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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2013
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 June 30, 2013
 
 
Recognized in OCI
 
Not Recognized in OCI
 
(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”)
988,928

15,696

(727
)
1,003,897

—

—

1,003,897

Agency mortgage-backed securities (“MBS”)
1,362,955

11,549

(36,312
)
1,338,192

—

—

1,338,192

Commercial mortgage-backed securities (“CMBS”)
411,544

29,489

(897
)
440,136

—

—

440,136

Collateralized loan obligations ("CLOs")
277,657

825

(474
)
278,008

—

—

278,008

Pooled trust preferred securities (1)
44,025

—

(13,810
)
30,215

—

—

30,215

Single issuer trust preferred securities
51,267

—

(6,392
)
44,875

—

—

44,875

Corporate debt securities
110,118

2,699

(146
)
112,671

—

—

112,671

Equity securities - financial institutions (2)
6,307

2,859

—

9,166

—

—

9,166

Total available for sale
$
3,253,001

$
63,117

$
(58,758
)
$
3,257,360

$
—

$
—

$
3,257,360

Held-to-maturity:
 
 
 
 
 
 
 
Agency CMOs
401,617

—

—

401,617

12,112

(801
)
412,928

Agency MBS
1,984,849

—

—

1,984,849

49,697

(37,413
)
1,997,133

Municipal bonds and notes
486,862

—

—

486,862

17,165

(362
)
503,665

CMBS
245,475

—

—

245,475

8,789

(5,167
)
249,097

Private Label MBS
11,061

—

—

11,061

264

—

11,325

Total held-to-maturity
$
3,129,864

$
—

$
—

$
3,129,864

$
88,027

$
(43,743
)
$
3,174,148

 
 
 
 
 
 
 
 
Total investment securities
$
6,382,865

$
63,117

$
(58,758
)
$
6,387,224

$
88,027

$
(43,743
)
$
6,431,508

(1)
Amortized cost is net of $10.5 million of credit related other-than-temporary impairment at June 30, 2013.
(2)
Amortized cost is net of $21.3 million of other-than-temporary impairment at June 30, 2013.
 
At December 31, 2012
 
 
Recognized in OCI
 
Not Recognized in OCI
 
(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
1,284,126

25,972

(92
)
1,310,006

—

—

1,310,006

Agency MBS
1,121,941

21,437

(1,098
)
1,142,280

—

—

1,142,280

CMBS
359,438

42,086

(3,493
)
398,031

—

—

398,031

CLOs
88,765

—

(225
)
88,540

—

—

88,540

Pooled trust preferred securities (1)
46,018

—

(19,811
)
26,207

—

—

26,207

Single issuer trust preferred securities
51,181

—

(6,766
)
44,415

—

—

44,415

Corporate debt securities
111,281

6,918

—

118,199

—

—

118,199

Equity securities - financial institutions (2)
6,232

2,054

(4
)
8,282

—

—

8,282

Total available for sale
$
3,069,182

$
98,467

$
(31,489
)
$
3,136,160

$
—

$
—

$
3,136,160

Held-to-maturity:
 
 
 
 
 
 
 
Agency CMOs
500,369

—

—

500,369

16,643

(8
)
517,004

Agency MBS
1,833,677

—

—

1,833,677

88,082

(474
)
1,921,285

Municipal bonds and notes
559,131

—

—

559,131

34,366

(110
)
593,387

CMBS
199,810

—

—

199,810

18,324

—

218,134

Private Label MBS
14,542

—

—

14,542

366

—

14,908

Total held-to-maturity
$
3,107,529

$
—

$
—

$
3,107,529

$
157,781

$
(592
)
$
3,264,718

 
 
 
 
 
 
 
 
Total investment securities
$
6,176,711

$
98,467

$
(31,489
)
$
6,243,689

$
157,781

$
(592
)
$
6,400,878

(1)
Amortized cost is net of $10.5 million of credit related other-than-temporary impairment at December 31, 2012.
(2)
Amortized cost is net of $21.3 million of other-than-temporary impairment at December 31, 2012.
Summary Of Debt Securities By Contractual Maturity
The amortized cost and fair value of debt securities at June 30, 2013, by contractual maturity, are set forth below:
 
Available for Sale
 
Held-to-Maturity
(In thousands)
Amortized
Cost
Fair
Value
 
Amortized
Cost
Fair
Value
Due in one year or less
$
200

$
200

 
$
90

$
93

Due after one year through five years
104,048

106,689

 
61,934

65,296

Due after five through ten years
127,779

128,197

 
128,176

133,913

Due after ten years
3,014,667

3,013,108

 
2,939,664

2,974,846

Total debt securities
$
3,246,694

$
3,248,194

 
$
3,129,864

$
3,174,148
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:
 
At June 30, 2013
 
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
$
128,352

$
(520
)
$
11,192

$
(207
)
8

$
139,544

$
(727
)
Agency MBS
982,732

(36,261
)
3,065

(51
)
88

985,797

(36,312
)
CMBS
82,528

(897
)
—

—

9

82,528

(897
)
CLOs
125,206

(474
)
—

—

9

125,206

(474
)
Pooled trust preferred securities
—

—

30,215

(13,810
)
8

30,215

(13,810
)
Single issuer trust preferred securities
4,054

(91
)
40,821

(6,301
)
9

44,875

(6,392
)
Corporate debt
23,981

(146
)
—

—

1

23,981

(146
)
Total available for sale in an unrealized loss position
$
1,346,853

$
(38,389
)
$
85,293

$
(20,369
)
132

$
1,432,146

$
(58,758
)
Held-to-maturity:
 
 
 
 
 
 
 
Agency CMOs
18,657

(801
)
—

—

1

18,657

(801
)
Agency MBS
1,035,839

(37,413
)
—

—

64

1,035,839

(37,413
)
Municipal bonds and notes
18,263

(324
)
2,166

(38
)
25

20,429

(362
)
CMBS
83,221

(5,167
)
—

—

9

83,221

(5,167
)
Total held-to-maturity in an unrealized loss position
$
1,155,980

$
(43,705
)
$
2,166

$
(38
)
99

$
1,158,146

$
(43,743
)
 
 
 
 
 
 
 
 
Total investment securities in an unrealized loss position
$
2,502,833

$
(82,094
)
$
87,459

$
(20,407
)
231

$
2,590,292

$
(102,501
)
 
 
At December 31, 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
$
69,936

$
(92
)
$
—

$
—

4

$
69,936

$
(92
)
Agency MBS
275,818

(1,098
)
—

—

28

275,818

(1,098
)
CMBS
14,947

(17
)
20,909

(3,476
)
2

35,856

(3,493
)
CLOs
44,775

(225
)
—

—

2

44,775

(225
)
Pooled trust preferred securities
—

—

26,207

(19,811
)
8

26,207

(19,811
)
Single issuer trust preferred securities
—

—

44,415

(6,766
)
9

44,415

(6,766
)
Equity securities-financial institutions
144

(4
)
—

—

1

144

(4
)
Total available for sale in an unrealized loss position
$
405,620

$
(1,436
)
$
91,531

$
(30,053
)
54

$
497,151

$
(31,489
)
Held-to-maturity:
 
 
 
 
 
 
 
Agency CMOs
18,741

(8
)
—

—

1

18,741

(8
)
Agency MBS
161,057

(474
)
—

—

12

161,057

(474
)
Municipal bonds and notes
5,990

(51
)
2,858

(59
)
11

8,848

(110
)
Total held-to-maturity in an unrealized loss position
$
185,788

$
(533
)
$
2,858

$
(59
)
24

$
188,646

$
(592
)
 
 
 
 
 
 
 
 
Total investment securities in an unrealized loss position
$
591,408

$
(1,969
)
$
94,389

$
(30,112
)
78

$
685,797

$
(32,081
)
Schedule Of Trust Preferred Securities - Pooled Issuers For OTTI Information
The following table summarizes pertinent information that was considered by management in evaluating the Pooled Trust Preferred Securities portfolio for OTTI in the current reporting period: 
Deal Name
Class
Amortized
Cost (1)
Gross
Unrealized
Losses
Fair
Value
Lowest Credit
Ratings as of
June 30,
2013 (2)
Total OTTI thru
June 30,
2013
% of
Performing
Bank/
Insurance
Issuers
Deferrals/
Defaults
(As a % of
Current
Collateral)
(Dollars in thousands)
 
 
 
 
 
 
 
 
Security H
B
$
3,487

$
(1,178
)
$
2,309

B
$
(352
)
91.7
%
7.5
%
Security I
B
4,468

(1,520
)
2,948

CCC
(365
)
87.5
%
17.2
%
Security J
B
5,315

(2,027
)
3,288

CCC
(806
)
91.7
%
10.4
%
Security K
A
7,421

(2,447
)
4,974

CCC
(2,040
)
69.1
%
33.5
%
Security L
B
8,726

(3,061
)
5,665

CCC
(867
)
91.3
%
13.2
%
Security M
A
7,139

(3,045
)
4,094

D
(4,926
)
60.7
%
34.6
%
Security N
A
7,469

(532
)
6,937

A
(1,104
)
94.3
%
10.4
%
Pooled trust preferred securities
 
$
44,025

$
(13,810
)
$
30,215

 
$
(10,460
)
 
 
(1)For the securities previously deemed impaired, the amortized cost is reflective of previous OTTI recognized in earnings.
(2)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 evaluating the Single Issuer Trust Preferred Securities portfolio for OTTI in the current reporting period:
Deal Name
Amortized
Cost
Gross
Unrealized
Losses
Fair
Value
Lowest Credit
Ratings as of
June 30, 2013 (1)
(Dollars in thousands)
 
 
 
 
Security B
$
6,912

$
(1,024
)
$
5,888

BB
Security C
8,694

(1,094
)
7,600

BBB
Security D
9,546

(1,146
)
8,400

B
Security E
11,791

(964
)
10,827

BBB
Security F
14,324

(2,164
)
12,160

BBB
Single issuer trust preferred securities
$
51,267

$
(6,392
)
$
44,875

 
(1)The Company utilized credit ratings provided by Moody’s, S&P and Fitch in its evaluation of issuers.
Summary Of Sale Proceeds Of Available For Sale Securities
:
 
Three months ended June 30,
 
Six months ended June 30,
(In thousands)
2013
2012
 
2013
2012
Available for sale:
 
 
 
 
 
Agency CMOs
$
—

$
28,498

 
$
—

$
28,498

Agency MBS
—

—

 
11,771

—

CMBS
24,750

16,284

 
24,750

16,284

Equity securities
—

1,073

 
—

1,073

Proceeds from sales of available for sale securities
$
24,750

$
45,855

 
$
36,521

$
45,855
Summary Of Sale Proceeds And Realized Gains And Losses And Recognition Of OTTI
The following table summarizes realized gains recognized from the sale of available for sale securities:
 
Three months ended June 30,
 
Six months ended June 30,
(In thousands)
2013
2012
 
2013
2012
Available for sale:
 
 
 
 
 
Agency CMOs
$
—

$
893

 
$
—

$
893

Agency MBS
—

—

 
106

—

CMBS
333

1,235

 
333

1,235

Equity securities
—

409

 
—

409

Net gain on the sale of available for sale securities
$
333

$
2,537

 
$
439

$
2,537