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Long-Term Debt

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Long-Term Debt

The following table summarizes long-term debt:



				At December 31,
(Dollars in thousands)	Maturity date	Stated interest rate		2013				2012
Senior fixed-rate notes	2014	5.125	%	$	150,000			$	150,000
Subordinated fixed-rate notes ⁽¹⁾	2013	5.875	%	—				102,579
Junior subordinated debt Webster Statutory Trust I floating-rate notes ⁽²⁾	2033	3.194	%	77,320				77,320
Total notes and subordinated debt				227,320				329,899
Unamortized discount, net ⁽³⁾				(21		)		(93		)
Hedge accounting adjustments ⁽³⁾				1,066				4,470
Total long-term debt				$	228,365			$	334,276


(1)	The Bank used cash on hand to pay off the subordinated fixed-rate notes that matured on January 15, 2013.


(2)	The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 3.194% at December 31, 2013 and 3.258% at December 31, 2012.


(3)	Related to senior fixed-rate notes.

Aggregate annual maturities of long-term debt at December 31, 2013 are as follows:



(In thousands)	2014				2015				2016				2017				2018				Thereafter				Total
Senior fixed-rate notes	$	150,000			$	—			$	—			$	—			$	—			$	—			$	150,000
Junior subordinated debt related to capital trusts	—				—				—				—				—				77,320				77,320
Total notes and subordinated debt	$	150,000			$	—			$	—			$	—			$	—			$	77,320			$	227,320