Investment Securities

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



	At December 31, 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	$	325	$	—	$	—		$	325	$	—	$	—		$	325
Agency collateralized mortgage obligations (“CMOs”)	794,397		14,383		(1,868		)	806,912		—		—			806,912
Agency mortgage-backed securities (“MBS”)	1,265,276		9,124		(47,698		)	1,226,702		—		—			1,226,702
Agency commercial mortgage-backed securities (“ACMBS”)	71,759		—		(782		)	70,977		—		—			70,977
Commercial mortgage-backed securities (“CMBS”)	436,872		28,398		(996		)	464,274		—		—			464,274
Collateralized loan obligations ("CLOs") ⁽¹⁾	357,326		315		—			357,641		—		—			357,641
Pooled trust preferred securities ⁽²⁾	31,900		—		(3,410		)	28,490		—		—			28,490
Single issuer trust preferred securities	41,807		—		(6,872		)	34,935		—		—			34,935
Corporate debt securities	108,936		4,155		—			113,091		—		—			113,091
Equity securities - financial institutions ⁽³⁾	2,314		1,270		—			3,584		—		—			3,584
Total available for sale	$	3,110,912	$	57,645	$	(61,626	)	$	3,106,931	$	—	$	—		$	3,106,931
Held-to-maturity:
Agency CMOs	$	365,081	$	—	$	—		$	365,081	$	10,135	$	(1,009	)	$	374,207
Agency MBS	2,130,685		—		—			2,130,685		43,315		(53,188		)	2,120,812
Agency CMBS	115,995							115,995		44		(818		)	115,221
Municipal bonds and notes	448,405		—		—			448,405		11,104		(1,228		)	458,281
CMBS	290,057		—		—			290,057		8,635		(4,975		)	293,717
Private Label MBS	8,498		—		—			8,498		176		—			8,674
Total held-to-maturity	$	3,358,721	$	—	$	—		$	3,358,721	$	73,409	$	(61,218	)	$	3,370,912

Total investment securities	$	6,469,633	$	57,645	$	(61,626	)	$	6,465,652	$	73,409	$	(61,218	)	$	6,477,843


(1)	Amortized cost is net of $2.6 million of other-than-temporary impairment at December 31, 2013.


(2)	Amortized cost is net of $14.0 million of other-than-temporary impairment at December 31, 2013.


(3)	Amortized cost is net of $20.4 million of other-than-temporary impairment at December 31, 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.

The amortized cost and fair value of debt securities at December 31, 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	$	325	$	325	$	90	$	91
Due after one year through five years	101,544		105,492		84,923		89,507
Due after five through ten years	213,552		214,124		103,728		107,472
Due after ten years	2,793,177		2,783,406		3,169,980		3,173,842
Total debt securities	$	3,108,598	$	3,103,347	$	3,358,721	$	3,370,912

For the maturity schedule above, mortgage-backed securities and collateralized loan obligations, which are not due at a single maturity date, have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this maturity date presentation because borrowers have the right to prepay obligations with or without prepayment penalties. At December 31, 2013, the Company had $849.3 million carrying value of callable securities in its CMBS, CLO and municipal bond portfolios. The Company considers these factors in the evaluation of its effective duration and interest rate risk profile.

Securities with a carrying value totaling $2.7 billion at December 31, 2013 and $2.5 billion at December 31, 2012 were pledged to secure public funds, trust deposits, repurchase agreements and for other purposes, as required or permitted by law. At December 31, 2013 and December 31, 2012, the Company had no investments in obligations of individual states, counties, or municipalities which exceed 10% of consolidated shareholders’ equity.

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 December 31, 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	$	149,894	$	(1,713	)	$	9,011	$	(155	)	15	$	158,905	$	(1,868	)
Agency MBS	616,286		(29,537		)	279,680		(18,161		)	88	895,966		(47,698		)
Agency CMBS	70,977		(782		)	—		—			3	70,977		(782		)
CMBS	52,340		(996		)	—		—			7	52,340		(996		)
Pooled trust preferred securities	—		—			11,141		(3,410		)	2	11,141		(3,410		)
Single issuer trust preferred securities	3,777		(381		)	31,158		(6,491		)	8	34,935		(6,872		)
Total available for sale in an unrealized loss position	$	893,274	$	(33,409	)	$	330,990	$	(28,217	)	123	$	1,224,264	$	(61,626	)
Held-to-maturity:
Agency CMOs	53,789		(1,009		)	—		—			4	53,789		(1,009		)
Agency MBS	1,045,693		(42,181		)	170,780		(11,007		)	94	1,216,473		(53,188		)
Agency CMBS	90,218		(818		)	—		—			4	90,218		(818		)
Municipal bonds and notes	46,587		(1,193		)	2,166		(35		)	51	48,753		(1,228		)
CMBS	106,527		(4,059		)	14,832		(916		)	11	121,359		(4,975		)
Total held-to-maturity in an unrealized loss position	$	1,342,814	$	(49,260	)	$	187,778	$	(11,958	)	164	$	1,530,592	$	(61,218	)

Total investment securities in an unrealized loss position	$	2,236,088	$	(82,669	)	$	518,768	$	(40,175	)	287	$	2,754,856	$	(122,844	)



	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	)

The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available for sale portfolio were other-than-temporarily impaired at December 31, 2013. Unless otherwise noted for an investment security type, management does not intend to sell these investments and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell these securities before the recovery of its amortized cost.

Agency collateralized mortgage obligations (CMOs) – There were $1.9 million in unrealized losses in the Company’s investment in agency CMOs at December 31, 2013 compared to $92 thousand at December 31, 2012. The unrealized loss is attributed to an increase in market interest rates which resulted in lower prices in CMOs. The contractual cash flows for these investments are performing as expected and there has been no change in the underlying credit quality. As such, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013.

Agency mortgage-backed securities (MBS) – There were $47.7 million in unrealized losses in the Company’s investment in residential mortgage-backed securities issued by government agencies at December 31, 2013, compared to $1.1 million at December 31, 2012. The increase in unrealized losses was primarily due to increased market rates. The contractual cash flows for these investments are performing as expected. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013.

Agency commercial mortgage-backed securities (ACMBS) - There were $782 thousand in unrealized losses in the Company’s investment in commercial mortgage-backed securities issued by government agencies at December 31, 2013. The portfolio was purchased during the current year ending December 31, 2013 and, therefore, the loss is representative of bid/ask spreads and marginally higher market rates.

Commercial mortgage-backed securities (CMBS) – The unrealized losses on the Company’s investment in commercial mortgage-backed securities issued by entities other than government agencies decreased to $1.0 million at December 31, 2013, from $3.5 million at December 31, 2012. As of December 31, 2013, the unrealized loss is comprised of seven positions in five deals with small unrealized losses as a result of increased market rates. Internal and external metrics are considered when evaluating potential OTTI. Internal stress tests are performed on individual bonds to monitor potential losses under stress scenarios. In addition, market analytics are performed to validate internal results. Contractual cash flows for the bonds continue to perform as expected. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013.

Collateralized loan obligations (CLO) – There were no unrealized losses in the Company’s investment in collateralized loan obligations at December 31, 2013, compared to $225 thousand at December 31, 2012. The decrease in unrealized loss is related to regulatory driven impairment recognized this period as a result of Dodd Frank regulations, specifically the Volcker Rule. The impact of the Volcker rule on the CLO portfolio is discussed in further detail elsewhere in this report.

Pooled trust preferred securities – The pooled trust preferred portfolio consists of six collateralized debt obligations (“CDOs”) containing predominantly bank and insurance company collateral that are currently non-investment grade. At December 31, 2013, the fair value of the pooled trust preferred securities was $28.5 million, an increase of $2.3 million from the fair value of $26.2 million at December 31, 2012. The unrealized losses in the Company's investment in the pooled trust preferred securities were $3.4 million at December 31, 2013, a decrease of $16.4 million from a balance of $19.8 million at December 31, 2012. The decrease in unrealized loss is partially related to regulatory driven impairment recognized this period on four CDO positions as a result of the final Volcker Rule on this portfolio. At December 31, 2013, the Company recognized $4.7 million other-than-temporary impairment for these securities. The remaining decrease in unrealized loss is related to an improvement in pricing driven by tighter credit spreads, improved collateral performance, improved shadow ratings and higher forward LIBOR rates. An internal model is used to value the pooled trust preferred securities as similar rated holdings continue to reflect an inactive market. The Company employs an internal CDO model for projection of future cash flows and discounting those cash flows to a net present value. Based on the valuation analysis, the Company does not consider the remaining two securities with unrealized losses to be other-than-temporarily impaired at December 31, 2013.

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:



(Dollars in thousands)	Class	Amortized Cost ⁽¹⁾		Gross Unrealized Losses			Fair Value		Lowest Credit Ratings as of December 31, 2013 ⁽²⁾	Total Other- Than-Temporary Impairment thru December 31, 2013			% of Performing Bank/ Insurance Issuers		Deferrals/ Defaults (As a % of Current Collateral)
Deal Name:
Security H	B	$	2,809	$	—		$	2,809	B	$	(1,030	)	91.7	%	8.0	%
Security I	B	3,570		—			3,570		CCC	(1,265		)	87.5	%	17.3	%
Security J	B	4,039		—			4,039		CCC	(2,095		)	100.0	%	—	%
Security K	A	7,444		(1,535		)	5,909		CCC	(2,040		)	70.6	%	33.0	%
Security L	B	6,930		—			6,930		CCC	(2,666		)	91.3	%	14.1	%
Security M	A	7,108		(1,875		)	5,233		D	(4,926		)	61.8	%	34.6	%
Pooled trust preferred securities		$	31,900	$	(3,410	)	$	28,490		$	(14,022	)


(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 and S&P in its evaluation of issuers.

Single issuer trust preferred securities – At December 31, 2013, the fair value of the single issuer trust preferred portfolio was $34.9 million, a decrease of $9.5 million from the fair value of $44.4 million at December 31, 2012. The unrealized losses in the Company's investment in single issuer trust preferred securities were $6.9 million at December 31, 2013, an increase of $0.1 million from $6.8 million at December 31, 2012. One single trust preferred security was sold during the fourth quarter of 2013 that had an unrealized loss of $1.1 million as of December 31, 2012. The unrealized loss for the four securities as of December 31, 2013 was an increase of $1.2 million compared to the same four securities as of December 31, 2012. The increase in unrealized loss was attributable to an increase in market spreads during the year. The single issuer portfolio consists of four investments issued by three large capitalization money center financial institutions, which continue to service the debt and showed significantly improved capital levels in recent years and remain well above current regulatory capital standards. Based on the review of the qualitative and quantitative factors presented above, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013.

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:



(Dollars in thousands)	Amortized Cost		Gross Unrealized Losses			Fair Value		Lowest Credit Ratings as of December 31, 2013 ⁽¹⁾
Deal Name:
Security B	$	6,932	$	(1,007	)	$	5,925	BB
Security C	8,716		(1,316		)	7,400		BBB
Security E	11,817		(1,727		)	10,090		BBB
Security F	14,342		(2,822		)	11,520		BBB
Single issuer trust preferred securities	$	41,807	$	(6,872	)	$	34,935


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

Corporate debt securities – There were no unrealized losses on the Company’s investment in corporate debt securities at December 31, 2013 and December 31, 2012.

Equity securities - financial institutions – There were no unrealized losses on the Company’s investment in equity securities at December 31, 2013, compared to $4 thousand at December 31, 2012. This portfolio consists primarily of investments in the common stock of small capitalization financial institutions based in New England. When estimating the recovery period for equity securities in an unrealized loss position, management utilizes analyst forecasts, earnings assumptions and other company-specific financial performance metrics. In addition, this assessment incorporates general market data, industry and sector cycles and related trends to determine a reasonable recovery period. The Company evaluated the near-term prospects of the issuers in relation to the severity and duration of the impairment. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013.

The following discussion summarizes, by investment type, the basis for the conclusion that the applicable investment securities within the Company’s available for sale portfolio were other-than-temporarily impaired at December 31, 2013.

On December 10, 2013, Federal banking agencies jointly adopted final regulations to implement Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule. The Volcker Rule restricts the ability of banking entities to engage in proprietary trading or have an ownership interest in transactions with Covered Funds. Under the final rule, a Covered Fund includes investments such as CLO and CDO investments. As of December 31, 2013, based on the current status of the Volcker Rule, the company anticipates it will be required to divest any Covered Fund investments in accordance with the conformance period defined in the Final Rule. As a result, under GAAP, OTTI is immediately triggered if it becomes more likely than not that a company would be required to divest of a security with a current unrealized loss before achieving full recovery of cost. Unlike credit-driven OTTI, when only the credit portion of the impairment is charged against earnings, a required divestiture situation requires a full write-down to market value in the current period.

Collateralized loan obligations (CLO) - As of December 31, 2013, the unrealized loss for CLO securities prior to OTTI was $2.6 million and attributable to increased market spreads since time of purchase. The final Volcker Rule precludes banks from owning an ownership interest in Covered Funds which include investments such as certain CLOs. The company anticipates it is more likely than not that it will be required to divest any Covered Fund investments in accordance with the conformance period defined in the Final Rule. As a result, the Company recognized $2.6 million other-than-temporary impairments for these securities in the current period ending December 31, 2013.

Pooled trust preferred securities - On January 14, 2014, Federal banking agencies adopted an interim Final Rule specific to certain pooled TruPS CDO investments previously considered Covered Funds under the Volcker Rule. Under the interim Final Rule, the agencies permit the retention of an interest in or sponsorship of Covered Funds by banking entities provided certain qualifications are met. The Company owns six CDO positions, four of which do not meet Volcker Rule qualifications and, therefore, the Company will divest the investments in accordance with the defined conformance period. As a result, the Company recognized $4.7 million other-than-temporary impairments for these securities in the current period ending December 31, 2013.

The following discussion summarizes, by investment type, the basis for the conclusion that the applicable investment securities within the Company’s held-to-maturity portfolio were not other-than-temporarily impaired at December 31, 2013. Unless otherwise noted under an investment security type, management does not intend to sell these investments and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell these securities before the recovery of its amortized cost. There were no significant credit downgrades on held-to-maturity securities during the year ended December 31, 2013.

Agency CMOs – There were unrealized losses of $1.0 million on the Company’s investment in agency CMOs at December 31, 2013, compared to $8 thousand losses at December 31, 2012. This is due to an increase in market rates which resulted in lower prices. The contractual cash flows for these investments are performing as expected. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013.

Agency mortgage-backed securities – There were unrealized losses on the Company’s investment in residential mortgage-backed securities issued by government agencies of $53.2 million at December 31, 2013, compared to $0.5 million losses at December 31, 2012. The unrealized losses are a result of increased market rates. The contractual cash flows for these investments are performing as expected. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013.

Agency commercial mortgage-baked securities - There were unrealized losses of $0.8 million on the Company’s investment in commercial mortgage-backed securities issued by government agencies at December 31, 2013. The contractual cash flows for these investments are performing as expected. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013.

Municipal bonds and notes – There were unrealized losses of $1.2 million on the Company’s investment in municipal bonds and notes at December 31, 2013 compared to $110 thousand at December 31, 2012. This increase is primarily the result of increased market rates in 2013 compared to 2012. These ratings do not consider pre-refunded municipal holdings to be rated AA. If this were the case, the percentage of holdings rated A or better would be 95.6%. In addition, the portfolio is comprised of 85.1% General Obligation bonds, 14.4% Revenue bonds and 0.5% other bonds. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013.

Commercial mortgage-backed securities - There were unrealized losses of $5.0 million on the Company’s investment in commercial mortgage-backed securities issued by entities other than government agencies at December 31, 2013 compared to no unrealized losses at December 31, 2012. At December 31, 2013, the unrealized loss is comprised of eight positions that have unrealized losses as a result of increased market rates. These securities are currently performing as expected. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013.

Private label MBS – There were no unrealized losses on the Company’s investment in residential mortgage-backed securities issued by entities other than government agencies at December 31, 2013 and December 31, 2012. These securities are currently performing as expected. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2013.

The following is a roll forward of the amount of OTTI related to debt securities for the years ended December 31:



(In thousands)	2013			2012		2011
Balance of OTTI, beginning of year	$	10,460		$	10,460	$	26,320
Reduction for payment of deferred interest	—			—		(16		)
Reduction for securities sold	(1,104		)	—		(15,844		)
Additions for OTTI not previously recognized	7,277			—		—
Balance of OTTI, end of year	$	16,633		$	10,460	$	10,460

There were no additions to credit related OTTI for the years ended December 31, 2013 or 2012. There was a reduction in outstanding credit-related OTTI due to the sale of one debt security during the year ended December 31, 2011. To the extent that changes in interest rates, credit movements and other factors that influence the fair value of investments occur, the Company may be required to record impairment charges for other-than-temporary impairment in future periods.

The following table summarizes the proceeds from the sale of available for sale securities:



	Years ended December 31,
(In thousands)	2013		2012		2011
Available for sale:
Agency CMOs	$	—	$	44,850	$	94,335
Agency MBS	11,771		86,015		180,613
CMBS	24,750		16,284		—
Pooled trust preferred securities	7,740		—		1,456
Single issuer trust preferred securities	7,412		—		—
Equity securities - financial institutions	6,131		1,073		2,353
Total available for sale	$	57,804	$	148,222	$	278,757

The following table summarizes the impact of realized gains and losses from the sale of available for sale securities and the impact of the recognition of other-than-temporary impairments for the periods presented:



	Years ended December 31,
	2013											2012								2011
(In thousands)	Gains		Losses			OTTI Charges			Net			Gains		Losses		OTTI Charges		Net		Gains		Losses			OTTI Charges		Net
Available for sale:
Agency CMOs	$	—	$	—		$	—		$	—		$	897	$	—	$	—	$	897	$	1,959	$	—		$	—	$	1,959
Agency MBS	106		—			—			106			806		—		—		806		4,833		—			—		4,833
CMBS	333		—			—			333			1,235		—		—		1,235		—		—			—		—
CLOs	—		—			(2,611		)	(2,611		)	—		—		—		—		—		—			—		—
Pooled trust preferred securities	269		—			(4,666		)	(4,397		)	—		—		—		—		—		(3,343		)	—		(3,343		)
Single issuer trust preferred securities	—		(2,135		)	—			(2,135		)	—		—		—		—		—		—			—		—
Equity securities	2,139		—			—			2,139			409		—		—		409		374		—			—		374
Total available for sale	$	2,847	$	(2,135	)	$	(7,277	)	$	(6,565	)	$	3,347	$	—	$	—	$	3,347	$	7,166	$	(3,343	)	$	—	$	3,823