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Investment Securities (Tables)
 9 Months Ended
Sep. 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 September 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”)
868,288

18,537

(1,349
)
885,476

—

—

885,476

Agency mortgage-backed securities (“MBS”)
1,318,550

9,120

(34,416
)
1,293,254

—

—

1,293,254

Agency commercial mortgage-backed securities (“ACMBS”)
19,988

96

—

20,084

—

—

20,084

Commercial mortgage-backed securities (“CMBS”)
437,616

29,367

(1,032
)
465,951

—

—

465,951

Collateralized loan obligations ("CLOs")
333,023

637

(1,126
)
332,534

—

—

332,534

Pooled trust preferred securities (1)
36,581

—

(6,617
)
29,964

—

—

29,964

Single issuer trust preferred securities
51,311

—

(8,009
)
43,302

—

—

43,302

Corporate debt securities
109,529

4,089

—

113,618

—

—

113,618

Equity securities - financial institutions (2)
6,307

3,082

—

9,389

—

—

9,389

Total available for sale
$
3,181,393

$
64,928

$
(52,549
)
$
3,193,772

$
—

$
—

$
3,193,772

Held-to-maturity:
 
 
 
 
 
 
 
Agency CMOs
368,980

—

—

368,980

11,590

(492
)
380,078

Agency MBS
2,095,513

—

—

2,095,513

48,495

(35,832
)
2,108,176

Municipal bonds and notes
466,084

—

—

466,084

14,135

(743
)
479,476

CMBS
265,727

—

—

265,727

9,272

(4,028
)
270,971

Private Label MBS
9,695

—

—

9,695

224

—

9,919

Total held-to-maturity
$
3,205,999

$
—

$
—

$
3,205,999

$
83,716

$
(41,095
)
$
3,248,620

 
 
 
 
 
 
 
 
Total investment securities
$
6,387,392

$
64,928

$
(52,549
)
$
6,399,771

$
83,716

$
(41,095
)
$
6,442,392

(1)
Amortized cost is net of $9.4 million of credit related other-than-temporary impairment at September 30, 2013.
(2)
Amortized cost is net of $21.3 million of other-than-temporary impairment at September 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 September 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

$
91

Due after one year through five years
102,717

106,597

 
66,262

69,780

Due after five through ten years
191,973

192,790

 
138,276

144,351

Due after ten years
2,880,196

2,884,796

 
3,001,371

3,034,398

Total debt securities
$
3,175,086

$
3,184,383

 
$
3,205,999

$
3,248,620
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 September 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
$
90,774

$
(1,255
)
$
9,935

$
(94
)
6

$
100,709

$
(1,349
)
Agency MBS
880,443

(29,177
)
106,834

(5,239
)
92

987,277

(34,416
)
CMBS
51,274

(1,032
)
—

—

6

51,274

(1,032
)
CLOs
217,355

(1,126
)
—

—

14

217,355

(1,126
)
Pooled trust preferred securities
—

—

29,964

(6,617
)
6

29,964

(6,617
)
Single issuer trust preferred securities
3,900

(252
)
39,402

(7,757
)
9

43,302

(8,009
)
Total available for sale in an unrealized loss position
$
1,243,746

$
(32,842
)
$
186,135

$
(19,707
)
133

$
1,429,881

$
(52,549
)
Held-to-maturity:
 
 
 
 
 
 
 
Agency CMOs
29,770

(492
)
—

—

2

29,770

(492
)
Agency MBS
1,008,677

(34,002
)
41,673

(1,830
)
72

1,050,350

(35,832
)
Municipal bonds and notes
33,263

(707
)
2,166

(36
)
38

35,429

(743
)
CMBS
77,145

(4,028
)
—

—

8

77,145

(4,028
)
Total held-to-maturity in an unrealized loss position
$
1,148,855

$
(39,229
)
$
43,839

$
(1,866
)
120

$
1,192,694

$
(41,095
)
 
 
 
 
 
 
 
 
Total investment securities in an unrealized loss position
$
2,392,601

$
(72,071
)
$
229,974

$
(21,573
)
253

$
2,622,575

$
(93,644
)
 
 
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 information that was also considered by management in its overall evaluation of 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
September 30,
2013 (2)
Total OTTI through September 30,
2013
% of
Performing
Bank/
Insurance
Issuers
Deferrals/
Defaults
(As a % of
Current
Collateral)
(Dollars in thousands)
 
 
 
 
 
 
 
 
Security H
B
$
3,487

$
(533
)
$
2,954

B
$
(352
)
91.7
%
8.0
%
Security I
B
4,468

(716
)
3,752

CCC
(365
)
87.5
%
17.2
%
Security J
B
5,321

(1,067
)
4,254

CCC
(806
)
91.7
%
10.4
%
Security K
A
7,432

(1,107
)
6,325

CCC
(2,040
)
69.1
%
33.5
%
Security L
B
8,728

(1,449
)
7,279

CCC
(867
)
91.3
%
13.2
%
Security M
A
7,145

(1,745
)
5,400

D
(4,926
)
60.7
%
34.6
%
Pooled trust preferred securities
 
$
36,581

$
(6,617
)
$
29,964

 
$
(9,356
)
 
 
(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 the lowest credit rating 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
September 30, 2013 (1)
(Dollars in thousands)
 
 
 
 
Security B
$
6,922

$
(922
)
$
6,000

BB
Security C
8,705

(1,280
)
7,425

BBB
Security D
9,547

(1,847
)
7,700

B
Security E
11,804

(1,387
)
10,417

BBB
Security F
14,333

(2,573
)
11,760

BBB
Single issuer trust preferred securities
$
51,311

$
(8,009
)
$
43,302

 
(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
The following table summarizes the proceeds and realized gains recognized from the sale of available for sale securities:
 
Three months ended September 30,
 
Nine months ended September 30,
 
2013
 
2012
 
2013
 
2012
(In thousands)
Proceeds
Gains
 
Proceeds
Gains
 
Proceeds
Gains
 
Proceeds
Gains
Available for sale:
 
 
 
 
 
 
 
 
 
 
 
Agency CMOs
$
—

$
—

 
$
16,353

$
4

 
$
—

$
—

 
$
44,851

$
897

Agency MBS
—

—

 
86,015

806

 
11,771

106

 
86,015

806

CMBS
—

—

 
—

—

 
24,750

333

 
16,284

1,235

Pooled trust preferred securities
7,740

269

 
—

—

 
7,740

269

 
—

—

Equity securities - financial institutions
—

—

 
—

—

 
—

—

 
1,073

409

Available for sale securities
$
7,740

$
269

 
$
102,368

$
810

 
$
44,261

$
708

 
$
148,223

$
3,347