Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 18, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PBCT | ||
Entity Registrant Name | People's United Financial, Inc. | ||
Entity Central Index Key | 1378946 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 308,215,999 | ||
Entity Public Float | $4,707,413,258 |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and due from banks (note 2) | $345.10 | $350.80 |
Short-term investments (note 2) | 668.6 | 123.6 |
Total cash and cash equivalents | 1,013.70 | 474.4 |
Securities purchased under agreements to resell (note 2) | 100 | |
Securities (note 3): | ||
Trading account securities, at fair value | 8.3 | 8.3 |
Securities available for sale, at fair value | 3,993.70 | 4,208.20 |
Securities held to maturity, at amortized cost (fair value of $881.6 million and $642.5 million) | 834.3 | 640.5 |
Federal Home Loan Bank stock, at cost | 175.7 | 175.7 |
Total securities | 5,012 | 5,032.70 |
Loans held for sale (note 4) | 34.2 | 23.3 |
Loans (note 4): | ||
Consumer | 2,200.60 | 2,156.90 |
Total loans | 26,592 | 24,390.30 |
Less allowance for loan losses | -198.3 | -187.8 |
Total loans, net | 26,393.70 | 24,202.50 |
Goodwill (note 5) | 1,954.50 | 1,954.50 |
Bank-owned life insurance | 343.3 | 339.4 |
Premises and equipment, net (note 6) | 277.8 | 304.1 |
Other acquisition-related intangible assets (note 5) | 148 | 172.8 |
Other assets (note 7) | 719.9 | 710 |
Total assets | 35,997.10 | 33,213.70 |
Deposits (note 8): | ||
Non-interest-bearing | 5,655.10 | 5,312.20 |
Savings, interest-bearing checking and money market | 15,252.40 | 12,862.20 |
Time | 5,230.70 | 4,382.90 |
Total deposits | 26,138.20 | 22,557.30 |
Borrowings (note 9): | ||
Federal Home Loan Bank advances | 2,291.70 | 3,719.80 |
Federal funds purchased | 913 | 825 |
Customer repurchase agreements | 486 | 501.2 |
Other borrowings | 1 | 11 |
Total borrowings | 3,691.70 | 5,057 |
Notes and debentures (note 10) | 1,033.50 | 639.1 |
Other liabilities (note 7) | 500.6 | 391.9 |
Total liabilities | 31,364 | 28,645.30 |
Commitments and contingencies (notes 19 and 20) | ||
Stockholders' Equity (notes 5 and 12) | ||
Common stock ($0.01 par value; 1.95 billion shares authorized; 396.8 million shares and 396.5 million shares issued) | 3.9 | 3.9 |
Additional paid-in capital | 5,291.20 | 5,277 |
Retained earnings | 826.7 | 779 |
Unallocated common stock of Employee Stock Ownership Plan, at cost (7.7 million shares and 8.0 million shares) (note 16) | -159 | -166.2 |
Accumulated other comprehensive loss (note 15) | -168.2 | -155.1 |
Treasury stock, at cost (89.0 million shares and 89.5 million shares) | -1,161.50 | -1,170.20 |
Total stockholders' equity | 4,633.10 | 4,568.40 |
Total liabilities and stockholders' equity | 35,997.10 | 33,213.70 |
Commercial Customers [Member] | ||
Borrowings (note 9): | ||
Customer repurchase agreements | 486 | 501.2 |
Commercial [Member] | ||
Loans (note 4): | ||
Commercial | 10,055.10 | 8,895.20 |
Commercial Real Estate [Member] | ||
Loans (note 4): | ||
Commercial | 9,404.30 | 8,921.60 |
Residential Mortgage [Member] | ||
Loans (note 4): | ||
Residential mortgage | $4,932 | $4,416.60 |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Securities held to maturity, at fair value | $881.60 | $642.50 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,950,000,000 | 1,950,000,000 |
Common stock, shares issued | 396,800,000 | 396,500,000 |
Unallocated common stock of Employee Stock Ownership Plan, shares | 7,700,000 | 8,000,000 |
Treasury stock, shares | 89,000,000 | 89,500,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and dividend income: | |||
Commercial real estate | $354.20 | $351.20 | $365.40 |
Commercial | 351 | 347 | 365.9 |
Residential mortgage | 153.5 | 139.9 | 143.7 |
Consumer | 73.9 | 74.8 | 80 |
Total interest on loans | 932.6 | 912.9 | 955 |
Securities | 96.8 | 89.7 | 77.3 |
Loans held for sale | 0.8 | 1.5 | 1.8 |
Short-term investments | 0.4 | 0.3 | 0.8 |
Total interest and dividend income | 1,030.60 | 1,004.40 | 1,034.90 |
Interest expense: | |||
Deposits (note 8) | 80.9 | 81.1 | 90.8 |
Borrowings (note 9) | 11.1 | 10.5 | 7 |
Notes and debentures | 26.7 | 24.2 | 8.4 |
Total interest expense | 118.7 | 115.8 | 106.2 |
Net interest income | 911.9 | 888.6 | 928.7 |
Provision for loan losses (note 4) | 40.6 | 43.7 | 49.2 |
Net interest income after provision for loan losses | 871.3 | 844.9 | 879.5 |
Non-interest income: | |||
Bank service charges | 128.6 | 127.3 | 127.2 |
Investment management fees | 41.6 | 37.2 | 34.9 |
Operating lease income | 41.6 | 34.5 | 31.2 |
Commercial banking lending fees | 33.4 | 39.2 | 36.3 |
Insurance revenue | 29.9 | 31.2 | 31.8 |
Brokerage commissions | 13.6 | 13.7 | 12.2 |
Net security gains (note 3) | 3 | ||
Net gains on sales of residential mortgage loans (note 4) | 2.9 | 14.8 | 16.1 |
Net (losses) gains on sales of acquired loans (note 4) | -0.9 | 5.7 | 1 |
Gain on merchant services joint venture, net of expenses (note 7) | 20.6 | ||
Other non-interest income | 36.5 | 38.1 | 29.7 |
Total non-interest income (note 11) | 350.8 | 341.7 | 320.4 |
Non-interest expense: | |||
Compensation and benefits (notes 16 and 17) | 436 | 427.1 | 418.9 |
Occupancy and equipment (notes 6 and 19) | 147.3 | 148 | 141.9 |
Professional and outside services | 59.2 | 60.6 | 65.4 |
Operating lease expense | 37.4 | 31.3 | 26.3 |
Regulatory assessments | 35.6 | 33.8 | 30.8 |
Amortization of other acquisition-related intangible assets (note 5) | 24.8 | 26.2 | 26.8 |
Other non-interest expense | 101.2 | 112 | 120.5 |
Total non-interest expense | 841.5 | 839 | 830.6 |
Income (loss) before income tax expense (benefit) | 380.6 | 347.6 | 369.3 |
Income tax expense (note 11) | 128.9 | 115.2 | 124 |
Net income | $251.70 | $232.40 | $245.30 |
Earnings per common share (note 14) | |||
Basic | $0.84 | $0.74 | $0.72 |
Diluted | $0.84 | $0.74 | $0.72 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $251.70 | $232.40 | $245.30 |
Net actuarial gain or loss on pension plans and other postretirement benefits: | |||
Net actuarial (loss) gain arising during the year | -98.5 | 92 | -22.5 |
Reclassification adjustment for net actuarial loss included in net income | 8.4 | 8.8 | 7.6 |
Net actuarial (loss) gain | -90.1 | 100.8 | -14.9 |
Prior service credit on pension plans and other postretirement benefits: | |||
Reclassification adjustment for prior service credit included in net income | -1 | -1.1 | -1 |
Transition obligation on other postretirement benefits: | |||
Reclassification adjustment for transition obligation on other postretirement benefits included in net income | 0.3 | ||
Net actuarial (loss) gain, prior service credit and transition obligation | -91.1 | 99.7 | -15.6 |
Net unrealized gains and losses on securities available for sale: | |||
Net unrealized holding gains (losses) arising during the year | 70.9 | -194.4 | 15.1 |
Unrealized holding losses on securities transferred during the year | 37 | ||
Reclassification adjustment for net realized gains included in net income | -3 | ||
Net unrealized gains (losses) | 67.9 | -157.4 | 15.1 |
Net unrealized losses on securities transferred to held to maturity: | |||
Unrealized holding losses on securities transferred during the year | -37 | ||
Reclassification adjustment for amortization of unrealized losses on securities transferred to held to maturity included in net income | 3 | ||
Net unrealized gains (losses) | 3 | -37 | |
Net unrealized gains and losses on derivatives accounted for as cash flow hedges: | |||
Net unrealized (losses) gains arising during the year | -0.9 | 0.7 | -3.1 |
Reclassification adjustment for net realized losses included in net income | 1.3 | 1.2 | 1 |
Net unrealized gains (losses) | 0.4 | 1.9 | -2.1 |
Other comprehensive loss, before tax | -19.8 | -92.8 | -2.6 |
Deferred income tax benefit related to other comprehensive loss | 6.7 | 34.6 | 1.5 |
Total other comprehensive loss, net of tax | -13.1 | -58.2 | -1.1 |
Total comprehensive income | $238.60 | $174.20 | $244.20 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Unallocated ESOP Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
In Millions | |||||||
Beginning Balance at Dec. 31, 2011 | $5,215.40 | $3.90 | $5,247 | $734.50 | ($180.70) | ($95.80) | ($493.50) |
Net income | 245.3 | 245.3 | |||||
Total other comprehensive loss, net of tax (note 15) | -1.1 | -1.1 | |||||
Cash dividends on common stock | -217.9 | -217.9 | |||||
Restricted stock awards | 11.5 | 10.6 | -0.4 | 1.3 | |||
Employee Stock Ownership Plan common stock committed to be released (note 16) | 4.2 | -3 | 7.2 | ||||
Common stock repurchased (note 12) | -220 | -220 | |||||
Common stock repurchased and retired upon vesting of restricted stock awards (note 17) | -2.3 | -2.3 | |||||
Stock options and related tax benefits | 3.7 | 3.7 | |||||
Ending Balance at Dec. 31, 2012 | 5,038.80 | 3.9 | 5,261.30 | 756.2 | -173.5 | -96.9 | -712.2 |
Net income | 232.4 | 232.4 | |||||
Total other comprehensive loss, net of tax (note 15) | -58.2 | -58.2 | |||||
Cash dividends on common stock | -204.8 | -204.8 | |||||
Restricted stock awards | 9.6 | 8.9 | -0.2 | 0.9 | |||
Employee Stock Ownership Plan common stock committed to be released (note 16) | 4.9 | -2.4 | 7.3 | ||||
Common stock repurchased (note 12) | -458.9 | -458.9 | |||||
Common stock repurchased and retired upon vesting of restricted stock awards (note 17) | -2.2 | -2.2 | |||||
Stock options and related tax benefits | 6.8 | 6.8 | |||||
Ending Balance at Dec. 31, 2013 | 4,568.40 | 3.9 | 5,277 | 779 | -166.2 | -155.1 | -1,170.20 |
Net income | 251.7 | 251.7 | |||||
Total other comprehensive loss, net of tax (note 15) | -13.1 | -13.1 | |||||
Cash dividends on common stock | -196.9 | -196.9 | |||||
Restricted stock awards | 9.6 | 2.9 | -2 | 8.7 | |||
Employee Stock Ownership Plan common stock committed to be released (note 16) | 5.1 | -2.1 | 7.2 | ||||
Common stock repurchased and retired upon vesting of restricted stock awards (note 17) | -3 | -3 | |||||
Stock options and related tax benefits | 11.3 | 11.3 | |||||
Ending Balance at Dec. 31, 2014 | $4,633.10 | $3.90 | $5,291.20 | $826.70 | ($159) | ($168.20) | ($1,161.50) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash dividends on common stock, per share | $0.66 | $0.65 | $0.64 |
Retained Earnings [Member] | |||
Cash dividends on common stock, per share | $0.66 | $0.65 | $0.64 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities: | |||
Net income | $251.70 | $232.40 | $245.30 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 40.6 | 43.7 | 49.2 |
Depreciation and amortization of premises and equipment | 39.6 | 40.3 | 39.1 |
Expense related to operating leases | 37.4 | 31.3 | 26.3 |
Amortization of other acquisition-related intangible assets | 24.8 | 26.2 | 26.8 |
Gain on merchant services joint venture, net of expenses | -20.6 | ||
Deferred income tax expense | 6.7 | 15.5 | 44.8 |
Net security gains | -3 | ||
Net gains on sales of residential mortgage loans | -2.9 | -14.8 | -16.1 |
Net losses (gains) on sales of acquired loans | 0.9 | -5.7 | -1 |
Employee Stock Option Plan common stock committed to be released | 5.1 | 4.9 | 4.2 |
Expense related to share-based awards | 14.9 | 13.9 | 15.1 |
Originations of loans held-for-sale | -308.4 | -721.9 | -903.2 |
Proceeds from sales of loans held-for-sale | 300.4 | 790.4 | 944.1 |
Net (increase) decrease in trading account securities | -1.8 | 65.3 | |
Net changes in other assets and other liabilities | -37.2 | -75 | -26.3 |
Net cash provided by operating activities | 350 | 379.4 | 513.6 |
Cash Flows from Investing Activities: | |||
Net increase in securities purchased under agreements to resell | -100 | ||
Proceeds from principal repayments and maturities of securities available for sale | 686.7 | 938.5 | 917.8 |
Proceeds from sales of securities available for sale | 539.2 | 0.1 | |
Proceeds from principal repayments and maturities of securities held to maturity | 64.4 | 0.2 | 0.2 |
Proceeds from redemption of Federal Home Loan Bank stock | 0.9 | 4 | |
Purchases of securities available for sale | -879.8 | -1,373.80 | -2,658.20 |
Purchases of securities held to maturity | -251.4 | ||
Purchases of Federal Home Loan Bank Stock | -102.9 | ||
Proceeds from sales of loans | 9.7 | 30.8 | 17.7 |
Loan disbursements, net of principal collections | -2,241.50 | -2,731.40 | -1,425.20 |
Purchases of premises and equipment | -19.5 | -14 | -19.9 |
Purchases of leased equipment | -34 | -70 | -64.3 |
Proceeds from sales of real estate owned | 14.5 | 18 | 25.4 |
Return of premiums on bank-owned life insurance, net | 1.4 | 1 | 1.4 |
Net cash received in branch transactions | 298.2 | ||
Net cash (used in) provided by investing activities | -2,210.30 | -3,302.70 | -2,902.80 |
Cash Flows from Financing Activities: | |||
Net increase in deposits | 3,580.90 | 806.8 | 621.3 |
Net (decrease) increase in borrowings with terms of three months or less | -1,362.20 | 2,709.10 | 1,634.50 |
Repayments of borrowings with terms of more than three months | -0.6 | -35.5 | -100.5 |
Net proceeds from issuance of notes and debentures | 394.4 | 494.3 | |
Repayments of notes and debentures | -19 | -20.6 | |
Cash dividends paid on common stock | -196.9 | -204.8 | -217.9 |
Common stock repurchases | -3 | -461.1 | -222.3 |
Proceeds from stock options exercised, including excess income tax benefits | 6 | 2.4 | 0.3 |
Net cash (used in) provided by financing activities | 2,399.60 | 2,796.30 | 2,209.70 |
Net increase (decrease) in cash and cash equivalents | 539.3 | -127 | -179.5 |
Cash and cash equivalents at beginning of year | 474.4 | 601.4 | 780.9 |
Cash and cash equivalents at end of year | 1,013.70 | 474.4 | 601.4 |
Supplemental Information: | |||
Income tax payments | 109.7 | 93.7 | 75.4 |
Interest payments | 108.8 | 118.6 | 111.8 |
Unsettled purchases of securities | 91.5 | 23.3 | 27.7 |
Real estate properties acquired by foreclosure | 17.6 | 21.7 | 32.6 |
Securities transferred from available for sale to held to maturity at fair value (note 3) | 584.5 | ||
Assets acquired and liabilities assumed in acquisitions (note 5): | |||
Non-cash assets, excluding goodwill and other acquisition-related intangible assets | 12.4 | ||
Liabilities | $325.40 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Summary of Significant Accounting Policies | NOTE 1 – Summary of Significant Accounting Policies | |||
Effective February 23, 2015, People’s United Financial, Inc. (“People’s United” or the “Company”) converted to a bank holding company concurrent with People’s United Bank’s (the “Bank”) conversion to a national banking association. Prior to that date, the Company was a savings and loan holding company within the meaning of the Home Owners’ Loan Act and the Bank was a federally-chartered savings bank. The principal business of People’s United is to provide, through the Bank and its subsidiaries, commercial banking, retail banking and wealth management services to individual, corporate and municipal customers. | ||||
The Bank provides a full range of traditional banking services, including accepting deposits and originating loans, as well as specialized financial services through its non-bank subsidiaries, including: equipment financing provided through People’s Capital and Leasing Corp. (“PCLC”) and People’s United Equipment Finance Corp. (“PUEFC”); brokerage, financial advisory services, investment management services and life insurance provided through People’s Securities, Inc. (“PSI”); and other insurance services provided through People’s United Insurance Agency, Inc. (“PUIA”). The Company’s overall financial results are particularly dependent on economic conditions in New England and New York, which are its primary markets, although economic conditions elsewhere in the United States affect its equipment financing business. Deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (the “FDIC”). | ||||
People’s United is incorporated under the state laws of Delaware and is regulated by the Board of Governors of the Federal Reserve System (the “FRB”) and subject to FRB examination, supervision and reporting requirements. The Bank is regulated by the Office of the Comptroller of the Currency (the “OCC”) and subject to OCC examination, supervision and reporting requirements. | ||||
Basis of Financial Statement Presentation | ||||
The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles and include the accounts of People’s United and its subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | ||||
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 management’s 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. | ||||
Several accounting estimates are particularly critical and are susceptible to significant near-term change, including the allowance for loan losses and asset impairment judgments, such as the recoverability of goodwill and other intangible assets, and other-than-temporary declines in the fair value of securities. These significant accounting policies and critical estimates, which are included in the discussion below, 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. | ||||
For purposes of the Consolidated Statements of Cash Flows, cash equivalents include highly liquid instruments, such as: (i) interest-bearing deposits at the Federal Reserve Bank of New York (“FRB-NY”); (ii) government-sponsored enterprise (“GSE”) debt securities with an original maturity of three months or less (determined as of the date of purchase); (iii) federal funds sold; (iv) commercial paper; and (v) money market mutual funds. These instruments are reported as short-term investments in the Consolidated Statements of Condition at cost or amortized cost, which approximates fair value. GSE debt securities classified as cash equivalents are held to maturity and carry the implicit backing of the U.S. government, but are not direct obligations of the U.S. government. | ||||
Securities | ||||
Marketable equity and debt securities (other than those reported as short-term investments) are classified as either trading account securities, held to maturity securities (applicable only to debt securities) or available for sale securities. Management determines the classification of a security at the time of its purchase and reevaluates such classification at each balance sheet date. | ||||
Securities purchased for sale in the near term as well as those securities held by PSI (in accordance with the requirements for a broker-dealer) are classified as trading account securities and reported at fair value with unrealized gains and losses reported in non-interest income. | ||||
Debt securities for which People’s United has the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. All other securities are classified as available for sale and reported at fair value with unrealized gains and losses reported on an after-tax basis in stockholders’ equity as accumulated other comprehensive income (loss). Premiums are amortized and discounts are accreted to interest income for debt securities, using the interest method over the remaining period to contractual maturity, adjusted for the effect of actual prepayments in the case of mortgage-backed securities, collateralized mortgage obligations (“CMOs”) and other asset-backed securities. | ||||
Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification method and reported in non-interest income. | ||||
Securities transferred from available for sale to held to maturity are recorded at fair value at the date of transfer. The unrealized pre-tax gain or loss resulting from the difference between fair value and amortized cost at the transfer date becomes part of the new amortized cost basis of the securities and remains in accumulated other comprehensive income (loss). Such unrealized gains or losses are amortized to interest income as an adjustment to yield over the remaining life of the securities, offset by the amortization of the premium or discount resulting from the transfer at fair value, with no effect to net income. | ||||
Management conducts a periodic review and evaluation of the securities portfolio 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) People’s United has an intention to sell the security; (ii) it is more likely than not that People’s United will be required to sell the security prior to recovery; or (iii) People’s United does not expect to recover the entire amortized cost basis of the security. Other-than-temporary losses on debt securities are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. Management has the ability and intent to hold the securities classified as held to maturity until they mature, at which time People’s United expects to receive full value for the securities. | ||||
Federal Home Loan Bank (“FHLB”) stock is a non-marketable equity security and is, therefore, reported at cost, which equals par value (the amount at which shares have been redeemed in the past). The investment is periodically evaluated for impairment based on, among other things, the capital adequacy of the applicable FHLB and its overall financial condition. | ||||
Securities Resale and Securities Repurchase Agreements | ||||
In securities resale agreements, a counterparty transfers securities to People’s United (as transferee) and People’s United agrees to resell the same securities to the counterparty at a fixed price in the future. In securities repurchase agreements, which include both retail arrangements with customers and wholesale arrangements with other counterparties, People’s United (as transferor) transfers securities to a counterparty and agrees to repurchase the same securities from the counterparty at a fixed price in the future. | ||||
People’s United accounts for resale agreements as secured lending transactions and repurchase agreements as secured borrowings since the transferor maintains effective control over the transferred securities and the transfer meets the other criteria for such accounting. The securities are pledged by the transferor as collateral and the transferee has the right by contract to repledge that collateral provided the same collateral is returned to the transferor upon maturity of the underlying agreement. The fair value of the pledged collateral approximates the recorded amount of the secured loan or borrowing. Decreases in the fair value of the transferred securities below an established threshold require the transferor to provide additional collateral. | ||||
Loans Held for Sale | ||||
Loans held for sale are reported at the lower of cost or fair value in the aggregate with any adjustment for net unrealized losses reported in non-interest income. Management identifies and designates as loans held for sale certain newly-originated adjustable-rate and fixed-rate residential mortgage loans that meet secondary market requirements, as these loans are originated with the intent to sell. From time to time, management identifies and designates residential mortgage loans held in the loan portfolio for sale. These loans are transferred to loans held for sale at the lower of cost or fair value at the time of transfer and the resulting unrealized loss is reported in non-interest income. | ||||
Loans | ||||
Loans acquired in connection with business combinations beginning in 2010 are referred to as ‘acquired’ loans as a result of the manner in which they are accounted for (see further discussion under ‘Acquired Loans’ below). All other loans are referred to as ‘originated’ loans. | ||||
Basis of Accounting | ||||
Originated loans are reported at amortized cost less the allowance for loan losses. Interest on loans is accrued to income monthly based on outstanding principal balances. Loan origination fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized in interest income as an adjustment of yield. Depending on the loan portfolio, amounts are amortized or accreted using the level yield method over either the actual life or the estimated average life of the loan. | ||||
Non-accrual Loans | ||||
A loan is generally considered “non-performing” when it is placed on non-accrual status. A loan is generally placed on non-accrual status when it becomes 90 days past due as to interest or principal payments. Past due status is based on the contractual payment terms of the loan. A loan may be placed on non-accrual status before it reaches 90 days past due if such loan has been identified as presenting uncertainty with respect to the collectability of interest and principal. A loan past due 90 days or more may remain on accruing status if such loan is both well secured and in the process of collection. There were no loans past due 90 days or more and still accruing interest at December 31, 2014, 2013 or 2012. | ||||
All previously accrued but unpaid interest on non-accrual loans is reversed from interest income in the period in which the accrual of interest is discontinued. Interest payments received on non-accrual loans (including impaired loans) are generally applied as a reduction of principal if future collections are doubtful, although such interest payments may be recognized as income. A loan remains on non-accrual status until the factors that indicated doubtful collectability no longer exist or until a loan is determined to be uncollectible and is charged off against the allowance for loan losses. | ||||
Impaired Loans | ||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impaired loans also include certain originated loans whose terms have been modified in such a way that they are considered troubled debt restructurings (“TDRs”). Originated loans are considered TDRs if the borrower is experiencing financial difficulty and is afforded a concession by People’s United, such as, but not limited to: (i) payment deferral; (ii) a reduction of the stated interest rate for the remaining contractual life of the loan; (iii) an extension of the loan’s original contractual term at a stated interest rate lower than the current market rate for a new loan with similar risk; (iv) capitalization of interest; or (v) forgiveness of principal or interest. Generally, TDRs are placed on non-accrual status (and reported as non-performing loans) until the loan qualifies for return to accrual status. Loans qualify for return to accrual status once they have demonstrated performance with the restructured terms of the loan agreement for a minimum of six months in the case of a commercial loan or, in the case of a retail loan, when the loan is less than 90 days past due. Loans may continue to be reported as TDRs after they are returned to accrual status. In accordance with regulatory guidance, residential mortgage and home equity loans restructured in connection with the borrower’s bankruptcy and meeting certain criteria are also required to be classified as TDRs, included in non-performing loans and written down to the estimated collateral value, regardless of delinquency status. Acquired loans that are modified are not considered for TDR classification provided they are evaluated for impairment on a pool basis. | ||||
Impairment is evaluated on a collective basis for smaller-balance loans with similar credit risk and on an individual loan basis for other loans. If a loan is deemed to be impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported (net of the allowance) at the present value of expected future cash flows discounted at the loan’s original effective interest rate or at the fair value of the collateral less cost to sell if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | ||||
Acquired Loans | ||||
Acquired loans that have evidence of deterioration in credit quality since origination and for which it is probable, at acquisition, that all contractually required payments will not be collected are initially recorded at fair value without recording an allowance for loan losses. Fair value of the loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected, as adjusted for an estimate of future credit losses and prepayments, and then applying a market-based discount rate to those cash flows. Acquired loans are generally accounted for on a pool basis, with pools formed based on the loans’ common risk characteristics, such as loan collateral type and accrual status. Each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. | ||||
Under the accounting model for acquired loans, the excess of cash flows expected to be collected over the carrying amount of the loans, referred to as the “accretable yield”, is accreted into interest income over the life of the loans in each pool using the effective yield method. Accordingly, acquired loans are not subject to classification as non-accrual in the same manner as originated loans. Rather, acquired loans are considered to be accruing loans because their interest income relates to the accretable yield recognized at the pool level and not to contractual interest payments at the loan level. The difference between contractually required principal and interest payments and the cash flows expected to be collected, referred to as the “nonaccretable difference”, includes estimates of both the impact of prepayments and future credit losses expected to be incurred over the life of the loans in each pool. As such, charge-offs on acquired loans are first applied to the nonaccretable difference and then to any allowance for loan losses recognized subsequent to acquisition. | ||||
Subsequent to acquisition, actual cash collections are monitored relative to management’s expectations and revised cash flow forecasts are prepared, as warranted. These revised forecasts involve updates, as necessary, of the key assumptions and estimates used in the initial estimate of fair value. Generally speaking, expected cash flows are affected by: | ||||
• | Changes in the expected principal and interest payments over the estimated life – Updates to changes in expected cash flows are driven by the credit outlook and actions taken with borrowers. Changes in expected future cash flows resulting from loan modifications are included in the assessment of expected cash flows; | |||
• | Changes in prepayment assumptions – Prepayments affect the estimated life of the loans which may change the amount of interest income, and possibly principal, expected to be collected; and | |||
• | Changes in interest rate indices for variable rate loans – Expected future cash flows are based, as applicable, on the variable rates in effect at the time of the assessment of expected cash flows. | |||
A decrease in expected cash flows in subsequent periods may indicate that the loan pool is impaired, which would require the establishment of an allowance for loan losses by a charge to the provision for loan losses. An increase in expected cash flows in subsequent periods serves, first, to reduce any previously established allowance for loan losses by the increase in the present value of cash flows expected to be collected, and results in a recalculation of the amount of accretable yield for the loan pool. The adjustment of accretable yield due to an increase in expected cash flows is accounted for as a change in estimate. The additional cash flows expected to be collected are reclassified from the nonaccretable difference to the accretable yield, and the amount of periodic accretion is adjusted accordingly over the remaining life of the loans in the pool. | ||||
An acquired loan may be resolved either through receipt of payment (in full or in part) from the borrower, the sale of the loan to a third party or foreclosure of the collateral. In the event of a sale of the loan, a gain or loss on sale is recognized and reported within non-interest income based on the difference between the sales proceeds and the carrying amount of the loan. In other cases, individual loans are removed from the pool based on comparing the amount received from its resolution (fair value of the underlying collateral less costs to sell in the case of a foreclosure) with its outstanding balance. Any difference between these amounts is absorbed by the nonaccretable difference established for the entire pool. For loans resolved by payment in full, there is no adjustment of the nonaccretable difference since there is no difference between the amount received at resolution and the outstanding balance of the loan. In these cases, the remaining accretable yield balance is unaffected and any material change in remaining effective yield caused by the removal of the loan from the pool is addressed in connection with the subsequent cash flow re-assessment for the pool. Acquired loans subject to modification are not removed from the pool even if those loans would otherwise be deemed TDRs as the pool, and not the individual loan, represents the unit of account. | ||||
Allowance and Provision for Loan Losses | ||||
The allowance for loan losses is established through provisions for loan losses charged to income. Losses on loans, including impaired loans, are charged to the allowance for loan losses when all or a portion of a loan is deemed to be uncollectible. Recoveries of loans previously charged off are credited to the allowance for loan losses when realized. | ||||
People’s United maintains the allowance for loan losses at a level that is deemed to be appropriate to absorb probable losses inherent in the respective loan portfolios, based on a quarterly evaluation of a variety of factors. These factors include, but are not limited to: (i) People’s United’s historical loan loss experience and recent trends in that experience; (ii) risk ratings assigned by lending personnel to commercial real estate loans, commercial and industrial loans, and equipment financing loans, and the results of ongoing reviews of those ratings by People’s United’s independent loan review function; (iii) an evaluation of delinquent and non-performing loans and related collateral values; (iv) the probability of loss in view of geographic and industry concentrations and other portfolio risk characteristics; (v) the present financial condition of borrowers; and (vi) current economic conditions. | ||||
The Company’s allowance for loan losses consists of three elements: (i) an allowance for larger-balance, non-homogeneous loans that are evaluated on an individual (loan-by-loan) basis; (ii) an allowance for smaller-balance, homogeneous loans that are evaluated on a collective basis; and (iii) a specific allowance for loans deemed to be impaired, including originated loans classified as TDRs. | ||||
Larger-balance, Non-homogeneous Loans. The Company establishes a loan loss allowance for its larger-balance, non-homogeneous loans using a methodology that incorporates (i) the probability of default for a given loan risk rating and (ii) historical default data over a multi-year period. In accordance with the Company’s loan risk rating system, each loan, with the exception of those included in large groups of smaller-balance homogeneous loans, is assigned a risk rating (using a nine-grade scale) by the originating loan officer, credit management, internal loan review or loan committee. Loans rated “One” represent those loans least likely to default while loans rated “Nine” represent a loss. The probability of loans defaulting for each risk rating, referred to as default factors, are estimated based on the frequency with which loans migrate from one risk rating to another and to default status over time as well as the length of time that it takes losses to emerge. Estimated loan default factors, which are updated annually (or more frequently, if necessary), are multiplied by loan balances within each risk-rating category and again multiplied by a historical loss-given-default estimate for each loan type to determine an appropriate level of allowance by loan type. The historical loss-given-default estimates are also updated annually (or more frequently, if necessary) based on actual charge-off experience. This approach is applied to the commercial, commercial real estate and equipment financing components of the loan portfolio. | ||||
In developing the allowance for loan losses for larger-balance, non-homogeneous loans, the Company also gives consideration to certain qualitative factors, including the macroeconomic environment and any potential imprecision inherent in its loan loss model that may result from having limited historical loan loss data which, in turn, may result in inaccurate probability of default and loss-given-default estimates. In consideration of these factors, the Company may adjust the allowance for loan losses upward or downward based on current economic conditions and portfolio trends. In determining the extent of any such adjustment, the Company considers both economic and portfolio-specific data that correlates with loan losses. The Company evaluates the qualitative factors on a quarterly basis in order to conclude that they continue to be appropriate. There were no significant changes in the amount of the qualitative component of the related allowance for loan losses during 2014. | ||||
Smaller-balance, Homogeneous Loans. Pools of smaller-balance, homogeneous loans with similar risk and loss characteristics are also assessed for probable losses. These loan pools include residential mortgage, home equity and other consumer loans that are not assigned individual loan risk ratings. Rather, the assessment of these portfolios, and the establishment of the related allowance for loan losses, is based upon a consideration of (i) recent historical loss experience and (ii) certain qualitative factors. | ||||
In establishing the allowance for loan losses for residential mortgage loans, the Company principally considers historical portfolio loss experience of the most recent 1- and 3-year periods, as management believes this provides a reasonable basis for estimating the inherent probable losses within the residential mortgage portfolio. In establishing the allowance for loan losses for home equity loans, the Company principally considers historical portfolio loss experience of the most recent 12-month period. | ||||
The qualitative component of the allowance for loan losses for smaller-balance, homogenous loans is intended to incorporate risks inherent in the portfolio, economic uncertainties, regulatory requirements and other subjective factors such as changes in underwriting standards. Accordingly, consideration is given to: (i) present and forecasted economic conditions, including unemployment rates; (ii) changes in industry trends, including the impact of new regulations, (iii) trends in property values; (iv) broader portfolio indicators, including delinquencies, non-performing loans, portfolio concentrations, and trends in the volume and terms of loans; and (v) portfolio-specific risk characteristics. | ||||
The portfolio-specific risk characteristics considered include: (i) collateral values/loan-to-value (“LTV”) ratios (above and below 70%); (ii) borrower credit scores under the FICO scoring system (above and below a score of 680); and (iii) other relevant portfolio risk elements such as income verification at the time of underwriting (stated income vs. non-stated income) and the property’s intended use (owner-occupied, non-owner occupied, second home, etc.), the combination of which results is a loan being classified as either “High”, “Moderate” or “Low” risk. These risk classifications are reviewed quarterly to ensure that changes within the portfolio, as well as economic indicators and industry developments, have been appropriately considered in establishing the related allowance for loan losses. | ||||
In establishing the allowance for loan losses for smaller-balance, homogeneous loans, the amount reflecting the Company’s consideration of qualitative factors is added to the amount attributable to historical portfolio loss experience. In this manner, historical charge-off data (whether periods or amounts) is not adjusted and the allowance for loan losses always includes a component attributable to qualitative factors, the degree of which may change from period to period as such qualitative factors indicate improving or worsening trends. There were no significant changes in the amount of the qualitative component of the related allowance for loan losses during 2014. | ||||
Individually Impaired Loans. The allowance for loan losses also includes specific allowances for individually impaired loans. Generally, the Company’s impaired loans consist of (i) classified commercial loans in excess of $750,000 that have been placed on non-accrual status and (ii) originated loans classified as TDRs. Individually impaired loans are measured based upon observable market prices; the present value of expected future cash flows discounted at the loan’s original effective interest rate; or, in the case of collateral dependent loans, fair value of the collateral (based on appraisals and other market information) less cost to sell. If the recorded investment in a loan exceeds the amount measured as described in the preceding sentence, a specific allowance for loan losses would be established as a component of the overall allowance for loan losses or, in the case of a collateral dependent loan, a charge-off would be recorded for the difference between the loan’s recorded investment and management’s estimate of the fair value of the collateral (less cost to sell). It would be rare for the Company to identify a loan that meets the criteria stated above and requires a specific allowance or a charge-off and not deem it impaired solely as a result of the existence of a guarantee. | ||||
People’s United performs an analysis of its impaired loans, including collateral dependent impaired loans, on a quarterly basis. Individually impaired collateral dependent loans are measured based upon the appraised value of the underlying collateral and other market information. Generally, the Company’s policy is to obtain updated appraisals for commercial collateral dependent loans when the loan is downgraded to a risk rating of “substandard” or “doubtful”, and the most recent appraisal is more than 12 months old or a determination has been made that the property has experienced a significant decline in value. Appraisals are prepared by independent, licensed third-party appraisers and are subject to review by the Company’s internal commercial appraisal department or external appraisers contracted by the commercial appraisal department. The conclusions of the external appraisal review are reviewed by the Company’s Chief Commercial Appraiser prior to acceptance. The Company’s policy with respect to impaired loans secured by residential real estate is to receive updated estimates of property values upon the loan being classified as non-performing (typically upon becoming 90 days past due). | ||||
In determining the allowance for loan losses, People’s United gives appropriate consideration to the age of appraisals through its regular evaluation of other relevant qualitative and quantitative information. Specifically, between scheduled appraisals, property values are monitored within the commercial portfolio by reference to current originations of collateral dependent loans and the related appraisals obtained during underwriting as well as by reference to recent trends in commercial property sales as published by leading industry sources. Property values are monitored within the residential mortgage and home equity portfolios by reference to available market indicators, including real estate price indices within the Company’s primary lending areas. | ||||
In most situations where a guarantee exists, the guarantee arrangement is not a specific factor in the assessment of the related allowance for loan losses. However, the assessment of a guarantor’s credit strength is reflected in the Company’s internal loan risk ratings which, in turn, are an important factor in its allowance for loan loss methodology for loans within the commercial and commercial real estate portfolios. | ||||
People’s United did not change its methodologies with respect to determining the allowance for loan losses during 2014. As part of its ongoing assessment of the allowance for loan losses, People’s United made refinements to certain underlying assumptions used in its methodology during 2014, including the loss emergence period and selected qualitative factors. These refinements did not have a material impact on the allowance for loan losses or the provision for loan losses as of or for the year ended December 31, 2014. | ||||
While People’s United seeks to use the best available information to make these determinations, future adjustments to the allowance for loan losses may be necessary based on changes in economic conditions, results of regulatory examinations, further information obtained regarding known problem loans, the identification of additional problem loans and other factors. | ||||
Loan Charge-Offs | ||||
The Company’s charge-off policies, which comply with standards established by banking regulators, are consistently applied from period to period. Charge-offs are recorded on a monthly basis. Partially charged-off loans continue to be evaluated on a monthly basis and additional charge-offs or loan loss provisions may be recorded on the remaining loan balance based on the same criteria. | ||||
For unsecured consumer loans, charge-offs are generally recorded when the loan is deemed to be uncollectible or 120 days past due, whichever occurs first. For consumer loans secured by real estate, including residential mortgage loans, charge-offs are generally recorded when the loan is deemed to be uncollectible or 180 days past due, whichever occurs first, unless it can be clearly demonstrated that repayment will occur regardless of the delinquency status. Factors that demonstrate an ability to repay may include: (i) a loan that is secured by adequate collateral and is in the process of collection; (ii) a loan supported by a valid guarantee or insurance; or (iii) a loan supported by a valid claim against a solvent estate. | ||||
For commercial loans, a charge-off is recorded when the Company determines that it will not collect all amounts contractually due based on the fair value of the collateral less cost to sell, or the present value of expected future cash flows. | ||||
The decision whether to charge-off all or a portion of a loan rather than to record a specific or general loss allowance is based on an assessment of all available information that aids in determining the loan’s net realizable value. Typically this involves consideration of both (i) the fair value of any collateral securing the loan, including whether the estimate of fair value has been derived from an appraisal or other market information and (ii) other factors affecting the likelihood of repayment, including the existence of guarantees and insurance. If the amount by which the Company’s recorded investment in the loan exceeds its net realizable value is deemed to be a confirmed loss, a charge-off is recorded. Otherwise, a specific or general reserve is established, as applicable. | ||||
Wealth Management and Other Fee-Based Revenues | ||||
Investment management fees are accrued when earned based on total assets managed and administered, which are not reported as assets of People’s United. Insurance revenue represents commissions earned solely from performing broker- and agency-related services. Insurance commission revenues related to agency-billed policies are recognized at the later of the policy billing date or the policy effective date. Insurance commission revenues on premiums directly billed by insurance carriers are generally recognized as revenue during the period commissions are paid by the insurance carrier. Brokerage commissions are recognized on a trade-date basis. Bank service charges are recorded when earned. | ||||
Bank-Owned Life Insurance | ||||
Bank-owned life insurance (“BOLI”) represents the cash surrender value of life insurance policies purchased on the lives of certain key executives and former key executives. BOLI funds are generally invested in separate accounts and are supported by a stable wrap agreement to fully insulate the underlying investments against changes in fair value. Increases in the cash surrender value of these policies and death benefits in excess of the related invested premiums are included in non-interest income in the Consolidated Statements of Income. The Company’s BOLI policies have been underwritten by highly-rated third party insurance carriers and the investments underlying these policies are deemed to be of low-to-moderate market risk. | ||||
Premises and Equipment | ||||
Premises and equipment are reported at cost less accumulated depreciation and amortization, except for land, which is reported at cost. Buildings, data processing and other equipment, computer software, furniture and fixtures are depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term, the estimated useful life of the improvements or 10 years. Capitalized software development costs are amortized on a straight-line basis over the estimated useful life of the software. Generally, the estimated useful lives are as follows: buildings – 40 years; data processing and other equipment – 3 to 5 years; computer software – 3 to 5 years; and furniture and fixtures – 10 years. | ||||
Goodwill and Other Acquisition-Related Intangible Assets | ||||
An acquirer in a business combination is required, upon initially obtaining control of another entity, to recognize the assets, liabilities and any non-controlling interest in the acquiree at fair value as of the acquisition date. Contingent consideration, if any, is also recognized and measured at fair value on the date of acquisition. In addition, the accounting standards for business combinations require that: (i) acquisition-related transaction costs be expensed as incurred; (ii) specific requirements be met in order to accrue for a restructuring plan as part of the acquisition; (iii) certain pre-acquisition contingencies be recognized at fair value; and (iv) acquired loans be recorded at fair value as of the acquisition date without recognition of an allowance for loan losses. | ||||
Intangible assets are recognized in an amount equal to the excess of the purchase price over the fair value of the tangible net assets acquired. “Acquisition-related intangible assets” are separately identified and recognized, where appropriate, for assets such as trade names and the estimated values of acquired core deposits and/or customer relationships. The remaining intangible asset is recognized as goodwill. | ||||
Goodwill and indefinite-lived intangible assets are not amortized but, rather, are reviewed for impairment at least annually, with impairment losses recognized as a charge to expense when they occur. Acquisition-related intangible assets other than goodwill and indefinite-lived intangible assets are amortized to expense over their estimated useful lives and are periodically reviewed by management to assess recoverability, with impairment losses recognized as a charge to expense if carrying amounts exceed fair values. | ||||
The Company’s trade name intangible is being amortized on an accelerated basis over a period of approximately 20 years, reflecting the manner in which the related benefit is expected to be realized. Core deposit intangibles are amortized over 10 years on an accelerated basis that reflects the manner in which the related benefit attributable to the acquired deposits is expected to be realized. Customer relationship intangibles are amortized on a straight-line basis (approximating the manner in which the benefit is expected to be realized) over the estimated remaining average life of those relationships (ranging from 7 to 15 years from the respective acquisition dates). | ||||
Goodwill is evaluated for impairment at the reporting unit level. For the purpose of goodwill impairment evaluations, management has identified reporting units based upon the Company’s three operating segments: Commercial Banking; Retail Banking; and Wealth Management. The impairment evaluation is performed as of an annual date or more frequently if a triggering event indicates that impairment may have occurred. | ||||
Entities have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of such events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the entity is not required to perform the two-step impairment test as described below. People’s United elected to perform this optional qualitative assessment in its evaluation of goodwill impairment as of October 1st (the annual impairment evaluation date) in both 2013 and 2012, and concluded that performance of the two-step impairment test was not required. In 2014, People’s United elected to perform the two-step impairment test. | ||||
The first step (“Step 1”) is used to identify potential impairment, and involves comparing each reporting unit’s estimated fair value to its carrying amount, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill is not deemed to be impaired. Should the carrying amount of the reporting unit exceed its estimated fair value, an indicator of potential impairment is deemed to exist and a second step is performed to measure the amount of such impairment, if any. At this time none of the Company’s identified reporting units are at risk of failing the Step 1 goodwill impairment test. | ||||
The second step (“Step 2”) involves calculating the implied fair value of goodwill for each reporting unit for which impairment was indicated in Step 1. The implied fair value of goodwill is determined in a manner similar to how the amount of goodwill is determined in a business combination (i.e. by measuring the excess of the estimated fair value of the reporting unit, as determined in Step 1, over the aggregate estimated fair values of the individual assets, liabilities, and identifiable intangibles applicable to that reporting unit as of the impairment testing date). If the implied fair value of goodwill exceeds the carrying amount of goodwill assigned to the reporting unit, no impairment exists. If the carrying amount of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment loss is recorded in an amount equal to such excess. An impairment loss cannot exceed the carrying amount of goodwill assigned to a reporting unit, and the loss (write-down) establishes a new carrying amount for the goodwill. Subsequent reversals of goodwill impairment losses are not permitted. | ||||
The Company estimates the fair value of its reporting units based on an appropriate weighting of values based on (i) a present-value measurement technique (discounted cash flow analysis based on internal forecasts) and (ii) market-based trading and transaction multiples. The discounted cash flow analysis is based on significant assumptions and judgments including future growth rates and discount rates reflecting management’s assessment of market participant views of the risks associated with the projected cash flows of the reporting units. The market-based trading and transaction multiples are derived from the market prices of stocks of companies that are actively traded and engaged in the same or similar businesses as the Company and the respective reporting unit. The derived multiples are then applied to the reporting unit’s financial metrics to produce an indication of value. Differences in the identification of reporting units or in the selection of valuation techniques and related assumptions could result in materially different evaluations of goodwill impairment. | ||||
Real Estate Owned | ||||
Real estate owned (“REO”) properties acquired through foreclosure or deed-in-lieu of foreclosure are recorded initially at the lower of cost or estimated fair value less costs to sell. Any write-down of the recorded investment in the related loan is charged to the allowance for loan losses upon transfer to REO. Thereafter, an allowance for REO losses is established for any further declines in the property’s value. This allowance is increased by provisions charged to income and decreased by charge-offs for realized losses. Management’s periodic evaluation of the adequacy of the allowance is based on an analysis of individual properties, as well as a general assessment of current real estate market conditions. | ||||
Income Taxes | ||||
Deferred taxes are recognized for the estimated future tax effects attributable to “temporary differences” and tax loss carryforwards. Temporary differences are differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. A deferred tax liability is recognized for all temporary differences that will result in future taxable income. A deferred tax asset is recognized for all temporary differences that will result in future tax deductions and for all tax loss carryforwards, subject to reduction of the asset by a valuation allowance in certain circumstances. This valuation allowance is recognized if, based on an analysis of available evidence, management determines that it is more likely than not that some portion or all of the deferred tax asset will not be realized. The valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. | ||||
Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to future taxable income. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in income tax expense in the period that includes the enactment date of the change. Tax benefits attributable to deductions in excess of financial statement amounts arising from the exercise of non-statutory stock options are credited to additional paid-in capital. | ||||
Individual tax positions taken or expected to be taken on a tax return must satisfy certain criteria in order for some or all of the related tax benefits to be recognized in the financial statements. Specifically, a recognition threshold of more-likely-than-not must be met in order to recognize those tax benefits. | ||||
Earnings Per Common Share | ||||
Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year, plus an incremental number of common-equivalent shares computed using the treasury stock method. | ||||
Unvested share-based payment awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered to participate with common stock in undistributed earnings for purposes of computing EPS. Companies that have such participating securities, including People’s United, are required to calculate basic and diluted EPS using the two-class method. Restricted stock awards granted by People’s United are considered participating securities. Calculations of EPS under the two-class method (i) exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities and (ii) exclude from the denominator the dilutive impact of the participating securities. | ||||
Derivative Financial Instruments and Hedging Activities | ||||
People’s United uses derivative financial instruments as components of its market risk management (principally to manage interest rate risk (“IRR”)). 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 in the Consolidated Statements of Condition, reported at fair value and presented on a gross basis. Until a derivative is settled, a favorable change in fair value results in an unrealized gain that is recognized as an asset, while an unfavorable change in fair value results in an unrealized loss that is recognized as a liability. | ||||
The Company 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 a 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 (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. | ||||
People’s United formally documents at inception all relationships between the derivative instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. This process includes linking all derivatives that are designated as hedges to specific assets and liabilities, or to specific firm commitments or forecasted transactions. People’s United also formally assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair values or cash flows of the hedged items. If it is determined that a derivative is not highly effective or has ceased to be a highly effective hedge, People’s United 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 (loss) and are amortized to earnings over the remaining period of the former hedging relationship, provided the hedged item continues to be outstanding or it is probable the forecasted transaction will occur. | ||||
People’s United uses the dollar offset method, regression analysis and scenario analysis to assess hedge effectiveness at inception and on an ongoing basis. Such methods are chosen based on the nature of the hedge strategy and are used consistently throughout the life of the hedging relationship. | ||||
Certain derivative financial instruments are offered to commercial customers to assist them in meeting their financing and investing objectives and for their risk management purposes. These derivative financial instruments consist primarily of interest rate swaps, but also include foreign exchange contracts. The IRR associated with customer interest rate swaps is mitigated by entering into similar derivatives having essentially offsetting terms with institutional counterparties. | ||||
Interest rate-lock commitments extended to borrowers relate to the origination of residential mortgage loans. To mitigate the IRR inherent in these commitments, People’s United enters into mandatory delivery and best efforts contracts to sell adjustable-rate and fixed-rate residential mortgage loans (servicing released). Forward commitments to sell and interest rate-lock commitments on residential mortgage loans are considered derivatives and their respective estimated fair values are adjusted based on changes in interest rates. | ||||
Changes in the fair value of derivatives for which hedge accounting is not applied are recognized in current earnings, including customer derivatives, interest-rate lock commitments and forward sale commitments. | ||||
Balance Sheet Offsetting | ||||
Assets and liabilities relating to certain financial instruments, including derivatives, may be eligible for offset in the Consolidated Statements of Condition and/or subject to enforceable master netting arrangements or similar agreements. People’s United’s derivative transactions with institutional counterparties are generally executed under International Swaps and Derivative Association (“ISDA”) master agreements, which include “right of set-off” provisions that provide for a single net settlement of all interest rate swap positions, as well as collateral, in the event of default on, or the termination of, any one contract. Nonetheless, the Company does not offset asset and liabilities under such arrangements in the Consolidated Statements of Condition. | ||||
Collateral (generally in the form of marketable debt securities) pledged by counterparties in connection with derivative transactions is not reported in the Consolidated Statements of Condition unless the counterparty defaults. Collateral that has been pledged by People’s United to counterparties continues to be reported in the Consolidated Statements of Condition unless the Company defaults. | ||||
Fair Value Measurements | ||||
Accounting standards related to fair value measurements define fair value, provide a framework for measuring fair value and establish related disclosure requirements. Broadly, 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. 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 1 – Unadjusted 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 certain U.S. and government agency debt securities). | |||
• | Level 2 – Observable 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 and CMOs); | |||
• | quoted prices for identical or similar assets or liabilities in less active markets (such as certain U.S. and government agency debt securities, and corporate and municipal debt securities that trade infrequently); and | |||
• | other inputs that (i) are observable for substantially the full term of the asset or liability (e.g. interest rates, yield curves, prepayment speeds, default rates, etc.) or (ii) can be corroborated by observable market data (such as interest rate and currency derivatives and certain other securities). | |||
• | Level 3 – Valuation techniques that require unobservable inputs that are supported by little or no market activity and are significant to the fair value measurement of the asset or liability (such as pricing models, discounted cash flow methodologies and similar techniques that typically reflect management’s own estimates of the assumptions a market participant would use in pricing the asset or liability). | |||
People’s United maintains policies and procedures to value assets and liabilities using the most relevant data available. | ||||
Stock-Based Compensation | ||||
People’s United’s stock-based compensation plans provide for awards of stock options and restricted stock to directors, officers and employees. Costs resulting from the issuance of such share-based payment awards are required to be recognized in the financial statements based on the grant date fair value of the award. Stock-based compensation expense is recognized over the requisite service period, which is generally the vesting period. | ||||
New Accounting Standards | ||||
Accounting for Income Taxes | ||||
In July 2013, the Financial Accounting Standards Board (the “FASB”) amended its standards with respect to income taxes to clarify that an unrecognized tax benefit (or a portion of an unrecognized tax benefit) should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This amendment, which is being applied prospectively, became effective for People’s United on January 1, 2014 and did not have a significant impact on the Company’s Consolidated Financial Statements. | ||||
Accounting for Investments in Qualified Affordable Housing Projects | ||||
In January 2014, the FASB amended its standards with respect to the accounting for investments in qualified affordable housing projects to allow an investor that meets certain conditions to amortize the cost of its investment, in proportion to the tax credits and other tax benefits it receives, and present the amortization as a component of income tax expense. This method replaces the current effective yield method, which allows for amortization to be presented as income tax expense but is limited in its application because of certain criteria that are required to be met. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 31, 2014 (January 1, 2015 for People’s United) with retrospective application and early adoption permitted. This amendment, which People’s United early adopted on January 1, 2014 with retrospective application, did not have a significant impact on the Company’s Consolidated Financial Statements as the amortization previously included in pre-tax income is now included as a component of income tax expense (see Note 11). | ||||
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure | ||||
In January 2014, the FASB amended its standards with respect to the accounting for consumer mortgage loans collateralized by residential real estate to clarify that such loans should, upon foreclosure, be reclassified by a creditor as REO when either (i) the creditor obtains legal title to the real estate collateral or (ii) a deed in lieu of foreclosure, conveying all interest in the real estate to the creditor, is completed. In addition, the amendment requires a creditor to provide additional disclosures with respect to (i) the amount of residential real estate meeting the conditions set forth above and (ii) the recorded investment in consumer mortgage loans secured by residential real estate properties that are in the process of foreclosure. This amendment, which can be applied prospectively or through the use of the modified retrospective method, is effective for fiscal years, and interim periods within those years, beginning after December 31, 2014 (January 1, 2015 for People’s United) and early adoption is permitted. The adoption of this amendment is not expected to have a significant impact on the Company’s Consolidated Financial Statements. | ||||
Revenue Recognition | ||||
In May 2014, the FASB amended its standards with respect to revenue recognition. The amended guidance serves to replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance, providing a unified model to determine when and how revenue is recognized. The underlying principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments also require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This new guidance, which can be applied retrospectively or through the use of the cumulative effect transition method, is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016 (January 1, 2017 for People’s United) and early adoption is not permitted. The Company is currently evaluating the impact of the amended guidance on the Company’s Consolidated Financial Statements. | ||||
Stock Compensation | ||||
In June 2014, the FASB amended its standards with respect to stock compensation to require that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. The amendment further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to those periods for which the requisite service has already been rendered. This new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 (January 1, 2016 for People’s United) and can be applied either prospectively or retrospectively to all awards outstanding as of the beginning of the earliest annual period presented as an adjustment to opening retained earnings. The adoption of this amendment, for which early adoption is permitted, is not expected to have a significant impact on the Company’s Consolidated Financial Statements. | ||||
Repurchase Agreements | ||||
In June 2014, the FASB amended its standards with respect to repurchase agreements to (i) require that repurchase-to-maturity transactions be accounted for as secured borrowings, thereby eliminating the possibility of such transactions qualifying for sale accounting treatment, and (ii) eliminate existing guidance for repurchase financings. The amendment also requires enhanced disclosures for certain transactions accounted for as secured borrowings and transfers accounted for as sales when the transferor also retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. | ||||
This new guidance is required to be adopted for fiscal years, and interim periods within those years, beginning on or after December 15, 2014 (January 1, 2015 for People’s United). However, for repurchase and securities lending transactions reported as secured borrowings, the enhanced disclosures required by the new guidance are effective for annual periods beginning after December 15, 2014 (January 1, 2015 for People’s United) and interim periods beginning after March 15, 2015 (April 1, 2015 for People’s United). Early adoption is not permitted for public business entities. In adopting this new guidance, all entities must report changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. As of December 31, 2014, none of the Company’s repurchase agreements represented repurchase-to-maturity transactions or repurchase financings and all repurchase agreements have been accounted for as secured borrowings. As such, the adoption of this amendment is not expected to have a significant impact on the Company’s Consolidated Financial Statements. | ||||
Classification of Certain Government-Guaranteed Residential Mortgage Loans upon Foreclosure | ||||
In August 2014, the FASB amended its standards with respect to the classification of certain government-guaranteed residential mortgage loans to clarify that upon foreclosure of mortgage loans within the scope of the standard, a creditor will be required to reclassify the previously existing mortgage loan to a separate receivable from the guarantor, measured at the amount of the guarantee that it expects to collect. This amendment, which can be applied prospectively or through the use of the modified retrospective method, is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014 (January 1, 2015 for People’s United). However, the transition method selected must be consistent with the method applied in adopting the Accounting Standards Update (“ASU”) 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. Early adoption is permitted only if ASU 2014-04 has been adopted. The adoption of this amendment is not expected to have a significant impact on the Company’s Consolidated Financial Statements. |
Cash_and_ShortTerm_Investments
Cash and Short-Term Investments | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Cash and Cash Equivalents [Abstract] | |||||||||
Cash and Short-Term Investments | NOTE 2 – Cash and Short-Term Investments | ||||||||
A combination of reserves in the form of deposits with the FRB-NY and vault cash, totaling $87.2 million and $79.1 million at December 31, 2014 and 2013, respectively, were maintained to satisfy federal regulatory requirements. Vault cash is included in cash and due from banks and interest-bearing deposits at the FRB-NY are included in short-term investments in the Consolidated Statements of Condition. These deposits represent an alternative to overnight federal funds sold and had a yield of 0.25% at both December 31, 2014 and 2013. | |||||||||
Short-term investments consist of the following cash equivalents: | |||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||
Interest-bearing deposits at the FRB-NY | $ | 626.5 | $ | 102.5 | |||||
Money market mutual funds | 7.3 | 10.8 | |||||||
Other (1) | 34.8 | 10.3 | |||||||
Total short-term investments | $ | 668.6 | $ | 123.6 | |||||
-1 | Included in other is cash collateral posted for certain derivative positions. | ||||||||
In connection with its securities purchased under agreements to resell, People’s United takes delivery of collateral from all counterparties. The fair value of the collateral securing the agreements outstanding at December 31, 2014 was $100.4 million (no agreements were outstanding at December 31, 2013). |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Securities | NOTE 3 – Securities | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses, and fair value of People’s United’s securities available for sale and securities held to maturity are as follows: | |||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.S. Treasury and agency | $ | 56.5 | $ | 0.3 | $ | — | $ | 56.8 | |||||||||||||||||
GSE residential mortgage-backed securities and CMOs | 3,943.40 | 39.7 | (46.4 | ) | 3,936.70 | ||||||||||||||||||||
Total debt securities | 3,999.90 | 40 | (46.4 | ) | 3,993.50 | ||||||||||||||||||||
Equity securities | 0.2 | — | — | 0.2 | |||||||||||||||||||||
Total securities available for sale | $ | 4,000.10 | $ | 40 | $ | (46.4 | ) | $ | 3,993.70 | ||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
State and municipal | $ | 832.8 | $ | 47.4 | $ | (0.1 | ) | $ | 880.1 | ||||||||||||||||
Other | 1.5 | — | — | 1.5 | |||||||||||||||||||||
Total securities held to maturity | $ | 834.3 | $ | 47.4 | $ | (0.1 | ) | $ | 881.6 | ||||||||||||||||
As of December 31, 2013 (in millions) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.S. Treasury and agency | $ | 48.6 | $ | 0.3 | $ | — | $ | 48.9 | |||||||||||||||||
GSE residential mortgage-backed securities and CMOs | 4,172.20 | 30.6 | (106.4 | ) | 4,096.40 | ||||||||||||||||||||
Corporate | 58.3 | 1.9 | — | 60.2 | |||||||||||||||||||||
Other | 2.6 | — | (0.1 | ) | 2.5 | ||||||||||||||||||||
Total debt securities | 4,281.70 | 32.8 | (106.5 | ) | 4,208.00 | ||||||||||||||||||||
Equity securities | 0.2 | — | — | 0.2 | |||||||||||||||||||||
Total securities available for sale | $ | 4,281.90 | $ | 32.8 | $ | (106.5 | ) | $ | 4,208.20 | ||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
State and municipal | $ | 584.5 | $ | — | $ | — | $ | 584.5 | |||||||||||||||||
Corporate | 55 | 2 | — | 57 | |||||||||||||||||||||
Other | 1 | — | — | 1 | |||||||||||||||||||||
Total securities held to maturity | $ | 640.5 | $ | 2 | $ | — | $ | 642.5 | |||||||||||||||||
Securities available for sale with a fair value of $1.43 billion and $1.31 billion at December 31, 2014 and 2013, respectively, were pledged as collateral for public deposits and for other purposes. | |||||||||||||||||||||||||
The Bank, as a member of the FHLB of Boston, is currently required to purchase and hold shares of FHLB capital stock (total cost of $164.4 million at both December 31, 2014 and 2013) in an amount equal to its membership base investment plus an activity based investment determined according to the Bank’s level of outstanding FHLB advances. As a result of the Smithtown Bancorp, Inc. (“Smithtown”) acquisition completed in 2010, People’s United acquired shares of capital stock in the FHLB of New York (total cost of $11.3 million at both December 31, 2014 and 2013). Based on the current capital adequacy and liquidity position of both the FHLB of Boston and the FHLB of New York, management believes there is no impairment in the Company’s investment at December 31, 2014 and the cost of the investment approximates fair value. Dividend income on FHLB capital stock totaled $2.8 million, $0.8 million and $0.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
In December 2013, state and municipal securities with a fair value of $584.5 million, which were previously classified as available for sale, were transferred to held to maturity. The $37.0 million pre-tax loss associated with these securities that existed at the date of transfer is being amortized to interest income as an adjustment to yield over the remaining life of the underlying securities. | |||||||||||||||||||||||||
People’s United uses the specific identification method to determine the cost of securities sold and records securities transactions on the trade date. Net security gains on debt securities for the year ended December 31, 2014 totaled $3.0 million, reflecting gains of $4.4 million and losses of $1.4 million. Net security gains on debt securities for each of the years ended December 31, 2013 and 2012 totaled less than $0.1 million. Net gains on trading account securities totaled less than $0.1 million for each of the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||
The following table is a summary of the amortized cost, fair value and fully taxable equivalent (“FTE”) yield of debt securities as of December 31, 2014, based on remaining period to contractual maturity. Information for GSE residential mortgage-backed securities and CMOs is based on the final contractual maturity dates without considering repayments and prepayments. | |||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
(dollars in millions) | Amortized | Fair | FTE | Amortized | Fair | FTE | |||||||||||||||||||
Cost | Value | Yield | Cost | Value | Yield | ||||||||||||||||||||
U.S. Treasury and agency: | |||||||||||||||||||||||||
Within 1 year | $ | 21 | $ | 21 | 0.35 | % | $ | — | $ | — | — | % | |||||||||||||
After 1 but within 5 years | 35.5 | 35.8 | 0.94 | — | — | — | |||||||||||||||||||
Total | 56.5 | 56.8 | 0.72 | — | — | — | |||||||||||||||||||
GSE residential mortgage-backed securities and CMOs: | |||||||||||||||||||||||||
After 1 but within 5 years | 21.1 | 21.2 | 1.56 | — | — | — | |||||||||||||||||||
After 5 but within 10 years | 779.3 | 788.4 | 2.01 | — | — | — | |||||||||||||||||||
After 10 years | 3,143.00 | 3,127.10 | 1.9 | — | — | — | |||||||||||||||||||
Total | 3,943.40 | 3,936.70 | 1.92 | — | — | — | |||||||||||||||||||
State and municipal: | |||||||||||||||||||||||||
Within 1 year | — | — | — | 3.2 | 3.2 | 3.6 | |||||||||||||||||||
After 1 but within 5 years | — | — | — | 21 | 21.1 | 4.69 | |||||||||||||||||||
After 5 but within 10 years | — | — | — | 282.2 | 297.8 | 3.47 | |||||||||||||||||||
After 10 years | — | — | — | 526.4 | 558 | 4.43 | |||||||||||||||||||
Total | — | — | — | 832.8 | 880.1 | 4.11 | |||||||||||||||||||
Other: | |||||||||||||||||||||||||
After 1 but within 5 years | — | — | — | 1.5 | 1.5 | 2.1 | |||||||||||||||||||
Total | — | — | — | 1.5 | 1.5 | 2.1 | |||||||||||||||||||
Total: | |||||||||||||||||||||||||
Within 1 year | 21 | 21 | 0.35 | 3.2 | 3.2 | 3.6 | |||||||||||||||||||
After 1 but within 5 years | 56.6 | 57 | 1.17 | 22.5 | 22.6 | 4.52 | |||||||||||||||||||
After 5 but within 10 years | 779.3 | 788.4 | 2.01 | 282.2 | 297.8 | 3.47 | |||||||||||||||||||
After 10 years | 3,143.00 | 3,127.10 | 1.9 | 526.4 | 558 | 4.43 | |||||||||||||||||||
Total | $ | 3,999.90 | $ | 3,993.50 | 1.91 | % | $ | 834.3 | $ | 881.6 | 4.1 | % | |||||||||||||
The following tables summarize debt securities with unrealized losses, segregated by the length of time the securities have been in a continuous unrealized loss position at the respective dates. Certain unrealized losses totaled less than $0.1 million. | |||||||||||||||||||||||||
Continuous Unrealized Loss Position | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months Or Longer | Total | |||||||||||||||||||||||
As of December 31, 2014 (in millions) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
GSE residential mortgage-backed securities and CMOs | $ | 111.9 | $ | (0.1 | ) | $ | 1,744.20 | $ | (46.3 | ) | $ | 1,856.10 | $ | (46.4 | ) | ||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
State and municipal | 31.8 | (0.1 | ) | — | — | 31.8 | (0.1 | ) | |||||||||||||||||
Total | $ | 143.7 | $ | (0.2 | ) | $ | 1,744.20 | $ | (46.3 | ) | $ | 1,887.90 | $ | (46.5 | ) | ||||||||||
Continuous Unrealized Loss Position | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months Or Longer | Total | |||||||||||||||||||||||
As of December 31, 2013 (in millions) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
GSE residential mortgage-backed securities and CMOs | $ | 2,866.20 | $ | (97.6 | ) | $ | 152 | $ | (8.8 | ) | $ | 3,018.20 | $ | (106.4 | ) | ||||||||||
U.S. Treasury and agency | 18.1 | — | — | — | 18.1 | — | |||||||||||||||||||
Other | 2.5 | (0.1 | ) | — | — | 2.5 | (0.1 | ) | |||||||||||||||||
Total | $ | 2,886.80 | $ | (97.7 | ) | $ | 152 | $ | (8.8 | ) | $ | 3,038.80 | $ | (106.5 | ) | ||||||||||
At December 31, 2014, 8% of the 1,152 securities owned by the Company, consisting of 43 securities classified as available for sale and 51 securities classified as held to maturity, had gross unrealized losses totaling $46.4 million and $0.1 million, respectively. All of the GSE residential mortgage-backed securities and CMOs had AAA credit ratings and an average maturity of 12 years. The state and municipal securities had an average credit rating of AA- and an average maturity of eight years. The cause of the temporary impairment with respect to all of these securities is directly related to changes in interest rates. | |||||||||||||||||||||||||
Management believes that all gross unrealized losses within the securities portfolio at December 31, 2014 and 2013 are temporary impairments. Management does not intend to sell such securities nor is it more likely than not that management will be required to sell such securities prior to recovery. No other-than-temporary impairment losses were recognized in the Consolidated Statements of Income for the years ended December 31, 2014, 2013 and 2012. |
Loans
Loans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans | NOTE 4 – Loans | ||||||||||||||||||||||||||||||||
For purposes of disclosures related to the credit quality of financing receivables and the allowance for loan losses, People’s United has identified two loan portfolio segments, Commercial and Retail, which are comprised of the following loan classes: | |||||||||||||||||||||||||||||||||
• | Commercial Portfolio: commercial real estate; commercial and industrial; and equipment financing. | ||||||||||||||||||||||||||||||||
• | Retail Portfolio: residential mortgage; home equity; and other consumer. | ||||||||||||||||||||||||||||||||
Loans acquired in connection with business combinations beginning in 2010 are referred to as ‘acquired’ loans as a result of the manner in which they are accounted for (see further discussion under ‘Acquired Loans’ in Note 1). All other loans are referred to as ‘originated’ loans. Accordingly, selected credit quality disclosures that follow are presented separately for the ‘originated’ loan portfolio and the ‘acquired’ loan portfolio. | |||||||||||||||||||||||||||||||||
The following table summarizes People’s United’s loans by loan portfolio segment and class: | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
As of December 31 (in millions) | Originated | Acquired | Total | Originated | Acquired | Total | |||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 8,960.30 | $ | 444 | $ | 9,404.30 | $ | 8,286.50 | $ | 635.1 | $ | 8,921.60 | |||||||||||||||||||||
Commercial and industrial | 6,891.10 | 298.5 | 7,189.60 | 5,818.50 | 483.6 | 6,302.10 | |||||||||||||||||||||||||||
Equipment financing | 2,839.00 | 26.5 | 2,865.50 | 2,524.10 | 69 | 2,593.10 | |||||||||||||||||||||||||||
Total commercial | 9,730.10 | 325 | 10,055.10 | 8,342.60 | 552.6 | 8,895.20 | |||||||||||||||||||||||||||
Total Commercial Portfolio | 18,690.40 | 769 | 19,459.40 | 16,629.10 | 1,187.70 | 17,816.80 | |||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||
Adjustable-rate | 4,254.70 | 139.1 | 4,393.80 | 3,734.70 | 160.6 | 3,895.30 | |||||||||||||||||||||||||||
Fixed-rate | 446.8 | 91.4 | 538.2 | 407.4 | 113.9 | 521.3 | |||||||||||||||||||||||||||
Total residential mortgage | 4,701.50 | 230.5 | 4,932.00 | 4,142.10 | 274.5 | 4,416.60 | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 2,092.90 | 50.2 | 2,143.10 | 2,023.50 | 61.1 | 2,084.60 | |||||||||||||||||||||||||||
Other consumer | 56.3 | 1.2 | 57.5 | 70.5 | 1.8 | 72.3 | |||||||||||||||||||||||||||
Total consumer | 2,149.20 | 51.4 | 2,200.60 | 2,094.00 | 62.9 | 2,156.90 | |||||||||||||||||||||||||||
Total Retail Portfolio | 6,850.70 | 281.9 | 7,132.60 | 6,236.10 | 337.4 | 6,573.50 | |||||||||||||||||||||||||||
Total loans | $ | 25,541.10 | $ | 1,050.90 | $ | 26,592.00 | $ | 22,865.20 | $ | 1,525.10 | $ | 24,390.30 | |||||||||||||||||||||
Net deferred loan costs, which are included in total loans and accounted for as interest yield adjustments, totaled $54.8 million and $47.9 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
At December 31, 2014, 27%, 19% and 18% of the Company’s loans by outstanding principal amount were to customers located within Connecticut, New York and Massachusetts, respectively. Loans to customers located in the New England states as a group represented 61% and 63% of total loans at December 31, 2014 and 2013, respectively. Substantially all of the equipment financing portfolio (97% at both December 31, 2014 and 2013) was to customers located outside of New England. At December 31, 2014, 31% of the equipment financing portfolio was to customers located in Texas, California and Louisiana and no other state exposure was greater than 6%. | |||||||||||||||||||||||||||||||||
Commercial real estate loans include construction loans totaling $657.5 million and $562.2 million at December 31, 2014 and 2013, respectively, net of the unadvanced portion of such loans totaling $434.7 million and $414.2 million, respectively. | |||||||||||||||||||||||||||||||||
At December 31, 2014, residential mortgage loans included $993.3 million of interest-only loans, of which $1.0 million are stated-income loans, compared to $871.1 million and $1.0 million, respectively, at December 31, 2013. People’s United’s underwriting guidelines and requirements for such loans are generally more restrictive than those applied to other types of residential mortgage products. Also included in residential mortgage loans are construction loans totaling $107.9 million and $92.0 million at December 31, 2014 and 2013, respectively, net of the unadvanced portion of such loans totaling $45.6 million and $55.3 million, respectively. | |||||||||||||||||||||||||||||||||
People’s United sells newly-originated residential mortgage loans in the secondary market, without recourse. Net gains on sales of residential mortgage loans totaled $2.9 million, $14.8 million and $16.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. Loans held for sale at December 31, 2014 and 2013 consisted of newly-originated residential mortgage loans with carrying amounts of $34.2 million and $23.3 million, respectively. During 2014, 2013 and 2012, the Company sold acquired loans with outstanding principal balances totaling $10.4 million, $12.4 million and $14.3 million, respectively (carrying amounts of $10.3 million, $10.2 million and $11.6 million, respectively) and recognized net (losses) gains on sales totaling $(0.9) million, $5.7 million and $1.0 million, respectively. | |||||||||||||||||||||||||||||||||
The following table presents a summary, by loan portfolio segment, of activity in the allowance for loan losses for the years ended December 31, 2014, 2013 and 2012. With respect to the originated portfolio, an allocation of a portion of the allowance to one segment does not preclude its availability to absorb losses in another segment. | |||||||||||||||||||||||||||||||||
Commercial | Retail | ||||||||||||||||||||||||||||||||
(in millions) | Originated | Acquired | Total | Originated | Acquired | Total | Total | ||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 160.4 | $ | 7.4 | $ | 167.8 | $ | 15.1 | $ | — | $ | 15.1 | $ | 182.9 | |||||||||||||||||||
Charge-offs | (31.7 | ) | (2.7 | ) | (34.4 | ) | (16.3 | ) | — | (16.3 | ) | (50.7 | ) | ||||||||||||||||||||
Recoveries | 3.3 | — | 3.3 | 3.3 | — | 3.3 | 6.6 | ||||||||||||||||||||||||||
Net loan charge-offs | (28.4 | ) | (2.7 | ) | (31.1 | ) | (13.0 | ) | — | (13.0 | ) | (44.1 | ) | ||||||||||||||||||||
Provision for loan losses | 25.5 | 5.8 | 31.3 | 17.9 | — | 17.9 | 49.2 | ||||||||||||||||||||||||||
Balance at December 31, 2012 | 157.5 | 10.5 | 168 | 20 | — | 20 | 188 | ||||||||||||||||||||||||||
Charge-offs | (29.7 | ) | (4.1 | ) | (33.8 | ) | (16.0 | ) | (0.3 | ) | (16.3 | ) | (50.1 | ) | |||||||||||||||||||
Recoveries | 3.7 | — | 3.7 | 2.5 | — | 2.5 | 6.2 | ||||||||||||||||||||||||||
Net loan charge-offs | (26.0 | ) | (4.1 | ) | (30.1 | ) | (13.5 | ) | (0.3 | ) | (13.8 | ) | (43.9 | ) | |||||||||||||||||||
Provision for loan losses | 27 | 3.4 | 30.4 | 12.5 | 0.8 | 13.3 | 43.7 | ||||||||||||||||||||||||||
Balance at December 31, 2013 | 158.5 | 9.8 | 168.3 | 19 | 0.5 | 19.5 | 187.8 | ||||||||||||||||||||||||||
Charge-offs | (22.3 | ) | (2.6 | ) | (24.9 | ) | (11.1 | ) | (0.1 | ) | (11.2 | ) | (36.1 | ) | |||||||||||||||||||
Recoveries | 3.6 | — | 3.6 | 2.4 | — | 2.4 | 6 | ||||||||||||||||||||||||||
Net loan charge-offs | (18.7 | ) | (2.6 | ) | (21.3 | ) | (8.7 | ) | (0.1 | ) | (8.8 | ) | (30.1 | ) | |||||||||||||||||||
Provision for loan losses | 29.8 | 2.6 | 32.4 | 8.2 | — | 8.2 | 40.6 | ||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 169.6 | $ | 9.8 | $ | 179.4 | $ | 18.5 | $ | 0.4 | $ | 18.9 | $ | 198.3 | |||||||||||||||||||
The following is a summary, by loan portfolio segment and impairment methodology, of the allowance for loan losses and related portfolio balances: | |||||||||||||||||||||||||||||||||
Originated Loans | Originated Loans | Acquired Loans | Total | ||||||||||||||||||||||||||||||
Individually Evaluated | Collectively Evaluated | (Discounts Related to | |||||||||||||||||||||||||||||||
for Impairment | for Impairment | Credit Quality) | |||||||||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||||||||
Commercial | $ | 174.5 | $ | 7.6 | $ | 18,515.90 | $ | 162 | $ | 769 | $ | 9.8 | $ | 19,459.40 | $ | 179.4 | |||||||||||||||||
Retail | 95 | 3.9 | 6,755.70 | 14.6 | 281.9 | 0.4 | 7,132.60 | 18.9 | |||||||||||||||||||||||||
Total | $ | 269.5 | $ | 11.5 | $ | 25,271.60 | $ | 176.6 | $ | 1,050.90 | $ | 10.2 | $ | 26,592.00 | $ | 198.3 | |||||||||||||||||
Originated Loans | Originated Loans | Acquired Loans | Total | ||||||||||||||||||||||||||||||
Individually Evaluated | Collectively Evaluated | (Discounts Related to | |||||||||||||||||||||||||||||||
for Impairment | for Impairment | Credit Quality) | |||||||||||||||||||||||||||||||
As of December 31, 2013 (in millions) | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||||||||
Commercial | $ | 145.4 | $ | 12.2 | $ | 16,483.70 | $ | 146.3 | $ | 1,187.70 | $ | 9.8 | $ | 17,816.80 | $ | 168.3 | |||||||||||||||||
Retail | 79.4 | 2.8 | 6,156.70 | 16.2 | 337.4 | 0.5 | 6,573.50 | 19.5 | |||||||||||||||||||||||||
Total | $ | 224.8 | $ | 15 | $ | 22,640.40 | $ | 162.5 | $ | 1,525.10 | $ | 10.3 | $ | 24,390.30 | $ | 187.8 | |||||||||||||||||
The recorded investments, by class of loan, of originated non-performing loans are summarized as follows: | |||||||||||||||||||||||||||||||||
As of December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 60.2 | $ | 70.8 | $ | 84.4 | |||||||||||||||||||||||||||
Commercial and industrial | 55.8 | 43.8 | 54.8 | ||||||||||||||||||||||||||||||
Equipment financing | 25.4 | 23.2 | 27.2 | ||||||||||||||||||||||||||||||
Total (1) | 141.4 | 137.8 | 166.4 | ||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 37.6 | 58.9 | 65 | ||||||||||||||||||||||||||||||
Home equity | 17.9 | 19.8 | 21 | ||||||||||||||||||||||||||||||
Other consumer | 0.1 | 0.1 | 0.3 | ||||||||||||||||||||||||||||||
Total (2) | 55.6 | 78.8 | 86.3 | ||||||||||||||||||||||||||||||
Total | $ | 197 | $ | 216.6 | $ | 252.7 | |||||||||||||||||||||||||||
-1 | Reported net of government guarantees totaling $17.6 million, $19.4 million and $9.7 million at December 31, 2014, 2013 and 2012, respectively. These government guarantees relate, almost entirely, to guarantees provided by the Small Business Administration as well as selected other Federal agencies and represent the carrying value of the loans that are covered by such guarantees, the extent of which (i.e. full or partial) varies by loan. At December 31, 2014, the principal loan classes to which these government guarantees relate are commercial and industrial loans (99%) and commercial real estate loans (1%). | ||||||||||||||||||||||||||||||||
-2 | Includes $18.9 million, $28.7 million and $44.7 million of loans in the process of foreclosure at December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
The preceding table excludes acquired loans that are (i) accounted for as purchased credit impaired loans or (ii) covered by an FDIC loss-share agreement totaling $100.6 million and $3.0 million, respectively, at December 31, 2014; $138.0 million and $4.5 million, respectively, at December 31, 2013; and $173.6 million and $8.0 million, respectively, at December 31, 2012. Such loans otherwise meet People’s United’s definition of a non-performing loan but are excluded because the loans are included in loan pools that are considered performing and/or credit losses are covered by an FDIC loss-share agreement. The discounts arising from recording these loans at fair value were due, in part, to credit quality. The acquired loans are generally accounted for on a pool basis and the accretable yield on the pools is being recognized as interest income over the life of the loans based on expected cash flows at the pool level. | |||||||||||||||||||||||||||||||||
If interest payments on all originated loans classified as non-performing at December 31, 2014, 2013 and 2012 had been made during the respective years in accordance with the loan agreements, interest income of $16.1 million, $17.1 million and $20.1 million would have been recognized on such loans for the years ended December 31, 2014, 2013 and 2012, respectively. Interest income actually recognized on originated non-performing loans totaled $3.2 million, $2.6 million and $4.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
People’s United’s recorded investment in originated loans classified as TDRs totaled $181.6 million and $151.5 million at December 31, 2014 and 2013, respectively. The related allowance for loan losses at December 31, 2014 and 2013 was $7.1 million and $5.5 million, respectively. Interest income recognized on TDRs totaled $3.8 million, $3.5 million and $6.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. Fundings under commitments to lend additional amounts to borrowers with loans classified as TDRs were immaterial for the years ended December 31, 2014, 2013 and 2012. Originated loans that were modified and classified as TDRs during 2014 principally involve reduced payment and/or payment deferral, extension of term (generally no more than two years for commercial loans and seven years for retail loans) and/or a temporary reduction of interest rate (generally less than 200 basis points). | |||||||||||||||||||||||||||||||||
The following tables summarize, by class of loan, the recorded investments in loans modified as TDRs during the years ended December 31, 2014 and 2013. For purposes of this disclosure, recorded investments represent amounts immediately prior to and subsequent to the restructuring. | |||||||||||||||||||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||||||||||||||
(dollars in millions) | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||
of Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate (1) | 25 | $ | 36.2 | $ | 36.2 | ||||||||||||||||||||||||||||
Commercial and industrial (2) | 50 | 43.1 | 43.1 | ||||||||||||||||||||||||||||||
Equipment financing (3) | 28 | 7.1 | 7.1 | ||||||||||||||||||||||||||||||
Total | 103 | 86.4 | 86.4 | ||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage (4) | 130 | 40.3 | 40.3 | ||||||||||||||||||||||||||||||
Home equity (5) | 135 | 12.2 | 12.2 | ||||||||||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||||||||||
Total | 265 | 52.5 | 52.5 | ||||||||||||||||||||||||||||||
Total | 368 | $ | 138.9 | $ | 138.9 | ||||||||||||||||||||||||||||
-1 | Represents the following concessions: extension of term (16 contracts; recorded investment of $13.5 million); reduced payment and/or payment deferral (4 contracts; recorded investment of $1.8 million); temporary rate reduction (1 contract; recorded investment of $18.2 million); or a combination of concessions (4 contracts; recorded investment of $2.7 million). | ||||||||||||||||||||||||||||||||
-2 | Represents the following concessions: extension of term (20 contracts; recorded investment of $15.3 million); reduced payment and/or payment deferral (8 contracts; recorded investment of $2.4 million); or a combination of concessions (22 contracts; recorded investment of $25.4 million). | ||||||||||||||||||||||||||||||||
-3 | Represents the following concessions: reduced payment and/or payment deferral (11 contracts; recorded investment of $2.0 million); or a combination of concessions (17 contracts; recorded investment of $5.1 million). | ||||||||||||||||||||||||||||||||
-4 | Represents the following concessions: loans restructured through bankruptcy (29 contracts; recorded investment of $5.0 million); extension of term (1 contract; recorded investment of $0.6 million); reduced payment and/or payment deferral (32 contracts; recorded investment of $10.0 million); or a combination of concessions (68 contracts; recorded investment of $24.7 million). | ||||||||||||||||||||||||||||||||
-5 | Represents the following concessions: loans restructured through bankruptcy (67 contracts; recorded investment of $5.6 million); reduced payment and/or payment deferral (20 contracts; recorded investment of $2.3 million); temporary rate reduction (2 contracts; recorded investment of $0.6 million); or a combination of concessions (46 contracts; recorded investment of $3.7 million). | ||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||||||
(dollars in millions) | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||
of Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate (1) | 19 | $ | 14.2 | $ | 14.2 | ||||||||||||||||||||||||||||
Commercial and industrial (2) | 44 | 50.1 | 50.1 | ||||||||||||||||||||||||||||||
Equipment financing (3) | 28 | 15.9 | 15.9 | ||||||||||||||||||||||||||||||
Total | 91 | 80.2 | 80.2 | ||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage (4) | 166 | 46.4 | 46.4 | ||||||||||||||||||||||||||||||
Home equity (5) | 103 | 8.8 | 8.8 | ||||||||||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||||||||||
Total | 269 | 55.2 | 55.2 | ||||||||||||||||||||||||||||||
Total | 360 | $ | 135.4 | $ | 135.4 | ||||||||||||||||||||||||||||
-1 | Represents the following concessions: extension of term (9 contracts; recorded investment of $8.0 million); reduced payment and/or payment deferral (1 contract; recorded investment of $0.5 million); or a combination of concessions (9 contracts; recorded investment of $5.7 million). | ||||||||||||||||||||||||||||||||
-2 | Represents the following concessions: extension of term (8 contracts; recorded investment of $21.2 million); reduced payment and/or payment deferral (23 contracts; recorded investment of $24.2 million); or a combination of concessions (13 contracts; recorded investment of $4.7 million). | ||||||||||||||||||||||||||||||||
-3 | Represents the following concessions: reduced payment and/or payment deferral (16 contracts; recorded investment of $8.9 million); or a combination of concessions (12 contracts; recorded investment of $7.0 million). | ||||||||||||||||||||||||||||||||
-4 | Represents the following concessions: loans restructured through bankruptcy (55 contracts; recorded investment of $9.7 million); reduced payment and/or payment deferral (28 contracts; recorded investment of $8.5 million); temporary rate reduction (6 contracts; recorded investment of $5.5 million); or a combination of concessions (77 contracts; recorded investment of $22.7 million). | ||||||||||||||||||||||||||||||||
-5 | Represents the following concessions: loans restructured through bankruptcy (60 contracts; recorded investment of $4.0 million); extension of term (1 contract; recorded investment of $0.1 million); reduced payment and/or payment deferral (8 contracts; recorded investment of $1.3 million); temporary rate reduction (5 contracts; recorded investment of $0.6 million); or a combination of concessions (29 contracts; recorded investment of $2.8 million). | ||||||||||||||||||||||||||||||||
The following is a summary, by class of loan, of information related to TDRs of originated loans completed within the previous 12 months that subsequently defaulted during the years ended December 31, 2014 and 2013. For purposes of this disclosure, the previous 12 months is measured from January 1 of the respective prior year and a default represents a previously-modified loan that became past due 30 days or more during 2014 or 2013. | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Years ended December 31 (dollars in millions) | Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||
of Contracts | Investment as of | of Contracts | Investment as of | ||||||||||||||||||||||||||||||
Period End | Period End | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | 6 | $ | 3.8 | 1 | $ | 0.5 | |||||||||||||||||||||||||||
Commercial and industrial | 4 | 1.1 | 8 | 7.3 | |||||||||||||||||||||||||||||
Equipment financing | 4 | 0.8 | 1 | 1.4 | |||||||||||||||||||||||||||||
Total | 14 | 5.7 | 10 | 9.2 | |||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 42 | 7.8 | 39 | 10.4 | |||||||||||||||||||||||||||||
Home equity | 24 | 1.6 | 12 | 1 | |||||||||||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||||||||||
Total | 66 | 9.4 | 51 | 11.4 | |||||||||||||||||||||||||||||
Total | 80 | $ | 15.1 | 61 | $ | 20.6 | |||||||||||||||||||||||||||
People’s United’s impaired loans consist of certain originated loans, including all TDRs. The following table summarizes, by class of loan, information related to individually-evaluated impaired loans within the originated portfolio. | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
As of December 31 (in millions) | Unpaid | Recorded | Related | Unpaid | Recorded | Related | |||||||||||||||||||||||||||
Principal | Investment | Allowance | Principal | Investment | Allowance | ||||||||||||||||||||||||||||
Balance | for Loan | Balance | for Loan | ||||||||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||||||||||
Without a related allowance for loan losses: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 57.1 | $ | 55.8 | $ | — | $ | 40.2 | $ | 37.5 | $ | — | |||||||||||||||||||||
Commercial and industrial | 51.7 | 48.6 | — | 23.5 | 22.9 | — | |||||||||||||||||||||||||||
Equipment financing | 30.2 | 21.4 | — | 28.2 | 18.3 | — | |||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 65.4 | 58.9 | — | 57.7 | 53.5 | — | |||||||||||||||||||||||||||
Home equity | 21.3 | 18.3 | — | 14.6 | 12.6 | — | |||||||||||||||||||||||||||
Other consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 225.7 | $ | 203 | $ | — | $ | 164.2 | $ | 144.8 | $ | — | |||||||||||||||||||||
With a related allowance for loan losses: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 52.1 | $ | 27.8 | $ | 4 | $ | 53.7 | $ | 37.8 | $ | 6.8 | |||||||||||||||||||||
Commercial and industrial | 21.4 | 17.4 | 3.5 | 17.7 | 16 | 4.5 | |||||||||||||||||||||||||||
Equipment financing | 3.6 | 3.5 | 0.1 | 14.5 | 12.9 | 0.9 | |||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 15.6 | 15.3 | 2.6 | 11.5 | 11.1 | 1.9 | |||||||||||||||||||||||||||
Home equity | 2.6 | 2.5 | 1.3 | 2.6 | 2.2 | 0.9 | |||||||||||||||||||||||||||
Other consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 95.3 | $ | 66.5 | $ | 11.5 | $ | 100 | $ | 80 | $ | 15 | |||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 109.2 | $ | 83.6 | $ | 4 | $ | 93.9 | $ | 75.3 | $ | 6.8 | |||||||||||||||||||||
Commercial and industrial | 73.1 | 66 | 3.5 | 41.2 | 38.9 | 4.5 | |||||||||||||||||||||||||||
Equipment financing | 33.8 | 24.9 | 0.1 | 42.7 | 31.2 | 0.9 | |||||||||||||||||||||||||||
Total | 216.1 | 174.5 | 7.6 | 177.8 | 145.4 | 12.2 | |||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 81 | 74.2 | 2.6 | 69.2 | 64.6 | 1.9 | |||||||||||||||||||||||||||
Home equity | 23.9 | 20.8 | 1.3 | 17.2 | 14.8 | 0.9 | |||||||||||||||||||||||||||
Other consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 104.9 | 95 | 3.9 | 86.4 | 79.4 | 2.8 | |||||||||||||||||||||||||||
Total | $ | 321 | $ | 269.5 | $ | 11.5 | $ | 264.2 | $ | 224.8 | $ | 15 | |||||||||||||||||||||
The following table summarizes, by class of loan, the average recorded investment and interest income recognized on impaired loans for the periods indicated. The average recorded investment amounts are based on month-end balances. | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Years ended December 31 (in millions) | Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 76.6 | $ | 1.3 | $ | 84.1 | $ | 1 | $ | 101.7 | $ | 1.7 | |||||||||||||||||||||
Commercial and industrial | 46.4 | 1.1 | 58.5 | 1 | 65.2 | 3.4 | |||||||||||||||||||||||||||
Equipment financing | 28.6 | 0.7 | 32.1 | 1.5 | 44.9 | 1.9 | |||||||||||||||||||||||||||
Total | 151.6 | 3.1 | 174.7 | 3.5 | 211.8 | 7 | |||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 71.8 | 1.5 | 55 | 1.1 | 23.7 | 0.6 | |||||||||||||||||||||||||||
Home equity | 18 | 0.2 | 14 | 0.1 | 3.8 | 0.1 | |||||||||||||||||||||||||||
Other consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 89.8 | 1.7 | 69 | 1.2 | 27.5 | 0.7 | |||||||||||||||||||||||||||
Total | $ | 241.4 | $ | 4.8 | $ | 243.7 | $ | 4.7 | $ | 239.3 | $ | 7.7 | |||||||||||||||||||||
The following tables summarize, by class of loan, aging information for originated loans: | |||||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Current | 30-89 | 90 Days | Total | Total | ||||||||||||||||||||||||||||
Days | or More | Originated | |||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 8,908.00 | $ | 17.6 | $ | 34.7 | $ | 52.3 | $ | 8,960.30 | |||||||||||||||||||||||
Commercial and industrial | 6,814.90 | 32.4 | 43.8 | 76.2 | 6,891.10 | ||||||||||||||||||||||||||||
Equipment financing | 2,793.30 | 41 | 4.7 | 45.7 | 2,839.00 | ||||||||||||||||||||||||||||
Total | 18,516.20 | 91 | 83.2 | 174.2 | 18,690.40 | ||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 4,647.30 | 29.1 | 25.1 | 54.2 | 4,701.50 | ||||||||||||||||||||||||||||
Home equity | 2,079.30 | 5 | 8.6 | 13.6 | 2,092.90 | ||||||||||||||||||||||||||||
Other consumer | 55.8 | 0.4 | 0.1 | 0.5 | 56.3 | ||||||||||||||||||||||||||||
Total | 6,782.40 | 34.5 | 33.8 | 68.3 | 6,850.70 | ||||||||||||||||||||||||||||
Total originated loans | $ | 25,298.60 | $ | 125.5 | $ | 117 | $ | 242.5 | $ | 25,541.10 | |||||||||||||||||||||||
Included in the “Current” and “30-89 Days” categories above are early non-performing commercial real estate loans, commercial and industrial loans, and equipment financing loans totaling $25.6 million, $29.5 million and $20.7 million, respectively, and $21.8 million of retail loans in the process of foreclosure or bankruptcy. These loans are less than 90 days past due but have been placed on non-accrual status as a result of having been identified as presenting uncertainty with respect to the collectability of interest and principal. | |||||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
As of December 31, 2013 (in millions) | Current | 30-89 | 90 Days | Total | Total | ||||||||||||||||||||||||||||
Days | or More | Originated | |||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 8,222.50 | $ | 13.1 | $ | 50.9 | $ | 64 | $ | 8,286.50 | |||||||||||||||||||||||
Commercial and industrial | 5,751.40 | 21.7 | 45.4 | 67.1 | 5,818.50 | ||||||||||||||||||||||||||||
Equipment financing | 2,477.60 | 38.9 | 7.6 | 46.5 | 2,524.10 | ||||||||||||||||||||||||||||
Total | 16,451.50 | 73.7 | 103.9 | 177.6 | 16,629.10 | ||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 4,039.40 | 55.1 | 47.6 | 102.7 | 4,142.10 | ||||||||||||||||||||||||||||
Home equity | 2,000.20 | 11.3 | 12 | 23.3 | 2,023.50 | ||||||||||||||||||||||||||||
Other consumer | 68.7 | 1.7 | 0.1 | 1.8 | 70.5 | ||||||||||||||||||||||||||||
Total | 6,108.30 | 68.1 | 59.7 | 127.8 | 6,236.10 | ||||||||||||||||||||||||||||
Total originated loans | $ | 22,559.80 | $ | 141.8 | $ | 163.6 | $ | 305.4 | $ | 22,865.20 | |||||||||||||||||||||||
Included in the “Current” and “30-89 Days” categories above are early non-performing commercial real estate loans, commercial and industrial loans, and equipment financing loans totaling $20.4 million, $17.3 million and $15.6 million, respectively, and $19.1 million of retail loans in the process of foreclosure or bankruptcy. These loans are less than 90 days past due but have been placed on non-accrual status as a result of having been identified as presenting uncertainty with respect to the collectability of interest and principal. | |||||||||||||||||||||||||||||||||
Commercial Credit Quality Indicators | |||||||||||||||||||||||||||||||||
The Company utilizes an internal loan risk rating system as a means of monitoring portfolio credit quality and identifying both problem and potential problem loans. Under the Company’s risk rating system, loans not meeting the criteria for problem and potential problem loans as specified below are considered to be “Pass”-rated loans. Problem and potential problem loans are classified as either “Special Mention,” “Substandard” or “Doubtful.” Loans that do not currently expose the Company to sufficient enough risk of loss to warrant classification as either Substandard or Doubtful, but possess weaknesses that deserve management’s close attention, are classified as Special Mention. Substandard loans represent those credits characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful possess all the weaknesses inherent in those classified Substandard with the added characteristic that collection or liquidation in full, on the basis of existing facts, conditions and values, is highly questionable and/or improbable. | |||||||||||||||||||||||||||||||||
Risk ratings on commercial loans are subject to ongoing monitoring by lending and credit personnel with such ratings updated annually or more frequently, if warranted. The Company’s internal Loan Review function is responsible for independently evaluating the appropriateness of those credit risk ratings in connection with its cyclical reviews, the approach to which is risk-based and determined by reference to underlying portfolio credit quality and the results of prior reviews. Differences in risk ratings noted in conjunction with such periodic portfolio loan reviews, if any, are reported to management each month. | |||||||||||||||||||||||||||||||||
Retail Credit Quality Indicators | |||||||||||||||||||||||||||||||||
Pools of smaller-balance, homogeneous loans with similar risk and loss characteristics are also assessed for probable losses. These loan pools include residential mortgage, home equity and other consumer loans that are not assigned individual loan risk ratings. Rather, the assessment of these portfolios is based upon a consideration of recent historical loss experience, broader portfolio indicators, including trends in delinquencies, non-performing loans and portfolio concentrations, and portfolio-specific risk characteristics, the combination of which determines whether a loan is classified as “High”, “Moderate” or “Low” risk. | |||||||||||||||||||||||||||||||||
The portfolio-specific risk characteristics considered include: (i) collateral values/ LTV ratios (above and below 70%); (ii) borrower credit scores under the FICO scoring system (above and below a score of 680); and (iii) other relevant portfolio risk elements such as income verification at the time of underwriting (stated income vs. non-stated income) and the property’s intended use (owner occupied, non-owner occupied, second home, etc.). In classifying a loan as either “High”, “Moderate” or “Low” risk, the combination of each of the aforementioned risk characteristics is considered for that loan, resulting, effectively, in a “matrix approach” to its risk classification. | |||||||||||||||||||||||||||||||||
For example, to the extent LTV ratios exceed 70% (reflecting a weaker collateral position for the Company) or borrower FICO scores are less than 680 (reflecting weaker financial standing and/or credit history of the customer), the loans are considered to have an increased level of inherent loss. As a result, a loan with a combination of these characteristics would generally be classified as “High” risk. Conversely, as LTV ratios decline (reflecting a stronger collateral position for the Company) or borrower FICO scores exceed 680 (reflecting stronger financial standing and/or credit history of the customer), the loans are considered to have a decreased level of inherent loss. A loan with a combination of these characteristics would generally be classified as “Low” risk. This analysis also considers (i) the extent of underwriting that occurred at the time of origination (direct income verification provides further support for credit decisions) and (ii) the property’s intended use (owner-occupied properties are less likely to default compared to ‘investment-type’ non-owner occupied properties, second homes, etc.). Loans not otherwise deemed to be “High” or “Low” risk are classified as “Moderate” risk. | |||||||||||||||||||||||||||||||||
LTV ratios and FICO scores are determined at origination and updated periodically throughout the life of the loan. LTV ratios are updated for loans 90 days past due and FICO scores are updated for the entire portfolio quarterly. The portfolio stratification (“High”, “Moderate” and “Low” risk) and identification of the corresponding credit quality indicators also occurs quarterly. | |||||||||||||||||||||||||||||||||
Commercial and Retail loans are also evaluated to determine whether they are impaired loans, which are included in the tabular disclosures of credit quality indicators that follow. | |||||||||||||||||||||||||||||||||
Acquired Loans Credit Quality Indicators | |||||||||||||||||||||||||||||||||
Upon acquiring a loan portfolio, the Company’s internal Loan Review function undertakes the process of assigning risk ratings to all commercial loans in accordance with the Company’s established policy, which may differ in certain respects from the risk rating policy of the predecessor company. The length of time necessary to complete this process varies based on the size of the acquired portfolio, the quality of the documentation maintained in the underlying loan files and the extent to which the predecessor company followed a risk rating approach comparable to People’s United’s. As a result, while acquired loans are risk rated, there are occasions when such ratings may be deemed “preliminary” until the Company’s re-rating process has been completed. | |||||||||||||||||||||||||||||||||
Acquired loans are initially recorded at fair value, determined based upon an estimate of the amount and timing of both principal and interest cash flows expected to be collected and discounted using a market interest rate. The difference between contractually required principal and interest payments at the acquisition date and the undiscounted cash flows expected to be collected at the acquisition date is referred to as the “nonaccretable difference”, which includes an estimate of future credit losses expected to be incurred over the life of the portfolio. A decrease in the expected cash flows in subsequent periods requires the establishment of an allowance for loan losses at that time. At December 31, 2014 and 2013, the allowance for loan losses on acquired loans was $10.2 million and $10.3 million, respectively. | |||||||||||||||||||||||||||||||||
The following is a summary, by class of loan, of credit quality indicators: | |||||||||||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Commercial | Commercial | Equipment | Total | |||||||||||||||||||||||||||||
Real Estate | and | Financing | |||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Pass | $ | 8,730.90 | $ | 6,477.40 | $ | 2,481.20 | $ | 17,689.50 | |||||||||||||||||||||||||
Special mention | 82.4 | 114.2 | 110.6 | 307.2 | |||||||||||||||||||||||||||||
Substandard | 135.3 | 297.3 | 247.2 | 679.8 | |||||||||||||||||||||||||||||
Doubtful | 11.7 | 2.2 | — | 13.9 | |||||||||||||||||||||||||||||
Total originated loans | 8,960.30 | 6,891.10 | 2,839.00 | 18,690.40 | |||||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Pass | 302.5 | 174.5 | 7.6 | 484.6 | |||||||||||||||||||||||||||||
Special mention | 20.9 | 52.8 | 0.7 | 74.4 | |||||||||||||||||||||||||||||
Substandard | 113.5 | 55 | 18.2 | 186.7 | |||||||||||||||||||||||||||||
Doubtful | 7.1 | 16.2 | — | 23.3 | |||||||||||||||||||||||||||||
Total acquired loans | 444 | 298.5 | 26.5 | 769 | |||||||||||||||||||||||||||||
Total | $ | 9,404.30 | $ | 7,189.60 | $ | 2,865.50 | $ | 19,459.40 | |||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Residential | Home | Other | Total | |||||||||||||||||||||||||||||
Mortgage | Equity | Consumer | |||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Low risk | $ | 2,280.60 | $ | 931.5 | $ | 29.5 | $ | 3,241.60 | |||||||||||||||||||||||||
Moderate risk | 1,921.60 | 597.1 | 8.3 | 2,527.00 | |||||||||||||||||||||||||||||
High risk | 499.3 | 564.3 | 18.5 | 1,082.10 | |||||||||||||||||||||||||||||
Total originated loans | 4,701.50 | 2,092.90 | 56.3 | 6,850.70 | |||||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Low risk | 107 | — | — | 107 | |||||||||||||||||||||||||||||
Moderate risk | 50.5 | — | — | 50.5 | |||||||||||||||||||||||||||||
High risk | 73 | 50.2 | 1.2 | 124.4 | |||||||||||||||||||||||||||||
Total acquired loans | 230.5 | 50.2 | 1.2 | 281.9 | |||||||||||||||||||||||||||||
Total | $ | 4,932.00 | $ | 2,143.10 | $ | 57.5 | $ | 7,132.60 | |||||||||||||||||||||||||
As of December 31, 2013 (in millions) | Commercial | Commercial | Equipment | Total | |||||||||||||||||||||||||||||
Real Estate | and | Financing | |||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Pass | $ | 8,000.70 | $ | 5,519.20 | $ | 2,262.30 | $ | 15,782.20 | |||||||||||||||||||||||||
Special mention | 138.1 | 77.5 | 93.4 | 309 | |||||||||||||||||||||||||||||
Substandard | 147.6 | 220.1 | 168.4 | 536.1 | |||||||||||||||||||||||||||||
Doubtful | 0.1 | 1.7 | — | 1.8 | |||||||||||||||||||||||||||||
Total originated loans | 8,286.50 | 5,818.50 | 2,524.10 | 16,629.10 | |||||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Pass | 395.6 | 331 | 31.4 | 758 | |||||||||||||||||||||||||||||
Special mention | 46.8 | 19.3 | 4 | 70.1 | |||||||||||||||||||||||||||||
Substandard | 186.6 | 131.5 | 33.6 | 351.7 | |||||||||||||||||||||||||||||
Doubtful | 6.1 | 1.8 | — | 7.9 | |||||||||||||||||||||||||||||
Total acquired loans | 635.1 | 483.6 | 69 | 1,187.70 | |||||||||||||||||||||||||||||
Total | $ | 8,921.60 | $ | 6,302.10 | $ | 2,593.10 | $ | 17,816.80 | |||||||||||||||||||||||||
As of December 31, 2013 (in millions) | Residential | Home | Other | Total | |||||||||||||||||||||||||||||
Mortgage | Equity | Consumer | |||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Low risk | $ | 2,032.60 | $ | 842.5 | $ | 39.5 | $ | 2,914.60 | |||||||||||||||||||||||||
Moderate risk | 1,619.10 | 520.7 | 8.3 | 2,148.10 | |||||||||||||||||||||||||||||
High risk | 490.4 | 660.3 | 22.7 | 1,173.40 | |||||||||||||||||||||||||||||
Total originated loans | 4,142.10 | 2,023.50 | 70.5 | 6,236.10 | |||||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Low risk | 122.6 | — | — | 122.6 | |||||||||||||||||||||||||||||
Moderate risk | 71.2 | — | — | 71.2 | |||||||||||||||||||||||||||||
High risk | 80.7 | 61.1 | 1.8 | 143.6 | |||||||||||||||||||||||||||||
Total acquired loans | 274.5 | 61.1 | 1.8 | 337.4 | |||||||||||||||||||||||||||||
Total | $ | 4,416.60 | $ | 2,084.60 | $ | 72.3 | $ | 6,573.50 | |||||||||||||||||||||||||
Acquired Loans | |||||||||||||||||||||||||||||||||
At the respective acquisition dates in 2011 and 2010, on an aggregate basis, the acquired loan portfolio had contractually required principal and interest payments receivable of $7.57 billion; expected cash flows of $7.02 billion; and a fair value (initial carrying amount) of $5.36 billion. The difference between the contractually required principal and interest payments receivable and the expected cash flows ($550.9 million) represented the initial nonaccretable difference. The difference between the expected cash flows and fair value ($1.66 billion) represented the initial accretable yield. Both the contractually required principal and interest payments receivable and the expected cash flows reflect anticipated prepayments, determined based on historical portfolio experience. At December 31, 2014, the outstanding principal balance and carrying amount of the acquired loan portfolio were $1.18 billion and $1.05 billion, respectively ($1.69 billion and $1.53 billion, respectively, at December 31, 2013). At December 31, 2014, the aggregate remaining nonaccretable difference applicable to acquired loans totaled $115.0 million. | |||||||||||||||||||||||||||||||||
The following table summarizes activity in the accretable yield for the acquired loan portfolio: | |||||||||||||||||||||||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 639.7 | $ | 890.2 | $ | 1,310.40 | |||||||||||||||||||||||||||
Accretion | (81.0 | ) | (127.1 | ) | (206.5 | ) | |||||||||||||||||||||||||||
Reclassification from nonaccretable difference for | 6.7 | 5.3 | 22.7 | ||||||||||||||||||||||||||||||
loans with improved cash flows (1) | |||||||||||||||||||||||||||||||||
Other changes in expected cash flows (2) | (169.1 | ) | (128.7 | ) | (236.4 | ) | |||||||||||||||||||||||||||
Balance at end of period | $ | 396.3 | $ | 639.7 | $ | 890.2 | |||||||||||||||||||||||||||
-1 | Results in increased interest accretion as a prospective yield adjustment over the remaining life of the corresponding pool of loans. | ||||||||||||||||||||||||||||||||
-2 | Represents changes in cash flows expected to be collected due to factors other than credit (e.g. changes in prepayment assumptions and/or changes in interest rates on variable rate loans), as well as loan sales, modifications and payoffs. | ||||||||||||||||||||||||||||||||
FDIC Loss-Share Receivable | |||||||||||||||||||||||||||||||||
On April 16, 2010, the Bank entered into a definitive purchase and assumption agreement (the “Agreement”) with the FDIC pursuant to which the Bank assumed all of the deposits, certain assets and the banking operations of Butler Bank. The Agreement also provides for loss-share coverage by the FDIC, up to certain limits, on all covered assets (loans and REO). The FDIC is obligated to reimburse the Bank for 80% of any future losses on covered assets up to $34.0 million. The Bank will reimburse the FDIC for 80% of recoveries with respect to losses for which the FDIC paid 80% reimbursement under the loss-sharing coverage. | |||||||||||||||||||||||||||||||||
The asset arising from the loss-sharing coverage, referred to as the “FDIC loss-share receivable” is included in other assets in the Consolidated Statements of Condition. The FDIC loss-share receivable is measured separately from the covered loans because the coverage is not contractually embedded in the loans and is not transferable should the Bank choose to dispose of the covered loans. The FDIC loss-share receivable will be reduced as losses are realized on covered assets and as loss-sharing payments are received from the FDIC. Realized losses in excess of the acquisition date estimates will result in an increase in the FDIC loss-share receivable. Conversely, the FDIC loss-share receivable will be reduced if realized losses are less than the estimates at acquisition. The amount ultimately collected for the FDIC loss-share receivable is dependent upon the performance of the underlying covered assets over time and claims submitted to the FDIC. In the event that losses under the loss-share coverage do not reach expected levels, the Bank has agreed to make a cash payment to the FDIC on approximately the tenth anniversary of the Agreement. |
Goodwill_and_Other_Acquisition
Goodwill and Other Acquisition-Related Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Other Acquisition-Related Intangible Assets | NOTE 5 – Goodwill and Other Acquisition-Related Intangible Assets | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Changes in the carrying amount of People’s United’s goodwill are summarized as follows for the year ended December 31, 2012. There were no changes in goodwill during 2014 and 2013. | |||||||||||||||||||||||||
Operating Segment | |||||||||||||||||||||||||
(in millions) | Commercial | Retail | Wealth | Total | |||||||||||||||||||||
Banking | Banking | Management | |||||||||||||||||||||||
Balance at December 31, 2011 | $ | 1,220.90 | $ | 680.7 | $ | 49.8 | $ | 1,951.40 | |||||||||||||||||
Acquisition of branches | — | 0.7 | — | 0.7 | |||||||||||||||||||||
Adjustments | 1.9 | 0.5 | — | 2.4 | |||||||||||||||||||||
Balance at December 31, 2012 | 1,222.80 | 681.9 | 49.8 | 1,954.50 | |||||||||||||||||||||
Balance at December 31, 2013 | 1,222.80 | 681.9 | 49.8 | 1,954.50 | |||||||||||||||||||||
Balance at December 31, 2014 | $ | 1,222.80 | $ | 681.9 | $ | 49.8 | $ | 1,954.50 | |||||||||||||||||
On June 22, 2012, the Bank acquired 57 branches from RBS Citizens, N.A. and assumed approximately $324 million in deposits associated with these branches. The assets acquired, which included cash, premises and equipment, and other assets totaling $15.8 million, and liabilities assumed, which included deposits and other liabilities totaling $324.6 million, were recorded by People’s United at their estimated fair values as of the acquisition date. | |||||||||||||||||||||||||
Acquisitions have been undertaken with the objective of expanding the Company’s business, both geographically and through product offerings, as well as realizing synergies and economies of scale by combining with the acquired entities. For these reasons, a market-based premium was generally paid for the acquired entities which, in turn, resulted in the recognition of goodwill, representing the excess of the respective purchase prices over the estimated fair value of the net assets acquired. | |||||||||||||||||||||||||
All of People’s United’s tax deductible goodwill was created in transactions in which the Company purchased the assets of the target (as opposed to purchasing the issued and outstanding stock of the target). At December 31, 2014 and 2013, tax deductible goodwill totaled $13.0 million and $14.5 million, respectively, and related, almost entirely, to the Butler Bank acquisition completed in 2010. | |||||||||||||||||||||||||
Other Acquisition-Related Intangible Assets | |||||||||||||||||||||||||
The following is a summary of People’s United’s other acquisition-related intangible assets: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
As of December 31 (in millions) | Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Trade name intangible | $ | 122.7 | $ | 34.9 | $ | 87.8 | $ | 122.7 | $ | 26.7 | $ | 96 | |||||||||||||
Core deposit intangible | 143.8 | 107.3 | 36.5 | 143.8 | 93.9 | 49.9 | |||||||||||||||||||
Trust relationships | 42.7 | 20 | 22.7 | 42.7 | 17.1 | 25.6 | |||||||||||||||||||
Insurance relationships | 31.5 | 30.5 | 1 | 31.5 | 30.2 | 1.3 | |||||||||||||||||||
Total other acquisition-related intangible assets | $ | 340.7 | $ | 192.7 | $ | 148 | $ | 340.7 | $ | 167.9 | $ | 172.8 | |||||||||||||
Other acquisition-related intangible assets have an original weighted-average amortization period of 14 years. Amortization expense of other acquisition-related intangible assets totaled $24.8 million, $26.2 million and $26.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. Scheduled amortization expense attributable to other acquisition-related intangible assets for each of the next five years is as follows: $23.8 million in 2015; $22.7 million in 2016; $21.6 million in 2017; $10.2 million in 2018 and $9.4 million in 2019. There were no impairment losses relating to goodwill or other acquisition-related intangible assets recorded during the years ended December 31, 2014, 2013 and 2012. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Premises and Equipment | NOTE 6 – Premises and Equipment | ||||||||
The components of premises and equipment are summarized below: | |||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||
Land | $ | 39.5 | $ | 39.2 | |||||
Buildings | 269.2 | 271.5 | |||||||
Leasehold improvements | 161.6 | 162.9 | |||||||
Furniture and equipment | 219 | 219.9 | |||||||
Total | 689.3 | 693.5 | |||||||
Less: Accumulated depreciation and amortization | 411.5 | 389.4 | |||||||
Total premises and equipment, net | $ | 277.8 | $ | 304.1 | |||||
Depreciation and amortization expense included in occupancy and equipment expense in the Consolidated Statements of Income totaled $39.6 million, $40.3 million and $39.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Other_Assets_and_Other_Liabili
Other Assets and Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Other Assets and Other Liabilities | NOTE 7 – Other Assets and Other Liabilities | ||||||||
The components of other assets are as follows: | |||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||
Leased equipment | $ | 180.9 | $ | 184.3 | |||||
Fair value of derivative financial instruments (notes 18 and 20) | 132.4 | 91.9 | |||||||
Accrued interest receivable | 82.6 | 74.3 | |||||||
Affordable housing investments (note 11) | 69.6 | 65 | |||||||
Assets held in trust for supplemental retirement plans (note 16) | 37.1 | 40.7 | |||||||
Receivables arising from securities brokerage and insurance businesses | 34.8 | 38.4 | |||||||
Investment in joint venture (1) | 21.3 | — | |||||||
Current income tax receivable (note 11) | 21.1 | 21.6 | |||||||
Loans in process | 19.6 | 34.8 | |||||||
Economic development investments | 19.4 | 14.2 | |||||||
Other prepaid expenses | 16.8 | 18.4 | |||||||
REO: | |||||||||
Residential | 13.6 | 13.6 | |||||||
Commercial | 11 | 13.1 | |||||||
Net deferred tax asset (note 11) | 7 | 8 | |||||||
FDIC loss-share receivable (note 4) | 5.7 | 10.1 | |||||||
Repossessed assets | 2.5 | 4.5 | |||||||
Funded status of People’s United defined benefit pension plan (note 16) | — | 41.5 | |||||||
Other | 44.5 | 35.6 | |||||||
Total other assets | $ | 719.9 | $ | 710 | |||||
-1 | During the quarter ended June 30, 2014, the Bank formed a joint venture with Vantiv, Inc. to provide a comprehensive suite of payment solutions to businesses throughout the Bank’s footprint. The Bank retained a 49% minority interest in the joint venture and recognized a $20.6 million gain, net of related expenses, resulting from its formation. The gain represented the fair value of the Bank’s entire portfolio of merchant contracts that were contributed to the joint venture and which previously had a zero book basis. The investment in the joint venture is accounted for using the equity method of accounting. | ||||||||
The components of other liabilities are as follows: | |||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||
Fair value of derivative financial instruments (notes 18 and 20) | $ | 97 | $ | 77 | |||||
Liability for unsettled purchases of securities | 91.5 | 23.3 | |||||||
Liabilities for supplemental retirement plans (note 16) | 60.4 | 59 | |||||||
Accrued expenses payable | 55.2 | 69.1 | |||||||
Accrued employee benefits | 42 | 48.1 | |||||||
Payables arising from securities brokerage and insurance businesses | 37.6 | 40.9 | |||||||
Funded status of defined benefit pension plans (note 16): | |||||||||
People’s United | 27.5 | — | |||||||
Chittenden | 7.4 | 1.2 | |||||||
Other postretirement benefits (note 16) | 14.6 | 10.3 | |||||||
Accrued interest payable | 13.7 | 5.3 | |||||||
Other | 53.7 | 57.7 | |||||||
Total other liabilities | $ | 500.6 | $ | 391.9 | |||||
Deposits
Deposits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||
Deposits | NOTE 8 – Deposits | ||||||||||||||||
The following is an analysis of People’s United’s total deposits by product type: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
As of December 31 (dollars in millions) | Amount | Weighted | Amount | Weighted | |||||||||||||
Average Rate | Average Rate | ||||||||||||||||
Non-interest-bearing | $ | 5,655.10 | — | % | $ | 5,312.20 | — | % | |||||||||
Savings, interest-bearing checking | 15,252.40 | 0.19 | 12,862.20 | 0.22 | |||||||||||||
and money market | |||||||||||||||||
Time deposits maturing: | |||||||||||||||||
Within 3 months | 1,254.30 | 0.63 | 874.5 | 0.55 | |||||||||||||
After 3 but within 6 months | 912.5 | 0.62 | 781.4 | 0.68 | |||||||||||||
After 6 months but within 1 year | 1,306.70 | 0.79 | 1,151.50 | 0.71 | |||||||||||||
After 1 but within 2 years | 1,341.00 | 1.36 | 799.7 | 1.31 | |||||||||||||
After 2 but within 3 years | 230.9 | 1.4 | 520.6 | 2.18 | |||||||||||||
After 3 but within 4 years | 85.5 | 1.07 | 173.3 | 1.67 | |||||||||||||
After 4 but within 5 years | 96.2 | 1.51 | 77.7 | 1.13 | |||||||||||||
After 5 years | 3.6 | 2.45 | 4.2 | 2.45 | |||||||||||||
Total | 5,230.70 | 0.91 | 4,382.90 | 1 | |||||||||||||
Total deposits | $ | 26,138.20 | 0.29 | % | $ | 22,557.30 | 0.32 | % | |||||||||
Time deposits issued in amounts of $100,000 or more totaled $2.1 billion and $1.9 billion at December 31, 2014 and 2013, respectively. Overdrafts of non-interest-bearing deposit accounts totaling $2.6 million and $4.0 million at December 31, 2014 and 2013, respectively, have been classified as loans. | |||||||||||||||||
Interest expense on deposits is summarized as follows: | |||||||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||||||
Savings, interest-bearing checking and money market | $ | 36.7 | $ | 33 | $ | 38.7 | |||||||||||
Time | 44.2 | 48.1 | 52.1 | ||||||||||||||
Total interest expense | $ | 80.9 | $ | 81.1 | $ | 90.8 | |||||||||||
Borrowings
Borrowings | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Borrowings | NOTE 9 – Borrowings | ||||||||||||||||
People’s United’s borrowings are summarized as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
As of December 31 (dollars in millions) | Amount | Weighted | Amount | Weighted | |||||||||||||
Average Rate | Average Rate | ||||||||||||||||
Fixed-rate FHLB advances maturing: | |||||||||||||||||
Within 1 month | $ | 1,825.00 | 0.26 | % | $ | 1,950.00 | 0.19 | % | |||||||||
After 1 month but within 1 year | 200.2 | 0.24 | 1,500.00 | 0.21 | |||||||||||||
After 2 but within 3 years | — | — | 0.5 | 4.37 | |||||||||||||
After 3 but within 4 years | 261.1 | 2.71 | — | — | |||||||||||||
After 4 but within 5 years | — | — | 263.7 | 2.71 | |||||||||||||
After 5 years | 5.4 | 1.33 | 5.6 | 1.33 | |||||||||||||
Total FHLB advances | 2,291.70 | 0.54 | 3,719.80 | 0.38 | |||||||||||||
Federal funds purchased maturing: | |||||||||||||||||
Within 1 month | 913 | 0.15 | 825 | 0.16 | |||||||||||||
Total federal funds purchased | 913 | 0.15 | 825 | 0.16 | |||||||||||||
Customer repurchase agreements maturing: | |||||||||||||||||
Within 1 month | 486 | 0.18 | 501.2 | 0.2 | |||||||||||||
Total customer repurchase agreements | 486 | 0.18 | 501.2 | 0.2 | |||||||||||||
Other borrowings maturing: | |||||||||||||||||
Within 1 year | 1 | 1.75 | 10 | 0.08 | |||||||||||||
After 1 but within 2 years | — | — | 1 | 1.75 | |||||||||||||
Total other borrowings | 1 | 1.75 | 11 | 0.23 | |||||||||||||
Total borrowings | $ | 3,691.70 | 0.39 | % | $ | 5,057.00 | 0.33 | % | |||||||||
At December 31, 2014, the Bank’s total borrowing capacity from (i) the FHLB of Boston and the FRB-NY for advances and (ii) repurchase agreements was $8.7 billion based on the level of qualifying collateral available for these borrowings. In addition, the Bank had unsecured borrowing capacity of $1.3 billion at that date. FHLB advances are secured by the Bank’s investment in FHLB stock and by a security agreement that requires the Bank to maintain, as collateral, sufficient qualifying assets not otherwise pledged (principally single-family residential mortgage loans, home equity lines of credit and loans, and commercial real estate loans). | |||||||||||||||||
Interest expense on borrowings consists of the following: | |||||||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||||||
FHLB advances | $ | 9.2 | $ | 8.2 | $ | 5.1 | |||||||||||
Customer repurchase agreements | 1 | 1.1 | 1.3 | ||||||||||||||
Federal funds purchased | 0.8 | 1.2 | 0.5 | ||||||||||||||
Other borrowings | 0.1 | — | 0.1 | ||||||||||||||
Total interest expense | $ | 11.1 | $ | 10.5 | $ | 7 | |||||||||||
Information concerning People’s United’s borrowings is presented below: | |||||||||||||||||
As of and for the years ended December 31 (dollars in millions) | 2014 | 2013 | 2012 | ||||||||||||||
FHLB advances: | |||||||||||||||||
Balance at year end | $ | 2,291.70 | $ | 3,719.80 | $ | 1,178.30 | |||||||||||
Average outstanding during the year | 2,593.70 | 2,043.90 | 419.5 | ||||||||||||||
Maximum outstanding at any month end | 3,419.50 | 3,719.80 | 1,178.30 | ||||||||||||||
Average interest rate during the year | 0.36 | % | 0.4 | % | 1.23 | % | |||||||||||
Federal funds purchased: | |||||||||||||||||
Balance at year end | $ | 913 | $ | 825 | $ | 619 | |||||||||||
Average outstanding during the year | 471.8 | 641.2 | 195.3 | ||||||||||||||
Maximum outstanding at any month end | 960 | 934 | 763 | ||||||||||||||
Average interest rate during the year | 0.17 | % | 0.19 | % | 0.24 | % | |||||||||||
Customer repurchase agreements: | |||||||||||||||||
Balance at year end | $ | 486 | $ | 501.2 | $ | 588.2 | |||||||||||
Carrying amount of collateral securities at year end | 495.7 | 511.2 | 599.9 | ||||||||||||||
Average outstanding during the year | 482 | 522.7 | 494.7 | ||||||||||||||
Maximum outstanding at any month end | 519.2 | 581.2 | 588.2 | ||||||||||||||
Average interest rate during the year | 0.2 | % | 0.2 | % | 0.26 | % | |||||||||||
Other borrowings: | |||||||||||||||||
Balance at year end | $ | 1 | $ | 11 | $ | 1 | |||||||||||
Carrying amount of collateral securities at year end | 1.1 | 1.1 | 1.1 | ||||||||||||||
Average outstanding during the year | 57.1 | 3.9 | 16.4 | ||||||||||||||
Maximum outstanding at any month end | 206.2 | 11 | 27 | ||||||||||||||
Notes_and_Debentures
Notes and Debentures | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Brokers and Dealers [Abstract] | |||||||||
Notes and Debentures | NOTE 10 – Notes and Debentures | ||||||||
Notes and debentures are summarized as follows: | |||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||
People’s United Financial, Inc.: | |||||||||
3.65% senior notes due 2022 | $ | 498.6 | $ | 498.5 | |||||
5.80% fixed rate/floating rate subordinated notes due 2017 | 122.5 | 121.2 | |||||||
People’s United Bank: | |||||||||
4.00% subordinated notes due 2024 | 412.4 | — | |||||||
11.00% fixed rate subordinated notes due 2019 | — | 19.4 | |||||||
Total notes and debentures | $ | 1,033.50 | $ | 639.1 | |||||
The 3.65% senior notes represent fixed rate unsecured and unsubordinated obligations of People’s United with interest payable semi-annually. The Company may redeem the senior notes at its option, in whole or in part, at any time prior to September 6, 2022, at a redemption price equal to the greater of (i) 100% of the principal amount of the senior notes to be redeemed or (ii) a “make-whole” amount, plus in either case accrued and unpaid interest to the redemption date. In addition, the Company may redeem the senior notes at its option, in whole or in part, at any time on or following September 6, 2022, at a redemption price equal to 100% of the principal amount of the senior notes to be redeemed, plus accrued and unpaid interest to the redemption date. | |||||||||
People’s United assumed the 5.80% fixed rate/floating rate subordinated notes in connection with its acquisition of Chittenden Corporation (“Chittenden”). These subordinated notes, which were issued in 2007 and are due in February 2017, represent unsecured general obligations of People’s United with interest payable semi-annually. The notes had a coupon of 5.80% for the first five years and converted to a variable rate in year six that is tied to the three month LIBOR plus 68.5 basis points. At December 31, 2014, the interest rate was 0.92%. In 2011, People’s United entered into an interest rate swap to hedge the LIBOR-based floating rate payments on these subordinated notes, which began in February 2012 (see Note 20). Beginning on February 14, 2012, People’s United has the option to redeem the notes, in whole or in part, on any interest payment date at a redemption price of 100% of the principal amount of the redeemed notes, plus any accrued but unpaid interest. | |||||||||
In June 2014, the Bank issued $400 million of 4.00% subordinated notes due 2024. The subordinated notes represent fixed rate unsecured and subordinated obligations of the Bank with interest payable semi-annually. The Bank may redeem the notes, in whole or in part, on or after April 16, 2024 at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The Bank may redeem the notes in whole, but not in part, at its option at a redemption price equal to 100% of the principal amount of the notes together with accrued but unpaid interest to, but excluding, the date fixed for redemption, within 90 days of the occurrence of a “regulatory event” (as defined). Pursuant to capital regulations of the OCC, effective January 1, 2015, the Bank may not redeem the notes prior to maturity without the prior approval of the OCC. For regulatory capital purposes, subordinated note issuances qualify, up to certain limits, as Tier 2 capital for the Bank’s total risk-based capital (see Note 13). The Bank has entered into a pay floating/receive fixed interest rate swap to hedge the change in fair value of the subordinated notes due to changes in interest rates (see Note 20). In 2014, the Bank repaid the 11.00% fixed rate subordinated notes assumed in connection with the Smithtown acquisition. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | NOTE 11 – Income Taxes | ||||||||||||
The following is a summary of total income tax expense: | |||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Income tax expense applicable to pre-tax income | $ | 128.9 | $ | 115.2 | $ | 124 | |||||||
Income tax benefit applicable to items reported in total other comprehensive loss (note 15) | (6.7 | ) | (34.6 | ) | (1.5 | ) | |||||||
Total | $ | 122.2 | $ | 80.6 | $ | 122.5 | |||||||
The components of income tax expense applicable to pre-tax income are summarized as follows: | |||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Current tax expense: | |||||||||||||
Federal | $ | 111.9 | $ | 89.9 | $ | 71.9 | |||||||
State | 10.3 | 9.8 | 7.3 | ||||||||||
Total current tax expense | 122.2 | 99.7 | 79.2 | ||||||||||
Deferred tax expense (1) | 6.7 | 15.5 | 44.8 | ||||||||||
Total income tax expense | $ | 128.9 | $ | 115.2 | $ | 124 | |||||||
-1 | Includes the effect of (decreases) increases in the valuation allowance for state deferred tax assets of $(1.2) million, $(2.3) million and $1.4 million in 2014, 2013 and 2012, respectively. | ||||||||||||
The following is a reconciliation of expected income tax expense, computed at the U.S. federal statutory rate of 35%, to actual income tax expense: | |||||||||||||
Years ended December 31 (dollars in millions) | 2014 | 2013 | 2012 | ||||||||||
Expected income tax expense | $ | 133.2 | $ | 121.7 | $ | 129.3 | |||||||
State income tax, net of federal tax effect | 8.2 | 7.3 | 7.4 | ||||||||||
Tax-exempt interest | (13.2 | ) | (11.7 | ) | (8.3 | ) | |||||||
Tax-exempt income from BOLI | (2.0 | ) | (1.6 | ) | (1.9 | ) | |||||||
Federal income tax credits | 0.8 | (3.0 | ) | (4.3 | ) | ||||||||
Other, net | 1.9 | 2.5 | 1.8 | ||||||||||
Actual income tax expense | $ | 128.9 | $ | 115.2 | $ | 124 | |||||||
Effective income tax rate | 33.9 | % | 33.1 | % | 33.6 | % | |||||||
As discussed in Note 1, in the first quarter of 2014, the Company early adopted, with retrospective application, amended standards with respect to the accounting for investments in qualified affordable housing projects. People’s United holds ownership interests in limited partnerships formed to develop and operate affordable housing units for lower income tenants throughout its franchise area. The underlying partnerships, which are considered variable interest entities, are not consolidated into the Company’s Consolidated Financial Statements. These investments have historically played a role in enabling the Bank to meet its Community Reinvestment Act requirements while, at the same time, providing federal income tax credits. | |||||||||||||
The balance of the Company’s affordable housing investments reflected in the Consolidated Statement of Condition at December 31, 2014 totaled $69.6 million (included in other assets). Future contingent commitments (capital calls) related to such investments, the timing of which cannot be reasonably estimated, totaled $30.9 million at that date. The cost of the Company’s investments is amortized on a straight-line basis over the period during which the related federal income tax credits are realized (generally ten years). Amortization expense totaled $10.7 million, $8.5 million and $6.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. In accordance with the aforementioned amended standards, amortization of the Company’s cost of such investments previously included in pre-tax income is now included as a component of income tax expense for all periods presented. | |||||||||||||
In 1998, the Bank formed a passive investment company, People’s Mortgage Investment Company, in accordance with Connecticut tax laws, which permit transfers of mortgage loans to such subsidiaries on or after January 1, 1999. The related earnings of the subsidiary, and any dividends it pays to the parent, are not subject to Connecticut income tax. As a result of the exclusion of such earnings and dividends from Connecticut taxable income beginning in 1999, the Bank has established a valuation allowance for the full amount of its Connecticut deferred tax asset attributable to net temporary differences and state net operating loss carryforwards. Connecticut tax net operating loss carryforwards totaled $1.4 billion at December 31, 2014 and expire between 2020 and 2034. | |||||||||||||
The tax effects of temporary differences that give rise to People’s United’s deferred tax assets and liabilities are as follows: | |||||||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Leasing activities | $ | 87.1 | $ | 73.5 | |||||||||
Allowance for loan losses and non-accrual interest | 77.4 | 74.1 | |||||||||||
State tax net operating loss carryforwards, net of federal tax effect | 67.2 | 69 | |||||||||||
Pension and other postretirement benefits | 35.8 | 5.1 | |||||||||||
Equity-based compensation | 22 | 20.5 | |||||||||||
Unrealized loss on securities transferred to held to maturity | 13.1 | 14.4 | |||||||||||
Basis difference in affordable housing investments | 3.1 | 8.1 | |||||||||||
Unrealized loss on securities available for sale | 2.3 | 28.8 | |||||||||||
Other deductible temporary differences | 32.6 | 30.4 | |||||||||||
Total deferred tax assets | 340.6 | 323.9 | |||||||||||
Less: valuation allowance for state deferred tax assets | (68.1 | ) | (69.3 | ) | |||||||||
Total deferred tax assets, net of the valuation allowance | 272.5 | 254.6 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Tax over book depreciation | (160.3 | ) | (145.5 | ) | |||||||||
Acquisition-related deferred tax liabilities | (51.0 | ) | (51.7 | ) | |||||||||
Deferred cancellation-of-indebtedness income | (17.5 | ) | (22.1 | ) | |||||||||
Book over tax income recognized on consumer loans | (12.4 | ) | (9.5 | ) | |||||||||
Mark-to-market and original issue discounts for tax purposes | (7.7 | ) | (7.6 | ) | |||||||||
Temporary differences related to merchant services joint venture | (7.2 | ) | — | ||||||||||
Other taxable temporary differences | (9.4 | ) | (10.2 | ) | |||||||||
Total deferred tax liabilities | (265.5 | ) | (246.6 | ) | |||||||||
Net deferred tax asset | $ | 7 | $ | 8 | |||||||||
Based on People’s United’s recent historical and anticipated future pre-tax earnings and the reversal of taxable temporary differences, management believes it is more likely than not that People’s United will realize its total deferred tax assets, net of the valuation allowance. | |||||||||||||
People’s United’s current income tax receivable at December 31, 2014 and 2013 totaled $21.1 million and $21.6 million, respectively. | |||||||||||||
The following is a reconciliation of the beginning and ending balances of People’s United’s unrecognized income tax benefits related to uncertain tax positions: | |||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 3 | $ | 2.9 | $ | 3 | |||||||
Additions for tax positions taken in prior years | 0.1 | 0.1 | 0.4 | ||||||||||
Reductions for tax positions taken in prior years | — | — | — | ||||||||||
Reductions attributable to audit settlements/lapse of statute of limitations | (0.1 | ) | — | (0.5 | ) | ||||||||
Balance at end of year | $ | 3 | $ | 3 | $ | 2.9 | |||||||
If recognized, the unrecognized income tax benefits at December 31, 2014 would minimally affect People’s United’s annualized income tax rate. Accrued interest expense related to the unrecognized income tax benefits totaled $0.7 million and $0.6 million at December 31, 2014 and 2013, respectively. People’s United recognizes accrued interest related to unrecognized income tax benefits and penalties, if incurred, as components of income tax expense in the Consolidated Statements of Income. | |||||||||||||
People’s United files a consolidated U.S. Federal income tax return and various state income tax returns. People’s United is currently under examination by the Internal Revenue Service and certain state taxing authorities but is no longer subject to federal or state income tax examinations through 2010. The amount of total unrecognized income tax benefits is not expected to change significantly within the next twelve months. |
Stockholders_Equity_and_Divide
Stockholders' Equity and Dividends | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Stockholders' Equity and Dividends | NOTE 12 – Stockholders’ Equity and Dividends |
People’s United is authorized to issue 50 million shares of preferred stock, par value of $0.01 per share, none of which were outstanding as of December 31, 2014, and 1.95 billion shares of common stock, par value of $0.01 per share, of which 396.8 million shares were issued as of December 31, 2014. | |
Treasury stock includes (i) common stock repurchased by People’s United, either directly or through agents, in the open market at prices and terms satisfactory to management in connection with stock repurchases authorized by its Board of Directors and (ii) common stock purchased in the open market by a trustee with funds provided by People’s United and originally intended for awards under the People’s United Financial, Inc. 2007 Recognition and Retention Plan (the “RRP”). Following shareholder approval of the People’s United Financial, Inc. 2014 Long-Term Incentive Plan (the “2014 Plan”) in the second quarter of 2014, no new awards may be granted under the RRP (see Note 17). | |
In October 2011, People’s United’s Board of Directors authorized the repurchase of up to 5% of the Company’s common stock outstanding, or 18.0 million shares. Such shares were to be repurchased, either directly or through agents, in the open market at prices and terms satisfactory to management. During 2012, the Company completed the repurchase of shares authorized at a total cost of $217.4 million. | |
In November 2012, People’s United’s Board of Directors authorized an additional repurchase of common stock. Under the new repurchase authorization, up to 10% of the Company’s common stock outstanding, or 33.6 million shares, were to be repurchased, either directly or through agents, in the open market at prices and terms satisfactory to management. During 2012, the Company repurchased 0.2 million shares of People’s United common stock under this authorization at a total cost of $2.6 million and, during 2013, completed the repurchase of shares authorized at a total cost of $458.9 million. | |
In April 2007, People’s United established an Employee Stock Ownership Plan (the “ESOP”) (see Note 16). At that time, People’s United loaned the ESOP $216.8 million to purchase 10.5 million shares of People’s United common stock in the open market. Shares of People’s United common stock are held by the ESOP and allocated to eligible participants annually based upon a percentage of each participant’s eligible compensation. At December 31, 2014, 7.7 million shares of People’s United common stock, with a contra-equity balance of $159.0 million, have not been allocated or committed to be released. | |
Dividends declared and paid per common share totaled $0.6575, $0.6475 and $0.6375 for the years ended December 31, 2014, 2013 and 2012, respectively. People’s United’s dividend payout ratio (dividends paid as a percentage of net income) was 78.2%, 88.1% and 88.8% for the years ended December 31, 2014, 2013 and 2012, respectively. | |
The Bank’s ability to pay cash dividends directly or indirectly to People’s United is governed by federal law and regulations. These provide that the Bank must receive OCC approval to declare a dividend if the total amount of all dividends (common and preferred), including the proposed dividend, declared by the Bank in any current year exceeds the total of the Bank’s net income for the current year to date, combined with its retained net income for the previous two years, less the sum of any transfers required by the OCC and any transfers required to be made to a fund for the retirement of any preferred stock. The term “retained net income” as defined by federal regulations means the Bank’s net income for a specified period less the total amount of all dividends declared in that period. | |
The Bank may not pay dividends to People’s United if, after paying those dividends, it would fail to meet the required minimum levels under risk-based capital guidelines and the minimum leverage and tangible capital ratio requirements or if the OCC has notified the Bank that it is in need of more than normal supervision. See Note 13 for a discussion of regulatory capital requirements. Under the Federal Deposit Insurance Act, an insured depository institution such as the Bank is prohibited from making capital distributions, including the payment of dividends, if, after making such distribution, the institution would become “undercapitalized” (as such term is used in the Federal Deposit Insurance Act). Payment of dividends by the Bank also may be restricted at any time at the discretion of the appropriate regulator if it deems the payment to constitute an unsafe and unsound banking practice. | |
In 2014, 2013 and 2012, the Bank paid a total of $244.0 million, $232.0 million and $315.0 million, respectively, in cash dividends to People’s United (parent company). At December 31, 2014, the Bank’s retained net income, as defined by federal regulations, totaled $13.6 million. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Regulatory Capital Requirements | NOTE 13 – Regulatory Capital Requirements | ||||||||||||||||||||||||
OCC regulations require federally-chartered savings banks to meet three minimum capital ratios: (i) a tangible capital ratio of 1.5% (calculated as tangible capital to adjusted total assets); (ii) a leverage (core) capital ratio of 4.0% (calculated as core capital to adjusted total assets); and (iii) a total risk-based capital ratio of 8.0% (calculated as total risk-based capital to total risk-weighted assets). | |||||||||||||||||||||||||
Under its prompt corrective action regulations, the OCC is required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized bank. These actions could have a direct material effect on a bank’s financial statements. The regulations establish a framework for the classification of banks into five categories: well-capitalized, adequately-capitalized, undercapitalized, significantly-undercapitalized and critically-undercapitalized. Generally, a bank is considered well-capitalized if it has a leverage (core) capital ratio of at least 5.0%, a Tier 1 risk-based capital ratio of at least 6.0% (calculated as Tier 1 capital to total risk-weighted assets) and a total risk-based capital ratio of at least 10.0%. | |||||||||||||||||||||||||
The foregoing capital ratios are based in part on specific quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting guidelines. Capital amounts and classifications are also subject to qualitative judgments by the OCC about capital components, risk weightings and other factors. | |||||||||||||||||||||||||
Management believes that, as of December 31, 2014 and 2013, the Bank met all capital adequacy requirements to which it is subject. Further, the most recent regulatory notification categorized the Bank as a well-capitalized institution under the prompt corrective action regulations. No conditions or events have occurred since that notification that have caused management to believe any change in the Bank’s capital classification would be warranted. | |||||||||||||||||||||||||
The following summary compares the Bank’s regulatory capital amounts and ratios as of December 31, 2014 and 2013 to the OCC requirements for classification as a well-capitalized institution and for minimum capital adequacy. At December 31, 2014 and 2013, the Bank’s adjusted total assets, as defined, totaled $34.0 billion and $31.2 billion, respectively, and its total risk-weighted assets, as defined, totaled $27.5 billion and $25.4 billion, respectively. | |||||||||||||||||||||||||
OCC Requirements | |||||||||||||||||||||||||
People’s United Bank | Classification as | Minimum | |||||||||||||||||||||||
Well-Capitalized | Capital Adequacy | ||||||||||||||||||||||||
(dollars in millions) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Tangible capital | $ | 2,881.5 | (1) | 8.5 | % | n/a | n/a | $ | 510.3 | 1.5 | % | ||||||||||||||
Leverage (core) capital | 2,881.5 | (1) | 8.5 | $ | 1,700.90 | 5 | % | 1,360.80 | 4 | ||||||||||||||||
Risk-based capital: | |||||||||||||||||||||||||
Tier 1 | 2,881.5 | (1) | 10.5 | 1,647.30 | 6 | 1,098.20 | 4 | ||||||||||||||||||
Total | 3,582.2 | (2) | 13 | 2,745.40 | 10 | 2,196.30 | 8 | ||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Tangible capital | $ | 2,823.5 | (1) | 9.1 | % | n/a | n/a | $ | 468 | 1.5 | % | ||||||||||||||
Leverage (core) capital | 2,823.5 | (1) | 9.1 | $ | 1,559.90 | 5 | % | 1,247.90 | 4 | ||||||||||||||||
Risk-based capital: | |||||||||||||||||||||||||
Tier 1 | 2,823.5 | (1) | 11.1 | 1,521.40 | 6 | 1,014.30 | 4 | ||||||||||||||||||
Total | 3,133.3 | (2) | 12.4 | 2,535.70 | 10 | 2,028.50 | 8 | ||||||||||||||||||
-1 | Represents the Bank’s total equity capital, excluding: (i) after-tax net unrealized gains and losses on certain securities classified as available for sale; (ii) after-tax net unrealized gains and losses on securities transferred to held to maturity; (iii) after-tax net unrealized gains and losses on derivatives accounted for as cash flow hedges; (iv) certain assets not recognized for regulatory capital purposes (principally goodwill and other acquisition-related intangible assets); and (v) the amount recorded in accumulated other comprehensive loss relating to pension and other postretirement benefits. | ||||||||||||||||||||||||
-2 | Represents Tier 1 capital plus qualifying subordinated notes and debentures, up to certain limits, and the allowance for loan losses up to 1.25% of total risk-weighted assets. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Common Share | NOTE 14 – Earnings Per Common Share | ||||||||||||
The following is an analysis of People’s United’s basic and diluted EPS, reflecting the application of the two-class method, as described in Note 1: | |||||||||||||
Years ended December 31 (in millions, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 251.7 | $ | 232.4 | $ | 245.3 | |||||||
Dividends and undistributed earnings allocated to participating securities | (1.2 | ) | (1.2 | ) | (1.2 | ) | |||||||
Income attributable to common shareholders | $ | 250.5 | $ | 231.2 | $ | 244.1 | |||||||
Average common shares outstanding for basic EPS | 298.2 | 311.9 | 338.3 | ||||||||||
Effect of dilutive equity-based awards | 0.1 | 0.1 | 0.1 | ||||||||||
Average common and common-equivalent shares for diluted EPS | 298.3 | 312 | 338.4 | ||||||||||
Basic EPS | $ | 0.84 | $ | 0.74 | $ | 0.72 | |||||||
Diluted EPS | $ | 0.84 | $ | 0.74 | $ | 0.72 | |||||||
All unallocated ESOP common shares and all common shares accounted for as treasury shares have been excluded from the calculation of basic and diluted EPS. Anti-dilutive equity-based awards totaling 17.7 million shares, 14.0 million shares and 11.7 million shares for the years ended December 31, 2014, 2013 and 2012, respectively, have been excluded from the calculation of diluted EPS. |
Comprehensive_Income
Comprehensive Income | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Comprehensive Income | NOTE 15 – Comprehensive Income | ||||||||||||||||||||
Comprehensive income represents the sum of net income and items of “other comprehensive income or loss,” including (on an after-tax basis): (i) net actuarial gains and losses, prior service credits and costs, and transition assets and obligations related to People’s United’s pension and other postretirement benefit plans; (ii) net unrealized gains and losses on securities available for sale; (iii) net unrealized gains and losses on securities transferred to held to maturity; and (iv) net unrealized gains and losses on derivatives accounted for as cash flow hedges. People’s United’s total comprehensive income for the years ended December 31, 2014, 2013 and 2012 is reported in the Consolidated Statements of Comprehensive Income. | |||||||||||||||||||||
The following is a summary of the changes in the components of accumulated other comprehensive loss (“AOCL”), which are included in People’s United’s stockholders’ equity on an after-tax basis: | |||||||||||||||||||||
(in millions) | Pension | Net Unrealized | Net Unrealized | Net Unrealized | Total | ||||||||||||||||
and Other | Gains (Losses) | Gains (Losses) | Gains (Losses) | Accumulated | |||||||||||||||||
Postretirement | on Securities | on Securities | on Derivatives | Other | |||||||||||||||||
Benefits | Available for Sale | Transferred to | Accounted for as | Comprehensive | |||||||||||||||||
Held to Maturity | Cash Flow Hedges | Loss | |||||||||||||||||||
Balance at December 31, 2011 | $ | (138.8 | ) | $ | 43.2 | $ | — | $ | (0.2 | ) | $ | (95.8 | ) | ||||||||
Current period other comprehensive income (loss) | (9.4 | ) | 9.6 | — | (1.3 | ) | (1.1 | ) | |||||||||||||
Balance at December 31, 2012 | (148.2 | ) | 52.8 | — | (1.5 | ) | (96.9 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | 58.3 | (99.3 | ) | (23.3 | ) | 0.5 | (63.8 | ) | |||||||||||||
Amounts reclassified from AOCL (1) | 4.9 | — | — | 0.7 | 5.6 | ||||||||||||||||
Current period other comprehensive income (loss) | 63.2 | (99.3 | ) | (23.3 | ) | 1.2 | (58.2 | ) | |||||||||||||
Balance at December 31, 2013 | (85.0 | ) | (46.5 | ) | (23.3 | ) | (0.3 | ) | (155.1 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications | (62.6 | ) | 44.6 | — | (0.6 | ) | (18.6 | ) | |||||||||||||
Amounts reclassified from AOCL (1) | 4.7 | (1.8 | ) | 1.8 | 0.8 | 5.5 | |||||||||||||||
Current period other comprehensive income (loss) | (57.9 | ) | 42.8 | 1.8 | 0.2 | (13.1 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | (142.9 | ) | $ | (3.7 | ) | $ | (21.5 | ) | $ | (0.1 | ) | $ | (168.2 | ) | ||||||
-1 | See the following table for details about these reclassifications. | ||||||||||||||||||||
The following is a summary of the amounts reclassified from AOCL: | |||||||||||||||||||||
Years ended December 31 (in millions) | Amounts Reclassified | Affected Line Item | |||||||||||||||||||
from AOCL | in the Statement Where | ||||||||||||||||||||
2014 | 2013 | Net Income is Presented | |||||||||||||||||||
Details about components of AOCL: | |||||||||||||||||||||
Amortization of pension and other postretirement benefits items: | |||||||||||||||||||||
Net actuarial loss | $ | (8.4 | ) | $ | (8.8 | ) | -1 | ||||||||||||||
Prior service credit | 1 | 1.1 | -1 | ||||||||||||||||||
(7.4 | ) | (7.7 | ) | Income before income tax expense | |||||||||||||||||
2.7 | 2.8 | Income tax expense | |||||||||||||||||||
(4.7 | ) | (4.9 | ) | Net income | |||||||||||||||||
Reclassification adjustment for net realized gains on securities available for sale | 3 | — | Income before income tax expense (2) | ||||||||||||||||||
(1.2 | ) | — | Income tax expense | ||||||||||||||||||
1.8 | — | Net income | |||||||||||||||||||
Amortization of unrealized losses on securities transferred to held to maturity | (3.0 | ) | — | Income before income tax expense (3) | |||||||||||||||||
1.2 | — | Income tax expense | |||||||||||||||||||
(1.8 | ) | — | Net income | ||||||||||||||||||
Amortization of unrealized gains and losses on cash flow hedges: | |||||||||||||||||||||
Interest rate swaps | (1.4 | ) | (1.3 | ) | -4 | ||||||||||||||||
Interest rate locks | 0.1 | 0.1 | -4 | ||||||||||||||||||
(1.3 | ) | (1.2 | ) | Income before income tax expense | |||||||||||||||||
0.5 | 0.5 | Income tax expense | |||||||||||||||||||
(0.8 | ) | (0.7 | ) | Net income | |||||||||||||||||
Total reclassifications for the period | $ | (5.5 | ) | $ | (5.6 | ) | |||||||||||||||
-1 | Included in the computation of net periodic benefit cost reflected in compensation and benefits expense (see Note 16 for additional details). | ||||||||||||||||||||
-2 | Included in non-interest income. | ||||||||||||||||||||
-3 | Included in interest and dividend income – securities. | ||||||||||||||||||||
-4 | Included in interest expense - notes and debentures. | ||||||||||||||||||||
The deferred income taxes applicable to the components of AOCL are as follows: | |||||||||||||||||||||
As of December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Net actuarial loss and other amounts related to pension and | $ | 83.2 | $ | 50 | $ | 86.5 | |||||||||||||||
other postretirement benefit plans | |||||||||||||||||||||
Net unrealized loss (gain) on securities available for sale | 2.2 | 27.3 | (30.8 | ) | |||||||||||||||||
Net unrealized loss on securities transferred to held to maturity | 12.5 | 13.7 | — | ||||||||||||||||||
Net unrealized loss on derivatives accounted for as cash flow hedges | — | 0.2 | 0.9 | ||||||||||||||||||
Total deferred income taxes | $ | 97.9 | $ | 91.2 | $ | 56.6 | |||||||||||||||
The following is a summary of the components of People’s United’s total other comprehensive loss: | |||||||||||||||||||||
Pre-Tax | After-Tax | ||||||||||||||||||||
Year ended December 31, 2014 (in millions) | Amount | Tax Effect | Amount | ||||||||||||||||||
Net actuarial gain or loss on pension plans and other postretirement benefits: | |||||||||||||||||||||
Net actuarial loss arising during the year | $ | (98.5 | ) | $ | 35.9 | $ | (62.6 | ) | |||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 8.4 | (3.1 | ) | 5.3 | |||||||||||||||||
Net actuarial loss | (90.1 | ) | 32.8 | (57.3 | ) | ||||||||||||||||
Prior service credit on pension plans and other postretirement benefits: | |||||||||||||||||||||
Reclassification adjustment for prior service credit included in net income | (1.0 | ) | 0.4 | (0.6 | ) | ||||||||||||||||
Net actuarial loss and prior service credit | (91.1 | ) | 33.2 | (57.9 | ) | ||||||||||||||||
Net unrealized gains and losses on securities available for sale: | |||||||||||||||||||||
Net unrealized holding gains arising during the year | 70.9 | (26.3 | ) | 44.6 | |||||||||||||||||
Reclassification adjustment for net realized gains included in net income | (3.0 | ) | 1.2 | (1.8 | ) | ||||||||||||||||
Net unrealized gains | 67.9 | (25.1 | ) | 42.8 | |||||||||||||||||
Net unrealized gains and losses on securities transferred to held to maturity: | |||||||||||||||||||||
Reclassification adjustment for amortization of unrealized losses on securities transferred to held to maturity included in net income | 3 | (1.2 | ) | 1.8 | |||||||||||||||||
Net unrealized gains | 3 | (1.2 | ) | 1.8 | |||||||||||||||||
Net unrealized gains and losses on derivatives accounted for as cash flow hedges: | |||||||||||||||||||||
Net unrealized losses arising during the year | (0.9 | ) | 0.3 | (0.6 | ) | ||||||||||||||||
Reclassification adjustment for net realized losses included in net income | 1.3 | (0.5 | ) | 0.8 | |||||||||||||||||
Net unrealized gains | 0.4 | (0.2 | ) | 0.2 | |||||||||||||||||
Total other comprehensive loss | $ | (19.8 | ) | $ | 6.7 | $ | (13.1 | ) | |||||||||||||
Pre-Tax | After-Tax | ||||||||||||||||||||
Year ended December 31, 2013 (in millions) | Amount | Tax Effect | Amount | ||||||||||||||||||
Net actuarial gain or loss on pension plans and other postretirement benefits: | |||||||||||||||||||||
Net actuarial gain arising during the year | $ | 92 | $ | (33.7 | ) | $ | 58.3 | ||||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 8.8 | (3.2 | ) | 5.6 | |||||||||||||||||
Net actuarial gain | 100.8 | (36.9 | ) | 63.9 | |||||||||||||||||
Prior service credit on pension plans and other postretirement benefits: | |||||||||||||||||||||
Reclassification adjustment for prior service credit included in net income | (1.1 | ) | 0.4 | (0.7 | ) | ||||||||||||||||
Net actuarial gain and prior service credit | 99.7 | (36.5 | ) | 63.2 | |||||||||||||||||
Net unrealized gains and losses on securities available for sale: | |||||||||||||||||||||
Net unrealized holding losses arising during the year | (194.4 | ) | 58.1 | (136.3 | ) | ||||||||||||||||
Unrealized holding losses on securities transferred during the year | 37 | — | 37 | ||||||||||||||||||
Net unrealized losses | (157.4 | ) | 58.1 | (99.3 | ) | ||||||||||||||||
Net unrealized gains and losses on securities transferred to held to maturity: | |||||||||||||||||||||
Unrealized holding losses on securities transferred during the year | (37.0 | ) | 13.7 | (23.3 | ) | ||||||||||||||||
Net unrealized losses | (37.0 | ) | 13.7 | (23.3 | ) | ||||||||||||||||
Net unrealized gains and losses on derivatives accounted for as cash flow hedges: | |||||||||||||||||||||
Net unrealized gains arising during the year | 0.7 | (0.2 | ) | 0.5 | |||||||||||||||||
Reclassification adjustment for net realized losses included in net income | 1.2 | (0.5 | ) | 0.7 | |||||||||||||||||
Net unrealized gains | 1.9 | (0.7 | ) | 1.2 | |||||||||||||||||
Total other comprehensive loss | $ | (92.8 | ) | $ | 34.6 | $ | (58.2 | ) | |||||||||||||
Pre-Tax | After-Tax | ||||||||||||||||||||
Year ended December 31, 2012 (in millions) | Amount | Tax Effect | Amount | ||||||||||||||||||
Net actuarial gain or loss on pension plans and other postretirement benefits: | |||||||||||||||||||||
Net actuarial loss arising during the year | $ | (22.5 | ) | $ | 8.9 | $ | (13.6 | ) | |||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 7.6 | (3.0 | ) | 4.6 | |||||||||||||||||
Net actuarial loss | (14.9 | ) | 5.9 | (9.0 | ) | ||||||||||||||||
Prior service credit on pension plans and other postretirement benefits: | |||||||||||||||||||||
Reclassification adjustment for prior service credit included in net income | (1.0 | ) | 0.4 | (0.6 | ) | ||||||||||||||||
Transition obligation on other postretirement benefits: | |||||||||||||||||||||
Reclassification adjustment for transition obligation on other postretirement benefits included in net income | 0.3 | (0.1 | ) | 0.2 | |||||||||||||||||
Net actuarial loss, prior service credit and transition obligation | (15.6 | ) | 6.2 | (9.4 | ) | ||||||||||||||||
Net unrealized gains and losses on securities available for sale: | |||||||||||||||||||||
Net unrealized holding gains arising during the year | 15.1 | (5.5 | ) | 9.6 | |||||||||||||||||
Net unrealized gains | 15.1 | (5.5 | ) | 9.6 | |||||||||||||||||
Net unrealized gains and losses on derivatives accounted for as cash flow hedges: | |||||||||||||||||||||
Net unrealized losses arising during the year | (3.1 | ) | 1.1 | (2.0 | ) | ||||||||||||||||
Reclassification adjustment for net realized losses included in net income | 1 | (0.3 | ) | 0.7 | |||||||||||||||||
Net unrealized losses | (2.1 | ) | 0.8 | (1.3 | ) | ||||||||||||||||
Total other comprehensive loss | $ | (2.6 | ) | $ | 1.5 | $ | (1.1 | ) | |||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Employee Benefit Plans | NOTE 16 – Employee Benefit Plans | ||||||||||||||||||||||||
People’s United Employee Pension and Other Postretirement Benefits Plans | |||||||||||||||||||||||||
People’s United maintains a qualified noncontributory defined benefit pension plan (the “Qualified Plan”) that covers substantially all full-time and part-time employees who (i) meet certain age and length of service requirements and (ii) were employed by the Bank prior to August 14, 2006. Benefits are based upon the employee’s years of credited service and either the average compensation for the last five years or the average compensation for the five consecutive years of the last ten years that produce the highest average. | |||||||||||||||||||||||||
New employees of the Bank starting on or after August 14, 2006 are not eligible to participate in the Qualified Plan. Instead, the Bank makes contributions on behalf of these employees to a qualified defined contribution plan in an annual amount equal to 3% of the employee’s eligible compensation. Employee participation in this plan is restricted to employees who (i) are at least 18 years of age and (ii) worked at least 1,000 hours in a year. Both full-time and part-time employees are eligible to participate as long as they meet these requirements. | |||||||||||||||||||||||||
In July 2011, the Bank amended the Qualified Plan to “freeze”, effective December 31, 2011, the accrual of pension benefits for Qualified Plan participants. As such, participants will not earn any additional benefits after that date. Instead, effective January 1, 2012, the Bank began making contributions on behalf of these participants to a qualified defined contribution plan in an annual amount equal to 3% of the employee’s eligible compensation. | |||||||||||||||||||||||||
People’s United also maintains (i) unfunded, nonqualified supplemental plans to provide retirement benefits to certain senior officers (the “Supplemental Plans”) and (ii) an unfunded plan that provides retirees with optional medical, dental and life insurance benefits (“the other postretirement benefits plan”). People’s United accrues the cost of these postretirement benefits over the employees’ years of service to the date of their eligibility for such benefit. | |||||||||||||||||||||||||
An employer is required to recognize an asset or a liability for the funded status of pension and other postretirement benefit plans. The funded status is measured as the difference between the fair value of plan assets and the applicable benefit obligation, which is the projected benefit obligation for a pension plan and the accumulated postretirement benefit obligation for an other postretirement benefit plan. Plan assets and benefit obligations are required to be measured as of the date of the employer’s fiscal year-end. | |||||||||||||||||||||||||
The following table summarizes changes in the benefit obligations and plan assets of the Qualified Plan and the Supplemental Plans (together the “Pension Plans”) and the other postretirement benefits plan. The table also shows the funded status (or the difference between benefit obligations and plan assets) recognized in the Consolidated Statements of Condition. All plans have a December 31 measurement date. | |||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Benefit obligations: (1) | |||||||||||||||||||||||||
Beginning of year | $ | 385.6 | $ | 431.2 | $ | 10.3 | $ | 12 | |||||||||||||||||
Service cost | — | — | 0.1 | 0.2 | |||||||||||||||||||||
Interest cost | 19.3 | 17.9 | 0.5 | 0.5 | |||||||||||||||||||||
Actuarial loss (gain) | 81.6 | (48.1 | ) | 4.8 | (1.4 | ) | |||||||||||||||||||
Benefits paid | (15.4 | ) | (14.5 | ) | (1.1 | ) | (1.0 | ) | |||||||||||||||||
Settlements | (4.7 | ) | (0.9 | ) | — | — | |||||||||||||||||||
End of year | 466.4 | 385.6 | 14.6 | 10.3 | |||||||||||||||||||||
Fair value of plan assets: | |||||||||||||||||||||||||
Beginning of year | 387.7 | 334.9 | — | — | |||||||||||||||||||||
Actual return on assets | 23.9 | 64.7 | — | — | |||||||||||||||||||||
Employer contributions | 6.9 | 3.5 | 1.1 | 1 | |||||||||||||||||||||
Benefits paid | (15.4 | ) | (14.5 | ) | (1.1 | ) | (1.0 | ) | |||||||||||||||||
Settlements | (4.7 | ) | (0.9 | ) | — | — | |||||||||||||||||||
End of year | 398.4 | 387.7 | — | — | |||||||||||||||||||||
Funded status at end of year | $ | (68.0 | ) | $ | 2.1 | $ | (14.6 | ) | $ | (10.3 | ) | ||||||||||||||
Amounts recognized in the Consolidated Statements of Condition: | |||||||||||||||||||||||||
Other assets | $ | — | $ | 41.5 | $ | — | $ | — | |||||||||||||||||
Other liabilities | (68.0 | ) | (39.4 | ) | (14.6 | ) | (10.3 | ) | |||||||||||||||||
Funded status at end of year | $ | (68.0 | ) | $ | 2.1 | $ | (14.6 | ) | $ | (10.3 | ) | ||||||||||||||
-1 | Represents projected benefit obligations for the Pension Plans and accumulated benefit obligations for the other postretirement benefits plan. | ||||||||||||||||||||||||
Plan assets for the Qualified Plan of $398.4 million as of December 31, 2014 were exceeded by both the related accumulated benefit obligation and projected benefit obligation ($425.9 million each) at that date. Although the Supplemental Plans hold no assets, People’s United has funded a trust to provide benefit payments to the extent such benefits are not paid directly by People’s United. Trust assets of $29.8 million as of December 31, 2014 (which are included in other assets in the Consolidated Statements of Condition) were exceeded by both the related accumulated benefit obligation and projected benefit obligation ($40.5 million each) at that date. | |||||||||||||||||||||||||
The following table summarizes the accumulated and projected benefit obligations for the Pension Plans at the respective measurement dates: | |||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||||||||||||||||||
Accumulated benefit obligations: | |||||||||||||||||||||||||
Qualified Plan | $ | 425.9 | $ | 346.2 | |||||||||||||||||||||
Supplemental Plans | 40.5 | 39.4 | |||||||||||||||||||||||
Total | $ | 466.4 | $ | 385.6 | |||||||||||||||||||||
Projected benefit obligations: | |||||||||||||||||||||||||
Qualified Plan | $ | 425.9 | $ | 346.2 | |||||||||||||||||||||
Supplemental Plans | 40.5 | 39.4 | |||||||||||||||||||||||
Total | $ | 466.4 | $ | 385.6 | |||||||||||||||||||||
Components of the net periodic benefit (income) expense and other amounts recognized in other comprehensive loss are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Net periodic benefit (income) expense: | |||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 0.1 | $ | 0.2 | $ | 0.2 | |||||||||||||
Interest cost | 19.3 | 17.9 | 17.6 | 0.5 | 0.5 | 0.5 | |||||||||||||||||||
Expected return on plan assets | (28.5 | ) | (26.6 | ) | (26.3 | ) | — | — | — | ||||||||||||||||
Amortization of unrecognized net transition obligation | — | — | — | — | — | 0.3 | |||||||||||||||||||
Recognized net actuarial loss | 4 | 6 | 4.5 | — | — | — | |||||||||||||||||||
Recognized prior service credit | — | — | — | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Settlements (1) | 2 | 0.4 | 1 | — | — | — | |||||||||||||||||||
Net periodic benefit (income) expense | (3.2 | ) | (2.3 | ) | (3.2 | ) | 0.4 | 0.5 | 0.8 | ||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive loss: | |||||||||||||||||||||||||
Net actuarial loss (gain) | 80.1 | (92.6 | ) | 14 | 4.8 | (1.3 | ) | 0.2 | |||||||||||||||||
Transition obligation | — | — | — | — | — | (0.3 | ) | ||||||||||||||||||
Prior service credit | — | — | — | 0.2 | 0.2 | 0.2 | |||||||||||||||||||
Total pre-tax changes recognized in other comprehensive loss | 80.1 | (92.6 | ) | 14 | 5 | (1.1 | ) | 0.1 | |||||||||||||||||
Total recognized in net periodic benefit (income) expense and other comprehensive loss | $ | 76.9 | $ | (94.9 | ) | $ | 10.8 | $ | 5.4 | $ | (0.6 | ) | $ | 0.9 | |||||||||||
-1 | Settlement charges are a result of lump-sum benefit payments in excess of the sum of a plan’s annual interest and service costs. The amount recognized represents a pro-rata portion of the aggregate gain or loss recorded in accumulated other comprehensive loss. | ||||||||||||||||||||||||
The pre-tax amounts in AOCL that have not been recognized as components of net periodic benefit cost are as follows: | |||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
As of December 31 (in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Net actuarial loss | $ | 203.5 | $ | 123.4 | $ | 5.1 | $ | 0.3 | |||||||||||||||||
Prior service credit | — | — | (0.2 | ) | (0.4 | ) | |||||||||||||||||||
Total pre-tax amounts included in AOCL | $ | 203.5 | $ | 123.4 | $ | 4.9 | $ | (0.1 | ) | ||||||||||||||||
The Company uses a corridor approach in the valuation of its defined benefit pension plans, which results in the deferral of actuarial gains and losses resulting from differences between actual results and actuarial assumptions. Amortization of actuarial gains and losses occurs when the accumulated unrecognized gain or loss balance, as of the beginning of the year, exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets. The excess unrecognized gain or loss balance is amortized over the average remaining life expectancy of plan participants which, for the Qualified Plan, was approximately 30 years as of December 31, 2014. In 2015, approximately $6.0 million in net actuarial losses is expected to be recognized as a component of net periodic benefit cost for the Pension Plans and approximately $0.3 million in net actuarial losses and $(0.2) million prior service credit are expected to be recognized as components of net periodic benefit cost for the other postretirement benefits plan. | |||||||||||||||||||||||||
The following assumptions were used in determining the benefit obligations and net periodic benefit (income) expense as of and for the periods indicated: | |||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-average assumptions used to determine | |||||||||||||||||||||||||
benefit obligations at December 31: | |||||||||||||||||||||||||
Discount rate | 4.2 | % | 5.1 | % | 4.25 | % | 4.2 | % | 5.1 | % | 4.25 | % | |||||||||||||
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: | |||||||||||||||||||||||||
Discount rate | 5.1 | % | 4.25 | % | 4.6 | % | 5.1 | % | 4.25 | % | 4.6 | % | |||||||||||||
Expected return on plan assets | 8 | 8 | 8 | n/a | n/a | n/a | |||||||||||||||||||
Rate of compensation increase | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||
Assumed health care cost trend rates at December 31: (1) | |||||||||||||||||||||||||
Health care cost trend rate assumed for next year | n/a | n/a | n/a | 7.05 | % | 7.25 | % | 7.5 | % | ||||||||||||||||
Rate to which the cost trend rate is assumed to decline | n/a | n/a | n/a | 4.5 | 4.5 | 4.5 | |||||||||||||||||||
(the ultimate trend rate) | |||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | n/a | n/a | n/a | 2027 | 2027 | 2027 | |||||||||||||||||||
n/a – not applicable | |||||||||||||||||||||||||
-1 | Changes in the net periodic benefit cost and the related benefit obligation arising as a result of a one-percentage-point increase or decrease in this assumed trend rate would not be significant. | ||||||||||||||||||||||||
In developing an expected long-term rate of return on asset assumption for the Qualified Plan for purposes of determining 2014 net periodic benefit income, People’s United considered the historical returns and the future expectations for returns within each asset class, as well as the target asset allocation of the pension portfolio. This resulted in an expected long-term rate of return assumption of 8.00%, which was intended to reflect expected asset returns over the life of the related pension benefits expected to be paid. The discount rate reflects the then current rates available on long-term high-quality fixed-income debt instruments, and is reset annually on the measurement date. To determine the discount rate, People’s United reviews, along with its independent actuary, spot interest rate yield curves based upon yields from a broad population of high-quality bonds adjusted to match the timing and amounts of expected benefit payments. | |||||||||||||||||||||||||
In 2015, approximately $5.3 million in net periodic benefit income is expected to be recognized related to the Qualified Plan. This amount was determined using the following assumptions: (i) an expected long-term rate of return of 7.50%; (ii) a discount rate of 4.20%; and (iii) new mortality tables issued by the Society of Actuaries in October 2014 that reflect increasing life expectancies. The mortality rate is a key assumption used in valuing retirement benefit obligations as it reflects the probability of future benefit payments that are contingent upon the longevity of plan participants and their beneficiaries. Adoption of the new mortality tables resulted in an increase in the related benefit obligation of approximately $31 million. | |||||||||||||||||||||||||
People’s United’s funding policy is to contribute the amounts required by applicable regulations, although additional amounts may be contributed from time to time. In 2015, People’s United expects to make a voluntary employer contribution of approximately $40 million to the Qualified Plan in recognition of the noted improvements in mortality and lower discount rates. Employer contributions for the Supplemental Plans and the other postretirement benefits plan in 2015 are expected to total $3.8 million, representing net benefit payments expected to be paid under these plans. | |||||||||||||||||||||||||
Expected future net benefit payments for the Pension Plans as of December 31, 2014 are: $17.1 million in 2015; $17.3 million in 2016; $21.0 million in 2017; $21.1 million in 2018; $20.8 million in 2019; and an aggregate of $117.1 million in 2020 through 2024. Expected future net benefit payments for the other postretirement benefits plan as of December 31, 2014 are: $0.9 million in each of the years 2015 through 2019; and an aggregate of $4.0 million in 2020 through 2024. | |||||||||||||||||||||||||
The investment strategy of the Qualified Plan is to develop a diversified portfolio, representing a variety of asset classes of varying duration, in order to effectively fund expected near-term and long-term benefit payments. All investment decisions are governed by an established policy that contains the following asset allocation guidelines: | |||||||||||||||||||||||||
Asset Class | |||||||||||||||||||||||||
Policy Target% | Policy Range% | ||||||||||||||||||||||||
Cash equivalents | 5 | 0 - 20 | |||||||||||||||||||||||
Equity securities | 65 | 50 - 75 | |||||||||||||||||||||||
Fixed income securities | 30 | 20 - 50 | |||||||||||||||||||||||
Equity securities are required to be diversified among industries and economic sectors and may include convertible securities. Limitations have been established on the overall allocation to any individual security representing more than 3% of the market value of total plan assets. A limit of 50% of equity holdings may be invested in international equities. Short sales, margin purchases and similar speculative transactions are prohibited. | |||||||||||||||||||||||||
Fixed income securities are oriented toward risk-averse, investment-grade securities rated “A” or higher. A limit of up to 30% of the fixed income holdings may be purchased and held indirectly in issues rated below “Baa” by Moody’s or “BBB” by Standard & Poor’s, if the higher investment risk is compensated for by the prospect of a positive incremental investment return. With the exception of U.S. government securities, in which the Qualified Plan may invest the entire fixed income allocation, fixed income securities require diversification among individual securities and sectors. Limitations have been established on the overall investment in securities of a single issuer to no more than 2.5% of the market value of total plan assets. There is no limit on the maximum maturity of securities held. Short sales, margin purchases and similar speculative transactions are prohibited. | |||||||||||||||||||||||||
The following table summarizes the percentages of fair value for each major category of Qualified Plan assets as of the respective measurement dates: | |||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
As of December 31 | 2014 | 2013 | |||||||||||||||||||||||
Equity securities | 72 | % | 73 | % | |||||||||||||||||||||
Cash and fixed income securities | 28 | 27 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
The following tables present Qualified Plan assets measured at fair value: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and cash equivalents | $ | 6.3 | $ | — | $ | — | $ | 6.3 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Corporate | 221.4 | — | — | 221.4 | |||||||||||||||||||||
Mutual funds | — | 64 | — | 64 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate | — | 66.7 | — | 66.7 | |||||||||||||||||||||
Mutual funds | — | 23.5 | — | 23.5 | |||||||||||||||||||||
Municipals | — | 10.9 | — | 10.9 | |||||||||||||||||||||
Other | — | 5.6 | — | 5.6 | |||||||||||||||||||||
Total | $ | 227.7 | $ | 170.7 | $ | — | $ | 398.4 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
As of December 31, 2013 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and cash equivalents | $ | 4.8 | $ | — | $ | — | $ | 4.8 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Corporate | 216.3 | — | — | 216.3 | |||||||||||||||||||||
Mutual funds | — | 65.9 | — | 65.9 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate | — | 60.1 | — | 60.1 | |||||||||||||||||||||
Mutual funds | — | 23.2 | — | 23.2 | |||||||||||||||||||||
Municipals | — | 9.5 | — | 9.5 | |||||||||||||||||||||
U.S. agency | — | 2.9 | — | 2.9 | |||||||||||||||||||||
Other | — | 5 | — | 5 | |||||||||||||||||||||
Total | $ | 221.1 | $ | 166.6 | $ | — | $ | 387.7 | |||||||||||||||||
Chittenden Pension Plan | |||||||||||||||||||||||||
In addition to the benefit plans described above, People’s United continues to maintain a qualified defined benefit pension plan that covers former Chittenden employees who meet certain eligibility requirements (the “Chittenden Plan”). Effective December 31, 2005, accrued benefits were frozen based on participants’ then-current service and pay levels. Interest continues to be credited on undistributed balances at a crediting rate specified by the Chittenden Plan. During April 2010, participants who were in payment status as of April 1, 2010, or whose accrued benefit as of that date was scheduled to be paid in the form of an annuity commencing May 1, 2010 based upon elections made by April 15, 2010, were transferred into the Qualified Plan. | |||||||||||||||||||||||||
At December 31, 2014, the fair value of plan assets totaled $41.5 million (invested in cash and cash equivalents, equity securities and fixed income securities) and the projected benefit obligation totaled $48.9 million, resulting in an unfunded status of $7.4 million, which has been recognized as a liability in the Consolidated Statements of Condition. The liability recognized for the Chittenden Plan’s unfunded status was $1.2 million at December 31, 2013. A discount rate of 4.0% was used in determining the projected benefit obligation at December 31, 2014. Pre-tax net actuarial losses totaling $20.5 million ($12.9 million net of tax) and pre-tax prior service credits totaling $2.8 million ($1.8 million net of tax) were included in AOCL at December 31, 2014. | |||||||||||||||||||||||||
Net periodic benefit (income) expense for the Chittenden Plan totaled $(0.2) million, $(0.1) million and $1.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. Included in net periodic benefit (income) expense in each year were partial settlement charges totaling $1.2 million, $1.0 million and $1.0 million, respectively, as a result of lump-sum benefit payments in each year in excess of the sum of the plan’s annual interest and service costs. When an employer settles the full amount of its obligation for vested benefits with respect to some of a plan’s participants, the employer is required to recognize in income a pro-rata portion of the aggregate gain or loss recorded in accumulated other comprehensive income. | |||||||||||||||||||||||||
The weighted average assumptions used to determine 2014, 2013 and 2012 net periodic benefit (income) expense were (i) discount rates of 4.90%, 4.00% and 4.50%, respectively, and (ii) an expected long-term rate of return on plan assets of 8.00%, 8.00% and 4.25%, respectively. The higher long-term rate of return beginning in 2013 reflects a change in investment allocation to include more equity securities. In 2015, approximately $0.3 million in net periodic benefit income (consisting of expected return on plan assets, interest cost and amortization of prior service credit and net actuarial loss) is expected to be recognized. | |||||||||||||||||||||||||
In 2015, a voluntary employer contribution of approximately $10 million is expected to be made for the Chittenden Plan in recognition of the noted improvements in mortality and lower discount rates. Expected future net benefit payments as of December 31, 2014 are: $2.5 million in 2015; $2.8 million in 2016; $2.5 million in 2017; $2.8 million in 2018; $2.7 million in 2019; and an aggregate of $16.0 million in 2020 through 2024. | |||||||||||||||||||||||||
Employee Stock Ownership Plan | |||||||||||||||||||||||||
In April 2007, People’s United established an ESOP. At that time, People’s United loaned the ESOP $216.8 million to purchase 10,453,575 shares of People’s United common stock in the open market. In order for the ESOP to repay the loan, People’s United expects to make annual cash contributions of approximately $18.8 million until 2036. Such cash contributions may be reduced by the cash dividends paid on unallocated ESOP shares, which totaled $5.3 million in 2014, $5.4 million in 2013 and $5.6 million in 2012. At December 31, 2014, the loan balance totaled $192.1 million. | |||||||||||||||||||||||||
Employee participation in this plan is restricted to those employees who (i) are at least 18 years of age and (ii) worked at least 1,000 hours within 12 months of their hire date or any plan year (January 1 to December 31) after their date of hire. Employees meeting the aforementioned eligibility criteria during the plan year must continue to be employed as of the last day of the plan year in order to receive an allocation of shares for that plan year. | |||||||||||||||||||||||||
Shares of People’s United common stock are held by the ESOP and allocated to eligible participants annually based upon a percentage of each participant’s eligible compensation. Since the ESOP was established, a total of 2,787,620 shares of People’s United common stock have been allocated or committed to be released to participants’ accounts. At December 31, 2014, 7,665,955 shares of People’s United common stock, with a fair value of $116.4 million at that date, have not been allocated or committed to be released. | |||||||||||||||||||||||||
Compensation expense related to the ESOP is recognized at an amount equal to the number of common shares committed to be released by the ESOP for allocation to participants’ accounts multiplied by the average fair value of People’s United’s common stock during the reporting period. The difference between the fair value of the shares of People’s United’s common stock committed to be released and the cost of those common shares is recorded as a credit to additional paid-in capital (if fair value exceeds cost) or, to the extent that no such credits remain in additional paid-in capital, as a charge to retained earnings (if fair value is less than cost). Expense recognized for the ESOP totaled $5.1 million, $4.9 million and $4.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Employee Savings Plans | |||||||||||||||||||||||||
People’s United sponsors an employee savings plan that qualifies as a 401(k) plan under the Internal Revenue Code. Employees may contribute up to 50% of their pre-tax compensation up to certain limits, and People’s United makes a matching contribution equal to 100% of a participant’s contributions up to 4% of pre-tax compensation. Participants vest immediately in their own contributions and after one year in People’s United’s contributions. A supplemental savings plan has also been established for certain senior officers and the Company has funded a trust to provide benefit payments to the extent such benefits are not paid directly by People’s United. Trust assets of $7.3 million as of December 31, 2014 (which are included in other assets in the Consolidated Statements of Condition) were exceeded by the related benefit obligation of $19.9 million at that date. Expense recognized for these employee savings plans totaled $20.1 million, $20.0 million and $20.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock-Based Compensation Plans | NOTE 17 – Stock-Based Compensation Plans | ||||||||||||||||||||
Long-Term Incentive Plan | |||||||||||||||||||||
People’s United’s 2014 Plan and the predecessor 2008 Long-Term Incentive Plan and the 1998 Long-Term Incentive Plan (together the “Incentive Plans”) provide for awards to officers and employees in the form of: (i) incentive stock options that may afford tax benefits to recipients; (ii) non-statutory stock options that do not afford tax benefits to recipients but may provide tax benefits to People’s United; and (iii) stock appreciation rights, restricted stock and performance units. A total of 34,000,000 shares of People’s United common stock are reserved for issuance under the 2014 Plan. The number of shares of common stock reserved under the 2014 Plan is depleted by one share for each option or stock appreciation right, and by 5.32 shares for every share that is subject to an award other than an option or stock appreciation right. At December 31, 2014, a total of 32,656,254 reserved shares remain available for future awards. | |||||||||||||||||||||
Non-statutory stock options have been granted under the Incentive Plans at exercise prices equal to the fair value of People’s United common stock at the grant dates. Option expiration dates are fixed at the grant date, with a maximum term of ten years. Prior to 2013, options granted under the Incentive Plans generally vested 50% after two years, 75% after three years and 100% after four years. Beginning in 2013, options granted under the Incentive Plans vest 33% after one year, 66% after two years and 100% after three years. All options become fully exercisable in the event of a change of control, as defined in the Incentive Plans. | |||||||||||||||||||||
People’s United has also granted restricted stock awards under the Incentive Plans. Employees become fully vested in these shares generally after a three- or four-year period, with requisite service conditions and no performance-based conditions to such vesting. Unvested restricted stock awards become fully vested in the event of a change in control, as defined in the Incentive Plans. During the vesting period, dividends are paid on the restricted stock and the recipients are entitled to vote these restricted shares. The fair value of all restricted stock awards is measured at the grant date based on quoted market prices. | |||||||||||||||||||||
Following shareholder approval of the 2014 Plan in the second quarter of 2014, no new awards may be granted under the 2008 Long-Term Incentive Plan, the 2007 Stock Option Plan (the “SOP”) or the RRP (together the “Prior Plans”). All awards granted under the Prior Plans and the 1998 Long-Term Incentive Plan that were unvested (in the case of stock options and restricted stock awards) or unexercised (in the case of stock options) as of the date of shareholder approval of the 2014 Plan continue to be governed by the terms of the plan under which such awards were granted and the applicable grant agreements. | |||||||||||||||||||||
Recognition and Retention Plan and Stock Option Plan | |||||||||||||||||||||
The RRP and SOP (together the “2007 Plans”) provided for awards to directors, officers and employees in the form of: (i) incentive stock options that may afford tax benefits to recipients; (ii) non-statutory stock options that do not afford tax benefits to recipients but may provide tax benefits to People’s United; and (iii) restricted stock. Shares of People’s United common stock were purchased in the open market in October 2007 by a trustee with funds provided by People’s United for the maximum number of shares available to be awarded in the form of restricted stock. | |||||||||||||||||||||
Non-statutory stock options were granted under the SOP at exercise prices equal to the fair value of People’s United’s common stock at the grant date based on quoted market prices. The fair value of all restricted stock awarded under the RRP was measured at the grant date based on quoted market prices. Prior to 2014, most restricted stock awards and stock options granted under the 2007 Plans were scheduled to vest in 20% annual increments over a five-year period with requisite service conditions and no performance-based conditions to such vesting. Awards made under the 2007 Plans in 2014 are scheduled to vest in one-third annual increments over a three-year period with requisite service conditions and no performance-based conditions to such vesting. All restricted stock awards and stock options become fully vested and exercisable, respectively, in the event of a change of control, as defined in the 2007 Plans. During the vesting period, dividends are paid on the restricted stock and the recipients are entitled to vote these restricted shares. | |||||||||||||||||||||
Stock Options Granted | |||||||||||||||||||||
People’s United granted a total of 562,355 stock options in 2014, 3,164,607 stock options in 2013 and 1,409,151 stock options in 2012 under the Incentive Plans and 4,391,269 stock options under the SOP in 2014. The estimated weighted-average grant-date fair value of all stock options granted in 2014, 2013 and 2012 was $1.51 per option, $2.23 per option and $2.18 per option, respectively, using the Black-Scholes option-pricing model with assumptions as follows: dividend yield of 4.7% in 2014, 5.0% in 2013 and 5.1% in 2012; expected volatility rate of 22% in 2014 and 33% in both 2013 and 2012; risk-free interest rate of 1.6% in 2014, 0.9% in 2013 and 1.2% in 2012; and expected option life of approximately 5 years in both 2014 and 2013 and 6 years in 2012. No stock options were granted under the SOP in 2013 or 2012. | |||||||||||||||||||||
In arriving at the grant date fair value of stock options using the Black-Scholes option-pricing model, expected volatilities were based on the historical volatilities of People’s United traded common stock. The expected term of stock options represents the period of time that options granted are expected to be outstanding. People’s United used historical data to estimate voluntary suboptimal (early) exercises by continuing employees, and estimates of post-vest option exercise or forfeiture by terminated employees. Suboptimal exercise data and employee termination estimates are incorporated into Monte Carlo simulations of People’s United common stock prices to calculate the expected term. The risk-free interest rate approximated the U.S. Treasury rate curve matched to the expected option term at the time of the grant. | |||||||||||||||||||||
Expense relating to stock options granted is recognized on a straight-line basis, generally over the applicable service period, and totaled $5.4 million, $4.3 million and $3.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. Unamortized cost for unvested stock options, which reflects an estimated forfeiture rate of 5.0% per year over the vesting period, totaled $7.6 million at December 31, 2014, and is expected to be recognized over the remaining weighted-average vesting period of 1.8 years. The total intrinsic value of stock options exercised was $1.1 million, $1.3 million and $0.3 million in the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
The following is a summary of stock option activity under the Incentive Plans and the SOP: | |||||||||||||||||||||
Shares | Weighted | Weighted-Average | Aggregate | ||||||||||||||||||
Subject To | Average | Remaining | Intrinsic | ||||||||||||||||||
Option | Exercise | Contractual Term | Value (1) | ||||||||||||||||||
Price | (in years) | (in millions) | |||||||||||||||||||
Options outstanding at December 31, 2011 | 11,513,125 | $ | 16.37 | ||||||||||||||||||
Granted | 1,409,151 | 12.62 | |||||||||||||||||||
Forfeited | (709,816 | ) | 16.84 | ||||||||||||||||||
Exercised | (55,654 | ) | 6.9 | ||||||||||||||||||
Options outstanding at December 31, 2012 | 12,156,806 | 15.95 | |||||||||||||||||||
Granted | 3,164,607 | 13.01 | |||||||||||||||||||
Forfeited | (840,292 | ) | 15.54 | ||||||||||||||||||
Exercised | (264,047 | ) | 9.73 | ||||||||||||||||||
Options outstanding at December 31, 2013 | 14,217,074 | 15.43 | |||||||||||||||||||
Granted | 4,953,624 | 13.94 | |||||||||||||||||||
Forfeited | (896,003 | ) | 15.13 | ||||||||||||||||||
Exercised | (476,290 | ) | 12.48 | ||||||||||||||||||
Options outstanding at December 31, 2014 | 17,798,405 | $ | 15.11 | 5.7 | $ | 17.9 | |||||||||||||||
Options exercisable at December 31, 2014 | 10,556,742 | $ | 16.14 | 3.7 | $ | 6.5 | |||||||||||||||
-1 | Reflects only those stock options with intrinsic value at December 31, 2014. | ||||||||||||||||||||
Additional information concerning options outstanding and options exercisable at December 31, 2014 is summarized as follows: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Weighted Average | |||||||||||||||||||||
Exercise Price Range | Number | Remaining | Exercise | Number | Weighted | ||||||||||||||||
Life | Price | Average | |||||||||||||||||||
(in years) | Exercise Price | ||||||||||||||||||||
$11.52 - $13.05 | 4,280,046 | 7.1 | $ | 12.78 | 2,107,323 | $ | 12.7 | ||||||||||||||
13.42 - 15.80 | 7,357,608 | 7.5 | 14.23 | 2,288,668 | 14.91 | ||||||||||||||||
16.07 - 17.76 | 2,342,475 | 3.3 | 16.95 | 2,342,475 | 16.95 | ||||||||||||||||
18.10 - 21.63 | 3,818,276 | 2.4 | 18.28 | 3,818,276 | 18.28 | ||||||||||||||||
Restricted Stock Awarded | |||||||||||||||||||||
The following is a summary of restricted stock award activity under the Incentive Plans and the RRP: | |||||||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Unvested restricted shares outstanding at December 31, 2011 | 1,837,040 | $ | 15.06 | ||||||||||||||||||
Granted | 640,254 | 12.57 | |||||||||||||||||||
Forfeited | (88,319 | ) | 13.89 | ||||||||||||||||||
Vested | (807,554 | ) | 16.31 | ||||||||||||||||||
Unvested restricted shares outstanding at December 31, 2012 | 1,581,421 | 13.48 | |||||||||||||||||||
Granted | 617,796 | 13.15 | |||||||||||||||||||
Forfeited | (44,046 | ) | 12.85 | ||||||||||||||||||
Vested | (621,956 | ) | 14.08 | ||||||||||||||||||
Unvested restricted shares outstanding at December 31, 2013 | 1,533,215 | 13.12 | |||||||||||||||||||
Granted | 660,617 | 14.01 | |||||||||||||||||||
Forfeited | (95,700 | ) | 13.53 | ||||||||||||||||||
Vested | (730,600 | ) | 13.22 | ||||||||||||||||||
Unvested restricted shares outstanding at December 31, 2014 | 1,367,532 | $ | 13.47 | ||||||||||||||||||
Expense relating to unvested restricted stock awards is recognized on a straight-line basis, generally over the applicable service period, and totaled $8.7 million, $8.8 million and $11.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. Unamortized cost for unvested restricted stock awards, which reflects an estimated forfeiture rate of 5.2% per year over the vesting period, totaled $10.9 million at December 31, 2014, and is expected to be recognized over the remaining weighted-average vesting period of 1.7 years. The total fair value of restricted stock awards vested during the years ended December 31, 2014, 2013 and 2012 was $10.3 million, $9.4 million and $10.1 million, respectively. | |||||||||||||||||||||
During 2014, 2013 and 2012, employees of People’s United tendered a total of 229,635 shares, 205,943 shares and 198,431 shares of common stock, respectively, in satisfaction of their related minimum tax withholding obligations upon the vesting of restricted stock awards granted in prior periods and/or in payment of the exercise price and satisfaction of their related minimum tax withholding obligations upon the exercise of stock options granted in prior periods. There is no limit on the number of shares that may be tendered by employees of People’s United in the future for these purposes. Shares acquired in payment of the stock option exercise price or in satisfaction of minimum tax withholding obligations are not eligible for reissuance in connection with any subsequent grants made pursuant to equity compensation plans maintained by People’s United. Rather, all shares acquired in this manner are retired by People’s United, resuming the status of authorized but unissued shares of People’s United’s common stock. The total cost of shares repurchased and retired applicable to restricted stock awards during the years ended December 31, 2014, 2013 and 2012 was $3.0 million, $2.2 million and $2.3 million, respectively. | |||||||||||||||||||||
Directors’ Equity Compensation Plan | |||||||||||||||||||||
The People’s United Financial, Inc. Directors’ Equity Compensation Plan (the “Directors’ Plan”) provides for an annual award of shares of People’s United common stock with a fair value of approximately $95,000 to each non-employee director immediately following each annual meeting of shareholders. Shares of People’s United common stock issued pursuant to the Directors’ Plan are subject to a one-year vesting period, with no post-vesting transfer restrictions. A total of 1,192,500 shares of People’s United common stock are reserved for issuance under the Directors’ Plan. | |||||||||||||||||||||
In 2014, 2013 and 2012, directors were granted a total of 57,330 shares, 58,896 shares and 59,352 shares, respectively, of People’s United common stock with grant date fair values of $14.63 per share, $12.76 per share and $12.68 per share, respectively, at those dates. Expense totaling $0.8 million was recognized for each of the years ended December 31, 2014, 2013 and 2012 for the Directors’ Plan. At December 31, 2014, a total of 313,761 shares remain available for issuance. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Measurements | NOTE 18 – Fair Value Measurements | ||||||||||||||||||||
Described below are the valuation methodologies used by People’s United and the resulting fair values for those financial instruments measured at fair value on both a recurring and a non-recurring basis, as well as for those financial assets and financial liabilities not measured at fair value but for which fair value is disclosed. | |||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||
Trading Account Securities and Securities Available For Sale | |||||||||||||||||||||
When available, People’s United uses quoted market prices for identical securities received from an independent, nationally-recognized, third-party pricing service (as discussed further below) to determine the fair value of investment securities such as U.S. Treasury and agency securities that are included in Level 1. When quoted market prices for identical securities are unavailable, People’s United uses prices provided by the independent pricing service based on recent trading activity and other observable information including, but not limited to, market interest rate curves, referenced credit spreads and estimated prepayment rates where applicable. These investments include certain U.S. and government agency debt securities, corporate and municipal debt securities, and GSE residential mortgage-backed securities and CMOs, all of which are included in Level 2. | |||||||||||||||||||||
Substantially all of the Company’s available-for-sale securities represent GSE residential mortgage-backed securities and CMOs. The fair values of these securities are based on prices obtained from the independent pricing service. The pricing service uses various techniques to determine pricing for the Company’s mortgage-backed securities, including option pricing and discounted cash flow analysis. The inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, reference data, monthly payment information and collateral performance. At both December 31, 2014 and 2013, the entire available-for-sale residential mortgage-backed securities portfolio was comprised of 10- and 15-year GSE securities. An active market exists for securities that are similar to the Company’s GSE residential mortgage-backed securities and CMOs, making observable inputs readily available. | |||||||||||||||||||||
Changes in the prices obtained from the pricing service are analyzed from month to month, taking into consideration changes in market conditions including changes in mortgage spreads, changes in U.S. Treasury security yields and changes in generic pricing of 15-year securities. As a further point of validation, the Company generates its own month-end fair value estimate for all mortgage-backed securities, agency-issued CMOs (also backed by 15-year mortgage-backed securities), and state and municipal securities. While the Company has not adjusted the prices obtained from the independent pricing service, any notable differences between those prices and the Company’s estimates are subject to further analysis. This additional analysis may include a review of prices provided by other independent parties, a yield analysis, a review of average life changes using Bloomberg analytics and a review of historical pricing for the particular security. Based on management’s review of the prices provided by the pricing service, the fair values incorporate observable market inputs used by market participants at the measurement date and, as such, are classified as Level 2 securities. | |||||||||||||||||||||
Other Assets | |||||||||||||||||||||
As discussed in Note 16, certain unfunded, nonqualified supplemental benefit plans have been established to provide retirement benefits to certain senior officers. People’s United has funded two trusts to provide benefit payments to the extent such benefits are not paid directly by People’s United, the assets of which are included in other assets in the Consolidated Statements of Condition. When available, People’s United determines the fair value of the trust assets using quoted market prices for identical securities received from a third-party nationally recognized pricing service. | |||||||||||||||||||||
Derivatives | |||||||||||||||||||||
People’s United values its derivatives using internal models that are based on market or observable inputs including interest rate curves and forward/spot prices for selected currencies. Derivative assets and liabilities included in Level 2 represent interest rate swaps, foreign exchange contracts, risk participation agreements, forward commitments to sell residential mortgage loans and interest rate-lock commitments on residential mortgage loans. | |||||||||||||||||||||
The following tables summarize People’s United’s financial instruments that are measured at fair value on a recurring basis: | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
As of December 31, 2014 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Trading account securities: | |||||||||||||||||||||
U.S. Treasury | $ | 8.3 | $ | — | $ | — | $ | 8.3 | |||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. Treasury and agency | 56.8 | — | — | 56.8 | |||||||||||||||||
GSE residential mortgage-backed securities and CMOs | — | 3,936.70 | — | 3,936.70 | |||||||||||||||||
Equity securities | — | 0.2 | — | 0.2 | |||||||||||||||||
Other assets: | |||||||||||||||||||||
Exchange-traded funds | 30.3 | — | — | 30.3 | |||||||||||||||||
Fixed income securities | — | 6 | — | 6 | |||||||||||||||||
Mutual funds | 0.8 | — | — | 0.8 | |||||||||||||||||
Interest rate swaps | — | 131.1 | — | 131.1 | |||||||||||||||||
Foreign exchange contracts | — | 0.8 | — | 0.8 | |||||||||||||||||
Forward commitments to sell residential mortgage loans | — | 0.5 | — | 0.5 | |||||||||||||||||
Total | $ | 96.2 | $ | 4,075.30 | $ | — | $ | 4,171.50 | |||||||||||||
Financial liabilities: | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | 95.8 | $ | — | $ | 95.8 | |||||||||||||
Foreign exchange contracts | — | 0.5 | — | 0.5 | |||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | — | 0.7 | — | 0.7 | |||||||||||||||||
Total | $ | — | $ | 97 | $ | — | $ | 97 | |||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
As of December 31, 2013 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Trading account securities: | |||||||||||||||||||||
U.S. Treasury | $ | 8.3 | $ | — | $ | — | $ | 8.3 | |||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. Treasury and agency | 48.9 | — | — | 48.9 | |||||||||||||||||
GSE residential mortgage-backed securities and CMOs | — | 4,096.40 | — | 4,096.40 | |||||||||||||||||
Corporate | — | 60.2 | — | 60.2 | |||||||||||||||||
Other | — | 2.5 | — | 2.5 | |||||||||||||||||
Equity securities | — | 0.2 | — | 0.2 | |||||||||||||||||
Other assets: | |||||||||||||||||||||
U.S. Treasury | 30.7 | — | — | 30.7 | |||||||||||||||||
Fixed income securities | — | 9.2 | — | 9.2 | |||||||||||||||||
Equity mutual funds | — | 0.3 | — | 0.3 | |||||||||||||||||
Interest rate swaps | — | 91.8 | — | 91.8 | |||||||||||||||||
Forward commitments to sell residential mortgage loans | — | 0.1 | — | 0.1 | |||||||||||||||||
Total | $ | 87.9 | $ | 4,260.70 | $ | — | $ | 4,348.60 | |||||||||||||
Financial liabilities: | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | 76.7 | $ | — | $ | 76.7 | |||||||||||||
Foreign exchange contracts | — | 0.1 | — | 0.1 | |||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | — | 0.2 | — | 0.2 | |||||||||||||||||
Total | $ | — | $ | 77 | $ | — | $ | 77 | |||||||||||||
As of December 31, 2014 and 2013, the fair value of risk participation agreements totaled less than $0.1 million (see Note 20). | |||||||||||||||||||||
There were no transfers into or out of the Level 1 or Level 2 categories during the years ended December 31, 2014 and 2013. In December 2013, state and municipal securities, previously classified as available for sale, measured at fair value on a recurring basis and included in Level 2, were transferred to held to maturity. | |||||||||||||||||||||
Non-Recurring Fair Value Measurements | |||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||
Residential mortgage loans held for sale are recorded at the lower of cost or fair value and are therefore measured at fair value on a non-recurring basis. When available, People’s United uses observable secondary market data, including pricing on recent closed market transactions for loans with similar characteristics. Accordingly, such loans are classified as Level 2 measurements. When observable data is unavailable, valuation methodologies using current market interest rate data adjusted for inherent credit risk are used, and such loans are included in Level 3. | |||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||
Loan impairment is deemed to exist when full repayment of principal and interest according to the contractual terms of the loan is no longer probable. Impaired loans are reported based on one of three measures: the present value of expected future cash flows discounted at the loan’s original effective interest rate; the loan’s observable market price; or the fair value of the collateral (less estimated cost to sell) if the loan is collateral dependent. Accordingly, certain impaired loans may be subject to measurement at fair value on a non-recurring basis. People’s United has estimated the fair values of these assets using Level 3 inputs, such as discounted cash flows based on inputs that are largely unobservable and, instead, reflect management’s own estimates of the assumptions a market participant would use in pricing such loans and/or the fair value of collateral based on independent third-party appraisals for collateral-dependent loans. Such appraisals are based on the market and/or income approach to value and are subject to a discount (to reflect estimated cost to sell) that generally approximates 10%. | |||||||||||||||||||||
REO and Repossessed Assets | |||||||||||||||||||||
REO and repossessed assets are recorded at the lower of cost or fair value, less estimated selling costs, and are therefore measured at fair value on a non-recurring basis. People’s United has estimated the fair values of these assets using Level 3 inputs, such as independent third-party appraisals and price opinions. Such appraisals are based on the market and/or income approach to value and are subject to a discount (to reflect estimated cost to sell) that generally approximates 10%. Assets that are acquired through loan default are recorded as held for sale initially at the lower of the recorded investment in the loan or fair value (less estimated selling costs) upon the date of foreclosure/repossession. Subsequent to foreclosure/repossession, valuations are updated periodically and the carrying amounts of these assets may be reduced further. | |||||||||||||||||||||
The following tables summarize People’s United’s assets measured at fair value on a non-recurring basis: | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
As of December 31, 2014 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Loans held for sale (1) | $ | — | $ | 34.2 | $ | — | $ | 34.2 | |||||||||||||
Impaired loans (2) | — | — | 66.5 | 66.5 | |||||||||||||||||
REO and repossessed assets (3) | — | — | 27.1 | 27.1 | |||||||||||||||||
Total | $ | — | $ | 34.2 | $ | 93.6 | $ | 127.8 | |||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
As of December 31, 2013 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Loans held for sale (1) | $ | — | $ | 23.3 | $ | — | $ | 23.3 | |||||||||||||
Impaired loans (2) | — | — | 80 | 80 | |||||||||||||||||
REO and repossessed assets (3) | — | — | 31.2 | 31.2 | |||||||||||||||||
Total | $ | — | $ | 23.3 | $ | 111.2 | $ | 134.5 | |||||||||||||
-1 | Consists of residential mortgage loans; no fair value adjustments were recorded for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||
-2 | Represents the recorded investment in originated impaired loans with a related allowance for loan losses measured in accordance with applicable accounting guidance. The total consists of $48.7 million of Commercial loans and $17.8 million of Retail loans at December 31, 2014. The provision for loan losses on impaired loans totaled $10.9 million and $14.0 million for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
-3 | Represents: (i) $13.6 million of residential REO; (ii) $11.0 million of commercial REO; and (iii) $2.5 million of repossessed assets at December 31, 2014. Charge-offs to the allowance for loan losses related to loans that were transferred to REO or repossessed assets totaled $1.2 million and $1.8 million for the years ended December 31, 2014 and 2013, respectively. Write downs and net loss on sale of foreclosed/repossessed assets charged to non-interest expense totaled $5.1 million and $5.9 million for the same periods. | ||||||||||||||||||||
Financial Assets and Financial Liabilities Not Measured At Fair Value | |||||||||||||||||||||
As discussed in Note 1, 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 fair 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 material impact on the fair value estimates. In addition, since these estimates are made as of a specific point in time, they are susceptible to material near-term changes. Fair values estimated in this manner do not reflect any premium or discount that could result from the sale of a large volume of a particular financial instrument, nor do they reflect possible tax ramifications or estimated transaction costs. | |||||||||||||||||||||
The following is a description of the principal valuation methods used by People’s United for those financial instruments that are not measured at fair value either on a recurring or non-recurring basis: | |||||||||||||||||||||
Cash, Short-Term Investments and Securities Purchased Under Agreements to Resell | |||||||||||||||||||||
Cash and due from banks are classified as Level 1. Short-term investments and securities purchased under agreements to resell have fair values that approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities, and present relatively low credit risk and IRR. As such, these fair values are classified as Level 2. | |||||||||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||
When available, the fair values of investment securities held to maturity are measured based on quoted market prices for identical securities in active markets and, accordingly, are classified as Level 1 assets. When quoted market prices for identical securities are not available, fair values are estimated based on quoted prices for similar assets in active markets or through the use of pricing models containing observable inputs (i.e. market interest rates, financial information and credit ratings of the issuer, etc.). These fair values are included in Level 2. In cases where there may be limited information available and/or little or no market activity for the underlying security, fair value is estimated using pricing models containing unobservable inputs and classified as Level 3. | |||||||||||||||||||||
FHLB Stock | |||||||||||||||||||||
FHLB stock is a non-marketable equity security classified as Level 2 and reported at cost, which equals par value (the amount at which shares have been redeemed in the past). No significant observable market data is available for this security. | |||||||||||||||||||||
Loans | |||||||||||||||||||||
For valuation purposes, the loan portfolio is segregated into its significant categories, which are commercial real estate, commercial and industrial, equipment financing, residential mortgage, home equity and other consumer. These categories are further segregated, where appropriate, into components based on significant financial characteristics such as type of interest rate (fixed or adjustable) and payment status (performing or non-performing). Fair values are estimated for each component using a valuation method selected by management. | |||||||||||||||||||||
The fair values of performing loans were estimated by discounting the anticipated cash flows from the respective portfolios, assuming future prepayments and using market interest rates for new loans with comparable credit risk. As a result, the valuation method for performing loans, which is consistent with certain guidance provided in accounting standards, does not fully incorporate the “exit price” approach to fair value. The fair values of non-performing loans were based on recent collateral appraisals or management’s analysis of estimated cash flows discounted at rates commensurate with the credit risk involved. The estimated fair values of residential mortgage loans are classified as Level 2 as a result of the observable market inputs (i.e. market interest rates, prepayment assumptions, etc.) available for this loan type. The fair values of all other loan types are classified as Level 3 as the inputs contained within the respective discounted cash flow models are largely unobservable and, instead, reflect management’s own estimates of the assumptions a market participant would use in pricing such loans. The fair value of home equity lines of credit was based on the outstanding loan balances, and therefore does not reflect the value associated with earnings from future loans to existing customers. | |||||||||||||||||||||
Deposit Liabilities | |||||||||||||||||||||
The fair values of time deposits represent contractual cash flows discounted at current rates determined by reference to observable inputs including a LIBOR/swap curve over the remaining period to maturity. As such, these fair values are classified as Level 2. The fair values of other deposit liabilities (those with no stated maturity, such as checking and savings accounts) are equal to the carrying amounts payable on demand. Deposit fair values do not include the intangible value of core deposit relationships that comprise a significant portion of People’s United’s deposit base. Management believes that People’s United’s core deposit relationships provide a relatively stable, low-cost funding source that has a substantial intangible value separate from the deposit balances. | |||||||||||||||||||||
Borrowings and Notes and Debentures | |||||||||||||||||||||
The fair values of federal funds purchased and repurchase agreements are equal to the carrying amounts due to the short maturities (generally overnight). The fair values of FHLB advances and other borrowings represent contractual repayments discounted using interest rates currently available on borrowings with similar characteristics and remaining maturities and are classified as Level 2. The fair values of notes and debentures were based on dealer quotes and are classified as Level 2. | |||||||||||||||||||||
Lending-Related Financial Instruments | |||||||||||||||||||||
The estimated fair values of People’s United’s lending-related financial instruments approximate the respective carrying amounts. Such instruments include commitments to extend credit, unadvanced lines of credit and letters of credit, for which fair values were estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions, considering the remaining terms of the instruments and the creditworthiness of the potential borrowers. | |||||||||||||||||||||
The following tables summarize the carrying amounts, estimated fair values and placement in the fair value hierarchy of People’s United’s financial instruments that are not measured at fair value either on a recurring or non-recurring basis: | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Measurements Using | ||||||||||||||||||||
As of December 31, 2014 (in millions) | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 345.1 | $ | 345.1 | $ | — | $ | — | $ | 345.1 | |||||||||||
Short-term investments | 668.6 | — | 668.6 | — | 668.6 | ||||||||||||||||
Securities purchased under agreements to resell | 100 | — | 100 | — | 100 | ||||||||||||||||
Securities held to maturity | 834.3 | — | 880.1 | 1.5 | 881.6 | ||||||||||||||||
FHLB stock | 175.7 | — | 175.7 | — | 175.7 | ||||||||||||||||
Total loans, net (1) | 26,327.20 | — | 4,798.50 | 21,508.80 | 26,307.30 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Time deposits | 5,230.70 | — | 5,262.60 | — | 5,262.60 | ||||||||||||||||
Other deposits | 20,907.50 | — | 20,907.50 | — | 20,907.50 | ||||||||||||||||
FHLB advances | 2,291.70 | — | 2,298.50 | — | 2,298.50 | ||||||||||||||||
Federal funds purchased | 913 | — | 913 | — | 913 | ||||||||||||||||
Customer repurchase agreements | 486 | — | 486 | — | 486 | ||||||||||||||||
Repurchase agreements (2) | 1 | — | 1 | — | 1 | ||||||||||||||||
Notes and debentures | 1,033.50 | — | 1,040.80 | — | 1,040.80 | ||||||||||||||||
-1 | Excludes impaired loans totaling $66.5 million measured at fair value on a non-recurring basis. | ||||||||||||||||||||
-2 | Included in other borrowings in the Consolidated Statements of Condition. | ||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Measurements Using | ||||||||||||||||||||
As of December 31, 2013 (in millions) | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 350.8 | $ | 350.8 | $ | — | $ | — | $ | 350.8 | |||||||||||
Short-term investments | 123.6 | — | 123.6 | — | 123.6 | ||||||||||||||||
Securities held to maturity | 640.5 | — | 641.5 | 1 | 642.5 | ||||||||||||||||
FHLB stock | 175.7 | — | 175.7 | — | 175.7 | ||||||||||||||||
Total loans, net (1) | 24,122.50 | — | 4,390.90 | 19,496.50 | 23,887.40 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Time deposits | 4,382.90 | — | 4,434.90 | — | 4,434.90 | ||||||||||||||||
Other deposits | 18,174.40 | — | 18,174.40 | — | 18,174.40 | ||||||||||||||||
FHLB advances | 3,719.80 | — | 3,728.20 | — | 3,728.20 | ||||||||||||||||
Federal funds purchased | 825 | — | 825 | — | 825 | ||||||||||||||||
Customer repurchase agreements | 501.2 | — | 501.2 | — | 501.2 | ||||||||||||||||
Repurchase agreements (2) | 1 | — | 1 | — | 1 | ||||||||||||||||
Other borrowings | 10 | — | 10 | — | 10 | ||||||||||||||||
Notes and debentures | 639.1 | — | 613.2 | — | 613.2 | ||||||||||||||||
-1 | Excludes impaired loans totaling $80.0 million measured at fair value on a non-recurring basis. | ||||||||||||||||||||
-2 | Included in other borrowings in the Consolidated Statements of Condition. | ||||||||||||||||||||
Legal_Proceedings_and_Lease_Co
Legal Proceedings and Lease Commitments | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Lease Commitments | NOTE 19 – Legal Proceedings and Lease Commitments |
In the normal course of business, People’s United has various outstanding commitments and contingent liabilities that are not required to be and, therefore, have not been reflected in the consolidated financial statements. | |
Legal Proceedings | |
Litigation Relating to the Smithtown Transaction | |
On February 25, 2010 and March 29, 2010, Smithtown and several of its officers and directors were named in lawsuits commenced in United States District Court, Eastern District of New York (Waterford Township Police & Fire Retirement v. Smithtown Bancorp, Inc., et al. and Yourgal v. Smithtown Bancorp, Inc. et al., respectively) on behalf of a putative class of all persons and entities who purchased Smithtown’s common stock between March 13, 2008 and February 1, 2010, alleging claims under Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934. The plaintiffs allege, among other things, that Smithtown’s loan loss reserve, fair value of its assets, recognition of impaired assets and its internal and disclosure controls were materially false, misleading or incomplete. As a result of the merger of Smithtown with and into People’s United on November 30, 2010, People’s United has become the successor party to Smithtown in this matter. | |
Following extensive preliminary filings with the Court by both parties, an agreement in principle to settle this matter was reached on October 23, 2014, subject to completion of appropriate documentation and Court approval. On January 12, 2015, the plaintiffs filed a Motion for Preliminary Approval of the settlement with the Court. The amount of the agreed-upon settlement has been adequately reserved. | |
Other | |
The Bank has been named as a defendant in a lawsuit (Marta Farb, on behalf of herself and all others similarly situated v. People’s United Bank) arising from its assessment and collection of overdraft fees on its checking account customers. The Complaint was filed in the Superior Court of Connecticut, Judicial District of Waterbury, on April 22, 2011 and alleges that the Bank engaged in certain unfair practices in the posting of electronic debit card transactions from highest to lowest dollar amount. The Complaint also alleges that such practices were inadequately disclosed to customers and were unfairly used by the Bank for the purpose of generating revenue by maximizing the number of overdrafts a customer is assessed. The Complaint seeks certification of a class of checking account holders residing in Connecticut and who have incurred at least one overdraft fee, injunctive relief, compensatory, punitive and treble damages, disgorgement and restitution of overdraft fees paid, and attorneys’ fees. | |
On June 16, 2011, the Bank filed a Motion to Dismiss the Complaint, and on December 7, 2011, that motion was denied by the Court. On April 11, 2012, the plaintiff filed an Amended Complaint, and on May 15, 2012, the Bank filed a Motion to Strike the Amended Complaint. On April 10, 2013, the Bank renewed its Motion to Dismiss the Complaint. On June 6, 2013, the Court denied the Bank’s Motion to Strike and its renewed Motion to Dismiss. On September 23, 2013, the Bank filed its Revised Answer, Special Defenses and Counterclaim to Plaintiff’s Amended Class Action Complaint. A Court hearing on plaintiff’s Motion to Strike certain of the Bank’s Defenses and a Counterclaim was held on January 30, 2014. The Court postponed consideration of that Motion and, on April 28, 2014, held a hearing to consider whether it has jurisdiction to hear the case. On July 28, 2014, the Court dismissed the case in its entirety for lack of subject matter jurisdiction because all of the claims are preempted by federal law. On August 15, 2014, the plaintiff filed a Notice of Appeal with the Connecticut Appellate Court and, on September 25, 2014, filed a motion to transfer the Notice of Appeal to the Connecticut Supreme Court. | |
In addition, in the normal course of business, People’s United is also subject to various other legal proceedings. Management has discussed with legal counsel the nature of these other legal proceedings, as well as the pending actions described above. Based on the information currently available, advice of counsel, available insurance coverage and the recorded liability for probable legal settlements and costs, People’s United believes that the eventual outcome of these matters will not (individually or in the aggregate) have a material adverse effect on its financial condition, results of operations or liquidity. | |
Lease Commitments | |
At December 31, 2014, People’s United was obligated under various noncancelable operating leases for office space, which expire on various dates through 2054. Certain leases contain renewal options and provide for increased rentals based principally on the consumer price index and fair market rental value provisions. The future minimum rental commitments under operating leases in excess of one year at December 31, 2014 were: $59.2 million in 2015; $56.6 million in 2016; $51.4 million in 2017; $45.9 million in 2018; $42.4 million in 2019; and an aggregate of $165.9 million in 2020 through 2054. Rent expense under operating leases included in occupancy and equipment in the Consolidated Statements of Income totaled $59.1 million, $58.1 million and $52.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||
Financial Instruments | NOTE 20 – Financial Instruments | ||||||||||||||||||||||||||
In the normal course of business, People’s United is a party to both on-balance-sheet and off-balance-sheet financial instruments involving, to varying degrees, elements of credit risk and IRR in addition to the amounts recognized in the Consolidated Statements of Condition. The contractual amounts of off-balance-sheet instruments reflect the extent of People’s United’s involvement in particular classes of financial instruments. | |||||||||||||||||||||||||||
A summary of the contractual or notional amounts of People’s United’s lending-related and derivative financial instruments follows: | |||||||||||||||||||||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||||||||||||||||||||
Lending-Related Financial Instruments: (1) | |||||||||||||||||||||||||||
Loan origination commitments and unadvanced lines of credit: | |||||||||||||||||||||||||||
Commercial | $ | 3,337.20 | $ | 3,290.70 | |||||||||||||||||||||||
Consumer | 2,455.90 | 2,334.70 | |||||||||||||||||||||||||
Commercial real estate | 880.1 | 994.2 | |||||||||||||||||||||||||
Residential mortgage | 111.8 | 100.7 | |||||||||||||||||||||||||
Letters of credit: | |||||||||||||||||||||||||||
Stand-by | 148.3 | 153.1 | |||||||||||||||||||||||||
Commercial | 3.2 | 0.4 | |||||||||||||||||||||||||
Derivative Financial Instruments: (2) | |||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||
For market risk management | 500 | 125 | |||||||||||||||||||||||||
For commercial customers: | |||||||||||||||||||||||||||
Customer | 3,380.20 | 2,514.70 | |||||||||||||||||||||||||
Institutional counterparties | 3,380.20 | 2,514.70 | |||||||||||||||||||||||||
Risk participation agreements | 150.1 | 62.4 | |||||||||||||||||||||||||
Foreign exchange contracts | 49.6 | 10.3 | |||||||||||||||||||||||||
Forward commitments to sell residential mortgage loans | 35.3 | 31.3 | |||||||||||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | 57.5 | 39.7 | |||||||||||||||||||||||||
-1 | The contractual amounts of these financial instruments represent People’s United’s maximum potential exposure to credit loss, assuming (i) the instruments are fully funded at a later date; (ii) the borrower does not meet contractual repayment obligations; and (iii) any collateral or other security proves to be worthless. | ||||||||||||||||||||||||||
-2 | The contractual or notional amounts of these financial instruments are substantially greater than People’s United’s maximum potential exposure to credit loss. | ||||||||||||||||||||||||||
Lending-Related Financial Instruments | |||||||||||||||||||||||||||
The contractual amounts of People’s United’s lending-related financial instruments do not necessarily represent future cash requirements since certain of these instruments may expire without being funded and others may not be fully drawn upon. These instruments are subject to People’s United’s credit approval process, including an evaluation of the customer’s creditworthiness and related collateral requirements. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee by the customer. The geographic distribution of People’s United’s lending-related financial instruments is similar to the distribution of its loan portfolio, as described in Note 4. | |||||||||||||||||||||||||||
People’s United issues both stand-by and commercial letters of credit. Stand-by letters of credit are conditional commitments issued by People’s United to guarantee the performance of a customer to a third party. The letter of credit is generally extended for an average term of one year and is secured in a manner similar to existing extensions of credit. For each letter of credit issued, if the customer fails to perform under the terms of the agreement, People’s United would have to fulfill the terms of the letter of credit. The credit risk involved in issuing stand-by letters of credit is essentially the same as that involved in extending loan facilities to customers. | |||||||||||||||||||||||||||
A commercial letter of credit is normally a short-term instrument issued by a financial institution on behalf of its customer. The letter of credit authorizes a beneficiary to draw drafts on the financial institution or one of its correspondent banks, provided the terms and conditions of the letter of credit have been met. In issuing a commercial letter of credit, the financial institution has substituted its credit standing for that of its customer. After drafts are paid by the financial institution, the customer is charged or an obligation is created under an existing reimbursement agreement. An advance under a reimbursement agreement is recorded as a loan by the financial institution and is subject to terms and conditions similar to other commercial obligations. | |||||||||||||||||||||||||||
The fair value of People’s United’s obligations relating to its unfunded loan commitments and letters of credit at December 31, 2014 and 2013 was $2.5 million and $2.9 million, respectively, and is included in other liabilities in the Consolidated Statements of Condition. | |||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | |||||||||||||||||||||||||||
People’s United uses derivative financial instruments as components of its market risk management (principally to manage IRR). Certain other derivatives are entered into in connection with transactions with commercial customers. Derivatives are not used for speculative purposes. | |||||||||||||||||||||||||||
By using derivatives, People’s United 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 Company’s counterparty credit risk is equal to the amount reported as a derivative asset in the Consolidated Statements of Condition. In accordance with the Company’s balance sheet offsetting policy (see Note 1), amounts reported as derivative assets represent derivative contracts in a gain position, without consideration for derivative contracts in a loss position with the same counterparty (to the extent subject to master netting arrangements) and posted collateral. People’s United seeks to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, execution of master netting arrangements and obtaining collateral, where appropriate. Counterparties to People’s United’s derivatives include major financial institutions and exchanges that undergo comprehensive and periodic internal credit analysis as well as maintain investment grade credit ratings from the major credit rating agencies. As such, management believes the risk of incurring credit losses on derivative contracts with those counterparties is remote and losses, if any, would be immaterial. | |||||||||||||||||||||||||||
Certain of People’s United’s derivative contracts contain provisions establishing collateral requirements (subject to minimum collateral posting thresholds) based on the Company’s external credit rating. If the Company’s senior unsecured debt rating were to fall below the level generally recognized as investment grade, the counterparties to such derivative contracts could require additional collateral on those derivative transactions in a net liability position (after considering the effect of master netting arrangements and posted collateral). The aggregate fair value of derivative instruments with such credit-related contingent features that were in a net liability position at December 31, 2014 was $7.0 million, for which People’s United had posted collateral of $6.2 million in the normal course of business. If the Company’s senior unsecured debt rating had fallen below investment grade as of that date, $0.8 million in additional collateral would have been required. | |||||||||||||||||||||||||||
The following sections further discuss each class of derivative financial instrument used by People’s United, including management’s principal objectives and risk management strategies. | |||||||||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||||||||
People’s United may, from time to time, enter into interest rate swaps that are used to manage IRR associated with certain interest-earning assets and interest-bearing liabilities. | |||||||||||||||||||||||||||
People’s United has entered into a pay fixed/receive floating interest rate swap to hedge the LIBOR-based floating rate payments on the Company’s $125 million subordinated notes (such payments began in February 2012). These notes had a fixed interest rate of 5.80% until February 2012, at which time the interest rate converted to the three-month LIBOR plus 68.5 basis points. People’s United has agreed with the swap counterparty to exchange, at specified intervals, the difference between fixed-rate (1.99%) and floating-rate interest amounts calculated based on a notional amount of $125 million. The floating-rate interest amounts received under the swap are calculated using the same floating-rate paid on these notes. The swap effectively converts the variable-rate subordinated notes to a fixed-rate liability and consequently reduces People’s United’s exposure to increases in interest rates. This swap is accounted for as a cash flow hedge. | |||||||||||||||||||||||||||
The Bank has entered into a pay floating/receive fixed interest rate swap to hedge the change in fair value of the Bank’s $400 million subordinated notes (see Note 10) due to changes in interest rates. The Bank has agreed with the swap counterparty to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated based on a notional amount of $375 million. The fixed-rate interest payments received on the swap will essentially offset the fixed-rate interest payments made on these notes, notwithstanding the notional difference between these notes and the swap. The floating-rate interest amounts paid under the swap are calculated based on three-month LIBOR plus 126.5 basis points. The swap effectively converts the fixed-rate subordinated notes to a floating-rate liability. This swap is accounted for as a fair value hedge. | |||||||||||||||||||||||||||
Interest Rate Locks | |||||||||||||||||||||||||||
In connection with its planned issuance of senior notes in the fourth quarter of 2012, People’s United entered into U.S. Treasury forward interest rate locks (“T-Locks”) to hedge the risk that the 10-year U.S. Treasury yield component of the underlying coupon of the fixed rate senior notes would rise prior to establishing the fixed interest rate on the senior notes. Upon pricing the senior notes, the T-Locks were terminated and the unrealized gain of $0.9 million was included (on a net-of-tax basis) as a component of AOCL. The gain is being recognized as a reduction of interest expense over the ten-year period during which the hedged item ($500 million senior note issuance) affects earnings. The portion of the unrecognized gain at December 31, 2014 that is expected to be recognized over the next 12 months totals approximately $0.1 million. | |||||||||||||||||||||||||||
Foreign Exchange Contracts | |||||||||||||||||||||||||||
Foreign exchange contracts are commitments to buy or sell foreign currency on a future date at a contractual price. People’s United uses these instruments on a limited basis to (i) eliminate its exposure to fluctuations in currency exchange rates on certain of its commercial loans that are denominated in foreign currencies and (ii) provide foreign exchange contracts on behalf of commercial customers within credit exposure limits. Gains and losses on foreign exchange contracts substantially offset the translation gains and losses on the related loans. Since 2010, People’s United no longer designates foreign exchange contracts as hedging instruments. | |||||||||||||||||||||||||||
Risk Participation Agreements | |||||||||||||||||||||||||||
People’s United enters into risk participation agreements under which it may either assume or sell credit risk associated with a borrower’s performance under certain interest rate derivative contracts. In those instances in which People’s United has assumed credit risk, it is not a party to the derivative contract and has entered into the risk participation agreement because it is also a party to the related loan agreement with the borrower. In those instances in which People’s United has sold credit risk, it is a party to the derivative contract and has entered into the risk participation agreement because it sold a portion of the related loan. People’s United manages its credit risk under risk participation agreements by monitoring the creditworthiness of the borrower, based on its normal credit review process. The notional amounts of the risk participation agreements reflect People’s United’s pro-rata share of the derivative contracts, consistent with its share of the related loans. | |||||||||||||||||||||||||||
Customer Derivatives | |||||||||||||||||||||||||||
People’s United enters into interest rate swaps with certain of its commercial customers. In order to minimize its risk, these customer derivatives (pay floating/receive fixed swaps) have been offset with essentially matching interest rate swaps with People’s United’s institutional counterparties (pay fixed/receive floating swaps). Hedge accounting has not been applied for these derivatives. Accordingly, changes in the fair value of all such swaps are recognized in current earnings. | |||||||||||||||||||||||||||
Forward Commitments to Sell Residential Mortgage Loans and Related Interest Rate-Lock Commitments | |||||||||||||||||||||||||||
People’s United enters into forward commitments to sell adjustable-rate and fixed-rate residential mortgage loans (all to be sold servicing released) in order to reduce the market risk associated with originating loans for sale in the secondary market. In order to fulfill a forward commitment, People’s United delivers originated loans at prices or yields specified by the contract. The risks associated with such contracts arise from the possible inability of counterparties to meet the contract terms or People’s United’s inability to originate the necessary loans. Gains and losses realized on the forward contracts are reported in the Consolidated Statements of Income as a component of the net gains on sales of residential mortgage loans. In the normal course of business, People’s United will commit to an interest rate on a mortgage loan application at the time of application, or anytime thereafter. The risks associated with these interest rate-lock commitments arise if market interest rates change prior to the closing of these loans. Both forward sales commitments and interest rate-lock commitments made to borrowers on held-for-sale loans are accounted for as derivatives, with changes in fair value recognized in current earnings. | |||||||||||||||||||||||||||
The table below provides a summary of the notional amounts and fair values (presented on a gross basis) of derivatives outstanding: | |||||||||||||||||||||||||||
Fair Values (1) | |||||||||||||||||||||||||||
Type of | Notional Amounts | Assets | Liabilities | ||||||||||||||||||||||||
As of December 31 (in millions) | Hedge | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Derivatives Not Designated as Hedging | |||||||||||||||||||||||||||
Instruments: | |||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||
Commercial customers | N/A | $ | 3,380.20 | $ | 2,514.70 | $ | 104.2 | $ | 32.8 | $ | 8.3 | $ | 47.3 | ||||||||||||||
Institutional counterparties | N/A | 3,380.20 | 2,514.70 | 11.8 | 59 | 86.5 | 27.9 | ||||||||||||||||||||
Risk participation agreements (2) | N/A | 150.1 | 62.4 | — | — | — | — | ||||||||||||||||||||
Foreign exchange contracts | N/A | 49.6 | 10.3 | 0.8 | — | 0.5 | 0.1 | ||||||||||||||||||||
Forward commitments to sell residential mortgage loans | N/A | 35.3 | 31.3 | 0.5 | 0.1 | — | — | ||||||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | N/A | 57.5 | 39.7 | — | — | 0.7 | 0.2 | ||||||||||||||||||||
Total | 117.3 | 91.9 | 96 | 75.5 | |||||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||
Subordinated notes | Cash flow | 125 | 125 | — | — | 1 | 1.5 | ||||||||||||||||||||
Subordinated notes | Fair value | 375 | — | 15.1 | — | — | — | ||||||||||||||||||||
Total | 15.1 | — | 1 | 1.5 | |||||||||||||||||||||||
Total derivatives | $ | 132.4 | $ | 91.9 | $ | 97 | $ | 77 | |||||||||||||||||||
-1 | Assets are recorded in other assets and liabilities are recorded in other liabilities. | ||||||||||||||||||||||||||
-2 | Fair value totaled less than $0.1 million at both dates. | ||||||||||||||||||||||||||
The following table summarizes the impact of People’s United’s derivatives on pre-tax income and AOCL: | |||||||||||||||||||||||||||
Amount of Pre-Tax Gain (Loss) | Amount of Pre-Tax Gain (Loss) | ||||||||||||||||||||||||||
Type of | Recognized in Earnings (1) | Recognized in AOCL | |||||||||||||||||||||||||
Years ended December 31 (in millions) | Hedge | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||
Commercial customers | N/A | $ | 165.4 | $ | (54.2 | ) | $ | 36.1 | $ | — | $ | — | $ | — | |||||||||||||
Institutional counterparties | N/A | (156.9 | ) | 64.7 | (32.8 | ) | — | — | — | ||||||||||||||||||
Foreign exchange contracts | N/A | 0.4 | 0.1 | (0.3 | ) | — | — | — | |||||||||||||||||||
Risk participation agreements | N/A | 0.1 | 0.2 | — | — | — | — | ||||||||||||||||||||
Forward commitments to sell residential mortgage loans | N/A | 0.4 | (2.9 | ) | 2.1 | — | — | — | |||||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | N/A | (0.5 | ) | 3.5 | (2.1 | ) | — | — | — | ||||||||||||||||||
Total | 8.9 | 11.4 | 3 | — | — | — | |||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||||||||
Interest rate swaps | Cash flow | (1.4 | ) | (1.3 | ) | (1.0 | ) | (0.9 | ) | 0.7 | (4.0 | ) | |||||||||||||||
Interest rate locks | Cash flow | 0.1 | 0.1 | — | — | — | 0.9 | ||||||||||||||||||||
Interest rate swaps | Fair value | 5.2 | — | — | — | — | — | ||||||||||||||||||||
Total | 3.9 | (1.2 | ) | (1.0 | ) | (0.9 | ) | 0.7 | (3.1 | ) | |||||||||||||||||
Total derivatives | $ | 12.8 | $ | 10.2 | $ | 2 | $ | (0.9 | ) | $ | 0.7 | $ | (3.1 | ) | |||||||||||||
-1 | Amounts recognized in earnings are recorded in interest income, interest expense or other non-interest income for derivatives designated as hedging instruments and in other non-interest income for derivatives not designated as hedging instruments. | ||||||||||||||||||||||||||
Balance_Sheet_Offsetting
Balance Sheet Offsetting | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Balance Sheet Offsetting | NOTE 21 – Balance Sheet Offsetting | ||||||||||||||||
The following tables provide a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability (after netting is applied) and, therefore, instances of overcollateralization are not presented. The net amounts of the derivative assets and liabilities can be reconciled to the fair value of the Company’s derivative financial instruments in Note 20. The Company’s derivative contracts with commercial customers and customer repurchase agreements are not subject to master netting arrangements and, therefore, have been excluded from the tables below. | |||||||||||||||||
As of December 31, 2014 (in millions) | Gross | Gross | Net Amount | ||||||||||||||
Amount | Amount | Presented | |||||||||||||||
Recognized | Offset | ||||||||||||||||
Financial assets: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Institutional counterparties | $ | 26.9 | $ | — | $ | 26.9 | |||||||||||
Securities purchased under agreements to resell | 100 | — | 100 | ||||||||||||||
Foreign exchange contracts | 0.8 | — | 0.8 | ||||||||||||||
Total | $ | 127.7 | $ | — | $ | 127.7 | |||||||||||
Financial liabilities: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Institutional counterparties | $ | 87.5 | $ | — | $ | 87.5 | |||||||||||
Repurchase agreements (1) | 1 | — | 1 | ||||||||||||||
Foreign exchange contracts | 0.5 | — | 0.5 | ||||||||||||||
Total | $ | 89 | $ | — | $ | 89 | |||||||||||
-1 | Included in other borrowings in the Consolidated Statements of Condition. | ||||||||||||||||
Gross Amounts Not Offset | |||||||||||||||||
As of December 31, 2014 (in millions) | Net Amount | Financial | Collateral | Net Amount | |||||||||||||
Presented | Instruments | ||||||||||||||||
Financial assets: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Counterparty A | $ | 2.7 | $ | (2.7 | ) | $ | — | $ | — | ||||||||
Counterparty B | 1.5 | (1.5 | ) | — | — | ||||||||||||
Counterparty C | 2.5 | (2.5 | ) | — | — | ||||||||||||
Counterparty D | 3.2 | (0.4 | ) | (2.8 | ) | — | |||||||||||
Counterparty E | 15.7 | (15.7 | ) | — | — | ||||||||||||
Other counterparties | 1.3 | (1.3 | ) | — | — | ||||||||||||
Securities purchased under agreements to resell | 100 | — | (100.0 | ) | — | ||||||||||||
Foreign exchange contracts | 0.8 | — | — | 0.8 | |||||||||||||
Total | $ | 127.7 | $ | (24.1 | ) | $ | (102.8 | ) | $ | 0.8 | |||||||
Financial liabilities: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Counterparty A | $ | 11.8 | $ | (2.7 | ) | $ | (9.1 | ) | $ | — | |||||||
Counterparty B | 11.8 | (1.5 | ) | (10.3 | ) | — | |||||||||||
Counterparty C | 4.5 | (2.5 | ) | (1.9 | ) | 0.1 | |||||||||||
Counterparty D | 0.4 | (0.4 | ) | — | — | ||||||||||||
Counterparty E | 47.8 | (15.7 | ) | (32.1 | ) | — | |||||||||||
Other counterparties | 11.2 | (1.3 | ) | (8.9 | ) | 1 | |||||||||||
Repurchase agreements | 1 | — | (1.0 | ) | — | ||||||||||||
Foreign exchange contracts | 0.5 | — | — | 0.5 | |||||||||||||
Total | $ | 89 | $ | (24.1 | ) | $ | (63.3 | ) | $ | 1.6 | |||||||
As of December 31, 2013 (in millions) | Gross | Gross | Net Amount | ||||||||||||||
Amount | Amount | Presented | |||||||||||||||
Recognized | Offset | ||||||||||||||||
Financial assets: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Institutional counterparties | $ | 59 | $ | — | $ | 59 | |||||||||||
Total | $ | 59 | $ | — | $ | 59 | |||||||||||
Financial liabilities: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Institutional counterparties | $ | 29.4 | $ | — | $ | 29.4 | |||||||||||
Repurchase agreements (1) | 1 | — | 1 | ||||||||||||||
Foreign exchange contracts | 0.1 | — | 0.1 | ||||||||||||||
Total | $ | 30.5 | $ | — | $ | 30.5 | |||||||||||
-1 | Included in other borrowings in the Consolidated Statements of Condition. | ||||||||||||||||
Gross Amounts Not Offset | |||||||||||||||||
As of December 31, 2013 (in millions) | Net Amount | Financial | Collateral | Net Amount | |||||||||||||
Presented | Instruments | ||||||||||||||||
Financial assets: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Counterparty A | $ | 7.6 | $ | (7.6 | ) | $ | — | $ | — | ||||||||
Counterparty B | 8.4 | (8.2 | ) | — | 0.2 | ||||||||||||
Counterparty C | 13.3 | (2.4 | ) | (10.0 | ) | 0.9 | |||||||||||
Counterparty D | 14.1 | — | (14.1 | ) | — | ||||||||||||
Counterparty E | 9.5 | (1.8 | ) | — | 7.7 | ||||||||||||
Other counterparties | 6.1 | (2.8 | ) | (1.9 | ) | 1.4 | |||||||||||
Total | $ | 59 | $ | (22.8 | ) | $ | (26.0 | ) | $ | 10.2 | |||||||
Financial liabilities: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Counterparty A | $ | 11.4 | $ | (7.6 | ) | $ | (3.8 | ) | $ | — | |||||||
Counterparty B | 8.2 | (8.2 | ) | — | — | ||||||||||||
Counterparty C | 2.4 | (2.4 | ) | — | — | ||||||||||||
Counterparty D | — | — | — | — | |||||||||||||
Counterparty E | 1.8 | (1.8 | ) | — | — | ||||||||||||
Other counterparties | 5.6 | (2.8 | ) | (2.8 | ) | — | |||||||||||
Repurchase agreements | 1 | — | (1.0 | ) | — | ||||||||||||
Foreign exchange contracts | 0.1 | — | — | 0.1 | |||||||||||||
Total | $ | 30.5 | $ | (22.8 | ) | $ | (7.6 | ) | $ | 0.1 | |||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Information | NOTE 22 – Segment Information | ||||||||||||||||||||||||
Public companies are required to report (i) certain financial and descriptive information about “reportable operating segments,” as defined, and (ii) certain enterprise-wide financial information about products and services, geographic areas and major customers. Operating segment information is reported using a “management approach” that is based on the way management organizes the segments for purposes of making operating decisions and assessing performance. | |||||||||||||||||||||||||
People’s United’s operations are divided into three primary operating segments that represent its core businesses: Commercial Banking; Retail Banking; and Wealth Management. In addition, the Treasury area manages People’s United’s securities portfolio, short-term investments, brokered deposits, wholesale borrowings and the funding center. | |||||||||||||||||||||||||
The Company’s operating segments have been aggregated into two reportable segments: Commercial Banking and Retail Banking. These reportable segments have been identified and organized based on the nature of the underlying products and services applicable to each segment, the type of customers to whom those products and services are offered and the distribution channel through which those products and services are made available. With respect to Wealth Management, this presentation results in the Company’s insurance business and certain trust activities being allocated to the Commercial Banking segment, while the Company’s brokerage business and certain other trust activities are allocated to the Retail Banking segment. | |||||||||||||||||||||||||
Commercial Banking consists principally of commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities. This segment also includes the equipment financing operations of PCLC and PUEFC, as well as cash management, correspondent banking and municipal banking. In addition, Commercial Banking consists of institutional trust services, corporate trust, insurance services provided through PUIA and private banking. | |||||||||||||||||||||||||
Retail Banking includes, as its principal business lines, consumer lending (including residential mortgage and home equity lending) and consumer deposit gathering activities. In addition, Retail Banking consists of brokerage, financial advisory services, investment management services and life insurance provided by PSI and non-institutional trust services. | |||||||||||||||||||||||||
People’s United’s segment disclosure is based on an internal profitability reporting system, which generates information by operating segment based on a series of management estimates and allocations regarding funds transfer pricing (“FTP”), the provision for loan losses, non-interest expense and income taxes. These estimates and allocations, some of which can be subjective in nature, are continually being reviewed and refined. Any changes in estimates and allocations that may affect the reported results of any segment will not affect the consolidated financial position or results of operations of People’s United as a whole. | |||||||||||||||||||||||||
FTP is used in the calculation of each operating segment’s net interest income, and measures the value of funds used in and provided by an operating segment. Under this process, the funding center buys funds from liability-generating business lines, such as consumer deposits, and sells funds to asset-generating business lines, such as commercial lending. The price at which funds are bought and sold on any given day is set by People’s United’s Treasury group and is based on the wholesale cost to People’s United of assets and liabilities with similar maturities. Liability-generating businesses sell newly originated liabilities to the funding center and recognize a funding credit, while asset-generating businesses buy funding for newly originated assets from the funding center and recognize a funding charge. Once funding for an asset is purchased from or a liability is sold to the funding center, the price that is set by the Treasury group will remain with that asset or liability until it matures or reprices, which effectively transfers responsibility for managing interest rate risk to the Treasury group. This process results in a difference between total net interest income for the operating segments and the amounts reported in the Consolidated Statements of Income; this difference is reflected in the funding center as part of Treasury. | |||||||||||||||||||||||||
A five-year rolling average net charge-off rate is used as the basis for the provision for loan losses for the respective operating segment in order to present a level of portfolio credit cost that is representative of the Company’s historical experience, without presenting the potential volatility from year-to-year changes in credit conditions. While this method of allocation allows management to more effectively assess the longer-term profitability of a segment, it may result in a measure of segment provision for loan losses that does not reflect actual incurred losses for the periods presented. | |||||||||||||||||||||||||
People’s United allocates a majority of non-interest expenses to each operating segment using a full-absorption costing process (i.e. all expenses are fully-allocated to the segments). Direct and indirect costs are analyzed and pooled by process and assigned to the appropriate operating segment and corporate overhead costs are allocated to the operating segments. Income tax expense is allocated to each operating segment using a constant rate, based on an estimate of the consolidated effective income tax rate for the year. Average total assets and average total liabilities are presented for each reportable segment due to management’s reliance, in part, on such average balances for purposes of assessing segment performance. | |||||||||||||||||||||||||
The “Other” category includes the residual financial impact from the allocation of revenues and expenses (including the provision for loan losses) and certain revenues and expenses not attributable to a particular segment; assets and liabilities not attributable to a particular segment; reversal of the FTE adjustment since net interest income for each segment is presented on an FTE basis; and the FTP impact from excess capital. The “Other” category also includes certain non-recurring items, such as: the gain on the merchant services joint venture totaling $20.6 million for the year ended December 31, 2014 (included in total non-interest income); and one-time charges (included in total non-interest expense) totaling $9.5 million, $12.7 million and $12.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The following tables provide selected financial information for People’s United’s reportable segments: | |||||||||||||||||||||||||
Year ended December 31, 2014 (in millions) | Commercial | Retail | Total | Treasury | Other | Total | |||||||||||||||||||
Banking | Banking | Reportable | Consolidated | ||||||||||||||||||||||
Segments | |||||||||||||||||||||||||
Net interest income (loss) | $ | 498.4 | $ | 425.5 | $ | 923.9 | $ | 10.8 | $ | (22.8 | ) | $ | 911.9 | ||||||||||||
Provision for loan losses | 46 | 18.5 | 64.5 | — | (23.9 | ) | 40.6 | ||||||||||||||||||
Total non-interest income | 140.2 | 168.7 | 308.9 | 12.3 | 29.6 | 350.8 | |||||||||||||||||||
Total non-interest expense | 264.6 | 539.3 | 803.9 | 6 | 31.6 | 841.5 | |||||||||||||||||||
Income (loss) before income tax expense (benefit) | 328 | 36.4 | 364.4 | 17.1 | (0.9 | ) | 380.6 | ||||||||||||||||||
Income tax expense (benefit) | 111 | 12.3 | 123.3 | 5.9 | (0.3 | ) | 128.9 | ||||||||||||||||||
Net income (loss) | $ | 217 | $ | 24.1 | $ | 241.1 | $ | 11.2 | $ | (0.6 | ) | $ | 251.7 | ||||||||||||
Average total assets | $ | 18,938.80 | $ | 8,913.80 | $ | 27,852.60 | $ | 5,266.70 | $ | 633.5 | $ | 33,752.80 | |||||||||||||
Average total liabilities | 4,166.70 | 19,217.60 | 23,384.30 | 5,423.00 | 320.1 | 29,127.40 | |||||||||||||||||||
Year ended December 31, 2013 (in millions) | Commercial | Retail | Total | Treasury | Other | Total | |||||||||||||||||||
Banking | Banking | Reportable | Consolidated | ||||||||||||||||||||||
Segments | |||||||||||||||||||||||||
Net interest income (loss) | $ | 484.2 | $ | 459.5 | $ | 943.7 | $ | (46.5 | ) | $ | (8.6 | ) | $ | 888.6 | |||||||||||
Provision for loan losses | 46.9 | 15.4 | 62.3 | — | (18.6 | ) | 43.7 | ||||||||||||||||||
Total non-interest income | 142.6 | 181.6 | 324.2 | 7.2 | 10.3 | 341.7 | |||||||||||||||||||
Total non-interest expense | 243.7 | 554.7 | 798.4 | (1.3 | ) | 41.9 | 839 | ||||||||||||||||||
Income (loss) before income tax expense (benefit) | 336.2 | 71 | 407.2 | (38.0 | ) | (21.6 | ) | 347.6 | |||||||||||||||||
Income tax expense (benefit) | 111.4 | 23.6 | 135 | (12.6 | ) | (7.2 | ) | 115.2 | |||||||||||||||||
Net income (loss) | $ | 224.8 | $ | 47.4 | $ | 272.2 | $ | (25.4 | ) | $ | (14.4 | ) | $ | 232.4 | |||||||||||
Average total assets | $ | 16,869.40 | $ | 8,478.80 | $ | 25,348.20 | $ | 5,021.10 | $ | 639.6 | $ | 31,008.90 | |||||||||||||
Average total liabilities | 3,451.70 | 19,072.40 | 22,524.10 | 3,352.30 | 377.7 | 26,254.10 | |||||||||||||||||||
Year ended December 31, 2012 (in millions) | Commercial | Retail | Total | Treasury | Other | Total | |||||||||||||||||||
Banking | Banking | Reportable | Consolidated | ||||||||||||||||||||||
Segments | |||||||||||||||||||||||||
Net interest income (loss) | $ | 469.3 | $ | 504.1 | $ | 973.4 | $ | (65.8 | ) | $ | 21.1 | $ | 928.7 | ||||||||||||
Provision for loan losses | 42.7 | 13.9 | 56.6 | — | (7.4 | ) | 49.2 | ||||||||||||||||||
Total non-interest income | 123.9 | 179.5 | 303.4 | 7.2 | 9.8 | 320.4 | |||||||||||||||||||
Total non-interest expense | 239 | 548.7 | 787.7 | (3.5 | ) | 46.4 | 830.6 | ||||||||||||||||||
Income (loss) before income tax expense (benefit) | 311.5 | 121 | 432.5 | (55.1 | ) | (8.1 | ) | 369.3 | |||||||||||||||||
Income tax expense (benefit) | 104.6 | 40.6 | 145.2 | (18.5 | ) | (2.7 | ) | 124 | |||||||||||||||||
Net income (loss) | $ | 206.9 | $ | 80.4 | $ | 287.3 | $ | (36.6 | ) | $ | (5.4 | ) | $ | 245.3 | |||||||||||
Average total assets | $ | 15,131.80 | $ | 8,267.30 | $ | 23,399.10 | $ | 4,048.20 | $ | 665.6 | $ | 28,112.90 | |||||||||||||
Average total liabilities | 3,083.80 | 18,677.30 | 21,761.10 | 836.3 | 347.6 | 22,945.00 | |||||||||||||||||||
Parent_Company_Financial_Infor
Parent Company Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Parent Company Financial Information | NOTE 23 – Parent Company Financial Information | ||||||||||||
The condensed financial information of People’s United (parent company only) is presented below: | |||||||||||||
CONDENSED STATEMENTS OF CONDITION | |||||||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||||||
Assets: | |||||||||||||
Cash at bank subsidiary | $ | 3.1 | $ | 20.2 | |||||||||
Short-term investments | 1.2 | 1.7 | |||||||||||
Total cash and cash equivalents | 4.3 | 21.9 | |||||||||||
Securities available for sale, at fair value | 0.2 | 2.7 | |||||||||||
Advances to bank subsidiary | 410 | 353 | |||||||||||
Investments in subsidiaries: | |||||||||||||
Bank subsidiary | 4,618.30 | 4,597.50 | |||||||||||
Non-bank subsidiary | 0.4 | 1.5 | |||||||||||
Goodwill | 197.1 | 197.1 | |||||||||||
Other assets | 34.2 | 27.6 | |||||||||||
Total assets | $ | 5,264.50 | $ | 5,201.30 | |||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||
Notes and debentures | $ | 621.1 | $ | 619.7 | |||||||||
Other liabilities | 10.3 | 13.2 | |||||||||||
Stockholders’ equity | 4,633.10 | 4,568.40 | |||||||||||
Total liabilities and stockholders’ equity | $ | 5,264.50 | $ | 5,201.30 | |||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Revenues: | |||||||||||||
Interest income: | |||||||||||||
Advances to bank subsidiary | $ | 4.4 | $ | 4.1 | $ | 0.9 | |||||||
Securities | 0.4 | 0.3 | 0.4 | ||||||||||
Total interest income | 4.8 | 4.4 | 1.3 | ||||||||||
Dividend from bank subsidiary | 244 | 232 | 315 | ||||||||||
Security gain | 2.3 | — | — | ||||||||||
Other non-interest income | 1.2 | 2 | 0.2 | ||||||||||
Total revenues | 252.3 | 238.4 | 316.5 | ||||||||||
Expenses: | |||||||||||||
Interest on notes and debentures | 22.4 | 23 | 7.2 | ||||||||||
Non-interest expense | 6.1 | 6.8 | 10.7 | ||||||||||
Total expenses | 28.5 | 29.8 | 17.9 | ||||||||||
Income before income tax benefit and subsidiaries | 223.8 | 208.6 | 298.6 | ||||||||||
undistributed income (distributions in excess of income) | |||||||||||||
Income tax benefit | (6.6 | ) | (7.4 | ) | (5.0 | ) | |||||||
Income before subsidiaries undistributed income | 230.4 | 216 | 303.6 | ||||||||||
(distributions in excess of income) | |||||||||||||
Subsidiaries undistributed income (distributions in excess of income) | 21.3 | 16.4 | (58.3 | ) | |||||||||
Net income | $ | 251.7 | $ | 232.4 | $ | 245.3 | |||||||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 251.7 | $ | 232.4 | $ | 245.3 | |||||||
Other comprehensive loss, net of tax: | |||||||||||||
Net unrealized (losses) gains on securities available for sale | — | (0.2 | ) | 0.6 | |||||||||
Net unrealized gains (losses) on derivatives accounted for | 0.2 | 1.2 | (1.3 | ) | |||||||||
as cash flow hedges | |||||||||||||
Other comprehensive loss of bank subsidiary | (13.3 | ) | (59.2 | ) | (0.4 | ) | |||||||
Total other comprehensive loss, net of tax | (13.1 | ) | (58.2 | ) | (1.1 | ) | |||||||
Total comprehensive income | $ | 238.6 | $ | 174.2 | $ | 244.2 | |||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||||
Net income | $ | 251.7 | $ | 232.4 | $ | 245.3 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Subsidiaries (undistributed income) distributions in excess of income | (21.3 | ) | (16.4 | ) | 58.3 | ||||||||
Security gain | (2.3 | ) | — | — | |||||||||
Net change in other assets and other liabilities | 0.2 | (2.4 | ) | 2.2 | |||||||||
Net cash provided by operating activities | 228.3 | 213.6 | 305.8 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||
Proceeds from principal repayments of securities available for sale | — | — | 50 | ||||||||||
Proceeds from sale of security available for sale | 5 | — | — | ||||||||||
(Increase) decrease in advances to bank subsidiary | (57.0 | ) | 485 | (408.0 | ) | ||||||||
Net cash (used in) provided by investing activities | (52.0 | ) | 485 | (358.0 | ) | ||||||||
Cash Flows from Financing Activities: | |||||||||||||
Net proceeds from issuance of notes and debentures | — | — | 494.3 | ||||||||||
Repayment of notes and debentures | — | (20.6 | ) | — | |||||||||
Cash dividends paid on common stock | (196.9 | ) | (204.8 | ) | (217.9 | ) | |||||||
Common stock repurchases | (3.0 | ) | (461.1 | ) | (222.3 | ) | |||||||
Proceeds from stock options exercised, including excess income tax benefits | 6 | 2.4 | 0.3 | ||||||||||
Net cash (used in) provided by financing activities | (193.9 | ) | (684.1 | ) | 54.4 | ||||||||
Net (decrease) increase in cash and cash equivalents | (17.6 | ) | 14.5 | 2.2 | |||||||||
Cash and cash equivalents at beginning of year | 21.9 | 7.4 | 5.2 | ||||||||||
Cash and cash equivalents at end of year | $ | 4.3 | $ | 21.9 | $ | 7.4 | |||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | NOTE 24 – Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||||||||||||||||||
The following table presents People’s United’s quarterly financial data for 2014 and 2013: | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in millions, except per share data) | First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
Interest and dividend income | $ | 255.4 | $ | 256.7 | $ | 258.9 | $ | 259.6 | $ | 248.7 | $ | 250.1 | $ | 252.2 | $ | 253.4 | |||||||||||||||||
Interest expense | 28.3 | 28.5 | 30.4 | 31.5 | 29.4 | 29.2 | 28.7 | 28.5 | |||||||||||||||||||||||||
Net interest income | 227.1 | 228.2 | 228.5 | 228.1 | 219.3 | 220.9 | 223.5 | 224.9 | |||||||||||||||||||||||||
Provision for loan losses | 9.5 | 8.8 | 12.4 | 9.9 | 12.4 | 9.2 | 12.1 | 10 | |||||||||||||||||||||||||
Net interest income after provision for loan losses | 217.6 | 219.4 | 216.1 | 218.2 | 206.9 | 211.7 | 211.4 | 214.9 | |||||||||||||||||||||||||
Non-interest income (1) | 79.9 | 100.1 | 84 | 86.8 | 84.9 | 88.2 | 86.1 | 82.5 | |||||||||||||||||||||||||
Non-interest expense | 216.7 | 208.3 | 208.8 | 207.7 | 212 | 205.8 | 212.5 | 208.7 | |||||||||||||||||||||||||
Income before income tax expense | 80.8 | 111.2 | 91.3 | 97.3 | 79.8 | 94.1 | 85 | 88.7 | |||||||||||||||||||||||||
Income tax expense (1) | 27.7 | 38.9 | 29.7 | 32.6 | 27.3 | 32 | 26.5 | 29.4 | |||||||||||||||||||||||||
Net income | $ | 53.1 | $ | 72.3 | $ | 61.6 | $ | 64.7 | $ | 52.5 | $ | 62.1 | $ | 58.5 | $ | 59.3 | |||||||||||||||||
Basic EPS (2) | $ | 0.18 | $ | 0.24 | $ | 0.21 | $ | 0.22 | $ | 0.16 | $ | 0.2 | $ | 0.19 | $ | 0.2 | |||||||||||||||||
Diluted EPS (2) | 0.18 | 0.24 | 0.21 | 0.22 | 0.16 | 0.2 | 0.19 | 0.2 | |||||||||||||||||||||||||
Average common shares outstanding: | |||||||||||||||||||||||||||||||||
Basic | 297.69 | 298.22 | 298.42 | 298.63 | 325.16 | 313.46 | 307.5 | 302.14 | |||||||||||||||||||||||||
Diluted | 297.72 | 298.24 | 298.44 | 298.65 | 325.21 | 313.52 | 307.56 | 302.17 | |||||||||||||||||||||||||
Common stock price: | |||||||||||||||||||||||||||||||||
High | $ | 15.7 | $ | 15.23 | $ | 15.32 | $ | 15.5 | $ | 13.61 | $ | 15 | $ | 15.67 | $ | 15.25 | |||||||||||||||||
Low | 13.73 | 14 | 14.24 | 13.61 | 12.22 | 12.62 | 14.07 | 14.09 | |||||||||||||||||||||||||
Dividends paid | 48.6 | 49.4 | 49.4 | 49.5 | 52.8 | 51.9 | 50.3 | 49.8 | |||||||||||||||||||||||||
Dividends per share | 0.1625 | 0.165 | 0.165 | 0.165 | 0.16 | 0.1625 | 0.1625 | 0.1625 | |||||||||||||||||||||||||
Dividend payout ratio | 91.5 | % | 68.4 | % | 80.2 | % | 76.5 | % | 100.6 | % | 83.6 | % | 86 | % | 84.1 | % | |||||||||||||||||
-1 | Previously reported amounts for 2013 have been restated in accordance with the amended standards with respects to the accounting for investments in qualified affordable housing projects (see Notes 1 and 11). | ||||||||||||||||||||||||||||||||
-2 | The sum of the quarterly earnings per share amounts for both 2014 and 2013 do not equal the full-year amounts due to rounding and/or changes in average share count for the respective periods. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation | |||
The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles and include the accounts of People’s United and its subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | ||||
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 management’s 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. | ||||
Several accounting estimates are particularly critical and are susceptible to significant near-term change, including the allowance for loan losses and asset impairment judgments, such as the recoverability of goodwill and other intangible assets, and other-than-temporary declines in the fair value of securities. These significant accounting policies and critical estimates, which are included in the discussion below, 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. | ||||
For purposes of the Consolidated Statements of Cash Flows, cash equivalents include highly liquid instruments, such as: (i) interest-bearing deposits at the Federal Reserve Bank of New York (“FRB-NY”); (ii) government-sponsored enterprise (“GSE”) debt securities with an original maturity of three months or less (determined as of the date of purchase); (iii) federal funds sold; (iv) commercial paper; and (v) money market mutual funds. These instruments are reported as short-term investments in the Consolidated Statements of Condition at cost or amortized cost, which approximates fair value. GSE debt securities classified as cash equivalents are held to maturity and carry the implicit backing of the U.S. government, but are not direct obligations of the U.S. government. | ||||
Securities | Securities | |||
Marketable equity and debt securities (other than those reported as short-term investments) are classified as either trading account securities, held to maturity securities (applicable only to debt securities) or available for sale securities. Management determines the classification of a security at the time of its purchase and reevaluates such classification at each balance sheet date. | ||||
Securities purchased for sale in the near term as well as those securities held by PSI (in accordance with the requirements for a broker-dealer) are classified as trading account securities and reported at fair value with unrealized gains and losses reported in non-interest income. | ||||
Debt securities for which People’s United has the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. All other securities are classified as available for sale and reported at fair value with unrealized gains and losses reported on an after-tax basis in stockholders’ equity as accumulated other comprehensive income (loss). Premiums are amortized and discounts are accreted to interest income for debt securities, using the interest method over the remaining period to contractual maturity, adjusted for the effect of actual prepayments in the case of mortgage-backed securities, collateralized mortgage obligations (“CMOs”) and other asset-backed securities. | ||||
Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification method and reported in non-interest income. | ||||
Securities transferred from available for sale to held to maturity are recorded at fair value at the date of transfer. The unrealized pre-tax gain or loss resulting from the difference between fair value and amortized cost at the transfer date becomes part of the new amortized cost basis of the securities and remains in accumulated other comprehensive income (loss). Such unrealized gains or losses are amortized to interest income as an adjustment to yield over the remaining life of the securities, offset by the amortization of the premium or discount resulting from the transfer at fair value, with no effect to net income. | ||||
Management conducts a periodic review and evaluation of the securities portfolio 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) People’s United has an intention to sell the security; (ii) it is more likely than not that People’s United will be required to sell the security prior to recovery; or (iii) People’s United does not expect to recover the entire amortized cost basis of the security. Other-than-temporary losses on debt securities are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. Management has the ability and intent to hold the securities classified as held to maturity until they mature, at which time People’s United expects to receive full value for the securities. | ||||
Federal Home Loan Bank (“FHLB”) stock is a non-marketable equity security and is, therefore, reported at cost, which equals par value (the amount at which shares have been redeemed in the past). The investment is periodically evaluated for impairment based on, among other things, the capital adequacy of the applicable FHLB and its overall financial condition. | ||||
Securities Resale and Securities Repurchase Agreements | Securities Resale and Securities Repurchase Agreements | |||
In securities resale agreements, a counterparty transfers securities to People’s United (as transferee) and People’s United agrees to resell the same securities to the counterparty at a fixed price in the future. In securities repurchase agreements, which include both retail arrangements with customers and wholesale arrangements with other counterparties, People’s United (as transferor) transfers securities to a counterparty and agrees to repurchase the same securities from the counterparty at a fixed price in the future. | ||||
People’s United accounts for resale agreements as secured lending transactions and repurchase agreements as secured borrowings since the transferor maintains effective control over the transferred securities and the transfer meets the other criteria for such accounting. The securities are pledged by the transferor as collateral and the transferee has the right by contract to repledge that collateral provided the same collateral is returned to the transferor upon maturity of the underlying agreement. The fair value of the pledged collateral approximates the recorded amount of the secured loan or borrowing. Decreases in the fair value of the transferred securities below an established threshold require the transferor to provide additional collateral. | ||||
Loans Held for Sale | Loans Held for Sale | |||
Loans held for sale are reported at the lower of cost or fair value in the aggregate with any adjustment for net unrealized losses reported in non-interest income. Management identifies and designates as loans held for sale certain newly-originated adjustable-rate and fixed-rate residential mortgage loans that meet secondary market requirements, as these loans are originated with the intent to sell. From time to time, management identifies and designates residential mortgage loans held in the loan portfolio for sale. These loans are transferred to loans held for sale at the lower of cost or fair value at the time of transfer and the resulting unrealized loss is reported in non-interest income. | ||||
Loans | Loans | |||
Loans acquired in connection with business combinations beginning in 2010 are referred to as ‘acquired’ loans as a result of the manner in which they are accounted for (see further discussion under ‘Acquired Loans’ below). All other loans are referred to as ‘originated’ loans. | ||||
Basis of Accounting | ||||
Originated loans are reported at amortized cost less the allowance for loan losses. Interest on loans is accrued to income monthly based on outstanding principal balances. Loan origination fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized in interest income as an adjustment of yield. Depending on the loan portfolio, amounts are amortized or accreted using the level yield method over either the actual life or the estimated average life of the loan. | ||||
Non-accrual Loans | ||||
A loan is generally considered “non-performing” when it is placed on non-accrual status. A loan is generally placed on non-accrual status when it becomes 90 days past due as to interest or principal payments. Past due status is based on the contractual payment terms of the loan. A loan may be placed on non-accrual status before it reaches 90 days past due if such loan has been identified as presenting uncertainty with respect to the collectability of interest and principal. A loan past due 90 days or more may remain on accruing status if such loan is both well secured and in the process of collection. There were no loans past due 90 days or more and still accruing interest at December 31, 2014, 2013 or 2012. | ||||
All previously accrued but unpaid interest on non-accrual loans is reversed from interest income in the period in which the accrual of interest is discontinued. Interest payments received on non-accrual loans (including impaired loans) are generally applied as a reduction of principal if future collections are doubtful, although such interest payments may be recognized as income. A loan remains on non-accrual status until the factors that indicated doubtful collectability no longer exist or until a loan is determined to be uncollectible and is charged off against the allowance for loan losses. | ||||
Impaired Loans | ||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impaired loans also include certain originated loans whose terms have been modified in such a way that they are considered troubled debt restructurings (“TDRs”). Originated loans are considered TDRs if the borrower is experiencing financial difficulty and is afforded a concession by People’s United, such as, but not limited to: (i) payment deferral; (ii) a reduction of the stated interest rate for the remaining contractual life of the loan; (iii) an extension of the loan’s original contractual term at a stated interest rate lower than the current market rate for a new loan with similar risk; (iv) capitalization of interest; or (v) forgiveness of principal or interest. Generally, TDRs are placed on non-accrual status (and reported as non-performing loans) until the loan qualifies for return to accrual status. Loans qualify for return to accrual status once they have demonstrated performance with the restructured terms of the loan agreement for a minimum of six months in the case of a commercial loan or, in the case of a retail loan, when the loan is less than 90 days past due. Loans may continue to be reported as TDRs after they are returned to accrual status. In accordance with regulatory guidance, residential mortgage and home equity loans restructured in connection with the borrower’s bankruptcy and meeting certain criteria are also required to be classified as TDRs, included in non-performing loans and written down to the estimated collateral value, regardless of delinquency status. Acquired loans that are modified are not considered for TDR classification provided they are evaluated for impairment on a pool basis. | ||||
Impairment is evaluated on a collective basis for smaller-balance loans with similar credit risk and on an individual loan basis for other loans. If a loan is deemed to be impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported (net of the allowance) at the present value of expected future cash flows discounted at the loan’s original effective interest rate or at the fair value of the collateral less cost to sell if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | ||||
Acquired Loans | ||||
Acquired loans that have evidence of deterioration in credit quality since origination and for which it is probable, at acquisition, that all contractually required payments will not be collected are initially recorded at fair value without recording an allowance for loan losses. Fair value of the loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected, as adjusted for an estimate of future credit losses and prepayments, and then applying a market-based discount rate to those cash flows. Acquired loans are generally accounted for on a pool basis, with pools formed based on the loans’ common risk characteristics, such as loan collateral type and accrual status. Each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. | ||||
Under the accounting model for acquired loans, the excess of cash flows expected to be collected over the carrying amount of the loans, referred to as the “accretable yield”, is accreted into interest income over the life of the loans in each pool using the effective yield method. Accordingly, acquired loans are not subject to classification as non-accrual in the same manner as originated loans. Rather, acquired loans are considered to be accruing loans because their interest income relates to the accretable yield recognized at the pool level and not to contractual interest payments at the loan level. The difference between contractually required principal and interest payments and the cash flows expected to be collected, referred to as the “nonaccretable difference”, includes estimates of both the impact of prepayments and future credit losses expected to be incurred over the life of the loans in each pool. As such, charge-offs on acquired loans are first applied to the nonaccretable difference and then to any allowance for loan losses recognized subsequent to acquisition. | ||||
Subsequent to acquisition, actual cash collections are monitored relative to management’s expectations and revised cash flow forecasts are prepared, as warranted. These revised forecasts involve updates, as necessary, of the key assumptions and estimates used in the initial estimate of fair value. Generally speaking, expected cash flows are affected by: | ||||
• | Changes in the expected principal and interest payments over the estimated life – Updates to changes in expected cash flows are driven by the credit outlook and actions taken with borrowers. Changes in expected future cash flows resulting from loan modifications are included in the assessment of expected cash flows; | |||
• | Changes in prepayment assumptions – Prepayments affect the estimated life of the loans which may change the amount of interest income, and possibly principal, expected to be collected; and | |||
• | Changes in interest rate indices for variable rate loans – Expected future cash flows are based, as applicable, on the variable rates in effect at the time of the assessment of expected cash flows. | |||
A decrease in expected cash flows in subsequent periods may indicate that the loan pool is impaired, which would require the establishment of an allowance for loan losses by a charge to the provision for loan losses. An increase in expected cash flows in subsequent periods serves, first, to reduce any previously established allowance for loan losses by the increase in the present value of cash flows expected to be collected, and results in a recalculation of the amount of accretable yield for the loan pool. The adjustment of accretable yield due to an increase in expected cash flows is accounted for as a change in estimate. The additional cash flows expected to be collected are reclassified from the nonaccretable difference to the accretable yield, and the amount of periodic accretion is adjusted accordingly over the remaining life of the loans in the pool. | ||||
An acquired loan may be resolved either through receipt of payment (in full or in part) from the borrower, the sale of the loan to a third party or foreclosure of the collateral. In the event of a sale of the loan, a gain or loss on sale is recognized and reported within non-interest income based on the difference between the sales proceeds and the carrying amount of the loan. In other cases, individual loans are removed from the pool based on comparing the amount received from its resolution (fair value of the underlying collateral less costs to sell in the case of a foreclosure) with its outstanding balance. Any difference between these amounts is absorbed by the nonaccretable difference established for the entire pool. For loans resolved by payment in full, there is no adjustment of the nonaccretable difference since there is no difference between the amount received at resolution and the outstanding balance of the loan. In these cases, the remaining accretable yield balance is unaffected and any material change in remaining effective yield caused by the removal of the loan from the pool is addressed in connection with the subsequent cash flow re-assessment for the pool. Acquired loans subject to modification are not removed from the pool even if those loans would otherwise be deemed TDRs as the pool, and not the individual loan, represents the unit of account. | ||||
Allowance and Provision for Loan Losses | ||||
The allowance for loan losses is established through provisions for loan losses charged to income. Losses on loans, including impaired loans, are charged to the allowance for loan losses when all or a portion of a loan is deemed to be uncollectible. Recoveries of loans previously charged off are credited to the allowance for loan losses when realized. | ||||
People’s United maintains the allowance for loan losses at a level that is deemed to be appropriate to absorb probable losses inherent in the respective loan portfolios, based on a quarterly evaluation of a variety of factors. These factors include, but are not limited to: (i) People’s United’s historical loan loss experience and recent trends in that experience; (ii) risk ratings assigned by lending personnel to commercial real estate loans, commercial and industrial loans, and equipment financing loans, and the results of ongoing reviews of those ratings by People’s United’s independent loan review function; (iii) an evaluation of delinquent and non-performing loans and related collateral values; (iv) the probability of loss in view of geographic and industry concentrations and other portfolio risk characteristics; (v) the present financial condition of borrowers; and (vi) current economic conditions. | ||||
The Company’s allowance for loan losses consists of three elements: (i) an allowance for larger-balance, non-homogeneous loans that are evaluated on an individual (loan-by-loan) basis; (ii) an allowance for smaller-balance, homogeneous loans that are evaluated on a collective basis; and (iii) a specific allowance for loans deemed to be impaired, including originated loans classified as TDRs. | ||||
Larger-balance, Non-homogeneous Loans. The Company establishes a loan loss allowance for its larger-balance, non-homogeneous loans using a methodology that incorporates (i) the probability of default for a given loan risk rating and (ii) historical default data over a multi-year period. In accordance with the Company’s loan risk rating system, each loan, with the exception of those included in large groups of smaller-balance homogeneous loans, is assigned a risk rating (using a nine-grade scale) by the originating loan officer, credit management, internal loan review or loan committee. Loans rated “One” represent those loans least likely to default while loans rated “Nine” represent a loss. The probability of loans defaulting for each risk rating, referred to as default factors, are estimated based on the frequency with which loans migrate from one risk rating to another and to default status over time as well as the length of time that it takes losses to emerge. Estimated loan default factors, which are updated annually (or more frequently, if necessary), are multiplied by loan balances within each risk-rating category and again multiplied by a historical loss-given-default estimate for each loan type to determine an appropriate level of allowance by loan type. The historical loss-given-default estimates are also updated annually (or more frequently, if necessary) based on actual charge-off experience. This approach is applied to the commercial, commercial real estate and equipment financing components of the loan portfolio. | ||||
In developing the allowance for loan losses for larger-balance, non-homogeneous loans, the Company also gives consideration to certain qualitative factors, including the macroeconomic environment and any potential imprecision inherent in its loan loss model that may result from having limited historical loan loss data which, in turn, may result in inaccurate probability of default and loss-given-default estimates. In consideration of these factors, the Company may adjust the allowance for loan losses upward or downward based on current economic conditions and portfolio trends. In determining the extent of any such adjustment, the Company considers both economic and portfolio-specific data that correlates with loan losses. The Company evaluates the qualitative factors on a quarterly basis in order to conclude that they continue to be appropriate. There were no significant changes in the amount of the qualitative component of the related allowance for loan losses during 2014. | ||||
Smaller-balance, Homogeneous Loans. Pools of smaller-balance, homogeneous loans with similar risk and loss characteristics are also assessed for probable losses. These loan pools include residential mortgage, home equity and other consumer loans that are not assigned individual loan risk ratings. Rather, the assessment of these portfolios, and the establishment of the related allowance for loan losses, is based upon a consideration of (i) recent historical loss experience and (ii) certain qualitative factors. | ||||
In establishing the allowance for loan losses for residential mortgage loans, the Company principally considers historical portfolio loss experience of the most recent 1- and 3-year periods, as management believes this provides a reasonable basis for estimating the inherent probable losses within the residential mortgage portfolio. In establishing the allowance for loan losses for home equity loans, the Company principally considers historical portfolio loss experience of the most recent 12-month period. | ||||
The qualitative component of the allowance for loan losses for smaller-balance, homogenous loans is intended to incorporate risks inherent in the portfolio, economic uncertainties, regulatory requirements and other subjective factors such as changes in underwriting standards. Accordingly, consideration is given to: (i) present and forecasted economic conditions, including unemployment rates; (ii) changes in industry trends, including the impact of new regulations, (iii) trends in property values; (iv) broader portfolio indicators, including delinquencies, non-performing loans, portfolio concentrations, and trends in the volume and terms of loans; and (v) portfolio-specific risk characteristics. | ||||
The portfolio-specific risk characteristics considered include: (i) collateral values/loan-to-value (“LTV”) ratios (above and below 70%); (ii) borrower credit scores under the FICO scoring system (above and below a score of 680); and (iii) other relevant portfolio risk elements such as income verification at the time of underwriting (stated income vs. non-stated income) and the property’s intended use (owner-occupied, non-owner occupied, second home, etc.), the combination of which results is a loan being classified as either “High”, “Moderate” or “Low” risk. These risk classifications are reviewed quarterly to ensure that changes within the portfolio, as well as economic indicators and industry developments, have been appropriately considered in establishing the related allowance for loan losses. | ||||
In establishing the allowance for loan losses for smaller-balance, homogeneous loans, the amount reflecting the Company’s consideration of qualitative factors is added to the amount attributable to historical portfolio loss experience. In this manner, historical charge-off data (whether periods or amounts) is not adjusted and the allowance for loan losses always includes a component attributable to qualitative factors, the degree of which may change from period to period as such qualitative factors indicate improving or worsening trends. There were no significant changes in the amount of the qualitative component of the related allowance for loan losses during 2014. | ||||
Individually Impaired Loans. The allowance for loan losses also includes specific allowances for individually impaired loans. Generally, the Company’s impaired loans consist of (i) classified commercial loans in excess of $750,000 that have been placed on non-accrual status and (ii) originated loans classified as TDRs. Individually impaired loans are measured based upon observable market prices; the present value of expected future cash flows discounted at the loan’s original effective interest rate; or, in the case of collateral dependent loans, fair value of the collateral (based on appraisals and other market information) less cost to sell. If the recorded investment in a loan exceeds the amount measured as described in the preceding sentence, a specific allowance for loan losses would be established as a component of the overall allowance for loan losses or, in the case of a collateral dependent loan, a charge-off would be recorded for the difference between the loan’s recorded investment and management’s estimate of the fair value of the collateral (less cost to sell). It would be rare for the Company to identify a loan that meets the criteria stated above and requires a specific allowance or a charge-off and not deem it impaired solely as a result of the existence of a guarantee. | ||||
People’s United performs an analysis of its impaired loans, including collateral dependent impaired loans, on a quarterly basis. Individually impaired collateral dependent loans are measured based upon the appraised value of the underlying collateral and other market information. Generally, the Company’s policy is to obtain updated appraisals for commercial collateral dependent loans when the loan is downgraded to a risk rating of “substandard” or “doubtful”, and the most recent appraisal is more than 12 months old or a determination has been made that the property has experienced a significant decline in value. Appraisals are prepared by independent, licensed third-party appraisers and are subject to review by the Company’s internal commercial appraisal department or external appraisers contracted by the commercial appraisal department. The conclusions of the external appraisal review are reviewed by the Company’s Chief Commercial Appraiser prior to acceptance. The Company’s policy with respect to impaired loans secured by residential real estate is to receive updated estimates of property values upon the loan being classified as non-performing (typically upon becoming 90 days past due). | ||||
In determining the allowance for loan losses, People’s United gives appropriate consideration to the age of appraisals through its regular evaluation of other relevant qualitative and quantitative information. Specifically, between scheduled appraisals, property values are monitored within the commercial portfolio by reference to current originations of collateral dependent loans and the related appraisals obtained during underwriting as well as by reference to recent trends in commercial property sales as published by leading industry sources. Property values are monitored within the residential mortgage and home equity portfolios by reference to available market indicators, including real estate price indices within the Company’s primary lending areas. | ||||
In most situations where a guarantee exists, the guarantee arrangement is not a specific factor in the assessment of the related allowance for loan losses. However, the assessment of a guarantor’s credit strength is reflected in the Company’s internal loan risk ratings which, in turn, are an important factor in its allowance for loan loss methodology for loans within the commercial and commercial real estate portfolios. | ||||
People’s United did not change its methodologies with respect to determining the allowance for loan losses during 2014. As part of its ongoing assessment of the allowance for loan losses, People’s United made refinements to certain underlying assumptions used in its methodology during 2014, including the loss emergence period and selected qualitative factors. These refinements did not have a material impact on the allowance for loan losses or the provision for loan losses as of or for the year ended December 31, 2014. | ||||
While People’s United seeks to use the best available information to make these determinations, future adjustments to the allowance for loan losses may be necessary based on changes in economic conditions, results of regulatory examinations, further information obtained regarding known problem loans, the identification of additional problem loans and other factors. | ||||
Loan Charge-Offs | ||||
The Company’s charge-off policies, which comply with standards established by banking regulators, are consistently applied from period to period. Charge-offs are recorded on a monthly basis. Partially charged-off loans continue to be evaluated on a monthly basis and additional charge-offs or loan loss provisions may be recorded on the remaining loan balance based on the same criteria. | ||||
For unsecured consumer loans, charge-offs are generally recorded when the loan is deemed to be uncollectible or 120 days past due, whichever occurs first. For consumer loans secured by real estate, including residential mortgage loans, charge-offs are generally recorded when the loan is deemed to be uncollectible or 180 days past due, whichever occurs first, unless it can be clearly demonstrated that repayment will occur regardless of the delinquency status. Factors that demonstrate an ability to repay may include: (i) a loan that is secured by adequate collateral and is in the process of collection; (ii) a loan supported by a valid guarantee or insurance; or (iii) a loan supported by a valid claim against a solvent estate. | ||||
For commercial loans, a charge-off is recorded when the Company determines that it will not collect all amounts contractually due based on the fair value of the collateral less cost to sell, or the present value of expected future cash flows. | ||||
The decision whether to charge-off all or a portion of a loan rather than to record a specific or general loss allowance is based on an assessment of all available information that aids in determining the loan’s net realizable value. Typically this involves consideration of both (i) the fair value of any collateral securing the loan, including whether the estimate of fair value has been derived from an appraisal or other market information and (ii) other factors affecting the likelihood of repayment, including the existence of guarantees and insurance. If the amount by which the Company’s recorded investment in the loan exceeds its net realizable value is deemed to be a confirmed loss, a charge-off is recorded. Otherwise, a specific or general reserve is established, as applicable. | ||||
Wealth Management and Other Fee-Based Revenues | Wealth Management and Other Fee-Based Revenues | |||
Investment management fees are accrued when earned based on total assets managed and administered, which are not reported as assets of People’s United. Insurance revenue represents commissions earned solely from performing broker- and agency-related services. Insurance commission revenues related to agency-billed policies are recognized at the later of the policy billing date or the policy effective date. Insurance commission revenues on premiums directly billed by insurance carriers are generally recognized as revenue during the period commissions are paid by the insurance carrier. Brokerage commissions are recognized on a trade-date basis. Bank service charges are recorded when earned. | ||||
Bank-Owned Life Insurance | Bank-Owned Life Insurance | |||
Bank-owned life insurance (“BOLI”) represents the cash surrender value of life insurance policies purchased on the lives of certain key executives and former key executives. BOLI funds are generally invested in separate accounts and are supported by a stable wrap agreement to fully insulate the underlying investments against changes in fair value. Increases in the cash surrender value of these policies and death benefits in excess of the related invested premiums are included in non-interest income in the Consolidated Statements of Income. The Company’s BOLI policies have been underwritten by highly-rated third party insurance carriers and the investments underlying these policies are deemed to be of low-to-moderate market risk. | ||||
Premises and Equipment | Premises and Equipment | |||
Premises and equipment are reported at cost less accumulated depreciation and amortization, except for land, which is reported at cost. Buildings, data processing and other equipment, computer software, furniture and fixtures are depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term, the estimated useful life of the improvements or 10 years. Capitalized software development costs are amortized on a straight-line basis over the estimated useful life of the software. Generally, the estimated useful lives are as follows: buildings – 40 years; data processing and other equipment – 3 to 5 years; computer software – 3 to 5 years; and furniture and fixtures – 10 years. | ||||
Goodwill and Other Acquisition-Related Intangible Assets | Goodwill and Other Acquisition-Related Intangible Assets | |||
An acquirer in a business combination is required, upon initially obtaining control of another entity, to recognize the assets, liabilities and any non-controlling interest in the acquiree at fair value as of the acquisition date. Contingent consideration, if any, is also recognized and measured at fair value on the date of acquisition. In addition, the accounting standards for business combinations require that: (i) acquisition-related transaction costs be expensed as incurred; (ii) specific requirements be met in order to accrue for a restructuring plan as part of the acquisition; (iii) certain pre-acquisition contingencies be recognized at fair value; and (iv) acquired loans be recorded at fair value as of the acquisition date without recognition of an allowance for loan losses. | ||||
Intangible assets are recognized in an amount equal to the excess of the purchase price over the fair value of the tangible net assets acquired. “Acquisition-related intangible assets” are separately identified and recognized, where appropriate, for assets such as trade names and the estimated values of acquired core deposits and/or customer relationships. The remaining intangible asset is recognized as goodwill. | ||||
Goodwill and indefinite-lived intangible assets are not amortized but, rather, are reviewed for impairment at least annually, with impairment losses recognized as a charge to expense when they occur. Acquisition-related intangible assets other than goodwill and indefinite-lived intangible assets are amortized to expense over their estimated useful lives and are periodically reviewed by management to assess recoverability, with impairment losses recognized as a charge to expense if carrying amounts exceed fair values. | ||||
The Company’s trade name intangible is being amortized on an accelerated basis over a period of approximately 20 years, reflecting the manner in which the related benefit is expected to be realized. Core deposit intangibles are amortized over 10 years on an accelerated basis that reflects the manner in which the related benefit attributable to the acquired deposits is expected to be realized. Customer relationship intangibles are amortized on a straight-line basis (approximating the manner in which the benefit is expected to be realized) over the estimated remaining average life of those relationships (ranging from 7 to 15 years from the respective acquisition dates). | ||||
Goodwill is evaluated for impairment at the reporting unit level. For the purpose of goodwill impairment evaluations, management has identified reporting units based upon the Company’s three operating segments: Commercial Banking; Retail Banking; and Wealth Management. The impairment evaluation is performed as of an annual date or more frequently if a triggering event indicates that impairment may have occurred. | ||||
Entities have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of such events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the entity is not required to perform the two-step impairment test as described below. People’s United elected to perform this optional qualitative assessment in its evaluation of goodwill impairment as of October 1st (the annual impairment evaluation date) in both 2013 and 2012, and concluded that performance of the two-step impairment test was not required. In 2014, People’s United elected to perform the two-step impairment test. | ||||
The first step (“Step 1”) is used to identify potential impairment, and involves comparing each reporting unit’s estimated fair value to its carrying amount, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill is not deemed to be impaired. Should the carrying amount of the reporting unit exceed its estimated fair value, an indicator of potential impairment is deemed to exist and a second step is performed to measure the amount of such impairment, if any. At this time none of the Company’s identified reporting units are at risk of failing the Step 1 goodwill impairment test. | ||||
The second step (“Step 2”) involves calculating the implied fair value of goodwill for each reporting unit for which impairment was indicated in Step 1. The implied fair value of goodwill is determined in a manner similar to how the amount of goodwill is determined in a business combination (i.e. by measuring the excess of the estimated fair value of the reporting unit, as determined in Step 1, over the aggregate estimated fair values of the individual assets, liabilities, and identifiable intangibles applicable to that reporting unit as of the impairment testing date). If the implied fair value of goodwill exceeds the carrying amount of goodwill assigned to the reporting unit, no impairment exists. If the carrying amount of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment loss is recorded in an amount equal to such excess. An impairment loss cannot exceed the carrying amount of goodwill assigned to a reporting unit, and the loss (write-down) establishes a new carrying amount for the goodwill. Subsequent reversals of goodwill impairment losses are not permitted. | ||||
The Company estimates the fair value of its reporting units based on an appropriate weighting of values based on (i) a present-value measurement technique (discounted cash flow analysis based on internal forecasts) and (ii) market-based trading and transaction multiples. The discounted cash flow analysis is based on significant assumptions and judgments including future growth rates and discount rates reflecting management’s assessment of market participant views of the risks associated with the projected cash flows of the reporting units. The market-based trading and transaction multiples are derived from the market prices of stocks of companies that are actively traded and engaged in the same or similar businesses as the Company and the respective reporting unit. The derived multiples are then applied to the reporting unit’s financial metrics to produce an indication of value. Differences in the identification of reporting units or in the selection of valuation techniques and related assumptions could result in materially different evaluations of goodwill impairment. | ||||
Real Estate Owned | Real Estate Owned | |||
Real estate owned (“REO”) properties acquired through foreclosure or deed-in-lieu of foreclosure are recorded initially at the lower of cost or estimated fair value less costs to sell. Any write-down of the recorded investment in the related loan is charged to the allowance for loan losses upon transfer to REO. Thereafter, an allowance for REO losses is established for any further declines in the property’s value. This allowance is increased by provisions charged to income and decreased by charge-offs for realized losses. Management’s periodic evaluation of the adequacy of the allowance is based on an analysis of individual properties, as well as a general assessment of current real estate market conditions. | ||||
Income Taxes | Income Taxes | |||
Deferred taxes are recognized for the estimated future tax effects attributable to “temporary differences” and tax loss carryforwards. Temporary differences are differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. A deferred tax liability is recognized for all temporary differences that will result in future taxable income. A deferred tax asset is recognized for all temporary differences that will result in future tax deductions and for all tax loss carryforwards, subject to reduction of the asset by a valuation allowance in certain circumstances. This valuation allowance is recognized if, based on an analysis of available evidence, management determines that it is more likely than not that some portion or all of the deferred tax asset will not be realized. The valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. | ||||
Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to future taxable income. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in income tax expense in the period that includes the enactment date of the change. Tax benefits attributable to deductions in excess of financial statement amounts arising from the exercise of non-statutory stock options are credited to additional paid-in capital. | ||||
Individual tax positions taken or expected to be taken on a tax return must satisfy certain criteria in order for some or all of the related tax benefits to be recognized in the financial statements. Specifically, a recognition threshold of more-likely-than-not must be met in order to recognize those tax benefits. | ||||
Earnings Per Common Share | Earnings Per Common Share | |||
Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income applicable to common stock by the weighted average number of common shares outstanding for the year, plus an incremental number of common-equivalent shares computed using the treasury stock method. | ||||
Unvested share-based payment awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered to participate with common stock in undistributed earnings for purposes of computing EPS. Companies that have such participating securities, including People’s United, are required to calculate basic and diluted EPS using the two-class method. Restricted stock awards granted by People’s United are considered participating securities. Calculations of EPS under the two-class method (i) exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities and (ii) exclude from the denominator the dilutive impact of the participating securities. | ||||
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities | |||
People’s United uses derivative financial instruments as components of its market risk management (principally to manage interest rate risk (“IRR”)). 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 in the Consolidated Statements of Condition, reported at fair value and presented on a gross basis. Until a derivative is settled, a favorable change in fair value results in an unrealized gain that is recognized as an asset, while an unfavorable change in fair value results in an unrealized loss that is recognized as a liability. | ||||
The Company 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 a 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 (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. | ||||
People’s United formally documents at inception all relationships between the derivative instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. This process includes linking all derivatives that are designated as hedges to specific assets and liabilities, or to specific firm commitments or forecasted transactions. People’s United also formally assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair values or cash flows of the hedged items. If it is determined that a derivative is not highly effective or has ceased to be a highly effective hedge, People’s United 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 (loss) and are amortized to earnings over the remaining period of the former hedging relationship, provided the hedged item continues to be outstanding or it is probable the forecasted transaction will occur. | ||||
People’s United uses the dollar offset method, regression analysis and scenario analysis to assess hedge effectiveness at inception and on an ongoing basis. Such methods are chosen based on the nature of the hedge strategy and are used consistently throughout the life of the hedging relationship. | ||||
Certain derivative financial instruments are offered to commercial customers to assist them in meeting their financing and investing objectives and for their risk management purposes. These derivative financial instruments consist primarily of interest rate swaps, but also include foreign exchange contracts. The IRR associated with customer interest rate swaps is mitigated by entering into similar derivatives having essentially offsetting terms with institutional counterparties. | ||||
Interest rate-lock commitments extended to borrowers relate to the origination of residential mortgage loans. To mitigate the IRR inherent in these commitments, People’s United enters into mandatory delivery and best efforts contracts to sell adjustable-rate and fixed-rate residential mortgage loans (servicing released). Forward commitments to sell and interest rate-lock commitments on residential mortgage loans are considered derivatives and their respective estimated fair values are adjusted based on changes in interest rates. | ||||
Changes in the fair value of derivatives for which hedge accounting is not applied are recognized in current earnings, including customer derivatives, interest-rate lock commitments and forward sale commitments. | ||||
Balance Sheet Offsetting | Balance Sheet Offsetting | |||
Assets and liabilities relating to certain financial instruments, including derivatives, may be eligible for offset in the Consolidated Statements of Condition and/or subject to enforceable master netting arrangements or similar agreements. People’s United’s derivative transactions with institutional counterparties are generally executed under International Swaps and Derivative Association (“ISDA”) master agreements, which include “right of set-off” provisions that provide for a single net settlement of all interest rate swap positions, as well as collateral, in the event of default on, or the termination of, any one contract. Nonetheless, the Company does not offset asset and liabilities under such arrangements in the Consolidated Statements of Condition. | ||||
Collateral (generally in the form of marketable debt securities) pledged by counterparties in connection with derivative transactions is not reported in the Consolidated Statements of Condition unless the counterparty defaults. Collateral that has been pledged by People’s United to counterparties continues to be reported in the Consolidated Statements of Condition unless the Company defaults. | ||||
Fair Value Measurements | Fair Value Measurements | |||
Accounting standards related to fair value measurements define fair value, provide a framework for measuring fair value and establish related disclosure requirements. Broadly, 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. 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 1 – Unadjusted 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 certain U.S. and government agency debt securities). | |||
• | Level 2 – Observable 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 and CMOs); | |||
• | quoted prices for identical or similar assets or liabilities in less active markets (such as certain U.S. and government agency debt securities, and corporate and municipal debt securities that trade infrequently); and | |||
• | other inputs that (i) are observable for substantially the full term of the asset or liability (e.g. interest rates, yield curves, prepayment speeds, default rates, etc.) or (ii) can be corroborated by observable market data (such as interest rate and currency derivatives and certain other securities). | |||
• | Level 3 – Valuation techniques that require unobservable inputs that are supported by little or no market activity and are significant to the fair value measurement of the asset or liability (such as pricing models, discounted cash flow methodologies and similar techniques that typically reflect management’s own estimates of the assumptions a market participant would use in pricing the asset or liability). | |||
People’s United maintains policies and procedures to value assets and liabilities using the most relevant data available. | ||||
Stock-Based Compensation | Stock-Based Compensation | |||
People’s United’s stock-based compensation plans provide for awards of stock options and restricted stock to directors, officers and employees. Costs resulting from the issuance of such share-based payment awards are required to be recognized in the financial statements based on the grant date fair value of the award. Stock-based compensation expense is recognized over the requisite service period, which is generally the vesting period. | ||||
New Accounting Standards | New Accounting Standards | |||
Accounting for Income Taxes | ||||
In July 2013, the Financial Accounting Standards Board (the “FASB”) amended its standards with respect to income taxes to clarify that an unrecognized tax benefit (or a portion of an unrecognized tax benefit) should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This amendment, which is being applied prospectively, became effective for People’s United on January 1, 2014 and did not have a significant impact on the Company’s Consolidated Financial Statements. | ||||
Accounting for Investments in Qualified Affordable Housing Projects | ||||
In January 2014, the FASB amended its standards with respect to the accounting for investments in qualified affordable housing projects to allow an investor that meets certain conditions to amortize the cost of its investment, in proportion to the tax credits and other tax benefits it receives, and present the amortization as a component of income tax expense. This method replaces the current effective yield method, which allows for amortization to be presented as income tax expense but is limited in its application because of certain criteria that are required to be met. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 31, 2014 (January 1, 2015 for People’s United) with retrospective application and early adoption permitted. This amendment, which People’s United early adopted on January 1, 2014 with retrospective application, did not have a significant impact on the Company’s Consolidated Financial Statements as the amortization previously included in pre-tax income is now included as a component of income tax expense (see Note 11). | ||||
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure | ||||
In January 2014, the FASB amended its standards with respect to the accounting for consumer mortgage loans collateralized by residential real estate to clarify that such loans should, upon foreclosure, be reclassified by a creditor as REO when either (i) the creditor obtains legal title to the real estate collateral or (ii) a deed in lieu of foreclosure, conveying all interest in the real estate to the creditor, is completed. In addition, the amendment requires a creditor to provide additional disclosures with respect to (i) the amount of residential real estate meeting the conditions set forth above and (ii) the recorded investment in consumer mortgage loans secured by residential real estate properties that are in the process of foreclosure. This amendment, which can be applied prospectively or through the use of the modified retrospective method, is effective for fiscal years, and interim periods within those years, beginning after December 31, 2014 (January 1, 2015 for People’s United) and early adoption is permitted. The adoption of this amendment is not expected to have a significant impact on the Company’s Consolidated Financial Statements. | ||||
Revenue Recognition | ||||
In May 2014, the FASB amended its standards with respect to revenue recognition. The amended guidance serves to replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance, providing a unified model to determine when and how revenue is recognized. The underlying principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments also require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This new guidance, which can be applied retrospectively or through the use of the cumulative effect transition method, is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016 (January 1, 2017 for People’s United) and early adoption is not permitted. The Company is currently evaluating the impact of the amended guidance on the Company’s Consolidated Financial Statements. | ||||
Stock Compensation | ||||
In June 2014, the FASB amended its standards with respect to stock compensation to require that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. The amendment further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to those periods for which the requisite service has already been rendered. This new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 (January 1, 2016 for People’s United) and can be applied either prospectively or retrospectively to all awards outstanding as of the beginning of the earliest annual period presented as an adjustment to opening retained earnings. The adoption of this amendment, for which early adoption is permitted, is not expected to have a significant impact on the Company’s Consolidated Financial Statements. | ||||
Repurchase Agreements | ||||
In June 2014, the FASB amended its standards with respect to repurchase agreements to (i) require that repurchase-to-maturity transactions be accounted for as secured borrowings, thereby eliminating the possibility of such transactions qualifying for sale accounting treatment, and (ii) eliminate existing guidance for repurchase financings. The amendment also requires enhanced disclosures for certain transactions accounted for as secured borrowings and transfers accounted for as sales when the transferor also retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. | ||||
This new guidance is required to be adopted for fiscal years, and interim periods within those years, beginning on or after December 15, 2014 (January 1, 2015 for People’s United). However, for repurchase and securities lending transactions reported as secured borrowings, the enhanced disclosures required by the new guidance are effective for annual periods beginning after December 15, 2014 (January 1, 2015 for People’s United) and interim periods beginning after March 15, 2015 (April 1, 2015 for People’s United). Early adoption is not permitted for public business entities. In adopting this new guidance, all entities must report changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. As of December 31, 2014, none of the Company’s repurchase agreements represented repurchase-to-maturity transactions or repurchase financings and all repurchase agreements have been accounted for as secured borrowings. As such, the adoption of this amendment is not expected to have a significant impact on the Company’s Consolidated Financial Statements. | ||||
Classification of Certain Government-Guaranteed Residential Mortgage Loans upon Foreclosure | ||||
In August 2014, the FASB amended its standards with respect to the classification of certain government-guaranteed residential mortgage loans to clarify that upon foreclosure of mortgage loans within the scope of the standard, a creditor will be required to reclassify the previously existing mortgage loan to a separate receivable from the guarantor, measured at the amount of the guarantee that it expects to collect. This amendment, which can be applied prospectively or through the use of the modified retrospective method, is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014 (January 1, 2015 for People’s United). However, the transition method selected must be consistent with the method applied in adopting the Accounting Standards Update (“ASU”) 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. Early adoption is permitted only if ASU 2014-04 has been adopted. The adoption of this amendment is not expected to have a significant impact on the Company’s Consolidated Financial Statements. |
Cash_and_ShortTerm_Investments1
Cash and Short-Term Investments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Cash and Cash Equivalents [Abstract] | |||||||||
Cash and Short-Term Investments | Short-term investments consist of the following cash equivalents: | ||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||
Interest-bearing deposits at the FRB-NY | $ | 626.5 | $ | 102.5 | |||||
Money market mutual funds | 7.3 | 10.8 | |||||||
Other (1) | 34.8 | 10.3 | |||||||
Total short-term investments | $ | 668.6 | $ | 123.6 | |||||
-1 | Included in other is cash collateral posted for certain derivative positions. |
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Available-for-Sale and Held-to-Maturity Securities Gains (Losses) | The amortized cost, gross unrealized gains and losses, and fair value of People’s United’s securities available for sale and securities held to maturity are as follows: | ||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.S. Treasury and agency | $ | 56.5 | $ | 0.3 | $ | — | $ | 56.8 | |||||||||||||||||
GSE residential mortgage-backed securities and CMOs | 3,943.40 | 39.7 | (46.4 | ) | 3,936.70 | ||||||||||||||||||||
Total debt securities | 3,999.90 | 40 | (46.4 | ) | 3,993.50 | ||||||||||||||||||||
Equity securities | 0.2 | — | — | 0.2 | |||||||||||||||||||||
Total securities available for sale | $ | 4,000.10 | $ | 40 | $ | (46.4 | ) | $ | 3,993.70 | ||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
State and municipal | $ | 832.8 | $ | 47.4 | $ | (0.1 | ) | $ | 880.1 | ||||||||||||||||
Other | 1.5 | — | — | 1.5 | |||||||||||||||||||||
Total securities held to maturity | $ | 834.3 | $ | 47.4 | $ | (0.1 | ) | $ | 881.6 | ||||||||||||||||
As of December 31, 2013 (in millions) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.S. Treasury and agency | $ | 48.6 | $ | 0.3 | $ | — | $ | 48.9 | |||||||||||||||||
GSE residential mortgage-backed securities and CMOs | 4,172.20 | 30.6 | (106.4 | ) | 4,096.40 | ||||||||||||||||||||
Corporate | 58.3 | 1.9 | — | 60.2 | |||||||||||||||||||||
Other | 2.6 | — | (0.1 | ) | 2.5 | ||||||||||||||||||||
Total debt securities | 4,281.70 | 32.8 | (106.5 | ) | 4,208.00 | ||||||||||||||||||||
Equity securities | 0.2 | — | — | 0.2 | |||||||||||||||||||||
Total securities available for sale | $ | 4,281.90 | $ | 32.8 | $ | (106.5 | ) | $ | 4,208.20 | ||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
State and municipal | $ | 584.5 | $ | — | $ | — | $ | 584.5 | |||||||||||||||||
Corporate | 55 | 2 | — | 57 | |||||||||||||||||||||
Other | 1 | — | — | 1 | |||||||||||||||||||||
Total securities held to maturity | $ | 640.5 | $ | 2 | $ | — | $ | 642.5 | |||||||||||||||||
Summary of Amortized Cost, Fair Value and Fully Taxable Equivalent Yield of Debt Securities Remaining Period to Contractual Maturity | The following table is a summary of the amortized cost, fair value and fully taxable equivalent (“FTE”) yield of debt securities as of December 31, 2014, based on remaining period to contractual maturity. Information for GSE residential mortgage-backed securities and CMOs is based on the final contractual maturity dates without considering repayments and prepayments. | ||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
(dollars in millions) | Amortized | Fair | FTE | Amortized | Fair | FTE | |||||||||||||||||||
Cost | Value | Yield | Cost | Value | Yield | ||||||||||||||||||||
U.S. Treasury and agency: | |||||||||||||||||||||||||
Within 1 year | $ | 21 | $ | 21 | 0.35 | % | $ | — | $ | — | — | % | |||||||||||||
After 1 but within 5 years | 35.5 | 35.8 | 0.94 | — | — | — | |||||||||||||||||||
Total | 56.5 | 56.8 | 0.72 | — | — | — | |||||||||||||||||||
GSE residential mortgage-backed securities and CMOs: | |||||||||||||||||||||||||
After 1 but within 5 years | 21.1 | 21.2 | 1.56 | — | — | — | |||||||||||||||||||
After 5 but within 10 years | 779.3 | 788.4 | 2.01 | — | — | — | |||||||||||||||||||
After 10 years | 3,143.00 | 3,127.10 | 1.9 | — | — | — | |||||||||||||||||||
Total | 3,943.40 | 3,936.70 | 1.92 | — | — | — | |||||||||||||||||||
State and municipal: | |||||||||||||||||||||||||
Within 1 year | — | — | — | 3.2 | 3.2 | 3.6 | |||||||||||||||||||
After 1 but within 5 years | — | — | — | 21 | 21.1 | 4.69 | |||||||||||||||||||
After 5 but within 10 years | — | — | — | 282.2 | 297.8 | 3.47 | |||||||||||||||||||
After 10 years | — | — | — | 526.4 | 558 | 4.43 | |||||||||||||||||||
Total | — | — | — | 832.8 | 880.1 | 4.11 | |||||||||||||||||||
Other: | |||||||||||||||||||||||||
After 1 but within 5 years | — | — | — | 1.5 | 1.5 | 2.1 | |||||||||||||||||||
Total | — | — | — | 1.5 | 1.5 | 2.1 | |||||||||||||||||||
Total: | |||||||||||||||||||||||||
Within 1 year | 21 | 21 | 0.35 | 3.2 | 3.2 | 3.6 | |||||||||||||||||||
After 1 but within 5 years | 56.6 | 57 | 1.17 | 22.5 | 22.6 | 4.52 | |||||||||||||||||||
After 5 but within 10 years | 779.3 | 788.4 | 2.01 | 282.2 | 297.8 | 3.47 | |||||||||||||||||||
After 10 years | 3,143.00 | 3,127.10 | 1.9 | 526.4 | 558 | 4.43 | |||||||||||||||||||
Total | $ | 3,999.90 | $ | 3,993.50 | 1.91 | % | $ | 834.3 | $ | 881.6 | 4.1 | % | |||||||||||||
Continuous Unrealized Loss Position on Available-for-Sale Securities | The following tables summarize debt securities with unrealized losses, segregated by the length of time the securities have been in a continuous unrealized loss position at the respective dates. Certain unrealized losses totaled less than $0.1 million. | ||||||||||||||||||||||||
Continuous Unrealized Loss Position | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months Or Longer | Total | |||||||||||||||||||||||
As of December 31, 2014 (in millions) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
GSE residential mortgage-backed securities and CMOs | $ | 111.9 | $ | (0.1 | ) | $ | 1,744.20 | $ | (46.3 | ) | $ | 1,856.10 | $ | (46.4 | ) | ||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
State and municipal | 31.8 | (0.1 | ) | — | — | 31.8 | (0.1 | ) | |||||||||||||||||
Total | $ | 143.7 | $ | (0.2 | ) | $ | 1,744.20 | $ | (46.3 | ) | $ | 1,887.90 | $ | (46.5 | ) | ||||||||||
Continuous Unrealized Loss Position | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months Or Longer | Total | |||||||||||||||||||||||
As of December 31, 2013 (in millions) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
GSE residential mortgage-backed securities and CMOs | $ | 2,866.20 | $ | (97.6 | ) | $ | 152 | $ | (8.8 | ) | $ | 3,018.20 | $ | (106.4 | ) | ||||||||||
U.S. Treasury and agency | 18.1 | — | — | — | 18.1 | — | |||||||||||||||||||
Other | 2.5 | (0.1 | ) | — | — | 2.5 | (0.1 | ) | |||||||||||||||||
Total | $ | 2,886.80 | $ | (97.7 | ) | $ | 152 | $ | (8.8 | ) | $ | 3,038.80 | $ | (106.5 | ) | ||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Loans by Loan Portfolio Segment and Class | The following table summarizes People’s United’s loans by loan portfolio segment and class: | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
As of December 31 (in millions) | Originated | Acquired | Total | Originated | Acquired | Total | |||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 8,960.30 | $ | 444 | $ | 9,404.30 | $ | 8,286.50 | $ | 635.1 | $ | 8,921.60 | |||||||||||||||||||||
Commercial and industrial | 6,891.10 | 298.5 | 7,189.60 | 5,818.50 | 483.6 | 6,302.10 | |||||||||||||||||||||||||||
Equipment financing | 2,839.00 | 26.5 | 2,865.50 | 2,524.10 | 69 | 2,593.10 | |||||||||||||||||||||||||||
Total commercial | 9,730.10 | 325 | 10,055.10 | 8,342.60 | 552.6 | 8,895.20 | |||||||||||||||||||||||||||
Total Commercial Portfolio | 18,690.40 | 769 | 19,459.40 | 16,629.10 | 1,187.70 | 17,816.80 | |||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||
Adjustable-rate | 4,254.70 | 139.1 | 4,393.80 | 3,734.70 | 160.6 | 3,895.30 | |||||||||||||||||||||||||||
Fixed-rate | 446.8 | 91.4 | 538.2 | 407.4 | 113.9 | 521.3 | |||||||||||||||||||||||||||
Total residential mortgage | 4,701.50 | 230.5 | 4,932.00 | 4,142.10 | 274.5 | 4,416.60 | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Home equity | 2,092.90 | 50.2 | 2,143.10 | 2,023.50 | 61.1 | 2,084.60 | |||||||||||||||||||||||||||
Other consumer | 56.3 | 1.2 | 57.5 | 70.5 | 1.8 | 72.3 | |||||||||||||||||||||||||||
Total consumer | 2,149.20 | 51.4 | 2,200.60 | 2,094.00 | 62.9 | 2,156.90 | |||||||||||||||||||||||||||
Total Retail Portfolio | 6,850.70 | 281.9 | 7,132.60 | 6,236.10 | 337.4 | 6,573.50 | |||||||||||||||||||||||||||
Total loans | $ | 25,541.10 | $ | 1,050.90 | $ | 26,592.00 | $ | 22,865.20 | $ | 1,525.10 | $ | 24,390.30 | |||||||||||||||||||||
Summary, by Loan Portfolio Segment, of Activity in Allowance for Loan Losses | The following table presents a summary, by loan portfolio segment, of activity in the allowance for loan losses for the years ended December 31, 2014, 2013 and 2012. With respect to the originated portfolio, an allocation of a portion of the allowance to one segment does not preclude its availability to absorb losses in another segment. | ||||||||||||||||||||||||||||||||
Commercial | Retail | ||||||||||||||||||||||||||||||||
(in millions) | Originated | Acquired | Total | Originated | Acquired | Total | Total | ||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 160.4 | $ | 7.4 | $ | 167.8 | $ | 15.1 | $ | — | $ | 15.1 | $ | 182.9 | |||||||||||||||||||
Charge-offs | (31.7 | ) | (2.7 | ) | (34.4 | ) | (16.3 | ) | — | (16.3 | ) | (50.7 | ) | ||||||||||||||||||||
Recoveries | 3.3 | — | 3.3 | 3.3 | — | 3.3 | 6.6 | ||||||||||||||||||||||||||
Net loan charge-offs | (28.4 | ) | (2.7 | ) | (31.1 | ) | (13.0 | ) | — | (13.0 | ) | (44.1 | ) | ||||||||||||||||||||
Provision for loan losses | 25.5 | 5.8 | 31.3 | 17.9 | — | 17.9 | 49.2 | ||||||||||||||||||||||||||
Balance at December 31, 2012 | 157.5 | 10.5 | 168 | 20 | — | 20 | 188 | ||||||||||||||||||||||||||
Charge-offs | (29.7 | ) | (4.1 | ) | (33.8 | ) | (16.0 | ) | (0.3 | ) | (16.3 | ) | (50.1 | ) | |||||||||||||||||||
Recoveries | 3.7 | — | 3.7 | 2.5 | — | 2.5 | 6.2 | ||||||||||||||||||||||||||
Net loan charge-offs | (26.0 | ) | (4.1 | ) | (30.1 | ) | (13.5 | ) | (0.3 | ) | (13.8 | ) | (43.9 | ) | |||||||||||||||||||
Provision for loan losses | 27 | 3.4 | 30.4 | 12.5 | 0.8 | 13.3 | 43.7 | ||||||||||||||||||||||||||
Balance at December 31, 2013 | 158.5 | 9.8 | 168.3 | 19 | 0.5 | 19.5 | 187.8 | ||||||||||||||||||||||||||
Charge-offs | (22.3 | ) | (2.6 | ) | (24.9 | ) | (11.1 | ) | (0.1 | ) | (11.2 | ) | (36.1 | ) | |||||||||||||||||||
Recoveries | 3.6 | — | 3.6 | 2.4 | — | 2.4 | 6 | ||||||||||||||||||||||||||
Net loan charge-offs | (18.7 | ) | (2.6 | ) | (21.3 | ) | (8.7 | ) | (0.1 | ) | (8.8 | ) | (30.1 | ) | |||||||||||||||||||
Provision for loan losses | 29.8 | 2.6 | 32.4 | 8.2 | — | 8.2 | 40.6 | ||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 169.6 | $ | 9.8 | $ | 179.4 | $ | 18.5 | $ | 0.4 | $ | 18.9 | $ | 198.3 | |||||||||||||||||||
Summary of Allowance for Loan Losses by Loan Portfolio Segment and Impairment Methodology | The following is a summary, by loan portfolio segment and impairment methodology, of the allowance for loan losses and related portfolio balances: | ||||||||||||||||||||||||||||||||
Originated Loans | Originated Loans | Acquired Loans | Total | ||||||||||||||||||||||||||||||
Individually Evaluated | Collectively Evaluated | (Discounts Related to | |||||||||||||||||||||||||||||||
for Impairment | for Impairment | Credit Quality) | |||||||||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||||||||
Commercial | $ | 174.5 | $ | 7.6 | $ | 18,515.90 | $ | 162 | $ | 769 | $ | 9.8 | $ | 19,459.40 | $ | 179.4 | |||||||||||||||||
Retail | 95 | 3.9 | 6,755.70 | 14.6 | 281.9 | 0.4 | 7,132.60 | 18.9 | |||||||||||||||||||||||||
Total | $ | 269.5 | $ | 11.5 | $ | 25,271.60 | $ | 176.6 | $ | 1,050.90 | $ | 10.2 | $ | 26,592.00 | $ | 198.3 | |||||||||||||||||
Originated Loans | Originated Loans | Acquired Loans | Total | ||||||||||||||||||||||||||||||
Individually Evaluated | Collectively Evaluated | (Discounts Related to | |||||||||||||||||||||||||||||||
for Impairment | for Impairment | Credit Quality) | |||||||||||||||||||||||||||||||
As of December 31, 2013 (in millions) | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||||||||
Commercial | $ | 145.4 | $ | 12.2 | $ | 16,483.70 | $ | 146.3 | $ | 1,187.70 | $ | 9.8 | $ | 17,816.80 | $ | 168.3 | |||||||||||||||||
Retail | 79.4 | 2.8 | 6,156.70 | 16.2 | 337.4 | 0.5 | 6,573.50 | 19.5 | |||||||||||||||||||||||||
Total | $ | 224.8 | $ | 15 | $ | 22,640.40 | $ | 162.5 | $ | 1,525.10 | $ | 10.3 | $ | 24,390.30 | $ | 187.8 | |||||||||||||||||
Summarized Recorded Investments, by Class of Loan, of Originated Non-Performing Loans | The recorded investments, by class of loan, of originated non-performing loans are summarized as follows: | ||||||||||||||||||||||||||||||||
As of December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 60.2 | $ | 70.8 | $ | 84.4 | |||||||||||||||||||||||||||
Commercial and industrial | 55.8 | 43.8 | 54.8 | ||||||||||||||||||||||||||||||
Equipment financing | 25.4 | 23.2 | 27.2 | ||||||||||||||||||||||||||||||
Total (1) | 141.4 | 137.8 | 166.4 | ||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 37.6 | 58.9 | 65 | ||||||||||||||||||||||||||||||
Home equity | 17.9 | 19.8 | 21 | ||||||||||||||||||||||||||||||
Other consumer | 0.1 | 0.1 | 0.3 | ||||||||||||||||||||||||||||||
Total (2) | 55.6 | 78.8 | 86.3 | ||||||||||||||||||||||||||||||
Total | $ | 197 | $ | 216.6 | $ | 252.7 | |||||||||||||||||||||||||||
-1 | Reported net of government guarantees totaling $17.6 million, $19.4 million and $9.7 million at December 31, 2014, 2013 and 2012, respectively. These government guarantees relate, almost entirely, to guarantees provided by the Small Business Administration as well as selected other Federal agencies and represent the carrying value of the loans that are covered by such guarantees, the extent of which (i.e. full or partial) varies by loan. At December 31, 2014, the principal loan classes to which these government guarantees relate are commercial and industrial loans (99%) and commercial real estate loans (1%). | ||||||||||||||||||||||||||||||||
-2 | Includes $18.9 million, $28.7 million and $44.7 million of loans in the process of foreclosure at December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
Summary of Recorded Investments in TDRs by Class of Loan | The following tables summarize, by class of loan, the recorded investments in loans modified as TDRs during the years ended December 31, 2014 and 2013. For purposes of this disclosure, recorded investments represent amounts immediately prior to and subsequent to the restructuring. | ||||||||||||||||||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||||||||||||||
(dollars in millions) | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||
of Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate (1) | 25 | $ | 36.2 | $ | 36.2 | ||||||||||||||||||||||||||||
Commercial and industrial (2) | 50 | 43.1 | 43.1 | ||||||||||||||||||||||||||||||
Equipment financing (3) | 28 | 7.1 | 7.1 | ||||||||||||||||||||||||||||||
Total | 103 | 86.4 | 86.4 | ||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage (4) | 130 | 40.3 | 40.3 | ||||||||||||||||||||||||||||||
Home equity (5) | 135 | 12.2 | 12.2 | ||||||||||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||||||||||
Total | 265 | 52.5 | 52.5 | ||||||||||||||||||||||||||||||
Total | 368 | $ | 138.9 | $ | 138.9 | ||||||||||||||||||||||||||||
-1 | Represents the following concessions: extension of term (16 contracts; recorded investment of $13.5 million); reduced payment and/or payment deferral (4 contracts; recorded investment of $1.8 million); temporary rate reduction (1 contract; recorded investment of $18.2 million); or a combination of concessions (4 contracts; recorded investment of $2.7 million). | ||||||||||||||||||||||||||||||||
-2 | Represents the following concessions: extension of term (20 contracts; recorded investment of $15.3 million); reduced payment and/or payment deferral (8 contracts; recorded investment of $2.4 million); or a combination of concessions (22 contracts; recorded investment of $25.4 million). | ||||||||||||||||||||||||||||||||
-3 | Represents the following concessions: reduced payment and/or payment deferral (11 contracts; recorded investment of $2.0 million); or a combination of concessions (17 contracts; recorded investment of $5.1 million). | ||||||||||||||||||||||||||||||||
-4 | Represents the following concessions: loans restructured through bankruptcy (29 contracts; recorded investment of $5.0 million); extension of term (1 contract; recorded investment of $0.6 million); reduced payment and/or payment deferral (32 contracts; recorded investment of $10.0 million); or a combination of concessions (68 contracts; recorded investment of $24.7 million). | ||||||||||||||||||||||||||||||||
-5 | Represents the following concessions: loans restructured through bankruptcy (67 contracts; recorded investment of $5.6 million); reduced payment and/or payment deferral (20 contracts; recorded investment of $2.3 million); temporary rate reduction (2 contracts; recorded investment of $0.6 million); or a combination of concessions (46 contracts; recorded investment of $3.7 million). | ||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||||||
(dollars in millions) | Number | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||
of Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate (1) | 19 | $ | 14.2 | $ | 14.2 | ||||||||||||||||||||||||||||
Commercial and industrial (2) | 44 | 50.1 | 50.1 | ||||||||||||||||||||||||||||||
Equipment financing (3) | 28 | 15.9 | 15.9 | ||||||||||||||||||||||||||||||
Total | 91 | 80.2 | 80.2 | ||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage (4) | 166 | 46.4 | 46.4 | ||||||||||||||||||||||||||||||
Home equity (5) | 103 | 8.8 | 8.8 | ||||||||||||||||||||||||||||||
Other consumer | — | — | — | ||||||||||||||||||||||||||||||
Total | 269 | 55.2 | 55.2 | ||||||||||||||||||||||||||||||
Total | 360 | $ | 135.4 | $ | 135.4 | ||||||||||||||||||||||||||||
-1 | Represents the following concessions: extension of term (9 contracts; recorded investment of $8.0 million); reduced payment and/or payment deferral (1 contract; recorded investment of $0.5 million); or a combination of concessions (9 contracts; recorded investment of $5.7 million). | ||||||||||||||||||||||||||||||||
-2 | Represents the following concessions: extension of term (8 contracts; recorded investment of $21.2 million); reduced payment and/or payment deferral (23 contracts; recorded investment of $24.2 million); or a combination of concessions (13 contracts; recorded investment of $4.7 million). | ||||||||||||||||||||||||||||||||
-3 | Represents the following concessions: reduced payment and/or payment deferral (16 contracts; recorded investment of $8.9 million); or a combination of concessions (12 contracts; recorded investment of $7.0 million). | ||||||||||||||||||||||||||||||||
-4 | Represents the following concessions: loans restructured through bankruptcy (55 contracts; recorded investment of $9.7 million); reduced payment and/or payment deferral (28 contracts; recorded investment of $8.5 million); temporary rate reduction (6 contracts; recorded investment of $5.5 million); or a combination of concessions (77 contracts; recorded investment of $22.7 million). | ||||||||||||||||||||||||||||||||
-5 | Represents the following concessions: loans restructured through bankruptcy (60 contracts; recorded investment of $4.0 million); extension of term (1 contract; recorded investment of $0.1 million); reduced payment and/or payment deferral (8 contracts; recorded investment of $1.3 million); temporary rate reduction (5 contracts; recorded investment of $0.6 million); or a combination of concessions (29 contracts; recorded investment of $2.8 million). | ||||||||||||||||||||||||||||||||
Summary of Recorded Investments in TDRs by Class of Loan, Subsequently Defaulted | The following is a summary, by class of loan, of information related to TDRs of originated loans completed within the previous 12 months that subsequently defaulted during the years ended December 31, 2014 and 2013. For purposes of this disclosure, the previous 12 months is measured from January 1 of the respective prior year and a default represents a previously-modified loan that became past due 30 days or more during 2014 or 2013. | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Years ended December 31 (dollars in millions) | Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||
of Contracts | Investment as of | of Contracts | Investment as of | ||||||||||||||||||||||||||||||
Period End | Period End | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | 6 | $ | 3.8 | 1 | $ | 0.5 | |||||||||||||||||||||||||||
Commercial and industrial | 4 | 1.1 | 8 | 7.3 | |||||||||||||||||||||||||||||
Equipment financing | 4 | 0.8 | 1 | 1.4 | |||||||||||||||||||||||||||||
Total | 14 | 5.7 | 10 | 9.2 | |||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 42 | 7.8 | 39 | 10.4 | |||||||||||||||||||||||||||||
Home equity | 24 | 1.6 | 12 | 1 | |||||||||||||||||||||||||||||
Other consumer | — | — | — | — | |||||||||||||||||||||||||||||
Total | 66 | 9.4 | 51 | 11.4 | |||||||||||||||||||||||||||||
Total | 80 | $ | 15.1 | 61 | $ | 20.6 | |||||||||||||||||||||||||||
Summary of Individually-Evaluated Impaired Loans by Class of Loan | People’s United’s impaired loans consist of certain originated loans, including all TDRs. The following table summarizes, by class of loan, information related to individually-evaluated impaired loans within the originated portfolio. | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
As of December 31 (in millions) | Unpaid | Recorded | Related | Unpaid | Recorded | Related | |||||||||||||||||||||||||||
Principal | Investment | Allowance | Principal | Investment | Allowance | ||||||||||||||||||||||||||||
Balance | for Loan | Balance | for Loan | ||||||||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||||||||||
Without a related allowance for loan losses: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 57.1 | $ | 55.8 | $ | — | $ | 40.2 | $ | 37.5 | $ | — | |||||||||||||||||||||
Commercial and industrial | 51.7 | 48.6 | — | 23.5 | 22.9 | — | |||||||||||||||||||||||||||
Equipment financing | 30.2 | 21.4 | — | 28.2 | 18.3 | — | |||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 65.4 | 58.9 | — | 57.7 | 53.5 | — | |||||||||||||||||||||||||||
Home equity | 21.3 | 18.3 | — | 14.6 | 12.6 | — | |||||||||||||||||||||||||||
Other consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 225.7 | $ | 203 | $ | — | $ | 164.2 | $ | 144.8 | $ | — | |||||||||||||||||||||
With a related allowance for loan losses: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 52.1 | $ | 27.8 | $ | 4 | $ | 53.7 | $ | 37.8 | $ | 6.8 | |||||||||||||||||||||
Commercial and industrial | 21.4 | 17.4 | 3.5 | 17.7 | 16 | 4.5 | |||||||||||||||||||||||||||
Equipment financing | 3.6 | 3.5 | 0.1 | 14.5 | 12.9 | 0.9 | |||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 15.6 | 15.3 | 2.6 | 11.5 | 11.1 | 1.9 | |||||||||||||||||||||||||||
Home equity | 2.6 | 2.5 | 1.3 | 2.6 | 2.2 | 0.9 | |||||||||||||||||||||||||||
Other consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 95.3 | $ | 66.5 | $ | 11.5 | $ | 100 | $ | 80 | $ | 15 | |||||||||||||||||||||
Total impaired loans: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 109.2 | $ | 83.6 | $ | 4 | $ | 93.9 | $ | 75.3 | $ | 6.8 | |||||||||||||||||||||
Commercial and industrial | 73.1 | 66 | 3.5 | 41.2 | 38.9 | 4.5 | |||||||||||||||||||||||||||
Equipment financing | 33.8 | 24.9 | 0.1 | 42.7 | 31.2 | 0.9 | |||||||||||||||||||||||||||
Total | 216.1 | 174.5 | 7.6 | 177.8 | 145.4 | 12.2 | |||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 81 | 74.2 | 2.6 | 69.2 | 64.6 | 1.9 | |||||||||||||||||||||||||||
Home equity | 23.9 | 20.8 | 1.3 | 17.2 | 14.8 | 0.9 | |||||||||||||||||||||||||||
Other consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 104.9 | 95 | 3.9 | 86.4 | 79.4 | 2.8 | |||||||||||||||||||||||||||
Total | $ | 321 | $ | 269.5 | $ | 11.5 | $ | 264.2 | $ | 224.8 | $ | 15 | |||||||||||||||||||||
Schedule of Impaired Financing Receivable | The following table summarizes, by class of loan, the average recorded investment and interest income recognized on impaired loans for the periods indicated. The average recorded investment amounts are based on month-end balances. | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Years ended December 31 (in millions) | Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 76.6 | $ | 1.3 | $ | 84.1 | $ | 1 | $ | 101.7 | $ | 1.7 | |||||||||||||||||||||
Commercial and industrial | 46.4 | 1.1 | 58.5 | 1 | 65.2 | 3.4 | |||||||||||||||||||||||||||
Equipment financing | 28.6 | 0.7 | 32.1 | 1.5 | 44.9 | 1.9 | |||||||||||||||||||||||||||
Total | 151.6 | 3.1 | 174.7 | 3.5 | 211.8 | 7 | |||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 71.8 | 1.5 | 55 | 1.1 | 23.7 | 0.6 | |||||||||||||||||||||||||||
Home equity | 18 | 0.2 | 14 | 0.1 | 3.8 | 0.1 | |||||||||||||||||||||||||||
Other consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 89.8 | 1.7 | 69 | 1.2 | 27.5 | 0.7 | |||||||||||||||||||||||||||
Total | $ | 241.4 | $ | 4.8 | $ | 243.7 | $ | 4.7 | $ | 239.3 | $ | 7.7 | |||||||||||||||||||||
Summary of Aging Information by Class of Loan | The following tables summarize, by class of loan, aging information for originated loans: | ||||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Current | 30-89 | 90 Days | Total | Total | ||||||||||||||||||||||||||||
Days | or More | Originated | |||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 8,908.00 | $ | 17.6 | $ | 34.7 | $ | 52.3 | $ | 8,960.30 | |||||||||||||||||||||||
Commercial and industrial | 6,814.90 | 32.4 | 43.8 | 76.2 | 6,891.10 | ||||||||||||||||||||||||||||
Equipment financing | 2,793.30 | 41 | 4.7 | 45.7 | 2,839.00 | ||||||||||||||||||||||||||||
Total | 18,516.20 | 91 | 83.2 | 174.2 | 18,690.40 | ||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 4,647.30 | 29.1 | 25.1 | 54.2 | 4,701.50 | ||||||||||||||||||||||||||||
Home equity | 2,079.30 | 5 | 8.6 | 13.6 | 2,092.90 | ||||||||||||||||||||||||||||
Other consumer | 55.8 | 0.4 | 0.1 | 0.5 | 56.3 | ||||||||||||||||||||||||||||
Total | 6,782.40 | 34.5 | 33.8 | 68.3 | 6,850.70 | ||||||||||||||||||||||||||||
Total originated loans | $ | 25,298.60 | $ | 125.5 | $ | 117 | $ | 242.5 | $ | 25,541.10 | |||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||
As of December 31, 2013 (in millions) | Current | 30-89 | 90 Days | Total | Total | ||||||||||||||||||||||||||||
Days | or More | Originated | |||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate | $ | 8,222.50 | $ | 13.1 | $ | 50.9 | $ | 64 | $ | 8,286.50 | |||||||||||||||||||||||
Commercial and industrial | 5,751.40 | 21.7 | 45.4 | 67.1 | 5,818.50 | ||||||||||||||||||||||||||||
Equipment financing | 2,477.60 | 38.9 | 7.6 | 46.5 | 2,524.10 | ||||||||||||||||||||||||||||
Total | 16,451.50 | 73.7 | 103.9 | 177.6 | 16,629.10 | ||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Residential mortgage | 4,039.40 | 55.1 | 47.6 | 102.7 | 4,142.10 | ||||||||||||||||||||||||||||
Home equity | 2,000.20 | 11.3 | 12 | 23.3 | 2,023.50 | ||||||||||||||||||||||||||||
Other consumer | 68.7 | 1.7 | 0.1 | 1.8 | 70.5 | ||||||||||||||||||||||||||||
Total | 6,108.30 | 68.1 | 59.7 | 127.8 | 6,236.10 | ||||||||||||||||||||||||||||
Total originated loans | $ | 22,559.80 | $ | 141.8 | $ | 163.6 | $ | 305.4 | $ | 22,865.20 | |||||||||||||||||||||||
Summary of Credit Quality Indicators by Class of Loan | The following is a summary, by class of loan, of credit quality indicators: | ||||||||||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Commercial | Commercial | Equipment | Total | |||||||||||||||||||||||||||||
Real Estate | and | Financing | |||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Pass | $ | 8,730.90 | $ | 6,477.40 | $ | 2,481.20 | $ | 17,689.50 | |||||||||||||||||||||||||
Special mention | 82.4 | 114.2 | 110.6 | 307.2 | |||||||||||||||||||||||||||||
Substandard | 135.3 | 297.3 | 247.2 | 679.8 | |||||||||||||||||||||||||||||
Doubtful | 11.7 | 2.2 | — | 13.9 | |||||||||||||||||||||||||||||
Total originated loans | 8,960.30 | 6,891.10 | 2,839.00 | 18,690.40 | |||||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Pass | 302.5 | 174.5 | 7.6 | 484.6 | |||||||||||||||||||||||||||||
Special mention | 20.9 | 52.8 | 0.7 | 74.4 | |||||||||||||||||||||||||||||
Substandard | 113.5 | 55 | 18.2 | 186.7 | |||||||||||||||||||||||||||||
Doubtful | 7.1 | 16.2 | — | 23.3 | |||||||||||||||||||||||||||||
Total acquired loans | 444 | 298.5 | 26.5 | 769 | |||||||||||||||||||||||||||||
Total | $ | 9,404.30 | $ | 7,189.60 | $ | 2,865.50 | $ | 19,459.40 | |||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Residential | Home | Other | Total | |||||||||||||||||||||||||||||
Mortgage | Equity | Consumer | |||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Low risk | $ | 2,280.60 | $ | 931.5 | $ | 29.5 | $ | 3,241.60 | |||||||||||||||||||||||||
Moderate risk | 1,921.60 | 597.1 | 8.3 | 2,527.00 | |||||||||||||||||||||||||||||
High risk | 499.3 | 564.3 | 18.5 | 1,082.10 | |||||||||||||||||||||||||||||
Total originated loans | 4,701.50 | 2,092.90 | 56.3 | 6,850.70 | |||||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Low risk | 107 | — | — | 107 | |||||||||||||||||||||||||||||
Moderate risk | 50.5 | — | — | 50.5 | |||||||||||||||||||||||||||||
High risk | 73 | 50.2 | 1.2 | 124.4 | |||||||||||||||||||||||||||||
Total acquired loans | 230.5 | 50.2 | 1.2 | 281.9 | |||||||||||||||||||||||||||||
Total | $ | 4,932.00 | $ | 2,143.10 | $ | 57.5 | $ | 7,132.60 | |||||||||||||||||||||||||
As of December 31, 2013 (in millions) | Commercial | Commercial | Equipment | Total | |||||||||||||||||||||||||||||
Real Estate | and | Financing | |||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Pass | $ | 8,000.70 | $ | 5,519.20 | $ | 2,262.30 | $ | 15,782.20 | |||||||||||||||||||||||||
Special mention | 138.1 | 77.5 | 93.4 | 309 | |||||||||||||||||||||||||||||
Substandard | 147.6 | 220.1 | 168.4 | 536.1 | |||||||||||||||||||||||||||||
Doubtful | 0.1 | 1.7 | — | 1.8 | |||||||||||||||||||||||||||||
Total originated loans | 8,286.50 | 5,818.50 | 2,524.10 | 16,629.10 | |||||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Pass | 395.6 | 331 | 31.4 | 758 | |||||||||||||||||||||||||||||
Special mention | 46.8 | 19.3 | 4 | 70.1 | |||||||||||||||||||||||||||||
Substandard | 186.6 | 131.5 | 33.6 | 351.7 | |||||||||||||||||||||||||||||
Doubtful | 6.1 | 1.8 | — | 7.9 | |||||||||||||||||||||||||||||
Total acquired loans | 635.1 | 483.6 | 69 | 1,187.70 | |||||||||||||||||||||||||||||
Total | $ | 8,921.60 | $ | 6,302.10 | $ | 2,593.10 | $ | 17,816.80 | |||||||||||||||||||||||||
As of December 31, 2013 (in millions) | Residential | Home | Other | Total | |||||||||||||||||||||||||||||
Mortgage | Equity | Consumer | |||||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Low risk | $ | 2,032.60 | $ | 842.5 | $ | 39.5 | $ | 2,914.60 | |||||||||||||||||||||||||
Moderate risk | 1,619.10 | 520.7 | 8.3 | 2,148.10 | |||||||||||||||||||||||||||||
High risk | 490.4 | 660.3 | 22.7 | 1,173.40 | |||||||||||||||||||||||||||||
Total originated loans | 4,142.10 | 2,023.50 | 70.5 | 6,236.10 | |||||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Low risk | 122.6 | — | — | 122.6 | |||||||||||||||||||||||||||||
Moderate risk | 71.2 | — | — | 71.2 | |||||||||||||||||||||||||||||
High risk | 80.7 | 61.1 | 1.8 | 143.6 | |||||||||||||||||||||||||||||
Total acquired loans | 274.5 | 61.1 | 1.8 | 337.4 | |||||||||||||||||||||||||||||
Total | $ | 4,416.60 | $ | 2,084.60 | $ | 72.3 | $ | 6,573.50 | |||||||||||||||||||||||||
Summarized Activity in Accretable Yield for Acquired Loan Portfolio | The following table summarizes activity in the accretable yield for the acquired loan portfolio: | ||||||||||||||||||||||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 639.7 | $ | 890.2 | $ | 1,310.40 | |||||||||||||||||||||||||||
Accretion | (81.0 | ) | (127.1 | ) | (206.5 | ) | |||||||||||||||||||||||||||
Reclassification from nonaccretable difference for | 6.7 | 5.3 | 22.7 | ||||||||||||||||||||||||||||||
loans with improved cash flows (1) | |||||||||||||||||||||||||||||||||
Other changes in expected cash flows (2) | (169.1 | ) | (128.7 | ) | (236.4 | ) | |||||||||||||||||||||||||||
Balance at end of period | $ | 396.3 | $ | 639.7 | $ | 890.2 | |||||||||||||||||||||||||||
-1 | Results in increased interest accretion as a prospective yield adjustment over the remaining life of the corresponding pool of loans. | ||||||||||||||||||||||||||||||||
-2 | Represents changes in cash flows expected to be collected due to factors other than credit (e.g. changes in prepayment assumptions and/or changes in interest rates on variable rate loans), as well as loan sales, modifications and payoffs. |
Goodwill_and_Other_Acquisition1
Goodwill and Other Acquisition-Related Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of People’s United’s goodwill are summarized as follows for the year ended December 31, 2012. There were no changes in goodwill during 2014 and 2013. | ||||||||||||||||||||||||
Operating Segment | |||||||||||||||||||||||||
(in millions) | Commercial | Retail | Wealth | Total | |||||||||||||||||||||
Banking | Banking | Management | |||||||||||||||||||||||
Balance at December 31, 2011 | $ | 1,220.90 | $ | 680.7 | $ | 49.8 | $ | 1,951.40 | |||||||||||||||||
Acquisition of branches | — | 0.7 | — | 0.7 | |||||||||||||||||||||
Adjustments | 1.9 | 0.5 | — | 2.4 | |||||||||||||||||||||
Balance at December 31, 2012 | 1,222.80 | 681.9 | 49.8 | 1,954.50 | |||||||||||||||||||||
Balance at December 31, 2013 | 1,222.80 | 681.9 | 49.8 | 1,954.50 | |||||||||||||||||||||
Balance at December 31, 2014 | $ | 1,222.80 | $ | 681.9 | $ | 49.8 | $ | 1,954.50 | |||||||||||||||||
Other Acquisition-Related Intangible | Other Acquisition-Related Intangible Assets | ||||||||||||||||||||||||
The following is a summary of People’s United’s other acquisition-related intangible assets: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
As of December 31 (in millions) | Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Trade name intangible | $ | 122.7 | $ | 34.9 | $ | 87.8 | $ | 122.7 | $ | 26.7 | $ | 96 | |||||||||||||
Core deposit intangible | 143.8 | 107.3 | 36.5 | 143.8 | 93.9 | 49.9 | |||||||||||||||||||
Trust relationships | 42.7 | 20 | 22.7 | 42.7 | 17.1 | 25.6 | |||||||||||||||||||
Insurance relationships | 31.5 | 30.5 | 1 | 31.5 | 30.2 | 1.3 | |||||||||||||||||||
Total other acquisition-related intangible assets | $ | 340.7 | $ | 192.7 | $ | 148 | $ | 340.7 | $ | 167.9 | $ | 172.8 | |||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Components of Premises and Equipment | The components of premises and equipment are summarized below: | ||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||
Land | $ | 39.5 | $ | 39.2 | |||||
Buildings | 269.2 | 271.5 | |||||||
Leasehold improvements | 161.6 | 162.9 | |||||||
Furniture and equipment | 219 | 219.9 | |||||||
Total | 689.3 | 693.5 | |||||||
Less: Accumulated depreciation and amortization | 411.5 | 389.4 | |||||||
Total premises and equipment, net | $ | 277.8 | $ | 304.1 | |||||
Other_Assets_and_Other_Liabili1
Other Assets and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Components of Other Assets | The components of other assets are as follows: | ||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||
Leased equipment | $ | 180.9 | $ | 184.3 | |||||
Fair value of derivative financial instruments (notes 18 and 20) | 132.4 | 91.9 | |||||||
Accrued interest receivable | 82.6 | 74.3 | |||||||
Affordable housing investments (note 11) | 69.6 | 65 | |||||||
Assets held in trust for supplemental retirement plans (note 16) | 37.1 | 40.7 | |||||||
Receivables arising from securities brokerage and insurance businesses | 34.8 | 38.4 | |||||||
Investment in joint venture (1) | 21.3 | — | |||||||
Current income tax receivable (note 11) | 21.1 | 21.6 | |||||||
Loans in process | 19.6 | 34.8 | |||||||
Economic development investments | 19.4 | 14.2 | |||||||
Other prepaid expenses | 16.8 | 18.4 | |||||||
REO: | |||||||||
Residential | 13.6 | 13.6 | |||||||
Commercial | 11 | 13.1 | |||||||
Net deferred tax asset (note 11) | 7 | 8 | |||||||
FDIC loss-share receivable (note 4) | 5.7 | 10.1 | |||||||
Repossessed assets | 2.5 | 4.5 | |||||||
Funded status of People’s United defined benefit pension plan (note 16) | — | 41.5 | |||||||
Other | 44.5 | 35.6 | |||||||
Total other assets | $ | 719.9 | $ | 710 | |||||
-1 | During the quarter ended June 30, 2014, the Bank formed a joint venture with Vantiv, Inc. to provide a comprehensive suite of payment solutions to businesses throughout the Bank’s footprint. The Bank retained a 49% minority interest in the joint venture and recognized a $20.6 million gain, net of related expenses, resulting from its formation. The gain represented the fair value of the Bank’s entire portfolio of merchant contracts that were contributed to the joint venture and which previously had a zero book basis. The investment in the joint venture is accounted for using the equity method of accounting. | ||||||||
Components of Other Liabilities | The components of other liabilities are as follows: | ||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||
Fair value of derivative financial instruments (notes 18 and 20) | $ | 97 | $ | 77 | |||||
Liability for unsettled purchases of securities | 91.5 | 23.3 | |||||||
Liabilities for supplemental retirement plans (note 16) | 60.4 | 59 | |||||||
Accrued expenses payable | 55.2 | 69.1 | |||||||
Accrued employee benefits | 42 | 48.1 | |||||||
Payables arising from securities brokerage and insurance businesses | 37.6 | 40.9 | |||||||
Funded status of defined benefit pension plans (note 16): | |||||||||
People’s United | 27.5 | — | |||||||
Chittenden | 7.4 | 1.2 | |||||||
Other postretirement benefits (note 16) | 14.6 | 10.3 | |||||||
Accrued interest payable | 13.7 | 5.3 | |||||||
Other | 53.7 | 57.7 | |||||||
Total other liabilities | $ | 500.6 | $ | 391.9 | |||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||
Schedule of Deposits | The following is an analysis of People’s United’s total deposits by product type: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
As of December 31 (dollars in millions) | Amount | Weighted | Amount | Weighted | |||||||||||||
Average Rate | Average Rate | ||||||||||||||||
Non-interest-bearing | $ | 5,655.10 | — | % | $ | 5,312.20 | — | % | |||||||||
Savings, interest-bearing checking | 15,252.40 | 0.19 | 12,862.20 | 0.22 | |||||||||||||
and money market | |||||||||||||||||
Time deposits maturing: | |||||||||||||||||
Within 3 months | 1,254.30 | 0.63 | 874.5 | 0.55 | |||||||||||||
After 3 but within 6 months | 912.5 | 0.62 | 781.4 | 0.68 | |||||||||||||
After 6 months but within 1 year | 1,306.70 | 0.79 | 1,151.50 | 0.71 | |||||||||||||
After 1 but within 2 years | 1,341.00 | 1.36 | 799.7 | 1.31 | |||||||||||||
After 2 but within 3 years | 230.9 | 1.4 | 520.6 | 2.18 | |||||||||||||
After 3 but within 4 years | 85.5 | 1.07 | 173.3 | 1.67 | |||||||||||||
After 4 but within 5 years | 96.2 | 1.51 | 77.7 | 1.13 | |||||||||||||
After 5 years | 3.6 | 2.45 | 4.2 | 2.45 | |||||||||||||
Total | 5,230.70 | 0.91 | 4,382.90 | 1 | |||||||||||||
Total deposits | $ | 26,138.20 | 0.29 | % | $ | 22,557.30 | 0.32 | % | |||||||||
Schedule of Interest Expense on Deposits | Interest expense on deposits is summarized as follows: | ||||||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||||||
Savings, interest-bearing checking and money market | $ | 36.7 | $ | 33 | $ | 38.7 | |||||||||||
Time | 44.2 | 48.1 | 52.1 | ||||||||||||||
Total interest expense | $ | 80.9 | $ | 81.1 | $ | 90.8 | |||||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Summary of Borrowings | People’s United’s borrowings are summarized as follows: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
As of December 31 (dollars in millions) | Amount | Weighted | Amount | Weighted | |||||||||||||
Average Rate | Average Rate | ||||||||||||||||
Fixed-rate FHLB advances maturing: | |||||||||||||||||
Within 1 month | $ | 1,825.00 | 0.26 | % | $ | 1,950.00 | 0.19 | % | |||||||||
After 1 month but within 1 year | 200.2 | 0.24 | 1,500.00 | 0.21 | |||||||||||||
After 2 but within 3 years | — | — | 0.5 | 4.37 | |||||||||||||
After 3 but within 4 years | 261.1 | 2.71 | — | — | |||||||||||||
After 4 but within 5 years | — | — | 263.7 | 2.71 | |||||||||||||
After 5 years | 5.4 | 1.33 | 5.6 | 1.33 | |||||||||||||
Total FHLB advances | 2,291.70 | 0.54 | 3,719.80 | 0.38 | |||||||||||||
Federal funds purchased maturing: | |||||||||||||||||
Within 1 month | 913 | 0.15 | 825 | 0.16 | |||||||||||||
Total federal funds purchased | 913 | 0.15 | 825 | 0.16 | |||||||||||||
Customer repurchase agreements maturing: | |||||||||||||||||
Within 1 month | 486 | 0.18 | 501.2 | 0.2 | |||||||||||||
Total customer repurchase agreements | 486 | 0.18 | 501.2 | 0.2 | |||||||||||||
Other borrowings maturing: | |||||||||||||||||
Within 1 year | 1 | 1.75 | 10 | 0.08 | |||||||||||||
After 1 but within 2 years | — | — | 1 | 1.75 | |||||||||||||
Total other borrowings | 1 | 1.75 | 11 | 0.23 | |||||||||||||
Total borrowings | $ | 3,691.70 | 0.39 | % | $ | 5,057.00 | 0.33 | % | |||||||||
Interest Expense on Borrowings | Interest expense on borrowings consists of the following: | ||||||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||||||
FHLB advances | $ | 9.2 | $ | 8.2 | $ | 5.1 | |||||||||||
Customer repurchase agreements | 1 | 1.1 | 1.3 | ||||||||||||||
Federal funds purchased | 0.8 | 1.2 | 0.5 | ||||||||||||||
Other borrowings | 0.1 | — | 0.1 | ||||||||||||||
Total interest expense | $ | 11.1 | $ | 10.5 | $ | 7 | |||||||||||
Information Concerning Parent Company Borrowings | Information concerning People’s United’s borrowings is presented below: | ||||||||||||||||
As of and for the years ended December 31 (dollars in millions) | 2014 | 2013 | 2012 | ||||||||||||||
FHLB advances: | |||||||||||||||||
Balance at year end | $ | 2,291.70 | $ | 3,719.80 | $ | 1,178.30 | |||||||||||
Average outstanding during the year | 2,593.70 | 2,043.90 | 419.5 | ||||||||||||||
Maximum outstanding at any month end | 3,419.50 | 3,719.80 | 1,178.30 | ||||||||||||||
Average interest rate during the year | 0.36 | % | 0.4 | % | 1.23 | % | |||||||||||
Federal funds purchased: | |||||||||||||||||
Balance at year end | $ | 913 | $ | 825 | $ | 619 | |||||||||||
Average outstanding during the year | 471.8 | 641.2 | 195.3 | ||||||||||||||
Maximum outstanding at any month end | 960 | 934 | 763 | ||||||||||||||
Average interest rate during the year | 0.17 | % | 0.19 | % | 0.24 | % | |||||||||||
Customer repurchase agreements: | |||||||||||||||||
Balance at year end | $ | 486 | $ | 501.2 | $ | 588.2 | |||||||||||
Carrying amount of collateral securities at year end | 495.7 | 511.2 | 599.9 | ||||||||||||||
Average outstanding during the year | 482 | 522.7 | 494.7 | ||||||||||||||
Maximum outstanding at any month end | 519.2 | 581.2 | 588.2 | ||||||||||||||
Average interest rate during the year | 0.2 | % | 0.2 | % | 0.26 | % | |||||||||||
Other borrowings: | |||||||||||||||||
Balance at year end | $ | 1 | $ | 11 | $ | 1 | |||||||||||
Carrying amount of collateral securities at year end | 1.1 | 1.1 | 1.1 | ||||||||||||||
Average outstanding during the year | 57.1 | 3.9 | 16.4 | ||||||||||||||
Maximum outstanding at any month end | 206.2 | 11 | 27 | ||||||||||||||
Average interest rate during the year | 0.25 | % | 0.51 | % | 1 | % | |||||||||||
Notes_and_Debentures_Tables
Notes and Debentures (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Brokers and Dealers [Abstract] | |||||||||
Schedule of Subordinated Borrowing | Notes and debentures are summarized as follows: | ||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||
People’s United Financial, Inc.: | |||||||||
3.65% senior notes due 2022 | $ | 498.6 | $ | 498.5 | |||||
5.80% fixed rate/floating rate subordinated notes due 2017 | 122.5 | 121.2 | |||||||
People’s United Bank: | |||||||||
4.00% subordinated notes due 2024 | 412.4 | — | |||||||
11.00% fixed rate subordinated notes due 2019 | — | 19.4 | |||||||
Total notes and debentures | $ | 1,033.50 | $ | 639.1 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Summary of Total Income Tax Expense | The following is a summary of total income tax expense: | ||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Income tax expense applicable to pre-tax income | $ | 128.9 | $ | 115.2 | $ | 124 | |||||||
Income tax benefit applicable to items reported in total other comprehensive loss (note 15) | (6.7 | ) | (34.6 | ) | (1.5 | ) | |||||||
Total | $ | 122.2 | $ | 80.6 | $ | 122.5 | |||||||
Income Tax Effects Related to Items Recognized in Other Comprehensive Income | The components of income tax expense applicable to pre-tax income are summarized as follows: | ||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Current tax expense: | |||||||||||||
Federal | $ | 111.9 | $ | 89.9 | $ | 71.9 | |||||||
State | 10.3 | 9.8 | 7.3 | ||||||||||
Total current tax expense | 122.2 | 99.7 | 79.2 | ||||||||||
Deferred tax expense (1) | 6.7 | 15.5 | 44.8 | ||||||||||
Total income tax expense | $ | 128.9 | $ | 115.2 | $ | 124 | |||||||
-1 | Includes the effect of (decreases) increases in the valuation allowance for state deferred tax assets of $(1.2) million, $(2.3) million and $1.4 million in 2014, 2013 and 2012, respectively. | ||||||||||||
Summary of Income Tax Reconciliation | The following is a reconciliation of expected income tax expense, computed at the U.S. federal statutory rate of 35%, to actual income tax expense: | ||||||||||||
Years ended December 31 (dollars in millions) | 2014 | 2013 | 2012 | ||||||||||
Expected income tax expense | $ | 133.2 | $ | 121.7 | $ | 129.3 | |||||||
State income tax, net of federal tax effect | 8.2 | 7.3 | 7.4 | ||||||||||
Tax-exempt interest | (13.2 | ) | (11.7 | ) | (8.3 | ) | |||||||
Tax-exempt income from BOLI | (2.0 | ) | (1.6 | ) | (1.9 | ) | |||||||
Federal income tax credits | 0.8 | (3.0 | ) | (4.3 | ) | ||||||||
Other, net | 1.9 | 2.5 | 1.8 | ||||||||||
Actual income tax expense | $ | 128.9 | $ | 115.2 | $ | 124 | |||||||
Effective income tax rate | 33.9 | % | 33.1 | % | 33.6 | % | |||||||
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to People’s United’s deferred tax assets and liabilities are as follows: | ||||||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Leasing activities | $ | 87.1 | $ | 73.5 | |||||||||
Allowance for loan losses and non-accrual interest | 77.4 | 74.1 | |||||||||||
State tax net operating loss carryforwards, net of federal tax effect | 67.2 | 69 | |||||||||||
Pension and other postretirement benefits | 35.8 | 5.1 | |||||||||||
Equity-based compensation | 22 | 20.5 | |||||||||||
Unrealized loss on securities transferred to held to maturity | 13.1 | 14.4 | |||||||||||
Basis difference in affordable housing investments | 3.1 | 8.1 | |||||||||||
Unrealized loss on securities available for sale | 2.3 | 28.8 | |||||||||||
Other deductible temporary differences | 32.6 | 30.4 | |||||||||||
Total deferred tax assets | 340.6 | 323.9 | |||||||||||
Less: valuation allowance for state deferred tax assets | (68.1 | ) | (69.3 | ) | |||||||||
Total deferred tax assets, net of the valuation allowance | 272.5 | 254.6 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Tax over book depreciation | (160.3 | ) | (145.5 | ) | |||||||||
Acquisition-related deferred tax liabilities | (51.0 | ) | (51.7 | ) | |||||||||
Deferred cancellation-of-indebtedness income | (17.5 | ) | (22.1 | ) | |||||||||
Book over tax income recognized on consumer loans | (12.4 | ) | (9.5 | ) | |||||||||
Mark-to-market and original issue discounts for tax purposes | (7.7 | ) | (7.6 | ) | |||||||||
Temporary differences related to merchant services joint venture | (7.2 | ) | — | ||||||||||
Other taxable temporary differences | (9.4 | ) | (10.2 | ) | |||||||||
Total deferred tax liabilities | (265.5 | ) | (246.6 | ) | |||||||||
Net deferred tax asset | $ | 7 | $ | 8 | |||||||||
Unrecognized Income Tax Benefits | The following is a reconciliation of the beginning and ending balances of People’s United’s unrecognized income tax benefits related to uncertain tax positions: | ||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 3 | $ | 2.9 | $ | 3 | |||||||
Additions for tax positions taken in prior years | 0.1 | 0.1 | 0.4 | ||||||||||
Reductions for tax positions taken in prior years | — | — | — | ||||||||||
Reductions attributable to audit settlements/lapse of statute of limitations | (0.1 | ) | — | (0.5 | ) | ||||||||
Balance at end of year | $ | 3 | $ | 3 | $ | 2.9 | |||||||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Regulatory Capital Requirements | The following summary compares the Bank’s regulatory capital amounts and ratios as of December 31, 2014 and 2013 to the OCC requirements for classification as a well-capitalized institution and for minimum capital adequacy. At December 31, 2014 and 2013, the Bank’s adjusted total assets, as defined, totaled $34.0 billion and $31.2 billion, respectively, and its total risk-weighted assets, as defined, totaled $27.5 billion and $25.4 billion, respectively. | ||||||||||||||||||||||||
OCC Requirements | |||||||||||||||||||||||||
People’s United Bank | Classification as | Minimum | |||||||||||||||||||||||
Well-Capitalized | Capital Adequacy | ||||||||||||||||||||||||
(dollars in millions) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Tangible capital | $ | 2,881.5 | (1) | 8.5 | % | n/a | n/a | $ | 510.3 | 1.5 | % | ||||||||||||||
Leverage (core) capital | 2,881.5 | (1) | 8.5 | $ | 1,700.90 | 5 | % | 1,360.80 | 4 | ||||||||||||||||
Risk-based capital: | |||||||||||||||||||||||||
Tier 1 | 2,881.5 | (1) | 10.5 | 1,647.30 | 6 | 1,098.20 | 4 | ||||||||||||||||||
Total | 3,582.2 | (2) | 13 | 2,745.40 | 10 | 2,196.30 | 8 | ||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Tangible capital | $ | 2,823.5 | (1) | 9.1 | % | n/a | n/a | $ | 468 | 1.5 | % | ||||||||||||||
Leverage (core) capital | 2,823.5 | (1) | 9.1 | $ | 1,559.90 | 5 | % | 1,247.90 | 4 | ||||||||||||||||
Risk-based capital: | |||||||||||||||||||||||||
Tier 1 | 2,823.5 | (1) | 11.1 | 1,521.40 | 6 | 1,014.30 | 4 | ||||||||||||||||||
Total | 3,133.3 | (2) | 12.4 | 2,535.70 | 10 | 2,028.50 | 8 | ||||||||||||||||||
-1 | Represents the Bank’s total equity capital, excluding: (i) after-tax net unrealized gains and losses on certain securities classified as available for sale; (ii) after-tax net unrealized gains and losses on securities transferred to held to maturity; (iii) after-tax net unrealized gains and losses on derivatives accounted for as cash flow hedges; (iv) certain assets not recognized for regulatory capital purposes (principally goodwill and other acquisition-related intangible assets); and (v) the amount recorded in accumulated other comprehensive loss relating to pension and other postretirement benefits. | ||||||||||||||||||||||||
-2 | Represents Tier 1 capital plus qualifying subordinated notes and debentures, up to certain limits, and the allowance for loan losses up to 1.25% of total risk-weighted assets. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Basic and Diluted Earnings Per Share, Reflecting Application of Two-Class Method | The following is an analysis of People’s United’s basic and diluted EPS, reflecting the application of the two-class method, as described in Note 1: | ||||||||||||
Years ended December 31 (in millions, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 251.7 | $ | 232.4 | $ | 245.3 | |||||||
Dividends and undistributed earnings allocated to participating securities | (1.2 | ) | (1.2 | ) | (1.2 | ) | |||||||
Income attributable to common shareholders | $ | 250.5 | $ | 231.2 | $ | 244.1 | |||||||
Average common shares outstanding for basic EPS | 298.2 | 311.9 | 338.3 | ||||||||||
Effect of dilutive equity-based awards | 0.1 | 0.1 | 0.1 | ||||||||||
Average common and common-equivalent shares for diluted EPS | 298.3 | 312 | 338.4 | ||||||||||
Basic EPS | $ | 0.84 | $ | 0.74 | $ | 0.72 | |||||||
Diluted EPS | $ | 0.84 | $ | 0.74 | $ | 0.72 |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The following is a summary of the changes in the components of accumulated other comprehensive loss (“AOCL”), which are included in People’s United’s stockholders’ equity on an after-tax basis: | ||||||||||||||||||||
(in millions) | Pension | Net Unrealized | Net Unrealized | Net Unrealized | Total | ||||||||||||||||
and Other | Gains (Losses) | Gains (Losses) | Gains (Losses) | Accumulated | |||||||||||||||||
Postretirement | on Securities | on Securities | on Derivatives | Other | |||||||||||||||||
Benefits | Available for Sale | Transferred to | Accounted for as | Comprehensive | |||||||||||||||||
Held to Maturity | Cash Flow Hedges | Loss | |||||||||||||||||||
Balance at December 31, 2011 | $ | (138.8 | ) | $ | 43.2 | $ | — | $ | (0.2 | ) | $ | (95.8 | ) | ||||||||
Current period other comprehensive income (loss) | (9.4 | ) | 9.6 | — | (1.3 | ) | (1.1 | ) | |||||||||||||
Balance at December 31, 2012 | (148.2 | ) | 52.8 | — | (1.5 | ) | (96.9 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | 58.3 | (99.3 | ) | (23.3 | ) | 0.5 | (63.8 | ) | |||||||||||||
Amounts reclassified from AOCL (1) | 4.9 | — | — | 0.7 | 5.6 | ||||||||||||||||
Current period other comprehensive income (loss) | 63.2 | (99.3 | ) | (23.3 | ) | 1.2 | (58.2 | ) | |||||||||||||
Balance at December 31, 2013 | (85.0 | ) | (46.5 | ) | (23.3 | ) | (0.3 | ) | (155.1 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications | (62.6 | ) | 44.6 | — | (0.6 | ) | (18.6 | ) | |||||||||||||
Amounts reclassified from AOCL (1) | 4.7 | (1.8 | ) | 1.8 | 0.8 | 5.5 | |||||||||||||||
Current period other comprehensive income (loss) | (57.9 | ) | 42.8 | 1.8 | 0.2 | (13.1 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | (142.9 | ) | $ | (3.7 | ) | $ | (21.5 | ) | $ | (0.1 | ) | $ | (168.2 | ) | ||||||
-1 | See the following table for details about these reclassifications. | ||||||||||||||||||||
Summary of Amounts Reclassified from AOCL | The following is a summary of the amounts reclassified from AOCL: | ||||||||||||||||||||
Years ended December 31 (in millions) | Amounts Reclassified | Affected Line Item | |||||||||||||||||||
from AOCL | in the Statement Where | ||||||||||||||||||||
2014 | 2013 | Net Income is Presented | |||||||||||||||||||
Details about components of AOCL: | |||||||||||||||||||||
Amortization of pension and other postretirement benefits items: | |||||||||||||||||||||
Net actuarial loss | $ | (8.4 | ) | $ | (8.8 | ) | -1 | ||||||||||||||
Prior service credit | 1 | 1.1 | -1 | ||||||||||||||||||
(7.4 | ) | (7.7 | ) | Income before income tax expense | |||||||||||||||||
2.7 | 2.8 | Income tax expense | |||||||||||||||||||
(4.7 | ) | (4.9 | ) | Net income | |||||||||||||||||
Reclassification adjustment for net realized gains on securities available for sale | 3 | — | Income before income tax expense (2) | ||||||||||||||||||
(1.2 | ) | — | Income tax expense | ||||||||||||||||||
1.8 | — | Net income | |||||||||||||||||||
Amortization of unrealized losses on securities transferred to held to maturity | (3.0 | ) | — | Income before income tax expense (3) | |||||||||||||||||
1.2 | — | Income tax expense | |||||||||||||||||||
(1.8 | ) | — | Net income | ||||||||||||||||||
Amortization of unrealized gains and losses on cash flow hedges: | |||||||||||||||||||||
Interest rate swaps | (1.4 | ) | (1.3 | ) | -4 | ||||||||||||||||
Interest rate locks | 0.1 | 0.1 | -4 | ||||||||||||||||||
(1.3 | ) | (1.2 | ) | Income before income tax expense | |||||||||||||||||
0.5 | 0.5 | Income tax expense | |||||||||||||||||||
(0.8 | ) | (0.7 | ) | Net income | |||||||||||||||||
Total reclassifications for the period | $ | (5.5 | ) | $ | (5.6 | ) | |||||||||||||||
-1 | Included in the computation of net periodic benefit cost reflected in compensation and benefits expense (see Note 16 for additional details). | ||||||||||||||||||||
-2 | Included in non-interest income. | ||||||||||||||||||||
-3 | Included in interest and dividend income – securities. | ||||||||||||||||||||
-4 | Included in interest expense - notes and debentures. | ||||||||||||||||||||
Deferred Income Taxes Applicable to Components of Accumulated Other Comprehensive Loss | The deferred income taxes applicable to the components of AOCL are as follows: | ||||||||||||||||||||
As of December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Net actuarial loss and other amounts related to pension and | $ | 83.2 | $ | 50 | $ | 86.5 | |||||||||||||||
other postretirement benefit plans | |||||||||||||||||||||
Net unrealized loss (gain) on securities available for sale | 2.2 | 27.3 | (30.8 | ) | |||||||||||||||||
Net unrealized loss on securities transferred to held to maturity | 12.5 | 13.7 | — | ||||||||||||||||||
Net unrealized loss on derivatives accounted for as cash flow hedges | — | 0.2 | 0.9 | ||||||||||||||||||
Total deferred income taxes | $ | 97.9 | $ | 91.2 | $ | 56.6 | |||||||||||||||
Other Comprehensive Income (Loss) | The following is a summary of the components of People’s United’s total other comprehensive loss: | ||||||||||||||||||||
Pre-Tax | After-Tax | ||||||||||||||||||||
Year ended December 31, 2014 (in millions) | Amount | Tax Effect | Amount | ||||||||||||||||||
Net actuarial gain or loss on pension plans and other postretirement benefits: | |||||||||||||||||||||
Net actuarial loss arising during the year | $ | (98.5 | ) | $ | 35.9 | $ | (62.6 | ) | |||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 8.4 | (3.1 | ) | 5.3 | |||||||||||||||||
Net actuarial loss | (90.1 | ) | 32.8 | (57.3 | ) | ||||||||||||||||
Prior service credit on pension plans and other postretirement benefits: | |||||||||||||||||||||
Reclassification adjustment for prior service credit included in net income | (1.0 | ) | 0.4 | (0.6 | ) | ||||||||||||||||
Net actuarial loss and prior service credit | (91.1 | ) | 33.2 | (57.9 | ) | ||||||||||||||||
Net unrealized gains and losses on securities available for sale: | |||||||||||||||||||||
Net unrealized holding gains arising during the year | 70.9 | (26.3 | ) | 44.6 | |||||||||||||||||
Reclassification adjustment for net realized gains included in net income | (3.0 | ) | 1.2 | (1.8 | ) | ||||||||||||||||
Net unrealized gains | 67.9 | (25.1 | ) | 42.8 | |||||||||||||||||
Net unrealized gains and losses on securities transferred to held to maturity: | |||||||||||||||||||||
Reclassification adjustment for amortization of unrealized losses on securities transferred to held to maturity included in net income | 3 | (1.2 | ) | 1.8 | |||||||||||||||||
Net unrealized gains | 3 | (1.2 | ) | 1.8 | |||||||||||||||||
Net unrealized gains and losses on derivatives accounted for as cash flow hedges: | |||||||||||||||||||||
Net unrealized losses arising during the year | (0.9 | ) | 0.3 | (0.6 | ) | ||||||||||||||||
Reclassification adjustment for net realized losses included in net income | 1.3 | (0.5 | ) | 0.8 | |||||||||||||||||
Net unrealized gains | 0.4 | (0.2 | ) | 0.2 | |||||||||||||||||
Total other comprehensive loss | $ | (19.8 | ) | $ | 6.7 | $ | (13.1 | ) | |||||||||||||
Pre-Tax | After-Tax | ||||||||||||||||||||
Year ended December 31, 2013 (in millions) | Amount | Tax Effect | Amount | ||||||||||||||||||
Net actuarial gain or loss on pension plans and other postretirement benefits: | |||||||||||||||||||||
Net actuarial gain arising during the year | $ | 92 | $ | (33.7 | ) | $ | 58.3 | ||||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 8.8 | (3.2 | ) | 5.6 | |||||||||||||||||
Net actuarial gain | 100.8 | (36.9 | ) | 63.9 | |||||||||||||||||
Prior service credit on pension plans and other postretirement benefits: | |||||||||||||||||||||
Reclassification adjustment for prior service credit included in net income | (1.1 | ) | 0.4 | (0.7 | ) | ||||||||||||||||
Net actuarial gain and prior service credit | 99.7 | (36.5 | ) | 63.2 | |||||||||||||||||
Net unrealized gains and losses on securities available for sale: | |||||||||||||||||||||
Net unrealized holding losses arising during the year | (194.4 | ) | 58.1 | (136.3 | ) | ||||||||||||||||
Unrealized holding losses on securities transferred during the year | 37 | — | 37 | ||||||||||||||||||
Net unrealized losses | (157.4 | ) | 58.1 | (99.3 | ) | ||||||||||||||||
Net unrealized gains and losses on securities transferred to held to maturity: | |||||||||||||||||||||
Unrealized holding losses on securities transferred during the year | (37.0 | ) | 13.7 | (23.3 | ) | ||||||||||||||||
Net unrealized losses | (37.0 | ) | 13.7 | (23.3 | ) | ||||||||||||||||
Net unrealized gains and losses on derivatives accounted for as cash flow hedges: | |||||||||||||||||||||
Net unrealized gains arising during the year | 0.7 | (0.2 | ) | 0.5 | |||||||||||||||||
Reclassification adjustment for net realized losses included in net income | 1.2 | (0.5 | ) | 0.7 | |||||||||||||||||
Net unrealized gains | 1.9 | (0.7 | ) | 1.2 | |||||||||||||||||
Total other comprehensive loss | $ | (92.8 | ) | $ | 34.6 | $ | (58.2 | ) | |||||||||||||
Pre-Tax | After-Tax | ||||||||||||||||||||
Year ended December 31, 2012 (in millions) | Amount | Tax Effect | Amount | ||||||||||||||||||
Net actuarial gain or loss on pension plans and other postretirement benefits: | |||||||||||||||||||||
Net actuarial loss arising during the year | $ | (22.5 | ) | $ | 8.9 | $ | (13.6 | ) | |||||||||||||
Reclassification adjustment for net actuarial loss included in net income | 7.6 | (3.0 | ) | 4.6 | |||||||||||||||||
Net actuarial loss | (14.9 | ) | 5.9 | (9.0 | ) | ||||||||||||||||
Prior service credit on pension plans and other postretirement benefits: | |||||||||||||||||||||
Reclassification adjustment for prior service credit included in net income | (1.0 | ) | 0.4 | (0.6 | ) | ||||||||||||||||
Transition obligation on other postretirement benefits: | |||||||||||||||||||||
Reclassification adjustment for transition obligation on other postretirement benefits included in net income | 0.3 | (0.1 | ) | 0.2 | |||||||||||||||||
Net actuarial loss, prior service credit and transition obligation | (15.6 | ) | 6.2 | (9.4 | ) | ||||||||||||||||
Net unrealized gains and losses on securities available for sale: | |||||||||||||||||||||
Net unrealized holding gains arising during the year | 15.1 | (5.5 | ) | 9.6 | |||||||||||||||||
Net unrealized gains | 15.1 | (5.5 | ) | 9.6 | |||||||||||||||||
Net unrealized gains and losses on derivatives accounted for as cash flow hedges: | |||||||||||||||||||||
Net unrealized losses arising during the year | (3.1 | ) | 1.1 | (2.0 | ) | ||||||||||||||||
Reclassification adjustment for net realized losses included in net income | 1 | (0.3 | ) | 0.7 | |||||||||||||||||
Net unrealized losses | (2.1 | ) | 0.8 | (1.3 | ) | ||||||||||||||||
Total other comprehensive loss | $ | (2.6 | ) | $ | 1.5 | $ | (1.1 | ) | |||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Changes in Benefit Obligations and Plan Assets | The following table summarizes changes in the benefit obligations and plan assets of the Qualified Plan and the Supplemental Plans (together the “Pension Plans”) and the other postretirement benefits plan. The table also shows the funded status (or the difference between benefit obligations and plan assets) recognized in the Consolidated Statements of Condition. All plans have a December 31 measurement date. | ||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Benefit obligations: (1) | |||||||||||||||||||||||||
Beginning of year | $ | 385.6 | $ | 431.2 | $ | 10.3 | $ | 12 | |||||||||||||||||
Service cost | — | — | 0.1 | 0.2 | |||||||||||||||||||||
Interest cost | 19.3 | 17.9 | 0.5 | 0.5 | |||||||||||||||||||||
Actuarial loss (gain) | 81.6 | (48.1 | ) | 4.8 | (1.4 | ) | |||||||||||||||||||
Benefits paid | (15.4 | ) | (14.5 | ) | (1.1 | ) | (1.0 | ) | |||||||||||||||||
Settlements | (4.7 | ) | (0.9 | ) | — | — | |||||||||||||||||||
End of year | 466.4 | 385.6 | 14.6 | 10.3 | |||||||||||||||||||||
Fair value of plan assets: | |||||||||||||||||||||||||
Beginning of year | 387.7 | 334.9 | — | — | |||||||||||||||||||||
Actual return on assets | 23.9 | 64.7 | — | — | |||||||||||||||||||||
Employer contributions | 6.9 | 3.5 | 1.1 | 1 | |||||||||||||||||||||
Benefits paid | (15.4 | ) | (14.5 | ) | (1.1 | ) | (1.0 | ) | |||||||||||||||||
Settlements | (4.7 | ) | (0.9 | ) | — | — | |||||||||||||||||||
End of year | 398.4 | 387.7 | — | — | |||||||||||||||||||||
Funded status at end of year | $ | (68.0 | ) | $ | 2.1 | $ | (14.6 | ) | $ | (10.3 | ) | ||||||||||||||
Amounts recognized in the Consolidated Statements of Condition: | |||||||||||||||||||||||||
Other assets | $ | — | $ | 41.5 | $ | — | $ | — | |||||||||||||||||
Other liabilities | (68.0 | ) | (39.4 | ) | (14.6 | ) | (10.3 | ) | |||||||||||||||||
Funded status at end of year | $ | (68.0 | ) | $ | 2.1 | $ | (14.6 | ) | $ | (10.3 | ) | ||||||||||||||
-1 | Represents projected benefit obligations for the Pension Plans and accumulated benefit obligations for the other postretirement benefits plan. | ||||||||||||||||||||||||
Accumulated and Projected Benefit Obligations | The following table summarizes the accumulated and projected benefit obligations for the Pension Plans at the respective measurement dates: | ||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||||||||||||||||||
Accumulated benefit obligations: | |||||||||||||||||||||||||
Qualified Plan | $ | 425.9 | $ | 346.2 | |||||||||||||||||||||
Supplemental Plans | 40.5 | 39.4 | |||||||||||||||||||||||
Total | $ | 466.4 | $ | 385.6 | |||||||||||||||||||||
Projected benefit obligations: | |||||||||||||||||||||||||
Qualified Plan | $ | 425.9 | $ | 346.2 | |||||||||||||||||||||
Supplemental Plans | 40.5 | 39.4 | |||||||||||||||||||||||
Total | $ | 466.4 | $ | 385.6 | |||||||||||||||||||||
Components of Net Periodic Benefit (Income) Expense and Other Amounts | Components of the net periodic benefit (income) expense and other amounts recognized in other comprehensive loss are as follows: | ||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Net periodic benefit (income) expense: | |||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 0.1 | $ | 0.2 | $ | 0.2 | |||||||||||||
Interest cost | 19.3 | 17.9 | 17.6 | 0.5 | 0.5 | 0.5 | |||||||||||||||||||
Expected return on plan assets | (28.5 | ) | (26.6 | ) | (26.3 | ) | — | — | — | ||||||||||||||||
Amortization of unrecognized net transition obligation | — | — | — | — | — | 0.3 | |||||||||||||||||||
Recognized net actuarial loss | 4 | 6 | 4.5 | — | — | — | |||||||||||||||||||
Recognized prior service credit | — | — | — | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Settlements (1) | 2 | 0.4 | 1 | — | — | — | |||||||||||||||||||
Net periodic benefit (income) expense | (3.2 | ) | (2.3 | ) | (3.2 | ) | 0.4 | 0.5 | 0.8 | ||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive loss: | |||||||||||||||||||||||||
Net actuarial loss (gain) | 80.1 | (92.6 | ) | 14 | 4.8 | (1.3 | ) | 0.2 | |||||||||||||||||
Transition obligation | — | — | — | — | — | (0.3 | ) | ||||||||||||||||||
Prior service credit | — | — | — | 0.2 | 0.2 | 0.2 | |||||||||||||||||||
Total pre-tax changes recognized in other comprehensive loss | 80.1 | (92.6 | ) | 14 | 5 | (1.1 | ) | 0.1 | |||||||||||||||||
Total recognized in net periodic benefit (income) expense and other comprehensive loss | $ | 76.9 | $ | (94.9 | ) | $ | 10.8 | $ | 5.4 | $ | (0.6 | ) | $ | 0.9 | |||||||||||
-1 | Settlement charges are a result of lump-sum benefit payments in excess of the sum of a plan’s annual interest and service costs. The amount recognized represents a pro-rata portion of the aggregate gain or loss recorded in accumulated other comprehensive loss. | ||||||||||||||||||||||||
Pre-Tax Amounts in Accumulated Other Comprehensive Loss | The pre-tax amounts in AOCL that have not been recognized as components of net periodic benefit cost are as follows: | ||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
As of December 31 (in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Net actuarial loss | $ | 203.5 | $ | 123.4 | $ | 5.1 | $ | 0.3 | |||||||||||||||||
Prior service credit | — | — | (0.2 | ) | (0.4 | ) | |||||||||||||||||||
Total pre-tax amounts included in AOCL | $ | 203.5 | $ | 123.4 | $ | 4.9 | $ | (0.1 | ) | ||||||||||||||||
Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Expense | The following assumptions were used in determining the benefit obligations and net periodic benefit (income) expense as of and for the periods indicated: | ||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted-average assumptions used to determine | |||||||||||||||||||||||||
benefit obligations at December 31: | |||||||||||||||||||||||||
Discount rate | 4.2 | % | 5.1 | % | 4.25 | % | 4.2 | % | 5.1 | % | 4.25 | % | |||||||||||||
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: | |||||||||||||||||||||||||
Discount rate | 5.1 | % | 4.25 | % | 4.6 | % | 5.1 | % | 4.25 | % | 4.6 | % | |||||||||||||
Expected return on plan assets | 8 | 8 | 8 | n/a | n/a | n/a | |||||||||||||||||||
Rate of compensation increase | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||
Assumed health care cost trend rates at December 31: (1) | |||||||||||||||||||||||||
Health care cost trend rate assumed for next year | n/a | n/a | n/a | 7.05 | % | 7.25 | % | 7.5 | % | ||||||||||||||||
Rate to which the cost trend rate is assumed to decline | n/a | n/a | n/a | 4.5 | 4.5 | 4.5 | |||||||||||||||||||
(the ultimate trend rate) | |||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | n/a | n/a | n/a | 2027 | 2027 | 2027 | |||||||||||||||||||
n/a – not applicable | |||||||||||||||||||||||||
-1 | Changes in the net periodic benefit cost and the related benefit obligation arising as a result of a one-percentage-point increase or decrease in this assumed trend rate would not be significant. | ||||||||||||||||||||||||
Asset Allocation | All investment decisions are governed by an established policy that contains the following asset allocation guidelines: | ||||||||||||||||||||||||
Asset Class | |||||||||||||||||||||||||
Policy Target% | Policy Range% | ||||||||||||||||||||||||
Cash equivalents | 5 | 0 - 20 | |||||||||||||||||||||||
Equity securities | 65 | 50 - 75 | |||||||||||||||||||||||
Fixed income securities | 30 | 20 - 50 | |||||||||||||||||||||||
Fair Value of Plan Assets | The following table summarizes the percentages of fair value for each major category of Qualified Plan assets as of the respective measurement dates: | ||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
As of December 31 | 2014 | 2013 | |||||||||||||||||||||||
Equity securities | 72 | % | 73 | % | |||||||||||||||||||||
Cash and fixed income securities | 28 | 27 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Plan Assets Measured at Fair Value | The following tables present Qualified Plan assets measured at fair value: | ||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
As of December 31, 2014 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and cash equivalents | $ | 6.3 | $ | — | $ | — | $ | 6.3 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Corporate | 221.4 | — | — | 221.4 | |||||||||||||||||||||
Mutual funds | — | 64 | — | 64 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate | — | 66.7 | — | 66.7 | |||||||||||||||||||||
Mutual funds | — | 23.5 | — | 23.5 | |||||||||||||||||||||
Municipals | — | 10.9 | — | 10.9 | |||||||||||||||||||||
Other | — | 5.6 | — | 5.6 | |||||||||||||||||||||
Total | $ | 227.7 | $ | 170.7 | $ | — | $ | 398.4 | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
As of December 31, 2013 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Cash and cash equivalents | $ | 4.8 | $ | — | $ | — | $ | 4.8 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Corporate | 216.3 | — | — | 216.3 | |||||||||||||||||||||
Mutual funds | — | 65.9 | — | 65.9 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate | — | 60.1 | — | 60.1 | |||||||||||||||||||||
Mutual funds | — | 23.2 | — | 23.2 | |||||||||||||||||||||
Municipals | — | 9.5 | — | 9.5 | |||||||||||||||||||||
U.S. agency | — | 2.9 | — | 2.9 | |||||||||||||||||||||
Other | — | 5 | — | 5 | |||||||||||||||||||||
Total | $ | 221.1 | $ | 166.6 | $ | — | $ | 387.7 | |||||||||||||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock Option Incentive Plan | The following is a summary of stock option activity under the Incentive Plans and the SOP: | ||||||||||||||||||||
Shares | Weighted | Weighted-Average | Aggregate | ||||||||||||||||||
Subject To | Average | Remaining | Intrinsic | ||||||||||||||||||
Option | Exercise | Contractual Term | Value (1) | ||||||||||||||||||
Price | (in years) | (in millions) | |||||||||||||||||||
Options outstanding at December 31, 2011 | 11,513,125 | $ | 16.37 | ||||||||||||||||||
Granted | 1,409,151 | 12.62 | |||||||||||||||||||
Forfeited | (709,816 | ) | 16.84 | ||||||||||||||||||
Exercised | (55,654 | ) | 6.9 | ||||||||||||||||||
Options outstanding at December 31, 2012 | 12,156,806 | 15.95 | |||||||||||||||||||
Granted | 3,164,607 | 13.01 | |||||||||||||||||||
Forfeited | (840,292 | ) | 15.54 | ||||||||||||||||||
Exercised | (264,047 | ) | 9.73 | ||||||||||||||||||
Options outstanding at December 31, 2013 | 14,217,074 | 15.43 | |||||||||||||||||||
Granted | 4,953,624 | 13.94 | |||||||||||||||||||
Forfeited | (896,003 | ) | 15.13 | ||||||||||||||||||
Exercised | (476,290 | ) | 12.48 | ||||||||||||||||||
Options outstanding at December 31, 2014 | 17,798,405 | $ | 15.11 | 5.7 | $ | 17.9 | |||||||||||||||
Options exercisable at December 31, 2014 | 10,556,742 | $ | 16.14 | 3.7 | $ | 6.5 | |||||||||||||||
-1 | Reflects only those stock options with intrinsic value at December 31, 2014. | ||||||||||||||||||||
Options Outstanding and Options Exercisable | Additional information concerning options outstanding and options exercisable at December 31, 2014 is summarized as follows: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Weighted Average | |||||||||||||||||||||
Exercise Price Range | Number | Remaining | Exercise | Number | Weighted | ||||||||||||||||
Life | Price | Average | |||||||||||||||||||
(in years) | Exercise Price | ||||||||||||||||||||
$11.52 - $13.05 | 4,280,046 | 7.1 | $ | 12.78 | 2,107,323 | $ | 12.7 | ||||||||||||||
13.42 - 15.80 | 7,357,608 | 7.5 | 14.23 | 2,288,668 | 14.91 | ||||||||||||||||
16.07 - 17.76 | 2,342,475 | 3.3 | 16.95 | 2,342,475 | 16.95 | ||||||||||||||||
18.10 - 21.63 | 3,818,276 | 2.4 | 18.28 | 3,818,276 | 18.28 | ||||||||||||||||
Restricted Stock Award Incentive Plan | The following is a summary of restricted stock award activity under the Incentive Plans and the RRP: | ||||||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Unvested restricted shares outstanding at December 31, 2011 | 1,837,040 | $ | 15.06 | ||||||||||||||||||
Granted | 640,254 | 12.57 | |||||||||||||||||||
Forfeited | (88,319 | ) | 13.89 | ||||||||||||||||||
Vested | (807,554 | ) | 16.31 | ||||||||||||||||||
Unvested restricted shares outstanding at December 31, 2012 | 1,581,421 | 13.48 | |||||||||||||||||||
Granted | 617,796 | 13.15 | |||||||||||||||||||
Forfeited | (44,046 | ) | 12.85 | ||||||||||||||||||
Vested | (621,956 | ) | 14.08 | ||||||||||||||||||
Unvested restricted shares outstanding at December 31, 2013 | 1,533,215 | 13.12 | |||||||||||||||||||
Granted | 660,617 | 14.01 | |||||||||||||||||||
Forfeited | (95,700 | ) | 13.53 | ||||||||||||||||||
Vested | (730,600 | ) | 13.22 | ||||||||||||||||||
Unvested restricted shares outstanding at December 31, 2014 | 1,367,532 | $ | 13.47 | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize People’s United’s financial instruments that are measured at fair value on a recurring basis: | ||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
As of December 31, 2014 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Trading account securities: | |||||||||||||||||||||
U.S. Treasury | $ | 8.3 | $ | — | $ | — | $ | 8.3 | |||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. Treasury and agency | 56.8 | — | — | 56.8 | |||||||||||||||||
GSE residential mortgage-backed securities and CMOs | — | 3,936.70 | — | 3,936.70 | |||||||||||||||||
Equity securities | — | 0.2 | — | 0.2 | |||||||||||||||||
Other assets: | |||||||||||||||||||||
Exchange-traded funds | 30.3 | — | — | 30.3 | |||||||||||||||||
Fixed income securities | — | 6 | — | 6 | |||||||||||||||||
Mutual funds | 0.8 | — | — | 0.8 | |||||||||||||||||
Interest rate swaps | — | 131.1 | — | 131.1 | |||||||||||||||||
Foreign exchange contracts | — | 0.8 | — | 0.8 | |||||||||||||||||
Forward commitments to sell residential mortgage loans | — | 0.5 | — | 0.5 | |||||||||||||||||
Total | $ | 96.2 | $ | 4,075.30 | $ | — | $ | 4,171.50 | |||||||||||||
Financial liabilities: | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | 95.8 | $ | — | $ | 95.8 | |||||||||||||
Foreign exchange contracts | — | 0.5 | — | 0.5 | |||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | — | 0.7 | — | 0.7 | |||||||||||||||||
Total | $ | — | $ | 97 | $ | — | $ | 97 | |||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
As of December 31, 2013 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Trading account securities: | |||||||||||||||||||||
U.S. Treasury | $ | 8.3 | $ | — | $ | — | $ | 8.3 | |||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. Treasury and agency | 48.9 | — | — | 48.9 | |||||||||||||||||
GSE residential mortgage-backed securities and CMOs | — | 4,096.40 | — | 4,096.40 | |||||||||||||||||
Corporate | — | 60.2 | — | 60.2 | |||||||||||||||||
Other | — | 2.5 | — | 2.5 | |||||||||||||||||
Equity securities | — | 0.2 | — | 0.2 | |||||||||||||||||
Other assets: | |||||||||||||||||||||
U.S. Treasury | 30.7 | — | — | 30.7 | |||||||||||||||||
Fixed income securities | — | 9.2 | — | 9.2 | |||||||||||||||||
Equity mutual funds | — | 0.3 | — | 0.3 | |||||||||||||||||
Interest rate swaps | — | 91.8 | — | 91.8 | |||||||||||||||||
Forward commitments to sell residential mortgage loans | — | 0.1 | — | 0.1 | |||||||||||||||||
Total | $ | 87.9 | $ | 4,260.70 | $ | — | $ | 4,348.60 | |||||||||||||
Financial liabilities: | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | 76.7 | $ | — | $ | 76.7 | |||||||||||||
Foreign exchange contracts | — | 0.1 | — | 0.1 | |||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | — | 0.2 | — | 0.2 | |||||||||||||||||
Total | $ | — | $ | 77 | $ | — | $ | 77 | |||||||||||||
Assets Measured at Fair Value on Non-Recurring Basis | The following tables summarize People’s United’s assets measured at fair value on a non-recurring basis: | ||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
As of December 31, 2014 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Loans held for sale (1) | $ | — | $ | 34.2 | $ | — | $ | 34.2 | |||||||||||||
Impaired loans (2) | — | — | 66.5 | 66.5 | |||||||||||||||||
REO and repossessed assets (3) | — | — | 27.1 | 27.1 | |||||||||||||||||
Total | $ | — | $ | 34.2 | $ | 93.6 | $ | 127.8 | |||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
As of December 31, 2013 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Loans held for sale (1) | $ | — | $ | 23.3 | $ | — | $ | 23.3 | |||||||||||||
Impaired loans (2) | — | — | 80 | 80 | |||||||||||||||||
REO and repossessed assets (3) | — | — | 31.2 | 31.2 | |||||||||||||||||
Total | $ | — | $ | 23.3 | $ | 111.2 | $ | 134.5 | |||||||||||||
-1 | Consists of residential mortgage loans; no fair value adjustments were recorded for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||
-2 | Represents the recorded investment in originated impaired loans with a related allowance for loan losses measured in accordance with applicable accounting guidance. The total consists of $48.7 million of Commercial loans and $17.8 million of Retail loans at December 31, 2014. The provision for loan losses on impaired loans totaled $10.9 million and $14.0 million for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
-3 | Represents: (i) $13.6 million of residential REO; (ii) $11.0 million of commercial REO; and (iii) $2.5 million of repossessed assets at December 31, 2014. Charge-offs to the allowance for loan losses related to loans that were transferred to REO or repossessed assets totaled $1.2 million and $1.8 million for the years ended December 31, 2014 and 2013, respectively. Write downs and net loss on sale of foreclosed/repossessed assets charged to non-interest expense totaled $5.1 million and $5.9 million for the same periods. | ||||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | The following tables summarize the carrying amounts, estimated fair values and placement in the fair value hierarchy of People’s United’s financial instruments that are not measured at fair value either on a recurring or non-recurring basis: | ||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Measurements Using | ||||||||||||||||||||
As of December 31, 2014 (in millions) | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 345.1 | $ | 345.1 | $ | — | $ | — | $ | 345.1 | |||||||||||
Short-term investments | 668.6 | — | 668.6 | — | 668.6 | ||||||||||||||||
Securities purchased under agreements to resell | 100 | — | 100 | — | 100 | ||||||||||||||||
Securities held to maturity | 834.3 | — | 880.1 | 1.5 | 881.6 | ||||||||||||||||
FHLB stock | 175.7 | — | 175.7 | — | 175.7 | ||||||||||||||||
Total loans, net (1) | 26,327.20 | — | 4,798.50 | 21,508.80 | 26,307.30 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Time deposits | 5,230.70 | — | 5,262.60 | — | 5,262.60 | ||||||||||||||||
Other deposits | 20,907.50 | — | 20,907.50 | — | 20,907.50 | ||||||||||||||||
FHLB advances | 2,291.70 | — | 2,298.50 | — | 2,298.50 | ||||||||||||||||
Federal funds purchased | 913 | — | 913 | — | 913 | ||||||||||||||||
Customer repurchase agreements | 486 | — | 486 | — | 486 | ||||||||||||||||
Repurchase agreements (2) | 1 | — | 1 | — | 1 | ||||||||||||||||
Notes and debentures | 1,033.50 | — | 1,040.80 | — | 1,040.80 | ||||||||||||||||
-1 | Excludes impaired loans totaling $66.5 million measured at fair value on a non-recurring basis. | ||||||||||||||||||||
-2 | Included in other borrowings in the Consolidated Statements of Condition. | ||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Measurements Using | ||||||||||||||||||||
As of December 31, 2013 (in millions) | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 350.8 | $ | 350.8 | $ | — | $ | — | $ | 350.8 | |||||||||||
Short-term investments | 123.6 | — | 123.6 | — | 123.6 | ||||||||||||||||
Securities held to maturity | 640.5 | — | 641.5 | 1 | 642.5 | ||||||||||||||||
FHLB stock | 175.7 | — | 175.7 | — | 175.7 | ||||||||||||||||
Total loans, net (1) | 24,122.50 | — | 4,390.90 | 19,496.50 | 23,887.40 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Time deposits | 4,382.90 | — | 4,434.90 | — | 4,434.90 | ||||||||||||||||
Other deposits | 18,174.40 | — | 18,174.40 | — | 18,174.40 | ||||||||||||||||
FHLB advances | 3,719.80 | — | 3,728.20 | — | 3,728.20 | ||||||||||||||||
Federal funds purchased | 825 | — | 825 | — | 825 | ||||||||||||||||
Customer repurchase agreements | 501.2 | — | 501.2 | — | 501.2 | ||||||||||||||||
Repurchase agreements (2) | 1 | — | 1 | — | 1 | ||||||||||||||||
Other borrowings | 10 | — | 10 | — | 10 | ||||||||||||||||
Notes and debentures | 639.1 | — | 613.2 | — | 613.2 | ||||||||||||||||
-1 | Excludes impaired loans totaling $80.0 million measured at fair value on a non-recurring basis. | ||||||||||||||||||||
-2 | Included in other borrowings in the Consolidated Statements of Condition. | ||||||||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||
Summary of Contractual or Notional Amounts of Financial Instruments | A summary of the contractual or notional amounts of People’s United’s lending-related and derivative financial instruments follows: | ||||||||||||||||||||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||||||||||||||||||||
Lending-Related Financial Instruments: (1) | |||||||||||||||||||||||||||
Loan origination commitments and unadvanced lines of credit: | |||||||||||||||||||||||||||
Commercial | $ | 3,337.20 | $ | 3,290.70 | |||||||||||||||||||||||
Consumer | 2,455.90 | 2,334.70 | |||||||||||||||||||||||||
Commercial real estate | 880.1 | 994.2 | |||||||||||||||||||||||||
Residential mortgage | 111.8 | 100.7 | |||||||||||||||||||||||||
Letters of credit: | |||||||||||||||||||||||||||
Stand-by | 148.3 | 153.1 | |||||||||||||||||||||||||
Commercial | 3.2 | 0.4 | |||||||||||||||||||||||||
Derivative Financial Instruments: (2) | |||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||
For market risk management | 500 | 125 | |||||||||||||||||||||||||
For commercial customers: | |||||||||||||||||||||||||||
Customer | 3,380.20 | 2,514.70 | |||||||||||||||||||||||||
Institutional counterparties | 3,380.20 | 2,514.70 | |||||||||||||||||||||||||
Risk participation agreements | 150.1 | 62.4 | |||||||||||||||||||||||||
Foreign exchange contracts | 49.6 | 10.3 | |||||||||||||||||||||||||
Forward commitments to sell residential mortgage loans | 35.3 | 31.3 | |||||||||||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | 57.5 | 39.7 | |||||||||||||||||||||||||
-1 | The contractual amounts of these financial instruments represent People’s United’s maximum potential exposure to credit loss, assuming (i) the instruments are fully funded at a later date; (ii) the borrower does not meet contractual repayment obligations; and (iii) any collateral or other security proves to be worthless. | ||||||||||||||||||||||||||
-2 | The contractual or notional amounts of these financial instruments are substantially greater than People’s United’s maximum potential exposure to credit loss. | ||||||||||||||||||||||||||
Schedule of Notional Amounts and Fair Values of Derivatives Outstanding | The table below provides a summary of the notional amounts and fair values (presented on a gross basis) of derivatives outstanding: | ||||||||||||||||||||||||||
Fair Values (1) | |||||||||||||||||||||||||||
Type of | Notional Amounts | Assets | Liabilities | ||||||||||||||||||||||||
As of December 31 (in millions) | Hedge | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Derivatives Not Designated as Hedging | |||||||||||||||||||||||||||
Instruments: | |||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||
Commercial customers | N/A | $ | 3,380.20 | $ | 2,514.70 | $ | 104.2 | $ | 32.8 | $ | 8.3 | $ | 47.3 | ||||||||||||||
Institutional counterparties | N/A | 3,380.20 | 2,514.70 | 11.8 | 59 | 86.5 | 27.9 | ||||||||||||||||||||
Risk participation agreements (2) | N/A | 150.1 | 62.4 | — | — | — | — | ||||||||||||||||||||
Foreign exchange contracts | N/A | 49.6 | 10.3 | 0.8 | — | 0.5 | 0.1 | ||||||||||||||||||||
Forward commitments to sell residential mortgage loans | N/A | 35.3 | 31.3 | 0.5 | 0.1 | — | — | ||||||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | N/A | 57.5 | 39.7 | — | — | 0.7 | 0.2 | ||||||||||||||||||||
Total | 117.3 | 91.9 | 96 | 75.5 | |||||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||
Subordinated notes | Cash flow | 125 | 125 | — | — | 1 | 1.5 | ||||||||||||||||||||
Subordinated notes | Fair value | 375 | — | 15.1 | — | — | — | ||||||||||||||||||||
Total | 15.1 | — | 1 | 1.5 | |||||||||||||||||||||||
Total derivatives | $ | 132.4 | $ | 91.9 | $ | 97 | $ | 77 | |||||||||||||||||||
-1 | Assets are recorded in other assets and liabilities are recorded in other liabilities. | ||||||||||||||||||||||||||
-2 | Fair value totaled less than $0.1 million at both dates. | ||||||||||||||||||||||||||
Impact of Derivatives on Pre-Tax Income and Accumulated Other Comprehensive Loss | The following table summarizes the impact of People’s United’s derivatives on pre-tax income and AOCL: | ||||||||||||||||||||||||||
Amount of Pre-Tax Gain (Loss) | Amount of Pre-Tax Gain (Loss) | ||||||||||||||||||||||||||
Type of | Recognized in Earnings (1) | Recognized in AOCL | |||||||||||||||||||||||||
Years ended December 31 (in millions) | Hedge | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||
Commercial customers | N/A | $ | 165.4 | $ | (54.2 | ) | $ | 36.1 | $ | — | $ | — | $ | — | |||||||||||||
Institutional counterparties | N/A | (156.9 | ) | 64.7 | (32.8 | ) | — | — | — | ||||||||||||||||||
Foreign exchange contracts | N/A | 0.4 | 0.1 | (0.3 | ) | — | — | — | |||||||||||||||||||
Risk participation agreements | N/A | 0.1 | 0.2 | — | — | — | — | ||||||||||||||||||||
Forward commitments to sell residential mortgage loans | N/A | 0.4 | (2.9 | ) | 2.1 | — | — | — | |||||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | N/A | (0.5 | ) | 3.5 | (2.1 | ) | — | — | — | ||||||||||||||||||
Total | 8.9 | 11.4 | 3 | — | — | — | |||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||||||||
Interest rate swaps | Cash flow | (1.4 | ) | (1.3 | ) | (1.0 | ) | (0.9 | ) | 0.7 | (4.0 | ) | |||||||||||||||
Interest rate locks | Cash flow | 0.1 | 0.1 | — | — | — | 0.9 | ||||||||||||||||||||
Interest rate swaps | Fair value | 5.2 | — | — | — | — | — | ||||||||||||||||||||
Total | 3.9 | (1.2 | ) | (1.0 | ) | (0.9 | ) | 0.7 | (3.1 | ) | |||||||||||||||||
Total derivatives | $ | 12.8 | $ | 10.2 | $ | 2 | $ | (0.9 | ) | $ | 0.7 | $ | (3.1 | ) | |||||||||||||
-1 | Amounts recognized in earnings are recorded in interest income, interest expense or other non-interest income for derivatives designated as hedging instruments and in other non-interest income for derivatives not designated as hedging instruments. |
Balance_Sheet_Offsetting_Table
Balance Sheet Offsetting (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Summary of Gross Presentation, Financial Instruments that are Eligible for Offset in Consolidated Statement of Condition | The Company’s derivative contracts with commercial customers and customer repurchase agreements are not subject to master netting arrangements and, therefore, have been excluded from the tables below. | ||||||||||||||||
As of December 31, 2014 (in millions) | Gross | Gross | Net Amount | ||||||||||||||
Amount | Amount | Presented | |||||||||||||||
Recognized | Offset | ||||||||||||||||
Financial assets: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Institutional counterparties | $ | 26.9 | $ | — | $ | 26.9 | |||||||||||
Securities purchased under agreements to resell | 100 | — | 100 | ||||||||||||||
Foreign exchange contracts | 0.8 | — | 0.8 | ||||||||||||||
Total | $ | 127.7 | $ | — | $ | 127.7 | |||||||||||
Financial liabilities: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Institutional counterparties | $ | 87.5 | $ | — | $ | 87.5 | |||||||||||
Repurchase agreements (1) | 1 | — | 1 | ||||||||||||||
Foreign exchange contracts | 0.5 | — | 0.5 | ||||||||||||||
Total | $ | 89 | $ | — | $ | 89 | |||||||||||
-1 | Included in other borrowings in the Consolidated Statements of Condition. | ||||||||||||||||
As of December 31, 2013 (in millions) | Gross | Gross | Net Amount | ||||||||||||||
Amount | Amount | Presented | |||||||||||||||
Recognized | Offset | ||||||||||||||||
Financial assets: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Institutional counterparties | $ | 59 | $ | — | $ | 59 | |||||||||||
Total | $ | 59 | $ | — | $ | 59 | |||||||||||
Financial liabilities: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Institutional counterparties | $ | 29.4 | $ | — | $ | 29.4 | |||||||||||
Repurchase agreements (1) | 1 | — | 1 | ||||||||||||||
Foreign exchange contracts | 0.1 | — | 0.1 | ||||||||||||||
Total | $ | 30.5 | $ | — | $ | 30.5 | |||||||||||
-1 | Included in other borrowings in the Consolidated Statements of Condition. | ||||||||||||||||
Summary of Net Presentation, Financial Instruments that are Eligible for Offset in the Consolidated Statement of Condition | |||||||||||||||||
Gross Amounts Not Offset | |||||||||||||||||
As of December 31, 2014 (in millions) | Net Amount | Financial | Collateral | Net Amount | |||||||||||||
Presented | Instruments | ||||||||||||||||
Financial assets: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Counterparty A | $ | 2.7 | $ | (2.7 | ) | $ | — | $ | — | ||||||||
Counterparty B | 1.5 | (1.5 | ) | — | — | ||||||||||||
Counterparty C | 2.5 | (2.5 | ) | — | — | ||||||||||||
Counterparty D | 3.2 | (0.4 | ) | (2.8 | ) | — | |||||||||||
Counterparty E | 15.7 | (15.7 | ) | — | — | ||||||||||||
Other counterparties | 1.3 | (1.3 | ) | — | — | ||||||||||||
Securities purchased under agreements to resell | 100 | — | (100.0 | ) | — | ||||||||||||
Foreign exchange contracts | 0.8 | — | — | 0.8 | |||||||||||||
Total | $ | 127.7 | $ | (24.1 | ) | $ | (102.8 | ) | $ | 0.8 | |||||||
Financial liabilities: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Counterparty A | $ | 11.8 | $ | (2.7 | ) | $ | (9.1 | ) | $ | — | |||||||
Counterparty B | 11.8 | (1.5 | ) | (10.3 | ) | — | |||||||||||
Counterparty C | 4.5 | (2.5 | ) | (1.9 | ) | 0.1 | |||||||||||
Counterparty D | 0.4 | (0.4 | ) | — | — | ||||||||||||
Counterparty E | 47.8 | (15.7 | ) | (32.1 | ) | — | |||||||||||
Other counterparties | 11.2 | (1.3 | ) | (8.9 | ) | 1 | |||||||||||
Repurchase agreements | 1 | — | (1.0 | ) | — | ||||||||||||
Foreign exchange contracts | 0.5 | — | — | 0.5 | |||||||||||||
Total | $ | 89 | $ | (24.1 | ) | $ | (63.3 | ) | $ | 1.6 | |||||||
Gross Amounts Not Offset | |||||||||||||||||
As of December 31, 2013 (in millions) | Net Amount | Financial | Collateral | Net Amount | |||||||||||||
Presented | Instruments | ||||||||||||||||
Financial assets: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Counterparty A | $ | 7.6 | $ | (7.6 | ) | $ | — | $ | — | ||||||||
Counterparty B | 8.4 | (8.2 | ) | — | 0.2 | ||||||||||||
Counterparty C | 13.3 | (2.4 | ) | (10.0 | ) | 0.9 | |||||||||||
Counterparty D | 14.1 | — | (14.1 | ) | — | ||||||||||||
Counterparty E | 9.5 | (1.8 | ) | — | 7.7 | ||||||||||||
Other counterparties | 6.1 | (2.8 | ) | (1.9 | ) | 1.4 | |||||||||||
Total | $ | 59 | $ | (22.8 | ) | $ | (26.0 | ) | $ | 10.2 | |||||||
Financial liabilities: | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Counterparty A | $ | 11.4 | $ | (7.6 | ) | $ | (3.8 | ) | $ | — | |||||||
Counterparty B | 8.2 | (8.2 | ) | — | — | ||||||||||||
Counterparty C | 2.4 | (2.4 | ) | — | — | ||||||||||||
Counterparty D | — | — | — | — | |||||||||||||
Counterparty E | 1.8 | (1.8 | ) | — | — | ||||||||||||
Other counterparties | 5.6 | (2.8 | ) | (2.8 | ) | — | |||||||||||
Repurchase agreements | 1 | — | (1.0 | ) | — | ||||||||||||
Foreign exchange contracts | 0.1 | — | — | 0.1 | |||||||||||||
Total | $ | 30.5 | $ | (22.8 | ) | $ | (7.6 | ) | $ | 0.1 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Selected Financial Information Business Segments | The following tables provide selected financial information for People’s United’s reportable segments: | ||||||||||||||||||||||||
Year ended December 31, 2014 (in millions) | Commercial | Retail | Total | Treasury | Other | Total | |||||||||||||||||||
Banking | Banking | Reportable | Consolidated | ||||||||||||||||||||||
Segments | |||||||||||||||||||||||||
Net interest income (loss) | $ | 498.4 | $ | 425.5 | $ | 923.9 | $ | 10.8 | $ | (22.8 | ) | $ | 911.9 | ||||||||||||
Provision for loan losses | 46 | 18.5 | 64.5 | — | (23.9 | ) | 40.6 | ||||||||||||||||||
Total non-interest income | 140.2 | 168.7 | 308.9 | 12.3 | 29.6 | 350.8 | |||||||||||||||||||
Total non-interest expense | 264.6 | 539.3 | 803.9 | 6 | 31.6 | 841.5 | |||||||||||||||||||
Income (loss) before income tax expense (benefit) | 328 | 36.4 | 364.4 | 17.1 | (0.9 | ) | 380.6 | ||||||||||||||||||
Income tax expense (benefit) | 111 | 12.3 | 123.3 | 5.9 | (0.3 | ) | 128.9 | ||||||||||||||||||
Net income (loss) | $ | 217 | $ | 24.1 | $ | 241.1 | $ | 11.2 | $ | (0.6 | ) | $ | 251.7 | ||||||||||||
Average total assets | $ | 18,938.80 | $ | 8,913.80 | $ | 27,852.60 | $ | 5,266.70 | $ | 633.5 | $ | 33,752.80 | |||||||||||||
Average total liabilities | 4,166.70 | 19,217.60 | 23,384.30 | 5,423.00 | 320.1 | 29,127.40 | |||||||||||||||||||
Year ended December 31, 2013 (in millions) | Commercial | Retail | Total | Treasury | Other | Total | |||||||||||||||||||
Banking | Banking | Reportable | Consolidated | ||||||||||||||||||||||
Segments | |||||||||||||||||||||||||
Net interest income (loss) | $ | 484.2 | $ | 459.5 | $ | 943.7 | $ | (46.5 | ) | $ | (8.6 | ) | $ | 888.6 | |||||||||||
Provision for loan losses | 46.9 | 15.4 | 62.3 | — | (18.6 | ) | 43.7 | ||||||||||||||||||
Total non-interest income | 142.6 | 181.6 | 324.2 | 7.2 | 10.3 | 341.7 | |||||||||||||||||||
Total non-interest expense | 243.7 | 554.7 | 798.4 | (1.3 | ) | 41.9 | 839 | ||||||||||||||||||
Income (loss) before income tax expense (benefit) | 336.2 | 71 | 407.2 | (38.0 | ) | (21.6 | ) | 347.6 | |||||||||||||||||
Income tax expense (benefit) | 111.4 | 23.6 | 135 | (12.6 | ) | (7.2 | ) | 115.2 | |||||||||||||||||
Net income (loss) | $ | 224.8 | $ | 47.4 | $ | 272.2 | $ | (25.4 | ) | $ | (14.4 | ) | $ | 232.4 | |||||||||||
Average total assets | $ | 16,869.40 | $ | 8,478.80 | $ | 25,348.20 | $ | 5,021.10 | $ | 639.6 | $ | 31,008.90 | |||||||||||||
Average total liabilities | 3,451.70 | 19,072.40 | 22,524.10 | 3,352.30 | 377.7 | 26,254.10 | |||||||||||||||||||
Year ended December 31, 2012 (in millions) | Commercial | Retail | Total | Treasury | Other | Total | |||||||||||||||||||
Banking | Banking | Reportable | Consolidated | ||||||||||||||||||||||
Segments | |||||||||||||||||||||||||
Net interest income (loss) | $ | 469.3 | $ | 504.1 | $ | 973.4 | $ | (65.8 | ) | $ | 21.1 | $ | 928.7 | ||||||||||||
Provision for loan losses | 42.7 | 13.9 | 56.6 | — | (7.4 | ) | 49.2 | ||||||||||||||||||
Total non-interest income | 123.9 | 179.5 | 303.4 | 7.2 | 9.8 | 320.4 | |||||||||||||||||||
Total non-interest expense | 239 | 548.7 | 787.7 | (3.5 | ) | 46.4 | 830.6 | ||||||||||||||||||
Income (loss) before income tax expense (benefit) | 311.5 | 121 | 432.5 | (55.1 | ) | (8.1 | ) | 369.3 | |||||||||||||||||
Income tax expense (benefit) | 104.6 | 40.6 | 145.2 | (18.5 | ) | (2.7 | ) | 124 | |||||||||||||||||
Net income (loss) | $ | 206.9 | $ | 80.4 | $ | 287.3 | $ | (36.6 | ) | $ | (5.4 | ) | $ | 245.3 | |||||||||||
Average total assets | $ | 15,131.80 | $ | 8,267.30 | $ | 23,399.10 | $ | 4,048.20 | $ | 665.6 | $ | 28,112.90 | |||||||||||||
Average total liabilities | 3,083.80 | 18,677.30 | 21,761.10 | 836.3 | 347.6 | 22,945.00 | |||||||||||||||||||
Parent_Company_Financial_Infor1
Parent Company Financial Information (Tables) (People's United Financial, Inc. [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
People's United Financial, Inc. [Member] | |||||||||||||
Condensed Statements of Condition | CONDENSED STATEMENTS OF CONDITION | ||||||||||||
As of December 31 (in millions) | 2014 | 2013 | |||||||||||
Assets: | |||||||||||||
Cash at bank subsidiary | $ | 3.1 | $ | 20.2 | |||||||||
Short-term investments | 1.2 | 1.7 | |||||||||||
Total cash and cash equivalents | 4.3 | 21.9 | |||||||||||
Securities available for sale, at fair value | 0.2 | 2.7 | |||||||||||
Advances to bank subsidiary | 410 | 353 | |||||||||||
Investments in subsidiaries: | |||||||||||||
Bank subsidiary | 4,618.30 | 4,597.50 | |||||||||||
Non-bank subsidiary | 0.4 | 1.5 | |||||||||||
Goodwill | 197.1 | 197.1 | |||||||||||
Other assets | 34.2 | 27.6 | |||||||||||
Total assets | $ | 5,264.50 | $ | 5,201.30 | |||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||
Notes and debentures | $ | 621.1 | $ | 619.7 | |||||||||
Other liabilities | 10.3 | 13.2 | |||||||||||
Stockholders’ equity | 4,633.10 | 4,568.40 | |||||||||||
Total liabilities and stockholders’ equity | $ | 5,264.50 | $ | 5,201.30 | |||||||||
Condensed Statements of Income | |||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Revenues: | |||||||||||||
Interest income: | |||||||||||||
Advances to bank subsidiary | $ | 4.4 | $ | 4.1 | $ | 0.9 | |||||||
Securities | 0.4 | 0.3 | 0.4 | ||||||||||
Total interest income | 4.8 | 4.4 | 1.3 | ||||||||||
Dividend from bank subsidiary | 244 | 232 | 315 | ||||||||||
Security gain | 2.3 | — | — | ||||||||||
Other non-interest income | 1.2 | 2 | 0.2 | ||||||||||
Total revenues | 252.3 | 238.4 | 316.5 | ||||||||||
Expenses: | |||||||||||||
Interest on notes and debentures | 22.4 | 23 | 7.2 | ||||||||||
Non-interest expense | 6.1 | 6.8 | 10.7 | ||||||||||
Total expenses | 28.5 | 29.8 | 17.9 | ||||||||||
Income before income tax benefit and subsidiaries undistributed income (distributions in excess of income) | 223.8 | 208.6 | 298.6 | ||||||||||
Income tax benefit | (6.6 | ) | (7.4 | ) | (5.0 | ) | |||||||
Income before subsidiaries undistributed income (distributions in excess of income) | 230.4 | 216 | 303.6 | ||||||||||
Subsidiaries undistributed income (distributions in excess of income) | 21.3 | 16.4 | (58.3 | ) | |||||||||
Net income | $ | 251.7 | $ | 232.4 | $ | 245.3 | |||||||
Condensed Statements of Comprehensive Income | CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 251.7 | $ | 232.4 | $ | 245.3 | |||||||
Other comprehensive loss, net of tax: | |||||||||||||
Net unrealized (losses) gains on securities available for sale | — | (0.2 | ) | 0.6 | |||||||||
Net unrealized gains (losses) on derivatives accounted for as cash flow hedges | 0.2 | 1.2 | (1.3 | ) | |||||||||
Other comprehensive loss of bank subsidiary | (13.3 | ) | (59.2 | ) | (0.4 | ) | |||||||
Total other comprehensive loss, net of tax | (13.1 | ) | (58.2 | ) | (1.1 | ) | |||||||
Total comprehensive income | $ | 238.6 | $ | 174.2 | $ | 244.2 | |||||||
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
Years ended December 31 (in millions) | 2014 | 2013 | 2012 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||||
Net income | $ | 251.7 | $ | 232.4 | $ | 245.3 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Subsidiaries (undistributed income) distributions in excess of income | (21.3 | ) | (16.4 | ) | 58.3 | ||||||||
Security gain | (2.3 | ) | — | — | |||||||||
Net change in other assets and other liabilities | 0.2 | (2.4 | ) | 2.2 | |||||||||
Net cash provided by operating activities | 228.3 | 213.6 | 305.8 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||
Proceeds from principal repayments of securities available for sale | — | — | 50 | ||||||||||
Proceeds from sale of security available for sale | 5 | — | — | ||||||||||
(Increase) decrease in advances to bank subsidiary | (57.0 | ) | 485 | (408.0 | ) | ||||||||
Net cash (used in) provided by investing activities | (52.0 | ) | 485 | (358.0 | ) | ||||||||
Cash Flows from Financing Activities: | |||||||||||||
Net proceeds from issuance of notes and debentures | — | — | 494.3 | ||||||||||
Repayment of notes and debentures | — | (20.6 | ) | — | |||||||||
Cash dividends paid on common stock | (196.9 | ) | (204.8 | ) | (217.9 | ) | |||||||
Common stock repurchases | (3.0 | ) | (461.1 | ) | (222.3 | ) | |||||||
Proceeds from stock options exercised, including excess income tax benefits | 6 | 2.4 | 0.3 | ||||||||||
Net cash (used in) provided by financing activities | (193.9 | ) | (684.1 | ) | 54.4 | ||||||||
Net (decrease) increase in cash and cash equivalents | (17.6 | ) | 14.5 | 2.2 | |||||||||
Cash and cash equivalents at beginning of year | 21.9 | 7.4 | 5.2 | ||||||||||
Cash and cash equivalents at end of year | $ | 4.3 | $ | 21.9 | $ | 7.4 | |||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Data | The following table presents People’s United’s quarterly financial data for 2014 and 2013: | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in millions, except per share data) | First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
Interest and dividend income | $ | 255.4 | $ | 256.7 | $ | 258.9 | $ | 259.6 | $ | 248.7 | $ | 250.1 | $ | 252.2 | $ | 253.4 | |||||||||||||||||
Interest expense | 28.3 | 28.5 | 30.4 | 31.5 | 29.4 | 29.2 | 28.7 | 28.5 | |||||||||||||||||||||||||
Net interest income | 227.1 | 228.2 | 228.5 | 228.1 | 219.3 | 220.9 | 223.5 | 224.9 | |||||||||||||||||||||||||
Provision for loan losses | 9.5 | 8.8 | 12.4 | 9.9 | 12.4 | 9.2 | 12.1 | 10 | |||||||||||||||||||||||||
Net interest income after provision for loan losses | 217.6 | 219.4 | 216.1 | 218.2 | 206.9 | 211.7 | 211.4 | 214.9 | |||||||||||||||||||||||||
Non-interest income (1) | 79.9 | 100.1 | 84 | 86.8 | 84.9 | 88.2 | 86.1 | 82.5 | |||||||||||||||||||||||||
Non-interest expense | 216.7 | 208.3 | 208.8 | 207.7 | 212 | 205.8 | 212.5 | 208.7 | |||||||||||||||||||||||||
Income before income tax expense | 80.8 | 111.2 | 91.3 | 97.3 | 79.8 | 94.1 | 85 | 88.7 | |||||||||||||||||||||||||
Income tax expense (1) | 27.7 | 38.9 | 29.7 | 32.6 | 27.3 | 32 | 26.5 | 29.4 | |||||||||||||||||||||||||
Net income | $ | 53.1 | $ | 72.3 | $ | 61.6 | $ | 64.7 | $ | 52.5 | $ | 62.1 | $ | 58.5 | $ | 59.3 | |||||||||||||||||
Basic EPS (2) | $ | 0.18 | $ | 0.24 | $ | 0.21 | $ | 0.22 | $ | 0.16 | $ | 0.2 | $ | 0.19 | $ | 0.2 | |||||||||||||||||
Diluted EPS (2) | 0.18 | 0.24 | 0.21 | 0.22 | 0.16 | 0.2 | 0.19 | 0.2 | |||||||||||||||||||||||||
Average common shares outstanding: | |||||||||||||||||||||||||||||||||
Basic | 297.69 | 298.22 | 298.42 | 298.63 | 325.16 | 313.46 | 307.5 | 302.14 | |||||||||||||||||||||||||
Diluted | 297.72 | 298.24 | 298.44 | 298.65 | 325.21 | 313.52 | 307.56 | 302.17 | |||||||||||||||||||||||||
Common stock price: | |||||||||||||||||||||||||||||||||
High | $ | 15.7 | $ | 15.23 | $ | 15.32 | $ | 15.5 | $ | 13.61 | $ | 15 | $ | 15.67 | $ | 15.25 | |||||||||||||||||
Low | 13.73 | 14 | 14.24 | 13.61 | 12.22 | 12.62 | 14.07 | 14.09 | |||||||||||||||||||||||||
Dividends paid | 48.6 | 49.4 | 49.4 | 49.5 | 52.8 | 51.9 | 50.3 | 49.8 | |||||||||||||||||||||||||
Dividends per share | 0.1625 | 0.165 | 0.165 | 0.165 | 0.16 | 0.1625 | 0.1625 | 0.1625 | |||||||||||||||||||||||||
Dividend payout ratio | 91.5 | % | 68.4 | % | 80.2 | % | 76.5 | % | 100.6 | % | 83.6 | % | 86 | % | 84.1 | % | |||||||||||||||||
-1 | Previously reported amounts for 2013 have been restated in accordance with the amended standards with respects to the accounting for investments in qualified affordable housing projects (see Notes 1 and 11). | ||||||||||||||||||||||||||||||||
-2 | The sum of the quarterly earnings per share amounts for both 2014 and 2013 do not equal the full-year amounts due to rounding and/or changes in average share count for the respective periods. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Rating | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Accruing interest total | $0 | $0 | $0 |
Number of days of non accrual status | 90 days | ||
Collateral values/loan-to-value ("LTV") ratios | 70.00% | ||
Borrower credit scores under the FICO scoring system | 680 | ||
Historical portfolio loss experience | 12 months | ||
Non accrual commercial loans | $750,000 | ||
Trade Name Intangible [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life, (in years) | 20 years | ||
Core Deposit Intangibles [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life, (in years) | 10 years | ||
Leasehold Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets, (in years) | 10 years | ||
Buildings [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets, (in years) | 40 years | ||
Furniture and Fixtures [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets, (in years) | 10 years | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Loan agreement | 6 months | ||
Historical portfolio loss experience | 1 year | ||
Minimum [Member] | Customer Relationships [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life, (in years) | 7 years | ||
Minimum [Member] | Data Processing and Other Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets, (in years) | 3 years | ||
Minimum [Member] | Computer Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets, (in years) | 3 years | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Historical portfolio loss experience | 3 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible assets, useful life, (in years) | 15 years | ||
Maximum [Member] | Data Processing and Other Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets, (in years) | 5 years | ||
Maximum [Member] | Computer Software [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets, (in years) | 5 years |
Cash_and_ShortTerm_Investments2
Cash and Short-Term Investments - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash and Cash Equivalents [Line Items] | ||
Cash at bank subsidiary | 87,200,000 | 79,100,000 |
Fair value of collateral securities | 100,400,000 | 0 |
FHLB of New York [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Federal funds sold and yield | 0.25% | 0.25% |
Cash_and_ShortTerm_Investments3
Cash and Short-Term Investments - Cash and Short-Term Investments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cash and Cash Equivalents [Abstract] | ||
Interest-bearing deposits at the FRB-NY | $626.50 | $102.50 |
Money market mutual funds | 7.3 | 10.8 |
Other | 34.8 | 10.3 |
Total short-term investments | $668.60 | $123.60 |
Securities_AvailableforSale_an
Securities - Available-for-Sale and Held-to-Maturity Securities Gains (Losses) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment Holdings [Line Items] | ||
Available for sale, Debt securities, Amortized Cost | $3,999.90 | $4,281.70 |
Available for sale, Equity securities, Amortized Cost | 0.2 | 0.2 |
Total securities available for sale, Amortized Cost | 4,000.10 | 4,281.90 |
Held to maturity Securities, Amortized Cost | 834.3 | 640.5 |
Available for sale debt securities, Gross Unrealized Gain | 40 | 32.8 |
Total securities available for sale | 40 | 32.8 |
Securities held to maturity, Gross Unrealized Gains | 47.4 | 2 |
Available for sale debt securities Gross Unrealized Loss | -46.4 | -106.5 |
Securities available for sale, Gross Unrealized Losses | -46.4 | -106.5 |
Securities held to maturity, Gross Unrealized Losses | -0.1 | |
Available for sale securities, Debt securities, Fair Value | 3,993.50 | 4,208 |
Available for sale securities, Equity securities, Fair Value | 0.2 | 0.2 |
Total securities available for sale, Fair Value | 3,993.70 | 4,208.20 |
Total securities held to maturity, Fair Value | 881.6 | 642.5 |
U.S. Treasury and Agency [Member] | ||
Investment Holdings [Line Items] | ||
Available for sale, Debt securities, Amortized Cost | 56.5 | 48.6 |
Available for sale debt securities, Gross Unrealized Gain | 0.3 | 0.3 |
Available for sale securities, Debt securities, Fair Value | 56.8 | 48.9 |
Total securities available for sale, Fair Value | 56.8 | 48.9 |
GSE Residential Mortgage-Backed Securities and CMOs [Member] | ||
Investment Holdings [Line Items] | ||
Available for sale, Debt securities, Amortized Cost | 3,943.40 | 4,172.20 |
Available for sale debt securities, Gross Unrealized Gain | 39.7 | 30.6 |
Available for sale debt securities Gross Unrealized Loss | -46.4 | -106.4 |
Available for sale securities, Debt securities, Fair Value | 3,936.70 | 4,096.40 |
Total securities available for sale, Fair Value | 3,936.70 | 4,096.40 |
State and Municipal [Member] | ||
Investment Holdings [Line Items] | ||
Held to maturity Securities, Amortized Cost | 832.8 | 584.5 |
Securities held to maturity, Gross Unrealized Gains | 47.4 | |
Securities held to maturity, Gross Unrealized Losses | -0.1 | |
Total securities held to maturity, Fair Value | 880.1 | 584.5 |
Other [Member] | ||
Investment Holdings [Line Items] | ||
Available for sale, Debt securities, Amortized Cost | 2.6 | |
Held to maturity Securities, Amortized Cost | 1.5 | 1 |
Available for sale debt securities Gross Unrealized Loss | -0.1 | |
Available for sale securities, Debt securities, Fair Value | 2.5 | |
Total securities available for sale, Fair Value | 2.5 | |
Total securities held to maturity, Fair Value | 1.5 | 1 |
Corporate [Member] | ||
Investment Holdings [Line Items] | ||
Available for sale, Debt securities, Amortized Cost | 58.3 | |
Held to maturity Securities, Amortized Cost | 55 | |
Available for sale debt securities, Gross Unrealized Gain | 1.9 | |
Securities held to maturity, Gross Unrealized Gains | 2 | |
Available for sale securities, Debt securities, Fair Value | 60.2 | |
Total securities available for sale, Fair Value | 60.2 | |
Total securities held to maturity, Fair Value | $57 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Security | |||
Securities | |||
Investment [Line Items] | |||
Security available for sale with a fair value pledged with collateral for public deposits | $1,430,000,000 | $1,310,000,000 | |
Acquired shares of capital stock | 175,700,000 | 175,700,000 | |
Impairment of investments | 0 | ||
Dividend income on FHLB stock | 96,800,000 | 89,700,000 | 77,300,000 |
State And Municipal Securities At Fair Value | 834,300,000 | 640,500,000 | |
Gains on debt securities | 3,000,000 | ||
Gains on debt securities | 4,400,000 | ||
Loss on debt securities | 1,400,000 | ||
Unrealized loss on investments in debt securities | 46,500,000 | 106,500,000 | |
Number of securities available for sale | 43 | ||
Number of securities held to maturity | 51 | ||
Total number of securities owned | 1,152 | ||
Percentage of securities available for sale | 8.00% | ||
Total gross unrealized losses | 46,400,000 | 106,500,000 | |
Total gross unrealized losses | 100,000 | ||
Impairment losses on securities recognized in earnings | 0 | 0 | 0 |
State and Municipal [Member] | |||
Investment [Line Items] | |||
State And Municipal Securities At Fair Value | 832,800,000 | 584,500,000 | |
Unrealized holding losses on securities transferred during the year | 37,000,000 | ||
Total gross unrealized losses | 100,000 | ||
Available for sale securities average maturity period | 8 years | ||
GSE Residential Mortgage-Backed Securities and CMOs [Member] | |||
Investment [Line Items] | |||
Unrealized loss on investments in debt securities | 46,400,000 | 106,400,000 | |
Available for sale securities average maturity period | 12 years | ||
Maximum [Member] | |||
Investment [Line Items] | |||
Gains on debt securities | 100,000 | 100,000 | |
Net gains on trading account securities | 100,000 | 100,000 | 100,000 |
Unrealized loss on investments in debt securities | 100,000 | ||
FHLB of Boston [Member] | |||
Investment [Line Items] | |||
Acquired shares of capital stock | 164,400,000 | 164,400,000 | |
FHLB of New York [Member] | |||
Investment [Line Items] | |||
Acquired shares of capital stock | 11,300,000 | 11,300,000 | |
Dividend income on FHLB stock | $2,800,000 | $800,000 | $900,000 |
Securities_Summary_of_Amortize
Securities - Summary of Amortized Cost and Fair Value of Debt Securities Remaining Period to Contractual Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment [Line Items] | ||
Available for Sale, Amortized Cost, Within 1 year | $21 | |
Available for Sale, Amortized Cost, After 1 but within 5 years | 56.6 | |
Available for Sale, Amortized Cost, After 5 but within 10 years | 779.3 | |
Available for Sale, Amortized Cost, After 10 years | 3,143 | |
Available for Sale, Amortized Cost, Total | 3,999.90 | 4,281.70 |
Available for Sale, Fair Value, Within 1 year | 21 | |
Available for Sale, Fair Value, After 1 but within 5 years | 57 | |
Available for Sale, Fair Value, After 5 but within 10 years | 788.4 | |
Available for Sale, Fair Value, After 10 years | 3,127.10 | |
Available for Sale, Fair Value, Total | 3,993.50 | 4,208 |
Available for Sale, FTE Yield, Within 1 year | 0.35% | |
Available for Sale, FTE Yield, After 1 but within 5 years | 1.17% | |
Available for Sale, FTE Yield, After 5 but within 10 years | 2.01% | |
Available for Sale, FTE Yield, After 10 years | 1.90% | |
Available for Sale, FTE Yield, Total | 1.91% | |
Held to Maturity, Amortized Cost, Within 1 year | 3.2 | |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 22.5 | |
Held to Maturity, Amortized Cost, After 5 but within 10 years | 282.2 | |
Held to Maturity, Amortized Cost, After 10 years | 526.4 | |
Held to Maturity, Amortized Cost, Total | 834.3 | 640.5 |
Held to Maturity, Fair Value, Within 1 year | 3.2 | |
Held to Maturity, Fair Value, After 1 but within 5 years | 22.6 | |
Held to Maturity, Fair Value, After 5 but within 10 years | 297.8 | |
Held to Maturity, Fair Value, After 10 years | 558 | |
Held to Maturity, Fair Value, Total | 881.6 | 642.5 |
Held to Maturity, FTE Yield, Within 1 year | 3.60% | |
Held to Maturity, FTE Yield, After 1 but within 5 years | 4.52% | |
Held to Maturity, FTE Yield, After 5 but within 10 years | 3.47% | |
Held to Maturity, FTE Yield, After 10 years | 4.43% | |
Held to Maturity, FTE Yield, Total | 4.10% | |
U.S. Treasury and Agency [Member] | ||
Investment [Line Items] | ||
Available for Sale, Amortized Cost, Within 1 year | 21 | |
Available for Sale, Amortized Cost, After 1 but within 5 years | 35.5 | |
Available for Sale, Amortized Cost, Total | 56.5 | 48.6 |
Available for Sale, Fair Value, Within 1 year | 21 | |
Available for Sale, Fair Value, After 1 but within 5 years | 35.8 | |
Available for Sale, Fair Value, Total | 56.8 | 48.9 |
Available for Sale, FTE Yield, Within 1 year | 0.35% | |
Available for Sale, FTE Yield, After 1 but within 5 years | 0.94% | |
Available for Sale, FTE Yield, Total | 0.72% | |
GSE Residential Mortgage-Backed Securities and CMOs [Member] | ||
Investment [Line Items] | ||
Available for Sale, Amortized Cost, After 1 but within 5 years | 21.1 | |
Available for Sale, Amortized Cost, After 5 but within 10 years | 779.3 | |
Available for Sale, Amortized Cost, After 10 years | 3,143 | |
Available for Sale, Amortized Cost, Total | 3,943.40 | 4,172.20 |
Available for Sale, Fair Value, After 1 but within 5 years | 21.2 | |
Available for Sale, Fair Value, After 5 but within 10 years | 788.4 | |
Available for Sale, Fair Value, After 10 years | 3,127.10 | |
Available for Sale, Fair Value, Total | 3,936.70 | 4,096.40 |
Available for Sale, FTE Yield, After 1 but within 5 years | 1.56% | |
Available for Sale, FTE Yield, After 5 but within 10 years | 2.01% | |
Available for Sale, FTE Yield, After 10 years | 1.90% | |
Available for Sale, FTE Yield, Total | 1.92% | |
Other [Member] | ||
Investment [Line Items] | ||
Available for Sale, Amortized Cost, Total | 2.6 | |
Available for Sale, Fair Value, Total | 2.5 | |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 1.5 | |
Held to Maturity, Amortized Cost, Total | 1.5 | 1 |
Held to Maturity, Fair Value, After 1 but within 5 years | 1.5 | |
Held to Maturity, Fair Value, Total | 1.5 | 1 |
Held to Maturity, FTE Yield, After 1 but within 5 years | 2.10% | |
Held to Maturity, FTE Yield, Total | 2.10% | |
State and Municipal [Member] | ||
Investment [Line Items] | ||
Held to Maturity, Amortized Cost, Within 1 year | 3.2 | |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 21 | |
Held to Maturity, Amortized Cost, After 5 but within 10 years | 282.2 | |
Held to Maturity, Amortized Cost, After 10 years | 526.4 | |
Held to Maturity, Amortized Cost, Total | 832.8 | |
Held to Maturity, Fair Value, Within 1 year | 3.2 | |
Held to Maturity, Fair Value, After 1 but within 5 years | 21.1 | |
Held to Maturity, Fair Value, After 5 but within 10 years | 297.8 | |
Held to Maturity, Fair Value, After 10 years | 558 | |
Held to Maturity, Fair Value, Total | $880.10 | |
Held to Maturity, FTE Yield, Within 1 year | 3.60% | |
Held to Maturity, FTE Yield, After 1 but within 5 years | 4.69% | |
Held to Maturity, FTE Yield, After 5 but within 10 years | 3.47% | |
Held to Maturity, FTE Yield, After 10 years | 4.43% | |
Held to Maturity, FTE Yield, Total | 4.11% |
Securities_Continuous_Unrealiz
Securities - Continuous Unrealized Loss Position on Available-for-Sale and Held-to-Maturities Securities (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Continuous Unrealized Loss Position, Total, Unrealized Losses | ($0.10) | |
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 143.7 | 2,886.80 |
Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -0.2 | -97.7 |
Continuous Unrealized Loss Position, 12 Months Or Longer, Fair Value | 1,744.20 | 152 |
Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | -46.3 | -8.8 |
Continuous Unrealized Loss Position, Total, Fair Value | 1,887.90 | 3,038.80 |
Continuous Unrealized Loss Position, Total, Unrealized Losses | -46.5 | -106.5 |
GSE Residential Mortgage-Backed Securities and CMOs [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 111.9 | 2,866.20 |
Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -0.1 | -97.6 |
Continuous Unrealized Loss Position, 12 Months Or Longer, Fair Value | 1,744.20 | 152 |
Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | -46.3 | -8.8 |
Continuous Unrealized Loss Position, Total, Fair Value | 1,856.10 | 3,018.20 |
Continuous Unrealized Loss Position, Total, Unrealized Losses | -46.4 | -106.4 |
State and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 31.8 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -0.1 | |
Continuous Unrealized Loss Position, Total, Fair Value | 31.8 | |
Continuous Unrealized Loss Position, Total, Unrealized Losses | -0.1 | |
U.S. Treasury and Agency [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 18.1 | |
Continuous Unrealized Loss Position, Total, Fair Value | 18.1 | |
Other [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 2.5 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -0.1 | |
Continuous Unrealized Loss Position, Total, Fair Value | 2.5 | |
Continuous Unrealized Loss Position, Total, Unrealized Losses | ($0.10) |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 16, 2010 | Dec. 31, 2011 | |
Rating | |||||
Segments | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of segments | 2 | ||||
Net deferred loan costs | $54,800,000 | $47,900,000 | |||
Interest-only residential mortgage loans | 993,300,000 | 871,100,000 | |||
Stated-income loans | 1,000,000 | 1,000,000 | |||
Net gains on sales of residential mortgage loans | 2,900,000 | 14,800,000 | 16,100,000 | ||
Loans held for sale | 34,200,000 | 23,300,000 | |||
Acquired loans sold, outstanding balance | 10,400,000 | 12,400,000 | 14,300,000 | ||
Acquired loans sold, carrying amount | 10,300,000 | 10,200,000 | 11,600,000 | ||
Recorded investments, non-performing loans | 197,000,000 | 216,600,000 | 252,700,000 | ||
Interest income that would have recognized | 16,100,000 | 17,100,000 | 20,100,000 | ||
Interest Income Recognized | 932,600,000 | 912,900,000 | 955,000,000 | ||
Allowance for loan losses | 198,300,000 | 187,800,000 | 188,000,000 | 182,900,000 | |
Interest Income Recognized | 4,800,000 | 4,700,000 | 7,700,000 | ||
Temporary reduction of interest rate for TDRs, basis points | 2.00% | ||||
Collateral values/LTV ratios, minimum | 70.00% | ||||
Borrower credit scores, minimum | 680 | ||||
Principal and interest payments receivable | 7,570,000,000 | ||||
Expected cash flows | 7,020,000,000 | ||||
Loan portfolio fair value | 5,360,000,000 | ||||
Aggregate loan nonaccretable difference | 115,000,000 | ||||
Portfolio accretable yield | 396,300,000 | 639,700,000 | 890,200,000 | 1,310,400,000 | |
Portfolio outstanding balance | 1,180,000,000 | 1,050,000,000 | |||
Portfolio carrying value | 1,690,000,000 | 1,530,000,000 | |||
Butler Bank [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
FDIC reimbursement for future losses in percentage | 80.00% | ||||
FDIC loss share reimbursement value maximum | 34,000,000 | ||||
Bank reimbursement to FDIC for future recoveries of losses reimbursed to bank by FDIC | 80.00% | ||||
FDIC Loss-Share Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Bank reimbursement to FDIC for future recoveries of losses reimbursed to bank by FDIC | 80.00% | ||||
Connecticut [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total loan portfolio representing loans to customers | 27.00% | ||||
New York State [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total loan portfolio representing loans to customers | 19.00% | ||||
Massachusetts [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total loan portfolio representing loans to customers | 18.00% | ||||
New England [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total loan portfolio representing loans to customers | 61.00% | 63.00% | |||
Acquired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Net (losses) gains on sales of acquired loan | -900,000 | 5,700,000 | 1,000,000 | ||
Allowance for loan losses | 10,200,000 | 10,300,000 | |||
Non-Performing Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest Income Recognized | 3,200,000 | 2,600,000 | 4,000,000 | ||
Retail Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded investments, non-performing loans | 55,600,000 | 78,800,000 | 86,300,000 | ||
Allowance for loan losses | 18,900,000 | 19,500,000 | 20,000,000 | 15,100,000 | |
Duration of extension for payment deferral on TDRs, months | 7 years | ||||
Retail Loans [Member] | Acquired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 400,000 | 500,000 | |||
Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Construction loans unadvanced portion | 880,100,000 | 994,200,000 | |||
Early non-performing loans | 25,600,000 | 20,400,000 | |||
Commercial and Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Early non-performing loans | 29,500,000 | 17,300,000 | |||
Equipment Financing [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Early non-performing loans | 20,700,000 | 15,600,000 | |||
Equipment Financing [Member] | Outside New England [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total loan portfolio representing loans to customers | 97.00% | 97.00% | |||
Equipment Financing [Member] | Texas California And Louisiana [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total loan portfolio representing loans to customers | 31.00% | ||||
Equipment Financing [Member] | Outside Texas California And Louisiana [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total loan portfolio representing loans to customers | 6.00% | ||||
Residential Mortgage Construction Financing Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Construction loans | 107,900,000 | 92,000,000 | |||
Construction loans unadvanced portion | 45,600,000 | 55,300,000 | |||
Expected Cash Flows [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Aggregate loan nonaccretable difference | 550,900,000 | ||||
At Acquisition [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Portfolio accretable yield | 1,660,000,000 | ||||
Maximum [Member] | Commercial Banking Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Duration of extension for payment deferral on TDRs, months | 2 years | ||||
Foreclosure or Bankruptcy [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Early non-performing loans | 21,800,000 | 19,100,000 | |||
Commercial Real Estate Construction Financing Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Construction loans | 657,500,000 | 562,200,000 | |||
Construction loans unadvanced portion | 434,700,000 | 414,200,000 | |||
Purchased Credit Impaired Loans [Member] | Acquired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded investments, non-performing loans | 100,600,000 | 138,000,000 | 173,600,000 | ||
Covered by FDIC Loss-Share [Member] | Acquired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded investments, non-performing loans | 3,000,000 | 4,500,000 | 8,000,000 | ||
Troubled Debt Restructurings [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Recorded investment in originated loans classified as TDRs | 181,600,000 | 151,500,000 | |||
Allowance for loan losses | 7,100,000 | 5,500,000 | |||
Interest Income Recognized | $3,800,000 | $3,500,000 | $6,700,000 |
Loans_Summary_of_Loans_by_Loan
Loans - Summary of Loans by Loan Portfolio Segment and Class (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | $2,200.60 | $2,156.90 |
Total Retail Portfolio | 7,132.60 | 6,573.50 |
Total loans | 26,592 | 24,390.30 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 19,459.40 | 17,816.80 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total residential mortgage | 4,932 | 4,416.60 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 9,404.30 | 8,921.60 |
Commercial Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 9,404.30 | 8,921.60 |
Commercial and Industrial [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 7,189.60 | 6,302.10 |
Equipment Financing [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 2,865.50 | 2,593.10 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 10,055.10 | 8,895.20 |
Commercial [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 10,055.10 | 8,895.20 |
Adjustable-Rate [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total residential mortgage | 4,393.80 | 3,895.30 |
Fixed-Rate [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total residential mortgage | 538.2 | 521.3 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 2,143.10 | 2,084.60 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 57.5 | 72.3 |
Originated [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 2,149.20 | 2,094 |
Total Retail Portfolio | 6,850.70 | 6,236.10 |
Total loans | 25,541.10 | 22,865.20 |
Originated [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 18,690.40 | 16,629.10 |
Originated [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total residential mortgage | 4,701.50 | 4,142.10 |
Originated [Member] | Commercial Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 8,960.30 | 8,286.50 |
Originated [Member] | Commercial and Industrial [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 6,891.10 | 5,818.50 |
Originated [Member] | Equipment Financing [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 2,839 | 2,524.10 |
Originated [Member] | Commercial [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 9,730.10 | 8,342.60 |
Originated [Member] | Adjustable-Rate [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total residential mortgage | 4,254.70 | 3,734.70 |
Originated [Member] | Fixed-Rate [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total residential mortgage | 446.8 | 407.4 |
Originated [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 2,092.90 | 2,023.50 |
Originated [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 56.3 | 70.5 |
Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 51.4 | 62.9 |
Total Retail Portfolio | 281.9 | 337.4 |
Total loans | 1,050.90 | 1,525.10 |
Acquired Loans [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 769 | 1,187.70 |
Acquired Loans [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total residential mortgage | 230.5 | 274.5 |
Acquired Loans [Member] | Commercial Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 444 | 635.1 |
Acquired Loans [Member] | Commercial and Industrial [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 298.5 | 483.6 |
Acquired Loans [Member] | Equipment Financing [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 26.5 | 69 |
Acquired Loans [Member] | Commercial [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Commercial Portfolio | 325 | 552.6 |
Acquired Loans [Member] | Adjustable-Rate [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total residential mortgage | 139.1 | 160.6 |
Acquired Loans [Member] | Fixed-Rate [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total residential mortgage | 91.4 | 113.9 |
Acquired Loans [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 50.2 | 61.1 |
Acquired Loans [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | $1.20 | $1.80 |
Loans_Summary_by_Loan_Portfoli
Loans - Summary, by Loan Portfolio Segment, of Activity in Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | $187.80 | $188 | $187.80 | $188 | $182.90 | ||||||
Charge-offs | -36.1 | -50.1 | -50.7 | ||||||||
Recoveries | 6 | 6.2 | 6.6 | ||||||||
Net loan charge-offs | -30.1 | -43.9 | -44.1 | ||||||||
Provision for loan losses | 9.9 | 12.4 | 8.8 | 9.5 | 10 | 12.1 | 9.2 | 12.4 | 40.6 | 43.7 | 49.2 |
Balance at end of period | 198.3 | 187.8 | 198.3 | 187.8 | 188 | ||||||
Acquired Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at end of period | 10.2 | 10.3 | 10.2 | 10.3 | |||||||
Commercial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 168.3 | 168 | 168.3 | 168 | 167.8 | ||||||
Charge-offs | -24.9 | -33.8 | -34.4 | ||||||||
Recoveries | 3.6 | 3.7 | 3.3 | ||||||||
Net loan charge-offs | -21.3 | -30.1 | -31.1 | ||||||||
Provision for loan losses | 32.4 | 30.4 | 31.3 | ||||||||
Balance at end of period | 179.4 | 168.3 | 179.4 | 168.3 | 168 | ||||||
Commercial [Member] | Originated [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 158.5 | 157.5 | 158.5 | 157.5 | 160.4 | ||||||
Charge-offs | -22.3 | -29.7 | -31.7 | ||||||||
Recoveries | 3.6 | 3.7 | 3.3 | ||||||||
Net loan charge-offs | -18.7 | -26 | -28.4 | ||||||||
Provision for loan losses | 29.8 | 27 | 25.5 | ||||||||
Balance at end of period | 169.6 | 158.5 | 169.6 | 158.5 | 157.5 | ||||||
Commercial [Member] | Acquired Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 9.8 | 10.5 | 9.8 | 10.5 | 7.4 | ||||||
Charge-offs | -2.6 | -4.1 | -2.7 | ||||||||
Net loan charge-offs | -2.6 | -4.1 | -2.7 | ||||||||
Provision for loan losses | 2.6 | 3.4 | 5.8 | ||||||||
Balance at end of period | 9.8 | 9.8 | 9.8 | 9.8 | 10.5 | ||||||
Retail Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 19.5 | 20 | 19.5 | 20 | 15.1 | ||||||
Charge-offs | -11.2 | -16.3 | -16.3 | ||||||||
Recoveries | 2.4 | 2.5 | 3.3 | ||||||||
Net loan charge-offs | -8.8 | -13.8 | -13 | ||||||||
Provision for loan losses | 8.2 | 13.3 | 17.9 | ||||||||
Balance at end of period | 18.9 | 19.5 | 18.9 | 19.5 | 20 | ||||||
Retail Loans [Member] | Originated [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 19 | 20 | 19 | 20 | 15.1 | ||||||
Charge-offs | -11.1 | -16 | -16.3 | ||||||||
Recoveries | 2.4 | 2.5 | 3.3 | ||||||||
Net loan charge-offs | -8.7 | -13.5 | -13 | ||||||||
Provision for loan losses | 8.2 | 12.5 | 17.9 | ||||||||
Balance at end of period | 18.5 | 19 | 18.5 | 19 | 20 | ||||||
Retail Loans [Member] | Acquired Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 0.5 | 0.5 | |||||||||
Charge-offs | -0.1 | -0.3 | |||||||||
Net loan charge-offs | -0.1 | -0.3 | |||||||||
Provision for loan losses | 0.8 | ||||||||||
Balance at end of period | $0.40 | $0.50 | $0.40 | $0.50 |
Loans_Summary_of_Allowance_for
Loans - Summary of Allowance for Loan Losses by Loan Portfolio Segment and Impairment Methodology (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Originated Loans Individually Evaluated for Impairment, Portfolio | $269.50 | $224.80 | ||
Originated Loans Individually Evaluated for Impairment, Allowance | 11.5 | 15 | ||
Originated Loans Collectively Evaluated for Impairment Portfolio | 25,271.60 | 22,640.40 | ||
Originated Loans Collectively Evaluated for Impairment, Allowance | 176.6 | 162.5 | ||
Loans, Portfolio | 1,050.90 | 1,525.10 | ||
Loans, Allowance | 10.2 | 10.3 | ||
Total loans | 26,592 | 24,390.30 | ||
Total Allowance | 198.3 | 187.8 | 188 | 182.9 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Originated Loans Individually Evaluated for Impairment, Portfolio | 174.5 | 145.4 | ||
Originated Loans Individually Evaluated for Impairment, Allowance | 7.6 | 12.2 | ||
Originated Loans Collectively Evaluated for Impairment Portfolio | 18,515.90 | 16,483.70 | ||
Originated Loans Collectively Evaluated for Impairment, Allowance | 162 | 146.3 | ||
Loans, Portfolio | 769 | 1,187.70 | ||
Loans, Allowance | 9.8 | 9.8 | ||
Total loans | 19,459.40 | 17,816.80 | ||
Total Allowance | 179.4 | 168.3 | ||
Retail Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Originated Loans Individually Evaluated for Impairment, Portfolio | 95 | 79.4 | ||
Originated Loans Individually Evaluated for Impairment, Allowance | 3.9 | 2.8 | ||
Originated Loans Collectively Evaluated for Impairment Portfolio | 6,755.70 | 6,156.70 | ||
Originated Loans Collectively Evaluated for Impairment, Allowance | 14.6 | 16.2 | ||
Loans, Portfolio | 281.9 | 337.4 | ||
Loans, Allowance | 0.4 | 0.5 | ||
Total loans | 7,132.60 | 6,573.50 | ||
Total Allowance | $18.90 | $19.50 |
Loans_Summarized_Recorded_Inve
Loans - Summarized Recorded Investments, by Class of Loan, of Originated Non-Performing Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | $197 | $216.60 | $252.70 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 141.4 | 137.8 | 166.4 |
Retail Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 55.6 | 78.8 | 86.3 |
Commercial Real Estate [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 60.2 | 70.8 | 84.4 |
Commercial and Industrial [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 55.8 | 43.8 | 54.8 |
Equipment Financing [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 25.4 | 23.2 | 27.2 |
Residential Mortgage [Member] | Retail Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 37.6 | 58.9 | 65 |
Home Equity [Member] | Retail Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 17.9 | 19.8 | 21 |
Consumer [Member] | Retail Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | $0.10 | $0.10 | $0.30 |
Loans_Summarized_Recorded_Inve1
Loans - Summarized Recorded Investments, by Class of Loan, of Originated Non-Performing Loans (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Government guarantees | $17.60 | $19.40 | $9.70 |
Recorded investments, non-performing loans | 197 | 216.6 | 252.7 |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Guarantee rate | 1.00% | ||
Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Guarantee rate | 99.00% | ||
Foreclosure [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | $18.90 | $28.70 | $44.70 |
Loans_Summary_of_Recorded_Inve
Loans - Summary of Recorded Investments in TDRs by Class of Loan (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 368 | 360 |
Pre-Modification Outstanding Recorded Investment | $138.90 | $135.40 |
Post-Modification Outstanding Recorded Investment | 138.9 | 135.4 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 103 | 91 |
Pre-Modification Outstanding Recorded Investment | 86.4 | 80.2 |
Post-Modification Outstanding Recorded Investment | 86.4 | 80.2 |
Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 265 | 269 |
Pre-Modification Outstanding Recorded Investment | 52.5 | 55.2 |
Post-Modification Outstanding Recorded Investment | 52.5 | 55.2 |
Commercial Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 25 | 19 |
Pre-Modification Outstanding Recorded Investment | 36.2 | 14.2 |
Post-Modification Outstanding Recorded Investment | 36.2 | 14.2 |
Commercial and Industrial [Member] | Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 50 | 44 |
Pre-Modification Outstanding Recorded Investment | 43.1 | 50.1 |
Post-Modification Outstanding Recorded Investment | 43.1 | 50.1 |
Equipment Financing [Member] | Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 28 | 28 |
Pre-Modification Outstanding Recorded Investment | 7.1 | 15.9 |
Post-Modification Outstanding Recorded Investment | 7.1 | 15.9 |
Residential Mortgage [Member] | Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 130 | 166 |
Pre-Modification Outstanding Recorded Investment | 40.3 | 46.4 |
Post-Modification Outstanding Recorded Investment | 40.3 | 46.4 |
Home Equity [Member] | Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 135 | 103 |
Pre-Modification Outstanding Recorded Investment | 12.2 | 8.8 |
Post-Modification Outstanding Recorded Investment | $12.20 | $8.80 |
Loans_Summary_of_Recorded_Inve1
Loans - Summary of Recorded Investments in TDRs by Class of Loan (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 368 | 360 |
Recorded investment | $138.90 | $135.40 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 103 | 91 |
Recorded investment | 86.4 | 80.2 |
Commercial [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 25 | 19 |
Recorded investment | 36.2 | 14.2 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 50 | 44 |
Recorded investment | 43.1 | 50.1 |
Commercial [Member] | Equipment Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 28 | 28 |
Recorded investment | 7.1 | 15.9 |
Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 265 | 269 |
Recorded investment | 52.5 | 55.2 |
Retail Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 130 | 166 |
Recorded investment | 40.3 | 46.4 |
Retail Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 135 | 103 |
Recorded investment | 12.2 | 8.8 |
Concessions Extension of Term [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 16 | 9 |
Recorded investment | 13.5 | 8 |
Concessions Extension of Term [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 20 | 8 |
Recorded investment | 15.3 | 21.2 |
Concessions Extension of Term [Member] | Retail Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Recorded investment | 0.6 | |
Concessions Extension of Term [Member] | Retail Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Recorded investment | 0.1 | |
Payment Deferral [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 4 | 1 |
Recorded investment | 1.8 | 0.5 |
Payment Deferral [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 8 | 23 |
Recorded investment | 2.4 | 24.2 |
Payment Deferral [Member] | Commercial [Member] | Equipment Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 11 | 16 |
Recorded investment | 2 | 8.9 |
Payment Deferral [Member] | Retail Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 32 | 28 |
Recorded investment | 10 | 8.5 |
Payment Deferral [Member] | Retail Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 20 | 8 |
Recorded investment | 2.3 | 1.3 |
Combination of Concessions [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 4 | 9 |
Recorded investment | 2.7 | 5.7 |
Combination of Concessions [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 22 | 13 |
Recorded investment | 25.4 | 4.7 |
Combination of Concessions [Member] | Commercial [Member] | Equipment Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 17 | 12 |
Recorded investment | 5.1 | 7 |
Combination of Concessions [Member] | Retail Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 68 | 77 |
Recorded investment | 24.7 | 22.7 |
Combination of Concessions [Member] | Retail Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 46 | 29 |
Recorded investment | 3.7 | 2.8 |
Bankruptcy [Member] | Retail Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 29 | 55 |
Recorded investment | 5 | 9.7 |
Bankruptcy [Member] | Retail Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 67 | 60 |
Recorded investment | 5.6 | 4 |
Temporary Rate Reduction [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Recorded investment | 18.2 | |
Temporary Rate Reduction [Member] | Retail Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 6 | |
Recorded investment | 5.5 | |
Temporary Rate Reduction [Member] | Retail Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | 5 |
Recorded investment | $0.60 | $0.60 |
Loans_Summary_of_Recorded_Inve2
Loans - Summary of Recorded Investments in TDRs by Class of Loan, Subsequently Defaulted (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Contracts | Contracts | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 80 | 61 |
Recorded Investment | $15.10 | $20.60 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 14 | 10 |
Recorded Investment | 5.7 | 9.2 |
Commercial [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 6 | 1 |
Recorded Investment | 3.8 | 0.5 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 4 | 8 |
Recorded Investment | 1.1 | 7.3 |
Commercial [Member] | Equipment Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 4 | 1 |
Recorded Investment | 0.8 | 1.4 |
Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 66 | 51 |
Recorded Investment | 9.4 | 11.4 |
Retail Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 42 | 39 |
Recorded Investment | 7.8 | 10.4 |
Retail Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 24 | 12 |
Recorded Investment | $1.60 | $1 |
Loans_Summary_of_IndividuallyE
Loans - Summary of Individually-Evaluated Impaired Loans by Class of Loan (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $225.70 | $164.20 |
Recorded Investment | 203 | 144.8 |
Unpaid Principal Balance | 95.3 | 100 |
Recorded Investment | 66.5 | 80 |
Unpaid Principal Balance | 321 | 264.2 |
Recorded Investment | 269.5 | 224.8 |
Related Allowance for Loan Losses | 11.5 | 15 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 216.1 | 177.8 |
Recorded Investment | 174.5 | 145.4 |
Related Allowance for Loan Losses | 7.6 | 12.2 |
Commercial [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 57.1 | 40.2 |
Recorded Investment | 55.8 | 37.5 |
Unpaid Principal Balance | 52.1 | 53.7 |
Recorded Investment | 27.8 | 37.8 |
Unpaid Principal Balance | 109.2 | 93.9 |
Recorded Investment | 83.6 | 75.3 |
Related Allowance for Loan Losses | 4 | 6.8 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 51.7 | 23.5 |
Recorded Investment | 48.6 | 22.9 |
Unpaid Principal Balance | 21.4 | 17.7 |
Recorded Investment | 17.4 | 16 |
Unpaid Principal Balance | 73.1 | 41.2 |
Recorded Investment | 66 | 38.9 |
Related Allowance for Loan Losses | 3.5 | 4.5 |
Commercial [Member] | Equipment Financing [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 30.2 | 28.2 |
Recorded Investment | 21.4 | 18.3 |
Unpaid Principal Balance | 3.6 | 14.5 |
Recorded Investment | 3.5 | 12.9 |
Unpaid Principal Balance | 33.8 | 42.7 |
Recorded Investment | 24.9 | 31.2 |
Related Allowance for Loan Losses | 0.1 | 0.9 |
Retail Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 104.9 | 86.4 |
Recorded Investment | 95 | 79.4 |
Related Allowance for Loan Losses | 3.9 | 2.8 |
Retail Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 65.4 | 57.7 |
Recorded Investment | 58.9 | 53.5 |
Unpaid Principal Balance | 15.6 | 11.5 |
Recorded Investment | 15.3 | 11.1 |
Unpaid Principal Balance | 81 | 69.2 |
Recorded Investment | 74.2 | 64.6 |
Related Allowance for Loan Losses | 2.6 | 1.9 |
Retail Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 21.3 | 14.6 |
Recorded Investment | 18.3 | 12.6 |
Unpaid Principal Balance | 2.6 | 2.6 |
Recorded Investment | 2.5 | 2.2 |
Unpaid Principal Balance | 23.9 | 17.2 |
Recorded Investment | 20.8 | 14.8 |
Related Allowance for Loan Losses | $1.30 | $0.90 |
Loans_Schedule_of_Impaired_Fin
Loans - Schedule of Impaired Financing Receivable (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $241.40 | $243.70 | $239.30 |
Interest Income Recognized | 4.8 | 4.7 | 7.7 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 151.6 | 174.7 | 211.8 |
Interest Income Recognized | 3.1 | 3.5 | 7 |
Commercial [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 76.6 | 84.1 | 101.7 |
Interest Income Recognized | 1.3 | 1 | 1.7 |
Commercial [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 46.4 | 58.5 | 65.2 |
Interest Income Recognized | 1.1 | 1 | 3.4 |
Commercial [Member] | Equipment Financing [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 28.6 | 32.1 | 44.9 |
Interest Income Recognized | 0.7 | 1.5 | 1.9 |
Retail Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 89.8 | 69 | 27.5 |
Interest Income Recognized | 1.7 | 1.2 | 0.7 |
Retail Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 71.8 | 55 | 23.7 |
Interest Income Recognized | 1.5 | 1.1 | 0.6 |
Retail Loans [Member] | Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 18 | 14 | 3.8 |
Interest Income Recognized | $0.20 | $0.10 | $0.10 |
Loans_Summary_of_Aging_Informa
Loans - Summary of Aging Information by Class of Loan (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Originated | $2,200.60 | $2,156.90 |
Total Originated | 7,132.60 | 6,573.50 |
Total Originated | 26,592 | 24,390.30 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Originated | 9,404.30 | 8,921.60 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Originated | 4,932 | 4,416.60 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Originated | 2,143.10 | 2,084.60 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Originated | 57.5 | 72.3 |
Retail Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Originated | 7,132.60 | 6,573.50 |
Retail Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 4,647.30 | 4,039.40 |
Past Due 30-89 Days | 29.1 | 55.1 |
Past Due 90 Days or More | 25.1 | 47.6 |
Total Past Due | 54.2 | 102.7 |
Total Originated | 4,932 | 4,416.60 |
Retail Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,079.30 | 2,000.20 |
Past Due 30-89 Days | 5 | 11.3 |
Past Due 90 Days or More | 8.6 | 12 |
Total Past Due | 13.6 | 23.3 |
Total Originated | 2,143.10 | 2,084.60 |
Retail Loans [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Originated | 57.5 | 72.3 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Originated | 19,459.40 | 17,816.80 |
Total Originated | 19,459.40 | 17,816.80 |
Commercial [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Originated | 9,404.30 | 8,921.60 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Originated | 7,189.60 | 6,302.10 |
Commercial [Member] | Equipment Financing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Originated | 2,865.50 | 2,593.10 |
Originated [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 25,298.60 | 22,559.80 |
Past Due 30-89 Days | 125.5 | 141.8 |
Past Due 90 Days or More | 117 | 163.6 |
Total Past Due | 242.5 | 305.4 |
Total Originated | 25,541.10 | 22,865.20 |
Originated [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,782.40 | 6,108.30 |
Past Due 30-89 Days | 34.5 | 68.1 |
Past Due 90 Days or More | 33.8 | 59.7 |
Total Past Due | 68.3 | 127.8 |
Total Originated | 6,850.70 | 6,236.10 |
Originated [Member] | Retail Loans [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 55.8 | 68.7 |
Past Due 30-89 Days | 0.4 | 1.7 |
Past Due 90 Days or More | 0.1 | 0.1 |
Total Past Due | 0.5 | 1.8 |
Total Originated | 56.3 | 70.5 |
Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 18,516.20 | 16,451.50 |
Past Due 30-89 Days | 91 | 73.7 |
Past Due 90 Days or More | 83.2 | 103.9 |
Total Past Due | 174.2 | 177.6 |
Total Originated | 18,690.40 | 16,629.10 |
Originated [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 8,908 | 8,222.50 |
Past Due 30-89 Days | 17.6 | 13.1 |
Past Due 90 Days or More | 34.7 | 50.9 |
Total Past Due | 52.3 | 64 |
Total Originated | 8,960.30 | 8,286.50 |
Originated [Member] | Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,814.90 | 5,751.40 |
Past Due 30-89 Days | 32.4 | 21.7 |
Past Due 90 Days or More | 43.8 | 45.4 |
Total Past Due | 76.2 | 67.1 |
Total Originated | 6,891.10 | 5,818.50 |
Originated [Member] | Commercial [Member] | Equipment Financing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,793.30 | 2,477.60 |
Past Due 30-89 Days | 41 | 38.9 |
Past Due 90 Days or More | 4.7 | 7.6 |
Total Past Due | 45.7 | 46.5 |
Total Originated | $2,839 | $2,524.10 |
Loans_Summary_of_Credit_Qualit
Loans - Summary of Credit Quality Indicators by Class of Loan (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $2,200.60 | $2,156.90 |
Financing Receivable | 7,132.60 | 6,573.50 |
Originated Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 6,236.10 | |
Financing Receivable | 6,850.70 | |
Originated Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,241.60 | 2,914.60 |
Originated Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,527 | 2,148.10 |
Originated Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,082.10 | 1,173.40 |
Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 337.4 | |
Financing Receivable | 281.9 | |
Acquired Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 107 | 122.6 |
Acquired Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 50.5 | 71.2 |
Acquired Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 124.4 | 143.6 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 19,459.40 | 17,816.80 |
Commercial [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 18,690.40 | 16,629.10 |
Commercial [Member] | Originated Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 17,689.50 | 15,782.20 |
Commercial [Member] | Originated Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 307.2 | 309 |
Commercial [Member] | Originated Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 679.8 | 536.1 |
Commercial [Member] | Originated Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 13.9 | 1.8 |
Commercial [Member] | Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 769 | 1,187.70 |
Commercial [Member] | Acquired Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 484.6 | 758 |
Commercial [Member] | Acquired Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 74.4 | 70.1 |
Commercial [Member] | Acquired Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 186.7 | 351.7 |
Commercial [Member] | Acquired Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 23.3 | 7.9 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 9,404.30 | 8,921.60 |
Commercial Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 9,404.30 | 8,921.60 |
Commercial Real Estate [Member] | Commercial [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8,960.30 | 8,286.50 |
Commercial Real Estate [Member] | Commercial [Member] | Originated Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8,730.90 | 8,000.70 |
Commercial Real Estate [Member] | Commercial [Member] | Originated Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 82.4 | 138.1 |
Commercial Real Estate [Member] | Commercial [Member] | Originated Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 135.3 | 147.6 |
Commercial Real Estate [Member] | Commercial [Member] | Originated Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 11.7 | 0.1 |
Commercial Real Estate [Member] | Commercial [Member] | Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 444 | 635.1 |
Commercial Real Estate [Member] | Commercial [Member] | Acquired Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 302.5 | 395.6 |
Commercial Real Estate [Member] | Commercial [Member] | Acquired Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 20.9 | 46.8 |
Commercial Real Estate [Member] | Commercial [Member] | Acquired Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 113.5 | 186.6 |
Commercial Real Estate [Member] | Commercial [Member] | Acquired Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 7.1 | 6.1 |
Commercial and Industrial [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 7,189.60 | 6,302.10 |
Commercial and Industrial [Member] | Commercial [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 6,891.10 | 5,818.50 |
Commercial and Industrial [Member] | Commercial [Member] | Originated Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 6,477.40 | 5,519.20 |
Commercial and Industrial [Member] | Commercial [Member] | Originated Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 114.2 | 77.5 |
Commercial and Industrial [Member] | Commercial [Member] | Originated Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 297.3 | 220.1 |
Commercial and Industrial [Member] | Commercial [Member] | Originated Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2.2 | 1.7 |
Commercial and Industrial [Member] | Commercial [Member] | Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 298.5 | 483.6 |
Commercial and Industrial [Member] | Commercial [Member] | Acquired Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 174.5 | 331 |
Commercial and Industrial [Member] | Commercial [Member] | Acquired Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 52.8 | 19.3 |
Commercial and Industrial [Member] | Commercial [Member] | Acquired Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 55 | 131.5 |
Commercial and Industrial [Member] | Commercial [Member] | Acquired Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 16.2 | 1.8 |
Equipment Financing [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,865.50 | 2,593.10 |
Equipment Financing [Member] | Commercial [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,839 | 2,524.10 |
Equipment Financing [Member] | Commercial [Member] | Originated Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,481.20 | 2,262.30 |
Equipment Financing [Member] | Commercial [Member] | Originated Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 110.6 | 93.4 |
Equipment Financing [Member] | Commercial [Member] | Originated Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 247.2 | 168.4 |
Equipment Financing [Member] | Commercial [Member] | Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 26.5 | 69 |
Equipment Financing [Member] | Commercial [Member] | Acquired Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 7.6 | 31.4 |
Equipment Financing [Member] | Commercial [Member] | Acquired Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0.7 | 4 |
Equipment Financing [Member] | Commercial [Member] | Acquired Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 18.2 | 33.6 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,932 | 4,416.60 |
Residential Mortgage [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,932 | 4,416.60 |
Residential Mortgage [Member] | Retail Loans [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,701.50 | 4,142.10 |
Residential Mortgage [Member] | Retail Loans [Member] | Originated Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,280.60 | 2,032.60 |
Residential Mortgage [Member] | Retail Loans [Member] | Originated Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,921.60 | 1,619.10 |
Residential Mortgage [Member] | Retail Loans [Member] | Originated Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 499.3 | 490.4 |
Residential Mortgage [Member] | Retail Loans [Member] | Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 230.5 | 274.5 |
Residential Mortgage [Member] | Retail Loans [Member] | Acquired Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 107 | 122.6 |
Residential Mortgage [Member] | Retail Loans [Member] | Acquired Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 50.5 | 71.2 |
Residential Mortgage [Member] | Retail Loans [Member] | Acquired Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 73 | 80.7 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,143.10 | 2,084.60 |
Home Equity [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,143.10 | 2,084.60 |
Home Equity [Member] | Retail Loans [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,092.90 | 2,023.50 |
Home Equity [Member] | Retail Loans [Member] | Originated Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 931.5 | 842.5 |
Home Equity [Member] | Retail Loans [Member] | Originated Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 597.1 | 520.7 |
Home Equity [Member] | Retail Loans [Member] | Originated Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 564.3 | 660.3 |
Home Equity [Member] | Retail Loans [Member] | Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 50.2 | 61.1 |
Home Equity [Member] | Retail Loans [Member] | Acquired Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 50.2 | 61.1 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 57.5 | 72.3 |
Consumer [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 57.5 | 72.3 |
Consumer [Member] | Retail Loans [Member] | Originated Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 56.3 | 70.5 |
Consumer [Member] | Retail Loans [Member] | Originated Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 29.5 | 39.5 |
Consumer [Member] | Retail Loans [Member] | Originated Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8.3 | 8.3 |
Consumer [Member] | Retail Loans [Member] | Originated Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 18.5 | 22.7 |
Consumer [Member] | Retail Loans [Member] | Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1.2 | 1.8 |
Consumer [Member] | Retail Loans [Member] | Acquired Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $1.20 | $1.80 |
Loans_Summarized_Activity_in_A
Loans - Summarized Activity in Accretable Yield for Acquired Loan Portfolio (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | |||
Balance at beginning of period | $639.70 | $890.20 | $1,310.40 |
Accretion | -81 | -127.1 | -206.5 |
Reclassification from nonaccretable difference for loans with improved cash flows | 6.7 | 5.3 | 22.7 |
Other changes in expected cash flows | -169.1 | -128.7 | -236.4 |
Balance at end of period | $396.30 | $639.70 | $890.20 |
Goodwill_and_Other_Acquisition2
Goodwill and Other Acquisition-Related Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
Goodwill [Line Items] | ||||
Beginning balance | $1,951.40 | $1,954.50 | $1,954.50 | |
Acquisition of branches | 0.7 | |||
Adjustments | 2.4 | |||
Ending balance | 1,954.50 | 1,954.50 | 1,954.50 | |
Commercial Banking Loan [Member] | ||||
Goodwill [Line Items] | ||||
Beginning balance | 1,220.90 | 1,222.80 | 1,222.80 | |
Adjustments | 1.9 | |||
Ending balance | 1,222.80 | 1,222.80 | 1,222.80 | |
Retail Banking [Member] | ||||
Goodwill [Line Items] | ||||
Beginning balance | 680.7 | 681.9 | 681.9 | |
Acquisition of branches | 0.7 | |||
Adjustments | 0.5 | |||
Ending balance | 681.9 | 681.9 | 681.9 | |
Wealth Management [Member] | ||||
Goodwill [Line Items] | ||||
Beginning balance | 49.8 | 49.8 | 49.8 | |
Ending balance | $49.80 | $49.80 | $49.80 | $49.80 |
Goodwill_and_Other_Acquisition3
Goodwill and Other Acquisition-Related Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 22, 2012 | |
Branch | ||||
Goodwill [Line Items] | ||||
Deposits | $26,138,200,000 | $22,557,300,000 | ||
Tax deductible goodwill amount | 13,000,000 | 14,500,000 | ||
Amortization of other acquisition-related intangible assets | 24,800,000 | 26,200,000 | 26,800,000 | |
Amortization expense attributable to other acquisition-related intangible assets, 2015 | 23,800,000 | |||
Amortization expense attributable to other acquisition-related intangible assets, 2016 | 22,700,000 | |||
Amortization expense attributable to other acquisition-related intangible assets, 2017 | 21,600,000 | |||
Amortization expense attributable to other acquisition-related intangible assets, 2018 | 10,200,000 | |||
Amortization expense attributable to other acquisition-related intangible assets, 2019 | 9,400,000 | |||
Impairment losses relating to goodwill or other acquisition-related intangible assets | 0 | 0 | 0 | |
Weighted-average amortization period, Years | 14 years | |||
RBS Citizens, N.A. [Member] | ||||
Goodwill [Line Items] | ||||
Number of branches acquired | 57 | |||
Deposits | 324,000,000 | |||
Assets acquired, which including cash, premises and equipment, and other assets | 15,800,000 | |||
Liabilities, which including deposits and other liabilities | $324,600,000 | |||
Business acquisition effective date | 22-Jun-12 |
Goodwill_and_Other_Acquisition4
Goodwill and Other Acquisition-Related Intangible Assets - Other Acquisition-Related Intangibles (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $340.70 | $340.70 |
Accumulated Amortization | 192.7 | 167.9 |
Carrying Amount | 148 | 172.8 |
Trade Name Intangible [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 122.7 | 122.7 |
Accumulated Amortization | 34.9 | 26.7 |
Carrying Amount | 87.8 | 96 |
Core Deposit Intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 143.8 | 143.8 |
Accumulated Amortization | 107.3 | 93.9 |
Carrying Amount | 36.5 | 49.9 |
Trust Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 42.7 | 42.7 |
Accumulated Amortization | 20 | 17.1 |
Carrying Amount | 22.7 | 25.6 |
Insurance Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 31.5 | 31.5 |
Accumulated Amortization | 30.5 | 30.2 |
Carrying Amount | $1 | $1.30 |
Premises_and_Equipment_Compone
Premises and Equipment - Components of Premises and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land | $39.50 | $39.20 |
Buildings | 269.2 | 271.5 |
Leasehold improvements | 161.6 | 162.9 |
Furniture and equipment | 219 | 219.9 |
Total | 689.3 | 693.5 |
Less: Accumulated depreciation and amortization | 411.5 | 389.4 |
Total premises and equipment, net | $277.80 | $304.10 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense included in occupancy and equipment expense | $39.60 | $40.30 | $39.10 |
Other_Assets_and_Other_Liabili2
Other Assets and Other Liabilities - Components of Other Assets (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule Of Other Assets [Line Items] | ||
Leased equipment | $180.90 | $184.30 |
Fair value of derivative financial instruments (notes 18 and 20) | 132.4 | 91.9 |
Accrued interest receivable | 82.6 | 74.3 |
Affordable housing investments (note 11) | 69.6 | 65 |
Assets held in trust for supplemental retirement plans (note 16) | 37.1 | 40.7 |
Receivables arising from securities brokerage and insurance businesses | 34.8 | 38.4 |
Investment in joint venture | 21.3 | |
Current income tax receivable (note 11) | 21.1 | 21.6 |
Loans in process | 19.6 | 34.8 |
Economic development investments | 19.4 | 14.2 |
Other prepaid expenses | 16.8 | 18.4 |
Net deferred tax asset (note 11) | 7 | 8 |
FDIC loss-share receivable (note 4) | 5.7 | 10.1 |
Repossessed assets | 2.5 | 4.5 |
Funded status of People's United defined benefit pension plan (note 16) | 41.5 | |
Other | 35,997.10 | 33,213.70 |
Total other assets | 719.9 | 710 |
Other Assets [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Other | 44.5 | 35.6 |
Residential Mortgage [Member] | ||
Schedule Of Other Assets [Line Items] | ||
REO | 13.6 | 13.6 |
Commercial Real Estate [Member] | ||
Schedule Of Other Assets [Line Items] | ||
REO | $11 | $13.10 |
Other_Assets_and_Other_Liabili3
Other Assets and Other Liabilities - Components of Other Assets (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 |
Schedule Of Other Assets [Line Items] | ||
Gain from formation of joint venture | $20.60 | $20.60 |
Vantiv, Inc [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Percentage of ownership in joint venture | 49.00% |
Other_Assets_and_Other_Liabili4
Other Assets and Other Liabilities - Components of Other Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule Of Other Liabilities [Line Items] | ||
Fair value of derivative financial instruments (notes 18 and 20) | $97 | $77 |
Liability for security purchases of securities | 91.5 | 23.3 |
Liabilities for supplemental retirement plans (note 16) | 60.4 | 59 |
Accrued expenses payable | 55.2 | 69.1 |
Accrued employee benefits | 42 | 48.1 |
Payables arising from securities brokerage and insurance businesses | 37.6 | 40.9 |
Funded status of defined benefit pension plans (note 16) | -41.5 | |
Other postretirement benefits (note 16) | 14.6 | 10.3 |
Accrued interest payable | 13.7 | 5.3 |
Other | 31,364 | 28,645.30 |
Total other liabilities | 500.6 | 391.9 |
Chittenden Pension Plan [Member] | ||
Schedule Of Other Liabilities [Line Items] | ||
Funded status of defined benefit pension plans (note 16) | 7.4 | 1.2 |
People's United Financial, Inc. [Member] | ||
Schedule Of Other Liabilities [Line Items] | ||
Funded status of defined benefit pension plans (note 16) | 27.5 | |
Total other liabilities | 10.3 | 13.2 |
Other Liabilities [Member] | ||
Schedule Of Other Liabilities [Line Items] | ||
Other | $53.70 | $57.70 |
Deposits_Schedule_of_Deposits_
Deposits - Schedule of Deposits (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deposits | ||
Non-interest-bearing, Amount | $5,655.10 | $5,312.20 |
Savings, interest-bearing checking and money market, Amount | 15,252.40 | 12,862.20 |
Within 3 months, Amount | 1,254.30 | 874.5 |
After 3 but within 6 months, Amount | 912.5 | 781.4 |
After 6 months but within 1 year, Amount | 1,306.70 | 1,151.50 |
After 1 but within 2 years, Amount | 1,341 | 799.7 |
After 2 but within 3 years, Amount | 230.9 | 520.6 |
After 3 but within 4 years, Amount | 85.5 | 173.3 |
After 4 but within 5 years, Amount | 96.2 | 77.7 |
After 5 years, Amount | 3.6 | 4.2 |
Total, Amount | 5,230.70 | 4,382.90 |
Total deposits | $26,138.20 | $22,557.30 |
Non-interest-bearing, Weighted Average Rate | 0.00% | 0.00% |
Savings, interest-bearing checking and money market, Weighted Average Rate | 0.19% | 0.22% |
Within 3 months, Weighted Average Rate | 0.63% | 0.55% |
After 3 but within 6 months, Weighted Average Rate | 0.62% | 0.68% |
After 6 months but within 1 year, Weighted Average Rate | 0.79% | 0.71% |
After 1 but within 2 years, Weighted Average Rate | 1.36% | 1.31% |
After 2 but within 3 years, Weighted Average Rate | 1.40% | 2.18% |
After 3 but within 4 years, Weighted Average Rate | 1.07% | 1.67% |
After 4 but within 5 years, Weighted Average Rate | 1.51% | 1.13% |
After 5 years, Weighted Average Rate | 2.45% | 2.45% |
Total, Weighted Average Rate | 0.91% | 1.00% |
Total deposits, Weighted Average Rate | 0.29% | 0.32% |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Banking and Thrift [Abstract] | ||
Time deposits issued in amounts of $100,000 or more | $2.10 | $1,900 |
Non-interest-bearing deposit overdrafts | $2.60 | $4 |
Deposits_Schedule_of_Interest_
Deposits - Schedule of Interest Expense on Deposits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Banking and Thrift [Abstract] | |||
Savings, interest-bearing checking and money market | $36.70 | $33 | $38.70 |
Time | 44.2 | 48.1 | 52.1 |
Total interest expense | $80.90 | $81.10 | $90.80 |
Borrowings_Summary_of_Borrowin
Borrowings - Summary of Borrowings (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Debt Disclosure [Abstract] | |||
Fixed-rate FHLB advances maturing, within 1 month, Amount | $1,825 | $1,950 | |
Fixed-rate FHLB advances maturing, After 1 month but within 1 year, Amount | 200.2 | 1,500 | |
Fixed-rate FHLB advances maturing, After 2 but within 3 years, Amount | 0.5 | ||
Fixed-rate FHLB advances maturing, After 3 but within 4 years, Amount | 261.1 | ||
Fixed-rate FHLB advances maturing, After 4 but within 5 years, Amount | 263.7 | ||
Fixed-rate FHLB advances maturing, After 5 years, Amount | 5.4 | 5.6 | |
Total FHLB advances, Amount | 2,291.70 | 3,719.80 | 1,178.30 |
Federal funds purchased maturing, within 1 month, Amount | 913 | 825 | |
Total federal funds purchased, Amount | 913 | 825 | 619 |
Customer repurchase agreements maturing, within 1 month, Amount | 486 | 501.2 | |
Total customer repurchase agreements, Amount | 486 | 501.2 | 588.2 |
Other borrowings maturing, within 1 year, Amount | 1 | 10 | |
Other borrowings maturing, after 1 but within 2 years, Amount | 1 | ||
Total other borrowings, Amount | 1 | 11 | 1 |
Total borrowings, Amount | $3,691.70 | $5,057 | |
Fixed rate FHLB advances maturing, within 1 month, Weighted Average Rate | 0.26% | 0.19% | |
Fixed rate FHLB advances maturing, After 1 month but within 1 year, Weighted Average Rate | 0.24% | 0.21% | |
Fixed-rate FHLB advances maturing, After 2 but within 3 years, Weighted Average Rate | 4.37% | ||
Fixed-rate FHLB advances maturing, After 3 but within 4 years, Weighted Average Rate | 2.71% | ||
Fixed-rate FHLB advances maturing, After 4 but within 5 years, Weighted Average Rate | 2.71% | ||
Fixed-rate FHLB advances maturing, After 5 years, Weighted Average Rate | 1.33% | 1.33% | |
Total FHLB advances, Weighted Average Rate | 0.54% | 0.38% | |
Federal funds purchased maturing, within 1 month, Weighted Average Rate | 0.15% | 0.16% | |
Total federal funds purchased, Weighted Average Rate | 0.15% | 0.16% | |
Retail repurchase agreements maturing, within 1 month, Weighted Average Rate | 0.18% | 0.20% | |
Total customer repurchase agreements, Weighted Average Rate | 0.18% | 0.20% | |
Other borrowings maturing, within 1 year, Weighted Average Rate | 1.75% | 0.08% | |
Other borrowings maturing, After 1 but within 2 years, Weighted Average Rate | 1.75% | ||
Total other borrowings, Weighted Average Rate | 1.75% | 0.23% | |
Total borrowings, Weighted Average Rate | 0.39% | 0.33% |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Billions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
Repurchase agreements and advances borrowing limit | $8.70 |
Unsecured borrowing capacity | $1.30 |
Borrowings_Interest_Expense_on
Borrowings - Interest Expense on Borrowings (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
FHLB advances | $9.20 | $8.20 | $5.10 |
Customer repurchase agreements | 1 | 1.1 | 1.3 |
Federal funds purchased | 0.8 | 1.2 | 0.5 |
Other borrowings | 0.1 | 0.1 | |
Total interest expense | $11.10 | $10.50 | $7 |
Borrowings_Information_Concern
Borrowings - Information Concerning Parent Company Borrowings (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Line Items] | |||
FHLB advances, Balance at year end | $2,291.70 | $3,719.80 | $1,178.30 |
FHLB advances, Average outstanding during the year | 2,593.70 | 2,043.90 | 419.5 |
FHLB advances, Maximum outstanding at any month end | 3,419.50 | 3,719.80 | 1,178.30 |
FHLB advances, Average interest rate during the year | 0.36% | 0.40% | 1.23% |
Federal funds purchased and Other borrowings, Balance at year end | 913 | 825 | 619 |
Federal funds purchased and Other borrowings, Average outstanding during the year | 471.8 | 641.2 | 195.3 |
Federal funds purchased and Other borrowings, Maximum outstanding at any month end | 960 | 934 | 763 |
Federal funds purchased and Other borrowings, Average interest rate during the year | 0.17% | 0.19% | 0.24% |
Customer repurchase agreements, Balance at year end | 486 | 501.2 | 588.2 |
Customer repurchase agreements, Average outstanding during the year | 482 | 522.7 | 494.7 |
Customer repurchase agreements, Maximum outstanding at any month end | 519.2 | 581.2 | 588.2 |
Customer repurchase agreements, Average interest rate during the year | 0.20% | 0.20% | 0.26% |
Other borrowings, Balance at year end | 1 | 11 | 1 |
Other borrowings, Carrying amount of collateral securities at year end | 1.1 | 1.1 | 1.1 |
Other borrowings, Average outstanding during the year | 57.1 | 3.9 | 16.4 |
Other borrowings, Maximum outstanding at any month end | 206.2 | 11 | 27 |
Other borrowings, Average interest rate during the year | 0.25% | 0.51% | 1.00% |
Securities Sold under Agreements to Repurchase [Member] | |||
Debt Disclosure [Line Items] | |||
Customer repurchase agreements, Balance at year end | 1 | 1 | |
Other borrowings, Carrying amount of collateral securities at year end | $495.70 | $511.20 | $599.90 |
Notes_and_Debentures_Schedule_
Notes and Debentures - Schedule of Subordinated Borrowing (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Subordinated Borrowing [Line Items] | ||
Notes and debentures | $125 | |
Total notes and debentures | 1,033.50 | 639.1 |
People's United Financial, Inc. [Member] | ||
Subordinated Borrowing [Line Items] | ||
Total notes and debentures | 621.1 | 619.7 |
People's United Financial, Inc. [Member] | 3.65% Senior Notes Due 2022 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Notes and debentures | 498.6 | 498.5 |
People's United Financial, Inc. [Member] | 5.80% Fixed Rate/Floating Rate Subordinated Notes Due 2017 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Notes and debentures | 122.5 | 121.2 |
People's United Bank [Member] | 4.00% Subordinated Notes Due 2024 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Notes and debentures | 412.4 | |
People's United Bank [Member] | 11.00% Fixed Rate Subordinated Notes Due 2019 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Notes and debentures | $19.40 |
Notes_and_Debentures_Additiona
Notes and Debentures - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Feb. 14, 2012 |
Subordinated Borrowing [Line Items] | |||
Interest rate on debt | 5.80% | ||
Debt instrument, maturity date | 16-Apr-24 | ||
Redemption date description | The Bank may redeem the notes in whole, but not in part, at its option at a redemption price equal to 100% of the principal amount of the notes together with accrued but unpaid interest to, but excluding, the date fixed for redemption, within 90 days of the occurrence of a bregulatory eventb (as defined). Pursuant to capital regulations of the OCC, effective January 1, 2015, the Bank may not redeem the notes prior to maturity without the prior approval of the OCC. | ||
4.00% Subordinated Notes Due 2024 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Interest rate on debt | 4.00% | ||
Proceeds from issuance of subordinated notes | $400 | ||
11.00% Fixed Rate Subordinated Notes Due 2019 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Interest rate on debt | 11.00% | ||
People's United Financial, Inc. [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated borrowing conversion rate | 0.69% | ||
People's United Financial, Inc. [Member] | 3.65% Senior Notes Due 2022 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Debt instrument interest rate | 3.65% | ||
Debt instrument call option date | 6-Sep-22 | ||
Percentage of redemption price to principal amount | 100.00% | ||
Subordinated notes due year | 2022 | ||
Frequency of payment of debt | Semi-annually | ||
People's United Financial, Inc. [Member] | 5.80% Fixed Rate/Floating Rate Subordinated Notes Due 2017 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Percentage of redemption price to principal amount | 100.00% | ||
Subordinated notes due year | 2017 | ||
Frequency of payment of debt | Semi-annually | ||
Interest rate on debt | 5.80% | ||
Debt issue date | 2007 | ||
Subordinated borrowing interest rate | 0.92% | ||
People's United Bank [Member] | 4.00% Subordinated Notes Due 2024 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Percentage of redemption price to principal amount | 100.00% | ||
Frequency of payment of debt | Semi-annually | ||
Number of days excluded for redemption of principal amount on occurrence of a regulatory event | 90 days |
Income_Taxes_Summary_of_Total_
Income Taxes - Summary of Total Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax expense applicable to pre-tax income | $32.60 | $29.70 | $38.90 | $27.70 | $29.40 | $26.50 | $32 | $27.30 | $128.90 | $115.20 | $124 |
Income tax benefit applicable to items reported in total other comprehensive loss (note 15) | -6.7 | -34.6 | -1.5 | ||||||||
Total | $122.20 | $80.60 | $122.50 |
Income_Taxes_Income_Tax_Effect
Income Taxes - Income Tax Effects Related to Items Recognized in Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Federal | $111.90 | $89.90 | $71.90 | ||||||||
State | 10.3 | 9.8 | 7.3 | ||||||||
Total current tax expense | 122.2 | 99.7 | 79.2 | ||||||||
Deferred tax expense | 6.7 | 15.5 | 44.8 | ||||||||
Total income tax expense | $32.60 | $29.70 | $38.90 | $27.70 | $29.40 | $26.50 | $32 | $27.30 | $128.90 | $115.20 | $124 |
Income_Taxes_Income_Tax_Effect1
Income Taxes - Income Tax Effects Related to Items Recognized in Other Comprehensive Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Valuation allowance for state deferred tax assets | ($1.20) | ($2.30) | $1.40 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Income Tax Expense [Line Items] | |||||||||||
U.S. federal statutory rate | 35.00% | ||||||||||
Company's housing investment | $719,900,000 | $710,000,000 | $719,900,000 | $710,000,000 | |||||||
Income tax expense (benefit) | 32,600,000 | 29,700,000 | 38,900,000 | 27,700,000 | 29,400,000 | 26,500,000 | 32,000,000 | 27,300,000 | 128,900,000 | 115,200,000 | 124,000,000 |
Connecticut tax net operating loss carryforwards | 1,400,000,000 | 1,400,000,000 | |||||||||
Current income tax receivable | 21,100,000 | 21,600,000 | 21,100,000 | 21,600,000 | |||||||
Accrued interest expense related to the unrecognized income tax benefits | 700,000 | 600,000 | 700,000 | 600,000 | |||||||
Minimum [Member] | |||||||||||
Schedule Of Income Tax Expense [Line Items] | |||||||||||
Tax net operating loss carryforwards | 2020 | ||||||||||
Maximum [Member] | |||||||||||
Schedule Of Income Tax Expense [Line Items] | |||||||||||
Tax net operating loss carryforwards | 2034 | ||||||||||
Affordable Housing Investments [Member] | |||||||||||
Schedule Of Income Tax Expense [Line Items] | |||||||||||
Company's housing investment | 69,600,000 | 69,600,000 | |||||||||
Future contingent commitments | 30,900,000 | 30,900,000 | |||||||||
Amortization period | 10 years | ||||||||||
Income tax expense (benefit) | $10,700,000 | $8,500,000 | $6,600,000 |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Reconciliation (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Expected income tax expense | $133.20 | $121.70 | $129.30 | ||||||||
State income tax, net of federal tax effect | 8.2 | 7.3 | 7.4 | ||||||||
Tax-exempt interest | -13.2 | -11.7 | -8.3 | ||||||||
Tax-exempt income from BOLI | -2 | -1.6 | -1.9 | ||||||||
Federal income tax credits | 0.8 | -3 | -4.3 | ||||||||
Other, net | 1.9 | 2.5 | 1.8 | ||||||||
Total income tax expense | $32.60 | $29.70 | $38.90 | $27.70 | $29.40 | $26.50 | $32 | $27.30 | $128.90 | $115.20 | $124 |
Effective income tax rate | 33.90% | 33.10% | 33.60% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Leasing activities | $87.10 | $73.50 |
Allowance for loan losses and non-accrual interest | 77.4 | 74.1 |
State tax net operating loss carryforwards, net of federal tax effect | 67.2 | 69 |
Pension and other postretirement benefits | 35.8 | 5.1 |
Equity-based compensation | 22 | 20.5 |
Unrealized loss on securities transferred to held to maturity | 13.1 | 14.4 |
Basis difference in affordable housing investments | 3.1 | 8.1 |
Unrealized loss on securities available for sale | 2.3 | 28.8 |
Other deductible temporary differences | 32.6 | 30.4 |
Total deferred tax assets | 340.6 | 323.9 |
Less: valuation allowance for state deferred tax assets | -68.1 | -69.3 |
Total deferred tax assets, net of the valuation allowance | 272.5 | 254.6 |
Tax over book depreciation | -160.3 | -145.5 |
Acquisition-related deferred tax liabilities | -51 | -51.7 |
Deferred cancellation-of-indebtedness income | -17.5 | -22.1 |
Book over tax income recognized on consumer loans | -12.4 | -9.5 |
Mark-to-market and original issue discounts for tax purposes | -7.7 | -7.6 |
Temporary differences related to merchant services joint venture | -7.2 | |
Other taxable temporary differences | -9.4 | -10.2 |
Total deferred tax liabilities | -265.5 | -246.6 |
Net deferred tax asset | $7 | $8 |
Income_Taxes_Unrecognized_Inco
Income Taxes - Unrecognized Income Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Banking and Thrift, Interest [Abstract] | |||
Balance at beginning of year | $3 | $2.90 | $3 |
Additions for tax positions taken in prior years | 0.1 | 0.1 | 0.4 |
Reductions for tax positions taken in prior years | 0 | 0 | 0 |
Reductions attributable to audit settlements/lapse of statue of limitations | -0.1 | -0.5 | |
Balance at end of year | $3 | $3 | $2.90 |
Stockholders_Equity_and_Divide1
Stockholders' Equity and Dividends - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, except Share data, unless otherwise specified | Nov. 30, 2012 | Oct. 31, 2011 | Apr. 30, 2007 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Common stock, shares authorized | 1,950,000,000 | 1,950,000,000 | 1,950,000,000 | 1,950,000,000 | ||||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | ||||||||||
Common stock, shares issued | 396,800,000 | 396,500,000 | 396,800,000 | 396,500,000 | ||||||||||
Percent of outstanding common stock authorized for repurchase | 10.00% | 5.00% | ||||||||||||
Common stock, shares outstanding authorized for repurchase | 33,600,000 | 18,000,000 | ||||||||||||
Cost of common stock repurchased | $458.90 | $220 | ||||||||||||
Original loan amount ESOP | 216.8 | |||||||||||||
ESOP shares purchased in open market | 10,500,000 | |||||||||||||
Employee stock ownership plan (ESOP), number of shares | 7,700,000 | 8,000,000 | 7,700,000 | 8,000,000 | ||||||||||
Unallocated common stock of employee stock ownership plan, Value | 159 | 166.2 | 159 | 166.2 | ||||||||||
Dividends paid per common share | $0.66 | $0.65 | $0.64 | |||||||||||
Dividend payout ratio | 76.50% | 80.20% | 68.40% | 91.50% | 84.10% | 86.00% | 83.60% | 100.60% | 78.20% | 88.10% | 88.80% | |||
Cash dividends payable to parent company | 244 | 232 | 315 | |||||||||||
October 2011 Repurchase Authorization [Member] | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Cost of common stock repurchased | 217.4 | |||||||||||||
November 2012 Repurchase Authorization [Member] | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Common stock repurchased under repurchase program | 200,000 | |||||||||||||
Cost of common stock repurchased | 458.9 | 2.6 | ||||||||||||
People's United Financial, Inc. [Member] | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||||||||||||
Preferred stock par value, per share | $0.01 | $0.01 | ||||||||||||
Common stock, shares authorized | 1,950,000,000 | 1,950,000,000 | ||||||||||||
Common stock, par value | $0.01 | $0.01 | ||||||||||||
Common stock, shares issued | 396,800,000 | 396,800,000 | ||||||||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||||||||
Cash dividends payable to parent company | 244 | 232 | 315 | |||||||||||
People's United Bank [Member] | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Retained net income under federal regulations | $13.60 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Regulatory Capital Requirements [Abstract] | ||
Tangible capital ratio, capital adequacy | 1.50% | 1.50% |
Leverage (core) capital, Ratio, Minimum Capital Adequacy | 4.00% | 4.00% |
Total risk-based capital ratio | 8.00% | 8.00% |
Well-capitalized, Leverage (core) capital ratio | 5.00% | 5.00% |
Tier 1 risk-based capital ratio | 6.00% | 6.00% |
Total risk-based capital ratio | 10.00% | 10.00% |
Adjusted total assets for regulatory capital ratios | $34 | $31.20 |
Risk-weighted assets | $27.50 | $25.40 |
Regulatory_Capital_Requirement3
Regulatory Capital Requirements - Regulatory Capital Requirements and Ratio (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage (core) capital, Well-Capitalized, Amount | $1,700.90 | $1,559.90 |
Risk-based capital Tier 1, Well-Capitalized, Amount | 1,647.30 | 1,521.40 |
Total, Well-Capitalized, Amount | 2,745.40 | 2,535.70 |
Leverage (core) capital, Ratio , Well-Capitalized | 5.00% | 5.00% |
Risk-based capital Tier 1, Ratio, Well-Capitalized | 6.00% | 6.00% |
Total, Ratio, Well-Capitalized | 10.00% | 10.00% |
Tangible capital, Minimum Capital Adequacy, Amount | 510.3 | 468 |
Leverage (core) capital, Minimum Capital Adequacy, Amount | 1,360.80 | 1,247.90 |
Risk-based capital Tier 1, Minimum Capital Adequacy, Amount | 1,098.20 | 1,014.30 |
Total, Minimum Capital Adequacy, Amount | 2,196.30 | 2,028.50 |
Tangible capital, Ratio, Minimum Capital Adequacy | 1.50% | 1.50% |
Leverage (core) capital, Ratio, Minimum Capital Adequacy | 4.00% | 4.00% |
Risk-based capital Tier 1, Ratio, Minimum Capital Adequacy | 4.00% | 4.00% |
Total, Ratio, Minimum Capital Adequacy | 8.00% | 8.00% |
People's United Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tangible capital, Amount | 2,881.50 | 2,823.50 |
Leverage (core) capital, Amount | 2,881.50 | 2,823.50 |
Risk-based capital Tier 1, Amount | 2,881.50 | 2,823.50 |
Total, Amount | $3,582.20 | $3,133.30 |
Tangible capital, Ratio | 8.50% | 9.10% |
Leverage (core) capital, Ratio | 8.50% | 9.10% |
Risk-based capital Tier 1, Ratio | 10.50% | 11.10% |
Total, Ratio | 13.00% | 12.40% |
Regulatory_Capital_Requirement4
Regulatory Capital Requirements - Regulatory Capital Requirements and Ratio (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Banking and Thrift [Abstract] | |
Risk-weighted assets percentage | 1.25% |
Earnings_Per_Common_Share_Basi
Earnings Per Common Share - Basic and Diluted Earnings Per Share, Reflecting Application of Two-Class Method (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net income | $64.70 | $61.60 | $72.30 | $53.10 | $59.30 | $58.50 | $62.10 | $52.50 | $251.70 | $232.40 | $245.30 |
Dividends and undistributed earnings allocated to participating securities | -1.2 | -1.2 | -1.2 | ||||||||
Income attributable to common shareholders | $250.50 | $231.20 | $244.10 | ||||||||
Average common shares outstanding for basic EPS | 298.63 | 298.42 | 298.22 | 297.69 | 302.14 | 307.5 | 313.46 | 325.16 | 298.2 | 311.9 | 338.3 |
Effect of dilutive equity-based awards | 0.1 | 0.1 | 0.1 | ||||||||
Average common and common-equivalent shares for diluted EPS | 298.65 | 298.44 | 298.24 | 297.72 | 302.17 | 307.56 | 313.52 | 325.21 | 298.3 | 312 | 338.4 |
Basic EPS | $0.22 | $0.21 | $0.24 | $0.18 | $0.20 | $0.19 | $0.20 | $0.16 | $0.84 | $0.74 | $0.72 |
Diluted EPS | $0.22 | $0.21 | $0.24 | $0.18 | $0.20 | $0.19 | $0.20 | $0.16 | $0.84 | $0.74 | $0.72 |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Anti-dilutive equity-based awards excluded from calculation of diluted EPS | 17.7 | 14 | 11.7 |
Comprehensive_Income_Schedule_
Comprehensive Income - Schedule of Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income Loss Net Of Tax Beginning Balance | ($155.10) | ($96.90) | ($95.80) |
Other comprehensive income (loss) before reclassifications | -18.6 | -63.8 | |
Amounts reclassified from AOCL (1) | 5.5 | 5.6 | |
Current period other comprehensive income (loss) | -13.1 | -58.2 | -1.1 |
Accumulated Other Comprehensive Income Loss Net Of Tax Ending Balance | -168.2 | -155.1 | -96.9 |
Pension and Other Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income Loss Net Of Tax Beginning Balance | -85 | -148.2 | -138.8 |
Other comprehensive income (loss) before reclassifications | -62.6 | 58.3 | |
Amounts reclassified from AOCL (1) | 4.7 | 4.9 | |
Current period other comprehensive income (loss) | -57.9 | 63.2 | -9.4 |
Accumulated Other Comprehensive Income Loss Net Of Tax Ending Balance | -142.9 | -85 | -148.2 |
Net Unrealized Gains (Losses) on Securities Available for Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income Loss Net Of Tax Beginning Balance | -46.5 | 52.8 | 43.2 |
Other comprehensive income (loss) before reclassifications | 44.6 | -99.3 | |
Amounts reclassified from AOCL (1) | -1.8 | ||
Current period other comprehensive income (loss) | 42.8 | -99.3 | 9.6 |
Accumulated Other Comprehensive Income Loss Net Of Tax Ending Balance | -3.7 | -46.5 | 52.8 |
Net Unrealized Gain (Losses) On Securities Transferred To Held To Maturity [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income Loss Net Of Tax Beginning Balance | -23.3 | ||
Other comprehensive income (loss) before reclassifications | -23.3 | ||
Amounts reclassified from AOCL (1) | 1.8 | ||
Current period other comprehensive income (loss) | 1.8 | -23.3 | |
Accumulated Other Comprehensive Income Loss Net Of Tax Ending Balance | -21.5 | -23.3 | |
Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income Loss Net Of Tax Beginning Balance | -0.3 | -1.5 | -0.2 |
Other comprehensive income (loss) before reclassifications | -0.6 | 0.5 | |
Amounts reclassified from AOCL (1) | 0.8 | 0.7 | |
Current period other comprehensive income (loss) | 0.2 | 1.2 | -1.3 |
Accumulated Other Comprehensive Income Loss Net Of Tax Ending Balance | ($0.10) | ($0.30) | ($1.50) |
Comprehensive_Income_Summary_o
Comprehensive Income - Summary of Amounts Reclassified from AOCL (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income before income tax expense | ($97.30) | ($91.30) | ($111.20) | ($80.80) | ($88.70) | ($85) | ($94.10) | ($79.80) | ($380.60) | ($347.60) | ($369.30) |
Income tax expense | 32.6 | 29.7 | 38.9 | 27.7 | 29.4 | 26.5 | 32 | 27.3 | 128.9 | 115.2 | 124 |
Net income | -64.7 | -61.6 | -72.3 | -53.1 | -59.3 | -58.5 | -62.1 | -52.5 | -251.7 | -232.4 | -245.3 |
Interest expense - notes and debentures | 26.7 | 24.2 | 8.4 | ||||||||
Total reclassifications for the period | -5.5 | -5.6 | |||||||||
Pension and Other Postretirement Benefits [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net actuarial loss | -8.4 | -8.8 | |||||||||
Prior service credit | 1 | 1.1 | |||||||||
Income before income tax expense | -7.4 | -7.7 | |||||||||
Income tax expense | 2.7 | 2.8 | |||||||||
Net income | -4.7 | -4.9 | |||||||||
Total reclassifications for the period | -4.7 | -4.9 | |||||||||
Net Unrealized Gains (Losses) on Securities Available for Sale [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income before income tax expense | 3 | ||||||||||
Income tax expense | -1.2 | ||||||||||
Net income | 1.8 | ||||||||||
Total reclassifications for the period | 1.8 | ||||||||||
Net Unrealized Gain (Losses) On Securities Transferred To Held To Maturity [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income before income tax expense | -3 | ||||||||||
Income tax expense | 1.2 | ||||||||||
Net income | -1.8 | ||||||||||
Total reclassifications for the period | -1.8 | ||||||||||
Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income before income tax expense | -1.3 | -1.2 | |||||||||
Income tax expense | 0.5 | 0.5 | |||||||||
Net income | -0.8 | -0.7 | |||||||||
Total reclassifications for the period | -0.8 | -0.7 | |||||||||
Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Interest expense - notes and debentures | -1.4 | -1.3 | |||||||||
Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges [Member] | Interest Rate Locks [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Interest expense - notes and debentures | $0.10 | $0.10 |
Comprehensive_Income_Deferred_
Comprehensive Income - Deferred Income Taxes Applicable to Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Equity [Abstract] | |||
Net actuarial loss and other amounts related to pension and other postretirement benefit plans | $83.20 | $50 | $86.50 |
Net unrealized loss (gain) on securities available for sale | 2.2 | 27.3 | -30.8 |
Net unrealized loss on securities transferred to held to maturity | 12.5 | 13.7 | |
Net unrealized loss on derivatives accounted for as cash flow hedges | 0.2 | 0.9 | |
Total deferred income taxes | $97.90 | $91.20 | $56.60 |
Comprehensive_Income_Other_Com
Comprehensive Income - Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Net actuarial gain arising during the year, Pre-Tax | ($98.50) | $92 | ($22.50) |
Reclassification adjustment for net actuarial loss included in net income, Pre-Tax | 8.4 | 8.8 | 7.6 |
Net actuarial gain, Pre-Tax | -90.1 | 100.8 | -14.9 |
Reclassification adjustment for prior service credit included in net income, Pre-Tax | -1 | -1.1 | -1 |
Reclassification adjustment for transition obligation on other postretirement benefits included in net income, Pre-Tax | 0.3 | ||
Reclassification adjustment for transition obligation on other postretirement benefits included in net income, Tax Effect | -0.1 | ||
Reclassification adjustment for transition obligation on other postretirement benefits included in net income, After-Tax | 0.2 | ||
Net actuarial gain and prior service credit, Pre-Tax | -91.1 | 99.7 | -15.6 |
Reclassification adjustment for net realized gains included in net income, Pre-Tax | -3 | ||
Net unrealized holding gains arising during the year, Pre-Tax | 70.9 | -194.4 | 15.1 |
Unrealized holding losses on securities transferred during the year, After-Tax | 37 | ||
Unrealized holding losses on securities transferred during the year, Pre-Tax | 37 | ||
Reclassification adjustment for net realized gains included in net income, Tax Effect | 1.2 | ||
Reclassification adjustment for amortization of unrealized losses on securities transferred to held to maturity included in net income, Pre-Tax | 3 | ||
Unrealized holding losses on securities transferred during the year, Pre-Tax | -37 | ||
Net unrealized gains, Pre-Tax | 67.9 | -157.4 | 15.1 |
Net unrealized holding gains arising during the year, After-Tax | -23.3 | 9.6 | |
Net unrealized losses arising during the year, Tax Effect | -25.1 | 13.7 | -5.5 |
Net unrealized gains, Pre-Tax | 3 | -37 | |
Reclassification adjustment for net realized losses included in net income, Tax Effect | -1.2 | -0.5 | |
Net unrealized gains arising during the year, Pre-Tax | -0.9 | 0.7 | -3.1 |
Net actuarial gain arising during the year, Tax Effect | -33.7 | 0.8 | |
Reclassification adjustment for net realized losses included in net income, Pre-Tax | 1.3 | 1.2 | 1 |
Reclassification adjustment for net actuarial loss included in net income, Tax Effect | -6.7 | -34.6 | -1.5 |
Net unrealized gains, Pre-Tax | 0.4 | 1.9 | -2.1 |
Net actuarial gain, Tax Effect | 35.9 | -36.9 | 8.9 |
Total other comprehensive loss, Pre-Tax | -19.8 | -92.8 | -2.6 |
Reclassification adjustment for net actuarial loss included in net income, Tax Effect | -3.1 | 0.4 | -3 |
Net actuarial gain and prior service credit, Tax Effect | 32.8 | -36.5 | 5.9 |
Net unrealized holding losses arising during the year, Tax Effect | 0.4 | 58.1 | 0.4 |
Net actuarial loss and prior service credit, Tax Effect | 33.2 | 6.2 | |
Unrealized holding losses on securities transferred during the year, Tax Effect | 13.7 | ||
Net unrealized holding gains arising during the year, Tax Effect | -26.3 | 58.1 | -5.5 |
Net unrealized gains arising during the year, Tax Effect | -1.2 | -0.2 | |
Net unrealized gains, Tax Effect | -25.1 | 13.7 | -5.5 |
Net unrealized gains, Tax Effect | -1.2 | -0.5 | |
Net actuarial gain arising during the year, After-Tax | 62.6 | 58.3 | 13.6 |
Reclassification adjustment for net actuarial loss included in net income, After-Tax | -5.3 | 5.6 | -4.6 |
Net actuarial gain, After-Tax | -57.3 | 63.9 | -9 |
28 Net unrealized gains, Tax Effect Other?Comprehensive?Income?Unrealized?Gain?Loss?On?Derivatives?Arising?During?Period?Tax 12/31/2013... (0.7) | -0.2 | -0.7 | 1.1 |
Reclassification adjustment for prior service credit included in net income, After-Tax | -0.6 | -0.7 | -0.6 |
Reclassification adjustment for net realized losses included in net income, Tax Effect | 6.7 | 34.6 | -0.3 |
Net unrealized holding gains arising during the year, After-Tax | 44.6 | -136.3 | |
Net actuarial gain (loss), prior service credit and transition obligation, After-Tax | -57.9 | 63.2 | -9.4 |
Reclassification adjustment for net realized gains included in net income, After-Tax | -1.8 | ||
Reclassification adjustment for amortization of unrealized losses on securities transferred to held to maturity included in net income, After-Tax | 1.8 | ||
Net unrealized gains, After-Tax | 42.8 | -99.3 | |
Net actuarial gain (loss), After-Tax | 1.8 | -23.3 | 9.6 |
Net unrealized gains arising during the year, After-Tax | -0.6 | 0.5 | -2 |
Reclassification adjustment for net realized losses included in net income, After-Tax | 0.8 | 0.7 | 0.7 |
Net unrealized gains, After-Tax | 0.2 | 1.2 | -1.3 |
Total other comprehensive loss, After-Tax | ($13.10) | ($58.20) | ($1.10) |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Average compensation term on which pension plan benefits are based, in years | 5 years | ||||
Average compensation term within last ten years on which pension plan benefits are based, in years | 5 years | ||||
Term considered when determining employee pension benefits, in years | 10 years | ||||
Minimum age requirement to participate in pension plan, years | 18 years | ||||
Minimum service hours per year requirement to participate in pension plan | 1000 hours | ||||
Pension plan assets measured at fair value | $398.40 | $387.70 | |||
Defined benefit plan, accumulated benefit obligations | 60.4 | 59 | |||
Trust assets | 37.1 | 40.7 | |||
Amortization of unrecognized gain loss over average remaining life of plan participants | 30 years | ||||
Maximum percentage of any individual security | 3.00% | ||||
Percentage of equity holdings invested in international equities | 50.00% | ||||
Maximum percentage of fixed income holdings invested in issues rated below Baa | 30.00% | ||||
Market value of total plan assets | 2.50% | ||||
ESOP, shares to be purchased | 10,453,575 | ||||
ESOP loan | 216.8 | 192.1 | |||
Loan repayments expected annual through 2036 | 18.8 | ||||
Cash dividends paid on unallocated ESOP shares | 5.3 | 5.4 | 5.6 | ||
Minimum age requirement to participate in ESOP | 18 years | ||||
Minimum amount of hours within in 12 months of hire needed to participate in ESOP | 1,000 | ||||
ESOP common stock allocated | 2,787,620 | ||||
Employee stock ownership plan (ESOP), number of shares | 7,700,000 | 8,000,000 | |||
Fair value of deferred ESOP shares | 116.4 | ||||
ESOP compensation expense | 5.1 | 4.9 | 4.2 | ||
Maximum percentage of pre-tax compensation an employee can contribute to savings plan | 50.00% | ||||
Percentage of matching contribution on employee savings plan | 100.00% | ||||
Related benefit obligation | 19.9 | ||||
Employee savings plan expense | 436 | 427.1 | 418.9 | ||
Chittenden Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, expected future benefit payments in year two | 2.5 | ||||
Defined benefit plan, expected future benefit payments in year three | 2.8 | ||||
Defined benefit plan, expected future benefit payments in year four | 2.5 | ||||
Defined benefit plan, expected future benefit payments in year five | 2.8 | ||||
Defined benefit plan, expected future benefit payments after five years | 2.7 | ||||
Pension plan assets measured at fair value | 41.5 | ||||
Defined benefit plan, projected benefit obligations | 48.9 | ||||
Expected long-term rate of return assumption | 8.00% | 8.00% | 4.25% | ||
Net periodic benefit expense (income) | -0.2 | -0.1 | 1.2 | ||
Discount rate | 4.90% | 4.00% | 4.50% | ||
Expected employer contributions | 10 | ||||
Unfunded projected benefit obligation liability and funded status assets recognized | -7.4 | -1.2 | |||
Discount rate used in determining projected benefit obligation | 4.00% | ||||
Net actuarial loss | 20.5 | ||||
Net actuarial loss, net of tax | 12.9 | ||||
Pre-tax prior service credits | 2.8 | ||||
Net prior service credit | 1.8 | ||||
Partial settlement charge | 1.2 | 1 | 1 | ||
Net periodic benefit expense in funded plan expected | 0.3 | ||||
Employer contributions | 16 | ||||
Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated unrecognized gain or loss percentage for amortization of actuarial gain loss | 10.00% | ||||
Qualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage employer will match on pre-tax compensation | 3.00% | ||||
Defined benefit plan, accumulated benefit obligations | 425.9 | ||||
Defined benefit plan, projected benefit obligations | 425.9 | ||||
Expected long-term rate of return assumption | 8.00% | 7.50% | |||
Net periodic benefit expense (income) | -5.3 | ||||
Discount rate | 4.20% | ||||
Defined benefit plan, mortality rate impact to benefit obligations | 31 | ||||
Expected employer contributions | 40 | ||||
Employee Savings Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Trust assets | 7.3 | ||||
Employee savings plan expense | 20.1 | 20 | 20.6 | ||
Employee Savings Plan [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage employer will match on pre-tax compensation | 4.00% | ||||
Supplemental Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, accumulated benefit obligations | 40.5 | ||||
Defined benefit plan, projected benefit obligations | 40.5 | ||||
Trust assets | 29.8 | ||||
Other Pension Plan, Postretirement or Supplemental Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected employer contributions | 3.8 | ||||
Pension Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, expected future benefit payments in year one | 17.1 | ||||
Defined benefit plan, expected future benefit payments in year two | 17.3 | ||||
Defined benefit plan, expected future benefit payments in year three | 21 | ||||
Defined benefit plan, expected future benefit payments in year four | 21.1 | ||||
Defined benefit plan, expected future benefit payments in year five | 20.8 | ||||
Defined benefit plan, expected future benefit payments after five years | 117.1 | ||||
Defined benefit plan, accumulated benefit obligations | 466.4 | 385.6 | |||
Defined benefit plan, projected benefit obligations | 466.4 | 385.6 | 431.2 | ||
Expected actuarial net gain (loss) | 6 | ||||
Expected long-term rate of return assumption | 8.00% | 8.00% | 8.00% | ||
Net periodic benefit expense (income) | -3.2 | -2.3 | -3.2 | ||
Discount rate | 5.10% | 4.25% | 4.60% | ||
Unfunded projected benefit obligation liability and funded status assets recognized | -68 | 2.1 | |||
Discount rate used in determining projected benefit obligation | 4.20% | 5.10% | 4.25% | ||
Net actuarial loss | -203.5 | -123.4 | |||
Partial settlement charge | -2 | -0.4 | -1 | ||
Pension Benefits [Member] | Qualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, accumulated benefit obligations | 425.9 | 346.2 | |||
Defined benefit plan, projected benefit obligations | 425.9 | 346.2 | |||
Pension Benefits [Member] | Supplemental Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, accumulated benefit obligations | 40.5 | 39.4 | |||
Defined benefit plan, projected benefit obligations | 40.5 | 39.4 | |||
Other Postretirement Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, expected future benefit payments in year one | 0.9 | ||||
Defined benefit plan, expected future benefit payments in year two | 0.9 | ||||
Defined benefit plan, expected future benefit payments in year three | 0.9 | ||||
Defined benefit plan, expected future benefit payments in year four | 0.9 | ||||
Defined benefit plan, expected future benefit payments in year five | 0.9 | ||||
Defined benefit plan, expected future benefit payments after five years | 4 | ||||
Defined benefit plan, projected benefit obligations | 14.6 | 10.3 | 12 | ||
Expected actuarial net gain (loss) | -0.3 | ||||
Prior service credit | -0.2 | ||||
Net periodic benefit expense (income) | 0.4 | 0.5 | 0.8 | ||
Discount rate | 5.10% | 4.25% | 4.60% | ||
Unfunded projected benefit obligation liability and funded status assets recognized | -14.6 | -10.3 | |||
Discount rate used in determining projected benefit obligation | 4.20% | 5.10% | 4.25% | ||
Net actuarial loss | -5.1 | -0.3 | |||
Pre-tax prior service credits | ($0.20) | ($0.40) |
Employee_Benefit_Plans_Changes
Employee Benefit Plans - Changes in Benefit Obligations and Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
End of year | $398.40 | $387.70 | |
Other assets | 719.9 | 710 | |
Other liabilities | -500.6 | -391.9 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning of year | 10.3 | 12 | |
Service cost | 0.1 | 0.2 | 0.2 |
Interest cost | 0.5 | 0.5 | 0.5 |
Actuarial loss (gain) | 4.8 | -1.4 | |
Benefits paid | -1.1 | -1 | |
End of year | 14.6 | 10.3 | 12 |
Other liabilities | -14.6 | -10.3 | |
Funded status at end of year | -14.6 | -10.3 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning of year | 385.6 | 431.2 | |
Interest cost | 19.3 | 17.9 | 17.6 |
Actuarial loss (gain) | 81.6 | -48.1 | |
Benefits paid | -15.4 | -14.5 | |
Settlements | -4.7 | -0.9 | |
End of year | 466.4 | 385.6 | 431.2 |
Other assets | 41.5 | ||
Other liabilities | -68 | -39.4 | |
Funded status at end of year | -68 | 2.1 | |
Fair Value of Plan Assets [Member] | Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 1.1 | 1 | |
Benefits paid | -1.1 | -1 | |
Funded status at end of year | -14.6 | -10.3 | |
Fair Value of Plan Assets [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning of year | 387.7 | 334.9 | |
Actual return on assets | 23.9 | 64.7 | |
Employer contributions | 6.9 | 3.5 | |
Benefits paid | -15.4 | -14.5 | |
Settlements | -4.7 | -0.9 | |
End of year | 398.4 | 387.7 | |
Funded status at end of year | ($68) | $2.10 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans - Accumulated and Projected Benefit Obligations (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, accumulated benefit obligations | $60.40 | $59 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, accumulated benefit obligations | 466.4 | 385.6 | |
Defined benefit plan, projected benefit obligations | 466.4 | 385.6 | 431.2 |
Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, accumulated benefit obligations | 425.9 | ||
Defined benefit plan, projected benefit obligations | 425.9 | ||
Qualified Plan [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, accumulated benefit obligations | 425.9 | 346.2 | |
Defined benefit plan, projected benefit obligations | 425.9 | 346.2 | |
Supplemental Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, accumulated benefit obligations | 40.5 | ||
Defined benefit plan, projected benefit obligations | 40.5 | ||
Supplemental Plans [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, accumulated benefit obligations | 40.5 | 39.4 | |
Defined benefit plan, projected benefit obligations | $40.50 | $39.40 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit (Income) Expense and Other Amounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss (gain) | $98.50 | ($92) | $22.50 |
Transition obligation | -0.3 | ||
Total pre-tax changes recognized in other comprehensive loss | 91.1 | -99.7 | 15.6 |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.1 | 0.2 | 0.2 |
Interest cost | 0.5 | 0.5 | 0.5 |
Amortization of unrecognized net transition obligation | 0.3 | ||
Recognized prior service credit | -0.2 | -0.2 | -0.2 |
Net periodic benefit (income) expense | 0.4 | 0.5 | 0.8 |
Net actuarial loss (gain) | 4.8 | -1.3 | 0.2 |
Transition obligation | -0.3 | ||
Prior service credit | 0.2 | 0.2 | 0.2 |
Total pre-tax changes recognized in other comprehensive loss | 5 | -1.1 | 0.1 |
Total recognized in net periodic benefit (income) expense and other comprehensive loss | 5.4 | -0.6 | 0.9 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 19.3 | 17.9 | 17.6 |
Expected return on plan assets | -28.5 | -26.6 | -26.3 |
Recognized net actuarial loss | 4 | 6 | 4.5 |
Settlements | 2 | 0.4 | 1 |
Net periodic benefit (income) expense | -3.2 | -2.3 | -3.2 |
Net actuarial loss (gain) | 80.1 | -92.6 | 14 |
Total pre-tax changes recognized in other comprehensive loss | 80.1 | -92.6 | 14 |
Total recognized in net periodic benefit (income) expense and other comprehensive loss | $76.90 | ($94.90) | $10.80 |
Employee_Benefit_Plans_PreTax_
Employee Benefit Plans - Pre-Tax Amounts in Accumulated Other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $5.10 | $0.30 |
Prior service credit | -0.2 | -0.4 |
Total pre-tax amounts included in AOCL | 4.9 | -0.1 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 203.5 | 123.4 |
Total pre-tax amounts included in AOCL | $203.50 | $123.40 |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans - Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Expense (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Postretirement Benefits [Member] | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 4.20% | 5.10% | 4.25% |
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||
Discount rate | 5.10% | 4.25% | 4.60% |
Assumed health care cost trend rates at December 31: | |||
Health care cost trend rate assumed for next year | 7.05% | 7.25% | 7.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2027 | 2027 | 2027 |
Pension Benefits [Member] | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 4.20% | 5.10% | 4.25% |
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||
Discount rate | 5.10% | 4.25% | 4.60% |
Expected return on plan assets | 8.00% | 8.00% | 8.00% |
Employee_Benefit_Plans_Assets_
Employee Benefit Plans - Assets Allocation (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Target Rate | 5.00% |
Policy Range Rate Minimum | 0.00% |
Policy Range Rate Maximum | 20.00% |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Target Rate | 65.00% |
Policy Range Rate Minimum | 50.00% |
Policy Range Rate Maximum | 75.00% |
Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Target Rate | 30.00% |
Policy Range Rate Minimum | 20.00% |
Policy Range Rate Maximum | 50.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value of Plan Assets (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 72.00% | 73.00% |
Cash and Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 28.00% | 27.00% |
Employee_Benefit_Plans_Plan_As
Employee Benefit Plans - Plan Assets Measured at Fair Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | $398.40 | $387.70 |
Corporate, Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 221.4 | 216.3 |
Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 5.6 | |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 6.3 | 4.8 |
Equity Securities [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 64 | 65.9 |
Fixed Income Securities [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 23.5 | 23.2 |
Fixed Income Securities [Member] | Corporate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 66.7 | 60.1 |
Fixed Income Securities [Member] | State and Municipal [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 10.9 | 9.5 |
Fixed Income Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 2.9 | |
Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 5 | |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 227.7 | 221.1 |
Level 1 [Member] | Corporate, Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 221.4 | 216.3 |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 6.3 | 4.8 |
Level 1 [Member] | Equity Securities [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 1 [Member] | Fixed Income Securities [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 1 [Member] | Fixed Income Securities [Member] | Corporate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 1 [Member] | Fixed Income Securities [Member] | State and Municipal [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 1 [Member] | Fixed Income Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 1 [Member] | Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 170.7 | 166.6 |
Level 2 [Member] | Corporate, Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 2 [Member] | Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 5.6 | |
Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 2 [Member] | Equity Securities [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 64 | 65.9 |
Level 2 [Member] | Fixed Income Securities [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 23.5 | 23.2 |
Level 2 [Member] | Fixed Income Securities [Member] | Corporate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 66.7 | 60.1 |
Level 2 [Member] | Fixed Income Securities [Member] | State and Municipal [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 10.9 | 9.5 |
Level 2 [Member] | Fixed Income Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 2.9 | |
Level 2 [Member] | Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | 5 | |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 3 [Member] | Corporate, Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 3 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 3 [Member] | Equity Securities [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 3 [Member] | Fixed Income Securities [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 3 [Member] | Fixed Income Securities [Member] | Corporate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 3 [Member] | Fixed Income Securities [Member] | State and Municipal [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 3 [Member] | Fixed Income Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value | ||
Level 3 [Member] | Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets measured at fair value |
Stock_Based_Compensation_Plans
Stock Based Compensation Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted, vesting period | 4 years | |||
Options granted, vesting period | 1 year | |||
Long-term incentive plan | 4,953,624 | 3,164,607 | 1,409,151 | |
Employee benefits and share based compensation expense | $14,900,000 | $13,900,000 | $15,100,000 | |
Total cost of shares repurchased and retired | 3,000,000 | 2,200,000 | 2,300,000 | |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee benefits and share based compensation expense | 5,400,000 | 4,300,000 | 3,200,000 | |
Unamortized cost for unvested stock options estimated forfeiture rate | 5.00% | |||
Unamortized cost for unvested options and awards | 7,600,000 | |||
Intrinsic value of stock options exercised | 1,100,000 | 1,300,000 | 300,000 | |
Weighted-average vesting period, years | 8 years 1 month 6 days | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee benefits and share based compensation expense | 8,700,000 | 8,800,000 | 11,100,000 | |
Unamortized cost for unvested stock options estimated forfeiture rate | 5.20% | |||
Unamortized cost for unvested options and awards | 10,900,000 | |||
Weighted-average vesting period, years | 1 year 8 months 12 days | |||
Fair value of restricted stock awards | 10,300,000 | 9,400,000 | 10,100,000 | |
Minimum tax withholding obligations upon the vesting of restricted stock awards granted | 229,635 | 205,943 | 198,431 | |
Total cost of shares repurchased and retired | 3,000,000 | 2,200,000 | 2,300,000 | |
Share based compensation arrangement by share based payment award grants in period weighted average grant date fair value | $14.01 | $13.15 | $12.57 | |
Incentive Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted under the Incentive Plans after two years | 66.00% | 50.00% | ||
Options granted under the Incentive Plans after three years | 100.00% | 75.00% | ||
Options granted under the Incentive Plans after four years | 100.00% | |||
Options granted under the Incentive Plans after one year | 33.00% | |||
Options granted, vesting period | 2 years | 2 years | ||
Options granted, vesting period | 3 years | 3 years | ||
New awards granted | 0 | |||
Long-term incentive plan | 562,355 | 3,164,607 | 1,409,151 | |
Weighted-average grant-date fair value of options | $1.51 | $2.23 | $2.18 | |
Dividend yield | 4.70% | 5.00% | 5.10% | |
Expected volatility rate | 22.00% | 33.00% | 33.00% | |
Risk-free interest rate | 1.60% | 0.90% | 1.20% | |
Expected option life, years | 5 years | 5 years | 6 years | |
Incentive Plans [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option expiration, maximum term | 10 years | |||
Directors' Equity Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock reserved for issuance under the Directors' Equity Plan | 1,192,500 | |||
Reserved shares remaining, available for future awards | 313,761 | |||
New awards granted | 57,330 | 58,896 | 59,352 | |
Employee benefits and share based compensation expense | 800,000 | 800,000 | 800,000 | |
Director's equity compensation plan fair value | $95,000 | |||
Share based compensation arrangement by share based payment award grants in period weighted average grant date fair value | $14.63 | $12.76 | $12.68 | |
2014 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock reserved for issuance under the Directors' Equity Plan | 34,000,000 | |||
Reserved shares remaining, available for future awards | 32,656,254 | |||
Number of shares depleted for every share subject to award other than option or stock appreciation right | $5.32 | |||
Number of shares depleted, Terms | Number of shares of common stock reserved under the 2014 Plan is depleted by one share for each option or stock appreciation right, and by 5.32 shares for every share that is subject to an award other than an option or stock appreciation right. | |||
2007 Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock and stock options per year over a five year period, in years | 20.00% | |||
Long-term incentive plan | 4,391,269 |
Stock_Based_Compensation_Plans1
Stock Based Compensation Plans - Summary of Stock Option Incentive Plan (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options outstanding Beginning Balance | 14,217,074 | 12,156,806 | 11,513,125 |
Granted | 4,953,624 | 3,164,607 | 1,409,151 |
Forfeited | -896,003 | -840,292 | -709,816 |
Exercised | -476,290 | -264,047 | -55,654 |
Options outstanding at Ending Balance | 17,798,405 | 14,217,074 | 12,156,806 |
Options Exercisable Ending Balance | 10,556,742 | ||
Options outstanding Weighted Exercise Price Beginning Balance | $15.43 | $15.95 | $16.37 |
Granted | $13.94 | $13.01 | $12.62 |
Forfeited | $15.13 | $15.54 | $16.84 |
Exercised | $12.48 | $9.73 | $6.90 |
Options outstanding Weighted Average Exercise Price Ending Balance Years | $15.11 | $15.43 | $15.95 |
Options Exercisable Weighted Average Exercise Price | $16.14 | ||
Options Outstanding Weighted Average Remaining Contractual Term, in years | 5 years 8 months 12 days | ||
Options Exercisable Weighted Average Remaining Contractual Term | 3 years 8 months 12 days | ||
Options Outstanding Aggregate Intrinsic Value | $17.90 | ||
Options Exercisable Aggregate Intrinsic Value | $6.50 |
Stock_Based_Compensation_Plans2
Stock Based Compensation Plans - Summary of Option Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
11.52 - 13.05 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Exercise Price minimum | $11.52 |
Options Exercise Price maximum | $13.05 |
Number of options outstanding | 4,280,046 |
Remaining Life | 7 years 1 month 6 days |
Exercise Price | $12.78 |
Number of options exercisable | 2,107,323 |
Weighted Average Exercise Price | $12.70 |
13.42 - 15.80 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Exercise Price minimum | $13.42 |
Options Exercise Price maximum | $15.80 |
Number of options outstanding | 7,357,608 |
Remaining Life | 7 years 6 months |
Exercise Price | $14.23 |
Number of options exercisable | 2,288,668 |
Weighted Average Exercise Price | $14.91 |
16.07 - 17.76 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Exercise Price minimum | $16.07 |
Options Exercise Price maximum | $17.76 |
Number of options outstanding | 2,342,475 |
Remaining Life | 6 years 3 months 18 days |
Exercise Price | $16.95 |
Number of options exercisable | 2,342,475 |
Weighted Average Exercise Price | $16.95 |
18.10 - 21.63 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Exercise Price minimum | $18.10 |
Options Exercise Price maximum | $21.63 |
Number of options outstanding | 3,818,276 |
Remaining Life | 2 years 4 months 24 days |
Exercise Price | $18.28 |
Number of options exercisable | 3,818,276 |
Weighted Average Exercise Price | $18.28 |
Stock_Based_Compensation_Plans3
Stock Based Compensation Plans - Summary of Stock Award Incentive Plans (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 660,617 | 617,796 | 640,254 | |
Forfeited | -95,700 | -44,046 | -88,319 | |
Vested | -730,600 | -621,956 | -807,554 | |
Unvested restricted shares outstanding | 1,367,532 | 1,533,215 | 1,581,421 | 1,837,040 |
Granted | $14.01 | $13.15 | $12.57 | |
Forfeited | $13.53 | $12.85 | $13.89 | |
Vested | $13.22 | $14.08 | $16.31 | |
Unvested restricted shares outstanding, Weighted-Average Grant Date Fair Value | $13.47 | $13.12 | $13.48 | $15.06 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value transfers between level 1 and level 2 | $0 | $0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount to impaired loans | 10.00% | |
Maximum [Member] | Risk Participation Agreements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | $0.10 | $0.10 |
GSE Residential Mortgage-Backed Securities and CMOs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Maturity period of available-for-sale residential mortgage-backed securities portfolio | 10 years | 15 years |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account securities | $8.30 | $8.30 |
Securities available for sale, at fair value | 3,993.70 | 4,208.20 |
Other assets | 719.9 | 710 |
Fair Values, Assets | 132.4 | 91.9 |
Fair Values, Liabilities | 97 | 77 |
Fair value of total assets measured at fair value on a recurring basis | 4,171.50 | 4,348.60 |
Fair value of total liabilities measured at fair value on a recurring basis | 97 | 77 |
US Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account securities | 8.3 | 8.3 |
Exchange Traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 30.3 | 30.7 |
Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 6 | 9.2 |
Equity Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0.8 | 0.3 |
U.S. Treasury and Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 56.8 | 48.9 |
GSE Residential Mortgage-Backed Securities and CMOs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 3,936.70 | 4,096.40 |
Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 60.2 | |
Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 2.5 | |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0.2 | 0.2 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 131.1 | 91.8 |
Fair Values, Liabilities | 95.8 | 76.7 |
Forward Commitments to Sell Residential Mortgage Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 0.5 | 0.1 |
Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 0.8 | |
Fair Values, Liabilities | 0.5 | 0.1 |
Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Liabilities | 0.7 | 0.2 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of total assets measured at fair value on a recurring basis | 96.2 | 87.9 |
Level 1 [Member] | US Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account securities | 8.3 | 8.3 |
Level 1 [Member] | Exchange Traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 30.3 | 30.7 |
Level 1 [Member] | Equity Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0.8 | |
Level 1 [Member] | U.S. Treasury and Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 56.8 | 48.9 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of total assets measured at fair value on a recurring basis | 4,075.30 | 4,260.70 |
Fair value of total liabilities measured at fair value on a recurring basis | 97 | 77 |
Level 2 [Member] | Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 6 | 9.2 |
Level 2 [Member] | Equity Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0.3 | |
Level 2 [Member] | GSE Residential Mortgage-Backed Securities and CMOs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 3,936.70 | 4,096.40 |
Level 2 [Member] | Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 60.2 | |
Level 2 [Member] | Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 2.5 | |
Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0.2 | 0.2 |
Level 2 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 131.1 | 91.8 |
Fair Values, Liabilities | 95.8 | 76.7 |
Level 2 [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 0.5 | 0.1 |
Level 2 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 0.8 | |
Fair Values, Liabilities | 0.5 | 0.1 |
Level 2 [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Liabilities | $0.70 | $0.20 |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $34.20 | $23.30 |
Impaired loans | 66.5 | 80 |
REO and repossessed assets | 27.1 | 31.2 |
Total assets measured at fair value on non-recurring basis | 127.8 | 134.5 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 34.2 | 23.3 |
Total assets measured at fair value on non-recurring basis | 34.2 | 23.3 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 66.5 | 80 |
REO and repossessed assets | 27.1 | 31.2 |
Total assets measured at fair value on non-recurring basis | $93.60 | $111.20 |
Fair_Value_Measurements_Assets2
Fair Value Measurements - Assets Measured at Fair Value on Non-Recurring Basis (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impaired loans | $66.50 | $80 | $66.50 | $80 | |||||||
Charge-offs to the allowance for loan losses related to loans | 9.9 | 12.4 | 8.8 | 9.5 | 10 | 12.1 | 9.2 | 12.4 | 40.6 | 43.7 | 49.2 |
Repossessed assets | 2.5 | 4.5 | 2.5 | 4.5 | |||||||
Write downs and net loss on sale of foreclosed/repossessed assets charged to non-interest expense total | 207.7 | 208.8 | 208.3 | 216.7 | 208.7 | 212.5 | 205.8 | 212 | 841.5 | 839 | 830.6 |
Residential Mortgage [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Fair value adjustments | 0 | 0 | |||||||||
Real estate owned | 13.6 | 13.6 | |||||||||
Commercial [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impaired loans | 48.7 | 48.7 | |||||||||
Commercial Real Estate [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Real estate owned | 11 | 11 | |||||||||
Write Down Net Loss on Sale of Foreclosed Assets [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Write downs and net loss on sale of foreclosed/repossessed assets charged to non-interest expense total | 5.1 | 5.9 | |||||||||
Retail Loans [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impaired loans | 17.8 | 17.8 | |||||||||
Impaired Loans [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Charge-offs to the allowance for loan losses related to loans | 10.9 | 14 | |||||||||
REO and Repossessed Assets [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Charge-offs to the allowance for loan losses related to loans | $1.20 | $1.80 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | $345.10 | $350.80 | |
Short-term investments | 668.6 | 123.6 | |
Securities purchased under agreements to resell | 100 | ||
Securities held to maturity | 834.3 | 640.5 | |
FHLB stock | 175.7 | 175.7 | |
Time deposits | 5,230.70 | 4,382.90 | |
FHLB advances | 2,291.70 | 3,719.80 | 1,178.30 |
Federal funds purchased | 913 | 825 | 619 |
Repurchase agreements | 486 | 501.2 | 588.2 |
Notes and debentures | 1,033.50 | 639.1 | |
Other borrowings | 1 | 11 | 1 |
Commercial Customers [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Repurchase agreements | 486 | 501.2 | |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 345.1 | 350.8 | |
Short-term investments | 668.6 | 123.6 | |
Securities purchased under agreements to resell | 100 | ||
Securities held to maturity | 834.3 | 640.5 | |
FHLB stock | 175.7 | 175.7 | |
Total loans, net (1) | 26,327.20 | 24,122.50 | |
Time deposits | 5,230.70 | 4,382.90 | |
Other deposits | 20,907.50 | 18,174.40 | |
FHLB advances | 2,291.70 | 3,719.80 | |
Federal funds purchased | 913 | 825 | |
Notes and debentures | 1,033.50 | 639.1 | |
Other borrowings | 10 | ||
Carrying Amount [Member] | Commercial Customers [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Repurchase agreements | 486 | 501.2 | |
Carrying Amount [Member] | Institutional Counterparties [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Repurchase agreements | 1 | 1 | |
Estimated Fair Value Measurements [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 345.1 | 350.8 | |
Short-term investments | 668.6 | 123.6 | |
Securities purchased under agreements to resell | 100 | ||
Securities held to maturity | 881.6 | 642.5 | |
FHLB stock | 175.7 | 175.7 | |
Total loans, net (1) | 26,307.30 | 23,887.40 | |
Time deposits | 5,262.60 | 4,434.90 | |
Other deposits | 20,907.50 | 18,174.40 | |
FHLB advances | 2,298.50 | 3,728.20 | |
Federal funds purchased | 913 | 825 | |
Notes and debentures | 1,040.80 | 613.2 | |
Other borrowings | 10 | ||
Estimated Fair Value Measurements [Member] | Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 345.1 | 350.8 | |
Estimated Fair Value Measurements [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | 668.6 | 123.6 | |
Securities purchased under agreements to resell | 100 | ||
Securities held to maturity | 880.1 | 641.5 | |
FHLB stock | 175.7 | 175.7 | |
Total loans, net (1) | 4,798.50 | 4,390.90 | |
Time deposits | 5,262.60 | 4,434.90 | |
Other deposits | 20,907.50 | 18,174.40 | |
FHLB advances | 2,298.50 | 3,728.20 | |
Federal funds purchased | 913 | 825 | |
Notes and debentures | 1,040.80 | 613.2 | |
Other borrowings | 10 | ||
Estimated Fair Value Measurements [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities held to maturity | 1.5 | 1 | |
Total loans, net (1) | 21,508.80 | 19,496.50 | |
Estimated Fair Value Measurements [Member] | Commercial Customers [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Repurchase agreements | 486 | 501.2 | |
Estimated Fair Value Measurements [Member] | Commercial Customers [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Repurchase agreements | 486 | 501.2 | |
Estimated Fair Value Measurements [Member] | Institutional Counterparties [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Repurchase agreements | 1 | 1 | |
Estimated Fair Value Measurements [Member] | Institutional Counterparties [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Repurchase agreements | $1 | $1 |
Fair_Value_Measurements_Carryi1
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Impaired loans | $66.50 | $80 |
Legal_Proceedings_and_Lease_Co1
Legal Proceedings and Lease Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Contingencies [Line Items] | |||
2015 | $59.20 | ||
2016 | 56.6 | ||
2017 | 51.4 | ||
2018 | 45.9 | ||
2019 | 42.4 | ||
2020 through 2054 | 165.9 | ||
Rent expense under operating leases | $59.10 | $58.10 | $52.50 |
Waterford Township Police & Fire Retirement [Member] | |||
Loss Contingencies [Line Items] | |||
Complaint filed date | 25-Feb-10 | ||
Yourgal [Member] | |||
Loss Contingencies [Line Items] | |||
Complaint filed date | 29-Mar-10 | ||
Marta Farb, on Behalf of Herself and All Others Similarly Situated Case [Member] | |||
Loss Contingencies [Line Items] | |||
Complaint filed date | 22-Apr-11 | ||
Dismissal date | 28-Jul-14 |
Financial_Instruments_Summary_
Financial Instruments - Summary of Contractual or Notional Amounts of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commercial [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Loan origination commitments and unadvanced of credit | $3,337.20 | $3,290.70 |
Consumer [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Loan origination commitments and unadvanced of credit | 2,455.90 | 2,334.70 |
Commercial Real Estate [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Loan origination commitments and unadvanced of credit | 880.1 | 994.2 |
Residential Mortgage [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Loan origination commitments and unadvanced of credit | 111.8 | 100.7 |
Forward Commitments to Sell Residential Mortgage Loans [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 35.3 | 31.3 |
Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 57.5 | 39.7 |
Stand-By Letters of Credit [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Lending-Related Financial Instruments | 148.3 | 153.1 |
Commercial Letters of Credit [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Lending-Related Financial Instruments | 3.2 | 0.4 |
Interest Rate Swaps [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 125 | |
Interest Rate Swaps [Member] | Subordinated Notes [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 500 | 125 |
Interest Rate Swaps [Member] | Customer [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 3,380.20 | 2,514.70 |
Interest Rate Swaps [Member] | Counterparty [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 3,380.20 | 2,514.70 |
Risk Participation Agreements [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 150.1 | 62.4 |
Foreign Exchange Contracts [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | $49.60 | $10.30 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Derivative [Line Items] | ||||
Average period extended for letter of credit | 1 year | |||
Loan commitments and letters of credit | $2.50 | $2.90 | ||
Aggregate fair value of derivative instruments | 7 | |||
Collateral posted in normal course of business | 6.2 | |||
Additional collateral required if senior unsecured debt had fallen below investment grade | 0.8 | |||
Subordinated notes | 125 | |||
Subordinated notes fixed interest rate | 5.80% | |||
Unrealized gain on derivatives | -0.9 | 0.7 | -3.1 | |
Subordinated Notes [Member] | ||||
Derivative [Line Items] | ||||
LIBOR basis points | Three-month LIBOR | |||
Basis points | 0.69% | |||
Interest Rate Swaps [Member] | ||||
Derivative [Line Items] | ||||
Derivative; fixed-rate (Pay fixed/receive floating interest Interest rate swap) | 1.99% | |||
Notional amount of derivatives | 125 | |||
Interest Rate Swaps [Member] | Fair Value [Member] | ||||
Derivative [Line Items] | ||||
Subordinated notes | 400 | |||
LIBOR basis points | Three-month LIBOR | |||
Basis points | 1.27% | |||
Notional amount of derivatives | 375 | |||
Treasury Forward Interest Rate Locks ("T-Locks") [Member] | ||||
Derivative [Line Items] | ||||
Derivative instruments hedge description | To hedge the risk that the 10-year U.S. Treasury yield would rise | |||
Unrealized gain on derivatives | 0.9 | |||
Notes and debentures | 500 | |||
Period hedged items affected earnings, years | 10 years | |||
Total unrecognized gain | $0.10 |
Financial_Instruments_Schedule
Financial Instruments - Schedule of Notional Amounts and Fair Values of Derivatives Outstanding (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total, Derivatives Not Designated as Hedging Instruments, Fair Values, Assets | $117.30 | $91.90 |
Total, Derivatives Designated as Hedging Instruments, Fair Values, Assets | 15.1 | |
Total Derivatives Fair value,Assets | 132.4 | 91.9 |
Total, Derivatives Not Designated as Hedging Instruments, Fair Values, Liabilities | 96 | 75.5 |
Total, Derivatives Designated as Hedging Instruments, Fair Values, Liabilities | 1 | 1.5 |
Fair Values, Liabilities | 97 | 77 |
Risk Participation Agreements [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 150.1 | 62.4 |
Interest Rate Swaps [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 125 | |
Total Derivatives Fair value,Assets | 26.9 | 59 |
Fair Values, Liabilities | 87.5 | 29.4 |
Interest Rate Swaps [Member] | Fair Value [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 375 | |
Interest Rate Swaps [Member] | Commercial Customers [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 3,380.20 | 2,514.70 |
Derivatives Not Designated as Hedging Instruments, Interest rate swaps, Fair Values, Assets | 104.2 | 32.8 |
Derivatives Not Designated as Hedging Instruments, Foreign exchange contracts, Fair Values, Liabilities | 8.3 | 47.3 |
Interest Rate Swaps [Member] | Institutional Counterparties [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 3,380.20 | 2,514.70 |
Derivatives Not Designated as Hedging Instruments, Interest rate swaps, Fair Values, Assets | 11.8 | 59 |
Derivatives Not Designated as Hedging Instruments, Foreign exchange contracts, Fair Values, Liabilities | 86.5 | 27.9 |
Interest Rate Swaps [Member] | Subordinated Notes [Member] | Cash Flow [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 125 | 125 |
Derivative Assets Designated as Hedging Instruments, Fair Values, Assets | 0 | 0 |
Total, Derivatives Designated as Hedging Instruments, Fair Values, Liabilities | 1 | 1.5 |
Interest Rate Swaps [Member] | Subordinated Notes [Member] | Fair Value [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 375 | |
Derivative Assets Designated as Hedging Instruments, Fair Values, Assets | 15.1 | |
Total, Derivatives Designated as Hedging Instruments, Fair Values, Liabilities | 0 | 0 |
Foreign Exchange Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 49.6 | 10.3 |
Derivatives Not Designated as Hedging Instruments, Foreign exchange contracts, Fair Values, Assets | 0.8 | |
Total Derivatives Fair value,Assets | 0.8 | |
Derivatives Not Designated as Hedging Instruments, Interest rate swaps, Fair Values, Liabilities | 0.5 | 0.1 |
Fair Values, Liabilities | 0.5 | 0.1 |
Forward Commitments to Sell Residential Mortgage Loans [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 35.3 | 31.3 |
Forward commitments to sell residential mortgage loans | 0.5 | 0.1 |
Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 57.5 | 39.7 |
Derivatives Not Designated as Hedging Instruments, Foreign exchange contracts, Fair Values, Liabilities | $0.70 | $0.20 |
Financial_Instruments_Schedule1
Financial Instruments - Schedule of Notional Amounts and Fair Values of Derivatives Outstanding (Parenthetical) (Detail) (Maximum [Member], Derivatives Not Designated as Hedging Instruments [Member], Risk Participation Agreements [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Maximum [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivatives | $0.10 | $0.10 |
Financial_Instruments_Impact_o
Financial Instruments - Impact of Derivatives on Pre-Tax Income and Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | $12.80 | $10.20 | $2 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | -0.9 | 0.7 | -3.1 |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 8.9 | 11.4 | 3 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Commercial Customers [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 165.4 | -54.2 | 36.1 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Institutional Counterparties [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | -156.9 | 64.7 | -32.8 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 0.4 | 0.1 | -0.3 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 0.1 | 0.2 | |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 0.4 | -2.9 | 2.1 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | -0.5 | 3.5 | -2.1 |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 3.9 | -1.2 | -1 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | -0.9 | 0.7 | -3.1 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Cash Flow [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | -1.4 | -1.3 | -1 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | -0.9 | 0.7 | -4 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Fair Value [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 5.2 | ||
Derivatives Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | Cash Flow [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 0.1 | 0.1 | |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | $0.90 |
Balance_Sheet_Offsetting_Summa
Balance Sheet Offsetting - Summary of Gross Presentation, Financial Instruments that are Eligible for Offset in Consolidated Statement of Condition (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial assets, Gross Amount Recognized | $127.70 | $59 | |
Financial assets, Gross Amount Offset | 0 | 0 | |
Financial assets, Net Amount Presented | 127.7 | 59 | |
Financial assets, Gross Amount Recognized | 100 | ||
Financial assets, Gross Amount Offset | 0 | ||
Financial assets, Net Amount Presented | 100 | ||
Financial liabilities, Net Amount Presented | 486 | 501.2 | 588.2 |
Financial assets, Gross Amount Recognized | 132.4 | 91.9 | |
Financial liabilities, Gross Amount Recognized | 97 | 77 | |
Financial liabilities, Gross Amount Recognized | 89 | 30.5 | |
Financial liabilities, Gross Amount Offset | 0 | 0 | |
Financial liabilities, Net Amount Presented | 89 | 30.5 | |
Securities Sold under Agreements to Repurchase [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial liabilities, Gross Amount Recognized | 1 | 1 | |
Financial liabilities, Gross Amount Offset | 0 | 0 | |
Financial liabilities, Net Amount Presented | 1 | 1 | |
Interest Rate Swaps [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial assets, Gross Amount Recognized | 26.9 | 59 | |
Financial assets, Gross Amount Offset | 0 | 0 | |
Financial assets, Net Amount Presented | 26.9 | 59 | |
Financial liabilities, Gross Amount Recognized | 87.5 | 29.4 | |
Financial liabilities, Gross Amount Offset | 0 | 0 | |
Financial liabilities, Net Amount Presented | 87.5 | 29.4 | |
Foreign Exchange Contracts [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial assets, Gross Amount Recognized | 0.8 | ||
Financial assets, Gross Amount Offset | 0 | ||
Financial assets, Net Amount Presented | 0.8 | ||
Financial liabilities, Gross Amount Recognized | 0.5 | 0.1 | |
Financial liabilities, Gross Amount Offset | 0 | 0 | |
Financial liabilities, Net Amount Presented | $0.50 | $0.10 |
Balance_Sheet_Offsetting_Summa1
Balance Sheet Offsetting - Summary of Net Presentation, Financial Instruments that are Eligible for Offset in Consolidated Statement of Condition (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial assets, Net Amount Presented | $100 | ||
Financial assets, Financial Instruments | 0 | ||
Financial assets, Collateral | -100 | ||
Financial assets, Net Amount | 0 | ||
Financial assets, Financial Instruments | -24.1 | -22.8 | |
Financial assets, Collateral | -102.8 | -26 | |
Financial assets, Net Amount Presented | 127.7 | 59 | |
Financial assets, Net Amount | 0.8 | 10.2 | |
Financial liabilities, Financial Instruments | -24.1 | -22.8 | |
Financial liabilities, Collateral | -63.3 | -7.6 | |
Financial liabilities, Net Amount Presented | 89 | 30.5 | |
Financial liabilities, Financial Instruments | 1.6 | 0.1 | |
Financial liabilities, Net Amount Presented | 486 | 501.2 | 588.2 |
Financial liabilities, Financial Instruments | 0 | ||
Financial liabilities, Collateral | 0 | -1 | |
Financial liabilities, Net Amount | 0 | ||
Foreign Exchange Contracts [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial assets, Net Amount Presented | 0.8 | ||
Financial assets, Net Amount | 0.8 | ||
Financial liabilities, Net Amount Presented | 0.5 | 0.1 | |
Financial liabilities, Net Amount | 0.5 | 0.1 | |
Counterparty A [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial assets, Net Amount Presented | 2.7 | 7.6 | |
Financial assets, Financial Instruments | -2.7 | -7.6 | |
Financial liabilities, Net Amount Presented | 11.8 | 11.4 | |
Financial liabilities, Financial Instruments | -2.7 | -7.6 | |
Financial liabilities, Collateral | -9.1 | -3.8 | |
Counterparty B [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial assets, Net Amount Presented | 1.5 | 8.4 | |
Financial assets, Financial Instruments | -1.5 | -8.2 | |
Financial assets, Net Amount | 0.2 | ||
Financial liabilities, Net Amount Presented | 11.8 | 8.2 | |
Financial liabilities, Financial Instruments | -1.5 | -8.2 | |
Financial liabilities, Collateral | -10.3 | ||
Counterparty C [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial assets, Net Amount Presented | 2.5 | 13.3 | |
Financial assets, Financial Instruments | -2.5 | -2.4 | |
Financial assets, Collateral | -10 | ||
Financial assets, Net Amount | 0.9 | ||
Financial liabilities, Net Amount Presented | 4.5 | 2.4 | |
Financial liabilities, Financial Instruments | -2.5 | -2.4 | |
Financial liabilities, Collateral | -1.9 | ||
Financial liabilities, Net Amount | 0.1 | ||
Counterparty D [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial assets, Net Amount Presented | 3.2 | 14.1 | |
Financial assets, Financial Instruments | -0.4 | ||
Financial assets, Collateral | -2.8 | -14.1 | |
Financial liabilities, Net Amount Presented | 0.4 | ||
Financial liabilities, Financial Instruments | -0.4 | ||
Counterparty E [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial assets, Net Amount Presented | 15.7 | 9.5 | |
Financial assets, Financial Instruments | -15.7 | -1.8 | |
Financial assets, Net Amount | 7.7 | ||
Financial liabilities, Net Amount Presented | 47.8 | 1.8 | |
Financial liabilities, Financial Instruments | -15.7 | -1.8 | |
Financial liabilities, Collateral | -32.1 | ||
Other Counterparties [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial assets, Net Amount Presented | 1.3 | 6.1 | |
Financial assets, Financial Instruments | -1.3 | -2.8 | |
Financial assets, Collateral | -1.9 | ||
Financial assets, Net Amount | 1.4 | ||
Financial liabilities, Net Amount Presented | 11.2 | 5.6 | |
Financial liabilities, Financial Instruments | -1.3 | -2.8 | |
Financial liabilities, Collateral | -8.9 | -2.8 | |
Financial liabilities, Net Amount | 1 | ||
Securities Sold under Agreements to Repurchase [Member] | |||
Offsetting Assets And Liabilities [Line Items] | |||
Financial liabilities, Net Amount Presented | $1 | $1 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | |||
Segment Reporting [Abstract] | |||
Number of primary operating segments | 3 | ||
Number of operating reportable segments | 2 | ||
One-time charges | $9.50 | $12.70 | $12.70 |
Gain on the merchant services joint venture | $20.60 |
Segment_Information_Selected_F
Segment Information - Selected Financial Information Business Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | $228.10 | $228.50 | $228.20 | $227.10 | $224.90 | $223.50 | $220.90 | $219.30 | $911.90 | $888.60 | $928.70 |
Provision for loan losses | 40.6 | 43.7 | 49.2 | ||||||||
Total non-interest income | 86.8 | 84 | 100.1 | 79.9 | 82.5 | 86.1 | 88.2 | 84.9 | 350.8 | 341.7 | 320.4 |
Total non-interest expense | 207.7 | 208.8 | 208.3 | 216.7 | 208.7 | 212.5 | 205.8 | 212 | 841.5 | 839 | 830.6 |
Income (loss) before income tax expense (benefit) | 97.3 | 91.3 | 111.2 | 80.8 | 88.7 | 85 | 94.1 | 79.8 | 380.6 | 347.6 | 369.3 |
Income tax expense (benefit) | 32.6 | 29.7 | 38.9 | 27.7 | 29.4 | 26.5 | 32 | 27.3 | 128.9 | 115.2 | 124 |
Net income (loss) | 64.7 | 61.6 | 72.3 | 53.1 | 59.3 | 58.5 | 62.1 | 52.5 | 251.7 | 232.4 | 245.3 |
Average total assets | 33,752.80 | 31,008.90 | 28,112.90 | ||||||||
Average total liabilities | 29,127.40 | 26,254.10 | 22,945 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | 923.9 | 943.7 | 973.4 | ||||||||
Provision for loan losses | 64.5 | 62.3 | 56.6 | ||||||||
Total non-interest income | 308.9 | 324.2 | 303.4 | ||||||||
Total non-interest expense | 803.9 | 798.4 | 787.7 | ||||||||
Income (loss) before income tax expense (benefit) | 364.4 | 407.2 | 432.5 | ||||||||
Income tax expense (benefit) | 123.3 | 135 | 145.2 | ||||||||
Net income (loss) | 241.1 | 272.2 | 287.3 | ||||||||
Average total assets | 27,852.60 | 25,348.20 | 23,399.10 | ||||||||
Average total liabilities | 23,384.30 | 22,524.10 | 21,761.10 | ||||||||
Operating Segments [Member] | Commercial Banking Loan [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | 498.4 | 484.2 | 469.3 | ||||||||
Provision for loan losses | 46 | 46.9 | 42.7 | ||||||||
Total non-interest income | 140.2 | 142.6 | 123.9 | ||||||||
Total non-interest expense | 264.6 | 243.7 | 239 | ||||||||
Income (loss) before income tax expense (benefit) | 328 | 336.2 | 311.5 | ||||||||
Income tax expense (benefit) | 111 | 111.4 | 104.6 | ||||||||
Net income (loss) | 217 | 224.8 | 206.9 | ||||||||
Average total assets | 18,938.80 | 16,869.40 | 15,131.80 | ||||||||
Average total liabilities | 4,166.70 | 3,451.70 | 3,083.80 | ||||||||
Operating Segments [Member] | Retail and Business Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | 425.5 | 459.5 | 504.1 | ||||||||
Provision for loan losses | 18.5 | 15.4 | 13.9 | ||||||||
Total non-interest income | 168.7 | 181.6 | 179.5 | ||||||||
Total non-interest expense | 539.3 | 554.7 | 548.7 | ||||||||
Income (loss) before income tax expense (benefit) | 36.4 | 71 | 121 | ||||||||
Income tax expense (benefit) | 12.3 | 23.6 | 40.6 | ||||||||
Net income (loss) | 24.1 | 47.4 | 80.4 | ||||||||
Average total assets | 8,913.80 | 8,478.80 | 8,267.30 | ||||||||
Average total liabilities | 19,217.60 | 19,072.40 | 18,677.30 | ||||||||
Treasury [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | 10.8 | -46.5 | -65.8 | ||||||||
Total non-interest income | 12.3 | 7.2 | 7.2 | ||||||||
Total non-interest expense | 6 | -1.3 | -3.5 | ||||||||
Income (loss) before income tax expense (benefit) | 17.1 | -38 | -55.1 | ||||||||
Income tax expense (benefit) | 5.9 | -12.6 | -18.5 | ||||||||
Net income (loss) | 11.2 | -25.4 | -36.6 | ||||||||
Average total assets | 5,266.70 | 5,021.10 | 4,048.20 | ||||||||
Average total liabilities | 5,423 | 3,352.30 | 836.3 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | -22.8 | -8.6 | 21.1 | ||||||||
Provision for loan losses | -23.9 | -18.6 | -7.4 | ||||||||
Total non-interest income | 29.6 | 10.3 | 9.8 | ||||||||
Total non-interest expense | 31.6 | 41.9 | 46.4 | ||||||||
Income (loss) before income tax expense (benefit) | -0.9 | -21.6 | -8.1 | ||||||||
Income tax expense (benefit) | -0.3 | -7.2 | -2.7 | ||||||||
Net income (loss) | -0.6 | -14.4 | -5.4 | ||||||||
Average total assets | 633.5 | 639.6 | 665.6 | ||||||||
Average total liabilities | $320.10 | $377.70 | $347.60 |
Parent_Company_Financial_Infor2
Parent Company Financial Information - Condensed Statements of Condition (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Assets: | ||||
Cash at bank subsidiary | $345.10 | $350.80 | ||
Short-term investments | 668.6 | 123.6 | ||
Total cash and cash equivalents | 1,013.70 | 474.4 | ||
Securities available for sale, at fair value | 3,993.70 | 4,208.20 | ||
Goodwill | 1,954.50 | 1,954.50 | 1,954.50 | 1,951.40 |
Other assets | 719.9 | 710 | ||
Total assets | 35,997.10 | 33,213.70 | ||
Liabilities and Stockholders' Equity: | ||||
Notes and debentures | 1,033.50 | 639.1 | ||
Other liabilities | 500.6 | 391.9 | ||
Stockholders' equity | 4,633.10 | 4,568.40 | 5,038.80 | 5,215.40 |
Total liabilities and stockholders' equity | 35,997.10 | 33,213.70 | ||
People's United Financial, Inc. [Member] | ||||
Assets: | ||||
Cash at bank subsidiary | 3.1 | 20.2 | ||
Short-term investments | 1.2 | 1.7 | ||
Total cash and cash equivalents | 4.3 | 21.9 | ||
Securities available for sale, at fair value | 0.2 | 2.7 | ||
Advances to bank subsidiary | 410 | 353 | ||
Bank subsidiary | 4,618.30 | 4,597.50 | ||
Non-bank subsidiary | 0.4 | 1.5 | ||
Goodwill | 197.1 | 197.1 | ||
Other assets | 34.2 | 27.6 | ||
Total assets | 5,264.50 | 5,201.30 | ||
Liabilities and Stockholders' Equity: | ||||
Notes and debentures | 621.1 | 619.7 | ||
Other liabilities | 10.3 | 13.2 | ||
Stockholders' equity | 4,633.10 | 4,568.40 | ||
Total liabilities and stockholders' equity | $5,264.50 | $5,201.30 |
Parent_Company_Financial_Infor3
Parent Company Financial Information - Condensed Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||||||||||
Advances to bank subsidiary | $932.60 | $912.90 | $955 | ||||||||
Securities | 96.8 | 89.7 | 77.3 | ||||||||
Total interest and dividend income | 259.6 | 258.9 | 256.7 | 255.4 | 253.4 | 252.2 | 250.1 | 248.7 | 1,030.60 | 1,004.40 | 1,034.90 |
Dividend from bank subsidiary | 244 | 232 | 315 | ||||||||
Security gain | 3 | ||||||||||
Other non-interest income | 36.5 | 38.1 | 29.7 | ||||||||
Expenses: | |||||||||||
Interest on notes and debentures | 26.7 | 24.2 | 8.4 | ||||||||
Non-interest expense | 207.7 | 208.8 | 208.3 | 216.7 | 208.7 | 212.5 | 205.8 | 212 | 841.5 | 839 | 830.6 |
Income before income tax benefit and subsidiaries undistributed income (distributions in excess of income) | 97.3 | 91.3 | 111.2 | 80.8 | 88.7 | 85 | 94.1 | 79.8 | 380.6 | 347.6 | 369.3 |
Income tax benefit | 32.6 | 29.7 | 38.9 | 27.7 | 29.4 | 26.5 | 32 | 27.3 | 128.9 | 115.2 | 124 |
Net income | 64.7 | 61.6 | 72.3 | 53.1 | 59.3 | 58.5 | 62.1 | 52.5 | 251.7 | 232.4 | 245.3 |
People's United Financial, Inc. [Member] | |||||||||||
Revenues: | |||||||||||
Advances to bank subsidiary | 4.4 | 4.1 | 0.9 | ||||||||
Securities | 0.4 | 0.3 | 0.4 | ||||||||
Total interest and dividend income | 4.8 | 4.4 | 1.3 | ||||||||
Dividend from bank subsidiary | 244 | 232 | 315 | ||||||||
Security gain | 2.3 | ||||||||||
Other non-interest income | 1.2 | 2 | 0.2 | ||||||||
Total revenues | 252.3 | 238.4 | 316.5 | ||||||||
Expenses: | |||||||||||
Interest on notes and debentures | 22.4 | 23 | 7.2 | ||||||||
Non-interest expense | 6.1 | 6.8 | 10.7 | ||||||||
Total expenses | 28.5 | 29.8 | 17.9 | ||||||||
Income before income tax benefit and subsidiaries undistributed income (distributions in excess of income) | 223.8 | 208.6 | 298.6 | ||||||||
Income tax benefit | -6.6 | -7.4 | -5 | ||||||||
Income before subsidiaries undistributed income (distributions in excess of income) | 230.4 | 216 | 303.6 | ||||||||
Subsidiaries undistributed income (distributions in excess of income) | 21.3 | 16.4 | -58.3 | ||||||||
Net income | $251.70 | $232.40 | $245.30 |
Parent_Company_Financial_Infor4
Parent Company Financial Information - Condensed Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | $64.70 | $61.60 | $72.30 | $53.10 | $59.30 | $58.50 | $62.10 | $52.50 | $251.70 | $232.40 | $245.30 |
Other comprehensive loss, net of tax: | |||||||||||
Total other comprehensive loss, net of tax | -13.1 | -58.2 | -1.1 | ||||||||
Total comprehensive income | 238.6 | 174.2 | 244.2 | ||||||||
People's United Financial, Inc. [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 251.7 | 232.4 | 245.3 | ||||||||
Other comprehensive loss, net of tax: | |||||||||||
Net unrealized (losses) gains on securities available for sale | -0.2 | 0.6 | |||||||||
Net unrealized gains (losses) on derivatives accounted for as cash flow hedges | 0.2 | 1.2 | -1.3 | ||||||||
Other comprehensive loss of bank subsidiary | -13.3 | -59.2 | -0.4 | ||||||||
Total other comprehensive loss, net of tax | -13.1 | -58.2 | -1.1 | ||||||||
Total comprehensive income | $238.60 | $174.20 | $244.20 |
Parent_Company_Financial_Infor5
Parent Company Financial Information - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities: | |||
Net income | $251.70 | $232.40 | $245.30 |
Security gain | -3 | ||
Net change in other assets and other liabilities | -37.2 | -75 | -26.3 |
Net cash provided by operating activities | 350 | 379.4 | 513.6 |
Cash Flows from Investing Activities: | |||
Proceeds from principal repayments of securities available for sale | 686.7 | 938.5 | 917.8 |
Proceeds from sale of security available for sale | 539.2 | 0.1 | |
Net cash (used in) provided by investing activities | -2,210.30 | -3,302.70 | -2,902.80 |
Cash Flows from Financing Activities: | |||
Net proceeds from issuance of notes and debentures | 394.4 | 494.3 | |
Repayment of notes and debentures | -19 | -20.6 | |
Cash dividends paid on common stock | -196.9 | -204.8 | -217.9 |
Common stock repurchases | -3 | -461.1 | -222.3 |
Proceeds from stock options exercised, including excess income tax benefits | 6 | 2.4 | 0.3 |
Net cash (used in) provided by financing activities | 2,399.60 | 2,796.30 | 2,209.70 |
Net (decrease) increase in cash and cash equivalents | 539.3 | -127 | -179.5 |
Cash and cash equivalents at beginning of year | 474.4 | 601.4 | 780.9 |
Cash and cash equivalents at end of year | 1,013.70 | 474.4 | 601.4 |
People's United Financial, Inc. [Member] | |||
Cash Flows from Operating Activities: | |||
Net income | 251.7 | 232.4 | 245.3 |
Subsidiaries (undistributed income) distributions in excess of income | -21.3 | -16.4 | 58.3 |
Security gain | -2.3 | ||
Net change in other assets and other liabilities | 0.2 | -2.4 | 2.2 |
Net cash provided by operating activities | 228.3 | 213.6 | 305.8 |
Cash Flows from Investing Activities: | |||
Proceeds from principal repayments of securities available for sale | 50 | ||
Proceeds from sale of security available for sale | 5 | ||
(Increase) decrease in advances to bank subsidiary | -57 | 485 | -408 |
Net cash (used in) provided by investing activities | -52 | 485 | -358 |
Cash Flows from Financing Activities: | |||
Net proceeds from issuance of notes and debentures | 494.3 | ||
Repayment of notes and debentures | -20.6 | ||
Cash dividends paid on common stock | -196.9 | -204.8 | -217.9 |
Common stock repurchases | -3 | -461.1 | -222.3 |
Proceeds from stock options exercised, including excess income tax benefits | 6 | 2.4 | 0.3 |
Net cash (used in) provided by financing activities | -193.9 | -684.1 | 54.4 |
Net (decrease) increase in cash and cash equivalents | -17.6 | 14.5 | 2.2 |
Cash and cash equivalents at beginning of year | 21.9 | 7.4 | 5.2 |
Cash and cash equivalents at end of year | $4.30 | $21.90 | $7.40 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Line Items] | |||||||||||
Interest and dividend income | $259.60 | $258.90 | $256.70 | $255.40 | $253.40 | $252.20 | $250.10 | $248.70 | $1,030.60 | $1,004.40 | $1,034.90 |
Interest expense | 31.5 | 30.4 | 28.5 | 28.3 | 28.5 | 28.7 | 29.2 | 29.4 | 118.7 | 115.8 | 106.2 |
Net interest income | 228.1 | 228.5 | 228.2 | 227.1 | 224.9 | 223.5 | 220.9 | 219.3 | 911.9 | 888.6 | 928.7 |
Provision for loan losses | 9.9 | 12.4 | 8.8 | 9.5 | 10 | 12.1 | 9.2 | 12.4 | 40.6 | 43.7 | 49.2 |
Net interest income after provision for loan losses | 218.2 | 216.1 | 219.4 | 217.6 | 214.9 | 211.4 | 211.7 | 206.9 | 871.3 | 844.9 | 879.5 |
Non-interest income | 86.8 | 84 | 100.1 | 79.9 | 82.5 | 86.1 | 88.2 | 84.9 | 350.8 | 341.7 | 320.4 |
Non-interest expense | 207.7 | 208.8 | 208.3 | 216.7 | 208.7 | 212.5 | 205.8 | 212 | 841.5 | 839 | 830.6 |
Income before income tax expense | 97.3 | 91.3 | 111.2 | 80.8 | 88.7 | 85 | 94.1 | 79.8 | 380.6 | 347.6 | 369.3 |
Income tax expense | 32.6 | 29.7 | 38.9 | 27.7 | 29.4 | 26.5 | 32 | 27.3 | 128.9 | 115.2 | 124 |
Net income | 64.7 | 61.6 | 72.3 | 53.1 | 59.3 | 58.5 | 62.1 | 52.5 | 251.7 | 232.4 | 245.3 |
Basic EPS | $0.22 | $0.21 | $0.24 | $0.18 | $0.20 | $0.19 | $0.20 | $0.16 | $0.84 | $0.74 | $0.72 |
Diluted EPS | $0.22 | $0.21 | $0.24 | $0.18 | $0.20 | $0.19 | $0.20 | $0.16 | $0.84 | $0.74 | $0.72 |
Basic | 298.63 | 298.42 | 298.22 | 297.69 | 302.14 | 307.5 | 313.46 | 325.16 | 298.2 | 311.9 | 338.3 |
Diluted | 298.65 | 298.44 | 298.24 | 297.72 | 302.17 | 307.56 | 313.52 | 325.21 | 298.3 | 312 | 338.4 |
Dividends paid | $49.50 | $49.40 | $49.40 | $48.60 | $49.80 | $50.30 | $51.90 | $52.80 | |||
Dividends per share | $0.17 | $0.17 | $0.17 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.17 | $0.16 | |
Dividend payout ratio | 76.50% | 80.20% | 68.40% | 91.50% | 84.10% | 86.00% | 83.60% | 100.60% | 78.20% | 88.10% | 88.80% |
Maximum [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Common stock price | $15.50 | $15.32 | $15.23 | $15.70 | $15.25 | $15.67 | $15 | $13.61 | $15.50 | $15.25 | |
Minimum [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Common stock price | $13.61 | $14.24 | $14 | $13.73 | $14.09 | $14.07 | $12.62 | $12.22 | $13.61 | $14.09 |