Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-31486 | |
Entity Registrant Name | WEBSTER FINANCIAL CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-1187536 | |
Entity Address, Address Line One | 145 Bank Street | |
Entity Address, City or Town | Waterbury | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06702 | |
City Area Code | 203 | |
Local Phone Number | 578-2202 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 90,420,187 | |
Entity Central Index Key | 0000801337 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2021 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | WBS | |
Security Exchange Name | NYSE | |
Series F Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing 1/1000th interest in a share | |
Trading Symbol | WBS PrF | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets [Abstract] | ||
Cash and due from banks | $ 160,703 | $ 193,501 |
Interest-bearing deposits | 1,210,958 | 69,603 |
Investment securities available-for-sale, at fair value | 3,313,980 | 3,326,776 |
Investment securities held-to-maturity (fair value of $5,730,726 and $5,835,364) | 5,568,093 | 5,568,188 |
Allowance for credit losses on investment securities held-to-maturity | (308) | (299) |
Investment securities held-to-maturity, net | 5,567,785 | 5,567,889 |
Federal Home Loan Bank and Federal Reserve Bank stock | 77,674 | 77,594 |
Loans held for sale (valued under fair value option $17,260 and $14,000) | 17,262 | 14,012 |
Loans and leases | 21,301,383 | 21,641,215 |
Allowance for credit losses on loans and leases | (328,351) | (359,431) |
Loans and leases, net | 20,973,032 | 21,281,784 |
Deferred tax assets, net | 80,235 | 81,286 |
Premises and equipment, net | 220,982 | 226,743 |
Goodwill | 538,373 | 538,373 |
Other intangible assets, net | 21,244 | 22,383 |
Cash surrender value of life insurance policies | 567,298 | 564,195 |
Accrued interest receivable and other assets | 509,511 | 626,551 |
Total assets | 33,259,037 | 32,590,690 |
Liabilities and Equity [Abstract] | ||
Non-interest-bearing | 6,680,114 | 6,155,592 |
Interest-bearing | 21,801,720 | 21,179,844 |
Total deposits | 28,481,834 | 27,335,436 |
Securities sold under agreements to repurchase and other borrowings | 498,378 | 995,355 |
Federal Home Loan Bank advances | 138,554 | 133,164 |
Long-term debt | 566,480 | 567,663 |
Operating lease liabilities | 156,910 | 158,280 |
Accrued expenses and other liabilities | 143,953 | 166,167 |
Total liabilities | 29,986,109 | 29,356,065 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock | 145,037 | 145,037 |
Common stock | 937 | 937 |
Paid-in capital | 1,105,137 | 1,109,532 |
Retained earnings | 2,147,436 | 2,077,522 |
Treasury stock, at cost (3,276,534 and 3,487,389 shares) | (133,893) | (140,659) |
Accumulated other comprehensive income, net of tax | 8,274 | 42,256 |
Total shareholders' equity | 3,272,928 | 3,234,625 |
Total liabilities and shareholders' equity | $ 33,259,037 | $ 32,590,690 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Series F issued and outstanding (6,000 shares) | 6,000 | 6,000 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Issued (93,686,311 shares) | 93,686,311 | 93,686,311 |
Treasury stock, at cost (3,276,534 and 3,487,389 shares) | 3,276,534 | 3,487,389 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest and Dividend Income, Operating [Abstract] | ||
Interest and fees on loans and leases | $ 190,536 | $ 216,187 |
Taxable interest and dividends on investments | 39,614 | 52,622 |
Non-taxable interest on investment securities | 5,333 | 5,486 |
Loans held for sale | 91 | 175 |
Total interest income | 235,574 | 274,470 |
Interest Expense [Abstract] | ||
Deposits | 6,439 | 27,843 |
Securities sold under agreements to repurchase and other borrowings | 635 | 3,730 |
Federal Home Loan Bank advances | 513 | 6,869 |
Long-term debt | 4,223 | 5,227 |
Total interest expense | 11,810 | 43,669 |
Net interest income | 223,764 | 230,801 |
Provision for credit losses | (25,750) | 76,000 |
Net interest income after provision for credit losses | 249,514 | 154,801 |
Noninterest Income [Abstract] | ||
Deposit service fees | 40,469 | 42,570 |
Loan and lease related fees | 8,313 | 6,496 |
Wealth and investment services | 9,403 | 8,739 |
Mortgage banking activities | 2,642 | 2,893 |
Increase in cash surrender value of life insurance policies | 3,533 | 3,580 |
Gain on Sale of Investments | 0 | 8 |
Other income | 12,397 | 9,092 |
Total non-interest income | 76,757 | 73,378 |
Noninterest Expense [Abstract] | ||
Compensation and benefits | 107,600 | 101,887 |
Occupancy | 15,650 | 14,485 |
Technology and equipment | 28,516 | 27,837 |
Intangible assets amortization | 1,139 | 962 |
Marketing | 2,504 | 3,502 |
Professional and outside services | 9,776 | 5,663 |
Deposit insurance | 3,956 | 4,725 |
Other expense | 18,841 | 19,775 |
Total non-interest expense | 187,982 | 178,836 |
Income before income tax expense | 138,289 | 49,343 |
Income tax expense | 30,211 | 11,144 |
Net income | 108,078 | 38,199 |
Preferred stock dividends and other | (2,548) | (2,178) |
Earnings applicable to common shareholders | $ 105,530 | $ 36,021 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Basic | $ 1.18 | $ 0.40 |
Diluted | $ 1.17 | $ 0.39 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 108,078 | $ 38,199 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||
Investment securities available-for-sale | (30,353) | (15,689) |
Derivative instruments | (4,372) | 26,232 |
Defined benefit pension and other postretirement benefit plans | 743 | 729 |
Other comprehensive (loss) income, net of tax | (33,982) | 11,272 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ 74,096 | $ 49,471 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Series F Preferred Stock [Member] | Preferred Stock | Preferred StockCumulative Effect, Period of Adoption, Adjustment | Common Stock | Common StockCumulative Effect, Period of Adoption, Adjustment | Paid-In Capital | Paid-In CapitalCumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsSeries F Preferred Stock [Member] | Treasury Stock, at cost | Treasury Stock, at costCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income, Net of Tax | Accumulated Other Comprehensive Income, Net of TaxCumulative Effect, Period of Adoption, Adjustment |
Beginning Balance at Dec. 31, 2019 | $ 3,207,770 | $ (51,213) | $ 145,037 | $ 0 | $ 937 | $ 0 | $ 1,113,250 | $ 0 | $ 2,061,352 | $ (51,213) | $ (76,734) | $ 0 | $ (36,072) | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 38,199 | 38,199 | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 11,272 | 11,272 | ||||||||||||||
Dividends and dividend equivalents declared on common stock | (36,828) | (36,828) | ||||||||||||||
Dividends on preferred stock | $ (1,969) | $ (1,969) | ||||||||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 2,609 | (11,821) | 0 | 14,430 | ||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | 118 | (105) | 223 | |||||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (3,160) | (3,160) | ||||||||||||||
Stock Repurchased During Period, Value | (76,556) | (76,556) | ||||||||||||||
Ending Balance at Mar. 31, 2020 | $ 3,090,242 | 145,037 | 937 | 1,101,324 | 2,009,541 | (141,797) | (24,800) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.40 | |||||||||||||||
Dividends on preferred stock (in dollars per share) | $ 328.125 | |||||||||||||||
Beginning Balance at Dec. 31, 2020 | $ 3,234,625 | 145,037 | 937 | 1,109,532 | 2,077,522 | (140,659) | 42,256 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 108,078 | 108,078 | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (33,982) | (33,982) | ||||||||||||||
Dividends and dividend equivalents declared on common stock | (36,195) | (36,195) | ||||||||||||||
Dividends on preferred stock | $ (1,969) | $ (1,969) | ||||||||||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 2,965 | 649 | 0 | 2,316 | ||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | 3,314 | (5,044) | 8,358 | |||||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (3,908) | (3,908) | ||||||||||||||
Ending Balance at Mar. 31, 2021 | $ 3,272,928 | $ 145,037 | $ 937 | $ 1,105,137 | $ 2,147,436 | $ (133,893) | $ 8,274 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.40 | |||||||||||||||
Dividends on preferred stock (in dollars per share) | $ 328.125 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net income | $ 108,078 | $ 38,199 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Provision for credit losses | (25,750) | 76,000 |
Deferred Income Tax Expense (Benefit) | 13,192 | (6,518) |
Depreciation, Amortization and Accretion, Net | 10,351 | 9,063 |
Accretion (Amortization) of Discounts and Premiums, Investments | 35,583 | 10,345 |
Share-based Payment Arrangement, Noncash Expense | 2,965 | 2,609 |
Gains (Losses) on Sales of Other Real Estate | 29 | (363) |
Gain (Loss) on Disposition of Property Plant Equipment | 197 | 100 |
Available-for-sale Securities, Gross Realized Gains | 0 | (8) |
Life Insurance, Corporate or Bank Owned, Change in Value | (3,533) | (3,580) |
Bank Owned Life Insurance Income | (410) | (6) |
Gain (Loss) on Sales of Loans, Net | (2,642) | (2,893) |
Proceeds from Sale of Loans Held-for-sale | 79,308 | 75,594 |
Payments for Origination of Mortgage Loans Held-for-sale | (81,361) | (59,562) |
Increase (Decrease) in Financial Instruments Used in Operating Activities | 58 | (2,660) |
Increase (Decrease) in Derivative Assets and Liabilities | 128,550 | (189,718) |
Increase (Decrease) in Other Operating Assets | 4,083 | 5,447 |
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities | (39,873) | (13,637) |
Net Cash Provided by (Used in) Operating Activities, Total | 228,825 | (61,588) |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Payments to Acquire Debt Securities, Available-for-sale | (291,386) | (122,353) |
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | 255,362 | 124,848 |
Proceeds from Sale of Available-for-sale Securities | 0 | 8,963 |
Payments to Acquire Held-to-maturity Securities | (356,624) | (371,935) |
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities | 343,825 | 172,032 |
Payments for (Proceeds from) Federal Home Loan Bank Stock | (80) | 7,719 |
Payments for (Proceeds from) Other Investing Activities | (3,526) | (2,192) |
Payments for (Proceeds from) Other Loans and Leases | 302,554 | (863,351) |
Proceeds of Other Loans and Leases Held-for-investment | 16,787 | 390 |
Proceeds from Life Insurance Policy | 1,100 | 750 |
Proceeds from Sale of Foreclosed Assets | 44 | 2,636 |
Proceeds from Sale of Productive Assets | 250 | 0 |
Payments to Acquire Property, Plant, and Equipment | (3,680) | (3,548) |
Net Cash Provided by (Used in) Investing Activities, Total | 264,626 | (1,046,041) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Increase (Decrease) in Deposits | 1,145,364 | 1,188,728 |
Proceeds from FHLBank Borrowings, Financing Activities | 80,470 | 2,950,000 |
Payments of FHLBank Borrowings, Financing Activities | (75,080) | (3,125,077) |
Increase (Decrease) in Federal Funds Purchased and Securities Sold under Agreements to Repurchase, Net | (496,977) | 222,318 |
Payments of Ordinary Dividends, Common Stock | (36,108) | (36,728) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (1,969) | (1,969) |
Proceeds from Stock Options Exercised | 3,314 | 118 |
Payments for Repurchase of Common Stock | 0 | (76,556) |
Payments for Repurchase of Equity, Share-based Compensation | (3,908) | (3,160) |
Net Cash Provided by (Used in) Financing Activities, Total | 615,106 | 1,117,674 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 1,108,557 | 10,045 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance | 263,104 | 257,895 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 1,371,661 | 267,940 |
Supplemental Cash Flow Information [Abstract] | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 16,638 | 50,327 |
Income Taxes Paid | 3,355 | 4,928 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Real Estate Owned, Transfer to Real Estate Owned | 151 | 2,627 |
Transfer of Portfolio Loans and Leases to Held-for-sale | $ 16,587 | $ 214 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature 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 Waterbury, Connecticut. 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 HSAs, while also delivering health reimbursement arrangements, and flexible spending and commuter benefit account administration services to employers and individuals in all 50 states. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements and should be read in conjunction with the Company's Consolidated Financial Statements, and related Notes thereto, for the year ended December 31, 2020, included in our Form 10-K filed with the SEC. In the opinion of management, all necessary adjustments are reflected to present fairly the financial position and results of operations as of the dates and for the periods shown. There have been no changes to the Company's significant accounting policies from those described within that Form 10-K, except as described within the Recently Adopted Accounting Standards Updates section of this note. Certain prior period amounts have been reclassified to conform to the current year's presentation. These reclassifications had an immaterial effect on the Company's consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Adopted Accounting Standards Updates ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The Accounting Standards Update (the Update) provides simplification to the accounting for income taxes related to a variety of topics and makes minor codification improvements. Changes include a requirement that the effects of an enacted change in tax law be reflected in the computation of the annual effective tax rate in the first interim period that includes the enactment date of the new legislation and clarification on presentation of non-income based taxes. The Company adopted the Update on January 1, 2021 on a prospective basis. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. ASU No. 2021-01, Reference Rate Reform (Topic 848) - Scope. The Update clarifies that certain optional expedients and exceptions provided for in ASU No. 2020-04 for applying GAAP to contract modifications and hedging relationships apply to derivatives that are affected by the discounting transition. The amendments are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The Update was effective upon issuance for application on either a retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 22, 2020, or on a prospective basis beginning on January 7, 2021. The Company adopted the Update on a prospective basis. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. Accounting Standards Issued But Not Yet Adopted The Company has adopted all applicable Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) as of March 31, 2021. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Company has an investment interest in the following entities that meet the definition of a variable interest entity (VIE). Consolidated Rabbi Trust. The Company established a Rabbi Trust to meet the obligations due under its Deferred Compensation Plan for Directors and Officers and to mitigate the expense volatility of the aforementioned plan. The funding of the Rabbi Trust and the discontinuation of the Deferred Compensation Plan for Directors and Officers occurred during 2012. Investments held in the Rabbi Trust primarily consist of mutual funds that invest in equity and fixed income securities. The Company is considered the primary beneficiary of the Rabbi Trust as it has the power to direct the activities of the Rabbi Trust that most significantly affect the VIE's economic performance and it has the obligation to absorb losses of the VIE that could potentially be significant to the VIE. The Company consolidates the invested assets of the trust along with the total deferred compensation obligations and includes them in accrued interest receivable and other assets, and accrued expenses and other liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets. Earnings in the Rabbi Trust, including appreciation or depreciation, are reflected as other non-interest income, and changes in the corresponding liability are reflected as compensation and benefits, on the accompanying Condensed Consolidated Statement of Income. Refer to Note 15: Fair Value Measurements for additional information. Non-Consolidated Tax Credit - Finance Investments. The Company makes non-marketable equity investments in entities that finance affordable housing and other community development projects and provide a return primarily through the realization of tax benefits. In most instances, the investments require the funding of capital commitments in the future. While the Company's investment in an entity may exceed 50% of its outstanding equity interests, the entity is not consolidated as the Company is not the primary beneficiary. The Company determined it is not the primary beneficiary due to its inability to direct the activities that most significantly impact the economic performance of the VIEs and the Company does not have the obligation to absorb expected losses or the right to receive residual returns. The Company applies the proportional amortization method to account for its investments in qualified affordable housing projects. At March 31, 2021 and December 31, 2020, the aggregate carrying value of the Company's tax credit-finance investments was $36.0 million and $37.2 million, respectively, which represents the Company's maximum exposure to loss. At March 31, 2021 and December 31, 2020, unfunded commitments have been recognized, totaling $9.0 million and $10.2 million, respectively, and are included in accrued expenses and other liabilities on the accompanying Condensed Consolidated Balance Sheets. Webster Statutory Trust. The Company owns all the outstanding common stock of Webster Statutory Trust, a financial vehicle that has issued, and in the future may issue, trust preferred securities. The trust is a VIE in which the Company is not the primary beneficiary. The trust's only assets are junior subordinated debentures issued by the Company, which were acquired by the trust using the proceeds from the issuance of the trust preferred securities and common stock. The junior subordinated debentures are included in long-term debt on the accompanying Condensed Consolidated Balance Sheets, and the related interest expense is reported as interest expense on long-term debt on the accompanying Condensed Consolidated Statements of Income. Refer to Note 10: Borrowings for additional information. Other Non-Marketable Investments. The Company invests in various alternative investments in which it holds a variable interest. These investments are non-public entities which cannot be redeemed since the Company’s investment is distributed as the underlying equity is liquidated. For these investments, the Company has determined it is not the primary beneficiary due to its inability to direct the activities that most significantly impact the economic performance of the VIEs. At March 31, 2021 and December 31, 2020, the aggregate carrying value of the Company's other non-marketable investments in VIEs was $40.2 million and $34.3 million, respectively, and the maximum exposure to loss of the Company's other non-marketable investments in VIEs, including unfunded commitments, was $75.3 million and $72.7 million, respectively. Refer to Note 15: Fair Value Measurements for additional information. The Company's equity interests in Other Non-Marketable Investments, as well as Tax Credit-Finance Investments and Webster Statutory Trust, are included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. For a description of the Company's accounting policy regarding the consolidation of VIEs, refer to Note 1 to the Consolidated Financial Statements included in its Form 10-K for the year ended December 31, 2020. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Held-to-Maturity Securities A summary of the amortized cost, fair value, and allowance for credit losses on investment securities held-to-maturity is presented below: At March 31, 2021 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 74,319 $ 1,494 $ (97) $ 75,716 $ — $ 74,319 Agency MBS 2,365,314 104,626 (4,824) 2,465,116 — 2,365,314 Agency CMBS 2,182,794 28,832 (22,872) 2,188,754 — 2,182,794 Municipal bonds and notes 735,969 49,669 — 785,638 308 735,661 CMBS 209,697 5,805 — 215,502 — 209,697 Held-to-maturity securities $ 5,568,093 $ 190,426 $ (27,793) $ 5,730,726 $ 308 $ 5,567,785 At December 31, 2020 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 91,622 $ 1,785 $ (241) $ 93,166 $ — $ 91,622 Agency MBS 2,419,751 137,863 (84) 2,557,530 — 2,419,751 Agency CMBS 2,101,227 60,484 (2,213) 2,159,498 — 2,101,227 Municipal bonds and notes 739,507 60,371 (3) 799,875 299 739,208 CMBS 216,081 9,214 — 225,295 — 216,081 Held-to-maturity securities $ 5,568,188 $ 269,717 $ (2,541) $ 5,835,364 $ 299 $ 5,567,889 (1) Amortized cost excludes accrued interest receivable of $17.3 million and $22.1 million at March 31, 2021 and December 31, 2020, respectively, which is included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. Agency securities represent obligations issued by a U.S. government-sponsored enterprise or other federally-related entity and are either explicitly or implicitly guaranteed, and therefore, assumed to be zero loss. Securities with unrealized losses and no allowance are considered to be of high credit quality, and therefore, zero credit loss as of March 31, 2021. The current unrealized loss position of certain agency securities and non-agency CMBS with no credit loss allowance can be attributed to the changing interest rate environment. An allowance for credit losses on investment securities held-to-maturity is recorded for certain Municipal bonds and notes to account for expected lifetime credit losses. The following table summarizes the activity in the allowance for credit losses on investment securities held-to-maturity: Three months ended March 31, (In thousands) 2021 2020 Balance beginning of period $ 299 $ — Adoption of ASU No. 2016-13 (CECL) — 397 Provision (benefit) for credit losses 9 (85) Balance end of period $ 308 $ 312 Credit Quality Information The Company monitors the credit quality of held-to-maturity debt securities through credit ratings provided by Standard & Poor's Rating Services (S&P), Moody's Investor Services (Moody's), Fitch Ratings, Inc., Kroll Bond Rating Agency, or DBRS Inc. Credit ratings express opinions about the credit quality of a security. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody's, and are generally considered by the rating agencies and market participants to be of low credit risk. Conversely, securities rated below investment grade, labeled as speculative grade by the rating agencies, are considered to have distinctively higher credit risk than investment grade securities. Securities shown below that are not rated are collateralized with U.S. Treasury obligations, and credit quality indicators are updated at each quarter end. The following table summarizes credit ratings for the amortized cost of held-to-maturity debt securities according to their lowest public credit rating as of March 31, 2021: Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa2 Not Rated Agency CMOs $ — $ 74,319 $ — $ — $ — $ — $ — $ — $ — Agency MBS — 2,365,315 — — — — — — — Agency CMBS — 2,182,794 — — — — — — — Municipal bonds and notes 208,995 125,355 240,215 114,328 33,225 8,471 2,066 190 3,123 CMBS 209,697 — — — — — — — — Total held-to-maturity $ 418,692 $ 4,747,783 $ 240,215 $ 114,328 $ 33,225 $ 8,471 $ 2,066 $ 190 $ 3,123 As of March 31, 2021, there were no held-to-maturity investment securities in non-accrual status. Contractual Maturities The amortized cost and fair value of held-to-maturity debt securities presented by contractual maturity are set forth below: At March 31, 2021 (In thousands) Amortized Fair Due in one year or less $ 380 $ 382 Due after one year through five years 4,160 4,384 Due after five years through ten years 288,056 297,857 Due after ten years 5,275,497 5,428,103 Total held-to-maturity debt securities $ 5,568,093 $ 5,730,726 For the maturity schedule above, investment securities that are not due at a single maturity date have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this maturity date presentation as borrowers have the right to repay obligations with or without prepayment penalties. Available-for-Sale Securities A summary of the amortized cost and fair value of available-for-sale securities is presented below: At March 31, 2021 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value (2) Agency CMO $ 132,613 $ 5,109 $ (119) $ 137,603 Agency MBS 1,408,543 55,423 (7,510) 1,456,456 Agency CMBS 975,433 9,819 (10,667) 974,585 CMBS 662,805 1,193 (985) 663,013 CLO 68,700 12 (69) 68,643 Corporate debt 14,563 6 (889) 13,680 Available-for-sale securities $ 3,262,657 $ 71,562 $ (20,239) $ 3,313,980 At December 31, 2020 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value (2) Agency CMO $ 148,711 $ 6,000 $ (98) $ 154,613 Agency MBS 1,389,100 68,598 (289) 1,457,409 Agency CMBS 1,092,430 26,317 (1,514) 1,117,233 CMBS 512,759 1,082 (5,823) 508,018 CLO 76,693 — (310) 76,383 Corporate debt 14,557 — (1,437) 13,120 Available-for-sale securities $ 3,234,250 $ 101,997 $ (9,471) $ 3,326,776 (1) Amortized cost excludes accrued interest receivable of $7.1 million and $7.5 million at March 31, 2021 and December 31, 2020, respectively, which is included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. (2) Fair value represents net carrying value as there is no allowance for credit losses recorded on investment securities available-for-sale, as the securities are high credit quality, investment grade. Fair Value and Unrealized Losses The following table provides information on fair value and unrealized losses for the individual available-for-sale securities with an unrealized loss, for which an allowance for credit losses on investment securities available-for-sale has not been recorded, aggregated by classification and length of time that the individual investment securities have been in a continuous unrealized loss position: At March 31, 2021 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized Agency CMO $ 11,083 $ (69) $ 4,336 $ (50) 4 $ 15,419 $ (119) Agency MBS 205,383 (7,362) 8,853 (148) 44 214,236 (7,510) Agency CMBS 466,547 (10,667) — — 13 466,547 (10,667) CMBS 224,636 (547) 185,198 (438) 33 409,834 (985) CLO 24,997 (3) 24,934 (66) 2 49,931 (69) Corporate debt — — 9,405 (889) 2 9,405 (889) Available-for-sale in unrealized loss position $ 932,646 $ (18,648) $ 232,726 $ (1,591) 98 $ 1,165,372 $ (20,239) At December 31, 2020 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized Agency CMO $ 13,137 $ (49) $ 5,944 $ (49) 5 $ 19,081 $ (98) Agency MBS 33,742 (219) 4,561 (70) 30 38,303 (289) Agency CMBS 376,330 (1,514) — — 8 376,330 (1,514) CMBS 409,591 (5,486) 23,167 (337) 38 432,758 (5,823) CLO 57,728 (265) 18,655 (45) 4 76,383 (310) Corporate debt 4,100 (166) 9,020 (1,271) 3 13,120 (1,437) Available-for-sale in unrealized loss position $ 894,628 $ (7,699) $ 61,347 $ (1,772) 88 $ 955,975 $ (9,471) Unrealized losses on available-for-sale debt securities presented in the previous table have not been recognized in the accompanying Condensed Consolidated Statements of Income because the securities are high credit quality, investment grade securities that the Company does not intend to sell and will not be required to sell prior to their anticipated recovery, and the decline in fair value is primarily attributable to higher market rates in selected asset classes. Fair value is expected to recover as the securities approach maturity. As of March 31, 2021, there were no available-for-sale investment securities in non-accrual status. Contractual Maturities The amortized cost and fair value of available-for-sale debt securities presented by contractual maturity are set forth below: At March 31, 2021 (In thousands) Amortized Fair Due in one year or less $ — $ — Due after one year through five years 1,307 1,348 Due after five through ten years 226,061 226,260 Due after ten years 3,035,289 3,086,372 Total available-for-sale debt securities $ 3,262,657 $ 3,313,980 For the maturity schedule above, investment securities that are not due at a single maturity date have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this maturity date presentation as borrowers have the right to repay obligations with or without prepayment penalties. Sales of Available-for Sale Investment Securities There were no sales of available-for-sale securities during the three months ended March 31, 2021. For the three months ended March 31, 2020, proceeds from sales of available-for-sale securities were $9.0 million, which resulted in realized gains of $8 thousand. Other Information At March 31, 2021, the Company had a carrying value of $1.4 billion in callable debt securities in its CMBS, CLO, and municipal bond portfolios. The Company considers this prepayment risk in the evaluation of its interest rate risk profile. Held-to-maturity and available-for-sale investment securities with carrying values of $2.7 billion and $1.3 billion at March 31, 2021, respectively, and $2.6 billion and $1.3 billion at December 31, 2020, respectively, were pledged to secure public funds, trust deposits, repurchase agreements, and for other purposes, as required or permitted by law. |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | Loans and Leases The following table summarizes loans and leases: (In thousands) At March 31, At December 31, 2020 Commercial non-mortgage $ 6,918,626 $ 7,085,076 Asset-based 907,421 890,598 Commercial real estate 6,338,056 6,322,637 Equipment financing 611,440 602,224 Commercial portfolio 14,775,543 14,900,535 Residential 4,668,945 4,782,016 Home equity 1,724,599 1,802,865 Other consumer 132,296 155,799 Consumer portfolio 6,525,840 6,740,680 Loans and leases (1) (2) (3) $ 21,301,383 $ 21,641,215 (1) Loan balances include net deferred (fees)/costs and net (premiums)/discounts of $(20.1) million and $(10.5) million at March 31, 2021 and December 31, 2020, respectively. (2) At March 31, 2021, the Company had pledged $7.6 billion of eligible loans as collateral to support borrowing capacity at the FHLB of Boston and the FRB of Boston. (3) Loan balances exclude accrued interest receivable of $58.5 million and $57.8 million at March 31, 2021 and December 31, 2020, respectively, which is included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. Equipment financing includes net investment in leases of $223.9 million. Total undiscounted cash flows, primarily due within the next five years, amounting to $243.3 million, at March 31, 2021. This lessor activity resulted in interest income of $1.9 million and $1.5 million for the three months ended March 31, 2021 and 2020, respectively. Loans and Leases Aging The following table summarizes the aging of loans and leases: At March 31, 2021 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Commercial non-mortgage $ 1,460 $ 135 $ 50 $ 53,871 $ 55,516 $ 6,863,110 $ 6,918,626 Asset-based — — — 2,402 2,402 905,019 907,421 Commercial real estate 508 197 — 13,752 14,457 6,323,599 6,338,056 Equipment financing 5,778 37 — 6,080 11,895 599,545 611,440 Commercial portfolio 7,746 369 50 76,105 84,270 14,691,273 14,775,543 Residential 4,079 1,186 — 42,768 48,033 4,620,912 4,668,945 Home equity 4,514 1,371 — 30,892 36,777 1,687,822 1,724,599 Other consumer 510 657 — 596 1,763 130,533 132,296 Consumer portfolio 9,103 3,214 — 74,256 86,573 6,439,267 6,525,840 Total $ 16,849 $ 3,583 $ 50 $ 150,361 $ 170,843 $ 21,130,540 $ 21,301,383 At December 31, 2020 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Commercial non-mortgage $ 612 $ 903 $ 445 $ 64,073 $ 66,033 $ 7,019,043 $ 7,085,076 Asset-based 1,174 — — 2,594 3,768 886,830 890,598 Commercial real estate 2,400 619 — 21,231 24,250 6,298,387 6,322,637 Equipment financing 5,107 2,308 — 7,299 14,714 587,510 602,224 Commercial portfolio 9,293 3,830 445 95,197 108,765 14,791,770 14,900,535 Residential 4,334 6,330 — 41,081 51,745 4,730,271 4,782,016 Home equity 5,500 1,771 — 31,030 38,301 1,764,564 1,802,865 Other consumer 878 601 — 652 2,131 153,668 155,799 Consumer portfolio 10,712 8,702 — 72,763 92,177 6,648,503 6,740,680 Total $ 20,005 $ 12,532 $ 445 $ 167,960 $ 200,942 $ 21,440,273 $ 21,641,215 The following table provides additional detail related to loans and leases on non-accrual status: At March 31, 2021 At December 31, 2020 (In thousands) Non-accrual Non-accrual With No Allowance Non-accrual Non-accrual With No Allowance Commercial non-mortgage $ 53,871 $ 10,635 $ 64,073 $ 16,985 Asset-based 2,402 2,402 2,594 — Commercial real estate 13,752 554 21,231 15,529 Equipment financing 6,080 2,758 7,299 2,983 Commercial portfolio 76,105 16,349 95,197 35,497 Residential 42,768 31,274 41,081 29,843 Home equity 30,892 23,370 31,030 24,091 Other consumer 596 38 652 2 Consumer portfolio 74,256 54,682 72,763 53,936 Total $ 150,361 $ 71,031 $ 167,960 $ 89,433 Interest on non-accrual residential and home equity loans, which would have been recorded as additional interest income had the loans been current in accordance with the original terms, totaled $4.0 million and $3.3 million for the three months ended March 31, 2021 and 2020, respectively. Refer to Note 1 to the Consolidated Financial Statements included in the Company's Form 10-K for the year ended December 31, 2020, for details of non-accrual policies. Allowance for Credit Losses on Loans and Leases The following table summarizes the activity in, as well as the loan and lease balances that were evaluated for, ACL on loans and leases: At or for the three months ended March 31, 2021 At or for the three months ended March 31, 2020 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 312,244 $ 47,187 $ 359,431 $ 161,669 $ 47,427 $ 209,096 Adoption of ASU No. 2016-13 (CECL) — — — 34,024 23,544 57,568 (Benefit) provision (23,653) (2,106) (25,759) 71,243 4,842 76,085 Charge-offs (6,321) (2,974) (9,295) (5,574) (4,587) (10,161) Recoveries 1,636 2,338 3,974 564 1,779 2,343 Balance, end of period $ 283,906 $ 44,445 $ 328,351 $ 261,926 $ 73,005 $ 334,931 Individually evaluated for impairment 14,809 4,913 19,722 8,235 4,777 13,012 Collectively evaluated for impairment $ 269,097 $ 39,532 $ 308,629 $ 253,691 $ 68,228 $ 321,919 Loan and lease balances: Individually evaluated for impairment $ 149,145 $ 140,066 $ 289,211 $ 177,012 $ 155,105 $ 332,117 Collectively evaluated for impairment 14,626,398 6,385,774 21,012,172 13,511,409 7,047,998 20,559,407 Loans and leases $ 14,775,543 $ 6,525,840 $ 21,301,383 $ 13,688,421 $ 7,203,103 $ 20,891,524 Credit Quality Indicators. To measure credit risk for the commercial portfolio, the Company employs a dual grade credit risk grading system for estimating the PD and LGD. The credit risk grade system assigns a rating to each borrower and to the facility, which together form a Composite Credit Risk Profile. The credit risk grade system categorizes borrowers by common financial characteristics that measure the credit strength of borrowers and facilities by common structural characteristics. The Composite Credit Risk Profile has ten grades, with each grade corresponding to a progressively greater risk of loss. Grades (1) to (6) are considered pass ratings, and grades (7) to (10) are considered criticized, as defined by the regulatory agencies. Risk ratings assigned in order to differentiate risk within the portfolio are reviewed on an ongoing basis and revised to reflect changes in a borrowers’ current financial position and outlook, risk profile, and the related collateral and structural position. Loan officers review updated financial information on at least an annual basis for all pass rated loans to assess the accuracy of the risk grade. Criticized loans undergo more frequent reviews and enhanced monitoring. A (7) - "Special Mention" rating has the potential weakness that, if left uncorrected, may result in deterioration of the repayment prospects for the credit. An (8) - "Substandard" rating has a well-defined weakness that jeopardizes the full repayment of the debt. A (9) - "Doubtful" rating has all of the same weaknesses as a substandard credit with the added characteristic that the weakness makes collection or liquidation in full improbably, given current facts, conditions, and values. Credits when classified as (10) - "Loss", in accordance with regulatory guidelines, are considered uncollectible and charged off. The following tables summarize commercial, commercial real estate, and equipment financing loans and leases segregated by origination year and risk rating exposure under the Composite Credit Risk Profile grades as of March 31, 2021 and December 31, 2020: At March 31, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage Pass $ 832,940 $ 2,168,628 $ 957,425 $ 794,005 $ 443,935 $ 416,891 $ 846,850 $ 6,460,674 Special mention — 7,430 33,416 63,403 128 19,991 31,380 155,748 Substandard — 71,611 50,013 82,673 27,423 36,782 33,702 302,204 Commercial non-mortgage 832,940 2,247,669 1,040,854 940,081 471,486 473,664 911,932 6,918,626 Asset-based Pass — 25,881 15,711 22,572 10,890 26,675 762,386 864,115 Special mention — — — 750 — — 40,154 40,904 Substandard — — 2,402 — — — — 2,402 Asset-based — 25,881 18,113 23,322 10,890 26,675 802,540 907,421 Commercial real estate Pass 172,136 921,002 1,473,799 1,227,983 519,241 1,655,611 25,038 5,994,810 Special mention — 27 19,569 40,601 37,690 107,235 — 205,122 Substandard — 813 789 21,884 60,794 53,844 — 138,124 Commercial real estate 172,136 921,842 1,494,157 1,290,468 617,725 1,816,690 25,038 6,338,056 Equipment financing Pass 66,283 232,733 127,083 59,846 22,961 54,613 — 563,519 Special mention — 3,435 11,316 5,185 868 1,376 — 22,180 Substandard 921 10,292 4,484 6,148 1,480 2,416 — 25,741 Equipment financing 67,204 246,460 142,883 71,179 25,309 58,405 — 611,440 Commercial portfolio $ 1,072,280 $ 3,441,852 $ 2,696,007 $ 2,325,050 $ 1,125,410 $ 2,375,434 $ 1,739,510 $ 14,775,543 At December 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage Pass $ 2,771,373 $ 1,052,080 $ 907,110 $ 481,321 $ 231,280 $ 218,001 $ 936,592 $ 6,597,757 Special mention 32,535 33,969 62,034 435 8,357 13,757 38,496 189,583 Substandard 54,716 51,798 66,324 36,159 15,535 23,957 49,084 297,573 Doubtful — — — 163 — — — 163 Commercial non-mortgage 2,858,624 1,137,847 1,035,468 518,078 255,172 255,715 1,024,172 7,085,076 Asset-based Pass 26,344 15,960 23,123 11,333 10,963 16,484 741,336 845,543 Special mention — — 775 — — — 41,687 42,462 Substandard — 2,504 — — — — 89 2,593 Asset-based 26,344 18,464 23,898 11,333 10,963 16,484 783,112 890,598 Commercial real estate Pass 965,582 1,461,201 1,242,322 527,931 554,630 1,165,331 28,113 5,945,110 Special mention 27 10,385 70,704 37,539 35,617 69,832 — 224,104 Substandard 817 1,132 21,923 73,621 2,962 52,968 — 153,423 Commercial real estate 966,426 1,472,718 1,334,949 639,091 593,209 1,288,131 28,113 6,322,637 Equipment financing Pass 249,370 135,263 68,092 26,433 43,469 22,879 — 545,506 Special mention 7,934 11,043 6,981 1,220 1,577 788 — 29,543 Substandard 7,483 6,169 5,749 2,460 4,743 571 — 27,175 Equipment financing 264,787 152,475 80,822 30,113 49,789 24,238 — 602,224 Commercial portfolio $ 4,116,181 $ 2,781,504 $ 2,475,137 $ 1,198,615 $ 909,133 $ 1,584,568 $ 1,835,397 $ 14,900,535 To measure credit risk for the consumer portfolio, the most relevant credit characteristic is the FICO score, which is a widely used credit scoring system that ranges from 300 to 850. A lower FICO score is indicative of higher credit risk. FICO scores are updated at least quarterly. The following tables summarize residential and consumer loans segregated by origination year and risk rating exposure under FICO score groupings as of March 31, 2021 and December 31, 2020: At March 31, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Residential 800+ $ 78,004 $ 453,272 $ 226,982 $ 51,458 $ 155,714 $ 962,687 $ — $ 1,928,117 740-799 205,938 558,551 221,807 54,091 113,276 591,184 — 1,744,847 670-739 77,109 170,166 102,503 33,129 68,460 303,718 — 755,085 580-669 5,117 16,295 16,945 5,500 11,770 96,122 — 151,749 579 and below — — 31,835 1,363 1,966 53,983 — 89,147 Residential 366,168 1,198,284 600,072 145,541 351,186 2,007,694 — 4,668,945 Home equity 800+ 8,442 32,410 14,380 21,538 14,293 73,450 521,206 685,719 740-799 9,444 31,016 12,578 16,077 9,282 48,763 418,897 546,057 670-739 3,885 12,664 8,083 11,652 8,804 47,326 255,186 347,600 580-669 — 1,299 1,622 2,123 2,360 18,061 78,951 104,416 579 and below 22 326 737 967 802 7,671 30,282 40,807 Home equity 21,793 77,715 37,400 52,357 35,541 195,271 1,304,522 1,724,599 Other consumer 800+ 51 703 1,458 649 250 213 7,717 11,041 740-799 327 2,645 5,498 2,328 775 505 7,955 20,033 670-739 1,948 13,017 26,345 9,072 1,761 444 3,681 56,268 580-669 56 9,495 16,063 6,258 963 232 1,419 34,486 579 and below 53 2,269 4,430 1,804 428 232 1,252 10,468 Other consumer 2,435 28,129 53,794 20,111 4,177 1,626 22,024 132,296 Consumer portfolio 390,396 1,304,128 691,266 218,009 390,904 2,204,591 1,326,546 6,525,840 Commercial portfolio 1,072,280 3,441,852 2,696,007 2,325,050 1,125,410 2,375,434 1,739,510 14,775,543 Loans and leases $ 1,462,676 $ 4,745,980 $ 3,387,273 $ 2,543,059 $ 1,516,314 $ 4,580,025 $ 3,066,056 $ 21,301,383 At December 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Residential 800+ $ 360,336 $ 283,755 $ 61,048 $ 178,849 $ 268,044 $ 805,537 $ — $ 1,957,569 740-799 654,973 288,173 58,249 133,416 176,286 492,720 — 1,803,817 670-739 199,329 118,620 39,125 75,375 76,666 248,268 — 757,383 580-669 17,151 19,389 8,884 11,843 12,225 96,333 — 165,825 579 and below — 36,498 673 3,278 3,179 53,794 — 97,422 Residential 1,231,789 746,435 167,979 402,761 536,400 1,696,652 — 4,782,016 Home equity 800+ 30,604 16,567 25,205 14,439 17,192 59,956 542,600 706,563 740-799 34,797 13,565 19,715 11,073 12,839 43,802 434,271 570,062 670-739 13,753 8,855 10,761 10,206 7,318 44,025 275,691 370,609 580-669 1,708 2,172 2,660 2,234 2,316 16,680 86,126 113,896 579 and below 129 919 880 1,070 1,073 7,163 30,501 41,735 Home equity 80,991 42,078 59,221 39,022 40,738 171,626 1,369,189 1,802,865 Other consumer 800+ 2,827 5,725 2,610 658 115 190 7,171 19,296 740-799 12,317 21,036 8,925 1,493 457 263 5,119 49,610 670-739 14,761 31,952 11,843 2,284 665 228 8,403 70,136 580-669 2,344 5,419 2,360 793 194 124 1,570 12,804 579 and below 608 982 500 183 37 215 1,428 3,953 Other consumer 32,857 65,114 26,238 5,411 1,468 1,020 23,691 155,799 Consumer portfolio 1,345,637 853,627 253,438 447,194 578,606 1,869,298 1,392,880 6,740,680 Commercial portfolio 4,116,181 2,781,504 2,475,137 1,198,615 909,133 1,584,568 1,835,397 14,900,535 Loans and leases $ 5,461,818 $ 3,635,131 $ 2,728,575 $ 1,645,809 $ 1,487,739 $ 3,453,866 $ 3,228,277 $ 21,641,215 Individually Assessed Loans and Leases The following table summarizes individually assessed loans and leases: At March 31, 2021 (In thousands) Unpaid Amortized Cost Amortized Cost No Allowance Amortized Cost With Allowance Related Commercial non-mortgage $ 149,125 $ 114,352 $ 55,091 $ 59,261 $ 11,345 Asset-based 2,499 2,402 2,402 — — Commercial real estate 30,005 26,311 10,466 15,845 2,548 Equipment financing 6,566 6,080 2,758 3,322 916 Residential 98,331 92,517 56,710 35,807 2,940 Home equity 53,155 46,953 33,299 13,654 1,764 Other consumer 604 596 38 558 209 Total $ 340,285 $ 289,211 $ 160,764 $ 128,447 $ 19,722 At December 31, 2020 (In thousands) Unpaid Amortized Cost Amortized Cost No Allowance Amortized Cost With Allowance Related Commercial non-mortgage $ 172,069 $ 119,884 $ 55,742 $ 64,142 $ 9,665 Asset-based 2,989 2,594 — 2,594 50 Commercial real estate 37,177 33,879 25,931 7,948 1,610 Equipment financing 7,770 7,298 2,983 4,315 362 Residential 108,077 98,164 58,915 39,249 3,357 Home equity 109,156 46,950 34,335 12,615 988 Other consumer 2,381 653 2 651 105 Total $ 439,619 $ 309,422 $ 177,908 $ 131,514 $ 16,137 The following table summarizes average amortized cost and interest income recognized for individually assessed loans and leases: Three months ended March 31, 2021 2020 (In thousands) Average Accrued Cash Basis Interest Income Average Accrued Cash Basis Interest Income Commercial non-mortgage $ 117,118 $ 859 $ — $ 122,835 $ 1,053 $ — Asset-based 2,498 — — 138 — — Commercial real estate 30,095 182 — 23,903 146 — Equipment financing 6,689 — — 7,192 — — Residential 95,339 639 273 97,778 830 630 Home equity 46,951 222 214 41,902 391 830 Other consumer 625 — — 512 17 — Total $ 299,315 $ 1,902 $ 487 $ 294,260 $ 2,437 $ 1,460 Collateral Dependent Loans and Leases. A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is substantially expected through the operation or sale of collateral. A collateral dependent loan is individually assessed based on the fair value of the collateral, less costs to sell, as of the reporting date. Commercial non-mortgage, asset based, and equipment financing loans are collateralized by equipment, inventory, receivables, or other non-real estate assets. Commercial real estate, residential, and home equity loans are collateralized by real estate. Collateral value on collateral dependent loans and leases was $147.7 million at March 31, 2021 and $150.3 million at December 31, 2020. The following table summarizes whether, or not, individually assessed loans and leases are collateral dependent: At March 31, 2021 At December 31, 2020 (In thousands) Collateral Dependent Not Considered Collateral Dependent Total Collateral Dependent Not Considered Collateral Dependent Total Commercial non-mortgage $ 20,717 $ 93,635 $ 114,352 $ 11,074 $ 108,810 $ 119,884 Asset-based 2,402 — 2,402 2,504 90 2,594 Commercial real estate 21,671 4,640 26,311 28,482 5,397 33,879 Equipment financing — 6,080 6,080 — 7,298 7,298 Residential 36,096 56,421 92,517 33,980 64,184 98,164 Home equity 26,759 20,194 46,953 26,796 20,154 46,950 Other consumer — 596 596 — 653 653 Total amortized cost of CDA $ 107,645 $ 181,566 $ 289,211 $ 102,836 $ 206,586 $ 309,422 Troubled Debt Restructurings The following table summarizes information for TDRs: (In thousands) At March 31, 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 The portion of TDRs deemed to be uncollectible, $1.9 million and $1.2 million for the three months ended March 31, 2021 and 2020, respectively, were charged off. The following table provides information on the type of concession for loans modified as TDRs: Three months ended March 31, 2021 2020 Number of Post- Modification Recorded Investment (1) Number of Post- Modification Recorded Investment (1) (Dollars in thousands) Commercial portfolio Extended Maturity 7 $ 690 2 $ 104 Maturity/Rate Combined 1 37 6 552 Other (2) 2 113 10 27,137 Consumer portfolio Extended Maturity 2 127 1 264 Maturity/Rate Combined 5 1,011 4 456 Other (2) 9 666 14 1,726 Total TDRs 26 $ 2,644 37 $ 30,239 (1) Post-modification balances approximate pre-modification balances. The aggregate amount of charge-offs as a result of the restructurings was not significant. (2) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. There were no significant amounts of loans modified as TDRs within the previous 12 months and for which there was a payment default for the three months ended March 31, 2021 and 2020. TDRs in commercial non-mortgage, commercial real estate, and equipment financing segregated by risk rating exposure is as follows: (In thousands) At March 31, 2021 At December 31, 2020 Pass $ 12,724 $ 12,462 Special Mention — — Substandard 98,175 105,070 Doubtful — 163 Total $ 110,899 $ 117,695 |
Transfers of Financial Assets
Transfers of Financial Assets | 3 Months Ended |
Mar. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Transfers of Financial Assets | Transfers of Financial Assets The Company sells financial assets in the normal course of business, primarily residential mortgage loans sold to government-sponsored enterprises through established programs and securitizations. Residential mortgage origination fees, adjustments for changes in fair value, and gains or losses on loans sold are included as mortgage banking activities on the accompanying Condensed Consolidated Statements of Income. The Company may be required to repurchase a loan in the event of certain breaches of the representations and warranties, or in the event of default of the borrower within 90 days of sale, as provided for in the sale agreements. A reserve for loan repurchases provides for estimated losses pertaining to the potential repurchase of loans associated with the Company’s mortgage banking activities. The reserve reflects loan repurchase requests received by the Company for which management evaluates the identity of the counterparty, the vintage of the loans sold, the amount of open repurchase requests, specific loss estimates for each open request, the current level of loan losses in similar vintages held in the residential loan portfolio, and estimated recoveries on the underlying collateral. The reserve also reflects management’s expectation of losses from loan repurchase requests for which the Company has not yet been notified. The provision recorded at the time of the loan sale is netted from the gain or loss recorded in mortgage banking activities, while any incremental provision, post loan sale, is recorded in other non-interest expense in the accompanying Condensed Consolidated Statements of Income. The following table provides a summary of activity in the reserve for loan repurchases: Three months ended March 31, (In thousands) 2021 2020 Beginning balance $ 747 $ 508 Provision charged to expense 23 22 (Charge-offs/settlements) recoveries, net — 103 Ending balance $ 770 $ 633 The following table provides information for mortgage banking activities: Three months ended March 31, (In thousands) 2021 2020 Residential mortgage loans held for sale: Proceeds from sale $ 79,308 $ 75,594 Loans sold with servicing rights retained 75,691 72,091 Net gain on sale 2,109 2,519 Ancillary fees 541 401 Fair value option adjustment (8) (27) Additionally, loans not originated for sale were sold approximately at carrying value for cash proceeds of $16.8 million, resulting in a gain of approximately $191 thousand, for certain commercial loans for the three months ended March 31, 2021, and $0.4 million for certain commercial loans for the three months ended March 31, 2020. The Company services residential mortgage loans for other entities totaling $2.2 billion at March 31, 2021 and $2.3 billion at December 31, 2020. The following table presents the changes in carrying value for mortgage servicing assets: Three months ended March 31, (In thousands) 2021 2020 Beginning balance $ 13,422 $ 17,484 Additions 586 1,189 Amortization (1,490) (1,707) Adjustment to valuation allowance (191) (575) Ending balance $ 12,327 $ 16,391 Loan servicing fees, net of mortgage servicing rights amortization, were $0.4 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively, and are included as a component of loan related fees on the accompanying Condensed Consolidated Statements of Income. Refer to Note 15: Fair Value Measurements for additional information on loans held for sale and mortgage servicing assets. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leasing The Company enters into operating leases, as lessee, primarily for office space, banking centers, and certain other operational assets. The Company's operating leases generally have lease terms for periods of 5 to 20 years with various renewal options. The Company does not have any material sub-lease agreements. The following table summarizes lessee information related to the Company’s operating ROU lease assets and lease liabilities: At March 31, 2021 (In thousands) Operating Leases Condensed Consolidated Balance Sheet Line Item Location ROU lease assets $ 127,423 Premises and equipment, net Lease liabilities 156,910 Operating lease liabilities The components of operating lease cost and other related information are as follows: At or for the three months ended March 31, (In thousands) 2021 2020 Lease Cost: Operating lease costs $ 6,557 $ 7,424 Variable lease costs 1,300 1,427 Sublease income (131) (145) Total operating lease cost $ 7,726 $ 8,706 Other Information: Cash paid for amounts included in the measurement of lease liabilities $ 7,833 $ 7,758 ROU lease assets obtained in exchange for new operating lease liabilities 5,398 8,666 The undiscounted scheduled maturities reconciled to total operating lease liabilities are as follows: (In thousands) At March 31, 2021 Remainder of 2021 $ 20,323 2022 27,762 2023 25,259 2024 22,250 2025 20,267 Thereafter 64,364 Total operating lease liability payments 180,225 Less: Present value adjustment 23,315 Lease liabilities $ 156,910 Weighted-average remaining lease term, in years 7.95 Weighted-average discount rate 3.14% |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets There has been no change during the three months ended March 31, 2021 in the carrying amount for goodwill. For goodwill by reportable segment, refer to Note 17: Segment Reporting. Other intangible assets by reportable segment consisted of the following: At March 31, 2021 At December 31, 2020 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying HSA Bank - Core deposits $ 26,625 $ 16,352 $ 10,273 $ 26,625 $ 15,618 $ 11,007 HSA Bank - Customer relationships 21,000 10,029 10,971 21,000 9,624 11,376 Total other intangible assets $ 47,625 $ 26,381 $ 21,244 $ 47,625 $ 25,242 $ 22,383 At March 31, 2021, the remaining estimated aggregate future amortization expense for other intangible assets is as follows: (In thousands) Remainder of 2021 $ 3,374 2022 4,411 2023 4,315 2024 2,084 2025 2,084 Thereafter 4,976 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Deposit Liabilities [Abstract] | |
Deposits | Deposits A summary of deposits by type is as follows: (In thousands) At March 31, At December 31, Non-interest-bearing: Demand $ 6,680,114 $ 6,155,592 Interest-bearing: Health savings accounts 7,455,181 7,120,017 Checking 3,792,309 3,652,763 Money market 3,015,565 2,940,215 Savings 5,304,532 4,979,031 Time deposits 2,234,133 2,487,818 Total interest-bearing $ 21,801,720 $ 21,179,844 Total deposits $ 28,481,834 $ 27,335,436 Time deposits and interest-bearing checking obtained through brokers (included in above balances) $ 754,159 $ 720,440 Time deposits that exceed the FDIC limit (included in above balance) 389,513 504,543 Deposit overdrafts reclassified as loan balances 973 2,007 The scheduled maturities of time deposits are as follows: (In thousands) At March 31, Remainder of 2021 $ 1,725,839 2022 335,674 2023 82,122 2024 32,259 2025 51,347 Thereafter 6,892 Total time deposits $ 2,234,133 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Total borrowings of $1.2 billion at March 31, 2021 and $1.7 billion at December 31, 2020 are described in detail below. The following table summarizes securities sold under agreements to repurchase and other borrowings: At March 31, At December 31, (Dollars in thousands) Total Outstanding Rate Total Outstanding Rate Securities sold under agreements to repurchase (1) : Original maturity of one year or less $ 298,378 0.11 % $ 269,330 0.13 % Original maturity of greater than one year, non-callable 200,000 1.53 200,000 0.84 Total securities sold under agreements to repurchase 498,378 0.68 469,330 0.43 Fed funds purchased — — 526,025 0.08 Securities sold under agreements to repurchase and other borrowings $ 498,378 0.68 $ 995,355 0.25 (1) The Company has right of offset with respect to all repurchase agreement assets and liabilities. Total securities sold under agreements to repurchase are presented as gross transactions, as only liabilities are outstanding for the periods presented. Repurchase agreements are used as a source of borrowed funds and are collateralized by agency mortgage-backed securities. Repurchase agreement counterparties are limited to primary dealers in government securities and commercial/municipal customers through the Corporate Treasury function. The following table provides information for FHLB advances: At March 31, 2021 At December 31, 2020 (Dollars in thousands) Total Outstanding Weighted- Total Outstanding Weighted- Maturing within 1 year $ 25,000 0.35 % $ 25,000 0.38 % After 1 but within 2 years 105 — 110 — After 2 but within 3 years 212 2.95 215 2.95 After 3 but within 4 years 100,000 1.50 50,000 1.59 After 4 but within 5 years — — 50,000 1.42 After 5 years 13,237 2.56 7,839 2.66 FHLB advances $ 138,554 1.40 $ 133,164 1.36 Aggregate carrying value of assets pledged as collateral $ 7,239,063 $ 7,387,054 Remaining borrowing capacity 4,451,005 4,689,642 Webster Bank is in compliance with FHLB collateral requirements for the periods presented. Eligible collateral, primarily certain residential and commercial real estate loans, has been pledged to secure FHLB advances. The following table summarizes long-term debt: (Dollars in thousands) At March 31, At December 31, 4.375% Senior fixed-rate notes due February 15, 2024 $ 150,000 $ 150,000 4.100% Senior fixed-rate notes due March 25, 2029 (1) 342,826 344,164 Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2) 77,320 77,320 Total notes and subordinated debt 570,146 571,484 Discount on senior fixed-rate notes (1,138) (1,193) Debt issuance cost on senior fixed-rate notes (2,528) (2,628) Long-term debt $ 566,480 $ 567,663 (1) The Company de-designated its fair value hedging relationship on these notes. A basis adjustment is included in the carrying value, which is being amortized over the remaining life of the notes. (2) The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 3.13% at March 31, 2021 and 3.18% at December 31, 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income, Net of Tax | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income, Net of Tax | Accumulated Other Comprehensive Income, Net of Tax The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net of tax: Three months ended March 31, 2021 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Beginning balance $ 67,424 $ 19,918 $ (45,086) $ 42,256 Other comprehensive (loss) before reclassifications (30,353) (5,170) — (35,523) Amounts reclassified from accumulated other comprehensive income (loss) — 798 743 1,541 Net current-period other comprehensive (loss) income, net of tax (30,353) (4,372) 743 (33,982) Ending balance $ 37,071 $ 15,546 $ (44,343) $ 8,274 Three months ended March 31, 2020 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Beginning balance $ 17,251 $ (9,184) $ (44,139) $ (36,072) Other comprehensive (loss) income before reclassifications (15,683) 24,779 — 9,096 Amounts reclassified from accumulated other comprehensive income (loss) (6) 1,453 729 2,176 Net current-period other comprehensive (loss) income, net of tax (15,689) 26,232 729 11,272 Ending balance $ 1,562 $ 17,048 $ (43,410) $ (24,800) The following table further details the amounts reclassified from accumulated other comprehensive income (loss): (In thousands) Three months ended March 31, Associated Line Item on the Condensed Consolidated Statements of Income AOCI (AOCL) Component 2021 2020 Securities available-for-sale: Unrealized gains on investment securities $ — $ 8 Gain on sale of investment securities, net Tax expense — (2) Income tax expense Net of tax $ — $ 6 Derivative instruments: Hedge terminations $ (1,005) $ (1,173) Interest expense Premium amortization (76) (794) Interest income Tax benefit 283 514 Income tax expense Net of tax $ (798) $ (1,453) Defined benefit pension and other postretirement benefit plans: Amortization of net loss $ (1,008) $ (990) Other non-interest expense Tax benefit 265 261 Income tax expense Net of tax $ (743) $ (729) |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Matters | Regulatory Matters Capital Requirements Webster Financial Corporation is subject to regulatory capital requirements administered by the Federal Reserve System, while Webster Bank is subject to regulatory capital requirements administered by the OCC. Regulatory authorities can initiate certain mandatory actions if either Webster Financial Corporation or Webster Bank fail to meet minimum capital requirements, which could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, both Webster Financial Corporation and Webster Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. These quantitative measures require minimum amounts and ratios to ensure capital adequacy. Total risk-based capital is comprised of three categories as defined by Basel III capital rules: CET1 capital, Tier 1 capital, and Tier 2 capital. CET1 capital includes common shareholders' equity, less deductions for goodwill, other intangibles, and certain deferred tax adjustments. For purposes of CET1 capital, common shareholders' equity excludes AOCI (AOCL) components as permitted by the opt-out election taken by Webster upon adoption of Basel III. Tier 1 capital is comprised of CET1 capital plus perpetual preferred stock, while Tier 2 capital includes qualifying subordinated debt and qualifying allowance for credit losses, that together equal total capital. The following table provides information on the capital ratios for Webster Financial Corporation and Webster Bank: At March 31, 2021 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 2,609,103 11.89 % $ 987,539 4.5 % $ 1,426,445 6.5 % Total risk-based capital 3,090,093 14.08 1,755,625 8.0 2,194,531 10.0 Tier 1 risk-based capital 2,754,140 12.55 1,316,718 6.0 1,755,625 8.0 Tier 1 leverage capital 2,754,140 8.45 1,303,595 4.0 1,629,494 5.0 Webster Bank CET1 risk-based capital $ 2,842,608 12.96 % $ 987,127 4.5 % $ 1,425,850 6.5 % Total risk-based capital 3,101,241 14.14 1,754,892 8.0 2,193,616 10.0 Tier 1 risk-based capital 2,842,608 12.96 1,316,169 6.0 1,754,892 8.0 Tier 1 leverage capital 2,842,608 8.73 1,302,964 4.0 1,628,705 5.0 At December 31, 2020 Actual Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 2,543,131 11.35 % $ 1,008,512 4.5 % $ 1,456,739 6.5 % Total risk-based capital 3,045,652 13.59 1,792,910 8.0 2,241,137 10.0 Tier 1 risk-based capital 2,688,168 11.99 1,344,682 6.0 1,792,910 8.0 Tier 1 leverage capital 2,688,168 8.32 1,291,980 4.0 1,614,975 5.0 Webster Bank CET1 risk-based capital $ 2,791,474 12.46 % $ 1,008,027 4.5 % $ 1,456,039 6.5 % Total risk-based capital 3,071,505 13.71 1,792,048 8.0 2,240,060 10.0 Tier 1 risk-based capital 2,791,474 12.46 1,344,036 6.0 1,792,048 8.0 Tier 1 leverage capital 2,791,474 8.65 1,291,415 4.0 1,614,268 5.0 (1) In accordance with regulatory capital rules, the Company elected an option to delay the estimated impact of the adoption of CECL on its regulatory capital over a two-year deferral period and subsequent three-year transition period ending December 31, 2024. As a result, capital ratios and amounts exclude the impact of the increased allowance for credit losses on loans, held-to-maturity debt securities, and unfunded loan commitments attributed to the adoption of CECL, adjusted for an approximation of the after-tax provision for credit losses attributable to CECL relative to the incurred loss methodology during the deferral period. Dividend Restrictions. Webster Financial Corporation is dependent upon dividends from Webster Bank to provide funds for its cash requirements, including payments of dividends to shareholders. Dividends paid by the Bank are subject to various federal and state regulatory limitations. Express approval by the OCC is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels, or would exceed the net income for that year combined with the undistributed net income for the preceding two years. Webster Bank paid $60.0 million in dividends to Webster Financial Corporation during the three months ended March 31, 2021, whereas no dividends were paid during the three months ended March 31, 2020. Cash Restrictions. Webster Bank is required by Federal Reserve System regulations to hold cash reserve balances on hand or with a Federal Reserve Bank. To address liquidity concerns due to COVID-19, the Federal Reserve reset the requirement to zero. The reserve requirement ratio remains subject to adjustment as conditions warrant. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share A reconciliation of the calculation of basic and diluted earnings per common share is as follows: Three months ended March 31, (In thousands, except per share data) 2021 2020 Earnings for basic and diluted earnings per common share: Net income $ 108,078 $ 38,199 Less: Preferred stock dividends 1,969 1,969 Net income available to common shareholders 106,109 36,230 Less: Earnings applicable to participating securities (1) 579 209 Earnings applicable to common shareholders $ 105,530 $ 36,021 Shares: Weighted-average common shares outstanding - basic 89,809 90,936 Effect of dilutive securities 299 270 Weighted-average common shares outstanding - diluted 90,108 91,206 Earnings per common share (1) : Basic $ 1.18 $ 0.40 Diluted 1.17 0.39 (1) Earnings per common share amounts under the two-class method for unvested time-based restricted stock with non-forfeitable dividends and dividend rights are computed the same as the presentation above. Dilutive Securities Webster maintains stock compensation plans under which restricted stock, restricted stock units, non-qualified stock options, incentive stock options, or stock appreciation rights may be granted to employees and directors. The effect of dilutive securities for the periods presented is attributed to outstanding stock options and non-participating, performance-based restricted stock. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Derivative Positions and Offsetting Derivatives Designated in Hedge Relationships . Interest rate swaps allow the Company to change the fixed or variable nature of an interest rate without the exchange of the underlying notional amount. Certain pay fixed/receive variable interest rate swaps are designated as cash flow hedges to effectively convert variable-rate debt into fixed-rate debt, while certain receive fixed/pay variable interest rate swaps are designated as fair value hedges to effectively convert fixed-rate long-term debt into variable-rate debt. Certain purchased options are designated as cash flow hedges. Purchased options allow the Company to limit the potential adverse impact of variable interest rates by establishing a cap or floor rate in exchange for an upfront premium. The purchased options designated as cash flow hedges represent interest rate caps where payment is received from the counterparty if interest rates rise above the cap rate, and interest rate floors where payment is received from the counterparty when interest rates fall below the floor rate. Derivatives Not Designated in Hedge Relationships. The Company also enters into other derivative transactions to manage economic risks, but does not designate the instruments in hedge relationships. Further, the Company enters into derivative contracts to accommodate customer needs. Derivative contracts with customers are offset with dealer counterparty transactions structured with matching terms to ensure minimal impact on earnings. The following table presents the notional amounts and fair values of derivative positions: At March 31, 2021 At December 31, 2020 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives (In thousands) Notional Fair Notional Fair Notional Fair Notional Fair Designated as hedging instruments: Interest rate derivatives (1) $ 1,000,000 $ 32,581 $ 25,000 $ 59 $ 1,000,000 $ 39,641 $ 25,000 $ 103 Not designated as hedging instruments: Interest rate derivatives (1) 4,502,668 187,593 4,306,916 22,762 4,533,441 292,096 4,356,339 11,874 Mortgage banking derivatives (2) 43,494 485 3,303 12 40,771 855 — — Other (3) 100,907 296 381,546 192 108,987 264 360,497 377 Total not designated as hedging instruments 4,647,069 188,374 4,691,765 22,966 4,683,199 293,215 4,716,836 12,251 Gross derivative instruments, before netting $ 5,647,069 220,955 $ 4,716,765 23,025 $ 5,683,199 332,856 $ 4,741,836 12,354 Less: Master netting agreements 3,082 3,082 7,522 7,522 Cash collateral 39,973 2,701 33,043 4,485 Total derivative instruments, after netting $ 177,900 $ 17,242 $ 292,291 $ 347 (1) Balances related to Chicago Mercantile Exchange (CME), excluding accrued interest, are presented as a single unit of account. In accordance with its rule book, CME legally characterizes variation margin payments as settlement of derivatives rather than collateral against derivative positions. Notional amounts of interest rate swaps cleared through CME include $0.3 billion and $0.1 billion for asset derivatives and $3.0 billion and $3.2 billion for liability derivatives at March 31, 2021 and December 31, 2020, respectively. The related fair values approximate zero. (2) Notional amounts related to residential loans exclude approved floating rate commitments of $1.1 million at March 31, 2021. (3) Other derivatives include foreign currency forward contracts related to lending arrangements and customer hedging activity, a Visa equity swap transaction, and risk participation agreements. Notional amounts of risk participation agreements include $82.7 million and $80.5 million for asset derivatives and $368.4 million and $338.9 million for liability derivatives at March 31, 2021 and December 31, 2020, respectively, that have insignificant related fair values. The following table presents fair value positions transitioned from gross to net upon applying contractual counterparty netting agreements: At March 31, 2021 (In thousands) Gross Offset Amount Net Amount on Balance Sheet Amounts Not Offset Net Amounts Asset derivatives $ 43,092 $ 43,055 $ 37 $ 266 $ 303 Liability derivatives 5,783 5,783 — 727 727 At December 31, 2020 (In thousands) Gross Offset Amount Net Amount on Balance Sheet Amounts Not Offset Net Amounts Asset derivatives $ 40,565 $ 40,565 $ — $ 785 $ 785 Liability derivatives 12,007 12,007 — 1,247 1,247 Derivative Activity The following table presents the income statement effect of derivatives designated as cash flow hedges: Recognized In Three months ended March 31, (In thousands) Net Interest Income 2021 2020 Interest rate derivatives Long-term debt $ 121 $ 1,121 Interest rate derivatives Interest and fees on loans and leases (2,582) 740 Net recognized on cash flow hedges $ (2,461) $ 1,861 The following table presents information related to a fair value hedging adjustment: Condensed Consolidated Balance Sheet Line Item in Which Hedged Item is Located Carrying Amount of Previously Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount (In thousands) At March 31, At December 31, At March 31, At December 31, Long-term debt $ 342,826 $ 344,164 $ 42,826 $ 44,164 The following table presents the effect on the income statement for derivatives not designated as hedging instruments: Recognized In Three months ended March 31, (In thousands) Non-interest Income 2021 2020 Interest rate derivatives Other income $ 4,644 $ 5,926 Mortgage banking derivatives Mortgage banking activities (382) (993) Other Other income 472 1,911 Total not designated as hedging instruments $ 4,734 $ 6,844 Purchased options designated as cash flow hedges exclude time-value premiums from the assessment of hedge effectiveness. Time-value premiums are amortized on a straight-line basis. At March 31, 2021, the remaining unamortized balance of time-value premiums was $9.4 million. Over the next twelve months, an estimated $10.3 million decrease to interest expense will be reclassified from AOCI (AOCL) relating to cash flow hedges, and an estimated $0.3 million increase to interest expense will be reclassified from AOCI (AOCL) relating to hedge terminations. At March 31, 2021, the remaining unamortized loss on terminated cash flow hedges is $0.9 million. The maximum length of time over which forecasted transactions are hedged is 3.3 years. Additional information about cash flow hedge activity impacting AOCI (AOCL) and the related amounts reclassified to interest expense is provided in Note 11: Accumulated Other Comprehensive Income, Net of Tax. Information about the valuation methods used to measure the fair value of derivatives is provided in Note 15: Fair Value Measurements. Derivative Exposure At March 31, 2021, the Company had $75.9 million in initial margin collateral posted at CME. In addition, $40.7 million of cash collateral received is included in cash and due from banks on the accompanying Condensed Consolidated Balance Sheets. Webster regularly evaluates the credit risk of its derivative customers, taking into account the likelihood of default, net exposures, and remaining contractual life, among other related factors. Credit risk exposure is mitigated as transactions with customers are generally secured by the same collateral of the underlying transactions. Current net credit exposure relating to interest rate derivatives with Webster Bank customers was $182.3 million at March 31, 2021. In addition, the Company monitors potential future exposure, representing its best estimate of exposure to remaining contractual maturity. The potential future exposure relating to interest rate derivatives with Webster Bank customers totaled $39.6 million at March 31, 2021. The Company incorporates a credit valuation adjustment (CVA) and debit valuation adjustment (DVA) to reflect nonperformance risk in the fair value measurement of its derivatives. Various factors impact changes in the CVA and DVA over time, including changes in the credit spreads of the parties to the contracts, as well as changes in market rates and volatilities, which affect the total expected exposure of the derivative instruments. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined using quoted market prices. However, in many instances, quoted market prices are not available. In such instances, fair values are determined using appropriate valuation techniques. Various assumptions and observable inputs must be relied upon in applying these techniques. Accordingly, categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. As such, the fair value estimates may not be realized in an immediate transfer of the respective asset or liability. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings or any part of a particular financial instrument. Fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These factors are subjective in nature and involve uncertainties and matters of significant judgment, and therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair Value Hierarchy The three levels within the fair value hierarchy are as follows: • Level 1: Valuation is based upon unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2: Fair value is calculated using significant inputs other than quoted market prices that are directly or indirectly observable for the asset or liability. The valuation may rely on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, rate volatility, prepayment speeds, credit ratings,) or inputs that are derived principally or corroborated by market data, correlation, or other means. • Level 3: Inputs for determining the fair value of the respective assets or liabilities are not observable. Level 3 valuations are reliant upon pricing models and techniques that require significant management judgment or estimation. Assets and Liabilities Measured at Fair Value on a Recurring Basis Available-for-Sale Investment Securities . When quoted prices are available in an active market, the Company classifies available-for-sale investment securities within Level 1 of the fair value hierarchy. U.S. Treasury Bills are classified within Level 1 of the fair value hierarchy. When quoted market prices are not available, the Company employs an independent pricing service that utilizes matrix pricing to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's results and has an established process to challenge their valuations, or methodologies, that appear unusual or unexpected. Available-for-Sale investment securities which include Agency CMO, Agency MBS, Agency CMBS, CMBS, CLO, and corporate debt, are classified within Level 2 of the fair value hierarchy. Derivative Instruments . Foreign exchange contracts are valued based on unadjusted quoted prices in active markets and classified within Level 1 of the fair value hierarchy. All other derivative instruments are valued using third-party valuation software, which considers the present value of cash flows discounted using observable forward rate assumptions. The resulting fair value is validated against valuations performed by independent third parties and are classified within Level 2 of the fair value hierarchy. Mortgage Banking Derivatives . Forward sales of mortgage loans and mortgage-backed securities are utilized by the Company in its efforts to manage risk of loss associated with its mortgage loan commitments and mortgage loans held for sale. Prior to closing and funding certain single-family residential mortgage loans, an interest rate lock commitment is generally extended to the borrower. During the period from commitment date to closing date, the Company is subject to the risk that market rates of interest may change. If market rates rise, investors generally will pay less to purchase such loans resulting in a reduction in the gain on sale of the loans or, possibly, a loss. In an effort to mitigate such risk, forward delivery sales commitments are established, under which the Company agrees to deliver whole mortgage loans to various investors or issue mortgage-backed securities. The fair value of mortgage banking derivatives is determined based on current market prices for similar assets in the secondary market and, therefore, classified within Level 2 of the fair value hierarchy. Originated Loans Held For Sale . Residential mortgage loans typically are classified as held for sale upon origination based on management's intent to sell such loans. The Company generally records residential mortgage loans held for sale under the fair value option of Accounting Standards Codification (ASC) Topic 825 "Financial Instruments." Electing to measure originated loans held for sale at fair value reduces certain timing differences and better matches changes in the value of these assets with changes in the value of the derivatives used as an economic hedge on these assets. The fair value of residential mortgage loans held for sale is based on quoted market prices of similar loans sold in conjunction with securitization transactions. Accordingly, such loans are classified within Level 2 of the fair value hierarchy. The following table compares the fair value to unpaid principal balance of assets accounted for under the fair value option: At March 31, 2021 At December 31, 2020 (In thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 17,260 $ 17,024 $ 236 $ 14,000 $ 13,511 $ 489 Investments Held in Rabbi Trust. Investments held in the Rabbi Trust primarily include open-ended mutual funds that invest in equity and fixed income securities. Shares of mutual funds are valued based on net asset value, which represents quoted market prices for the underlying shares held in the mutual funds. Therefore, investments held in the Rabbi Trust are classified within Level 1 of the fair value hierarchy. The Company has elected to measure the investments held in the Rabbi Trust at fair value. The cost basis of the investments held in the Rabbi Trust is $1.6 million at March 31, 2021. Alternative Investments. Equity investments have a readily determinable fair value when quoted prices are available in an active market. Accordingly, such alternative investments are classified within Level 1 of the fair value hierarchy. Equity investments that do not have a readily available fair value may qualify for net asset value (NAV) practical expedient measurement, based on specific requirements. The Company's alternative investments accounted for at NAV consist of investments in non-public entities that generally cannot be redeemed since the Company’s investments are distributed as the underlying equity is liquidated. Alternative investments recorded at NAV are not classified within the fair value hierarchy. At March 31, 2021, these alternative investments had a remaining unfunded commitment of $18.7 million. A summary of the financial assets and liabilities measured at fair value on a recurring basis is as follows: At March 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Financial assets held at fair value: Agency CMO $ — $ 137,603 $ — $ 137,603 Agency MBS — 1,456,456 — 1,456,456 Agency CMBS — 974,585 — 974,585 CMBS — 663,013 — 663,013 CLO — 68,643 — 68,643 Corporate debt — 13,680 — 13,680 Total available-for-sale investment securities — 3,313,980 — 3,313,980 Gross derivative instruments, before netting (1) 266 220,689 — 220,955 Originated loans held for sale — 17,260 — 17,260 Investments held in Rabbi Trust 4,845 — — 4,845 Alternative investments (2) — — — 15,896 Total financial assets held at fair value $ 5,111 $ 3,551,929 $ — $ 3,572,936 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 98 $ 22,927 $ — $ 23,025 At December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Financial assets held at fair value: Agency CMO $ — $ 154,613 $ — $ 154,613 Agency MBS — 1,457,409 — 1,457,409 Agency CMBS — 1,117,233 — 1,117,233 CMBS — 508,018 — 508,018 CLO — 76,383 — 76,383 Corporate debt — 13,120 — 13,120 Total available-for-sale investment securities — 3,326,776 — 3,326,776 Gross derivative instruments, before netting (1) 205 332,651 — 332,856 Originated loans held for sale — 14,000 — 14,000 Investments held in Rabbi Trust 4,811 — — 4,811 Alternative investments (2) — — — 11,112 Total financial assets held at fair value $ 5,016 $ 3,673,427 $ — $ 3,689,555 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 218 $ 12,136 $ — $ 12,354 (1) For information relating to the impact of netting derivative assets and derivative liabilities, as well as the impact from offsetting cash collateral paid to the same derivative counterparties, refer to Note 14: Derivative Financial Instruments. (2) Alternative investments are recorded at NAV. Assets measured at NAV are not classified within the fair value hierarchy. Assets Measured at Fair Value on a Non-Recurring Basis Certain assets are measured at fair value on a non-recurring basis; that is, the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. At March 31, 2021, no significant assets classified within Level 3 were identified and measured under this basis. The following is a description of valuation methodologies used for assets measured on a non-recurring basis. Alternative Investments. The measurement alternative has been elected for alternative investments without readily determinable fair values that do not qualify for the NAV practical expedient. The measurement alternative requires investments to be accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. These alternative investments are investments in non-public entities that generally cannot be redeemed since the investment is distributed as the underlying equity is liquidated. Accordingly, these alternative investments are classified within Level 2 of the fair value hierarchy. The carrying amount of these alternative investments was $17.9 million at March 31, 2021. No reductions for impairments or adjustments due to observable price changes were identified during the three months ended March 31, 2021. Collateral Dependent Loans and Leases. Loans and leases for which the payment is expected to be provided solely by the value of the underlying collateral are considered collateral dependent and are valued based on the estimated fair value of such collateral, less estimated cost to sell, using customized discounting criteria. Accordingly, such collateral dependent loans and leases are classified within Level 3 of the fair value hierarchy. Other Real Estate Owned (OREO) and Repossessed Assets. The total book value of OREO and repossessed assets was $2.4 million at March 31, 2021. OREO and repossessed assets are accounted for at the lower of cost or fair value and are considered to be recognized at fair value when recorded below cost. The fair value of OREO is based on independent appraisals or internal valuation methods, less estimated selling costs. The valuation may consider available pricing guides, auction results, and price opinions. Certain assets require assumptions about factors that are not observable in an active market in the determination of fair value; as such, OREO and repossessed assets are classified within Level 3 of the fair value hierarchy. In addition, the amortized cost of consumer loans secured by residential real estate property that are in process of foreclosure amounted to $19.3 million at March 31, 2021. Fair Value of Financial Instruments and Servicing Assets The Company is required to disclose the estimated fair value of financial instruments for which it is practicable to estimate fair value, as well as for servicing assets. The following is a description of the valuation methodologies used for those assets and liabilities. Cash, Due from Banks, and Interest-bearing Deposits . The carrying amount of cash, due from banks, and interest-bearing deposits is used to approximate fair value given the short time frame to maturity, and as such, these assets do not present unanticipated credit concerns. Cash, due from banks, and interest-bearing deposits are classified within Level 1 of the fair value hierarchy. Held-to-Maturity Investment Securities . When quoted market prices are not available, the Company employs an independent pricing service that utilizes matrix pricing to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's results, and has an established process to challenge their valuations or methodologies that appear unusual or unexpected. Held-to-Maturity investment securities, which include Agency CMO, Agency MBS, Agency CMBS, CMBS, and municipal bonds and notes, are classified within Level 2 of the fair value hierarchy. Loans and Leases, net . The estimated fair value of loans and leases held for investment is calculated using a discounted cash flow method based on future prepayments and market interest rates inclusive of an illiquidity premium for comparable loans and leases. The associated cash flows are adjusted for credit and other potential losses. Fair value for collateral dependent loans and leases is estimated using the net present value of the expected cash flows. Loans and leases are classified within Level 3 of the fair value hierarchy. Deposit Liabilities . The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. Deposit liabilities are classified within Level 2 of the fair value hierarchy. Time Deposits . The fair value of a fixed-maturity certificate of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Time deposits are classified within Level 2 of the fair value hierarchy. Securities Sold Under Agreements to Repurchase and Other Borrowings . The fair value of securities sold under agreements to repurchase and other borrowings that mature within 90 days is equal to the carrying value. Fair value for all other balances are estimated using a discounted cash flow analysis based on current market rates adjusted for associated credit risks, as appropriate. Securities sold under agreements to repurchase and other borrowings are classified within Level 2 of the fair value hierarchy. Federal Home Loan Bank Advances and Long-Term Debt . The fair value of FHLB advances and long-term debt is estimated using a discounted cash flow technique. Discount rates are matched with the time period of the expected cash flows and are adjusted, as appropriate, to reflect credit risk. FHLB advances and long-term debt are classified within Level 2 of the fair value hierarchy. Mortgage Servicing Assets . Mortgage servicing assets are initially recorded at fair value and subsequently measured under the amortization method. Fair value is calculated as the present value of estimated future net servicing income and relies on market based assumptions for loan prepayment speeds, servicing costs, discount rates, and other economic factors. As such, the primary risk inherent in valuing mortgage servicing assets is the impact of fluctuating interest rates on the related servicing revenue stream. Mortgage servicing assets are reviewed quarterly and held at the lower of the carrying amount or fair value. Fair value adjustments, if any, are included as a component of loan related fees in the accompanying Condensed Consolidated Statements of Income. The Company recorded a $191 thousand and a $575 thousand charge to the valuation allowance for the three months ended March 31, 2021 and 2020, respectively. Mortgage servicing assets are classified within Level 3 of the fair value hierarchy. The carrying amounts, estimated fair values, and classifications within the fair value hierarchy of selected financial instruments and servicing assets are summarized as follows: At March 31, 2021 At December 31, 2020 (In thousands) Carrying Fair Carrying Fair Assets: Level 2 Held-to-maturity investment securities, net $ 5,567,785 $ 5,730,726 $ 5,567,889 $ 5,835,364 Level 3 Loans and leases, net 20,973,032 21,085,680 21,281,784 21,413,397 Mortgage servicing assets 12,327 16,102 13,422 14,362 Liabilities: Level 2 Deposit liabilities $ 26,247,701 $ 26,247,701 $ 24,847,618 $ 24,847,618 Time deposits 2,234,133 2,237,004 2,487,818 2,494,601 Securities sold under agreements to repurchase and other borrowings 498,378 505,387 995,355 1,000,189 FHLB advances 138,554 142,467 133,164 139,035 Long-term debt (1) 566,480 522,850 567,663 538,407 (1) Adjustments to the carrying amount of long-term debt for basis adjustment and unamortized discount and debt issuance cost on senior fixed-rate notes are not included in the determination of fair value. Refer to Note 10: Borrowings for additional information. |
Retirement Benefit Plans
Retirement Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans Defined Benefit Pension and Other Postretirement Benefits The following table summarizes the components of net periodic benefit (income) cost: Three months ended March 31, 2021 2020 (In thousands) Pension Plan SERP Other Pension Plan SERP Other Benefits Interest cost on benefit obligations $ 1,166 $ 7 $ 4 $ 1,675 $ 11 $ 13 Expected return on plan assets (3,595) — — (3,380) — — Recognized net loss (gain) 1,019 8 (20) 992 6 (9) Net periodic benefit (income) cost $ (1,410) $ 15 $ (16) $ (713) $ 17 $ 4 The components of net periodic benefit (income) cost are included within other non-interest expense on the accompanying Condensed Consolidated Statements of Income. The weighted-average expected long-term rate of return on plan assets for the three months ended March 31, 2021 was 5.50%, as determined at the beginning of the fiscal year. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting 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. 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. 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, $131.0 million of goodwill was reallocated, on a relative fair value basis, from Retail Banking to Commercial Banking. There was no goodwill impairment as a result of the reorganization. Prior period amounts have been recasted to reflect the realignment. Description of Segment Reporting Methodology Webster uses an internal profitability reporting system to generate information by reportable segment, which is based on a series of management estimates for funds transfer pricing, and allocations for non-interest expense, provision for credit losses, income taxes, and equity capital. These estimates and allocations, certain of which are subjective in nature, are periodically reviewed and refined. Changes in estimates and allocations that affect the results of any reportable segment do not affect the consolidated financial position or results of operations of Webster as a whole. The full profitability measurement reports, which are prepared for each reportable segment, reflect non-GAAP reporting methodologies. The differences between full profitability and GAAP results are reconciled in the Corporate and Reconciling category. Webster allocates interest income and interest expense to each business, through an internal matched maturity Funds Transfer Pricing (FTP) process. The goal of the FTP allocation is to encourage loan and deposit growth consistent with the Company’s overall profitability objectives. The FTP process considers the specific interest rate risk and liquidity risk of financial instruments and other assets and liabilities in each line of business. Loans are assigned an FTP rate for funds used and deposits are assigned an FTP rate for funds provided. The allocation considers the origination date and the earlier of the maturity date or the repricing date of a financial instrument to assign an FTP rate for loans and deposits originated each day. The FTP process transfers the corporate interest rate risk exposure to the treasury function included within the Corporate and Reconciling category where such exposures are centrally managed. Webster allocates a majority of non-interest expense to each reportable segment using a full-absorption costing process. Costs, including corporate overhead, are analyzed, pooled by process, and assigned to the appropriate reportable segment. Business development costs are generally included in the Corporate and Reconciling category. The results of funds transfer pricing and allocations for non-interest expense, as well as non-interest income produces pre-tax, pre-provision net revenue, under which basis the segments are reviewed by executive management. Webster also allocates the provision for credit losses to each reportable segment based on management's estimate of the inherent loss content in each of the specific loan and lease portfolios. Allowance for credit losses on loans and leases is included in total assets within the Corporate and Reconciling category. The following table presents balance sheet information, including all appropriate allocations, for Webster's reportable segments and the Corporate and Reconciling category: At March 31, 2021 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Goodwill $ 131,000 $ 21,813 $ 385,560 $ — $ 538,373 Total assets $ 14,602,793 $ 83,707 $ 7,514,326 $ 11,058,211 $ 33,259,037 At December 31, 2020 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Goodwill $ 131,000 $ 21,813 $ 385,560 $ — $ 538,373 Total assets $ 14,732,792 $ 80,352 $ 7,726,287 $ 10,051,259 $ 32,590,690 The following tables present the operating results, including all appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category: Three months ended March 31, 2021 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Net interest income $ 142,038 $ 42,109 $ 88,813 $ (49,196) $ 223,764 Non-interest income 25,177 27,005 16,071 8,504 76,757 Non-interest expense 64,836 36,250 76,124 10,772 187,982 Pre-tax, pre-provision net revenue 102,379 32,864 28,760 (51,464) 112,539 Provision for credit losses (19,373) — (6,386) 9 (25,750) Income before income tax expense 121,752 32,864 35,146 (51,473) 138,289 Income tax expense 30,803 8,775 7,732 (17,099) 30,211 Net income $ 90,949 $ 24,089 $ 27,414 $ (34,374) $ 108,078 Three months ended March 31, 2020 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Net interest income $ 117,587 $ 42,673 $ 81,199 $ (10,658) $ 230,801 Non-interest income 22,416 26,383 18,443 6,136 73,378 Non-interest expense 65,221 37,078 80,290 (3,753) 178,836 Pre-tax, pre-provision net revenue 74,782 31,978 19,352 (769) 125,343 Provision for credit losses 69,018 — 7,067 (85) 76,000 Income before income tax expense 5,764 31,978 12,285 (684) 49,343 Income tax expense 1,406 8,538 2,678 (1,478) 11,144 Net income $ 4,358 $ 23,440 $ 9,607 $ 794 $ 38,199 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following table presents revenues within the scope of ASC Topic 606, Revenue from Contracts with Customers, along with the net amount of other sources of non-interest income that are within the scope of other GAAP topics, by reportable segment: Three months ended March 31, 2021 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Non-interest Income: Deposit service fees $ 4,101 $ 25,018 $ 11,303 $ 47 $ 40,469 Wealth and investment services 9,412 — — (9) 9,403 Other 302 1,987 246 — 2,535 Revenue from contracts with customers 13,815 27,005 11,549 38 52,407 Other sources of non-interest income 11,362 — 4,522 8,466 24,350 Total non-interest income $ 25,177 $ 27,005 $ 16,071 $ 8,504 $ 76,757 Three months ended March 31, 2020 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Non-interest Income: Deposit service fees $ 3,911 $ 24,842 $ 13,740 $ 77 $ 42,570 Wealth and investment services 8,746 — — (7) 8,739 Other 256 1,541 61 — 1,858 Revenue from contracts with customers 12,913 26,383 13,801 70 53,167 Other sources of non-interest income 9,503 — 4,642 6,066 20,211 Total non-interest income $ 22,416 $ 26,383 $ 18,443 $ 6,136 $ 73,378 The major sources of revenue from contracts with customers are described below: Deposit service fees predominately consist of fees earned from deposit accounts and interchange fees. Fees earned from deposit accounts relate to event-driven services and periodic account maintenance activities. Webster's obligations for event-driven services are satisfied at the time the service is delivered, while the obligations for maintenance services are satisfied monthly. Interchange fees are assessed as the performance obligation is satisfied, which is the point in time that the card transaction is authorized. Wealth and investment services consists of fees earned from investment and securities-related services, trust, and other related services. Obligations for wealth and investment services are generally satisfied over time through a time-based measurement of progress, but certain obligations may be satisfied at points in time for activities that are transactional in nature. These disaggregated amounts are reconciled to non-interest income as presented within Note 17: Segment Reporting. Contracts with customers did not generate significant contract assets and liabilities. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Credit-Related Financial Instruments The Company offers credit-related financial instruments in the normal course of business to meet certain financing needs of its customers, that involve off-balance sheet risk. These transactions may include an unused commitment to extend credit, standby letter of credit, or a commercial letter of credit. Such transactions involve, to varying degrees, elements of credit risk. Commitments to Extend Credit . The Company makes commitments under various terms to lend funds to customers at a future point in time. These commitments include revolving credit arrangements, term loan commitments, and short-term borrowing agreements. Most of these loans have fixed expiration dates or other termination clauses where a fee may be required. Since commitments routinely expire without being funded, or after required availability of collateral occurs, the total commitment amount does not necessarily represent future liquidity requirements. Standby Letters of Credit . A standby letter of credit commits the Company to make payments on behalf of customers if certain specified future events occur. The Company has recourse against the customer for any amount required to be paid to a third party under a standby letter of credit, which is often part of a larger credit agreement under which security is provided. Historically, a large percentage of standby letters of credit expire without being funded. The contractual amount of a standby letter of credit represents the maximum amount of potential future payments the Company could be required to make, and is the Company's maximum credit risk. Commercial Letters of Credit . A commercial letter of credit is issued to facilitate either domestic or foreign trade arrangements for customers. As a general rule, drafts are committed to be drawn when the goods underlying the transaction are in transit. Similar to a standby letter of credit, a commercial letter of credit is often secured by an underlying security agreement including the assets or inventory to which they relate. The following table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk: (In thousands) At March 31, At December 31, 2020 Commitments to extend credit $ 6,483,939 $ 6,517,840 Standby letters of credit 213,282 207,201 Commercial letters of credit 48,111 30,522 Total credit-related financial instruments with off-balance sheet risk $ 6,745,332 $ 6,755,563 These commitments subject the Company to potential exposure in excess of amounts recorded in the financial statements, and therefore, management maintains an allowance for credit losses on unfunded loan commitments to provide for expected losses in connection with funding the unused portion of legal commitments to lend when those commitments are not unconditionally cancellable by Webster. Loss calculation factors are consistent with the ACL methodology for funded loans using PD and LGD applied to the underlying borrower risk and facility grades, a draw down factor applied to utilization rates, and relevant forecast information. This allowance is reported as a component of accrued expenses and other liabilities on the accompanying Condensed Consolidated Balance Sheets. The following table provides a summary of activity in the allowance for credit losses on unfunded loan commitments: Three months ended March 31, (In thousands) 2021 2020 Beginning balance $ 12,755 $ 2,367 Adoption of ASU No. 2016-13 (CECL) — 9,139 Provision (benefit) 45 (1,422) Ending balance $ 12,800 $ 10,084 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events from the date of the Condensed Consolidated Financial Statements and accompanying Notes thereto, March 31, 2021, through the date of issuance, and determined that, except for the pending merger discussed in Note 3: Business Developments, no other significant events were identified requiring recognition or disclosure. |
Business Developments
Business Developments | 3 Months Ended |
Mar. 31, 2021 | |
Business Combination and Restructuring and Related Activities [Abstract] | |
Business Developments | Business Developments Pending Merger 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. 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. 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. The following table presents the changes in reserves associated with the Company's strategic initiatives for the three months ended March 31, 2021: (In thousands) Severance ROU Asset Other Total Beginning balance $ 17,675 $ — $ 2,120 $ 19,795 Charged to earnings 2,060 179 7,202 9,441 Charged against assets — (179) (1,634) (1,813) Cash payments (1,365) — (3,143) (4,508) Ending balance $ 18,370 $ — $ 4,545 $ 22,915 The reserves associated with strategic initiatives are included in accrued expenses and other liabilities on the accompanying Condensed Consolidated Balance Sheets. Severance costs are recorded as compensation and benefits, Right-of-Use (ROU) lease asset charges are recorded as occupancy expense, and Other is recorded as either occupancy, technology and equipment, professional and outside services, or other non-interest expense on the accompanying Condensed Consolidated Statements of Income. Strategic initiative costs are presented in the Corporate and Reconciling category for segment reporting purposes. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements and should be read in conjunction with the Company's Consolidated Financial Statements, and related Notes thereto, for the year ended December 31, 2020, included in our Form 10-K filed with the SEC. In the opinion of management, all necessary adjustments are reflected to present fairly the financial position and results of operations as of the dates and for the periods shown. There have been no changes to the Company's significant accounting policies from those described within that Form 10-K, except as described within the Recently Adopted Accounting Standards Updates section of this note. Certain prior period amounts have been reclassified to conform to the current year's presentation. These reclassifications had an immaterial effect on the Company's consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recently Adopted Accounting Standards Updates | Recently Adopted Accounting Standards Updates ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The Accounting Standards Update (the Update) provides simplification to the accounting for income taxes related to a variety of topics and makes minor codification improvements. Changes include a requirement that the effects of an enacted change in tax law be reflected in the computation of the annual effective tax rate in the first interim period that includes the enactment date of the new legislation and clarification on presentation of non-income based taxes. The Company adopted the Update on January 1, 2021 on a prospective basis. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. ASU No. 2021-01, Reference Rate Reform (Topic 848) - Scope. The Update clarifies that certain optional expedients and exceptions provided for in ASU No. 2020-04 for applying GAAP to contract modifications and hedging relationships apply to derivatives that are affected by the discounting transition. The amendments are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The Update was effective upon issuance for application on either a retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 22, 2020, or on a prospective basis beginning on January 7, 2021. The Company adopted the Update on a prospective basis. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. Accounting Standards Issued But Not Yet Adopted The Company has adopted all applicable Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) as of March 31, 2021. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Held-to-maturity | A summary of the amortized cost, fair value, and allowance for credit losses on investment securities held-to-maturity is presented below: At March 31, 2021 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 74,319 $ 1,494 $ (97) $ 75,716 $ — $ 74,319 Agency MBS 2,365,314 104,626 (4,824) 2,465,116 — 2,365,314 Agency CMBS 2,182,794 28,832 (22,872) 2,188,754 — 2,182,794 Municipal bonds and notes 735,969 49,669 — 785,638 308 735,661 CMBS 209,697 5,805 — 215,502 — 209,697 Held-to-maturity securities $ 5,568,093 $ 190,426 $ (27,793) $ 5,730,726 $ 308 $ 5,567,785 At December 31, 2020 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 91,622 $ 1,785 $ (241) $ 93,166 $ — $ 91,622 Agency MBS 2,419,751 137,863 (84) 2,557,530 — 2,419,751 Agency CMBS 2,101,227 60,484 (2,213) 2,159,498 — 2,101,227 Municipal bonds and notes 739,507 60,371 (3) 799,875 299 739,208 CMBS 216,081 9,214 — 225,295 — 216,081 Held-to-maturity securities $ 5,568,188 $ 269,717 $ (2,541) $ 5,835,364 $ 299 $ 5,567,889 (1) Amortized cost excludes accrued interest receivable of $17.3 million and $22.1 million at March 31, 2021 and December 31, 2020, respectively, which is included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. The following table summarizes the activity in the allowance for credit losses on investment securities held-to-maturity: Three months ended March 31, (In thousands) 2021 2020 Balance beginning of period $ 299 $ — Adoption of ASU No. 2016-13 (CECL) — 397 Provision (benefit) for credit losses 9 (85) Balance end of period $ 308 $ 312 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa2 Not Rated Agency CMOs $ — $ 74,319 $ — $ — $ — $ — $ — $ — $ — Agency MBS — 2,365,315 — — — — — — — Agency CMBS — 2,182,794 — — — — — — — Municipal bonds and notes 208,995 125,355 240,215 114,328 33,225 8,471 2,066 190 3,123 CMBS 209,697 — — — — — — — — Total held-to-maturity $ 418,692 $ 4,747,783 $ 240,215 $ 114,328 $ 33,225 $ 8,471 $ 2,066 $ 190 $ 3,123 The amortized cost and fair value of held-to-maturity debt securities presented by contractual maturity are set forth below: At March 31, 2021 (In thousands) Amortized Fair Due in one year or less $ 380 $ 382 Due after one year through five years 4,160 4,384 Due after five years through ten years 288,056 297,857 Due after ten years 5,275,497 5,428,103 Total held-to-maturity debt securities $ 5,568,093 $ 5,730,726 |
Debt Securities, Available-for-sale | A summary of the amortized cost and fair value of available-for-sale securities is presented below: At March 31, 2021 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value (2) Agency CMO $ 132,613 $ 5,109 $ (119) $ 137,603 Agency MBS 1,408,543 55,423 (7,510) 1,456,456 Agency CMBS 975,433 9,819 (10,667) 974,585 CMBS 662,805 1,193 (985) 663,013 CLO 68,700 12 (69) 68,643 Corporate debt 14,563 6 (889) 13,680 Available-for-sale securities $ 3,262,657 $ 71,562 $ (20,239) $ 3,313,980 At December 31, 2020 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value (2) Agency CMO $ 148,711 $ 6,000 $ (98) $ 154,613 Agency MBS 1,389,100 68,598 (289) 1,457,409 Agency CMBS 1,092,430 26,317 (1,514) 1,117,233 CMBS 512,759 1,082 (5,823) 508,018 CLO 76,693 — (310) 76,383 Corporate debt 14,557 — (1,437) 13,120 Available-for-sale securities $ 3,234,250 $ 101,997 $ (9,471) $ 3,326,776 (1) Amortized cost excludes accrued interest receivable of $7.1 million and $7.5 million at March 31, 2021 and December 31, 2020, respectively, which is included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. (2) Fair value represents net carrying value as there is no allowance for credit losses recorded on investment securities available-for-sale, as the securities are high credit quality, investment grade. The following table provides information on fair value and unrealized losses for the individual available-for-sale securities with an unrealized loss, for which an allowance for credit losses on investment securities available-for-sale has not been recorded, aggregated by classification and length of time that the individual investment securities have been in a continuous unrealized loss position: At March 31, 2021 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized Agency CMO $ 11,083 $ (69) $ 4,336 $ (50) 4 $ 15,419 $ (119) Agency MBS 205,383 (7,362) 8,853 (148) 44 214,236 (7,510) Agency CMBS 466,547 (10,667) — — 13 466,547 (10,667) CMBS 224,636 (547) 185,198 (438) 33 409,834 (985) CLO 24,997 (3) 24,934 (66) 2 49,931 (69) Corporate debt — — 9,405 (889) 2 9,405 (889) Available-for-sale in unrealized loss position $ 932,646 $ (18,648) $ 232,726 $ (1,591) 98 $ 1,165,372 $ (20,239) At December 31, 2020 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized Agency CMO $ 13,137 $ (49) $ 5,944 $ (49) 5 $ 19,081 $ (98) Agency MBS 33,742 (219) 4,561 (70) 30 38,303 (289) Agency CMBS 376,330 (1,514) — — 8 376,330 (1,514) CMBS 409,591 (5,486) 23,167 (337) 38 432,758 (5,823) CLO 57,728 (265) 18,655 (45) 4 76,383 (310) Corporate debt 4,100 (166) 9,020 (1,271) 3 13,120 (1,437) Available-for-sale in unrealized loss position $ 894,628 $ (7,699) $ 61,347 $ (1,772) 88 $ 955,975 $ (9,471) The amortized cost and fair value of available-for-sale debt securities presented by contractual maturity are set forth below: At March 31, 2021 (In thousands) Amortized Fair Due in one year or less $ — $ — Due after one year through five years 1,307 1,348 Due after five through ten years 226,061 226,260 Due after ten years 3,035,289 3,086,372 Total available-for-sale debt securities $ 3,262,657 $ 3,313,980 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table summarizes loans and leases: (In thousands) At March 31, At December 31, 2020 Commercial non-mortgage $ 6,918,626 $ 7,085,076 Asset-based 907,421 890,598 Commercial real estate 6,338,056 6,322,637 Equipment financing 611,440 602,224 Commercial portfolio 14,775,543 14,900,535 Residential 4,668,945 4,782,016 Home equity 1,724,599 1,802,865 Other consumer 132,296 155,799 Consumer portfolio 6,525,840 6,740,680 Loans and leases (1) (2) (3) $ 21,301,383 $ 21,641,215 (1) Loan balances include net deferred (fees)/costs and net (premiums)/discounts of $(20.1) million and $(10.5) million at March 31, 2021 and December 31, 2020, respectively. (2) At March 31, 2021, the Company had pledged $7.6 billion of eligible loans as collateral to support borrowing capacity at the FHLB of Boston and the FRB of Boston. (3) Loan balances exclude accrued interest receivable of $58.5 million and $57.8 million at March 31, 2021 and December 31, 2020, respectively, which is included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. |
Past Due Financing Receivables | The following table summarizes the aging of loans and leases: At March 31, 2021 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Commercial non-mortgage $ 1,460 $ 135 $ 50 $ 53,871 $ 55,516 $ 6,863,110 $ 6,918,626 Asset-based — — — 2,402 2,402 905,019 907,421 Commercial real estate 508 197 — 13,752 14,457 6,323,599 6,338,056 Equipment financing 5,778 37 — 6,080 11,895 599,545 611,440 Commercial portfolio 7,746 369 50 76,105 84,270 14,691,273 14,775,543 Residential 4,079 1,186 — 42,768 48,033 4,620,912 4,668,945 Home equity 4,514 1,371 — 30,892 36,777 1,687,822 1,724,599 Other consumer 510 657 — 596 1,763 130,533 132,296 Consumer portfolio 9,103 3,214 — 74,256 86,573 6,439,267 6,525,840 Total $ 16,849 $ 3,583 $ 50 $ 150,361 $ 170,843 $ 21,130,540 $ 21,301,383 At December 31, 2020 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Commercial non-mortgage $ 612 $ 903 $ 445 $ 64,073 $ 66,033 $ 7,019,043 $ 7,085,076 Asset-based 1,174 — — 2,594 3,768 886,830 890,598 Commercial real estate 2,400 619 — 21,231 24,250 6,298,387 6,322,637 Equipment financing 5,107 2,308 — 7,299 14,714 587,510 602,224 Commercial portfolio 9,293 3,830 445 95,197 108,765 14,791,770 14,900,535 Residential 4,334 6,330 — 41,081 51,745 4,730,271 4,782,016 Home equity 5,500 1,771 — 31,030 38,301 1,764,564 1,802,865 Other consumer 878 601 — 652 2,131 153,668 155,799 Consumer portfolio 10,712 8,702 — 72,763 92,177 6,648,503 6,740,680 Total $ 20,005 $ 12,532 $ 445 $ 167,960 $ 200,942 $ 21,440,273 $ 21,641,215 |
Financing Receivable, Nonaccrual | The following table provides additional detail related to loans and leases on non-accrual status: At March 31, 2021 At December 31, 2020 (In thousands) Non-accrual Non-accrual With No Allowance Non-accrual Non-accrual With No Allowance Commercial non-mortgage $ 53,871 $ 10,635 $ 64,073 $ 16,985 Asset-based 2,402 2,402 2,594 — Commercial real estate 13,752 554 21,231 15,529 Equipment financing 6,080 2,758 7,299 2,983 Commercial portfolio 76,105 16,349 95,197 35,497 Residential 42,768 31,274 41,081 29,843 Home equity 30,892 23,370 31,030 24,091 Other consumer 596 38 652 2 Consumer portfolio 74,256 54,682 72,763 53,936 Total $ 150,361 $ 71,031 $ 167,960 $ 89,433 |
Activity In Allowance For Losses | The following table summarizes the activity in, as well as the loan and lease balances that were evaluated for, ACL on loans and leases: At or for the three months ended March 31, 2021 At or for the three months ended March 31, 2020 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 312,244 $ 47,187 $ 359,431 $ 161,669 $ 47,427 $ 209,096 Adoption of ASU No. 2016-13 (CECL) — — — 34,024 23,544 57,568 (Benefit) provision (23,653) (2,106) (25,759) 71,243 4,842 76,085 Charge-offs (6,321) (2,974) (9,295) (5,574) (4,587) (10,161) Recoveries 1,636 2,338 3,974 564 1,779 2,343 Balance, end of period $ 283,906 $ 44,445 $ 328,351 $ 261,926 $ 73,005 $ 334,931 Individually evaluated for impairment 14,809 4,913 19,722 8,235 4,777 13,012 Collectively evaluated for impairment $ 269,097 $ 39,532 $ 308,629 $ 253,691 $ 68,228 $ 321,919 Loan and lease balances: Individually evaluated for impairment $ 149,145 $ 140,066 $ 289,211 $ 177,012 $ 155,105 $ 332,117 Collectively evaluated for impairment 14,626,398 6,385,774 21,012,172 13,511,409 7,047,998 20,559,407 Loans and leases $ 14,775,543 $ 6,525,840 $ 21,301,383 $ 13,688,421 $ 7,203,103 $ 20,891,524 The following table provides a summary of activity in the allowance for credit losses on unfunded loan commitments: Three months ended March 31, (In thousands) 2021 2020 Beginning balance $ 12,755 $ 2,367 Adoption of ASU No. 2016-13 (CECL) — 9,139 Provision (benefit) 45 (1,422) Ending balance $ 12,800 $ 10,084 |
Impaired Loans | The following table summarizes individually assessed loans and leases: At March 31, 2021 (In thousands) Unpaid Amortized Cost Amortized Cost No Allowance Amortized Cost With Allowance Related Commercial non-mortgage $ 149,125 $ 114,352 $ 55,091 $ 59,261 $ 11,345 Asset-based 2,499 2,402 2,402 — — Commercial real estate 30,005 26,311 10,466 15,845 2,548 Equipment financing 6,566 6,080 2,758 3,322 916 Residential 98,331 92,517 56,710 35,807 2,940 Home equity 53,155 46,953 33,299 13,654 1,764 Other consumer 604 596 38 558 209 Total $ 340,285 $ 289,211 $ 160,764 $ 128,447 $ 19,722 At December 31, 2020 (In thousands) Unpaid Amortized Cost Amortized Cost No Allowance Amortized Cost With Allowance Related Commercial non-mortgage $ 172,069 $ 119,884 $ 55,742 $ 64,142 $ 9,665 Asset-based 2,989 2,594 — 2,594 50 Commercial real estate 37,177 33,879 25,931 7,948 1,610 Equipment financing 7,770 7,298 2,983 4,315 362 Residential 108,077 98,164 58,915 39,249 3,357 Home equity 109,156 46,950 34,335 12,615 988 Other consumer 2,381 653 2 651 105 Total $ 439,619 $ 309,422 $ 177,908 $ 131,514 $ 16,137 The following table summarizes average amortized cost and interest income recognized for individually assessed loans and leases: Three months ended March 31, 2021 2020 (In thousands) Average Accrued Cash Basis Interest Income Average Accrued Cash Basis Interest Income Commercial non-mortgage $ 117,118 $ 859 $ — $ 122,835 $ 1,053 $ — Asset-based 2,498 — — 138 — — Commercial real estate 30,095 182 — 23,903 146 — Equipment financing 6,689 — — 7,192 — — Residential 95,339 639 273 97,778 830 630 Home equity 46,951 222 214 41,902 391 830 Other consumer 625 — — 512 17 — Total $ 299,315 $ 1,902 $ 487 $ 294,260 $ 2,437 $ 1,460 The following table summarizes whether, or not, individually assessed loans and leases are collateral dependent: At March 31, 2021 At December 31, 2020 (In thousands) Collateral Dependent Not Considered Collateral Dependent Total Collateral Dependent Not Considered Collateral Dependent Total Commercial non-mortgage $ 20,717 $ 93,635 $ 114,352 $ 11,074 $ 108,810 $ 119,884 Asset-based 2,402 — 2,402 2,504 90 2,594 Commercial real estate 21,671 4,640 26,311 28,482 5,397 33,879 Equipment financing — 6,080 6,080 — 7,298 7,298 Residential 36,096 56,421 92,517 33,980 64,184 98,164 Home equity 26,759 20,194 46,953 26,796 20,154 46,950 Other consumer — 596 596 — 653 653 Total amortized cost of CDA $ 107,645 $ 181,566 $ 289,211 $ 102,836 $ 206,586 $ 309,422 |
Financing Receivable Credit Quality Indicators | The following tables summarize commercial, commercial real estate, and equipment financing loans and leases segregated by origination year and risk rating exposure under the Composite Credit Risk Profile grades as of March 31, 2021 and December 31, 2020: At March 31, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage Pass $ 832,940 $ 2,168,628 $ 957,425 $ 794,005 $ 443,935 $ 416,891 $ 846,850 $ 6,460,674 Special mention — 7,430 33,416 63,403 128 19,991 31,380 155,748 Substandard — 71,611 50,013 82,673 27,423 36,782 33,702 302,204 Commercial non-mortgage 832,940 2,247,669 1,040,854 940,081 471,486 473,664 911,932 6,918,626 Asset-based Pass — 25,881 15,711 22,572 10,890 26,675 762,386 864,115 Special mention — — — 750 — — 40,154 40,904 Substandard — — 2,402 — — — — 2,402 Asset-based — 25,881 18,113 23,322 10,890 26,675 802,540 907,421 Commercial real estate Pass 172,136 921,002 1,473,799 1,227,983 519,241 1,655,611 25,038 5,994,810 Special mention — 27 19,569 40,601 37,690 107,235 — 205,122 Substandard — 813 789 21,884 60,794 53,844 — 138,124 Commercial real estate 172,136 921,842 1,494,157 1,290,468 617,725 1,816,690 25,038 6,338,056 Equipment financing Pass 66,283 232,733 127,083 59,846 22,961 54,613 — 563,519 Special mention — 3,435 11,316 5,185 868 1,376 — 22,180 Substandard 921 10,292 4,484 6,148 1,480 2,416 — 25,741 Equipment financing 67,204 246,460 142,883 71,179 25,309 58,405 — 611,440 Commercial portfolio $ 1,072,280 $ 3,441,852 $ 2,696,007 $ 2,325,050 $ 1,125,410 $ 2,375,434 $ 1,739,510 $ 14,775,543 At December 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage Pass $ 2,771,373 $ 1,052,080 $ 907,110 $ 481,321 $ 231,280 $ 218,001 $ 936,592 $ 6,597,757 Special mention 32,535 33,969 62,034 435 8,357 13,757 38,496 189,583 Substandard 54,716 51,798 66,324 36,159 15,535 23,957 49,084 297,573 Doubtful — — — 163 — — — 163 Commercial non-mortgage 2,858,624 1,137,847 1,035,468 518,078 255,172 255,715 1,024,172 7,085,076 Asset-based Pass 26,344 15,960 23,123 11,333 10,963 16,484 741,336 845,543 Special mention — — 775 — — — 41,687 42,462 Substandard — 2,504 — — — — 89 2,593 Asset-based 26,344 18,464 23,898 11,333 10,963 16,484 783,112 890,598 Commercial real estate Pass 965,582 1,461,201 1,242,322 527,931 554,630 1,165,331 28,113 5,945,110 Special mention 27 10,385 70,704 37,539 35,617 69,832 — 224,104 Substandard 817 1,132 21,923 73,621 2,962 52,968 — 153,423 Commercial real estate 966,426 1,472,718 1,334,949 639,091 593,209 1,288,131 28,113 6,322,637 Equipment financing Pass 249,370 135,263 68,092 26,433 43,469 22,879 — 545,506 Special mention 7,934 11,043 6,981 1,220 1,577 788 — 29,543 Substandard 7,483 6,169 5,749 2,460 4,743 571 — 27,175 Equipment financing 264,787 152,475 80,822 30,113 49,789 24,238 — 602,224 Commercial portfolio $ 4,116,181 $ 2,781,504 $ 2,475,137 $ 1,198,615 $ 909,133 $ 1,584,568 $ 1,835,397 $ 14,900,535 To measure credit risk for the consumer portfolio, the most relevant credit characteristic is the FICO score, which is a widely used credit scoring system that ranges from 300 to 850. A lower FICO score is indicative of higher credit risk. FICO scores are updated at least quarterly. The following tables summarize residential and consumer loans segregated by origination year and risk rating exposure under FICO score groupings as of March 31, 2021 and December 31, 2020: At March 31, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Residential 800+ $ 78,004 $ 453,272 $ 226,982 $ 51,458 $ 155,714 $ 962,687 $ — $ 1,928,117 740-799 205,938 558,551 221,807 54,091 113,276 591,184 — 1,744,847 670-739 77,109 170,166 102,503 33,129 68,460 303,718 — 755,085 580-669 5,117 16,295 16,945 5,500 11,770 96,122 — 151,749 579 and below — — 31,835 1,363 1,966 53,983 — 89,147 Residential 366,168 1,198,284 600,072 145,541 351,186 2,007,694 — 4,668,945 Home equity 800+ 8,442 32,410 14,380 21,538 14,293 73,450 521,206 685,719 740-799 9,444 31,016 12,578 16,077 9,282 48,763 418,897 546,057 670-739 3,885 12,664 8,083 11,652 8,804 47,326 255,186 347,600 580-669 — 1,299 1,622 2,123 2,360 18,061 78,951 104,416 579 and below 22 326 737 967 802 7,671 30,282 40,807 Home equity 21,793 77,715 37,400 52,357 35,541 195,271 1,304,522 1,724,599 Other consumer 800+ 51 703 1,458 649 250 213 7,717 11,041 740-799 327 2,645 5,498 2,328 775 505 7,955 20,033 670-739 1,948 13,017 26,345 9,072 1,761 444 3,681 56,268 580-669 56 9,495 16,063 6,258 963 232 1,419 34,486 579 and below 53 2,269 4,430 1,804 428 232 1,252 10,468 Other consumer 2,435 28,129 53,794 20,111 4,177 1,626 22,024 132,296 Consumer portfolio 390,396 1,304,128 691,266 218,009 390,904 2,204,591 1,326,546 6,525,840 Commercial portfolio 1,072,280 3,441,852 2,696,007 2,325,050 1,125,410 2,375,434 1,739,510 14,775,543 Loans and leases $ 1,462,676 $ 4,745,980 $ 3,387,273 $ 2,543,059 $ 1,516,314 $ 4,580,025 $ 3,066,056 $ 21,301,383 At December 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Residential 800+ $ 360,336 $ 283,755 $ 61,048 $ 178,849 $ 268,044 $ 805,537 $ — $ 1,957,569 740-799 654,973 288,173 58,249 133,416 176,286 492,720 — 1,803,817 670-739 199,329 118,620 39,125 75,375 76,666 248,268 — 757,383 580-669 17,151 19,389 8,884 11,843 12,225 96,333 — 165,825 579 and below — 36,498 673 3,278 3,179 53,794 — 97,422 Residential 1,231,789 746,435 167,979 402,761 536,400 1,696,652 — 4,782,016 Home equity 800+ 30,604 16,567 25,205 14,439 17,192 59,956 542,600 706,563 740-799 34,797 13,565 19,715 11,073 12,839 43,802 434,271 570,062 670-739 13,753 8,855 10,761 10,206 7,318 44,025 275,691 370,609 580-669 1,708 2,172 2,660 2,234 2,316 16,680 86,126 113,896 579 and below 129 919 880 1,070 1,073 7,163 30,501 41,735 Home equity 80,991 42,078 59,221 39,022 40,738 171,626 1,369,189 1,802,865 Other consumer 800+ 2,827 5,725 2,610 658 115 190 7,171 19,296 740-799 12,317 21,036 8,925 1,493 457 263 5,119 49,610 670-739 14,761 31,952 11,843 2,284 665 228 8,403 70,136 580-669 2,344 5,419 2,360 793 194 124 1,570 12,804 579 and below 608 982 500 183 37 215 1,428 3,953 Other consumer 32,857 65,114 26,238 5,411 1,468 1,020 23,691 155,799 Consumer portfolio 1,345,637 853,627 253,438 447,194 578,606 1,869,298 1,392,880 6,740,680 Commercial portfolio 4,116,181 2,781,504 2,475,137 1,198,615 909,133 1,584,568 1,835,397 14,900,535 Loans and leases $ 5,461,818 $ 3,635,131 $ 2,728,575 $ 1,645,809 $ 1,487,739 $ 3,453,866 $ 3,228,277 $ 21,641,215 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes information for TDRs: (In thousands) At March 31, 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 The following table provides information on the type of concession for loans modified as TDRs: Three months ended March 31, 2021 2020 Number of Post- Modification Recorded Investment (1) Number of Post- Modification Recorded Investment (1) (Dollars in thousands) Commercial portfolio Extended Maturity 7 $ 690 2 $ 104 Maturity/Rate Combined 1 37 6 552 Other (2) 2 113 10 27,137 Consumer portfolio Extended Maturity 2 127 1 264 Maturity/Rate Combined 5 1,011 4 456 Other (2) 9 666 14 1,726 Total TDRs 26 $ 2,644 37 $ 30,239 (1) Post-modification balances approximate pre-modification balances. The aggregate amount of charge-offs as a result of the restructurings was not significant. (2) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. TDRs in commercial non-mortgage, commercial real estate, and equipment financing segregated by risk rating exposure is as follows: (In thousands) At March 31, 2021 At December 31, 2020 Pass $ 12,724 $ 12,462 Special Mention — — Substandard 98,175 105,070 Doubtful — 163 Total $ 110,899 $ 117,695 |
Transfers of Financial Assets (
Transfers of Financial Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Schedule Of Reserve For Loan Repurchases Table | The following table provides a summary of activity in the reserve for loan repurchases: Three months ended March 31, (In thousands) 2021 2020 Beginning balance $ 747 $ 508 Provision charged to expense 23 22 (Charge-offs/settlements) recoveries, net — 103 Ending balance $ 770 $ 633 |
Transfer of Financial Assets Accounted for as Sales | The following table provides information for mortgage banking activities: Three months ended March 31, (In thousands) 2021 2020 Residential mortgage loans held for sale: Proceeds from sale $ 79,308 $ 75,594 Loans sold with servicing rights retained 75,691 72,091 Net gain on sale 2,109 2,519 Ancillary fees 541 401 Fair value option adjustment (8) (27) |
Servicing Asset at Amortized Cost | The following table presents the changes in carrying value for mortgage servicing assets: Three months ended March 31, (In thousands) 2021 2020 Beginning balance $ 13,422 $ 17,484 Additions 586 1,189 Amortization (1,490) (1,707) Adjustment to valuation allowance (191) (575) Ending balance $ 12,327 $ 16,391 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Components of Leveraged Lease Investments [Table Text Block] | The following table summarizes lessee information related to the Company’s operating ROU lease assets and lease liabilities: At March 31, 2021 (In thousands) Operating Leases Condensed Consolidated Balance Sheet Line Item Location ROU lease assets $ 127,423 Premises and equipment, net Lease liabilities 156,910 Operating lease liabilities |
Lease, Cost [Table Text Block] | The components of operating lease cost and other related information are as follows: At or for the three months ended March 31, (In thousands) 2021 2020 Lease Cost: Operating lease costs $ 6,557 $ 7,424 Variable lease costs 1,300 1,427 Sublease income (131) (145) Total operating lease cost $ 7,726 $ 8,706 Other Information: Cash paid for amounts included in the measurement of lease liabilities $ 7,833 $ 7,758 ROU lease assets obtained in exchange for new operating lease liabilities 5,398 8,666 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The undiscounted scheduled maturities reconciled to total operating lease liabilities are as follows: (In thousands) At March 31, 2021 Remainder of 2021 $ 20,323 2022 27,762 2023 25,259 2024 22,250 2025 20,267 Thereafter 64,364 Total operating lease liability payments 180,225 Less: Present value adjustment 23,315 Lease liabilities $ 156,910 Weighted-average remaining lease term, in years 7.95 Weighted-average discount rate 3.14% |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Other intangible assets by reportable segment consisted of the following: At March 31, 2021 At December 31, 2020 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying HSA Bank - Core deposits $ 26,625 $ 16,352 $ 10,273 $ 26,625 $ 15,618 $ 11,007 HSA Bank - Customer relationships 21,000 10,029 10,971 21,000 9,624 11,376 Total other intangible assets $ 47,625 $ 26,381 $ 21,244 $ 47,625 $ 25,242 $ 22,383 |
Schedule Of Expected Amortization Expense, Next Four Years | At March 31, 2021, the remaining estimated aggregate future amortization expense for other intangible assets is as follows: (In thousands) Remainder of 2021 $ 3,374 2022 4,411 2023 4,315 2024 2,084 2025 2,084 Thereafter 4,976 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deposit Liabilities [Abstract] | |
Deposit Liabilities, Type [Table Text Block] | A summary of deposits by type is as follows: (In thousands) At March 31, At December 31, Non-interest-bearing: Demand $ 6,680,114 $ 6,155,592 Interest-bearing: Health savings accounts 7,455,181 7,120,017 Checking 3,792,309 3,652,763 Money market 3,015,565 2,940,215 Savings 5,304,532 4,979,031 Time deposits 2,234,133 2,487,818 Total interest-bearing $ 21,801,720 $ 21,179,844 Total deposits $ 28,481,834 $ 27,335,436 Time deposits and interest-bearing checking obtained through brokers (included in above balances) $ 754,159 $ 720,440 Time deposits that exceed the FDIC limit (included in above balance) 389,513 504,543 Deposit overdrafts reclassified as loan balances 973 2,007 |
Time Deposit Maturities [Table Text Block] | The scheduled maturities of time deposits are as follows: (In thousands) At March 31, Remainder of 2021 $ 1,725,839 2022 335,674 2023 82,122 2024 32,259 2025 51,347 Thereafter 6,892 Total time deposits $ 2,234,133 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Repurchase Agreements | The following table summarizes securities sold under agreements to repurchase and other borrowings: At March 31, At December 31, (Dollars in thousands) Total Outstanding Rate Total Outstanding Rate Securities sold under agreements to repurchase (1) : Original maturity of one year or less $ 298,378 0.11 % $ 269,330 0.13 % Original maturity of greater than one year, non-callable 200,000 1.53 200,000 0.84 Total securities sold under agreements to repurchase 498,378 0.68 469,330 0.43 Fed funds purchased — — 526,025 0.08 Securities sold under agreements to repurchase and other borrowings $ 498,378 0.68 $ 995,355 0.25 |
Federal Home Loan Bank, Advances | The following table provides information for FHLB advances: At March 31, 2021 At December 31, 2020 (Dollars in thousands) Total Outstanding Weighted- Total Outstanding Weighted- Maturing within 1 year $ 25,000 0.35 % $ 25,000 0.38 % After 1 but within 2 years 105 — 110 — After 2 but within 3 years 212 2.95 215 2.95 After 3 but within 4 years 100,000 1.50 50,000 1.59 After 4 but within 5 years — — 50,000 1.42 After 5 years 13,237 2.56 7,839 2.66 FHLB advances $ 138,554 1.40 $ 133,164 1.36 Aggregate carrying value of assets pledged as collateral $ 7,239,063 $ 7,387,054 Remaining borrowing capacity 4,451,005 4,689,642 |
Schedule of Long-term Debt Instruments | The following table summarizes long-term debt: (Dollars in thousands) At March 31, At December 31, 4.375% Senior fixed-rate notes due February 15, 2024 $ 150,000 $ 150,000 4.100% Senior fixed-rate notes due March 25, 2029 (1) 342,826 344,164 Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2) 77,320 77,320 Total notes and subordinated debt 570,146 571,484 Discount on senior fixed-rate notes (1,138) (1,193) Debt issuance cost on senior fixed-rate notes (2,528) (2,628) Long-term debt $ 566,480 $ 567,663 (1) The Company de-designated its fair value hedging relationship on these notes. A basis adjustment is included in the carrying value, which is being amortized over the remaining life of the notes. (2) The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 3.13% at March 31, 2021 and 3.18% at December 31, 2020. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income, Net of Tax (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss by Component | The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net of tax: Three months ended March 31, 2021 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Beginning balance $ 67,424 $ 19,918 $ (45,086) $ 42,256 Other comprehensive (loss) before reclassifications (30,353) (5,170) — (35,523) Amounts reclassified from accumulated other comprehensive income (loss) — 798 743 1,541 Net current-period other comprehensive (loss) income, net of tax (30,353) (4,372) 743 (33,982) Ending balance $ 37,071 $ 15,546 $ (44,343) $ 8,274 Three months ended March 31, 2020 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Beginning balance $ 17,251 $ (9,184) $ (44,139) $ (36,072) Other comprehensive (loss) income before reclassifications (15,683) 24,779 — 9,096 Amounts reclassified from accumulated other comprehensive income (loss) (6) 1,453 729 2,176 Net current-period other comprehensive (loss) income, net of tax (15,689) 26,232 729 11,272 Ending balance $ 1,562 $ 17,048 $ (43,410) $ (24,800) |
Schedule of Accumulated Other Comprehensive Loss | The following table further details the amounts reclassified from accumulated other comprehensive income (loss): (In thousands) Three months ended March 31, Associated Line Item on the Condensed Consolidated Statements of Income AOCI (AOCL) Component 2021 2020 Securities available-for-sale: Unrealized gains on investment securities $ — $ 8 Gain on sale of investment securities, net Tax expense — (2) Income tax expense Net of tax $ — $ 6 Derivative instruments: Hedge terminations $ (1,005) $ (1,173) Interest expense Premium amortization (76) (794) Interest income Tax benefit 283 514 Income tax expense Net of tax $ (798) $ (1,453) Defined benefit pension and other postretirement benefit plans: Amortization of net loss $ (1,008) $ (990) Other non-interest expense Tax benefit 265 261 Income tax expense Net of tax $ (743) $ (729) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Information On The Capital Ratios | The following table provides information on the capital ratios for Webster Financial Corporation and Webster Bank: At March 31, 2021 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 2,609,103 11.89 % $ 987,539 4.5 % $ 1,426,445 6.5 % Total risk-based capital 3,090,093 14.08 1,755,625 8.0 2,194,531 10.0 Tier 1 risk-based capital 2,754,140 12.55 1,316,718 6.0 1,755,625 8.0 Tier 1 leverage capital 2,754,140 8.45 1,303,595 4.0 1,629,494 5.0 Webster Bank CET1 risk-based capital $ 2,842,608 12.96 % $ 987,127 4.5 % $ 1,425,850 6.5 % Total risk-based capital 3,101,241 14.14 1,754,892 8.0 2,193,616 10.0 Tier 1 risk-based capital 2,842,608 12.96 1,316,169 6.0 1,754,892 8.0 Tier 1 leverage capital 2,842,608 8.73 1,302,964 4.0 1,628,705 5.0 At December 31, 2020 Actual Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 2,543,131 11.35 % $ 1,008,512 4.5 % $ 1,456,739 6.5 % Total risk-based capital 3,045,652 13.59 1,792,910 8.0 2,241,137 10.0 Tier 1 risk-based capital 2,688,168 11.99 1,344,682 6.0 1,792,910 8.0 Tier 1 leverage capital 2,688,168 8.32 1,291,980 4.0 1,614,975 5.0 Webster Bank CET1 risk-based capital $ 2,791,474 12.46 % $ 1,008,027 4.5 % $ 1,456,039 6.5 % Total risk-based capital 3,071,505 13.71 1,792,048 8.0 2,240,060 10.0 Tier 1 risk-based capital 2,791,474 12.46 1,344,036 6.0 1,792,048 8.0 Tier 1 leverage capital 2,791,474 8.65 1,291,415 4.0 1,614,268 5.0 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Basic And Diluted | econciliation of the calculation of basic and diluted earnings per common share is as follows: Three months ended March 31, (In thousands, except per share data) 2021 2020 Earnings for basic and diluted earnings per common share: Net income $ 108,078 $ 38,199 Less: Preferred stock dividends 1,969 1,969 Net income available to common shareholders 106,109 36,230 Less: Earnings applicable to participating securities (1) 579 209 Earnings applicable to common shareholders $ 105,530 $ 36,021 Shares: Weighted-average common shares outstanding - basic 89,809 90,936 Effect of dilutive securities 299 270 Weighted-average common shares outstanding - diluted 90,108 91,206 Earnings per common share (1) : Basic $ 1.18 $ 0.40 Diluted 1.17 0.39 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table presents the notional amounts and fair values of derivative positions: At March 31, 2021 At December 31, 2020 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives (In thousands) Notional Fair Notional Fair Notional Fair Notional Fair Designated as hedging instruments: Interest rate derivatives (1) $ 1,000,000 $ 32,581 $ 25,000 $ 59 $ 1,000,000 $ 39,641 $ 25,000 $ 103 Not designated as hedging instruments: Interest rate derivatives (1) 4,502,668 187,593 4,306,916 22,762 4,533,441 292,096 4,356,339 11,874 Mortgage banking derivatives (2) 43,494 485 3,303 12 40,771 855 — — Other (3) 100,907 296 381,546 192 108,987 264 360,497 377 Total not designated as hedging instruments 4,647,069 188,374 4,691,765 22,966 4,683,199 293,215 4,716,836 12,251 Gross derivative instruments, before netting $ 5,647,069 220,955 $ 4,716,765 23,025 $ 5,683,199 332,856 $ 4,741,836 12,354 Less: Master netting agreements 3,082 3,082 7,522 7,522 Cash collateral 39,973 2,701 33,043 4,485 Total derivative instruments, after netting $ 177,900 $ 17,242 $ 292,291 $ 347 (1) Balances related to Chicago Mercantile Exchange (CME), excluding accrued interest, are presented as a single unit of account. In accordance with its rule book, CME legally characterizes variation margin payments as settlement of derivatives rather than collateral against derivative positions. Notional amounts of interest rate swaps cleared through CME include $0.3 billion and $0.1 billion for asset derivatives and $3.0 billion and $3.2 billion for liability derivatives at March 31, 2021 and December 31, 2020, respectively. The related fair values approximate zero. (2) Notional amounts related to residential loans exclude approved floating rate commitments of $1.1 million at March 31, 2021. (3) Other derivatives include foreign currency forward contracts related to lending arrangements and customer hedging activity, a Visa equity swap transaction, and risk participation agreements. Notional amounts of risk participation agreements include $82.7 million and $80.5 million for asset derivatives and $368.4 million and $338.9 million for liability derivatives at March 31, 2021 and December 31, 2020, respectively, that have insignificant related fair values. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents fair value positions transitioned from gross to net upon applying contractual counterparty netting agreements: At March 31, 2021 (In thousands) Gross Offset Amount Net Amount on Balance Sheet Amounts Not Offset Net Amounts Asset derivatives $ 43,092 $ 43,055 $ 37 $ 266 $ 303 Liability derivatives 5,783 5,783 — 727 727 At December 31, 2020 (In thousands) Gross Offset Amount Net Amount on Balance Sheet Amounts Not Offset Net Amounts Asset derivatives $ 40,565 $ 40,565 $ — $ 785 $ 785 Liability derivatives 12,007 12,007 — 1,247 1,247 |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the income statement effect of derivatives designated as cash flow hedges: Recognized In Three months ended March 31, (In thousands) Net Interest Income 2021 2020 Interest rate derivatives Long-term debt $ 121 $ 1,121 Interest rate derivatives Interest and fees on loans and leases (2,582) 740 Net recognized on cash flow hedges $ (2,461) $ 1,861 Condensed Consolidated Balance Sheet Line Item in Which Hedged Item is Located Carrying Amount of Previously Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount (In thousands) At March 31, At December 31, At March 31, At December 31, Long-term debt $ 342,826 $ 344,164 $ 42,826 $ 44,164 |
Other Derivatives Not Designated For Hedge Accounting | The following table presents the effect on the income statement for derivatives not designated as hedging instruments: Recognized In Three months ended March 31, (In thousands) Non-interest Income 2021 2020 Interest rate derivatives Other income $ 4,644 $ 5,926 Mortgage banking derivatives Mortgage banking activities (382) (993) Other Other income 472 1,911 Total not designated as hedging instruments $ 4,734 $ 6,844 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option, Disclosures | At March 31, 2021 At December 31, 2020 (In thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 17,260 $ 17,024 $ 236 $ 14,000 $ 13,511 $ 489 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | A summary of the financial assets and liabilities measured at fair value on a recurring basis is as follows: At March 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Financial assets held at fair value: Agency CMO $ — $ 137,603 $ — $ 137,603 Agency MBS — 1,456,456 — 1,456,456 Agency CMBS — 974,585 — 974,585 CMBS — 663,013 — 663,013 CLO — 68,643 — 68,643 Corporate debt — 13,680 — 13,680 Total available-for-sale investment securities — 3,313,980 — 3,313,980 Gross derivative instruments, before netting (1) 266 220,689 — 220,955 Originated loans held for sale — 17,260 — 17,260 Investments held in Rabbi Trust 4,845 — — 4,845 Alternative investments (2) — — — 15,896 Total financial assets held at fair value $ 5,111 $ 3,551,929 $ — $ 3,572,936 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 98 $ 22,927 $ — $ 23,025 At December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Financial assets held at fair value: Agency CMO $ — $ 154,613 $ — $ 154,613 Agency MBS — 1,457,409 — 1,457,409 Agency CMBS — 1,117,233 — 1,117,233 CMBS — 508,018 — 508,018 CLO — 76,383 — 76,383 Corporate debt — 13,120 — 13,120 Total available-for-sale investment securities — 3,326,776 — 3,326,776 Gross derivative instruments, before netting (1) 205 332,651 — 332,856 Originated loans held for sale — 14,000 — 14,000 Investments held in Rabbi Trust 4,811 — — 4,811 Alternative investments (2) — — — 11,112 Total financial assets held at fair value $ 5,016 $ 3,673,427 $ — $ 3,689,555 Financial liabilities held at fair value: Gross derivative instruments, before netting (1) $ 218 $ 12,136 $ — $ 12,354 (1) For information relating to the impact of netting derivative assets and derivative liabilities, as well as the impact from offsetting cash collateral paid to the same derivative counterparties, refer to Note 14: Derivative Financial Instruments. (2) Alternative investments are recorded at NAV. Assets measured at NAV are not classified within the fair value hierarchy. |
Summary Of Estimated Fair Values Of Significant Financial Instruments | The carrying amounts, estimated fair values, and classifications within the fair value hierarchy of selected financial instruments and servicing assets are summarized as follows: At March 31, 2021 At December 31, 2020 (In thousands) Carrying Fair Carrying Fair Assets: Level 2 Held-to-maturity investment securities, net $ 5,567,785 $ 5,730,726 $ 5,567,889 $ 5,835,364 Level 3 Loans and leases, net 20,973,032 21,085,680 21,281,784 21,413,397 Mortgage servicing assets 12,327 16,102 13,422 14,362 Liabilities: Level 2 Deposit liabilities $ 26,247,701 $ 26,247,701 $ 24,847,618 $ 24,847,618 Time deposits 2,234,133 2,237,004 2,487,818 2,494,601 Securities sold under agreements to repurchase and other borrowings 498,378 505,387 995,355 1,000,189 FHLB advances 138,554 142,467 133,164 139,035 Long-term debt (1) 566,480 522,850 567,663 538,407 (1) Adjustments to the carrying amount of long-term debt for basis adjustment and unamortized discount and debt issuance cost on senior fixed-rate notes are not included in the determination of fair value. Refer to Note 10: Borrowings for additional information. |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Summary of Net Periodic Benefit Cost | The following table summarizes the components of net periodic benefit (income) cost: Three months ended March 31, 2021 2020 (In thousands) Pension Plan SERP Other Pension Plan SERP Other Benefits Interest cost on benefit obligations $ 1,166 $ 7 $ 4 $ 1,675 $ 11 $ 13 Expected return on plan assets (3,595) — — (3,380) — — Recognized net loss (gain) 1,019 8 (20) 992 6 (9) Net periodic benefit (income) cost $ (1,410) $ 15 $ (16) $ (713) $ 17 $ 4 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Operating Results And Total Assets Reportable Segments | The following table presents balance sheet information, including all appropriate allocations, for Webster's reportable segments and the Corporate and Reconciling category: At March 31, 2021 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Goodwill $ 131,000 $ 21,813 $ 385,560 $ — $ 538,373 Total assets $ 14,602,793 $ 83,707 $ 7,514,326 $ 11,058,211 $ 33,259,037 At December 31, 2020 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Goodwill $ 131,000 $ 21,813 $ 385,560 $ — $ 538,373 Total assets $ 14,732,792 $ 80,352 $ 7,726,287 $ 10,051,259 $ 32,590,690 The following tables present the operating results, including all appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category: Three months ended March 31, 2021 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Net interest income $ 142,038 $ 42,109 $ 88,813 $ (49,196) $ 223,764 Non-interest income 25,177 27,005 16,071 8,504 76,757 Non-interest expense 64,836 36,250 76,124 10,772 187,982 Pre-tax, pre-provision net revenue 102,379 32,864 28,760 (51,464) 112,539 Provision for credit losses (19,373) — (6,386) 9 (25,750) Income before income tax expense 121,752 32,864 35,146 (51,473) 138,289 Income tax expense 30,803 8,775 7,732 (17,099) 30,211 Net income $ 90,949 $ 24,089 $ 27,414 $ (34,374) $ 108,078 Three months ended March 31, 2020 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Net interest income $ 117,587 $ 42,673 $ 81,199 $ (10,658) $ 230,801 Non-interest income 22,416 26,383 18,443 6,136 73,378 Non-interest expense 65,221 37,078 80,290 (3,753) 178,836 Pre-tax, pre-provision net revenue 74,782 31,978 19,352 (769) 125,343 Provision for credit losses 69,018 — 7,067 (85) 76,000 Income before income tax expense 5,764 31,978 12,285 (684) 49,343 Income tax expense 1,406 8,538 2,678 (1,478) 11,144 Net income $ 4,358 $ 23,440 $ 9,607 $ 794 $ 38,199 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers Disaggregation of Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents revenues within the scope of ASC Topic 606, Revenue from Contracts with Customers, along with the net amount of other sources of non-interest income that are within the scope of other GAAP topics, by reportable segment: Three months ended March 31, 2021 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Non-interest Income: Deposit service fees $ 4,101 $ 25,018 $ 11,303 $ 47 $ 40,469 Wealth and investment services 9,412 — — (9) 9,403 Other 302 1,987 246 — 2,535 Revenue from contracts with customers 13,815 27,005 11,549 38 52,407 Other sources of non-interest income 11,362 — 4,522 8,466 24,350 Total non-interest income $ 25,177 $ 27,005 $ 16,071 $ 8,504 $ 76,757 Three months ended March 31, 2020 (In thousands) Commercial Banking HSA Bank Retail Banking Corporate and Reconciling Consolidated Total Non-interest Income: Deposit service fees $ 3,911 $ 24,842 $ 13,740 $ 77 $ 42,570 Wealth and investment services 8,746 — — (7) 8,739 Other 256 1,541 61 — 1,858 Revenue from contracts with customers 12,913 26,383 13,801 70 53,167 Other sources of non-interest income 9,503 — 4,642 6,066 20,211 Total non-interest income $ 22,416 $ 26,383 $ 18,443 $ 6,136 $ 73,378 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding Financial Instruments Contract Amounts Represent Credit Risk | The following table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk: (In thousands) At March 31, At December 31, 2020 Commitments to extend credit $ 6,483,939 $ 6,517,840 Standby letters of credit 213,282 207,201 Commercial letters of credit 48,111 30,522 Total credit-related financial instruments with off-balance sheet risk $ 6,745,332 $ 6,755,563 |
Activity In Allowance For Losses | The following table summarizes the activity in, as well as the loan and lease balances that were evaluated for, ACL on loans and leases: At or for the three months ended March 31, 2021 At or for the three months ended March 31, 2020 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 312,244 $ 47,187 $ 359,431 $ 161,669 $ 47,427 $ 209,096 Adoption of ASU No. 2016-13 (CECL) — — — 34,024 23,544 57,568 (Benefit) provision (23,653) (2,106) (25,759) 71,243 4,842 76,085 Charge-offs (6,321) (2,974) (9,295) (5,574) (4,587) (10,161) Recoveries 1,636 2,338 3,974 564 1,779 2,343 Balance, end of period $ 283,906 $ 44,445 $ 328,351 $ 261,926 $ 73,005 $ 334,931 Individually evaluated for impairment 14,809 4,913 19,722 8,235 4,777 13,012 Collectively evaluated for impairment $ 269,097 $ 39,532 $ 308,629 $ 253,691 $ 68,228 $ 321,919 Loan and lease balances: Individually evaluated for impairment $ 149,145 $ 140,066 $ 289,211 $ 177,012 $ 155,105 $ 332,117 Collectively evaluated for impairment 14,626,398 6,385,774 21,012,172 13,511,409 7,047,998 20,559,407 Loans and leases $ 14,775,543 $ 6,525,840 $ 21,301,383 $ 13,688,421 $ 7,203,103 $ 20,891,524 The following table provides a summary of activity in the allowance for credit losses on unfunded loan commitments: Three months ended March 31, (In thousands) 2021 2020 Beginning balance $ 12,755 $ 2,367 Adoption of ASU No. 2016-13 (CECL) — 9,139 Provision (benefit) 45 (1,422) Ending balance $ 12,800 $ 10,084 |
Business Developments (Tables)
Business Developments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combination and Restructuring and Related Activities [Abstract] | |
Schedule of Changes in Reserves Associated with Strategic Initiatives | The following table presents the changes in reserves associated with the Company's strategic initiatives for the three months ended March 31, 2021: (In thousands) Severance ROU Asset Other Total Beginning balance $ 17,675 $ — $ 2,120 $ 19,795 Charged to earnings 2,060 179 7,202 9,441 Charged against assets — (179) (1,634) (1,813) Cash payments (1,365) — (3,143) (4,508) Ending balance $ 18,370 $ — $ 4,545 $ 22,915 |
Variable Interest Entities (Var
Variable Interest Entities (Variable Interest Entity, Consolidated, Carrying Amount, Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Assets | $ 33,259,037 | $ 32,590,690 |
Liabilities | 29,986,109 | 29,356,065 |
Other Assets [Member] | Tax Credit - Finance Investments | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 36,000 | 37,200 |
Accounts Payable and Accrued Liabilities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 10,200 | |
Accounts Payable and Accrued Liabilities [Member] | Tax Credit - Finance Investments | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 9,000 | |
Other Investments [Member] | Other Non-Marketable Investments | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 40,200 | 34,300 |
Unfunded Loan Commitment [Member] | Other Non-Marketable Investments | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 75,300 | $ 72,700 |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||||
Investment securities held-to-maturity (fair value of $5,730,726 and $5,835,364) | $ 5,568,093 | $ 5,568,188 | ||
Unrealized Gains | 190,426 | 269,717 | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (27,793) | (2,541) | ||
Debt Securities, Held-to-maturity, Fair Value | 5,730,726 | 5,835,364 | ||
Allowance for credit losses on investment securities held-to-maturity | 308 | 299 | $ 312 | $ 0 |
Net Carrying Value | 5,567,785 | 5,567,889 | ||
Interest receivable | 58,500 | 57,800 | ||
Held-to-maturity Securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Interest receivable | 17,300 | 22,100 | ||
Agency CMO [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment securities held-to-maturity (fair value of $5,730,726 and $5,835,364) | 74,319 | 91,622 | ||
Unrealized Gains | 1,494 | 1,785 | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (97) | (241) | ||
Debt Securities, Held-to-maturity, Fair Value | 75,716 | 93,166 | ||
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 | ||
Net Carrying Value | 74,319 | 91,622 | ||
Agency MBS [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment securities held-to-maturity (fair value of $5,730,726 and $5,835,364) | 2,365,314 | 2,419,751 | ||
Unrealized Gains | 104,626 | 137,863 | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (4,824) | (84) | ||
Debt Securities, Held-to-maturity, Fair Value | 2,465,116 | 2,557,530 | ||
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 | ||
Net Carrying Value | 2,365,314 | 2,419,751 | ||
Agency Commercial Mortgage Backed Securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment securities held-to-maturity (fair value of $5,730,726 and $5,835,364) | 2,182,794 | 2,101,227 | ||
Unrealized Gains | 28,832 | 60,484 | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (22,872) | (2,213) | ||
Debt Securities, Held-to-maturity, Fair Value | 2,188,754 | 2,159,498 | ||
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 | ||
Net Carrying Value | 2,182,794 | 2,101,227 | ||
Municipal Bonds [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment securities held-to-maturity (fair value of $5,730,726 and $5,835,364) | 735,969 | 739,507 | ||
Unrealized Gains | 49,669 | 60,371 | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 0 | (3) | ||
Debt Securities, Held-to-maturity, Fair Value | 785,638 | 799,875 | ||
Allowance for credit losses on investment securities held-to-maturity | 308 | 299 | ||
Net Carrying Value | 735,661 | 739,208 | ||
Non-agency CMBS [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment securities held-to-maturity (fair value of $5,730,726 and $5,835,364) | 209,697 | 216,081 | ||
Unrealized Gains | 5,805 | 9,214 | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 0 | 0 | ||
Debt Securities, Held-to-maturity, Fair Value | 215,502 | 225,295 | ||
Allowance for credit losses on investment securities held-to-maturity | 0 | 0 | ||
Net Carrying Value | $ 209,697 | $ 216,081 |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Beginning Balance | $ 299 | $ 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Recovery | 9 | (85) |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Ending Balance | 308 | 312 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Beginning Balance | $ 0 | $ 397 |
Investment Securities (Summary
Investment Securities (Summary Of Debt Securities Held-to Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Held-to-maturity, Amortized Cost - Due in one year or less | $ 380 | |
Held-to-maturity, Amortized Cost - Due after one year through five years | 4,160 | |
Held-to-maturity, Amortized Cost - Due after five through ten years | 288,056 | |
Held-to-maturity, Amortized Cost - Due after ten years | 5,275,497 | |
Amortized Cost(1) | 5,568,093 | $ 5,568,188 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held to maturity, Fair Value - Due in one year or less | 382 | |
Held-to-maturity, Fair Value - Due after one year through five years | 4,384 | |
Held to maturity, Fair Value - Due after five through ten years | 297,857 | |
Held to maturity, Fair Value - Due after ten years | 5,428,103 | |
Fair Value(2) | 5,730,726 | 5,835,364 |
Moody's, Aaa Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 418,692 | |
Moody's, Aa1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 4,747,783 | |
Moody's, Aa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 240,215 | |
Moody's, Aa3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 114,328 | |
Moody's, A1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 33,225 | |
Moody's, A2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 8,471 | |
Moody's, A3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,066 | |
Moody's, Baa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 190 | |
Moody's, Not Rated | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 3,123 | |
Agency CMO [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 74,319 | 91,622 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value(2) | 75,716 | 93,166 |
Agency CMO [Member] | Moody's, Aaa Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMO [Member] | Moody's, Aa1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 74,319 | |
Agency CMO [Member] | Moody's, Aa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMO [Member] | Moody's, Aa3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMO [Member] | Moody's, A1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMO [Member] | Moody's, A2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMO [Member] | Moody's, A3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMO [Member] | Moody's, Baa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMO [Member] | Moody's, Not Rated | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency MBS [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,365,314 | 2,419,751 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value(2) | 2,465,116 | 2,557,530 |
Agency MBS [Member] | Moody's, Aaa Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency MBS [Member] | Moody's, Aa1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,365,315 | |
Agency MBS [Member] | Moody's, Aa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency MBS [Member] | Moody's, Aa3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency MBS [Member] | Moody's, A1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency MBS [Member] | Moody's, A2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency MBS [Member] | Moody's, A3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency MBS [Member] | Moody's, Baa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency MBS [Member] | Moody's, Not Rated | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMBS [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,182,794 | 2,101,227 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value(2) | 2,188,754 | 2,159,498 |
Agency CMBS [Member] | Moody's, Aaa Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMBS [Member] | Moody's, Aa1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,182,794 | |
Agency CMBS [Member] | Moody's, Aa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMBS [Member] | Moody's, Aa3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMBS [Member] | Moody's, A1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMBS [Member] | Moody's, A2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMBS [Member] | Moody's, A3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMBS [Member] | Moody's, Baa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Agency CMBS [Member] | Moody's, Not Rated | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Municipal bonds and notes [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 735,969 | 739,507 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value(2) | 785,638 | 799,875 |
Municipal bonds and notes [Member] | Moody's, Aaa Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 208,995 | |
Municipal bonds and notes [Member] | Moody's, Aa1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 125,355 | |
Municipal bonds and notes [Member] | Moody's, Aa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 240,215 | |
Municipal bonds and notes [Member] | Moody's, Aa3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 114,328 | |
Municipal bonds and notes [Member] | Moody's, A1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 33,225 | |
Municipal bonds and notes [Member] | Moody's, A2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 8,471 | |
Municipal bonds and notes [Member] | Moody's, A3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 2,066 | |
Municipal bonds and notes [Member] | Moody's, Baa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 190 | |
Municipal bonds and notes [Member] | Moody's, Not Rated | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 3,123 | |
Non-agency CMBS [Member] | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 209,697 | 216,081 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value(2) | 215,502 | $ 225,295 |
Non-agency CMBS [Member] | Moody's, Aaa Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 209,697 | |
Non-agency CMBS [Member] | Moody's, Aa1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Non-agency CMBS [Member] | Moody's, Aa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Non-agency CMBS [Member] | Moody's, Aa3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Non-agency CMBS [Member] | Moody's, A1 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Non-agency CMBS [Member] | Moody's, A2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Non-agency CMBS [Member] | Moody's, A3 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Non-agency CMBS [Member] | Moody's, Baa2 Rating | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | 0 | |
Non-agency CMBS [Member] | Moody's, Not Rated | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost(1) | $ 0 |
Investment Securities (Summar_2
Investment Securities (Summary Of Debt Securities Available-for-Sale) (Detail) $ in Thousands | Mar. 31, 2021USD ($)holding | Dec. 31, 2020USD ($)holding |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | $ 3,262,657 | $ 3,234,250 |
Unrealized Gains | 71,562 | 101,997 |
Unrealized Losses | (20,239) | (9,471) |
Investment securities available-for-sale, at fair value | 3,313,980 | 3,326,776 |
Interest receivable | 58,500 | 57,800 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 932,646 | 894,628 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (18,648) | (7,699) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 232,726 | 61,347 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (1,591) | $ (1,772) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 98 | 88 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 1,165,372 | $ 955,975 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (20,239) | (9,471) |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 0 | |
Available-for-sale, Amortized Cost - Due after one year through five years | 1,307 | |
Available-for-sale, Amortized Cost - Due after five through ten years | 226,061 | |
Available-for-sale, Amortized Cost - Due after ten years | 3,035,289 | |
Available-for-sale, Amortized Cost - Total debt securities | 3,262,657 | 3,234,250 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Fair Value - Due in one year or less | 0 | |
Available-for-sale, Fair Value - Due after one year through five years | 1,348 | |
Available-for-sale, Fair Value - Due after five through ten years | 226,260 | |
Available-for-sale, Fair Value - Due after ten years | 3,086,372 | |
Debt Securities, Available-for-sale | 3,313,980 | 3,326,776 |
Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Interest receivable | 7,100 | 7,500 |
Agency CMO [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 132,613 | 148,711 |
Unrealized Gains | 5,109 | 6,000 |
Unrealized Losses | (119) | (98) |
Investment securities available-for-sale, at fair value | 137,603 | 154,613 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 11,083 | 13,137 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (69) | (49) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,336 | 5,944 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (50) | $ (49) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 4 | 5 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 15,419 | $ 19,081 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (119) | (98) |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 132,613 | 148,711 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | 137,603 | 154,613 |
Agency MBS [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 1,408,543 | 1,389,100 |
Unrealized Gains | 55,423 | 68,598 |
Unrealized Losses | (7,510) | (289) |
Investment securities available-for-sale, at fair value | 1,456,456 | 1,457,409 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 205,383 | 33,742 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (7,362) | (219) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 8,853 | 4,561 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (148) | $ (70) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 44 | 30 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 214,236 | $ 38,303 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (7,510) | (289) |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 1,408,543 | 1,389,100 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | 1,456,456 | 1,457,409 |
Agency CMBS [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 975,433 | 1,092,430 |
Unrealized Gains | 9,819 | 26,317 |
Unrealized Losses | (10,667) | (1,514) |
Investment securities available-for-sale, at fair value | 974,585 | 1,117,233 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 466,547 | 376,330 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (10,667) | (1,514) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 13 | 8 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 466,547 | $ 376,330 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (10,667) | (1,514) |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 975,433 | 1,092,430 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | 974,585 | 1,117,233 |
Non-agency CMBS [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 662,805 | 512,759 |
Unrealized Gains | 1,193 | 1,082 |
Unrealized Losses | (985) | (5,823) |
Investment securities available-for-sale, at fair value | 663,013 | 508,018 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 224,636 | 409,591 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (547) | (5,486) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 185,198 | 23,167 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (438) | $ (337) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 33 | 38 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 409,834 | $ 432,758 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (985) | (5,823) |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 662,805 | 512,759 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | 663,013 | 508,018 |
CLO [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 68,700 | 76,693 |
Unrealized Gains | 12 | 0 |
Unrealized Losses | (69) | (310) |
Investment securities available-for-sale, at fair value | 68,643 | 76,383 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 24,997 | 57,728 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3) | (265) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 24,934 | 18,655 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (66) | $ (45) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 2 | 4 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 49,931 | $ 76,383 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (69) | (310) |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 68,700 | 76,693 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | 68,643 | 76,383 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost(1) | 14,563 | 14,557 |
Unrealized Gains | 6 | 0 |
Unrealized Losses | (889) | (1,437) |
Investment securities available-for-sale, at fair value | 13,680 | 13,120 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 4,100 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (166) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 9,405 | 9,020 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (889) | $ (1,271) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | holding | 2 | 3 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 9,405 | $ 13,120 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (889) | (1,437) |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available-for-sale, Amortized Cost - Total debt securities | 14,563 | 14,557 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-sale | $ 13,680 | $ 13,120 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Held-to-maturity investment securities in non-accrual status | $ 0 | ||
Proceeds from Sale of Available-for-sale Securities | 0 | $ 8,963,000 | |
Debt Securities, Available-for-sale, Realized Gain | 8,000 | ||
Available-for-sale Securities, Gross Realized Gains | 0 | 8,000 | |
Investment securities available-for-sale, at fair value | 3,313,980,000 | $ 3,326,776,000 | |
Held-to-maturity securities pledged | 2,700,000,000 | 2,600,000,000 | |
Available-for-sale securities pledged | 1,300,000,000 | 1,300,000,000 | |
Corporate Debt Securities [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Proceeds from Sale of Available-for-sale Securities | 0 | $ 9,000,000 | |
Investment securities available-for-sale, at fair value | 13,680,000 | $ 13,120,000 | |
Callable [Member] | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Investment securities available-for-sale, at fair value | $ 1,400,000,000 |
Loans and Leases (Detail)
Loans and Leases (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | $ 21,301,383,000 | $ 21,641,215,000 | $ 20,891,524,000 |
Unamortized premiums | (20,100,000) | (10,500,000) | |
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral | 7,600,000,000 | ||
Interest receivable | 58,500,000 | 57,800,000 | |
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 14,775,543,000 | 14,900,535,000 | 13,688,421,000 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 6,918,626,000 | 7,085,076,000 | |
Commercial Portfolio Segment [Member] | Asset-based | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 907,421,000 | 890,598,000 | |
Commercial Portfolio Segment [Member] | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 6,338,056,000 | 6,322,637,000 | |
Commercial Portfolio Segment [Member] | Equipment financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 611,440,000 | 602,224,000 | |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 6,525,840,000 | 6,740,680,000 | $ 7,203,103,000 |
Consumer Portfolio Segment [Member] | Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 4,668,945,000 | 4,782,016,000 | |
Consumer Portfolio Segment [Member] | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | 1,724,599,000 | 1,802,865,000 | |
Consumer Portfolio Segment [Member] | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases | $ 132,296,000 | $ 155,799,000 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($) | |
Operating Leased Assets [Line Items] | ||
Total operating lease liability payments | $ 180,225 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 4,000 | $ 3,300 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 1,900 | 1,200 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Operating Leased Assets [Line Items] | ||
Net Investment in Direct Financing and Sales Type Leases | $ 223,900 | |
Total operating lease liability payments | 243,300 | |
Sales-type and Direct Financing Leases, Interest Income | $ 1,900 | $ 1,500 |
Loans and Leases (Allowance For
Loans and Leases (Allowance For Loan And Lease Losses By Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | $ 359,431 | $ 209,096 | |||
(Benefit) provision | (25,759) | 76,085 | |||
Charge-offs | (9,295) | (10,161) | |||
Recoveries | 3,974 | 2,343 | |||
Balance, end of period | 359,431 | 209,096 | $ 328,351 | $ 359,431 | $ 334,931 |
ALLL, Individually evaluated for impairment | 19,722 | 13,012 | |||
ALLL, Collectively evaluated for impairment | 308,629 | 321,919 | |||
Loan and lease balances, Individually evaluated for impairment | 289,211 | 332,117 | |||
Loan and lease balances, Collectively evaluated for impairment | 21,012,172 | 20,559,407 | |||
Loans and leases | 21,301,383 | 21,641,215 | 20,891,524 | ||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 0 | 57,568 | |||
Balance, end of period | 0 | 57,568 | 0 | ||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 312,244 | 161,669 | |||
(Benefit) provision | (23,653) | 71,243 | |||
Charge-offs | (6,321) | (5,574) | |||
Recoveries | 1,636 | 564 | |||
Balance, end of period | 312,244 | 161,669 | 283,906 | 312,244 | 261,926 |
ALLL, Individually evaluated for impairment | 14,809 | 8,235 | |||
ALLL, Collectively evaluated for impairment | 269,097 | 253,691 | |||
Loan and lease balances, Individually evaluated for impairment | 149,145 | 177,012 | |||
Loan and lease balances, Collectively evaluated for impairment | 14,626,398 | 13,511,409 | |||
Loans and leases | 14,775,543 | 14,900,535 | 13,688,421 | ||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 0 | 34,024 | |||
Balance, end of period | 0 | 34,024 | 0 | ||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 47,187 | 47,427 | |||
(Benefit) provision | (2,106) | 4,842 | |||
Charge-offs | (2,974) | (4,587) | |||
Recoveries | 2,338 | 1,779 | |||
Balance, end of period | 47,187 | 47,427 | 44,445 | 47,187 | 73,005 |
ALLL, Individually evaluated for impairment | 4,913 | 4,777 | |||
ALLL, Collectively evaluated for impairment | 39,532 | 68,228 | |||
Loan and lease balances, Individually evaluated for impairment | 140,066 | 155,105 | |||
Loan and lease balances, Collectively evaluated for impairment | 6,385,774 | 7,047,998 | |||
Loans and leases | $ 6,525,840 | 6,740,680 | $ 7,203,103 | ||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 0 | 23,544 | |||
Balance, end of period | $ 0 | $ 23,544 | $ 0 |
Loans and Leases (Summary Of Lo
Loans and Leases (Summary Of Loan And Lease Portfolio Aging By Class Of Loan) (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 170,843,000 | $ 200,942,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 50,000 | 445,000 | |
Financing Receivable, Nonaccrual | 150,361,000 | 167,960,000 | $ 167,960,000 |
Financing Receivable, Not Past Due | 21,130,540,000 | 21,440,273,000 | |
Loans and leases | 21,301,383,000 | 21,641,215,000 | 20,891,524,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 16,849,000 | 20,005,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,583,000 | 12,532,000 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 84,270,000 | 108,765,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 50,000 | ||
Financing Receivable, Nonaccrual | 76,105,000 | 95,197,000 | 95,197,000 |
Financing Receivable, Not Past Due | 14,691,273,000 | 14,791,770,000 | |
Loans and leases | 14,775,543,000 | 14,900,535,000 | 13,688,421,000 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 7,746,000 | 9,293,000 | |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 369,000 | 3,830,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 445,000 | ||
Commercial Portfolio Segment [Member] | Commercial non-mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 55,516,000 | 66,033,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 50,000 | ||
Financing Receivable, Nonaccrual | 53,871,000 | 64,073,000 | 64,073,000 |
Financing Receivable, Not Past Due | 6,863,110,000 | 7,019,043,000 | |
Loans and leases | 6,918,626,000 | 7,085,076,000 | |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,460,000 | 612,000 | |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 135,000 | 903,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 445,000 | ||
Commercial Portfolio Segment [Member] | Asset-based | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,402,000 | 3,768,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Financing Receivable, Nonaccrual | 2,402,000 | 2,594,000 | 2,594,000 |
Financing Receivable, Not Past Due | 905,019,000 | 886,830,000 | |
Loans and leases | 907,421,000 | 890,598,000 | |
Commercial Portfolio Segment [Member] | Asset-based | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 1,174,000 | |
Commercial Portfolio Segment [Member] | Asset-based | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 0 | 0 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Commercial Portfolio Segment [Member] | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 14,457,000 | 24,250,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Financing Receivable, Nonaccrual | 13,752,000 | 21,231,000 | 21,231,000 |
Financing Receivable, Not Past Due | 6,323,599,000 | 6,298,387,000 | |
Loans and leases | 6,338,056,000 | 6,322,637,000 | |
Commercial Portfolio Segment [Member] | Commercial real estate | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 508,000 | 2,400,000 | |
Commercial Portfolio Segment [Member] | Commercial real estate | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 197,000 | 619,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Commercial Portfolio Segment [Member] | Equipment financing | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 11,895,000 | 14,714,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Financing Receivable, Nonaccrual | 6,080,000 | 7,299,000 | 7,299,000 |
Financing Receivable, Not Past Due | 599,545,000 | 587,510,000 | |
Loans and leases | 611,440,000 | 602,224,000 | |
Commercial Portfolio Segment [Member] | Equipment financing | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 5,778,000 | 5,107,000 | |
Commercial Portfolio Segment [Member] | Equipment financing | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 37,000 | 2,308,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 86,573,000 | 92,177,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Financing Receivable, Nonaccrual | 74,256,000 | 72,763,000 | 72,763,000 |
Financing Receivable, Not Past Due | 6,439,267,000 | 6,648,503,000 | |
Loans and leases | 6,525,840,000 | 6,740,680,000 | 7,203,103,000 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 9,103,000 | 10,712,000 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,214,000 | 8,702,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Consumer Portfolio Segment [Member] | Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 48,033,000 | 51,745,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Financing Receivable, Nonaccrual | 42,768,000 | 41,081,000 | 41,081,000 |
Financing Receivable, Not Past Due | 4,620,912,000 | 4,730,271,000 | |
Loans and leases | 4,668,945,000 | 4,782,016,000 | |
Consumer Portfolio Segment [Member] | Residential | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 4,079,000 | 4,334,000 | |
Consumer Portfolio Segment [Member] | Residential | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,186,000 | 6,330,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Consumer Portfolio Segment [Member] | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 36,777,000 | 38,301,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Financing Receivable, Nonaccrual | 30,892,000 | 31,030,000 | $ 31,030,000 |
Financing Receivable, Not Past Due | 1,687,822,000 | 1,764,564,000 | |
Loans and leases | 1,724,599,000 | 1,802,865,000 | |
Consumer Portfolio Segment [Member] | Home equity | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 4,514,000 | 5,500,000 | |
Consumer Portfolio Segment [Member] | Home equity | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,371,000 | 1,771,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Consumer Portfolio Segment [Member] | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,763,000 | 2,131,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | ||
Financing Receivable, Nonaccrual | 596,000 | 652,000 | |
Financing Receivable, Not Past Due | 130,533,000 | 153,668,000 | |
Loans and leases | 132,296,000 | 155,799,000 | |
Consumer Portfolio Segment [Member] | Other consumer | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | 510,000 | 878,000 | |
Consumer Portfolio Segment [Member] | Other consumer | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 657,000 | 601,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 |
Loans and Leases Nonaccrual (De
Loans and Leases Nonaccrual (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | $ 150,361 | $ 167,960 | $ 167,960 |
Financing Receivable, Nonaccrual, No Allowance | 71,031 | 89,433 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 76,105 | 95,197 | 95,197 |
Financing Receivable, Nonaccrual, No Allowance | 16,349 | 35,497 | |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 53,871 | 64,073 | 64,073 |
Financing Receivable, Nonaccrual, No Allowance | 10,635 | 16,985 | |
Commercial Portfolio Segment [Member] | Asset-based | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 2,402 | 2,594 | 2,594 |
Financing Receivable, Nonaccrual, No Allowance | 2,402 | 0 | |
Commercial Portfolio Segment [Member] | Commercial real estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 13,752 | 21,231 | 21,231 |
Financing Receivable, Nonaccrual, No Allowance | 554 | 15,529 | |
Commercial Portfolio Segment [Member] | Equipment financing | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 6,080 | 7,299 | 7,299 |
Financing Receivable, Nonaccrual, No Allowance | 2,758 | 2,983 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 74,256 | 72,763 | 72,763 |
Financing Receivable, Nonaccrual, No Allowance | 54,682 | 53,936 | |
Consumer Portfolio Segment [Member] | Residential | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 42,768 | 41,081 | 41,081 |
Financing Receivable, Nonaccrual, No Allowance | 31,274 | 29,843 | |
Consumer Portfolio Segment [Member] | Home equity | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 30,892 | $ 31,030 | 31,030 |
Financing Receivable, Nonaccrual, No Allowance | 23,370 | 24,091 | |
Consumer Portfolio Segment [Member] | Other consumer | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual | 596 | 652 | |
Financing Receivable, Nonaccrual, No Allowance | $ 38 | $ 2 |
Loans and Leases (Credit Qualit
Loans and Leases (Credit Quality Indicators) (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | $ 1,462,676,000 | $ 5,461,818,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,745,980,000 | 3,635,131,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,387,273,000 | 2,728,575,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,543,059,000 | 1,645,809,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,516,314,000 | 1,487,739,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,580,025,000 | 3,453,866,000 | |
Financing Receivable, Revolving | 3,066,056,000 | 3,228,277,000 | |
Loans and leases | 21,301,383,000 | 21,641,215,000 | $ 20,891,524,000 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 1,072,280,000 | 4,116,181,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,441,852,000 | 2,781,504,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,696,007,000 | 2,475,137,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,325,050,000 | 1,198,615,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,125,410,000 | 909,133,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,375,434,000 | 1,584,568,000 | |
Financing Receivable, Revolving | 1,739,510,000 | 1,835,397,000 | |
Loans and leases | 14,775,543,000 | 14,900,535,000 | 13,688,421,000 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 832,940,000 | 2,858,624,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,247,669,000 | 1,137,847,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,040,854,000 | 1,035,468,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 940,081,000 | 518,078,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 471,486,000 | 255,172,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 473,664,000 | 255,715,000 | |
Financing Receivable, Revolving | 911,932,000 | 1,024,172,000 | |
Loans and leases | 6,918,626,000 | 7,085,076,000 | |
Commercial Portfolio Segment [Member] | Asset-based | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 26,344,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 25,881,000 | 18,464,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 18,113,000 | 23,898,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 23,322,000 | 11,333,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 10,890,000 | 10,963,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 26,675,000 | 16,484,000 | |
Financing Receivable, Revolving | 802,540,000 | 783,112,000 | |
Loans and leases | 907,421,000 | 890,598,000 | |
Commercial Portfolio Segment [Member] | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 172,136,000 | 966,426,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 921,842,000 | 1,472,718,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,494,157,000 | 1,334,949,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,290,468,000 | 639,091,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 617,725,000 | 593,209,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,816,690,000 | 1,288,131,000 | |
Financing Receivable, Revolving | 25,038,000 | 28,113,000 | |
Loans and leases | 6,338,056,000 | 6,322,637,000 | |
Commercial Portfolio Segment [Member] | Equipment financing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 67,204,000 | 264,787,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 246,460,000 | 152,475,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 142,883,000 | 80,822,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 71,179,000 | 30,113,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 25,309,000 | 49,789,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 58,405,000 | 24,238,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 611,440,000 | 602,224,000 | |
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | Commercial non-mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 832,940,000 | 2,771,373,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,168,628,000 | 1,052,080,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 957,425,000 | 907,110,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 794,005,000 | 481,321,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 443,935,000 | 231,280,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 416,891,000 | 218,001,000 | |
Financing Receivable, Revolving | 846,850,000 | 936,592,000 | |
Loans and leases | 6,460,674,000 | 6,597,757,000 | |
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | Asset-based | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 26,344,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 25,881,000 | 15,960,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 15,711,000 | 23,123,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 22,572,000 | 11,333,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 10,890,000 | 10,963,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 26,675,000 | 16,484,000 | |
Financing Receivable, Revolving | 762,386,000 | 741,336,000 | |
Loans and leases | 864,115,000 | 845,543,000 | |
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 172,136,000 | 965,582,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 921,002,000 | 1,461,201,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,473,799,000 | 1,242,322,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,227,983,000 | 527,931,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 519,241,000 | 554,630,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,655,611,000 | 1,165,331,000 | |
Financing Receivable, Revolving | 25,038,000 | 28,113,000 | |
Loans and leases | 5,994,810,000 | 5,945,110,000 | |
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | Equipment financing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 66,283,000 | 249,370,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 232,733,000 | 135,263,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 127,083,000 | 68,092,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 59,846,000 | 26,433,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 22,961,000 | 43,469,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 54,613,000 | 22,879,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 563,519,000 | 545,506,000 | |
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | Commercial non-mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 32,535,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 7,430,000 | 33,969,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 33,416,000 | 62,034,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 63,403,000 | 435,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 128,000 | 8,357,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 19,991,000 | 13,757,000 | |
Financing Receivable, Revolving | 31,380,000 | 38,496,000 | |
Loans and leases | 155,748,000 | 189,583,000 | |
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | Asset-based | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 775,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 750,000 | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | |
Financing Receivable, Revolving | 40,154,000 | 41,687,000 | |
Loans and leases | 40,904,000 | 42,462,000 | |
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 27,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 27,000 | 10,385,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 19,569,000 | 70,704,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 40,601,000 | 37,539,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 37,690,000 | 35,617,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 107,235,000 | 69,832,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 205,122,000 | 224,104,000 | |
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | Equipment financing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 7,934,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,435,000 | 11,043,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 11,316,000 | 6,981,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,185,000 | 1,220,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 868,000 | 1,577,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,376,000 | 788,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 22,180,000 | 29,543,000 | |
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | Commercial non-mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 54,716,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 71,611,000 | 51,798,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 50,013,000 | 66,324,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 82,673,000 | 36,159,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 27,423,000 | 15,535,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 36,782,000 | 23,957,000 | |
Financing Receivable, Revolving | 33,702,000 | 49,084,000 | |
Loans and leases | 302,204,000 | 297,573,000 | |
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | Asset-based | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 2,504,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,402,000 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 | |
Financing Receivable, Revolving | 0 | 89,000 | |
Loans and leases | 2,402,000 | 2,593,000 | |
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 817,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 813,000 | 1,132,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 789,000 | 21,923,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 21,884,000 | 73,621,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 60,794,000 | 2,962,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 53,844,000 | 52,968,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 138,124,000 | 153,423,000 | |
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | Equipment financing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 921,000 | 7,483,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 10,292,000 | 6,169,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,484,000 | 5,749,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 6,148,000 | 2,460,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,480,000 | 4,743,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,416,000 | 571,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 25,741,000 | 27,175,000 | |
Commercial Portfolio Segment [Member] | (9) Doubtful [Member] | Commercial non-mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | ||
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Three Years before Latest Fiscal Year | 163,000 | ||
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | ||
Financing Receivable, Revolving | 0 | ||
Loans and leases | 163,000 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 390,396,000 | 1,345,637,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,304,128,000 | 853,627,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 691,266,000 | 253,438,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 218,009,000 | 447,194,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 390,904,000 | 578,606,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,204,591,000 | 1,869,298,000 | |
Financing Receivable, Revolving | 1,326,546,000 | 1,392,880,000 | |
Loans and leases | 6,525,840,000 | 6,740,680,000 | $ 7,203,103,000 |
Consumer Portfolio Segment [Member] | Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 366,168,000 | 1,231,789,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,198,284,000 | 746,435,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 600,072,000 | 167,979,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 145,541,000 | 402,761,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 351,186,000 | 536,400,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,007,694,000 | 1,696,652,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 4,668,945,000 | 4,782,016,000 | |
Consumer Portfolio Segment [Member] | Residential | 800+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 78,004,000 | 360,336,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 453,272,000 | 283,755,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 226,982,000 | 61,048,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 51,458,000 | 178,849,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 155,714,000 | 268,044,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 962,687,000 | 805,537,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 1,928,117,000 | 1,957,569,000 | |
Consumer Portfolio Segment [Member] | Residential | 740-799 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 205,938,000 | 654,973,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 558,551,000 | 288,173,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 221,807,000 | 58,249,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 54,091,000 | 133,416,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 113,276,000 | 176,286,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 591,184,000 | 492,720,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 1,744,847,000 | 1,803,817,000 | |
Consumer Portfolio Segment [Member] | Residential | 670 to 739 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 77,109,000 | 199,329,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 170,166,000 | 118,620,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 102,503,000 | 39,125,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 33,129,000 | 75,375,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 68,460,000 | 76,666,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 303,718,000 | 248,268,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 755,085,000 | 757,383,000 | |
Consumer Portfolio Segment [Member] | Residential | 580-669 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 5,117,000 | 17,151,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 16,295,000 | 19,389,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,945,000 | 8,884,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,500,000 | 11,843,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 11,770,000 | 12,225,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 96,122,000 | 96,333,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 151,749,000 | 165,825,000 | |
Consumer Portfolio Segment [Member] | Residential | 579 and below | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 36,498,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 31,835,000 | 673,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,363,000 | 3,278,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,966,000 | 3,179,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 53,983,000 | 53,794,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Loans and leases | 89,147,000 | 97,422,000 | |
Consumer Portfolio Segment [Member] | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 21,793,000 | 80,991,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 77,715,000 | 42,078,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 37,400,000 | 59,221,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 52,357,000 | 39,022,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 35,541,000 | 40,738,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 195,271,000 | 171,626,000 | |
Financing Receivable, Revolving | 1,304,522,000 | 1,369,189,000 | |
Loans and leases | 1,724,599,000 | 1,802,865,000 | |
Consumer Portfolio Segment [Member] | Home equity | 800+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 8,442,000 | 30,604,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 32,410,000 | 16,567,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,380,000 | 25,205,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 21,538,000 | 14,439,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 14,293,000 | 17,192,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 73,450,000 | 59,956,000 | |
Financing Receivable, Revolving | 521,206,000 | 542,600,000 | |
Loans and leases | 685,719,000 | 706,563,000 | |
Consumer Portfolio Segment [Member] | Home equity | 740-799 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 9,444,000 | 34,797,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 31,016,000 | 13,565,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 12,578,000 | 19,715,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 16,077,000 | 11,073,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 9,282,000 | 12,839,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 48,763,000 | 43,802,000 | |
Financing Receivable, Revolving | 418,897,000 | 434,271,000 | |
Loans and leases | 546,057,000 | 570,062,000 | |
Consumer Portfolio Segment [Member] | Home equity | 670 to 739 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 3,885,000 | 13,753,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 12,664,000 | 8,855,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 8,083,000 | 10,761,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 11,652,000 | 10,206,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,804,000 | 7,318,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 47,326,000 | 44,025,000 | |
Financing Receivable, Revolving | 255,186,000 | 275,691,000 | |
Loans and leases | 347,600,000 | 370,609,000 | |
Consumer Portfolio Segment [Member] | Home equity | 580-669 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 1,708,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,299,000 | 2,172,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,622,000 | 2,660,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,123,000 | 2,234,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,360,000 | 2,316,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18,061,000 | 16,680,000 | |
Financing Receivable, Revolving | 78,951,000 | 86,126,000 | |
Loans and leases | 104,416,000 | 113,896,000 | |
Consumer Portfolio Segment [Member] | Home equity | 579 and below | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 22,000 | 129,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 326,000 | 919,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 737,000 | 880,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 967,000 | 1,070,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 802,000 | 1,073,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7,671,000 | 7,163,000 | |
Financing Receivable, Revolving | 30,282,000 | 30,501,000 | |
Loans and leases | 40,807,000 | 41,735,000 | |
Consumer Portfolio Segment [Member] | Consumer Loan | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 2,435,000 | 32,857,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 28,129,000 | 65,114,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 53,794,000 | 26,238,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 20,111,000 | 5,411,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,177,000 | 1,468,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,626,000 | 1,020,000 | |
Financing Receivable, Revolving | 22,024,000 | 23,691,000 | |
Loans and leases | 132,296,000 | 155,799,000 | |
Consumer Portfolio Segment [Member] | Consumer Loan | 800+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 51,000 | 2,827,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 703,000 | 5,725,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,458,000 | 2,610,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 649,000 | 658,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 250,000 | 115,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 213,000 | 190,000 | |
Financing Receivable, Revolving | 7,717,000 | 7,171,000 | |
Loans and leases | 11,041,000 | 19,296,000 | |
Consumer Portfolio Segment [Member] | Consumer Loan | 740-799 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 327,000 | 12,317,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,645,000 | 21,036,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,498,000 | 8,925,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,328,000 | 1,493,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 775,000 | 457,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 505,000 | 263,000 | |
Financing Receivable, Revolving | 7,955,000 | 5,119,000 | |
Loans and leases | 20,033,000 | 49,610,000 | |
Consumer Portfolio Segment [Member] | Consumer Loan | 670 to 739 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 1,948,000 | 14,761,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 13,017,000 | 31,952,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 26,345,000 | 11,843,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9,072,000 | 2,284,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,761,000 | 665,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 444,000 | 228,000 | |
Financing Receivable, Revolving | 3,681,000 | 8,403,000 | |
Loans and leases | 56,268,000 | 70,136,000 | |
Consumer Portfolio Segment [Member] | Consumer Loan | 580-669 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 56,000 | 2,344,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 9,495,000 | 5,419,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,063,000 | 2,360,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 6,258,000 | 793,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 963,000 | 194,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 232,000 | 124,000 | |
Financing Receivable, Revolving | 1,419,000 | 1,570,000 | |
Loans and leases | 34,486,000 | 12,804,000 | |
Consumer Portfolio Segment [Member] | Consumer Loan | 579 and below | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 53,000 | 608,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,269,000 | 982,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,430,000 | 500,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,804,000 | 183,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 428,000 | 37,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 232,000 | 215,000 | |
Financing Receivable, Revolving | 1,252,000 | 1,428,000 | |
Loans and leases | $ 10,468,000 | $ 3,953,000 |
Loans and Leases (Impaired Loan
Loans and Leases (Impaired Loans And Leases By Class) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 340,285 | |
Amortized Cost | 289,211 | $ 309,422 |
Amortized Cost No Allowance | 160,764 | |
Amortized Cost With Allowance | 128,447 | |
Related Allowance | 19,722 | |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 149,125 | 172,069 |
Amortized Cost | 114,352 | 119,884 |
Amortized Cost No Allowance | 55,091 | 55,742 |
Amortized Cost With Allowance | 59,261 | 64,142 |
Related Allowance | 11,345 | 9,665 |
Commercial Portfolio Segment [Member] | Asset-based | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,499 | 2,989 |
Amortized Cost | 2,402 | 2,594 |
Amortized Cost No Allowance | 2,402 | 0 |
Amortized Cost With Allowance | 0 | 2,594 |
Related Allowance | 0 | 50 |
Commercial Portfolio Segment [Member] | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 30,005 | 37,177 |
Amortized Cost | 26,311 | 33,879 |
Amortized Cost No Allowance | 10,466 | 25,931 |
Amortized Cost With Allowance | 15,845 | 7,948 |
Related Allowance | 2,548 | 1,610 |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 6,566 | 7,770 |
Amortized Cost | 6,080 | 7,298 |
Amortized Cost No Allowance | 2,758 | 2,983 |
Amortized Cost With Allowance | 3,322 | 4,315 |
Related Allowance | 916 | 362 |
Commercial Portfolio Segment [Member] | Residential | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 108,077 | |
Amortized Cost | 98,164 | |
Amortized Cost No Allowance | 58,915 | |
Amortized Cost With Allowance | 39,249 | |
Related Allowance | 3,357 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 439,619 | |
Amortized Cost | 309,422 | |
Amortized Cost No Allowance | 177,908 | |
Amortized Cost With Allowance | 131,514 | |
Related Allowance | 16,137 | |
Consumer Portfolio Segment [Member] | Residential | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 98,331 | |
Amortized Cost | 92,517 | 98,164 |
Amortized Cost No Allowance | 56,710 | |
Amortized Cost With Allowance | 35,807 | |
Related Allowance | 2,940 | |
Consumer Portfolio Segment [Member] | Home equity | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 53,155 | 109,156 |
Amortized Cost | 46,953 | 46,950 |
Amortized Cost No Allowance | 33,299 | 34,335 |
Amortized Cost With Allowance | 13,654 | 12,615 |
Related Allowance | 1,764 | 988 |
Consumer Portfolio Segment [Member] | Consumer Loan | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 604 | 2,381 |
Amortized Cost | 596 | 653 |
Amortized Cost No Allowance | 38 | 2 |
Amortized Cost With Allowance | 558 | 651 |
Related Allowance | $ 209 | $ 105 |
Loans and Leases (Interest Inco
Loans and Leases (Interest Income From Impaired Loans And Leases, By Class) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | $ 299,315 | $ 294,260 |
Accrued Interest Income | 1,902 | 2,437 |
Cash Basis Interest Income | 487 | 1,460 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 117,118 | 122,835 |
Accrued Interest Income | 859 | 1,053 |
Cash Basis Interest Income | 0 | 0 |
Commercial Portfolio Segment [Member] | Asset-based | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 2,498 | 138 |
Accrued Interest Income | 0 | 0 |
Cash Basis Interest Income | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 30,095 | 23,903 |
Accrued Interest Income | 182 | 146 |
Cash Basis Interest Income | 0 | 0 |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 6,689 | 7,192 |
Accrued Interest Income | 0 | 0 |
Cash Basis Interest Income | 0 | 0 |
Consumer Portfolio Segment [Member] | Residential | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 95,339 | 97,778 |
Accrued Interest Income | 639 | 830 |
Cash Basis Interest Income | 273 | 630 |
Consumer Portfolio Segment [Member] | Home equity | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 46,951 | 41,902 |
Accrued Interest Income | 222 | 391 |
Cash Basis Interest Income | 214 | 830 |
Consumer Portfolio Segment [Member] | Consumer Loan | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 625 | 512 |
Accrued Interest Income | 0 | 17 |
Cash Basis Interest Income | $ 0 | $ 0 |
Loans and Leases Impaired Colla
Loans and Leases Impaired Collateral (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 289,211 | $ 309,422 |
Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 107,645 | 102,836 |
Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 181,566 | 206,586 |
Collateral Value | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 147,700 | 150,300 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 114,352 | 119,884 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 20,717 | 11,074 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 93,635 | 108,810 |
Commercial Portfolio Segment [Member] | Asset-based | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2,402 | 2,594 |
Commercial Portfolio Segment [Member] | Asset-based | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2,402 | 2,504 |
Commercial Portfolio Segment [Member] | Asset-based | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 90 |
Commercial Portfolio Segment [Member] | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 26,311 | 33,879 |
Commercial Portfolio Segment [Member] | Commercial real estate | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 21,671 | 28,482 |
Commercial Portfolio Segment [Member] | Commercial real estate | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 4,640 | 5,397 |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 6,080 | 7,298 |
Commercial Portfolio Segment [Member] | Equipment financing | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Commercial Portfolio Segment [Member] | Equipment financing | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 6,080 | 7,298 |
Commercial Portfolio Segment [Member] | Residential | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 98,164 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 309,422 | |
Consumer Portfolio Segment [Member] | Residential | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 92,517 | 98,164 |
Consumer Portfolio Segment [Member] | Residential | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 36,096 | 33,980 |
Consumer Portfolio Segment [Member] | Residential | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 56,421 | 64,184 |
Consumer Portfolio Segment [Member] | Home equity | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 46,953 | 46,950 |
Consumer Portfolio Segment [Member] | Home equity | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 26,759 | 26,796 |
Consumer Portfolio Segment [Member] | Home equity | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 20,194 | 20,154 |
Consumer Portfolio Segment [Member] | Consumer Loan | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 596 | 653 |
Consumer Portfolio Segment [Member] | Consumer Loan | Collateral Pledged | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Consumer Portfolio Segment [Member] | Consumer Loan | Uncollateralized | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 596 | $ 653 |
Loans and Leases (Summary Of Th
Loans and Leases (Summary Of The Recorded Investment Of Company's TDRs) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | $ 222,102 | $ 235,427 | ||
Specific reserves for TDRs included in the balance of ACL on loans and leases | 328,351 | 359,431 | $ 334,931 | $ 209,096 |
Additional funds committed to borrowers in TDR status | 14,606 | 12,895 | ||
Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | 138,379 | 140,089 | ||
Nonperforming Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | 83,723 | 95,338 | ||
Nonperforming Financial Instruments [Member] | Troubled Debt Restructures [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves for TDRs included in the balance of ACL on loans and leases | $ 14,293 | $ 12,728 |
Loans and Leases (Information o
Loans and Leases (Information on How Loans and Leases were Modified as a TDR) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 26 | 37 |
Post-Modification Recorded Investment | $ | $ 2,644 | $ 30,239 |
Commercial Portfolio Segment [Member] | Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 7 | 2 |
Post-Modification Recorded Investment | $ | $ 690 | $ 104 |
Commercial Portfolio Segment [Member] | Maturity/Rate Combined [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 1 | 6 |
Post-Modification Recorded Investment | $ | $ 37 | $ 552 |
Commercial Portfolio Segment [Member] | Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 2 | 10 |
Post-Modification Recorded Investment | $ | $ 113 | $ 27,137 |
Consumer Portfolio Segment [Member] | Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 2 | 1 |
Post-Modification Recorded Investment | $ | $ 127 | $ 264 |
Consumer Portfolio Segment [Member] | Maturity/Rate Combined [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 5 | 4 |
Post-Modification Recorded Investment | $ | $ 1,011 | $ 456 |
Consumer Portfolio Segment [Member] | Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans and Leases | loan | 9 | 14 |
Post-Modification Recorded Investment | $ | $ 666 | $ 1,726 |
Loans and Leases (Investments i
Loans and Leases (Investments in TDRs, Segregated by Risk Rating Exposure) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | $ 222,102 | $ 235,427 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 110,899 | 117,695 |
Commercial Portfolio Segment [Member] | (1) - (6) Pass [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 12,724 | 12,462 |
Commercial Portfolio Segment [Member] | (7) Special Mention [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 0 | 0 |
Commercial Portfolio Segment [Member] | (8) Substandard [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | 98,175 | 105,070 |
Commercial Portfolio Segment [Member] | (9) Doubtful [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total recorded investment of TDRs | $ 0 | $ 163 |
Transfers of Financial Assets_2
Transfers of Financial Assets (Reserve for loan repurchases) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||
Beginning balance | $ 747 | $ 508 |
Provision charged to expense | 23 | 22 |
(Charge-offs/settlements) recoveries, net | 0 | 103 |
Ending balance | $ 770 | $ 633 |
Transfers of Financial Assets_3
Transfers of Financial Assets (Loans sold) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net gain on sale | $ 2,642 | $ 2,893 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ancillary fees | 541 | 401 |
Consumer Portfolio Segment [Member] | Residential Mortgage Loans Servicing Retained [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from sale | 75,691 | 72,091 |
Consumer Portfolio Segment [Member] | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from sale | 79,308 | 75,594 |
Net gain on sale | 2,109 | 2,519 |
Fair value option adjustment | $ (8) | $ (27) |
Transfers of Financial Assets_4
Transfers of Financial Assets (Mortgage Servicing Assets) (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceeds of Other Loans and Leases Held-for-investment | $ 16,787 | $ 390 | |
Mortgage banking activities | 2,642 | 2,893 | |
Retained servicing rights | $ 2,300,000 | ||
Residential | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceeds of Other Loans and Leases Held-for-investment | 16,800 | ||
Commercial Loan [Member] | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceeds of Other Loans and Leases Held-for-investment | 400 | ||
Mortgage banking activities | 191 | ||
Consumer Portfolio Segment [Member] | Residential | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Mortgage banking activities | 2,109 | 2,519 | |
Retained servicing rights | 2,200,000 | $ 2,200,000 | |
Contractually Specified Servicing Fees, Amount | $ 400 | $ 500 |
Transfers of Financial Assets S
Transfers of Financial Assets Servicing Assets at Amortized Cost Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning Balance | $ 13,422 | $ 17,484 |
Additions | 586 | 1,189 |
Amortization | (1,490) | (1,707) |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | (191) | (575) |
Ending Balance | $ 12,327 | $ 16,391 |
Leases Lessee Accounting (Detai
Leases Lessee Accounting (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 127,423 | |
Less: Present value adjustment | $ 156,910 | $ 158,280 |
Leases Lessee Cost (Details)
Leases Lessee Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease, Cost [Abstract] | ||
Operating lease costs | $ 6,557 | $ 7,424 |
Variable lease costs | 1,300 | 1,427 |
Sublease income | (131) | (145) |
Total operating lease cost | 7,726 | 8,706 |
Cash paid for amounts included in the measurement of lease liabilities | 7,833 | 7,758 |
ROU lease assets obtained in exchange for new operating lease liabilities | $ 5,398 | $ 8,666 |
Weighted-average remaining lease term, in years | 7 years 11 months 12 days | |
Weighted-average discount rate | 3.14% |
Leases Operating Lease Liabilit
Leases Operating Lease Liabilities, Payments, Due, Rolling Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | ||
Remainder of 2021 | $ 20,323 | |
2022 | 27,762 | |
2023 | 25,259 | |
2024 | 22,250 | |
2025 | 20,267 | |
Thereafter | 64,364 | |
Total operating lease liability payments | 180,225 | |
Less: Present value adjustment | 156,910 | $ 158,280 |
Lease liabilities | $ 23,315 |
Leases (Details)
Leases (Details) | Mar. 31, 2021 |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Term of Contract | 5 years |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Term of Contract | 20 years |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Gross Carrying Value And Accumulated Amortization Of Other Intangible Assets) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 47,625 | $ 47,625 |
Accumulated Amortization | 26,381 | 25,242 |
Net Carrying Amount | 21,244 | 22,383 |
Core Deposits [Member] | HSA Bank | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 26,625 | 26,625 |
Accumulated Amortization | 16,352 | 15,618 |
Net Carrying Amount | 10,273 | 11,007 |
Customer Relationships [Member] | HSA Bank | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,000 | 21,000 |
Accumulated Amortization | 10,029 | 9,624 |
Net Carrying Amount | $ 10,971 | $ 11,376 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule Of Expected Future Amortization Expense) (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2021 | $ 3,374 |
2022 | 4,411 |
2023 | 4,315 |
2024 | 2,084 |
2025 | 2,084 |
Thereafter | $ 4,976 |
Deposits (Summary Of Deposits)
Deposits (Summary Of Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Non-interest-bearing: | ||
Demand | $ 6,680,114 | $ 6,155,592 |
Interest-bearing: | ||
HSA | 7,455,181 | 7,120,017 |
Checking | 3,792,309 | 3,652,763 |
Money market | 3,015,565 | 2,940,215 |
Savings | 5,304,532 | 4,979,031 |
Time deposits | 2,234,133 | 2,487,818 |
Total interest-bearing | 21,801,720 | 21,179,844 |
Total deposits | 28,481,834 | 27,335,436 |
Time deposits and interest-bearing checking obtained through brokers (included in above balances) | 754,159 | 720,440 |
Time deposits that exceed the FDIC limit (included in above balance) | 389,513 | 504,543 |
Deposit overdrafts reclassified as loan balances | $ 973 | $ 2,007 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities Of Time Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deposit Liabilities [Abstract] | ||
Remainder of 2021 | $ 1,725,839 | |
2022 | 335,674 | |
2023 | 82,122 | |
2024 | 32,259 | |
2025 | 51,347 | |
Thereafter | 6,892 | |
Time deposits | $ 2,234,133 | $ 2,487,818 |
Borrowings Borrowings - (Narrat
Borrowings Borrowings - (Narrative) (Details) - USD ($) $ in Billions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Total Outstanding | $ 1.2 | $ 1.7 |
Borrowings (Summary Of Securiti
Borrowings (Summary Of Securities Sold Under Agreements To Repurchase And Other Borrowings) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 1,200,000 | $ 1,700,000 |
Financing Receivable, Originated in Current Fiscal Year | 1,462,676 | 5,461,818 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,745,980 | 3,635,131 |
Commercial Portfolio Segment [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,072,280 | 4,116,181 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,441,852 | 2,781,504 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 832,940 | 2,858,624 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,247,669 | 1,137,847 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | (1) - (6) Pass [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 832,940 | 2,771,373 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,168,628 | 1,052,080 |
Securities sold under agreements to repurchase | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 498,378 | $ 469,330 |
Rate | 0.68% | 0.43% |
Fed funds purchased | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 0 | $ 526,025 |
Rate | 0.00% | 0.08% |
Securities sold under agreements to repurchase and other borrowings | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 498,378 | $ 995,355 |
Rate | 0.68% | 0.25% |
Original maturity of one year or less | Securities sold under agreements to repurchase | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 298,378 | $ 269,330 |
Rate | 0.11% | 0.13% |
Original maturity of greater than one year, non-callable | Securities sold under agreements to repurchase | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 200,000 | $ 200,000 |
Rate | 1.53% | 0.84% |
Borrowings Borrowings (Summary
Borrowings Borrowings (Summary Of Advances Payable To the Federal Home Loan Bank) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year [Abstract] | ||
FHLB advances maturing within 1 year, Total Outstanding | $ 25,000 | $ 25,000 |
FHLB advances maturing after 1 but within 2 years, Total Outstanding | 105 | 110 |
FHLB advances maturing after 2 but within 3 years, Total Outstanding | 212 | 215 |
FHLB advances maturing after 3 but within 4 years, Total Outstanding | 100,000 | 50,000 |
FHLB advances maturing after 4 but within 5 years, Total Outstanding | 0 | 50,000 |
FHLB advances maturing after 5 years, Total Outstanding | 13,237 | 7,839 |
Federal Home Loan Bank, Advances | $ 138,554 | $ 133,164 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate [Abstract] | ||
FHLB advances maturing within 1 year, Weighted Average Contractual Coupon Rate (as a percent) | 0.35% | 0.38% |
FHLB advances maturing after 1 but within 2 years, Weighted Average Contractual Coupon Rate (as a percent) | 0.00% | 0.00% |
FHLB advances maturing after 2 but within 3 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.95% | 2.95% |
FHLB advances maturing after 3 but within 4 years, Weighted Average Contractual Coupon Rate (as a percent) | 1.50% | 1.59% |
FHLB advances maturing after 4 but within 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 0.00% | 1.42% |
FHLB advances maturing after 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.56% | 2.66% |
Federal Home Loan Bank, Advances, Weighted Average Contractual Coupon Rate (as a percent) | 1.40% | 1.36% |
Aggregate carrying value of assets pledged as collateral | $ 7,239,063 | $ 7,387,054 |
Remaining borrowing capacity | $ 4,451,005 | $ 4,689,642 |
Borrowings (Long Term Debt) (De
Borrowings (Long Term Debt) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Notes and subordinated debt | $ 570,146,000 | $ 571,484,000 |
Debt issuance cost on senior fixed-rates | (2,528,000) | (2,628,000) |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 342,826,000 | 344,164,000 |
Long-term debt | $ 566,480,000 | $ 567,663,000 |
Variable interest rate | 3.13% | 3.18% |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.95% | |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Discount on senior fixed-rate notes | $ (1,138,000) | $ (1,193,000) |
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Notes and subordinated debt | $ 77,320,000 | 77,320,000 |
Debt Instrument, Redemption, Period One [Member] | 4.375% Senior fixed-rate notes due February 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 4.375% | |
Notes and subordinated debt | $ 150,000,000 | 150,000,000 |
Debt Instrument, Redemption, Period Two [Member] | 4.375% Senior fixed-rate notes due February 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 4.10% | |
Notes and subordinated debt | $ 342,826,000 | 344,164,000 |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 42,826,000 | $ 44,164,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income, Net of Tax (Schedule of Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ 3,234,625 | $ 3,207,770 |
Net current-period other comprehensive (loss) income, net of tax | (33,982) | 11,272 |
Ending Balance | 3,272,928 | 3,090,242 |
Available For Sale and Transferred Securities [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 67,424 | 17,251 |
Other comprehensive (loss) before reclassifications | (30,353) | (15,683) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (6) |
Net current-period other comprehensive (loss) income, net of tax | (30,353) | (15,689) |
Ending Balance | 37,071 | 1,562 |
Derivative Instruments [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 19,918 | (9,184) |
Other comprehensive (loss) before reclassifications | (5,170) | 24,779 |
Amounts reclassified from accumulated other comprehensive income (loss) | 798 | 1,453 |
Net current-period other comprehensive (loss) income, net of tax | (4,372) | 26,232 |
Ending Balance | 15,546 | 17,048 |
Defined Benefit Pension and Other Postretirement Benefit Plans [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (45,086) | (44,139) |
Other comprehensive (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 743 | 729 |
Net current-period other comprehensive (loss) income, net of tax | 743 | 729 |
Ending Balance | (44,343) | (43,410) |
Accumulated Other Comprehensive Income, Net of Tax | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 42,256 | (36,072) |
Other comprehensive (loss) before reclassifications | (35,523) | 9,096 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,541 | 2,176 |
Net current-period other comprehensive (loss) income, net of tax | (33,982) | 11,272 |
Ending Balance | $ 8,274 | $ (24,800) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income, Net of Tax (Schedule of Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | $ (30,211) | $ (11,144) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 0 | (2) |
Net of tax | 0 | 6 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of accumualted comprehensive income [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Debt Securities, Available-for-sale, Gain (Loss) | 0 | 8 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (798) | (1,453) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of accumualted comprehensive income [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 283 | 514 |
Net of tax | (798) | (1,453) |
Other Nonoperating Expense | (1,005) | (1,173) |
Interest Income, Other | (76) | (794) |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (1,008) | (990) |
Defined benefit pension and postretirement benefit plans [Member] | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (743) | (729) |
Income tax expense | $ 265 | $ 261 |
Regulatory Matters (Information
Regulatory Matters (Information On The Capital Ratios) (Detail) | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital | $ 2,609,103,000 | $ 2,543,131,000 | |
Common Equity Tier One Capital Ratio | 0.1189 | 0.1135 | |
Common Equity Tier One Capital Required for Capital Adequacy | $ 987,539,000 | $ 1,008,512,000 | |
Common Equity Tier One Capital Required to be Well-Capitalized | 1,426,445,000 | 1,456,739,000 | |
Total risk-based capital, Actual Amount | $ 3,090,093,000 | $ 3,045,652,000 | |
Total risk-based capital, Actual Ratio | 0.1408 | 0.1359 | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 1,755,625,000 | $ 1,792,910,000 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 0.080 | 0.080 | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 2,194,531,000 | $ 2,241,137,000 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 0.100 | 0.100 | |
Tier 1 capital, Actual Amount | $ 2,754,140,000 | $ 2,688,168,000 | |
Tier 1 capital, Actual Ratio | 0.1255 | 0.1199 | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 1,316,718,000 | $ 1,344,682,000 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 0.060 | 0.060 | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 1,755,625,000 | $ 1,792,910,000 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 0.080 | 0.080 | |
Tier 1 leverage capital ratio, Actual Amount | $ 2,754,140,000 | $ 2,688,168,000 | |
Tier 1 leverage capital ratio, Actual Ratio | 0.0845 | 0.0832 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 1,303,595,000 | $ 1,291,980,000 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 0.040 | 0.040 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 1,629,494,000 | $ 1,614,975,000 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Ratio | 0.050 | 0.050 | |
Dividends paid | $ 60,000,000 | $ 0 | |
Subsidiaries [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital | $ 2,842,608,000 | $ 2,791,474,000 | |
Common Equity Tier One Capital Ratio | 0.1296 | 0.1246 | |
Common Equity Tier One Capital Required for Capital Adequacy | $ 987,127,000 | $ 1,008,027,000 | |
Common Equity Tier One Capital Required to be Well-Capitalized | 1,425,850,000 | 1,456,039,000 | |
Total risk-based capital, Actual Amount | $ 3,101,241,000 | $ 3,071,505,000 | |
Total risk-based capital, Actual Ratio | 0.1414 | 0.1371 | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 1,754,892,000 | $ 1,792,048,000 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 0.080 | 0.080 | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 2,193,616,000 | $ 2,240,060,000 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 0.100 | 0.100 | |
Tier 1 capital, Actual Amount | $ 2,842,608,000 | $ 2,791,474,000 | |
Tier 1 capital, Actual Ratio | 0.1296 | 0.1246 | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 1,316,169,000 | $ 1,344,036,000 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 0.060 | 0.060 | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 1,754,892,000 | $ 1,792,048,000 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 0.080 | 0.080 | |
Tier 1 leverage capital ratio, Actual Amount | $ 2,842,608,000 | $ 2,791,474,000 | |
Tier 1 leverage capital ratio, Actual Ratio | 0.0873 | 0.0865 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 1,302,964,000 | $ 1,291,415,000 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 0.040 | 0.040 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 1,628,705,000 | $ 1,614,268,000 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Ratio | 0.050 | 0.050 | |
Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital Ratio | 0.045 | 0.045 | |
Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets [Member] | Subsidiaries [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital Ratio | 0.045 | 0.045 | |
Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital Ratio | 0.065 | 0.065 | |
Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets [Member] | Subsidiaries [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier One Capital Ratio | 0.065 | 0.065 |
Earnings Per Common Share (Earn
Earnings Per Common Share (Earnings Per Share Basic And Diluted) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings for basic and diluted earnings per common share: | ||
Net income | $ 108,078 | $ 38,199 |
Less: Preferred stock dividends | 1,969 | 1,969 |
Undistributed Earnings, Basic | 106,109 | 36,230 |
Undistributed Earnings, Diluted, Total | 106,109 | 36,230 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 579 | 209 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | 579 | 209 |
Earnings applicable to common shareholders | 105,530 | 36,021 |
Earnings applicable to common shareholders | $ 105,530 | $ 36,021 |
Shares: | ||
Weighted-average common shares outstanding - basic | 89,809 | 90,936 |
Effect of dilutive securities | 299 | 270 |
Weighted-average common shares outstanding - diluted | 90,108 | 91,206 |
Earnings per common share (1): | ||
Basic | $ 1.18 | $ 0.40 |
Diluted | $ 1.17 | $ 0.39 |
Earnings Per Common Share Sched
Earnings Per Common Share Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restricted stock (due to performance conditions on non-participating shares) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 35 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Schedule fair value of derivative instruments) (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | $ 5,647,069,000 | $ 5,683,199,000 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 220,955,000 | 332,856,000 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 3,082,000 | 7,522,000 |
Asset Derivatives, Fair Value, Less: Cash collateral posted | 39,973,000 | 33,043,000 |
Gross derivative instruments, before netting (1) | 177,900,000 | 292,291,000 |
Liability Derivatives, Notional Amount | 4,716,765,000 | 4,741,836,000 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 23,025,000 | 12,354,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 3,082,000 | 7,522,000 |
Liability Derivatives, Fair Value, Less: Cash collateral posted | 2,701,000 | 4,485,000 |
Derivative liability | 17,242,000 | 347,000 |
CME [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value, Less: Cash collateral posted | 75,900,000 | |
Gross derivative instruments, before netting (1) | 0 | |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 43,092,000 | 40,565,000 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 43,055,000 | 40,565,000 |
Gross derivative instruments, before netting (1) | 37,000 | 0 |
Derivative Liability, Fair Value, Gross Liability | 5,783,000 | 12,007,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 5,783,000 | 12,007,000 |
Derivative liability | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 1,000,000,000 | 1,000,000,000 |
Derivative Asset, Fair Value, Gross Asset | 32,581,000 | 39,641,000 |
Liability Derivatives, Notional Amount | 25,000,000 | 25,000,000 |
Derivative Liability, Fair Value, Gross Liability | 59,000 | 103,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 4,647,069,000 | 4,683,199,000 |
Asset Derivatives, Fair Value, Positions not subject to master netting agreement | 188,374,000 | 293,215,000 |
Liability Derivatives, Notional Amount | 4,691,765,000 | 4,716,836,000 |
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | 22,966,000 | 12,251,000 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap, CME [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 300,000,000 | 100,000,000 |
Liability Derivatives, Notional Amount | 3,000,000,000 | 3,200,000,000 |
Not Designated as Hedging Instrument [Member] | Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 4,502,668,000 | 4,533,441,000 |
Derivative Asset, Fair Value, Gross Asset | 187,593,000 | 292,096,000 |
Liability Derivatives, Notional Amount | 4,306,916,000 | 4,356,339,000 |
Derivative Liability, Fair Value, Gross Liability | 22,762,000 | 11,874,000 |
Not Designated as Hedging Instrument [Member] | Credit Risk Contract [Member] | RPA-Out [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 82,700,000 | 80,500,000 |
Not Designated as Hedging Instrument [Member] | Credit Risk Contract [Member] | RPA-In [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Notional Amount | 368,400,000 | 338,900,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking Derivatives [Member] | RPA-Out [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 43,494,000 | 40,771,000 |
Derivative Asset, Fair Value, Gross Asset | 485,000 | 855,000 |
Not Designated as Hedging Instrument [Member] | Mortgage Banking Derivatives [Member] | RPA-In [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Notional Amount | 3,303,000 | 0 |
Derivative Liability, Fair Value, Gross Liability | 12,000 | 0 |
Not Designated as Hedging Instrument [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 100,907,000 | 108,987,000 |
Derivative Asset, Fair Value, Gross Asset | 296,000 | 264,000 |
Liability Derivatives, Notional Amount | 381,546,000 | 360,497,000 |
Derivative Liability, Fair Value, Gross Liability | 192,000 | $ 377,000 |
Interest Rate Lock Commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Commitment | $ 1,100,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule of the changes in the fair value of non-hedge accounting derivatives) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 6,844 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 4,734 | |
Interest Rate Derivatives [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 4,644 | 5,926 |
Mortgage Banking Derivatives [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | (382) | (993) |
Other Contract [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 472 | 1,911 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | (2,461) | 1,861 |
Cash Flow Hedging [Member] | Interest Rate Derivatives [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 121 | 1,121 |
Cash Flow Hedging [Member] | Interest Rate Derivatives [Member] | Other Income [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ (2,582) | $ 740 |
Derivative Financial Instrume_5
Derivative Financial Instruments (AOCI Related to Cash Flow Hedges) (Narrative) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) on Components Excluded from Assessment of Interest Rate Cash Flow Hedge Effectiveness | $ 9.4 |
Cash Flow Hedging [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | (0.3) |
Remaining unamortized gain (loss) on termination of cash flow hedges | (0.9) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | $ (10.3) |
Derivative Financial Instrume_6
Derivative Financial Instruments (Offsetting Derivatives) (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset, Total | $ (3,082,000) | $ (7,522,000) |
Derivative instrument asset, Amount Offset | 39,973,000 | 33,043,000 |
Gross derivative instruments, before netting (1) | 177,900,000 | 292,291,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 3,082,000 | 7,522,000 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | (2,701,000) | (4,485,000) |
Derivative liability | 17,242,000 | 347,000 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (266,000) | (785,000) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | (303,000) | (785,000) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (727,000) | (1,247,000) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | (727,000) | (1,247,000) |
Hedge Accounting Positions [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 43,092,000 | 40,565,000 |
Derivative instrument asset, Amount Offset, Total | (43,055,000) | (40,565,000) |
Gross derivative instruments, before netting (1) | 37,000 | 0 |
Derivative Liability, Fair Value, Gross Liability | 5,783,000 | 12,007,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 5,783,000 | 12,007,000 |
Derivative liability | 0 | 0 |
CME [Member] | ||
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset | 75,900,000 | |
Gross derivative instruments, before netting (1) | 0 | |
Interest Rate Derivatives [Member] | Hedge Accounting Positions [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 32,581,000 | 39,641,000 |
Derivative Liability, Fair Value, Gross Liability | $ 59,000 | $ 103,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments Impact of Fair Value on Qualifying Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 6,844 | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 342,826 | $ 344,164 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | (2,461) | $ 1,861 | |
Long-term Debt [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 42,826 | $ 44,164 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Counterparty Credit Risk Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 3 years 3 months 18 days | |
Derivative instrument asset, Amount Offset | $ 39,973 | $ 33,043 |
Credit Derivative, Maximum Exposure, Undiscounted | 182,300 | |
Cash and Due from Banks [Member] | ||
Derivative [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | 40,700 | |
Valuation, Market Approach [Member] | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 39,600 | |
CME [Member] | ||
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset | $ 75,900 |
Derivative Financial Instrume_9
Derivative Financial Instruments Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 3,082 | $ 7,522 |
Derivative Asset | 177,900 | 292,291 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 3,082 | 7,522 |
Derivative Liability | 17,242 | 347 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 266 | 785 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 303 | 785 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 727 | 1,247 |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 727 | 1,247 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 5,783 | 12,007 |
Derivative Asset, Fair Value, Gross Asset | 43,092 | 40,565 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 43,055 | 40,565 |
Derivative Asset | 37 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 5,783 | 12,007 |
Derivative Liability | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 19,300 | ||
Unused Commitments to Extend Credit | 6,745,332 | $ 6,755,563 | |
Valuation Allowance for Impairment of Recognized Servicing Assets, Sales and Disposals | 191 | $ 575 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 2,400 | ||
Rabbi Trust [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 1,600 | ||
Alternative investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 18,700 | ||
Alternative investments [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unused Commitments to Extend Credit | $ 17,900 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Assets And Liabilities Measured On Recurring and Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | $ 3,313,980 | $ 3,326,776 |
Gross derivative instruments, before netting (1) | 177,900 | 292,291 |
Loans held for sale (valued under fair value option $17,260 and $14,000) | 17,260 | 14,000 |
Financial liabilities held at fair value: | ||
Derivative liability | 17,242 | 347 |
Agency CMO [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 137,603 | 154,613 |
Agency MBS [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 1,456,456 | 1,457,409 |
Agency CMBS [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 974,585 | 1,117,233 |
Non-agency CMBS [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 663,013 | 508,018 |
CLO [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 68,643 | 76,383 |
Corporate debt securities [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 13,680 | 13,120 |
Fair Value, Recurring [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 3,313,980 | 3,326,776 |
Alternative investments (2) | 15,896 | 11,112 |
Total financial assets held at fair value | 3,572,936 | 3,689,555 |
Financial liabilities held at fair value: | ||
Derivative liability | 23,025 | 12,354 |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Alternative investments (2) | 0 | 0 |
Total financial assets held at fair value | 5,111 | 5,016 |
Financial liabilities held at fair value: | ||
Derivative liability | 98 | 218 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 3,313,980 | 3,326,776 |
Alternative investments (2) | 0 | 0 |
Total financial assets held at fair value | 3,551,929 | 3,673,427 |
Financial liabilities held at fair value: | ||
Derivative liability | 22,927 | 12,136 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Alternative investments (2) | 0 | 0 |
Total financial assets held at fair value | 0 | 0 |
Financial liabilities held at fair value: | ||
Derivative liability | 0 | 0 |
Fair Value, Recurring [Member] | Derivative instruments [Member] | ||
Financial assets held at fair value: | ||
Gross derivative instruments, before netting (1) | 220,955 | 332,856 |
Fair Value, Recurring [Member] | Derivative instruments [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets held at fair value: | ||
Gross derivative instruments, before netting (1) | 266 | 205 |
Fair Value, Recurring [Member] | Derivative instruments [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets held at fair value: | ||
Gross derivative instruments, before netting (1) | 220,689 | 332,651 |
Fair Value, Recurring [Member] | Derivative instruments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets held at fair value: | ||
Gross derivative instruments, before netting (1) | 0 | 0 |
Fair Value, Recurring [Member] | Investments Held In Rabbi Trust [Member] | ||
Financial assets held at fair value: | ||
Other assets | 4,845 | 4,811 |
Fair Value, Recurring [Member] | Investments Held In Rabbi Trust [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets held at fair value: | ||
Other assets | 4,845 | 4,811 |
Fair Value, Recurring [Member] | Investments Held In Rabbi Trust [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets held at fair value: | ||
Other assets | 0 | 0 |
Fair Value, Recurring [Member] | Investments Held In Rabbi Trust [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets held at fair value: | ||
Other assets | 0 | 0 |
Fair Value, Recurring [Member] | Loan Origination Commitments [Member] | ||
Financial assets held at fair value: | ||
Loans held for sale (valued under fair value option $17,260 and $14,000) | 17,260 | 14,000 |
Fair Value, Recurring [Member] | Loan Origination Commitments [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets held at fair value: | ||
Loans held for sale (valued under fair value option $17,260 and $14,000) | 0 | 0 |
Fair Value, Recurring [Member] | Loan Origination Commitments [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets held at fair value: | ||
Loans held for sale (valued under fair value option $17,260 and $14,000) | 17,260 | 14,000 |
Fair Value, Recurring [Member] | Loan Origination Commitments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets held at fair value: | ||
Loans held for sale (valued under fair value option $17,260 and $14,000) | 0 | 0 |
Fair Value, Recurring [Member] | Agency CMO [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 137,603 | 154,613 |
Fair Value, Recurring [Member] | Agency CMO [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Agency CMO [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 137,603 | 154,613 |
Fair Value, Recurring [Member] | Agency CMO [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Agency MBS [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 1,456,456 | 1,457,409 |
Fair Value, Recurring [Member] | Agency MBS [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Agency MBS [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 1,456,456 | 1,457,409 |
Fair Value, Recurring [Member] | Agency MBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Agency CMBS [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 974,585 | 1,117,233 |
Fair Value, Recurring [Member] | Agency CMBS [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Agency CMBS [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 974,585 | 1,117,233 |
Fair Value, Recurring [Member] | Agency CMBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Non-agency CMBS [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 663,013 | 508,018 |
Fair Value, Recurring [Member] | Non-agency CMBS [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Non-agency CMBS [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 663,013 | 508,018 |
Fair Value, Recurring [Member] | Non-agency CMBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | CLO [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 68,643 | 76,383 |
Fair Value, Recurring [Member] | CLO [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | CLO [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 68,643 | 76,383 |
Fair Value, Recurring [Member] | CLO [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Corporate debt securities [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 13,680 | 13,120 |
Fair Value, Recurring [Member] | Corporate debt securities [Member] | Quoted Prices in Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Corporate debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | 13,680 | 13,120 |
Fair Value, Recurring [Member] | Corporate debt securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets held at fair value: | ||
Investment securities available-for-sale, at fair value | $ 0 | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Option, Disclosures (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale (valued under fair value option $17,260 and $14,000) | $ 17,260 | $ 14,000 |
Loans held for sale (valued under fair value option $17,260 and $14,000) | 17,262 | 14,012 |
Fair Value, Option, Loans Held as Assets, Aggregate Difference | 236 | 489 |
loans held for sale [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale (valued under fair value option $17,260 and $14,000) | $ 17,024 | $ 13,511 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Estimated Fair Values Of Significant Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investment securities held-to-maturity (fair value of $5,730,726 and $5,835,364) | $ 5,568,093 | $ 5,568,188 | ||
Debt Securities, Held-to-maturity, Fair Value | 5,730,726 | 5,835,364 | ||
Mortgage servicing assets, Carrying Amount | 12,327 | 13,422 | $ 16,391 | $ 17,484 |
Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investment securities held-to-maturity (fair value of $5,730,726 and $5,835,364) | 5,567,785 | 5,567,889 | ||
Loans and leases, net | 20,973,032 | 21,281,784 | ||
Securities sold under agreements to repurchase and other borrowings | 498,378 | 995,355 | ||
FHLB advances | 138,554 | 133,164 | ||
Long-term debt | 566,480 | 567,663 | ||
Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | Deposits Liabilities, other than time deposits [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 26,247,701 | 24,847,618 | ||
Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | Time Deposits [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 2,234,133 | 2,487,818 | ||
Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | Residential | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage servicing assets, Carrying Amount | 12,327 | 13,422 | ||
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Securities, Held-to-maturity, Fair Value | 5,730,726 | 5,835,364 | ||
Securities sold under agreements to repurchase and other borrowings | 505,387 | 1,000,189 | ||
FHLB advances | 142,467 | 139,035 | ||
Long-term debt | 522,850 | 538,407 | ||
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans and leases, net | 21,085,680 | 21,413,397 | ||
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Deposits Liabilities, other than time deposits [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 26,247,701 | 24,847,618 | ||
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 2,237,004 | 2,494,601 | ||
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Residential | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage servicing assets, Fair value | $ 16,102 | $ 14,362 |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average expected long-term rate of return | 5.50% | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on benefit obligations | $ 1,166 | $ 1,675 |
Expected return on plan assets | (3,595) | (3,380) |
Recognized net loss | 1,019 | 992 |
Net periodic benefit cost | (1,410) | (713) |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on benefit obligations | 7 | 11 |
Expected return on plan assets | 0 | 0 |
Recognized net loss | 8 | 6 |
Net periodic benefit cost | 15 | 17 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on benefit obligations | 4 | 13 |
Expected return on plan assets | 0 | 0 |
Recognized net loss | (20) | (9) |
Net periodic benefit cost | $ (16) | $ 4 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)Segment | Jan. 01, 2021USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | Segment | 3 | ||
Goodwill | $ 538,373 | $ 538,373 | |
Retail Banking | Scenario, Adjustment | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ (131,000) | ||
Commercial Banking | Scenario, Adjustment | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ 131,000 |
Segment Reporting (Operating Re
Segment Reporting (Operating Results and Total Assets Reportable Segments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Goodwill | $ 538,373 | $ 538,373 | |
Assets | 33,259,037 | 32,590,690 | |
Net interest income | 223,764 | $ 230,801 | |
Non-interest income | 76,757 | 73,378 | |
Non-interest expense | 187,982 | 178,836 | |
Pre-tax, pre-provision net revenue | 112,539 | 125,343 | |
Provision for credit losses | (25,750) | 76,000 | |
Income before income tax expense | 138,289 | 49,343 | |
Income tax expense | 30,211 | 11,144 | |
Net income | 108,078 | 38,199 | |
Operating Segments [Member] | Commercial Banking | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 131,000 | 131,000 | |
Assets | 14,602,793 | 14,732,792 | |
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 | |
Provision for credit losses | (19,373) | 69,018 | |
Income before income tax expense | 121,752 | 5,764 | |
Income tax expense | 30,803 | 1,406 | |
Net income | 90,949 | 4,358 | |
Operating Segments [Member] | HSA Bank | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 21,813 | 21,813 | |
Assets | 83,707 | 80,352 | |
Net interest income | 42,109 | 42,673 | |
Non-interest income | 27,005 | 26,383 | |
Non-interest expense | 36,250 | 37,078 | |
Pre-tax, pre-provision net revenue | 32,864 | 31,978 | |
Provision for credit losses | 0 | 0 | |
Income before income tax expense | 32,864 | 31,978 | |
Income tax expense | 8,775 | 8,538 | |
Net income | 24,089 | 23,440 | |
Operating Segments [Member] | Retail Banking | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 385,560 | 385,560 | |
Assets | 7,514,326 | 7,726,287 | |
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 | |
Provision for credit losses | (6,386) | 7,067 | |
Income before income tax expense | 35,146 | 12,285 | |
Income tax expense | 7,732 | 2,678 | |
Net income | 27,414 | 9,607 | |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 0 | 0 | |
Assets | 11,058,211 | $ 10,051,259 | |
Net interest income | (49,196) | (10,658) | |
Non-interest income | 8,504 | 6,136 | |
Non-interest expense | 10,772 | (3,753) | |
Pre-tax, pre-provision net revenue | (51,464) | (769) | |
Provision for credit losses | 9 | (85) | |
Income before income tax expense | (51,473) | (684) | |
Income tax expense | (17,099) | (1,478) | |
Net income | $ (34,374) | $ 794 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 52,407 | $ 53,167 |
Non-interest income | 76,757 | 73,378 |
Deposit service fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 40,469 | 42,570 |
Wealth and investment services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,403 | 8,739 |
Other non interest income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,535 | 1,858 |
Non-interest income within the scope of other GAAP topics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 24,350 | |
Non-interest income | 20,211 | |
Operating Segments [Member] | Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 13,815 | 12,913 |
Non-interest income | 25,177 | 22,416 |
Operating Segments [Member] | Commercial Banking | Deposit service fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,101 | 3,911 |
Operating Segments [Member] | Commercial Banking | Wealth and investment services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,412 | 8,746 |
Operating Segments [Member] | Commercial Banking | Other non interest income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 302 | 256 |
Operating Segments [Member] | Commercial Banking | Non-interest income within the scope of other GAAP topics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,362 | |
Non-interest income | 9,503 | |
Operating Segments [Member] | HSA Bank | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,005 | 26,383 |
Non-interest income | 27,005 | 26,383 |
Operating Segments [Member] | HSA Bank | Deposit service fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 25,018 | 24,842 |
Operating Segments [Member] | HSA Bank | Wealth and investment services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Operating Segments [Member] | HSA Bank | Other non interest income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,987 | 1,541 |
Operating Segments [Member] | HSA Bank | Non-interest income within the scope of other GAAP topics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |
Non-interest income | 0 | |
Operating Segments [Member] | Retail Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,549 | 13,801 |
Non-interest income | 16,071 | 18,443 |
Operating Segments [Member] | Retail Banking | Deposit service fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,303 | 13,740 |
Operating Segments [Member] | Retail Banking | Wealth and investment services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Operating Segments [Member] | Retail Banking | Other non interest income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 246 | 61 |
Operating Segments [Member] | Retail Banking | Non-interest income within the scope of other GAAP topics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,522 | |
Non-interest income | 4,642 | |
Corporate, Non-Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 38 | 70 |
Non-interest income | 8,504 | 6,136 |
Corporate, Non-Segment [Member] | Deposit service fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 47 | 77 |
Corporate, Non-Segment [Member] | Wealth and investment services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (9) | (7) |
Corporate, Non-Segment [Member] | Other non interest income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Corporate, Non-Segment [Member] | Non-interest income within the scope of other GAAP topics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 8,466 | |
Non-interest income | $ 6,066 |
Commitments and Contingencies_2
Commitments and Contingencies (Outstanding Financial Instruments Contract Amounts Represent Credit Risk) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | $ 6,745,332 | $ 6,755,563 |
Standby letter of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | 213,282 | 207,201 |
Commercial letter of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | 48,111 | 30,522 |
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | $ 6,483,939 | $ 6,517,840 |
(Reserve for Unfunded Commitmen
(Reserve for Unfunded Commitments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Standards Update 2016-13 [Member] | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Beginning balance | $ 0 | $ 9,139 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Beginning balance | 12,755 | 2,367 |
Provision (benefit) | 45 | (1,422) |
Ending balance | $ 12,800 | $ 10,084 |
Business Developments - Narrati
Business Developments - Narrative (Details) - Sterling - Subsequent Event $ in Billions | Apr. 19, 2021USD ($) |
Business Acquisition [Line Items] | |
Total consideration | $ 5.1 |
Share exchange ratio | 0.463 |
Business Developments - Changes
Business Developments - Changes in Reserves Associated with Strategic Initiatives (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 19,795 |
Charged to earnings | 9,441 |
Charged against assets | (1,813) |
Cash payments | (4,508) |
Ending balance | 22,915 |
Employee Severance | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 17,675 |
Charged to earnings | 2,060 |
Charged against assets | 0 |
Cash payments | (1,365) |
Ending balance | 18,370 |
Other Restructuring | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 2,120 |
Charged to earnings | 7,202 |
Charged against assets | (1,634) |
Cash payments | (3,143) |
Ending balance | 4,545 |
Right-of-Use Asset Charges | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 0 |
Charged to earnings | 179 |
Charged against assets | (179) |
Cash payments | 0 |
Ending balance | $ 0 |