Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated events from the date of the Condensed Consolidated Financial Statements and accompanying Notes thereto, March 31, 2020, through the issuance of this Quarterly Report on Form 10-Q.

During the second quarter of 2020, the Company began offering loans that are guaranteed by the SBA under its PPP and authorized under the CARES Act. Through early May 2020, the SBA has approved over 9,000 applications totaling $1.4 billion under this program, of which the Company has funded over 7,000 loans, for approximately $1.2 billion. Webster Bank also received approval from the FRB of Boston to access the PPP Liquidity Facility to fund PPP loans.

In addition, the Company continued to provide loan modifications, primarily three-month and six-month payment deferrals, subject to relief provisions under the CARES Act and Interagency Statement. Including both in process and executed deferrals, loan balances associated with payment accommodations totaled approximately $2.2 billion through early May 2020.

Also, on April 20, 2020, the Company announced that its HSA Bank division of Webster Bank has signed a definitive agreement to acquire approximately 24,000 health savings accounts, including an estimated $140 million in deposits from State Farm Bank, F.S.B., a subsidiary of State Farm Mutual Automobile Insurance Company. The transaction is expected to close in the second or third quarter of 2020 and is subject to regulatory approval and customary closing conditions.

Except for these transactions, the Company determined that no other significant events were identified requiring recognition or disclosure in this report.