Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 200 Elm Street | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
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 | 178,099,467 | |
Entity Central Index Key | 0000801337 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Common Class A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | WBS | |
Security Exchange Name | NYSE | |
Series F Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing 1/1000th interest in a share | |
Trading Symbol | WBS-PrF | |
Security Exchange Name | NYSE | |
Series G Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing 1/40th interest in a share | |
Trading Symbol | WBS-PrG | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and due from banks | $ 240,435 | $ 137,385 |
Interest-bearing deposits | 552,778 | 324,185 |
Investment securities available-for-sale, at fair value | 8,744,897 | 4,234,854 |
Investment securities held-to-maturity, net of allowance for credit losses of $204 and $214 | 6,362,254 | 6,198,125 |
Federal Home Loan Bank and Federal Reserve Bank stock | 206,123 | 71,836 |
Loans held for sale (valued under fair value option $1,333 and $4,694) | 17,970 | 4,694 |
Loans and leases | 43,536,485 | 22,271,729 |
Allowance for credit losses on loans and leases | (569,371) | (301,187) |
Loans and leases, net | 42,967,114 | 21,970,542 |
Deferred tax assets, net | 178,042 | 109,405 |
Premises and equipment, net | 490,004 | 204,557 |
Goodwill | 2,513,771 | 538,373 |
Other intangible assets, net | 224,582 | 17,869 |
Cash surrender value of life insurance policies | 1,222,898 | 572,305 |
Accrued interest receivable and other assets | 1,410,616 | 531,469 |
Total assets | 65,131,484 | 34,915,599 |
Liabilities and shareholders' equity: | ||
Non-interest-bearing | 13,570,702 | 7,060,488 |
Interest-bearing | 40,785,581 | 22,786,541 |
Total deposits | 54,356,283 | 29,847,029 |
Securities sold under agreements to repurchase and other borrowings | 518,733 | 674,896 |
Federal Home Loan Bank advances | 10,903 | 10,997 |
Long-term debt | 1,078,274 | 562,931 |
Accrued expenses and other liabilities | 990,156 | 381,421 |
Total liabilities | 56,954,349 | 31,477,274 |
Shareholders’ equity: | ||
Common stock | 1,828 | 937 |
Paid-in capital | 6,129,440 | 1,108,594 |
Retained earnings | 2,276,875 | 2,333,288 |
Treasury stock, at cost (4,675,923 and 3,102,690 shares) | (239,264) | (126,951) |
Accumulated other comprehensive (loss), net of tax | (275,723) | (22,580) |
Total shareholders' equity | 8,177,135 | 3,438,325 |
Total liabilities and shareholders' equity | $ 65,131,484 | $ 34,915,599 |
Common stock, shares issued (in shares) | 182,778,045 | 93,686,311 |
Series F Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock | $ 145,037 | $ 145,037 |
Series G Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock | $ 138,942 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for credit losses | $ 204 | $ 214 |
Loans held for sale, valued under fair value option | $ 1,333 | $ 4,694 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 182,778,045 | 93,686,311 |
Treasury stock (in shares) | 4,675,923 | 3,102,690 |
Series F Preferred Stock | ||
Preferred stock, shares issued (in shares) | 6,000 | 6,000 |
Preferred stock, shares outstanding (in shares) | 6,000 | 6,000 |
Series G Preferred Stock | ||
Preferred stock, shares issued (in shares) | 135,000 | |
Preferred stock, shares outstanding (in shares) | 135,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest Income: | ||
Interest and fees on loans and leases | $ 346,276 | $ 190,536 |
Taxable interest and dividends on investments | 53,724 | 39,614 |
Non-taxable interest on investment securities | 9,802 | 5,333 |
Loans held for sale | 26 | 91 |
Total interest income | 409,828 | 235,574 |
Interest Expense: | ||
Deposits | 7,399 | 6,439 |
Securities sold under agreements to repurchase and other borrowings | 957 | 635 |
Federal Home Loan Bank advances | 56 | 513 |
Long-term debt | 7,168 | 4,223 |
Total interest expense | 15,580 | 11,810 |
Net interest income | 394,248 | 223,764 |
Provision (benefit) for credit losses | 188,845 | (25,750) |
Net interest income after provision (benefit) for credit losses | 205,403 | 249,514 |
Non-interest Income: | ||
Deposit service fees | 47,827 | 40,469 |
Loan and lease related fees | 22,679 | 8,313 |
Wealth and investment services | 10,597 | 9,403 |
Mortgage banking activities | 428 | 2,642 |
Increase in cash surrender value of life insurance policies | 6,732 | 3,533 |
Other income | 15,772 | 12,397 |
Total non-interest income | 104,035 | 76,757 |
Non-interest Expense: | ||
Compensation and benefits | 184,002 | 107,600 |
Occupancy | 18,615 | 15,650 |
Technology and equipment | 55,401 | 28,516 |
Intangible assets amortization | 6,387 | 1,139 |
Marketing | 3,509 | 2,504 |
Professional and outside services | 54,091 | 9,776 |
Deposit insurance | 5,222 | 3,956 |
Other expense | 32,558 | 18,841 |
Total non-interest expense | 359,785 | 187,982 |
(Loss) income before income taxes | (50,347) | 138,289 |
Income tax (benefit) expense | (33,600) | 30,211 |
Net (loss) income | (16,747) | 108,078 |
Less: Preferred stock dividends | 3,431 | 1,969 |
Net (loss) income available to common shareholders | (20,178) | 106,109 |
(Loss) earnings applicable to common shareholders | $ (20,178) | $ 106,109 |
(Loss) earnings per common share: | ||
Basic (in dollars per share) | $ (0.14) | $ 1.18 |
Diluted (in dollars per share) | $ (0.14) | $ 1.17 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (16,747) | $ 108,078 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||
Investment securities available-for-sale | (244,879) | (30,353) |
Derivative instruments | (7,844) | (4,372) |
Defined benefit pension and other postretirement benefit plans | (420) | 743 |
Other comprehensive (loss), net of tax | (253,143) | (33,982) |
Comprehensive (loss) income | $ (269,890) | $ 74,096 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Series F Preferred Stock | Series G Preferred Stock | Preferred Stock | Common Stock | Paid-In Capital | Retained Earnings | Retained EarningsSeries F Preferred Stock | Retained EarningsSeries G Preferred Stock | Treasury Stock, at cost | Accumulated Other Comprehensive Income (Loss), Net of Tax |
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 (loss) income | 108,078 | 108,078 | |||||||||
Other comprehensive (loss), net of tax | (33,982) | (33,982) | |||||||||
Common stock dividends and equivalents | (36,195) | (36,195) | |||||||||
Preferred stock dividends | $ (1,969) | $ (1,969) | |||||||||
Stock-based compensation | 2,965 | 649 | 2,316 | ||||||||
Exercise of stock options | 3,314 | (5,044) | 8,358 | ||||||||
Common shares acquired from stock compensation plan activity | (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 | ||||
Beginning Balance at Dec. 31, 2021 | 3,438,325 | 145,037 | 937 | 1,108,594 | 2,333,288 | (126,951) | (22,580) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net (loss) income | (16,747) | (16,747) | |||||||||
Other comprehensive (loss), net of tax | (253,143) | (253,143) | |||||||||
Common stock dividends and equivalents | (36,234) | (36,234) | |||||||||
Preferred stock dividends | $ (1,969) | $ (1,463) | $ (1,969) | $ (1,463) | |||||||
Issued in business combination | 5,180,124 | 138,942 | 891 | 5,040,291 | |||||||
Stock-based compensation | 9,003 | (19,098) | 28,101 | ||||||||
Exercise of stock options | 411 | (347) | 758 | ||||||||
Common shares acquired from stock compensation plan activity | (18,967) | (18,967) | |||||||||
Common stock repurchase program | (122,205) | (122,205) | |||||||||
Ending Balance at Mar. 31, 2022 | $ 8,177,135 | $ 283,979 | $ 1,828 | $ 6,129,440 | $ 2,276,875 | $ (239,264) | $ (275,723) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Common stock dividends/equivalents (in dollars per share) | $ 0.40 | $ 0.40 |
Series F Preferred Stock | ||
Preferred stock dividends (in dollars per share) | 328.125 | $ 328.125 |
Series G Preferred Stock | ||
Preferred stock dividends (in dollars per share) | $ 16.25 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net (loss) income | $ (16,747) | $ 108,078 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Provision (benefit) for credit losses | 188,845 | (25,750) |
Deferred income tax (benefit) expense | (28,543) | 13,192 |
Stock-based compensation expense | 9,003 | 2,965 |
Depreciation and amortization of property and equipment and intangible assets | 16,784 | 10,351 |
(Accretion) and amortization of net discounts / premiums on earning assets and borrowings | (19,854) | 35,583 |
Amortization of low-income housing tax credit investments | 10,377 | 1,205 |
Amortization of mortgage servicing assets | 570 | 1,490 |
Reduction of right-of-use lease assets | 7,928 | 58 |
Net (gain) loss on sale, net of write-downs, of foreclosed properties and repossessed assets | (103) | 29 |
Net loss on sale, net of write-downs, of property and equipment | 1,662 | 197 |
Originations of loans held for sale | (23,056) | (81,361) |
Proceeds from sale of loans held for sale | 26,753 | 79,308 |
Net (gain) on mortgage banking activities | (397) | (2,109) |
Net (gain) on sale of loans not originated for sale | (1,816) | (191) |
(Increase) in cash surrender value of life insurance policies | (6,732) | (3,533) |
(Gain) from life insurance policies | (38) | (410) |
Net decrease in derivative contract assets and liabilities | 215,423 | 128,550 |
Net (increase) decrease in accrued interest receivable and other assets | (69,651) | 1,046 |
Net (decrease) increase in accrued expenses and other liabilities | (95,151) | (39,873) |
Net cash provided by operating activities | 215,257 | 228,825 |
Investing Activities: | ||
Purchases of available-for-sale securities | (714,208) | (291,386) |
Proceeds from principal payments, maturities, and calls of available-for-sale securities | 283,474 | 255,362 |
Purchases of held-to-maturity securities | (456,139) | (356,624) |
Proceeds from principal payments, maturities, and calls of held-to-maturity securities | 280,080 | 343,825 |
Net decrease (increase) in Federal Home Loan Bank and Federal Reserve Bank stock | 16,215 | (80) |
Alternative investments (capital calls), net of distributions | (5,661) | (3,526) |
Net (increase) decrease in loans | (674,472) | 302,554 |
Proceeds from sale of loans not originated for sale | 51,127 | 16,787 |
Proceeds from sale of foreclosed properties and repossessed assets | 231 | 44 |
Proceeds from sale of property and equipment | 0 | 250 |
Additions to property and equipment | (4,644) | (3,680) |
Proceeds from life insurance policies | 7,793 | 1,100 |
Net cash paid for acquisition of Bend | (54,407) | 0 |
Net cash received in merger with Sterling | 513,960 | 0 |
Net cash (used for) provided by investing activities | (756,651) | 264,626 |
Financing Activities: | ||
Net increase in deposits | 1,235,442 | 1,145,364 |
Proceeds from Federal Home Loan Bank advances | 0 | 80,470 |
Repayments of Federal Home Loan Bank advances | (94) | (75,080) |
Net (decrease) in securities sold under agreements to repurchase and other borrowings | (183,347) | (496,977) |
Dividends paid to common shareholders | (36,234) | (36,108) |
Dividends paid to preferred shareholders | (1,969) | (1,969) |
Exercise of stock options | 411 | 3,314 |
Common stock repurchase program | (122,205) | 0 |
Common shares acquired related to stock compensation plan activity | (18,967) | (3,908) |
Net cash provided by financing activities | 873,037 | 615,106 |
Net increase in cash and cash equivalents | 331,643 | 1,108,557 |
Cash and cash equivalents at beginning of period | 461,570 | 263,104 |
Cash and cash equivalents at end of period | 793,213 | 1,371,661 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 15,457 | 16,638 |
Income taxes paid | 7,112 | 3,355 |
Non-cash investing and financing activities: | ||
Transfer of loans and leases to foreclosed properties and repossessed assets | 213 | 151 |
Transfer of loans from portfolio to loans-held-for-sale | 42,431 | 16,587 |
Sterling | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Provision (benefit) for credit losses | 175,100 | |
Non-cash investing and financing activities: | ||
Tangible assets acquired | 27,434,111 | 0 |
Goodwill and other intangible assets | 2,149,532 | 0 |
Common stock issued | 5,041,182 | 0 |
Liabilities assumed | 24,403,343 | 0 |
Sterling | Preferred Stock | ||
Non-cash investing and financing activities: | ||
Preferred stock exchanged | 138,942 | 0 |
Bend Financial, Inc. | ||
Non-cash investing and financing activities: | ||
Tangible assets acquired | 16,597 | 0 |
Goodwill and other intangible assets | $ 38,966 | 0 |
Liabilities assumed | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 Stamford, Connecticut. Webster Bank is the principal consolidated subsidiary of Webster Financial Corporation. Webster Bank, and 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 the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank also offers equipment financing, warehouse lending, commercial real estate lending, asset-based lending, and treasury management solutions. HSA Bank is a leading provider of HSAs, and delivers health reimbursement arrangements and flexible spending and commuter benefit account administration services to employers and individuals in all 50 states. Basis of Presentation The unaudited condensed consolidated financial statements of Webster have been prepared in accordance with GAAP for interim financial information and Article 10 of Regulation S-X. Certain information and footnote disclosures required by GAAP for complete financial statements have been omitted or condensed. Therefore, the condensed consolidated financial statements should be read in conjunction with Webster's Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the future results that may be attained for the entire year or other interim periods. In the opinion of management, all necessary adjustments have been reflected to present fairly the financial position, results of operations, and cash flows for the reporting periods presented. Intercompany transactions and balances have been eliminated in consolidation. Assets under administration or assets under management that Webster holds or manages in a fiduciary or agency capacity for customers are not included in the consolidated financial statements. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a significant impact on the Company's consolidated financial statements. Use of Estimates The preparation of the consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Business Combinations Business combinations are accounted for under the acquisition method, in which the identifiable assets acquired and liabilities assumed are generally measured and recognized at fair value as of the acquisition date, with the excess of the purchase price over the fair value of the net assets acquired capitalized as goodwill. Items such as acquired right-of-use (ROU) lease assets and operating lease liabilities as lessee, employee benefit plans, and income-tax related balances are recognized in accordance with other applicable GAAP, which may result in measurements that differ from fair value. Business combinations are included in the consolidated financial statements from the respective dates of acquisition. Historical reporting periods reflect only the results of legacy Webster operations. Merger-related costs are expensed in their applicable non-interest expense categories in the period incurred. Additional information regarding Webster's mergers and acquisitions can be found within Note 2: Mergers and Acquisitions. Purchased Credit-Deteriorated Loans and Leases Purchased credit-deteriorated (PCD) loans and leases are defined as those that have experienced a more-than-insignificant deterioration in credit quality since origination. Webster considers a variety of factors to evaluate and identify whether acquired loans are PCD, including but not limited to, nonaccrual status, delinquency, TDR classification, partial charge-offs, decreases in FICO scores, risk rating downgrades, and other factors. Upon acquisition, expected credit losses are added to the fair value of individual PCD loans and leases to determine the amortized cost basis. After initial recognition, any changes to the estimate of expected credit losses, favorable or unfavorable, are recorded as a provision for credit loss during the period of change. PCD accounting is also applied to loans and leases previously charged-off by the acquiree if Webster has contractual rights to the cash flows at the acquisition date. Webster recognizes an additional allowance for credit loss for these amounts previously charged-off by the acquiree with a corresponding increase to the amortized costs basis. Balances deemed to be uncollectible are immediately charged-off in accordance with Webster’s charge-off policies, resulting in the establishment of the initial allowance for credit losses for PCD loans and leases to be recorded net of these uncollectible balances. Relevant Accounting Standards Issued But Not Yet Adopted In March 2022, the FASB issued ASU No. 2022-02—Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, ASU No. 2022-02 requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost in the vintage disclosures required by paragraph 326-20-50-6. ASU No. 2022-02 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The amendments should be applied prospectively, however, an entity has the option to apply a modified retrospective transition method related to the recognition and measurement of TDRs, which would result in a cumulative effect adjustment to retained earnings in the period of adoption. The Company is in the early assessment stage of evaluating the amendments, as well as determining under which transition method it plans to adopt for TDRs. Therefore, the Company is currently unable to reasonably estimate the impact of adoption on the consolidated financial statements. |
Mergers and Acquisitions
Mergers and Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions Merger with Sterling Bancorp On January 31, 2022, Webster completed its previously announced merger with Sterling pursuant to an agreement and plan of merger dated as of April 18, 2021 (the merger agreement), in which Sterling merged with and into Webster, with Webster continuing as the surviving corporation. Following the merger, on February 1, 2022, Sterling National Bank, a wholly-owned subsidiary of Sterling, merged with and into Webster Bank, with Webster Bank continuing as the surviving bank. Sterling was a full-service regional bank headquartered in Pearl River, New York, that primarily served the Greater New York metropolitan area. The merger expanded Webster's geographic footprint and combined two complementary organizations to create one of the largest commercial banks in the northeast U.S. Each share of Sterling common stock issued and outstanding immediately prior to the merger, other than certain shares held by Webster and Sterling, was converted into the right to receive a fixed 0.4630 share of Webster common stock. In connection with the completion of the merger and in accordance with the merger agreement, the number of authorized shares of Webster common stock was increased from 200.0 million shares to 400.0 million shares as of January 31, 2022. Cash was also paid to Sterling common shareholders in lieu of fractional shares, as applicable. In addition, each share of Sterling 6.50% Series A Non-Cumulative Perpetual Preferred Stock issued and outstanding immediately prior to the merger was converted into the right to receive one share of newly created Webster 6.50% Series G Non-Cumulative Perpetual Preferred Stock, having substantially the same terms. On January 31, 2022, Webster registered and issued 5,400,000 depositary shares, each representing 1/40th interest in a share of 6.50% Series G Non-Cumulative Preferred Perpetual Stock, par value $0.01 per share, with a liquidation preference equal to $1,000 per share (equivalent to $25 per depositary share) (the Series G Preferred Stock). The Series G Preferred Stock ranks on parity with Webster 5.25% Series F Non-Cumulative Preferred Perpetual Stock, par value $0.01 per share, with a liquidation preference of $25,000 per share (equivalent to $25 per depositary share), and senior to Webster common stock, with respect to the payment of dividends and distributions upon the liquidation, dissolution, or winding-up of Webster. Series G Preferred Stock dividends are payable quarterly on the fifteenth day of each January, April, July, and December, if and when declared by the Board of Directors. Webster may redeem the Series G Preferred Stock at its option, in whole or in part, subject to the approval of Federal Reserve Board, on October 15, 2022, or any dividend payment date occurring thereafter, or in whole but not in part, upon the occurrence of a regulatory capital treatment event, at a redemption price equal to the liquidation preference plus any declared and unpaid dividends, without accumulation of any undeclared dividends. Further, certain equity awards granted under Sterling's equity compensation plans were converted into a corresponding award with respect to Webster common stock, generally subject to the same terms and conditions, with the number of shares underlying such awards adjusted based on the 0.4630 fixed exchange ratio. The following table summarizes the determination of the purchase price consideration: (In thousands, except share and price per share data) Webster common stock issued 87,965,239 Price per share of Webster common stock on January 31, 2022 $ 56.81 Consideration for outstanding common stock 4,997,305 Consideration for preferred stock exchanged 138,942 Consideration for replacement equity awards (1) 43,877 Cash in lieu of fractional shares 176 Total purchase price consideration $ 5,180,300 (1) The fair value of the replacement equity awards issued by Webster and included in the consideration transferred pertain to services performed prior to the merger effective date. The fair value attributed to services performed after the merger effective date will be recognized over the required service vesting period for each award and recorded as compensation and benefits expense on the consolidated statements of income. Webster recognized an incremental $2.8 million of stock compensation expense related to the replacement equity awards during the three months ended March 31, 2022. The merger was accounted for as a business combination. Accordingly, the purchase price has been allocated to the assets acquired and liabilities assumed based on their fair values as of the merger effective date. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and are subject to change. Fair value estimates of the assets acquired and liabilities assumed may be adjusted for a period up to one year (the measurement period) from the closing date of the merger if new information is obtained about facts and circumstances that existed as of the merger effective date that, if known, would have affected the measurement of the amounts recognized as of that date. Webster considers its valuations of loans and leases, tax receivables and payables, and certain other assets and other liabilities to be preliminary, as management continues to identify and assess information regarding the nature of these assets acquired and liabilities assumed, including extended information gathering, management review procedures, and any new information that may arise as a result of integration activities. Accordingly, the amounts recorded for current and deferred tax assets and liabilities are also considered preliminary, as Webster continues to evaluate the nature and extent of permanent and temporary differences between the book and tax bases of the acquired assets and liabilities assumed. While the Company believes that the information available as of January 31, 2022 provides a reasonable basis for estimating fair value, it is possible that additional information may become available during the measurement period that would result in changes to the fair values presented. Any adjustments identified during the measurement period would be recognized in the corresponding reporting period. The following table summarizes the preliminary allocation of the purchase price to the fair value of the identifiable assets acquired and liabilities assumed from Sterling at January 31, 2022: (In thousands) Unpaid Principal Balance Fair Value Purchase price consideration $ 5,180,300 Assets: Cash and due from banks 510,929 Interest-bearing deposits 3,207 Investment securities available-for-sale 4,429,948 Federal Home Loan Bank and Federal Reserve Bank Stock 150,502 Loans held for sale 23,517 Loans and leases: Commercial non-mortgage $ 5,570,782 5,527,657 Asset-based 694,137 683,958 Commercial real estate 6,790,600 6,656,405 Multi-family 4,303,381 4,255,906 Equipment financing 1,350,579 1,314,311 Warehouse lending 647,767 643,754 Residential 1,313,785 1,281,637 Home equity 132,758 122,553 Other consumer 12,559 12,525 Total loans and leases $ 20,816,348 20,498,706 Deferred tax assets, net (52,130) Premises and equipment (1) 264,421 Other intangible assets 210,100 Bank-owned life insurance policies 645,510 Accrued interest receivable and other assets 959,501 Total assets acquired $ 27,644,211 Liabilities: Non-interest-bearing deposits $ 6,620,248 Interest-bearing deposits 16,643,755 Securities sold under agreements to repurchase and other borrowings 27,184 Long-term debt 516,881 Accrued expenses and other liabilities (1) 595,275 Total liabilities assumed $ 24,403,343 Net assets acquired 3,240,868 Goodwill $ 1,939,432 (1) Includes $100.0 million of ROU lease assets and $106.9 million of operating lease liabilities reported within premises and equipment and accrued expenses and other liabilities, respectively, which were measured based upon the estimated present value of the remaining lease payments. In addition, ROU lease assets were adjusted for favorable and unfavorable terms of the lease when compared to market terms, as applicable. In connection with the merger, Webster recorded $1.9 billion of goodwill, which represents the excess of the purchase price over the fair value of the net assets acquired. Information regarding the allocation of goodwill to the Company's reportable segments, as well as the carrying amounts and amortization of the core deposit intangible and customer relationship intangible assets, can be found within Note 17: Segment Reporting and Note 7: Goodwill and Other Intangible Assets, respectively. The following is a description of the valuation methodologies used to estimate the fair values of the significant assets acquired and liabilities assumed: Cash and due from banks and interest-bearing deposits. The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets. Investment securities available-for-sale. The fair values for investment securities available-for-sale were based on quoted market prices, where available. If quoted market prices were not available, fair value estimates are based on observable inputs, including quoted market prices for similar instruments. Investment securities held-to-maturity were reclassified to investment securities available-for-sale based on the Company's intent at closing. Loans and leases. The fair values for loans and leases were estimated using a discounted cash flow methodology that considered factors including the type of loan or lease and the related collateral, classification status, fixed or variable interest rate, remaining term, amortization status, and current discount rates. In addition, the probability of default, loss given default, and prepayment assumptions that were derived based on loan and lease characteristics, historical loss experience, comparable market data, and current and forecasted economic conditions were used to estimate expected credit losses. Loans and leases generally were valued individually. The discount rates used for loans and leases were based on current market rates for new originations or comparable loans and leases and include adjustments for liquidity. The discount rate did not include credit losses as that was included as a reduction to the estimated cash flows. Premises and equipment. The fair values for land and buildings were based on appraised values using the cost approach, which estimates the price a buyer would pay if they were to rebuild or reconstruct a similar property on a comparable piece of land. Intangible assets. A core deposit intangible asset represents the value of relationships with deposit clients. The fair value of the core deposit intangible asset was estimated using a net cost savings method, a form of discounted cash flow methodology that gave appropriate consideration to expected client attrition rates and other applicable adjustments to the projected deposit balance, the interest cost and net maintenance cost associated with the client deposit base, alternative cost of funds, and a discount rate used to discount the future economic benefits of the core deposit intangible asset to present value. The core deposit intangible asset is being amortized on an accelerated basis over 10 years based upon the period over which the estimated economic benefits are estimated to be received. Customer relationship intangible assets for payroll finance, factoring receivables finance, and wealth businesses were estimated using a discounted cash flow methodology that reflects the estimated value of the future net earnings for each relationship with adjustments for attrition. The customer relationship intangible assets are being amortized on an accelerated basis over their estimated useful life of 10 years. Bank-owned life insurance policies. The cash surrender value of these insurance policies is a reasonable estimate of fair value since it reflects the amount that would be realized by the contract owner upon discontinuance or surrender. Deposits. The fair values used for the demand and savings deposits by definition equal the amount payable on demand at the merger date. The fair values for time deposits were estimated using a discounted cash flow methodology that applies interest rates currently being offered to the contractual interest rates on such time deposits. Securities sold under agreements to repurchase and other borrowings. The carrying amount of these liabilities is a reasonable estimate of fair value based on the short-term nature of these liabilities. Long-term debt. The fair values of long-term debt instruments are estimated based on quoted market prices for the instrument, if available, or for similar instruments, if not available, or by using a discounted cash flow methodology based on current incremental borrowing rates for similar types of instruments. PCD Loans and Leases Purchased loans and leases that have experienced more-than-insignificant deterioration in credit quality since origination are considered PCD. For PCD loans and leases, the initial estimate of expected credit losses was established through an adjustment to the unpaid principal balance and non-credit discount at acquisition. Subsequent to the merger effective date, Webster recorded an ACL for non-PCD loans and leases of $175.1 million through an increase to the provision for credit losses. There was no carryover of Sterling's previously recorded ACL on loans and leases. The following table reconciles the unpaid principal balance to the fair value of PCD loans and leases by portfolio segment: (In thousands) Commercial Consumer Total Unpaid principal balance $ 3,394,963 $ 541,471 $ 3,936,434 ACL at acquisition (115,464) (20,852) (136,316) Non-credit (discount) (40,947) (2,784) (43,731) Fair value 3,238,552 517,835 3,756,387 Supplemental Pro Forma Financial Information (Unaudited) The following table summarizes supplemental pro forma financial information giving effect to the merger as if it had been completed on January 1, 2021: Three months ended March 31, (In thousands) 2022 2021 Net interest income $ 433,349 $ 463,990 Non-interest income 114,836 116,308 Net income 183,167 21,998 The supplemental pro forma financial information does not necessarily reflect the results of operations that would have occurred had Webster merged with Sterling on January 1, 2021. The supplemental pro forma financial information includes the impact of (i) accreting and amortizing the discounts and premiums associated with the estimated fair value adjustments to acquired loans and leases, investment securities, deposits, and long-term debt, (ii) the amortization of recognized intangible assets, (iii) the elimination of Sterling's historical accretion and amortization of discounts and premiums and deferred origination fees and costs on loans and leases, (iv) the elimination of Sterling's historical accretion and amortization of discounts and premiums on investment securities, and (iv) the related estimated income tax effects. Costs savings and other business synergies related to the merger are not included in the supplemental pro forma financial information. In addition, the supplemental pro forma financial information was adjusted to include the $108.5 million of merger-related expenses recognized during three months ended March 31, 2022, as summarized in the following table: (In thousands) Compensation and benefits (1) $ 41,585 Occupancy 356 Technology and equipment (2) 19,085 Professional and outside services (3) 44,457 Other expense (4) 3,012 Total merger-related expenses $ 108,495 (1) Comprised primarily of severance and employee retention costs. (2) Comprised primarily of technology contract termination fees. (3) Comprised primarily of advisory, legal, accounting, and other professional fees. (4) Comprised primarily of disposals on property and equipment, costs of shareholder matters, and other miscellaneous expenses. Webster's operating results for the three months ended March 31, 2022 includes the operating results of acquired assets and assumed liabilities of Sterling subsequent to the merger on January 31, 2022. Due to the various conversions of Sterling systems during the first quarter of 2022, as well as other streamlining and integration of operating activities into those of the Company, historical reporting for the former Sterling operations after January 31, 2022 is impracticable, and thus disclosures of Sterling's revenue and earnings since the merger effective date that are included in the condensed consolidated statements of income for the reporting period is impracticable. Bend Financial, Inc. Acquisition On February 18, 2022, Webster acquired 100% of the equity interests of Bend, a cloud-based platform solution provider for HSAs, in exchange for cash of $55.3 million. The acquisition accelerates Webster’s efforts underway to deliver enhanced user experiences at HSA Bank. The transaction was accounted for as a business combination, and resulted in the addition of $19.3 million in net assets, which primarily comprises $15.9 million of internal use software and a $3.0 million customer relationship intangible asset. |
Strategic Initiatives
Strategic Initiatives | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Strategic Initiatives | Strategic Initiatives During the fourth quarter of 2020, Webster launched a strategic plan (the 2020 strategic initiatives) 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. By the end of 2021, key project milestones had been completed, including the completion of all planned banking center closures, the delivery of a new digital onboarding platform for retail consumers, an investment in foundational technology modernization, and the realignment of certain business banking and investment service operations across the Company's reportable segments. Collectively, these initiatives have contributed to the realization of operational efficiencies and ancillary spend reductions. In connection with the Sterling merger, Webster re-evaluated its strategic priorities as a combined organization, which resulted in modifications to the outstanding 2020 strategic initiatives. As a result, the Company released $3.8 million from its previously recorded severance accrual during the first quarter of 2022, with a corresponding adjustment to compensation and benefits expense on the Condensed Consolidated Statements of Income. At March 31, 2022 and December 31, 2021, respectively, $0.6 million and $5.1 million of accrued severance and other benefits associated with the 2020 strategic initiatives was reported within accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets, which will be paid out to the impacted employees over the course of 2022. Charges related to the 2020 strategic initiatives comprised the following for the three months ended March 31, 2022 and 2021: Three months ended March 31, (In thousands) 2022 2021 Compensation and benefits $ (3,811) $ 2,060 Occupancy (1) (330) 2,257 Technology and equipment — 338 Professional and outside services 1 4,786 Total strategic initiatives charges $ (4,140) $ 9,441 (1) Comprised primarily of a gain on an early lease termination in 2022 and accelerated depreciation and operating lease costs in 2021. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Available-for-Sale The following table summarizes the amortized cost and fair value of available-for-sale debt securities by major type: At March 31, 2022 (In thousands) Amortized Unrealized Unrealized Fair Value (1) U.S. Treasury notes $ 754,313 $ — $ (21,888) $ 732,425 Government agency debentures 227,161 84 (10,026) 217,219 Municipal bonds and notes 1,946,946 6 (52,415) 1,894,537 Agency CMO 80,766 127 (1,380) 79,513 Agency MBS 2,679,206 4,347 (108,984) 2,574,569 Agency CMBS 1,683,526 14 (99,720) 1,583,820 CMBS 871,981 265 (8,089) 864,157 CLO 14,245 — (12) 14,233 Corporate debt 797,694 18 (30,668) 767,044 Other 17,500 — (120) 17,380 Available-for-sale debt securities $ 9,073,338 $ 4,861 $ (333,302) $ 8,744,897 At December 31, 2021 (In thousands) Amortized Unrealized Unrealized Fair Value (1) U.S. Treasury notes $ 398,664 $ — $ (1,698) $ 396,966 Agency CMO 88,109 2,326 (51) 90,384 Agency MBS 1,568,293 36,130 (11,020) 1,593,403 Agency CMBS 1,248,548 2,537 (18,544) 1,232,541 CMBS 887,640 506 (1,883) 886,263 CLO 21,860 — (13) 21,847 Corporate debt 14,583 — (1,133) 13,450 Available-for-sale debt securities $ 4,227,697 $ 41,499 $ (34,342) $ 4,234,854 (1) Fair value represents net carrying value. No ACL has been recorded on available-for-sale debt securities at March 31, 2022 and December 31, 2021, as the securities held are high credit quality and investment grade. The increase of $4.5 billion in available-for-sale debt securities from December 31, 2021 to March 31, 2022, is primarily attributed to $4.4 billion of investment securities acquired from Sterling in the merger, all of which were classified as available-for-sale based on Webster's intent at closing. Accrued interest receivable of $41.9 million and $7.5 million at March 31, 2022 and December 31, 2021, respectively, is excluded from amortized cost and is reported within accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. Unrealized Losses The following table summarizes the gross unrealized losses and fair value of available-for-sale debt securities by length of time each major security type has been in a continuous unrealized loss position: At March 31, 2022 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized U.S. Treasury notes $ 732,424 $ (21,888) $ — $ — 23 $ 732,424 $ (21,888) Government agency debentures 194,636 (10,026) — — 13 194,636 (10,026) Municipal bonds and notes 1,887,526 (52,415) — — 533 1,887,526 (52,415) Agency CMO 65,378 (1,380) — — 26 65,378 (1,380) Agency MBS 2,097,135 (90,138) 171,877 (18,846) 392 2,269,012 (108,984) Agency CMBS 1,234,865 (67,130) 348,893 (32,590) 132 1,583,758 (99,720) CMBS 665,550 (7,265) 148,459 (824) 45 814,009 (8,089) CLO — — 14,233 (12) 1 14,233 (12) Corporate debt 753,284 (29,821) 9,460 (847) 104 762,744 (30,668) Other 7,130 (120) — — 2 7,130 (120) Available-for-sale debt securities in unrealized loss position $ 7,637,928 $ (280,183) $ 692,922 $ (53,119) 1,271 $ 8,330,850 $ (333,302) At December 31, 2021 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized U.S. Treasury notes $ 396,966 $ (1,698) $ — $ — 8 $ 396,966 $ (1,698) Agency CMO 7,895 (51) — — 2 7,895 (51) Agency MBS 506,602 (7,354) 110,687 (3,666) 70 617,289 (11,020) Agency CMBS 632,213 (6,163) 335,480 (12,381) 28 967,693 (18,544) CMBS 724,762 (1,744) 81,253 (139) 50 806,015 (1,883) CLO — — 21,848 (13) 1 21,848 (13) Corporate debt 4,203 (76) 9,247 (1,057) 3 13,450 (1,133) Available-for-sale debt securities in unrealized loss position $ 2,272,641 $ (17,086) $ 558,515 $ (17,256) 162 $ 2,831,156 $ (34,342) Webster assesses each available-for-sale debt security that is in an unrealized loss position to determine whether the decline in fair value below the amortized cost basis resulted from a credit loss or other factors. The increase in unrealized losses from December 31, 2021 to March 31, 2022 is primarily due to increased portfolio size from the merger with Sterling, and higher market rates. Market prices will approach par as the securities approach maturity. At March 31, 2022, Webster had the intent to hold available-for-sale debt securities with unrealized losses through the anticipated recovery period, and it was more-likely-than-not that the Company would not have to sell these securities before recovery of their amortized cost basis. The issuers of these securities have not, to the Company’s knowledge, established any cause for default on these securities. As a result, the Company expects to recover the securities' entire amortized cost basis. Accordingly, no available-for-sale debt securities were in non-accrual status and there was no ACL recorded at both March 31, 2022 and December 31, 2021. Contractual Maturities The following table summarizes the amortized cost and fair value of available-for-sale debt securities by contractual maturity: At March 31, 2022 (In thousands) Amortized Cost Fair Value Due in one year or less $ 33,293 $ 33,216 Due after one year through five years 1,346,552 1,311,044 Due after five through ten years 1,522,072 1,474,896 Due after ten years 6,171,421 5,925,741 Total available-for-sale debt securities $ 9,073,338 $ 8,744,897 Available-for-sale debt 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 categorization as borrowers have the right to repay their obligations with or without prepayment penalties. Sales of Available-for Sale Debt Securities There were no sales of available-for-sale debt securities during the three months ended March 31, 2022, nor during the three months ended March 31, 2021. Other Information The following table summarizes available-for-sale debt securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2022 At December 31, 2021 Available-for-sale debt securities pledged for deposits, at fair value $ 3,761,342 $ 855,323 Available-for-sale debt securities pledged for borrowings and other, at fair value 902,581 924,841 Total available-for-sale debt securities pledged $ 4,663,923 $ 1,780,164 At March 31, 2022, Webster had callable available-for-sale debt securities with an aggregate carrying value of $3.5 billion. Held-to-Maturity The following table summarizes the amortized cost, fair value, and ACL on held-to-maturity debt securities by major type: At March 31, 2022 (In thousands) Amortized Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 36,533 $ 54 $ (856) $ 35,731 $ — $ 36,533 Agency MBS 2,915,114 8,452 (128,688) 2,794,878 — 2,915,114 Agency CMBS 2,548,347 33 (153,778) 2,394,602 — 2,548,347 Municipal bonds and notes 696,601 12,198 (4,138) 704,661 204 696,397 CMBS 165,863 62 (4,180) 161,745 — 165,863 Held-to-maturity debt securities $ 6,362,458 $ 20,799 $ (291,640) $ 6,091,617 $ 204 $ 6,362,254 At December 31, 2021 (In thousands) Amortized Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 42,405 $ 655 $ (25) $ 43,035 $ — $ 42,405 Agency MBS 2,901,593 71,444 (11,788) 2,961,249 — 2,901,593 Agency CMBS 2,378,475 11,202 (43,844) 2,345,833 — 2,378,475 Municipal bonds and notes 705,918 51,572 — 757,490 214 705,704 CMBS 169,948 3,381 — 173,329 — 169,948 Held-to-maturity debt securities $ 6,198,339 $ 138,254 $ (55,657) $ 6,280,936 $ 214 $ 6,198,125 Accrued interest receivable of $17.3 million and $21.2 million at March 31, 2022 and December 31, 2021, respectively, is excluded from amortized cost and is reported in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. An ACL on held-to-maturity debt securities is recorded for certain municipal bonds and notes to account for expected lifetime credit losses. 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. Held-to-maturity debt securities with gross unrealized losses and no ACL are considered to be of high credit quality and therefore, zero credit loss is recorded as of March 31, 2022. The current period unrealized loss position of certain Agency CMBS is primarily attributed to the changing interest rate environment. The following table summarizes the activity in the ACL on held-to-maturity debt securities: Three months ended March 31, (In thousands) 2022 2021 Balance, beginning of period $ 214 $ 299 (Benefit) provision for credit losses (10) 9 Balance, end of period $ 204 $ 308 Contractual Maturities The following table summarizes the amortized cost and fair value of held-to-maturity debt securities by contractual maturity: At March 31, 2022 (In thousands) Amortized Cost Fair Value Due in one year or less $ 2,429 $ 2,448 Due after one year through five years 52,963 54,861 Due after five years through ten years 309,859 306,139 Due after ten years 5,997,207 5,728,169 Total held-to-maturity debt securities $ 6,362,458 $ 6,091,617 Held-to-maturity debt 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 categorization as borrowers have the right to repay their obligations with or without prepayment penalties. 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 debt security, and are updated at each quarter end. Investment grade debt 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, debt securities rated below investment grade, which are labeled as speculative grade by the rating agencies, are considered to have distinctively higher credit risk than investment grade debt securities. There were no speculative grade held-to-maturity debt securities at March 31, 2022 and December 31, 2021. Held-to-maturity debt securities that are not rated are collateralized with U.S. Treasury obligations. The following table summarizes the amortized cost basis of held-to-maturity debt securities based on their lowest publicly available credit rating: March 31, 2022 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa2 Not Rated Agency CMO $ — $ 36,533 $ — $ — $ — $ — $ — $ — $ — Agency MBS — 2,915,114 — — — — — — — Agency CMBS — 2,548,347 — — — — — — — Municipal bonds and notes 207,035 117,428 226,724 98,112 35,836 8,256 — 95 3,115 CMBS 165,863 — — — — — — — — Held-to-maturity debt securities $ 372,898 $ 5,617,422 $ 226,724 $ 98,112 $ 35,836 $ 8,256 $ — $ 95 $ 3,115 December 31, 2021 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa2 Not Rated Agency CMO $ — $ 42,405 $ — $ — $ — $ — $ — $ — $ — Agency MBS — 2,901,593 — — — — — — — Agency CMBS — 2,378,475 — — — — — — — Municipal bonds and notes 207,426 119,804 227,106 104,232 35,878 8,260 — 95 3,117 CMBS 169,948 — — — — — — — — Held-to-maturity debt securities $ 377,374 $ 5,442,277 $ 227,106 $ 104,232 $ 35,878 $ 8,260 $ — $ 95 $ 3,117 At March 31, 2022 and December 31, 2021, there were no held-to-maturity debt securities past due under the terms of their agreements or in non-accrual status. Other Information The following table summarizes held-to-maturity debt securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2022 At December 31, 2021 Held-to-maturity debt securities pledged for deposits, at amortized cost $ 1,858,753 $ 1,834,117 Held-to-maturity debt securities pledged for borrowing and other, at amortized cost 1,026,796 1,243,139 Total held-to-maturity debt securities pledged $ 2,885,549 $ 3,077,256 At March 31, 2022, Webster had callable held-to-maturity debt securities with an aggregate carrying value of $0.7 billion. |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2022 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | Loans and Leases The following table summarizes loans and leases by portfolio segment and class: (In thousands) At March 31, At December 31, 2021 Commercial non-mortgage $ 13,105,173 $ 6,882,480 Asset-based 1,807,545 1,067,248 Commercial real estate 11,957,747 5,463,321 Multi-family 5,627,200 1,139,859 Equipment financing 1,909,284 627,058 Warehouse lending 564,137 — Commercial portfolio 34,971,086 15,179,966 Residential 6,798,199 5,412,905 Home equity 1,679,443 1,593,559 Other consumer 87,757 85,299 Consumer portfolio 8,565,399 7,091,763 Loans and leases $ 43,536,485 $ 22,271,729 The increase of $21.3 billion in loans and leases from December 31, 2021 to March 31, 2022 is primarily attributed to $20.5 billion of loans and leases acquired from Sterling in the merger, which is inclusive of a $317.6 million purchase discount. The carrying amount of loans and leases at March 31, 2022 and December 31, 2021 includes net unamortized (discounts)/premiums and net unamortized deferred (costs)/fees totaling $(124.1) million and $12.3 million, respectively. Accrued interest receivable of $122.6 million and $50.7 million at March 31, 2022 and December 31, 2021, respectively, is excluded from the carrying amount of loans and leases and is reported within accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. At March 31, 2022, Webster had pledged $7.6 billion and $0.2 billion of eligible loans as collateral to support borrowing capacity at the FHLB and FRB, respectively. Non-Accrual and Past Due Loans and Leases The following table summarizes the aging of accrual and non-accrual loans and leases by class: At March 31, 2022 (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 $ 1,981 $ 1,788 $ 124 $ 87,005 $ 90,898 $ 13,014,275 $ 13,105,173 Asset-based 23,387 — — 5,356 28,743 1,778,802 1,807,545 Commercial real estate 6,506 674 — 68,204 75,384 11,882,363 11,957,747 Multi-family 346 13,007 — 383 13,736 5,613,464 5,627,200 Equipment financing 3,276 881 — 15,364 19,521 1,889,763 1,909,284 Warehouse lending — — — — — 564,137 564,137 Commercial portfolio 35,496 16,350 124 176,312 228,282 34,742,804 34,971,086 Residential 7,518 1,786 — 26,602 35,906 6,762,293 6,798,199 Home equity 3,834 1,593 — 31,910 37,337 1,642,106 1,679,443 Other consumer 361 196 — 154 711 87,046 87,757 Consumer portfolio 11,713 3,575 — 58,666 73,954 8,491,445 8,565,399 Total $ 47,209 $ 19,925 $ 124 $ 234,978 $ 302,236 $ 43,234,249 $ 43,536,485 At December 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 $ 3,729 $ 4,524 $ 1,977 $ 59,607 $ 69,837 $ 6,812,643 $ 6,882,480 Asset-based — — — 2,086 2,086 1,065,162 1,067,248 Commercial real estate 508 417 519 5,046 6,490 5,456,831 5,463,321 Multi-family — — — — — 1,139,859 1,139,859 Equipment financing 1,034 — — 3,728 4,762 622,296 627,058 Commercial portfolio 5,271 4,941 2,496 70,467 83,175 15,096,791 15,179,966 Residential 3,212 368 — 15,747 19,327 5,393,578 5,412,905 Home equity 3,467 1,600 — 23,489 28,556 1,565,003 1,593,559 Other consumer 379 181 — 224 784 84,515 85,299 Consumer portfolio 7,058 2,149 — 39,460 48,667 7,043,096 7,091,763 Total $ 12,329 $ 7,090 $ 2,496 $ 109,927 $ 131,842 $ 22,139,887 $ 22,271,729 The following table provides additional information on non-accrual loans and leases: At March 31, 2022 At December 31, 2021 (In thousands) Non-accrual Non-accrual with No Allowance Non-accrual Non-accrual with No Allowance Commercial non-mortgage $ 87,005 $ 17,877 $ 59,607 $ 4,802 Asset-based 5,356 1,959 2,086 2,086 Commercial real estate 68,204 24,193 5,046 4,310 Multi-family 383 — — — Equipment financing 15,364 1,272 3,728 — Warehouse lending — — — — Commercial portfolio 176,312 45,301 70,467 11,198 Residential 26,602 9,847 15,747 10,584 Home equity 31,910 17,233 23,489 18,920 Other consumer 154 3 224 2 Consumer portfolio 58,666 27,083 39,460 29,506 Total $ 234,978 $ 72,384 $ 109,927 $ 40,704 Interest on non-accrual loans and leases that would have been recognized as additional interest income had the loans and leases been current in accordance with their original terms totaled $4.4 million and $4.0 million for the three months ended March 31, 2022 and 2021, respectively. Allowance for Credit Losses on Loans and Leases The following table summarizes the change in the ACL on loans and leases by portfolio segment: At or for the three months ended March 31, 2022 2021 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 257,877 $ 43,310 $ 301,187 $ 312,244 $ 47,187 $ 359,431 Initial allowance for PCD loans and leases (1) 78,376 9,669 88,045 — — — Provision (benefit) 184,327 4,741 189,068 (23,653) (2,106) (25,759) Charge-offs (11,248) (1,120) (12,368) (6,321) (2,974) (9,295) Recoveries 1,364 2,075 3,439 1,636 2,338 3,974 Balance, end of period $ 510,696 $ 58,675 $ 569,371 $ 283,906 $ 44,445 $ 328,351 Individually evaluated for impairment 32,736 12,057 44,793 14,809 4,913 19,722 Collectively evaluated for impairment $ 477,960 $ 46,618 $ 524,578 $ 269,097 $ 39,532 $ 308,629 (1) Represents the establishment of the initial reserve for PCD loans and leases, which is reported net of $48.3 million of day one charge-offs recognized at the date of acquisition in accordance with GAAP. 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. A (7) "Special Mention" rating has a potential weakness that, if left uncorrected, may result in deterioration of the repayment prospects for the asset. A (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 asset with the added characteristic that the weakness makes collection or liquidation in full given current facts, conditions, and values improbable. Assets classified as a (10) "Loss" rating are considered uncollectible and are charged-off. Risk ratings, which are assigned to differentiate risk within the portfolio, are reviewed on an ongoing basis and revised to reflect changes in a borrower's current financial position and outlook, risk profile, and the related collateral and structural position. Loan officers review updated financial information or other loan factors 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. The following tables summarize the amortized cost basis of commercial loans and leases by Composite Credit Risk Profile grade and origination year: At March 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Pass $ 1,184,061 $ 2,726,171 $ 1,570,383 $ 1,173,542 $ 781,857 $ 1,071,677 $ 4,211,772 $ 12,719,463 Special mention — 13,405 — 405 27,790 15,491 23,979 81,070 Substandard — 4,159 91,597 53,013 90,196 24,393 37,425 300,783 Doubtful — — — — — — 3,857 3,857 Commercial non-mortgage 1,184,061 2,743,735 1,661,980 1,226,960 899,843 1,111,561 4,277,033 13,105,173 Asset-based: Pass — 1,585 4,737 9,697 2,589 20,543 1,676,341 1,715,492 Special mention — — 11,597 — — — 40,953 52,550 Substandard — — — — — — 39,503 39,503 Asset-based — 1,585 16,334 9,697 2,589 20,543 1,756,797 1,807,545 Commercial real estate: Pass 480,774 2,300,007 1,862,529 2,271,370 1,324,793 3,092,728 — 11,332,201 Special mention 87,287 — 33,796 46,723 75,725 109,753 — 353,284 Substandard 1,646 1,503 5,752 46,189 68,445 148,727 — 272,262 Commercial real estate 569,707 2,301,510 1,902,077 2,364,282 1,468,963 3,351,208 — 11,957,747 Multi-family: Pass 353,825 1,154,643 526,163 790,407 555,600 2,107,897 — 5,488,535 Special mention — — — 5,223 46,200 32,374 — 83,797 Substandard — — 397 16,652 6,903 30,916 — 54,868 Multi-family 353,825 1,154,643 526,560 812,282 608,703 2,171,187 — 5,627,200 Equipment financing: Pass 87,396 460,154 498,215 450,145 171,362 176,105 — 1,843,377 Special mention — — 1,042 4,132 11,208 4,929 — 21,311 Substandard 689 4,406 18,001 7,802 5,218 8,480 — 44,596 Equipment financing 88,085 464,560 517,258 462,079 187,788 189,514 — 1,909,284 Warehouse lending: Pass — — — — — — 564,137 564,137 Warehouse lending — — — — — — 564,137 564,137 Commercial portfolio $ 2,195,678 $ 6,666,033 $ 4,624,209 $ 4,875,300 $ 3,167,886 $ 6,844,013 $ 6,597,967 $ 34,971,086 At December 31, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Pass $ 2,270,320 $ 1,179,620 $ 757,343 $ 581,633 $ 292,637 $ 275,789 $ 1,182,562 $ 6,539,904 Special mention 14,216 22,892 37,877 15,575 9,721 15,399 27,808 143,488 Substandard 3,660 46,887 30,437 69,963 5,255 19,483 23,403 199,088 Commercial non-mortgage 2,288,196 1,249,399 825,657 667,171 307,613 310,671 1,233,773 6,882,480 Asset-based: Pass 7,609 19,141 12,810 13,456 6,113 25,850 920,496 1,005,475 Special mention — — — 675 — — 59,012 59,687 Substandard — — 2,086 — — — — 2,086 Asset-based 7,609 19,141 14,896 14,131 6,113 25,850 979,508 1,067,248 Commercial real estate: Pass 1,152,431 733,220 1,146,149 594,180 384,664 1,136,384 55,044 5,202,072 Special mention 95 3,084 — 84,475 51,536 79,096 — 218,286 Substandard — 82 227 373 13,874 28,407 — 42,963 Commercial real estate 1,152,526 736,386 1,146,376 679,028 450,074 1,243,887 55,044 5,463,321 Multi-family: Pass 222,875 135,924 185,087 322,688 17,054 203,558 566 1,087,752 Special mention — — — 35,201 — — — 35,201 Substandard — 400 — 6,933 — 9,573 — 16,906 Multi-family 222,875 136,324 185,087 364,822 17,054 213,131 566 1,139,859 Equipment financing: Pass 231,762 188,031 93,547 41,276 14,864 32,588 — 602,068 Special mention — 108 2,229 3,341 — 600 — 6,278 Substandard — 8,388 4,756 2,612 332 2,624 — 18,712 Equipment financing 231,762 196,527 100,532 47,229 15,196 35,812 — 627,058 Commercial portfolio $ 3,902,968 $ 2,337,777 $ 2,272,548 $ 1,772,381 $ 796,050 $ 1,829,351 $ 2,268,891 $ 15,179,966 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 and a higher FICO score is indicative of lower credit risk. FICO scores are updated at least on a quarterly basis. The following tables summarize the amortized cost basis of consumer loans by FICO score and origination year: At March 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Residential: 800+ $ 39,359 $ 797,341 $ 450,236 $ 159,820 $ 32,779 $ 988,591 $ — $ 2,468,126 740-799 179,363 1,150,417 371,094 141,957 41,325 904,628 — 2,788,784 670-739 63,399 371,717 122,158 66,514 26,780 483,134 — 1,133,702 580-669 3,646 41,718 18,238 9,163 4,729 197,165 — 274,659 579 and below 868 2,420 1,595 47,842 728 79,475 — 132,928 Residential 286,635 2,363,613 963,321 425,296 106,341 2,652,993 — 6,798,199 Home equity: 800+ 9,110 34,957 29,116 10,058 14,217 62,760 483,151 643,369 740-799 8,128 42,151 20,593 7,809 10,159 41,587 435,737 566,164 670-739 4,811 18,414 8,147 5,161 8,432 34,326 251,203 330,494 580-669 290 2,023 1,394 1,037 1,835 15,424 84,571 106,574 579 and below 73 326 676 720 647 6,487 23,913 32,842 Home equity 22,412 97,871 59,926 24,785 35,290 160,584 1,278,575 1,679,443 Other consumer: 800+ 49 352 1,205 1,918 651 494 11,781 16,450 740-799 57 988 683 779 438 3,344 10,524 16,813 670-739 — — 3,486 5,089 1,900 945 15,697 27,117 580-669 185 712 5,497 9,478 3,002 866 1,986 21,726 579 and below 13 291 835 2,119 467 490 1,436 5,651 Other consumer 304 2,343 11,706 19,383 6,458 6,139 41,424 87,757 Consumer portfolio $ 309,351 $ 2,463,827 $ 1,034,953 $ 469,464 $ 148,089 $ 2,819,716 $ 1,319,999 $ 8,565,399 At December 31, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Residential: 800+ $ 590,238 $ 428,118 $ 161,664 $ 35,502 $ 105,198 $ 735,517 $ — $ 2,056,237 740-799 1,083,608 421,380 154,960 32,172 95,662 456,722 — 2,244,504 670-739 374,460 135,146 73,499 25,099 34,550 227,863 — 870,617 580-669 38,644 13,782 9,348 3,056 9,000 71,811 — 145,641 579 and below 9,478 1,051 49,252 390 2,519 33,216 — 95,906 Residential 2,096,428 999,477 448,723 96,219 246,929 1,525,129 — 5,412,905 Home equity: 800+ 35,678 30,157 9,591 16,347 11,068 58,189 463,334 624,364 740-799 42,430 22,030 9,413 13,317 7,711 33,777 409,518 538,196 670-739 17,493 9,162 5,889 8,220 5,802 31,160 233,744 311,470 580-669 1,773 1,397 1,298 1,066 1,329 15,042 66,361 88,266 579 and below 380 446 725 1,060 434 5,666 22,552 31,263 Home equity 97,754 63,192 26,916 40,010 26,344 143,834 1,195,509 1,593,559 Other consumer: 800+ 463 1,343 2,398 916 231 118 10,160 15,629 740-799 2,588 5,408 8,303 2,985 379 77 9,528 29,268 670-739 1,061 7,034 13,602 3,859 607 412 5,644 32,219 580-669 256 1,083 2,550 735 216 211 1,267 6,318 579 and below 147 87 215 159 40 21 1,196 1,865 Other consumer 4,515 14,955 27,068 8,654 1,473 839 27,795 85,299 Consumer portfolio $ 2,198,697 $ 1,077,624 $ 502,707 $ 144,883 $ 274,746 $ 1,669,802 $ 1,223,304 $ 7,091,763 Collateral Dependent Loans and Leases A loan or lease is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is substantially expected to be provided through the operation or sale of collateral. At March 31, 2022 and December 31, 2021, the carrying amount of collateral dependent commercial loans and leases totaled $102.2 million and $16.6 million, respectively, and the carrying amount of collateral dependent consumer loans totaled $32.1 million and $34.9 million, respectively. Commercial non-mortgage, asset-based, and equipment financing loans and leases are generally secured by machinery and equipment, inventory, receivables, or other non-real estate assets, whereas commercial real estate, multi-family, warehouse lending, residential, home equity, and other consumer loans are secured by real estate. The ACL for collateral dependent loans and leases is individually assessed based on the fair value of the collateral less costs to sell at the reporting date. At March 31, 2022 and December 31, 2021, the collateral value associated with collateral dependent loans and leases totaled $139.9 million and $86.0 million, respectively. Troubled Debt Restructurings The following table summarizes information related to TDRs: (In thousands) At March 31, 2022 At December 31, 2021 Accrual status $ 104,910 $ 110,625 Non-accrual status 46,338 52,719 Total TDRs $ 151,248 $ 163,344 Additional funds committed to borrowers in TDR status $ 5,747 $ 5,975 Specific reserves for TDRs included in the ACL on loans and leases: Commercial portfolio $ 2,939 $ 9,017 Consumer portfolio 3,689 3,745 The respective portions of commercial and consumer TDRs deemed to be uncollectible and charged off were $9.1 million and $0.1 million during the three months ended March 31, 2022, and $1.6 million and $0.3 million during the three months ended March 31, 2021. The following table summarizes loans and leases modified as TDRs by class and modification type: Three months ended March 31, 2022 2021 (Dollars in thousands) Number of Recorded Investment (1) Number of Recorded Investment (1) Commercial non-mortgage Extended maturity 2 $ 98 6 $ 507 Maturity/rate combined 2 92 1 37 Other (2) — — 2 113 Commercial real estate Extended maturity — — 1 183 Residential Extended maturity — — 1 99 Other (2) 5 2,985 2 233 Home equity Extended maturity — — 1 28 Maturity/rate combined 4 44 5 1,011 Other (2) 17 1,242 7 433 Total TDRs 30 $ 4,461 26 $ 2,644 (1) Post-modification balances approximate pre-modification balances. The aggregate amount of charge-offs due to restructurings was not significant. (2) Other includes covenant modifications, forbearance, discharges under Chapter 7 bankruptcy, or other concessions. |
Transfers and Servicing of Fina
Transfers and Servicing of Financial Assets | 3 Months Ended |
Mar. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Transfers and Servicing of Financial Assets | Transfers and Servicing of Financial Assets Webster originates and sells residential mortgage loans in the normal course of business, primarily to government-sponsored entities through established programs and securitizations. Residential mortgage origination fees, adjustments for changes in fair value, and any gain or loss recognized on residential mortgage loans sold are included in mortgage banking activities on the accompanying Condensed Consolidated Statements of Income. The following table summarizes information related to mortgage banking activities: Three months ended March 31, (In thousands) 2022 2021 Net gain on sale $ 397 $ 2,109 Origination fees 135 541 Fair value adjustment (104) (8) Mortgage banking activities $ 428 $ 2,642 Proceeds from sale $ 26,753 $ 79,308 Loans sold with servicing rights retained 25,363 75,691 Under certain circumstances, Webster may decide to sell loans that were not originated with the intent to sell. During the three months ended March 31, 2022 and 2021, Webster sold commercial loans not originated for sale for proceeds of $51.1 million and $16.8 million, respectively, which resulted in net gains on sale of $1.8 million and $0.2 million, respectively. In addition, Webster may retain servicing rights on its residential mortgage loans sold in the normal course of business. At March 31, 2022 and December 31, 2021, the aggregate principal balance of residential mortgage loans serviced for others totaled $2.2 billion and $2.0 billion, respectively. Mortgage servicing assets are held at the lower of cost, net of accumulated amortization, or fair market value, and are included in accrued interest receivable and other assets on the accompanying Consolidated Balance Sheets. Webster assesses mortgage servicing assets for impairment each quarter and establishes or adjusts the valuation allowance to the extent that amortized cost exceeds the estimated fair market value. The following table presents the change in the carrying amount for mortgage servicing assets: Three months ended March 31, (In thousands) 2022 2021 Beginning balance $ 9,237 $ 13,422 Additions (1) 1,068 586 Amortization (570) (1,490) Adjustment to valuation allowance — (191) Ending balance $ 9,735 $ 12,327 (1) Includes $0.9 million acquired in connection with the Sterling merger. Loan servicing fees, net of mortgage servicing rights amortization, were $1.1 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively, and are included in loan and lease related fees on the accompanying Condensed Consolidated Statements of Income. Information regarding the fair value of loans held for sale and mortgage servicing assets can be found within Note 15: Fair Value Measurements. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The following table summarizes changes in the carrying amount of goodwill: (In thousands) At March 31, At December 31, Balance, beginning of period $ 538,373 $ 538,373 Sterling merger 1,939,432 — Bend acquisition 35,966 — Balance, end of period $ 2,513,771 $ 538,373 Information regarding goodwill by reportable segment can be found within Note 17: Segment Reporting. Other Intangible Assets The following table summarizes other intangible assets: At March 31, 2022 At December 31, 2021 (In thousands) Gross Carrying Amount (1) Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Core deposits $ 145,725 $ 22,183 $ 123,542 $ 26,625 $ 18,516 $ 8,109 Customer relationships 115,000 13,960 101,040 21,000 11,240 9,760 Total other intangible assets $ 260,725 $ 36,143 $ 224,582 $ 47,625 $ 29,756 $ 17,869 (1) In connection with the Sterling merger and Bend acquisition, Webster recorded a $119.1 million core deposit intangible and $94.0 million of customer relationship intangibles, all of which are being amortized on an accelerated basis over a period of 10 years. The remaining estimated aggregate future amortization expense for other intangible assets as of March 31, 2022 is as follows: (In thousands) Amortization Expense Remainder of 2022 $ 25,543 2023 30,315 2024 24,442 2025 21,455 2026 21,455 Thereafter 101,372 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2022 | |
Deposit Liabilities [Abstract] | |
Deposits | Deposits The following table summarizes deposits by type: (In thousands) At March 31, At December 31, Non-interest-bearing: Demand $ 13,570,702 $ 7,060,488 Interest-bearing: Health savings accounts 7,804,858 7,397,582 Checking 9,579,839 4,182,497 Money market 11,964,649 3,718,953 Savings 8,615,138 5,689,739 Time deposits 2,821,097 1,797,770 Total interest-bearing $ 40,785,581 $ 22,786,541 Total deposits $ 54,356,283 $ 29,847,029 Time deposits, money market, and interest-bearing checking obtained through brokers $ 115,538 $ 120,392 Aggregate amount of time deposit accounts that exceeded the FDIC limit 390,023 256,522 Demand deposit overdrafts reclassified as loan balances 10,122 1,577 The following table summarizes the scheduled maturities of time deposits: (In thousands) At March 31, Remainder of 2022 $ 2,095,195 2023 399,082 2024 122,537 2025 127,698 2026 61,993 Thereafter 14,592 Total time deposits $ 2,821,097 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The following table summarizes securities sold under agreements to repurchase: At March 31, 2022 At December 31, 2021 (Dollars in thousands) Total Outstanding Rate Total Outstanding Rate Original maturity of one year or less $ 318,733 0.11 % $ 474,896 0.11 % Original maturity of greater than one year, non-callable 200,000 2.04 200,000 1.32 Total securities sold under agreements to repurchase (1) 518,733 0.85 674,896 0.47 (1) Webster has the 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. Securities sold under agreements to repurchase are used as a source of borrowed funds and are collateralized by Agency MBS and corporate bonds. The Company's repurchase agreement counterparties are limited to primary dealers in government securities, and commercial and municipal customers through the Corporate Treasury function. Webster may also purchase unsecured term and overnight federal funds to satisfy its short-term liquidity needs. The following table summarizes information for FHLB advances: At March 31, 2022 At December 31, 2021 (Dollars in thousands) Total Outstanding Weighted- Total Outstanding Weighted- Maturing within 1 year $ 85 — % $ 90 — % After 1 but within 2 years 198 2.96 202 2.95 After 2 but within 3 years — — — — After 3 but within 4 years — — — — After 4 but within 5 years — — — — After 5 years 10,620 2.03 10,705 2.03 Total FHLB advances $ 10,903 2.03 $ 10,997 2.03 Aggregate carrying value of assets pledged as collateral $ 7,565,427 $ 7,556,034 Remaining borrowing capacity at FHLB 5,129,597 5,087,294 Webster Bank may borrow up to the amount of eligible mortgages and securities that have been pledged as collateral to secure FHLB advances, which primarily include certain residential and commercial real estate loans and home equity lines of credit. Webster Bank was in compliance with its FHLB collateral requirements at both March 31, 2022 and December 31, 2021. 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) 337,473 338,811 4.000% Subordinated fixed-to-floating rate notes due December 30, 2029 274,000 — 3.875% Subordinated fixed-to-floating rate notes due November 1, 2030 225,000 — Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2) 77,320 77,320 Total senior and subordinated debt 1,063,793 566,131 Discount on senior fixed-rate notes (920) (974) Debt issuance cost on senior fixed-rate notes (2,125) (2,226) Premium on subordinated fixed-to-floating rate notes 17,526 — Long-term debt $ 1,078,274 $ 562,931 (1) Webster de-designated its fair value hedging relationship on these senior notes in 2020. A basis adjustment of $37.5 million and $38.8 million at March 31, 2022 and December 31, 2021, respectively, is included in the carrying value and is being amortized over the remaining life of the senior notes. (2) The interest rate on the Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 3.87% and 3.17% at March 31, 2022 and December 31, 2021, respectively. Webster assumed $274.0 million in aggregate principal amount of 4.00% fixed-to-floating rate subordinated notes due on December 30, 2029 (the 2029 subordinated notes) in connection with the Sterling merger. The 2029 subordinated notes were issued by Sterling on December 16, 2019 through a public offering, and are redeemable at a price equal to the total principal amount plus any accrued and unpaid interest thereon, in whole or in part by Webster on December 30, 2024, or any interest payment date thereafter, upon the occurrence of certain specified events. Until December 30, 2024, the interest rate is fixed at 4.00% and payable semi-annually in arrears on each June 30 and December 30. From December 30, 2024 through the earlier of maturity or redemption, the 2029 subordinated notes will bear interest at a floating rate per annum equal to three-month term SOFR plus 253 basis points, payable quarterly in arrears on each March 30, June 30, September 30, and December 30. In addition, Webster assumed $225.0 million in aggregate principal amount of 3.875% fixed-to-floating rate subordinated notes due on November 1, 2030 (the 2030 subordinated notes) in connection with the Sterling merger. The 2030 subordinated notes were issued by Sterling on October 30, 2020 through a public offering, and are redeemable at a price equal to the total principal amount plus any accrued and unpaid interest thereon, in whole or in part by Webster on December 30, 2024, or any interest payment date thereafter, upon the occurrence of certain specified events. Until November 1, 2025, the interest rate is fixed at 3.875% and payable semi-annually in arrears on each May 1 and December 30. From November 1, 2025 through the earlier of maturity or redemption, the 2030 subordinated notes will bear interest at a floating rate per annum equal to three-month term SOFR plus 369 basis points, payable quarterly in arrears on each February 1, May 1, August 1, and November 1. Webster recorded the 2029 and 2030 subordinated notes at their estimated fair value of $281.0 million and $235.9 million, respectively, on the merger effective date. The purchase premiums are being amortized into interest expense over the remaining lives of the subordinated notes. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income, Net of Tax | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income, Net of Tax | Accumulated Other Comprehensive (Loss) Income, Net of Tax The following table summarizes the changes in each component of accumulated other comprehensive (loss) income, net of tax: Three months ended March 31, 2022 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance, beginning of period $ 4,536 $ 6,070 $ (33,186) $ (22,580) Other comprehensive (loss) before reclassifications (244,879) (8,613) (719) (254,211) Amounts reclassified from accumulated other comprehensive income (loss) — 769 299 1,068 Other comprehensive (loss) income, net of tax (244,879) (7,844) (420) (253,143) Balance, end of period $ (240,343) $ (1,774) $ (33,606) $ (275,723) Three months ended March 31, 2021 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance, beginning of period $ 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 (loss) — 798 743 1,541 Other comprehensive (loss) income, net of tax (30,353) (4,372) 743 (33,982) Balance, end of period $ 37,071 $ 15,546 $ (44,343) $ 8,274 The following table further summarizes the amounts reclassified from accumulated other comprehensive (loss) income: Three months ended March 31, Associated Line Item on the Accumulated Other Comprehensive 2022 2021 (In thousands) Derivative instruments: Hedge terminations $ (77) $ (76) Interest expense Premium amortization (978) (1,005) Interest income Tax benefit 286 283 Income tax expense Net of tax $ (769) $ (798) Defined benefit pension and other Actuarial loss amortization $ (411) $ (1,008) Other non-interest expense Tax benefit 112 265 Income tax expense Net of tax $ (299) $ (743) |
Regulatory Capital and Restrict
Regulatory Capital and Restrictions | 3 Months Ended |
Mar. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital and Restrictions | Regulatory Capital and Restrictions Capital Requirements Webster Financial Corporation and Webster Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory actions by regulators that 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 pursuant to regulatory directives. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the Company to maintain minimum ratios of CET1 capital to total risk-weighted assets (CET1 risk-based capital), Tier 1 capital to total risk-weighted assets (Tier 1 risk-based capital), Total capital to total risk-weighted assets (Total risk-based capital), and Tier 1 capital to average tangible assets (Tier 1 leverage capital), as defined in the regulations. CET1 capital consists of common shareholders’ equity less deductions for goodwill and other intangible assets, and certain deferred tax adjustments. Upon adoption of the Basel III Capital Rules, Webster elected to opt-out of the requirement to include certain components of accumulated other comprehensive income in CET1 capital. Tier 1 capital consists of CET1 capital plus preferred stock. Total capital consists of Tier 1 capital and Tier 2 capital, as defined in the regulations. Tier 2 capital includes permissible portions of subordinated debt and the allowance for credit losses. At March 31, 2022 and December 31, 2021, Webster Financial Corporation and Webster Bank were both classified as well-capitalized. Management believes that no events or changes have occurred subsequent to quarter-end that would change this designation. The following table provides information on the capital ratios for Webster Financial Corporation and Webster Bank: At March 31, 2022 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 5,509,106 11.46 % $ 2,163,855 4.5 % $ 3,125,569 6.5 % Total risk-based capital 6,927,124 14.41 3,846,854 8.0 4,808,567 10.0 Tier 1 risk-based capital 5,793,085 12.05 2,885,140 6.0 3,846,854 8.0 Tier 1 leverage capital 5,793,085 11.10 2,087,830 4.0 2,609,787 5.0 Webster Bank CET1 risk-based capital $ 6,376,845 13.28 % $ 2,160,507 4.5 % $ 3,120,732 6.5 % Total risk-based capital 6,917,038 14.41 3,840,901 8.0 4,801,127 10.0 Tier 1 risk-based capital 6,376,845 13.28 2,880,676 6.0 3,840,901 8.0 Tier 1 leverage capital 6,376,845 12.19 2,092,902 4.0 2,616,128 5.0 At December 31, 2021 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 2,804,290 11.72 % $ 1,076,871 4.5 % $ 1,555,480 6.5 % Total risk-based capital 3,265,064 13.64 1,914,436 8.0 2,393,046 10.0 Tier 1 risk-based capital 2,949,327 12.32 1,435,827 6.0 1,914,436 8.0 Tier 1 leverage capital 2,949,327 8.47 1,393,607 4.0 1,742,008 5.0 Webster Bank CET1 risk-based capital $ 3,034,883 12.69 % $ 1,075,920 4.5 % $ 1,554,107 6.5 % Total risk-based capital 3,273,300 13.69 1,912,747 8.0 2,390,934 10.0 Tier 1 risk-based capital 3,034,883 12.69 1,434,560 6.0 1,912,747 8.0 Tier 1 leverage capital 3,034,883 8.72 1,392,821 4.0 1,741,026 5.0 (1) In accordance with regulatory capital rules, Webster elected an option to delay the estimated impact of the adoption of CECL on its regulatory capital over a two-year deferral period, which ended on January 1, 2022, and a subsequent three-year transition period ending on December 31, 2024. Therefore, the December 31, 2021 capital ratios and amounts exclude the impact of the increased ACL on loans and leases, held-to-maturity debt securities, and unfunded loan commitments related to the adoption of CECL on January 1, 2020, 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. During the three year transition period, capital ratios will begin to phase out the aggregate amount of the capital benefit provided in the initial two years. For 2022, 2023, and 2024, Webster is allowed 75%, 50%, and 25% of the capital benefit as of December 31, 2021, respectively, with full absorption occurring in 2025. Dividend Restrictions Webster Financial Corporation is dependent upon dividends from Webster Bank to provide funds for the payment of dividends to shareholders and to provide for other cash requirements. 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 if the amount would exceed the net income for that year combined with the undistributed net income for the preceding two years. During the three months ended March 31, 2022 and 2021, Webster Bank paid no dividends and $60.0 million in dividends, respectively, to Webster Financial Corporation, to which no express approval from the OCC was required. Cash Restrictions |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Webster has an investment interest in the following entities that meet the definition of a variable interest entity. 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 expense volatility. The funding of the Rabbi Trust and the discontinuation of the Deferred Compensation Plan for Directors and Officers occurred during 2012. In connection with the Sterling merger, Webster acquired assets held in a separate Rabbi Trust that had been previously established to fund obligations due under the Greater New York Savings Bank Directors' Retirement Plan, which was also assumed from Sterling. Investments held in the Rabbi Trusts consist primarily of mutual funds that invest in equity and fixed income securities. Webster is considered the primary beneficiary of these Rabbi Trusts as it has the power to direct the activities of the Rabbi Trusts that most significantly impact its economic performance and it has the obligation to absorb losses and/or the right to receive benefits of the Rabbi Trusts that could potentially be significant. The Rabbi Trusts' assets are included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. Investment earnings are included in other non-interest income, and depending on the nature of the underlying assets in the Rabbi Trusts, fair value changes are either recognized in other non-interest income or in other comprehensive (loss) income, net of tax, on the accompanying Condensed Consolidated Statements of Income or on the accompanying Condensed Consolidated Statements of Comprehensive Income, respectively. Information regarding the fair value of the Rabbi Trusts' investments can be found within Note 15: Fair Value Measurements. Non-Consolidated Tax Credit Finance Investments. Webster makes non-marketable equity investments in entities that sponsor affordable housing and other community development projects that qualify for the Low Income Housing Tax Credit (LIHTC) Program pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is not only to assist the Bank in meeting its responsibilities under the CRA, but also to provide a return, primarily through the realization of tax benefits. While Webster'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. Webster has determined that it is not the primary beneficiary due to its inability to direct the activities that most significantly impact economic performance and the Company does not have the obligation to absorb losses and/or the right to receive benefits. Webster applies the proportional amortization method to subsequently measure its investments in qualified affordable housing projects. The following table summarizes Webster's LIHTC investments and related unfunded commitments: (In thousands) March 31, 2022 December 31, 2021 Gross investment in LIHTC (1) $ 584,266 $ 68,635 Accumulated amortization (35,593) (25,216) Net investment in LIHTC $ 548,673 $ 43,419 Unfunded commitments for LIHTC investments (1) $ 258,297 $ 11,106 (1) In connection with the Sterling merger, Webster acquired $515.6 million of LIHTC investments and assumed $267.3 million of unfunded commitments for LIHTC investments on January 31, 2022. The aggregate carrying value of Webster's LIHTC investments is included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets, and represents the Company's maximum exposure to loss. The related unfunded commitments are included in accrued expenses and other liabilities on the accompanying Condensed Consolidated Balance Sheets. Other than those acquired from Sterling, there were no additional commitments approved to fund LIHTC investments during the three months ended March 31, 2022, and 2021. Webster Statutory Trust. Webster 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 Company is not the primary beneficiary of Webster Statutory Trust. Webster Statutory Trust's only assets are junior subordinated debentures that are issued by the Company, which were acquired using the proceeds from the issuance of 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. Additional information regarding these junior subordinated debentures can be found within Note 9: Borrowings. Other Non-Marketable Investments. Webster invests in alternative investments comprising interests in non-public entities that cannot be redeemed since the investment is distributed as the underlying equity is liquidated. The ultimate timing and amount of these distributions cannot be predicted with reasonable certainty. For each of these alternative investments that is classified as a variable interest entity, the Company has determined that it is not the primary beneficiary due to its inability to direct the activities that most significantly impact economic performance. The aggregate carrying value of Webster's other non-marketable investments was $120.7 million and $61.5 million at March 31, 2022 and December 31, 2021, respectively, which is included in accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets, and its maximum exposure to loss, including unfunded commitments, was $164.7 million and $95.9 million, respectively. Information regarding the fair value of other non-marketable investments can be found within Note 15: Fair Value Measurements. Additional Information regarding Webster's consolidation of variable interest entities can be found within Note 1: Summary of Significant Accounting Policies in the Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company's Annual Reporting on Form 10-K for the year ended December 31, 2021. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table summarizes the calculation of basic and diluted (loss) earnings per common share: Three months ended March 31, (In thousands, except per share data) 2022 2021 Net (loss) income $ (16,747) $ 108,078 Less: Preferred stock dividends 3,431 1,969 Net (loss) income available to common shareholders (20,178) 106,109 Less: Earnings allocated to participating securities — 579 (Loss) earnings applicable to common shareholders $ (20,178) $ 105,530 Weighted-average common shares outstanding - basic 147,394 89,809 Effect of dilutive securities — 299 Weighted-average common shares outstanding - diluted 147,394 90,108 Basic (loss) earnings per common share $ (0.14) $ 1.18 Diluted (loss) earnings per common share (0.14) 1.17 Earnings per common share is calculated under the two-class method in which all earnings (distributed and undistributed) are allocated to common stock and participating securities based on their respective rights to receive dividends. Webster may grant restricted stock, restricted stock units, non-qualified stock options, incentive stock options, or stock appreciation rights to certain employees and directors under its stock-based compensation programs, which entitle recipients to receive non-forfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
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, including accrued interest, of derivative positions: At March 31, 2022 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 1,000,000 $ 5,651 $ — $ — Not designated as hedging instruments: Interest rate derivatives (1) 6,385,652 101,454 6,054,975 117,041 Mortgage banking derivatives (2) 4,123 32 336 1 Other (3) 109,881 434 451,036 282 Total not designated as hedging instruments 6,499,656 101,920 6,506,347 117,324 Gross derivative instruments, before netting $ 7,499,656 107,571 $ 6,506,347 117,324 Less: Master netting agreements 5,977 5,977 Cash collateral 54,206 904 Total derivative instruments, after netting $ 47,388 $ 110,443 At December 31, 2021 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 1,000,000 $ 17,583 $ — $ — Not designated as hedging instruments: Interest rate derivatives (1) 4,463,048 141,243 4,372,846 21,570 Mortgage banking derivatives (2) 14,212 80 — — Other (3) 76,755 211 374,688 214 Total not designated as hedging instruments 4,554,015 141,534 4,747,534 21,784 Gross derivative instruments, before netting $ 5,554,015 159,117 $ 4,747,534 21,784 Less: Master netting agreements 6,364 6,364 Cash collateral 19,272 2,119 Total derivative instruments, after netting $ 133,481 $ 13,301 (1) Balances related to clearing houses are presented as a single unit of account. In accordance with their rule books, clearing houses legally characterize variation margin payments as settlement of derivatives rather than collateral against derivative positions. Notional amounts of interest rate swaps cleared through clearing houses include $2.0 billion and $0.4 billion for asset derivatives and $1.5 billion and $2.6 billion for liability derivatives at March 31, 2022 and December 31, 2021, respectively. The related fair values approximate zero. (2) Notional amounts related to residential loans exclude approved floating rate commitments of $0.9 million at March 31, 2022. (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 $68.0 million and $66.0 million for asset derivatives and $438.8 million and $338.2 million for liability derivatives at March 31, 2022 and December 31, 2021, respectively, that have insignificant related fair values. The following table presents fair value positions transitioned from gross to net upon applying counterparty netting agreements: At March 31, 2022 (In thousands) Gross Offset Net Amount on Balance Sheet Amounts Net Asset derivatives $ 62,877 $ 60,183 $ 2,694 $ (3,060) $ (366) Liability derivatives 6,881 6,881 — 1,014 1,014 At December 31, 2021 (In thousands) Gross Offset Net Amount on Balance Sheet Amounts Net Asset derivatives $ 25,636 $ 25,636 $ — $ 51 $ 51 Liability derivatives 8,483 8,483 — 428 428 Derivative Activity The following table summarizes the income statement effect of derivatives designated as cash flow hedges: Recognized In Three months ended March 31, (In thousands) Net Interest Income 2022 2021 Interest rate derivatives Long-term debt $ 76 $ 121 Interest rate derivatives Interest and fees on loans and leases (2,559) (2,582) Net recognized on cash flow hedges $ (2,483) $ (2,461) The following table summarizes information related to a fair value hedging adjustment: Condensed Consolidated Balance Sheet Line Item in Which Hedged Item is Located Carrying Amount of 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 $ 337,473 $ 338,811 $ 37,473 $ 38,811 The following table summarizes the income statement effect of derivatives not designated as hedging instruments: Recognized In Three months ended March 31, (In thousands) Non-interest Income 2022 2021 Interest rate derivatives Other income $ 6,445 $ 4,644 Mortgage banking derivatives Mortgage banking activities (49) (382) Other Other income 397 472 Total not designated as hedging instruments $ 6,793 $ 4,734 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, 2022, the remaining unamortized balance of time-value premiums was $6.2 million. Over the next twelve months, an estimated $1.2 million decrease to interest expense will be reclassified from (AOCL) AOCI relating to cash flow hedges, and an estimated $0.3 million increase to interest expense will be reclassified from (AOCL) AOCI relating to hedge terminations. At March 31, 2022, the remaining unamortized loss on terminated cash flow hedges is $0.6 million. The maximum length of time over which forecasted transactions are hedged is 2.3 years. Additional information about cash flow hedge activity impacting (AOCL) AOCI and the related amounts reclassified to interest expense is provided in Note 10: Accumulated Other Comprehensive (Loss) 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, 2022, the Company had $83.9 million in initial margin collateral posted at clearing houses. In addition, $55.2 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 $44.6 million at March 31, 2022. 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 $47.8 million at March 31, 2022. Webster has incorporated a valuation adjustment to reflect nonperformance risk in the fair value measurement of its derivatives, which totaled $3.3 million and $(0.4) million at March 31, 2022 and December 31, 2021, respectively. Various factors impact changes in the valuation adjustment 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, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as 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. The determination of fair value may require the use of estimates when quoted market prices are not available. Fair value estimates made at a specific point in time are based on management’s judgments regarding future expected losses, current economic conditions, the risk characteristics of each financial instrument, and other subjective factors that cannot be determined with precision. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels within the fair value hierarchy are as follows: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that Webster has the ability to access at the measurement date. • Level 2: Inputs to the valuation methodology include 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, and credit ratings), or inputs that are derived principally from or corroborated by market data, correlation, or other means. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. This includes certain pricing models or other similar 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 unadjusted quoted prices are available in an active market, Webster classifies available-for-sale investment securities within Level 1 of the fair value hierarchy. U.S. Treasury notes have a readily determinable fair value, and therefore are classified within Level 1 of the fair value hierarchy. When quoted market prices are not available, Webster employs an independent pricing service that utilizes matrix pricing to calculate fair value. These 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 the respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's results and has a process in place to challenge their valuations and methodologies that appear unusual or unexpected. Government agency debentures, municipal bonds and notes, Agency CMO, Agency MBS, Agency CMBS, CMBS, CLO, corporate debt, and other securities available-for-sale are classified within Level 2 of the fair value hierarchy. Derivative Instruments . The fair values presented for derivative instruments include any accrued interest. Foreign exchange contracts are valued based on unadjusted quoted prices in active markets and accordingly are classified within Level 1 of the fair value hierarchy. Except for mortgage banking derivatives, 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 then validated against valuations performed by independent third parties. These derivative instruments are classified within Level 2 of the fair value hierarchy. Mortgage Banking Derivatives . Webster uses forward sales of mortgage loans and mortgage-backed securities to manage the 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 this in-between time period, Webster is subject to the risk that market interest rates may change. If rates rise, investors generally will pay less to purchase mortgage loans, which would result in a reduction in the gain on sale of the loans, or possibly a loss. In an effort to mitigate this risk, forward delivery sales commitments are established in which Webster agrees to either 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. Accordingly, mortgage banking derivatives are classified within Level 2 of the fair value hierarchy. Originated Loans Held For Sale . Webster has elected to measure originated loans held for sale at fair value under the fair value option per ASC Topic 825, Financial Instruments. Electing to measure originated loans held for sale at fair value reduces certain timing differences and better reflects the price Webster would expect to receive from the sale of these loans. The fair value of originated loans held for sale is based on quoted market prices of similar loans sold in conjunction with securitization transactions. Accordingly, originated loans held for sale are classified within Level 2 of the fair value hierarchy. The following table compares the fair value to the unpaid principal balance of originated loans held for sale: At March 31, 2022 At December 31, 2021 (In thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 1,333 $ 1,974 $ (641) $ 4,694 $ 5,034 $ (340) Rabbi Trust Investments. Investments held in each of the Rabbi Trusts consist primarily of mutual funds that invest in equity and fixed income securities. Shares of these mutual funds are valued based on the NAV as reported by the trustee of the funds, which represents quoted prices in active markets. Webster has elected to measure the Rabbi Trusts' investments at fair value. Accordingly, the Rabbi Trusts' investments are classified within Level 1 of the fair value hierarchy. At March 31, 2022, the cost basis of the Rabbi Trusts' investments was $9.0 million. Alternative Investments. Equity investments have a readily determinable fair value when unadjusted quoted prices are available in an active market for identical assets. Accordingly, these alternative investments are classified within Level 1 of the fair value hierarchy. At March 31, 2022, equity investments with a readily determinable fair value had a carrying amount of $1.1 million and no remaining unfunded commitment. During the three months ended March 31, 2022, there was a write-down in fair value of $0.7 million associated with these alternative investments. Equity investments that do not have a readily available fair value may qualify for the NAV practical expedient if they meet certain requirements. Webster's alternative investments measured at NAV consist of investments in non-public entities that cannot be redeemed since investments are distributed as the underlying equity is liquidated. Alternative investments measured at NAV are not classified within the fair value hierarchy. At March 31, 2022, these alternative investments had a carrying amount of $72.1 million and a remaining unfunded commitment of $18.2 million. The following table summarizes the fair values of assets and liabilities measured at fair value on a recurring basis: At March 31, 2022 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale investment securities: U.S. Treasury notes $ 732,425 $ — $ — $ 732,425 Government agency debentures — 217,219 — 217,219 Municipal bonds and notes — 1,894,537 — 1,894,537 Agency CMO — 79,513 — 79,513 Agency MBS — 2,574,569 — 2,574,569 Agency CMBS — 1,583,820 — 1,583,820 CMBS — 864,157 — 864,157 CLO — 14,233 — 14,233 Corporate debt — 767,044 — 767,044 Other — 17,380 — 17,380 Total available-for-sale investment securities 732,425 8,012,472 — 8,744,897 Gross derivative instruments, before netting (1) 422 107,149 — 107,571 Originated loans held for sale — 1,333 — 1,333 Investments held in Rabbi Trust 13,402 — — 13,402 Alternative investments (2) 1,131 — — 73,185 Total financial assets $ 747,380 $ 8,120,954 $ — $ 8,940,388 Financial Liabilities: Gross derivative instruments, before netting (1) $ 217 $ 117,107 $ — $ 117,324 At December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale investment securities: U.S. Treasury notes $ 396,966 $ — $ — $ 396,966 Agency CMO — 90,384 — 90,384 Agency MBS — 1,593,403 — 1,593,403 Agency CMBS — 1,232,541 — 1,232,541 CMBS — 886,263 — 886,263 CLO — 21,847 — 21,847 Corporate debt — 13,450 — 13,450 Total available-for-sale investment securities 396,966 3,837,888 — 4,234,854 Gross derivative instruments, before netting (1) 187 158,930 — 159,117 Originated loans held for sale — 4,694 — 4,694 Investments held in Rabbi Trust 3,416 — — 3,416 Alternative investments (2) 1,877 — — 27,732 Total financial assets $ 402,446 $ 4,001,512 $ — $ 4,429,813 Financial Liabilities: Gross derivative instruments, before netting (1) $ 141 $ 21,643 $ — $ 21,784 (1) Additional information regarding the impact of netting derivative assets and derivative liabilities, as well as the impact from offsetting cash collateral paid to the same derivative counterparties, can be found within Note 14: Derivative Financial Instruments. (2) Certain 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 Webster measures certain assets at fair value on a non-recurring basis. The following is a description of the valuation methodologies used for assets measured at fair value 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 measured at cost minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Accordingly, these alternative investments are classified within Level 2 of the fair value hierarchy. At March 31, 2022, the carrying amount of these alternative investments was $29.3 million. There were no write-ups due to observable price changes or write-downs due to impairment in the current period. Loans Transferred to Held for Sale. Once a decision has been made to sell loans not previously classified as held for sale, these loans are transferred into the held for sale category and carried at the lower of cost or fair value. At the time of transfer into held for sale classification, any amount by which cost exceeds fair value is accounted for as a valuation allowance. This activity generally pertains to commercial loans with observable inputs, and therefore, are classified within Level 2 of the fair value hierarchy. However, should these loans include adjustments for changes in loan characteristics based on unobservable inputs, the loans would then be classified within Level 3 of the fair value hierarchy. At March 31, 2022, the carrying amount of loans transferred to held for sale was $16.6 million. Collateral Dependent Loans and Leases. Loans and leases for which repayment is substantially expected to be provided through the operation or sale of collateral are considered collateral dependent, and are valued based on the estimated fair value of the collateral, less estimated costs to sell at the reporting date, using customized discounting criteria. Accordingly, collateral dependent loans and leases are classified within Level 3 of the fair value hierarchy. Other Real Estate Owned and Repossessed Assets. Other real estate owned (OREO) and repossessed assets are held at the lower of cost or fair value and are considered to be measured at fair value when recorded below cost. The fair value of OREO is calculated using independent appraisals or internal valuation methods, less estimated selling costs, and may consider available pricing guides, auction results, and price opinions. Certain repossessed assets may also require assumptions about factors that are not observable in an active market when determining fair value. Accordingly, OREO and repossessed assets are classified within Level 3 of the fair value hierarchy. At March 31, 2022, the total book value of OREO and repossessed assets was $3.1 million. In addition, the amortized cost of consumer loans secured by residential real estate property that are in process of foreclosure at March 31, 2022 was $14.5 million. Estimated Fair Values of Financial Instruments and Mortgage Servicing Assets Webster is required to disclose the estimated fair values of certain financial instruments and mortgage servicing assets. The following is a description of the valuation methodologies used to estimate fair value for those assets and liabilities. Cash and Cash Equivalents . Given the short time frame to maturity, the carrying amount of cash and cash equivalents, which comprises cash and due from banks and interest-bearing deposits, approximates fair value. Cash and cash equivalents are classified within Level 1 of the fair value hierarchy. Held-to-Maturity Investment Securities . When quoted market prices are not available, Webster employs an independent pricing service that utilizes matrix pricing to calculate fair value. These 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 the respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's results and has a process in place to challenge their valuations and 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 . Except for collateral dependent loans and leases, the fair value of loans and leases held for investment is estimated using a discounted cash flow methodology, based on future prepayments and market interest rates inclusive of an illiquidity premium for comparable loans and leases. The associated cash flows are then adjusted for associated credit risks and other potential losses, as appropriate. Loans and leases are classified within Level 3 of the fair value hierarchy. Mortgage Servicing Assets . Mortgage servicing assets are initially measured at fair value and subsequently measured using the amortization method. Webster assess mortgage servicing assets for impairment each quarter and establishes or adjusts the valuation allowance to the extent that amortized cost exceeds the estimated fair market value. 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. Accordingly, 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 classified within Level 3 of the fair value hierarchy. Deposit Liabilities . The fair value of deposit liabilities, which comprises demand deposits, interest-bearing checking, savings, health savings, and money market accounts, reflects 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 fixed-maturity certificates of deposit is estimated using rates that are currently offered for deposits with 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 approximates their carrying value. The fair value of securities sold under agreements to repurchase and other borrowings that mature after 90 days is estimated using a discounted cash flow methodology based on current market rates and 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 methodology in which discount rates are matched with the time period of the expected cash flows and adjusted for associated credit risks, as appropriate. FHLB advances and long-term debt are classified within Level 2 of the fair value hierarchy. The following table summarizes the carrying amounts, estimated fair values, and classifications within the fair value hierarchy of selected financial instruments and mortgage servicing assets: At March 31, 2022 At December 31, 2021 (In thousands) Carrying Fair Carrying Fair Assets: Level 1 Cash and cash equivalents $ 793,213 $ 793,213 $ 461,570 $ 461,570 Level 2 Held-to-maturity investment securities 6,362,254 6,091,617 6,198,125 6,280,936 Level 3 Loans and leases, net 42,967,114 43,217,955 21,970,542 21,702,732 Mortgage servicing assets 9,735 26,631 9,237 12,527 Liabilities: Level 2 Deposit liabilities $ 51,535,186 $ 51,535,186 $ 28,049,259 $ 28,049,259 Time deposits 2,821,097 2,785,621 1,797,770 1,794,829 Securities sold under agreements to repurchase and other borrowings 518,733 483,544 674,896 676,581 FHLB advances 10,903 10,653 10,997 11,490 Long-term debt (1) 1,078,274 1,069,991 562,931 515,912 |
Retirement Benefit Plans
Retirement Benefit Plans | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 (In thousands) Pension Plan SERP OPEB Pension Plan SERP OPEB Service cost $ — $ — $ 6 $ — $ — $ — Interest cost $ 1,377 $ 15 $ 144 $ 1,166 $ 7 $ 4 Expected return on plan assets (3,669) — — (3,595) — — Amortization of actuarial loss (gain) 422 7 (18) 1,019 8 (20) Net periodic benefit (income) cost $ (1,870) $ 22 $ 132 $ (1,410) $ 15 $ (16) 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, 2022 was 5.50%, as determined at the beginning of the year. In connection with the Sterling merger, Webster assumed the benefit obligations of Sterling's pension and other postretirement benefit plans, which included the Astoria Excess and Supplemental Benefit Plans, Astoria Directors' Retirement Plan, Greater New York Savings Bank Directors' Retirement Plan, Astoria Bank Retiree Health Care Plan, and the Sterling Other Postretirement Life Insurance and Other Plans, totaling $30.5 million as of January 31, 2022. The underfunded status of these plans is included in accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
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 Consumer Banking. These segments reflect how executive management responsibilities are assigned, how discrete financial information is evaluated, the type of customer served, and how products and services are provided. 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, 2022, Webster realigned its investment services operations from Commercial Banking to Consumer Banking to better serve its customers and deliver operational efficiencies. Under this realignment, $125.4 million of deposits and $4.3 billion of assets under administration (off-balance sheet) were reassigned from Commercial Banking to Consumer Banking. There was no goodwill reallocation nor goodwill impairment as a result of the reorganization. In addition, the non-interest expense allocation methodology was modified to exclude certain overhead and merger-related costs that are not directly related to segment performance. Prior period results of operations have been recasted accordingly to reflect the realignment. As discussed in Note 2: Mergers and Acquisitions, Webster acquired Sterling on January 31, 2022, and the allocation of the purchase price is considered preliminary. Accordingly, of the total $1.9 billion in preliminary goodwill recorded, $1.7 billion and $0.2 million was preliminarily allocated to Commercial Banking and Consumer Banking, respectively. The $36.0 million of goodwill recorded in connection with the Bend acquisition was allocated entirely to HSA Bank. 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 one 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 Webster’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 and leases 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 leases 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 an activity and driver-based costing process. Costs, including shared services and back-office support areas, are analyzed, pooled by process, and assigned to the appropriate reportable segment. The combination of direct revenue, direct expenses, funds transfer pricing, and allocations of non-interest expense, produces PPNR, which is the 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. The ACL on loans and leases is included in total assets within the Corporate and Reconciling category. Merger-related expenses and strategic initiatives charges are also generally included in the Corporate and Reconciling category. The following table presents balance sheet information, including the appropriate allocations, for Webster's reportable segments and the Corporate and Reconciling category: At March 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 1,865,887 $ 57,779 $ 590,105 $ — $ 2,513,771 Total assets 39,028,843 132,266 9,587,880 16,382,495 65,131,484 At December 31, 2021 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 131,000 $ 21,813 $ 385,560 $ — $ 538,373 Total assets 15,398,159 73,564 7,663,921 11,779,955 34,915,599 The following tables present results of operations, including the appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category: Three months ended March 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 287,069 $ 44,577 $ 136,580 $ (73,978) $ 394,248 Non-interest income 38,743 26,958 27,892 10,442 104,035 Non-interest expense 89,240 36,409 95,747 138,389 359,785 Pre-tax, pre-provision net revenue 236,572 35,126 68,725 (201,925) 138,498 Provision (benefit) for credit losses 181,931 — 7,136 (222) 188,845 Income (loss) before income taxes 54,641 35,126 61,589 (201,703) (50,347) Income tax expense (benefit) 10,055 9,414 15,964 (69,033) (33,600) Net income (loss) $ 44,586 $ 25,712 $ 45,625 $ (132,670) $ (16,747) Three months ended March 31, 2021 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 141,486 $ 42,109 $ 89,365 $ (49,196) $ 223,764 Non-interest income 18,376 27,005 22,872 8,504 76,757 Non-interest expense 46,284 36,005 75,311 30,382 187,982 Pre-tax, pre-provision net revenue 113,578 33,109 36,926 (71,074) 112,539 (Benefit) provision for credit losses (19,373) — (6,386) 9 (25,750) Income (loss) before income taxes 132,951 33,109 43,312 (71,083) 138,289 Income tax expense (benefit) 34,035 8,840 10,308 (22,972) 30,211 Net income (loss) $ 98,916 $ 24,269 $ 33,004 $ (48,111) $ 108,078 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following table summarizes revenues recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers. These disaggregated amounts, together with sources of other non-interest income that are subject to other GAAP topics, have been reconciled to non-interest income by reportable segment as presented within Note 17: Segment Reporting. Three months ended March 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 6,685 $ 25,134 $ 15,954 $ 54 $ 47,827 Loan and lease related fees (1) 4,498 — — — 4,498 Wealth and investment services 3,134 — 7,471 (8) 10,597 Other income — 1,824 385 — 2,209 Revenue from contracts with customers 14,317 26,958 23,810 46 65,131 Other sources of non-interest income 24,426 — 4,082 10,396 38,904 Total non-interest income $ 38,743 $ 26,958 $ 27,892 $ 10,442 $ 104,035 Three months ended March 31, 2021 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 4,090 $ 25,018 $ 11,314 $ 47 $ 40,469 Wealth and investment services 2,919 — 6,493 (9) 9,403 Other income — 1,987 548 — 2,535 Revenue from contracts with customers 7,009 27,005 18,355 38 52,407 Other sources of non-interest income 11,367 — 4,517 8,466 24,350 Total non-interest income $ 18,376 $ 27,005 $ 22,872 $ 8,504 $ 76,757 (1) A portion of loan and lease related fees comprises income generated from factored receivables and payroll financing activities that is within the scope of ASC Topic 606. These revenue streams are new to Webster as of the first quarter of 2022 due to the businesses acquired in connection with the Sterling merger. Contracts with customers did not generate significant contract assets and liabilities at March 31, 2022 and December 31, 2021. Revenue Streams Deposit service fees consist of fees earned from customer deposit accounts, such as account maintenance fees, insufficient funds, and other transactional service charges. Performance obligations for account maintenance services are satisfied on a monthly basis at a fixed transaction price, whereas performance obligations for other deposit service charges resulting from various customer-initiated transactions are satisfied at a point-in-time when the service is rendered. Payment for deposit service fees is generally received immediately or in the following month through a direct charge to the customers' accounts. On occasion, Webster may waive certain fees for its customers. Fee waivers are recognized as a reduction to revenue in the period the waiver is granted to the customer. Due to the insignificance of the amounts waived, Webster does not reduce its transaction price to reflect any variable consideration. The deposit service fees revenue stream also includes interchange fees earned from debit and credit card transactions. The transaction price for interchange services is based on the transaction value and the interchange rate set by the card network. Performance obligations for interchange fees are satisfied at a point-in-time when the cardholders' transaction is authorized and settled. Payment for interchange fees is generally received immediately or in the following month. Factored receivables non-interest income consists of fees earned from accounts receivable management services. Webster factors accounts receivable, with and without recourse, for customers whereby the Company purchases their accounts receivable at a discount and assumes the risk, as applicable, and ownership of the assets through direct cash receipt from the end consumer. Factoring services are performed in exchange for a non-refundable fee at a transaction price based on a percentage of the gross invoice amount of each receivable purchased, subject to a minimum required amount. The performance obligation for factoring services is generally satisfied at a point-in-time when the receivable is assigned to Webster. However, should the commission earned not meet or exceed the minimum required amount, the difference between that and the actual amount is recognized over the contract term using a time-based measurement of progress. Other fees associated with factoring receivables may include wire transfer and technology fees, field examination fees, and Uniform Commercial Code fees, where the performance obligations are satisfied at a point-in-time when the services are rendered. Payment from the customer for factoring services is generally received immediately or within the following month. Payroll finance non-interest income consists of fees earned from performing payroll financing and business process outsourcing services, including full back-office technology and tax accounting services, along with payroll preparation, making payroll tax payments, invoice billings, and collections for independently-owned temporary staffing companies nationwide. Performance obligations for payroll finance and business processing activities are either satisfied upon completion of the support services or as payroll remittances are made on behalf of customers to fund their employee payroll, which generally occurs on a weekly basis. The agreed-upon transaction price is based on a fixed-percentage per the terms of the contract, which could be subject to a hold-back reserve to provide for any balances that are assessed to be at risk of collection. When Webster collects on amounts due from end consumers on behalf of its customers and at the time of financing payroll, the Company retains the agreed-upon transaction price payable for the performance of its services and remits an amount to the customer net of any advances and payroll tax withholdings, as applicable. Wealth and investment services consist of fees earned from asset management, trust administration, and investment advisory services, and through facilitating securities transactions. Performance obligations for asset management and trust administration services are satisfied on a monthly or quarterly basis at a transaction price based on a percentage of the period-end market value of the assets under administration. Payment for asset management and trust administration services is generally received a few days after period-end through a direct charge to the customers' accounts. Performance obligations for investment advisory services are satisfied over the period in which the services are provided through a time-based measurement of progress, and the agreed-upon transaction price with the customer varies depending on the nature of the services performed. Performance obligations for facilitating securities transactions are satisfied at a point-in-time when the securities are sold at a transaction price that is based on a percentage of the contract value. Payment for both investment advisory services and facilitating securities transactions may be received in advance of the service, but generally is received immediately or in the following period, in arrears. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Credit-Related Financial Instruments In the normal course of business, Webster offers financial instruments with off-balance sheet risk to meet the financing needs of its customers. These transactions include commitments to extend credit, standby letters of credit, and commercial letters of credit, which involve, to varying degrees, elements of 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, 2021 Commitments to extend credit $ 10,333,453 $ 6,870,095 Standby letters of credit 379,495 224,061 Commercial letters of credit 68,544 58,175 Total credit-related financial instruments with off-balance sheet risk $ 10,781,492 $ 7,152,331 Webster enters into contractual commitments to extend credit to its customers, such as revolving credit arrangements, term loan commitments, and short-term borrowing agreements, generally with fixed expiration dates or other termination clauses and that require payment of a fee. Substantially all of the Company's commitments to extend credit are contingent upon its customers maintaining specific credit standards at the time of loan funding, and are often secured by real estate collateral. Since the majority of the Company's commitments typically expire without being funded, the total contractual amount does not necessarily represent Webster's future payment requirements. Standby letters of credit are written conditional commitments issued by the Company to guarantee its customers' performance to a third party. In the event the customer does not perform in accordance with the terms of its agreement with a third-party, Webster would be required to fund the commitment. The contractual amount of each standby letter of credit represents the maximum amount of potential future payments the Company could be required to make. Historically, the majority of Webster's standby letters of credit expire without being funded. However, if the commitment were funded, the Company has recourse against the customer. Webster's standby letter of credit agreements are often secured by cash or other collateral. Commercial letters of credit are issued to finance either domestic or foreign customer trade arrangements. As a general rule, drafts are committed to be drawn when the goods underlying the transaction are in transit. Similar to standby letters of credit, Webster's commercial letter of credit agreements are often secured by the underlying goods subject to trade. An ACL is recorded within accrued expenses and other liabilities on the accompanying Condensed Consolidated Balance Sheets to provide for the unused portion of commitments to lend that are not unconditionally cancellable by Webster. Under the CECL methodology, the calculation of the allowance generally includes the probability of funding to occur and a corresponding estimate of expected lifetime credit losses on amounts assumed to be funded. Loss calculation factors are consistent with those for funded loans using PD and LGD applied to the underlying borrower's risk and facility grades, a draw down factor applied to utilization rates, relevant forecast information, and management's qualitative factors. The following table summarizes the activity in the ACL on unfunded loan commitments: Three months ended March 31, (In thousands) 2022 2021 Balance, beginning of period $ 13,104 $ 12,755 ACL assumed from Sterling 6,749 — (Benefit) provision for credit losses (213) 45 Balance, end of period $ 19,640 $ 12,800 Litigation |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 27, 2022, the Board of Directors increased the Company's authority to repurchase shares of its common stock by $600.0 million in shares under its existing common stock repurchase program, which permits shares to be repurchased in open market or privately negotiated transactions, through block trades, and pursuant to any adopted predetermined trading plan, subject to the availability and trading price of stock, general market conditions, alternative uses for capital, regulatory considerations, and Webster's financial performance. As of the date of this Quarterly Report on Form 10-Q, the remaining repurchase authority under the Company's common stock repurchase program is $601.2 million. The Company has evaluated subsequent events from the date of the Condensed Consolidated Financial Statements and accompanying Notes thereto, through the date of issuance, and determined that other than the above, there were no other significant events identified requiring recognition or disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements of Webster have been prepared in accordance with GAAP for interim financial information and Article 10 of Regulation S-X. Certain information and footnote disclosures required by GAAP for complete financial statements have been omitted or condensed. Therefore, the condensed consolidated financial statements should be read in conjunction with Webster's Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the future results that may be attained for the entire year or other interim periods. In the opinion of management, all necessary adjustments have been reflected to present fairly the financial position, results of operations, and cash flows for the reporting periods presented. Intercompany transactions and balances have been eliminated in consolidation. Assets under administration or assets under management that Webster holds or manages in a fiduciary or agency capacity for customers are not included in the consolidated financial statements. |
Reclassifications | ReclassificationsCertain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a significant impact on the Company's consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of the consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Business Combinations | Business Combinations Business combinations are accounted for under the acquisition method, in which the identifiable assets acquired and liabilities assumed are generally measured and recognized at fair value as of the acquisition date, with the excess of the purchase price over the fair value of the net assets acquired capitalized as goodwill. Items such as acquired right-of-use (ROU) lease assets and operating lease liabilities as lessee, employee benefit plans, and income-tax related balances are recognized in accordance with other applicable GAAP, which may result in measurements that differ from fair value. Business combinations are included in the consolidated financial statements from the respective dates of acquisition. Historical reporting periods reflect only the results of legacy Webster operations. Merger-related costs are expensed in their applicable non-interest expense categories in the period incurred. Additional information regarding Webster's mergers and acquisitions can be found within Note 2: Mergers and Acquisitions. |
Purchased Credit-Deteriorated Loans and Leases | Purchased Credit-Deteriorated Loans and Leases Purchased credit-deteriorated (PCD) loans and leases are defined as those that have experienced a more-than-insignificant deterioration in credit quality since origination. Webster considers a variety of factors to evaluate and identify whether acquired loans are PCD, including but not limited to, nonaccrual status, delinquency, TDR classification, partial charge-offs, decreases in FICO scores, risk rating downgrades, and other factors. Upon acquisition, expected credit losses are added to the fair value of individual PCD loans and leases to determine the amortized cost basis. After initial recognition, any changes to the estimate of expected credit losses, favorable or unfavorable, are recorded as a provision for credit loss during the period of change. PCD accounting is also applied to loans and leases previously charged-off by the acquiree if Webster has contractual rights to the cash flows at the acquisition date. Webster recognizes an additional allowance for credit loss for these amounts previously charged-off by the acquiree with a corresponding increase to the amortized costs basis. Balances deemed to be uncollectible are immediately charged-off in accordance with Webster’s charge-off policies, resulting in the establishment of the initial allowance for credit losses for PCD loans and leases to be recorded net of these uncollectible balances. |
Relevant Accounting Standards Issued But Not Yet Adopted | Relevant Accounting Standards Issued But Not Yet Adopted In March 2022, the FASB issued ASU No. 2022-02—Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, ASU No. 2022-02 requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost in the vintage disclosures required by paragraph 326-20-50-6. ASU No. 2022-02 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The amendments should be applied prospectively, however, an entity has the option to apply a modified retrospective transition method related to the recognition and measurement of TDRs, which would result in a cumulative effect adjustment to retained earnings in the period of adoption. The Company is in the early assessment stage of evaluating the amendments, as well as determining under which transition method it plans to adopt for TDRs. Therefore, the Company is currently unable to reasonably estimate the impact of adoption on the consolidated financial statements. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Purchase Price Consideration | The following table summarizes the determination of the purchase price consideration: (In thousands, except share and price per share data) Webster common stock issued 87,965,239 Price per share of Webster common stock on January 31, 2022 $ 56.81 Consideration for outstanding common stock 4,997,305 Consideration for preferred stock exchanged 138,942 Consideration for replacement equity awards (1) 43,877 Cash in lieu of fractional shares 176 Total purchase price consideration $ 5,180,300 (1) The fair value of the replacement equity awards issued by Webster and included in the consideration transferred pertain to services performed prior to the merger effective date. The fair value attributed to services performed after the merger effective date will be recognized over the required service vesting period for each award and recorded as compensation and benefits expense on the consolidated statements of income. Webster recognized an incremental $2.8 million of stock compensation expense related to the replacement equity awards during the three months ended March 31, 2022. |
Summary of Purchase Price Allocation | The following table summarizes the preliminary allocation of the purchase price to the fair value of the identifiable assets acquired and liabilities assumed from Sterling at January 31, 2022: (In thousands) Unpaid Principal Balance Fair Value Purchase price consideration $ 5,180,300 Assets: Cash and due from banks 510,929 Interest-bearing deposits 3,207 Investment securities available-for-sale 4,429,948 Federal Home Loan Bank and Federal Reserve Bank Stock 150,502 Loans held for sale 23,517 Loans and leases: Commercial non-mortgage $ 5,570,782 5,527,657 Asset-based 694,137 683,958 Commercial real estate 6,790,600 6,656,405 Multi-family 4,303,381 4,255,906 Equipment financing 1,350,579 1,314,311 Warehouse lending 647,767 643,754 Residential 1,313,785 1,281,637 Home equity 132,758 122,553 Other consumer 12,559 12,525 Total loans and leases $ 20,816,348 20,498,706 Deferred tax assets, net (52,130) Premises and equipment (1) 264,421 Other intangible assets 210,100 Bank-owned life insurance policies 645,510 Accrued interest receivable and other assets 959,501 Total assets acquired $ 27,644,211 Liabilities: Non-interest-bearing deposits $ 6,620,248 Interest-bearing deposits 16,643,755 Securities sold under agreements to repurchase and other borrowings 27,184 Long-term debt 516,881 Accrued expenses and other liabilities (1) 595,275 Total liabilities assumed $ 24,403,343 Net assets acquired 3,240,868 Goodwill $ 1,939,432 (1) Includes $100.0 million of ROU lease assets and $106.9 million of operating lease liabilities reported within premises and equipment and accrued expenses and other liabilities, respectively, which were measured based upon the estimated present value of the remaining lease payments. In addition, ROU lease assets were adjusted for favorable and unfavorable terms of the lease when compared to market terms, as applicable. |
Schedule of PCD Loans and Leases by Portfolio Segment | The following table reconciles the unpaid principal balance to the fair value of PCD loans and leases by portfolio segment: (In thousands) Commercial Consumer Total Unpaid principal balance $ 3,394,963 $ 541,471 $ 3,936,434 ACL at acquisition (115,464) (20,852) (136,316) Non-credit (discount) (40,947) (2,784) (43,731) Fair value 3,238,552 517,835 3,756,387 |
Summary of Supplemental Pro Forma Information | The following table summarizes supplemental pro forma financial information giving effect to the merger as if it had been completed on January 1, 2021: Three months ended March 31, (In thousands) 2022 2021 Net interest income $ 433,349 $ 463,990 Non-interest income 114,836 116,308 Net income 183,167 21,998 |
Summary of Supplemental Pro Forma Information Adjustments | In addition, the supplemental pro forma financial information was adjusted to include the $108.5 million of merger-related expenses recognized during three months ended March 31, 2022, as summarized in the following table: (In thousands) Compensation and benefits (1) $ 41,585 Occupancy 356 Technology and equipment (2) 19,085 Professional and outside services (3) 44,457 Other expense (4) 3,012 Total merger-related expenses $ 108,495 (1) Comprised primarily of severance and employee retention costs. (2) Comprised primarily of technology contract termination fees. (3) Comprised primarily of advisory, legal, accounting, and other professional fees. (4) Comprised primarily of disposals on property and equipment, costs of shareholder matters, and other miscellaneous expenses. |
Strategic Initiatives (Tables)
Strategic Initiatives (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Costs Incurred Related to Strategic Initiatives | Charges related to the 2020 strategic initiatives comprised the following for the three months ended March 31, 2022 and 2021: Three months ended March 31, (In thousands) 2022 2021 Compensation and benefits $ (3,811) $ 2,060 Occupancy (1) (330) 2,257 Technology and equipment — 338 Professional and outside services 1 4,786 Total strategic initiatives charges $ (4,140) $ 9,441 (1) Comprised primarily of a gain on an early lease termination in 2022 and accelerated depreciation and operating lease costs in 2021. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-sale | The following table summarizes the amortized cost and fair value of available-for-sale debt securities by major type: At March 31, 2022 (In thousands) Amortized Unrealized Unrealized Fair Value (1) U.S. Treasury notes $ 754,313 $ — $ (21,888) $ 732,425 Government agency debentures 227,161 84 (10,026) 217,219 Municipal bonds and notes 1,946,946 6 (52,415) 1,894,537 Agency CMO 80,766 127 (1,380) 79,513 Agency MBS 2,679,206 4,347 (108,984) 2,574,569 Agency CMBS 1,683,526 14 (99,720) 1,583,820 CMBS 871,981 265 (8,089) 864,157 CLO 14,245 — (12) 14,233 Corporate debt 797,694 18 (30,668) 767,044 Other 17,500 — (120) 17,380 Available-for-sale debt securities $ 9,073,338 $ 4,861 $ (333,302) $ 8,744,897 At December 31, 2021 (In thousands) Amortized Unrealized Unrealized Fair Value (1) U.S. Treasury notes $ 398,664 $ — $ (1,698) $ 396,966 Agency CMO 88,109 2,326 (51) 90,384 Agency MBS 1,568,293 36,130 (11,020) 1,593,403 Agency CMBS 1,248,548 2,537 (18,544) 1,232,541 CMBS 887,640 506 (1,883) 886,263 CLO 21,860 — (13) 21,847 Corporate debt 14,583 — (1,133) 13,450 Available-for-sale debt securities $ 4,227,697 $ 41,499 $ (34,342) $ 4,234,854 (1) Fair value represents net carrying value. No ACL has been recorded on available-for-sale debt securities at March 31, 2022 and December 31, 2021, as the securities held are high credit quality and investment grade. The following table summarizes available-for-sale debt securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2022 At December 31, 2021 Available-for-sale debt securities pledged for deposits, at fair value $ 3,761,342 $ 855,323 Available-for-sale debt securities pledged for borrowings and other, at fair value 902,581 924,841 Total available-for-sale debt securities pledged $ 4,663,923 $ 1,780,164 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following table summarizes the gross unrealized losses and fair value of available-for-sale debt securities by length of time each major security type has been in a continuous unrealized loss position: At March 31, 2022 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized U.S. Treasury notes $ 732,424 $ (21,888) $ — $ — 23 $ 732,424 $ (21,888) Government agency debentures 194,636 (10,026) — — 13 194,636 (10,026) Municipal bonds and notes 1,887,526 (52,415) — — 533 1,887,526 (52,415) Agency CMO 65,378 (1,380) — — 26 65,378 (1,380) Agency MBS 2,097,135 (90,138) 171,877 (18,846) 392 2,269,012 (108,984) Agency CMBS 1,234,865 (67,130) 348,893 (32,590) 132 1,583,758 (99,720) CMBS 665,550 (7,265) 148,459 (824) 45 814,009 (8,089) CLO — — 14,233 (12) 1 14,233 (12) Corporate debt 753,284 (29,821) 9,460 (847) 104 762,744 (30,668) Other 7,130 (120) — — 2 7,130 (120) Available-for-sale debt securities in unrealized loss position $ 7,637,928 $ (280,183) $ 692,922 $ (53,119) 1,271 $ 8,330,850 $ (333,302) At December 31, 2021 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized # of Fair Unrealized U.S. Treasury notes $ 396,966 $ (1,698) $ — $ — 8 $ 396,966 $ (1,698) Agency CMO 7,895 (51) — — 2 7,895 (51) Agency MBS 506,602 (7,354) 110,687 (3,666) 70 617,289 (11,020) Agency CMBS 632,213 (6,163) 335,480 (12,381) 28 967,693 (18,544) CMBS 724,762 (1,744) 81,253 (139) 50 806,015 (1,883) CLO — — 21,848 (13) 1 21,848 (13) Corporate debt 4,203 (76) 9,247 (1,057) 3 13,450 (1,133) Available-for-sale debt securities in unrealized loss position $ 2,272,641 $ (17,086) $ 558,515 $ (17,256) 162 $ 2,831,156 $ (34,342) |
Summary of Debt Securities by Contractual Maturity | The following table summarizes the amortized cost and fair value of available-for-sale debt securities by contractual maturity: At March 31, 2022 (In thousands) Amortized Cost Fair Value Due in one year or less $ 33,293 $ 33,216 Due after one year through five years 1,346,552 1,311,044 Due after five through ten years 1,522,072 1,474,896 Due after ten years 6,171,421 5,925,741 Total available-for-sale debt securities $ 9,073,338 $ 8,744,897 The following table summarizes the amortized cost and fair value of held-to-maturity debt securities by contractual maturity: At March 31, 2022 (In thousands) Amortized Cost Fair Value Due in one year or less $ 2,429 $ 2,448 Due after one year through five years 52,963 54,861 Due after five years through ten years 309,859 306,139 Due after ten years 5,997,207 5,728,169 Total held-to-maturity debt securities $ 6,362,458 $ 6,091,617 |
Debt Securities, Held-to-maturity | The following table summarizes the amortized cost, fair value, and ACL on held-to-maturity debt securities by major type: At March 31, 2022 (In thousands) Amortized Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 36,533 $ 54 $ (856) $ 35,731 $ — $ 36,533 Agency MBS 2,915,114 8,452 (128,688) 2,794,878 — 2,915,114 Agency CMBS 2,548,347 33 (153,778) 2,394,602 — 2,548,347 Municipal bonds and notes 696,601 12,198 (4,138) 704,661 204 696,397 CMBS 165,863 62 (4,180) 161,745 — 165,863 Held-to-maturity debt securities $ 6,362,458 $ 20,799 $ (291,640) $ 6,091,617 $ 204 $ 6,362,254 At December 31, 2021 (In thousands) Amortized Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 42,405 $ 655 $ (25) $ 43,035 $ — $ 42,405 Agency MBS 2,901,593 71,444 (11,788) 2,961,249 — 2,901,593 Agency CMBS 2,378,475 11,202 (43,844) 2,345,833 — 2,378,475 Municipal bonds and notes 705,918 51,572 — 757,490 214 705,704 CMBS 169,948 3,381 — 173,329 — 169,948 Held-to-maturity debt securities $ 6,198,339 $ 138,254 $ (55,657) $ 6,280,936 $ 214 $ 6,198,125 The following table summarizes the activity in the ACL on held-to-maturity debt securities: Three months ended March 31, (In thousands) 2022 2021 Balance, beginning of period $ 214 $ 299 (Benefit) provision for credit losses (10) 9 Balance, end of period $ 204 $ 308 The following table summarizes the amortized cost basis of held-to-maturity debt securities based on their lowest publicly available credit rating: March 31, 2022 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa2 Not Rated Agency CMO $ — $ 36,533 $ — $ — $ — $ — $ — $ — $ — Agency MBS — 2,915,114 — — — — — — — Agency CMBS — 2,548,347 — — — — — — — Municipal bonds and notes 207,035 117,428 226,724 98,112 35,836 8,256 — 95 3,115 CMBS 165,863 — — — — — — — — Held-to-maturity debt securities $ 372,898 $ 5,617,422 $ 226,724 $ 98,112 $ 35,836 $ 8,256 $ — $ 95 $ 3,115 December 31, 2021 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa2 Not Rated Agency CMO $ — $ 42,405 $ — $ — $ — $ — $ — $ — $ — Agency MBS — 2,901,593 — — — — — — — Agency CMBS — 2,378,475 — — — — — — — Municipal bonds and notes 207,426 119,804 227,106 104,232 35,878 8,260 — 95 3,117 CMBS 169,948 — — — — — — — — Held-to-maturity debt securities $ 377,374 $ 5,442,277 $ 227,106 $ 104,232 $ 35,878 $ 8,260 $ — $ 95 $ 3,117 The following table summarizes held-to-maturity debt securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2022 At December 31, 2021 Held-to-maturity debt securities pledged for deposits, at amortized cost $ 1,858,753 $ 1,834,117 Held-to-maturity debt securities pledged for borrowing and other, at amortized cost 1,026,796 1,243,139 Total held-to-maturity debt securities pledged $ 2,885,549 $ 3,077,256 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table summarizes loans and leases by portfolio segment and class: (In thousands) At March 31, At December 31, 2021 Commercial non-mortgage $ 13,105,173 $ 6,882,480 Asset-based 1,807,545 1,067,248 Commercial real estate 11,957,747 5,463,321 Multi-family 5,627,200 1,139,859 Equipment financing 1,909,284 627,058 Warehouse lending 564,137 — Commercial portfolio 34,971,086 15,179,966 Residential 6,798,199 5,412,905 Home equity 1,679,443 1,593,559 Other consumer 87,757 85,299 Consumer portfolio 8,565,399 7,091,763 Loans and leases $ 43,536,485 $ 22,271,729 |
Past Due Financing Receivables | The following table summarizes the aging of accrual and non-accrual loans and leases by class: At March 31, 2022 (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 $ 1,981 $ 1,788 $ 124 $ 87,005 $ 90,898 $ 13,014,275 $ 13,105,173 Asset-based 23,387 — — 5,356 28,743 1,778,802 1,807,545 Commercial real estate 6,506 674 — 68,204 75,384 11,882,363 11,957,747 Multi-family 346 13,007 — 383 13,736 5,613,464 5,627,200 Equipment financing 3,276 881 — 15,364 19,521 1,889,763 1,909,284 Warehouse lending — — — — — 564,137 564,137 Commercial portfolio 35,496 16,350 124 176,312 228,282 34,742,804 34,971,086 Residential 7,518 1,786 — 26,602 35,906 6,762,293 6,798,199 Home equity 3,834 1,593 — 31,910 37,337 1,642,106 1,679,443 Other consumer 361 196 — 154 711 87,046 87,757 Consumer portfolio 11,713 3,575 — 58,666 73,954 8,491,445 8,565,399 Total $ 47,209 $ 19,925 $ 124 $ 234,978 $ 302,236 $ 43,234,249 $ 43,536,485 At December 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 $ 3,729 $ 4,524 $ 1,977 $ 59,607 $ 69,837 $ 6,812,643 $ 6,882,480 Asset-based — — — 2,086 2,086 1,065,162 1,067,248 Commercial real estate 508 417 519 5,046 6,490 5,456,831 5,463,321 Multi-family — — — — — 1,139,859 1,139,859 Equipment financing 1,034 — — 3,728 4,762 622,296 627,058 Commercial portfolio 5,271 4,941 2,496 70,467 83,175 15,096,791 15,179,966 Residential 3,212 368 — 15,747 19,327 5,393,578 5,412,905 Home equity 3,467 1,600 — 23,489 28,556 1,565,003 1,593,559 Other consumer 379 181 — 224 784 84,515 85,299 Consumer portfolio 7,058 2,149 — 39,460 48,667 7,043,096 7,091,763 Total $ 12,329 $ 7,090 $ 2,496 $ 109,927 $ 131,842 $ 22,139,887 $ 22,271,729 |
Financing Receivable, Nonaccrual | The following table provides additional information on non-accrual loans and leases: At March 31, 2022 At December 31, 2021 (In thousands) Non-accrual Non-accrual with No Allowance Non-accrual Non-accrual with No Allowance Commercial non-mortgage $ 87,005 $ 17,877 $ 59,607 $ 4,802 Asset-based 5,356 1,959 2,086 2,086 Commercial real estate 68,204 24,193 5,046 4,310 Multi-family 383 — — — Equipment financing 15,364 1,272 3,728 — Warehouse lending — — — — Commercial portfolio 176,312 45,301 70,467 11,198 Residential 26,602 9,847 15,747 10,584 Home equity 31,910 17,233 23,489 18,920 Other consumer 154 3 224 2 Consumer portfolio 58,666 27,083 39,460 29,506 Total $ 234,978 $ 72,384 $ 109,927 $ 40,704 |
Activity In Allowance For Losses | The following table summarizes the change in the ACL on loans and leases by portfolio segment: At or for the three months ended March 31, 2022 2021 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 257,877 $ 43,310 $ 301,187 $ 312,244 $ 47,187 $ 359,431 Initial allowance for PCD loans and leases (1) 78,376 9,669 88,045 — — — Provision (benefit) 184,327 4,741 189,068 (23,653) (2,106) (25,759) Charge-offs (11,248) (1,120) (12,368) (6,321) (2,974) (9,295) Recoveries 1,364 2,075 3,439 1,636 2,338 3,974 Balance, end of period $ 510,696 $ 58,675 $ 569,371 $ 283,906 $ 44,445 $ 328,351 Individually evaluated for impairment 32,736 12,057 44,793 14,809 4,913 19,722 Collectively evaluated for impairment $ 477,960 $ 46,618 $ 524,578 $ 269,097 $ 39,532 $ 308,629 (1) Represents the establishment of the initial reserve for PCD loans and leases, which is reported net of $48.3 million of day one charge-offs recognized at the date of acquisition in accordance with GAAP. The following table summarizes the activity in the ACL on unfunded loan commitments: Three months ended March 31, (In thousands) 2022 2021 Balance, beginning of period $ 13,104 $ 12,755 ACL assumed from Sterling 6,749 — (Benefit) provision for credit losses (213) 45 Balance, end of period $ 19,640 $ 12,800 |
Financing Receivable Credit Quality Indicators | The following tables summarize the amortized cost basis of commercial loans and leases by Composite Credit Risk Profile grade and origination year: At March 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Pass $ 1,184,061 $ 2,726,171 $ 1,570,383 $ 1,173,542 $ 781,857 $ 1,071,677 $ 4,211,772 $ 12,719,463 Special mention — 13,405 — 405 27,790 15,491 23,979 81,070 Substandard — 4,159 91,597 53,013 90,196 24,393 37,425 300,783 Doubtful — — — — — — 3,857 3,857 Commercial non-mortgage 1,184,061 2,743,735 1,661,980 1,226,960 899,843 1,111,561 4,277,033 13,105,173 Asset-based: Pass — 1,585 4,737 9,697 2,589 20,543 1,676,341 1,715,492 Special mention — — 11,597 — — — 40,953 52,550 Substandard — — — — — — 39,503 39,503 Asset-based — 1,585 16,334 9,697 2,589 20,543 1,756,797 1,807,545 Commercial real estate: Pass 480,774 2,300,007 1,862,529 2,271,370 1,324,793 3,092,728 — 11,332,201 Special mention 87,287 — 33,796 46,723 75,725 109,753 — 353,284 Substandard 1,646 1,503 5,752 46,189 68,445 148,727 — 272,262 Commercial real estate 569,707 2,301,510 1,902,077 2,364,282 1,468,963 3,351,208 — 11,957,747 Multi-family: Pass 353,825 1,154,643 526,163 790,407 555,600 2,107,897 — 5,488,535 Special mention — — — 5,223 46,200 32,374 — 83,797 Substandard — — 397 16,652 6,903 30,916 — 54,868 Multi-family 353,825 1,154,643 526,560 812,282 608,703 2,171,187 — 5,627,200 Equipment financing: Pass 87,396 460,154 498,215 450,145 171,362 176,105 — 1,843,377 Special mention — — 1,042 4,132 11,208 4,929 — 21,311 Substandard 689 4,406 18,001 7,802 5,218 8,480 — 44,596 Equipment financing 88,085 464,560 517,258 462,079 187,788 189,514 — 1,909,284 Warehouse lending: Pass — — — — — — 564,137 564,137 Warehouse lending — — — — — — 564,137 564,137 Commercial portfolio $ 2,195,678 $ 6,666,033 $ 4,624,209 $ 4,875,300 $ 3,167,886 $ 6,844,013 $ 6,597,967 $ 34,971,086 At December 31, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Pass $ 2,270,320 $ 1,179,620 $ 757,343 $ 581,633 $ 292,637 $ 275,789 $ 1,182,562 $ 6,539,904 Special mention 14,216 22,892 37,877 15,575 9,721 15,399 27,808 143,488 Substandard 3,660 46,887 30,437 69,963 5,255 19,483 23,403 199,088 Commercial non-mortgage 2,288,196 1,249,399 825,657 667,171 307,613 310,671 1,233,773 6,882,480 Asset-based: Pass 7,609 19,141 12,810 13,456 6,113 25,850 920,496 1,005,475 Special mention — — — 675 — — 59,012 59,687 Substandard — — 2,086 — — — — 2,086 Asset-based 7,609 19,141 14,896 14,131 6,113 25,850 979,508 1,067,248 Commercial real estate: Pass 1,152,431 733,220 1,146,149 594,180 384,664 1,136,384 55,044 5,202,072 Special mention 95 3,084 — 84,475 51,536 79,096 — 218,286 Substandard — 82 227 373 13,874 28,407 — 42,963 Commercial real estate 1,152,526 736,386 1,146,376 679,028 450,074 1,243,887 55,044 5,463,321 Multi-family: Pass 222,875 135,924 185,087 322,688 17,054 203,558 566 1,087,752 Special mention — — — 35,201 — — — 35,201 Substandard — 400 — 6,933 — 9,573 — 16,906 Multi-family 222,875 136,324 185,087 364,822 17,054 213,131 566 1,139,859 Equipment financing: Pass 231,762 188,031 93,547 41,276 14,864 32,588 — 602,068 Special mention — 108 2,229 3,341 — 600 — 6,278 Substandard — 8,388 4,756 2,612 332 2,624 — 18,712 Equipment financing 231,762 196,527 100,532 47,229 15,196 35,812 — 627,058 Commercial portfolio $ 3,902,968 $ 2,337,777 $ 2,272,548 $ 1,772,381 $ 796,050 $ 1,829,351 $ 2,268,891 $ 15,179,966 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 and a higher FICO score is indicative of lower credit risk. FICO scores are updated at least on a quarterly basis. The following tables summarize the amortized cost basis of consumer loans by FICO score and origination year: At March 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Residential: 800+ $ 39,359 $ 797,341 $ 450,236 $ 159,820 $ 32,779 $ 988,591 $ — $ 2,468,126 740-799 179,363 1,150,417 371,094 141,957 41,325 904,628 — 2,788,784 670-739 63,399 371,717 122,158 66,514 26,780 483,134 — 1,133,702 580-669 3,646 41,718 18,238 9,163 4,729 197,165 — 274,659 579 and below 868 2,420 1,595 47,842 728 79,475 — 132,928 Residential 286,635 2,363,613 963,321 425,296 106,341 2,652,993 — 6,798,199 Home equity: 800+ 9,110 34,957 29,116 10,058 14,217 62,760 483,151 643,369 740-799 8,128 42,151 20,593 7,809 10,159 41,587 435,737 566,164 670-739 4,811 18,414 8,147 5,161 8,432 34,326 251,203 330,494 580-669 290 2,023 1,394 1,037 1,835 15,424 84,571 106,574 579 and below 73 326 676 720 647 6,487 23,913 32,842 Home equity 22,412 97,871 59,926 24,785 35,290 160,584 1,278,575 1,679,443 Other consumer: 800+ 49 352 1,205 1,918 651 494 11,781 16,450 740-799 57 988 683 779 438 3,344 10,524 16,813 670-739 — — 3,486 5,089 1,900 945 15,697 27,117 580-669 185 712 5,497 9,478 3,002 866 1,986 21,726 579 and below 13 291 835 2,119 467 490 1,436 5,651 Other consumer 304 2,343 11,706 19,383 6,458 6,139 41,424 87,757 Consumer portfolio $ 309,351 $ 2,463,827 $ 1,034,953 $ 469,464 $ 148,089 $ 2,819,716 $ 1,319,999 $ 8,565,399 At December 31, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Residential: 800+ $ 590,238 $ 428,118 $ 161,664 $ 35,502 $ 105,198 $ 735,517 $ — $ 2,056,237 740-799 1,083,608 421,380 154,960 32,172 95,662 456,722 — 2,244,504 670-739 374,460 135,146 73,499 25,099 34,550 227,863 — 870,617 580-669 38,644 13,782 9,348 3,056 9,000 71,811 — 145,641 579 and below 9,478 1,051 49,252 390 2,519 33,216 — 95,906 Residential 2,096,428 999,477 448,723 96,219 246,929 1,525,129 — 5,412,905 Home equity: 800+ 35,678 30,157 9,591 16,347 11,068 58,189 463,334 624,364 740-799 42,430 22,030 9,413 13,317 7,711 33,777 409,518 538,196 670-739 17,493 9,162 5,889 8,220 5,802 31,160 233,744 311,470 580-669 1,773 1,397 1,298 1,066 1,329 15,042 66,361 88,266 579 and below 380 446 725 1,060 434 5,666 22,552 31,263 Home equity 97,754 63,192 26,916 40,010 26,344 143,834 1,195,509 1,593,559 Other consumer: 800+ 463 1,343 2,398 916 231 118 10,160 15,629 740-799 2,588 5,408 8,303 2,985 379 77 9,528 29,268 670-739 1,061 7,034 13,602 3,859 607 412 5,644 32,219 580-669 256 1,083 2,550 735 216 211 1,267 6,318 579 and below 147 87 215 159 40 21 1,196 1,865 Other consumer 4,515 14,955 27,068 8,654 1,473 839 27,795 85,299 Consumer portfolio $ 2,198,697 $ 1,077,624 $ 502,707 $ 144,883 $ 274,746 $ 1,669,802 $ 1,223,304 $ 7,091,763 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes information related to TDRs: (In thousands) At March 31, 2022 At December 31, 2021 Accrual status $ 104,910 $ 110,625 Non-accrual status 46,338 52,719 Total TDRs $ 151,248 $ 163,344 Additional funds committed to borrowers in TDR status $ 5,747 $ 5,975 Specific reserves for TDRs included in the ACL on loans and leases: Commercial portfolio $ 2,939 $ 9,017 Consumer portfolio 3,689 3,745 The following table summarizes loans and leases modified as TDRs by class and modification type: Three months ended March 31, 2022 2021 (Dollars in thousands) Number of Recorded Investment (1) Number of Recorded Investment (1) Commercial non-mortgage Extended maturity 2 $ 98 6 $ 507 Maturity/rate combined 2 92 1 37 Other (2) — — 2 113 Commercial real estate Extended maturity — — 1 183 Residential Extended maturity — — 1 99 Other (2) 5 2,985 2 233 Home equity Extended maturity — — 1 28 Maturity/rate combined 4 44 5 1,011 Other (2) 17 1,242 7 433 Total TDRs 30 $ 4,461 26 $ 2,644 (1) Post-modification balances approximate pre-modification balances. The aggregate amount of charge-offs due to restructurings was not significant. (2) Other includes covenant modifications, forbearance, discharges under Chapter 7 bankruptcy, or other concessions. |
Transfers and Servicing of Fi_2
Transfers and Servicing of Financial Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Transfer of Financial Assets Accounted for as Sales | The following table summarizes information related to mortgage banking activities: Three months ended March 31, (In thousands) 2022 2021 Net gain on sale $ 397 $ 2,109 Origination fees 135 541 Fair value adjustment (104) (8) Mortgage banking activities $ 428 $ 2,642 Proceeds from sale $ 26,753 $ 79,308 Loans sold with servicing rights retained 25,363 75,691 |
Servicing Asset at Amortized Cost | The following table presents the change in the carrying amount for mortgage servicing assets: Three months ended March 31, (In thousands) 2022 2021 Beginning balance $ 9,237 $ 13,422 Additions (1) 1,068 586 Amortization (570) (1,490) Adjustment to valuation allowance — (191) Ending balance $ 9,735 $ 12,327 (1) Includes $0.9 million acquired in connection with the Sterling merger. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes changes in the carrying amount of goodwill: (In thousands) At March 31, At December 31, Balance, beginning of period $ 538,373 $ 538,373 Sterling merger 1,939,432 — Bend acquisition 35,966 — Balance, end of period $ 2,513,771 $ 538,373 |
Schedule of Finite-Lived Intangible Assets | The following table summarizes other intangible assets: At March 31, 2022 At December 31, 2021 (In thousands) Gross Carrying Amount (1) Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Core deposits $ 145,725 $ 22,183 $ 123,542 $ 26,625 $ 18,516 $ 8,109 Customer relationships 115,000 13,960 101,040 21,000 11,240 9,760 Total other intangible assets $ 260,725 $ 36,143 $ 224,582 $ 47,625 $ 29,756 $ 17,869 (1) In connection with the Sterling merger and Bend acquisition, Webster recorded a $119.1 million core deposit intangible and $94.0 million of customer relationship intangibles, all of which are being amortized on an accelerated basis over a period of 10 years. |
Schedule Of Future Amortization expense | The remaining estimated aggregate future amortization expense for other intangible assets as of March 31, 2022 is as follows: (In thousands) Amortization Expense Remainder of 2022 $ 25,543 2023 30,315 2024 24,442 2025 21,455 2026 21,455 Thereafter 101,372 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deposit Liabilities [Abstract] | |
Deposit Liabilities, Type | The following table summarizes deposits by type: (In thousands) At March 31, At December 31, Non-interest-bearing: Demand $ 13,570,702 $ 7,060,488 Interest-bearing: Health savings accounts 7,804,858 7,397,582 Checking 9,579,839 4,182,497 Money market 11,964,649 3,718,953 Savings 8,615,138 5,689,739 Time deposits 2,821,097 1,797,770 Total interest-bearing $ 40,785,581 $ 22,786,541 Total deposits $ 54,356,283 $ 29,847,029 Time deposits, money market, and interest-bearing checking obtained through brokers $ 115,538 $ 120,392 Aggregate amount of time deposit accounts that exceeded the FDIC limit 390,023 256,522 Demand deposit overdrafts reclassified as loan balances 10,122 1,577 |
Time Deposit Maturities | The following table summarizes the scheduled maturities of time deposits: (In thousands) At March 31, Remainder of 2022 $ 2,095,195 2023 399,082 2024 122,537 2025 127,698 2026 61,993 Thereafter 14,592 Total time deposits $ 2,821,097 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Repurchase Agreements | The following table summarizes securities sold under agreements to repurchase: At March 31, 2022 At December 31, 2021 (Dollars in thousands) Total Outstanding Rate Total Outstanding Rate Original maturity of one year or less $ 318,733 0.11 % $ 474,896 0.11 % Original maturity of greater than one year, non-callable 200,000 2.04 200,000 1.32 Total securities sold under agreements to repurchase (1) 518,733 0.85 674,896 0.47 (1) Webster has the 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. |
Federal Home Loan Bank, Advances | The following table summarizes information for FHLB advances: At March 31, 2022 At December 31, 2021 (Dollars in thousands) Total Outstanding Weighted- Total Outstanding Weighted- Maturing within 1 year $ 85 — % $ 90 — % After 1 but within 2 years 198 2.96 202 2.95 After 2 but within 3 years — — — — After 3 but within 4 years — — — — After 4 but within 5 years — — — — After 5 years 10,620 2.03 10,705 2.03 Total FHLB advances $ 10,903 2.03 $ 10,997 2.03 Aggregate carrying value of assets pledged as collateral $ 7,565,427 $ 7,556,034 Remaining borrowing capacity at FHLB 5,129,597 5,087,294 |
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) 337,473 338,811 4.000% Subordinated fixed-to-floating rate notes due December 30, 2029 274,000 — 3.875% Subordinated fixed-to-floating rate notes due November 1, 2030 225,000 — Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2) 77,320 77,320 Total senior and subordinated debt 1,063,793 566,131 Discount on senior fixed-rate notes (920) (974) Debt issuance cost on senior fixed-rate notes (2,125) (2,226) Premium on subordinated fixed-to-floating rate notes 17,526 — Long-term debt $ 1,078,274 $ 562,931 (1) Webster de-designated its fair value hedging relationship on these senior notes in 2020. A basis adjustment of $37.5 million and $38.8 million at March 31, 2022 and December 31, 2021, respectively, is included in the carrying value and is being amortized over the remaining life of the senior notes. (2) The interest rate on the Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 3.87% and 3.17% at March 31, 2022 and December 31, 2021, respectively. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income, Net of Tax (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 (loss) income, net of tax: Three months ended March 31, 2022 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance, beginning of period $ 4,536 $ 6,070 $ (33,186) $ (22,580) Other comprehensive (loss) before reclassifications (244,879) (8,613) (719) (254,211) Amounts reclassified from accumulated other comprehensive income (loss) — 769 299 1,068 Other comprehensive (loss) income, net of tax (244,879) (7,844) (420) (253,143) Balance, end of period $ (240,343) $ (1,774) $ (33,606) $ (275,723) Three months ended March 31, 2021 (In thousands) Securities Available For Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance, beginning of period $ 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 (loss) — 798 743 1,541 Other comprehensive (loss) income, net of tax (30,353) (4,372) 743 (33,982) Balance, end of period $ 37,071 $ 15,546 $ (44,343) $ 8,274 |
Schedule of Accumulated Other Comprehensive Loss | The following table further summarizes the amounts reclassified from accumulated other comprehensive (loss) income: Three months ended March 31, Associated Line Item on the Accumulated Other Comprehensive 2022 2021 (In thousands) Derivative instruments: Hedge terminations $ (77) $ (76) Interest expense Premium amortization (978) (1,005) Interest income Tax benefit 286 283 Income tax expense Net of tax $ (769) $ (798) Defined benefit pension and other Actuarial loss amortization $ (411) $ (1,008) Other non-interest expense Tax benefit 112 265 Income tax expense Net of tax $ (299) $ (743) |
Regulatory Capital and Restri_2
Regulatory Capital and Restrictions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 5,509,106 11.46 % $ 2,163,855 4.5 % $ 3,125,569 6.5 % Total risk-based capital 6,927,124 14.41 3,846,854 8.0 4,808,567 10.0 Tier 1 risk-based capital 5,793,085 12.05 2,885,140 6.0 3,846,854 8.0 Tier 1 leverage capital 5,793,085 11.10 2,087,830 4.0 2,609,787 5.0 Webster Bank CET1 risk-based capital $ 6,376,845 13.28 % $ 2,160,507 4.5 % $ 3,120,732 6.5 % Total risk-based capital 6,917,038 14.41 3,840,901 8.0 4,801,127 10.0 Tier 1 risk-based capital 6,376,845 13.28 2,880,676 6.0 3,840,901 8.0 Tier 1 leverage capital 6,376,845 12.19 2,092,902 4.0 2,616,128 5.0 At December 31, 2021 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 2,804,290 11.72 % $ 1,076,871 4.5 % $ 1,555,480 6.5 % Total risk-based capital 3,265,064 13.64 1,914,436 8.0 2,393,046 10.0 Tier 1 risk-based capital 2,949,327 12.32 1,435,827 6.0 1,914,436 8.0 Tier 1 leverage capital 2,949,327 8.47 1,393,607 4.0 1,742,008 5.0 Webster Bank CET1 risk-based capital $ 3,034,883 12.69 % $ 1,075,920 4.5 % $ 1,554,107 6.5 % Total risk-based capital 3,273,300 13.69 1,912,747 8.0 2,390,934 10.0 Tier 1 risk-based capital 3,034,883 12.69 1,434,560 6.0 1,912,747 8.0 Tier 1 leverage capital 3,034,883 8.72 1,392,821 4.0 1,741,026 5.0 (1) In accordance with regulatory capital rules, Webster elected an option to delay the estimated impact of the adoption of CECL on its regulatory capital over a two-year deferral period, which ended on January 1, 2022, and a subsequent three-year transition period ending on December 31, 2024. Therefore, the December 31, 2021 capital ratios and amounts exclude the impact of the increased ACL on loans and leases, held-to-maturity debt securities, and unfunded loan commitments related to the adoption of CECL on January 1, 2020, 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. During the three year transition period, capital ratios will begin to phase out the aggregate amount of the capital benefit provided in the initial two years. For 2022, 2023, and 2024, Webster is allowed 75%, 50%, and 25% of the capital benefit as of December 31, 2021, respectively, with full absorption occurring in 2025. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of LIHTC Investments and Commitments | The following table summarizes Webster's LIHTC investments and related unfunded commitments: (In thousands) March 31, 2022 December 31, 2021 Gross investment in LIHTC (1) $ 584,266 $ 68,635 Accumulated amortization (35,593) (25,216) Net investment in LIHTC $ 548,673 $ 43,419 Unfunded commitments for LIHTC investments (1) $ 258,297 $ 11,106 (1) In connection with the Sterling merger, Webster acquired $515.6 million of LIHTC investments and assumed $267.3 million of unfunded commitments for LIHTC investments on January 31, 2022. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Basic And Diluted | The following table summarizes the calculation of basic and diluted (loss) earnings per common share: Three months ended March 31, (In thousands, except per share data) 2022 2021 Net (loss) income $ (16,747) $ 108,078 Less: Preferred stock dividends 3,431 1,969 Net (loss) income available to common shareholders (20,178) 106,109 Less: Earnings allocated to participating securities — 579 (Loss) earnings applicable to common shareholders $ (20,178) $ 105,530 Weighted-average common shares outstanding - basic 147,394 89,809 Effect of dilutive securities — 299 Weighted-average common shares outstanding - diluted 147,394 90,108 Basic (loss) earnings per common share $ (0.14) $ 1.18 Diluted (loss) earnings per common share (0.14) 1.17 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the notional amounts and fair values, including accrued interest, of derivative positions: At March 31, 2022 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 1,000,000 $ 5,651 $ — $ — Not designated as hedging instruments: Interest rate derivatives (1) 6,385,652 101,454 6,054,975 117,041 Mortgage banking derivatives (2) 4,123 32 336 1 Other (3) 109,881 434 451,036 282 Total not designated as hedging instruments 6,499,656 101,920 6,506,347 117,324 Gross derivative instruments, before netting $ 7,499,656 107,571 $ 6,506,347 117,324 Less: Master netting agreements 5,977 5,977 Cash collateral 54,206 904 Total derivative instruments, after netting $ 47,388 $ 110,443 At December 31, 2021 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 1,000,000 $ 17,583 $ — $ — Not designated as hedging instruments: Interest rate derivatives (1) 4,463,048 141,243 4,372,846 21,570 Mortgage banking derivatives (2) 14,212 80 — — Other (3) 76,755 211 374,688 214 Total not designated as hedging instruments 4,554,015 141,534 4,747,534 21,784 Gross derivative instruments, before netting $ 5,554,015 159,117 $ 4,747,534 21,784 Less: Master netting agreements 6,364 6,364 Cash collateral 19,272 2,119 Total derivative instruments, after netting $ 133,481 $ 13,301 (1) Balances related to clearing houses are presented as a single unit of account. In accordance with their rule books, clearing houses legally characterize variation margin payments as settlement of derivatives rather than collateral against derivative positions. Notional amounts of interest rate swaps cleared through clearing houses include $2.0 billion and $0.4 billion for asset derivatives and $1.5 billion and $2.6 billion for liability derivatives at March 31, 2022 and December 31, 2021, respectively. The related fair values approximate zero. (2) Notional amounts related to residential loans exclude approved floating rate commitments of $0.9 million at March 31, 2022. (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 $68.0 million and $66.0 million for asset derivatives and $438.8 million and $338.2 million for liability derivatives at March 31, 2022 and December 31, 2021, respectively, that have insignificant related fair values. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents fair value positions transitioned from gross to net upon applying counterparty netting agreements: At March 31, 2022 (In thousands) Gross Offset Net Amount on Balance Sheet Amounts Net Asset derivatives $ 62,877 $ 60,183 $ 2,694 $ (3,060) $ (366) Liability derivatives 6,881 6,881 — 1,014 1,014 At December 31, 2021 (In thousands) Gross Offset Net Amount on Balance Sheet Amounts Net Asset derivatives $ 25,636 $ 25,636 $ — $ 51 $ 51 Liability derivatives 8,483 8,483 — 428 428 |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location | The following table summarizes the income statement effect of derivatives designated as cash flow hedges: Recognized In Three months ended March 31, (In thousands) Net Interest Income 2022 2021 Interest rate derivatives Long-term debt $ 76 $ 121 Interest rate derivatives Interest and fees on loans and leases (2,559) (2,582) Net recognized on cash flow hedges $ (2,483) $ (2,461) The following table summarizes information related to a fair value hedging adjustment: Condensed Consolidated Balance Sheet Line Item in Which Hedged Item is Located Carrying Amount of 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 $ 337,473 $ 338,811 $ 37,473 $ 38,811 |
Other Derivatives Not Designated For Hedge Accounting | The following table summarizes the income statement effect of derivatives not designated as hedging instruments: Recognized In Three months ended March 31, (In thousands) Non-interest Income 2022 2021 Interest rate derivatives Other income $ 6,445 $ 4,644 Mortgage banking derivatives Mortgage banking activities (49) (382) Other Other income 397 472 Total not designated as hedging instruments $ 6,793 $ 4,734 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option, Disclosures | The following table compares the fair value to the unpaid principal balance of originated loans held for sale: At March 31, 2022 At December 31, 2021 (In thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 1,333 $ 1,974 $ (641) $ 4,694 $ 5,034 $ (340) |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | The following table summarizes the fair values of assets and liabilities measured at fair value on a recurring basis: At March 31, 2022 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale investment securities: U.S. Treasury notes $ 732,425 $ — $ — $ 732,425 Government agency debentures — 217,219 — 217,219 Municipal bonds and notes — 1,894,537 — 1,894,537 Agency CMO — 79,513 — 79,513 Agency MBS — 2,574,569 — 2,574,569 Agency CMBS — 1,583,820 — 1,583,820 CMBS — 864,157 — 864,157 CLO — 14,233 — 14,233 Corporate debt — 767,044 — 767,044 Other — 17,380 — 17,380 Total available-for-sale investment securities 732,425 8,012,472 — 8,744,897 Gross derivative instruments, before netting (1) 422 107,149 — 107,571 Originated loans held for sale — 1,333 — 1,333 Investments held in Rabbi Trust 13,402 — — 13,402 Alternative investments (2) 1,131 — — 73,185 Total financial assets $ 747,380 $ 8,120,954 $ — $ 8,940,388 Financial Liabilities: Gross derivative instruments, before netting (1) $ 217 $ 117,107 $ — $ 117,324 At December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale investment securities: U.S. Treasury notes $ 396,966 $ — $ — $ 396,966 Agency CMO — 90,384 — 90,384 Agency MBS — 1,593,403 — 1,593,403 Agency CMBS — 1,232,541 — 1,232,541 CMBS — 886,263 — 886,263 CLO — 21,847 — 21,847 Corporate debt — 13,450 — 13,450 Total available-for-sale investment securities 396,966 3,837,888 — 4,234,854 Gross derivative instruments, before netting (1) 187 158,930 — 159,117 Originated loans held for sale — 4,694 — 4,694 Investments held in Rabbi Trust 3,416 — — 3,416 Alternative investments (2) 1,877 — — 27,732 Total financial assets $ 402,446 $ 4,001,512 $ — $ 4,429,813 Financial Liabilities: Gross derivative instruments, before netting (1) $ 141 $ 21,643 $ — $ 21,784 (1) Additional information regarding the impact of netting derivative assets and derivative liabilities, as well as the impact from offsetting cash collateral paid to the same derivative counterparties, can be found within Note 14: Derivative Financial Instruments. (2) Certain 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 following table summarizes the carrying amounts, estimated fair values, and classifications within the fair value hierarchy of selected financial instruments and mortgage servicing assets: At March 31, 2022 At December 31, 2021 (In thousands) Carrying Fair Carrying Fair Assets: Level 1 Cash and cash equivalents $ 793,213 $ 793,213 $ 461,570 $ 461,570 Level 2 Held-to-maturity investment securities 6,362,254 6,091,617 6,198,125 6,280,936 Level 3 Loans and leases, net 42,967,114 43,217,955 21,970,542 21,702,732 Mortgage servicing assets 9,735 26,631 9,237 12,527 Liabilities: Level 2 Deposit liabilities $ 51,535,186 $ 51,535,186 $ 28,049,259 $ 28,049,259 Time deposits 2,821,097 2,785,621 1,797,770 1,794,829 Securities sold under agreements to repurchase and other borrowings 518,733 483,544 674,896 676,581 FHLB advances 10,903 10,653 10,997 11,490 Long-term debt (1) 1,078,274 1,069,991 562,931 515,912 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 (In thousands) Pension Plan SERP OPEB Pension Plan SERP OPEB Service cost $ — $ — $ 6 $ — $ — $ — Interest cost $ 1,377 $ 15 $ 144 $ 1,166 $ 7 $ 4 Expected return on plan assets (3,669) — — (3,595) — — Amortization of actuarial loss (gain) 422 7 (18) 1,019 8 (20) Net periodic benefit (income) cost $ (1,870) $ 22 $ 132 $ (1,410) $ 15 $ (16) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Operating Results And Total Assets Reportable Segments | The following table presents balance sheet information, including the appropriate allocations, for Webster's reportable segments and the Corporate and Reconciling category: At March 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 1,865,887 $ 57,779 $ 590,105 $ — $ 2,513,771 Total assets 39,028,843 132,266 9,587,880 16,382,495 65,131,484 At December 31, 2021 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 131,000 $ 21,813 $ 385,560 $ — $ 538,373 Total assets 15,398,159 73,564 7,663,921 11,779,955 34,915,599 The following tables present results of operations, including the appropriate allocations, for Webster’s reportable segments and the Corporate and Reconciling category: Three months ended March 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 287,069 $ 44,577 $ 136,580 $ (73,978) $ 394,248 Non-interest income 38,743 26,958 27,892 10,442 104,035 Non-interest expense 89,240 36,409 95,747 138,389 359,785 Pre-tax, pre-provision net revenue 236,572 35,126 68,725 (201,925) 138,498 Provision (benefit) for credit losses 181,931 — 7,136 (222) 188,845 Income (loss) before income taxes 54,641 35,126 61,589 (201,703) (50,347) Income tax expense (benefit) 10,055 9,414 15,964 (69,033) (33,600) Net income (loss) $ 44,586 $ 25,712 $ 45,625 $ (132,670) $ (16,747) Three months ended March 31, 2021 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 141,486 $ 42,109 $ 89,365 $ (49,196) $ 223,764 Non-interest income 18,376 27,005 22,872 8,504 76,757 Non-interest expense 46,284 36,005 75,311 30,382 187,982 Pre-tax, pre-provision net revenue 113,578 33,109 36,926 (71,074) 112,539 (Benefit) provision for credit losses (19,373) — (6,386) 9 (25,750) Income (loss) before income taxes 132,951 33,109 43,312 (71,083) 138,289 Income tax expense (benefit) 34,035 8,840 10,308 (22,972) 30,211 Net income (loss) $ 98,916 $ 24,269 $ 33,004 $ (48,111) $ 108,078 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes revenues recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers. These disaggregated amounts, together with sources of other non-interest income that are subject to other GAAP topics, have been reconciled to non-interest income by reportable segment as presented within Note 17: Segment Reporting. Three months ended March 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 6,685 $ 25,134 $ 15,954 $ 54 $ 47,827 Loan and lease related fees (1) 4,498 — — — 4,498 Wealth and investment services 3,134 — 7,471 (8) 10,597 Other income — 1,824 385 — 2,209 Revenue from contracts with customers 14,317 26,958 23,810 46 65,131 Other sources of non-interest income 24,426 — 4,082 10,396 38,904 Total non-interest income $ 38,743 $ 26,958 $ 27,892 $ 10,442 $ 104,035 Three months ended March 31, 2021 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 4,090 $ 25,018 $ 11,314 $ 47 $ 40,469 Wealth and investment services 2,919 — 6,493 (9) 9,403 Other income — 1,987 548 — 2,535 Revenue from contracts with customers 7,009 27,005 18,355 38 52,407 Other sources of non-interest income 11,367 — 4,517 8,466 24,350 Total non-interest income $ 18,376 $ 27,005 $ 22,872 $ 8,504 $ 76,757 (1) A portion of loan and lease related fees comprises income generated from factored receivables and payroll financing activities that is within the scope of ASC Topic 606. These revenue streams are new to Webster as of the first quarter of 2022 due to the businesses acquired in connection with the Sterling merger. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 Commitments to extend credit $ 10,333,453 $ 6,870,095 Standby letters of credit 379,495 224,061 Commercial letters of credit 68,544 58,175 Total credit-related financial instruments with off-balance sheet risk $ 10,781,492 $ 7,152,331 |
Activity In Allowance For Losses | The following table summarizes the change in the ACL on loans and leases by portfolio segment: At or for the three months ended March 31, 2022 2021 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 257,877 $ 43,310 $ 301,187 $ 312,244 $ 47,187 $ 359,431 Initial allowance for PCD loans and leases (1) 78,376 9,669 88,045 — — — Provision (benefit) 184,327 4,741 189,068 (23,653) (2,106) (25,759) Charge-offs (11,248) (1,120) (12,368) (6,321) (2,974) (9,295) Recoveries 1,364 2,075 3,439 1,636 2,338 3,974 Balance, end of period $ 510,696 $ 58,675 $ 569,371 $ 283,906 $ 44,445 $ 328,351 Individually evaluated for impairment 32,736 12,057 44,793 14,809 4,913 19,722 Collectively evaluated for impairment $ 477,960 $ 46,618 $ 524,578 $ 269,097 $ 39,532 $ 308,629 (1) Represents the establishment of the initial reserve for PCD loans and leases, which is reported net of $48.3 million of day one charge-offs recognized at the date of acquisition in accordance with GAAP. The following table summarizes the activity in the ACL on unfunded loan commitments: Three months ended March 31, (In thousands) 2022 2021 Balance, beginning of period $ 13,104 $ 12,755 ACL assumed from Sterling 6,749 — (Benefit) provision for credit losses (213) 45 Balance, end of period $ 19,640 $ 12,800 |
Mergers and Acquisitions - Narr
Mergers and Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands | Feb. 18, 2022USD ($) | Jan. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | Jan. 30, 2022shares | Jan. 01, 2022USD ($) | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | ||||||||
Preferred stock, shares authorized (in shares) | shares | 400,000,000 | 3,000,000 | 200,000,000 | 3,000,000 | ||||
Depositary shares issued (in shares) | shares | 5,400,000 | |||||||
Depositary share, interest in a share of preferred stock | 0.025 | |||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Depositary share, liquidation preference (in dollars per share) | $ / shares | $ 25 | |||||||
Goodwill | $ 2,513,771 | $ 538,373 | $ 538,373 | $ 538,373 | ||||
Provision (benefit) for credit losses | 188,845 | $ (25,750) | ||||||
Series A Preferred Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Preferred stock, dividend percentage | 6.50% | |||||||
Series G Preferred Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Preferred stock, dividend percentage | 6.50% | |||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||
Liquidation preference (in dollars per share) | $ / shares | $ 1,000 | |||||||
Series F Preferred Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Preferred stock, dividend percentage | 5.25% | |||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25,000 | |||||||
Sterling | ||||||||
Business Acquisition [Line Items] | ||||||||
Share exchange ratio | 0.4630 | |||||||
Goodwill | $ 1,939,432 | $ 1,900,000 | ||||||
Provision (benefit) for credit losses | $ 175,100 | |||||||
Net assets acquired | $ 3,240,868 | |||||||
Sterling | Core deposits | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired intangible assets, useful life | 10 years | |||||||
Sterling | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired intangible assets, useful life | 10 years | |||||||
Bend Financial, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity interests acquired | 100.00% | |||||||
Cash consideration | $ 55,300 | |||||||
Net assets acquired | 19,300 | |||||||
Bend Financial, Inc. | Internal use software | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets acquired | 15,900 | |||||||
Bend Financial, Inc. | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets acquired | $ 3,000 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Purchase Price Consideration (Details) - Sterling - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Business Acquisition [Line Items] | |||
Webster common stock issued (in shares) | 87,965,239 | ||
Price per share of Webster common stock on January 31, 2022 (in dollars per share) | $ 56.81 | ||
Total consideration | $ 5,180,300 | ||
Common Stock | |||
Business Acquisition [Line Items] | |||
Total consideration | 4,997,305 | ||
Preferred Stock | |||
Business Acquisition [Line Items] | |||
Total consideration | 138,942 | $ 138,942 | $ 0 |
Replacement Equity Awards | |||
Business Acquisition [Line Items] | |||
Total consideration | 43,877 | ||
Stock compensation expense | $ 2,800 | ||
Fractional Shares | |||
Business Acquisition [Line Items] | |||
Total consideration | $ 176 |
Mergers and Acquisitions - Su_2
Mergers and Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Liabilities: | ||||||
Goodwill | $ 2,513,771 | $ 538,373 | $ 538,373 | $ 538,373 | ||
Sterling | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration | $ 5,180,300 | |||||
Assets: | ||||||
Cash and due from banks | 510,929 | |||||
Interest-bearing deposits | 3,207 | |||||
Investment securities available-for-sale | 4,429,948 | |||||
Federal Home Loan Bank and Federal Reserve Bank Stock | 150,502 | |||||
Loans held for sale | 23,517 | |||||
Unpaid principal balance, total loans and leases | 20,816,348 | |||||
Total loans and leases | 20,498,706 | |||||
Deferred tax assets, net | (52,130) | |||||
Premises and equipment | 264,421 | |||||
Other intangible assets | 210,100 | |||||
Bank-owned life insurance policies | 645,510 | |||||
Accrued interest receivable and other assets | 959,501 | |||||
Total assets acquired | 27,644,211 | |||||
Liabilities: | ||||||
Non-interest-bearing deposits | 6,620,248 | |||||
Interest-bearing deposits | 16,643,755 | |||||
Securities sold under agreements to repurchase and other borrowings | 27,184 | |||||
Long-term debt | 516,881 | |||||
Accrued expenses and other liabilities | 595,275 | |||||
Total liabilities assumed | 24,403,343 | 24,403,343 | $ 0 | |||
Net assets acquired | 3,240,868 | |||||
Goodwill | 1,939,432 | $ 1,900,000 | ||||
ROU lease assets | 100,000 | |||||
Operating lease liabilities | 106,900 | |||||
Sterling | Commercial non-mortgage | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 5,570,782 | |||||
Total loans and leases | 5,527,657 | |||||
Sterling | Asset-based | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 694,137 | |||||
Total loans and leases | 683,958 | |||||
Sterling | Commercial real estate | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 6,790,600 | |||||
Total loans and leases | 6,656,405 | |||||
Sterling | Multi-family | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 4,303,381 | |||||
Total loans and leases | 4,255,906 | |||||
Sterling | Equipment financing | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 1,350,579 | |||||
Total loans and leases | 1,314,311 | |||||
Sterling | Warehouse lending | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 647,767 | |||||
Total loans and leases | 643,754 | |||||
Sterling | Residential | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 1,313,785 | |||||
Total loans and leases | 1,281,637 | |||||
Sterling | Home equity | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 132,758 | |||||
Total loans and leases | 122,553 | |||||
Sterling | Other consumer | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | $ 12,559 | |||||
Total loans and leases | $ 12,525 |
Mergers and Acquisitions - Sche
Mergers and Acquisitions - Schedule of PCD Loans and Leases by Portfolio Segment (Details) - Sterling $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Business Acquisition [Line Items] | |
Unpaid principal balance | $ 3,936,434 |
ACL at acquisition | (136,316) |
Non-credit (discount) | (43,731) |
Fair value | 3,756,387 |
Commercial | |
Business Acquisition [Line Items] | |
Unpaid principal balance | 3,394,963 |
ACL at acquisition | (115,464) |
Non-credit (discount) | (40,947) |
Fair value | 3,238,552 |
Consumer | |
Business Acquisition [Line Items] | |
Unpaid principal balance | 541,471 |
ACL at acquisition | (20,852) |
Non-credit (discount) | (2,784) |
Fair value | $ 517,835 |
Mergers and Acquisitions - Su_3
Mergers and Acquisitions - Summary of Supplemental Pro Forma Information (Details) - Sterling - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||
Net interest income | $ 433,349 | $ 463,990 |
Non-interest income | 114,836 | 116,308 |
Net income | $ 183,167 | $ 21,998 |
Mergers and Acquisitions- Summa
Mergers and Acquisitions- Summary of Supplemental Pro Forma Information Adjustments (Details) - Sterling $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Business Acquisition [Line Items] | |
Merger-related expenses | $ 108,495 |
Compensation and benefits | |
Business Acquisition [Line Items] | |
Merger-related expenses | 41,585 |
Occupancy | |
Business Acquisition [Line Items] | |
Merger-related expenses | 356 |
Technology and equipment | |
Business Acquisition [Line Items] | |
Merger-related expenses | 19,085 |
Professional and outside services | |
Business Acquisition [Line Items] | |
Merger-related expenses | 44,457 |
Other expense | |
Business Acquisition [Line Items] | |
Merger-related expenses | $ 3,012 |
Strategic Initiatives - Narrati
Strategic Initiatives - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | ||
Release of severance accrual | $ 3.8 | |
Accrued severance and other benefits | $ 0.6 | $ 5.1 |
Strategic Initiatives (Costs In
Strategic Initiatives (Costs Incurred Related to Strategic Initiatives) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||
Strategic initiative charges | $ (4,140) | $ 9,441 |
Compensation and benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Strategic initiative charges | (3,811) | 2,060 |
Occupancy | ||
Restructuring Cost and Reserve [Line Items] | ||
Strategic initiative charges | (330) | 2,257 |
Technology and equipment | ||
Restructuring Cost and Reserve [Line Items] | ||
Strategic initiative charges | 0 | 338 |
Professional and outside services | ||
Restructuring Cost and Reserve [Line Items] | ||
Strategic initiative charges | $ 1 | $ 4,786 |
Investment Securities (Summary
Investment Securities (Summary Of Debt Securities Available-for-Sale) (Detail) $ in Thousands | Mar. 31, 2022USD ($)holding | Dec. 31, 2021USD ($)holding |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | $ 9,073,338 | $ 4,227,697 |
Unrealized Gains | 4,861 | 41,499 |
Unrealized Losses | (333,302) | (34,342) |
Investment securities available-for-sale, at fair value | 8,744,897 | 4,234,854 |
Less than 12 months, fair value | 7,637,928 | 2,272,641 |
Less than 12 months, unrealized losses | (280,183) | (17,086) |
12 months or more, fair value | 692,922 | 558,515 |
12 months or more, unrealized losses | $ (53,119) | $ (17,256) |
Total, number of holdings | holding | 1,271 | 162 |
Total, fair value | $ 8,330,850 | $ 2,831,156 |
Total, unrealized losses | (333,302) | (34,342) |
Amortized Cost | ||
Due in one year or less | 33,293 | |
Due after one year through five years | 1,346,552 | |
Due after five through ten years | 1,522,072 | |
Due after ten years | 6,171,421 | |
Amortized Cost - Total available-for-sale debt securities | 9,073,338 | 4,227,697 |
Fair Value | ||
Due in one year or less | 33,216 | |
Due after one year through five years | 1,311,044 | |
Due after five through ten years | 1,474,896 | |
Due after ten years | 5,925,741 | |
Fair Value, Total available-for-sale debt securities | 8,744,897 | 4,234,854 |
Available-for-sale securities pledged | 4,663,923 | 1,780,164 |
U.S. Treasury notes | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 754,313 | 398,664 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (21,888) | (1,698) |
Investment securities available-for-sale, at fair value | 732,425 | 396,966 |
Less than 12 months, fair value | 732,424 | 396,966 |
Less than 12 months, unrealized losses | $ (21,888) | $ (1,698) |
Total, number of holdings | holding | 23 | 8 |
Total, fair value | $ 732,424 | $ 396,966 |
Total, unrealized losses | (21,888) | (1,698) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 754,313 | 398,664 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 732,425 | 396,966 |
Government agency debentures | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 227,161 | |
Unrealized Gains | 84 | |
Unrealized Losses | (10,026) | |
Investment securities available-for-sale, at fair value | 217,219 | |
Less than 12 months, fair value | 194,636 | |
Less than 12 months, unrealized losses | $ (10,026) | |
Total, number of holdings | holding | 13 | |
Total, fair value | $ 194,636 | |
Total, unrealized losses | (10,026) | |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 227,161 | |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 217,219 | |
Municipal bonds and notes | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 1,946,946 | |
Unrealized Gains | 6 | |
Unrealized Losses | (52,415) | |
Investment securities available-for-sale, at fair value | 1,894,537 | |
Less than 12 months, fair value | 1,887,526 | |
Less than 12 months, unrealized losses | $ (52,415) | |
Total, number of holdings | holding | 533 | |
Total, fair value | $ 1,887,526 | |
Total, unrealized losses | (52,415) | |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 1,946,946 | |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 1,894,537 | |
Agency CMO | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 80,766 | 88,109 |
Unrealized Gains | 127 | 2,326 |
Unrealized Losses | (1,380) | (51) |
Investment securities available-for-sale, at fair value | 79,513 | 90,384 |
Less than 12 months, fair value | 65,378 | 7,895 |
Less than 12 months, unrealized losses | $ (1,380) | $ (51) |
Total, number of holdings | holding | 26 | 2 |
Total, fair value | $ 65,378 | $ 7,895 |
Total, unrealized losses | (1,380) | (51) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 80,766 | 88,109 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 79,513 | 90,384 |
Agency MBS | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 2,679,206 | 1,568,293 |
Unrealized Gains | 4,347 | 36,130 |
Unrealized Losses | (108,984) | (11,020) |
Investment securities available-for-sale, at fair value | 2,574,569 | 1,593,403 |
Less than 12 months, fair value | 2,097,135 | 506,602 |
Less than 12 months, unrealized losses | (90,138) | (7,354) |
12 months or more, fair value | 171,877 | 110,687 |
12 months or more, unrealized losses | $ (18,846) | $ (3,666) |
Total, number of holdings | holding | 392 | 70 |
Total, fair value | $ 2,269,012 | $ 617,289 |
Total, unrealized losses | (108,984) | (11,020) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 2,679,206 | 1,568,293 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 2,574,569 | 1,593,403 |
Agency CMBS | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 1,683,526 | 1,248,548 |
Unrealized Gains | 14 | 2,537 |
Unrealized Losses | (99,720) | (18,544) |
Investment securities available-for-sale, at fair value | 1,583,820 | 1,232,541 |
Less than 12 months, fair value | 1,234,865 | 632,213 |
Less than 12 months, unrealized losses | (67,130) | (6,163) |
12 months or more, fair value | 348,893 | 335,480 |
12 months or more, unrealized losses | $ (32,590) | $ (12,381) |
Total, number of holdings | holding | 132 | 28 |
Total, fair value | $ 1,583,758 | $ 967,693 |
Total, unrealized losses | (99,720) | (18,544) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 1,683,526 | 1,248,548 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 1,583,820 | 1,232,541 |
CMBS | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 871,981 | 887,640 |
Unrealized Gains | 265 | 506 |
Unrealized Losses | (8,089) | (1,883) |
Investment securities available-for-sale, at fair value | 864,157 | 886,263 |
Less than 12 months, fair value | 665,550 | 724,762 |
Less than 12 months, unrealized losses | (7,265) | (1,744) |
12 months or more, fair value | 148,459 | 81,253 |
12 months or more, unrealized losses | $ (824) | $ (139) |
Total, number of holdings | holding | 45 | 50 |
Total, fair value | $ 814,009 | $ 806,015 |
Total, unrealized losses | (8,089) | (1,883) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 871,981 | 887,640 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 864,157 | 886,263 |
CLO | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 14,245 | 21,860 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (12) | (13) |
Investment securities available-for-sale, at fair value | 14,233 | 21,847 |
12 months or more, fair value | 14,233 | 21,848 |
12 months or more, unrealized losses | $ (12) | $ (13) |
Total, number of holdings | holding | 1 | 1 |
Total, fair value | $ 14,233 | $ 21,848 |
Total, unrealized losses | (12) | (13) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 14,245 | 21,860 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 14,233 | 21,847 |
Corporate debt | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 797,694 | 14,583 |
Unrealized Gains | 18 | 0 |
Unrealized Losses | (30,668) | (1,133) |
Investment securities available-for-sale, at fair value | 767,044 | 13,450 |
Less than 12 months, fair value | 753,284 | 4,203 |
Less than 12 months, unrealized losses | (29,821) | (76) |
12 months or more, fair value | 9,460 | 9,247 |
12 months or more, unrealized losses | $ (847) | $ (1,057) |
Total, number of holdings | holding | 104 | 3 |
Total, fair value | $ 762,744 | $ 13,450 |
Total, unrealized losses | (30,668) | (1,133) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 797,694 | 14,583 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 767,044 | 13,450 |
Other | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 17,500 | |
Unrealized Gains | 0 | |
Unrealized Losses | (120) | |
Investment securities available-for-sale, at fair value | 17,380 | |
Less than 12 months, fair value | 7,130 | |
Less than 12 months, unrealized losses | $ (120) | |
Total, number of holdings | holding | 2 | |
Total, fair value | $ 7,130 | |
Total, unrealized losses | (120) | |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 17,500 | |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 17,380 | |
Pledged For Borrowings | ||
Fair Value | ||
Available-for-sale securities pledged | 902,581 | 924,841 |
Pledged For Municipal Deposits | ||
Fair Value | ||
Available-for-sale securities pledged | $ 3,761,342 | $ 855,323 |
Investment Securities (Summar_2
Investment Securities (Summary of Held-to-Maturity Debt Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 6,362,458 | $ 6,198,339 | ||
Unrealized Gains | 20,799 | 138,254 | ||
Unrealized Losses | (291,640) | (55,657) | ||
Fair Value | 6,091,617 | 6,280,936 | ||
Allowance | 204 | 214 | $ 308 | $ 299 |
Net Carrying Value | 6,362,254 | 6,198,125 | ||
Interest receivable | 17,300 | 21,200 | ||
Agency CMO | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 36,533 | 42,405 | ||
Unrealized Gains | 54 | 655 | ||
Unrealized Losses | (856) | (25) | ||
Fair Value | 35,731 | 43,035 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | 36,533 | 42,405 | ||
Agency MBS | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 2,915,114 | 2,901,593 | ||
Unrealized Gains | 8,452 | 71,444 | ||
Unrealized Losses | (128,688) | (11,788) | ||
Fair Value | 2,794,878 | 2,961,249 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | 2,915,114 | 2,901,593 | ||
Agency CMBS | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 2,548,347 | 2,378,475 | ||
Unrealized Gains | 33 | 11,202 | ||
Unrealized Losses | (153,778) | (43,844) | ||
Fair Value | 2,394,602 | 2,345,833 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | 2,548,347 | 2,378,475 | ||
Municipal bonds and notes | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 696,601 | 705,918 | ||
Unrealized Gains | 12,198 | 51,572 | ||
Unrealized Losses | (4,138) | 0 | ||
Fair Value | 704,661 | 757,490 | ||
Allowance | 204 | 214 | ||
Net Carrying Value | 696,397 | 705,704 | ||
CMBS | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 165,863 | 169,948 | ||
Unrealized Gains | 62 | 3,381 | ||
Unrealized Losses | (4,180) | 0 | ||
Fair Value | 161,745 | 173,329 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | $ 165,863 | $ 169,948 |
Investments Securities (Allowan
Investments Securities (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | $ 214 | $ 299 |
(Benefit) provision for credit losses | (10) | 9 |
Balance, end of period | $ 204 | $ 308 |
Investment Securities (Summar_3
Investment Securities (Summary Of Debt Securities Held-to Maturity - Contractual Maturities, Credit Quality and Other Information) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less | $ 2,429 | |
Due after one year through five years | 52,963 | |
Due after five years through ten years | 309,859 | |
Due after ten years | 5,997,207 | |
Amortized Cost | 6,362,458 | $ 6,198,339 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Due in one year or less | 2,448 | |
Due after one year through five years | 54,861 | |
Due after five years through ten years | 306,139 | |
Due after ten years | 5,728,169 | |
Fair Value | 6,091,617 | 6,280,936 |
Held-to-maturity securities pledged | 2,885,549 | 3,077,256 |
Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 372,898 | 377,374 |
Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 5,617,422 | 5,442,277 |
Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 226,724 | 227,106 |
Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 98,112 | 104,232 |
Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 35,836 | 35,878 |
Moody's, A2 Rating | ||
Amortized Cost | ||
Amortized Cost | 8,256 | 8,260 |
Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Moody's, Baa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 95 | 95 |
Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | 3,115 | 3,117 |
Agency CMO | ||
Amortized Cost | ||
Amortized Cost | 36,533 | 42,405 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value | 35,731 | 43,035 |
Agency CMO | Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 36,533 | 42,405 |
Agency CMO | Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, A2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, Baa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | ||
Amortized Cost | ||
Amortized Cost | 2,915,114 | 2,901,593 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value | 2,794,878 | 2,961,249 |
Agency MBS | Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 2,915,114 | 2,901,593 |
Agency MBS | Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, A2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, Baa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | ||
Amortized Cost | ||
Amortized Cost | 2,548,347 | 2,378,475 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value | 2,394,602 | 2,345,833 |
Agency CMBS | Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 2,548,347 | 2,378,475 |
Agency CMBS | Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, A2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, Baa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Municipal bonds and notes | ||
Amortized Cost | ||
Amortized Cost | 696,601 | 705,918 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value | 704,661 | 757,490 |
Municipal bonds and notes | Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 207,035 | 207,426 |
Municipal bonds and notes | Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 117,428 | 119,804 |
Municipal bonds and notes | Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 226,724 | 227,106 |
Municipal bonds and notes | Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 98,112 | 104,232 |
Municipal bonds and notes | Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 35,836 | 35,878 |
Municipal bonds and notes | Moody's, A2 Rating | ||
Amortized Cost | ||
Amortized Cost | 8,256 | 8,260 |
Municipal bonds and notes | Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Municipal bonds and notes | Moody's, Baa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 95 | 95 |
Municipal bonds and notes | Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | 3,115 | 3,117 |
CMBS | ||
Amortized Cost | ||
Amortized Cost | 165,863 | 169,948 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value | 161,745 | 173,329 |
CMBS | Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 165,863 | 169,948 |
CMBS | Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, A2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, Baa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Pledged For Borrowings | ||
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity securities pledged | 1,026,796 | 1,243,139 |
Pledged For Municipal Deposits | ||
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity securities pledged | $ 1,858,753 | $ 1,834,117 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | ||||
Increase in available for sale debt securities | $ 4,500,000,000 | |||
Interest receivable | $ 41,900,000 | $ 7,500,000 | ||
Held-to-maturity debt securities | 6,362,458,000 | 6,198,339,000 | ||
Held-to-maturity investment securities in non-accrual status | 0 | 0 | ||
Investment securities available-for-sale, at fair value | 8,744,897,000 | $ 4,234,854,000 | ||
Sterling | ||||
Schedule of Investments [Line Items] | ||||
Investment securities available-for-sale | $ 4,429,948,000 | |||
Callable | ||||
Schedule of Investments [Line Items] | ||||
Held-to-maturity debt securities | 700,000,000 | |||
Investment securities available-for-sale, at fair value | $ 3,500,000,000 |
Loans and Leases (By Portfolio
Loans and Leases (By Portfolio and Class) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 43,536,485 | $ 22,271,729 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 34,971,086 | 15,179,966 |
Commercial | Commercial non-mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 13,105,173 | 6,882,480 |
Commercial | Asset-based | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,807,545 | 1,067,248 |
Commercial | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 11,957,747 | 5,463,321 |
Commercial | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 5,627,200 | 1,139,859 |
Commercial | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,909,284 | 627,058 |
Commercial | Warehouse lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 564,137 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 8,565,399 | 7,091,763 |
Consumer | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 6,798,199 | 5,412,905 |
Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,679,443 | 1,593,559 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 87,757 | $ 85,299 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Detail) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022USD ($)loan | Mar. 31, 2021USD ($) | Jan. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase in loans and leases | $ 21,300,000 | |||
Loans and leases purchase discount | 317,600 | |||
Unamortized premiums | (124,100) | $ 12,300 | ||
Interest receivable | 122,600 | 50,700 | ||
Interest on non-accrual loans | $ 4,400 | $ 4,000 | ||
Loans and leases modified as TDRs within previous 12 months for which there was a payment default | loan | 0 | |||
Sterling | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | $ 20,498,706 | |||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Write-down | $ 9,100 | 1,600 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Write-down | 100 | $ 300 | ||
Collateral Pledged | FHLB | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans pledged as collateral | 7,600,000 | |||
Collateral Pledged | FRB | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans pledged as collateral | 200,000 | |||
Collateral Pledged | Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impaired financing receivable | 102,200 | 16,600 | ||
Collateral Pledged | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impaired financing receivable | 32,100 | 34,900 | ||
Collateral Value | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impaired financing receivable | $ 139,900 | $ 86,000 |
Loans and Leases (Summary Of Lo
Loans and Leases (Summary Of Loan And Lease Portfolio Aging By Class Of Loan) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | $ 43,536,485 | $ 22,271,729 | |
90 or More Days Past Due and Accruing | 124 | 2,496 | |
Non-accrual | 234,978 | 109,927 | $ 109,927 |
Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 302,236 | 131,842 | |
30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 47,209 | 12,329 | |
60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 19,925 | 7,090 | |
Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 43,234,249 | 22,139,887 | |
Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 34,971,086 | 15,179,966 | |
90 or More Days Past Due and Accruing | 124 | 2,496 | |
Non-accrual | 176,312 | 70,467 | 70,467 |
Commercial | Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 228,282 | 83,175 | |
Commercial | 30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 35,496 | 5,271 | |
Commercial | 60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 16,350 | 4,941 | |
Commercial | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 34,742,804 | 15,096,791 | |
Commercial | Commercial non-mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 13,105,173 | 6,882,480 | |
90 or More Days Past Due and Accruing | 124 | 1,977 | |
Non-accrual | 87,005 | 59,607 | 59,607 |
Commercial | Commercial non-mortgage | Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 90,898 | 69,837 | |
Commercial | Commercial non-mortgage | 30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 1,981 | 3,729 | |
Commercial | Commercial non-mortgage | 60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 1,788 | 4,524 | |
Commercial | Commercial non-mortgage | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 13,014,275 | 6,812,643 | |
Commercial | Asset-based | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 1,807,545 | 1,067,248 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 5,356 | 2,086 | 2,086 |
Commercial | Asset-based | Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 28,743 | 2,086 | |
Commercial | Asset-based | 30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 23,387 | 0 | |
Commercial | Asset-based | 60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 0 | 0 | |
Commercial | Asset-based | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 1,778,802 | 1,065,162 | |
Commercial | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 11,957,747 | 5,463,321 | |
90 or More Days Past Due and Accruing | 0 | 519 | |
Non-accrual | 68,204 | 5,046 | 5,046 |
Commercial | Commercial real estate | Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 75,384 | 6,490 | |
Commercial | Commercial real estate | 30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 6,506 | 508 | |
Commercial | Commercial real estate | 60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 674 | 417 | |
Commercial | Commercial real estate | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 11,882,363 | 5,456,831 | |
Commercial | Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 5,627,200 | 1,139,859 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 383 | 0 | 0 |
Commercial | Multi-family | Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 13,736 | 0 | |
Commercial | Multi-family | 30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 346 | 0 | |
Commercial | Multi-family | 60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 13,007 | 0 | |
Commercial | Multi-family | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 5,613,464 | 1,139,859 | |
Commercial | Equipment financing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 1,909,284 | 627,058 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 15,364 | 3,728 | 3,728 |
Commercial | Equipment financing | Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 19,521 | 4,762 | |
Commercial | Equipment financing | 30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 3,276 | 1,034 | |
Commercial | Equipment financing | 60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 881 | 0 | |
Commercial | Equipment financing | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 1,889,763 | 622,296 | |
Commercial | Warehouse lending | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 564,137 | 0 | |
90 or More Days Past Due and Accruing | 0 | ||
Non-accrual | 0 | 0 | |
Commercial | Warehouse lending | Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 0 | ||
Commercial | Warehouse lending | 30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 0 | ||
Commercial | Warehouse lending | 60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 0 | ||
Commercial | Warehouse lending | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 564,137 | ||
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 8,565,399 | 7,091,763 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 58,666 | 39,460 | 39,460 |
Consumer | Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 73,954 | 48,667 | |
Consumer | 30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 11,713 | 7,058 | |
Consumer | 60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 3,575 | 2,149 | |
Consumer | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 8,491,445 | 7,043,096 | |
Consumer | Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 6,798,199 | 5,412,905 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 26,602 | 15,747 | 15,747 |
Consumer | Residential | Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 35,906 | 19,327 | |
Consumer | Residential | 30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 7,518 | 3,212 | |
Consumer | Residential | 60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 1,786 | 368 | |
Consumer | Residential | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 6,762,293 | 5,393,578 | |
Consumer | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 1,679,443 | 1,593,559 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 31,910 | 23,489 | $ 23,489 |
Consumer | Home equity | Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 37,337 | 28,556 | |
Consumer | Home equity | 30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 3,834 | 3,467 | |
Consumer | Home equity | 60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 1,593 | 1,600 | |
Consumer | Home equity | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 1,642,106 | 1,565,003 | |
Consumer | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 87,757 | 85,299 | |
90 or More Days Past Due and Accruing | 0 | 0 | |
Non-accrual | 154 | 224 | |
Consumer | Other consumer | Total Past Due and Non-accrual | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 711 | 784 | |
Consumer | Other consumer | 30-59 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 361 | 379 | |
Consumer | Other consumer | 60-89 Days Past Due and Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | 196 | 181 | |
Consumer | Other consumer | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and leases | $ 87,046 | $ 84,515 |
Loans and Leases (Nonaccrual) (
Loans and Leases (Nonaccrual) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | $ 234,978 | $ 109,927 | $ 109,927 |
Non-accrual with No Allowance | 72,384 | 40,704 | |
Commercial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 176,312 | 70,467 | 70,467 |
Non-accrual with No Allowance | 45,301 | 11,198 | |
Commercial | Commercial non-mortgage | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 87,005 | 59,607 | 59,607 |
Non-accrual with No Allowance | 17,877 | 4,802 | |
Commercial | Asset-based | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 5,356 | 2,086 | 2,086 |
Non-accrual with No Allowance | 1,959 | 2,086 | |
Commercial | Commercial real estate | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 68,204 | 5,046 | 5,046 |
Non-accrual with No Allowance | 24,193 | 4,310 | |
Commercial | Multi-family | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 383 | 0 | 0 |
Non-accrual with No Allowance | 0 | 0 | |
Commercial | Equipment financing | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 15,364 | 3,728 | 3,728 |
Non-accrual with No Allowance | 1,272 | 0 | |
Commercial | Warehouse lending | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 0 | 0 | |
Non-accrual with No Allowance | 0 | 0 | |
Consumer | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 58,666 | 39,460 | 39,460 |
Non-accrual with No Allowance | 27,083 | 29,506 | |
Consumer | Residential | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 26,602 | 15,747 | 15,747 |
Non-accrual with No Allowance | 9,847 | 10,584 | |
Consumer | Home equity | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 31,910 | $ 23,489 | 23,489 |
Non-accrual with No Allowance | 17,233 | 18,920 | |
Consumer | Other consumer | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual | 154 | 224 | |
Non-accrual with No Allowance | $ 3 | $ 2 |
Loans and Leases (Allowance For
Loans and Leases (Allowance For Loan And Lease Losses By Portfolio Segment) (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | $ 301,187 | $ 359,431 | |
Initial allowance for PCD loans and leases | 88,045 | 0 | |
Provision (benefit) | 189,068 | (25,759) | |
Charge-offs | (12,368) | (9,295) | |
Recoveries | 3,439 | 3,974 | |
Balance, end of period | 569,371 | 328,351 | |
ALLL, Individually evaluated for impairment | 44,793 | 19,722 | |
ALLL, Collectively evaluated for impairment | 524,578 | 308,629 | |
PCD loans | Sterling | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge-offs | $ (48,300) | ||
Commercial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 257,877 | 312,244 | |
Initial allowance for PCD loans and leases | 78,376 | 0 | |
Provision (benefit) | 184,327 | (23,653) | |
Charge-offs | (11,248) | (6,321) | |
Recoveries | 1,364 | 1,636 | |
Balance, end of period | 510,696 | 283,906 | |
ALLL, Individually evaluated for impairment | 32,736 | 14,809 | |
ALLL, Collectively evaluated for impairment | 477,960 | 269,097 | |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 43,310 | 47,187 | |
Initial allowance for PCD loans and leases | 9,669 | 0 | |
Provision (benefit) | 4,741 | (2,106) | |
Charge-offs | (1,120) | (2,974) | |
Recoveries | 2,075 | 2,338 | |
Balance, end of period | 58,675 | 44,445 | |
ALLL, Individually evaluated for impairment | 12,057 | 4,913 | |
ALLL, Collectively evaluated for impairment | $ 46,618 | $ 39,532 |
Loans and Leases (Credit Qualit
Loans and Leases (Credit Quality Indicators) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 43,536,485 | $ 22,271,729 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 2,195,678 | 3,902,968 |
Year two | 6,666,033 | 2,337,777 |
Year three | 4,624,209 | 2,272,548 |
Year four | 4,875,300 | 1,772,381 |
Year five | 3,167,886 | 796,050 |
Prior | 6,844,013 | 1,829,351 |
Revolving Loans Amortized Cost Basis | 6,597,967 | 2,268,891 |
Loans and leases | 34,971,086 | 15,179,966 |
Commercial | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,184,061 | 2,288,196 |
Year two | 2,743,735 | 1,249,399 |
Year three | 1,661,980 | 825,657 |
Year four | 1,226,960 | 667,171 |
Year five | 899,843 | 307,613 |
Prior | 1,111,561 | 310,671 |
Revolving Loans Amortized Cost Basis | 4,277,033 | 1,233,773 |
Loans and leases | 13,105,173 | 6,882,480 |
Commercial | Asset-based | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 7,609 |
Year two | 1,585 | 19,141 |
Year three | 16,334 | 14,896 |
Year four | 9,697 | 14,131 |
Year five | 2,589 | 6,113 |
Prior | 20,543 | 25,850 |
Revolving Loans Amortized Cost Basis | 1,756,797 | 979,508 |
Loans and leases | 1,807,545 | 1,067,248 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 569,707 | 1,152,526 |
Year two | 2,301,510 | 736,386 |
Year three | 1,902,077 | 1,146,376 |
Year four | 2,364,282 | 679,028 |
Year five | 1,468,963 | 450,074 |
Prior | 3,351,208 | 1,243,887 |
Revolving Loans Amortized Cost Basis | 0 | 55,044 |
Loans and leases | 11,957,747 | 5,463,321 |
Commercial | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 353,825 | 222,875 |
Year two | 1,154,643 | 136,324 |
Year three | 526,560 | 185,087 |
Year four | 812,282 | 364,822 |
Year five | 608,703 | 17,054 |
Prior | 2,171,187 | 213,131 |
Revolving Loans Amortized Cost Basis | 0 | 566 |
Loans and leases | 5,627,200 | 1,139,859 |
Commercial | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 88,085 | 231,762 |
Year two | 464,560 | 196,527 |
Year three | 517,258 | 100,532 |
Year four | 462,079 | 47,229 |
Year five | 187,788 | 15,196 |
Prior | 189,514 | 35,812 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 1,909,284 | 627,058 |
Commercial | Warehouse lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | |
Year two | 0 | |
Year three | 0 | |
Year four | 0 | |
Year five | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 564,137 | |
Loans and leases | 564,137 | 0 |
Commercial | Pass | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,184,061 | 2,270,320 |
Year two | 2,726,171 | 1,179,620 |
Year three | 1,570,383 | 757,343 |
Year four | 1,173,542 | 581,633 |
Year five | 781,857 | 292,637 |
Prior | 1,071,677 | 275,789 |
Revolving Loans Amortized Cost Basis | 4,211,772 | 1,182,562 |
Loans and leases | 12,719,463 | 6,539,904 |
Commercial | Pass | Asset-based | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 7,609 |
Year two | 1,585 | 19,141 |
Year three | 4,737 | 12,810 |
Year four | 9,697 | 13,456 |
Year five | 2,589 | 6,113 |
Prior | 20,543 | 25,850 |
Revolving Loans Amortized Cost Basis | 1,676,341 | 920,496 |
Loans and leases | 1,715,492 | 1,005,475 |
Commercial | Pass | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 480,774 | 1,152,431 |
Year two | 2,300,007 | 733,220 |
Year three | 1,862,529 | 1,146,149 |
Year four | 2,271,370 | 594,180 |
Year five | 1,324,793 | 384,664 |
Prior | 3,092,728 | 1,136,384 |
Revolving Loans Amortized Cost Basis | 0 | 55,044 |
Loans and leases | 11,332,201 | 5,202,072 |
Commercial | Pass | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 353,825 | 222,875 |
Year two | 1,154,643 | 135,924 |
Year three | 526,163 | 185,087 |
Year four | 790,407 | 322,688 |
Year five | 555,600 | 17,054 |
Prior | 2,107,897 | 203,558 |
Revolving Loans Amortized Cost Basis | 0 | 566 |
Loans and leases | 5,488,535 | 1,087,752 |
Commercial | Pass | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 87,396 | 231,762 |
Year two | 460,154 | 188,031 |
Year three | 498,215 | 93,547 |
Year four | 450,145 | 41,276 |
Year five | 171,362 | 14,864 |
Prior | 176,105 | 32,588 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 1,843,377 | 602,068 |
Commercial | Pass | Warehouse lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | |
Year two | 0 | |
Year three | 0 | |
Year four | 0 | |
Year five | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 564,137 | |
Loans and leases | 564,137 | |
Commercial | Special mention | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 14,216 |
Year two | 13,405 | 22,892 |
Year three | 0 | 37,877 |
Year four | 405 | 15,575 |
Year five | 27,790 | 9,721 |
Prior | 15,491 | 15,399 |
Revolving Loans Amortized Cost Basis | 23,979 | 27,808 |
Loans and leases | 81,070 | 143,488 |
Commercial | Special mention | Asset-based | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 11,597 | 0 |
Year four | 0 | 675 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 40,953 | 59,012 |
Loans and leases | 52,550 | 59,687 |
Commercial | Special mention | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 87,287 | 95 |
Year two | 0 | 3,084 |
Year three | 33,796 | 0 |
Year four | 46,723 | 84,475 |
Year five | 75,725 | 51,536 |
Prior | 109,753 | 79,096 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 353,284 | 218,286 |
Commercial | Special mention | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 5,223 | 35,201 |
Year five | 46,200 | 0 |
Prior | 32,374 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 83,797 | 35,201 |
Commercial | Special mention | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 108 |
Year three | 1,042 | 2,229 |
Year four | 4,132 | 3,341 |
Year five | 11,208 | 0 |
Prior | 4,929 | 600 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 21,311 | 6,278 |
Commercial | Substandard | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 3,660 |
Year two | 4,159 | 46,887 |
Year three | 91,597 | 30,437 |
Year four | 53,013 | 69,963 |
Year five | 90,196 | 5,255 |
Prior | 24,393 | 19,483 |
Revolving Loans Amortized Cost Basis | 37,425 | 23,403 |
Loans and leases | 300,783 | 199,088 |
Commercial | Substandard | Asset-based | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 2,086 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 39,503 | 0 |
Loans and leases | 39,503 | 2,086 |
Commercial | Substandard | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,646 | 0 |
Year two | 1,503 | 82 |
Year three | 5,752 | 227 |
Year four | 46,189 | 373 |
Year five | 68,445 | 13,874 |
Prior | 148,727 | 28,407 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 272,262 | 42,963 |
Commercial | Substandard | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 400 |
Year three | 397 | 0 |
Year four | 16,652 | 6,933 |
Year five | 6,903 | 0 |
Prior | 30,916 | 9,573 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 54,868 | 16,906 |
Commercial | Substandard | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 689 | 0 |
Year two | 4,406 | 8,388 |
Year three | 18,001 | 4,756 |
Year four | 7,802 | 2,612 |
Year five | 5,218 | 332 |
Prior | 8,480 | 2,624 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 44,596 | 18,712 |
Commercial | Doubtful | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | |
Year two | 0 | |
Year three | 0 | |
Year four | 0 | |
Year five | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 3,857 | |
Loans and leases | 3,857 | |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 309,351 | 2,198,697 |
Year two | 2,463,827 | 1,077,624 |
Year three | 1,034,953 | 502,707 |
Year four | 469,464 | 144,883 |
Year five | 148,089 | 274,746 |
Prior | 2,819,716 | 1,669,802 |
Revolving Loans Amortized Cost Basis | 1,319,999 | 1,223,304 |
Loans and leases | 8,565,399 | 7,091,763 |
Consumer | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 286,635 | 2,096,428 |
Year two | 2,363,613 | 999,477 |
Year three | 963,321 | 448,723 |
Year four | 425,296 | 96,219 |
Year five | 106,341 | 246,929 |
Prior | 2,652,993 | 1,525,129 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 6,798,199 | 5,412,905 |
Consumer | Residential | 800+ | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 39,359 | 590,238 |
Year two | 797,341 | 428,118 |
Year three | 450,236 | 161,664 |
Year four | 159,820 | 35,502 |
Year five | 32,779 | 105,198 |
Prior | 988,591 | 735,517 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 2,468,126 | 2,056,237 |
Consumer | Residential | 740-799 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 179,363 | 1,083,608 |
Year two | 1,150,417 | 421,380 |
Year three | 371,094 | 154,960 |
Year four | 141,957 | 32,172 |
Year five | 41,325 | 95,662 |
Prior | 904,628 | 456,722 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 2,788,784 | 2,244,504 |
Consumer | Residential | 670 to 739 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 63,399 | 374,460 |
Year two | 371,717 | 135,146 |
Year three | 122,158 | 73,499 |
Year four | 66,514 | 25,099 |
Year five | 26,780 | 34,550 |
Prior | 483,134 | 227,863 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 1,133,702 | 870,617 |
Consumer | Residential | 580-669 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 3,646 | 38,644 |
Year two | 41,718 | 13,782 |
Year three | 18,238 | 9,348 |
Year four | 9,163 | 3,056 |
Year five | 4,729 | 9,000 |
Prior | 197,165 | 71,811 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 274,659 | 145,641 |
Consumer | Residential | 579 and below | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 868 | 9,478 |
Year two | 2,420 | 1,051 |
Year three | 1,595 | 49,252 |
Year four | 47,842 | 390 |
Year five | 728 | 2,519 |
Prior | 79,475 | 33,216 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 132,928 | 95,906 |
Consumer | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 22,412 | 97,754 |
Year two | 97,871 | 63,192 |
Year three | 59,926 | 26,916 |
Year four | 24,785 | 40,010 |
Year five | 35,290 | 26,344 |
Prior | 160,584 | 143,834 |
Revolving Loans Amortized Cost Basis | 1,278,575 | 1,195,509 |
Loans and leases | 1,679,443 | 1,593,559 |
Consumer | Home equity | 800+ | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 9,110 | 35,678 |
Year two | 34,957 | 30,157 |
Year three | 29,116 | 9,591 |
Year four | 10,058 | 16,347 |
Year five | 14,217 | 11,068 |
Prior | 62,760 | 58,189 |
Revolving Loans Amortized Cost Basis | 483,151 | 463,334 |
Loans and leases | 643,369 | 624,364 |
Consumer | Home equity | 740-799 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 8,128 | 42,430 |
Year two | 42,151 | 22,030 |
Year three | 20,593 | 9,413 |
Year four | 7,809 | 13,317 |
Year five | 10,159 | 7,711 |
Prior | 41,587 | 33,777 |
Revolving Loans Amortized Cost Basis | 435,737 | 409,518 |
Loans and leases | 566,164 | 538,196 |
Consumer | Home equity | 670 to 739 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 4,811 | 17,493 |
Year two | 18,414 | 9,162 |
Year three | 8,147 | 5,889 |
Year four | 5,161 | 8,220 |
Year five | 8,432 | 5,802 |
Prior | 34,326 | 31,160 |
Revolving Loans Amortized Cost Basis | 251,203 | 233,744 |
Loans and leases | 330,494 | 311,470 |
Consumer | Home equity | 580-669 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 290 | 1,773 |
Year two | 2,023 | 1,397 |
Year three | 1,394 | 1,298 |
Year four | 1,037 | 1,066 |
Year five | 1,835 | 1,329 |
Prior | 15,424 | 15,042 |
Revolving Loans Amortized Cost Basis | 84,571 | 66,361 |
Loans and leases | 106,574 | 88,266 |
Consumer | Home equity | 579 and below | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 73 | 380 |
Year two | 326 | 446 |
Year three | 676 | 725 |
Year four | 720 | 1,060 |
Year five | 647 | 434 |
Prior | 6,487 | 5,666 |
Revolving Loans Amortized Cost Basis | 23,913 | 22,552 |
Loans and leases | 32,842 | 31,263 |
Consumer | Consumer Loan | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 304 | 4,515 |
Year two | 2,343 | 14,955 |
Year three | 11,706 | 27,068 |
Year four | 19,383 | 8,654 |
Year five | 6,458 | 1,473 |
Prior | 6,139 | 839 |
Revolving Loans Amortized Cost Basis | 41,424 | 27,795 |
Loans and leases | 87,757 | 85,299 |
Consumer | Consumer Loan | 800+ | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 49 | 463 |
Year two | 352 | 1,343 |
Year three | 1,205 | 2,398 |
Year four | 1,918 | 916 |
Year five | 651 | 231 |
Prior | 494 | 118 |
Revolving Loans Amortized Cost Basis | 11,781 | 10,160 |
Loans and leases | 16,450 | 15,629 |
Consumer | Consumer Loan | 740-799 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 57 | 2,588 |
Year two | 988 | 5,408 |
Year three | 683 | 8,303 |
Year four | 779 | 2,985 |
Year five | 438 | 379 |
Prior | 3,344 | 77 |
Revolving Loans Amortized Cost Basis | 10,524 | 9,528 |
Loans and leases | 16,813 | 29,268 |
Consumer | Consumer Loan | 670 to 739 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 1,061 |
Year two | 0 | 7,034 |
Year three | 3,486 | 13,602 |
Year four | 5,089 | 3,859 |
Year five | 1,900 | 607 |
Prior | 945 | 412 |
Revolving Loans Amortized Cost Basis | 15,697 | 5,644 |
Loans and leases | 27,117 | 32,219 |
Consumer | Consumer Loan | 580-669 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 185 | 256 |
Year two | 712 | 1,083 |
Year three | 5,497 | 2,550 |
Year four | 9,478 | 735 |
Year five | 3,002 | 216 |
Prior | 866 | 211 |
Revolving Loans Amortized Cost Basis | 1,986 | 1,267 |
Loans and leases | 21,726 | 6,318 |
Consumer | Consumer Loan | 579 and below | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 13 | 147 |
Year two | 291 | 87 |
Year three | 835 | 215 |
Year four | 2,119 | 159 |
Year five | 467 | 40 |
Prior | 490 | 21 |
Revolving Loans Amortized Cost Basis | 1,436 | 1,196 |
Loans and leases | $ 5,651 | $ 1,865 |
Loans and Leases (Summary Of Th
Loans and Leases (Summary Of The Recorded Investment Of Company's TDRs) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | $ 151,248 | $ 163,344 | ||
Additional funds committed to borrowers in TDR status | 5,747 | 5,975 | ||
Specific reserves for TDRs included in the ACL on loans and leases: | 569,371 | 301,187 | $ 328,351 | $ 359,431 |
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves for TDRs included in the ACL on loans and leases: | 510,696 | 257,877 | 283,906 | 312,244 |
Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves for TDRs included in the ACL on loans and leases: | 58,675 | 43,310 | $ 44,445 | $ 47,187 |
Performing Financial Instruments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | 104,910 | 110,625 | ||
Nonperforming Financial Instruments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | 46,338 | 52,719 | ||
Nonperforming Financial Instruments | Troubled Debt Restructures | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves for TDRs included in the ACL on loans and leases: | 2,939 | 9,017 | ||
Nonperforming Financial Instruments | Troubled Debt Restructures | Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves for TDRs included in the ACL on loans and leases: | $ 3,689 | $ 3,745 |
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, 2022USD ($)loan | Mar. 31, 2021USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 30 | 26 |
Recorded Investment | $ | $ 4,461 | $ 2,644 |
Commercial | Extended maturity | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 2 | 6 |
Recorded Investment | $ | $ 98 | $ 507 |
Commercial | Extended maturity | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 183 |
Commercial | Maturity/rate combined | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 2 | 1 |
Recorded Investment | $ | $ 92 | $ 37 |
Commercial | Other | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 2 |
Recorded Investment | $ | $ 0 | $ 113 |
Consumer | Extended maturity | Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 99 |
Consumer | Extended maturity | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 28 |
Consumer | Maturity/rate combined | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 4 | 5 |
Recorded Investment | $ | $ 44 | $ 1,011 |
Consumer | Other | Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 5 | 2 |
Recorded Investment | $ | $ 2,985 | $ 233 |
Consumer | Other | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 17 | 7 |
Recorded Investment | $ | $ 1,242 | $ 433 |
Transfers and Servicing of Fi_3
Transfers and Servicing of Financial Assets (Loans sold) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage banking activities | $ 428 | $ 2,642 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Origination fees | 135 | 541 |
Mortgage banking activities | 428 | 2,642 |
Consumer | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net gain on sale | 397 | 2,109 |
Fair value adjustment | (104) | (8) |
Proceeds from sale | 26,753 | 79,308 |
Consumer | Loans sold with servicing rights retained | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from sale | $ 25,363 | $ 75,691 |
Transfers and Servicing of Fi_4
Transfers and Servicing of Financial Assets (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceeds from sale of loans not originated for sale | $ 51,127 | $ 16,787 | |
Mortgage banking activities | 428 | 2,642 | |
Retained servicing rights | $ 2,000,000 | ||
Residential | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceeds from sale of loans not originated for sale | 51,100 | ||
Commercial | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceeds from sale of loans not originated for sale | 16,800 | ||
Mortgage banking activities | 1,800 | 200 | |
Consumer | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Mortgage banking activities | 428 | 2,642 | |
Consumer | Residential | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Retained servicing rights | 2,200,000 | $ 2,200,000 | |
Loan servicing fees, net | $ 1,100 | $ 400 |
Transfers and Servicing of Fi_5
Transfers and Servicing of Financial Assets (Servicing Assets at Amortized Cost Roll Forward) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning Balance | $ 9,237 | $ 13,422 |
Additions | 1,068 | 586 |
Amortization | (570) | (1,490) |
Adjustment to valuation allowance | 0 | (191) |
Ending Balance | 9,735 | 12,327 |
Business Acquisition [Line Items] | ||
Additions | 1,068 | $ 586 |
Sterling | ||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Additions | 900 | |
Business Acquisition [Line Items] | ||
Additions | $ 900 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill [Roll Forward] | ||
Balance, beginning of period | $ 538,373 | $ 538,373 |
Balance, end of period | 2,513,771 | 538,373 |
Sterling | ||
Goodwill [Roll Forward] | ||
Goodwill acquired | 1,939,432 | 0 |
Bend | ||
Goodwill [Roll Forward] | ||
Goodwill acquired | $ 35,966 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Gross Carrying Value And Accumulated Amortization Of Other Intangible Assets) (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 260,725 | $ 47,625 | |
Accumulated Amortization | 36,143 | 29,756 | |
Net Carrying Amount | 224,582 | 17,869 | |
Sterling and Bend | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, useful life | 10 years | ||
Core deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 145,725 | 26,625 | |
Accumulated Amortization | 22,183 | 18,516 | |
Net Carrying Amount | 123,542 | 8,109 | |
Core deposits | Sterling and Bend | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 119,100 | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 115,000 | 21,000 | |
Accumulated Amortization | 13,960 | 11,240 | |
Net Carrying Amount | $ 101,040 | $ 9,760 | |
Customer relationships | Sterling and Bend | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 94,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule Of Expected Future Amortization Expense) (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2022 | $ 25,543 |
2023 | 30,315 |
2024 | 24,442 |
2025 | 21,455 |
2026 | 21,455 |
Thereafter | $ 101,372 |
Deposits (Summary Of Deposits)
Deposits (Summary Of Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Non-interest-bearing: | ||
Demand | $ 13,570,702 | $ 7,060,488 |
Interest-bearing: | ||
HSA | 7,804,858 | 7,397,582 |
Checking | 9,579,839 | 4,182,497 |
Money market | 11,964,649 | 3,718,953 |
Savings | 8,615,138 | 5,689,739 |
Time deposits | 2,821,097 | 1,797,770 |
Total interest-bearing | 40,785,581 | 22,786,541 |
Total deposits | 54,356,283 | 29,847,029 |
Time deposits, money market, and interest-bearing checking obtained through brokers | 115,538 | 120,392 |
Aggregate amount of time deposit accounts that exceeded the FDIC limit | 390,023 | 256,522 |
Demand deposit overdrafts reclassified as loan balances | $ 10,122 | $ 1,577 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities Of Time Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deposit Liabilities [Abstract] | ||
Remainder of 2022 | $ 2,095,195 | |
2023 | 399,082 | |
2024 | 122,537 | |
2025 | 127,698 | |
2026 | 61,993 | |
Thereafter | 14,592 | |
Time deposits | $ 2,821,097 | $ 1,797,770 |
Borrowings (Summary Of Securiti
Borrowings (Summary Of Securities Sold Under Agreements To Repurchase And Other Borrowings) (Details) - Securities sold under agreements to repurchase - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 518,733 | $ 674,896 |
Rate | 0.85% | 0.47% |
Original maturity of one year or less | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 318,733 | $ 474,896 |
Rate | 0.11% | 0.11% |
Original maturity of greater than one year, non-callable | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 200,000 | $ 200,000 |
Rate | 2.04% | 1.32% |
Borrowings (Summary Of Advances
Borrowings (Summary Of Advances Payable To the Federal Home Loan Bank) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year [Abstract] | ||
FHLB advances maturing within 1 year, Total Outstanding | $ 85 | $ 90 |
FHLB advances maturing after 1 but within 2 years, Total Outstanding | 198 | 202 |
FHLB advances maturing after 2 but within 3 years, Total Outstanding | 0 | 0 |
FHLB advances maturing after 3 but within 4 years, Total Outstanding | 0 | 0 |
FHLB advances maturing after 4 but within 5 years, Total Outstanding | 0 | 0 |
FHLB advances maturing after 5 years, Total Outstanding | 10,620 | 10,705 |
Total FHLB advances | $ 10,903 | $ 10,997 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate [Abstract] | ||
FHLB advances maturing within 1 year, Weighted Average Contractual Coupon Rate (as a percent) | 0.00% | 0.00% |
FHLB advances maturing after 1 but within 2 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.96% | 2.95% |
FHLB advances maturing after 2 but within 3 years, Weighted Average Contractual Coupon Rate (as a percent) | 0.00% | 0.00% |
FHLB advances maturing after 3 but within 4 years, Weighted Average Contractual Coupon Rate (as a percent) | 0.00% | 0.00% |
FHLB advances maturing after 4 but within 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 0.00% | 0.00% |
FHLB advances maturing after 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.03% | 2.03% |
Federal Home Loan Bank, Advances, Weighted Average Contractual Coupon Rate (as a percent) | 2.03% | 2.03% |
Aggregate carrying value of assets pledged as collateral | $ 7,565,427 | $ 7,556,034 |
Remaining borrowing capacity at FHLB | $ 5,129,597 | $ 5,087,294 |
Borrowings (Long Term Debt) (De
Borrowings (Long Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Notes and subordinated debt | $ 1,063,793 | $ 566,131 |
Debt issuance cost on senior fixed-rates | (2,125) | (2,226) |
Long-term debt | 1,078,274 | 562,931 |
Hedge basis adjustment | $ 337,473 | $ 338,811 |
Variable interest rate | 3.87% | 3.17% |
London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.95% | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Discount on senior fixed-rate notes | $ (920) | $ (974) |
Senior Notes | Senior Notes Due 2024 | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 4.375% | |
Notes and subordinated debt | $ 150,000 | 150,000 |
Senior Notes | Senior Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 4.10% | |
Notes and subordinated debt | $ 337,473 | 338,811 |
Hedge basis adjustment | 37,500 | 38,800 |
Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Premium on subordinated fixed-to-floating rate notes | $ 17,526 | 0 |
Subordinated Debt | Subordinated Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 4.00% | |
Notes and subordinated debt | $ 274,000 | 0 |
Subordinated Debt | Subordinated Notes Due 2030 | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 3.875% | |
Notes and subordinated debt | $ 225,000 | 0 |
Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Notes and subordinated debt | 77,320 | 77,320 |
Long-term Debt | ||
Debt Instrument [Line Items] | ||
Hedge basis adjustment | $ 37,473 | $ 38,811 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Notes and subordinated debt | $ 1,063,793 | $ 566,131 | |
Sterling | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Long-term debt | $ 516,881 | ||
Subordinated Notes Due 2029 | Subordinated Debt | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Notes and subordinated debt | $ 274,000 | 0 | |
Senior notes, interest rate (as a percent) | 4.00% | ||
Subordinated Notes Due 2029 | Subordinated Debt | Sterling | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Long-term debt | 281,000 | ||
Subordinated Notes Due 2029 | Subordinated Debt | SOFR rate | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Basis spread on variable interest rate | 2.53% | ||
Subordinated Notes Due 2030 | Subordinated Debt | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Notes and subordinated debt | $ 225,000 | $ 0 | |
Senior notes, interest rate (as a percent) | 3.875% | ||
Subordinated Notes Due 2030 | Subordinated Debt | Sterling | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Long-term debt | $ 235,900 | ||
Subordinated Notes Due 2030 | Subordinated Debt | SOFR rate | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Basis spread on variable interest rate | 3.69% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income, Net of Tax (Schedule of Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ 3,438,325 | $ 3,234,625 |
Other comprehensive (loss) income, net of tax | (253,143) | (33,982) |
Ending Balance | 8,177,135 | 3,272,928 |
Available For Sale and Transferred Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 4,536 | 67,424 |
Other comprehensive (loss) before reclassifications | (244,879) | (30,353) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Other comprehensive (loss) income, net of tax | (244,879) | (30,353) |
Ending Balance | (240,343) | 37,071 |
Derivative Instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 6,070 | 19,918 |
Other comprehensive (loss) before reclassifications | (8,613) | (5,170) |
Amounts reclassified from accumulated other comprehensive income (loss) | 769 | 798 |
Other comprehensive (loss) income, net of tax | (7,844) | (4,372) |
Ending Balance | (1,774) | 15,546 |
Defined Benefit Pension and Other Postretirement Benefit Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (33,186) | (45,086) |
Other comprehensive (loss) before reclassifications | (719) | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 299 | 743 |
Other comprehensive (loss) income, net of tax | (420) | 743 |
Ending Balance | (33,606) | (44,343) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (22,580) | 42,256 |
Other comprehensive (loss) before reclassifications | (254,211) | (35,523) |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,068 | 1,541 |
Other comprehensive (loss) income, net of tax | (253,143) | (33,982) |
Ending Balance | $ (275,723) | $ 8,274 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income, Net of Tax (Schedule of Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | $ 33,600 | $ (30,211) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (769) | (798) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of accumualted comprehensive income | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Hedge terminations | (77) | (76) |
Premium amortization | (978) | (1,005) |
Income tax expense | 286 | 283 |
Net of tax | (769) | (798) |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Actuarial loss amortization | (411) | (1,008) |
Defined benefit pension and postretirement benefit plans | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (299) | (743) |
Income tax expense | $ 112 | $ 265 |
Regulatory Capital and Restri_3
Regulatory Capital and Restrictions (Information On The Capital Ratios) (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Amount | $ 5,509,106 | $ 2,804,290 | |
CET1 risk-based capital, Actual Ratio | 0.1146 | 0.1172 | |
CET1 risk-based capital, Minimum Requirement Amount | $ 2,163,855 | $ 1,076,871 | |
CET1 risk-based capital, Well Capitalized Amount | 3,125,569 | 1,555,480 | |
Total risk-based capital, Actual Amount | $ 6,927,124 | $ 3,265,064 | |
Total risk-based capital, Actual Ratio | 0.1441 | 0.1364 | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 3,846,854 | $ 1,914,436 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 0.080 | 0.080 | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 4,808,567 | $ 2,393,046 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 0.100 | 0.100 | |
Tier 1 capital, Actual Amount | $ 5,793,085 | $ 2,949,327 | |
Tier 1 capital, Actual Ratio | 0.1205 | 0.1232 | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 2,885,140 | $ 1,435,827 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 0.060 | 0.060 | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 3,846,854 | $ 1,914,436 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 0.080 | 0.080 | |
Tier 1 leverage capital ratio, Actual Amount | $ 5,793,085 | $ 2,949,327 | |
Tier 1 leverage capital ratio, Actual Ratio | 0.1110 | 0.0847 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 2,087,830 | $ 1,393,607 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 0.040 | 0.040 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 2,609,787 | $ 1,742,008 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Ratio | 0.050 | 0.050 | |
Dividends paid | $ 0 | $ 60,000 | |
Subsidiaries | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Amount | $ 6,376,845 | $ 3,034,883 | |
CET1 risk-based capital, Actual Ratio | 0.1328 | 0.1269 | |
CET1 risk-based capital, Minimum Requirement Amount | $ 2,160,507 | $ 1,075,920 | |
CET1 risk-based capital, Well Capitalized Amount | 3,120,732 | 1,554,107 | |
Total risk-based capital, Actual Amount | $ 6,917,038 | $ 3,273,300 | |
Total risk-based capital, Actual Ratio | 0.1441 | 0.1369 | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 3,840,901 | $ 1,912,747 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 0.080 | 0.080 | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 4,801,127 | $ 2,390,934 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 0.100 | 0.100 | |
Tier 1 capital, Actual Amount | $ 6,376,845 | $ 3,034,883 | |
Tier 1 capital, Actual Ratio | 0.1328 | 0.1269 | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 2,880,676 | $ 1,434,560 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 0.060 | 0.060 | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 3,840,901 | $ 1,912,747 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 0.080 | 0.080 | |
Tier 1 leverage capital ratio, Actual Amount | $ 6,376,845 | $ 3,034,883 | |
Tier 1 leverage capital ratio, Actual Ratio | 0.1219 | 0.0872 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 2,092,902 | $ 1,392,821 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 0.040 | 0.040 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 2,616,128 | $ 1,741,026 | |
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 | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Ratio | 0.045 | 0.045 | |
Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | Subsidiaries | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Ratio | 0.045 | 0.045 | |
Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Ratio | 0.065 | 0.065 | |
Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | Subsidiaries | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Ratio | 0.065 | 0.065 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of LIHTC Investments and Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jan. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Gross investment in LIHTC | $ 584,266 | $ 68,635 | |
Accumulated amortization | (35,593) | (25,216) | |
Net investment in LIHTC | 548,673 | 43,419 | |
Unfunded commitments for LIHTC investments | $ 258,297 | $ 11,106 | |
Sterling | |||
Variable Interest Entity [Line Items] | |||
Gross investment in LIHTC | $ 515,600 | ||
Unfunded commitments for LIHTC investments | $ 267,300 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Assets | $ 65,131,484 | $ 34,915,599 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Liabilities assumed | $ 0 | ||
Other Investments | Other Non-Marketable Investments | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | 120,700 | 61,500 | |
Unfunded Loan Commitment | Other Non-Marketable Investments | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | $ 164,700 | $ 95,900 |
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, 2022 | Mar. 31, 2021 | |
Earnings Per Share Reconciliation [Abstract] | ||
Net (loss) income | $ (16,747) | $ 108,078 |
Less: Preferred stock dividends | 3,431 | 1,969 |
(Loss) earnings applicable to common shareholders | (20,178) | 106,109 |
Net (loss) income available to common shareholders | (20,178) | 106,109 |
Less: (Loss) earnings allocated to participating securities, basic | 0 | 579 |
Less: (Loss) earnings allocated to participating securities, diluted | 0 | 579 |
(Loss) earnings applicable to common shareholders | (20,178) | 105,530 |
(Loss) earnings applicable to common shareholders | $ (20,178) | $ 105,530 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted-average common shares outstanding - basic (in shares) | 147,394 | 89,809 |
Effect of dilutive securities (in shares) | 0 | 299 |
Weighted-average common shares outstanding - diluted (in shares) | 147,394 | 90,108 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Basic (loss) earnings per common share (in dollars per share) | $ (0.14) | $ 1.18 |
Diluted (loss) earnings per common share (in shares) | $ (0.14) | $ 1.17 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted stock (due to performance conditions on non-participating shares) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 341,904 | 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Schedule fair value of derivative instruments) (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | $ 7,499,656,000 | $ 5,554,015,000 |
Asset Derivatives, Fair Value, before netting | 107,571,000 | 159,117,000 |
Asset Derivatives, Fair Value, Less: Master netting agreements | 5,977,000 | 6,364,000 |
Asset Derivatives, Fair Value, Less: Cash collateral posted | 54,206,000 | 19,272,000 |
Total derivative instruments, after netting | 47,388,000 | 133,481,000 |
Liability Derivatives, Notional Amount | 6,506,347,000 | 4,747,534,000 |
Liability Derivatives, Fair Value | 117,324,000 | 21,784,000 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 5,977,000 | 6,364,000 |
Liability Derivatives, Fair Value, Less: Cash collateral posted | 904,000 | 2,119,000 |
Total derivative instruments, after netting | 110,443,000 | 13,301,000 |
CME | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value, Less: Cash collateral posted | 83,900,000 | |
Total derivative instruments, after netting | 0 | |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 62,877,000 | 25,636,000 |
Asset Derivatives, Fair Value, Less: Master netting agreements | 60,183,000 | 25,636,000 |
Total derivative instruments, after netting | 2,694,000 | 0 |
Liability Derivatives, Fair Value | 6,881,000 | 8,483,000 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 6,881,000 | 8,483,000 |
Total derivative instruments, after netting | 0 | 0 |
Designated as Hedging Instrument | Interest rate derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 1,000,000,000 | 1,000,000,000 |
Asset Derivatives, Fair Value | 5,651,000 | 17,583,000 |
Liability Derivatives, Notional Amount | 0 | 0 |
Liability Derivatives, Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 6,499,656,000 | 4,554,015,000 |
Asset Derivatives, Fair Value, Total | 101,920,000 | 141,534,000 |
Liability Derivatives, Notional Amount | 6,506,347,000 | 4,747,534,000 |
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | 117,324,000 | 21,784,000 |
Not Designated as Hedging Instrument | Interest rate derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 6,385,652,000 | 4,463,048,000 |
Asset Derivatives, Fair Value | 101,454,000 | 141,243,000 |
Liability Derivatives, Notional Amount | 6,054,975,000 | 4,372,846,000 |
Liability Derivatives, Fair Value | 117,041,000 | 21,570,000 |
Not Designated as Hedging Instrument | Mortgage Banking Derivatives | RPA-Out | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 4,123,000 | 14,212,000 |
Asset Derivatives, Fair Value | 32,000 | 80,000 |
Not Designated as Hedging Instrument | Mortgage Banking Derivatives | RPA-In | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Notional Amount | 336,000 | 0 |
Liability Derivatives, Fair Value | 1,000 | 0 |
Not Designated as Hedging Instrument | Other | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 109,881,000 | 76,755,000 |
Asset Derivatives, Fair Value | 434,000 | 211,000 |
Liability Derivatives, Notional Amount | 451,036,000 | 374,688,000 |
Liability Derivatives, Fair Value | 282,000 | 214,000 |
Not Designated as Hedging Instrument | Interest Rate Swap, CME | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 2,000,000,000 | 400,000,000 |
Liability Derivatives, Notional Amount | 1,500,000,000 | 2,600,000,000 |
Not Designated as Hedging Instrument | Credit Risk Contract | RPA-Out | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 68,000,000 | 66,000,000 |
Not Designated as Hedging Instrument | Credit Risk Contract | RPA-In | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Notional Amount | 438,800,000 | $ 338,200,000 |
Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Other commitment | $ 900,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Offsetting Derivatives) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Asset Derivatives, Fair Value, Less: Master netting agreements | $ 5,977 | $ 6,364 |
Asset derivatives | 47,388 | 133,481 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 5,977 | 6,364 |
Liability derivatives | 110,443 | 13,301 |
Hedge Accounting Positions | ||
Derivative [Line Items] | ||
Asset Derivatives, Fair Value | 62,877 | 25,636 |
Asset Derivatives, Fair Value, Less: Master netting agreements | 60,183 | 25,636 |
Asset derivatives | 2,694 | 0 |
Liability Derivatives, Fair Value | 6,881 | 8,483 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 6,881 | 8,483 |
Liability derivatives | 0 | 0 |
Asset derivatives, amounts not offset | (3,060) | 51 |
Asset derivatives, net amounts | (366) | 51 |
Liability derivatives, amounts not offset | 1,014 | 428 |
Liability derivatives, net amounts | $ 1,014 | $ 428 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Income Statement Effect) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | $ 4,734 | |
Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | $ 6,793 | |
Interest Rate Derivatives | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 6,445 | 4,644 |
Mortgage Banking Derivatives | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (49) | (382) |
Other | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 397 | 472 |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (2,483) | (2,461) |
Cash Flow Hedging | Interest Rate Derivatives | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 76 | 121 |
Cash Flow Hedging | Interest Rate Derivatives | Other Income | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | $ (2,559) | $ (2,582) |
Derivative Financial Instrume_6
Derivative Financial Instruments Impact of Fair Value Hedging Adjustment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedge basis adjustment | $ 337,473 | $ 338,811 |
Long-term Debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedge basis adjustment | $ 37,473 | $ 38,811 |
Derivative Financial Instrume_7
Derivative Financial Instruments (AOCI Related to Cash Flow Hedges) (Narrative) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Unamortized balance | $ 6.2 |
Maximum length of time over which forecasted transactions are hedged | 2 years 3 months 18 days |
Cash Flow Hedging | |
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 | (0.6) |
Cash Flow Hedging | Designated as Hedging Instrument | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | $ 1.2 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Counterparty Credit Risk Narrative) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset | $ 54,206 | $ 19,272 |
Maximum exposure | 44,600 | |
Debit (credit) valuation adjustment | 3,300 | $ (400) |
Cash and Due from Banks | ||
Derivative [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | 55,200 | |
Valuation, Market Approach | ||
Derivative [Line Items] | ||
Maximum exposure | 47,800 | |
CME | ||
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset | $ 83,900 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Remaining unfunded commitment | $ 5,747 | $ 5,975 | |
Unused commitments to extend credit | 10,781,492 | $ 7,152,331 | |
Transfer of loans from portfolio to loans-held-for-sale | 42,431 | $ 16,587 | |
Loans in process of foreclosure | 14,500 | ||
Portion at Other than Fair Value Measurement | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfer of loans from portfolio to loans-held-for-sale | 16,600 | ||
Fair Value, Nonrecurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 3,100 | ||
Rabbi Trust | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 9,000 | ||
Alternative investments | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 18,200 | ||
Carrying amount of alternative investments | 1,100 | ||
Remaining unfunded commitment | 0 | ||
Write-down | 700 | ||
Alternative investments carrying amount | 72,100 | ||
Alternative investments | Fair Value, Nonrecurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unused commitments to extend credit | 29,300 | ||
Unused commitments to extend credit, written up | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Option, Disclosures) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Originated loans held for sale, fair value | $ 1,333 | $ 4,694 |
Originated loans held for sale, unpaid principal balance | 17,970 | 4,694 |
Originated loans held for sale, difference | (641) | (340) |
loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Originated loans held for sale, unpaid principal balance | $ 1,974 | $ 5,034 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Assets And Liabilities Measured On Recurring and Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Total available-for-sale investment securities | $ 8,744,897 | $ 4,234,854 |
Asset derivatives | 47,388 | 133,481 |
Value under fair value options | 1,333 | 4,694 |
Financial Liabilities: | ||
Liability derivatives | 110,443 | 13,301 |
U.S. Treasury notes | ||
Financial Assets: | ||
Total available-for-sale investment securities | 732,425 | 396,966 |
Government agency debentures | ||
Financial Assets: | ||
Total available-for-sale investment securities | 217,219 | |
Municipal bonds and notes | ||
Financial Assets: | ||
Total available-for-sale investment securities | 1,894,537 | |
Agency CMO | ||
Financial Assets: | ||
Total available-for-sale investment securities | 79,513 | 90,384 |
Agency MBS | ||
Financial Assets: | ||
Total available-for-sale investment securities | 2,574,569 | 1,593,403 |
Agency CMBS | ||
Financial Assets: | ||
Total available-for-sale investment securities | 1,583,820 | 1,232,541 |
Non-agency CMBS | ||
Financial Assets: | ||
Total available-for-sale investment securities | 864,157 | 886,263 |
CLO | ||
Financial Assets: | ||
Total available-for-sale investment securities | 14,233 | 21,847 |
Corporate debt securities | ||
Financial Assets: | ||
Total available-for-sale investment securities | 767,044 | 13,450 |
Other | ||
Financial Assets: | ||
Total available-for-sale investment securities | 17,380 | |
Fair Value, Recurring | ||
Financial Assets: | ||
Total available-for-sale investment securities | 8,744,897 | 4,234,854 |
Alternative investments | 73,185 | 27,732 |
Total financial assets | 8,940,388 | 4,429,813 |
Financial Liabilities: | ||
Liability derivatives | 117,324 | 21,784 |
Fair Value, Recurring | Level 1 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 732,425 | 396,966 |
Alternative investments | 1,131 | 1,877 |
Total financial assets | 747,380 | 402,446 |
Financial Liabilities: | ||
Liability derivatives | 217 | 141 |
Fair Value, Recurring | Level 2 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 8,012,472 | 3,837,888 |
Alternative investments | 0 | 0 |
Total financial assets | 8,120,954 | 4,001,512 |
Financial Liabilities: | ||
Liability derivatives | 117,107 | 21,643 |
Fair Value, Recurring | Level 3 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Alternative investments | 0 | 0 |
Total financial assets | 0 | 0 |
Financial Liabilities: | ||
Liability derivatives | 0 | 0 |
Fair Value, Recurring | Derivative instruments | ||
Financial Assets: | ||
Asset derivatives | 107,571 | 159,117 |
Fair Value, Recurring | Derivative instruments | Level 1 | ||
Financial Assets: | ||
Asset derivatives | 422 | 187 |
Fair Value, Recurring | Derivative instruments | Level 2 | ||
Financial Assets: | ||
Asset derivatives | 107,149 | 158,930 |
Fair Value, Recurring | Derivative instruments | Level 3 | ||
Financial Assets: | ||
Asset derivatives | 0 | 0 |
Fair Value, Recurring | Loan Origination Commitments | ||
Financial Assets: | ||
Value under fair value options | 1,333 | 4,694 |
Fair Value, Recurring | Loan Origination Commitments | Level 1 | ||
Financial Assets: | ||
Value under fair value options | 0 | 0 |
Fair Value, Recurring | Loan Origination Commitments | Level 2 | ||
Financial Assets: | ||
Value under fair value options | 1,333 | 4,694 |
Fair Value, Recurring | Loan Origination Commitments | Level 3 | ||
Financial Assets: | ||
Value under fair value options | 0 | 0 |
Fair Value, Recurring | Investments Held In Rabbi Trust | ||
Financial Assets: | ||
Other assets | 13,402 | 3,416 |
Fair Value, Recurring | Investments Held In Rabbi Trust | Level 1 | ||
Financial Assets: | ||
Other assets | 13,402 | 3,416 |
Fair Value, Recurring | Investments Held In Rabbi Trust | Level 2 | ||
Financial Assets: | ||
Other assets | 0 | 0 |
Fair Value, Recurring | Investments Held In Rabbi Trust | Level 3 | ||
Financial Assets: | ||
Other assets | 0 | 0 |
Fair Value, Recurring | U.S. Treasury notes | ||
Financial Assets: | ||
Total available-for-sale investment securities | 732,425 | 396,966 |
Fair Value, Recurring | U.S. Treasury notes | Level 1 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 732,425 | 396,966 |
Fair Value, Recurring | U.S. Treasury notes | Level 2 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | U.S. Treasury notes | Level 3 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | Government agency debentures | ||
Financial Assets: | ||
Total available-for-sale investment securities | 217,219 | |
Fair Value, Recurring | Government agency debentures | Level 1 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | |
Fair Value, Recurring | Government agency debentures | Level 2 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 217,219 | |
Fair Value, Recurring | Government agency debentures | Level 3 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | |
Fair Value, Recurring | Municipal bonds and notes | ||
Financial Assets: | ||
Total available-for-sale investment securities | 1,894,537 | |
Fair Value, Recurring | Municipal bonds and notes | Level 1 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | |
Fair Value, Recurring | Municipal bonds and notes | Level 2 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 1,894,537 | |
Fair Value, Recurring | Municipal bonds and notes | Level 3 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | |
Fair Value, Recurring | Agency CMO | ||
Financial Assets: | ||
Total available-for-sale investment securities | 79,513 | 90,384 |
Fair Value, Recurring | Agency CMO | Level 1 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | Agency CMO | Level 2 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 79,513 | 90,384 |
Fair Value, Recurring | Agency CMO | Level 3 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | Agency MBS | ||
Financial Assets: | ||
Total available-for-sale investment securities | 2,574,569 | 1,593,403 |
Fair Value, Recurring | Agency MBS | Level 1 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | Agency MBS | Level 2 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 2,574,569 | 1,593,403 |
Fair Value, Recurring | Agency MBS | Level 3 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | Agency CMBS | ||
Financial Assets: | ||
Total available-for-sale investment securities | 1,583,820 | 1,232,541 |
Fair Value, Recurring | Agency CMBS | Level 1 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | Agency CMBS | Level 2 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 1,583,820 | 1,232,541 |
Fair Value, Recurring | Agency CMBS | Level 3 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | Non-agency CMBS | ||
Financial Assets: | ||
Total available-for-sale investment securities | 864,157 | 886,263 |
Fair Value, Recurring | Non-agency CMBS | Level 1 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | Non-agency CMBS | Level 2 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 864,157 | 886,263 |
Fair Value, Recurring | Non-agency CMBS | Level 3 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | CLO | ||
Financial Assets: | ||
Total available-for-sale investment securities | 14,233 | 21,847 |
Fair Value, Recurring | CLO | Level 1 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | CLO | Level 2 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 14,233 | 21,847 |
Fair Value, Recurring | CLO | Level 3 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | Corporate debt securities | ||
Financial Assets: | ||
Total available-for-sale investment securities | 767,044 | 13,450 |
Fair Value, Recurring | Corporate debt securities | Level 1 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | 0 |
Fair Value, Recurring | Corporate debt securities | Level 2 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 767,044 | 13,450 |
Fair Value, Recurring | Corporate debt securities | Level 3 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | $ 0 |
Fair Value, Recurring | Other | ||
Financial Assets: | ||
Total available-for-sale investment securities | 17,380 | |
Fair Value, Recurring | Other | Level 1 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 0 | |
Fair Value, Recurring | Other | Level 2 | ||
Financial Assets: | ||
Total available-for-sale investment securities | 17,380 | |
Fair Value, Recurring | Other | Level 3 | ||
Financial Assets: | ||
Total available-for-sale investment securities | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Estimated Fair Values Of Significant Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value | $ 6,091,617 | $ 6,280,936 | ||
Mortgage servicing assets, Carrying Amount | 9,735 | 9,237 | $ 12,327 | $ 13,422 |
Fair Value, Nonrecurring | Reported Value Measurement | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 793,213 | 461,570 | ||
Held-to-maturity investment securities | 6,362,254 | 6,198,125 | ||
Loans and leases, net | 42,967,114 | 21,970,542 | ||
Securities sold under agreements to repurchase and other borrowings | 518,733 | 674,896 | ||
FHLB advances | 10,903 | 10,997 | ||
Long-term debt | 1,078,274 | 562,931 | ||
Fair Value, Nonrecurring | Reported Value Measurement | Deposits Liabilities, other than time deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 51,535,186 | 28,049,259 | ||
Fair Value, Nonrecurring | Reported Value Measurement | Time Deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 2,821,097 | 1,797,770 | ||
Fair Value, Nonrecurring | Reported Value Measurement | Residential | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage servicing assets, Carrying Amount | 9,735 | 9,237 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 793,213 | 461,570 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value | 6,091,617 | 6,280,936 | ||
Securities sold under agreements to repurchase and other borrowings | 483,544 | 676,581 | ||
FHLB advances | 10,653 | 11,490 | ||
Long-term debt | 1,069,991 | 515,912 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans and leases, net | 43,217,955 | 21,702,732 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Deposits Liabilities, other than time deposits | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 51,535,186 | 28,049,259 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Time Deposits | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 2,785,621 | 1,794,829 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Residential | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage servicing assets, Fair value | $ 26,631 | $ 12,527 |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jan. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average expected long-term rate of return | 5.50% | ||
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | |
Interest cost on benefit obligations | 1,377 | 1,166 | |
Expected return on plan assets | (3,669) | (3,595) | |
Recognized net loss (gain) | 422 | 1,019 | |
Net periodic benefit (income) cost | (1,870) | (1,410) | |
Pension Plan | Sterling | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations assumed | $ 30,500 | ||
SERP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | |
Interest cost on benefit obligations | 15 | 7 | |
Expected return on plan assets | 0 | 0 | |
Recognized net loss (gain) | 7 | 8 | |
Net periodic benefit (income) cost | 22 | 15 | |
OPEB | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 6 | 0 | |
Interest cost on benefit obligations | 144 | 4 | |
Expected return on plan assets | 0 | 0 | |
Recognized net loss (gain) | (18) | (20) | |
Net periodic benefit (income) cost | $ 132 | $ (16) |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2022USD ($)Segment | Jan. 31, 2022USD ($) | Jan. 01, 2022USD ($) | Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | Segment | 3 | |||||
Deposits | $ 54,356,283 | $ 29,847,029 | ||||
Goodwill | $ 2,513,771 | $ 538,373 | $ 538,373 | $ 538,373 | ||
Sterling | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | $ 1,939,432 | $ 1,900,000 | ||||
Commercial Banking | Sterling | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 1,700,000 | |||||
Consumer Banking | ||||||
Segment Reporting Information [Line Items] | ||||||
Deposits | 125,400 | |||||
Consumer Banking | Assets Under Administration | ||||||
Segment Reporting Information [Line Items] | ||||||
Off-balance sheet assets | 4,300,000 | |||||
Consumer Banking | Sterling | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | $ 200 | |||||
HSA Bank | Bend | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | $ 36,000 |
Segment Reporting (Operating Re
Segment Reporting (Operating Results and Total Assets Reportable Segments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Goodwill | $ 2,513,771 | $ 538,373 | $ 538,373 | $ 538,373 |
Assets | 65,131,484 | 34,915,599 | ||
Net interest income | 394,248 | 223,764 | ||
Non-interest income | 104,035 | 76,757 | ||
Non-interest expense | 359,785 | 187,982 | ||
Pre-tax, pre-provision net revenue | 138,498 | 112,539 | ||
Provision (benefit) for credit losses | 188,845 | (25,750) | ||
Income (loss) before income taxes | (50,347) | 138,289 | ||
Income tax (benefit) expense | (33,600) | 30,211 | ||
Net (loss) income | (16,747) | 108,078 | ||
Operating Segments | Commercial Banking | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 1,865,887 | 131,000 | ||
Assets | 39,028,843 | 15,398,159 | ||
Net interest income | 287,069 | 141,486 | ||
Non-interest income | 38,743 | 18,376 | ||
Non-interest expense | 89,240 | 46,284 | ||
Pre-tax, pre-provision net revenue | 236,572 | 113,578 | ||
Provision (benefit) for credit losses | 181,931 | (19,373) | ||
Income (loss) before income taxes | 54,641 | 132,951 | ||
Income tax (benefit) expense | 10,055 | 34,035 | ||
Net (loss) income | 44,586 | 98,916 | ||
Operating Segments | HSA Bank | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 57,779 | 21,813 | ||
Assets | 132,266 | 73,564 | ||
Net interest income | 44,577 | 42,109 | ||
Non-interest income | 26,958 | 27,005 | ||
Non-interest expense | 36,409 | 36,005 | ||
Pre-tax, pre-provision net revenue | 35,126 | 33,109 | ||
Provision (benefit) for credit losses | 0 | 0 | ||
Income (loss) before income taxes | 35,126 | 33,109 | ||
Income tax (benefit) expense | 9,414 | 8,840 | ||
Net (loss) income | 25,712 | 24,269 | ||
Operating Segments | Consumer Banking | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 590,105 | 385,560 | ||
Assets | 9,587,880 | 7,663,921 | ||
Net interest income | 136,580 | 89,365 | ||
Non-interest income | 27,892 | 22,872 | ||
Non-interest expense | 95,747 | 75,311 | ||
Pre-tax, pre-provision net revenue | 68,725 | 36,926 | ||
Provision (benefit) for credit losses | 7,136 | (6,386) | ||
Income (loss) before income taxes | 61,589 | 43,312 | ||
Income tax (benefit) expense | 15,964 | 10,308 | ||
Net (loss) income | 45,625 | 33,004 | ||
Corporate, Non-Segment | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 0 | 0 | ||
Assets | 16,382,495 | $ 11,779,955 | ||
Net interest income | (73,978) | (49,196) | ||
Non-interest income | 10,442 | 8,504 | ||
Non-interest expense | 138,389 | 30,382 | ||
Pre-tax, pre-provision net revenue | (201,925) | (71,074) | ||
Provision (benefit) for credit losses | (222) | 9 | ||
Income (loss) before income taxes | (201,703) | (71,083) | ||
Income tax (benefit) expense | (69,033) | (22,972) | ||
Net (loss) income | $ (132,670) | $ (48,111) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 65,131 | $ 52,407 |
Non-interest income | 104,035 | 76,757 |
Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 47,827 | 40,469 |
Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 4,498 | |
Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 10,597 | 9,403 |
Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 2,209 | 2,535 |
Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 38,904 | |
Non-interest income | 24,350 | |
Operating Segments | Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 14,317 | 7,009 |
Non-interest income | 38,743 | 18,376 |
Operating Segments | Commercial Banking | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 6,685 | 4,090 |
Operating Segments | Commercial Banking | Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 4,498 | |
Operating Segments | Commercial Banking | Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 3,134 | 2,919 |
Operating Segments | Commercial Banking | Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating Segments | Commercial Banking | Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 24,426 | |
Non-interest income | 11,367 | |
Operating Segments | HSA Bank | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 26,958 | 27,005 |
Non-interest income | 26,958 | 27,005 |
Operating Segments | HSA Bank | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 25,134 | 25,018 |
Operating Segments | HSA Bank | Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | |
Operating Segments | HSA Bank | Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating Segments | HSA Bank | Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,824 | 1,987 |
Operating Segments | HSA Bank | Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | |
Non-interest income | 0 | |
Operating Segments | Consumer Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 23,810 | 18,355 |
Non-interest income | 27,892 | 22,872 |
Operating Segments | Consumer Banking | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 15,954 | 11,314 |
Operating Segments | Consumer Banking | Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | |
Operating Segments | Consumer Banking | Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 7,471 | 6,493 |
Operating Segments | Consumer Banking | Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 385 | 548 |
Operating Segments | Consumer Banking | Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 4,082 | |
Non-interest income | 4,517 | |
Corporate, Non-Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 46 | 38 |
Non-interest income | 10,442 | 8,504 |
Corporate, Non-Segment | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 54 | 47 |
Corporate, Non-Segment | Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | |
Corporate, Non-Segment | Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (8) | (9) |
Corporate, Non-Segment | Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Corporate, Non-Segment | Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 10,396 | |
Non-interest income | $ 8,466 |
Commitments and Contingencies_2
Commitments and Contingencies (Outstanding Financial Instruments Contract Amounts Represent Credit Risk) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | $ 10,781,492 | $ 7,152,331 |
Standby letter of credit | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | 379,495 | 224,061 |
Commercial letter of credit | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | 68,544 | 58,175 |
Commitments to extend credit | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | $ 10,333,453 | $ 6,870,095 |
Commitments and Contingencies_3
Commitments and Contingencies (Reserve for Unfunded Commitments) (Detail) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance, beginning of period | $ 13,104 | $ 12,755 |
ACL assumed from Sterling | 6,749 | 0 |
(Benefit) provision for credit losses | (213) | 45 |
Balance, end of period | $ 19,640 | $ 12,800 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions | May 13, 2022 | Apr. 27, 2022 |
Subsequent Event [Line Items] | ||
Share repurchase amount | $ 600 | |
Share repurchase authority (in shares) | $ 601.2 |