People's United Financial (PBCT) 10-Q 9 Nov 09 2009 Q3 Quarterly report Financial data

Statement Of Financial Position

Statement Of Financial Position Unclassified - Deposit Based Operations (USD $)
In Millions	Sep. 30, 2009	Dec. 31, 2008
Assets
Cash and due from banks	410.9	345.1
Short-term investments (note 3)	1,933	1138.8
Total cash and cash equivalents	2343.9	1483.9
Securities (note 3):
Trading account securities, at fair value	10.3	21.4
Securities available for sale, at fair value	453.4	1848.3
Securities held to maturity, at amortized cost (fair value of $55.3 million and $0.9 million)	55.3	0.9
Federal Home Loan Bank stock, at cost	31.1	31.1
Total securities	550.1	1901.7
Securities purchased under agreements to resell	1,144	0
Loans (note 4):
Commercial real estate	5365.8	4967.3
Commercial	4011.4	4226.4
Residential mortgage	2,654	3144.6
Consumer	2270.4	2227.4
Total loans	14301.6	14565.7
Less allowance for loan losses	-172.5	-157.5
Total loans, net	14129.1	14408.2
Goodwill (note 7)	1261.7	1261.7
Other acquisition-related intangibles (note 7)	258.5	274.1
Premises and equipment	261.7	262.4
Bank-owned life insurance	235.2	228.6
Other assets (note 11)	625.9	347.1
Total assets	20810.1	20167.7
Deposits:
Non-interest-bearing	3192.8	3173.4
Savings, interest-bearing checking and money market	6,926	6214.7
Time	4931.6	4881.3
Total deposits	15050.4	14269.4
Borrowings:
Repurchase agreements	139	156.7
Federal Home Loan Bank advances	15	15.1
Other	0	16.1
Total borrowings	154	187.9
Subordinated notes	181.5	180.5
Other liabilities (notes 11 and 13)	309	356.1
Total liabilities	15694.9	14993.9
Stockholders' Equity
Common stock ($0.01 par value; 1.95 billion shares authorized; 348.4 million shares and 347.9 million shares issued)	3.5	3.5
Additional paid-in capital	4506.3	4485.1
Retained earnings (note 13)	943.4	1020.9
Treasury stock, at cost (3.3 million shares and 3.2 million shares)	-59.6	-57.9
Accumulated other comprehensive loss (note 5)	-81.4	-75.4
Unallocated common stock of Employee Stock Ownership Plan (9.5 million shares and 9.8 million shares) (note 1)	(197)	-202.4
Total stockholders' equity	5115.2	5173.8
Total liabilities and stockholders' equity	20810.1	20167.7

1_Statement Of Financial Positi

Statement Of Financial Position Unclassified - Deposit Based Operations (Parenthetical) (USD $)
In Millions, except Share data	Sep. 30, 2009	Dec. 31, 2008
Securities held to maturity, fair value	55.3	0.9
Common stock, par value	0.01	0.01
Common stock, shares authorized	1,950,000,000	1,950,000,000
Common stock, shares issued	348,400,000	347,900,000
Treasury stock, shares	3,300,000	3,200,000
Unallocated common stock of Employee Stock Ownership Plan, shares	9,500,000	9,800,000

Statement Of Income Interest Ba

Statement Of Income Interest Based Revenue (USD $)
In Millions, except Per Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Interest and dividend income:
Commercial real estate	73.9	75.4	213.7	228.2
Commercial	49.6	56.6	150.8	174.2
Residential mortgage	35.1	45.4	113.6	146.7
Consumer	24	27.2	71.9	85.1
Total interest on loans	182.6	204.6	550	634.2
Securities	7.5	4.8	24	22.3
Short-term investments	1.4	12.5	4.7	40.8
Securities purchased under agreements to resell	0.4	0.5	0.6	7.5
Total interest and dividend income	191.9	222.4	579.3	704.8
Interest expense:
Deposits	42.5	58	137.5	207.5
Borrowings	0.3	0.8	1.1	2.8
Subordinated notes	3.8	3.8	11.4	11.4
Total interest expense	46.6	62.6	150	221.7
Net interest income	145.3	159.8	429.3	483.1
Provision for loan losses (note 2)	21.5	6.8	43.4	17.5
Net interest income after provision for loan losses	123.8	153	385.9	465.6
Non-interest income:
Investment management fees	8.4	8.9	24.5	27.2
Insurance revenue	7.9	8.8	23	26
Brokerage commissions	2.8	4.1	9.3	12.8
Total wealth management income	19.1	21.8	56.8	66
Bank service charges	33.3	33.1	96.6	96.2
Merchant services income	6.7	7.5	18.6	21
Net gains on sales of residential mortgage loans	5.2	1.5	10.9	5.7
Net security gains (losses) (note 3)	4.7	-0.2	22.1	8.1
Bank-owned life insurance	2.2	2.1	6.5	6.8
Other non-interest income	9	8.4	25.9	26.1
Total non-interest income	80.2	74.2	237.4	229.9
Non-interest expense:
Compensation and benefits	86	85.6	261.3	261.4
Occupancy and equipment	27.5	26.1	81.8	83.8
Professional and outside service fees	11.6	11.9	34	35.2
Merchant services expense	5.7	6.8	15.8	18.2
Merger-related expenses (note 2)	0	0	0	36.5
Other non-interest expense (notes 7 and 13)	34.3	28.3	119.5	105.7
Total non-interest expense	165.1	158.7	512.4	540.8
Income before income tax expense	38.9	68.5	110.9	154.7
Income tax expense	12.1	22.5	34.6	50.6
Net income (note 13)	26.8	$46	76.3	104.1
Earnings per common share (notes 6 and 13):
Basic	0.08	0.14	0.23	0.32
Diluted	0.08	0.14	0.23	0.32

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Millions	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Unallocated ESOP Common Stock	Total
Beginning Balance at Dec. 31, 2007	$3	3642.8	1079.6	-51.8	-18.6	-209.6	4445.4
Comprehensive income:
Net income			104.1				104.1
Other comprehensive income, net of tax					3.7		3.7
Common stock issued in the Chittenden Corporation acquisition, net of issuance costs (note 2)	0.5	769.7					770.2
Cash dividends on common stock ($0.45 in 2009 and $0.43 in 2008 per share)			-144.2				-144.2
Restricted stock awards		24.3	-0.7	-6.2			17.4
ESOP common stock committed to be released (note 1)			-0.9			5.4	4.5
Stock options and related tax benefits		36.1					36.1
Tax benefits related to dissolution of People's Mutual Holdings		2.7					2.7
Effect of changing pension plan measurement date, net of tax (note 1)			-0.3		(1)		-1.3
Ending Balance at Sep. 30, 2008	3.5	4475.6	1037.6	(58)	-15.9	-204.2	5238.6
Comprehensive income:
Beginning Balance at Dec. 31, 2008	3.5	4485.1	1020.9	-57.9	-75.4	-202.4	5173.8
Comprehensive income:
Net income			76.3				76.3
Other comprehensive income, net of tax					(6)		(6)
Cash dividends on common stock ($0.45 in 2009 and $0.43 in 2008 per share)			-152.5				-152.5
Restricted stock awards		15.2		-1.7			13.5
ESOP common stock committed to be released (note 1)			-1.1			5.4	4.3
Common stock repurchased and retired			-0.2				-0.2
Stock options and related tax benefits		6					6
Ending Balance at Sep. 30, 2009	3.5	4506.3	943.4	-59.6	-81.4	(197)	5115.2
Beginning Balance at Jun. 30, 2009	3.5
Comprehensive income:
Ending Balance at Sep. 30, 2009	3.5

2_Statement Of Shareholders Equ

Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $)
	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Cash dividends on common stock, per share	0.45	0.43

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect Deposit Based Operations (USD $)
In Millions	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Cash Flows from Operating Activities:
Net income	26.8	$46	76.3	104.1
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	21.5	6.8	43.4	17.5
Depreciation and amortization of premises and equipment			23.6	24
Impairment loss on premises and equipment			0	19.3
Amortization of leased equipment			10.1	5.9
Amortization of other acquisition-related intangibles			15.6	15.8
Net security gains	-4.7	0.2	-22.1	-8.1
Net gains on sales of residential mortgage loans	-5.2	-1.5	-10.9	-5.7
ESOP common stock committed to be released			4.3	4.5
Expense related to share-based awards			18.9	16.6
Originations of loans held-for-sale			-922.1	-476.8
Proceeds from sales of loans held-for-sale			908.6	459.3
Net decrease (increase) in trading account securities			11.1	-14.6
Net changes in other assets and liabilities			23.5	-17.2
Net cash provided by operating activities			180.3	144.6
Cash Flows from Investing Activities:
Net (increase) decrease in securities purchased under agreements to resell			(1,144)	428
Proceeds from sales of securities available for sale			731.6	638.4
Proceeds from sales of other securities			5.6	6.9
Proceeds from principal repayments of securities available for sale			1618.1	1268.1
Proceeds from principal repayments of securities held to maturity			0.6	0
Purchases of securities available for sale			-1275.3	-1335.9
Purchases of securities held to maturity			(55)	0
Proceeds from sales of loans			9.3	53.2
Net loan principal collections			228.7	241.2
Purchases of bank-owned life insurance			0	-0.2
Return of premium on bank-owned life insurance			0	1.4
Purchases of premises and equipment			-23.4	-20.2
Purchases of leased equipment			(20)	-11.2
Net cash paid in sale of branches			-16.2	0
Proceeds from sales of real estate owned			6.5	3.6
Cash paid, net of cash acquired, in acquisition of Chittenden Corporation			0	-762.8
Net cash provided by investing activities			66.5	510.5
Cash Flows from Financing Activities:
Net increase (decrease) in deposits			799.3	-958.7
Net (decrease) increase in borrowings with terms of three months or less			-33.8	12.5
Repayments of borrowings with terms of more than three months			-0.8	-4.5
Proceeds from borrowings with terms of more than three months			0.7	0
Cash dividends paid on common stock			-152.5	-144.2
Common stock repurchased and retired			-0.2	0
Proceeds from stock options exercised, including excess income tax benefits			0.5	26.6
Net cash provided by (used in) financing activities			613.2	-1068.3
Net increase (decrease) in cash and cash equivalents			860	-413.2
Cash and cash equivalents at beginning of period			1483.9	3384.2
Cash and cash equivalents at end of period	2343.9	2,971	2343.9	2,971
Supplemental Information:
Interest payments			153.5	216.4
Income tax payments			38.4	66.2
Real estate properties acquired by foreclosure			$10	3.8

NOTE 1.GENERAL

NOTE 1.GENERAL
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 1.GENERAL	NOTE1. GENERAL In the opinion of management, the accompanying unaudited consolidated financial statements of Peoples United Financial, Inc. (Peoples United Financial) have been prepared to reflect all adjustments necessary to present fairly the financial position and results of operations as of the dates and for the periods shown. All significant intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. The company has considered all subsequent events through November6, 2009, the date of issuance of these financial statements, for potential recognition and/or disclosure herein. In preparing the consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from managements current estimates, as a result of changing conditions and future events. The current economic environment has increased the degree of uncertainty inherent in these significant estimates. Note 1 to Peoples United Financials audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December31, 2008, as supplemented by the Quarterly Reports on Form 10-Q for the periods ended March31, 2009 and June30, 2009, and this Quarterly Report for the period ended September30, 2009, provides disclosure of Peoples United Financials significant accounting policies. Several accounting estimates are particularly critical and are susceptible to significant near-term change, including the allowance for loan losses, the valuation of derivative financial instruments, and asset impairment judgments, such as other-than-temporary declines in the value of securities and the recoverability of goodwill and other intangible assets. These significant accounting policies and critical estimates are reviewed with the Audit Committee of the Board of Directors. The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan losses in future periods, and the inability to collect outstanding principal may result in increased loan losses. Certain information and footnote disclosures normally included in consolidated financial statements prepared in conformity with U.S. generally accepted accounting principles have been omitted or condensed. As a result, the accompanying consolidated financial statements should be read in conjunction with Peoples United Financials Annual Report on Form 10-K for the year ended December31, 2008. The results of operations for the three and nine months ended September30, 2009 are not necessarily indicative of the results of operations that may be expected for the entire year or any other interim period. Bank-Owned Life Insurance B

NOTE 2.ACQUISITION OF CHITTENDE

NOTE 2.ACQUISITION OF CHITTENDEN CORPORATION
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 2.ACQUISITION OF CHITTENDEN CORPORATION	NOTE2. ACQUISITION OF CHITTENDEN CORPORATION On January1, 2008, Peoples United Financial completed its acquisition of Chittenden Corporation (Chittenden), a multi-bank holding company headquartered in Burlington, Vermont. Total consideration paid in the Chittenden acquisition of $1.8 billion consisted of approximately $1.0 billion in cash and 44.3million shares of Peoples United Financial common stock with a fair value of approximately $0.8 billion. Cash consideration was paid at the rate of $35.636 per share of Chittenden common stock and stock consideration was paid at the rate of 2.0457 shares of Peoples United Financial common stock per share of Chittenden common stock. The acquisition was accounted for as a purchase and accordingly, Chittendens assets and liabilities were recorded by Peoples United Financial at their estimated fair values as of January1, 2008. Goodwill resulting from the Chittenden acquisition totaled $1.16 billion and other acquisition-related intangible assets recorded in connection with the Chittenden acquisition totaled $292.9 million at January1, 2008 (see Note 7). Merger-related expenses totaling $41.0 million were recorded in the first quarter of 2008. Included in this amount was a $4.5 million charge to the provision for loan losses to align allowance for loan losses methodologies across the combined organization. In addition, non-interest expense included $36.5 million of merger-related charges, including asset impairment charges ($19.3 million), costs relating to severance and branch closings ($10.5 million), and other accrued liabilities ($6.7 million).

NOTE 3.SECURITIES AND SHORT-TER

NOTE 3.SECURITIES AND SHORT-TERM INVESTMENTS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 3.SECURITIES AND SHORT-TERM INVESTMENTS	NOTE3. SECURITIES AND SHORT-TERM INVESTMENTS The amortized cost, gross unrealized gains and losses, and fair value of Peoples United Financials securities are as follows: Gross Gross Amortized Unrealized Unrealized Fair As of September30, 2009 (in millions) Cost Gains Losses Value Trading account securities $ 10.3 $ $ $ 10.3 Securities available for sale: Debt securities: U.S. Treasury and agency 10.2 10.2 Government-sponsored enterprise (GSE) residential mortgage-backed securities 435.6 6.8 442.4 State and municipal 0.3 0.3 Total debt securities 446.1 6.8 452.9 Equity securities 0.5 0.5 Total securities available for sale 446.6 6.8 453.4 Securities held to maturity: Debt securities: Corporate 55.0 55.0 Other 0.3 0.3 Total securities held to maturity 55.3 55.3 Federal Home Loan Bank (FHLB) stock 31.1 31.1 Total securities $ 543.3 $ 6.8 $ $ 550.1 Gross Gross Amortized Unrealized Unrealized Fair As of December31, 2008 (in millions) Cost Gains Losses Value Trading account securities $ 21.4 $ $ $ 21.4 Securities available for sale: Debt securities: U.S. Treasury, agency and GSE 1,469.2 2.9 1,472.1 U.S. agency and GSE residential mortgage-backed securities 373.2 2.2 375.4 State and municipal 0.3 0.3 Total debt securities 1,842.7 5.1 1,847.8 Equity securities 0.5 0.5 Total securities available for sale 1,843.2 5.1 1,848.3 Securities held to maturity 0.9 0.9 FHLB stock 31.1 31.1 Total securities $ 1,896.6 $ 5.1 $ $ 1,901.7 At September30, 2009, eight state and municipal securities classified as available for sale with a fair value of $0.3 million had continuous unrealized losses for a period greater than 12 months totaling less than $25,000 at that date. Management reviews debt securities with unrealized losses on a regular basis to determine if the decline in fair value of any security is deemed to be other-than-temporary. Other-than-temporary impairment losses are recognized on debt securities when: (i)the holder has an intention to sell the security; (ii)it is more likely than not that the security will be required to be sold prior to recovery; or (iii)the holder does not expect to recover the entire amortized cost bas

NOTE 4.LOANS

NOTE 4.LOANS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 4.LOANS	NOTE4. LOANS The components of Peoples United Financials loan portfolio are summarized as follows: (in millions) September30, 2009 December31, 2008 Commercial real estate: Retail $ 1,333.0 $ 1,204.5 Office buildings 1,274.2 1,047.4 Residential 797.4 766.4 Industrial/manufacturing 648.5 643.2 Hospitality and entertainment 530.7 544.3 Mixed/Special use 259.1 252.2 Land 169.6 172.6 Self storage/industrial 130.4 125.5 Health care 86.5 86.4 Other properties 136.4 124.8 Total commercial real estate 5,365.8 4,967.3 Commercial and industrial: Finance, insurance and real estate 596.0 618.3 Service 564.7 571.4 Manufacturing 516.2 633.3 Wholesale distribution 253.7 289.5 Retail sales 193.5 195.0 Health services 179.2 169.3 Construction 123.0 130.2 Public administration 90.7 107.8 Transportation/utility 75.4 77.7 Arts/entertainment/recreation 73.2 65.3 Agriculture 31.4 33.6 Other 84.3 108.1 Total commercial and industrial (1) 2,781.3 2,999.5 Peoples Capital and Leasing Corp.: Printing 404.7 415.4 Transportation/utility 355.6 339.5 General manufacturing 166.3 166.1 Rental/leasing/retail 132.0 135.6 Packaging 83.5 87.3 Service 39.0 33.8 Health services 26.1 25.5 Wholesale distribution 22.9 23.7 Total PCLC (1) 1,230.1 1,226.9 Residential mortgage: Adjustable rate 2,377.0 2,857.2 Fixed rate 277.0 287.4 Total residential mortgage 2,654.0 3,144.6 Consumer: Home equity credit lines 1,731.3 1,619.8 Second mortgages 261.0 325.7 Indirect auto 223.9 224.8 Other 54.2 57.1 Total consumer 2,270.4 2,227.4 Total loans $ 14,301.6 $ 14,565.7 (1) Reported as commercial loans in the Consolidated Statements of Condition. Residential mortgage loans at September30, 2009 and December31, 2008 included loans held for sale (all to be sold servicing released) of $56.1 million and $31.7 million, respectively, which approximate fair value.

NOTE 5.COMPREHENSIVE INCOME

NOTE 5.COMPREHENSIVE INCOME
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 5.COMPREHENSIVE INCOME	NOTE5. COMPREHENSIVE INCOME Comprehensive income represents the sum of net income and items of other comprehensive income or loss that are reported directly in stockholders equity on an after-tax basis. These items include: (i)net actuarial gains and losses, prior service credits and costs, and transition assets and obligations related to Peoples United Financials pension and other postretirement benefit plans; (ii)net unrealized gains or losses on securities available for sale; and (iii)net gains or losses on derivatives accounted for as cash flow hedges. Peoples United Financials total comprehensive income for the nine months ended September30, 2009 and 2008 is reported in the Consolidated Statements of Changes in Stockholders Equity. The components of accumulated other comprehensive loss, which is included in Peoples United Financials stockholders equity on an after-tax basis, are as follows: (in millions) September30, 2009 December31, 2008 Net actuarial loss and other amounts related to pension and other postretirement benefit plans $ (102.8 ) $ (106.0 ) Net gain on derivatives accounted for as cash flow hedges 17.0 26.8 Net unrealized gain on securities available for sale 4.4 3.8 Total accumulated other comprehensive loss $ (81.4 ) $ (75.4 ) The increase in total accumulated other comprehensive loss from December31, 2008 consisted of an after-tax decrease in the net gain on derivatives accounted for as cash flow hedges ($9.8 million), partially offset by an after-tax decrease in the net actuarial loss and other amounts related to pension and other postretirement benefit plans ($3.2 million) and an after-tax increase in the net unrealized gain on securities available for sale ($0.6 million). Other comprehensive loss, which is presented net of tax, totaled $6.0 million for the nine months ended September30, 2009. There are no other-than-temporary impairment losses recognized in accumulated other comprehensive loss at September30, 2009 (see Note 3).

NOTE 6.EARNINGS PER COMMON SHAR

NOTE 6.EARNINGS PER COMMON SHARE
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 6.EARNINGS PER COMMON SHARE	NOTE6. EARNINGS PER COMMON SHARE The following is an analysis of Peoples United Financials basic and diluted earnings per share (EPS): Three Months Ended Nine Months Ended (in millions, except per share data) Sept.30, 2009 Sept.30, 2008 Sept.30, 2009 Sept.30, 2008 Net income $ 26.8 $ 46.0 $ 76.3 $ 104.1 Average common shares outstanding for basic EPS 332.0 329.7 331.8 328.8 Effect of dilutive stock options and unvested stock awards 1.4 1.6 1.2 1.4 Average common and common-equivalent shares for diluted EPS 333.4 331.3 333.0 330.2 Basic EPS $ 0.08 $ 0.14 $ 0.23 $ 0.32 Diluted EPS $ 0.08 $ 0.14 $ 0.23 $ 0.32 All unallocated ESOP common shares and all common shares accounted for as treasury shares have been excluded from the calculation of basic and diluted earnings per share. Anti-dilutive stock options and unvested stock awards excluded from the calculation of diluted EPS totaled 9.7million for both the three and nine months ended September30, 2009, and 9.3million for both the three and nine months ended September30, 2008. Effective January1, 2009, in accordance with guidance issued by the FASB, unvested share-based payment awards that include the right to receive non-forfeitable dividends or dividend equivalents are considered to participate with common stock in undistributed earnings. Accordingly, companies that issue share-based payment awards considered to be participating securities are required to calculate basic and diluted earnings per common share amounts under the two-class method. The two-class method excludes from earnings per common share calculations any dividends paid or owed to participating securities and any undistributed earnings considered to be attributable to participating securities. The application of the two-class method did not change earnings per common share amounts for the three and nine months ended September30, 2009 or 2008.

NOTE 7.GOODWILL AND OTHER ACQUI

NOTE 7.GOODWILL AND OTHER ACQUISITION-RELATED INTANGIBLE ASSETS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 7.GOODWILL AND OTHER ACQUISITION-RELATED INTANGIBLE ASSETS	NOTE7. GOODWILL AND OTHER ACQUISITION-RELATED INTANGIBLE ASSETS Peoples United Financials goodwill totaled $1.26 billion at both September30, 2009 and December31, 2008. At September30, 2009, goodwill was allocated to Peoples United Financials business segments as follows: Commercial Banking ($616.9 million), Retail Banking and Small Business ($595.0 million), and Wealth Management ($49.8 million). Peoples United Financials other acquisition-related intangible assets totaled $258.5 million and $274.1 million at September30, 2009 and December31, 2008, respectively. At September30, 2009, the carrying amounts of other acquisition-related intangible assets were as follows: core deposits intangible ($94.7 million); trust relationships ($37.7 million); insurance relationships ($3.4 million); and trade names ($122.7 million). Trade names recognized by Peoples United Financial are deemed to have indefinite useful lives and, accordingly, are not amortized. Amortization expense of other acquisition-related intangible assets, which is included in other non-interest expense in the Consolidated Statements of Income, totaled $5.1 million and $5.3 million for the three months ended September30, 2009 and 2008, respectively, and $15.6 million and $15.8 million for the nine months ended September30, 2009 and 2008, respectively. The estimated aggregate amortization expense attributable to other acquisition-related intangible assets for the full-year of 2009 and each of the next five years is as follows: $20.5 million in 2009; $18.4 million in 2010; $16.8 million in 2011; $15.5 million in 2012; $14.9 million in 2013; and $13.7 million in 2014.

NOTE 8.COMMITMENTS AND CONTINGE

NOTE 8.COMMITMENTS AND CONTINGENCIES
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 8.COMMITMENTS AND CONTINGENCIES	NOTE8. COMMITMENTS AND CONTINGENCIES In the normal course of business, Peoples United Financial has various outstanding commitments and contingent liabilities that are not required to be and, therefore, have not been reflected in the consolidated financial statements. In addition, in the normal course of business, Peoples United Financial is subject to various legal proceedings. Management has discussed the nature of these legal proceedings with legal counsel. In the opinion of management, Peoples United Financials financial condition and results of operations will not be affected materially as a result of the outcome of such commitments, contingent liabilities and legal proceedings.

NOTE 9.BUSINESS SEGMENT INFORMA

NOTE 9.BUSINESS SEGMENT INFORMATION
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 9.BUSINESS SEGMENT INFORMATION	NOTE9. BUSINESS SEGMENT INFORMATION See Business Segment Results included in Item2 for segment information for the three and nine months ended September30, 2009 and 2008.

NOTE 10.FAIR VALUE MEASUREMENTS

NOTE 10.FAIR VALUE MEASUREMENTS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 10.FAIR VALUE MEASUREMENTS	NOTE10. FAIR VALUE MEASUREMENTS Effective January1, 2008, Peoples United Financial adopted the provisions of a standard issued by the FASB concerning fair value measurements and disclosures with respect to: (i)all financial instruments; and (ii)non-financial instruments accounted for at fair value on a recurring basis, if any. Effective January1, 2009, these fair value measurement and disclosure provisions also apply to Peoples United Financial for the following valuation measures: (i)goodwill and other acquisition-related intangible assets; (ii)real estate owned and repossessed assets; and (iii)other long-lived assets. In April 2009, the FASB affirmed that the objective of fair value, even when the market for an asset is not active, is the price that would be received to sell the asset in an orderly transaction. In order to address application issues, the FASB clarified and provided additional factors to be considered in determining whether there has been a significant decrease in market activity for an asset when the market for that asset is not active, requiring an entity to base its conclusion about whether a transaction was not orderly on the weight of all available evidence. At the same time, the FASB also expanded certain disclosure requirements. These new disclosure requirements were effective for the quarter ended June30, 2009 and did not result in any significant change in valuation techniques and related inputs, or the resulting fair values. The FASB standard defines fair value, establishes a new framework for measuring fair value, and expands related disclosures. These provisions are to be applied whenever other FASB standards require (or permit) assets and liabilities to be measured at fair value. Broadly, the framework defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accordingly, an exit price approach is required in determining fair value. In support of this principle, a fair value hierarchy has been established that prioritizes the inputs used to measure fair value, requiring entities to maximize the use of market or observable inputs (as more reliable measures) and minimize the use of unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs generally require significant management judgment. The three levels within the fair value hierarchy are as follows: Level 1Unadjusted quoted market prices for identical assets or liabilities in active markets that the entity has the ability to access at the measurement date (such as active exchange-traded equity securities and most U.S. and government agency debt securities). Level 2Observable inputs other than quoted prices included in Level 1, such as: quoted prices for similar assets or liabilities in active markets (such as U.S. agency and GSE issued mortgage-backed securities); quoted prices for identical or similar assets or liabilities in inactive markets (such as co

NOTE 11.DERIVATIVE INSTRUMENTS

NOTE 11.DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 11.DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	NOTE11. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Peoples United Financial uses derivative financial instruments as components of its market risk management (principally to manage interest rate risk). Certain other derivatives are entered into in connection with transactions with commercial customers. Derivatives are not used for speculative purposes. All derivatives are recognized as either assets or liabilities and are measured at fair value. Until such time that a derivative is settled, favorable changes in fair values result in unrealized gains that are recognized as assets, while unfavorable changes result in unrealized losses that are recognized as liabilities. Peoples United Financial generally applies hedge accounting to its derivatives used for market risk management purposes. Hedge accounting is permitted only if specific criteria are met, including a requirement that a highly effective relationship exist between the derivative instrument and the hedged item, both at inception of the hedge and on an ongoing basis. The hedge accounting method depends upon whether the derivative instrument is classified as a fair value hedge (i.e. hedging an exposure related to a recognized asset or liability, or a firm commitment) or a cash flow hedge (i.e. hedging an exposure related to the variability of future cash flows associated with a recognized asset or liability, or forecasted transaction). Changes in the fair value of effective fair value hedges are recognized in current earnings (with the change in fair value of the hedged asset or liability also recorded in earnings). Changes in the fair value of effective cash flow hedges are recognized in other comprehensive income or loss until earnings are affected by the variability in cash flows of the designated hedged item. Ineffective portions of hedge results are recognized in current earnings. Changes in the fair value of derivatives for which hedge accounting is not applied are recognized in current earnings. If it is determined that a derivative is not highly effective or has ceased to be a highly effective hedge, Peoples United Financial would discontinue hedge accounting prospectively. Gains or losses resulting from the termination of a derivative accounted for as a cash flow hedge remain in accumulated other comprehensive income or loss and are amortized to earnings over the remaining period of the former hedging relationship, provided the hedged item continues to be outstanding. By using derivatives, Peoples United Financial is exposed to credit risk to the extent that counterparties to the derivative contracts do not perform as required. Should a counterparty fail to perform under the terms of a derivative contract, the companys counterparty credit risk is equal to the amount reported as a derivative asset in the Consolidated Statements of Condition. Amounts reported as derivative assets represent derivative contracts in a gain position, net of derivatives in a loss position with the same counterparty (to the extent subject to master netting arrangements) and posted collateral. Peoples United Financial seeks to minimize counterparty credit risk through credit

NOTE 12.FAIR VALUES OF FINANCIA

NOTE 12.FAIR VALUES OF FINANCIAL INSTRUMENTS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 12.FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE12. FAIR VALUES OF FINANCIAL INSTRUMENTS The following is a summary of the carrying amounts and estimated fair values of Peoples United Financials financial instruments: September 30, 2009 December 31, 2008 Carrying Estimated Carrying Estimated (in millions) Amount Fair Value Amount Fair Value Financial assets (other than derivatives): Cash and cash equivalents $ 2,343.9 $ 2,343.9 $ 1,483.9 $ 1,483.9 Securities (1) 550.1 550.1 1,901.7 1,901.7 Securities purchased under agreements to resell 1,144.0 1,144.0 Loans, net 14,129.1 14,277.2 14,408.2 14,598.9 Accrued interest receivable 54.6 54.6 55.7 55.7 Financial liabilities (other than derivatives): Time deposits 4,931.6 4,964.1 4,881.3 4,926.9 Other deposits 10,118.8 10,118.8 9,388.1 9,388.1 Repurchase agreements 139.0 139.0 156.7 156.6 Federal Home Loan Bank advances 15.0 15.1 15.1 15.1 Other borrowings 16.1 16.0 Subordinated notes 181.5 195.4 180.5 162.6 Accrued interest payable 4.2 4.2 8.8 8.8 Derivative financial instruments: (2) Recognized as an asset: Interest rate floors 46.3 46.3 Interest rate swaps 7.8 7.8 7.3 7.3 Forward commitments to sell residential mortgage loans 1.1 1.1 0.5 0.5 Recognized as a liability: Interest rate swaps 7.3 7.3 7.7 7.7 Foreign exchange contracts 0.5 0.5 Interest rate-lock commitments on residential mortgage loans 1.2 1.2 0.5 0.5 (1) Includes: (i)trading account securities of $10.3 million and $21.4 million at September30, 2009 and December31, 2008, respectively (no other financial instruments in this table were held for trading purposes); and (ii)FHLB stock, reported at cost, totaling $31.1 million at both September30, 2009 and December31, 2008. (2) See Note 11 for a further discussion of derivative financial instruments. As discussed in Note 10, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date (an exit price approach to value). Acceptable valuation techniques (when quoted market prices are not available) that might be used to estimate the fair value of financial instruments include discounted cash flow analyses and comparison to similar instruments. Such estimates are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows and the selection of discount rates that appropriately reflect market and credit risks. Changes in these judgments often have a materi

NOTE 13. REVISED FINANCIAL RESU

NOTE 13. REVISED FINANCIAL RESULTS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 13. REVISED FINANCIAL RESULTS	NOTE 13. REVISED FINANCIAL RESULTS In the third quarter of 2009, management identified an error relating to an unintentional under-accrual of certain operating expenses. As a result, operating results for the first two quarters of 2009 and the fourth quarter of 2008 have been revised to reflect the recognition of additional non-interest expense. The effect of these revisions was immaterial to each period (no change in diluted earnings per share for the second quarter of 2009 and a one cent reduction in diluted earnings per share for both the first quarter of 2009 and the fourth quarter of 2008). Net income for the three months ended June30, 2009,March31, 2009 and December31, 2008 was reduced by $2.1 million, $2.5 million and $1.7 million, respectively, reflecting increases in other non-interest expense of $3.1 million, $3.5 million and $2.7 million for the respective periods (less related income taxes). The revision of fourth quarter 2008 results also increased other liabilities and reduced retained earnings by $1.7 million at December31, 2008.

NOTE 14. NEW ACCOUNTING STANDAR

NOTE 14. NEW ACCOUNTING STANDARDS
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
NOTE 14. NEW ACCOUNTING STANDARDS	NOTE 14. NEW ACCOUNTING STANDARDS Business Combinations In December 2007, the FASB issued a new standard on accounting for business combinations that applies to all transactions and other events in which one entity obtains control over one or more other businesses. The standard requires an acquirer, upon initially obtaining control of another entity, to recognize the assets, liabilities and any non-controlling interest in the acquiree, if any, at fair value as of the acquisition date. Contingent consideration, if any, is required to be recognized and measured at fair value on the date of acquisition rather than at a later date when the amount of that consideration may be determinable beyond a reasonable doubt. This fair value approach replaces the cost-allocation process required under prior accounting standards, whereby the cost of an acquisition was allocated to the individual assets acquired and liabilities assumed based on their estimated fair value. The new standard requires: (i)that acquisition-related transaction costs be expensed as incurred rather than allocating such costs to the assets acquired and liabilities assumed; (ii)that specific requirements must be met in order to accrue for a restructuring plan in purchase accounting; and (iii)that certain pre-acquisition contingencies be recognized at fair value. In April 2009, the FASB issued guidance to address application issues with respect to initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. Peoples United Financial will apply these provisions prospectively to business combinations completed after January1, 2009. Disclosure of Retirement Plan Assets In December 2008, the FASB provided guidance on an employers disclosures about plan assets of a defined benefit pension or other postretirement plan. In particular, the guidance requires that employers disclose the following with respect to such plans: (i)how investment allocation decisions are made; (ii)the major categories of plan assets, including concentrations of risk and related fair value measurements; and (iii)the fair value techniques and pertinent inputs used to determine the fair value of plan assets. These disclosures are effective for Peoples United Financial on a prospective basis beginning with the fiscal year ending December31, 2009. Transfers of Financial Assets and Consolidation of Variable Interest Entities In June 2009, the FASB issued a standard addressing transfers of financial assets, which eliminates the concept of a qualifying special-purpose entity, changes the requirements for de-recognition of financial assets, and requires additional disclosures. The FASB also issued a standard that redefines the criteria to be considered in assessing the need to consolidate variable interest entities. These standards are effective for Peoples United Financial on January1, 2010. Adoption is not expected to have a significant impact on the companys Consolidated Financial Statements. Measuring Fair Value of Liabilities In August 2009, the FASB issued guidance clarifying that in

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009	Oct. 31, 2009
Entity [Text Block]
Trading Symbol	PBCT
Entity Registrant Name	People's United Financial, Inc.
Entity Central Index Key	0001378946
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		348,254,160