10-Q 1 wbs-20240331.htm 10-Q wbs-20240331
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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 March 31, 2024
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.)
200 Elm Street, Stamford, Connecticut 06902
(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
Depositary Shares, each representing 1/40th interest in a shareWBS-PrGNew York Stock Exchange
of 6.50% Series G 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 (§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 $0.01 per share, outstanding as of May 3, 2024 was 171,486,534.






i


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
AmetrosAmetros Financial Corporation
AOCI (AOCL)
Accumulated other comprehensive income (loss), net of tax
ASC
Accounting Standards Codification
ASU or the Update
Accounting Standards Update
Basel III Capital Rules
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
CECLCurrent expected credit losses
CET1
Common Equity Tier 1 Capital, defined by Basel III capital rules
CET1 Risk-Based CapitalRatio of CET1 capital to total risk-weighted assets, defined by the Basel III Capital Rules
CFPBConsumer Financial Protection Bureau
CLO
Collateralized loan obligations
CMBS
Non-agency commercial mortgage-backed securities
COVID-19Coronavirus
CRACommunity Reinvestment Act of 1977
DTADeferred tax asset
EADExposure at default
FASB
Financial Accounting Standards Board
FDIC
Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FICO
Fair Isaac Corporation
FRB
Federal Reserve Bank
FTEFully tax-equivalent
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
interLINKInterlink Insured Sweep LLC
LGDLoss given default
LIHTCLow-income housing tax credit
MBSNon-agency mortgage-backed securities
NAVNet asset value
OCCOffice of the Comptroller of the Currency
OREOOther real estate owned
PDProbability of default
PPNRPre-tax, pre-provision net revenue
PTNRPre-tax, net revenue
ROURight-of-use
S&PStandard and Poor’s Rating Services
SECUnited States Securities and Exchange Commission
SOFRSecured overnight financing rate
SterlingSterling Bancorp, collectively with its consolidated subsidiaries
Tier 1 Leverage CapitalRatio of Tier 1 capital to average tangible assets, defined by the Basel III Capital Rules
Tier 1 Risk-Based CapitalRatio of Tier 1 capital to total risk-weighted assets, defined by the Basel III Capital Rules
Total Risk-Based CapitalRatio of total capital to total risk-weighted assets, defined by the Basel III Capital Rules
UPBUnpaid principal balance
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


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, and other financial items;
statements of plans, objectives, and expectations of the Company 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 the Company’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. The Company’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;
continued regulatory changes or other mitigation efforts taken by government agencies in response to volatility in the banking industry, including due to the bank failures in 2023;
volatility in Webster’s stock price due to investor sentiment, including in light of the bank failures of 2023 and related turmoil in the banking industry;
local, regional, national, and international economic conditions, and the impact they may have on us or our customers;
volatility and disruption in national and international financial markets, including as a result of geopolitical conflict;
the impact of unrealized losses in our available-for-sale securities portfolio;
changes in laws and regulations, or existing laws and regulations that we become subject to, including those concerning banking, taxes, dividends, securities, insurance, and healthcare administration, with which we must comply;
adverse conditions in the securities markets that could lead to impairment in the value of our securities portfolio;
inflation, monetary fluctuations, the possibility of a recession, and changes in interest rates, including the impact of such changes on economic conditions, customer behavior, funding costs, and our loans and leases and securities portfolios;
possible changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures and the ability of the U.S. Congress to increase the U.S. statutory debt limit, as needed, as well as the impact of the 2024 U.S presidential election;
the impact of a potential U.S. federal government shutdown;
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 information and technology systems;
the effects of any cybersecurity threats or fraudulent activity, including those that involve our third-party vendors and service providers;
performance by our counterparties and third-party vendors;
our ability to increase market share and control expenses;
changes in the competitive environment among banks, financial holding companies, and other traditional and non-traditional financial service providers;
our ability to maintain adequate sources of funding and liquidity;
changes in the mix of loan geographies, sectors, or types and 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;
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;
our ability to navigate any environmental, social, governmental, and sustainability concerns of different stakeholders and activists that may arise from our business activities; and
our ability to assess and monitor the effect of artificial intelligence on our business and operations.
unforeseen events, such as pandemics or natural disasters, and any governmental or societal responses thereto;
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
Webster Financial Corporation is a bank holding company and financial holding company under the BHC Act, incorporated under the laws of Delaware in 1986, and headquartered in Stamford, CT. Webster Bank is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking. While its core footprint spans the northeastern U.S. from New York to Massachusetts, certain businesses operate in extended geographies.
The following discussion and analysis provides information that management believes is necessary to understand the Company’s financial condition, results of operations, and cash flows for the three months ended March 31, 2024, as compared to 2023. This information should be read in conjunction with the Condensed Consolidated Financial Statements, and accompanying Notes thereto, contained in Part I - Item 1. Financial Statements of this report, and the Consolidated Financial Statements, and accompanying Notes thereto, contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company’s financial condition, results of operations, and cash flows for the three months ended March 31, 2024, are not necessarily indicative of future results that may be attained for the entire year or other interim periods.
Results of Operations
The following table summarizes selected financial highlights and key performance indicators:
 At or for the three months ended March 31,
(In thousands, except per share and ratio data)20242023
Income and performance ratios:
Net income$216,323 $221,004 
Net income available to common stockholders212,160 216,841 
Earnings per diluted common share1.23 1.24 
Return on average assets (annualized)1.15 %1.22 %
Return on average tangible common stockholders’ equity (annualized) (non-GAAP)16.30 17.66 
Return on average common stockholders’ equity (annualized)10.01 10.94 
Non-interest income as a percentage of total revenue14.89 10.62 
Asset quality:
ACL on loans and leases$641,442 $613,914 
Non-performing assets (1)
289,254 186,551 
ACL on loans and leases / total loans and leases1.26 %1.21 %
Net charge-offs / average loans and leases (annualized)0.29 0.20 
Non-performing loans and leases / total loans and leases (1)
0.56 0.36 
Non-performing assets / total loans and leases plus OREO and repossessed assets (1)
0.57 0.37 
ACL on loans and leases / non-performing loans and leases (1)
226.17 331.81 
Other ratios:
Tangible common equity (non-GAAP)7.15 %7.15 %
Tier 1 Risk-Based Capital11.08 10.93 
Total Risk-Based Capital13.21 12.99 
CET1 Risk-Based Capital10.57 10.42 
Stockholders’ equity / total assets11.49 11.08 
Net interest margin3.35 3.66 
Efficiency ratio (non-GAAP)45.25 41.64 
Equity and share related:
Common stockholders’ equity$8,463,519 $8,010,315 
Book value per common share49.07 45.85 
Tangible book value per common share (non-GAAP)30.22 29.47 
Common stock closing price50.77 39.42 
Dividends and equivalents declared per common share0.40 0.40 
Common shares issued and outstanding172,464 174,712 
Weighted-average common shares outstanding - basic170,445 172,766 
Weighted-average common shares outstanding - diluted170,704 172,883 
(1)Non-performing assets and the related asset quality ratios exclude the impact of net unamortized (discounts)/premiums and net unamortized deferred (fees)/costs on loans and leases.
1


Non-GAAP Financial Measures
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, results of operations, the strength of its capital position, and overall business performance. These non-GAAP financial measures are used by management for performance measurement purposes, as well as for internal planning and forecasting, and 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 investors with 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.
Tangible book value per common share represents stockholders’ equity less preferred stock and goodwill and other intangible assets (tangible common equity) divided by common shares outstanding at the end of the reporting period. The tangible common equity ratio represents tangible common equity divided by total assets less goodwill and other intangible assets (tangible assets). Both of these measures are used by management to evaluate the Company’s capital position. The annualized return on average tangible common stockholders’ equity is calculated using net income available to common stockholders, adjusted for the annualized tax-effected amortization of intangible assets, as a percentage of average tangible common equity. This measure is used by management to assess the Company’s performance against 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 well the Company is managing its recurring operating expenses.
These non-GAAP financial measures should not be considered a substitute for GAAP basis financial measures. Because
non-GAAP financial measures are not standardized, it may not be possible to compare these with other companies that present financial measures having the same or similar names.
The following tables reconcile non-GAAP financial measures to the most comparable financial measures defined by GAAP:
At March 31,
(Dollars and shares in thousands, except per share data)20242023
Tangible book value per common share:
Stockholders’ equity$8,747,498 $8,294,294 
Less: Preferred stock283,979 283,979 
Common stockholders’ equity$8,463,519 $8,010,315 
Less: Goodwill and other intangible assets3,250,909 2,861,310 
Tangible common stockholders’ equity$5,212,610 $5,149,005 
Common shares outstanding172,464 174,712 
Tangible book value per common share$30.22 $29.47 
Book value per common share (GAAP)$49.07 $45.85 
Tangible common equity ratio:
Tangible common stockholders’ equity$5,212,610 $5,149,005 
Total assets$76,161,693 $74,844,395 
Less: Goodwill and other intangible assets3,250,909 2,861,310 
Tangible assets$72,910,784 $71,983,085 
Tangible common equity ratio7.15 %7.15 %
Common stockholders’ equity to total assets (GAAP)11.11 %10.70 %
2


Three months ended March 31,
(Dollars in thousands)20242023
Return on average tangible common stockholders’ equity:
Net income$216,323 $221,004 
Less: Preferred stock dividends4,163 4,163 
Add: Intangible assets amortization, tax-effected7,263 7,503 
Net income adjusted for preferred stock dividends and intangible assets amortization$219,423 $224,344 
Net income adjusted for preferred stock dividends and
intangible assets amortization (annualized)
$877,692 $897,376 
Average stockholders’ equity$8,759,992 $8,215,676 
Less: Average preferred stock283,979 283,979 
 Average goodwill and other intangible assets3,090,751 2,849,673 
Average tangible common stockholders’ equity$5,385,262 $5,082,024 
Return on average tangible common stockholders’ equity16.30 %17.66 %
Return on average common stockholders’ equity (annualized) (GAAP)10.01 %10.94 %
Efficiency ratio:
Non-interest expense$335,923 $332,467 
Less: Foreclosed property activities(330)(262)
Intangible assets amortization9,194 9,497 
Operating lease depreciation663 1,884 
FDIC special assessment estimate11,862 — 
Merger-related expenses (1)
3,139 29,373 
Non-interest expense$311,395 $291,975 
Net interest income$567,739 $595,283 
Add: FTE adjustment15,879 15,911 
 Non-interest income99,353 70,766 
 Other income (2)
7,626 4,311 
Less: Operating lease depreciation663 1,884 
(Loss) on sale of investment securities, net(9,826)(16,747)
Net gain on sale of mortgage servicing rights11,655 — 
Income$688,105 $701,134 
Efficiency ratio45.25 %41.64 %
Non-interest expense as a percentage of total revenue (GAAP)50.36 %49.92 %
(1)Merger-related expenses include Ametros acquisition expenses and primarily Sterling merger expenses for the three months ended March 31, 2024, and 2023, respectively. Additional information regarding the Company’s business developments, including the acquisition of Ametros in January 2024, can be found within Note 2: Business Developments in the Notes to Condensed Consolidated Financial Statements contained in Part I - Item 1. Financial Statements.
(2)Other income (non-GAAP) includes the taxable equivalent of net income generated from LIHTC investments.
3


Net Interest Income
Net interest income is the Company’s primary source of revenue, representing 85.1% and 89.4% of total revenue for the three months ended March 31, 2024, and 2023, respectively. Net interest income is the difference between interest income on interest-earning assets (i.e., loans and leases and investment securities) and interest expense on interest-bearing liabilities
(i.e., deposits and borrowings), which are used to fund interest-earning assets and other activities. Net interest margin is calculated as the ratio of FTE net interest income to average interest-earning assets.
Net interest income, net interest margin, yields, and ratios on an FTE basis are considered non-GAAP financial measures, and are used by management to evaluate the comparability of the Company’s revenue arising from both taxable and non-taxable sources. FTE adjustments are determined assuming a statutory federal income tax rate of 21%.
Net interest income and net interest margin are influenced by the volume and mix of interest-earning assets and interest-bearing liabilities, changes in interest rate levels, re-pricing frequencies, contractual maturities, prepayment behavior, and the use of interest rate derivative financial instruments. These factors are affected by changes in economic conditions, which impacts monetary policies, competition for loans and deposits, as well as the extent of interest lost on non-performing assets.
Net interest income decreased $27.6 million, or 4.6%, from $595.3 million for the three months ended March 31, 2023, to $567.7 million for the three months ended March 31, 2024. On an FTE basis, net interest income also decreased $27.6 million. Net interest margin decreased 31 basis points from 3.66% for the three months ended March 31, 2023, to 3.35% for the three months ended March 31, 2024.
Average total interest-earning assets increased $2.0 billion, or 3.1%, from $66.1 billion for the three months ended March 31, 2023, to $68.1 billion for the three months ended March 31, 2024, primarily due to increases of $1.6 billion and $0.8 billion in average total investment securities and average loans and leases, respectively, partially offset by decreases of $0.3 billion and $0.1 billion in average interest-bearing deposits held at the FRB and average FHLB and FRB stock, respectively. The average yield on interest-earning assets increased 51 basis points from 5.08% for the three months ended March 31, 2023, to 5.59% for the three months ended March 31, 2024, primarily due to the higher interest rate environment, partially offset by lower purchase accounting accretion on loans and leases that were acquired in the Sterling merger.
Average total investment securities increased $1.6 billion, or 11.0%, from $14.6 billion for the three months ended March 31, 2023, to $16.2 billion for the three months ended March 31, 2024, primarily due to a higher volume of purchases net of paydown activities and sales of available-for-sale securities. At March 31, 2024, and 2023, the average total investment securities portfolio comprised 23.8% and 22.1% of average total interest-earning assets, respectively. The average yield on total investment securities increased 85 basis points from 2.79% for the three months ended March 31, 2023, to 3.64% for the three months ended March 31, 2024, primarily due to the reinvestment of funds received from the sale of lower yielding securities for securities at higher interest rates.
Average loans and leases increased $0.8 billion, or 1.7%, from $50.1 billion for the three months ended March 31, 2023, to $50.9 billion for the three months ended March 31, 2024, primarily due to commercial real estate and residential mortgage growth in 2023, partially offset by a decrease in mortgage warehouse loans. At March 31, 2024, and 2023, average loans and leases comprised 74.8% and 75.8% of average total interest-earning assets, respectively. The average yield on loans and leases increased 44 basis points from 5.80% for the three months ended March 31, 2023, to 6.24% for the three months ended March 31, 2024, primarily due to the higher interest rate environment, partially offset by lower purchase accounting accretion on loans and leases that were acquired in the Sterling merger.
Average interest-bearing deposits held at the FRB decreased $0.3 billion, or 36.3%, from $0.9 billion for the three months ended March 31, 2023, to $0.6 billion for the three months ended March 31, 2024, primarily due to the Company's risk management approach to hold higher levels of on-balance sheet liquidity in 2023. At March 31, 2024, and 2023, average interest-bearing deposits held at the FRB comprised 0.8% and 1.4% of total average interest-earning assets, respectively. The average yield on interest-bearing deposits held at the FRB increased 75 basis points from 4.63% for the three months ended March 31, 2023, to 5.38% for the three months ended March 31, 2024, primarily due to the higher interest rate environment.
Average FHLB and FRB stock decreased $0.1 billion, or 25.1%, from $0.5 billion for the three months ended March 31, 2023, to $0.4 billion for the three months ended March 31, 2024, primarily due to the lower FHLB stock investment required as a result of the decrease in FHLB advances in the second half of 2023. At March 31, 2024, and 2023, average FHLB and FRB stock comprised 0.5% and 0.7% of total average interest-earning assets, respectively. The average yield on average FHLB and FRB stock increased 75 basis points from 4.34% for the three months ended March 31, 2023, to 5.09% for the three months ended March 31, 2024, primarily due to the higher interest rate environment.
4


Average total interest-bearing liabilities increased $2.0 billion, or 3.3%, from $62.5 billion for the three months ended March 31, 2023, to $64.5 billion for the three months ended March 31, 2024, primarily due to an increase of $5.8 billion in average total deposits, partially offset by decreases of $3.0 billion, $0.6 billion, $0.1 billion, and $0.1 billion in average FHLB advances, average federal funds purchased, average securities sold under agreements to repurchase, and average long-term debt, respectively. The average rate on interest-bearing liabilities increased 87 basis points from 1.52% for the three months ended March 31, 2023, to 2.39% for the three months ended March 31, 2024, primarily due to the higher interest rate environment.
Average total deposits increased $5.8 billion, or 10.5%, from $54.8 billion for the three months ended March 31, 2023, to $60.6 billion for the three months ended March 31, 2024, reflecting an increase of $7.8 billion in interest-bearing deposits, partially offset by a decrease of $2.0 billion in non-interest-bearing deposits. The overall increase in average total deposits was primarily due to growth in interLINK, money market deposits, and retail certificates of deposit, partially offset by decreases in average non-interest-bearing and savings deposits. At March 31, 2024, and 2023, average total deposits comprised 93.9% and 87.7% of total average interest-bearing liabilities, respectively. The average rate on deposits increased 112 basis points from 1.11% for the three months ended March 31, 2023, to 2.23% for the three months ended March 31, 2024, primarily due to the higher interest rate environment and growth in higher costing deposit products, such as money market accounts and certificates of deposit. Time deposits as a percentage of average total interest-bearing deposits increased from 9.5% for the three months ended March 31, 2023, to 14.6% for the three months ended March 31, 2024, primarily due to a shift in customer preferences from lower rate savings accounts into higher rate certificates of deposits.
Average FHLB advances decreased $3.0 billion, or 52.6%, from $5.7 billion for the three months ended March 31, 2023, to $2.7 billion for the three months ended March 31, 2024, primarily due to the Company’s risk management approach to hold higher levels of on-balance sheet liquidity in 2023. At March 31, 2024, and 2023, average FHLB advances comprised 4.2% and 9.1% of average total interest-bearing liabilities, respectively. The average rate on FHLB advances to repurchase increased 70 basis points from 4.80% for the three months ended March 31, 2023, to 5.50% for the three months ended March 31, 2024, primarily due to the higher interest rate environment.
Average federal funds purchased decreased $0.6 billion, or 79.1%, from $0.7 billion for the three months ended March 31, 2023, to $0.1 billion for the three months ended March 31, 2024, primarily due to the additional liquidity generated from the interLINK deposit sweep program, which allowed for the Company to decrease its federal funds borrowing volume in 2023.
At March 31, 2024, and 2023, average federal funds purchased comprised 0.2% and 1.1% of average total interest-bearing liabilities, respectively. The average rate on federal funds purchased increased 85 basis points from 4.62% for the three months ended March 31, 2023, to 5.47% for the three months ended March 31, 2024, primarily due to the higher interest rate environment.
Average securities sold under agreements to repurchase decreased $0.1 billion, or 46.4% from $0.2 billion for the three months ended March 31, 2023, to $0.1 billion for the three months ended March 31, 2024, primarily due to short-term liquidity management needs. At March 31, 2024, and 2023, average securities sold under agreements to repurchase comprised 0.2% and 0.4% of total average interest-bearing liabilities, respectively. The average rate on securities sold under agreements to repurchase increased 41 basis points from 0.11% for the three months ended March 31, 2023, to 0.52% for the three months ended March 31, 2024, primarily due to the higher interest rate environment.
Average long-term debt decreased $0.1 billion, or 8.5%, from $1.1 billion for the three months ended March 31, 2023, to $1.0 billion for the three months ended March 31, 2024, primarily due to the maturity of its 4.375% senior fixed rate notes in February 2024. At March 31, 2024, and 2023, average long-term debt comprised 1.5% and 1.7% of average total interest-bearing liabilities, respectively. The average rate on long-term debt remained relatively flat at approximately 3.65% for both the three months ended March 31, 2024, and 2023.
5


The following table summarizes daily average balances, interest, and average yield/rate by major category, and net interest margin on an FTE basis:
 Three months ended March 31,
 20242023
(Dollars in thousands)Average
Balance
Interest Income/ExpenseAverage Yield/RateAverage
Balance
Interest Income/ExpenseAverage Yield/Rate
Assets
Interest-earning assets:
Loans and leases (1)
$50,938,418 $801,864 6.24 %$50,095,192 $725,543 5.80 %
Investment securities: (2)
Taxable13,955,397 141,131 3.87 12,093,477 92,290 2.91 
Non-taxable2,287,952 12,514 2.18 2,539,768 13,684 2.16 
Total investment securities16,243,349 153,645 3.64 14,633,245 105,974 2.79 
FHLB and FRB stock343,992 4,352 5.09 459,375 4,910 4.34 
Interest-bearing deposits (3)
572,401 7,786 5.38 898,884 10,396 4.63 
Loans held for sale13,418 82 2.45 4,630 16 1.39 
Total interest-earning assets68,111,578 $967,729 5.59 %66,091,326 $846,839 5.08 %
Non-interest-earning assets7,221,187 6,225,199 
Total assets$75,332,765 $72,316,525 
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Demand deposits$10,582,416 $— — %$12,629,928 $— — %
Health savings accounts8,605,640 3,191 0.15 8,292,450 3,027 0.15 
Interest-bearing checking, money market,
and savings
34,055,685 249,650 2.95 29,853,370 123,048 1.67 
Time deposits7,321,625 83,130 4.57 4,024,472 24,129 2.43 
Total deposits60,565,366 335,971 2.23 54,800,220 150,204 1.11 
Securities sold under agreements to repurchase130,653 171 0.52 243,848 67 0.11 
Federal funds purchased140,165 1,937 5.47 671,175 7,760 4.62 
FHLB advances2,689,632 37,367 5.50 5,673,826 68,126 4.80 
Long-term debt (2)
980,926 8,665 3.64 1,072,252 9,488 3.65 
Total borrowings3,941,376 48,140 4.88 7,661,101 85,441 4.48 
Total interest-bearing liabilities64,506,742 $384,111 2.39 %62,461,321 $235,645 1.52 %
Non-interest-bearing liabilities2,066,031 1,639,528 
Total liabilities66,572,773 64,100,849 
Preferred stock283,979 283,979 
Common stockholders’ equity8,476,013 7,931,697 
Total stockholders’ equity8,759,992 8,215,676 
Total liabilities and stockholders’ equity$75,332,765 $72,316,525 
Net interest income (FTE)$583,618 $611,194 
Less: FTE adjustment(15,879)(15,911)
Net interest income$567,739 $595,283 
Net interest margin (FTE)3.35 %3.66 %
(1)Non-accrual loans have been included in the computation of average balances.
(2)For the purpose of our average yield/rate and margin computations, unsettled trades on investment securities, unrealized gains (losses) on available-for-sale investment securities, and basis adjustments on long-term debt from de-designated fair value hedges are excluded.
(3)Interest-bearing deposits are a component of Cash and cash equivalents on the Condensed Consolidated Statements of Cash Flows included in Part I - Item 1. Financial Statements.
6


The following table summarizes the change in net interest income attributable to changes in rate and volume, and reflects net interest income on an FTE basis:
Three months ended March 31,
2024 vs. 2023
Increase (decrease) due to
(In thousands)
Rate (1)
VolumeTotal
Change in interest on interest-earning assets:
Loans and leases$69,137 $7,184 $76,321 
Investment securities36,483 11,188 47,671 
FHLB and FRB stock675 (1,233)(558)
Interest-bearing deposits1,166 (3,776)(2,610)
Loans held for sale76 (10)66 
Total interest income$107,537 $13,353 $120,890 
Change in interest on interest-bearing liabilities:
Health savings accounts$50 $114 $164 
Interest-bearing checking, money market, and savings70,546 56,056 126,602 
Time deposits42,447 16,554 59,001 
Securities sold under agreements to repurchase135 (31)104 
Federal funds purchased317 (6,140)(5,823)
FHLB advances5,073 (35,832)(30,759)
Long-term debt11 (834)(823)
Total interest expense$118,579 $29,887 $148,466 
Net change in net interest income$(11,042)$(16,534)$(27,576)
(1)The change attributable to mix, a combined impact of rate and volume, is included with the change due to rate.
Provision for Credit Losses
The provision for credit losses decreased $1.2 million, or 2.7%, from $46.7 million for the three months ended March 31, 2023, to $45.5 million for the three months ended March 31, 2024. The balance for the three months ended March 31, 2023, included a one-time merger related charge of $6.8 million, which increased the provision for unfunded loan commitments. Excluding this charge, the provision for credit losses increased $5.6 million, primarily due to the impact of the current macroeconomic environment on credit performance, risk rating migration, and loan growth.
Additional information regarding the Company’s provision for credit losses and ACL can be found under the sections captioned “Loans and Leases” through “Allowance for Credit Losses on Loans and Leases” contained elsewhere in this
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
7


Non-Interest Income
 Three months ended March 31,
(In thousands)20242023
Deposit service fees$42,589 $45,436 
Loan and lease related fees19,767 23,005 
Wealth and investment services7,924 6,587 
Cash surrender value of life insurance policies5,946 6,728 
(Loss) on sale of investment securities, net(9,826)(16,747)
Other income32,953 5,757 
Total non-interest income$99,353 $70,766 
Total non-interest income increased $28.6 million, or 40.4%, from $70.8 million for the three months ended March 31, 2023, to $99.4 million for the three months ended March 31, 2024, primarily due to an increase in Other income and lower net losses on sale of investment securities, partially offset by decreases in Loan and lease related fees and Deposit service fees.
Other income increased $27.2 million, or 472.4%, from $5.8 million for the three months ended March 31, 2023, to $33.0 million for the three months ended March 31, 2024, primarily due to a $11.7 million net gain on sale of mortgage servicing rights, excess proceeds from bank-owned life insurance policies, higher income generated from interest rate derivative activities, and incremental fee income related to the acquired Ametros business.
Net losses on sale of investment securities decreased $6.9 million, or 41.3%, from $16.7 million for the three months ended March 31, 2023, to $9.8 million or the three months ended March 31, 2024. The Company sold $344.1 million of Agency MBS, Corporate debt securities, and Municipal bonds and notes classified as available-for-sale for proceeds of $331.7 million during the three months ended March 31, 2024, and $415.9 million of U.S. Treasury notes and Corporate debt securities classified as available-for-sale for proceeds of $395.4 million during the three months ended March 31, 2023. The amount included in non-interest income reflects the portion of the total loss that was not attributed to a decline in credit quality.
Loan and lease related fees decreased $3.2 million, or 14.1%, from $23.0 million for the three months ended March 31, 2023, to $19.8 million for the three months ended March 31, 2024, primarily due to lower loan servicing fees.
Deposit service fees decreased $2.8 million, or 6.3%, from $45.4 million for the three months ended March 31, 2023, to $42.6 million for the three months ended March 31, 2024, primarily due to lower customer account service fees, partially offset by higher cash management fees.


8


Non-Interest Expense
 Three months ended March 31,
(In thousands)20242023
Compensation and benefits$188,540 $173,200 
Occupancy19,439 20,171 
Technology and equipment45,836 44,366 
Intangible assets amortization9,194 9,497 
Marketing4,281 3,476 
Professional and outside services12,981 32,434 
Deposit insurance24,223 12,323 
Other expense31,429 37,000 
Total non-interest expense$335,923 $332,467 
Total non-interest expense increased $3.4 million, or 1.0%, from $332.5 million for the three months ended March 31, 2023, to $335.9 million for the three months ended March 31, 2024, primarily due to increases in Compensation and benefits and Deposit insurance, partially offset by decreases in Professional and outside services and Other expense.
Compensation and benefits increased $15.3 million, or 8.9%, from $173.2 million for the three months ended March 31, 2023, to $188.5 million for the three months ended March 31, 2024, primarily due to the impact from the employees acquired in the Ametros acquisition, and higher compensation, performance-based incentives, and employee benefits.
Deposit insurance increased $11.9 million, or 96.6%, from $12.3 million for the three months ended March 31, 2023, to $24.2 million for the three months ended March 31, 2024, due to an increase in the FDIC special assessment estimate.
Professional and outside services decreased $19.4 million, or 60.0%, from $32.4 million for the three months ended March 31, 2023, to $13.0 million for the three months ended March 31, 2024, primarily due to a decrease in technology consulting fees, which were higher in 2023 as a result of the core conversion of the legacy Webster and legacy Sterling platforms.
Other expense decreased $5.6 million, or 15.1%, from $37.0 million for the three months ended March 31, 2023, to $31.4 million for the three months ended March 31, 2024, primarily due to a decrease in pension expense and other miscellaneous expenses.

9


Income Taxes
The Company recognized income tax expense of $69.3 million and $65.8 million for the three months ended March 31, 2024, and 2023, respectively, reflecting effective tax rates of 24.3% and 23.0%, respectively.
The increase in both income tax expense and the effective tax rate reflects the recognition of $9.4 million of net discrete tax expense during the three months ended March 31, 2024, which included a $10.9 million expense related to items recognized in prior years, as compared to the recognition of $6.0 million of net discrete tax benefits during the three months ended March 31, 2023, which included benefits related to Sterling merger related costs.
Additional information regarding the Company’s income taxes, including its DTAs, can be found within Note 9: Income Taxes in the Notes to Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Segment Reporting
The Company has three reportable segments, which reflect its primary differentiated lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking. Segment performance is evaluated using PPNR, or PTNR, as appropriate. Certain Treasury activities and other functional divisions, such as information technology, human resources, risk management, bank operations, and the operations of interLINK, as well as amounts required to reconcile non-GAAP profitability metrics to those reported in accordance with GAAP, are included in the Corporate and Reconciling category.
Effective January 1, 2024, the Company realigned certain of its Business Banking operations to better serve its customers and deliver operational efficiencies. Under this realignment, $1.5 billion of loans and $2.2 billion of deposits were reassigned from Commercial Banking to Consumer Banking. Prior period amounts have been recast accordingly.
In addition, with the acquisition of Ametros on January 24, 2024, the Company formed a new reportable segment called Healthcare Financial Services, which includes the aggregated financial information of the HSA Bank and Ametros businesses.
The following is a description of the Company’s three reportable segments and their primary services at March 31, 2024:
Commercial Banking serves businesses with more than $10 million of revenue through its Commercial Real Estate, Equipment Finance, Middle Market, Regional Banking, Asset-Based Lending, Commercial Services, Public Sector Finance, Sponsor and Specialty Finance, Verticals and Support, Private Banking, and Treasury Management business units.
Healthcare Financial Services offers consumer-directed healthcare solutions that includes HSAs, health reimbursement arrangements, the administration of medical insurance claim settlements, flexible spending accounts, and commuter benefits. Accounts are distributed nationwide directly to employers and individual consumers, as well as through national and regional insurance carriers, benefit consultants, and financial advisors.
Consumer Banking offers consumer deposit and fee-based services, residential mortgages, home equity lines, secured and unsecured loans, debit and credit card products, and investment services to individual consumers and small businesses through its Consumer Lending and Business Banking business units. Consumer Banking operates a distribution network consisting of 196 banking centers and 347 ATMs, a customer care center, and a full range of web and mobile-based banking services, primarily throughout southern New England and the New York metro and suburban markets.
Additional information regarding the Company’s reportable segments and its segment reporting methodology can be found within Note 14: Segment Reporting in the Notes to Condensed Consolidated Financial Statements contained in Part I - Item 1. Financial Statements of this report, and within Note 21: Segment Reporting in the Notes to Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
10


Commercial Banking
Operating Results:
Three months ended March 31,
(In thousands)20242023
Net interest income$341,942 $360,293 
Non-interest income34,280 33,720 
Non-interest expense106,225 98,833 
Pre-tax, pre-provision net revenue$269,997 $295,180 
Commercial Banking’s PPNR decreased $25.2 million, or 8.5%, for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, due to a decrease in net interest income and an increase in non-interest expense, partially offset by an increase in non-interest income. The $18.4 million decrease in net interest income is primarily due to lower average deposit balances and higher rates paid on deposits. The $0.6 million increase in non-interest income is primarily due to higher cash management fees and interest rate derivative activities, partially offset by lower loan servicing fees. The $7.4 million increase in non-interest expense is primarily due to higher employee compensation, operational support, and technology expenses in order to support balance sheet growth.
Selected Balance Sheet and Off-Balance Sheet Information:
(In thousands)At March 31,
2024
At December 31,
2023
Loans and leases$39,883,343 $39,480,945 
Deposits16,075,390 16,053,850 
Assets under administration / management (off-balance sheet)3,016,817 2,911,293 
Loans and leases increased $0.4 billion, or 1.0%, at March 31, 2024, as compared to December 31, 2023, primarily due to organic growth in the commercial real estate, public sector finance and private banking business units, partially offset by net principal paydowns in the commercial non-mortgage, asset-based lending, and equipment finance categories. Total portfolio originations for the three months ended March 31, 2024, and 2023, were $2.2 billion and $3.0 billion, respectively. The $0.8 billion decrease was primarily due to lower originations in all loan categories except for commercial real estate, which increased as compared to the prior year quarter.
Deposits increased $21.5 million, or 0.1%, at March 31, 2024, as compared to December 31, 2023, primarily due to higher money market and savings account balances, partially offset by lower non-interest-bearing demand deposit balances.
Commercial Banking held assets under administration of $0.9 billion at both March 31, 2024, and December 31, 2023, and assets under management of $2.1 billion and $2.0 billion at March 31, 2024, and December 31, 2023, respectively. The combined $0.1 billion increase, or 3.6%, was primarily due to an increase in investment account balances as a result of higher valuations in the equity markets and net funds invested.
11


Healthcare Financial Services
Operating Results:
Three months ended March 31,
(In thousands)20242023
Net interest income$86,138 $71,730 
Non-interest income31,061 24,067 
Non-interest expense52,127 43,700 
Pre-tax net revenue$65,072 $52,097 
Healthcare Financial Services’ PTNR increased $13.0 million, or 24.9%, for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, due to increases in net interest income and non-interest income, partially offset by an increase in non-interest expense. The $14.4 million increase in net interest income is primarily due to the acquisition of Ametros, an increase in net deposit spread, and organic HSA deposit growth. The $7.0 million increase in
non-interest income is primarily due to incremental fee income related to the acquired Ametros business, and higher customer account and interchange fees. The $8.4 million increase in non-interest expense is primarily due to incremental expenses related to the acquired Ametros business, and higher employee compensation and service contract expenses.
Selected Balance Sheet and Off-Balance Sheet Information:
(In thousands)At March 31,
2024
At December 31,
2023
Deposits$9,473,560 $8,287,705 
Assets under administration, through linked investment accounts (off-balance sheet)5,194,204 4,641,830 
Deposits increased $1.2 billion, or 14.3%, at March 31, 2024, as compared to December 31, 2023, primarily due to additional HSA account holders, organic HSA deposit growth, and the acquisition of Ametros.
Assets under administration, through linked investment accounts, increased $0.6 billion, or 11.9%, at March 31, 2024, as compared to December 31, 2023, primarily due to additional HSA account holders and an increase in investment account balances as a result of higher valuations in the equity markets.
12


Consumer Banking
Operating Results:
Three months ended March 31,
(In thousands)20242023
Net interest income$205,777 $234,604 
Non-interest income33,978 27,636 
Non-interest expense120,121 116,555 
Pre-tax, pre-provision net revenue$119,634 $145,685 
Consumer Banking’s PPNR decreased $26.1 million, or 17.9%, for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, due to a decrease in net interest income and an increase in non-interest expense, partially offset by an increase in non-interest income. The $28.8 million decrease in net interest income is primarily due to higher rates paid on deposits, partially offset by higher average loan balances and deposit growth. The $6.3 million increase in non-interest income is primarily due to a net gain on sale of mortgage servicing rights, partially offset by lower customer account service fees and loan servicing fees. The $3.6 million increase in non-interest expense is primarily due to higher employee compensation and operational support expenses, partially offset by lower technology and professional service costs.
Selected Balance Sheet and Off-Balance Sheet Information:
(In thousands)At March 31,
2024
At December 31,
2023
Loans$11,208,804 $11,234,743 
Deposits26,914,464 26,251,722 
Assets under administration (off-balance sheet)8,124,874 7,876,437 
Loans decreased $25.9 million, or 0.2%, at March 31, 2024, as compared to December 31, 2023, primarily due to net principal paydowns in home equity lines and loans, other consumer loans, and small business commercial and industrial loans, partially offset by organic growth in small business commercial real estate and residential mortgages. Total portfolio originations for both the three months ended March 31, 2024, and 2023, were $0.3 billion.
Deposits increased $0.7 billion, or 2.5%, at March 31, 2024, as compared to December 31, 2023, primarily due to higher money market, savings, and certificates of deposit balances, partially offset by lower non-interest-bearing demand deposits balances.
Assets under administration increased $0.2 billion, or 3.2% at March 31, 2024, as compared to December 31, 2023, primarily due to an increase in investment account balances as a result of higher valuations in the equity markets.
13


Financial Condition
Total assets increased $1.3 billion, or 1.6%, from $74.9 billion at December 31, 2023, to $76.2 billion at March 31, 2024. The change in total assets was primarily attributed to the following, which experienced changes greater than $100 million:
Cash and cash equivalents decreased $170.6 million, primarily due to the Company’s risk management approach to hold higher levels of on-balance sheet liquidity in 2023;
Total investment securities increased $246.7 million, reflecting a $605.3 million increase in the held-to-maturity portfolio, partially offset by a decrease of $358.6 million in the available-for-sale portfolio. The net increase in total investment securities was primarily due to purchases exceeding paydown activities, particularly across the Agency MBS, Agency CMBS, and CMBS categories, partially offset by $344.1 million in sales of available-for-sale Agency MBS, Corporate debt and Municipal bonds and notes;
Loans held for sale increased $233.2 million, primarily due to the transfer of an aggregate $220.2 million of payroll finance and factored receivables loans from portfolio to held for sale at March 31, 2024;
Loans and leases increased $372.6 million, primarily due to $2.5 billion of originations during the three months ended March 31, 2024, particularly across the commercial real estate and commercial non-mortgage categories, partially offset by net principal paydowns, and the aforementioned transfer of $220.2 million of payroll finance and factored receivables loans from portfolio to held for sale;
Goodwill and other net intangible assets increased a combined $416.3 million, primarily due to the acquisition of Ametros on January 24, 2024, which resulted in the recognition of $228.2 million in goodwill, a $182.8 million core deposit intangible asset, and a $6.1 million trade name; and
Accrued interest receivable and other assets increased $113.8 million. Notable drivers of the change included increases in LIHTC investments, accrued interest receivable, and accrued income from bank-owned life insurance policies, partially offset by decreases in treasury derivative assets and other asset balances.
Total liabilities increased $1.1 billion, or 1.7%, from $66.3 billion at December 31, 2023, to $67.4 billion at March 31, 2024. The change in total liabilities was primarily attributed to the following:
Total deposits decreased $36.5 million, reflecting a $520.0 million decrease in non-interest-bearing deposits, partially offset by a $483.5 million increase in interest-bearing deposits. The net decrease in total deposits was primarily due to a $1.9 billion decrease in brokered certificates of deposit and lower balances in non-interest-bearing demand, partially offset by higher balances across all other deposit products, the receipt of the remaining Ametros deposits that were held at other banks, and organic HSA deposit growth;
Securities sold under agreements to repurchase and other borrowings decreased $96.5 million, reflecting a $231.5 million decrease in short-term repurchase agreements, which was primarily due to the timing of maturities in the first quarter of 2024, partially offset by a $135.0 million increase in overnight federal funds, which was primarily due to a change in short-term funding mix;
FHLB advances increased $1.3 billion, also primarily due to a change in short-term funding mix;
Long-term debt decreased $134.3 million, primarily due to the maturity of its 4.375% senior fixed-rate notes on
February 15, 2024; and
Accrued expenses and other liabilities increased $126.4 million. Notable drivers of the change included increases in unfunded commitments for LIHTC investments, treasury derivative liabilities, income taxes payable, and deferred revenue, partially offset by decreases in accrued compensation and accrued interest payable.
Total stockholders’ equity remained relatively flat at approximately $8.7 billion at both March 31, 2024, and December 31, 2023. Although the financial statement caption as a whole did not significantly change, activity within total stockholders’ equity included the following during the three months ended March 31, 2024:
Net income recognized of $216.3 million;
Other comprehensive loss, net of tax, of $65.5 million;
Dividends paid to common and preferred stockholders of $69.0 million and $4.2 million, respectively;
Stock-based compensation expense of $13.8 million; and
Repurchases of common stock of $20.4 million under the Company’s common stock repurchase program and $13.5 million related to employee stock-based compensation plans.
14


Investment Securities
Through its Corporate Treasury function, the Company maintains and invests in debt securities that are primarily used to provide a source of liquidity for operating needs, to generate interest income, and as a means to manage the Company’s
interest-rate risk. The Company’s investment securities are classified into two major categories: available-for-sale and
held-to-maturity.
The ALCO manages the Company’s investment securities in accordance with regulatory guidelines and corporate policies, which include limitations on aspects such as concentrations in and types of investments, as well as minimum risk ratings per type of security. In addition, the OCC may further establish individual limits on certain types of investments if the concentration in any such security presents a safety and soundness concern. At March 31, 2024, and December 31, 2023, the Company had total investment securities of $16.3 billion and $16.0 billion, respectively, with an average risk weighting for regulatory purposes of 16.3% and 17.2%, respectively. The Bank held the entirety of the Company's investment securities portfolio at both March 31, 2024, and December 31, 2023. However, the Holding Company may also directly hold investment securities.
The following table summarizes the balances and percentage composition of the Company’s investment securities:
 At March 31, 2024At December 31, 2023
(In thousands)Amount%Amount%
Available-for-sale:
Government agency debentures$262,4883.1 %$264,6333.0 %
Municipal bonds and notes1,207,35014.0 1,573,23317.6 
Agency CMO46,2360.5 48,9410.5 
Agency MBS3,364,41439.1 3,347,09837.4 
Agency CMBS2,321,23027.0 2,288,07125.5 
CMBS731,8518.5 763,7498.5 
Corporate debt617,2097.2 622,1556.9 
Private label MBS41,3080.5 42,8080.5 
Other9,0550.1 9,0410.1 
Total available-for-sale$8,601,141100.0 %$8,959,729100.0 %
Held-to-maturity:
Agency CMO$22,4890.3 %$23,4700.3 %
Agency MBS2,618,78334.1 2,409,52134.1 
Agency CMBS4,028,79952.5 3,625,62751.2 
Municipal bonds and notes (1)
910,42211.8 916,10413.0 
CMBS99,5821.3 100,0751.4 
Total held-to-maturity$7,680,075100.0 %$7,074,797100.0 %
Total investment securities$16,281,216$16,034,526
(1)The balances at both March 31, 2024, and December 31, 2023, exclude the $0.2 million ACL recorded on held-to-maturity securities.
Available-for-sale securities decreased $0.4 billion, or 4.0%, from $9.0 billion at December 31, 2023, to $8.6 billion at
March 31, 2024, primarily due to the sale of $0.3 billion in Agency MBS, Corporate debt securities, and Municipal bonds and notes, which resulted in $12.4 million of gross realized losses, $2.6 million of which were attributed to a decline in credit quality, and therefore, have been included in the Provision for credit losses. This decrease was partially offset by purchases exceeding paydown activities, particularly across the Agency MBS, Agency CMBS, and CMBS categories. The average FTE yield on the available-for-sale portfolio was 3.85% for the three months ended March 31, 2024, as compared to 2.76% for the three months ended March 31, 2023. The 109 basis point increase is primarily due to the reinvestment of funds received from the sale of lower yielding securities for securities at higher interest rates.
At both March 31, 2024, and December 31, 2023, gross unrealized losses on available-for-sale securities were $0.8 billion. Available-for-sale securities are evaluated for credit losses on a quarterly basis. At both March 31, 2024, and December 31, 2023, no ACL was recorded on available-for-sale securities as each of the securities in the Company’s portfolio are investment grade and current as to principal and interest, and their price changes are consistent with interest and credit spreads when adjusting for convexity, rating, and industry differences. As of March 31, 2024, based on current market conditions and the Company’s targeted balance sheet composition strategy, the Company intends to hold its available-for-sale securities in unrealized loss positions through the anticipated recovery period.


15


Held-to-maturity securities increased $0.6 billion, or 8.6%, from $7.1 billion at December 31, 2023, to $7.7 billion at
March 31, 2024, primarily due to purchases exceeding paydown activities, particularly across the Agency MBS and Agency CMBS categories. The average FTE yield on the held-to-maturity portfolio was 3.37% for the three months ended March 31, 2024, as compared to 2.82% for the three months ended March 31, 2023, respectively. The 55 basis point increase is primarily due to higher interest rates on recent securities purchases, as compared to interest rates on securities with paydown activities.
At March 31, 2024, and December 31, 2023, gross unrealized losses on held-to-maturity securities were $0.9 billion and $0.8 billion, respectively. The $0.1 billion increase is primarily due to higher interest rates. Held-to-maturity securities are evaluated for credit losses on a quarterly basis under the CECL methodology. At both March 31, 2024, and December 31, 2023, the ACL on held-to-maturity securities was $0.2 million.
The following table summarizes the book value of investment securities by the earlier of either contractual maturity or call date, as applicable, along with the respective weighted-average yields:
At March 31, 2024
1 Year or Less1 - 5 Years5 - 10 YearsAfter 10 YearsTotal
(Dollars in thousands)Amount
Weighted-
Average
Yield (1)
Amount
Weighted-
Average
Yield (1)
Amount
Weighted-
Average
Yield (1)
Amount
Weighted-
Average
Yield (1)
Amount
Weighted-
Average
Yield (1)
Available-for-sale:
Government agency debentures$— — %$75,163 2.41 %$16,350 2.26 %$170,975 3.31 %$262,488 2.99 %
Municipal bonds and notes13,973 1.94 112,977 1.74 613,219 1.64 467,181 1.64 1,207,350 1.66 
Agency CMO— — 234 2.98 4,260 3.09 41,742 2.85 46,236 2.87 
Agency MBS— — 16,461 1.33 129,198 1.79 3,218,755 3.94 3,364,414 3.84 
Agency CMBS8,382 0.85 100,352 1.08 31,436 2.12 2,181,060 4.49 2,321,230 4.29 
CMBS— — 69,319 6.92 — — 662,532 6.90 731,851 6.90 
Corporate debt9,266 3.44 186,102 2.66 375,065 3.26 46,776 3.67 617,209 3.12 
Private label MBS— — — — — — 41,308 4.01 41,308 4.01 
Other— — 4,855 3.80 4,200 2.70 — — 9,055 3.29 
Total available-for-sale$31,621 2.09 %$565,463 2.66 %$1,173,728 2.21 %$6,830,329 4.22 %$8,601,141 3.83 %
Held-to-maturity:
Agency CMO$— — %$— — %$— — %$22,489 2.88 %$22,489 2.88 %
Agency MBS90 3.09 462 1.99 27,025 2.66 2,591,206 2.82 2,618,783 2.82 
Agency CMBS— — 57,690 2.96 60,029 2.38 3,911,080 3.88 4,028,799 3.84 
Municipal bonds and notes29,756 3.15 36,446 2.84 212,658 2.73 631,562 3.24 910,422