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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 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 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.
Summary Of Debt Securities By Contractual Maturity
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
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 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
)
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: 
(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.
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:
 
(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.
Roll Forward Of OTTI Recognized In Earnings
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
Proceeds from Sale of Available-for-sale Securities
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
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 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