
statements of assumptions underlying such statements.
Forward-looking statements are based on Webster’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Webster’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.
Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
▪
local, regional, national and international economic conditions and the impact they may have on us and our customers;
▪
volatility and disruption in national and international financial markets;
▪
government intervention in the U.S. financial system;
▪
changes in the level of non-performing assets and charge-offs;
▪
changes in estimates of future reserve requirements based upon periodic review under relevant regulatory and accounting requirements;
▪
adverse conditions in the securities markets that lead to impairment in the value of securities in our investment portfolio;
▪
inflation, interest rate, securities market and monetary fluctuations;
▪
the timely development and acceptance of new products and services and perceived overall value of these products and services by customers;
▪
changes in consumer spending, borrowings and savings habits;
▪
technological changes and cyber-security matters;
▪
the ability to increase market share and control expenses;
▪
changes in the competitive environment among banks, financial holding companies and other financial services providers;
▪
the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, insurance and healthcare) with which we and our subsidiaries must comply, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the final rules establishing a new comprehensive capital framework for U.S. banking organizations, and the Tax Cuts and Jobs Act of 2017 (Tax Act);
▪
the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (FASB) and other accounting standard setters;
▪
the costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; and
▪
our success at assessing and managing the risks involved in the foregoing items.
Any forward-looking statements made by the Company in this Quarterly Report on Form 10-Q speaks only as of the date they are made. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
KEY TO ACRONYMS AND TERMS
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History
Agency CMBS
Agency commercial mortgage-backed securities
Agency CMO
Agency collateralized mortgage obligations
Agency MBS
Agency mortgage-backed securities
ALCO
Asset/Liability Committee
ALLL
Allowance for loan and lease losses
AOCL
Accumulated other comprehensive loss, net of tax
ASC
Accounting Standards Codification
ASU or the Update
Accounting Standards Update
Basel III
Capital rules under a global regulatory framework developed by the Basel Committee on Banking Supervision
CET1 capital
Common Equity Tier 1 Capital, defined by Basel III capital rules
CLO
Collateralized loan obligation securities
CMBS
Non-agency commercial mortgage-backed securities
CME
Chicago Mercantile Exchange
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
EGRRCPA
Economic Growth, Regulatory Relief, and Consumer Protection Act
FASB
Financial Accounting Standards Board
FDIC
Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FICO
Fair Isaac Corporation
FRB
Federal Reserve Bank
FTP
Funds Transfer Pricing, a matched maturity funding concept
GAAP
U.S. Generally Accepted Accounting Principles
Holding Company
Webster Financial Corporation
HSA Bank
A division of Webster Bank, National Association
LEP
Loss emergence period
LGD
Loss given default
LPL
LPL Financial Holdings Inc.
NAV
Net asset value
NII
Net interest income
OCC
Office of the Comptroller of the Currency
OCI/OCL
Other comprehensive income (loss)
OREO
Other real estate owned
OTTI
Other-than-temporary impairment
PD
Probability of default
PPNR
Pre-tax, pre-provision net revenue
RPA
Risk participation agreement
SEC
United States Securities and Exchange Commission
SERP
Supplemental defined benefit retirement plan
Tax Act
Tax Cuts and Jobs Act of 2017
TDR
Troubled debt restructuring, defined in ASC 310-40 "Receivables-Troubled Debt Restructurings by Creditors"
VIE
Variable interest entity, defined in ASC 810-10 "Consolidation-Overall"
Webster Bank
Webster Bank, National Association, a wholly-owned subsidiary of Webster Financial Corporation
Webster or the Company
Webster Financial Corporation, collectively with its consolidated subsidiaries
PART I. – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
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History
September 30,
December 31,
(In thousands, except share data)
(Unaudited)
Assets:
Cash and due from banks
$
222,234
$
231,158
Interest-bearing deposits
99,746
25,628
Investment securities available-for-sale, at fair value
2,823,953
2,638,037
Investment securities held-to-maturity (fair value of $4,164,359 and $4,456,350)
4,332,458
4,487,392
Federal Home Loan Bank and Federal Reserve Bank stock
133,740
151,566
Loans held for sale, fair value option
17,137
20,888
Loans and leases
18,321,019
17,523,858
Allowance for loan and lease losses
(211,832
)
(199,994
)
Loans and leases, net
18,109,187
17,323,864
Deferred tax assets, net
92,910
92,630
Premises and equipment, net
128,507
130,001
Goodwill
538,373
538,373
Other intangible assets, net
26,726
29,611
Cash surrender value of life insurance policies
539,923
531,820
Accrued interest receivable and other assets
281,423
286,677
Total assets
$
27,346,317
$
26,487,645
Liabilities and shareholders' equity:
Deposits:
Non-interest-bearing
$
4,231,505
$
4,191,496
Interest-bearing
17,766,118
16,802,233
Total deposits
21,997,623
20,993,729
Securities sold under agreements to repurchase and other borrowings
564,488
643,269
Federal Home Loan Bank advances
1,441,884
1,677,105
Long-term debt
225,957
225,767
Accrued expenses and other liabilities
300,167
245,817
Total liabilities
24,530,119
23,785,687
Shareholders’ equity:
Preferred stock, $.01 par value; Authorized - 3,000,000 shares:
Series F issued and outstanding (6,000 shares)
145,037
145,056
Common stock, $.01 par value; Authorized - 200,000,000 shares:
Issued (93,680,724 and 93,680,291 shares)
937
937
Paid-in capital
1,114,848
1,122,164
Retained earnings
1,761,036
1,595,762
Treasury stock, at cost (1,536,554 and 1,658,526 shares)
(74,096
)
(70,430
)
Accumulated other comprehensive loss, net of tax
(131,564
)
(91,531
)
Total shareholders' equity
2,816,198
2,701,958
Total liabilities and shareholders' equity
$
27,346,317
$
26,487,645
See accompanying Notes to Condensed Consolidated Financial Statements.
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
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History
Three months ended September 30,
Nine months ended September 30,
(In thousands, except per share data)
2018
2017
2018
2017
Interest Income:
Interest and fees on loans and leases
$
215,448
$
181,130
$
616,488
$
523,394
Taxable interest and dividends on investments
47,646
43,819
142,361
136,167
Non-taxable interest on investment securities
5,061
5,765
15,428
17,103
Loans held for sale
208
307
498
826
Total interest income
268,363
231,021
774,775
677,490
Interest Expense:
Deposits
24,397
16,760
62,778
44,874
Securities sold under agreements to repurchase and other borrowings
3,084
3,847
10,722
10,970
Federal Home Loan Bank advances
7,685
6,894
23,437
22,543
Long-term debt
2,825
2,616
8,288
7,748
Total interest expense
37,991
30,117
105,225
86,135
Net interest income
230,372
200,904
669,550
591,355
Provision for loan and lease losses
10,500
10,150
32,000
27,900
Net interest income after provision for loan and lease losses
219,872
190,754
637,550
563,455
Non-interest Income:
Deposit service fees
40,601
38,321
121,911
113,519
Loan and lease related fees
10,782
6,346
24,111
19,898
Wealth and investment services
8,412
7,750
24,738
22,900
Mortgage banking activities
1,305
2,421
3,684
8,038
Increase in cash surrender value of life insurance policies
3,706
3,720
10,921
10,943
Impairment loss on investment securities recognized in earnings
—
—
—
(126
)
Other income
7,478
7,288
24,040
18,267
Total non-interest income
72,284
65,846
209,405
193,439
Non-interest Expense:
Compensation and benefits
96,640
88,395
284,457
262,288
Occupancy
14,502
14,744
45,489
46,957
Technology and equipment
24,553
22,580
73,019
66,646
Intangible assets amortization
961
1,002
2,885
3,085
Marketing
4,052
4,045
12,493
14,101
Professional and outside services
4,930
4,030
14,099
11,813
Deposit insurance
9,694
6,344
30,098
19,701
Other expense
23,451
20,683
68,317
65,435
Total non-interest expense
178,783
161,823
530,857
490,026
Income before income tax expense
113,373
94,777
316,098
266,868
Income tax expense
13,700
30,281
54,518
81,322
Net income
99,673
64,496
261,580
185,546
Preferred stock dividends and other
(2,213
)
(2,070
)
(6,540
)
(6,284
)
Earnings applicable to common shareholders
$
97,460
$
62,426
$
255,040
$
179,262
Earnings per common share:
Basic
$
1.06
$
0.68
$
2.77
$
1.95
Diluted
1.06
0.67
2.77
1.94
See accompanying Notes to Condensed Consolidated Financial Statements.
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
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History
Three months ended September 30,
Nine months ended September 30,
(In thousands)
2018
2017
2018
2017
Net income
$
99,673
$
64,496
$
261,580
$
185,546
Other comprehensive (loss) income (OCL) OCI, net of tax:
Total securities available-for-sale
(13,811
)
872
(50,481
)
1,847
Total derivative instruments
1,635
1,111
5,837
2,921
Total defined benefit pension and other postretirement benefit plans
2,548
1,001
4,611
3,127
Other comprehensive (loss) income, net of tax
(9,628
)
2,984
(40,033
)
7,895
Comprehensive income
$
90,045
$
67,480
$
221,547
$
193,441
See accompanying Notes to Condensed Consolidated Financial Statements.
WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
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History
(In thousands, except per share data)
Preferred
Stock
Common
Stock
Paid-In
Capital
Retained
Earnings
Treasury
Stock, at cost
Accumulated
Other
Comprehensive
Loss, Net of Tax
Total
Shareholders'
Equity
Balance at December 31, 2017
$
145,056
$
937
$
1,122,164
$
1,595,762
$
(70,430
)
$
(91,531
)
$
2,701,958
Cumulative effect of changes in accounting principles
—
—
—
(1,362
)
—
—
(1,362
)
Net income
—
—
—
261,580
—
—
261,580
Other comprehensive loss, net of tax
—
—
—
—
—
(40,033
)
(40,033
)
Common stock dividends/equivalents $0.92 per share
—
—
99
(85,002
)
—
—
(84,903
)
Series F preferred stock dividends $995.3125 per share
—
—
—
(5,906
)
—
—
(5,906
)
Series F preferred stock dividends accrued adjustment
—
—
—
22
—
—
22
Stock-based compensation
—
—
(1,541
)
2,426
7,713
—
8,598
Exercise of stock options
—
—
(5,308
)
—
7,418
—
2,110
Stock units conversion to shares
—
—
(566
)
(6,484
)
7,050
—
—
Common shares acquired from stock compensation plan activity
—
—
—
—
(13,689
)
—
(13,689
)
Common stock repurchase program
—
—
—
—
(12,158
)
—
(12,158
)
Series F preferred stock issuance adjustment
(19
)
—
—
—
—
—
(19
)
Balance at September 30, 2018
$
145,037
$
937
$
1,114,848
$
1,761,036
$
(74,096
)
$
(131,564
)
$
2,816,198
(In thousands, except per share data)
Preferred
Stock
Common
Stock
Paid-In
Capital
Retained
Earnings
Treasury
Stock, at cost
Accumulated
Other
Comprehensive
Loss, Net of Tax
Total
Shareholders'
Equity
Balance at December 31, 2016
$
122,710
$
937
$
1,125,937
$
1,425,320
$
(70,899
)
$
(76,993
)
$
2,527,012
Net income
—
—
—
185,546
—
—
185,546
Other comprehensive income, net of tax
—
—
—
—
—
7,895
7,895
Common stock dividends/equivalents $0.77 per share
—
—
124
(71,096
)
—
—
(70,972
)
Series E preferred stock dividends $1,200.00 per share
—
—
—
(6,072
)
—
—
(6,072
)
Stock-based compensation
—
—
—
1,887
9,070
—
10,957
Exercise of stock options
—
—
(2,376
)
—
7,677
—
5,301
Common shares acquired from stock compensation plan activity
—
—
—
—
(9,295
)
—
(9,295
)
Common stock repurchase program
—
—
—
—