Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of Defined Benefit Plans Disclosures

The following table sets forth changes in benefit obligation, changes in plan assets, and the funded status of the defined benefit pension and other postretirement benefits at December 31:

	Pension Plan						SERP						Other Benefits
(In thousands)	2016			2015			2016			2015			2016			2015
Change in benefit obligation:
Beginning balance	$	203,645		$	210,548		$	10,518		$	10,041		$	3,853		$	4,133
Service cost	45			45			—			—			—			—
Interest cost	8,441			8,008			389			345			125			123
Actuarial loss (gain)	6,108			(8,588		)	1,023			373			59			(178		)
Benefits paid and administrative expenses	(6,731		)	(6,368		)	(124		)	(241		)	(185		)	(225		)
Ending balance	211,508			203,645			11,806			10,518			3,852			3,853
Change in plan assets:
Beginning balance	161,369			172,976			—			—			—			—
Actual return on plan assets	18,284			(5,239		)	—			—			—			—
Employer contributions	20,000			—			124			241			185			225
Benefits paid and administrative expenses	(6,731		)	(6,368		)	(124		)	(241		)	(185		)	(225		)
Ending balance	192,922			161,369			—			—			—			—
Funded status of the plan at year end	$	(18,586	)	$	(42,276	)	$	(11,806	)	$	(10,518	)	$	(3,852	)	$	(3,853	)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the accompanying Consolidated Balance Sheets consist of the following:

	Pension Plan						SERP						Other Benefits
(In thousands)	2016			2015			2016			2015			2016			2015
Accrued expenses and other liabilities	$	(18,586	)	$	(42,276	)	$	(11,806	)	$	(10,518	)	$	(3,852	)	$	(3,853	)

Schedule of Net Periodic Benefit Cost Not yet Recognized

The components of AOCL related to the defined benefit pension and other postretirement benefits at December 31, 2016 and 2015 are summarized below:

	Pension Plan				SERP				Other Benefits
(In thousands)	2016		2015		2016		2015		2016		2015
Net actuarial loss	$	65,857	$	73,238	$	3,009	$	2,412	$	616	$	591
Prior service cost	—		—		—		—		—		14
Total pre-tax amounts included in AOCL	65,857		73,238		3,009		2,412		616		605
Deferred tax benefit	23,727		26,447		1,084		871		222		218
Amounts included in accumulated AOCL, net of tax	$	42,130	$	46,791	$	1,925	$	1,541	$	394	$	387

Schedule of Expected Benefit Payments

Expected future benefit payments for the defined benefit pension and other postretirement benefits are presented below:

(In thousands)	Pension Plan		SERP		Other Benefits
2017	$	7,786	$	1,208	$	404
2018	8,604		1,091		398
2019	8,654		8,104		387
2020	9,072		141		375
2021	9,828		140		358
2022-2026	53,711		683		1,457

Summary of Net Periodic Benefit Cost

The components of the net periodic benefit cost (benefit) for the defined benefit pension and other postretirement benefits were as follows for the years ended December 31:

	Pension Plan									SERP						Other Benefits
(In thousands)	2016			2015			2014			2016		2015		2014		2016		2015		2014
Service cost	$	45		$	45		$	40		$	—	$	—	$	—	$	—	$	—	$	—
Interest cost on benefit obligations	8,441			8,008			8,068			389		345		364		125		123		139
Expected return on plan assets	(11,461		)	(11,873		)	(11,495		)	—		—		—		—		—		—
Amortization of prior service cost	—			—			—			—		—		—		14		73		73
Recognized net loss	6,665			5,724			2,781			426		390		135		35		47		5
Net periodic benefit cost (benefit)	$	3,690		$	1,904		$	(606	)	$	815	$	735	$	499	$	174	$	243	$	217

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Changes in funded status related to the defined benefit pension and other postretirement benefits and recognized as a component of OCI in the accompanying Consolidated Statements of Comprehensive Income as follows for the years ended December 31:

	Pension Plan									SERP									Other Benefits
(In thousands)	2016			2015			2014			2016			2015			2014			2016			2015			2014
Net (gain) loss	$	(715	)	$	8,525		$	31,951		$	1,023		$	372		$	1,145		$	60		$	(178	)	$	470
Amounts reclassified from AOCL	(6,665		)	(5,724		)	(2,781		)	(426		)	(390		)	(134		)	(35		)	(47		)	(5		)
Amortization of prior service cost	—			—			—			—			—			—			(14		)	(73		)	(73		)
Total (gain) loss recognized in OCI	$	(7,380	)	$	2,801		$	29,170		$	597		$	(18	)	$	1,011		$	11		$	(298	)	$	392

Schedule of Changes in Fair Value of Plan Assets

A summary of the fair value and hierarchy classification of financial assets of the pension plan is as follows:

	At December 31,
	2016								2015
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Registered investment companies:
Exchange traded funds	$	31,526	$	—	$	—	$	31,526	$	28,329	$	—	$	—	$	28,329
Cash and cash equivalents	701		—		—		701		295		—		—		295
Common collective trust funds:
Fixed Income funds	—		96,429		—		96,429		—		80,783		—		80,783
Equity Funds	—		63,285		—		63,285		—		51,028		—		51,028
Insurance company investment contract	—		—		793		793		—		—		934		934
Total	$	32,227	$	159,714	$	793	$	192,734	$	28,624	$	131,811	$	934	$	161,369

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table sets forth a summary of changes in the fair value of Level 3 assets of the pension plan:

	Years ended December 31,
(In thousands)	2016			2015
Beginning balance	$	934		$	1,077
Unrealized gains relating to instruments still held at the reporting date	(10		)	(28		)
Benefit payments, administrative expenses, and interest income, net	(131		)	(115		)
Ending balance	$	793		$	934

Schedule of Allocation of Plan Assets

The following table presents the target allocation and the pension plan asset allocation for the periods indicated, by asset category:

	Target Allocation		Percentage of Pension Plan assets
	2017		2016		2015
Fixed income investments	50	%	51	%	51	%
Equity investments	50		49		49
Total	100	%	100	%	100	%

Schedule of Assumptions Used

Weighted-average assumptions used to determine benefit obligations at December 31 are as follows:

	Pension Plan				SERP				Other Benefits
	2016		2015		2016		2015		2016		2015
Discount rate	4.01	%	4.20	%	3.63	%	3.75	%	3.27	%	3.35	%
Rate of compensation increase	n/a		n/a		n/a		n/a		n/a		n/a

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 are as follows:

	Pension Plan						SERP						Other Benefits
	2016		2015		2014		2016		2015		2014		2016		2015		2014
Discount rate	4.20	%	3.85	%	4.80	%	3.75	%	3.50	%	4.25	%	3.35	%	3.15	%	3.75	%
Expected long-term return on assets	7.00	%	7.00	%	7.25	%	n/a		n/a		n/a		n/a		n/a		n/a
Rate of compensation increase	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a
Assumed healthcare cost trend	n/a		n/a		n/a		n/a		n/a		n/a		8.25	%	8.00	%	8.00	%

Schedule of Multiemployer Plans

The following table sets forth contributions and funding status of Webster Bank's portion of this plan:

(Dollars in thousands)			Contributions by Webster Bank for the year ended December 31,			Funded Status of the Plan at December 31,
Plan Name	Employer Identification Number	Plan Number	2016	2015	2014	2016	2015
Pentegra Defined Benefit Plan for Financial Institutions	13-5645888	333	$690	$340	$765	At least 80 percent	At least 80 percent