SEC Info - Webster Financial Corp. - ‘10-Q’ for 3/31/21

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		Alternative Formats (Word, et al.) Controls and Procedures Defaults Upon Senior Securities Exhibit Index Financial Information Financial Statements Iii Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Mine Safety Disclosures Other Information Part I -- Financial Information Part Ii -- Other Information Quantitative and Qualitative Disclosures about Market Risk Risk Factors Signatures Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Iii
"	Part I -- Financial Information
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Financial Statements
"	Quantitative and Qualitative Disclosures about Market Risk
"	Controls and Procedures
"	Part Ii -- Other Information
"	Legal Proceedings
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Defaults Upon Senior Securities
"	Mine Safety Disclosures
"	Exhibit Index
"	Signatures

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Washington, D.C. 20549

_______________________________________________________________________________

_________________________________________________________________________________________________________________________________________-___________________________________________________________________________________________________

i ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

_______________________________________________________________________________________

(Exact name of registrant as specified in its charter)

(Address and zip code of principal executive offices)

(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. ☒ i 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). ☒ i 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.

i Large Accelerated Filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

i ☐

Emerging growth company

i ☐

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). i ☐ Yes ☒ No

The number of shares of common stock, par value $.01 per share, outstanding as of April 30, 2021 was i 90,420,187.

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 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 our risks;

▪our ability to successfully achieve the anticipated cost reductions and efficiencies from recently announced strategic initiatives, including branch consolidations, process automation, organization simplification, and spending reductions, and avoid any higher than anticipated costs or delays in implementing the strategic plan;

▪our ability to complete the acquisition of 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 and any governmental or societal responses thereto, including the deployment and efficacy of COVID-19 vaccines, or other unusual and infrequently occurring events;

▪changes in laws and regulations (including those concerning banking, taxes, dividends, securities, insurance, and healthcare) with which we and our subsidiaries must comply, including recent and potential legislative and regulatory changes in response to the COVID-19 pandemic, such as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the rules and regulations that may be promulgated thereunder;

▪adverse conditions in the securities markets that lead to impairment in the value of our investment securities and goodwill;

▪inflation, changes in interest rates, and monetary fluctuations;

▪the timely development and acceptance of new products and services, and the perceived value of those products and services by customers;

▪changes in deposit flows, consumer spending, borrowings, and savings habits;

▪our ability to implement new technologies and maintain secure and reliable technology systems;

▪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 changes in our allowance for loan and lease losses and other impacts of recently adopted accounting guidance regarding the recognition of credit losses;

▪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.

WEBSTER FINANCIAL CORPORATION AND SUBSIDIARIES


ACL			Allowance for credit losses
Agency CMBS			Agency 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
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 Act			The Coronavirus Aid, Relief, and Economic Security Act
CECL			Current expected credit losses
CET1 capital			Common Equity Tier 1 Capital, defined by Basel III capital rules
CFPB			Consumer Financial Protection Bureau
CLO			Collateralized loan obligations
CMBS			Non-agency commercial mortgage-backed securities
CME			Chicago Mercantile Exchange
COVID-19			Coronavirus
CVA (DVA)			Credit (debit) valuation adjustment
DTA			Deferred tax asset
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			Health savings account
HSA Bank			HSA Bank, a division of Webster Bank, National Association
LGD			Loss given default
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
PD			Probability of default
PPNR			Pretax, pre-provision net revenue
ROU			Right-of-use
PPP			Small Business Administration Paycheck Protection Program
SEC			United States Securities and Exchange Commission
SERP			Supplemental executive defined benefit retirement plan
Sterling			Sterling Bancorp, collectively with its consolidated subsidiaries
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 or the 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 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 months ended March 31, 2021 are not necessarily indicative of results that may be attained during the full year ending December 31, 2021, or any future period.

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 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 for total consideration of approximately $5.1 billion. Sterling, a full-service regional bank headquartered in Pearl River, New York, primarily serves the Greater New York metropolitan region and reported $29.9 billion in assets, $20.9 billion in loans, and $23.8 billion in deposits at March 31, 2021. 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 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. The merger is expected to close in the fourth quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by the shareholders of each company. 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%, on a fully diluted basis.

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 March 31, 2021, several key project milestones have been completed, including the closure of 7 banking centers, with the remainder planned for the second quarter of 2021, and the realignment of certain of the Company's business banking and investment services operations across its reportable segments.

Strategic initiative costs incurred during the three months ended March 31, 2021 included an incremental $2.0 million in severance due to voluntary terminations, $2.6 million in facilities optimization, and $4.8 million in other project costs. Additional costs will be incurred as the Company continues to manage the strategic plan and further realize operational benefits. The Company anticipates it will reach full cost savings realization by the end of the fourth quarter of 2021.

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 plan, as well as the "Segment Reporting" section contained elsewhere in this report for further details specific to the Company's segment changes.

The COVID-19 pandemic has caused significant disruptions to the United States economy, affecting banking and other financial activities in the areas in which the Company operates. Consistent with Webster's philosophy of supporting its customers, communities, and employees in times of need, the Company is committed to providing assistance to those impacted by COVID-19. Webster continues to manage a remote work environment, and has increased the capacity limit in its buildings from 25% to 50% during the second quarter of 2021 in order to accommodate those who are comfortable returning to the office on a regular basis. Social distancing and safety protocols are in place and will remain in compliance with federal and state guidelines. 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.

Results of Operations

Selected financial highlights are presented in the following table:


	At or for the three months ended March 31,
(In thousands, except per share and ratio data)	2021			2020
Earnings:
Net interest income	$	223,764		$	230,801
Provision for credit losses	(25,750)			76,000
Non-interest income	76,757			73,378
Non-interest expense	187,982			178,836
Net income	108,078			38,199
Earnings applicable to common shareholders	105,530			36,021
Share Data:
Weighted-average common shares outstanding - diluted	90,108			91,206
Diluted earnings per common share	$	1.17		$	0.39
Dividends and dividend equivalents declared per common share	0.40			0.40
Dividends declared per Series F preferred share	328.13			328.13
Book value per common share	34.60			32.66
Tangible book value per common share (non-GAAP)	28.41			26.46
Selected Ratios:
Net interest margin	2.92		%	3.23		%
Return on average assets (annualized basis)	1.31			0.50
Return on average common shareholders' equity (annualized basis)	13.65			4.75
CET1 risk-based capital	11.89			10.95
Tangible common equity ratio (non-GAAP)	7.85			7.67
Return on average tangible common shareholders' equity (annualized basis) (non-GAAP)	16.79			5.95
Efficiency ratio (non-GAAP)	58.46			58.03

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.

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 March 31,
(Dollars and shares in thousands, except per share data)	2021			2020
Tangible book value per common share (non-GAAP):
Shareholders' equity (GAAP)	$	3,272,928		$	3,090,242
Less: Preferred stock (GAAP)	145,037			145,037
Goodwill and other intangible assets (GAAP)	559,617			559,328
Tangible common shareholders' equity (non-GAAP)	$	2,568,274		$	2,385,877
Common shares outstanding	90,410			90,172
Tangible book value per common share (non-GAAP)	$	28.41		$	26.46

Tangible common equity ratio (non-GAAP):
Tangible common shareholders' equity (non-GAAP)	$	2,568,274		$	2,385,877
Total assets (GAAP)	$	33,259,037		$	31,654,874
Less: Goodwill and other intangible assets (GAAP)	559,617			559,328
Tangible assets (non-GAAP)	$	32,699,420		$	31,095,546
Tangible common equity ratio (non-GAAP)	7.85		%	7.67		%


	Three months ended March 31,
(Dollars in thousands)	2021			2020
Return on average tangible common shareholders' equity (non-GAAP):
Net income (GAAP)	$	108,078		$	38,199
Less: Preferred stock dividends (GAAP)	1,969			1,969
Add: Intangible assets amortization, tax-affected (GAAP)	900			760
Income adjusted for preferred stock dividends and intangible assets amortization (non-GAAP)	$	107,009		$	36,990
Income adjusted for preferred stock dividends and intangible assets amortization (annualized basis) (non-GAAP)	$	428,036		$	147,960
Average shareholders' equity (non-GAAP)	$	3,254,203		$	3,193,525
Less: Average preferred stock (non-GAAP)	145,037			145,037
Average goodwill and other intangible assets (non-GAAP)	560,173			559,786
Average tangible common shareholders' equity (non-GAAP)	$	2,548,993		$	2,488,702
Return on average tangible common shareholders' equity (non-GAAP)	16.79		%	5.95		%

Efficiency ratio (non-GAAP):
Non-interest expense (GAAP)	$	187,982		$	178,836
Less: Foreclosed property activity (GAAP)	91			(250)
Intangible assets amortization (GAAP)	1,139			962
Other expense (non-GAAP) (1)	9,441			—
Non-interest expense (non-GAAP)	$	177,311		$	178,124
Net interest income (GAAP)	$	223,764		$	230,801
Add: Tax-equivalent adjustment (non-GAAP)	2,495			2,473
Non-interest income (GAAP)	76,757			73,378
Other income (non-GAAP) (2)	277			299
Less: Gain on sale of investment securities, net (GAAP)	—			8

Income (non-GAAP)	$	303,293		$	306,943
Efficiency ratio (non-GAAP)	58.46		%	58.03		%

(1)Other expense (non-GAAP) includes strategic initiatives charges.

(2)Other income (non-GAAP) includes low income housing tax credits.

Financial Performance

Net income increased $69.9 million, or 182.9%, from $38.2 million for the three months ended March 31, 2020 to $108.1 million for the three months ended March 31, 2021, primarily due to a $101.8 million decrease in the provision for credit losses, which was driven by improvements to the forecasted economic outlook and favorable credit trends, as compared to that at the start of the COVID-19 pandemic.

Diluted earnings per share increased $0.78, or 200.0%, from $0.39 for the three months ended March 31, 2020 to $1.17 for the three months ended March 31, 2021.

The efficiency ratio (non-GAAP), which measures the costs expended to generate a dollar of revenue, increased 43 basis points from 58.03% for the three months ended March 31, 2020 to 58.46% for the three months ended March 31, 2021.

The following table presents daily average balances, interest, yield/rate, and net interest margin on a fully tax-equivalent basis:


	Three months ended March 31,
	2021						2020
(Dollars in thousands)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate

Assets
Interest-earning assets:
Loans and leases	$	21,481,320	$	191,288	3.57	%	$	20,324,799	$	216,918	4.24	%
Investment Securities (1)	8,890,075		46,277		2.12		8,319,747		58,408		2.85
FHLB and FRB stock	77,632		237		1.24		126,364		1,251		3.98
Interest-bearing deposits (2)	680,367		176		0.10		68,307		191		1.11
Securities	9,648,074		46,690		1.97		8,514,418		59,850		2.86
Loans held for sale	14,351		91		2.54		22,297		175		3.14
Total interest-earning assets	31,143,745		$	238,069	3.08	%	28,861,514		$	276,943	3.84	%
Non-interest-earning assets	1,982,315						1,930,996
Total assets	$	33,126,060					$	30,792,510

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits	$	6,436,858	$	—	—	%	$	4,516,906	$	—	—	%
Health savings accounts	7,451,175		1,607		0.09		6,761,358		3,296		0.20
Interest-bearing checking, money market, and savings	11,995,473		1,720		0.06		9,716,974		12,403		0.51
Time deposits	2,371,026		3,112		0.53		3,067,557		12,144		1.59
Total deposits	28,254,532		6,439		0.09		24,062,795		27,843		0.47

Securities sold under agreements to repurchase and other borrowings	522,728		635		0.49		1,296,925		3,730		1.14
FHLB advances	135,787		513		1.51		1,325,899		6,869		2.05
Long-term debt (1)	567,058		4,223		3.23		551,250		5,227		4.00
Total borrowings	1,225,573		5,371		1.82		3,174,074		15,826		2.00
Total interest-bearing liabilities	29,480,105		$	11,810	0.16	%	27,236,869		$	43,669	0.64	%
Non-interest-bearing liabilities	391,752						362,116
Total liabilities	29,871,857						27,598,985

Preferred stock	145,037						145,037
Common shareholders' equity	3,109,166						3,048,488
Total shareholders' equity	3,254,203						3,193,525
Total liabilities and shareholders' equity	$	33,126,060					$	30,792,510
Tax-equivalent net interest income			$	226,259					$	233,274
Less: Tax-equivalent adjustments			(2,495)						(2,473)
Net interest income			$	223,764					$	230,801
Net interest margin					2.92	%					3.23	%

(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 accompanying Condensed Consolidated Statements of Cash Flows.

Net interest income (NII) and net interest margin are impacted by the level of interest rates, mix of assets earning and liabilities bearing those interest rates, and the volume of interest-earning assets and interest-bearing liabilities. These factors are influenced by changes in economic conditions that impact interest rate policy, competitive conditions that impact loan and deposit pricing strategies, as well as the extent of interest lost to non-performing assets.

NII is the difference between interest income on earning assets, such as loans and investment 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 74.5% of total revenue for the three months ended March 31, 2021.

Net interest margin is the ratio of tax-equivalent net interest income to average earning assets for the period.

Webster manages the risk of changes in interest rates on net interest income and net interest margin through its Asset/Liability Committee (ALCO) and through related interest rate risk monitoring and management policies. ALCO meets at least monthly to make decisions on the investment securities and funding portfolios based on the economic outlook, its interest rate expectations, the portfolio risk position, and other factors.

Four main tools are used for managing interest rate risk:

•the size, duration, and credit risk of the investment portfolio;

•the size and duration of the wholesale funding portfolio;

•interest rate contracts; and

•the pricing and structure of loans and deposits.

The federal funds rate target range was 0-0.25% at both March 31, 2021 and December 31, 2020, and 1.50-1.75% at December 31, 2019. The benchmark 10-year U.S. Treasury rate increased to 1.74% at March 31, 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 decreased $7.0 million, or 3.05%, from $230.8 million for the three months ended March 31, 2020 to $223.8 million for the three months ended March 31, 2021. The quarter-over-quarter decrease in net interest income was also $7.0 million on a full tax-equivalent basis.

Net interest margin decreased 31 basis points from 3.23% for the three months ended March 31, 2020 to 2.92% for the three months ended March 31, 2021. The decrease was due to lower loan and securities yields, partially offset by both deposit and borrowings costs and Small Business Administration Paycheck Protection Program (PPP) loan activity.

Changes in Net Interest Income

The following table presents the components of the change in net interest income attributable to changes in rate and volume, and reflects net interest income on a fully tax-equivalent basis:


	Three months ended March 31,
	2021 vs. 2020 Increase (decrease) due to
(In thousands)	Rate (1)		Volume		Total
Change in interest on interest-earning assets:
Loans and leases	$	(40,473)	$	14,843	$	(25,630)
Loans held for sale	(23)		(61)		(84)
Securities (2)	(18,413)		5,253		(13,160)
Total interest income	$	(58,909)	$	20,035	$	(38,874)
Change in interest on interest-bearing liabilities:
Deposits	$	(21,709)	$	305	$	(21,404)
Borrowings	(1,887)		(8,568)		(10,455)
Total interest expense	$	(23,596)	$	(8,263)	$	(31,859)
Net change in net interest income	$	(35,313)	$	28,298	$	(7,015)

(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 three months ended March 31, 2021 increased $1.2 billion as compared to the average balance for the three months ended March 31, 2020, primarily due to PPP loans. The loan and lease portfolio comprised 69.0% of the average interest-earning assets at March 31, 2021 as compared to 70.4% of the average interest-earning assets at March 31, 2020. The loan and lease portfolio yield decreased 67 basis points from 4.24% for the three months ended March 31, 2020 to 3.57% for the three months ended March 31, 2021. The decrease in yield is primarily due to lower market rates.

Average securities for the three months ended March 31, 2021 increased $1.1 billion as compared to the average balance for the three months ended March 31, 2020. The securities portfolio comprised 31.0% of the average interest-earning assets at March 31, 2021 as compared to 29.5% of the average interest-earning assets at March 31, 2020. The securities portfolio yield decreased 89 basis points from 2.86% for the three months ended March 31, 2020 to 1.97% for the three months ended March 31, 2021. The decrease in yield is primarily due to higher premium amortization and lower yield from newly purchased securities.

Average total deposits for the three months ended March 31, 2021 increased $4.2 billion as compared to the average balance for the three months ended March 31, 2020. The increase was driven by transactional deposit products resulting from stimulus payments and reduced customer spending. The average cost of deposits decreased 38 basis points from 0.47% for the three months ended March 31, 2020 to 0.09% for the three months ended March 31, 2021. The average cost of deposits decreased due to deposit product mix and reductions in the federal funds rate. Higher cost time deposits decreased as a percentage of total interest-bearing deposits from 15.7% for the three months ended March 31, 2020 to 10.9% for the three months ended March 31, 2021, primarily due to customer preference for more liquid deposit products.

Average total borrowings for the three months ended March 31, 2021 decreased $1.9 billion as compared to the average balance for the three months ended March 31, 2020. Specifically, average securities sold under agreements to repurchase and other borrowings decreased $774.2 million and average FHLB advances decreased $1.2 billion. The average cost of borrowings decreased 18 basis points from 2.00% for the three months ended March 31, 2020 to 1.82% for the three months ended March 31, 2021. The decrease is primarily a result of lower market rates and paying down higher rate FHLB advances enabled by the increase in deposits.

Provision for Credit Losses

The provision for credit losses decreased $101.8 million, reflecting a benefit of $25.8 million for the three months ended March 31, 2021 as compared to an expense of $76.0 million for the three months ended March 31, 2020. The decrease in the provision is attributed to improvements in the forecasted economic outlook and favorable credit trends, as compared to that at the start of the COVID-19 pandemic. Total net charge-offs were $5.3 million and $7.8 million for the three months ended March 31, 2021 and 2020, respectively.

The allowance for credit losses on loan and leases coverage ratio decreased 12 basis points from 1.66% at December 31, 2020 to 1.54% at March 31, 2021. Refer to the sections captioned "Loans and Leases" through "Troubled Debt Restructurings," contained elsewhere in the report for further details.


	Three months ended March 31,
					Increase (decrease)
(Dollars in thousands)	2021		2020		Amount		Percent
Deposit service fees	$	40,469	$	42,570	$	(2,101)	(4.9)	%
Loan and lease related fees	8,313		6,496		1,817		28.0
Wealth and investment services	9,403		8,739		664		7.6
Mortgage banking activities	2,642		2,893		(251)		(8.7)
Increase in cash surrender value of life insurance policies	3,533		3,580		(47)		(1.3)
Gain on sale of investment securities, net	—		8		(8)		(100.0)

Other income	12,397		9,092		3,305		36.4
Total non-interest income	$	76,757	$	73,378	$	3,379	4.6

Comparison to Prior Year Quarter

Total non-interest income was $76.8 million for the three months ended March 31, 2021, an increase of $3.4 million from the three months ended March 31, 2020.

Deposit service fees totaled $40.5 million for the three months ended March 31, 2021, as compared to $42.6 million for the three months ended March 31, 2020. The decrease was primarily due to lower overdraft and service related fees.

Loan and lease related fees totaled $8.3 million for the three months ended March 31, 2021, as compared to $6.5 million for the three months ended March 31, 2020. The increase was primarily due to higher syndication fees.

Other income totaled $12.4 million for the three months ended March 31, 2021, as compared to $9.1 million for the three months ended March 31, 2020. The increase was primarily due to fair value adjustments on derivatives.

Non-Interest Expense


	Three months ended March 31,
					Increase (decrease)
(Dollars in thousands)	2021		2020		Amount		Percent
Compensation and benefits	$	107,600	$	101,887	$	5,713	5.6	%
Occupancy	15,650		14,485		1,165		8.0
Technology and equipment	28,516		27,837		679		2.4
Intangible assets amortization	1,139		962		177		18.4
Marketing	2,504		3,502		(998)		(28.5)
Professional and outside services	9,776		5,663		4,113		72.6
Deposit insurance	3,956		4,725		(769)		(16.3)
Other expense	18,841		19,775		(934)		(4.7)
Total non-interest expense	$	187,982	$	178,836	$	9,146	5.1

Comparison to Prior Year Quarter

Total non-interest expense was $188.0 million for the three months ended March 31, 2021, an increase of $9.1 million from the three months ended March 31, 2020. The increase was primarily attributable to the $9.4 million in strategic initiatives charges incurred during the three months ended March 31, 2021.

Webster recognized income tax expense of $30.2 million for the three months ended March 31, 2021 and $11.1 million for the three months ended March 31, 2020, reflecting effective tax rates of 21.8% and 22.6%, respectively.

The increase in tax expense is due to a higher level of pre-tax income for the three months ended March 31, 2021 as compared to the same period in 2020. The decrease in the effective tax rate for the three months ended March 31, 2021 as compared to the same period in 2020 reflects the recognition of $1.6 million of net tax benefits specific to the three months ended March 31, 2021, which includes $1.5 million of excess tax benefits from stock-based compensation, as compared to $42 thousand of net tax expense specific to the three months ended March 31, 2020, which included tax deficiencies of $0.5 million from stock-based compensation. The decrease is partially offset by the effects of a higher level of pre-tax income estimated for 2021 as compared to 2020.

For additional information on Webster's income taxes, including its deferred tax assets (DTAs), refer to Note 10: Income Taxes in the Notes to Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

Webster's operations are organized into three reportable segments that represent its primary businesses: Commercial Banking, HSA Bank, and Retail Banking. These segments reflect how executive management responsibilities are assigned, the type of customer served, how products and services are provided, and how discrete financial information is evaluated. Segments are evaluated using pre-tax, pre-provision net revenue (PPNR). Certain Treasury activities, along with the amounts required to reconcile profitability metrics to those reported in accordance with GAAP, are included in the Corporate and Reconciling category. For additional information regarding the Company’s reportable segments and its segment reporting methodology refer to Note 17: Segment Reporting in the Notes to the Condensed Consolidated Financial Statements contained elsewhere in this report.

Effective January 1, 2021, management realigned certain of the Company's business banking and investment services operations to better serve its customers and deliver operational efficiencies. Also, the previously reported Community Banking segment was renamed as Retail Banking. Under this realignment, $1.9 billion of loans, $2.2 billion of deposits, and $3.9 billion of assets under administration (off-balance sheet) were reassigned from Retail Banking to Commercial Banking. Additionally, $131.0 million of goodwill was reallocated, on a relative fair value basis, from Retail Banking to Commercial Banking. Prior period amounts have been recasted to reflect the realignment.

The following is a description of Webster’s three reportable segments and their primary services:

Commercial Banking serves businesses that have more than $2 million of revenue through its business banking, middle market, asset-based lending, equipment finance, commercial real estate lending, sponsor finance, and treasury services business units. Additionally, its Wealth group provides wealth management solutions to business owners, operators, and consumers within the Company's targeted markets and retail footprint.

HSA Bank offers a comprehensive consumer-directed healthcare solution that includes HSAs, health reimbursement accounts, flexible spending accounts, and commuter benefits. HSAs are used in conjunction with high deductible health plans in order to facilitate tax advantages for account holders with respect to health care spending and savings, in accordance with applicable laws. HSAs are distributed nationwide directly to employers and individual consumers, as well as through national and regional insurance carriers, benefit consultants, and financial advisors.

HSA Bank deposits provide long duration low-cost funding that is used to minimize the Company’s use of wholesale funding in support of its loan growth. In addition, non-interest revenue is generated predominantly through service fees and interchange income.

Retail Banking serves consumer and small business banking customers by offering consumer deposit and fee-based services, residential mortgages, home equity lines, secured and unsecured loans, and credit card products through its consumer lending and small business banking business units.

Retail Banking operates a distribution network consisting of 148 banking centers and 280 ATMs, a customer care center, and a full range of web and mobile-based banking services, primarily throughout southern New England and into Westchester County, New York.


	Three months ended March 31,
(In thousands)	2021		2020
Net interest income	$	142,038	$	117,587
Non-interest income	25,177		22,416
Non-interest expense	64,836		65,221
Pre-tax, pre-provision net revenue	$	102,379	$	74,782

Comparison to Prior Year Quarter

PPNR increased $27.6 million for the three months ended March 31, 2021 as compared to the same period in 2020. Net interest income increased $24.5 million, primarily driven by PPP loan fee accretion due to forgiveness and growth in loans and deposits. Non-interest income increased $2.8 million, driven by higher loan related fees and trust and investment service fees. Non-interest expense decreased $0.4 million.

Selected Balance Sheet and Off-Balance Sheet Information:


(In thousands)	At March 31, 2021		At December 31, 2020
Loans and leases	$	14,412,921	$	14,573,343
Deposits	8,416,526		8,190,997

Assets under administration/management (off-balance sheet)	6,694,058		6,585,795

Loans and leases decreased $160.4 million at March 31, 2021 as compared to December 31, 2020. Loan originations in the three months ended March 31, 2021 and 2020 were $1.0 billion and $0.8 billion, respectively. The loan decrease was primarily related to increased prepayment activity, which was partially offset by new originations. Included in the March 31, 2021 balance was $314.2 million of second round PPP loan originations, which were mostly held as deposits.

Deposits increased $225.5 million at March 31, 2021 as compared to December 31, 2020. The increase was primarily driven by PPP loan fundings and client liquidity needs as a result of COVID-19.

Commercial Banking held approximately $4.8 billion and $4.7 billion in assets under administration at March 31, 2021 and December 31, 2020, respectively, and $1.9 billion in assets under management, at both March 31, 2021 and December 31, 2020. The increase in assets under administration was due to both new business and market appreciation, partially offset by seasonal outflows for income tax payments.


	Three months ended March 31,
(In thousands)	2021		2020
Net interest income	$	42,109	$	42,673
Non-interest income	27,005		26,383
Non-interest expense	36,250		37,078
Pre-tax net revenue	$	32,864	$	31,978

Comparison to Prior Year Quarter

Pre-tax net revenue increased $0.9 million for the three months ended March 31, 2021 as compared to the same period in 2020. Net interest income decreased $0.6 million, due to a decline in deposit spreads partially offset by growth in deposits. Non-interest income increased $0.6 million, primarily due to increases in investment and notional account fees. Non-interest expense decreased $0.8 million, primarily due to reduced travel expenses.

Selected Balance Sheet and Off-Balance Sheet Information:


(In thousands)	At March 31, 2021		At December 31, 2020
Deposits	$	7,455,181	$	7,120,017

Assets under administration, through linked brokerage accounts (off-balance sheet)	3,118,479		2,852,877
Total footings	$	10,573,660	$	9,972,894

Deposits increased $335.2 million at March 31, 2021 as compared to December 31, 2020, due to new accounts, as well as organic growth in existing account balances.

HSA Bank deposits accounted for 26.2% and 26.0% of total deposits at March 31, 2021 and December 31, 2020, respectively.

Assets under administration, through linked brokerage accounts, increased $265.6 million at March 31, 2021 as compared to December 31, 2020, primarily due to an increase in the number of account holders, as well as market appreciation during the quarter.


	Three months ended March 31,
(In thousands)	2021		2020
Net interest income	$	88,813	$	81,199
Non-interest income	16,071		18,443
Non-interest expense	76,124		80,290
Pre-tax, pre-provision net revenue	$	28,760	$	19,352

Comparison to Prior Year Quarter

PPNR increased $9.4 million for the three months ended March 31, 2021 as compared to the same period in 2020. Net interest income increased $7.6 million, driven by PPP loan fee accretion and deposit growth, partially offset by lower consumer loan balances. Non-interest income decreased $2.4 million, resulting from lower deposit-related service charges and fee income from mortgage banking activities, partially offset by higher loan servicing fee income. Non-interest expense decreased $4.2 million, driven by lower employee-related, occupancy, and marketing expenses.

Selected Balance Sheet Information:


(In thousands)	At March 31, 2021		At December 31, 2020
Loans	$	6,888,387	$	7,067,818
Deposits	12,610,962		12,023,600

Loans decreased $179.4 million at March 31, 2021 as compared to December 31, 2020. The decrease is due to lower residential mortgage, home equity, and other consumer loan balances, partially offset by higher small business loan balances.

Loan originations during the three months ended March 31, 2021 and 2020 were $849.6 million and $409.3 million, respectively. The $440.3 million increase resulted from $218.8 million of second round PPP loan originations coupled with increased residential mortgage and home equity originations in the low interest rate environment.

Deposits increased $587.4 million at March 31, 2021 as compared to December 31, 2020, primarily due to two government stimulus payments to consumers and PPP loan fundings, coupled with seasonally higher balances in business and consumer transaction accounts. This also drove balance increases in savings and money market products, partially offset by a decline in certificate of deposit balances.

Total assets were $33.3 billion at March 31, 2021 as compared to $32.6 billion at December 31, 2020. The $0.7 billion increase was primarily driven a $1.1 billion increase in interest-bearing deposits, partially offset by decreases of $339.8 million in loans, $12.9 million in investment securities, and $117.0 million in accrued interest receivable and other assets.

Total liabilities were $30.0 billion at March 31, 2021 as compared to $29.4 billion at December 31, 2020. The $0.6 billion increase was primarily driven by a $1.1 billion increase in deposits, specifically increases of $0.5 billion, $0.3 billion, $0.3 billion in demand deposits, interest-bearing deposits, and HSA deposits, respectively, partially offset by a $0.5 billion decrease in securities sold under agreements to repurchase and other borrowings.

Total shareholders' equity was $3.3 billion at March 31, 2021 as compared to $3.2 billion at December 31, 2020. The $38.3 million increase reflects $108.1 million of net income recognized during the quarter plus $34.0 million of other comprehensive loss (OCL), less $36.2 million and $2.0 million in dividends paid to common and preferred shareholders, respectively.

Book value per common share was $34.60 at March 31, 2021, as compared to $34.25 at December 31, 2020. On April 21, 2021, the Board of Directors declared a quarterly cash dividend to shareholders of $0.40 per common share. The Company will continue to monitor its ability to pay dividends at this level. Due to the Company's announcement of its pending merger agreement with Sterling, Webster is restricted from paying quarterly cash dividends in excess of the current level until the transaction is closed.

As of March 31, 2021, both the Company and the Bank were considered well-capitalized, meeting all capital requirements under the Basel III Capital Rules. In accordance with regulatory capital rules, the Company elected the option to delay the impact of the adoption of CECL on its regulatory capital over a two-year deferral and subsequent three-year transition period ending December 31, 2024. Therefore, capital ratios and amounts as of March 31, 2021 exclude the impact of the increased allowance for credit losses on loans and leases, held-to-maturity debt securities, and unfunded loan commitments attributed to the adoption of current expected credit losses (CECL). This resulted in a 28, 20, 28, and 19 basis point benefit to the Company's CET1 risk based capital, total risk based capital, tier 1 risk based capital, and tier 1 leverage capital, respectively, at March 31, 2021. The Company's capital ratios remain in excess of well capitalized even without the benefit of the CECL impact delay.

Refer to the selected financial highlights under the "Results of Operations" section and Note 12: Regulatory Matters in the accompanying Notes to Condensed Consolidated Financial Statements contained elsewhere in this report for information on regulatory capital levels and ratios.

Investment Securities

Webster Bank's investment securities are managed within regulatory guidelines and corporate policy, which include limitations on aspects such as concentrations in and types of investments, as well as minimum risk ratings per type of security. The Office of the Comptroller of the Currency (OCC) may establish additional individual limits on a certain type of investment if the concentration in such investment presents a safety and soundness concern. In addition to Webster Bank, the Holding Company may also directly hold investment securities. At March 31, 2021, the Company had no holdings in obligations of individual states, counties, or municipalities which exceeded 10% of consolidated shareholders’ equity.

Through its Corporate Treasury function, Webster maintains investment securities that are primarily used to provide a source of liquidity for operating needs, to generate interest income, and as a means to manage interest-rate risk. Investment securities are classified into two major categories: available-for-sale, which currently consists of agency collateralized mortgage obligations (Agency CMO); agency mortgage-backed securities (Agency MBS); agency commercial mortgage-backed securities (Agency CMBS); non-agency commercial mortgage-backed securities (CMBS); collateralized loan obligations (CLO); and corporate debt, and held-to-maturity, which currently consists of Agency CMO; Agency MBS; Agency CMBS; municipal bonds and notes; and CMBS. Investment securities had a carrying value and an average risk weighting for regulatory purposes of $8.9 billion and 13%, respectively, at both March 31, 2021 and December 31, 2020.

Available-for-sale investment securities decreased $12.8 million, primarily due to paydowns, particularly for Agency CMBS and Agency MBS, exceeding purchase activity. The tax-equivalent yield in the portfolio was 1.83% for the three months ended March 31, 2021 as compared to 2.77% for the three months ended March 31, 2020. Available-for-sale investment securities are evaluated for credit losses on a quarterly basis. Unrealized losses on these securities are attributable to factors other than credit loss, and therefore no ACL has been recorded. Further, the Company does not have the intent to sell these investment securities, and it is more likely than not that it will not be required to sell these securities before the recovery of their cost basis. Gross unrealized losses on available-for-sale investment securities were $20.2 million at March 31, 2021.

Held-to-maturity investment securities decreased $0.1 million, primarily due to paydowns in excess of purchase activity. The tax-equivalent yield in the portfolio was 2.29% for the three months ended March 31, 2021 as compared to 2.90% for the three months ended March 31, 2020. Held-to-maturity investment securities are evaluated for credit losses on a quarterly basis under CECL. The ACL on investment securities held-to-maturity was $0.3 million at March 31, 2021. Gross unrealized losses on held-to-maturity investment securities were $27.8 million at March 31, 2021.

The following table summarizes the amortized cost and fair value of investment securities:


	At March 31, 2021								At December 31, 2020
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale:

Agency CMO	$	132,613	$	5,109	$	(119)	$	137,603	$	148,711	$	6,000	$	(98)	$	154,613
Agency MBS	1,408,543		55,423		(7,510)		1,456,456		1,389,100		68,598		(289)		1,457,409
Agency CMBS	975,433		9,819		(10,667)		974,585		1,092,430		26,317		(1,514)		1,117,233
CMBS	662,805		1,193		(985)		663,013		512,759		1,082		(5,823)		508,018
CLO	68,700		12		(69)		68,643		76,693		—		(310)		76,383
Corporate debt	14,563		6		(889)		13,680		14,557		—		(1,437)		13,120
Available-for-sale	$	3,262,657	$	71,562	$	(20,239)	$	3,313,980	$	3,234,250	$	101,997	$	(9,471)	$	3,326,776
Held-to-maturity:
Agency CMO	$	74,319	$	1,494	$	(97)	$	75,716	$	91,622	$	1,785	$	(241)	$	93,166
Agency MBS	2,365,314		104,626		(4,824)		2,465,116		2,419,751		137,863		(84)		2,557,530
Agency CMBS	2,182,794		28,832		(22,872)		2,188,754		2,101,227		60,484		(2,213)		2,159,498
Municipal bonds and notes	735,969		49,669		—		785,638		739,507		60,371		(3)		799,875
CMBS	209,697		5,805		—		215,502		216,081		9,214		—		225,295
Held-to-maturity	$	5,568,093	$	190,426	$	(27,793)	$	5,730,726	$	5,568,188	$	269,717	$	(2,541)	$	5,835,364

Webster Bank has the ability to use its investment portfolio, as well as interest-rate derivative financial instruments, within internal policy guidelines to hedge and manage interest-rate risk as part of its asset/liability strategy. Refer to Note 14: Derivative Financial Instruments in the accompanying Notes to Condensed Consolidated Financial Statements contained elsewhere in this report for additional information concerning derivative financial instruments.

The following table provides the composition of loans and leases:


	At March 31, 2021			At December 31, 2020
(Dollars in thousands)	Amount		%	Amount		%
Commercial non-mortgage	$	6,918,626	32.4	$	7,085,076	32.8
Asset-based	907,421		4.3	890,598		4.1
Commercial real estate	6,338,056		29.8	6,322,637		29.2
Equipment financing	611,440		2.9	602,224		2.8
Residential	4,668,945		21.9	4,782,016		22.1
Home equity	1,724,599		8.1	1,802,865		8.3
Other consumer	132,296		0.6	155,799		0.7
Total loans and leases	$	21,301,383	100.0	$	21,641,215	100.0

Total commercial non-mortgage and asset-based loans were $7.8 billion at March 31, 2021, reflecting a decrease of $149.6 million from December 31, 2020. The net decrease is primarily the result of higher principal paydowns.

Commercial real estate loans were $6.3 billion at March 31, 2021, reflecting an increase of $15.4 million from December 31, 2020. The increase is a result of originations of $185.8 million, partially offset by loan payments.

Equipment financing was $611.4 million at March 31, 2021, reflecting an increase of $9.2 million from December 31, 2020. The increase is a result of originations of $65.4 million, partially offset by loan payments.

Residential loans were $4.7 billion at March 31, 2021, reflecting a decrease of $113.1 million from December 31, 2020. The net decrease is a result of higher prepayments partially offset by originations of $420.6 million.

Total home equity and other consumer loans were $1.9 billion at March 31, 2021, reflecting a decrease of $101.8 million from December 31, 2020. The decrease is primarily due to continued net principal paydowns within the home equity lines.

Credit Policies and Procedures

Webster Bank has credit policies and procedures in place designed to support lending activity within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. To assist management with its review, reports related to loan production, loan quality, concentrations of credit, loan delinquencies, non-performing loans, and potential problem loans are generated using the Company's loan reporting systems. Webster has implemented incremental monitoring procedures in connection with COVID-19.

Commercial and industrial loans are underwritten after evaluating and understanding the borrower’s ability to operate and service its debt. Assessment of management is a critical element of the underwriting process and overall credit decision. Once it is determined that the borrower’s management possesses sound ethics and a solid business acumen, current and projected cash flows are examined to determine the ability of the borrower to repay its agreed upon obligations. Commercial and industrial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. However, the cash flows of borrowers may not be as expected, and the collateral securing these loans may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed and may incorporate personal guarantees of the principal amounts.

Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans. These real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Repayment of these loans is largely dependent on the successful operation of the property securing the loan, the market in which the property is located, and the tenants of the property securing the loan. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location, which reduces the Company's exposure to adverse economic events that may affect a particular market. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. Management periodically utilizes third-party experts to provide insight and guidance about economic conditions and trends affecting its commercial real estate loan portfolio.

Consumer loans are subject to policies and procedures developed to manage the risk characteristics of the portfolio. Policies and procedures, coupled with relatively small individual loan amounts and predominately collateralized structures spread across many different borrowers, minimize risk. Trend and outlook reports are reviewed by management on a regular basis with policies and procedures modified, or developed, as needed. Underwriting factors for mortgage and home equity loans include the borrower’s Fair Isaac Corporation (FICO) score, the loan amount relative to property value, and the borrower’s debt to income level, and are also influenced by regulatory requirements. Additionally, Webster Bank originates both qualified mortgage and non-qualified mortgage loans as defined by applicable Consumer Financial Protection Bureau (CFPB) rules.

Webster works with customers to modify loan agreements when borrowers are experiencing financial difficulties. Webster will modify a loan in order to minimize the risk of loss and achieve the best possible outcome for both the borrower and the Company. Loan modifications can take various forms and include payment deferrals, rate reductions, covenant waivers, term extensions, or other action. Depending on the nature of modification, it may, or may not, be accounted for as a troubled debt restructuring (TDR).

COVID-19 Payment Modification Activities

The Company has accommodated over 2,500 customers impacted by COVID-19 through payment-related deferrals. As of March 31, 2021, loan balances associated with these modifications, in their deferral period, totaled approximately $253.5 million. This balance includes all loans associated with a customer relationship where at least one loan has been modified or is in process of modification. A significant portion of the loan balances associated with these modifications would not be considered a TDR based on the nature of the modification. Certain other modifications that would otherwise be considered a TDR are subject to TDR accounting relief through the CARES Act and Interagency Statement. Included in the $253.5 million are the $137.0 million of loan balances associated with the CARES Act and Interagency Statement, as discussed below. The Company continues to actively monitor customer relationships associated with these modified loans. The impact of these modifications is reflected in our allowance for credit losses on loans and leases.

The CARES Act and Interagency Statement

In response to the COVID-19 pandemic, financial institutions were provided relief from certain TDR accounting and disclosure requirements for qualifying loan modifications. Specifically, Section 4013 of the CARES Act, extended by the Consolidated Appropriations Act, 2021, provided temporary relief from certain GAAP requirements for modifications related to COVID-19. In addition, a group of banking regulatory agencies issued a revised Interagency Statement that offers practical expedients for evaluating whether COVID-19 loan modifications are TDRs.

As of March 31, 2021, loan balances associated with loan modifications designated in connection with these relief provisions in their deferral period totaled approximately $137.0 million. These modifications represent payment deferrals, generally three to six months in length. The $64.4 million decrease from $201.4 million at December 31, 2020 is primarily the result of borrowers exiting their payment deferral period. The Company will continue to evaluate the effectiveness of the loan modification program as the deferral periods end. For additional information on the accounting for loan modifications under Section 4013 of the CARES Act and the Interagency Statement, refer to Note 1 to the Consolidated Financial Statements included in Webster's 2020 Form 10-K.

Troubled Debt Restructurings

A modified loan is considered a TDR when two conditions are met: (i) the borrower is experiencing financial difficulties, and (ii) the modification constitutes a concession. Modified terms are dependent upon the financial position and needs of the individual borrower. The Company considers all aspects of the restructuring in determining whether a concession has been granted, including the debtor's ability to access market rate funds. In general, a concession exists when the modified terms of the loan are more attractive to the borrower than standard market terms. Common modifications include material changes in covenants, pricing, and forbearance. Loans for which the borrower has been discharged under Chapter 7 bankruptcy are considered collateral dependent TDRs and thus, are impaired at the date of discharge and charged down to the fair value of collateral less costs to sell.

The Company’s policy is to place consumer loan TDRs on non-accrual status for a minimum period of six months, except for those that were performing prior to TDR status. Commercial TDRs are evaluated on a case-by-case basis for determination of accrual status. Loans qualify for return to accrual status once they have demonstrated performance with the restructured terms of the loan agreement for a minimum of six months. Generally, a TDR is classified and reported as a TDR for the remaining life of the loan. TDR classification may be removed if the loan was restructured under market conditions and the borrower demonstrates compliance with the modified terms for a minimum period of six months. In the limited circumstance that a loan is removed from TDR classification, it is the Company’s policy to continue to base its measure of credit loss on the contractual terms specified by the loan agreement.

The following tables provide information for loans classified as TDRs:


	Three months ended March 31,
(In thousands)	2021		2020
Beginning balance	$	235,427	$	237,438
Additions	2,644		30,964
Paydowns, net of draws	(13,896)		(7,773)
Charge-offs	(1,922)		(1,206)
Transfers to OREO	(151)		(1,296)
Ending balance	$	222,102	$	258,127


(In thousands)	At March 31, 2021		At December 31, 2020
Accrual status	$	138,379	$	140,089
Non-accrual status	83,723		95,338
Total TDRs	$	222,102	$	235,427

Specific reserves for TDRs included in the balance of ACL on loans and leases	$	14,293	$	12,728
Additional funds committed to borrowers in TDR status	14,606		12,895

TDR balances decreased $13.3 million at March 31, 2021 as compared to December 31, 2020. Specific reserves for TDRs increased from year end reflective of management’s current assessment of reserve requirements. Qualifying loan modifications in connection with Section 4013 of the CARES Act or Interagency Statement are excluded from TDR identification.

Past Due Loans and Leases

The following table provides information on loans and leases that are accruing income and are past due 30 days or more:


	At March 31, 2021			At December 31, 2020
(Dollars in thousands)	Amount (1)		% (2)	Amount (1)		% (2)
Commercial non-mortgage	$	1,580	0.02	$	1,503	0.02
Asset-based lending	—		—	1,175		0.13
Commercial real estate	699		0.01	3,003		0.05
Equipment financing	5,815		0.96	7,415		1.24
Residential	5,241		0.11	10,623		0.22
Home equity	5,871		0.34	7,246		0.41
Other consumer	1,165		0.88	1,474		0.95
Loans and leases past due 30-89 days	20,371		0.10	32,439		0.15



Commercial non-mortgage loans and leases past due 90 days and accruing	50		—	445		0.01
Total	20,421		0.10	32,884		0.15
Net deferred fees (costs) and net premiums (discounts)	61			98
Total loans and leases past due 30 days or more and accruing income	$	20,482		$	32,982

(1)Past due loans and leases exclude non-accrual loans and leases.

(2)Represents the principal balance of loans and leases that are accruing income and are past due 30 days as a percentage of the outstanding principal balance within the comparable loan and lease category.

Loans and leases that are accruing income and are past due 30 days or more decreased $12.5 million at March 31, 2021 as compared to December 31, 2020. The ratio of loans and leases that are accruing income and are past due 30 days or more as a percentage of total loans and leases decreased to 0.10% at March 31, 2021 as compared to 0.15% at December 31, 2020.

Non-performing Assets

The following table provides information on non-performing assets:


	At March 31, 2021			At December 31, 2020
(Dollars in thousands)	Amount		% (1)	Amount		% (1)
Commercial non-mortgage	$	54,023	0.77	$	64,200	0.90
Asset-based	2,430		0.27	2,622		0.29
Commercial real estate	13,743		0.22	21,222		0.34
Equipment financing	6,080		1.00	7,299		1.22
Residential	42,708		0.92	41,033		0.86
Home equity	30,842		1.80	30,980		1.73
Other consumer	595		0.45	649		0.42
Total non-accrual loans and leases	150,421		0.71	168,005		0.78
Net deferred fees (costs) and net premiums (discounts)	(60)			(45)
Amortized cost of non-accrual loans and leases (2)	$	150,361		$	167,960

Total non-accrual loans and leases	$	150,421		$	168,005
Foreclosed and repossessed assets:
Commercial non-mortgage	102			175
Residential and consumer	2,285			2,134
Total foreclosed and repossessed assets	2,387			2,309
Total non-performing assets	$	152,808		$	170,314

(1)Represents the principal balance of non-accrual loans and leases as a percentage of the outstanding principal balance within the comparable loan and lease category.

(2)Includes non-accrual TDRs of $83.7 million and $95.3 million at March 31, 2021 and December 31, 2020, respectively.

Non-performing assets decreased $17.5 million at March 31, 2021 as compared to December 31, 2020. Non-performing assets as a percentage of total assets decreased to 0.46% at March 31, 2021 as compared to 0.52% at December 31, 2020.

The following table provides details of non-performing loan and lease activity:


i Delaware						i 06-1187536
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading Symbols	Name of Exchange on which registered
i Common Stock, par value $0.01 per share	i WBS	i New York Stock Exchange
i Depositary Shares, each representing 1/1000th interest in a share	i WBS PrF	i New York Stock Exchange
of 5.25% Series F Non-Cumulative Perpetual Preferred Stock


	At March 31, 2021		At December 31, 2020
Non-performing loans and leases as a percentage of loans and leases	0.71	%	0.78	%
Non-performing assets as a percentage of loans and leases plus other real estate owned (OREO)	0.72		0.79
Non-performing assets as a percentage of total assets	0.46		0.52
ACL on loans and leases as a percentage of non-performing loans and leases	218.29		213.94
ACL on loans and leases as a percentage of loans and leases	1.54		1.66
Net charge-offs as a percentage of average loans and leases (1)	0.10		0.21
Ratio of ACL on loans and leases to net charge-offs (1)	15.43x		7.97x


	At March 31, 2021			At December 31, 2020
(Dollars in thousands)	Amount		% (1)	Amount		% (1)



Commercial portfolio	$	283,906	1.92	$	312,244	2.10


Consumer portfolio	44,445		0.68	47,187		0.70
Total ACL on loans and leases	$	328,351	1.54	$	359,431	1.66


	At or for the three months ended March 31,
(In thousands)		2021		2020
Beginning balance		$	359,431	$	209,096
Adoption of ASU No. 2016-13 (CECL)		—		57,568
(Benefit) provision		(25,759)		76,085
Charge-offs:
Commercial non-mortgage		(1,079)		(5,439)

Commercial real estate		(5,157)		(30)
Equipment financing		(85)		(105)
Residential		(380)		(1,511)
Home equity		(694)		(861)
Other consumer		(1,900)		(2,215)
Total charge-offs		(9,295)		(10,161)
Recoveries:
Commercial non-mortgage		209		509
Asset-based		1,424		3
Commercial real estate		3		3
Equipment financing		—		49
Residential		1,158		235
Home equity		724		1,038
Other consumer		456		506
Total recoveries		3,974		2,343
Net charge-offs		(5,321)		(7,818)
Ending balance		$	328,351	$	334,931

Webster Financial Corp. – ‘10-Q’ for 3/31/21

On: Thursday, 5/6/21, at 4:11pm ET · For: 3/31/21 · Accession #: 801337-21-19 · File #: 1-31486

Previous ‘10-Q’: ‘10-Q’ on 11/4/20 for 9/30/20 · Next: ‘10-Q’ on 8/4/21 for 6/30/21 · Latest: ‘10-Q’ on 5/10/24 for 3/31/24 · 17 References:

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents

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Dates Referenced Herein and Documents Incorporated by Reference

8 Subsequent Filings that Reference this Filing

9 Previous Filings that this Filing References


		Page No.

Forward-Looking Statements		ii
Key to Acronyms and Terms		iii

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	26

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	65

Item 4.	Controls and Procedures	65

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	66

Item 1A.	Risk Factors	66

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	67

Item 3.	Defaults Upon Senior Securities	67

Item 4.	Mine Safety Disclosures	67

Item 5.	Other Information	67

Item 6.	Exhibits	68

EXHIBIT INDEX		68

SIGNATURES		69


(Dollars in thousands)	Book Value		Estimated Economic Value		Estimated Economic Value Change

					-100 bp	+100 bp
March 31, 2021
Assets	$	33,259,037	$	33,082,172	n/a	$	(686,952)
Liabilities	29,986,109		29,206,897		n/a	(994,781)
Net	$	3,272,928	$	3,875,275	n/a	$	307,829
Net change as % base net economic value					n/a	7.9		%

December 31, 2020
Assets	$	32,590,690	$	32,546,388	n/a	$	(625,173)
Liabilities	29,356,065		29,357,878		n/a	(1,058,460)
Net	$	3,234,625	$	3,188,510	n/a	$	433,287
Net change as % base net economic value					n/a	13.6		%


	March 31, 2021		December 31, 2020
(In thousands, except share data)	(Unaudited)
Assets:
Cash and due from banks	$	i 160,703	$	i 193,501
Interest-bearing deposits	i 1,210,958		i 69,603
Investment securities available-for-sale, at fair value	i 3,313,980		i 3,326,776
Investment securities held-to-maturity (fair value of $ i 5,730,726 and $ i 5,835,364)	i 5,568,093		i 5,568,188
Allowance for credit losses on investment securities held-to-maturity	( i 308)		( i 299)
Investment securities held-to-maturity, net	i 5,567,785		i 5,567,889
Federal Home Loan Bank and Federal Reserve Bank stock	i 77,674		i 77,594
Loans held for sale (valued under fair value option $ i 17,260 and $ i 14,000)	i 17,262		i 14,012
Loans and leases	i 21,301,383		i 21,641,215
Allowance for credit losses on loans and leases	( i 328,351)		( i 359,431)
Loans and leases, net	i 20,973,032		i 21,281,784
Deferred tax assets, net	i 80,235		i 81,286
Premises and equipment, net	i 220,982		i 226,743
Goodwill	i 538,373		i 538,373
Other intangible assets, net	i 21,244		i 22,383
Cash surrender value of life insurance policies	i 567,298		i 564,195
Accrued interest receivable and other assets	i 509,511		i 626,551
Total assets	$	i 33,259,037	$	i 32,590,690
Liabilities and shareholders' equity:
Deposits:
Non-interest-bearing	$	i 6,680,114	$	i 6,155,592
Interest-bearing	i 21,801,720		i 21,179,844
Total deposits	i 28,481,834		i 27,335,436
Securities sold under agreements to repurchase and other borrowings	i 498,378		i 995,355
Federal Home Loan Bank advances	i 138,554		i 133,164
Long-term debt	i 566,480		i 567,663
Operating lease liabilities	i 156,910		i 158,280
Accrued expenses and other liabilities	i 143,953		i 166,167
Total liabilities	i 29,986,109		i 29,356,065
Shareholders’ equity:
Preferred stock, $ i i 0.01 / par value; Authorized - i i 3,000,000 / shares:
Series F issued and outstanding ( i i 6,000 / shares)	i 145,037		i 145,037
Common stock, $ i i 0.01 / par value; Authorized - i i 200,000,000 / 0 shares:
Issued ( i i 93,686,311 / shares)	i 937		i 937
Paid-in capital	i 1,105,137		i 1,109,532
Retained earnings	i 2,147,436		i 2,077,522
Treasury stock, at cost ( i 3,276,534 and i 3,487,389 shares)	( i 133,893)		( i 140,659)
Accumulated other comprehensive income, net of tax	i 8,274		i 42,256
Total shareholders' equity	i 3,272,928		i 3,234,625
Total liabilities and shareholders' equity	$	i 33,259,037	$	i 32,590,690


	At March 31, 2021
(In thousands)	Operating Leases		Condensed Consolidated Balance Sheet Line Item Location
ROU lease assets	$	i 127,423	Premises and equipment, net
Lease liabilities	i 156,910		Operating lease liabilities


(In thousands)	At March 31, 2021
Remainder of 2021	$	i 20,323
2022	i 27,762
2023	i 25,259
2024	i 22,250
2025	i 20,267
Thereafter	i 64,364
Total operating lease liability payments	i 180,225
Less: Present value adjustment	i 23,315
Lease liabilities	$	i 156,910

Weighted-average remaining lease term, in years	i 7.95
Weighted-average discount rate	i 3.14%


(In thousands)
Remainder of 2021	$	i 3,374
2022	i 4,411
2023	i 4,315
2024	i 2,084
2025	i 2,084
Thereafter	i 4,976


Period	Total Number of Shares Purchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Amount Available for Repurchase Under the Plans or Programs (2)
January	1,161	$	48.54	—	$	123,443,785
February	54,672	55.63		—	123,443,785
March	14,215	57.03		—	123,443,785
Total	70,048	55.79		—	123,443,785

This ‘10-Q’ Filing	Date	Other Filings

	9/17/33
	3/25/29
	12/31/24
	2/15/24
	12/31/21	10-K, 11-K, 5
Filed on:	5/6/21
	4/30/21
	4/21/21
	4/19/21	425, 8-K
For Period end:	3/31/21
	3/2/21	4
	2/26/21	10-K, 4
	1/7/21
	1/1/21
	12/31/20	10-K, 11-K, 5
	3/31/20	10-Q
	3/22/20
	12/31/19	10-K, 11-K, 5
	10/29/19	8-K
	10/24/17	4
		List all Filings

Webster Financial Corp. – ‘10-Q’ for 3/31/21

On: Thursday, 5/6/21, at 4:11pm ET · For: 3/31/21 · Accession #: 801337-21-19 · File #: 1-31486

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