Investment Securities (Tables)

9 Months Ended

Sep. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Summary Of Investment Securities

A summary of the amortized cost, carrying value, and fair value of Webster’s investment securities is presented below:

	At September 30, 2012
			Recognized in OCI							Not Recognized in OCI
(Dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Carrying value		Gross unrealized gains		Gross unrealized losses			Fair value
Available for sale:
U.S. Treasury Bills	$	200	$	—	$	—		$	200	$	—	$	—		$	200
Agency collateralized mortgage obligations (“CMOs”) - GSE	1,445,317		29,168		(275		)	1,474,210		—		—			1,474,210
Corporate debt	111,857		6,281		—			118,138		—		—			118,138
Pooled trust preferred securities (a)	49,583		—		(21,330		)	28,253		—		—			28,253
Single issuer trust preferred securities	51,144		—		(9,724		)	41,420		—		—			41,420
Equity securities-financial institutions (b)	6,232		2,083		(20		)	8,295		—		—			8,295
Mortgage-backed securities (“MBS”) - GSE	1,042,266		27,579		(628		)	1,069,217		—		—			1,069,217
Commercial mortgage-backed securities (“CMBS”)	344,835		39,690		(3,904		)	380,621		—		—			380,621
Total available for sale	$	3,051,434	$	104,801	$	(35,881	)	$	3,120,354	$	—	$	—		$	3,120,354
Held-to-maturity:
Municipal bonds and notes	$	597,664	$	—	$	—		$	597,664	$	37,915	$	(178	)	$	635,401
Agency CMOs - GSE	567,941		—		—			567,941		19,323		—			587,264
MBS - GSE	1,760,261		—		—			1,760,261		103,840		(37		)	1,864,064
CMBS	200,101		—		—			200,101		17,926		(76		)	217,951
Private Label MBS	16,193		—		—			16,193		444		—			16,637
Total held-to-maturity	$	3,142,160	$	—	$	—		$	3,142,160	$	179,448	$	(291	)	$	3,321,317
Total investment securities	$	6,193,594	$	104,801	$	(35,881	)	$	6,262,514	$	179,448	$	(291	)	$	6,441,671

(a) Amortized cost is net of $10.5 million of credit related other-than-temporary impairment at September 30, 2012.

(b) Amortized cost is net of $21.3 million of other-than-temporary impairments at September 30, 2012.

	At December 31, 2011
			Recognized in OCI							Not Recognized in OCI
(Dollars in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Carrying value		Gross unrealized gains		Gross unrealized losses			Fair value
Available for sale:
U.S. Treasury Bills	$	200	$	—	$	—		$	200	$	—	$	—		$	200
Agency CMOs - GSE	1,916,372		27,211		(3,341		)	1,940,242		—		—			1,940,242
Pooled trust preferred securities (a)	52,606		—		(23,608		)	28,998		—		—			28,998
Single issuer trust preferred securities	51,027		—		(12,813		)	38,214		—		—			38,214
Equity securities-financial institutions (b)	7,669		1,802		(24		)	9,447		—		—			9,447
MBS - GSE	502,389		25,079		(158		)	527,310		—		—			527,310
CMBS	319,200		22,395		(11,242		)	330,353		—		—			330,353
Total available for sale	$	2,849,463	$	76,487	$	(51,186	)	$	2,874,764	$	—	$	—		$	2,874,764
Held-to-maturity:
Municipal bonds and notes	$	646,358	$	—	$	—		$	646,358	$	30,960	$	(174	)	$	677,144
Agency CMOs - GSE	733,889		—		—			733,889		20,555		—			754,444
MBS - GSE	1,411,008		—		—			1,411,008		98,449		—			1,509,457
CMBS	158,451		—		—			158,451		6,588		—			165,039
Private Label MBS	24,021		—		—			24,021		441		—			24,462
Total held-to-maturity	$	2,973,727	$	—	$	—		$	2,973,727	$	156,993	$	(174	)	$	3,130,546
Total investment securities	$	5,823,190	$	76,487	$	(51,186	)	$	5,848,491	$	156,993	$	(174	)	$	6,005,310

(a) Amortized cost is net of $10.5 million of credit related other-than-temporary impairment at December 31, 2011.

(b) Amortized cost is net of $21.6 million of other-than-temporary impairments at December 31, 2011.

Summary Of Debt Securities By Contractual Maturity

The amortized cost and fair value of debt securities at September 30, 2012, by contractual maturity, are set forth below:

	Available for Sale				Held to Maturity
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	9,741	$	8,067	$	15,113	$	15,119
Due after one year through five years	70,449		74,687		11,619		12,204
Due after five through ten years	48,022		50,075		225,637		239,891
Due after ten years	2,916,990		2,979,230		2,889,791		3,054,103
Total debt securities	$	3,045,202	$	3,112,059	$	3,142,160	$	3,321,317

Summary Of Gross Unrealized Losses Not Considered OTTI

The following tables provide information on the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment security category and length of time that individual investment securities have been in a continuous unrealized loss position:

	September 30, 2012
	Less Than Twelve Months					Twelve Months or Longer					Total
(Dollars in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			# of Holdings	Fair Value		Unrealized Losses
Available for Sale:
Agency CMOs - GSE	$	118,266	$	(275	)	$	—	$	—		6	$	118,266	$	(275	)
Pooled trust preferred securities	—		—			28,253		(21,330		)	8	28,253		(21,330		)
Single issuer trust preferred securities	—		—			41,420		(9,724		)	9	41,420		(9,724		)
Equity securities-financial institutions	129		(20		)	—		—			1	129		(20		)
MBS - GSE	60,152		(628		)	—		—			6	60,152		(628		)
CMBS	—		—			20,456		(3,904		)	1	20,456		(3,904		)
Total available for sale	$	178,547	$	(923	)	$	90,129	$	(34,958	)	31	$	268,676	$	(35,881	)
Held-to-maturity:
Municipal bonds and notes	$	8,159	$	(99	)	$	4,542	$	(79	)	19	$	12,701	$	(178	)
MBS - GSE	15,563		(37		)	—		—			3	15,563		(37		)
CMBS	15,789		(76		)	—		—			1	15,789		(76		)
Total held-to-maturity	$	39,511	$	(212	)	$	4,542	$	(79	)	23	$	44,053	$	(291	)
Total investment securities	$	218,058	$	(1,135	)	$	94,671	$	(35,037	)	54	$	312,729	$	(36,172	)

	December 31, 2011
	Less Than Twelve Months					Twelve Months or Longer					Total
(Dollars in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			# of Holdings	Fair Value		Unrealized Losses
Available for Sale:
Agency CMOs - GSE	$	405,318	$	(3,341	)	$	—	$	—		11	$	405,318	$	(3,341	)
Pooled trust preferred securities	6,526		(8,178		)	22,472		(15,430		)	8	28,998		(23,608		)
Single issuer trust preferred securities	6,711		(1,521		)	31,503		(11,292		)	9	38,214		(12,813		)
Equity securities-financial institutions	124		(24		)	—		—			1	124		(24		)
MBS - GSE	90,418		(158		)	—		—			3	90,418		(158		)
CMBS	73,190		(1,924		)	14,957		(9,318		)	5	88,147		(11,242		)
Total available for sale	$	582,287	$	(15,146	)	$	68,932	$	(36,040	)	37	$	651,219	$	(51,186	)
Held-to-maturity:
Municipal bonds and notes	$	5,405	$	(66	)	$	6,117	$	(108	)	21	$	11,522	$	(174	)
Total held-to-maturity	$	5,405	$	(66	)	$	6,117	$	(108	)	21	$	11,522	$	(174	)
Total investment securities	$	587,692	$	(15,212	)	$	75,049	$	(36,148	)	58	$	662,741	$	(51,360	)

Schedule Of Trust Preferred Securities - Pooled Issuers For OTTI Information

The following table summarizes pertinent information that was considered by management in evaluating Trust Preferred Securities – Pooled Issuers for OTTI in the current reporting period:

Trust Preferred Securities - Pooled Issuers
Deal Name	Class	Amortized Cost (a)		Gross Unrealized Losses			Fair Value		Lowest Credit Ratings as of September 30, 2012 (b)	Total Other-Than- Temporary Impairment thru September 30, 2012			% of Performing Bank/ Insurance Issuers		Deferrals/ Defaults (As a % of Current Collateral)
(Dollars in thousands)
Security H	B	$	3,486	$	(1,704	)	$	1,782	B	$	(352	)	92.0	%	7.2	%
Security I	B	4,467		(2,181		)	2,286		CCC	(365		)	87.5	%	17.2	%
Security J	B	5,297		(2,786		)	2,511		CCC	(806		)	88.9	%	13.9	%
Security K	A	7,391		(3,532		)	3,859		CCC	(2,040		)	68.6	%	34.3	%
Security L	B	8,725		(4,370		)	4,355		CCC	(867		)	91.7	%	12.3	%
Security M	A	7,227		(4,331		)	2,896		D	(4,926		)	53.9	%	40.1	%
Security N	A	12,990		(2,426		)	10,564		A	(1,104		)	88.9	%	13.9	%
		$	49,583	$	(21,330	)	$	28,253		$	(10,460	)

(a) For the securities previously deemed impaired, the amortized cost is reflective of previous OTTI recognized in earnings.

(b) The Company utilized credit ratings provided by Moody’s, S&P and Fitch in its evaluation of issuers.

Schedule Of OTTI For Single Issuer Trust Preferred Securities

The following table summarizes pertinent information that was considered by management in determining if OTTI existed within the single issuer trust preferred securities portfolio in the current reporting period:

Trust Preferred Securities - Single Issuers
Deal Name	Amortized Cost		Gross Unrealized Losses			Fair Value		Lowest Credit Ratings as of September 30, 2012 (a)
(Dollars in thousands)
Security B	$	6,883	$	(1,532	)	$	5,351	BB
Security C	8,664		(1,720		)	6,944		BBB
Security D	9,541		(1,674		)	7,867		B
Security E	11,754		(1,861		)	9,893		BBB
Security F	14,302		(2,937		)	11,365		BBB
	$	51,144	$	(9,724	)	$	41,420

(a) The Company utilized credit ratings provided by Moody’s, S&P and Fitch in its evaluation of issuers.

Roll Forward Of OTTI Recognized In Earnings

The following table is a roll forward of the amount of credit related OTTI for the three and nine months ended September 30, 2012 and 2011:

	Three months ended					Nine months ended
	September 30,					September 30,
(In thousands)	2012		2011			2012		2011
Balance of credit related OTTI, beginning of period	$	10,460	$	10,476		$	10,460	$	26,320
Reduction for payment of deferred interest	—		(16		)	—		(16		)
Reduction for securities sold	—		—			—		(15,844		)
Balance of credit related OTTI, end of period	$	10,460	$	10,460		$	10,460	$	10,460

Summary Of Sale Proceeds Of Available For Sale Securities

The following table summarizes the proceeds from the sale of available for sale securities for the three and nine months ended September 30, 2012 and 2011:

	Three months ended				Nine months ended
	September 30,				September 30,
(In thousands)	2012		2011		2012		2011
Available for sale:
Agency CMOs - GSE	$	16,353	$	—	$	44,851	$	94,335
Pooled trust preferred securities	—		—		—		1,456
Equity securities	—		—		1,073		2,353
MBS - GSE	86,015		—		86,015		180,613
CMBS	—		—		16,284		—
Total available for sale	$	102,368	$	—	$	148,223	$	278,757

Summary Of Sale Proceeds And Realized Gains And Losses And Recognition Of OTTI

The following table summarizes the impact of realized gains and losses from the sale of securities and the impact of the recognition of other-than-temporary impairments for the three and nine months ended September 30, 2012 and 2011:

	Three months ended September 30,
	2012								2011
(In thousands)	Gains		Losses		OTTI Charges		Net		Gains		Losses		OTTI Charges		Net
Available for sale:
Agency CMOs - GSE	$	4	$	—	$	—	$	4	$	—	$	—	$	—	$	—
Pooled trust preferred securities	—		—		—		—		—		—		—		—
Equity securities	—		—		—		—		—		—		—		—
MBS - GSE	806		—		—		806		—		—		—		—
CMBS	—		—		—		—		—		—		—		—
Total available for sale	$	810	$	—	$	—	$	810	$	—	$	—	$	—	$	—

	Nine months ended September 30,
	2012								2011
(In thousands)	Gains		Losses		OTTI Charges		Net		Gains		Losses			OTTI Charges		Net
Available for sale:
Agency CMOs - GSE	$	897	—		—		$	897	$	1,959	$	—		$	—	$	1,959
Pooled trust preferred securities	—		—		—		—		—		(3,343		)	—		(3,343		)
Equity securities	409		—		—		409		374		—			—		374
MBS - GSE	806		—		—		806		4,833		—			—		4,833
CMBS	1,235		—		—		1,235		—		—			—		—
Total available for sale	$	3,347	$	—	$	—	$	3,347	$	7,166	$	(3,343	)	$	—	$	3,823