Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PBCT | ||
Entity Registrant Name | People's United Financial, Inc. | ||
Entity Central Index Key | 1,378,946 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding | 377,616,658 | ||
Entity Public Float | $ 6,299,988,287 | ||
Entity Shell Company | false |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 665.7 | $ 505.1 |
Short-term investments | 266.3 | 377.5 |
Total cash and cash equivalents (note 3) | 932 | 882.6 |
Securities (note 4): | ||
Trading debt securities, at fair value | 8.4 | 8.2 |
Equity securities, at fair value | 8.1 | 8.7 |
Debt securities available-for-sale, at fair value | 3,121 | 3,125.3 |
Debt securities held-to-maturity, at amortized cost (fair value of $3.78 billion and $3.63 billion) | 3,792.3 | 3,588.1 |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 303.4 | 312.3 |
Total securities | 7,233.2 | 7,042.6 |
Loans held-for-sale (note 5) | 19.5 | 16.6 |
Loans (note 5): | ||
Total loans | 35,241.4 | 32,575.3 |
Less allowance for loan losses | (240.4) | (234.4) |
Total loans, net | 35,001 | 32,340.9 |
Goodwill (notes 2 and 6) | 2,685.7 | 2,411.4 |
Bank-owned life insurance | 467 | 405 |
Premises and equipment, net (note 7) | 267.3 | 253 |
Other acquisition-related intangible assets (notes 2 and 6) | 180 | 148.6 |
Other assets (notes 8 and 21) | 1,091.6 | 952.7 |
Total assets | 47,877.3 | 44,453.4 |
Deposits (note 9): | ||
Non-interest-bearing | 8,543 | 8,002.4 |
Savings | 4,116.5 | 4,410.5 |
Interest-bearing checking and money market | 16,583.3 | 15,189.1 |
Time | 6,916.2 | 5,454.3 |
Total deposits | 36,159 | 33,056.3 |
Borrowings (note 10): | ||
Federal Home Loan Bank advances | 2,404.5 | 2,774.4 |
Federal funds purchased | 845 | 820 |
Customer repurchase agreements | 332.9 | 301.6 |
Other borrowings | 11 | 207.8 |
Total borrowings | 3,593.4 | 4,103.8 |
Notes and debentures (note 11) | 895.8 | 901.6 |
Other liabilities (notes 8 and 21) | 695.2 | 571.8 |
Total liabilities | 41,343.4 | 38,633.5 |
Commitments and contingencies (notes 20 and 21) | ||
Stockholders' Equity (notes 2, 13, 16, 17 and 18) | ||
Preferred stock ($0.01 par value; 50.0 million shares authorized; 10.0 million shares issued and outstanding at both dates) | 244.1 | 244.1 |
Common stock ($0.01 par value; 1.95 billion shares authorized; 466.3 million shares and 435.6 million shares issued) | 4.7 | 4.4 |
Additional paid-in capital | 6,549.3 | 6,012.3 |
Retained earnings | 1,284.8 | 1,040.2 |
Unallocated common stock of Employee Stock Ownership Plan, at cost (6.3 million shares and 6.6 million shares) | (130.1) | (137.3) |
Accumulated other comprehensive loss | (256.8) | (181.7) |
Treasury stock, at cost (89.0 million shares at both dates) | (1,162.1) | (1,162.1) |
Total stockholders' equity | 6,533.9 | 5,819.9 |
Total liabilities and stockholders' equity | 47,877.3 | 44,453.4 |
Commercial [Member] | ||
Loans (note 5): | ||
Total loans | 25,077.7 | 23,705.2 |
Less allowance for loan losses | (209.5) | (204.5) |
Retail Loans [Member] | ||
Loans (note 5): | ||
Total loans | 10,163.7 | 8,870.1 |
Less allowance for loan losses | (30.9) | (29.9) |
Commercial Real Estate Loan [Member] | Commercial [Member] | ||
Loans (note 5): | ||
Total loans | 11,649.6 | 11,068.7 |
Commercial and Industrial [Member] | Commercial [Member] | ||
Loans (note 5): | ||
Total loans | 9,088.9 | 8,731.1 |
Equipment Financing [Member] | Commercial [Member] | ||
Loans (note 5): | ||
Total loans | 4,339.2 | 3,905.4 |
Residential Mortgage Loan [Member] | Retail Loans [Member] | ||
Loans (note 5): | ||
Total loans | 8,154.2 | 6,805.7 |
Home Equity and Other Consumer [Member] | Retail Loans [Member] | ||
Loans (note 5): | ||
Total loans | $ 2,009.5 | $ 2,064.4 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, at fair value | $ 3,775.9 | $ 3,633.7 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,950,000,000 | 1,950,000,000 |
Common stock, shares issued | 466,300,000 | 435,600,000 |
Unallocated common stock of Employee Stock Ownership Plan, shares | 6,272,145 | 6,600,000 |
Treasury stock, shares | 89,000,000 | 89,000,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and dividend income: | |||
Commercial real estate | $ 463.4 | $ 405.7 | $ 344.6 |
Residential mortgage | 236.2 | 207.5 | 180.4 |
Home equity and other consumer | 88.6 | 80 | 73.5 |
Total interest on loans | 1,366.2 | 1,144.1 | 984.4 |
Securities | 184.2 | 153.7 | 140.3 |
Short-term investments | 5 | 3.7 | 1.5 |
Loans held-for-sale | 0.9 | 0.9 | 1.1 |
Total interest and dividend income | 1,556.3 | 1,302.4 | 1,127.3 |
Interest expense: | |||
Deposits (note 9) | 216.1 | 130.7 | 100.9 |
Borrowings (note 10) | 70.9 | 41.3 | 22.8 |
Notes and debentures | 33.3 | 29.9 | 31.4 |
Total interest expense | 320.3 | 201.9 | 155.1 |
Net interest income | 1,236 | 1,100.5 | 972.2 |
Provision for loan losses (note 5) | 30 | 26 | 36.6 |
Net interest income after provision for loan losses | 1,206 | 1,074.5 | 935.6 |
Non-interest income: | |||
Operating lease income | 44.9 | 43.8 | 41.2 |
Cash management fees | 27.1 | 26.1 | 25 |
Net security losses (note 4) | (9.8) | (25.4) | (5.9) |
Other non-interest income | 50.9 | 62.6 | 59.4 |
Total non-interest income | 366.4 | 352.9 | 342.7 |
Non-interest expense: | |||
Compensation and benefits (notes 1, 17 and 18) | 562.9 | 522.7 | 464.1 |
Occupancy and equipment (notes 7 and 20) | 168.2 | 159.6 | 150.4 |
Professional and outside services | 77.6 | 81.5 | 67.8 |
Regulatory assessments | 37.9 | 41.7 | 37.5 |
Operating lease expense | 36.4 | 35.2 | 36.3 |
Amortization of other acquisition-related intangible assets (note 6) | 21.8 | 30 | 23.6 |
Other non-interest expense (note 1) | 91.3 | 89.6 | 89.1 |
Total non-interest expense | 996.1 | 960.3 | 868.8 |
Income before income tax expense | 576.3 | 467.1 | 409.5 |
Income tax benefit | 108.2 | 129.9 | 128.5 |
Net income | 468.1 | 337.2 | 281 |
Preferred stock dividend | 14.1 | 14.1 | 1.8 |
Net income available to common shareholders | $ 454 | $ 323.1 | $ 279.2 |
Earnings per common share (note 15): | |||
Basic | $ 1.30 | $ 0.98 | $ 0.92 |
Diluted | $ 1.29 | $ 0.97 | $ 0.92 |
Deposit Account [Member] | |||
Non-interest income: | |||
Revenue from contract with customer | $ 99.9 | $ 98.5 | $ 98 |
Investment Advisory, Management and Administrative Service [Member] | |||
Non-interest income: | |||
Revenue from contract with customer | 68.7 | 66.5 | 48.3 |
Commercial Banking Lending Fees [Member] | |||
Non-interest income: | |||
Revenue from contract with customer | 37.3 | 35.5 | 31.6 |
Insurance Revenue [Member] | |||
Non-interest income: | |||
Revenue from contract with customer | 34.6 | 33.2 | 32.9 |
Brokerage Commissions [Member] | |||
Non-interest income: | |||
Revenue from contract with customer | 12.8 | 12.1 | 12.2 |
Commercial and Industrial [Member] | |||
Interest and dividend income: | |||
Interest and fee income | 365.7 | 298.8 | 255 |
Equipment Financing [Member] | |||
Interest and dividend income: | |||
Interest and fee income | $ 212.3 | $ 152.1 | $ 130.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 468.1 | $ 337.2 | $ 281 |
Net actuarial gains and losses on pension and other postretirement plans: | |||
Net actuarial loss arising during the year | (32.6) | (5.5) | (15.5) |
Reclassification adjustment for net actuarial loss included in net income | 8.6 | 9.3 | 7.2 |
Net actuarial (losses) gains | (24) | 3.8 | (8.3) |
Prior service credit on pension and other postretirement plans: | |||
Reclassification adjustment for prior service credit included in net income | (0.3) | (0.8) | (0.8) |
Net actuarial (losses) gains and prior service credit | (24.3) | 3 | (9.1) |
Net unrealized gains and losses on securities available-for-sale: | |||
Net unrealized holding losses arising during the year | (38.3) | (8.6) | (29) |
Reclassification adjustment for net realized losses included in net income | 9.9 | 25.4 | 5.9 |
Net unrealized (losses) gains | (28.4) | 16.8 | (23.1) |
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 | 3.9 | 3.7 | 3.3 |
Net unrealized gains | 3.9 | 3.7 | 3.3 |
Net unrealized gains and losses on derivatives accounted for as cash flow hedges: | |||
Net unrealized losses arising during the year | (1.7) | (1) | (0.2) |
Reclassification adjustment for net realized losses (gains) included in net income | 0.5 | (0.9) | 0.7 |
Net unrealized (losses) gains | (1.2) | (1.9) | 0.5 |
Other comprehensive (loss) income, before tax | (50) | 21.6 | (28.4) |
Deferred income tax benefit (expense) related to other comprehensive (loss) income | 12.2 | (8.3) | 10.6 |
Total other comprehensive (loss) income, net of tax | (37.8) | 13.3 | (17.8) |
Total comprehensive income | $ 430.3 | $ 350.5 | $ 263.2 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Suffolk [Member] | First Connecticut Bancorp, Inc. [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Suffolk [Member] | Common Stock [Member]First Connecticut Bancorp, Inc. [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Suffolk [Member] | Additional Paid-In Capital [Member]First Connecticut Bancorp, Inc. [Member] | Retained Earnings [Member] | Unallocated ESOP Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2015 | $ 4,731.6 | $ 3.9 | $ 5,337.7 | $ 880.8 | $ (151.8) | $ (177.2) | $ (1,161.8) | |||||||
Proceeds from issuance of preferred stock, net | 244.1 | $ 244.1 | ||||||||||||
Net income | 281 | 281 | ||||||||||||
Total other comprehensive income (loss), net of tax (note 16) | (17.8) | (17.8) | ||||||||||||
Cash dividends on common stock | (205.7) | (205.7) | ||||||||||||
Cash dividends on preferred stock | (1.8) | (1.8) | ||||||||||||
Restricted stock and performance-based share awards | 9.6 | 9.7 | 0.1 | (0.2) | ||||||||||
Employee Stock Ownership Plan common stock committed to be released (note 17) | 5.5 | (1.7) | 7.2 | |||||||||||
Common stock repurchased and retired upon vesting of restricted stock awards (note 18) | (3.4) | (3.4) | ||||||||||||
Stock options and related tax benefits | 98.8 | 0.1 | 98.7 | |||||||||||
Ending Balance at Dec. 31, 2016 | 5,141.9 | 244.1 | 4 | 5,446.1 | 949.3 | (144.6) | (195) | (1,162) | ||||||
Net income | 337.2 | 337.2 | ||||||||||||
Total other comprehensive income (loss), net of tax (note 16) | 13.3 | 13.3 | ||||||||||||
Common stock issued in acquisitions | 484.8 | $ 484.8 | $ 0.2 | $ 484.6 | ||||||||||
Cash dividends on common stock | (227.9) | (227.9) | ||||||||||||
Cash dividends on preferred stock | (14.1) | (14.1) | ||||||||||||
Restricted stock and performance-based share awards | 14.2 | 14.3 | (0.1) | |||||||||||
Employee Stock Ownership Plan common stock committed to be released (note 17) | 6.4 | (0.9) | 7.3 | |||||||||||
Common stock repurchased and retired upon vesting of restricted stock awards (note 18) | (3.4) | (3.4) | ||||||||||||
Stock options and related tax benefits | 67.5 | 0.2 | 67.3 | |||||||||||
Ending Balance at Dec. 31, 2017 | 5,819.9 | 244.1 | 4.4 | 6,012.3 | 1,040.2 | (137.3) | (181.7) | (1,162.1) | ||||||
Net income | 468.1 | 468.1 | ||||||||||||
Total other comprehensive income (loss), net of tax (note 16) | (37.8) | (37.8) | ||||||||||||
Common stock issued in acquisitions | 486.4 | $ 486.4 | $ 0.3 | $ 486.1 | ||||||||||
Cash dividends on common stock | (243.8) | (243.8) | ||||||||||||
Cash dividends on preferred stock | (14.1) | (14.1) | ||||||||||||
Restricted stock and performance-based share awards | 17.9 | 17.9 | ||||||||||||
Employee Stock Ownership Plan common stock committed to be released (note 17) | 6.2 | (1) | 7.2 | |||||||||||
Common stock repurchased and retired upon vesting of restricted stock awards (note 18) | (2.5) | (2.5) | ||||||||||||
Stock options and related tax benefits | 33 | 33 | ||||||||||||
Ending Balance at Dec. 31, 2018 | 6,533.9 | $ 244.1 | $ 4.7 | $ 6,549.3 | 1,284.8 | $ (130.1) | (256.8) | $ (1,162.1) | ||||||
Transition adjustments related to adoption of new accounting standards (notes 1 and 16) | $ 0.6 | $ 37.9 | $ (37.3) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash dividends on common stock, per share | $ 0.6975 | $ 0.6875 | $ 0.6775 |
Retained Earnings [Member] | |||
Cash dividends on common stock, per share | $ 0.6975 | $ 0.6875 | $ 0.6775 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash Flows from Operating Activities: | ||||
Net income | $ 468.1 | $ 337.2 | $ 281 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Expense related to operating leases | 36.4 | 35.2 | 36.3 | |
Depreciation and amortization of premises and equipment | 36.3 | 39.1 | 36.9 | |
Provision for loan losses | 30 | 26 | 36.6 | |
Expense related to share-based awards | 22.4 | 19.8 | 15.2 | |
Amortization of other acquisition-related intangible assets | 21.8 | 30 | 23.6 | |
Employee Stock Option Plan common stock committed to be released | 6.2 | 6.4 | 5.5 | |
Deferred income tax expense | [1] | 1.9 | 25.8 | 3.7 |
Net gains on sales of residential mortgage loans | (1.2) | (3.2) | (6.3) | |
Net gains on sales of acquired loans | (1.8) | (2.4) | ||
Net security losses | 9.8 | 25.4 | 5.9 | |
Originations of loans held-for-sale | (188.2) | (261.8) | (427.8) | |
Proceeds from sales of loans held-for-sale | 186.5 | 287.7 | 429.3 | |
Net increase in trading debt securities | (0.2) | (1.4) | (0.1) | |
Excess income tax benefits from stock options exercised | 1.3 | 1.1 | ||
Net changes in other assets and other liabilities | (40) | 38.1 | (103.8) | |
Net cash provided by operating activities | 589.3 | 603 | 336 | |
Cash Flows from Investing Activities: | ||||
Proceeds from sales of equity securities | 2.3 | |||
Proceeds from principal repayments and maturities of debt securities available-for-sale | 465.5 | 562.6 | 925 | |
Proceeds from sales of debt securities available-for-sale | 313.8 | 1,305.5 | 647.2 | |
Proceeds from principal repayments and maturities of debt securities held-to-maturity | 185.3 | 120.9 | 117.3 | |
Purchases of debt securities available-for-sale | (726.8) | (603.3) | (1,486) | |
Purchases of debt securities held-to-maturity | (407.4) | (1,580.4) | (513.1) | |
Net redemptions (purchases) of Federal Home Loan Bank stock | 17.2 | 27.1 | (1) | |
Net purchases of Federal Reserve Bank stock | (8.3) | (20.8) | (9.4) | |
Proceeds from sales of loans | 22.3 | 38.7 | 3.5 | |
Net principal collections (disbursements) of loans | 244.8 | (538.7) | (1,260.2) | |
Purchases of loans | (37.5) | (17.7) | (93.5) | |
Purchases of premises and equipment | (28.3) | (4.8) | (23.6) | |
Purchases of leased equipment, net | (59.6) | (24.2) | (18.8) | |
Proceeds from sales of real estate owned | 9.1 | 10 | 16.8 | |
Return of premiums on bank-owned life insurance, net | 1 | 2.7 | 2.2 | |
Net cash acquired (paid) in acquisitions | 6.2 | 28.9 | (59.8) | |
Net cash used in investing activities | (0.4) | (693.5) | (1,753.4) | |
Cash Flows from Financing Activities: | ||||
Net increase in deposits | 696.6 | 1,343.1 | 1,443.4 | |
Net decrease in borrowings with terms of three months or less | (525.7) | (293.8) | (247.7) | |
Repayments of borrowings with terms of more than three months | (476.7) | (380.7) | (0.2) | |
Repayments of notes and debentures | (125) | |||
Proceeds from issuance of preferred stock, net | 244.1 | |||
Cash dividends paid on common stock | (243.8) | (227.9) | (205.7) | |
Cash dividends paid on preferred stock | (14.1) | (14.1) | (1.8) | |
Repurchases of common stock | (2.5) | (3.4) | (3.4) | |
Proceeds from stock options exercised | 27.9 | 61.8 | 87.9 | |
Contingent consideration payments | (1.2) | (1) | (0.4) | |
Net cash (used in) provided by financing activities | (539.5) | 359 | 1,316.2 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 49.4 | 268.5 | (101.2) | |
Cash, cash equivalents and restricted cash at beginning of year | 882.6 | 614.1 | 715.3 | |
Cash, cash equivalents and restricted cash at end of year | 932 | 882.6 | 614.1 | |
Supplemental Information: | ||||
Interest payments | 312.3 | 195.9 | 153.2 | |
Income tax payments | 45.6 | 112.9 | 113.3 | |
Real estate properties acquired by foreclosure | 7.7 | 17.2 | 19.4 | |
Unsettled purchases of securities | 4 | $ 5 | ||
Assets acquired and liabilities assumed in acquisitions (note 2): | ||||
Non-cash assets, excluding goodwill and other acquisition-related intangibles | 3,173.6 | 2,642.1 | ||
Liabilities | 2,965.1 | 2,634.1 | ||
Common stock issued in acquisitions | $ 486.4 | $ 484.8 | ||
[1] | Includes the effect of increases (decreases) in the valuation allowance for state deferred tax assets of $0.3 million, $(0.6) million and $(1.3) million in 2018, 2017 and 2016, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – Summary of Significant Accounting Policies People’s United Financial, Inc. (“People’s United” or the “Company”) is a bank holding company and a financial holding company registered under the Bank Holding Company Act of 1956, as amended, and is incorporated under the state laws of Delaware. People’s United is the holding company for People’s United Bank, National Association (the “Bank”), a national banking association headquartered in Bridgeport, Connecticut. 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 People’s United 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. Deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (the “FDIC”). Basis of Financial Statement Presentation The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) 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. 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. These accounting 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 critical accounting policies may be affected by economic conditions, 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 (the “FRB-NY”); Securities Marketable debt securities (other than those reported as short-term investments) are classified as either trading debt securities, held-to-maturity available-for-sale Debt 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 debt securities and reported at fair value with gains and losses reported in non-interest Debt securities for which People’s United has the intent and ability to hold to maturity are classified as held-to-maturity available-for-sale after-tax mortgage-backed Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification method and reported in non-interest Debt securities transferred from available-for-sale held-to-maturity pre-tax Management conducts a periodic review and evaluation of the debt 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 impairment losses on debt securities are reflected in earnings as realized losses to the extent the impairment is related to credit losses of the issuer. 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 Both Federal Home Loan Bank (“FHLB”) stock and FRB-NY non-marketable FRB-NY 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 securities resale agreements as secured lending transactions and securities 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 non-interest held-for-sale held-for-sale non-interest Loans Loans acquired in connection with business combinations 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 A loan is generally considered “non-performing” non-accrual non-accrual non-accrual All previously accrued but unpaid interest on non-accrual non-accrual non-accrual 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 loans whose terms have been modified in such a way that they are considered troubled debt restructurings (“TDRs”). 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. TDRs may either be accruing or placed on non-accrual non-performing non-accrual non-performing 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 non-accrual Acquired Loans Loans acquired in a business combination are initially recorded at fair value with no carryover of an acquired entity’s previously established 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 evaluated upon acquisition and classified as either purchased performing or purchased credit impaired (“PCI”). For purchased performing loans, any premium or discount, representing the difference between the fair value and the outstanding principal balance of the loans, is recognized (using the level yield method) as an adjustment to interest income over the remaining period to contractual maturity or until the loan is repaid in full or sold. Subsequent to the acquisition date, the method utilized to estimate the required allowance for loan losses for these loans is similar to that for originated loans. However, a provision for loan losses is only recorded when the required allowance for loan losses exceeds any remaining purchase discount at the loan level. PCI loans represent those acquired loans with specific evidence of deterioration in credit quality since origination and for which it is probable that, as of the acquisition date, all contractually required principal and interest payments will not be collected . Under the accounting model for PCI 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 level yield method. Accordingly, PCI loans are not subject to classification as non-accrual 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 — • Changes in prepayment assumptions — • Changes in interest rate indices for variable rate loans — 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. PCI loans 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 re-assessment Allowance and Provision for Loan Losses Originated Portfolio 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 The Company’s allowance for loan losses consists of three elements: (i) an allowance for larger-balance, non-homogeneous (loan-by-loan) smaller-balance, Larger-balance, Non-homogeneous larger-balance, non-homogeneous loss-given-default charge-off In establishing the allowance for loan losses for larger-balance non-homogeneous Smaller-balance, Homogeneous Loans. 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 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 non-owner 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 Individually Impaired Loans. non-accrual charge-off charge-off 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 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 industrial, and commercial real estate portfolios. People’s United did not change its methodologies with respect to determining the allowance for loan losses during 2018. As part of its ongoing assessment of the allowance for loan losses, People’s United regularly makes refinements to certain underlying assumptions used in its methodologies. However, such 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, 2018. 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. Acquired Portfolio Acquired loans are evaluated upon acquisition and classified as either purchased performing or PCI, which represents those acquired loans with specific evidence of deterioration in credit quality since origination and for which it is probable that, as of the acquisition date, all contractually required principal and interest payments will not be collected. PCI 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. For purchased performing loans, the required allowance for loan losses is determined in a manner similar to that for originated loans with a provision for loan losses only recorded when the required allowance for loan losses exceeds any remaining purchase discount at the loan level. For PCI loans, 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 loans in each pool. A decrease in the expected cash flows in subsequent periods requires the establishment of an allowance for loan losses at that time. Loan Charge-Offs The Company’s charge-off charged-off 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 The decision whether to charge-off charge-off Revenue from Contracts with Customers The Company earns revenue from a variety of sources. For revenue streams other than (i) net interest income and (ii) other revenues associated with financial assets and financial liabilities, including loans, leases, securities and derivatives, the Company generally applies the following steps with respect to revenue recognition: (i) identify the contract; (ii) identify the performance obligation; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation; and (v) recognize revenue when the performance obligation is satisfied. The Company’s contracts with customers are generally short-term in nature, typically due within one year or less, or cancellable by the Company or the customer upon a short notice period. Performance obligations for customer contracts are generally satisfied at a single point in time, typically when the transaction is complete, or over time. For performance obligations satisfied over time, the value of the products/services transferred to the customer are evaluated to determine when, and to what degree, performance obligations have been satisfied. Payments from customers are typically received, and revenue recognized, concurrent with the satisfaction of our performance obligations. In most cases, this occurs within a single financial reporting period. For payments received in advance of the satisfaction of our performance obligations, revenue recognition is deferred until such time the performance obligations have been satisfied. In cases where a payment has not been received despite satisfaction of our performance obligations, an estimate of the amount due is accrued in the period our performance obligations have been satisfied. For contracts with variable components, amounts for which collection is probable are accrued. The following summarizes the Company’s performance obligations for the more significant recurring revenue streams included in non-interest Service charges and fees on deposit accounts Card-based and other non-deposit non-deposit Investment management fees month-end Insurance commissions and fees Brokerage commissions and fees The revenue streams noted above represent approximately $270 million (or 74%) of total non-interest income for the year ended December 31, 2018. Of this amount, approximately 40% is allocated to the Commercial Banking operating segment and 30% is allocated to each of the Retail Banking and Wealth Management operating segments. The Company generally acts in a principal capacity, on its own behalf, in the majority of its contracts with customers. In such transactions, revenue and the related costs to provide our services are recognized on a gross basis in the financial statements. In some cases, the Company may act in an agent capacity, deriving revenue by assisting other entities in transactions with our customers. In such transactions, revenue and the related costs to provide our services are recognized on a net basis in the financial statements. The extent of the Company’s activities for which it acts as an agent (and for which the related revenue and expense has been presented on a net basis) is immaterial. 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 low-to-moderate 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 pre-acquisition Intangible assets are recognized in an amount equal to the excess of the consideration transferred over the fair value of the tangible net assets acquired. “Acquisition-related intangible assets” are separately identified, recognized and amortized, where appropriate, for assets such as trade names, certain contractual agreements and the estimated values of acquired core deposits and/or customer relationships. Mutual fund management contract intangibles recognized by People’s United are deemed to have indefinite useful lives and, accordingly, are not amortized. 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 in a manner consistent with that in which the related benefits are expected to be realized, 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 intangibles are amortized on either (i) an accelerated basis over a period of approximately 20 years or (ii) a straight-line basis over 5 years. Core deposit intangibles are amortized on an accelerated basis over a period ranging from 7 to 10 years. Customer relationship intangibles are amortized on a straight-line basis over the estimated remaining average life of those relationships, which ranges from 10 to 15 years from the respective acquisition dates. Intangibles stemming from contractual agreements, such as favorable lease and non-compete 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 quantitative impairment test as described below. The quantitative test 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 impairment loss shall be recognized in an amount equal to that excess, not to exceed the carrying amount of goodwill. At this time, none of the Company’s identified reporting units are at risk of failing the quantitative goodwill impairment test. 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. In conducting its 2018 and 2016 goodwill impairment evaluations (as of the annual October 1 st Real Estate Owned Real estate owned (“REO”) properties acquired through foreclosure or deed-in-lieu 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. Effective January 1, 2017, tax benefits attributable to deductions in excess of financial statement amounts arising from the exercise of non-statutory paid-in 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 Earnings Per Common Share Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing earnings attributable to common shareholders 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 and performance shares) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding for the year, plus an incremental number of common-equivalent shares co |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 2 – Acquisitions Acquisitions Completed in 2018 First Connecticut Bancorp, Inc. Effective October 1, 2018, the Company completed its acquisition of First Connecticut Bancorp, Inc. (“First Connecticut”) based in Farmington, Connecticut. The fair value of the consideration transferred in the First Connecticut acquisition totaled $486.4 million and consisted of 28.4 million shares of People’s United common stock. At the acquisition date, First Connecticut operated 25 branch locations throughout central Connecticut and western Massachusetts. The assets acquired and liabilities assumed in this transaction were recorded by People’s United at their estimated fair values as of the effective date. The excess of the purchase price over the estimated fair value of the net assets acquired was recorded as goodwill. Merger-related expenses recorded during the year ended December 31, 2018 related to this acquisition totaled $8.8 million, including (i) fees for investment advisory, legal and valuation services and (ii) compensatory charges. The acquisition-date estimated fair values of the assets acquired and liabilities assumed in the acquisition of First Connecticut are summarized as follows: (in millions) Assets: Cash and cash equivalents $ 42.0 Securities 118.4 Loans 2,839.3 Goodwill 250.4 Core deposit intangible 51.0 Premises and equipment 22.0 BOLI 58.5 Favorable lease agreement 2.2 REO 0.2 Other assets 66.1 Total assets $ 3,450.1 Liabilities: Deposits $ 2,406.1 Borrowings 494.0 Other liabilities 63.6 Total liabilities $ 2,963.7 Total purchase price $ 486.4 Net deferred tax assets totaling $16.6 million were established in connection with recording the related purchase accounting adjustments (other than goodwill). Fair value adjustments to assets acquired (other than loans, see Note 5) and liabilities assumed are generally amortized on a straight-line basis over periods consistent with the average life, useful life and/or contractual term of the related assets and liabilities. Vend Lease Company Effective June 27, 2018, the Bank completed its acquisition of Vend Lease Company (“Vend Lease”), a Baltimore-based equipment finance company. The fair value of the consideration transferred in the Vend Lease acquisition consisted of $37.5 million in cash. In connection with this transaction, the Bank acquired a lease and loan portfolio with an acquisition-date estimated fair value of $68.8 million and recorded goodwill of $23.9 million. Merger-related expenses totaling $2.1 million relating to this transaction were recorded in the year ended December 31, 2018. The preceding summaries include adjustments necessary to record the acquired assets and assumed liabilities at their respective fair values based on management’s best estimate using the information available at the time of the respective acquisition. While there may be changes in the respective acquisition-date fair values of certain balance sheet amounts and other items, management does not expect that such changes, if any, will be material. People’s United’s results of operations for the year ended December 31, 2018 include the results of First Connecticut and Vend Lease beginning with the respective effective dates. Fair values of the major categories of assets acquired and liabilities assumed were determined as follows: Cash and Cash Equivalents The fair values of cash and cash equivalents approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities. Securities The fair values of securities acquired were based on quoted market prices. If a quoted market price for a certain security was not available, then a quoted price for a similar security in active markets was used to estimate fair value. Loans and Leases Loans and leases acquired in connection with these acquisitions were recorded at fair value with no carryover of either First Connecticut’s or Vend Lease’s previously established allowance for loan losses. Fair value was 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 were evaluated upon the respective acquisition dates and classified as either purchased performing or PCI (see Note 5). In the aggregate, loans totaling $69.9 million were deemed PCI and were recorded at a discount from the corresponding outstanding principal balance of $94.7 million. The remaining acquired loans and leases were deemed purchased performing and had a fair value of $2.84 billion and an outstanding principal balance of $2.94 billion, resulting in a discount that will be accreted over the remaining lives of the assets. Included in the Consolidated Statements of Income for the year end December 31, 2018 is approximately $35 million of interest income attributable to these acquisitions since the respective acquisition dates. Core Deposit Intangible The core deposit intangible represents the value of the relationships with deposit customers. The fair value was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance costs of the deposit base, the alternative cost of funds and the interest cost associated with customer deposits. The core deposit intangible will be amortized using an accelerated amortization method over a nine-year period, reflective of the manner in which the related benefit attributable to the deposits will be recognized. Deposits The fair values of acquired savings and transaction deposit accounts were assumed to approximate the respective carrying amounts as these accounts have no stated maturity and are payable on demand. Time deposits were valued based on the present value of the contractual cash flows over the remaining period to maturity using a market rate. Borrowings 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. The following table presents selected unaudited pro forma financial information of the Company, reflecting the acquisitions of First Connecticut and Vend Lease, assuming the acquisitions were completed as of the beginning of the respective periods: Years ended December 31 (in millions, except per common share data) 2018 2017 Selected Financial Results: Net interest income $ 1,305.2 $ 1,190.9 Provision for loan losses 30.0 26.0 Non-interest 378.3 371.4 Non-interest 1,040.2 1,032.6 Net income 498.0 364.0 Net income available to common shareholders 483.9 349.9 EPS: Basic $ 1.31 $ 0.97 Diluted 1.30 0.97 The selected unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the acquisitions actually been completed at the beginning of the periods presented, nor does it indicate future results for any other interim or full-year period. Merger-related expenses attributable to the acquisitions that were incurred by People’s United, First Connecticut and Vend Lease during the year ended December 31, 2018 are not reflected in the selected unaudited pro forma financial information. Pro forma basic and diluted EPS were calculated using People’s United’s actual weighted-average common shares outstanding for the periods presented, plus the incremental common shares issued, assuming the acquisitions occurred at the beginning of the periods presented. Acquisitions Completed in 2017 LEAF Effective August 1, 2017, the Bank completed its acquisition of LEAF, a Philadelphia-based commercial equipment finance company. The fair value of the consideration transferred in the LEAF acquisition consisted of $220.0 million in cash. The fair value of assets acquired and liabilities assumed in this acquisition totaled $957.7 million and $737.7 million, respectively. Merger-related expenses recorded during the year ended December 31, 2017 related to this acquisition totaled $3.7 million. Prior to the acquisition, and in connection with its previous revolving warehouse debt facilities and term note securitization transactions, LEAF established bankruptcy-remote special-purpose entities (“SPEs”) that issued term debt to institutional investors. These SPEs were variable interest entities (“VIEs”), of which LEAF was deemed the primary beneficiary, and, therefore, the related financings were treated as secured borrowings with the SPEs consolidated in LEAF’s financial statements. Following the Company’s acquisition of LEAF, approximately $460 million of LEAF’s borrowings were repaid prior to September 30, 2017, including all but one remaining securitization, which was repaid without penalty in June 2018. Suffolk Bancorp Effective April 1, 2017, People’s United completed its acquisition of Suffolk Bancorp (“Suffolk”) based in Riverhead, New York. The fair value of the consideration transferred in the Suffolk acquisition totaled $484.8 million and consisted of 26.6 million shares of People’s United common stock. At the acquisition date, Suffolk operated 27 branch locations in the greater Long Island area. The fair value of assets acquired and liabilities assumed in the Suffolk acquisition totaled $2.38 billion and $1.90 billion, respectively. Merger-related expenses recorded during the years ended December 31, 2017 and 2016 related to this acquisition totaled $26.6 million and $2.8 million, respectively. Acquisitions Completed in 2016 Gerstein Fisher Effective November 2, 2016, PSI completed its acquisition of Gerstein Fisher, a $3 billion investment management firm based in New York City. The fair value of the consideration transferred in the Gerstein Fisher acquisition consisted of $57.4 million in cash and $18.3 million in contingent consideration. Merger-related expenses recorded during the years ended December 31, 2017 and 2016 related to this acquisition totaled $0.3 million and $1.9 million, respectively. Eagle Insurance Effective April 6, 2016, PUIA completed its acquisition of Eagle Insurance Group, LLC (“Eagle Insurance”), a Massachusetts-based insurance brokerage firm, focused on commercial insurance. The fair value of the consideration transferred in the Eagle Insurance acquisition consisted of $2.4 million in cash and $1.5 million in contingent consideration. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | NOTE 3 – Cash and Cash Equivalents A combination of reserves in the form of deposits with the FRB-NY FRB-NY Short-term investments consist of the following cash equivalents: As of December 31 (in millions) 2018 2017 Interest-bearing deposits at the FRB-NY $ 234.0 $ 340.4 Money market mutual funds 26.3 25.4 Other (1) 6.0 11.7 Total short-term investments $ 266.3 $ 377.5 (1) Includes cash collateral posted for certain derivative positions at both December 31, 2018 and 2017. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | NOTE 4 – Securities The amortized cost, gross unrealized gains and losses, and fair value of People’s United’s debt securities available-for-sale held-to-maturity As of December 31, 2018 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale: U.S. Treasury and agency $ 699.0 $ 0.1 $ (21.1 ) $ 678.0 GSE mortgage-backed securities 2,486.6 4.6 (48.2 ) 2,443.0 Total debt securities available-for-sale $ 3,185.6 $ 4.7 $ (69.3 ) $ 3,121.0 Debt securities held-to-maturity: State and municipal $ 2,352.4 $ 35.4 $ (18.4 ) $ 2,369.4 GSE mortgage-backed securities 1,367.5 — (33.2 ) 1,334.3 Corporate 70.9 0.5 (0.7 ) 70.7 Other 1.5 — — 1.5 Total debt securities held-to-maturity $ 3,792.3 $ 35.9 $ (52.3 ) $ 3,775.9 As of December 31, 2017 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale: U.S. Treasury and agency $ 687.1 $ — $ (18.3 ) $ 668.8 GSE mortgage-backed securities 2,477.8 7.4 (28.7 ) 2,456.5 Total debt securities available-for-sale $ 3,164.9 $ 7.4 $ (47.0 ) $ 3,125.3 Debt securities held-to-maturity: State and municipal $ 2,060.4 $ 64.5 $ (4.6 ) $ 2,120.3 GSE mortgage-backed securities 1,474.9 0.3 (15.4 ) 1,459.8 Corporate 51.3 0.8 — 52.1 Other 1.5 — — 1.5 Total debt securities held-to-maturity $ 3,588.1 $ 65.6 $ (20.0 ) $ 3,633.7 At December 31, 2018 and 2017, debt securities available-for-sale held-to-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, 2018, based on remaining period to contractual maturity. Information for GSE mortgage-backed securities 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 U.S. Treasury and agency: Within 1 year $ 56.7 $ 56.3 1.95 % $ — $ — — % After 1 but within 5 years 642.3 621.7 1.52 — — — Total 699.0 678.0 1.56 — — — GSE mortgage-backed securities: Within 1 year — — — 4.3 4.3 1.93 After 1 but within 5 years 65.7 65.7 2.89 299.8 293.7 2.37 After 5 but within 10 years 1,016.1 1,013.4 2.79 712.1 694.8 2.46 After 10 years 1,404.8 1,363.9 2.16 351.3 341.5 2.13 Total 2,486.6 2,443.0 2.44 1,367.5 1,334.3 2.36 State and municipal: Within 1 year — — — 23.6 23.6 2.41 After 1 but within 5 years — — — 205.5 210.3 2.95 After 5 but within 10 years — — — 346.1 355.7 3.26 After 10 years — — — 1,777.2 1,779.8 3.84 Total — — — 2,352.4 2,369.4 3.66 Corporate: After 1 but within 5 years — — — 5.0 5.0 3.50 After 5 but within 10 years — — — 65.9 65.7 4.73 Total — — — 70.9 70.7 4.64 Other: After 1 but within 5 years — — — 1.5 1.5 2.46 Total — — — 1.5 1.5 2.46 Total: Within 1 year 56.7 56.3 1.95 27.9 27.9 2.34 After 1 but within 5 years 708.0 687.4 1.65 511.8 510.5 2.62 After 5 but within 10 years 1,016.1 1,013.4 2.79 1,124.1 1,116.2 2.84 After 10 years 1,404.8 1,363.9 2.16 2,128.5 2,121.3 3.56 Total $ 3,185.6 $ 3,121.0 2.24 % $ 3,792.3 $ 3,775.9 3.21 % The following tables summarize those 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, 2018 (in millions) Fair Unrealized Fair Unrealized Fair Unrealized Debt securities available-for-sale: GSE mortgage-backed securities $ 132.4 $ (0.5 ) $ 1,656.3 $ (47.7 ) $ 1,788.7 $ (48.2 ) U.S. Treasury and agency — — 656.2 (21.1 ) 656.2 (21.1 ) Total debt securities available-for-sale $ 132.4 $ (0.5 ) $ 2,312.5 $ (68.8 ) $ 2,444.9 $ (69.3 ) Debt securities held-to-maturity: GSE mortgage-backed securities $ — $ — $ 1,334.3 $ (33.2 ) $ 1,334.3 $ (33.2 ) State and municipal 113.4 (0.7 ) 697.6 (17.7 ) 811.0 (18.4 ) Corporate 31.2 (0.6 ) 2.7 (0.1 ) 33.9 (0.7 ) Total debt securities held-to-maturity $ 144.6 $ (1.3 ) $ 2,034.6 $ (51.0 ) $ 2,179.2 $ (52.3 ) Continuous Unrealized Loss Position Less Than 12 Months 12 Months Or Longer Total As of December 31, 2017 (in millions) Fair Unrealized Fair Unrealized Fair Unrealized Debt securities available-for-sale: GSE mortgage-backed securities $ 1,013.5 $ (8.7 ) $ 1,114.8 $ (20.0 ) $ 2,128.3 $ (28.7 ) U.S. Treasury and agency 156.0 — 507.7 (18.3 ) 663.7 (18.3 ) Total debt securities available-for-sale $ 1,169.5 $ (8.7 ) $ 1,622.5 $ (38.3 ) $ 2,792.0 $ (47.0 ) Debt securities held-to-maturity: GSE mortgage-backed securities $ 1,289.3 $ (14.7 ) $ 45.0 $ (0.7 ) $ 1,334.3 $ (15.4 ) State and municipal 106.2 (0.5 ) 224.9 (4.1 ) 331.1 (4.6 ) Total debt securities held-to-maturity $ 1,395.5 $ (15.2 ) $ 269.9 $ (4.8 ) $ 1,665.4 $ (20.0 ) At December 31, 2018, approximately 39% of the 2,176 debt securities owned by the Company, consisting of 112 debt securities classified as available-for-sale held-to-maturity, The cause of the gross unrealized losses with respect to all of the debt securities is directly related to changes in interest rates. At this time, management does not intend to sell such securities nor is it more likely than not, based upon available evidence, that management will be required to sell such securities prior to recovery. As such, management believes that all gross unrealized losses within the securities portfolio at December 31, 2018 are temporary impairments. No other-than-temporary impairment losses were recognized in the Consolidated Statements of Income for the years ended December 31, 2018, 2017 and 2016. People’s United uses the specific identification method to determine the cost of securities sold and records securities transactions on the trade date. People’s United sold (i) GSE mortgage-backed securities with an amortized cost of $235.5 million and recorded $10.0 million of gross realized losses in December 2018 and (ii) U.S. Treasury and CMO securities with a combined amortized cost of $291.3 million and recorded $10.0 million of gross realized losses in December 2017. Also in 2017, People’s United sold U.S. Treasury and CMO securities with a combined amortized cost of $486.9 million and recorded $15.7 million of gross realized losses. In 2016, People’s United sold U.S. Treasury and CMO securities with a combined amortized cost of $403.0 million and recorded $6.1 million of gross realized losses. Including other minor gains and losses, net security losses totaled $9.8 million, $25.4 million and $5.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. The components of net security losses are summarized below. Years ended December 31 (in millions) 2018 2017 2016 Debt securities: Gains $ 0.1 $ 2.1 $ 0.2 Losses (10.0 ) (27.5 ) (6.2 ) Total debt securities (9.9 ) (25.4 ) (6.0 ) Trading debt securities: Gains 0.1 — 0.1 Losses — — — Total trading debt securities (1) 0.1 — 0.1 Net security losses $ (9.8 ) $ (25.4 ) $ (5.9 ) (1) Net gains and losses on trading debt securities totaled less than $0.1 million for the year ended December 31, 2017. For the year ended December 31, 2018, People’s United recorded unrealized gains of $0.6 million (included in other non-interest The Bank, as a member of the FHLB of Boston, is currently required to purchase and hold shares of capital stock in the FHLB of Boston (total cost of $124.2 million and $130.0 million at December 31, 2018 and 2017, respectively) 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 prior acquisitions, the Bank acquired shares of capital stock in the FHLB of New York (total cost of $0.7 million and $12.0 million at December 31, 2018 and 2017, respectively). 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, 2018 and the cost of the investment approximates fair value. Dividend income on FHLB capital stock totaled $8.3 million, $6.6 million and $5.8 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Bank, as a member of the Federal Reserve Bank system, is currently required to purchase and hold shares of capital stock in the FRB-NY FRB-NY, FRB-NY |
Loans
Loans | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans | NOTE 5 – 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 • Retail Portfolio Loans acquired in connection with business combinations 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: 2018 2017 As of December 31 (in millions) Originated Acquired Total Originated Acquired Total Commercial: Commercial real estate $ 9,798.5 $ 1,851.1 $ 11,649.6 $ 10,126.6 $ 942.1 $ 11,068.7 Commercial and industrial 8,292.3 796.6 9,088.9 8,129.9 601.2 8,731.1 Equipment financing 3,937.7 401.5 4,339.2 3,308.5 596.9 3,905.4 Total Commercial Portfolio 22,028.5 3,049.2 25,077.7 21,565.0 2,140.2 23,705.2 Retail: Residential mortgage: Adjustable-rate 5,854.1 807.9 6,662.0 5,782.6 144.0 5,926.6 Fixed-rate 935.1 557.1 1,492.2 758.0 121.1 879.1 Total residential mortgage 6,789.2 1,365.0 8,154.2 6,540.6 265.1 6,805.7 Home equity and other consumer: Home equity 1,789.5 173.0 1,962.5 1,960.0 55.2 2,015.2 Other consumer 42.8 4.2 47.0 45.6 3.6 49.2 Total home equity and 1,832.3 177.2 2,009.5 2,005.6 58.8 2,064.4 Total Retail Portfolio 8,621.5 1,542.2 10,163.7 8,546.2 323.9 8,870.1 Total loans $ 30,650.0 $ 4,591.4 $ 35,241.4 $ 30,111.2 $ 2,464.1 $ 32,575.3 Net deferred loan costs, which are included in loans by respective class and accounted for as interest yield adjustments, totaled $94.6 million at December 31, 2018 and $80.4 million at December 31, 2017. At December 31, 2018, 26%, 20% 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 56% and 54% of total loans at December 31, 2018 and 2017, respectively. Substantially the entire equipment financing portfolio (95% at both December 31, 2018 and 2017, respectively) was to customers located outside of New England. At December 31, 2018, 29% of the equipment financing portfolio was to customers located in Texas, California and New York, and no other state exposure was greater than 6%. Included in the Commercial portfolio are construction loans totaling $651.2 million and $575.0 million at December 31, 2018 and 2017, respectively, net of the unadvanced portion of such loans totaling $588.2 million and $327.1 million, respectively. At both December 31, 2018 and 2017, residential mortgage loans included $1.2 billion of interest-only loans. 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 $57.3 million and $65.3 million at December 31, 2018 and 2017, respectively, net of the unadvanced portion of such loans totaling $21.5 million and $17.9 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 $1.2 million, $3.2 million and $6.3 million for the years ended December 31, 2018, 2017 and 2016, respectively. Loans held-for-sale The following table presents a summary, by loan portfolio segment, of activity in the allowance for loan losses for the years ended December 31, 2018, 2017 and 2016. 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, 2015 $ 181.8 $ 7.9 $ 189.7 $ 21.1 $ 0.2 $ 21.3 $ 211.0 Charge-offs (13.5 ) (1.4 ) (14.9 ) (8.5 ) — (8.5 ) (23.4 ) Recoveries 2.1 — 2.1 3.0 — 3.0 5.1 Net loan charge-offs (11.4 ) (1.4 ) (12.8 ) (5.5 ) — (5.5 ) (18.3 ) Provision for loan losses 28.4 (0.4 ) 28.0 8.6 — 8.6 36.6 Balance at December 31, 2016 198.8 6.1 204.9 24.2 0.2 24.4 229.3 Charge-offs (17.1 ) (4.4 ) (21.5 ) (6.4 ) — (6.4 ) (27.9 ) Recoveries 4.6 0.3 4.9 2.1 — 2.1 7.0 Net loan charge-offs (12.5 ) (4.1 ) (16.6 ) (4.3 ) — (4.3 ) (20.9 ) Provision for loan losses 14.8 1.4 16.2 9.8 — 9.8 26.0 Balance at December 31, 2017 201.1 3.4 204.5 29.7 0.2 29.9 234.4 Charge-offs (19.5 ) (8.1 ) (27.6 ) (3.3 ) — (3.3 ) (30.9 ) Recoveries 3.5 1.3 4.8 2.1 — 2.1 6.9 Net loan charge-offs (16.0 ) (6.8 ) (22.8 ) (1.2 ) — (1.2 ) (24.0 ) Provision for loan losses 20.5 7.3 27.8 2.2 — 2.2 30.0 Balance at December 31, 2018 $ 205.6 $ 3.9 $ 209.5 $ 30.7 $ 0.2 $ 30.9 $ 240.4 The following tables summarize, by loan portfolio segment and impairment methodology, the allowance for loan losses and related portfolio balances: As of December 31, 2018 (in millions) Commercial Retail Total Portfolio Allowance Portfolio Allowance Portfolio Allowance Originated loans: Collectively evaluated for impairment $ 21,900.1 $ 198.9 $ 8,535.0 $ 28.4 $ 30,435.1 $ 227.3 Individually evaluated for impairment 128.4 6.7 86.5 2.3 214.9 9.0 Acquired loans: PCI (1) 300.3 2.2 99.6 0.1 399.9 2.3 Purchased performing: Collectively evaluated for impairment 2,744.4 1.7 1,439.1 — 4,183.5 1.7 Individually evaluated for impairment 4.5 — 3.5 0.1 8.0 0.1 Total $ 25,077.7 $ 209.5 $ 10,163.7 $ 30.9 $ 35,241.4 $ 240.4 As of December 31, 2017 (in millions) Commercial Retail Total Portfolio Allowance Portfolio Allowance Portfolio Allowance Originated loans: Collectively evaluated for impairment $ 21,423.8 $ 196.5 $ 8,454.1 $ 27.3 $ 29,877.9 $ 223.8 Individually evaluated for impairment 141.2 4.6 92.1 2.4 233.3 7.0 Acquired loans: PCI (1) 370.4 2.8 128.1 0.2 498.5 3.0 Purchased performing: Collectively evaluated for impairment 1,769.8 0.6 193.9 — 1,963.7 0.6 Individually evaluated for impairment — — 1.9 — 1.9 — Total $ 23,705.2 $ 204.5 $ 8,870.1 $ 29.9 $ 32,575.3 $ 234.4 (1) PCI loans are evaluated for impairment on a pool basis. The recorded investments, by class of loan, in originated non-performing As of December 31 (in millions) 2018 2017 2016 Commercial: Commercial real estate $ 33.5 $ 23.7 $ 22.3 Commercial and industrial 38.0 32.6 41.5 Equipment financing 42.0 44.3 39.4 Total (1) 113.5 100.6 103.2 Retail: Residential mortgage 38.9 32.7 27.4 Home equity 15.3 15.4 17.4 Other consumer — — — Total (2) 54.2 48.1 44.8 Total $ 167.7 $ 148.7 $ 148.0 (1) Reported net of government guarantees totaling $1.9 million, $3.1 million and $13.1 million at December 31, 2018, 2017 and 2016, 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, 2018, the principal loan classes to which these government guarantees relate are commercial and industrial loans (87%) and commercial real estate loans (13%). (2) Includes $24.8 million, $15.2 million and $9.8 million of loans in the process of foreclosure at December 31, 2018, 2017 and 2016, respectively. The preceding table excludes acquired loans that are (i) accounted for as PCI loans and/or (ii) covered by an FDIC loss-share agreement (“LSA”) which totaled $44.1 million at December 31, 2018; $25.1 million at December 31, 2017; and $24.7 million at December 31, 2016. Such loans otherwise meet People’s United’s definition of a non-performing non-performing If interest payments on all loans classified as non-performing non-performing At December 31, 2018 and 2017, People’s United’s recorded investment in loans classified as TDRs totaled $179.4 million and $186.9 million, respectively. The related allowance for loan losses was $4.5 million at December 31, 2018 and $4.4 million at December 31, 2017. Interest income recognized on TDRs totaled $6.1 million, $4.7 million and $4.8 million for the years ended December 31, 2018, 2017 and 2016, respectively. Fundings under commitments to lend additional amounts to borrowers with loans classified as TDRs were immaterial for the years ended December 31, 2018, 2017 and 2016. Loans that were modified and classified as TDRs during 2018 principally involve reduced payment and/or payment deferral, extension of term (generally no more than two years for commercial loans and five 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, 2018 and 2017. For purposes of this disclosure, recorded investments represent amounts immediately prior to and subsequent to the restructuring. Year ended December 31, 2018 (dollars in millions) Number of Pre-Modification Post-Modification Commercial: Commercial real estate (1) 13 $ 27.6 $ 27.6 Commercial and industrial (2) 47 73.1 73.1 Equipment financing (3) 31 31.6 31.6 Total 91 132.3 132.3 Retail: Residential mortgage (4) 38 9.5 9.5 Home equity (5) 79 7.3 7.3 Other consumer — — — Total 117 16.8 16.8 Total 208 $ 149.1 $ 149.1 (1) Represents the following concessions: extension of term (9 contracts; recorded investment of $24.1 million); reduced payment and/or payment deferral (1 contract; recorded investment of $0.5 million); or a combination of concessions (3 contracts; recorded investment of $3.0 million). (2) Represents the following concessions: extension of term (31 contracts; recorded investment of $48.4 million); reduced payment and/or payment deferral (11 contracts; recorded investment of $23.8 million); or a combination of concessions (5 contracts; recorded investment of $0.9 million). (3) Represents the following concessions: extension of term (3 contracts; recorded investment of $4.2 million); reduced payment and/or payment deferral (16 contracts; recorded investment of $17.6 million); or a combination of concessions (12 contracts; recorded investment of $9.8 million). (4) Represents the following concessions: loans restructured through bankruptcy (21 contracts; recorded investment of $3.7 million); reduced payment and/or payment deferral (10 contracts; recorded investment of $3.5 million); or a combination of concessions (7 contracts; recorded investment of $2.3 million). (5) Represents the following concessions: loans restructured through bankruptcy (49 contracts; recorded investment of $3.6 million); reduced payment and/or payment deferral (10 contracts; recorded investment of $1.3 million); or a combination of concessions (20 contracts; recorded investment of $2.4 million). Year ended December 31, 2017 (dollars in millions) Number of Pre-Modification Post-Modification Commercial: Commercial real estate (1) 17 $ 7.5 $ 7.5 Commercial and industrial (2) 39 52.4 52.4 Equipment financing (3) 58 35.5 35.5 Total 114 95.4 95.4 Retail: Residential mortgage (4) 52 13.6 13.6 Home equity (5) 76 5.3 5.3 Other consumer — — — Total 128 18.9 18.9 Total 242 $ 114.3 $ 114.3 (1) Represents the following concessions: extension of term (11 contracts; recorded investment of $2.3 million); reduced payment and/or payment deferral (4 contracts; recorded investment of $3.1 million); temporary rate reduction (1 contract; recorded investment of $1.7 million); or a combination of concessions (1 contract; recorded investment of $0.4 million). (2) Represents the following concessions: extension of term (34 contracts; recorded investment of $42.2 million); reduced payment and/or payment deferral (4 contracts; recorded investment of $9.9 million); or a combination of concessions (1 contract; recorded investment of $0.3 million). (3) Represents the following concessions: extension of term (1 contract; recorded investment of $1.0 million); reduced payment and/or payment deferral (26 contracts; recorded investment of $23.3 million); or a combination of concessions (31 contracts; recorded investment of $11.2 million). (4) Represents the following concessions: loans restructured through bankruptcy (32 contracts; recorded investment of $5.9 million); reduced payment and/or payment deferral (11 contracts; recorded investment of $4.0 million); or a combination of concessions (9 contracts; recorded investment of $3.7 million). (5) Represents the following concessions: loans restructured through bankruptcy (48 contracts; recorded investment of $2.9 million); reduced payment and/or payment deferral (13 contracts; recorded investment of $1.2 million); or a combination of concessions (15 contracts; recorded investment of $1.2 million). The following is a summary, by class of loan, of information related to TDRs completed within the previous 12 months that subsequently defaulted during the years ended December 31, 2018 and 2017. 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 2018 or 2017. 2018 2017 Years ended December 31 (dollars in millions) Number of Recorded Number of Recorded Commercial: Commercial real estate — $ — 1 $ 0.1 Commercial and industrial 12 6.7 1 0.9 Equipment financing 6 3.5 13 4.6 Total 18 10.2 15 5.6 Retail: Residential mortgage 7 1.6 11 3.6 Home equity 13 0.7 12 1.4 Other consumer — — — — Total 20 2.3 23 5.0 Total 38 $ 12.5 38 $ 10.6 People’s United’s impaired loans consist of certain loans that have been placed on non-accrual individually-evaluated 2018 2017 As of December 31 (in millions) Unpaid Recorded Related Unpaid Recorded Related Without a related allowance for loan losses: Commercial: Commercial real estate $ 31.0 $ 28.1 $ — $ 37.7 $ 36.3 $ — Commercial and industrial 45.6 42.0 — 27.9 25.5 — Equipment financing 20.2 18.0 — 36.9 32.8 — Retail: Residential mortgage 66.8 59.3 — 67.6 60.8 — Home equity 23.8 20.3 — 24.0 20.2 — Other consumer — — — — — — Total $ 187.4 $ 167.7 $ — $ 194.1 $ 175.6 $ — With a related allowance for loan losses: Commercial: Commercial real estate $ 23.8 $ 21.8 $ 1.6 $ 11.7 $ 9.9 $ 0.9 Commercial and industrial 12.6 10.2 2.4 26.9 26.0 2.6 Equipment financing 16.2 12.8 2.7 11.6 10.7 1.1 Retail: Residential mortgage 8.8 8.8 1.7 11.4 11.4 1.7 Home equity 1.7 1.6 0.7 1.7 1.6 0.7 Other consumer — — — — — — Total $ 63.1 $ 55.2 $ 9.1 $ 63.3 $ 59.6 $ 7.0 Total impaired loans: Commercial: Commercial real estate $ 54.8 $ 49.9 $ 1.6 $ 49.4 $ 46.2 $ 0.9 Commercial and industrial 58.2 52.2 2.4 54.8 51.5 2.6 Equipment financing 36.4 30.8 2.7 48.5 43.5 1.1 Total 149.4 132.9 6.7 152.7 141.2 4.6 Retail: Residential mortgage 75.6 68.1 1.7 79.0 72.2 1.7 Home equity 25.5 21.9 0.7 25.7 21.8 0.7 Other consumer — — — — — — Total 101.1 90.0 2.4 104.7 94.0 2.4 Total $ 250.5 $ 222.9 $ 9.1 $ 257.4 $ 235.2 $ 7.0 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 2018 2017 2016 Years ended December 31 (in millions) Average Interest Average Interest Average Interest Commercial: Commercial real estate $ 40.2 $ 1.1 $ 55.8 $ 1.2 $ 56.7 $ 1.4 Commercial and industrial 49.6 2.8 63.4 1.9 62.6 2.1 Equipment financing 38.4 0.1 44.4 0.4 37.1 0.3 Total 128.2 4.0 163.6 3.5 156.4 3.8 Retail: Residential mortgage 68.7 1.9 71.8 1.7 71.8 1.6 Home equity 20.9 0.5 21.2 0.4 21.6 0.3 Other consumer — — — — — — Total 89.6 2.4 93.0 2.1 93.4 1.9 Total $ 217.8 $ 6.4 $ 256.6 $ 5.6 $ 249.8 $ 5.7 The following tables summarize, by class of loan, aging information for originated loans: Past Due As of December 31, 2018 (in millions) Current 30-89 90 Days Total Total Commercial: Commercial real estate $ 9,762.1 $ 23.0 $ 13.4 $ 36.4 $ 9,798.5 Commercial and industrial 8,261.5 6.9 23.9 30.8 8,292.3 Equipment financing 3,855.3 68.8 13.6 82.4 3,937.7 Total 21,878.9 98.7 50.9 149.6 22,028.5 Retail: Residential mortgage 6,723.2 38.6 27.4 66.0 6,789.2 Home equity 1,776.0 5.8 7.7 13.5 1,789.5 Other consumer 42.7 0.1 — 0.1 42.8 Total 8,541.9 44.5 35.1 79.6 8,621.5 Total originated loans $ 30,420.8 $ 143.2 $ 86.0 $ 229.2 $ 30,650.0 Included in the “Current” and “30-89 non-performing non-accrual Past Due As of December 31, 2017 (in millions) Current 30-89 90 Days Total Total Commercial: Commercial real estate $ 10,102.3 $ 11.0 $ 13.3 $ 24.3 $ 10,126.6 Commercial and industrial 8,099.0 14.9 16.0 30.9 8,129.9 Equipment financing 3,219.7 83.1 5.7 88.8 3,308.5 Total 21,421.0 109.0 35.0 144.0 21,565.0 Retail: Residential mortgage 6,487.3 32.8 20.5 53.3 6,540.6 Home equity 1,945.2 7.4 7.4 14.8 1,960.0 Other consumer 45.3 0.3 — 0.3 45.6 Total 8,477.8 40.5 27.9 68.4 8,546.2 Total originated loans $ 29,898.8 $ 149.5 $ 62.9 $ 212.4 $ 30,111.2 Included in the “Current” and “30-89 non-performing non-accrual 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 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 non-owner 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 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. Such loans are included in the tabular disclosures of credit quality indicators that follow. Acquired Loan 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 The following tables summarize, by class of loan, credit quality indicators: As of December 31, 2018 (in millions) Commercial Commercial Equipment Total Commercial: Originated loans: Pass $ 9,607.0 $ 7,855.7 $ 3,549.3 $ 21,012.0 Special mention 105.5 196.9 92.1 394.5 Substandard 85.2 239.3 296.3 620.8 Doubtful 0.8 0.4 — 1.2 Total originated loans 9,798.5 8,292.3 3,937.7 22,028.5 Acquired loans: Pass 1,766.2 719.6 394.0 2,879.8 Special mention 27.3 14.6 4.7 46.6 Substandard 57.6 62.4 2.8 122.8 Doubtful — — — — Total acquired loans 1,851.1 796.6 401.5 3,049.2 Total $ 11,649.6 $ 9,088.9 $ 4,339.2 $ 25,077.7 As of December 31, 2018 (in millions) Residential Home Other Total Retail: Originated loans: Low risk $ 2,912.8 $ 834.5 $ 27.3 $ 3,774.6 Moderate risk 3,360.9 576.4 5.9 3,943.2 High risk 515.5 378.6 9.6 903.7 Total originated loans 6,789.2 1,789.5 42.8 8,621.5 Acquired loans: Low risk 506.1 — — 506.1 Moderate risk 639.6 — — 639.6 High risk 219.3 173.0 4.2 396.5 Total acquired loans 1,365.0 173.0 4.2 1,542.2 Total $ 8,154.2 $ 1,962.5 $ 47.0 $ 10,163.7 As of December 31, 2017 (in millions) Commercial Commercial Equipment Total Commercial: Originated loans: Pass $ 9,859.3 $ 7,760.7 $ 2,899.9 $ 20,519.9 Special mention 159.4 124.0 91.8 375.2 Substandard 107.0 244.2 316.8 668.0 Doubtful 0.9 1.0 — 1.9 Total originated loans 10,126.6 8,129.9 3,308.5 21,565.0 Acquired loans: Pass 892.0 520.0 596.9 2,008.9 Special mention 14.8 15.2 — 30.0 Substandard 35.3 66.0 — 101.3 Doubtful — — — — Total acquired loans 942.1 601.2 596.9 2,140.2 Total $ 11,068.7 $ 8,731.1 $ 3,905.4 $ 23,705.2 As of December 31, 2017 (in millions) Residential Home Other Total Retail: Originated loans: Low risk $ 3,292.1 $ 925.6 $ 28.2 $ 4,245.9 Moderate risk 2,738.8 640.0 7.1 3,385.9 High risk 509.7 394.4 10.3 914.4 Total originated loans 6,540.6 1,960.0 45.6 8,546.2 Acquired loans: Low risk 148.0 — — 148.0 Moderate risk 65.7 — — 65.7 High risk 51.4 55.2 3.6 110.2 Total acquired loans 265.1 55.2 3.6 323.9 Total $ 6,805.7 $ 2,015.2 $ 49.2 $ 8,870.1 Acquired PCI Loans At the respective acquisition dates, on an aggregate basis, the PCI loan portfolio had contractually required principal and interest payments receivable of $7.76 billion; expected cash flows of $7.19 billion; and a fair value (initial carrying amount) of $5.49 billion. The difference between the contractually required principal and interest payments receivable and the expected cash flows ($572.0 million) represented the initial nonaccretable difference. The difference between the expected cash flows and fair value ($1.70 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, 2018, the outstanding principal balance and carrying amount of the PCI loan portfolio were $491.6 million and $399.9 million, respectively ($587.7 million and $498.5 million, respectively, at December 31, 2017). The following table summarizes activity in the accretable yield for the PCI loan portfolio: Years ended December 31 (in millions) 2018 2017 2016 Balance at beginning of period $ 219.7 $ 255.4 $ 296.0 Acquisitions 27.1 13.1 — Accretion (24.6 ) (29.1 ) (39.0 ) Reclassification from nonaccretable difference for loans — — — Other changes in expected cash flows (2) (32.5 ) (19.7 ) (1.6 ) Balance at end of period $ 189.7 $ 219.7 $ 255.4 (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,” totaled $0.2 million and $0.4 million at December 31, 2018 and 2017, respectively, and 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 |
Goodwill and Other Acquisition-
Goodwill and Other Acquisition-Related Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Acquisition-Related Intangible Assets | NOTE 6 – Goodwill and Other Acquisition-Related Intangible Assets Goodwill Changes in the carrying amount of People’s United’s goodwill are summarized as follows: Operating Segment (in millions) Commercial Retail Wealth Total Balance at December 31, 2016 $ 1,222.1 $ 679.6 $ 91.0 $ 1,992.7 Acquisition of: Suffolk 229.8 40.5 — 270.3 LEAF 148.4 — — 148.4 Balance at December 31, 2017 1,600.3 720.1 91.0 2,411.4 Acquisition of: First Connecticut 135.2 115.2 — 250.4 Vend Lease 23.9 — — 23.9 Balance at December 31, 2018 $ 1,759.4 $ 835.3 $ 91.0 $ 2,685.7 Other Acquisition-Related Intangible Assets The following is a summary of People’s United’s other acquisition-related intangible assets: 2018 2017 As of December 31 (in millions) Gross Accumulated Carrying Gross Accumulated Carrying Intangibles amortized: Core deposit intangible $ 222.9 $ 157.4 $ 65.5 $ 171.9 $ 148.5 $ 23.4 Trade name intangible 123.9 64.8 59.1 123.9 57.7 66.2 Client relationships 24.4 4.4 20.0 24.4 2.4 22.0 Trust relationships 42.7 31.3 11.4 42.7 28.5 14.2 Insurance relationships 38.1 33.6 4.5 38.1 32.9 5.2 Favorable lease agreements 2.9 0.3 2.6 0.7 0.1 0.6 Non-compete 0.6 0.2 0.4 0.6 0.1 0.5 Total $ 455.5 $ 292.0 163.5 $ 402.3 $ 270.2 132.1 Mutual fund management contracts (not amortized) 16.5 16.5 Total other acquisition-related intangible assets $ 180.0 $ 148.6 Other acquisition-related intangible assets subject to amortization have an original weighted-average amortization period of 13 years. Amortization expense of other acquisition-related intangible assets totaled $21.8 million, $30.0 million and $23.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. Scheduled amortization expense attributable to other acquisition-related intangible assets for each of the next five years is as follows: $26.1 million in 2019; $24.0 million in 2020; $21.7 million in 2021; $19.7 million in 2022; and $14.2 million in 2023. There were no impairment losses relating to goodwill or other acquisition-related intangible assets recorded during the years ended December 31, 2018, 2017 and 2016. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 7 – Premises and Equipment The components of premises and equipment are summarized below: As of December 31 (in millions) 2018 2017 Land $ 50.1 $ 47.2 Buildings 300.0 283.9 Leasehold improvements 170.7 161.3 Furniture and equipment 279.3 256.2 Total 800.1 748.6 Less: Accumulated depreciation and amortization 532.8 495.6 Total premises and equipment, net $ 267.3 $ 253.0 Depreciation and amortization expense included in occupancy and equipment expense in the Consolidated Statements of Income totaled $36.3 million, $39.1 million and $36.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Other Assets and Other Liabilities | NOTE 8 – Other Assets and Other Liabilities The components of other assets are as follows: As of December 31 (in millions) 2018 2017 Affordable housing investments (note 12) $ 304.1 $ 250.7 Leased equipment 189.0 165.8 Accrued interest receivable 138.2 122.9 Fair value of derivative financial instruments (notes 19 and 21) 103.0 77.9 Funded status of defined benefit pension plans (note 17) 78.0 46.4 Assets held in trust for supplemental retirement plans (note 17) 56.4 41.3 Current income tax receivable (note 12) 31.4 68.7 Other prepaid expenses 27.5 19.4 Receivables arising from securities brokerage and insurance businesses 26.4 31.8 Economic development investments 26.2 21.5 Loan disbursements in process 17.9 20.1 Investment in joint venture 17.2 21.2 Net deferred tax asset (note 12) 11.4 — REO: Commercial 8.7 9.3 Residential 5.5 7.6 Repossessed assets 3.9 2.5 Other 46.8 45.6 Total other assets $ 1,091.6 $ 952.7 The components of other liabilities are as follows: As of December 31 (in millions) 2018 2017 Fair value of derivative financial instruments (notes 19 and 21) $ 139.0 $ 88.3 Future contingent commitments for affordable housing investments (note 12) 119.7 99.6 Accrued expenses payable 87.9 86.4 Liabilities for supplemental retirement plans (note 17) 86.6 68.4 Accrued employee benefits 66.6 64.0 Loan payments in process 51.2 9.0 Payables arising from securities brokerage and insurance businesses 29.7 39.8 Accrued interest payable 25.4 18.1 Other postretirement plans (note 17) 15.3 14.6 Net deferred tax liability (note 12) — 11.3 Funded status of defined benefit pension plans (note 17) 0.3 8.5 Other 73.5 63.8 Total other liabilities $ 695.2 $ 571.8 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 9 – Deposits The following is an analysis of People’s United’s total deposits by product type: 2018 2017 As of December 31 (dollars in millions) Amount Weighted Amount Weighted Non-interest-bearing $ 8,543.0 — % $ 8,002.4 — % Savings 4,116.5 0.09 4,410.5 0.14 Interest-bearing checking and money market 16,583.3 1.04 15,189.1 0.57 Time deposits maturing: Within 3 months 1,480.0 1.66 1,785.3 1.04 After 3 but within 6 months 1,375.6 1.67 740.5 0.90 After 6 months but within 1 year 2,511.5 1.83 1,354.9 1.14 After 1 but within 2 years 1,275.5 1.98 1,060.0 1.42 After 2 but within 3 years 153.5 1.97 358.9 1.73 After 3 but within 4 years 102.1 1.63 62.0 1.03 After 4 but within 5 years 18.0 1.29 92.6 1.62 After 5 years (1) — 1.01 0.1 0.86 Total 6,916.2 1.78 5,454.3 1.17 Total deposits $ 36,159.0 0.83 % $ 33,056.3 0.47 % (1) Amount totaled less than $0.1 million at December 31, 2018. Time deposits issued in amounts that exceed $250,000 totaled $1.1 billion and $1.0 billion at December 31, 2018 and 2017, respectively. Overdrafts of non-interest-bearing Interest expense on deposits is summarized as follows: Years ended December 31 (in millions) 2018 2017 2016 Savings $ 7.2 $ 9.7 $ 9.6 Interest-bearing checking and money market 120.2 70.4 43.4 Time 88.7 50.6 47.9 Total $ 216.1 $ 130.7 $ 100.9 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 10 – Borrowings People’s United’s borrowings are summarized as follows: 2018 2017 As of December 31 (dollars in millions) Amount Weighted Amount Weighted Fixed-rate FHLB advances maturing: Within 1 month $ 2,270.3 2.59 % $ 1,863.0 1.49 % After 1 month but within 1 year 61.0 1.76 891.5 1.86 After 1 but within 2 years 54.2 1.75 — — After 2 but within 3 years 6.8 2.11 15.1 1.76 After 3 but within 4 years 1.3 0.52 — — After 4 but within 5 years 0.6 0.05 0.9 0.75 After 5 years 10.3 1.64 3.9 1.50 Total FHLB advances 2,404.5 2.54 2,774.4 1.61 Federal funds purchased maturing: Within 1 month 845.0 2.53 820.0 1.47 Total federal funds purchased 845.0 2.53 820.0 1.47 Customer repurchase agreements maturing: Within 1 month 332.9 0.61 301.6 0.19 Total customer repurchase agreements 332.9 0.61 301.6 0.19 Other borrowings maturing: Within 1 year 11.0 2.40 2.4 1.33 After 5 years — — 205.4 2.58 Total other borrowings 11.0 2.40 207.8 2.57 Total borrowings $ 3,593.4 2.36 % $ 4,103.8 1.53 % At December 31, 2018, the Bank’s total borrowing capacity from (i) the FHLB of Boston and the FRB-NY Interest expense on borrowings consists of the following: Years ended December 31 (in millions) 2018 2017 2016 FHLB advances $ 54.5 $ 31.5 $ 19.3 Federal funds purchased 13.6 7.1 2.9 Customer repurchase agreements 1.0 0.6 0.6 Other borrowings 1.8 2.1 — Total $ 70.9 $ 41.3 $ 22.8 Information concerning People’s United’s borrowings is presented below: As of and for the years ended December 31 (dollars in millions) 2018 2017 2016 FHLB advances: Balance at year end $ 2,404.5 $ 2,774.4 $ 3,061.1 Average outstanding during the year 2,653.6 2,677.5 3,093.7 Maximum outstanding at any month end 3,510.1 3,130.8 3,562.5 Average interest rate during the year 2.05 % 1.17 % 0.62 % Federal funds purchased: Balance at year end $ 845.0 $ 820.0 $ 617.0 Average outstanding during the year 682.2 643.5 568.1 Maximum outstanding at any month end 855.0 820.0 872.0 Average interest rate during the year 2.00 % 1.11 % 0.50 % Customer repurchase agreements: Balance at year end $ 332.9 $ 301.6 $ 343.3 Carrying amount of collateral securities at year end 342.3 307.7 350.2 Average outstanding during the year 252.7 311.0 337.2 Maximum outstanding at any month end 332.9 331.6 427.2 Average interest rate during the year 0.40 % 0.19 % 0.19 % Other borrowings: Balance at year end $ 11.0 $ 207.8 $ 35.4 Average outstanding during the year 104.5 132.0 2.8 Maximum outstanding at any month end 207.6 237.4 35.4 Average interest rate during the year 1.66 % 1.60 % 0.66 % |
Notes and Debentures
Notes and Debentures | 12 Months Ended |
Dec. 31, 2018 | |
Brokers and Dealers [Abstract] | |
Notes and Debentures | NOTE 11 – Notes and Debentures Notes and debentures are summarized as follows: As of December 31 (in millions) 2018 2017 People’s United Financial, Inc.: 3.65% senior notes due 2022 $ 497.7 $ 497.1 People’s United Bank: 4.00% subordinated notes due 2024 398.1 404.5 Total notes and debentures $ 895.8 $ 901.6 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. The 4.00% 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. 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 21). For regulatory capital purposes, subordinated note issuances qualify, up to certain limits, as Tier 2 capital for both People’s United’s and the Bank’s Total risk-based capital (see Note 14). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 – Income Taxes The following is a summary of total income tax expense: Years ended December 31 (in millions) 2018 2017 2016 Income tax expense applicable to pre-tax $ 108.2 $ 129.9 $ 128.5 Deferred income tax (benefit) expense applicable to items reported in total other comprehensive (loss) income (note 16) (12.2 ) 8.3 (10.6 ) Total $ 96.0 $ 138.2 $ 117.9 The components of income tax expense applicable to pre-tax Years ended December 31 (in millions) 2018 2017 2016 Current tax expense: Federal $ 83.0 $ 88.9 $ 109.7 State 23.3 15.2 15.1 Total current tax expense 106.3 104.1 124.8 Deferred tax expense (1) 1.9 25.8 3.7 Total income tax expense $ 108.2 $ 129.9 $ 128.5 (1) Includes the effect of increases (decreases) in the valuation allowance for state deferred tax assets of $0.3 million, $(0.6) million and $(1.3) million in 2018, 2017 and 2016, respectively. The following is a reconciliation of expected income tax expense, computed at the U.S. federal statutory rate of 21% in 2018 and 35% in both 2017 and 2016, to actual income tax expense: 2018 2017 2016 Years ended December 31 (dollars in millions) Amount Rate Amount Rate Amount Rate Expected income tax expense $ 121.0 21.0 % $ 163.5 35.0 % $ 143.3 35.0 % State income tax, net of federal tax effect 23.2 4.1 12.2 2.6 10.0 2.5 Non-deductible 6.5 1.1 — — — — Tax-exempt (19.4 ) (3.4 ) (26.6 ) (5.7 ) (20.0 ) (4.9 ) Federal income tax credits (12.3 ) (2.1 ) (11.6 ) (2.5 ) (5.3 ) (1.3 ) Tax-exempt (1.5 ) (0.3 ) (2.2 ) (0.5 ) (2.0 ) (0.5 ) Tax benefits realized in connection with: The Tax Cuts and Jobs Act (9.2 ) (1.6 ) (6.5 ) (1.4 ) — — Equity-based compensation (1.3 ) (0.2 ) (1.1 ) (0.2 ) — — Other, net 1.2 0.2 2.2 0.5 2.5 0.6 Actual income tax expense $ 108.2 $ 129.9 $ 128.5 Effective income tax rate 18.8 % 27.8 % 31.4 % The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. The most significant provision of the Act applicable to the Company served to reduce the U.S. federal corporate income tax rate, effective January 1, 2018, from 35% to 21%. In connection with its accounting for enactment of the Act, the Company recognized an income tax benefit of $6.5 million during the quarter ended December 31, 2017. This benefit, which served to reduce income tax expense, reflected the revaluation of certain deferred tax assets ($58.0 million) and deferred tax liabilities ($64.5 million) based on the rates at which they are expected to reverse in the future (generally 21%). During the quarter ended December 31, 2018, the Company recognized an income tax benefit of $9.2 million related, primarily, to voluntary employer contributions totaling $50 million made to the Company’s defined benefit pension plans in February 2018 and deducted (as permitted) on the Company’s 2017 federal income tax return (see Note 17). Under GAAP, the effect of a change in tax law is recorded discretely as a component of the income tax provision related to continuing operations in the period of enactment. This is true even if the deferred taxes being revalued were established through a financial statement component other than continuing operations (e.g. accumulated other comprehensive income). Adjusting the deferred taxes for temporary differences that arose from items of income or loss that were originally recorded in accumulated other comprehensive income through continuing operations may result in a disproportionate tax effect lodged in accumulated other comprehensive income. In other words, the original deferred tax amount recorded through accumulated other comprehensive income at the old tax rate will remain in accumulated other comprehensive income despite the fact that its related deferred tax asset/liability will be reduced through continuing operations to reflect the new tax rate. The amounts lodged in accumulated other comprehensive income are often referred to as “stranded tax effects.” In February 2018, as a result of the enactment of the Act, the FASB issued new accounting guidance providing entities with the option to reclassify, from accumulated other comprehensive income to retained earnings, certain “stranded tax effects” resulting from application of the Act. The guidance is effective for all organizations for fiscal years beginning after December 15, 2018 (January 1, 2019 for People’s United), including interim periods within those fiscal years, and early adoption is permitted. The Company elected to early adopt this amendment effective January 1, 2018 (see Note 1). 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 VIEs, 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. Affordable housing investments, including all legally binding commitments to fund future investments, are included in other assets in the Consolidated Statements of Condition ($304.1 million and $250.7 million at December 31, 2018 and 2017, respectively). Included in other liabilities in the Consolidated Statements of Condition is a liability for all legally binding unfunded commitments to fund future investments ($119.7 million and $99.6 million at those dates). 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, which is included as a component of income tax expense in the Consolidated Statements of Income, totaled $19.1 million, $16.7 million and $12.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. In 1998, the Bank formed a passive investment company, People’s Mortgage Investment Company (“PMIC”), 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 PMIC, and any dividends it pays to the Bank, 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 $1.3 billion at December 31, 2018 and expire between 2020 and 2032. 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) 2018 2017 Deferred tax assets: State tax net operating loss carryforwards, net of federal tax effect $ 79.4 $ 80.9 Allowance for loan losses and non-accrual 62.3 61.0 Equity-based compensation 15.6 12.4 Unrealized loss on debt securities available-for-sale 15.4 9.2 Acquisition-related deferred tax assets 13.3 — Unrealized loss on debt securities transferred to held-to-maturity 4.7 6.2 Pension and other postretirement benefits — 3.7 Other deductible temporary differences 28.5 21.3 Total deferred tax assets 219.2 194.7 Less: valuation allowance for state deferred tax assets (80.1 ) (79.8 ) Total deferred tax assets, net of the valuation allowance 139.1 114.9 Deferred tax liabilities: Leasing activities (82.0 ) (71.7 ) Book over tax income recognized on consumer loans (17.5 ) (13.0 ) Mark-to-market (10.4 ) (9.0 ) Pension and other postretirement benefits (9.7 ) — Temporary differences related to merchant services joint venture (3.7 ) (3.9 ) Acquisition-related deferred tax liabilities — (21.0 ) Deferred cancellation-of-indebtedness — (3.0 ) Other taxable temporary differences (4.4 ) (4.6 ) Total deferred tax liabilities (127.7 ) (126.2 ) Net deferred tax asset (liability) $ 11.4 $ (11.3 ) Based on People’s United’s recent historical and anticipated future pre-tax People’s United’s current income tax receivable at December 31, 2018 and 2017 totaled $31.4 million and $68.7 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) 2018 2017 2016 Balance at beginning of year $ 2.7 $ 2.8 $ 2.7 Additions for tax positions taken in prior years 2.5 0.1 0.1 Reductions for tax positions taken in prior years — — — Reductions attributable to audit settlements/lapse of statute of limitations — (0.2 ) — Balance at end of year $ 5.2 $ 2.7 $ 2.8 If recognized, the unrecognized income tax benefits at December 31, 2018 would minimally affect People’s United’s annualized income tax rate. Accrued interest expense related to the unrecognized income tax benefits totaled $0.9 million and $0.8 million at December 31, 2018 and 2017, 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. The amount of total unrecognized income tax benefits is not expected to change significantly within the next twelve months. People’s United files a consolidated U.S. federal income tax return and various state income tax returns and is no longer subject to federal or state income tax examinations through 2011. |
Stockholders' Equity and Divide
Stockholders' Equity and Dividends | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity and Dividends | NOTE 13 – Stockholders’ Equity and Dividends People’s United is authorized to issue (i) 50.0 million shares of preferred stock, par value of $0.01 per share, of which 10.0 million shares were outstanding at December 31, 2018, and (ii) 1.95 billion shares of common stock, par value of $0.01 per share, of which 466.3 million shares were issued at December 31, 2018. 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 (86.4 million shares at December 31, 2018) 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”) (2.6 million shares at December 31, 2018). Following shareholder approval of the People’s United Financial, Inc. 2014 Long-Term Incentive Plan (the “2014 Plan”) in 2014, no new awards may be granted under the RRP (see Note 18). In April 2007, People’s United established an Employee Stock Ownership Plan (the “ESOP”) (see Note 17). 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, 2018, 6.3 million shares of People’s United common stock, with a contra-equity balance of $130.1 million, have not been allocated or committed to be released. Common dividends declared and paid per common share totaled $0.6975, $0.6875 and $0.6775 for the years ended December 31, 2018, 2017 and 2016, respectively. People’s United’s common dividend payout ratio (common dividends paid as a percentage of net income available to common shareholders) was 53.7%, 70.6% and 73.7% for the years ended December 31, 2018, 2017 and 2016, respectively. In the ordinary course of business, People’s United (parent company) is dependent upon dividends from the Bank to provide funds for the payment of dividends to shareholders and other general corporate purposes. People’s United’s ability to pay cash dividends is governed by federal law, regulations and related guidance. The Bank’s ability to pay cash dividends directly or indirectly to People’s United also 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 or if the OCC has notified the Bank that it is in need of more than normal supervision. See Note 14 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 2018, 2017 and 2016, the Bank paid a total of $342.0 million, $292.0 million and $271.0 million, respectively, in cash dividends to People’s United (parent company). At December 31, 2018, the Bank’s retained net income, as defined by federal regulations, totaled $201.8 million. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements | NOTE 14 – Regulatory Capital Requirements Bank holding companies and banks are subject to various regulations regarding capital requirements administered by U.S. banking agencies. The FRB (in the case of a bank holding company) and the OCC (in the case of a bank) may initiate certain actions if a bank holding company or a bank fails to meet minimum capital requirements. In addition, 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. People’s United and the Bank are subject to regulatory capital requirements administered by the FRB and the OCC, respectively. On January 1, 2015, both People’s United and the Bank became subject to new capital rules (the “Basel III capital rules”) issued by U.S. banking agencies. The Basel III capital rules, among other things: (i) introduced as a new capital measure “Common Equity Tier 1” (“CET 1”) capital; (ii) specified that Tier 1 capital consists of CET 1 capital and “Additional Tier 1 Capital” instruments meeting specified requirements; (iii) defined CET 1 capital narrowly by requiring that most adjustments to regulatory capital measures be made to CET 1 capital and not to the other components of capital; and (iv) expanded the scope of the adjustments as compared to prior regulations. When fully phased-in phased-in phased-in phased-in In order to avoid limitations on distributions, including dividend payments, and certain discretionary bonus payments, a financial institution must hold a capital conservation buffer above its minimum risk-based capital requirements. For 2017 and 2018, the capital conservation buffer was 1.25% and 1.875%, respectively, and increases to 2.5% in 2019, the final year of the phase-in The foregoing capital ratios are based in part on specific quantitative measures of assets, liabilities and certain off-balance-sheet Management believes that, as of December 31, 2018, both People’s United and the Bank met all capital adequacy requirements to which each is subject. Further, the most recent regulatory notification categorized the Bank as a well-capitalized institution under the prompt corrective action regulations. Since that notification, no conditions or events have occurred that have caused management to believe any change in the Bank’s capital classification would be warranted. The following is a summary of People’s United’s and the Bank’s regulatory capital amounts and ratios under the Basel III capital rules. The minimum capital required amounts as of December 31, 2018 and 2017 are based on the capital conservation buffer phase-in opt-out As of December 31, 2018 Minimum Capital Phase-In Classification as (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Capital (1): People’s United $ 3,927.2 8.7 % $ 1,806.0 4.0 % N/A N/A Bank 4,076.0 9.0 1,805.4 4.0 $ 2,256.8 5.0 % CET 1 Risk-Based Capital (2): People’s United 3,683.1 10.3 2,289.3 6.375 N/A N/A Bank 4,076.0 11.4 2,287.1 6.375 2,331.9 6.5 Tier 1 Risk-Based Capital (3): People’s United 3,927.2 10.9 2,827.9 7.875 2,154.6 6.0 Bank 4,076.0 11.4 2,825.2 7.875 2,870.0 8.0 Total Risk-Based Capital (4): People’s United 4,505.7 12.5 3,546.1 9.875 3,591.0 10.0 Bank 4,719.1 13.2 3,542.7 9.875 3,587.5 10.0 As of December 31, 2017 Minimum Capital Phase-In Classification as (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Capital (1): People’s United $ 3,474.1 8.3 % $ 1,666.6 4.0 % N/A N/A Bank 3,543.0 8.5 1,663.0 4.0 $ 2,078.7 5.0 % CET 1 Risk-Based Capital (2): People’s United 3,230.0 9.7 1,912.2 5.750 N/A N/A Bank 3,543.0 10.7 1,909.1 5.750 2,158.2 6.5 Tier 1 Risk-Based Capital (3): People’s United 3,474.1 10.4 2,411.1 7.250 1,995.4 6.0 Bank 3,543.0 10.7 2,407.2 7.250 2,656.2 8.0 Total Risk-Based Capital (4): People’s United 4,057.7 12.2 3,076.2 9.250 3,325.6 10.0 Bank 4,179.7 12.6 3,071.2 9.250 3,320.2 10.0 (1) Tier 1 Leverage Capital ratio represents CET 1 Capital plus Additional Tier 1 Capital instruments (together, “Tier 1 Capital”) divided by Average Total Assets (less goodwill, other acquisition-related intangibles and other deductions from CET 1 Capital). (2) CET 1 Risk-Based Capital ratio represents equity capital, as defined, less: (i) after-tax available-for-sale; (ii) after-tax held-to-maturity; (3) Tier 1 Risk-Based Capital ratio represents Tier 1 Capital divided by Total Risk-Weighted Assets. (4) Total Risk-Based Capital ratio represents Tier 1 Capital plus subordinated notes and debentures, up to certain limits, and the allowance for loan losses, up to 1.25% of Total Risk-Weighted Assets, divided by Total Risk-Weighted Assets. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 15 – 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 Years ended December 31 (in millions, except per common share data) 2018 2017 2016 Net income available to common shareholders $ 454.0 $ 323.1 $ 279.2 Dividends paid on and undistributed earnings allocated to participating securities (0.2 ) (0.5 ) (0.9 ) Earnings attributable to common shareholders $ 453.8 $ 322.6 $ 278.3 Weighted average common shares outstanding for basic EPS 348.1 330.3 303.1 Effect of dilutive equity-based awards 3.6 2.6 0.9 Weighted average common shares and common-equivalent shares for diluted EPS 351.7 332.9 304.0 EPS: Basic $ 1.30 $ 0.98 $ 0.92 Diluted 1.29 0.97 0.92 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 6.8 million shares, 8.9 million shares and 13.6 million shares for the years ended December 31, 2018, 2017 and 2016, respectively, have also been excluded from the calculation of diluted EPS. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Comprehensive Income | NOTE 16 – Comprehensive Income Comprehensive income represents the sum of net income and items of “other comprehensive income or loss,” including (on an after-tax available-for-sale; held-to-maturity; The following is a summary of the changes in the components of AOCL, which are included in People’s United’s stockholders’ equity on an after-tax (in millions) Pension Net Unrealized Available-for-Sale Net Unrealized Held-to-Maturity Net Unrealized Total Balance at December 31, 2015 $ (140.0 ) $ (17.7 ) $ (19.5 ) $ — $ (177.2 ) Other comprehensive income (loss) before reclassifications (9.6 ) (18.3 ) — (0.1 ) (28.0 ) Amounts reclassified from AOCL (1) 4.0 3.7 2.1 0.4 10.2 Current period other comprehensive income (loss) (5.6 ) (14.6 ) 2.1 0.3 (17.8 ) Balance at December 31, 2016 (145.6 ) (32.3 ) (17.4 ) 0.3 (195.0 ) Other comprehensive income (loss) before reclassifications (2.8 ) (5.3 ) — (0.6 ) (8.7 ) Amounts reclassified from AOCL (1) 4.3 16.0 2.3 (0.6 ) 22.0 Current period other comprehensive income (loss) 1.5 10.7 2.3 (1.2 ) 13.3 Balance at December 31, 2017 (144.1 ) (21.6 ) (15.1 ) (0.9 ) (181.7 ) Other comprehensive income (loss) before reclassifications (24.7 ) (29.0 ) — (1.3 ) (55.0 ) Amounts reclassified from AOCL (1) 6.3 7.5 3.0 0.4 17.2 Current period other comprehensive income (loss) (18.4 ) (21.5 ) 3.0 (0.9 ) (37.8 ) Transition adjustments related to adoption of new accounting standards (2) (30.0 ) (3.9 ) (3.2 ) (0.2 ) (37.3 ) Balance at December 31, 2018 $ (192.5 ) $ (47.0 ) $ (15.3 ) $ (2.0 ) $ (256.8 ) (1) See the following table for details about these reclassifications. (2) See Note 1. The following is a summary of the amounts reclassified from AOCL: Years ended December 31 (in millions) Amounts Reclassified Affected Line Item in the Statement Where Net Income is Presented 2018 2017 2016 Details about components of AOCL: Amortization of pension and other postretirement plans items: Net actuarial loss $ (8.6 ) $ (9.3 ) $ (7.2 ) (1) Prior service credit 0.3 0.8 0.8 (1) (8.3 ) (8.5 ) (6.4 ) Income before income tax expense 2.0 4.2 2.4 Income tax expense (6.3 ) (4.3 ) (4.0 ) Net income Reclassification adjustment for net realized losses on debt securities available-for-sale (9.9 ) (25.4 ) (5.9 ) Income before income tax expense (2) 2.4 9.4 2.2 Income tax expense (7.5 ) (16.0 ) (3.7 ) Net income Amortization of unrealized losses on debt securities transferred to held-to-maturity (3.9 ) (3.7 ) (3.3 ) Income before income tax expense (3) 0.9 1.4 1.2 Income tax expense (3.0 ) (2.3 ) (2.1 ) Net income Amortization of unrealized gains and losses on cash flow hedges: Interest rate swaps (0.6 ) 0.8 (0.8 ) (4) Interest rate locks 0.1 0.1 0.1 (4) (0.5 ) 0.9 (0.7 ) Income before income tax expense 0.1 (0.3 ) 0.3 Income tax expense (0.4 ) 0.6 (0.4 ) Net income Total reclassifications for the period $ (17.2 ) $ (22.0 ) $ (10.2 ) (1) Included in the computation of net periodic benefit income (expense) reflected in other non-interest (2) Included in non-interest (3) Included in interest and dividend income — securities. (4) Included in interest expense — notes and debentures. Deferred income taxes applicable to the components of AOCL are as follows: As of December 31 (in millions) 2018 2017 2016 Net actuarial loss and other amounts related to pension and $ 59.4 $ 83.5 $ 85.0 Net unrealized loss on debt securities available-for-sale 14.7 12.7 18.8 Net unrealized loss on debt securities transferred to held-to-maturity 4.7 8.8 10.2 Net unrealized loss (gain) on derivatives accounted for as cash flow hedges 0.6 0.5 (0.2 ) Total deferred income taxes $ 79.4 $ 105.5 $ 113.8 The following is a summary of the components of People’s United’s total other comprehensive income (loss): Year ended December 31, 2018 (in millions) Pre-Tax Tax Effect After-Tax Net actuarial gains and losses on pension and other postretirement plans: Net actuarial loss arising during the year $ (32.6 ) $ 7.9 $ (24.7 ) Reclassification adjustment for net actuarial loss included in net income 8.6 (2.1 ) 6.5 Net actuarial loss (24.0 ) 5.8 (18.2 ) Prior service credit on pension and other postretirement plans: Reclassification adjustment for prior service credit included in net income (0.3 ) 0.1 (0.2 ) Net actuarial loss and prior service credit (24.3 ) 5.9 (18.4 ) Net unrealized gains and losses on debt securities available-for-sale: Net unrealized holding losses arising during the year (38.3 ) 9.3 (29.0 ) Reclassification adjustment for net realized losses included in net income 9.9 (2.4 ) 7.5 Net unrealized losses (28.4 ) 6.9 (21.5 ) Net unrealized gains and losses on debt securities transferred to held-to-maturity: Reclassification adjustment for amortization of unrealized losses on held-to-maturity 3.9 (0.9 ) 3.0 Net unrealized gains 3.9 (0.9 ) 3.0 Net unrealized gains and losses on derivatives accounted for as cash flow hedges: Net unrealized losses arising during the year (1.7 ) 0.4 (1.3 ) Reclassification adjustment for net realized losses included in net income 0.5 (0.1 ) 0.4 Net unrealized losses (1.2 ) 0.3 (0.9 ) Total other comprehensive loss $ (50.0 ) $ 12.2 $ (37.8 ) Pre-Tax Tax Effect After-Tax Year ended December 31, 2017 (in millions) Net actuarial gains and losses on pension and other postretirement plans: Net actuarial loss arising during the year $ (5.5 ) $ 2.7 $ (2.8 ) Reclassification adjustment for net actuarial loss included in net income 9.3 (4.6 ) 4.7 Net actuarial gain 3.8 (1.9 ) 1.9 Prior service credit on pension and other postretirement plans: Reclassification adjustment for prior service credit included in net income (0.8 ) 0.4 (0.4 ) Net actuarial gain and prior service credit 3.0 (1.5 ) 1.5 Net unrealized gains and losses on debt securities available-for-sale: Net unrealized holding losses arising during the year (8.6 ) 3.3 (5.3 ) Reclassification adjustment for net realized losses included in net income 25.4 (9.4 ) 16.0 Net unrealized gains 16.8 (6.1 ) 10.7 Net unrealized gains and losses on debt securities transferred to held-to-maturity: Reclassification adjustment for amortization of unrealized losses on held-to-maturity 3.7 (1.4 ) 2.3 Net unrealized gains 3.7 (1.4 ) 2.3 Net unrealized gains and losses on derivatives accounted for as cash flow hedges: Net unrealized losses arising during the year (1.0 ) 0.4 (0.6 ) Reclassification adjustment for net realized gains included in net income (0.9 ) 0.3 (0.6 ) Net unrealized losses (1.9 ) 0.7 (1.2 ) Total other comprehensive income $ 21.6 $ (8.3 ) $ 13.3 Year ended December 31, 2016 (in millions) Pre-Tax Tax Effect After-Tax Net actuarial gains and losses on pension and other postretirement plans: Net actuarial loss arising during the year $ (15.5 ) $ 5.9 $ (9.6 ) Reclassification adjustment for net actuarial loss included in net income 7.2 (2.7 ) 4.5 Net actuarial loss (8.3 ) 3.2 (5.1 ) Prior service credit on pension and other postretirement plans: Reclassification adjustment for prior service credit included in net income (0.8 ) 0.3 (0.5 ) Net actuarial loss and prior service credit (9.1 ) 3.5 (5.6 ) Net unrealized gains and losses on debt securities available-for-sale: Net unrealized holding losses arising during the year (29.0 ) 10.7 (18.3 ) Reclassification adjustment for net realized losses included in net income 5.9 (2.2 ) 3.7 Net unrealized losses (23.1 ) 8.5 (14.6 ) Net unrealized gains and losses on debt securities transferred to held-to-maturity: Reclassification adjustment for amortization of unrealized losses on held-to-maturity 3.3 (1.2 ) 2.1 Net unrealized gains 3.3 (1.2 ) 2.1 Net unrealized gains and losses on derivatives accounted for as cash flow hedges: Net unrealized losses arising during the year (0.2 ) 0.1 (0.1 ) Reclassification adjustment for net realized losses included in net income 0.7 (0.3 ) 0.4 Net unrealized gains 0.5 (0.2 ) 0.3 Total other comprehensive loss $ (28.4 ) $ 10.6 $ (17.8 ) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE 17 – Employee Benefit Plans People’s United Employee Pension and Other Postretirement Plans People’s United maintains a qualified noncontributory defined benefit pension plan (the “People’s 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 People’s 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 People’s Qualified Plan to “freeze”, effective December 31, 2011, the accrual of pension benefits for People’s 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. In addition to the People’s Qualified Plan, prior to October 1, 2018, People’s United maintained qualified defined benefit pension plans that covered former Chittenden Corporation employees who meet certain eligibility requirements (the “Chittenden Qualified Plan”) and former Suffolk employees who meet certain eligibility requirements (the “Suffolk Qualified Plan”). Effective October 1, 2018, both plans were merged into the People’s Qualified Plan. People’s United continues to maintain a qualified defined benefit pension plan that covers former First Connecticut employees who meet certain eligibility requirements (the “First Connecticut Qualified Plan”). All benefits under this plan were frozen effective February 28, 2013. People’s United also maintains (i) unfunded, nonqualified supplemental plans to provide retirement benefits to certain senior officers (the “People’s Supplemental Plans”) and (ii) an unfunded plan that provides retirees with optional medical, dental and life insurance benefits (the “People’s Postretirement 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. People’s United also continues to maintain for certain eligible former First Connecticut employees (i) an unfunded, nonqualified supplemental retirement plan (the “First Connecticut Supplemental Plan”) and (ii) unfunded plans that provide medical, dental and life insurance benefits (the “First Connecticut Postretirement Plans”). An employer is required to recognize an asset or a liability for the funded status of pension and other postretirement 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 another postretirement 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 (i) the People’s Qualified Plan (including the Chittenden Qualified Plan and the Suffolk Qualified Plan), the First Connecticut Qualified Plan, the Supplemental Plans and the First Connecticut Supplemental Plan (together the “Pension Plans”) and (ii) the People’s Postretirement Plan and the First Connecticut Postretirement Plans (together the “Other Postretirement Plans”). 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 Plans Other (in millions) 2018 2017 2018 2017 Benefit obligations: (1) Beginning of year $ 584.8 $ 489.3 $ 14.6 $ 13.6 Service cost — — 0.3 0.2 Interest cost 20.2 19.1 0.5 0.6 Actuarial (gain) loss (51.0 ) 50.7 (1.7 ) 1.2 Benefits paid (21.4 ) (19.5 ) (0.8 ) (1.0 ) Settlements (2.7 ) (6.5 ) — — Acquisitions (2) 35.2 51.7 2.4 — Plan revaluations (3) (2.4 ) — — — End of year 562.7 584.8 15.3 14.6 Fair value of plan assets: Beginning of year 584.9 478.0 — — Actual return on assets (40.9 ) 84.3 — — Employer contributions 52.7 5.9 0.8 1.0 Benefits paid (21.4 ) (19.5 ) (0.8 ) (1.0 ) Settlements (2.7 ) (6.5 ) — — Acquisitions (2) 23.8 42.7 — — End of year 596.4 584.9 — — Funded status at end of year $ 33.7 $ 0.1 $ (15.3 ) $ (14.6 ) Amounts recognized in the Consolidated Statements of Condition: Other assets $ 78.0 $ 46.4 $ — $ — Other liabilities (44.3 ) (46.3 ) (15.3 ) (14.6 ) Funded status at end of year $ 33.7 $ 0.1 $ (15.3 ) $ (14.6 ) (1) Represents the projected benefit obligation for the Pension Plans and the accumulated benefit obligation for the Other Postretirement Plans. (2) Represents the benefit obligations and plan assets of the First Connecticut Qualified Plan as of October 1, 2018, the Suffolk Qualified Plan as of April 1, 2017 and the benefit obligation of the First Connecticut Postretirement Plans as of October 1, 2018. (3) Represents the revaluations of the Chittenden Qualified Plan and the Suffolk Qualified Plan, effective October 1, 2018, upon merging into the People’s Qualified Plan. Plan assets for the People’s Qualified Plan and the First Connecticut Qualified Plan (together the “Qualified Plans”) were $575.1 million and $21.3 million, respectively, as of December 31, 2018. The related projected benefit obligation of each plan was $497.1 million and $21.6 million, respectively, at the same date. Although the People’s Supplemental Plans and the First Connecticut Supplemental Plan (together the “Supplemental Plans”) hold no assets, People’s United has funded trusts to provide benefit payments to the extent such benefits are not paid directly by People’s United. Trust assets of $39.9 million as of December 31, 2018 (which are included in other assets in the Consolidated Statements of Condition) were exceeded by the related projected benefit obligation ($44.0 million) at that date. The following table summarizes the accumulated and projected benefit obligations for the Pension Plans at the respective measurement dates: Pension Plans As of December 31 (in millions) 2018 2017 Accumulated benefit obligations: Qualified Plans $ 518.7 $ 547.0 Supplemental Plans 43.6 37.8 Total $ 562.3 $ 584.8 Projected benefit obligations: Qualified Plans $ 518.7 $ 547.0 Supplemental Plans 44.0 37.8 Total $ 562.7 $ 584.8 Components of net periodic benefit (income) expense and other amounts recognized in other comprehensive income (loss) are as follows: Pension Plans Other Years ended December 31 (in millions) 2018 2017 2016 2018 2017 2016 Net periodic benefit (income) expense: Interest cost $ 20.2 $ 19.1 $ 18.6 $ 0.8 $ 0.8 $ 0.9 Expected return on plan assets (44.3 ) (37.9 ) (34.6 ) — — — Recognized net actuarial loss 7.3 6.5 6.1 0.3 0.2 0.2 Recognized prior service credit (0.3 ) (0.8 ) (0.8 ) — — — Settlements (1) 1.0 2.6 0.8 — — — Net periodic benefit (income) expense (2) (16.1 ) (10.5 ) (9.9 ) 1.1 1.0 1.1 Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: Net actuarial loss (gain) 26.0 (4.8 ) 8.7 (2.0 ) 1.0 (0.4 ) Prior service credit 0.3 0.8 0.8 — — — Total pre-tax 26.3 (4.0 ) 9.5 (2.0 ) 1.0 (0.4 ) Total recognized in net periodic benefit expense (income) and other comprehensive (loss) income $ 10.2 $ (14.5 ) $ (0.4 ) $ (0.9 ) $ 2.0 $ 0.7 (1) Settlement charges are a result of lump-sum pro-rata (2) As discussed in Note 1, amounts are included in other non-interest The pre-tax Pension Plans Other As of December 31 (in millions) 2018 2017 2018 2017 Net actuarial loss $ 249.0 $ 223.1 $ 2.8 $ 4.8 Prior service credit — (0.3 ) — — Total pre-tax $ 249.0 $ 222.8 $ 2.8 $ 4.8 The Company uses a corridor approach in the valuation of its Qualified 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 for the People’s Qualified Plan (approximately 27 years) and over the average working lifetime of active participants for the First Connecticut Qualified Plan (approximately 11 years) as of December 31, 2018. The following assumptions were used in determining the benefit obligations and net periodic benefit (income) expense as of and for the periods indicated: Qualified Plans Other Postretirement Plans 2018 2017 2016 2018 2017 2016 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate: People’s Qualified Plan 4.41 % 3.74 % 4.41 % 4.40 % 3.70 % 4.40 % First Connecticut Qualified Plan 4.41 — — n/a — — Chittenden Qualified Plan (1) n/a 3.62 4.16 n/a n/a n/a Suffolk Qualified Plan (1) n/a 3.72 — n/a n/a — 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 (income) expense for the years ended December 31: Discount rate: People’s Qualified Plan (2) 3.74%/4.34 % 4.41 % 4.64 % 3.70 % 4.40 % 4.60 % First Connecticut Qualified Plan 4.35 — — n/a — — Chittenden Qualified Plan (1) n/a 4.16 4.45 n/a n/a n/a Suffolk Qualified Plan (1) n/a 4.24 — n/a n/a — Expected return on plan assets People’s Qualified Plan 7.25 7.25 7.25 n/a n/a n/a First Connecticut Qualified Plan 6.00 — — 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: Health care cost trend rate assumed for next year n/a n/a n/a 6.00 % 6.20 % 6.50 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a n/a 4.50 4.50 4.50 Year that the rate reaches the ultimate trend rate n/a n/a n/a 2037 2037 2037 n/a — not applicable (1) Effective October 1, 2018, the Chittenden Qualified Plan and the Suffolk Qualified Plan were merged into the People’s Qualified Plan. (2) Rate of 3.74% through September 30, 2018 and 4.34% thereafter. The discount rates used to determine the benefit obligation of the Supplemental Plans at December 31, 2018 ranged from 4.00% to 4.40%, while the discount rate used to determine net periodic benefit (income) expense for 2018 ranged from 3.32% to 4.30%. The discount rates used to determine the benefit obligation of the People’s Supplemental Plans at December 31, 2017 ranged from 3.32% to 3.70%, while the discount rate used to determine net periodic benefit (income) expense for 2017 ranged from 3.60% to 4.60%. The discount rates reflect the then current rates available on long-term high-quality fixed-income debt instruments, and are reset annually on the measurement date. To determine the discount rates, 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. Effective January 1, 2016, People’s United changed the method used to estimate the interest cost component of net periodic benefit income for the People’s Qualified Plan, the Chittenden Qualified Plan and the People’s Postretirement Plan. Instead of using spot interest rate yield curves as discussed above, People’s United elected to use a full yield curve approach to estimate this component of benefit income by applying the specific spot rates along the yield curve, used in the determination of the benefit obligations, to the relevant projected cash flows. This change is expected to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of interest cost. This change did not affect the measurement of People’s United’s total benefit obligations as the change in interest cost is completely offset by the actuarial gain or loss recognized. People’s United considered this a change in accounting estimate and, accordingly, accounted for it prospectively beginning in 2016. The impact in 2016 of the change in accounting estimate for the Qualified Plans was as follows: (dollars in millions) People’s Chittenden Discount rates used to measure net periodic benefit income in 2016: Interest cost 4.03 % 3.70 % Discount rates that would have been used to measure net periodic benefit Interest cost 4.64 4.45 Increase in net periodic benefit income in 2016 using specific spot rates: Interest cost $ 2.5 $ 0.3 The impact in 2016 of the change in accounting estimate for the People’s Supplemental Plans and the People’s Postretirement Plan was $0.3 million. In developing an expected long-term rate of return on asset assumption for the Qualified Plans for purposes of determining 2018 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 7.25% for the People’s Qualified Plan and 6.00% for the First Connecticut Qualified Plan. This was intended to reflect expected asset returns over the life of the related pension benefits expected to be paid. In 2019, $20.4 million in net periodic benefit income is expected to be recognized related to the Qualified Plans. This amount was determined using the following assumptions: (i) expected long-term rates of return of 7.25% and 6.00% for the People’s Qualified Plan and the First Connecticut Qualified Plan, respectively; (ii) a discount rate of 4.41% (based on the full yield curve approach discussed above); and (iii) updated mortality tables issued by the Society of Actuaries in the fourth quarter of 2018. 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 updated mortality tables resulted in a decrease in the related benefit obligation of $1.7 million for the Qualified Plans. 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 February 2018, People’s United made voluntary employer contributions of $40 million to the People’s Qualified Plan and $10 million to the Chittenden Qualified Plan (none to the Suffolk Qualified Plan) in response to tax reform (see Note 12). Employer contributions for the Supplemental Plans and the Other Postretirement Plans in 2019 are expected to total $14.9 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, 2018 are: $42.3 million in 2019; $31.9 million in 2020; $34.1 million in 2021; $34.0 million in 2022; $36.4 million in 2023; and an aggregate of $202.5 million in 2024 through 2028. As of December 31, 2018, expected future net benefit payments for the Other Postretirement Plans are: (i) $0.8 million in each of the years 2019 through 2023 and (ii) an aggregate of $3.6 million in 2024 through 2028. The investment strategy of the Qualified Plans 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 1 0-20 Equity securities 75 55-95 Fixed income securities 24 10-40 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 “Baa3” by Moody’s or “BBB-” The following table summarizes the percentages of fair value for the major categories of assets in the Qualified Plans as of the respective measurement dates: Plan Assets 2018 2017 As of December 31 People’s First People’s Chittenden Suffolk Equity securities 70 % 73 % 69 % 69 % 70 % Cash and fixed income securities 30 27 31 31 30 Total 100 % 100 % 100 % 100 % 100 % The following tables present the Qualified Plans’ assets measured at fair value: Fair Value Measurements Using As of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 15.2 $ — $ — $ 15.2 Equity securities: Corporate 216.6 — — 216.6 Mutual funds — 201.1 — 201.1 Fixed income securities: Corporate — 68.5 — 68.5 U.S. Treasury and municipals — 58.6 — 58.6 Mutual funds — 32.9 — 32.9 Other — 3.5 — 3.5 Total $ 231.8 $ 364.6 $ — $ 596.4 Fair Value Measurements Using As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 17.7 $ — $ — $ 17.7 Equity securities: Corporate 229.8 — — 229.8 Mutual funds — 174.4 — 174.4 Fixed income securities: Corporate — 88.3 — 88.3 Mutual funds — 34.8 — 34.8 U.S. Treasury and municipals — 34.4 — 34.4 Other — 5.5 — 5.5 Total $ 247.5 $ 337.4 $ — $ 584.9 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 $4.6 million in 2018, $4.8 million in 2017 and $5.0 million in 2016. At December 31, 2018, the loan balance totaled $176.5 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 4,181,430 shares of People’s United common stock have been allocated or committed to be released to participants’ accounts. At December 31, 2018, 6,272,145 shares of People’s United common stock, with a fair value of $90.5 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 paid-in 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 pre-tax |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | NOTE 18 – Stock-Based Compensation Plans Long-Term Incentive Plan People’s United’s 2014 Plan, as amended and restated in 2017, 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 Non-statutory People’s United has also granted restricted stock awards under the Incentive Plans. Employees become fully vested in these shares generally after a three-year period, with requisite service conditions and no performance-based Beginning in 2016, People’s United granted performance shares under the 2014 Plan. A performance share represents the right to receive a share of People’s United common stock contingent upon the Company achieving certain pre-established pre-established Performance Shares Awarded The following is a summary of performance share activity under the 2014 Plan: Shares Weighted-Average Unvested performance shares outstanding at December 31, 2015 — $ — Granted 568,596 15.22 Forfeited (15,664 ) 15.22 Vested (947 ) 15.22 Unvested performance shares outstanding at December 31, 2016 551,985 15.22 Granted 466,923 18.61 Forfeited (34,073 ) 16.28 Unvested performance shares outstanding at December 31, 2017 984,835 16.80 Granted 532,740 19.78 Forfeited (62,124 ) 17.82 Vested (2,079 ) 16.70 Unvested performance shares outstanding at December 31, 2018 1,453,372 $ 17.85 Expense related to unvested performance shares is recognized on a straight-line basis, generally over the applicable service period, and totaled $10.5 million, $7.0 million and $2.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. Unamortized cost for unvested performance shares, which reflects an estimated forfeiture rate of 5% per year over the vesting period, totaled $9.7 million at December 31, 2018, and is expected to be recognized over the remaining weighted-average vesting period of 1.8 years. The fair value of performance shares vested during the years ended December 31, 2018 and 2016 totaled less than $0.1 million in each year. Recognition and Retention Plan and Stock Option Plan Following shareholder approval of the 2014 Plan in 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. 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 Previously, non-statutory one-third Stock Options Granted People’s United granted a total of 2,450,861 stock options in 2018, 2,261,586 stock options in 2017 and 3,187,500 stock options in 2016 under the Incentive Plans. The estimated weighted-average grant-date fair value of all stock options granted in 2018, 2017 and 2016 was $2.31 per option, $1.97 per option and $1.33 per option, respectively, using the Black-Scholes option-pricing model with assumptions as follows: dividend yield of 3.5% in 2018, 3.6% in 2017 and 4.6% in 2016; expected volatility rate of 18% in both 2018 and 2017, and 20% in 2016; risk-free interest rate of 2.6% in 2018, 1.9% in 2017 and 1.3% in 2016; and expected option life of approximately four years in both 2018 and 2017, and five years in 2016. 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. The following is a summary of stock option activity under the Incentive Plans and the SOP: Shares Weighted Weighted-Average Aggregate Options outstanding at December 31, 2015 19,677,424 $ 15.13 Granted 3,187,500 14.57 Forfeited (632,869 ) 15.65 Exercised (5,676,130 ) 15.60 Options outstanding at December 31, 2016 16,555,925 14.84 Granted 2,261,586 19.14 Forfeited (459,576 ) 17.87 Exercised (3,920,294 ) 15.97 Options outstanding at December 31, 2017 14,437,641 15.11 Granted 2,450,861 19.61 Forfeited (294,474 ) 17.87 Exercised (1,916,961 ) 14.55 Options outstanding at December 31, 2018 14,677,067 $ 15.87 6.3 $ 3.5 Options exercisable at December 31, 2018 10,155,649 $ 14.72 5.3 $ 3.5 (1) Reflects only those stock options with intrinsic value at December 31, 2018. Expense relating to stock options granted is recognized on a straight-line basis, generally over the applicable service period, and totaled $5.2 million, $5.5 million and $5.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. Unamortized cost for unvested stock options, which reflects an estimated forfeiture rate of 5.0% per year over the vesting period, totaled $5.0 million at December 31, 2018, and is expected to be recognized over the remaining weighted-average vesting period of 1.5 years. The total intrinsic value of stock options exercised was $8.7 million, $11.2 million and $15.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. Additional information concerning options outstanding and options exercisable at December 31, 2018 is summarized as follows: Options Outstanding Options Exercisable Weighted Average Exercise Price Range Number Remaining Exercise Number Weighted $11.52 — $14.01 3,650,777 4.4 $ 13.49 3,642,149 $ 13.49 14.02 — 14.79 2,782,312 6.9 14.51 1,848,360 14.49 14.80 — 18.68 3,913,035 5.3 15.08 3,875,877 15.07 18.69 — 19.71 4,330,943 8.4 19.45 789,263 19.21 Restricted Stock Awarded The following is a summary of restricted stock award activity under the Incentive Plans and the RRP: Shares Weighted-Average Unvested restricted shares outstanding at December 31, 2015 1,232,317 $ 14.14 Granted 344,812 14.66 Forfeited (41,684 ) 14.34 Vested (649,363 ) 13.79 Unvested restricted shares outstanding at December 31, 2016 886,082 14.59 Granted 303,090 18.84 Forfeited (31,828 ) 15.56 Vested (485,023 ) 14.49 Unvested restricted shares outstanding at December 31, 2017 672,321 16.53 Granted 489,789 18.50 Forfeited (29,426 ) 17.81 Vested (402,134 ) 16.04 Unvested restricted shares outstanding at December 31, 2018 730,550 $ 18.03 Expense relating to unvested restricted stock awards is recognized on a straight-line basis, generally over the applicable service period, and totaled $5.8 million, $6.4 million and $6.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. Unamortized cost for unvested restricted stock awards, which reflects an estimated forfeiture rate of 5.0% per year over the vesting period, totaled $7.6 million at December 31, 2018, and is expected to be recognized over the remaining weighted-average vesting period of 1.6 years. The total fair value of restricted stock awards vested during the years ended December 31, 2018, 2017 and 2016 was $7.5 million, $9.3 million and $9.8 million, respectively. During 2018, 2017 and 2016, employees of People’s United tendered a total of 136,426 shares, 216,969 shares and 289,992 shares of common stock, respectively, in satisfaction of their related 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 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 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, 2018, 2017 and 2016 was $2.5 million, $3.3 million and $3.4 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 one-year In 2018, 2017 and 2016, directors were granted a total of 51,680 shares. 49,050 shares and 58,020 shares, respectively, of People’s United common stock, with grant date fair values of $18.21 per share, $17.65 per share and $16.24 per share, respectively, at those dates. Expense totaling $0.9 million for the Directors’ Plan was recognized for each of the years ended December 31, 2018, 2017 and 2016. At December 31, 2018, a total of 92,321 shares remain available for issuance. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 19 – 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 non-recurring Recurring Fair Value Measurements Trading Debt Securities, Equity Securities and Debt 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 and equity 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 mortgage-backed securities, all of which are included in Level 2. The Company’s available-for-sale available-for-sale 10- 15-year 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 securities with similar duration. As a further point of validation, the Company generates its own month-end Other Assets As discussed in Note 17, certain unfunded, nonqualified supplemental 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 and caps, 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, 2018 (in millions) Level 1 Level 2 Level 3 Total Financial assets: Trading debt securities: U.S. Treasury $ 8.4 $ — $ — $ 8.4 Debt securities available-for-sale: U.S. Treasury and agency 678.0 — — 678.0 GSE mortgage-backed securities — 2,443.0 — 2,443.0 Equity securities 8.1 — — 8.1 Other assets: Exchange-traded funds 35.5 — — 35.5 Mutual funds 20.6 — — 20.6 Fixed income securities — 0.3 — 0.3 Interest rate swaps — 98.9 — 98.9 Interest rate caps — 3.1 — 3.1 Foreign exchange contracts — 0.9 — 0.9 Forward commitments to sell residential mortgage loans — 0.1 — 0.1 Total $ 750.6 $ 2,546.3 $ — $ 3,296.9 Financial liabilities: Interest rate swaps $ — $ 135.0 $ — $ 135.0 Interest rate caps — 3.1 — 3.1 Risk participation agreements (1) — — — — Foreign exchange contracts — 0.8 — 0.8 Interest rate-lock commitments on residential mortgage loans — 0.1 — 0.1 Total $ — $ 139.0 $ — $ 139.0 Fair Value Measurements Using As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Financial assets: Trading debt securities: U.S. Treasury $ 8.2 $ — $ — $ 8.2 Debt securities available-for-sale: U.S. Treasury and agency 668.8 — — 668.8 GSE mortgage-backed securities — 2,456.5 — 2,456.5 Equity securities 8.7 — — 8.7 Other assets: Exchange-traded funds 36.5 — — 36.5 Mutual funds 3.5 — — 3.5 Fixed income securities — 1.3 — 1.3 Interest rate swaps — 74.8 — 74.8 Interest rate caps — 2.8 — 2.8 Foreign exchange contracts — 0.1 — 0.1 Forward commitments to sell residential mortgage loans — 0.2 — 0.2 Total $ 725.7 $ 2,535.7 $ — $ 3,261.4 Financial liabilities: Interest rate swaps $ — $ 84.9 $ — $ 84.9 Interest rate caps — 2.8 — 2.8 Risk participation agreements (1) — — — — Foreign exchange contracts — 0.4 — 0.4 Interest rate-lock commitments on residential mortgage loans — 0.2 — 0.2 Total $ — $ 88.3 $ — $ 88.3 (1) At both December 31, 2018 and 2017, the fair value of risk participation agreements totaled less than $0.1 million (see Note 21). Non-Recurring Loans Held-for-Sale Residential mortgage loans held-for-sale non-recurring 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: (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate; (ii) the loan’s observable market price; or (iii) 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 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 held-for-sale The following tables summarize People’s United’s assets that are measured at fair value on a non-recurring Fair Value Measurements Using As of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Loans held-for-sale $ — $ 19.5 $ — $ 19.5 Impaired loans (2) — — 55.2 55.2 REO and repossessed assets (3) — — 18.1 18.1 Total $ — $ 19.5 $ 73.3 $ 92.8 Fair Value Measurements Using As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Loans held-for-sale $ — $ 16.6 $ — $ 16.6 Impaired loans (2) — — 59.6 59.6 REO and repossessed assets (3) — — 19.4 19.4 Total $ — $ 16.6 $ 79.0 $ 95.6 (1) Consists of residential mortgage loans; no fair value adjustments were recorded for the years ended December 31, 2018 and 2017. (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 $44.8 million of Commercial loans and $10.4 million of Retail loans at December 31, 2018. The provision for loan losses on impaired loans totaled $8.6 million and $5.0 million for the years ended December 31, 2018 and 2017, respectively. (3) Represents: (i) $8.7 million of commercial REO; (ii) $5.5 million of residential REO; and (iii) $3.9 million of repossessed assets at December 31, 2018. Charge-offs to the allowance for loan losses related to loans that were transferred to REO or repossessed assets totaled $1.7 million and $2.6 million for the years ended December 31, 2018 and 2017, respectively. Write downs and net loss on sale of foreclosed/repossessed assets charged to non-interest Financial Assets and Financial Liabilities Not Measured At Fair Value 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 Carrying Estimated Fair Value As of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 665.7 $ 665.7 $ — $ — $ 665.7 Short-term investments 266.3 — 266.3 — 266.3 Debt securities held-to-maturity 3,792.3 — 3,774.4 1.5 3,775.9 FHLB and FRB stock 303.4 — 303.4 — 303.4 Total loans, net (1) 34,945.8 — 7,806.1 26,800.2 34,606.3 Financial liabilities: Time deposits 6,916.2 — 6,884.0 — 6,884.0 Other deposits 29,242.8 — 29,242.8 — 29,242.8 FHLB advances 2,404.5 — 2,404.5 — 2,404.5 Federal funds purchased 845.0 — 845.0 — 845.0 Customer repurchase agreements 332.9 — 332.9 — 332.9 Other borrowings 11.0 — 11.0 — 11.0 Notes and debentures 895.8 — 893.4 — 893.4 (1) Excludes impaired loans totaling $55.2 million measured at fair value on a non-recurring basis. Carrying Estimated Fair Value As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 505.1 $ 505.1 $ — $ — $ 505.1 Short-term investments 377.5 — 377.5 — 377.5 Debt securities held-to-maturity 3,588.1 — 3,632.2 1.5 3,633.7 FHLB and FRB stock 312.3 — 312.3 — 312.3 Total loans, net (1) 32,281.3 — 6,632.2 25,495.3 32,127.5 Financial liabilities: Time deposits 5,454.3 — 5,441.1 — 5,441.1 Other deposits 27,602.0 — 27,602.0 — 27,602.0 FHLB advances 2,774.4 — 2,775.3 — 2,775.3 Federal funds purchased 820.0 — 820.0 — 820.0 Customer repurchase agreements 301.6 — 301.6 — 301.6 Other borrowings 207.8 — 207.2 — 207.2 Notes and debentures 901.6 — 910.1 — 910.1 (1) Excludes impaired loans totaling $59.6 million measured at fair value on a non-recurring |
Legal Proceedings and Lease Com
Legal Proceedings and Lease Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Lease Commitments | NOTE 20 – Legal Proceedings and Lease Commitments 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 In the normal course of business, People’s United is subject to various legal proceedings. Management has discussed with legal counsel the nature of these legal proceedings and, based on the advice of counsel and the information currently available, believes that the eventual outcome of these legal proceedings will not have a material adverse effect on People’s United’s financial condition, results of operations or liquidity. Lease Commitments At December 31, 2018, 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. Future minimum rental commitments under operating leases in excess of one year at December 31, 2018 were: $65.4 million in 2019; $60.1 million in 2020; $56.4 million in 2021; $37.8 million in 2022; $26.1 million in 2023; and an aggregate of $88.5 million in 2024 through 2054. Rent expense under operating leases included in occupancy and equipment in the Consolidated Statements of Income totaled $64.2 million, $62.5 million and $59.8 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | NOTE 21 – Financial Instruments In the normal course of business, People’s United is a party to both on-balance-sheet off-balance-sheet off-balance-sheet 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) 2018 2017 Lending-Related Financial Instruments: (1) Loan origination commitments and unadvanced lines of credit: Commercial and industrial $ 4,937.1 $ 4,282.4 Home equity and other consumer 2,646.6 2,472.9 Commercial real estate 1,095.4 890.9 Equipment financing 459.7 369.4 Residential mortgage 78.7 40.8 Letters of credit: Stand-by 139.4 138.8 Commercial 5.0 4.5 Derivative Financial Instruments: (2) Interest rate swaps: For market risk management 585.0 585.0 For commercial customers: Customer 7,455.9 5,769.1 Institutional counterparties 7,161.3 5,775.9 Interest rate caps: For commercial customers: Customer 329.1 649.2 Institutional counterparties 329.1 649.2 Risk participation agreements 576.5 439.4 Foreign exchange contracts 145.2 46.5 Forward commitments to sell residential mortgage loans 9.5 16.4 Interest rate-lock commitments on residential mortgage loans 13.6 18.3 (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 5. People’s United issues both stand-by Stand-by stand-by 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 was $2.7 million and $2.3 million at December 31, 2018 and 2017, 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). There were no derivative instruments with such credit-related contingent features in a net liability position at December 31, 2018. 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. The Bank has entered into pay floating/receive fixed interest rate swaps to reduce its IRR exposure to the variability in interest cash flows on certain floating-rate commercial loans. The Bank has agreed with the swap counterparties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated based on notional amounts totaling $210 million. The floating-rate interest payments made under the swaps are calculated using the same floating rate received on the commercial loans. The swaps effectively convert the floating-rate one-month The Bank has entered into a pay floating/receive fixed interest rate swap to hedge the change in fair value due to changes in interest rates of the Bank’s $400 million subordinated notes. 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. Customer Derivatives People’s United enters into interest rate swaps and caps with certain of its commercial customers. In order to minimize its risk, these customer interest rate swaps (pay floating/receive fixed) and caps have been offset with essentially matching interest rate swaps (pay fixed/receive floating) and caps with People’s United’s institutional counterparties. Hedge accounting has not been applied for these derivatives. Accordingly, changes in the fair value of all such interest rate swaps and caps are recognized in current earnings. 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. 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 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 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”) 10-year T-Locks net-of-tax ten-year 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) 2018 2017 2018 2017 2018 2017 Derivatives Not Designated as Hedging Instruments: Interest rate swaps: Commercial customers N/A $ 7,455.9 $ 5,769.1 $ 76.3 $ 64.7 $ 102.6 $ 61.2 Institutional counterparties N/A 7,161.3 5,775.9 22.6 10.1 32.4 23.7 Interest rate caps: Commercial customers N/A 329.1 649.2 0.6 — 2.5 2.8 Institutional counterparties N/A 329.1 649.2 2.5 2.8 0.6 — Risk participation agreements (2) N/A 576.5 439.4 — — — — Foreign exchange contracts N/A 145.2 46.5 0.9 0.1 0.8 0.4 Forward commitments to sell residential mortgage loans N/A 9.5 16.4 0.1 0.2 — — Interest rate-lock commitments on residential mortgage loans N/A 13.6 18.3 — — 0.1 0.2 Total 103.0 77.9 139.0 88.3 Derivatives Designated as Hedging Instruments: Interest rate swaps: Subordinated notes Fair value 375.0 375.0 — — — — Loans Cash flow 210.0 210.0 — — — — Total — — — — Total fair value of derivatives $ 103.0 $ 77.9 $ 139.0 $ 88.3 (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 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) 2018 2017 2016 2018 2017 2016 Derivatives Not Designated as Hedging Instruments: Interest rate swaps: Commercial customers N/A $ (3.6 ) $ 5.3 $ (8.7 ) $ — $ — $ — Institutional counterparties N/A 17.1 6.1 22.7 — — — Interest rate caps: Commercial customers N/A 1.1 0.7 (2.4 ) — — — Institutional counterparties N/A (1.0 ) (0.3 ) 2.1 — — — Foreign exchange contracts N/A 0.9 0.5 (0.6 ) — — — Risk participation agreements N/A 0.2 — 0.5 — — — Forward commitments to sell residential mortgage loans N/A (0.1 ) (0.2 ) (0.2 ) — — — Interest rate-lock commitments on residential mortgage loans N/A 0.1 0.3 0.3 — — — Total 14.7 12.4 13.7 — — — Derivatives Designated as Hedging Instruments: Interest rate swaps Fair value 2.1 5.9 7.5 — — — Interest rate swaps Cash flow (0.6 ) 0.8 (0.8 ) (1.7 ) (1.0 ) (0.2 ) Interest rate locks Cash flow 0.1 0.1 0.1 — — — Total 1.6 6.8 6.8 (1.7 ) (1.0 ) (0.2 ) Total $ 16.3 $ 19.2 $ 20.5 $ (1.7 ) $ (1.0 ) $ (0.2 ) (1) Amounts recognized in earnings are recorded in interest income, interest expense or other non-interest non-interest |
Balance Sheet Offsetting
Balance Sheet Offsetting | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Balance Sheet Offsetting | NOTE 22 – Balance Sheet Offsetting The Chicago Mercantile Exchange (“CME”) legally characterizes variation margin payments for over-the-counter 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. In the tables below, the Net Amount Presented of the derivative assets and liabilities can be reconciled to the fair value of the Company’s derivative financial instruments in Note 21. 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. Gross Gross Net Gross Amounts Not Offset Net As of December 31, 2018 (in millions) Financial Collateral Financial assets: Interest rate swaps/caps: Counterparty A $ 3.1 $ — $ 3.1 $ (1.4 ) $ (1.7 ) $ — Counterparty B 2.5 — 2.5 (2.5 ) — — Counterparty C 4.8 — 4.8 (3.7 ) (1.1 ) — Counterparty D 3.6 — 3.6 (2.7 ) (0.1 ) 0.8 Counterparty E — — — — — — Other counterparties 11.1 — 11.1 (5.4 ) (5.7 ) — Foreign exchange contracts 0.9 — 0.9 — — 0.9 Total $ 26.0 $ — $ 26.0 $ (15.7 ) $ (8.6 ) $ 1.7 Financial liabilities: Interest rate swaps/caps: Counterparty A $ 1.4 $ — $ 1.4 $ (1.4 ) $ — $ — Counterparty B 3.8 — 3.8 (2.5 ) (1.2 ) 0.1 Counterparty C 3.7 — 3.7 (3.7 ) — — Counterparty D 2.7 — 2.7 (2.7 ) — — Counterparty E 16.0 — 16.0 — — 16.0 Other counterparties 5.4 — 5.4 (5.4 ) — — Foreign exchange contracts 0.8 — 0.8 — — 0.8 Total $ 33.8 $ — $ 33.8 $ (15.7 ) $ (1.2 ) $ 16.9 Gross Gross Net Gross Amounts Not Offset Net As of December 31, 2017 (in millions) Financial Collateral Financial assets: Interest rate swaps/caps: Counterparty A $ 2.6 $ — $ 2.6 $ (2.5 ) $ — $ 0.1 Counterparty B 1.6 — 1.6 (1.6 ) — — Counterparty C 2.6 — 2.6 (2.6 ) — — Counterparty D 3.5 — 3.5 (3.5 ) — — Counterparty E — — — — — — Other counterparties 2.6 — 2.6 (0.2 ) (2.4 ) — Foreign exchange contracts 0.1 — 0.1 — — 0.1 Total $ 13.0 $ — $ 13.0 $ (10.4) $ (2.4) $ 0.2 Financial liabilities: Interest rate swaps/caps: Counterparty A $ 2.5 $ — $ 2.5 $ (2.5 ) $ — $ — Counterparty B 5.6 — 5.6 (1.6 ) (4.0 ) — Counterparty C 2.8 — 2.8 (2.6 ) (0.2 ) — Counterparty D 4.7 — 4.7 (3.5 ) (1.2 ) — Counterparty E 7.3 — 7.3 — — 7.3 Other counterparties 0.8 — 0.8 (0.2 ) (0.6 ) — Foreign exchange contracts 0.4 — 0.4 — — 0.4 Total $ 24.1 $ — $ 24.1 $ (10.4 ) $ (6.0 ) $ 7.7 The following tables show the extent to which assets and liabilities exchanged under resale and repurchase agreements have been offset in the Consolidated Statements of Condition. These agreements: (i) are entered into simultaneously with the same financial institution counterparty; (ii) have the same principal amounts and inception/maturity dates; and (iii) are subject to a master netting arrangement that contains a conditional right of offset upon default. At December 31, 2018 and 2017, the Company posted as collateral marketable securities with fair values of $461.3 million and $453.8 million, respectively, and, in turn, accepted as collateral marketable securities with fair values of $457.2 million and $461.9 million, respectively. As of December 31, 2018 (in millions) Gross Gross Net Total resale agreements $ 450.0 $ (450.0 ) $ — Total repurchase agreements $ 450.0 $ (450.0 ) $ — As of December 31, 2017 (in millions) Gross Gross Net Total resale agreements $ 450.0 $ (450.0 ) $ — Total repurchase agreements $ 450.0 $ (450.0 ) $ — |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 23 – 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 the Company’s traditional wealth management activities, this presentation results in the allocation of the Company’s insurance business and certain trust activities to the Commercial Banking segment, and the allocation of the Company’s brokerage business and certain other trust activities to the Retail Banking segment. Commercial Banking Retail Banking non-institutional 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 FTP, which is used in the calculation of each operating segment’s net interest income, measures the value of funds used in and provided by an operating segment. The difference between the interest income on earning assets and the interest expense on funding liabilities, and the corresponding FTP charge for interest income or credit for interest expense, results in net spread income. For fixed-term assets and liabilities, the FTP rate is assigned at the time the asset or liability is originated by reference to the Company’s FTP yield curve, which is updated daily. For non-maturity-term A five-year rolling average net charge-off year-to-year People’s United allocates a majority of non-interest 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 (i) $10.0 million of security losses for the years ended December 31, 2018 and 2017 incurred in response to tax reform-related benefits recognized in each period, and certain gains totaling $7.5 million for the year ended December 31, 2016 (all included in non-interest non-interest The following tables provide selected financial information for People’s United’s reportable segments: Year ended December 31, 2018 (in millions) Commercial Retail Total Treasury Other Total Net interest income (loss) $ 699.2 $ 467.2 $ 1,166.4 $ 93.0 $ (23.4 ) $ 1,236.0 Provision for loan losses 38.7 9.0 47.7 — (17.7 ) 30.0 Total non-interest 177.8 186.7 364.5 8.3 (6.4 ) 366.4 Total non-interest 383.7 565.3 949.0 17.8 29.3 996.1 Income (loss) before income tax expense (benefit) 454.6 79.6 534.2 83.5 (41.4 ) 576.3 Income tax expense (benefit) 85.0 14.9 99.9 15.8 (7.5 ) 108.2 Net income (loss) $ 369.6 $ 64.7 $ 434.3 $ 67.7 $ (33.9 ) $ 468.1 Average total assets $ 25,956.7 $ 10,103.3 $ 36,060.0 $ 7,955.8 $ 1,013.9 $ 45,029.7 Average total liabilities 9,305.0 20,699.1 30,004.1 8,544.3 444.1 38,992.5 Year ended December 31, 2017 (in millions) Commercial Retail Total Treasury Other Total Net interest income (loss) $ 631.0 $ 403.9 $ 1,034.9 $ 107.4 $ (41.8 ) $ 1,100.5 Provision for loan losses 43.7 13.4 57.1 — (31.1 ) 26.0 Total non-interest 165.0 183.4 348.4 11.2 (6.7 ) 352.9 Total non-interest 357.1 547.0 904.1 15.6 40.6 960.3 Income (loss) before income tax expense (benefit) 395.2 26.9 422.1 103.0 (58.0 ) 467.1 Income tax expense (benefit) 110.0 7.5 117.5 28.6 (16.2 ) 129.9 Net income (loss) $ 285.2 $ 19.4 $ 304.6 $ 74.4 $ (41.8 ) $ 337.2 Average total assets $ 24,533.9 $ 9,695.1 $ 34,229.0 $ 7,512.1 $ 840.5 $ 42,581.6 Average total liabilities 7,938.6 20,202.8 28,141.4 8,450.6 398.0 36,990.0 Year ended December 31, 2016 (in millions) Commercial Retail Total Treasury Other Total Net interest income (loss) $ 566.5 $ 347.5 $ 914.0 $ 87.6 $ (29.4 ) $ 972.2 Provision for loan losses 39.3 13.0 52.3 — (15.7 ) 36.6 Total non-interest 156.4 169.0 325.4 9.2 8.1 342.7 Total non-interest 322.8 508.9 831.7 9.8 27.3 868.8 Income (loss) before income tax expense (benefit) 360.8 (5.4 ) 355.4 87.0 (32.9 ) 409.5 Income tax expense (benefit) 113.4 (1.7 ) 111.7 27.5 (10.7 ) 128.5 Net income (loss) $ 247.4 $ (3.7 ) $ 243.7 $ 59.5 $ (22.2 ) $ 281.0 Average total assets $ 22,691.1 $ 8,945.8 $ 31,636.9 $ 7,443.1 $ 704.3 $ 39,784.3 Average total liabilities 6,733.7 19,207.3 25,941.0 8,628.7 355.2 34,924.9 |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Information | NOTE 24 – Parent Company Financial Information Condensed financial information of People’s United (parent company only) is presented below: CONDENSED STATEMENTS OF CONDITION As of December 31 (in millions) 2018 2017 Assets: Cash at bank subsidiary $ 291.6 $ 378.6 Total cash and cash equivalents 291.6 378.6 Equity securities, at fair value 8.1 8.7 Investments in subsidiaries: Bank subsidiary 6,485.3 5,690.8 Non-bank 2.8 1.6 Goodwill 197.1 197.1 Due from bank subsidiary 5.5 8.4 Other assets 45.9 35.6 Total assets $ 7,036.3 $ 6,320.8 Liabilities and Stockholders’ Equity: Notes and debentures $ 497.7 $ 497.1 Other liabilities 4.7 3.8 Stockholders’ equity 6,533.9 5,819.9 Total liabilities and stockholders’ equity $ 7,036.3 $ 6,320.8 CONDENSED STATEMENTS OF INCOME Years ended December 31 (in millions) 2018 2017 2016 Revenues: Interest income: Securities $ 0.4 $ 1.1 $ 3.4 Advances to bank subsidiary — — 1.0 Total interest income 0.4 1.1 4.4 Dividend income from bank subsidiary 342.0 292.0 271.0 Net security losses — (1.2 ) — Other non-interest 2.3 16.9 14.8 Total revenues 344.7 308.8 290.2 Expenses: Interest on notes and debentures 18.7 19.0 22.5 Non-interest 11.4 13.9 9.6 Total expenses 30.1 32.9 32.1 Income before income tax benefit and subsidiaries undistributed income 314.6 275.9 258.1 Income tax benefit (5.5 ) (5.7 ) (5.0 ) Income before subsidiaries undistributed income 320.1 281.6 263.1 Subsidiaries undistributed income 148.0 55.6 17.9 Net income $ 468.1 $ 337.2 $ 281.0 CONDENSED STATEMENTS OF COMPREHENSIVE INCOME Years ended December 31 (in millions) 2018 2017 2016 Net income $ 468.1 $ 337.2 $ 281.0 Other comprehensive (loss) income, net of tax: Net unrealized losses on securities available-for-sale — (0.1 ) (0.1 ) Net unrealized gains on derivatives accounted for as cash flow hedges — — 0.3 Other comprehensive (loss) income of bank subsidiary (37.8 ) 13.4 (18.0 ) Total other comprehensive (loss) income, net of tax (37.8 ) 13.3 (17.8 ) Total comprehensive income $ 430.3 $ 350.5 $ 263.2 CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31 (in millions) 2018 2017 2016 Cash Flows from Operating Activities: Net income $ 468.1 $ 337.2 $ 281.0 Adjustments to reconcile net income to net cash provided by operating activities: Subsidiaries undistributed income (148.0 ) (55.6 ) (17.9 ) Net security losses — 1.2 — Net change in other assets and other liabilities 23.1 20.1 (21.5 ) Net cash provided by operating activities 343.2 302.9 241.6 Cash Flows from Investing Activities: Proceeds from sales of equity securities 2.3 — — Proceeds from principal repayments and maturities of available-for-sale — — 1.4 Proceeds from sales of debt securities available-for-sale — 75.6 200.4 Purchases of debt securities available-for-sale — — (76.0 ) Increase in investment in bank subsidiary (200.0 ) — (450.0 ) Decrease in advances to bank subsidiary — — 100.0 Net cash (used in) provided by investing activities (197.7 ) 75.6 (224.2 ) Cash Flows from Financing Activities: Repayment of notes and debentures — (125.0 ) — Proceeds from issuance of preferred stock, net — — 244.1 Cash dividends paid on common stock (243.8 ) (227.9 ) (205.7 ) Cash dividends paid on preferred stock (14.1 ) (14.1 ) (1.8 ) Common stock repurchases (2.5 ) (3.4 ) (3.4 ) Proceeds from stock options exercised 27.9 61.8 87.9 Net cash (used in) provided by financing activities (232.5 ) (308.6 ) 121.1 Net (decrease) increase in cash and cash equivalents (87.0 ) 69.9 138.5 Cash and cash equivalents at beginning of year 378.6 308.7 170.2 Cash and cash equivalents at end of year $ 291.6 $ 378.6 $ 308.7 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 25 – Subsequent Events Completed Acquisition Effective January 2, 2019, the Bank completed its acquisition of VAR Technology Finance (“VAR”), a leasing and financing company headquartered in Mesquite, Texas. The fair value of the consideration transferred in the VAR acquisition consisted of $60.0 million in cash. Pending Acquisition On November 27, 2018, People’s United announced the signing of a definitive agreement to acquire BSB Bancorp, Inc. (“BSB Bancorp”) based in Belmont, Massachusetts. Under the terms of the definitive agreement, each share of BSB Bancorp common stock will be converted into the right to receive 2.0 shares of People’s United common stock, with a total transaction value, as of December 31, 2018, of approximately $296 million. At December 31, 2018, BSB Bancorp had total assets of $3.0 billion, total deposits of $2.0 billion and operated six branches in the greater Boston area. The acquisition, which is subject to regulatory approval, was approved by the shareholders of BSB Bancorp on February 27, 2019, and is expected to close early in the second quarter of 2019. People’s United shareholder approval is not required for the acquisition. Merger-related expenses recorded in 2018 relating to this transaction totaled $0.5 million. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | NOTE 26 – Selected Quarterly Financial Data (Unaudited) The following table presents People’s United’s quarterly financial data for 2018 and 2017: 2018 (1) 2017 (1) (dollars in millions, except per common share data) First Second Third Fourth First Second Third Fourth Interest and dividend income $ 359.1 $ 375.4 $ 390.0 $ 431.8 $ 290.5 $ 322.0 $ 339.2 $ 350.6 Interest expense 63.3 74.2 83.6 99.2 41.9 47.1 54.6 58.3 Net interest income 295.8 301.2 306.4 332.6 248.6 274.9 284.6 292.3 Provision for loan losses 5.4 6.5 8.2 9.9 4.4 7.1 7.0 7.5 Net interest income after provision for loan losses 290.4 294.7 298.2 322.7 244.2 267.8 277.6 284.8 Non-interest 90.4 94.9 92.3 88.7 84.7 91.6 89.3 87.3 Non-interest 243.5 248.6 241.3 262.7 226.1 257.3 237.1 239.7 Income before income tax expense 137.3 141.0 149.2 148.7 102.8 102.1 129.8 132.4 Income tax expense 29.4 30.8 32.2 15.8 32.0 32.8 39.0 26.2 Net income 107.9 110.2 117.0 132.9 70.8 69.3 90.8 106.2 Preferred stock dividend 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 Net income available to $ 104.4 $ 106.7 $ 113.5 $ 129.4 $ 67.3 $ 65.8 $ 87.3 $ 102.7 Common Share Data: EPS: Basic $ 0.31 $ 0.31 $ 0.33 $ 0.35 $ 0.22 $ 0.20 $ 0.26 $ 0.30 Diluted 0.30 0.31 0.33 0.35 0.22 0.19 0.26 0.30 Common dividends paid 58.8 59.9 60.0 65.1 52.7 58.3 58.3 58.6 Dividends paid per 0.1725 0.1750 0.1750 0.1750 0.17 0.1725 0.1725 0.1725 Common dividend payout ratio 56.3 % 56.2 % 52.9 % 50.3 % 78.3 % 88.6 % 66.8 % 57.1 % Stock price: High $ 20.26 $ 19.37 $ 19.00 $ 17.46 $ 19.85 $ 18.21 $ 18.26 $ 19.50 Low 18.18 18.00 16.95 13.66 17.47 16.44 15.97 17.58 Weighted average common shares outstanding (in millions): Basic 339.76 340.64 341.43 370.22 308.85 336.58 336.93 338.53 Diluted 344.00 344.47 345.04 372.83 311.08 338.51 338.82 341.11 (1) The sum of the quarterly amounts for certain line items do not equal the full-year amounts due to rounding. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 (“GAAP”) 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. 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. These accounting 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 critical accounting policies may be affected by economic conditions, 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. |
Cash Equivalents | 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 (the “FRB-NY”); held-to-maturity |
Securities | Securities Marketable debt securities (other than those reported as short-term investments) are classified as either trading debt securities, held-to-maturity available-for-sale Debt 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 debt securities and reported at fair value with gains and losses reported in non-interest Debt securities for which People’s United has the intent and ability to hold to maturity are classified as held-to-maturity available-for-sale after-tax mortgage-backed Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification method and reported in non-interest Debt securities transferred from available-for-sale held-to-maturity pre-tax Management conducts a periodic review and evaluation of the debt 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 impairment losses on debt securities are reflected in earnings as realized losses to the extent the impairment is related to credit losses of the issuer. 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 Both Federal Home Loan Bank (“FHLB”) stock and FRB-NY non-marketable FRB-NY |
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 securities resale agreements as secured lending transactions and securities 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 non-interest held-for-sale held-for-sale non-interest |
Loans | Loans Loans acquired in connection with business combinations 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 | Non-accrual A loan is generally considered “non-performing” non-accrual non-accrual non-accrual All previously accrued but unpaid interest on non-accrual non-accrual non-accrual |
Impaired Loans | 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 loans whose terms have been modified in such a way that they are considered troubled debt restructurings (“TDRs”). 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. TDRs may either be accruing or placed on non-accrual non-performing non-accrual non-performing 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 non-accrual Acquired Loans Loans acquired in a business combination are initially recorded at fair value with no carryover of an acquired entity’s previously established 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 evaluated upon acquisition and classified as either purchased performing or purchased credit impaired (“PCI”). For purchased performing loans, any premium or discount, representing the difference between the fair value and the outstanding principal balance of the loans, is recognized (using the level yield method) as an adjustment to interest income over the remaining period to contractual maturity or until the loan is repaid in full or sold. Subsequent to the acquisition date, the method utilized to estimate the required allowance for loan losses for these loans is similar to that for originated loans. However, a provision for loan losses is only recorded when the required allowance for loan losses exceeds any remaining purchase discount at the loan level. PCI loans represent those acquired loans with specific evidence of deterioration in credit quality since origination and for which it is probable that, as of the acquisition date, all contractually required principal and interest payments will not be collected . Under the accounting model for PCI 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 level yield method. Accordingly, PCI loans are not subject to classification as non-accrual 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 — • Changes in prepayment assumptions — • Changes in interest rate indices for variable rate loans — 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. PCI loans 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 re-assessment Allowance and Provision for Loan Losses Originated Portfolio 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 The Company’s allowance for loan losses consists of three elements: (i) an allowance for larger-balance, non-homogeneous (loan-by-loan) Larger-balance, Non-homogeneous non-homogeneous charge-off In establishing the allowance for loan losses for larger-balance non-homogeneous Smaller-balance, Homogeneous Loans. 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 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 non-owner 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 Individually Impaired Loans. non-accrual charge-off charge-off 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 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 industrial, and commercial real estate portfolios. People’s United did not change its methodologies with respect to determining the allowance for loan losses during 2018. As part of its ongoing assessment of the allowance for loan losses, People’s United regularly makes refinements to certain underlying assumptions used in its methodologies. However, such 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, 2018. 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. Acquired Portfolio Acquired loans are evaluated upon acquisition and classified as either purchased performing or PCI, which represents those acquired loans with specific evidence of deterioration in credit quality since origination and for which it is probable that, as of the acquisition date, all contractually required principal and interest payments will not be collected. PCI 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. For purchased performing loans, the required allowance for loan losses is determined in a manner similar to that for originated loans with a provision for loan losses only recorded when the required allowance for loan losses exceeds any remaining purchase discount at the loan level. For PCI loans, 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 loans in each pool. A decrease in the expected cash flows in subsequent periods requires the establishment of an allowance for loan losses at that time. Loan Charge-Offs The Company’s charge-off charged-off 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 The decision whether to charge-off charge-off |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company earns revenue from a variety of sources. For revenue streams other than (i) net interest income and (ii) other revenues associated with financial assets and financial liabilities, including loans, leases, securities and derivatives, the Company generally applies the following steps with respect to revenue recognition: (i) identify the contract; (ii) identify the performance obligation; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation; and (v) recognize revenue when the performance obligation is satisfied. The Company’s contracts with customers are generally short-term in nature, typically due within one year or less, or cancellable by the Company or the customer upon a short notice period. Performance obligations for customer contracts are generally satisfied at a single point in time, typically when the transaction is complete, or over time. For performance obligations satisfied over time, the value of the products/services transferred to the customer are evaluated to determine when, and to what degree, performance obligations have been satisfied. Payments from customers are typically received, and revenue recognized, concurrent with the satisfaction of our performance obligations. In most cases, this occurs within a single financial reporting period. For payments received in advance of the satisfaction of our performance obligations, revenue recognition is deferred until such time the performance obligations have been satisfied. In cases where a payment has not been received despite satisfaction of our performance obligations, an estimate of the amount due is accrued in the period our performance obligations have been satisfied. For contracts with variable components, amounts for which collection is probable are accrued. The following summarizes the Company’s performance obligations for the more significant recurring revenue streams included in non-interest Service charges and fees on deposit accounts Card-based and other non-deposit non-deposit Investment management fees month-end Insurance commissions and fees Brokerage commissions and fees The revenue streams noted above represent approximately $270 million (or 74%) of total non-interest income for the year ended December 31, 2018. Of this amount, approximately 40% is allocated to the Commercial Banking operating segment and 30% is allocated to each of the Retail Banking and Wealth Management operating segments. The Company generally acts in a principal capacity, on its own behalf, in the majority of its contracts with customers. In such transactions, revenue and the related costs to provide our services are recognized on a gross basis in the financial statements. In some cases, the Company may act in an agent capacity, deriving revenue by assisting other entities in transactions with our customers. In such transactions, revenue and the related costs to provide our services are recognized on a net basis in the financial statements. The extent of the Company’s activities for which it acts as an agent (and for which the related revenue and expense has been presented on a net basis) is immaterial. |
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 low-to-moderate |
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 pre-acquisition Intangible assets are recognized in an amount equal to the excess of the consideration transferred over the fair value of the tangible net assets acquired. “Acquisition-related intangible assets” are separately identified, recognized and amortized, where appropriate, for assets such as trade names, certain contractual agreements and the estimated values of acquired core deposits and/or customer relationships. Mutual fund management contract intangibles recognized by People’s United are deemed to have indefinite useful lives and, accordingly, are not amortized. 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 in a manner consistent with that in which the related benefits are expected to be realized, 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 intangibles are amortized on either (i) an accelerated basis over a period of approximately 20 years or (ii) a straight-line basis over 5 years. Core deposit intangibles are amortized on an accelerated basis over a period ranging from 7 to 10 years. Customer relationship intangibles are amortized on a straight-line basis over the estimated remaining average life of those relationships, which ranges from 10 to 15 years from the respective acquisition dates. Intangibles stemming from contractual agreements, such as favorable lease and non-compete 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 quantitative impairment test as described below. The quantitative test 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 impairment loss shall be recognized in an amount equal to that excess, not to exceed the carrying amount of goodwill. At this time, none of the Company’s identified reporting units are at risk of failing the quantitative goodwill impairment test. 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. In conducting its 2018 and 2016 goodwill impairment evaluations (as of the annual October 1 st |
Real Estate Owned | Real Estate Owned Real estate owned (“REO”) properties acquired through foreclosure or deed-in-lieu |
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. Effective January 1, 2017, tax benefits attributable to deductions in excess of financial statement amounts arising from the exercise of non-statutory paid-in 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 |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share (“EPS”) excludes dilution and is computed by dividing earnings attributable to common shareholders 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 and performance shares) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing earnings attributable to common shareholders 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 two-class two-class |
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 AOCL 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 and caps, but also include foreign exchange contracts. The interest rate and foreign exchange risks associated with customer interest rate swaps and caps and foreign exchange contracts are 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” 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 or mutual funds 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 and CMO securities); • 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, restricted stock and performance shares 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 Standards effective in 2018 Revenue Recognition In May 2014, the Financial Accounting Standards Board (the “FASB”) amended its standards with respect to revenue recognition. The amended guidance serves to replace all current 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. As originally issued, this new guidance, which can be applied retrospectively or through the use of the cumulative effect transition method, was to become effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2016 (January 1, 2017 for People’s United) and early adoption was not permitted. In July 2015, the FASB approved a one-year The Company’s revenue is comprised of net interest income on financial assets and financial liabilities (approximately 75-80%) non-interest 20-25%). non-interest non-deposit In completing its assessment of those revenue streams within the scope of the guidance, the Company identified one revenue source for which the timing of recognition changes under the new standard. The Company previously recognized revenue for certain insurance brokerage activities, such as installments on agency bill, direct bill and contingent commission revenue, over a period of time either due to the transfer of value to customers or as the remuneration becomes determinable. Under the new guidance, certain of these revenues, as well as certain costs associated with originating such policies, are now substantially recognized on the effective date of the associated policies when control of the policy transfers to the customer. The guidance was adopted on January 1, 2018 using the modified retrospective method and resulted in a cumulative-effect transition adjustment which served to increase opening retained earnings by $0.6 million (net-of-tax). Revenue from Contacts with Customers Presentation of Deferred Taxes In November 2015, the FASB amended its standards with respect to the presentation of deferred income taxes to eliminate the requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of condition, thereby simplifying the presentation of deferred income taxes. This amendment, which is being applied prospectively, became effective for People’s United on January 1, 2018 and did not have a significant impact on the Company’s Consolidated Financial Statements. Recognition and Measurement of Financial Instruments In January 2016, the FASB amended its standards to address certain aspects of recognition, presentation and disclosure of financial instruments. The amended guidance (i) requires that equity investments (other than equity method investments) be measured at fair value with changes in fair value recognized in net income and (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by permitting a qualitative assessment to identify impairment. Both FRB-NY This amendment became effective for People’s United on January 1, 2018. The cumulative effect transition method was applied to all outstanding instruments as of the date of adoption, while changes to the accounting for equity investments without readily determinable fair values will be applied prospectively. At December 31, 2017, the Company’s securities portfolio included equity securities with an amortized cost of $9.6 million and a fair value of $8.7 million. Accordingly, upon adoption of the guidance, a cumulative-effect transition adjustment, representing the cumulative unrealized loss (net-of-tax) held-for-investment Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB amended its standards to address the classification of certain cash receipts and payments within the statement of cash flows. Specifically, the amended guidance addresses the following: (i) debt prepayment or debt extinguishment costs; (ii) settlement of zero-coupon Asset Derecognition and Accounting for Partial Sales of Nonfinancial Assets In February 2017, the FASB amended its standards to clarify the scope of its guidance on derecognition of a nonfinancial asset and provide additional guidance on the definition of in-substance Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB amended its standards to (i) require that the service cost component of net benefit cost associated with pension and postretirement plans be reported in the same line item in which the related employees’ compensation cost is reported and (ii) specify that only the service cost component is eligible for capitalization. The other components of net benefit cost, which may not be capitalized, are to be presented separately. This amendment, which is required to be applied retrospectively, became effective for People’s United on January 1, 2018. Accordingly, net periodic pension and postretirement benefit income (a result of the expected return on plan assets exceeding the sum of the other components) previously reported within compensation and benefits expense is now reported within other non-interest Stock Compensation In July 2017, the FASB amended its standards with respect to share-based payment awards to provide explicit guidance pertaining to the provisions of modification accounting. The amendment clarifies that an entity should not account for the effects of a modification if the award’s fair value, vesting conditions and classification (as either debt or equity) are the same immediately before and after the modification. This amendment, which is being applied prospectively to awards modified on or after the adoption date, became effective for People’s United on January 1, 2018 and did not have a significant impact on the Company’s Consolidated Financial Statements. Standards effective in 2019 Accounting for Leases In February 2016, the FASB amended its standards with respect to the accounting for leases. The amended guidance serves to replace all current GAAP guidance on this topic and requires that an operating lease be recognized on the statement of condition as a “right-of-use” In July 2018, the FASB issued two targeted improvements to the standard with the objective of reducing the cost and complexity of implementing the guidance. These amendments, which have the same effective date and transition requirements as the new lease standard, serve to (i) introduce an optional transition method allowing entities to recognize a cumulative-effect transition adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented and (ii) provide a practical expedient whereby lessors can elect, by class of underlying asset, to not separate lease and related non-lease The Company has elected the optional transition method which results in the modified retrospective approach being applied on January 1, 2019 (as opposed to January 1, 2017). The Company has also elected certain transition relief options provided in the standard, including the package of practical expedients. These relief options allow the Company to forego (i) the recognition of right-of-use right-of-use The Company has identified several areas that are within the scope of the guidance, including (i) its contracts with respect to leased real estate and office equipment and (ii) lease agreements entered into with customers of the Company’s equipment financing businesses. The most significant impact of adopting the guidance relates to real estate (primarily branch locations) and office equipment subject to non-cancelable right-of-use right-of-use As it relates to lease agreements entered into with equipment financing customers, and for which the Company acts as lessor, the impact principally relates to the definition of eligible IDC under the new guidance. Specifically, the standard maintains a narrower definition of IDC which will result in the Company recognizing immediately (rather than deferring) certain lease origination-related expenses. Such expenses would be offset by the recognition of a higher yield on the underlying leases over their contractual term. The guidance was adopted on January 1, 2019 and resulted in the recognition of (i) operating lease liabilities totaling approximately $269 million, based on the present value of the remaining minimum lease payments, determined using a discount rate as of the effective date, and (ii) corresponding right-of-use 5-10 Premium Amortization — Purchased Callable Debt Securities In April 2017, the FASB amended its standards to shorten the amortization period for certain callable debt securities held at a premium, requiring such premiums to be amortized to the earliest call date unless applicable guidance related to certain pools of securities is applied to consider estimated prepayments. Under prior guidance, entities were generally required to amortize premiums on individual, non-pooled Derivatives and Hedging In August 2017, the FASB amended its standards with respect to the accounting for derivatives and hedging, simplifying existing guidance in order to enable companies to more accurately portray the economic effects of risk management activities in the financial statements and enhancing the transparency and understandability of hedge results through improved disclosures. This new guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 (January 1, 2019 for People’s United) with early adoption permitted. Given the limited number of derivatives currently designated as hedging instruments, the adoption of this amendment is not expected to have a significant impact on the Company’s Consolidated Financial Statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, as a result of the enactment of the Tax Cuts and Jobs Act (the “Act”), the FASB issued new accounting guidance providing entities with the option to reclassify, from accumulated other comprehensive income to retained earnings, certain “stranded tax effects” resulting from application of the Act. An entity that elects to do so must provide the following disclosures in the period of adoption: (i) that an election was made to reclassify the income tax effects of the Act from accumulated other comprehensive income to retained earnings and (ii) a description of other income tax effects related to the application of the Act that were reclassified from accumulated other comprehensive income to retained earnings, if any (e.g. income tax effects other than the effect of the change in the U.S. federal corporate income tax rate on gross deferred tax amounts and related valuation allowances). Regardless of whether an entity elects to adopt the guidance or not it is required to disclose its accounting policy for releasing income tax effects from accumulated other comprehensive income (e.g. the portfolio approach or the security-by-security The guidance is effective for all organizations for fiscal years beginning after December 15, 2018 (January 1, 2019 for People’s United), including interim periods within those fiscal years, and early adoption is permitted. Entities electing to apply the guidance should do so (i) as of the beginning of the period of adoption or (ii) retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate is recognized. The Company elected to early adopt this amendment effective January 1, 2018 (for the reporting period ending on March 31, 2018). Upon adoption, $37.9 million, representing the income tax effects of the Act as well as the indirect impacts from the decreased federal tax effect on future state tax benefits, was reclassified from AOCL to retained earnings. The reclassification adjustment, which related to: (i) the net actuarial loss on defined benefit pension and postretirement plans; (ii) the net unrealized loss on debt securities available-for-sale held-to-maturity; Standards effective in 2020 Financial Instruments — Credit Losses In June 2016, the FASB amended its standards with respect to certain aspects of measurement, recognition and disclosure of credit losses on loans and other financial instruments, including available-for-sale For public business entities, this new amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (January 1, 2020 for People’s United) and earlier application is permitted as of the beginning of an interim or annual reporting period beginning after December 15, 2018. While early adoption is permitted, the Company has not elected that option. In preparing for adoption, the Company has established a cross-functional working group comprised of individuals from various disciplines, including credit, risk management, information technology and finance. That working group, which is subject to the Company’s established corporate governance and oversight structure, is responsible for: (i) identifying key interpretative issues; (ii) determining the appropriate level of portfolio segmentation; (iii) reviewing historical data so as to identify potential data and resource gaps; and (iv) evaluating existing credit loss forecasting models and processes in order to determine what modifications may be required. To date, implementation efforts have focused on: (i) establishing the Company’s portfolio segmentation; (ii) fulfilling the data requirements of the standard according to the established portfolio segmentation; and (iii) purchasing and installing a third-party vendor solution that will aid in the application of the standard. Currently, the working group, in conjunction with an advisory consultant, continues to devote considerable time to model development, which includes appropriate leveraging of existing credit models used to comply with other regulatory requirements and documentation. In addition, the working group is actively monitoring interpretative guidance issued by standard setters while also considering the relevant processes, systems, internal controls and data sources necessary to support the requirements of the new standard. As a result of the required change in approach toward determining estimated credit losses from the current “incurred loss” model to one based on estimated cash flows over a loan’s contractual life, adjusted for prepayments (a “life of loan” model), the Company expects the new guidance will result in an increase in the allowance for loan losses, particularly for longer duration portfolios. The Company also expects the new guidance may result in an allowance for debt securities. In both cases, the extent of the change is indeterminable at this time as (i) the Company’s credit loss models remain subject to further development and refinement and (ii) the estimate of expected credit losses will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. In December 2018, the Federal banking agencies issued a final rule with respect to how the impact of the amended standard is to be treated for regulatory capital purposes. That rule serves to revise the regulatory capital rules to, among other things, provide banks an option to phase-in, day-one Simplifying the Test for Goodwill Impairment In January 2017, the FASB amended its standards with respect to goodwill, simplifying how an entity is required to conduct the impairment assessment by eliminating Step 2, which requires a hypothetical purchase price allocation, from the goodwill impairment test. Instead, goodwill impairment will now be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. An entity will still have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. For public business entities, this new guidance is effective in fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (January 1, 2020 for People’s United) and is to be applied prospectively. Early adoption is permitted for any impairment tests performed after January 1, 2017. This amendment, which the Company elected to early adopt effective January 1, 2018, did not have a significant impact on the Company’s Consolidated Financial Statements. Disclosure Requirements — Fair Value Measurement In August 2018, the FASB issued targeted amendments that serve to eliminate, add and modify certain disclosure requirements for fair value measurements. Among the changes, entities are no longer required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but are required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. These amendments are effective for interim and annual reporting periods beginning after December 15, 2019 (January 1, 2020 for People’s United) and early adoption is permitted. Entities may also elect to (i) early adopt the eliminated and/or modified disclosure requirements and (ii) delay adoption of the new disclosure requirements until their effective date. The provisions set forth in this guidance, which the Company elected to early adopt in 2018, have been reflected in Note 19 (as applicable) and did not have a significant impact on the Company’s Consolidated Financial Statements. Standards effective in 2021 Disclosure Requirements — Defined Benefit Plans In August 2018, the FASB issued targeted amendments that serve to make minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. More specifically, the amendments (i) remove disclosures that are no longer considered cost beneficial, (ii) clarify the specific requirements of selected disclosures and (iii) add disclosure requirements identified as relevant. These amendments are effective for fiscal years ending after December 15, 2020 (January 1, 2021 for People’s United) and early adoption is permitted. The provisions set forth in this guidance, which the Company elected to early adopt in 2018, have been reflected in Note 17 (as applicable) and did not have a significant impact on the Company’s Consolidated Financial Statements. |
People's United Employee Pension and Other Postretirement Plans | People’s United Employee Pension and Other Postretirement Plans People’s United maintains a qualified noncontributory defined benefit pension plan (the “People’s 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 People’s 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 People’s Qualified Plan to “freeze”, effective December 31, 2011, the accrual of pension benefits for People’s 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. In addition to the People’s Qualified Plan, prior to October 1, 2018, People’s United maintained qualified defined benefit pension plans that covered former Chittenden Corporation employees who meet certain eligibility requirements (the “Chittenden Qualified Plan”) and former Suffolk employees who meet certain eligibility requirements (the “Suffolk Qualified Plan”). Effective October 1, 2018, both plans were merged into the People’s Qualified Plan. People’s United continues to maintain a qualified defined benefit pension plan that covers former First Connecticut employees who meet certain eligibility requirements (the “First Connecticut Qualified Plan”). All benefits under this plan were frozen effective February 28, 2013. People’s United also maintains (i) unfunded, nonqualified supplemental plans to provide retirement benefits to certain senior officers (the “People’s Supplemental Plans”) and (ii) an unfunded plan that provides retirees with optional medical, dental and life insurance benefits (the “People’s Postretirement 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. People’s United also continues to maintain for certain eligible former First Connecticut employees (i) an unfunded, nonqualified supplemental retirement plan (the “First Connecticut Supplemental Plan”) and (ii) unfunded plans that provide medical, dental and life insurance benefits (the “First Connecticut Postretirement Plans”). |
Employee Stock Ownership Plan | 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 $4.6 million in 2018, $4.8 million in 2017 and $5.0 million in 2016. At December 31, 2018, the loan balance totaled $176.5 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 4,181,430 shares of People’s United common stock have been allocated or committed to be released to participants’ accounts. At December 31, 2018, 6,272,145 shares of People’s United common stock, with a fair value of $90.5 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 paid-in |
Directors' Equity Compensation Plan | 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 one-year In 2018, 2017 and 2016, directors were granted a total of 51,680 shares. 49,050 shares and 58,020 shares, respectively, of People’s United common stock, with grant date fair values of $18.21 per share, $17.65 per share and $16.24 per share, respectively, at those dates. Expense totaling $0.9 million for the Directors’ Plan was recognized for each of the years ended December 31, 2018, 2017 and 2016. At December 31, 2018, a total of 92,321 shares remain available for issuance. |
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 the Company’s traditional wealth management activities, this presentation results in the allocation of the Company’s insurance business and certain trust activities to the Commercial Banking segment, and the allocation of the Company’s brokerage business and certain other trust activities to the Retail Banking segment. Commercial Banking Retail Banking non-institutional 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 FTP, which is used in the calculation of each operating segment’s net interest income, measures the value of funds used in and provided by an operating segment. The difference between the interest income on earning assets and the interest expense on funding liabilities, and the corresponding FTP charge for interest income or credit for interest expense, results in net spread income. For fixed-term assets and liabilities, the FTP rate is assigned at the time the asset or liability is originated by reference to the Company’s FTP yield curve, which is updated daily. For non-maturity-term A five-year rolling average net charge-off year-to-year People’s United allocates a majority of non-interest 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 (i) $10.0 million of security losses for the years ended December 31, 2018 and 2017 incurred in response to tax reform-related benefits recognized in each period, and certain gains totaling $7.5 million for the year ended December 31, 2016 (all included in non-interest non-interest |
Fair Value, Measurements, Recurring [Member] | |
Fair Value Measurements | Recurring Fair Value Measurements Trading Debt Securities, Equity Securities and Debt 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 and equity 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 mortgage-backed securities, all of which are included in Level 2. The Company’s available-for-sale available-for-sale 10- 15-year 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 securities with similar duration. As a further point of validation, the Company generates its own month-end Other Assets As discussed in Note 17, certain unfunded, nonqualified supplemental 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 and caps, foreign exchange contracts, risk participation agreements, forward commitments to sell residential mortgage loans and interest rate-lock commitments on residential mortgage loans. |
Fair Value, Measurements, Nonrecurring [Member] | |
Fair Value Measurements | Non-Recurring Loans Held-for-Sale Residential mortgage loans held-for-sale non-recurring 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: (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate; (ii) the loan’s observable market price; or (iii) 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 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 held-for-sale |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Pro Forma Financial Information Reflecting Acquisition | The following table presents selected unaudited pro forma financial information of the Company, reflecting the acquisitions of First Connecticut and Vend Lease, assuming the acquisitions were completed as of the beginning of the respective periods: Years ended December 31 (in millions, except per common share data) 2018 2017 Selected Financial Results: Net interest income $ 1,305.2 $ 1,190.9 Provision for loan losses 30.0 26.0 Non-interest 378.3 371.4 Non-interest 1,040.2 1,032.6 Net income 498.0 364.0 Net income available to common shareholders 483.9 349.9 EPS: Basic $ 1.31 $ 0.97 Diluted 1.30 0.97 |
First Connecticut Bancorp, Inc. [Member] | |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | The acquisition-date estimated fair values of the assets acquired and liabilities assumed in the acquisition of First Connecticut are summarized as follows: (in millions) Assets: Cash and cash equivalents $ 42.0 Securities 118.4 Loans 2,839.3 Goodwill 250.4 Core deposit intangible 51.0 Premises and equipment 22.0 BOLI 58.5 Favorable lease agreement 2.2 REO 0.2 Other assets 66.1 Total assets $ 3,450.1 Liabilities: Deposits $ 2,406.1 Borrowings 494.0 Other liabilities 63.6 Total liabilities $ 2,963.7 Total purchase price $ 486.4 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Interest-bearing deposits at the FRB-NY $ 234.0 $ 340.4 Money market mutual funds 26.3 25.4 Other (1) 6.0 11.7 Total short-term investments $ 266.3 $ 377.5 (1) Includes cash collateral posted for certain derivative positions at both December 31, 2018 and 2017. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-Sale and Held-to-Maturity Debt Securities Gains (Losses) | The amortized cost, gross unrealized gains and losses, and fair value of People’s United’s debt securities available-for-sale held-to-maturity As of December 31, 2018 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale: U.S. Treasury and agency $ 699.0 $ 0.1 $ (21.1 ) $ 678.0 GSE mortgage-backed securities 2,486.6 4.6 (48.2 ) 2,443.0 Total debt securities available-for-sale $ 3,185.6 $ 4.7 $ (69.3 ) $ 3,121.0 Debt securities held-to-maturity: State and municipal $ 2,352.4 $ 35.4 $ (18.4 ) $ 2,369.4 GSE mortgage-backed securities 1,367.5 — (33.2 ) 1,334.3 Corporate 70.9 0.5 (0.7 ) 70.7 Other 1.5 — — 1.5 Total debt securities held-to-maturity $ 3,792.3 $ 35.9 $ (52.3 ) $ 3,775.9 As of December 31, 2017 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale: U.S. Treasury and agency $ 687.1 $ — $ (18.3 ) $ 668.8 GSE mortgage-backed securities 2,477.8 7.4 (28.7 ) 2,456.5 Total debt securities available-for-sale $ 3,164.9 $ 7.4 $ (47.0 ) $ 3,125.3 Debt securities held-to-maturity: State and municipal $ 2,060.4 $ 64.5 $ (4.6 ) $ 2,120.3 GSE mortgage-backed securities 1,474.9 0.3 (15.4 ) 1,459.8 Corporate 51.3 0.8 — 52.1 Other 1.5 — — 1.5 Total debt securities held-to-maturity $ 3,588.1 $ 65.6 $ (20.0 ) $ 3,633.7 |
Summary of Amortized Cost, Fair Value and Fully Taxable Equivalent ("FTE") Yield of Debt Securities Based on 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, 2018, based on remaining period to contractual maturity. Information for GSE mortgage-backed securities 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 U.S. Treasury and agency: Within 1 year $ 56.7 $ 56.3 1.95 % $ — $ — — % After 1 but within 5 years 642.3 621.7 1.52 — — — Total 699.0 678.0 1.56 — — — GSE mortgage-backed securities: Within 1 year — — — 4.3 4.3 1.93 After 1 but within 5 years 65.7 65.7 2.89 299.8 293.7 2.37 After 5 but within 10 years 1,016.1 1,013.4 2.79 712.1 694.8 2.46 After 10 years 1,404.8 1,363.9 2.16 351.3 341.5 2.13 Total 2,486.6 2,443.0 2.44 1,367.5 1,334.3 2.36 State and municipal: Within 1 year — — — 23.6 23.6 2.41 After 1 but within 5 years — — — 205.5 210.3 2.95 After 5 but within 10 years — — — 346.1 355.7 3.26 After 10 years — — — 1,777.2 1,779.8 3.84 Total — — — 2,352.4 2,369.4 3.66 Corporate: After 1 but within 5 years — — — 5.0 5.0 3.50 After 5 but within 10 years — — — 65.9 65.7 4.73 Total — — — 70.9 70.7 4.64 Other: After 1 but within 5 years — — — 1.5 1.5 2.46 Total — — — 1.5 1.5 2.46 Total: Within 1 year 56.7 56.3 1.95 27.9 27.9 2.34 After 1 but within 5 years 708.0 687.4 1.65 511.8 510.5 2.62 After 5 but within 10 years 1,016.1 1,013.4 2.79 1,124.1 1,116.2 2.84 After 10 years 1,404.8 1,363.9 2.16 2,128.5 2,121.3 3.56 Total $ 3,185.6 $ 3,121.0 2.24 % $ 3,792.3 $ 3,775.9 3.21 % |
Continuous Unrealized Loss Position on Available-for-Sale and Held-to-Maturities Securities | The following tables summarize those 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, 2018 (in millions) Fair Unrealized Fair Unrealized Fair Unrealized Debt securities available-for-sale: GSE mortgage-backed securities $ 132.4 $ (0.5 ) $ 1,656.3 $ (47.7 ) $ 1,788.7 $ (48.2 ) U.S. Treasury and agency — — 656.2 (21.1 ) 656.2 (21.1 ) Total debt securities available-for-sale $ 132.4 $ (0.5 ) $ 2,312.5 $ (68.8 ) $ 2,444.9 $ (69.3 ) Debt securities held-to-maturity: GSE mortgage-backed securities $ — $ — $ 1,334.3 $ (33.2 ) $ 1,334.3 $ (33.2 ) State and municipal 113.4 (0.7 ) 697.6 (17.7 ) 811.0 (18.4 ) Corporate 31.2 (0.6 ) 2.7 (0.1 ) 33.9 (0.7 ) Total debt securities held-to-maturity $ 144.6 $ (1.3 ) $ 2,034.6 $ (51.0 ) $ 2,179.2 $ (52.3 ) Continuous Unrealized Loss Position Less Than 12 Months 12 Months Or Longer Total As of December 31, 2017 (in millions) Fair Unrealized Fair Unrealized Fair Unrealized Debt securities available-for-sale: GSE mortgage-backed securities $ 1,013.5 $ (8.7 ) $ 1,114.8 $ (20.0 ) $ 2,128.3 $ (28.7 ) U.S. Treasury and agency 156.0 — 507.7 (18.3 ) 663.7 (18.3 ) Total debt securities available-for-sale $ 1,169.5 $ (8.7 ) $ 1,622.5 $ (38.3 ) $ 2,792.0 $ (47.0 ) Debt securities held-to-maturity: GSE mortgage-backed securities $ 1,289.3 $ (14.7 ) $ 45.0 $ (0.7 ) $ 1,334.3 $ (15.4 ) State and municipal 106.2 (0.5 ) 224.9 (4.1 ) 331.1 (4.6 ) Total debt securities held-to-maturity $ 1,395.5 $ (15.2 ) $ 269.9 $ (4.8 ) $ 1,665.4 $ (20.0 ) |
Schedule of Components of Net Security Losses | The components of net security losses are summarized below. Years ended December 31 (in millions) 2018 2017 2016 Debt securities: Gains $ 0.1 $ 2.1 $ 0.2 Losses (10.0 ) (27.5 ) (6.2 ) Total debt securities (9.9 ) (25.4 ) (6.0 ) Trading debt securities: Gains 0.1 — 0.1 Losses — — — Total trading debt securities (1) 0.1 — 0.1 Net security losses $ (9.8 ) $ (25.4 ) $ (5.9 ) (1) Net gains and losses on trading debt securities totaled less than $0.1 million for the year ended December 31, 2017. |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 As of December 31 (in millions) Originated Acquired Total Originated Acquired Total Commercial: Commercial real estate $ 9,798.5 $ 1,851.1 $ 11,649.6 $ 10,126.6 $ 942.1 $ 11,068.7 Commercial and industrial 8,292.3 796.6 9,088.9 8,129.9 601.2 8,731.1 Equipment financing 3,937.7 401.5 4,339.2 3,308.5 596.9 3,905.4 Total Commercial Portfolio 22,028.5 3,049.2 25,077.7 21,565.0 2,140.2 23,705.2 Retail: Residential mortgage: Adjustable-rate 5,854.1 807.9 6,662.0 5,782.6 144.0 5,926.6 Fixed-rate 935.1 557.1 1,492.2 758.0 121.1 879.1 Total residential mortgage 6,789.2 1,365.0 8,154.2 6,540.6 265.1 6,805.7 Home equity and other consumer: Home equity 1,789.5 173.0 1,962.5 1,960.0 55.2 2,015.2 Other consumer 42.8 4.2 47.0 45.6 3.6 49.2 Total home equity and 1,832.3 177.2 2,009.5 2,005.6 58.8 2,064.4 Total Retail Portfolio 8,621.5 1,542.2 10,163.7 8,546.2 323.9 8,870.1 Total loans $ 30,650.0 $ 4,591.4 $ 35,241.4 $ 30,111.2 $ 2,464.1 $ 32,575.3 |
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, 2018, 2017 and 2016. 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, 2015 $ 181.8 $ 7.9 $ 189.7 $ 21.1 $ 0.2 $ 21.3 $ 211.0 Charge-offs (13.5 ) (1.4 ) (14.9 ) (8.5 ) — (8.5 ) (23.4 ) Recoveries 2.1 — 2.1 3.0 — 3.0 5.1 Net loan charge-offs (11.4 ) (1.4 ) (12.8 ) (5.5 ) — (5.5 ) (18.3 ) Provision for loan losses 28.4 (0.4 ) 28.0 8.6 — 8.6 36.6 Balance at December 31, 2016 198.8 6.1 204.9 24.2 0.2 24.4 229.3 Charge-offs (17.1 ) (4.4 ) (21.5 ) (6.4 ) — (6.4 ) (27.9 ) Recoveries 4.6 0.3 4.9 2.1 — 2.1 7.0 Net loan charge-offs (12.5 ) (4.1 ) (16.6 ) (4.3 ) — (4.3 ) (20.9 ) Provision for loan losses 14.8 1.4 16.2 9.8 — 9.8 26.0 Balance at December 31, 2017 201.1 3.4 204.5 29.7 0.2 29.9 234.4 Charge-offs (19.5 ) (8.1 ) (27.6 ) (3.3 ) — (3.3 ) (30.9 ) Recoveries 3.5 1.3 4.8 2.1 — 2.1 6.9 Net loan charge-offs (16.0 ) (6.8 ) (22.8 ) (1.2 ) — (1.2 ) (24.0 ) Provision for loan losses 20.5 7.3 27.8 2.2 — 2.2 30.0 Balance at December 31, 2018 $ 205.6 $ 3.9 $ 209.5 $ 30.7 $ 0.2 $ 30.9 $ 240.4 |
Summary of Allowance for Loan Losses by Loan Portfolio Segment and Impairment Methodology | The following tables summarize, by loan portfolio segment and impairment methodology, the allowance for loan losses and related portfolio balances: As of December 31, 2018 (in millions) Commercial Retail Total Portfolio Allowance Portfolio Allowance Portfolio Allowance Originated loans: Collectively evaluated for impairment $ 21,900.1 $ 198.9 $ 8,535.0 $ 28.4 $ 30,435.1 $ 227.3 Individually evaluated for impairment 128.4 6.7 86.5 2.3 214.9 9.0 Acquired loans: PCI (1) 300.3 2.2 99.6 0.1 399.9 2.3 Purchased performing: Collectively evaluated for impairment 2,744.4 1.7 1,439.1 — 4,183.5 1.7 Individually evaluated for impairment 4.5 — 3.5 0.1 8.0 0.1 Total $ 25,077.7 $ 209.5 $ 10,163.7 $ 30.9 $ 35,241.4 $ 240.4 As of December 31, 2017 (in millions) Commercial Retail Total Portfolio Allowance Portfolio Allowance Portfolio Allowance Originated loans: Collectively evaluated for impairment $ 21,423.8 $ 196.5 $ 8,454.1 $ 27.3 $ 29,877.9 $ 223.8 Individually evaluated for impairment 141.2 4.6 92.1 2.4 233.3 7.0 Acquired loans: PCI (1) 370.4 2.8 128.1 0.2 498.5 3.0 Purchased performing: Collectively evaluated for impairment 1,769.8 0.6 193.9 — 1,963.7 0.6 Individually evaluated for impairment — — 1.9 — 1.9 — Total $ 23,705.2 $ 204.5 $ 8,870.1 $ 29.9 $ 32,575.3 $ 234.4 (1) PCI loans are evaluated for impairment on a pool basis. |
Summarized Recorded Investments, by Class of Loan, in Originated Non-Performing Loans | The recorded investments, by class of loan, in originated non-performing As of December 31 (in millions) 2018 2017 2016 Commercial: Commercial real estate $ 33.5 $ 23.7 $ 22.3 Commercial and industrial 38.0 32.6 41.5 Equipment financing 42.0 44.3 39.4 Total (1) 113.5 100.6 103.2 Retail: Residential mortgage 38.9 32.7 27.4 Home equity 15.3 15.4 17.4 Other consumer — — — Total (2) 54.2 48.1 44.8 Total $ 167.7 $ 148.7 $ 148.0 (1) Reported net of government guarantees totaling $1.9 million, $3.1 million and $13.1 million at December 31, 2018, 2017 and 2016, 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, 2018, the principal loan classes to which these government guarantees relate are commercial and industrial loans (87%) and commercial real estate loans (13%). (2) Includes $24.8 million, $15.2 million and $9.8 million of loans in the process of foreclosure at December 31, 2018, 2017 and 2016, 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, 2018 and 2017. For purposes of this disclosure, recorded investments represent amounts immediately prior to and subsequent to the restructuring. Year ended December 31, 2018 (dollars in millions) Number of Pre-Modification Post-Modification Commercial: Commercial real estate (1) 13 $ 27.6 $ 27.6 Commercial and industrial (2) 47 73.1 73.1 Equipment financing (3) 31 31.6 31.6 Total 91 132.3 132.3 Retail: Residential mortgage (4) 38 9.5 9.5 Home equity (5) 79 7.3 7.3 Other consumer — — — Total 117 16.8 16.8 Total 208 $ 149.1 $ 149.1 (1) Represents the following concessions: extension of term (9 contracts; recorded investment of $24.1 million); reduced payment and/or payment deferral (1 contract; recorded investment of $0.5 million); or a combination of concessions (3 contracts; recorded investment of $3.0 million). (2) Represents the following concessions: extension of term (31 contracts; recorded investment of $48.4 million); reduced payment and/or payment deferral (11 contracts; recorded investment of $23.8 million); or a combination of concessions (5 contracts; recorded investment of $0.9 million). (3) Represents the following concessions: extension of term (3 contracts; recorded investment of $4.2 million); reduced payment and/or payment deferral (16 contracts; recorded investment of $17.6 million); or a combination of concessions (12 contracts; recorded investment of $9.8 million). (4) Represents the following concessions: loans restructured through bankruptcy (21 contracts; recorded investment of $3.7 million); reduced payment and/or payment deferral (10 contracts; recorded investment of $3.5 million); or a combination of concessions (7 contracts; recorded investment of $2.3 million). (5) Represents the following concessions: loans restructured through bankruptcy (49 contracts; recorded investment of $3.6 million); reduced payment and/or payment deferral (10 contracts; recorded investment of $1.3 million); or a combination of concessions (20 contracts; recorded investment of $2.4 million). Year ended December 31, 2017 (dollars in millions) Number of Pre-Modification Post-Modification Commercial: Commercial real estate (1) 17 $ 7.5 $ 7.5 Commercial and industrial (2) 39 52.4 52.4 Equipment financing (3) 58 35.5 35.5 Total 114 95.4 95.4 Retail: Residential mortgage (4) 52 13.6 13.6 Home equity (5) 76 5.3 5.3 Other consumer — — — Total 128 18.9 18.9 Total 242 $ 114.3 $ 114.3 (1) Represents the following concessions: extension of term (11 contracts; recorded investment of $2.3 million); reduced payment and/or payment deferral (4 contracts; recorded investment of $3.1 million); temporary rate reduction (1 contract; recorded investment of $1.7 million); or a combination of concessions (1 contract; recorded investment of $0.4 million). (2) Represents the following concessions: extension of term (34 contracts; recorded investment of $42.2 million); reduced payment and/or payment deferral (4 contracts; recorded investment of $9.9 million); or a combination of concessions (1 contract; recorded investment of $0.3 million). (3) Represents the following concessions: extension of term (1 contract; recorded investment of $1.0 million); reduced payment and/or payment deferral (26 contracts; recorded investment of $23.3 million); or a combination of concessions (31 contracts; recorded investment of $11.2 million). (4) Represents the following concessions: loans restructured through bankruptcy (32 contracts; recorded investment of $5.9 million); reduced payment and/or payment deferral (11 contracts; recorded investment of $4.0 million); or a combination of concessions (9 contracts; recorded investment of $3.7 million). (5) Represents the following concessions: loans restructured through bankruptcy (48 contracts; recorded investment of $2.9 million); reduced payment and/or payment deferral (13 contracts; recorded investment of $1.2 million); or a combination of concessions (15 contracts; recorded investment of $1.2 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 completed within the previous 12 months that subsequently defaulted during the years ended December 31, 2018 and 2017. 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 2018 or 2017. 2018 2017 Years ended December 31 (dollars in millions) Number of Recorded Number of Recorded Commercial: Commercial real estate — $ — 1 $ 0.1 Commercial and industrial 12 6.7 1 0.9 Equipment financing 6 3.5 13 4.6 Total 18 10.2 15 5.6 Retail: Residential mortgage 7 1.6 11 3.6 Home equity 13 0.7 12 1.4 Other consumer — — — — Total 20 2.3 23 5.0 Total 38 $ 12.5 38 $ 10.6 |
Summary of Individually-Evaluated Impaired Loans by Class of Loan | People’s United’s impaired loans consist of certain loans that have been placed on non-accrual individually-evaluated 2018 2017 As of December 31 (in millions) Unpaid Recorded Related Unpaid Recorded Related Without a related allowance for loan losses: Commercial: Commercial real estate $ 31.0 $ 28.1 $ — $ 37.7 $ 36.3 $ — Commercial and industrial 45.6 42.0 — 27.9 25.5 — Equipment financing 20.2 18.0 — 36.9 32.8 — Retail: Residential mortgage 66.8 59.3 — 67.6 60.8 — Home equity 23.8 20.3 — 24.0 20.2 — Other consumer — — — — — — Total $ 187.4 $ 167.7 $ — $ 194.1 $ 175.6 $ — With a related allowance for loan losses: Commercial: Commercial real estate $ 23.8 $ 21.8 $ 1.6 $ 11.7 $ 9.9 $ 0.9 Commercial and industrial 12.6 10.2 2.4 26.9 26.0 2.6 Equipment financing 16.2 12.8 2.7 11.6 10.7 1.1 Retail: Residential mortgage 8.8 8.8 1.7 11.4 11.4 1.7 Home equity 1.7 1.6 0.7 1.7 1.6 0.7 Other consumer — — — — — — Total $ 63.1 $ 55.2 $ 9.1 $ 63.3 $ 59.6 $ 7.0 Total impaired loans: Commercial: Commercial real estate $ 54.8 $ 49.9 $ 1.6 $ 49.4 $ 46.2 $ 0.9 Commercial and industrial 58.2 52.2 2.4 54.8 51.5 2.6 Equipment financing 36.4 30.8 2.7 48.5 43.5 1.1 Total 149.4 132.9 6.7 152.7 141.2 4.6 Retail: Residential mortgage 75.6 68.1 1.7 79.0 72.2 1.7 Home equity 25.5 21.9 0.7 25.7 21.8 0.7 Other consumer — — — — — — Total 101.1 90.0 2.4 104.7 94.0 2.4 Total $ 250.5 $ 222.9 $ 9.1 $ 257.4 $ 235.2 $ 7.0 |
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 2018 2017 2016 Years ended December 31 (in millions) Average Interest Average Interest Average Interest Commercial: Commercial real estate $ 40.2 $ 1.1 $ 55.8 $ 1.2 $ 56.7 $ 1.4 Commercial and industrial 49.6 2.8 63.4 1.9 62.6 2.1 Equipment financing 38.4 0.1 44.4 0.4 37.1 0.3 Total 128.2 4.0 163.6 3.5 156.4 3.8 Retail: Residential mortgage 68.7 1.9 71.8 1.7 71.8 1.6 Home equity 20.9 0.5 21.2 0.4 21.6 0.3 Other consumer — — — — — — Total 89.6 2.4 93.0 2.1 93.4 1.9 Total $ 217.8 $ 6.4 $ 256.6 $ 5.6 $ 249.8 $ 5.7 |
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, 2018 (in millions) Current 30-89 90 Days Total Total Commercial: Commercial real estate $ 9,762.1 $ 23.0 $ 13.4 $ 36.4 $ 9,798.5 Commercial and industrial 8,261.5 6.9 23.9 30.8 8,292.3 Equipment financing 3,855.3 68.8 13.6 82.4 3,937.7 Total 21,878.9 98.7 50.9 149.6 22,028.5 Retail: Residential mortgage 6,723.2 38.6 27.4 66.0 6,789.2 Home equity 1,776.0 5.8 7.7 13.5 1,789.5 Other consumer 42.7 0.1 — 0.1 42.8 Total 8,541.9 44.5 35.1 79.6 8,621.5 Total originated loans $ 30,420.8 $ 143.2 $ 86.0 $ 229.2 $ 30,650.0 Included in the “Current” and “30-89 non-performing non-accrual Past Due As of December 31, 2017 (in millions) Current 30-89 90 Days Total Total Commercial: Commercial real estate $ 10,102.3 $ 11.0 $ 13.3 $ 24.3 $ 10,126.6 Commercial and industrial 8,099.0 14.9 16.0 30.9 8,129.9 Equipment financing 3,219.7 83.1 5.7 88.8 3,308.5 Total 21,421.0 109.0 35.0 144.0 21,565.0 Retail: Residential mortgage 6,487.3 32.8 20.5 53.3 6,540.6 Home equity 1,945.2 7.4 7.4 14.8 1,960.0 Other consumer 45.3 0.3 — 0.3 45.6 Total 8,477.8 40.5 27.9 68.4 8,546.2 Total originated loans $ 29,898.8 $ 149.5 $ 62.9 $ 212.4 $ 30,111.2 |
Summary of Credit Quality Indicators by Class of Loan | The following tables summarize, by class of loan, credit quality indicators: As of December 31, 2018 (in millions) Commercial Commercial Equipment Total Commercial: Originated loans: Pass $ 9,607.0 $ 7,855.7 $ 3,549.3 $ 21,012.0 Special mention 105.5 196.9 92.1 394.5 Substandard 85.2 239.3 296.3 620.8 Doubtful 0.8 0.4 — 1.2 Total originated loans 9,798.5 8,292.3 3,937.7 22,028.5 Acquired loans: Pass 1,766.2 719.6 394.0 2,879.8 Special mention 27.3 14.6 4.7 46.6 Substandard 57.6 62.4 2.8 122.8 Doubtful — — — — Total acquired loans 1,851.1 796.6 401.5 3,049.2 Total $ 11,649.6 $ 9,088.9 $ 4,339.2 $ 25,077.7 As of December 31, 2018 (in millions) Residential Home Other Total Retail: Originated loans: Low risk $ 2,912.8 $ 834.5 $ 27.3 $ 3,774.6 Moderate risk 3,360.9 576.4 5.9 3,943.2 High risk 515.5 378.6 9.6 903.7 Total originated loans 6,789.2 1,789.5 42.8 8,621.5 Acquired loans: Low risk 506.1 — — 506.1 Moderate risk 639.6 — — 639.6 High risk 219.3 173.0 4.2 396.5 Total acquired loans 1,365.0 173.0 4.2 1,542.2 Total $ 8,154.2 $ 1,962.5 $ 47.0 $ 10,163.7 As of December 31, 2017 (in millions) Commercial Commercial Equipment Total Commercial: Originated loans: Pass $ 9,859.3 $ 7,760.7 $ 2,899.9 $ 20,519.9 Special mention 159.4 124.0 91.8 375.2 Substandard 107.0 244.2 316.8 668.0 Doubtful 0.9 1.0 — 1.9 Total originated loans 10,126.6 8,129.9 3,308.5 21,565.0 Acquired loans: Pass 892.0 520.0 596.9 2,008.9 Special mention 14.8 15.2 — 30.0 Substandard 35.3 66.0 — 101.3 Doubtful — — — — Total acquired loans 942.1 601.2 596.9 2,140.2 Total $ 11,068.7 $ 8,731.1 $ 3,905.4 $ 23,705.2 As of December 31, 2017 (in millions) Residential Home Other Total Retail: Originated loans: Low risk $ 3,292.1 $ 925.6 $ 28.2 $ 4,245.9 Moderate risk 2,738.8 640.0 7.1 3,385.9 High risk 509.7 394.4 10.3 914.4 Total originated loans 6,540.6 1,960.0 45.6 8,546.2 Acquired loans: Low risk 148.0 — — 148.0 Moderate risk 65.7 — — 65.7 High risk 51.4 55.2 3.6 110.2 Total acquired loans 265.1 55.2 3.6 323.9 Total $ 6,805.7 $ 2,015.2 $ 49.2 $ 8,870.1 |
Summarized Activity in Accretable Yield for PCI Loan Portfolio | The following table summarizes activity in the accretable yield for the PCI loan portfolio: Years ended December 31 (in millions) 2018 2017 2016 Balance at beginning of period $ 219.7 $ 255.4 $ 296.0 Acquisitions 27.1 13.1 — Accretion (24.6 ) (29.1 ) (39.0 ) Reclassification from nonaccretable difference for loans — — — Other changes in expected cash flows (2) (32.5 ) (19.7 ) (1.6 ) Balance at end of period $ 189.7 $ 219.7 $ 255.4 (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 Acquisitio_2
Goodwill and Other Acquisition-Related Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: Operating Segment (in millions) Commercial Retail Wealth Total Balance at December 31, 2016 $ 1,222.1 $ 679.6 $ 91.0 $ 1,992.7 Acquisition of: Suffolk 229.8 40.5 — 270.3 LEAF 148.4 — — 148.4 Balance at December 31, 2017 1,600.3 720.1 91.0 2,411.4 Acquisition of: First Connecticut 135.2 115.2 — 250.4 Vend Lease 23.9 — — 23.9 Balance at December 31, 2018 $ 1,759.4 $ 835.3 $ 91.0 $ 2,685.7 |
Other Acquisition-Related Intangible | The following is a summary of People’s United’s other acquisition-related intangible assets: 2018 2017 As of December 31 (in millions) Gross Accumulated Carrying Gross Accumulated Carrying Intangibles amortized: Core deposit intangible $ 222.9 $ 157.4 $ 65.5 $ 171.9 $ 148.5 $ 23.4 Trade name intangible 123.9 64.8 59.1 123.9 57.7 66.2 Client relationships 24.4 4.4 20.0 24.4 2.4 22.0 Trust relationships 42.7 31.3 11.4 42.7 28.5 14.2 Insurance relationships 38.1 33.6 4.5 38.1 32.9 5.2 Favorable lease agreements 2.9 0.3 2.6 0.7 0.1 0.6 Non-compete 0.6 0.2 0.4 0.6 0.1 0.5 Total $ 455.5 $ 292.0 163.5 $ 402.3 $ 270.2 132.1 Mutual fund management contracts (not amortized) 16.5 16.5 Total other acquisition-related intangible assets $ 180.0 $ 148.6 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Land $ 50.1 $ 47.2 Buildings 300.0 283.9 Leasehold improvements 170.7 161.3 Furniture and equipment 279.3 256.2 Total 800.1 748.6 Less: Accumulated depreciation and amortization 532.8 495.6 Total premises and equipment, net $ 267.3 $ 253.0 |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Components of Other Assets | The components of other assets are as follows: As of December 31 (in millions) 2018 2017 Affordable housing investments (note 12) $ 304.1 $ 250.7 Leased equipment 189.0 165.8 Accrued interest receivable 138.2 122.9 Fair value of derivative financial instruments (notes 19 and 21) 103.0 77.9 Funded status of defined benefit pension plans (note 17) 78.0 46.4 Assets held in trust for supplemental retirement plans (note 17) 56.4 41.3 Current income tax receivable (note 12) 31.4 68.7 Other prepaid expenses 27.5 19.4 Receivables arising from securities brokerage and insurance businesses 26.4 31.8 Economic development investments 26.2 21.5 Loan disbursements in process 17.9 20.1 Investment in joint venture 17.2 21.2 Net deferred tax asset (note 12) 11.4 — REO: Commercial 8.7 9.3 Residential 5.5 7.6 Repossessed assets 3.9 2.5 Other 46.8 45.6 Total other assets $ 1,091.6 $ 952.7 |
Components of Other Liabilities | The components of other liabilities are as follows: As of December 31 (in millions) 2018 2017 Fair value of derivative financial instruments (notes 19 and 21) $ 139.0 $ 88.3 Future contingent commitments for affordable housing investments (note 12) 119.7 99.6 Accrued expenses payable 87.9 86.4 Liabilities for supplemental retirement plans (note 17) 86.6 68.4 Accrued employee benefits 66.6 64.0 Loan payments in process 51.2 9.0 Payables arising from securities brokerage and insurance businesses 29.7 39.8 Accrued interest payable 25.4 18.1 Other postretirement plans (note 17) 15.3 14.6 Net deferred tax liability (note 12) — 11.3 Funded status of defined benefit pension plans (note 17) 0.3 8.5 Other 73.5 63.8 Total other liabilities $ 695.2 $ 571.8 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits | The following is an analysis of People’s United’s total deposits by product type: 2018 2017 As of December 31 (dollars in millions) Amount Weighted Amount Weighted Non-interest-bearing $ 8,543.0 — % $ 8,002.4 — % Savings 4,116.5 0.09 4,410.5 0.14 Interest-bearing checking and money market 16,583.3 1.04 15,189.1 0.57 Time deposits maturing: Within 3 months 1,480.0 1.66 1,785.3 1.04 After 3 but within 6 months 1,375.6 1.67 740.5 0.90 After 6 months but within 1 year 2,511.5 1.83 1,354.9 1.14 After 1 but within 2 years 1,275.5 1.98 1,060.0 1.42 After 2 but within 3 years 153.5 1.97 358.9 1.73 After 3 but within 4 years 102.1 1.63 62.0 1.03 After 4 but within 5 years 18.0 1.29 92.6 1.62 After 5 years (1) — 1.01 0.1 0.86 Total 6,916.2 1.78 5,454.3 1.17 Total deposits $ 36,159.0 0.83 % $ 33,056.3 0.47 % |
Schedule of Interest Expense on Deposits | Interest expense on deposits is summarized as follows: Years ended December 31 (in millions) 2018 2017 2016 Savings $ 7.2 $ 9.7 $ 9.6 Interest-bearing checking and money market 120.2 70.4 43.4 Time 88.7 50.6 47.9 Total $ 216.1 $ 130.7 $ 100.9 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Borrowings | People’s United’s borrowings are summarized as follows: 2018 2017 As of December 31 (dollars in millions) Amount Weighted Amount Weighted Fixed-rate FHLB advances maturing: Within 1 month $ 2,270.3 2.59 % $ 1,863.0 1.49 % After 1 month but within 1 year 61.0 1.76 891.5 1.86 After 1 but within 2 years 54.2 1.75 — — After 2 but within 3 years 6.8 2.11 15.1 1.76 After 3 but within 4 years 1.3 0.52 — — After 4 but within 5 years 0.6 0.05 0.9 0.75 After 5 years 10.3 1.64 3.9 1.50 Total FHLB advances 2,404.5 2.54 2,774.4 1.61 Federal funds purchased maturing: Within 1 month 845.0 2.53 820.0 1.47 Total federal funds purchased 845.0 2.53 820.0 1.47 Customer repurchase agreements maturing: Within 1 month 332.9 0.61 301.6 0.19 Total customer repurchase agreements 332.9 0.61 301.6 0.19 Other borrowings maturing: Within 1 year 11.0 2.40 2.4 1.33 After 5 years — — 205.4 2.58 Total other borrowings 11.0 2.40 207.8 2.57 Total borrowings $ 3,593.4 2.36 % $ 4,103.8 1.53 % |
Interest Expense on Borrowings | Interest expense on borrowings consists of the following: Years ended December 31 (in millions) 2018 2017 2016 FHLB advances $ 54.5 $ 31.5 $ 19.3 Federal funds purchased 13.6 7.1 2.9 Customer repurchase agreements 1.0 0.6 0.6 Other borrowings 1.8 2.1 — Total $ 70.9 $ 41.3 $ 22.8 |
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) 2018 2017 2016 FHLB advances: Balance at year end $ 2,404.5 $ 2,774.4 $ 3,061.1 Average outstanding during the year 2,653.6 2,677.5 3,093.7 Maximum outstanding at any month end 3,510.1 3,130.8 3,562.5 Average interest rate during the year 2.05 % 1.17 % 0.62 % Federal funds purchased: Balance at year end $ 845.0 $ 820.0 $ 617.0 Average outstanding during the year 682.2 643.5 568.1 Maximum outstanding at any month end 855.0 820.0 872.0 Average interest rate during the year 2.00 % 1.11 % 0.50 % Customer repurchase agreements: Balance at year end $ 332.9 $ 301.6 $ 343.3 Carrying amount of collateral securities at year end 342.3 307.7 350.2 Average outstanding during the year 252.7 311.0 337.2 Maximum outstanding at any month end 332.9 331.6 427.2 Average interest rate during the year 0.40 % 0.19 % 0.19 % Other borrowings: Balance at year end $ 11.0 $ 207.8 $ 35.4 Average outstanding during the year 104.5 132.0 2.8 Maximum outstanding at any month end 207.6 237.4 35.4 Average interest rate during the year 1.66 % 1.60 % 0.66 % |
Notes and Debentures (Tables)
Notes and Debentures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Brokers and Dealers [Abstract] | |
Schedule of Subordinated Borrowing | Notes and debentures are summarized as follows: As of December 31 (in millions) 2018 2017 People’s United Financial, Inc.: 3.65% senior notes due 2022 $ 497.7 $ 497.1 People’s United Bank: 4.00% subordinated notes due 2024 398.1 404.5 Total notes and debentures $ 895.8 $ 901.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 Income tax expense applicable to pre-tax $ 108.2 $ 129.9 $ 128.5 Deferred income tax (benefit) expense applicable to items reported in total other comprehensive (loss) income (note 16) (12.2 ) 8.3 (10.6 ) Total $ 96.0 $ 138.2 $ 117.9 |
Income Tax Effects Related to Items Recognized in Other Comprehensive Income | The components of income tax expense applicable to pre-tax Years ended December 31 (in millions) 2018 2017 2016 Current tax expense: Federal $ 83.0 $ 88.9 $ 109.7 State 23.3 15.2 15.1 Total current tax expense 106.3 104.1 124.8 Deferred tax expense (1) 1.9 25.8 3.7 Total income tax expense $ 108.2 $ 129.9 $ 128.5 (1) Includes the effect of increases (decreases) in the valuation allowance for state deferred tax assets of $0.3 million, $(0.6) million and $(1.3) million in 2018, 2017 and 2016, 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 21% in 2018 and 35% in both 2017 and 2016, to actual income tax expense: 2018 2017 2016 Years ended December 31 (dollars in millions) Amount Rate Amount Rate Amount Rate Expected income tax expense $ 121.0 21.0 % $ 163.5 35.0 % $ 143.3 35.0 % State income tax, net of federal tax effect 23.2 4.1 12.2 2.6 10.0 2.5 Non-deductible 6.5 1.1 — — — — Tax-exempt (19.4 ) (3.4 ) (26.6 ) (5.7 ) (20.0 ) (4.9 ) Federal income tax credits (12.3 ) (2.1 ) (11.6 ) (2.5 ) (5.3 ) (1.3 ) Tax-exempt (1.5 ) (0.3 ) (2.2 ) (0.5 ) (2.0 ) (0.5 ) Tax benefits realized in connection with: The Tax Cuts and Jobs Act (9.2 ) (1.6 ) (6.5 ) (1.4 ) — — Equity-based compensation (1.3 ) (0.2 ) (1.1 ) (0.2 ) — — Other, net 1.2 0.2 2.2 0.5 2.5 0.6 Actual income tax expense $ 108.2 $ 129.9 $ 128.5 Effective income tax rate 18.8 % 27.8 % 31.4 % |
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) 2018 2017 Deferred tax assets: State tax net operating loss carryforwards, net of federal tax effect $ 79.4 $ 80.9 Allowance for loan losses and non-accrual 62.3 61.0 Equity-based compensation 15.6 12.4 Unrealized loss on debt securities available-for-sale 15.4 9.2 Acquisition-related deferred tax assets 13.3 — Unrealized loss on debt securities transferred to held-to-maturity 4.7 6.2 Pension and other postretirement benefits — 3.7 Other deductible temporary differences 28.5 21.3 Total deferred tax assets 219.2 194.7 Less: valuation allowance for state deferred tax assets (80.1 ) (79.8 ) Total deferred tax assets, net of the valuation allowance 139.1 114.9 Deferred tax liabilities: Leasing activities (82.0 ) (71.7 ) Book over tax income recognized on consumer loans (17.5 ) (13.0 ) Mark-to-market (10.4 ) (9.0 ) Pension and other postretirement benefits (9.7 ) — Temporary differences related to merchant services joint venture (3.7 ) (3.9 ) Acquisition-related deferred tax liabilities — (21.0 ) Deferred cancellation-of-indebtedness — (3.0 ) Other taxable temporary differences (4.4 ) (4.6 ) Total deferred tax liabilities (127.7 ) (126.2 ) Net deferred tax asset (liability) $ 11.4 $ (11.3 ) |
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) 2018 2017 2016 Balance at beginning of year $ 2.7 $ 2.8 $ 2.7 Additions for tax positions taken in prior years 2.5 0.1 0.1 Reductions for tax positions taken in prior years — — — Reductions attributable to audit settlements/lapse of statute of limitations — (0.2 ) — Balance at end of year $ 5.2 $ 2.7 $ 2.8 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Basel III Capital [Member] | |
Regulatory Capital Requirements | The following is a summary of People’s United’s and the Bank’s regulatory capital amounts and ratios under the Basel III capital rules. The minimum capital required amounts as of December 31, 2018 and 2017 are based on the capital conservation buffer phase-in opt-out As of December 31, 2018 Minimum Capital Phase-In Classification as (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Capital (1): People’s United $ 3,927.2 8.7 % $ 1,806.0 4.0 % N/A N/A Bank 4,076.0 9.0 1,805.4 4.0 $ 2,256.8 5.0 % CET 1 Risk-Based Capital (2): People’s United 3,683.1 10.3 2,289.3 6.375 N/A N/A Bank 4,076.0 11.4 2,287.1 6.375 2,331.9 6.5 Tier 1 Risk-Based Capital (3): People’s United 3,927.2 10.9 2,827.9 7.875 2,154.6 6.0 Bank 4,076.0 11.4 2,825.2 7.875 2,870.0 8.0 Total Risk-Based Capital (4): People’s United 4,505.7 12.5 3,546.1 9.875 3,591.0 10.0 Bank 4,719.1 13.2 3,542.7 9.875 3,587.5 10.0 As of December 31, 2017 Minimum Capital Phase-In Classification as (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Capital (1): People’s United $ 3,474.1 8.3 % $ 1,666.6 4.0 % N/A N/A Bank 3,543.0 8.5 1,663.0 4.0 $ 2,078.7 5.0 % CET 1 Risk-Based Capital (2): People’s United 3,230.0 9.7 1,912.2 5.750 N/A N/A Bank 3,543.0 10.7 1,909.1 5.750 2,158.2 6.5 Tier 1 Risk-Based Capital (3): People’s United 3,474.1 10.4 2,411.1 7.250 1,995.4 6.0 Bank 3,543.0 10.7 2,407.2 7.250 2,656.2 8.0 Total Risk-Based Capital (4): People’s United 4,057.7 12.2 3,076.2 9.250 3,325.6 10.0 Bank 4,179.7 12.6 3,071.2 9.250 3,320.2 10.0 (1) Tier 1 Leverage Capital ratio represents CET 1 Capital plus Additional Tier 1 Capital instruments (together, “Tier 1 Capital”) divided by Average Total Assets (less goodwill, other acquisition-related intangibles and other deductions from CET 1 Capital). (2) CET 1 Risk-Based Capital ratio represents equity capital, as defined, less: (i) after-tax available-for-sale; (ii) after-tax held-to-maturity; (3) Tier 1 Risk-Based Capital ratio represents Tier 1 Capital divided by Total Risk-Weighted Assets. (4) Total Risk-Based Capital ratio represents Tier 1 Capital plus subordinated notes and debentures, up to certain limits, and the allowance for loan losses, up to 1.25% of Total Risk-Weighted Assets, divided by Total Risk-Weighted Assets. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Common 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 Years ended December 31 (in millions, except per common share data) 2018 2017 2016 Net income available to common shareholders $ 454.0 $ 323.1 $ 279.2 Dividends paid on and undistributed earnings allocated to participating securities (0.2 ) (0.5 ) (0.9 ) Earnings attributable to common shareholders $ 453.8 $ 322.6 $ 278.3 Weighted average common shares outstanding for basic EPS 348.1 330.3 303.1 Effect of dilutive equity-based awards 3.6 2.6 0.9 Weighted average common shares and common-equivalent shares for diluted EPS 351.7 332.9 304.0 EPS: Basic $ 1.30 $ 0.98 $ 0.92 Diluted 1.29 0.97 0.92 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following is a summary of the changes in the components of AOCL, which are included in People’s United’s stockholders’ equity on an after-tax (in millions) Pension Net Unrealized Available-for-Sale Net Unrealized Held-to-Maturity Net Unrealized Total Balance at December 31, 2015 $ (140.0 ) $ (17.7 ) $ (19.5 ) $ — $ (177.2 ) Other comprehensive income (loss) before reclassifications (9.6 ) (18.3 ) — (0.1 ) (28.0 ) Amounts reclassified from AOCL (1) 4.0 3.7 2.1 0.4 10.2 Current period other comprehensive income (loss) (5.6 ) (14.6 ) 2.1 0.3 (17.8 ) Balance at December 31, 2016 (145.6 ) (32.3 ) (17.4 ) 0.3 (195.0 ) Other comprehensive income (loss) before reclassifications (2.8 ) (5.3 ) — (0.6 ) (8.7 ) Amounts reclassified from AOCL (1) 4.3 16.0 2.3 (0.6 ) 22.0 Current period other comprehensive income (loss) 1.5 10.7 2.3 (1.2 ) 13.3 Balance at December 31, 2017 (144.1 ) (21.6 ) (15.1 ) (0.9 ) (181.7 ) Other comprehensive income (loss) before reclassifications (24.7 ) (29.0 ) — (1.3 ) (55.0 ) Amounts reclassified from AOCL (1) 6.3 7.5 3.0 0.4 17.2 Current period other comprehensive income (loss) (18.4 ) (21.5 ) 3.0 (0.9 ) (37.8 ) Transition adjustments related to adoption of new accounting standards (2) (30.0 ) (3.9 ) (3.2 ) (0.2 ) (37.3 ) Balance at December 31, 2018 $ (192.5 ) $ (47.0 ) $ (15.3 ) $ (2.0 ) $ (256.8 ) (1) See the following table for details about these reclassifications. (2) See Note 1. |
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 in the Statement Where Net Income is Presented 2018 2017 2016 Details about components of AOCL: Amortization of pension and other postretirement plans items: Net actuarial loss $ (8.6 ) $ (9.3 ) $ (7.2 ) (1) Prior service credit 0.3 0.8 0.8 (1) (8.3 ) (8.5 ) (6.4 ) Income before income tax expense 2.0 4.2 2.4 Income tax expense (6.3 ) (4.3 ) (4.0 ) Net income Reclassification adjustment for net realized losses on debt securities available-for-sale (9.9 ) (25.4 ) (5.9 ) Income before income tax expense (2) 2.4 9.4 2.2 Income tax expense (7.5 ) (16.0 ) (3.7 ) Net income Amortization of unrealized losses on debt securities transferred to held-to-maturity (3.9 ) (3.7 ) (3.3 ) Income before income tax expense (3) 0.9 1.4 1.2 Income tax expense (3.0 ) (2.3 ) (2.1 ) Net income Amortization of unrealized gains and losses on cash flow hedges: Interest rate swaps (0.6 ) 0.8 (0.8 ) (4) Interest rate locks 0.1 0.1 0.1 (4) (0.5 ) 0.9 (0.7 ) Income before income tax expense 0.1 (0.3 ) 0.3 Income tax expense (0.4 ) 0.6 (0.4 ) Net income Total reclassifications for the period $ (17.2 ) $ (22.0 ) $ (10.2 ) (1) Included in the computation of net periodic benefit income (expense) reflected in other non-interest (2) Included in non-interest (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 | Deferred income taxes applicable to the components of AOCL are as follows: As of December 31 (in millions) 2018 2017 2016 Net actuarial loss and other amounts related to pension and $ 59.4 $ 83.5 $ 85.0 Net unrealized loss on debt securities available-for-sale 14.7 12.7 18.8 Net unrealized loss on debt securities transferred to held-to-maturity 4.7 8.8 10.2 Net unrealized loss (gain) on derivatives accounted for as cash flow hedges 0.6 0.5 (0.2 ) Total deferred income taxes $ 79.4 $ 105.5 $ 113.8 |
Other Comprehensive Income (Loss) | The following is a summary of the components of People’s United’s total other comprehensive income (loss): Year ended December 31, 2018 (in millions) Pre-Tax Tax Effect After-Tax Net actuarial gains and losses on pension and other postretirement plans: Net actuarial loss arising during the year $ (32.6 ) $ 7.9 $ (24.7 ) Reclassification adjustment for net actuarial loss included in net income 8.6 (2.1 ) 6.5 Net actuarial loss (24.0 ) 5.8 (18.2 ) Prior service credit on pension and other postretirement plans: Reclassification adjustment for prior service credit included in net income (0.3 ) 0.1 (0.2 ) Net actuarial loss and prior service credit (24.3 ) 5.9 (18.4 ) Net unrealized gains and losses on debt securities available-for-sale: Net unrealized holding losses arising during the year (38.3 ) 9.3 (29.0 ) Reclassification adjustment for net realized losses included in net income 9.9 (2.4 ) 7.5 Net unrealized losses (28.4 ) 6.9 (21.5 ) Net unrealized gains and losses on debt securities transferred to held-to-maturity: Reclassification adjustment for amortization of unrealized losses on held-to-maturity 3.9 (0.9 ) 3.0 Net unrealized gains 3.9 (0.9 ) 3.0 Net unrealized gains and losses on derivatives accounted for as cash flow hedges: Net unrealized losses arising during the year (1.7 ) 0.4 (1.3 ) Reclassification adjustment for net realized losses included in net income 0.5 (0.1 ) 0.4 Net unrealized losses (1.2 ) 0.3 (0.9 ) Total other comprehensive loss $ (50.0 ) $ 12.2 $ (37.8 ) Pre-Tax Tax Effect After-Tax Year ended December 31, 2017 (in millions) Net actuarial gains and losses on pension and other postretirement plans: Net actuarial loss arising during the year $ (5.5 ) $ 2.7 $ (2.8 ) Reclassification adjustment for net actuarial loss included in net income 9.3 (4.6 ) 4.7 Net actuarial gain 3.8 (1.9 ) 1.9 Prior service credit on pension and other postretirement plans: Reclassification adjustment for prior service credit included in net income (0.8 ) 0.4 (0.4 ) Net actuarial gain and prior service credit 3.0 (1.5 ) 1.5 Net unrealized gains and losses on debt securities available-for-sale: Net unrealized holding losses arising during the year (8.6 ) 3.3 (5.3 ) Reclassification adjustment for net realized losses included in net income 25.4 (9.4 ) 16.0 Net unrealized gains 16.8 (6.1 ) 10.7 Net unrealized gains and losses on debt securities transferred to held-to-maturity: Reclassification adjustment for amortization of unrealized losses on held-to-maturity 3.7 (1.4 ) 2.3 Net unrealized gains 3.7 (1.4 ) 2.3 Net unrealized gains and losses on derivatives accounted for as cash flow hedges: Net unrealized losses arising during the year (1.0 ) 0.4 (0.6 ) Reclassification adjustment for net realized gains included in net income (0.9 ) 0.3 (0.6 ) Net unrealized losses (1.9 ) 0.7 (1.2 ) Total other comprehensive income $ 21.6 $ (8.3 ) $ 13.3 Year ended December 31, 2016 (in millions) Pre-Tax Tax Effect After-Tax Net actuarial gains and losses on pension and other postretirement plans: Net actuarial loss arising during the year $ (15.5 ) $ 5.9 $ (9.6 ) Reclassification adjustment for net actuarial loss included in net income 7.2 (2.7 ) 4.5 Net actuarial loss (8.3 ) 3.2 (5.1 ) Prior service credit on pension and other postretirement plans: Reclassification adjustment for prior service credit included in net income (0.8 ) 0.3 (0.5 ) Net actuarial loss and prior service credit (9.1 ) 3.5 (5.6 ) Net unrealized gains and losses on debt securities available-for-sale: Net unrealized holding losses arising during the year (29.0 ) 10.7 (18.3 ) Reclassification adjustment for net realized losses included in net income 5.9 (2.2 ) 3.7 Net unrealized losses (23.1 ) 8.5 (14.6 ) Net unrealized gains and losses on debt securities transferred to held-to-maturity: Reclassification adjustment for amortization of unrealized losses on held-to-maturity 3.3 (1.2 ) 2.1 Net unrealized gains 3.3 (1.2 ) 2.1 Net unrealized gains and losses on derivatives accounted for as cash flow hedges: Net unrealized losses arising during the year (0.2 ) 0.1 (0.1 ) Reclassification adjustment for net realized losses included in net income 0.7 (0.3 ) 0.4 Net unrealized gains 0.5 (0.2 ) 0.3 Total other comprehensive loss $ (28.4 ) $ 10.6 $ (17.8 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Changes in Benefit Obligations and Plan Assets | The following table summarizes changes in the benefit obligations and plan assets of (i) the People’s Qualified Plan (including the Chittenden Qualified Plan and the Suffolk Qualified Plan), the First Connecticut Qualified Plan, the Supplemental Plans and the First Connecticut Supplemental Plan (together the “Pension Plans”) and (ii) the People’s Postretirement Plan and the First Connecticut Postretirement Plans (together the “Other Postretirement Plans”). 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 Plans Other (in millions) 2018 2017 2018 2017 Benefit obligations: (1) Beginning of year $ 584.8 $ 489.3 $ 14.6 $ 13.6 Service cost — — 0.3 0.2 Interest cost 20.2 19.1 0.5 0.6 Actuarial (gain) loss (51.0 ) 50.7 (1.7 ) 1.2 Benefits paid (21.4 ) (19.5 ) (0.8 ) (1.0 ) Settlements (2.7 ) (6.5 ) — — Acquisitions (2) 35.2 51.7 2.4 — Plan revaluations (3) (2.4 ) — — — End of year 562.7 584.8 15.3 14.6 Fair value of plan assets: Beginning of year 584.9 478.0 — — Actual return on assets (40.9 ) 84.3 — — Employer contributions 52.7 5.9 0.8 1.0 Benefits paid (21.4 ) (19.5 ) (0.8 ) (1.0 ) Settlements (2.7 ) (6.5 ) — — Acquisitions (2) 23.8 42.7 — — End of year 596.4 584.9 — — Funded status at end of year $ 33.7 $ 0.1 $ (15.3 ) $ (14.6 ) Amounts recognized in the Consolidated Statements of Condition: Other assets $ 78.0 $ 46.4 $ — $ — Other liabilities (44.3 ) (46.3 ) (15.3 ) (14.6 ) Funded status at end of year $ 33.7 $ 0.1 $ (15.3 ) $ (14.6 ) (1) Represents the projected benefit obligation for the Pension Plans and the accumulated benefit obligation for the Other Postretirement Plans. (2) Represents the benefit obligations and plan assets of the First Connecticut Qualified Plan as of October 1, 2018, the Suffolk Qualified Plan as of April 1, 2017 and the benefit obligation of the First Connecticut Postretirement Plans as of October 1, 2018. (3) Represents the revaluations of the Chittenden Qualified Plan and the Suffolk Qualified Plan, effective October 1, 2018, upon merging into the People’s Qualified 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 Plans As of December 31 (in millions) 2018 2017 Accumulated benefit obligations: Qualified Plans $ 518.7 $ 547.0 Supplemental Plans 43.6 37.8 Total $ 562.3 $ 584.8 Projected benefit obligations: Qualified Plans $ 518.7 $ 547.0 Supplemental Plans 44.0 37.8 Total $ 562.7 $ 584.8 |
Components of Net Periodic Benefit (Income) Expense and Other Amounts | Components of net periodic benefit (income) expense and other amounts recognized in other comprehensive income (loss) are as follows: Pension Plans Other Years ended December 31 (in millions) 2018 2017 2016 2018 2017 2016 Net periodic benefit (income) expense: Interest cost $ 20.2 $ 19.1 $ 18.6 $ 0.8 $ 0.8 $ 0.9 Expected return on plan assets (44.3 ) (37.9 ) (34.6 ) — — — Recognized net actuarial loss 7.3 6.5 6.1 0.3 0.2 0.2 Recognized prior service credit (0.3 ) (0.8 ) (0.8 ) — — — Settlements (1) 1.0 2.6 0.8 — — — Net periodic benefit (income) expense (2) (16.1 ) (10.5 ) (9.9 ) 1.1 1.0 1.1 Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income: Net actuarial loss (gain) 26.0 (4.8 ) 8.7 (2.0 ) 1.0 (0.4 ) Prior service credit 0.3 0.8 0.8 — — — Total pre-tax 26.3 (4.0 ) 9.5 (2.0 ) 1.0 (0.4 ) Total recognized in net periodic benefit expense (income) and other comprehensive (loss) income $ 10.2 $ (14.5 ) $ (0.4 ) $ (0.9 ) $ 2.0 $ 0.7 (1) Settlement charges are a result of lump-sum pro-rata (2) As discussed in Note 1, amounts are included in other non-interest |
Pre-Tax Amounts in Accumulated Other Comprehensive Loss | The pre-tax Pension Plans Other As of December 31 (in millions) 2018 2017 2018 2017 Net actuarial loss $ 249.0 $ 223.1 $ 2.8 $ 4.8 Prior service credit — (0.3 ) — — Total pre-tax $ 249.0 $ 222.8 $ 2.8 $ 4.8 |
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: Qualified Plans Other Postretirement Plans 2018 2017 2016 2018 2017 2016 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate: People’s Qualified Plan 4.41 % 3.74 % 4.41 % 4.40 % 3.70 % 4.40 % First Connecticut Qualified Plan 4.41 — — n/a — — Chittenden Qualified Plan (1) n/a 3.62 4.16 n/a n/a n/a Suffolk Qualified Plan (1) n/a 3.72 — n/a n/a — 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 (income) expense for the years ended December 31: Discount rate: People’s Qualified Plan (2) 3.74%/4.34 % 4.41 % 4.64 % 3.70 % 4.40 % 4.60 % First Connecticut Qualified Plan 4.35 — — n/a — — Chittenden Qualified Plan (1) n/a 4.16 4.45 n/a n/a n/a Suffolk Qualified Plan (1) n/a 4.24 — n/a n/a — Expected return on plan assets People’s Qualified Plan 7.25 7.25 7.25 n/a n/a n/a First Connecticut Qualified Plan 6.00 — — 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: Health care cost trend rate assumed for next year n/a n/a n/a 6.00 % 6.20 % 6.50 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a n/a 4.50 4.50 4.50 Year that the rate reaches the ultimate trend rate n/a n/a n/a 2037 2037 2037 n/a — not applicable (1) Effective October 1, 2018, the Chittenden Qualified Plan and the Suffolk Qualified Plan were merged into the People’s Qualified Plan. (2) Rate of 3.74% through September 30, 2018 and 4.34% thereafter. |
Schedule of Impact in 2016 Due to Change in Accounting Estimate for Qualified Plans | The impact in 2016 of the change in accounting estimate for the Qualified Plans was as follows: (dollars in millions) People’s Chittenden Discount rates used to measure net periodic benefit income in 2016: Interest cost 4.03 % 3.70 % Discount rates that would have been used to measure net periodic benefit Interest cost 4.64 4.45 Increase in net periodic benefit income in 2016 using specific spot rates: Interest cost $ 2.5 $ 0.3 |
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 1 0-20 Equity securities 75 55-95 Fixed income securities 24 10-40 |
Fair Value of Assets in Qualified Plans | The following table summarizes the percentages of fair value for the major categories of assets in the Qualified Plans as of the respective measurement dates: Plan Assets 2018 2017 As of December 31 People’s First People’s Chittenden Suffolk Equity securities 70 % 73 % 69 % 69 % 70 % Cash and fixed income securities 30 27 31 31 30 Total 100 % 100 % 100 % 100 % 100 % |
Plan Assets Measured at Fair Value | The following tables present the Qualified Plans’ assets measured at fair value: Fair Value Measurements Using As of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 15.2 $ — $ — $ 15.2 Equity securities: Corporate 216.6 — — 216.6 Mutual funds — 201.1 — 201.1 Fixed income securities: Corporate — 68.5 — 68.5 U.S. Treasury and municipals — 58.6 — 58.6 Mutual funds — 32.9 — 32.9 Other — 3.5 — 3.5 Total $ 231.8 $ 364.6 $ — $ 596.4 Fair Value Measurements Using As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 17.7 $ — $ — $ 17.7 Equity securities: Corporate 229.8 — — 229.8 Mutual funds — 174.4 — 174.4 Fixed income securities: Corporate — 88.3 — 88.3 Mutual funds — 34.8 — 34.8 U.S. Treasury and municipals — 34.4 — 34.4 Other — 5.5 — 5.5 Total $ 247.5 $ 337.4 $ — $ 584.9 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Performance Share Activity | The following is a summary of performance share activity under the 2014 Plan: Shares Weighted-Average Unvested performance shares outstanding at December 31, 2015 — $ — Granted 568,596 15.22 Forfeited (15,664 ) 15.22 Vested (947 ) 15.22 Unvested performance shares outstanding at December 31, 2016 551,985 15.22 Granted 466,923 18.61 Forfeited (34,073 ) 16.28 Unvested performance shares outstanding at December 31, 2017 984,835 16.80 Granted 532,740 19.78 Forfeited (62,124 ) 17.82 Vested (2,079 ) 16.70 Unvested performance shares outstanding at December 31, 2018 1,453,372 $ 17.85 |
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 Options outstanding at December 31, 2015 19,677,424 $ 15.13 Granted 3,187,500 14.57 Forfeited (632,869 ) 15.65 Exercised (5,676,130 ) 15.60 Options outstanding at December 31, 2016 16,555,925 14.84 Granted 2,261,586 19.14 Forfeited (459,576 ) 17.87 Exercised (3,920,294 ) 15.97 Options outstanding at December 31, 2017 14,437,641 15.11 Granted 2,450,861 19.61 Forfeited (294,474 ) 17.87 Exercised (1,916,961 ) 14.55 Options outstanding at December 31, 2018 14,677,067 $ 15.87 6.3 $ 3.5 Options exercisable at December 31, 2018 10,155,649 $ 14.72 5.3 $ 3.5 (1) Reflects only those stock options with intrinsic value at December 31, 2018. |
Options Outstanding and Options Exercisable | Additional information concerning options outstanding and options exercisable at December 31, 2018 is summarized as follows: Options Outstanding Options Exercisable Weighted Average Exercise Price Range Number Remaining Exercise Number Weighted $11.52 — $14.01 3,650,777 4.4 $ 13.49 3,642,149 $ 13.49 14.02 — 14.79 2,782,312 6.9 14.51 1,848,360 14.49 14.80 — 18.68 3,913,035 5.3 15.08 3,875,877 15.07 18.69 — 19.71 4,330,943 8.4 19.45 789,263 19.21 |
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 Unvested restricted shares outstanding at December 31, 2015 1,232,317 $ 14.14 Granted 344,812 14.66 Forfeited (41,684 ) 14.34 Vested (649,363 ) 13.79 Unvested restricted shares outstanding at December 31, 2016 886,082 14.59 Granted 303,090 18.84 Forfeited (31,828 ) 15.56 Vested (485,023 ) 14.49 Unvested restricted shares outstanding at December 31, 2017 672,321 16.53 Granted 489,789 18.50 Forfeited (29,426 ) 17.81 Vested (402,134 ) 16.04 Unvested restricted shares outstanding at December 31, 2018 730,550 $ 18.03 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 (in millions) Level 1 Level 2 Level 3 Total Financial assets: Trading debt securities: U.S. Treasury $ 8.4 $ — $ — $ 8.4 Debt securities available-for-sale: U.S. Treasury and agency 678.0 — — 678.0 GSE mortgage-backed securities — 2,443.0 — 2,443.0 Equity securities 8.1 — — 8.1 Other assets: Exchange-traded funds 35.5 — — 35.5 Mutual funds 20.6 — — 20.6 Fixed income securities — 0.3 — 0.3 Interest rate swaps — 98.9 — 98.9 Interest rate caps — 3.1 — 3.1 Foreign exchange contracts — 0.9 — 0.9 Forward commitments to sell residential mortgage loans — 0.1 — 0.1 Total $ 750.6 $ 2,546.3 $ — $ 3,296.9 Financial liabilities: Interest rate swaps $ — $ 135.0 $ — $ 135.0 Interest rate caps — 3.1 — 3.1 Risk participation agreements (1) — — — — Foreign exchange contracts — 0.8 — 0.8 Interest rate-lock commitments on residential mortgage loans — 0.1 — 0.1 Total $ — $ 139.0 $ — $ 139.0 Fair Value Measurements Using As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Financial assets: Trading debt securities: U.S. Treasury $ 8.2 $ — $ — $ 8.2 Debt securities available-for-sale: U.S. Treasury and agency 668.8 — — 668.8 GSE mortgage-backed securities — 2,456.5 — 2,456.5 Equity securities 8.7 — — 8.7 Other assets: Exchange-traded funds 36.5 — — 36.5 Mutual funds 3.5 — — 3.5 Fixed income securities — 1.3 — 1.3 Interest rate swaps — 74.8 — 74.8 Interest rate caps — 2.8 — 2.8 Foreign exchange contracts — 0.1 — 0.1 Forward commitments to sell residential mortgage loans — 0.2 — 0.2 Total $ 725.7 $ 2,535.7 $ — $ 3,261.4 Financial liabilities: Interest rate swaps $ — $ 84.9 $ — $ 84.9 Interest rate caps — 2.8 — 2.8 Risk participation agreements (1) — — — — Foreign exchange contracts — 0.4 — 0.4 Interest rate-lock commitments on residential mortgage loans — 0.2 — 0.2 Total $ — $ 88.3 $ — $ 88.3 (1) At both December 31, 2018 and 2017, the fair value of risk participation agreements totaled less than $0.1 million (see Note 21). |
Assets Measured at Fair Value on Non-Recurring Basis | The following tables summarize People’s United’s assets that are measured at fair value on a non-recurring Fair Value Measurements Using As of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Loans held-for-sale $ — $ 19.5 $ — $ 19.5 Impaired loans (2) — — 55.2 55.2 REO and repossessed assets (3) — — 18.1 18.1 Total $ — $ 19.5 $ 73.3 $ 92.8 Fair Value Measurements Using As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Loans held-for-sale $ — $ 16.6 $ — $ 16.6 Impaired loans (2) — — 59.6 59.6 REO and repossessed assets (3) — — 19.4 19.4 Total $ — $ 16.6 $ 79.0 $ 95.6 (1) Consists of residential mortgage loans; no fair value adjustments were recorded for the years ended December 31, 2018 and 2017. (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 $44.8 million of Commercial loans and $10.4 million of Retail loans at December 31, 2018. The provision for loan losses on impaired loans totaled $8.6 million and $5.0 million for the years ended December 31, 2018 and 2017, respectively. (3) Represents: (i) $8.7 million of commercial REO; (ii) $5.5 million of residential REO; and (iii) $3.9 million of repossessed assets at December 31, 2018. Charge-offs to the allowance for loan losses related to loans that were transferred to REO or repossessed assets totaled $1.7 million and $2.6 million for the years ended December 31, 2018 and 2017, respectively. Write downs and net loss on sale of foreclosed/repossessed assets charged to non-interest |
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 Carrying Estimated Fair Value As of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 665.7 $ 665.7 $ — $ — $ 665.7 Short-term investments 266.3 — 266.3 — 266.3 Debt securities held-to-maturity 3,792.3 — 3,774.4 1.5 3,775.9 FHLB and FRB stock 303.4 — 303.4 — 303.4 Total loans, net (1) 34,945.8 — 7,806.1 26,800.2 34,606.3 Financial liabilities: Time deposits 6,916.2 — 6,884.0 — 6,884.0 Other deposits 29,242.8 — 29,242.8 — 29,242.8 FHLB advances 2,404.5 — 2,404.5 — 2,404.5 Federal funds purchased 845.0 — 845.0 — 845.0 Customer repurchase agreements 332.9 — 332.9 — 332.9 Other borrowings 11.0 — 11.0 — 11.0 Notes and debentures 895.8 — 893.4 — 893.4 (1) Excludes impaired loans totaling $55.2 million measured at fair value on a non-recurring basis. Carrying Estimated Fair Value As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 505.1 $ 505.1 $ — $ — $ 505.1 Short-term investments 377.5 — 377.5 — 377.5 Debt securities held-to-maturity 3,588.1 — 3,632.2 1.5 3,633.7 FHLB and FRB stock 312.3 — 312.3 — 312.3 Total loans, net (1) 32,281.3 — 6,632.2 25,495.3 32,127.5 Financial liabilities: Time deposits 5,454.3 — 5,441.1 — 5,441.1 Other deposits 27,602.0 — 27,602.0 — 27,602.0 FHLB advances 2,774.4 — 2,775.3 — 2,775.3 Federal funds purchased 820.0 — 820.0 — 820.0 Customer repurchase agreements 301.6 — 301.6 — 301.6 Other borrowings 207.8 — 207.2 — 207.2 Notes and debentures 901.6 — 910.1 — 910.1 (1) Excludes impaired loans totaling $59.6 million measured at fair value on a non-recurring |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Lending-Related Financial Instruments: (1) Loan origination commitments and unadvanced lines of credit: Commercial and industrial $ 4,937.1 $ 4,282.4 Home equity and other consumer 2,646.6 2,472.9 Commercial real estate 1,095.4 890.9 Equipment financing 459.7 369.4 Residential mortgage 78.7 40.8 Letters of credit: Stand-by 139.4 138.8 Commercial 5.0 4.5 Derivative Financial Instruments: (2) Interest rate swaps: For market risk management 585.0 585.0 For commercial customers: Customer 7,455.9 5,769.1 Institutional counterparties 7,161.3 5,775.9 Interest rate caps: For commercial customers: Customer 329.1 649.2 Institutional counterparties 329.1 649.2 Risk participation agreements 576.5 439.4 Foreign exchange contracts 145.2 46.5 Forward commitments to sell residential mortgage loans 9.5 16.4 Interest rate-lock commitments on residential mortgage loans 13.6 18.3 (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) 2018 2017 2018 2017 2018 2017 Derivatives Not Designated as Hedging Instruments: Interest rate swaps: Commercial customers N/A $ 7,455.9 $ 5,769.1 $ 76.3 $ 64.7 $ 102.6 $ 61.2 Institutional counterparties N/A 7,161.3 5,775.9 22.6 10.1 32.4 23.7 Interest rate caps: Commercial customers N/A 329.1 649.2 0.6 — 2.5 2.8 Institutional counterparties N/A 329.1 649.2 2.5 2.8 0.6 — Risk participation agreements (2) N/A 576.5 439.4 — — — — Foreign exchange contracts N/A 145.2 46.5 0.9 0.1 0.8 0.4 Forward commitments to sell residential mortgage loans N/A 9.5 16.4 0.1 0.2 — — Interest rate-lock commitments on residential mortgage loans N/A 13.6 18.3 — — 0.1 0.2 Total 103.0 77.9 139.0 88.3 Derivatives Designated as Hedging Instruments: Interest rate swaps: Subordinated notes Fair value 375.0 375.0 — — — — Loans Cash flow 210.0 210.0 — — — — Total — — — — Total fair value of derivatives $ 103.0 $ 77.9 $ 139.0 $ 88.3 (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 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) 2018 2017 2016 2018 2017 2016 Derivatives Not Designated as Hedging Instruments: Interest rate swaps: Commercial customers N/A $ (3.6 ) $ 5.3 $ (8.7 ) $ — $ — $ — Institutional counterparties N/A 17.1 6.1 22.7 — — — Interest rate caps: Commercial customers N/A 1.1 0.7 (2.4 ) — — — Institutional counterparties N/A (1.0 ) (0.3 ) 2.1 — — — Foreign exchange contracts N/A 0.9 0.5 (0.6 ) — — — Risk participation agreements N/A 0.2 — 0.5 — — — Forward commitments to sell residential mortgage loans N/A (0.1 ) (0.2 ) (0.2 ) — — — Interest rate-lock commitments on residential mortgage loans N/A 0.1 0.3 0.3 — — — Total 14.7 12.4 13.7 — — — Derivatives Designated as Hedging Instruments: Interest rate swaps Fair value 2.1 5.9 7.5 — — — Interest rate swaps Cash flow (0.6 ) 0.8 (0.8 ) (1.7 ) (1.0 ) (0.2 ) Interest rate locks Cash flow 0.1 0.1 0.1 — — — Total 1.6 6.8 6.8 (1.7 ) (1.0 ) (0.2 ) Total $ 16.3 $ 19.2 $ 20.5 $ (1.7 ) $ (1.0 ) $ (0.2 ) (1) Amounts recognized in earnings are recorded in interest income, interest expense or other non-interest non-interest |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Summary of Gross Presentation, Financial Instruments that are Eligible for Offset Not Offset in Consolidated Statement of Condition | 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. In the tables below, the Net Amount Presented of the derivative assets and liabilities can be reconciled to the fair value of the Company’s derivative financial instruments in Note 21. 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. Gross Gross Net Gross Amounts Not Offset Net As of December 31, 2018 (in millions) Financial Collateral Financial assets: Interest rate swaps/caps: Counterparty A $ 3.1 $ — $ 3.1 $ (1.4 ) $ (1.7 ) $ — Counterparty B 2.5 — 2.5 (2.5 ) — — Counterparty C 4.8 — 4.8 (3.7 ) (1.1 ) — Counterparty D 3.6 — 3.6 (2.7 ) (0.1 ) 0.8 Counterparty E — — — — — — Other counterparties 11.1 — 11.1 (5.4 ) (5.7 ) — Foreign exchange contracts 0.9 — 0.9 — — 0.9 Total $ 26.0 $ — $ 26.0 $ (15.7 ) $ (8.6 ) $ 1.7 Financial liabilities: Interest rate swaps/caps: Counterparty A $ 1.4 $ — $ 1.4 $ (1.4 ) $ — $ — Counterparty B 3.8 — 3.8 (2.5 ) (1.2 ) 0.1 Counterparty C 3.7 — 3.7 (3.7 ) — — Counterparty D 2.7 — 2.7 (2.7 ) — — Counterparty E 16.0 — 16.0 — — 16.0 Other counterparties 5.4 — 5.4 (5.4 ) — — Foreign exchange contracts 0.8 — 0.8 — — 0.8 Total $ 33.8 $ — $ 33.8 $ (15.7 ) $ (1.2 ) $ 16.9 Gross Gross Net Gross Amounts Not Offset Net As of December 31, 2017 (in millions) Financial Collateral Financial assets: Interest rate swaps/caps: Counterparty A $ 2.6 $ — $ 2.6 $ (2.5 ) $ — $ 0.1 Counterparty B 1.6 — 1.6 (1.6 ) — — Counterparty C 2.6 — 2.6 (2.6 ) — — Counterparty D 3.5 — 3.5 (3.5 ) — — Counterparty E — — — — — — Other counterparties 2.6 — 2.6 (0.2 ) (2.4 ) — Foreign exchange contracts 0.1 — 0.1 — — 0.1 Total $ 13.0 $ — $ 13.0 $ (10.4) $ (2.4) $ 0.2 Financial liabilities: Interest rate swaps/caps: Counterparty A $ 2.5 $ — $ 2.5 $ (2.5 ) $ — $ — Counterparty B 5.6 — 5.6 (1.6 ) (4.0 ) — Counterparty C 2.8 — 2.8 (2.6 ) (0.2 ) — Counterparty D 4.7 — 4.7 (3.5 ) (1.2 ) — Counterparty E 7.3 — 7.3 — — 7.3 Other counterparties 0.8 — 0.8 (0.2 ) (0.6 ) — Foreign exchange contracts 0.4 — 0.4 — — 0.4 Total $ 24.1 $ — $ 24.1 $ (10.4 ) $ (6.0 ) $ 7.7 |
Summary of Collateral Swaps | The following tables show the extent to which assets and liabilities exchanged under resale and repurchase agreements have been offset in the Consolidated Statements of Condition. These agreements: (i) are entered into simultaneously with the same financial institution counterparty; (ii) have the same principal amounts and inception/maturity dates; and (iii) are subject to a master netting arrangement that contains a conditional right of offset upon default. At December 31, 2018 and 2017, the Company posted as collateral marketable securities with fair values of $461.3 million and $453.8 million, respectively, and, in turn, accepted as collateral marketable securities with fair values of $457.2 million and $461.9 million, respectively. As of December 31, 2018 (in millions) Gross Gross Net Total resale agreements $ 450.0 $ (450.0 ) $ — Total repurchase agreements $ 450.0 $ (450.0 ) $ — As of December 31, 2017 (in millions) Gross Gross Net Total resale agreements $ 450.0 $ (450.0 ) $ — Total repurchase agreements $ 450.0 $ (450.0 ) $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 (in millions) Commercial Retail Total Treasury Other Total Net interest income (loss) $ 699.2 $ 467.2 $ 1,166.4 $ 93.0 $ (23.4 ) $ 1,236.0 Provision for loan losses 38.7 9.0 47.7 — (17.7 ) 30.0 Total non-interest 177.8 186.7 364.5 8.3 (6.4 ) 366.4 Total non-interest 383.7 565.3 949.0 17.8 29.3 996.1 Income (loss) before income tax expense (benefit) 454.6 79.6 534.2 83.5 (41.4 ) 576.3 Income tax expense (benefit) 85.0 14.9 99.9 15.8 (7.5 ) 108.2 Net income (loss) $ 369.6 $ 64.7 $ 434.3 $ 67.7 $ (33.9 ) $ 468.1 Average total assets $ 25,956.7 $ 10,103.3 $ 36,060.0 $ 7,955.8 $ 1,013.9 $ 45,029.7 Average total liabilities 9,305.0 20,699.1 30,004.1 8,544.3 444.1 38,992.5 Year ended December 31, 2017 (in millions) Commercial Retail Total Treasury Other Total Net interest income (loss) $ 631.0 $ 403.9 $ 1,034.9 $ 107.4 $ (41.8 ) $ 1,100.5 Provision for loan losses 43.7 13.4 57.1 — (31.1 ) 26.0 Total non-interest 165.0 183.4 348.4 11.2 (6.7 ) 352.9 Total non-interest 357.1 547.0 904.1 15.6 40.6 960.3 Income (loss) before income tax expense (benefit) 395.2 26.9 422.1 103.0 (58.0 ) 467.1 Income tax expense (benefit) 110.0 7.5 117.5 28.6 (16.2 ) 129.9 Net income (loss) $ 285.2 $ 19.4 $ 304.6 $ 74.4 $ (41.8 ) $ 337.2 Average total assets $ 24,533.9 $ 9,695.1 $ 34,229.0 $ 7,512.1 $ 840.5 $ 42,581.6 Average total liabilities 7,938.6 20,202.8 28,141.4 8,450.6 398.0 36,990.0 Year ended December 31, 2016 (in millions) Commercial Retail Total Treasury Other Total Net interest income (loss) $ 566.5 $ 347.5 $ 914.0 $ 87.6 $ (29.4 ) $ 972.2 Provision for loan losses 39.3 13.0 52.3 — (15.7 ) 36.6 Total non-interest 156.4 169.0 325.4 9.2 8.1 342.7 Total non-interest 322.8 508.9 831.7 9.8 27.3 868.8 Income (loss) before income tax expense (benefit) 360.8 (5.4 ) 355.4 87.0 (32.9 ) 409.5 Income tax expense (benefit) 113.4 (1.7 ) 111.7 27.5 (10.7 ) 128.5 Net income (loss) $ 247.4 $ (3.7 ) $ 243.7 $ 59.5 $ (22.2 ) $ 281.0 Average total assets $ 22,691.1 $ 8,945.8 $ 31,636.9 $ 7,443.1 $ 704.3 $ 39,784.3 Average total liabilities 6,733.7 19,207.3 25,941.0 8,628.7 355.2 34,924.9 |
Parent Company Financial Info_2
Parent Company Financial Information (Tables) - People's United Financial, Inc. [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Statements of Condition | CONDENSED STATEMENTS OF CONDITION As of December 31 (in millions) 2018 2017 Assets: Cash at bank subsidiary $ 291.6 $ 378.6 Total cash and cash equivalents 291.6 378.6 Equity securities, at fair value 8.1 8.7 Investments in subsidiaries: Bank subsidiary 6,485.3 5,690.8 Non-bank 2.8 1.6 Goodwill 197.1 197.1 Due from bank subsidiary 5.5 8.4 Other assets 45.9 35.6 Total assets $ 7,036.3 $ 6,320.8 Liabilities and Stockholders’ Equity: Notes and debentures $ 497.7 $ 497.1 Other liabilities 4.7 3.8 Stockholders’ equity 6,533.9 5,819.9 Total liabilities and stockholders’ equity $ 7,036.3 $ 6,320.8 |
Condensed Statements of Income | CONDENSED STATEMENTS OF INCOME Years ended December 31 (in millions) 2018 2017 2016 Revenues: Interest income: Securities $ 0.4 $ 1.1 $ 3.4 Advances to bank subsidiary — — 1.0 Total interest income 0.4 1.1 4.4 Dividend income from bank subsidiary 342.0 292.0 271.0 Net security losses — (1.2 ) — Other non-interest 2.3 16.9 14.8 Total revenues 344.7 308.8 290.2 Expenses: Interest on notes and debentures 18.7 19.0 22.5 Non-interest 11.4 13.9 9.6 Total expenses 30.1 32.9 32.1 Income before income tax benefit and subsidiaries undistributed income 314.6 275.9 258.1 Income tax benefit (5.5 ) (5.7 ) (5.0 ) Income before subsidiaries undistributed income 320.1 281.6 263.1 Subsidiaries undistributed income 148.0 55.6 17.9 Net income $ 468.1 $ 337.2 $ 281.0 |
Condensed Statements of Comprehensive Income | CONDENSED STATEMENTS OF COMPREHENSIVE INCOME Years ended December 31 (in millions) 2018 2017 2016 Net income $ 468.1 $ 337.2 $ 281.0 Other comprehensive (loss) income, net of tax: Net unrealized losses on securities available-for-sale — (0.1 ) (0.1 ) Net unrealized gains on derivatives accounted for as cash flow hedges — — 0.3 Other comprehensive (loss) income of bank subsidiary (37.8 ) 13.4 (18.0 ) Total other comprehensive (loss) income, net of tax (37.8 ) 13.3 (17.8 ) Total comprehensive income $ 430.3 $ 350.5 $ 263.2 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31 (in millions) 2018 2017 2016 Cash Flows from Operating Activities: Net income $ 468.1 $ 337.2 $ 281.0 Adjustments to reconcile net income to net cash provided by operating activities: Subsidiaries undistributed income (148.0 ) (55.6 ) (17.9 ) Net security losses — 1.2 — Net change in other assets and other liabilities 23.1 20.1 (21.5 ) Net cash provided by operating activities 343.2 302.9 241.6 Cash Flows from Investing Activities: Proceeds from sales of equity securities 2.3 — — Proceeds from principal repayments and maturities of available-for-sale — — 1.4 Proceeds from sales of debt securities available-for-sale — 75.6 200.4 Purchases of debt securities available-for-sale — — (76.0 ) Increase in investment in bank subsidiary (200.0 ) — (450.0 ) Decrease in advances to bank subsidiary — — 100.0 Net cash (used in) provided by investing activities (197.7 ) 75.6 (224.2 ) Cash Flows from Financing Activities: Repayment of notes and debentures — (125.0 ) — Proceeds from issuance of preferred stock, net — — 244.1 Cash dividends paid on common stock (243.8 ) (227.9 ) (205.7 ) Cash dividends paid on preferred stock (14.1 ) (14.1 ) (1.8 ) Common stock repurchases (2.5 ) (3.4 ) (3.4 ) Proceeds from stock options exercised 27.9 61.8 87.9 Net cash (used in) provided by financing activities (232.5 ) (308.6 ) 121.1 Net (decrease) increase in cash and cash equivalents (87.0 ) 69.9 138.5 Cash and cash equivalents at beginning of year 378.6 308.7 170.2 Cash and cash equivalents at end of year $ 291.6 $ 378.6 $ 308.7 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | The following table presents People’s United’s quarterly financial data for 2018 and 2017: 2018 (1) 2017 (1) (dollars in millions, except per common share data) First Second Third Fourth First Second Third Fourth Interest and dividend income $ 359.1 $ 375.4 $ 390.0 $ 431.8 $ 290.5 $ 322.0 $ 339.2 $ 350.6 Interest expense 63.3 74.2 83.6 99.2 41.9 47.1 54.6 58.3 Net interest income 295.8 301.2 306.4 332.6 248.6 274.9 284.6 292.3 Provision for loan losses 5.4 6.5 8.2 9.9 4.4 7.1 7.0 7.5 Net interest income after provision for loan losses 290.4 294.7 298.2 322.7 244.2 267.8 277.6 284.8 Non-interest 90.4 94.9 92.3 88.7 84.7 91.6 89.3 87.3 Non-interest 243.5 248.6 241.3 262.7 226.1 257.3 237.1 239.7 Income before income tax expense 137.3 141.0 149.2 148.7 102.8 102.1 129.8 132.4 Income tax expense 29.4 30.8 32.2 15.8 32.0 32.8 39.0 26.2 Net income 107.9 110.2 117.0 132.9 70.8 69.3 90.8 106.2 Preferred stock dividend 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 Net income available to $ 104.4 $ 106.7 $ 113.5 $ 129.4 $ 67.3 $ 65.8 $ 87.3 $ 102.7 Common Share Data: EPS: Basic $ 0.31 $ 0.31 $ 0.33 $ 0.35 $ 0.22 $ 0.20 $ 0.26 $ 0.30 Diluted 0.30 0.31 0.33 0.35 0.22 0.19 0.26 0.30 Common dividends paid 58.8 59.9 60.0 65.1 52.7 58.3 58.3 58.6 Dividends paid per 0.1725 0.1750 0.1750 0.1750 0.17 0.1725 0.1725 0.1725 Common dividend payout ratio 56.3 % 56.2 % 52.9 % 50.3 % 78.3 % 88.6 % 66.8 % 57.1 % Stock price: High $ 20.26 $ 19.37 $ 19.00 $ 17.46 $ 19.85 $ 18.21 $ 18.26 $ 19.50 Low 18.18 18.00 16.95 13.66 17.47 16.44 15.97 17.58 Weighted average common shares outstanding (in millions): Basic 339.76 340.64 341.43 370.22 308.85 336.58 336.93 338.53 Diluted 344.00 344.47 345.04 372.83 311.08 338.51 338.82 341.11 (1) The sum of the quarterly amounts for certain line items do not equal the full-year amounts due to rounding. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)Reporting_UnitRating | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)Reporting_Unit | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Accruing interest total | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Number of days of non accrual status | 90 days | |||||||||||
Collateral values/LTV ratios, minimum | 70.00% | |||||||||||
Borrower credit scores, minimum | Rating | 680 | |||||||||||
Non-interest income | $ 88,700,000 | $ 92,300,000 | $ 94,900,000 | $ 90,400,000 | 87,300,000 | $ 89,300,000 | $ 91,600,000 | $ 84,700,000 | $ 366,400,000 | 352,900,000 | $ 342,700,000 | |
Non-interest income percentage | 74.00% | 74.00% | ||||||||||
Number of reporting units | Reporting_Unit | 3 | 3 | ||||||||||
Equity securities, at fair value | $ 8,100,000 | 8,700,000 | $ 8,100,000 | 8,700,000 | ||||||||
Increase in risk-based capital ratios | 0.11% | 0.11% | ||||||||||
Operating Segments [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Non-interest income | $ 364,500,000 | 348,400,000 | $ 325,400,000 | |||||||||
Significant Revenue Streams [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Non-interest income | 270,000,000 | |||||||||||
Retained Earnings [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Cumulative-effect transition adjustments | $ 37,900,000 | |||||||||||
Accounting Standards Update 2014-09 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Cumulative-effect transition adjustments | 600,000 | |||||||||||
Accounting Standards Update 2016-01 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Cumulative-effect transition adjustments | $ (600,000) | |||||||||||
Equity securities with an amortized cost | 9,600,000 | 9,600,000 | ||||||||||
Equity securities, at fair value | $ 8,700,000 | 8,700,000 | ||||||||||
Accounting Standards Update 2017-07 [Member] | Net periodic pension and postretirement benefit income, reclassification [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
New accounting pronouncement, effect of change on operating results | 8,700,000 | 8,500,000 | ||||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Operating lease liabilities | 269,000,000 | 269,000,000 | ||||||||||
Right of use assets based upon operating lease liabilities | $ 249,000,000 | $ 249,000,000 | ||||||||||
Trade Name [Member] | Accelerated Amortization [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived intangible assets, useful life, (in years) | 20 years | |||||||||||
Trade Name [Member] | Straight Line Amortization [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived intangible assets, useful life, (in years) | 5 years | |||||||||||
Commercial Banking Loan [Member] | Operating Segments [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Non-interest income | $ 177,800,000 | 165,000,000 | 156,400,000 | |||||||||
Non-interest income percentage | 40.00% | 40.00% | ||||||||||
Retail Banking [Member] | Operating Segments [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Non-interest income | $ 186,700,000 | $ 183,400,000 | $ 169,000,000 | |||||||||
Non-interest income percentage | 30.00% | 30.00% | ||||||||||
Wealth Management [Member] | Operating Segments [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Non-interest income percentage | 30.00% | 30.00% | ||||||||||
Leasehold Improvements [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful lives of assets, (in years) | 10 years | |||||||||||
Building [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 | |||||||||||
Non accrual commercial loans | $ 1,000,000 | $ 1,000,000 | ||||||||||
Percentage of interest income on financial assets and financial liabilities | 75.00% | 75.00% | ||||||||||
Percentage of non-interest income on financial assets and financial liabilities | 20.00% | 20.00% | ||||||||||
Minimum [Member] | Troubled Debt Restructurings [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Recorded investment in originated loans classified as TDRs | $ 500,000 | $ 500,000 | ||||||||||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Decrease in risk-based capital ratios | 0.05% | 0.05% | ||||||||||
Minimum [Member] | Core Deposit Intangibles [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived intangible assets, useful life, (in years) | 7 years | |||||||||||
Minimum [Member] | Customer Relationships [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived intangible assets, useful life, (in years) | 10 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] | ||||||||||||
Term of contract with customers | 1 year | |||||||||||
Percentage of interest income on financial assets and financial liabilities | 80.00% | 80.00% | ||||||||||
Percentage of non-interest income on financial assets and financial liabilities | 25.00% | 25.00% | ||||||||||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Decrease in risk-based capital ratios | 0.10% | 0.10% | ||||||||||
Maximum [Member] | Core Deposit Intangibles [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived intangible assets, useful life, (in years) | 10 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 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) shares in Millions, $ in Millions | Oct. 01, 2018USD ($)Branchesshares | Jun. 27, 2018USD ($) | Aug. 01, 2017USD ($) | Apr. 01, 2017USD ($)Branchesshares | Nov. 02, 2016USD ($) | Apr. 06, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Securitization | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 2,685.7 | $ 2,411.4 | $ 1,992.7 | ||||||
Interest income on loans acquired | 1,366.2 | 1,144.1 | 984.4 | ||||||
Loans outstanding principal balance | 491.6 | 587.7 | |||||||
First Connecticut Bancorp, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition common stock shares | shares | 28.4 | ||||||||
Business acquisition, date of acquisition agreement | Oct. 1, 2018 | ||||||||
Business acquisition common stock fair value | $ 486.4 | ||||||||
Number of branches to be acquired | Branches | 25 | ||||||||
Merger-related expenses | 8.8 | ||||||||
Net deferred tax liabilities | $ 16.6 | ||||||||
Loans | $ 2,839.3 | ||||||||
Goodwill | 250.4 | ||||||||
Assets Acquired | 3,450.1 | ||||||||
Liabilities Acquired | $ 2,963.7 | ||||||||
First Connecticut Bancorp, Inc. [Member] | Core Deposit Intangible [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Amortization period for core deposit intangible | 9 years | ||||||||
Vend Lease [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, date of acquisition agreement | Jun. 27, 2018 | ||||||||
Merger-related expenses | $ 2.1 | ||||||||
Business acquisition cash consideration transferred | $ 37.5 | ||||||||
Loans | 68.8 | ||||||||
Goodwill | $ 23.9 | ||||||||
LEAF Commercial Capital, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, date of acquisition agreement | Aug. 1, 2017 | ||||||||
Merger-related expenses | 3.7 | ||||||||
Business acquisition cash consideration transferred | $ 220 | ||||||||
Assets Acquired | 957.7 | ||||||||
Liabilities Acquired | $ 737.7 | ||||||||
Repayment of borrowings | $ 460 | ||||||||
Number of remaining securitization which can be repaid without penalty in 2018 | Securitization | 1 | ||||||||
Businesses Acquired In 2018 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Interest income on loans acquired | 35 | ||||||||
Businesses Acquired In 2018 [Member] | Purchased Credit Impaired Loans [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 69.9 | ||||||||
Loans outstanding principal balance | 94.7 | ||||||||
Businesses Acquired In 2018 [Member] | Purchased Performing Loans [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 2,840 | ||||||||
Loans outstanding principal balance | $ 2,940 | ||||||||
Suffolk [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition common stock shares | shares | 26.6 | ||||||||
Business acquisition common stock fair value | $ 484.8 | ||||||||
Merger-related expenses | $ 26.6 | 2.8 | |||||||
Assets Acquired | 2,380 | ||||||||
Liabilities Acquired | $ 1,900 | ||||||||
Number of branches acquired | Branches | 27 | ||||||||
Gerstein Fisher & Associates, Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, date of acquisition agreement | Nov. 30, 2016 | ||||||||
Merger-related expenses | $ 0.3 | $ 1.9 | |||||||
Business acquisition cash consideration transferred | $ 57.4 | ||||||||
Assets under management, carrying amount | 3,000 | ||||||||
Contingent consideration | $ 18.3 | ||||||||
Eagle Insurance Group, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition cash consideration transferred | $ 2.4 | ||||||||
Contingent consideration | $ 1.5 |
Acquisitions - Estimated Fair V
Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Oct. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,685.7 | $ 2,411.4 | $ 1,992.7 | |
First Connecticut Bancorp, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 42 | |||
Securities | 118.4 | |||
Loans | 2,839.3 | |||
Goodwill | 250.4 | |||
Core deposit intangible | 51 | |||
Premises and equipment | 22 | |||
BOLI | 58.5 | |||
Favorable lease agreement | 2.2 | |||
REO | 0.2 | |||
Other assets | 66.1 | |||
Total assets | 3,450.1 | |||
Liabilities: | ||||
Deposits | 2,406.1 | |||
Borrowings | 494 | |||
Other liabilities | 63.6 | |||
Total liabilities | 2,963.7 | |||
Total purchase price | $ 486.4 |
Acquisitions - Summary of Pro F
Acquisitions - Summary of Pro Forma Financial Information Reflecting Acquisition (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Financial Results: | ||
Net interest income | $ 1,305.2 | $ 1,190.9 |
Provision for loan losses | 30 | 26 |
Non-interest income | 378.3 | 371.4 |
Non-interest expense | 1,040.2 | 1,032.6 |
Net income | 498 | 364 |
Net income available to common shareholders | $ 483.9 | $ 349.9 |
EPS: | ||
Basic | $ 1.31 | $ 0.97 |
Diluted | $ 1.30 | $ 0.97 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash and Cash Equivalents [Line Items] | ||
Cash at bank subsidiary | $ 124.1 | $ 112.4 |
Restricted cash | $ 0 | $ 13.8 |
Federal Reserve Bank of New York [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Federal funds sold and yield | 2.40% | 1.50% |
Cash and Cash Equivalents - Cas
Cash and Cash Equivalents - Cash and Short-Term Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||
Interest-bearing deposits at the FRB-NY | $ 234 | $ 340.4 |
Money market mutual funds | 26.3 | 25.4 |
Other | 6 | 11.7 |
Total short-term investments | $ 266.3 | $ 377.5 |
Securities - Available-for-Sale
Securities - Available-for-Sale and Held-to-Maturity Debt Securities Gains (Losses) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investment Holdings [Line Items] | ||
Amortized Cost | $ 3,185.6 | $ 3,164.9 |
Gross Unrealized Gains | 4.7 | 7.4 |
Gross Unrealized Losses | (69.3) | (47) |
Fair Value | 3,121 | 3,125.3 |
Held to maturity Securities, Amortized Cost | 3,792.3 | 3,588.1 |
Securities held to maturity, Gross Unrealized Gains | 35.9 | 65.6 |
Securities held to maturity, Gross Unrealized Losses | (52.3) | (20) |
Total securities held to maturity, Fair Value | 3,775.9 | 3,633.7 |
State and Municipal [Member] | ||
Investment Holdings [Line Items] | ||
Held to maturity Securities, Amortized Cost | 2,352.4 | 2,060.4 |
Securities held to maturity, Gross Unrealized Gains | 35.4 | 64.5 |
Securities held to maturity, Gross Unrealized Losses | (18.4) | (4.6) |
Total securities held to maturity, Fair Value | 2,369.4 | 2,120.3 |
GSE Mortgage-Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 2,486.6 | 2,477.8 |
Gross Unrealized Gains | 4.6 | 7.4 |
Gross Unrealized Losses | (48.2) | (28.7) |
Fair Value | 2,443 | 2,456.5 |
Held to maturity Securities, Amortized Cost | 1,367.5 | 1,474.9 |
Securities held to maturity, Gross Unrealized Gains | 0.3 | |
Securities held to maturity, Gross Unrealized Losses | (33.2) | (15.4) |
Total securities held to maturity, Fair Value | 1,334.3 | 1,459.8 |
U.S. Treasury and Agency [Member] | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 699 | 687.1 |
Gross Unrealized Gains | 0.1 | |
Gross Unrealized Losses | (21.1) | (18.3) |
Fair Value | 678 | 668.8 |
Corporate [Member] | ||
Investment Holdings [Line Items] | ||
Held to maturity Securities, Amortized Cost | 70.9 | 51.3 |
Securities held to maturity, Gross Unrealized Gains | 0.5 | 0.8 |
Securities held to maturity, Gross Unrealized Losses | (0.7) | |
Total securities held to maturity, Fair Value | 70.7 | 52.1 |
Other [Member] | ||
Investment Holdings [Line Items] | ||
Held to maturity Securities, Amortized Cost | 1.5 | 1.5 |
Total securities held to maturity, Fair Value | $ 1.5 | $ 1.5 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($)SecuritySecurities | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)SecuritySecurities | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Investment [Line Items] | |||||
Debt security available for sale with fair values pledged with collateral for public deposits | $ 2,200,000,000 | $ 1,940,000,000 | $ 2,200,000,000 | $ 1,940,000,000 | |
Debt security available for sale with a held-to-maturity pledged with collateral for public deposits | $ 1,490,000,000 | 1,370,000,000 | $ 1,490,000,000 | 1,370,000,000 | |
Number of debt securities classified as available-for-sale | Security | 112 | 112 | |||
Number of debt securities classified as held-to-maturity | Securities | 733 | 733 | |||
Number of debt securities owned | Security | 2,176 | ||||
Percentage of securities available for sale | 39.00% | 39.00% | |||
Available for sale of securities gross unrealized losses | $ 69,300,000 | $ 69,300,000 | |||
Held to maturity securities gross unrealized losses | 52,300,000 | 20,000,000 | 52,300,000 | 20,000,000 | |
Impairment losses on securities recognized in earnings | 0 | 0 | $ 0 | ||
Loss on sales of Securities | 10,000,000 | 27,500,000 | 6,200,000 | ||
Net security losses | (9,800,000) | (25,400,000) | (5,900,000) | ||
Gain (loss) on sales of Mortgage Backed Securities | 600,000 | ||||
Impairment of investments | 0 | ||||
Dividend income on capital stock | $ 184,200,000 | 153,700,000 | 140,300,000 | ||
Federal Reserve Bank stock percentage | 6.00% | ||||
Investment in Federal Home Loan Bank Stock [Member] | |||||
Investment [Line Items] | |||||
Impairment of investments | $ 0 | ||||
Dividend income on capital stock | 8,300,000 | 6,600,000 | 5,800,000 | ||
Federal Reserve Bank of New York [Member] | |||||
Investment [Line Items] | |||||
Dividend income on capital stock | 5,100,000 | 3,700,000 | 3,100,000 | ||
Acquired shares of capital stock | 178,500,000 | 170,300,000 | 178,500,000 | 170,300,000 | |
FHLB of New York [Member] | |||||
Investment [Line Items] | |||||
Acquired shares of capital stock | 700,000 | 12,000,000 | 700,000 | 12,000,000 | |
FHLB of Boston [Member] | |||||
Investment [Line Items] | |||||
Acquired shares of capital stock | 124,200,000 | 130,000,000 | 124,200,000 | 130,000,000 | |
GSE Mortgage-Backed Securities [Member] | |||||
Investment [Line Items] | |||||
Held to maturity securities gross unrealized losses | 33,200,000 | 15,400,000 | $ 33,200,000 | 15,400,000 | |
Available for sale securities average maturity period | 9 years | ||||
Amortized cost of securities, sold | 235,500,000 | ||||
Loss on sales of Securities | 10,000,000 | ||||
State and Municipal [Member] | |||||
Investment [Line Items] | |||||
Held to maturity securities gross unrealized losses | 18,400,000 | 4,600,000 | $ 18,400,000 | 4,600,000 | |
Available for sale securities average maturity period | 13 years | ||||
U.S. Treasury and CMO Securities [Member] | |||||
Investment [Line Items] | |||||
Amortized cost of securities, sold | 291,300,000 | 486,900,000 | 403,000,000 | ||
Loss on sales of Securities | $ 10,000,000 | 15,700,000 | 6,100,000 | ||
Net security losses | $ 9,800,000 | $ 25,400,000 | $ 5,900,000 | ||
Maximum [Member] | |||||
Investment [Line Items] | |||||
Debt securities with unrealized losses | $ 100,000 | $ 100,000 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Value of Debt Securities Based on Remaining Period to Contractual Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investment [Line Items] | ||
Available for Sale, Amortized Cost, Within 1 year | $ 56.7 | |
Available for Sale, Amortized Cost, After 1 but within 5 years | 708 | |
Available for Sale, Amortized Cost, After 5 but within 10 years | 1,016.1 | |
Available for Sale, Amortized Cost, After 10 years | 1,404.8 | |
Amortized Cost | 3,185.6 | $ 3,164.9 |
Available for Sale, Fair Value, Within 1 year | 56.3 | |
Available for Sale, Fair Value, After 1 but within 5 years | 687.4 | |
Available for Sale, Fair Value, After 5 but within 10 years | 1,013.4 | |
Available for Sale, Fair Value, After 10 years | 1,363.9 | |
Available for Sale, Fair Value, Total | $ 3,121 | 3,125.3 |
Available for Sale, FTE Yield, Within 1 year | 1.95% | |
Available for Sale, FTE Yield, After 1 but within 5 years | 1.65% | |
Available for Sale, FTE Yield, After 5 but within 10 years | 2.79% | |
Available for Sale, FTE Yield, After 10 years | 2.16% | |
Available for Sale, FTE Yield, Total | 2.24% | |
Held to Maturity, Amortized Cost, Within 1 year | $ 27.9 | |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 511.8 | |
Held to Maturity, Amortized Cost, After 5 but within 10 years | 1,124.1 | |
Held to Maturity, Amortized Cost, After 10 years | 2,128.5 | |
Held to maturity Securities, Amortized Cost | 3,792.3 | 3,588.1 |
Held to Maturity, Fair Value, Within 1 year | 27.9 | |
Held to Maturity, Fair Value, After 1 but within 5 years | 510.5 | |
Held to Maturity, Fair Value, After 5 but within 10 years | 1,116.2 | |
Held to Maturity, Fair Value, After 10 years | 2,121.3 | |
Held to Maturity, Fair Value, Total | $ 3,775.9 | 3,633.7 |
Held to Maturity, FTE Yield, within 1 year | 2.34% | |
Held to Maturity, FTE Yield, After 1 but within 5 years | 2.62% | |
Held to Maturity, FTE Yield, After 5 but within 10 years | 2.84% | |
Held to Maturity, FTE Yield, After 10 years | 3.56% | |
Held to Maturity, FTE Yield, Total | 3.21% | |
U.S. Treasury and Agency [Member] | ||
Investment [Line Items] | ||
Available for Sale, Amortized Cost, Within 1 year | $ 56.7 | |
Available for Sale, Amortized Cost, After 1 but within 5 years | 642.3 | |
Amortized Cost | 699 | 687.1 |
Available for Sale, Fair Value, Within 1 year | 56.3 | |
Available for Sale, Fair Value, After 1 but within 5 years | 621.7 | |
Available for Sale, Fair Value, Total | $ 678 | 668.8 |
Available for Sale, FTE Yield, Within 1 year | 1.95% | |
Available for Sale, FTE Yield, After 1 but within 5 years | 1.52% | |
Available for Sale, FTE Yield, Total | 1.56% | |
GSE Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Available for Sale, Amortized Cost, After 1 but within 5 years | $ 65.7 | |
Available for Sale, Amortized Cost, After 5 but within 10 years | 1,016.1 | |
Available for Sale, Amortized Cost, After 10 years | 1,404.8 | |
Amortized Cost | 2,486.6 | 2,477.8 |
Available for Sale, Fair Value, After 1 but within 5 years | 65.7 | |
Available for Sale, Fair Value, After 5 but within 10 years | 1,013.4 | |
Available for Sale, Fair Value, After 10 years | 1,363.9 | |
Available for Sale, Fair Value, Total | $ 2,443 | 2,456.5 |
Available for Sale, FTE Yield, After 1 but within 5 years | 2.89% | |
Available for Sale, FTE Yield, After 5 but within 10 years | 2.79% | |
Available for Sale, FTE Yield, After 10 years | 2.16% | |
Available for Sale, FTE Yield, Total | 2.44% | |
Held to Maturity, Amortized Cost, Within 1 year | $ 4.3 | |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 299.8 | |
Held to Maturity, Amortized Cost, After 5 but within 10 years | 712.1 | |
Held to Maturity, Amortized Cost, After 10 years | 351.3 | |
Held to maturity Securities, Amortized Cost | 1,367.5 | 1,474.9 |
Held to Maturity, Fair Value, Within 1 year | 4.3 | |
Held to Maturity, Fair Value, After 1 but within 5 years | 293.7 | |
Held to Maturity, Fair Value, After 5 but within 10 years | 694.8 | |
Held to Maturity, Fair Value, After 10 years | 341.5 | |
Held to Maturity, Fair Value, Total | $ 1,334.3 | 1,459.8 |
Held to Maturity, FTE Yield, within 1 year | 1.93% | |
Held to Maturity, FTE Yield, After 1 but within 5 years | 2.37% | |
Held to Maturity, FTE Yield, After 5 but within 10 years | 2.46% | |
Held to Maturity, FTE Yield, After 10 years | 2.13% | |
Held to Maturity, FTE Yield, Total | 2.36% | |
State and Municipal [Member] | ||
Investment [Line Items] | ||
Held to Maturity, Amortized Cost, Within 1 year | $ 23.6 | |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 205.5 | |
Held to Maturity, Amortized Cost, After 5 but within 10 years | 346.1 | |
Held to Maturity, Amortized Cost, After 10 years | 1,777.2 | |
Held to maturity Securities, Amortized Cost | 2,352.4 | 2,060.4 |
Held to Maturity, Fair Value, Within 1 year | 23.6 | |
Held to Maturity, Fair Value, After 1 but within 5 years | 210.3 | |
Held to Maturity, Fair Value, After 5 but within 10 years | 355.7 | |
Held to Maturity, Fair Value, After 10 years | 1,779.8 | |
Held to Maturity, Fair Value, Total | $ 2,369.4 | 2,120.3 |
Held to Maturity, FTE Yield, within 1 year | 2.41% | |
Held to Maturity, FTE Yield, After 1 but within 5 years | 2.95% | |
Held to Maturity, FTE Yield, After 5 but within 10 years | 3.26% | |
Held to Maturity, FTE Yield, After 10 years | 3.84% | |
Held to Maturity, FTE Yield, Total | 3.66% | |
Corporate [Member] | ||
Investment [Line Items] | ||
Held to Maturity, Amortized Cost, After 1 but within 5 years | $ 5 | |
Held to Maturity, Amortized Cost, After 5 but within 10 years | 65.9 | |
Held to maturity Securities, Amortized Cost | 70.9 | 51.3 |
Held to Maturity, Fair Value, After 1 but within 5 years | 5 | |
Held to Maturity, Fair Value, After 5 but within 10 years | 65.7 | |
Held to Maturity, Fair Value, Total | $ 70.7 | 52.1 |
Held to Maturity, FTE Yield, After 1 but within 5 years | 3.50% | |
Held to Maturity, FTE Yield, After 5 but within 10 years | 4.73% | |
Held to Maturity, FTE Yield, Total | 4.64% | |
Other [Member] | ||
Investment [Line Items] | ||
Held to Maturity, Amortized Cost, After 1 but within 5 years | $ 1.5 | |
Held to maturity Securities, Amortized Cost | 1.5 | 1.5 |
Held to Maturity, Fair Value, After 1 but within 5 years | 1.5 | |
Held to Maturity, Fair Value, Total | $ 1.5 | $ 1.5 |
Held to Maturity, FTE Yield, After 1 but within 5 years | 2.46% | |
Held to Maturity, FTE Yield, Total | 2.46% |
Securities - Continuous Unreali
Securities - Continuous Unrealized Loss Position on Available-for-Sale and Held-to-Maturities Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 144.6 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (1.3) | |
Continuous Unrealized Loss Position, 12 Months Or Longer, Fair Value | 2,034.6 | |
Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (51) | |
Continuous Unrealized Loss Position, Total, Fair Value | 2,179.2 | |
Continuous Unrealized Loss Position, Total, Unrealized Losses | (52.3) | |
Held To Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 1,395.5 | |
Held To Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (15.2) | |
Held To Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Fair Value | 269.9 | |
Held To Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (4.8) | |
Held To Maturity Securities, Continuous Unrealized Loss Position, Total, Fair Value | 1,665.4 | |
Held To Maturity Securities, Continuous Unrealized Loss Position, Total, Unrealized Losses | (20) | |
Available for Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 132.4 | 1,169.5 |
Available for Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (0.5) | (8.7) |
Available for Sale Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Fair Value | 2,312.5 | 1,622.5 |
Available for Sale Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (68.8) | (38.3) |
Available for Sale Securities, Continuous Unrealized Loss Position, Total, Fair Value | 2,444.9 | 2,792 |
Available for Sale Securities, Continuous Unrealized Loss Position, Total, Unrealized Losses | (69.3) | (47) |
GSE Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Held To Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 1,289.3 | |
Held To Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (14.7) | |
Held To Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Fair Value | 1,334.3 | 45 |
Held To Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (33.2) | (0.7) |
Held To Maturity Securities, Continuous Unrealized Loss Position, Total, Fair Value | 1,334.3 | 1,334.3 |
Held To Maturity Securities, Continuous Unrealized Loss Position, Total, Unrealized Losses | (33.2) | (15.4) |
Available for Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 132.4 | 1,013.5 |
Available for Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (0.5) | (8.7) |
Available for Sale Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Fair Value | 1,656.3 | 1,114.8 |
Available for Sale Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (47.7) | (20) |
Available for Sale Securities, Continuous Unrealized Loss Position, Total, Fair Value | 1,788.7 | 2,128.3 |
Available for Sale Securities, Continuous Unrealized Loss Position, Total, Unrealized Losses | (48.2) | (28.7) |
U.S. Treasury and Agency [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available for Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 156 | |
Available for Sale Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Fair Value | 656.2 | 507.7 |
Available for Sale Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (21.1) | (18.3) |
Available for Sale Securities, Continuous Unrealized Loss Position, Total, Fair Value | 656.2 | 663.7 |
Available for Sale Securities, Continuous Unrealized Loss Position, Total, Unrealized Losses | (21.1) | (18.3) |
State and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Held To Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 113.4 | 106.2 |
Held To Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (0.7) | (0.5) |
Held To Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Fair Value | 697.6 | 224.9 |
Held To Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (17.7) | (4.1) |
Held To Maturity Securities, Continuous Unrealized Loss Position, Total, Fair Value | 811 | 331.1 |
Held To Maturity Securities, Continuous Unrealized Loss Position, Total, Unrealized Losses | (18.4) | $ (4.6) |
Corporate [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Held To Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 31.2 | |
Held To Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (0.6) | |
Held To Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Fair Value | 2.7 | |
Held To Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (0.1) | |
Held To Maturity Securities, Continuous Unrealized Loss Position, Total, Fair Value | 33.9 | |
Held To Maturity Securities, Continuous Unrealized Loss Position, Total, Unrealized Losses | $ (0.7) |
Securities - Schedule of Compon
Securities - Schedule of Components of Net Security Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt securities: | |||
Gains | $ 0.1 | $ 2.1 | $ 0.2 |
Losses | (10) | (27.5) | (6.2) |
Total debt securities | (9.9) | (25.4) | (6) |
Trading debt securities: | |||
Gains | 0.1 | 0.1 | |
Losses | 0 | 0 | 0 |
Total trading debt securities | 0.1 | 0.1 | |
Net security losses | $ (9.8) | $ (25.4) | $ (5.9) |
Securities - Schedule of Comp_2
Securities - Schedule of Components of Net Security Losses (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investment [Line Items] | |||
Net gains and losses on trading debt securities | $ 0.1 | $ 0.1 | |
Maximum [Member] | |||
Investment [Line Items] | |||
Net gains and losses on trading debt securities | $ 0.1 |
Loans - Additional Information
Loans - Additional Information (Detail) | Apr. 16, 2010USD ($) | Dec. 31, 2018USD ($)SegmentsRating | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2011USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of segments | Segments | 2 | |||||
Net deferred loan costs | $ 94,600,000 | $ 80,400,000 | ||||
Construction loans | 651,200,000 | 575,000,000 | ||||
Interest-only residential mortgage loans | 1,200,000,000 | 1,200,000,000 | ||||
Net gains on sales of residential mortgage loans | 1,200,000 | 3,200,000 | $ 6,300,000 | |||
Loans held-for-sale | 19,500,000 | 16,600,000 | ||||
Acquired loans sold, outstanding balance | 10,000,000 | 7,900,000 | 0 | |||
Acquired loans sold, carrying amount | 4,400,000 | 5,000,000 | ||||
Net gains (losses) on sales of acquired loan | 1,800,000 | 2,400,000 | ||||
Recorded investments, non-performing loans | 167,700,000 | 148,700,000 | 148,000,000 | |||
Interest income that would have recognized | 18,100,000 | 16,200,000 | 14,400,000 | |||
Interest Income Recognized | 1,366,200,000 | 1,144,100,000 | 984,400,000 | |||
Allowance for loan losses | 240,400,000 | 234,400,000 | 229,300,000 | $ 211,000,000 | ||
Interest Income Recognized | $ 6,400,000 | 5,600,000 | 5,700,000 | |||
Temporary reduction of interest rate for TDRs, basis points | 2.00% | |||||
Collateral values/LTV ratios, minimum | 70.00% | |||||
Borrower credit scores, minimum | Rating | 680 | |||||
Principal and interest payments receivable | $ 7,760,000,000 | |||||
Expected cash flows | 7,190,000,000 | |||||
Loan portfolio fair value | 5,490,000,000 | |||||
Aggregate loan nonaccretable difference | 572,000,000 | |||||
Portfolio accretable yield | $ 189,700,000 | 219,700,000 | 255,400,000 | 296,000,000 | ||
Portfolio outstanding balance | 491,600,000 | 587,700,000 | ||||
Portfolio carrying value | 399,900,000 | 498,500,000 | ||||
FDIC loss-share receivable | $ 200,000 | $ 400,000 | ||||
Connecticut [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of total loan portfolio representing loans to customers | 26.00% | |||||
New York State [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of total loan portfolio representing loans to customers | 20.00% | |||||
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 | 56.00% | 54.00% | ||||
Residential Mortgage Construction Financing Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Construction loans | $ 57,300,000 | $ 65,300,000 | ||||
Construction loan not yet advanced | 21,500,000 | 17,900,000 | ||||
Commercial Real Estate Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Early non-performing loans | 20,300,000 | 10,600,000 | ||||
Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Early non-performing loans | 15,800,000 | 19,500,000 | ||||
Equipment Financing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Early non-performing loans | $ 28,400,000 | $ 38,600,000 | ||||
Equipment Financing [Member] | Outside New England [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of total loan portfolio representing loans to customers | 95.00% | 95.00% | ||||
Equipment Financing [Member] | Texas California and New York [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of total loan portfolio representing loans to customers | 29.00% | |||||
Equipment Financing [Member] | Outside Texas California and New York [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of total loan portfolio representing loans to customers | 6.00% | |||||
Commercial Construction Financing Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Construction loan not yet advanced | $ 588,200,000 | $ 327,100,000 | ||||
Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Recorded investments, non-performing loans | 113,500,000 | 100,600,000 | 103,200,000 | |||
Allowance for loan losses | 209,500,000 | 204,500,000 | 204,900,000 | 189,700,000 | ||
Interest Income Recognized | 4,000,000 | 3,500,000 | 3,800,000 | |||
Commercial [Member] | Commercial Real Estate Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Recorded investments, non-performing loans | 33,500,000 | 23,700,000 | 22,300,000 | |||
Interest Income Recognized | 1,100,000 | 1,200,000 | 1,400,000 | |||
Commercial [Member] | Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Recorded investments, non-performing loans | 38,000,000 | 32,600,000 | 41,500,000 | |||
Interest Income Recognized | 2,800,000 | 1,900,000 | 2,100,000 | |||
Commercial [Member] | Equipment Financing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Recorded investments, non-performing loans | 42,000,000 | 44,300,000 | 39,400,000 | |||
Interest Income Recognized | 100,000 | 400,000 | 300,000 | |||
Retail Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Recorded investments, non-performing loans | 54,200,000 | 48,100,000 | 44,800,000 | |||
Allowance for loan losses | 30,900,000 | 29,900,000 | 24,400,000 | $ 21,300,000 | ||
Interest Income Recognized | $ 2,400,000 | 2,100,000 | 1,900,000 | |||
Duration of extension for payment deferral on TDRs, years | 5 years | |||||
Maximum [Member] | Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Duration of extension for payment deferral on TDRs, years | 2 years | |||||
At Acquisition [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Portfolio accretable yield | $ 1,700,000,000 | |||||
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% | |||||
Acquired Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net gains (losses) on sales of acquired loan | $ 1,800,000 | 2,400,000 | ||||
Recorded investments, non-performing loans | 44,100,000 | 25,100,000 | 24,700,000 | |||
Acquired Loans [Member] | Purchased Performing Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Recorded investments, non-performing loans | 6,000,000 | 4,700,000 | ||||
Acquired Loans [Member] | Purchased Performing Loans [Member] | Subsequent to Acquisition [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Recorded investments, non-performing loans | 6,000,000 | 4,700,000 | ||||
Non-Performing Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest Income Recognized | 2,900,000 | 1,700,000 | 1,800,000 | |||
Troubled Debt Restructurings [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Recorded investment in originated loans classified as TDRs | 179,400,000 | 186,900,000 | ||||
Allowance for loan losses | 4,500,000 | 4,400,000 | ||||
Interest Income Recognized | 6,100,000 | 4,700,000 | $ 4,800,000 | |||
Foreclosure or Bankruptcy [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Early non-performing loans | $ 19,100,000 | $ 20,200,000 |
Loans - Summary of Loans by Loa
Loans - Summary of Loans by Loan Portfolio Segment and Class (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 35,241.4 | $ 32,575.3 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 25,077.7 | 23,705.2 |
Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 10,163.7 | 8,870.1 |
Commercial Real Estate Loan [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 11,649.6 | 11,068.7 |
Commercial and Industrial [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 9,088.9 | 8,731.1 |
Equipment Financing [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,339.2 | 3,905.4 |
Residential Mortgage Adjustable Rate [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6,662 | 5,926.6 |
Residential Mortgage Fixed Rate [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,492.2 | 879.1 |
Residential Mortgage Loan [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,154.2 | 6,805.7 |
Home Equity Loan [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,962.5 | 2,015.2 |
Other Consumer [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 47 | 49.2 |
Home Equity and Other Consumer [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,009.5 | 2,064.4 |
Originated [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 30,650 | 30,111.2 |
Originated [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 22,028.5 | 21,565 |
Originated [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,621.5 | 8,546.2 |
Originated [Member] | Commercial Real Estate Loan [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 9,798.5 | 10,126.6 |
Originated [Member] | Commercial and Industrial [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,292.3 | 8,129.9 |
Originated [Member] | Equipment Financing [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 3,937.7 | 3,308.5 |
Originated [Member] | Residential Mortgage Adjustable Rate [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 5,854.1 | 5,782.6 |
Originated [Member] | Residential Mortgage Fixed Rate [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 935.1 | 758 |
Originated [Member] | Residential Mortgage Loan [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6,789.2 | 6,540.6 |
Originated [Member] | Home Equity Loan [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,789.5 | 1,960 |
Originated [Member] | Other Consumer [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 42.8 | 45.6 |
Originated [Member] | Home Equity and Other Consumer [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,832.3 | 2,005.6 |
Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,591.4 | 2,464.1 |
Acquired Loans [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 3,049.2 | 2,140.2 |
Acquired Loans [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,542.2 | 323.9 |
Acquired Loans [Member] | Commercial Real Estate Loan [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,851.1 | 942.1 |
Acquired Loans [Member] | Commercial and Industrial [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 796.6 | 601.2 |
Acquired Loans [Member] | Equipment Financing [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 401.5 | 596.9 |
Acquired Loans [Member] | Residential Mortgage Adjustable Rate [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 807.9 | 144 |
Acquired Loans [Member] | Residential Mortgage Fixed Rate [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 557.1 | 121.1 |
Acquired Loans [Member] | Residential Mortgage Loan [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,365 | 265.1 |
Acquired Loans [Member] | Home Equity Loan [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 173 | 55.2 |
Acquired Loans [Member] | Other Consumer [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4.2 | 3.6 |
Acquired Loans [Member] | Home Equity and Other Consumer [Member] | Retail Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 177.2 | $ 58.8 |
Loans - Summary, by Loan Portfo
Loans - Summary, by Loan Portfolio Segment, of Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | $ 234.4 | $ 229.3 | $ 234.4 | $ 229.3 | $ 211 | ||||||
Charge-offs | (30.9) | (27.9) | (23.4) | ||||||||
Recoveries | 6.9 | 7 | 5.1 | ||||||||
Net loan charge-offs | (24) | (20.9) | (18.3) | ||||||||
Provision for loan losses | $ 9.9 | $ 8.2 | $ 6.5 | 5.4 | $ 7.5 | $ 7 | $ 7.1 | 4.4 | 30 | 26 | 36.6 |
Balance at end of period | 240.4 | 234.4 | 240.4 | 234.4 | 229.3 | ||||||
Commercial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 204.5 | 204.9 | 204.5 | 204.9 | 189.7 | ||||||
Charge-offs | (27.6) | (21.5) | (14.9) | ||||||||
Recoveries | 4.8 | 4.9 | 2.1 | ||||||||
Net loan charge-offs | (22.8) | (16.6) | (12.8) | ||||||||
Provision for loan losses | 27.8 | 16.2 | 28 | ||||||||
Balance at end of period | 209.5 | 204.5 | 209.5 | 204.5 | 204.9 | ||||||
Commercial [Member] | Originated [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 201.1 | 198.8 | 201.1 | 198.8 | 181.8 | ||||||
Charge-offs | (19.5) | (17.1) | (13.5) | ||||||||
Recoveries | 3.5 | 4.6 | 2.1 | ||||||||
Net loan charge-offs | (16) | (12.5) | (11.4) | ||||||||
Provision for loan losses | 20.5 | 14.8 | 28.4 | ||||||||
Balance at end of period | 205.6 | 201.1 | 205.6 | 201.1 | 198.8 | ||||||
Commercial [Member] | Acquired Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 3.4 | 6.1 | 3.4 | 6.1 | 7.9 | ||||||
Charge-offs | (8.1) | (4.4) | (1.4) | ||||||||
Recoveries | 1.3 | 0.3 | |||||||||
Net loan charge-offs | (6.8) | (4.1) | (1.4) | ||||||||
Provision for loan losses | 7.3 | 1.4 | (0.4) | ||||||||
Balance at end of period | 3.9 | 3.4 | 3.9 | 3.4 | 6.1 | ||||||
Retail Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 29.9 | 24.4 | 29.9 | 24.4 | 21.3 | ||||||
Charge-offs | (3.3) | (6.4) | (8.5) | ||||||||
Recoveries | 2.1 | 2.1 | 3 | ||||||||
Net loan charge-offs | (1.2) | (4.3) | (5.5) | ||||||||
Provision for loan losses | 2.2 | 9.8 | 8.6 | ||||||||
Balance at end of period | 30.9 | 29.9 | 30.9 | 29.9 | 24.4 | ||||||
Retail Loans [Member] | Originated [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 29.7 | 24.2 | 29.7 | 24.2 | 21.1 | ||||||
Charge-offs | (3.3) | (6.4) | (8.5) | ||||||||
Recoveries | 2.1 | 2.1 | 3 | ||||||||
Net loan charge-offs | (1.2) | (4.3) | (5.5) | ||||||||
Provision for loan losses | 2.2 | 9.8 | 8.6 | ||||||||
Balance at end of period | 30.7 | 29.7 | 30.7 | 29.7 | 24.2 | ||||||
Retail Loans [Member] | Acquired Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | $ 0.2 | $ 0.2 | 0.2 | 0.2 | 0.2 | ||||||
Balance at end of period | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses by Loan Portfolio Segment and Impairment Methodology (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, Portfolio | $ 35,241.4 | $ 32,575.3 | ||
Total Allowance | 240.4 | 234.4 | $ 229.3 | $ 211 |
Originated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment | 30,435.1 | 29,877.9 | ||
Individually evaluated for impairment | 214.9 | 233.3 | ||
Loans, Portfolio | 30,650 | 30,111.2 | ||
Originated Loans Collectively Evaluated for Impairment, Allowance | 227.3 | 223.8 | ||
Originated Loans Individually Evaluated for Impairment, Allowance | 9 | 7 | ||
Financial Asset Acquired with Credit Deterioration [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, Portfolio | 399.9 | 498.5 | ||
Total Allowance | 2.3 | 3 | ||
Financial Asset Acquired and No Credit Deterioration [Member] | Purchased Performing Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment | 4,183.5 | 1,963.7 | ||
Individually evaluated for impairment | 8 | 1.9 | ||
Originated Loans Collectively Evaluated for Impairment, Allowance | 1.7 | 0.6 | ||
Originated Loans Individually Evaluated for Impairment, Allowance | 0.1 | |||
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, Portfolio | 25,077.7 | 23,705.2 | ||
Total Allowance | 209.5 | 204.5 | 204.9 | 189.7 |
Commercial [Member] | Originated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment | 21,900.1 | 21,423.8 | ||
Individually evaluated for impairment | 128.4 | 141.2 | ||
Loans, Portfolio | 22,028.5 | 21,565 | ||
Originated Loans Collectively Evaluated for Impairment, Allowance | 198.9 | 196.5 | ||
Originated Loans Individually Evaluated for Impairment, Allowance | 6.7 | 4.6 | ||
Total Allowance | 205.6 | 201.1 | 198.8 | 181.8 |
Commercial [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, Portfolio | 300.3 | 370.4 | ||
Total Allowance | 2.2 | 2.8 | ||
Commercial [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | Purchased Performing Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment | 2,744.4 | 1,769.8 | ||
Individually evaluated for impairment | 4.5 | |||
Originated Loans Collectively Evaluated for Impairment, Allowance | 1.7 | 0.6 | ||
Retail Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, Portfolio | 10,163.7 | 8,870.1 | ||
Total Allowance | 30.9 | 29.9 | 24.4 | 21.3 |
Retail Loans [Member] | Originated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment | 8,535 | 8,454.1 | ||
Individually evaluated for impairment | 86.5 | 92.1 | ||
Loans, Portfolio | 8,621.5 | 8,546.2 | ||
Originated Loans Collectively Evaluated for Impairment, Allowance | 28.4 | 27.3 | ||
Originated Loans Individually Evaluated for Impairment, Allowance | 2.3 | 2.4 | ||
Total Allowance | 30.7 | 29.7 | $ 24.2 | $ 21.1 |
Retail Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans, Portfolio | 99.6 | 128.1 | ||
Total Allowance | 0.1 | 0.2 | ||
Retail Loans [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | Purchased Performing Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment | 1,439.1 | 193.9 | ||
Individually evaluated for impairment | 3.5 | $ 1.9 | ||
Originated Loans Individually Evaluated for Impairment, Allowance | $ 0.1 |
Loans - Summarized Recorded Inv
Loans - Summarized Recorded Investments, by Class of Loan, in Originated Non-Performing Loans (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | $ 167.7 | $ 148.7 | $ 148 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 113.5 | 100.6 | 103.2 |
Retail Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 54.2 | 48.1 | 44.8 |
Commercial Real Estate Loan [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 33.5 | 23.7 | 22.3 |
Commercial and Industrial [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 38 | 32.6 | 41.5 |
Equipment Financing [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 42 | 44.3 | 39.4 |
Residential Mortgage Loan [Member] | Retail Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | 38.9 | 32.7 | 27.4 |
Home Equity Loan [Member] | Retail Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | $ 15.3 | $ 15.4 | $ 17.4 |
Loans - Summarized Recorded I_2
Loans - Summarized Recorded Investments, by Class of Loan, in Originated Non-Performing Loans (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Government guarantees | $ 1.9 | $ 3.1 | $ 13.1 |
Recorded investments, non-performing loans | 167.7 | 148.7 | 148 |
Foreclosure [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Recorded investments, non-performing loans | $ 24.8 | $ 15.2 | $ 9.8 |
Commercial Real Estate Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Guarantee rate | 0.13% | ||
Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Guarantee rate | 0.87% |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investments in TDRs by Class of Loan (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)Contracts | Dec. 31, 2017USD ($)Contracts | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 208 | 242 |
Pre-Modification Outstanding Recorded Investment | $ 149.1 | $ 114.3 |
Post-Modification Outstanding Recorded Investment | $ 149.1 | $ 114.3 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 91 | 114 |
Pre-Modification Outstanding Recorded Investment | $ 132.3 | $ 95.4 |
Post-Modification Outstanding Recorded Investment | $ 132.3 | $ 95.4 |
Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 117 | 128 |
Pre-Modification Outstanding Recorded Investment | $ 16.8 | $ 18.9 |
Post-Modification Outstanding Recorded Investment | $ 16.8 | $ 18.9 |
Commercial Real Estate Loan [Member] | Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 13 | 17 |
Pre-Modification Outstanding Recorded Investment | $ 27.6 | $ 7.5 |
Post-Modification Outstanding Recorded Investment | $ 27.6 | $ 7.5 |
Commercial and Industrial [Member] | Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 47 | 39 |
Pre-Modification Outstanding Recorded Investment | $ 73.1 | $ 52.4 |
Post-Modification Outstanding Recorded Investment | $ 73.1 | $ 52.4 |
Equipment Financing [Member] | Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 31 | 58 |
Pre-Modification Outstanding Recorded Investment | $ 31.6 | $ 35.5 |
Post-Modification Outstanding Recorded Investment | $ 31.6 | $ 35.5 |
Residential Mortgage Loan [Member] | Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 38 | 52 |
Pre-Modification Outstanding Recorded Investment | $ 9.5 | $ 13.6 |
Post-Modification Outstanding Recorded Investment | $ 9.5 | $ 13.6 |
Home Equity Loan [Member] | Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 79 | 76 |
Pre-Modification Outstanding Recorded Investment | $ 7.3 | $ 5.3 |
Post-Modification Outstanding Recorded Investment | $ 7.3 | $ 5.3 |
Loans - Summary of Recorded I_2
Loans - Summary of Recorded Investments in TDRs by Class of Loan (Parenthetical) (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)Contracts | Dec. 31, 2017USD ($)Contracts | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 208 | 242 |
Recorded investment | $ | $ 149.1 | $ 114.3 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 91 | 114 |
Recorded investment | $ | $ 132.3 | $ 95.4 |
Commercial [Member] | Commercial Real Estate Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 13 | 17 |
Recorded investment | $ | $ 27.6 | $ 7.5 |
Commercial [Member] | Commercial Real Estate Loan [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 9 | 11 |
Recorded investment | $ | $ 24.1 | $ 2.3 |
Commercial [Member] | Commercial Real Estate Loan [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 1 | 4 |
Recorded investment | $ | $ 0.5 | $ 3.1 |
Commercial [Member] | Commercial Real Estate Loan [Member] | Temporary Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 1 | |
Recorded investment | $ | $ 1.7 | |
Commercial [Member] | Commercial Real Estate Loan [Member] | Combination of Concessions [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 3 | 1 |
Recorded investment | $ | $ 3 | $ 0.4 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 47 | 39 |
Recorded investment | $ | $ 73.1 | $ 52.4 |
Commercial [Member] | Commercial and Industrial [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 31 | 34 |
Recorded investment | $ | $ 48.4 | $ 42.2 |
Commercial [Member] | Commercial and Industrial [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 11 | 4 |
Recorded investment | $ | $ 23.8 | $ 9.9 |
Commercial [Member] | Commercial and Industrial [Member] | Combination of Concessions [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 5 | 1 |
Recorded investment | $ | $ 0.9 | $ 0.3 |
Commercial [Member] | Equipment Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 31 | 58 |
Recorded investment | $ | $ 31.6 | $ 35.5 |
Commercial [Member] | Equipment Financing [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 3 | 1 |
Recorded investment | $ | $ 4.2 | $ 1 |
Commercial [Member] | Equipment Financing [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 16 | 26 |
Recorded investment | $ | $ 17.6 | $ 23.3 |
Commercial [Member] | Equipment Financing [Member] | Combination of Concessions [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 12 | 31 |
Recorded investment | $ | $ 9.8 | $ 11.2 |
Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 117 | 128 |
Recorded investment | $ | $ 16.8 | $ 18.9 |
Retail Loans [Member] | Residential Mortgage Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 38 | 52 |
Recorded investment | $ | $ 9.5 | $ 13.6 |
Retail Loans [Member] | Residential Mortgage Loan [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 10 | 11 |
Recorded investment | $ | $ 3.5 | $ 4 |
Retail Loans [Member] | Residential Mortgage Loan [Member] | Combination of Concessions [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 7 | 9 |
Recorded investment | $ | $ 2.3 | $ 3.7 |
Retail Loans [Member] | Residential Mortgage Loan [Member] | Bankruptcy [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 21 | 32 |
Recorded investment | $ | $ 3.7 | $ 5.9 |
Retail Loans [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 79 | 76 |
Recorded investment | $ | $ 7.3 | $ 5.3 |
Retail Loans [Member] | Home Equity Loan [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 10 | 13 |
Recorded investment | $ | $ 1.3 | $ 1.2 |
Retail Loans [Member] | Home Equity Loan [Member] | Combination of Concessions [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 20 | 15 |
Recorded investment | $ | $ 2.4 | $ 1.2 |
Retail Loans [Member] | Home Equity Loan [Member] | Bankruptcy [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 49 | 48 |
Recorded investment | $ | $ 3.6 | $ 2.9 |
Loans - Summary of Recorded I_3
Loans - Summary of Recorded Investments in TDRs by Class of Loan, Subsequently Defaulted (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)Contracts | Dec. 31, 2017USD ($)Contracts | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 38 | 38 |
Recorded Investment | $ | $ 12.5 | $ 10.6 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 18 | 15 |
Recorded Investment | $ | $ 10.2 | $ 5.6 |
Commercial [Member] | Commercial Real Estate Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 1 | |
Recorded Investment | $ | $ 0.1 | |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 12 | 1 |
Recorded Investment | $ | $ 6.7 | $ 0.9 |
Commercial [Member] | Equipment Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 6 | 13 |
Recorded Investment | $ | $ 3.5 | $ 4.6 |
Retail Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 20 | 23 |
Recorded Investment | $ | $ 2.3 | $ 5 |
Retail Loans [Member] | Residential Mortgage Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 7 | 11 |
Recorded Investment | $ | $ 1.6 | $ 3.6 |
Retail Loans [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contracts | 13 | 12 |
Recorded Investment | $ | $ 0.7 | $ 1.4 |
Loans - Summary of Individually
Loans - Summary of Individually-Evaluated Impaired Loans by Class of Loan (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance for loan losses, Unpaid Principal Balance | $ 187.4 | $ 194.1 |
With no related allowance for loan losses, Recorded Investment | 167.7 | 175.6 |
With a related allowance for loan losses, Unpaid Principal Balance | 63.1 | 63.3 |
With a related allowance for loan losses, Recorded Investment | 55.2 | 59.6 |
Unpaid Principal Balance | 250.5 | 257.4 |
Recorded Investment | 222.9 | 235.2 |
Related Allowance for Loan Losses | 9.1 | 7 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance for loan losses, Recorded Investment | 44.8 | |
Unpaid Principal Balance | 149.4 | 152.7 |
Recorded Investment | 132.9 | 141.2 |
Related Allowance for Loan Losses | 6.7 | 4.6 |
Commercial [Member] | Commercial Real Estate Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance for loan losses, Unpaid Principal Balance | 31 | 37.7 |
With no related allowance for loan losses, Recorded Investment | 28.1 | 36.3 |
With a related allowance for loan losses, Unpaid Principal Balance | 23.8 | 11.7 |
With a related allowance for loan losses, Recorded Investment | 21.8 | 9.9 |
Unpaid Principal Balance | 54.8 | 49.4 |
Recorded Investment | 49.9 | 46.2 |
Related Allowance for Loan Losses | 1.6 | 0.9 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance for loan losses, Unpaid Principal Balance | 45.6 | 27.9 |
With no related allowance for loan losses, Recorded Investment | 42 | 25.5 |
With a related allowance for loan losses, Unpaid Principal Balance | 12.6 | 26.9 |
With a related allowance for loan losses, Recorded Investment | 10.2 | 26 |
Unpaid Principal Balance | 58.2 | 54.8 |
Recorded Investment | 52.2 | 51.5 |
Related Allowance for Loan Losses | 2.4 | 2.6 |
Commercial [Member] | Equipment Financing [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance for loan losses, Unpaid Principal Balance | 20.2 | 36.9 |
With no related allowance for loan losses, Recorded Investment | 18 | 32.8 |
With a related allowance for loan losses, Unpaid Principal Balance | 16.2 | 11.6 |
With a related allowance for loan losses, Recorded Investment | 12.8 | 10.7 |
Unpaid Principal Balance | 36.4 | 48.5 |
Recorded Investment | 30.8 | 43.5 |
Related Allowance for Loan Losses | 2.7 | 1.1 |
Retail Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance for loan losses, Recorded Investment | 10.4 | |
Unpaid Principal Balance | 101.1 | 104.7 |
Recorded Investment | 90 | 94 |
Related Allowance for Loan Losses | 2.4 | 2.4 |
Retail Loans [Member] | Residential Mortgage Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance for loan losses, Unpaid Principal Balance | 66.8 | 67.6 |
With no related allowance for loan losses, Recorded Investment | 59.3 | 60.8 |
With a related allowance for loan losses, Unpaid Principal Balance | 8.8 | 11.4 |
With a related allowance for loan losses, Recorded Investment | 8.8 | 11.4 |
Unpaid Principal Balance | 75.6 | 79 |
Recorded Investment | 68.1 | 72.2 |
Related Allowance for Loan Losses | 1.7 | 1.7 |
Retail Loans [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance for loan losses, Unpaid Principal Balance | 23.8 | 24 |
With no related allowance for loan losses, Recorded Investment | 20.3 | 20.2 |
With a related allowance for loan losses, Unpaid Principal Balance | 1.7 | 1.7 |
With a related allowance for loan losses, Recorded Investment | 1.6 | 1.6 |
Unpaid Principal Balance | 25.5 | 25.7 |
Recorded Investment | 21.9 | 21.8 |
Related Allowance for Loan Losses | $ 0.7 | $ 0.7 |
Loans - Schedule of Impaired Fi
Loans - Schedule of Impaired Financing Receivable (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 217.8 | $ 256.6 | $ 249.8 |
Interest Income Recognized | 6.4 | 5.6 | 5.7 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 128.2 | 163.6 | 156.4 |
Interest Income Recognized | 4 | 3.5 | 3.8 |
Commercial [Member] | Commercial Real Estate Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 40.2 | 55.8 | 56.7 |
Interest Income Recognized | 1.1 | 1.2 | 1.4 |
Commercial [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 49.6 | 63.4 | 62.6 |
Interest Income Recognized | 2.8 | 1.9 | 2.1 |
Commercial [Member] | Equipment Financing [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 38.4 | 44.4 | 37.1 |
Interest Income Recognized | 0.1 | 0.4 | 0.3 |
Retail Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 89.6 | 93 | 93.4 |
Interest Income Recognized | 2.4 | 2.1 | 1.9 |
Retail Loans [Member] | Residential Mortgage Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 68.7 | 71.8 | 71.8 |
Interest Income Recognized | 1.9 | 1.7 | 1.6 |
Retail Loans [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 20.9 | 21.2 | 21.6 |
Interest Income Recognized | $ 0.5 | $ 0.4 | $ 0.3 |
Loans - Summary of Aging Inform
Loans - Summary of Aging Information by Class of Loan (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 35,241.4 | $ 32,575.3 |
Originated [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 30,420.8 | 29,898.8 |
Total Past Due | 229.2 | 212.4 |
Total loans | 30,650 | 30,111.2 |
Originated [Member] | 30-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 143.2 | 149.5 |
Originated [Member] | 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 86 | 62.9 |
Retail Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 10,163.7 | 8,870.1 |
Retail Loans [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 47 | 49.2 |
Retail Loans [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,962.5 | 2,015.2 |
Retail Loans [Member] | Residential Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 8,154.2 | 6,805.7 |
Retail Loans [Member] | Originated [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 8,541.9 | 8,477.8 |
Total Past Due | 79.6 | 68.4 |
Total loans | 8,621.5 | 8,546.2 |
Retail Loans [Member] | Originated [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 42.7 | 45.3 |
Total Past Due | 0.1 | 0.3 |
Total loans | 42.8 | 45.6 |
Retail Loans [Member] | Originated [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,776 | 1,945.2 |
Total Past Due | 13.5 | 14.8 |
Total loans | 1,789.5 | 1,960 |
Retail Loans [Member] | Originated [Member] | Residential Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,723.2 | 6,487.3 |
Total Past Due | 66 | 53.3 |
Total loans | 6,789.2 | 6,540.6 |
Retail Loans [Member] | Originated [Member] | 30-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 44.5 | 40.5 |
Retail Loans [Member] | Originated [Member] | 30-89 Days [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0.1 | 0.3 |
Retail Loans [Member] | Originated [Member] | 30-89 Days [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5.8 | 7.4 |
Retail Loans [Member] | Originated [Member] | 30-89 Days [Member] | Residential Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 38.6 | 32.8 |
Retail Loans [Member] | Originated [Member] | 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 35.1 | 27.9 |
Retail Loans [Member] | Originated [Member] | 90 Days or More [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7.7 | 7.4 |
Retail Loans [Member] | Originated [Member] | 90 Days or More [Member] | Residential Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 27.4 | 20.5 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 25,077.7 | 23,705.2 |
Commercial [Member] | Commercial Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 11,649.6 | 11,068.7 |
Commercial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 9,088.9 | 8,731.1 |
Commercial [Member] | Equipment Financing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,339.2 | 3,905.4 |
Commercial [Member] | Originated [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 21,878.9 | 21,421 |
Total Past Due | 149.6 | 144 |
Total loans | 22,028.5 | 21,565 |
Commercial [Member] | Originated [Member] | Commercial Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 9,762.1 | 10,102.3 |
Total Past Due | 36.4 | 24.3 |
Total loans | 9,798.5 | 10,126.6 |
Commercial [Member] | Originated [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 8,261.5 | 8,099 |
Total Past Due | 30.8 | 30.9 |
Total loans | 8,292.3 | 8,129.9 |
Commercial [Member] | Originated [Member] | Equipment Financing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,855.3 | 3,219.7 |
Total Past Due | 82.4 | 88.8 |
Total loans | 3,937.7 | 3,308.5 |
Commercial [Member] | Originated [Member] | 30-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 98.7 | 109 |
Commercial [Member] | Originated [Member] | 30-89 Days [Member] | Commercial Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 23 | 11 |
Commercial [Member] | Originated [Member] | 30-89 Days [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6.9 | 14.9 |
Commercial [Member] | Originated [Member] | 30-89 Days [Member] | Equipment Financing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 68.8 | 83.1 |
Commercial [Member] | Originated [Member] | 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 50.9 | 35 |
Commercial [Member] | Originated [Member] | 90 Days or More [Member] | Commercial Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13.4 | 13.3 |
Commercial [Member] | Originated [Member] | 90 Days or More [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 23.9 | 16 |
Commercial [Member] | Originated [Member] | 90 Days or More [Member] | Equipment Financing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 13.6 | $ 5.7 |
Loans - Summary of Credit Quali
Loans - Summary of Credit Quality Indicators by Class of Loan (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 35,241.4 | $ 32,575.3 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 25,077.7 | 23,705.2 |
Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 10,163.7 | 8,870.1 |
Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 22,028.5 | 21,565 |
Originated [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 21,012 | 20,519.9 |
Originated [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 394.5 | 375.2 |
Originated [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 620.8 | 668 |
Originated [Member] | Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1.2 | 1.9 |
Originated [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8,621.5 | 8,546.2 |
Originated [Member] | Retail Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,774.6 | 4,245.9 |
Originated [Member] | Retail Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,943.2 | 3,385.9 |
Originated [Member] | Retail Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 903.7 | 914.4 |
Acquired Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,049.2 | 2,140.2 |
Acquired Loans [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,879.8 | 2,008.9 |
Acquired Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 46.6 | 30 |
Acquired Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 122.8 | 101.3 |
Acquired Loans [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,542.2 | 323.9 |
Acquired Loans [Member] | Retail Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 506.1 | 148 |
Acquired Loans [Member] | Retail Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 639.6 | 65.7 |
Acquired Loans [Member] | Retail Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 396.5 | 110.2 |
Commercial Real Estate Loan [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 11,649.6 | 11,068.7 |
Commercial Real Estate Loan [Member] | Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 9,798.5 | 10,126.6 |
Commercial Real Estate Loan [Member] | Originated [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 9,607 | 9,859.3 |
Commercial Real Estate Loan [Member] | Originated [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 105.5 | 159.4 |
Commercial Real Estate Loan [Member] | Originated [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 85.2 | 107 |
Commercial Real Estate Loan [Member] | Originated [Member] | Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0.8 | 0.9 |
Commercial Real Estate Loan [Member] | Acquired Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,851.1 | 942.1 |
Commercial Real Estate Loan [Member] | Acquired Loans [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,766.2 | 892 |
Commercial Real Estate Loan [Member] | Acquired Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 27.3 | 14.8 |
Commercial Real Estate Loan [Member] | Acquired Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 57.6 | 35.3 |
Commercial and Industrial [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 9,088.9 | 8,731.1 |
Commercial and Industrial [Member] | Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8,292.3 | 8,129.9 |
Commercial and Industrial [Member] | Originated [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 7,855.7 | 7,760.7 |
Commercial and Industrial [Member] | Originated [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 196.9 | 124 |
Commercial and Industrial [Member] | Originated [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 239.3 | 244.2 |
Commercial and Industrial [Member] | Originated [Member] | Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0.4 | 1 |
Commercial and Industrial [Member] | Acquired Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 796.6 | 601.2 |
Commercial and Industrial [Member] | Acquired Loans [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 719.6 | 520 |
Commercial and Industrial [Member] | Acquired Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 14.6 | 15.2 |
Commercial and Industrial [Member] | Acquired Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 62.4 | 66 |
Equipment Financing [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,339.2 | 3,905.4 |
Equipment Financing [Member] | Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,937.7 | 3,308.5 |
Equipment Financing [Member] | Originated [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,549.3 | 2,899.9 |
Equipment Financing [Member] | Originated [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 92.1 | 91.8 |
Equipment Financing [Member] | Originated [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 296.3 | 316.8 |
Equipment Financing [Member] | Acquired Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 401.5 | 596.9 |
Equipment Financing [Member] | Acquired Loans [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 394 | 596.9 |
Equipment Financing [Member] | Acquired Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4.7 | |
Equipment Financing [Member] | Acquired Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2.8 | |
Residential Mortgage Loan [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8,154.2 | 6,805.7 |
Residential Mortgage Loan [Member] | Originated [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 6,789.2 | 6,540.6 |
Residential Mortgage Loan [Member] | Originated [Member] | Retail Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,912.8 | 3,292.1 |
Residential Mortgage Loan [Member] | Originated [Member] | Retail Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,360.9 | 2,738.8 |
Residential Mortgage Loan [Member] | Originated [Member] | Retail Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 515.5 | 509.7 |
Residential Mortgage Loan [Member] | Acquired Loans [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,365 | 265.1 |
Residential Mortgage Loan [Member] | Acquired Loans [Member] | Retail Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 506.1 | 148 |
Residential Mortgage Loan [Member] | Acquired Loans [Member] | Retail Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 639.6 | 65.7 |
Residential Mortgage Loan [Member] | Acquired Loans [Member] | Retail Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 219.3 | 51.4 |
Home Equity Loan [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,962.5 | 2,015.2 |
Home Equity Loan [Member] | Originated [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,789.5 | 1,960 |
Home Equity Loan [Member] | Originated [Member] | Retail Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 834.5 | 925.6 |
Home Equity Loan [Member] | Originated [Member] | Retail Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 576.4 | 640 |
Home Equity Loan [Member] | Originated [Member] | Retail Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 378.6 | 394.4 |
Home Equity Loan [Member] | Acquired Loans [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 173 | 55.2 |
Home Equity Loan [Member] | Acquired Loans [Member] | Retail Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 173 | 55.2 |
Other Consumer [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 47 | 49.2 |
Other Consumer [Member] | Originated [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 42.8 | 45.6 |
Other Consumer [Member] | Originated [Member] | Retail Loans [Member] | Low Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 27.3 | 28.2 |
Other Consumer [Member] | Originated [Member] | Retail Loans [Member] | Moderate Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 5.9 | 7.1 |
Other Consumer [Member] | Originated [Member] | Retail Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 9.6 | 10.3 |
Other Consumer [Member] | Acquired Loans [Member] | Retail Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4.2 | 3.6 |
Other Consumer [Member] | Acquired Loans [Member] | Retail Loans [Member] | High Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 4.2 | $ 3.6 |
Loans - Summarized Activity in
Loans - Summarized Activity in Accretable Yield for PCI Loan Portfolio (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | |||
Balance at beginning of period | $ 219.7 | $ 255.4 | $ 296 |
Acquisitions | 27.1 | 13.1 | |
Accretion | (24.6) | (29.1) | (39) |
Reclassification from nonaccretable difference for loans with improved cash flows | 0 | 0 | 0 |
Other changes in expected cash flows | (32.5) | (19.7) | (1.6) |
Balance at end of period | $ 189.7 | $ 219.7 | $ 255.4 |
Goodwill and Other Acquisitio_3
Goodwill and Other Acquisition-Related Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Beginning balance | $ 2,411.4 | $ 1,992.7 |
Ending balance | 2,685.7 | 2,411.4 |
Suffolk [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 270.3 | |
LEAF Commercial Capital, Inc. [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 148.4 | |
Vend Lease [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 23.9 | |
First Connecticut Bancorp, Inc. [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 250.4 | |
Commercial Banking Loan [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 1,600.3 | 1,222.1 |
Ending balance | 1,759.4 | 1,600.3 |
Commercial Banking Loan [Member] | Suffolk [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 229.8 | |
Commercial Banking Loan [Member] | LEAF Commercial Capital, Inc. [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 148.4 | |
Commercial Banking Loan [Member] | Vend Lease [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 23.9 | |
Commercial Banking Loan [Member] | First Connecticut Bancorp, Inc. [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 135.2 | |
Retail Banking [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 720.1 | 679.6 |
Ending balance | 835.3 | 720.1 |
Retail Banking [Member] | Suffolk [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 40.5 | |
Retail Banking [Member] | First Connecticut Bancorp, Inc. [Member] | ||
Goodwill [Line Items] | ||
Acquisition | 115.2 | |
Wealth Management [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 91 | 91 |
Ending balance | $ 91 | $ 91 |
Goodwill and Other Acquisitio_4
Goodwill and Other Acquisition-Related Intangible Assets - Other Acquisition-Related Intangibles (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 455.5 | $ 402.3 |
Accumulated Amortization | 292 | 270.2 |
Carrying Amount | 163.5 | 132.1 |
Carrying Amount | 180 | 148.6 |
Mutual Fund Management Contracts [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 180 | 148.6 |
Core Deposit Intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 222.9 | 171.9 |
Accumulated Amortization | 157.4 | 148.5 |
Carrying Amount | 65.5 | 23.4 |
Trade Name [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 123.9 | 123.9 |
Accumulated Amortization | 64.8 | 57.7 |
Carrying Amount | 59.1 | 66.2 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 42.7 | 42.7 |
Accumulated Amortization | 31.3 | 28.5 |
Carrying Amount | 11.4 | 14.2 |
Client Relationship [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 24.4 | 24.4 |
Accumulated Amortization | 4.4 | 2.4 |
Carrying Amount | 20 | 22 |
Favorable Lease Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 2.9 | 0.7 |
Accumulated Amortization | 0.3 | 0.1 |
Carrying Amount | 2.6 | 0.6 |
Noncompete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 0.6 | 0.6 |
Accumulated Amortization | 0.2 | 0.1 |
Carrying Amount | 0.4 | 0.5 |
Insurance Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 38.1 | 38.1 |
Accumulated Amortization | 33.6 | 32.9 |
Carrying Amount | $ 4.5 | $ 5.2 |
Goodwill and Other Acquisitio_5
Goodwill and Other Acquisition-Related Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of other acquisition-related intangible assets | $ 21,800,000 | $ 30,000,000 | $ 23,600,000 |
Amortization expense attributable to other acquisition-related intangible assets, 2019 | 26,100,000 | ||
Amortization expense attributable to other acquisition-related intangible assets, 2020 | 24,000,000 | ||
Amortization expense attributable to other acquisition-related intangible assets, 2021 | 21,700,000 | ||
Amortization expense attributable to other acquisition-related intangible assets, 2022 | 19,700,000 | ||
Amortization expense attributable to other acquisition-related intangible assets, 2023 | 14,200,000 | ||
Impairment losses relating to goodwill or other acquisition-related intangible assets | $ 0 | $ 0 | $ 0 |
Weighted-average amortization period, Years | 13 years |
Premises and Equipment - Compon
Premises and Equipment - Components of Premises and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 50.1 | $ 47.2 |
Buildings | 300 | 283.9 |
Leasehold improvements | 170.7 | 161.3 |
Furniture and equipment | 279.3 | 256.2 |
Total | 800.1 | 748.6 |
Less: Accumulated depreciation and amortization | 532.8 | 495.6 |
Total premises and equipment, net | $ 267.3 | $ 253 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense included in occupancy and equipment expense | $ 36.3 | $ 39.1 | $ 36.9 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities - Components of Other Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Other Assets [Line Items] | ||
Affordable housing investments (note 12) | $ 304.1 | $ 250.7 |
Leased equipment | 189 | 165.8 |
Accrued interest receivable | 138.2 | 122.9 |
Fair value of derivative financial instruments (notes 19 and 21) | 103 | 77.9 |
Funded status of defined benefit pension plans (note 17) | 78 | 46.4 |
Assets held in trust for supplemental retirement plans (note 17) | 56.4 | 41.3 |
Current income tax receivable (note 12) | 31.4 | 68.7 |
Other prepaid expenses | 27.5 | 19.4 |
Receivables arising from securities brokerage and insurance businesses | 26.4 | 31.8 |
Economic development investments | 26.2 | 21.5 |
Loan disbursements in process | 17.9 | 20.1 |
Investment in joint venture | 17.2 | 21.2 |
Net deferred tax asset (note 12) | 11.4 | |
Repossessed assets | 3.9 | 2.5 |
Other | 46.8 | 45.6 |
Total other assets | 1,091.6 | 952.7 |
Commercial Real Estate Loan [Member] | ||
Schedule Of Other Assets [Line Items] | ||
REO | 8.7 | 9.3 |
Residential Mortgage Loan [Member] | ||
Schedule Of Other Assets [Line Items] | ||
REO | $ 5.5 | $ 7.6 |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities - Components of Other Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Fair value of derivative financial instruments (notes 19 and 21) | $ 139 | $ 88.3 |
Future contingent commitments for affordable housing investments (note 12) | 119.7 | 99.6 |
Accrued expenses payable | 87.9 | 86.4 |
Liabilities for supplemental retirement plans (note 17) | 86.6 | 68.4 |
Accrued employee benefits | 66.6 | 64 |
Loan payments in process | 51.2 | 9 |
Payables arising from securities brokerage and insurance businesses | 29.7 | 39.8 |
Accrued interest payable | 25.4 | 18.1 |
Other postretirement plans (note 17) | 15.3 | 14.6 |
Net deferred tax liability (note 12) | 11.3 | |
Funded status of defined benefit pension plans (note 17) | 0.3 | 8.5 |
Other | 73.5 | 63.8 |
Total other liabilities | $ 695.2 | $ 571.8 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Deposits | |||
Non-interest-bearing, Amount | $ 8,543 | $ 8,002.4 | |
Savings | 4,116.5 | 4,410.5 | |
Interest-bearing checking and money market | 16,583.3 | 15,189.1 | |
Within 3 months, Amount | 1,480 | 1,785.3 | |
After 3 but within 6 months, Amount | 1,375.6 | 740.5 | |
After 6 months but within 1 year, Amount | 2,511.5 | 1,354.9 | |
After 1 but within 2 years, Amount | 1,275.5 | 1,060 | |
After 2 but within 3 years, Amount | 153.5 | 358.9 | |
After 3 but within 4 years, Amount | 102.1 | 62 | |
After 4 but within 5 years, Amount | 18 | 92.6 | |
After 5 years, Amount | [1] | 0.1 | |
Total, Amount | 6,916.2 | 5,454.3 | |
Total deposits | $ 36,159 | $ 33,056.3 | |
Non-interest-bearing, Weighted Average Rate | 0.00% | 0.00% | |
Savings, Weighted Average Rate | 0.09% | 0.14% | |
Interest-bearing checking and money market, Weighted Average Rate | 1.04% | 0.57% | |
Within 3 months, Weighted Average Rate | 1.66% | 1.04% | |
After 3 but within 6 months, Weighted Average Rate | 1.67% | 0.90% | |
After 6 months but within 1 year, Weighted Average Rate | 1.83% | 1.14% | |
After 1 but within 2 years, Weighted Average Rate | 1.98% | 1.42% | |
After 2 but within 3 years, Weighted Average Rate | 1.97% | 1.73% | |
After 3 but within 4 years, Weighted Average Rate | 1.63% | 1.03% | |
After 4 but within 5 years, Weighted Average Rate | 1.29% | 1.62% | |
After 5 years, Weighted Average Rate | [1] | 1.01% | 0.86% |
Total, Weighted Average Rate | 1.78% | 1.17% | |
Total deposits, Weighted Average Rate | 0.83% | 0.47% | |
[1] | Amount totaled less than $0.1 million at December 31, 2018. |
Deposits - Schedule of Deposi_2
Deposits - Schedule of Deposits (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Time Deposits By Maturity [Line Items] | |||
After 5 years, Amount | [1] | $ 0.1 | |
Maximum [Member] | |||
Time Deposits By Maturity [Line Items] | |||
After 5 years, Amount | $ 0.1 | ||
[1] | Amount totaled less than $0.1 million at December 31, 2018. |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Time deposits issued in amounts that exceed $250,000 | $ 1,100 | $ 1,000 |
Non-interest-bearing deposit overdrafts | $ 2.7 | $ 2.2 |
Deposits - Schedule of Interest
Deposits - Schedule of Interest Expense on Deposits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |||
Savings | $ 7.2 | $ 9.7 | $ 9.6 |
Interest-bearing checking and money market | 120.2 | 70.4 | 43.4 |
Time | 88.7 | 50.6 | 47.9 |
Total | $ 216.1 | $ 130.7 | $ 100.9 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | |||
Fixed-rate FHLB advances maturing, within 1 month, Amount | $ 2,270.3 | $ 1,863 | |
Fixed-rate FHLB advances maturing, After 1 month but within 1 year, Amount | 61 | 891.5 | |
Fixed-rate FHLB advances maturing, After 1 but within 2 years, Amount | 54.2 | ||
Fixed-rate FHLB advances maturing, After 2 but within 3 years, Amount | 6.8 | 15.1 | |
"Fixed-rate FHLB advances maturing, After 3 but within 4 years, Amount | 1.3 | ||
Fixed-rate FHLB advances maturing, After 4 but within 5 years, Amount | 0.6 | 0.9 | |
Fixed-rate FHLB advances maturing, After 5 years, Amount | 10.3 | 3.9 | |
Total FHLB advances, Amount | 2,404.5 | 2,774.4 | $ 3,061.1 |
Federal funds purchased maturing, within 1 month, Amount | 845 | 820 | |
Total federal funds purchased, Amount | 845 | 820 | 617 |
Customer repurchase agreements maturing, within 1 month, Amount | 332.9 | 301.6 | |
Total customer repurchase agreements, Amount | 332.9 | 301.6 | 343.3 |
Other borrowings maturing, within 1 year, Amount | 11 | 2.4 | |
Other borrowings maturing, After 5 years, Amount | 205.4 | ||
Total other borrowings, Amount | 11 | 207.8 | $ 35.4 |
Total borrowings | $ 3,593.4 | $ 4,103.8 | |
Fixed rate FHLB advances maturing, within 1 month, Weighted Average Rate | 2.59% | 1.49% | |
Fixed rate FHLB advances maturing, After 1 month but within 1 year, Weighted Average Rate | 1.76% | 1.86% | |
Fixed-rate FHLB advances maturing, After 1 but within 2 years, Weighted Average Rate | 1.75% | ||
Fixed-rate FHLB advances maturing, After 2 but within 3 years, Weighted Average Rate | 2.11% | 1.76% | |
Fixed-rate FHLB advances maturing, After 3 but within 4 years, Weighted Average Rate | 0.52% | ||
Fixed-rate FHLB advances maturing, After 4 but within 5 years, Weighted Average Rate | 0.05% | 0.75% | |
Fixed-rate FHLB advances maturing, After 5 years, Weighted Average Rate | 1.64% | 1.50% | |
Total FHLB advances, Weighted Average Rate | 2.54% | 1.61% | |
Federal funds purchased maturing, within 1 month, Weighted Average Rate | 2.53% | 1.47% | |
Total federal funds purchased, Weighted Average Rate | 2.53% | 1.47% | |
Retail repurchase agreements maturing, within 1 month, Weighted Average Rate | 0.61% | 0.19% | |
Total customer repurchase agreements, Weighted Average Rate | 0.61% | 0.19% | |
Other borrowings maturing, within 1 year, Weighted Average Rate | 2.40% | 1.33% | |
Other borrowings maturing, After 5 years, Weighted Average Rate | 2.58% | ||
Total other borrowings, Weighted Average Rate | 2.40% | 2.57% | |
Total borrowings, Weighted Average Rate | 2.36% | 1.53% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)Securitization | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Borrowings [Line Items] | |||
Repurchase agreements and advances borrowing limit | $ 10,900 | ||
Unsecured borrowing capacity | 1,000 | ||
Other borrowings | $ 207.8 | $ 11 | $ 35.4 |
LEAF Commercial Capital, Inc. [Member] | |||
Schedule of Borrowings [Line Items] | |||
Other borrowings | $ 205.4 | ||
Number of remaining securitization ssumed in acquisition | Securitization | 1 |
Borrowings - Interest Expense o
Borrowings - Interest Expense on Borrowings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |||
FHLB advances | $ 54.5 | $ 31.5 | $ 19.3 |
Federal funds purchased | 13.6 | 7.1 | 2.9 |
Customer repurchase agreements | 1 | 0.6 | 0.6 |
Other borrowings | 1.8 | 2.1 | |
Total | $ 70.9 | $ 41.3 | $ 22.8 |
Borrowings - Information Concer
Borrowings - Information Concerning Parent Company Borrowings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Line Items] | |||
FHLB advances, Balance at year end | $ 2,404.5 | $ 2,774.4 | $ 3,061.1 |
FHLB advances, Average outstanding during the year | 2,653.6 | 2,677.5 | 3,093.7 |
FHLB advances, Maximum outstanding at any month end | $ 3,510.1 | $ 3,130.8 | $ 3,562.5 |
FHLB advances, Average interest rate during the year | 2.05% | 1.17% | 0.62% |
Federal funds purchased and Other borrowings, Average outstanding during the year | $ 845 | $ 820 | $ 617 |
Federal funds purchased and Other borrowings, Maximum outstanding at any month end | 682.2 | 643.5 | 568.1 |
Federal funds purchased and Other borrowings, Average interest rate during the year | $ 855 | $ 820 | $ 872 |
Average interest rate during the year | 2.00% | 1.11% | 0.50% |
Customer repurchase agreements, Balance at year end | $ 332.9 | $ 301.6 | $ 343.3 |
Customer repurchase agreements, Average outstanding during the year | 252.7 | 311 | 337.2 |
Customer repurchase agreements, Maximum outstanding at any month end | $ 332.9 | $ 331.6 | $ 427.2 |
Customer repurchase agreements, Average interest rate during the year | 0.40% | 0.19% | 0.19% |
Other borrowings, Balance at year end | $ 11 | $ 207.8 | $ 35.4 |
Other borrowings, Average outstanding during the year | 104.5 | 132 | 2.8 |
Other borrowings, Maximum outstanding at any month end | $ 207.6 | $ 237.4 | $ 35.4 |
Other borrowings, Average interest rate during the year | 1.66% | 1.60% | 0.66% |
Securities Sold under Agreements to Repurchase [Member] | |||
Debt Disclosure [Line Items] | |||
Other borrowings, Carrying amount of collateral securities at year end | $ 342.3 | $ 307.7 | $ 350.2 |
Notes and Debentures - Schedule
Notes and Debentures - Schedule of Subordinated Borrowing (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Subordinated Borrowing [Line Items] | ||
Total notes and debentures | $ 895.8 | $ 901.6 |
People's United Financial, Inc. [Member] | ||
Subordinated Borrowing [Line Items] | ||
Total notes and debentures | 497.7 | 497.1 |
People's United Financial, Inc. [Member] | 3.65% Senior Notes Due 2022 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Notes and debentures | 497.7 | 497.1 |
People's United Bank [Member] | 4.00% Subordinated Notes Due 2024 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Notes and debentures | $ 398.1 | $ 404.5 |
Notes and Debentures - Addition
Notes and Debentures - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Subordinated Borrowing [Line Items] | |
Debt instrument, maturity date | Apr. 16, 2024 |
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 "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. |
4.00% Subordinated Notes Due 2024 [Member] | |
Subordinated Borrowing [Line Items] | |
Interest rate on debt | 4.00% |
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 | Sep. 6, 2022 |
Percentage of redemption price to principal amount | 100.00% |
Subordinated notes due year | 2,022 |
Frequency of payment of debt | Semi-annually |
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 ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax expense applicable to pre-tax income | $ 15.8 | $ 32.2 | $ 30.8 | $ 29.4 | $ 26.2 | $ 39 | $ 32.8 | $ 32 | $ 108.2 | $ 129.9 | $ 128.5 |
Deferred income tax (benefit) expense applicable to items reported in total other comprehensive (loss) income (note 16) | (12.2) | 8.3 | (10.6) | ||||||||
Total | $ 96 | $ 138.2 | $ 117.9 |
Income Taxes - Income Tax Effec
Income Taxes - Income Tax Effects Related to Items Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Income Tax Disclosure [Abstract] | ||||||||||||
Federal | $ 83 | $ 88.9 | $ 109.7 | |||||||||
State | 23.3 | 15.2 | 15.1 | |||||||||
Total current tax expense | 106.3 | 104.1 | 124.8 | |||||||||
Deferred tax expense | [1] | 1.9 | 25.8 | 3.7 | ||||||||
Total income tax expense | $ 15.8 | $ 32.2 | $ 30.8 | $ 29.4 | $ 26.2 | $ 39 | $ 32.8 | $ 32 | $ 108.2 | $ 129.9 | $ 128.5 | |
[1] | Includes the effect of increases (decreases) in the valuation allowance for state deferred tax assets of $0.3 million, $(0.6) million and $(1.3) million in 2018, 2017 and 2016, respectively. |
Income Taxes - Income Tax Eff_2
Income Taxes - Income Tax Effects Related to Items Recognized in Other Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Increase (Decrease) in valuation allowance for state deferred tax assets | $ 0.3 | $ (0.6) | $ (1.3) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Income Tax Expense [Line Items] | |||||||||||
U.S. federal statutory rate | 21.00% | 35.00% | 35.00% | ||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | $ (6.5) | ||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense | 58 | ||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Deferred Tax Liability, Provisional Income Tax Benefit | 64.5 | ||||||||||
Income Tax Expense Benefit | $ 15.8 | $ 32.2 | $ 30.8 | $ 29.4 | 26.2 | $ 39 | $ 32.8 | $ 32 | $ 108.2 | $ 129.9 | $ 128.5 |
Employer contributions | 50 | ||||||||||
Affordable housing investments | 304.1 | 250.7 | 304.1 | 250.7 | |||||||
Future contingent commitments | 119.7 | 99.6 | $ 119.7 | 99.6 | |||||||
Amortization period | 10 years | ||||||||||
Income tax expense | $ 19.1 | 16.7 | $ 12.6 | ||||||||
Connecticut tax net operating loss carryforwards | 1,300 | 1,300 | |||||||||
Current income tax receivable | 31.4 | 68.7 | 31.4 | 68.7 | |||||||
Accrued interest expense related to the unrecognized income tax benefits | 0.9 | $ 0.8 | 0.9 | 0.8 | |||||||
Pension Plans [Member] | |||||||||||
Schedule Of Income Tax Expense [Line Items] | |||||||||||
Income Tax Expense Benefit | $ 9.2 | ||||||||||
Employer contributions | $ 52.7 | $ 5.9 | |||||||||
Minimum [Member] | |||||||||||
Schedule Of Income Tax Expense [Line Items] | |||||||||||
Tax net operating loss carryforwards | 2,020 | ||||||||||
Maximum [Member] | |||||||||||
Schedule Of Income Tax Expense [Line Items] | |||||||||||
Tax net operating loss carryforwards | 2,032 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Reconciliation (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Expected income tax expense, amount | $ 121 | $ 163.5 | $ 143.3 | ||||||||
State income tax, net of federal tax effect, amount | 23.2 | 12.2 | 10 | ||||||||
Non-deductible FDIC insurance premiums, amount | 6.5 | ||||||||||
Tax-exempt interest, amount | (19.4) | (26.6) | (20) | ||||||||
Federal income tax credits, amount | (12.3) | (11.6) | (5.3) | ||||||||
Tax-exempt income from BOLI, amount | (1.5) | (2.2) | (2) | ||||||||
Tax reform, amount | (9.2) | (6.5) | |||||||||
Equity compensation, amount | (1.3) | (1.1) | |||||||||
Other, net, amount | 1.2 | 2.2 | 2.5 | ||||||||
Total income tax expense | $ 15.8 | $ 32.2 | $ 30.8 | $ 29.4 | $ 26.2 | $ 39 | $ 32.8 | $ 32 | $ 108.2 | $ 129.9 | $ 128.5 |
Expected income tax expense, rate | 21.00% | 35.00% | 35.00% | ||||||||
State income tax, net of federal tax effect, rate | 4.10% | 2.60% | 2.50% | ||||||||
Non-deductible FDIC insurance premiums, rate | 1.10% | ||||||||||
Tax-exempt interest, rate | (3.40%) | (5.70%) | (4.90%) | ||||||||
Federal income tax credits, rate | (2.10%) | (2.50%) | (1.30%) | ||||||||
Tax-exempt income from BOLI, rate | (0.30%) | (0.50%) | (0.50%) | ||||||||
The Tax Cuts and Jobs Act, rate | (1.60%) | (1.40%) | |||||||||
Equity-based compensation, rate | (0.20%) | (0.20%) | |||||||||
Other, net, rate | 0.20% | 0.50% | 0.60% | ||||||||
Effective income tax rate | 18.80% | 27.80% | 31.40% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
State tax net operating loss carryforwards, net of federal tax effect | $ 79.4 | $ 80.9 |
Allowance for loan losses and non-accrual interest | 62.3 | 61 |
Equity-based compensation | 15.6 | 12.4 |
Unrealized loss on debt securities available-for-sale | 15.4 | 9.2 |
Acquisition-related deferred tax assets | 13.3 | |
Unrealized loss on debt securities transferred to held-to-maturity | 4.7 | 6.2 |
Pension and other postretirement benefits | 3.7 | |
Other deductible temporary differences | 28.5 | 21.3 |
Total deferred tax assets | 219.2 | 194.7 |
Less: valuation allowance for state deferred tax assets | (80.1) | (79.8) |
Total deferred tax assets, net of the valuation allowance | 139.1 | 114.9 |
Leasing activities | (82) | (71.7) |
Book over tax income recognized on consumer loans | (17.5) | (13) |
Mark-to-market and original issue discounts for tax purposes | (10.4) | (9) |
Pension and other postretirement benefits | (9.7) | |
Temporary differences related to merchant services joint venture | (3.7) | (3.9) |
Acquisition-related deferred tax liabilities | (21) | |
Deferred cancellation-of-indebtedness income | (3) | |
Other taxable temporary differences | (4.4) | (4.6) |
Total deferred tax liabilities | (127.7) | (126.2) |
Net deferred tax asset (liability) | $ 11.4 | |
Net deferred tax asset (liability) | $ (11.3) |
Income Taxes - Unrecognized Inc
Income Taxes - Unrecognized Income Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Banking and Thrift, Interest [Abstract] | |||
Balance at beginning of year | $ 2.7 | $ 2.8 | $ 2.7 |
Additions for tax positions taken in prior years | 2.5 | 0.1 | 0.1 |
Reductions for tax positions taken in prior years | 0 | 0 | 0 |
Reductions attributable to audit settlements/lapse of statute of limitations | (0.2) | ||
Balance at end of year | $ 5.2 | $ 2.7 | $ 2.8 |
Stockholders' Equity and Divi_2
Stockholders' Equity and Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2007 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Stockholders Equity [Line Items] | ||||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Preferred stock par value, per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
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 | 466,300,000 | 435,600,000 | 466,300,000 | 435,600,000 | ||||||||
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||
Number of common stock purchased | 89,000,000 | 89,000,000 | 89,000,000 | 89,000,000 | ||||||||
Original loan amount ESOP | $ 216.8 | |||||||||||
ESOP shares purchased in open market | 10,500,000 | |||||||||||
Employee stock ownership plan (ESOP), number of shares | 6,272,145 | 6,600,000 | 6,272,145 | 6,600,000 | ||||||||
Unallocated common stock of employee stock ownership plan, Value | $ 130.1 | $ 137.3 | $ 130.1 | $ 137.3 | ||||||||
Dividends paid per common share | $ 0.6975 | $ 0.6875 | $ 0.6775 | |||||||||
Dividend payout ratio | 50.30% | 52.90% | 56.20% | 56.30% | 57.10% | 66.80% | 88.60% | 78.30% | 53.70% | 70.60% | 73.70% | |
Cash dividends payable to parent company | $ 342 | $ 292 | $ 271 | |||||||||
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 | 466,300,000 | 466,300,000 | ||||||||||
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 | ||||||||||
Cash dividends payable to parent company | $ 342 | $ 292 | $ 271 | |||||||||
People's United Bank [Member] | ||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||
Retained net income under federal regulations | $ 201.8 | |||||||||||
Repurchases Authorized by Board of Directors [Member] | ||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||
Number of common stock purchased | 86,400,000 | 86,400,000 | ||||||||||
2007 Recognition and Retention Plan [Member] | ||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||
Number of common stock purchased | 2,600,000 | 2,600,000 | ||||||||||
2014 Long-Term Incentive Plan [Member] | 2007 Recognition and Retention Plan [Member] | ||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||
Additional awards under RRP | 0 | 0 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common equity tier 1 capital, Ratio, Minimum capital adequacy | 4.50% | |||
Capital conservation buffer | 2.50% | |||
Common Equity Tier 1 Capital, Ratio, Minimum Capital Adequacy including conservation buffer | 7.00% | |||
Common Tier 1 buffer phase start year | 2,016 | |||
Risk-based capital tier 1, Ratio, Minimum capital adequacy | 6.00% | |||
Risk-based capital tier 1, Ratio, Minimum capital adequacy including conservation buffer | 8.50% | |||
Total, Ratio, Minimum capital adequacy | 8.00% | |||
Total, Ratio, Minimum capital adequacy including conservation buffer | 10.50% | |||
Leverage (core) capital, Ratio | 4.00% | |||
Capital conservation buffer | 1.875% | 1.25% | ||
Cumulative-effect transition adjustments | $ 0.6 | |||
Increase in risk-based capital ratios | 0.11% | 0.11% | ||
Retained Earnings [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Cumulative-effect transition adjustments | $ 37.9 | |||
Minimum [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Estimated basis point that negatively impacted on risk-based capital ratios | 0.10% | |||
Maximum [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Estimated basis point that negatively impacted on risk-based capital ratios | 0.20% | |||
People's United Financial, Inc. [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common equity tier 1 capital, Ratio, Minimum capital adequacy | 6.375% | 5.75% | ||
Risk-based capital tier 1, Ratio, Minimum capital adequacy | 7.875% | 7.25% | ||
Total, Ratio, Minimum capital adequacy | 12.50% | 12.20% | ||
Leverage (core) capital, Ratio | 8.70% | 8.30% | ||
Risk-weighted assets | $ 35,900 | $ 33,300 | ||
Bank [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common equity tier 1 capital, Ratio, Minimum capital adequacy | 6.375% | 5.75% | ||
Risk-based capital tier 1, Ratio, Minimum capital adequacy | 7.875% | 7.25% | ||
Total, Ratio, Minimum capital adequacy | 13.20% | 12.60% | ||
Leverage (core) capital, Ratio | 9.00% | 8.50% | ||
Risk-weighted assets | $ 35,900 | $ 33,200 | ||
Scenario, Forecast [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Capital conservation buffer | 2.50% |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Regulatory Capital Requirements and Ratio under Basel III Capital Rules (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Leverage Capital, Ratio | 4.00% | |
Total, Ratio | 8.00% | |
CET 1 Risk-Based Capital, Ratio, Minimum Capital Required | 4.50% | |
Tier 1 Risk-Based Capital, Ratio, Minimum Capital Required | 6.00% | |
People's United Financial, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Leverage Capital, Amount | $ 3,927.2 | $ 3,474.1 |
CET 1 Risk-Based Capital, Amount | 3,683.1 | 3,230 |
Tier 1 Risk-Based Capital | 3,927.2 | 3,474.1 |
Total, Amount | $ 4,505.7 | $ 4,057.7 |
Tier 1 Leverage Capital, Ratio | 8.70% | 8.30% |
CET 1 Risk-Based Capital, Ratio | 10.30% | 9.70% |
Tier 1 Risk-Based Capital, Ratio | 10.90% | 10.40% |
Total, Ratio | 12.50% | 12.20% |
Tier 1 Leverage Capital, Minimum Capital Required, Amount | $ 1,806 | $ 1,666.6 |
CET 1 Risk-Based Capital, Minimum Capital Required, Amount | 2,289.3 | 1,912.2 |
Tier 1 Risk-Based Capital, Minimum Capital Required, Amount | 2,827.9 | 2,411.1 |
Total, Minimum Capital Required, Amount | $ 3,546.1 | $ 3,076.2 |
Tier 1 Leverage Capital, Ratio, Minimum Capital Required | 4.00% | 4.00% |
CET 1 Risk-Based Capital, Ratio, Minimum Capital Required | 6.375% | 5.75% |
Tier 1 Risk-Based Capital, Ratio, Minimum Capital Required | 7.875% | 7.25% |
Total, Ratio, Minimum Capital Required | 9.875% | 9.25% |
Tier 1 Risk-Based Capital, Well-Capitalized, Amount | $ 2,154.6 | $ 1,995.4 |
Total, Well-Capitalized, Amount | $ 3,591 | $ 3,325.6 |
Tier 1 Risk-Based Capital, Ratio, Well-Capitalized | 6.00% | 6.00% |
Total, Ratio, Well-Capitalized | 10.00% | 10.00% |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Leverage Capital, Amount | $ 4,076 | $ 3,543 |
CET 1 Risk-Based Capital, Amount | 4,076 | 3,543 |
Tier 1 Risk-Based Capital | 4,076 | 3,543 |
Total, Amount | $ 4,719.1 | $ 4,179.7 |
Tier 1 Leverage Capital, Ratio | 9.00% | 8.50% |
CET 1 Risk-Based Capital, Ratio | 11.40% | 10.70% |
Tier 1 Risk-Based Capital, Ratio | 11.40% | 10.70% |
Total, Ratio | 13.20% | 12.60% |
Tier 1 Leverage Capital, Minimum Capital Required, Amount | $ 1,805.4 | $ 1,663 |
CET 1 Risk-Based Capital, Minimum Capital Required, Amount | 2,287.1 | 1,909.1 |
Tier 1 Risk-Based Capital, Minimum Capital Required, Amount | 2,825.2 | 2,407.2 |
Total, Minimum Capital Required, Amount | $ 3,542.7 | $ 3,071.2 |
Tier 1 Leverage Capital, Ratio, Minimum Capital Required | 4.00% | 4.00% |
CET 1 Risk-Based Capital, Ratio, Minimum Capital Required | 6.375% | 5.75% |
Tier 1 Risk-Based Capital, Ratio, Minimum Capital Required | 7.875% | 7.25% |
Total, Ratio, Minimum Capital Required | 9.875% | 9.25% |
Tier 1 Leverage Capital, Well-Capitalized, Amount | $ 2,256.8 | $ 2,078.7 |
CET 1 Risk-Based Capital, Well-Capitalized, Amount | 2,331.9 | 2,158.2 |
Tier 1 Risk-Based Capital, Well-Capitalized, Amount | 2,870 | 2,656.2 |
Total, Well-Capitalized, Amount | $ 3,587.5 | $ 3,320.2 |
Tier 1 Leverage Capital, Ratio , Well-Capitalized | 5.00% | 5.00% |
CET 1 Risk-Based Capital, Ratio, Well-Capitalized | 6.50% | 6.50% |
Tier 1 Risk-Based Capital, Ratio, Well-Capitalized | 8.00% | 8.00% |
Total, Ratio, Well-Capitalized | 10.00% | 10.00% |
Regulatory Capital Requiremen_5
Regulatory Capital Requirements - Regulatory Capital Requirements and Ratio under Basel III Capital Rules (Parenthetical) (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Total Risk-Weighted Assets for allowance for loan losses | 1.25% | 1.25% |
Earnings Per Common Share - Bas
Earnings Per Common Share - Basic and Diluted Earnings Per Common Share, Reflecting Application of Two-Class Method (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income available to common shareholders | $ 129.4 | $ 113.5 | $ 106.7 | $ 104.4 | $ 102.7 | $ 87.3 | $ 65.8 | $ 67.3 | $ 454 | $ 323.1 | $ 279.2 |
Dividends paid on and undistributed earnings allocated to participating securities | (0.2) | (0.5) | (0.9) | ||||||||
Earnings attributable to common shareholders | $ 453.8 | $ 322.6 | $ 278.3 | ||||||||
Weighted average common shares outstanding for basic EPS | 370,220 | 341,430 | 340,640 | 339,760 | 338,530 | 336,930 | 336,580 | 308,850 | 348,100 | 330,300 | 303,100 |
Effect of dilutive equity-based awards | 3,600 | 2,600 | 900 | ||||||||
Weighted average common shares and common-equivalent shares for diluted EPS | 372,830 | 345,040 | 344,470 | 344,000 | 341,110 | 338,820 | 338,510 | 311,080 | 351,700 | 332,900 | 304,000 |
Basic | $ 0.35 | $ 0.33 | $ 0.31 | $ 0.31 | $ 0.30 | $ 0.26 | $ 0.20 | $ 0.22 | $ 1.30 | $ 0.98 | $ 0.92 |
Diluted | $ 0.35 | $ 0.33 | $ 0.31 | $ 0.30 | $ 0.30 | $ 0.26 | $ 0.19 | $ 0.22 | $ 1.29 | $ 0.97 | $ 0.92 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive equity-based awards excluded from calculation of diluted EPS | 6.8 | 8.9 | 13.6 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 5,819.9 | $ 5,141.9 | $ 4,731.6 |
Amounts reclassified from AOCL | 17.2 | 22 | 10.2 |
Current period other comprehensive income (loss) | (37.8) | 13.3 | (17.8) |
Ending Balance | 6,533.9 | 5,819.9 | 5,141.9 |
Pension and Other Postretirement Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (144.1) | (145.6) | (140) |
Other comprehensive income (loss) before reclassifications | (24.7) | (2.8) | (9.6) |
Amounts reclassified from AOCL | 6.3 | 4.3 | 4 |
Current period other comprehensive income (loss) | (18.4) | 1.5 | (5.6) |
Transition adjustments related to adoption of new accounting standards | (30) | ||
Ending Balance | (192.5) | (144.1) | (145.6) |
Net Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (21.6) | (32.3) | (17.7) |
Other comprehensive income (loss) before reclassifications | (29) | (5.3) | (18.3) |
Amounts reclassified from AOCL | 7.5 | 16 | 3.7 |
Current period other comprehensive income (loss) | (21.5) | 10.7 | (14.6) |
Transition adjustments related to adoption of new accounting standards | (3.9) | ||
Ending Balance | (47) | (21.6) | (32.3) |
Net Unrealized Gain (Losses) On Debt Securities Transferred To Held To Maturity [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (15.1) | (17.4) | (19.5) |
Amounts reclassified from AOCL | 3 | 2.3 | 2.1 |
Current period other comprehensive income (loss) | 3 | 2.3 | 2.1 |
Transition adjustments related to adoption of new accounting standards | (3.2) | ||
Ending Balance | (15.3) | (15.1) | (17.4) |
Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (0.9) | 0.3 | |
Other comprehensive income (loss) before reclassifications | (1.3) | (0.6) | (0.1) |
Amounts reclassified from AOCL | 0.4 | (0.6) | 0.4 |
Current period other comprehensive income (loss) | (0.9) | (1.2) | 0.3 |
Transition adjustments related to adoption of new accounting standards | (0.2) | ||
Ending Balance | (2) | (0.9) | 0.3 |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (181.7) | (195) | (177.2) |
Other comprehensive income (loss) before reclassifications | (55) | (8.7) | (28) |
Amounts reclassified from AOCL | 17.2 | 22 | 10.2 |
Current period other comprehensive income (loss) | (37.8) | 13.3 | (17.8) |
Transition adjustments related to adoption of new accounting standards | (37.3) | ||
Ending Balance | $ (256.8) | $ (181.7) | $ (195) |
Comprehensive Income - Summary
Comprehensive Income - Summary of Amounts Reclassified from AOCL (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income before income tax expense | $ (148.7) | $ (149.2) | $ (141) | $ (137.3) | $ (132.4) | $ (129.8) | $ (102.1) | $ (102.8) | $ (576.3) | $ (467.1) | $ (409.5) |
Income tax expense | 15.8 | 32.2 | 30.8 | 29.4 | 26.2 | 39 | 32.8 | 32 | 108.2 | 129.9 | 128.5 |
Net income | $ (132.9) | $ (117) | $ (110.2) | $ (107.9) | $ (106.2) | $ (90.8) | $ (69.3) | $ (70.8) | (468.1) | (337.2) | (281) |
Interest expense - notes and debentures | 33.3 | 29.9 | 31.4 | ||||||||
Total reclassifications for the period | (17.2) | (22) | (10.2) | ||||||||
Pension and Other Postretirement Plans [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net actuarial loss | (8.6) | (9.3) | (7.2) | ||||||||
Prior service credit | 0.3 | 0.8 | 0.8 | ||||||||
Income before income tax expense | (8.3) | (8.5) | (6.4) | ||||||||
Income tax expense | 2 | 4.2 | 2.4 | ||||||||
Net income | (6.3) | (4.3) | (4) | ||||||||
Total reclassifications for the period | (6.3) | (4.3) | (4) | ||||||||
Net Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income before income tax expense | (9.9) | (25.4) | (5.9) | ||||||||
Income tax expense | 2.4 | 9.4 | 2.2 | ||||||||
Net income | (7.5) | (16) | (3.7) | ||||||||
Total reclassifications for the period | (7.5) | (16) | (3.7) | ||||||||
Net Unrealized Gain (Losses) On Debt Securities Transferred To Held To Maturity [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income before income tax expense | (3.9) | (3.7) | (3.3) | ||||||||
Income tax expense | 0.9 | 1.4 | 1.2 | ||||||||
Net income | (3) | (2.3) | (2.1) | ||||||||
Total reclassifications for the period | (3) | (2.3) | (2.1) | ||||||||
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 | (0.5) | 0.9 | (0.7) | ||||||||
Income tax expense | 0.1 | (0.3) | 0.3 | ||||||||
Net income | (0.4) | 0.6 | (0.4) | ||||||||
Total reclassifications for the period | (0.4) | 0.6 | (0.4) | ||||||||
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 | 0.1 | 0.1 | 0.1 | ||||||||
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 | $ 0.6 | $ (0.8) | $ 0.8 |
Comprehensive Income - Deferred
Comprehensive Income - Deferred Income Taxes Applicable to Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Equity [Abstract] | |||
Net actuarial loss and other amounts related to pension and other postretirement plans | $ 59.4 | $ 83.5 | $ 85 |
Net unrealized loss on debt securities available-for-sale | 14.7 | 12.7 | 18.8 |
Net unrealized loss on debt securities transferred to held-to-maturity | 4.7 | 8.8 | 10.2 |
Net unrealized loss (gain) on derivatives accounted for as cash flow hedges | 0.6 | 0.5 | (0.2) |
Total deferred income taxes | $ 79.4 | $ 105.5 | $ 113.8 |
Comprehensive Income - Other Co
Comprehensive Income - Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||
Net actuarial gain (loss) arising during the year, Pre-Tax | $ (32.6) | $ (5.5) | $ (15.5) |
Reclassification adjustment for net actuarial loss included in net income, Pre-Tax | 8.6 | 9.3 | 7.2 |
Net actuarial gain (loss), Pre-Tax | (24) | 3.8 | (8.3) |
Reclassification adjustment for prior service credit included in net income, Pre-Tax | (0.3) | (0.8) | (0.8) |
Net actuarial gain (loss) and prior service credit, Pre-Tax | (24.3) | 3 | (9.1) |
Net unrealized holding gains (losses) arising during the year, Pre-Tax | (38.3) | (8.6) | (29) |
Reclassification adjustment for net realized gains included in net income, Pre-Tax | 9.9 | 25.4 | 5.9 |
Net unrealized gains (losses), Pre-Tax | (28.4) | 16.8 | (23.1) |
Reclassification adjustment for amortization of unrealized losses on securities transferred to held to maturity included in net income, Pre-Tax | 3.9 | 3.7 | 3.3 |
Net unrealized gains (losses), Pre-Tax | 3.9 | 3.7 | 3.3 |
Net unrealized gains (losses) arising during the year, Pre-Tax | (1.7) | (1) | (0.2) |
Reclassification adjustment for net realized loss included in net income, Pre-Tax | 0.5 | (0.9) | 0.7 |
Net unrealized gains (losses), Pre-Tax | (1.2) | (1.9) | 0.5 |
Total other comprehensive income (loss), Pre-Tax | (50) | 21.6 | (28.4) |
Net actuarial gain (loss) arising during the year, Tax Effect | 7.9 | 2.7 | 5.9 |
Reclassification adjustment for net actuarial loss included in net income, Tax Effect | (2.1) | (4.6) | (2.7) |
Net actuarial gain (loss), Tax Effect | 5.8 | (1.9) | 3.2 |
Reclassification adjustment for prior service credit included in net income, Tax Effect | 0.1 | 0.4 | 0.3 |
Net actuarial gain (loss) and prior service credit, Tax Effect | 5.9 | (1.5) | 3.5 |
Net unrealized holding gains (losses) arising during the year, Tax Effect | 9.3 | 3.3 | 10.7 |
Reclassification adjustment for net realized gains included in net income, Tax Effect | (2.4) | (9.4) | (2.2) |
Net unrealized gains (losses), Tax Effect | 6.9 | (6.1) | 8.5 |
Reclassification adjustment for amortization of unrealized losses on securities transferred to held to maturity included in net income, Tax Effect | (0.9) | (1.4) | (1.2) |
Net unrealized gains (losses), Tax Effect | (0.9) | (1.4) | (1.2) |
Net unrealized gains (losses) arising during the year, Tax Effect | 0.4 | 0.4 | 0.1 |
Reclassification adjustment for net realized losses included in net income, Tax Effect | (0.1) | 0.3 | (0.3) |
Net unrealized gains (losses), Tax Effect | 0.3 | 0.7 | (0.2) |
Total other comprehensive income (loss), Tax Effect | 12.2 | (8.3) | 10.6 |
Net actuarial gain (loss) arising during the year, After Tax | (24.7) | (2.8) | (9.6) |
Reclassification adjustment for net actuarial loss included in net income, After Tax | 6.5 | 4.7 | 4.5 |
Net actuarial gain (loss), After Tax | (18.2) | 1.9 | (5.1) |
Reclassification adjustment for prior service credit included in net income, After Tax | (0.2) | (0.4) | (0.5) |
Net actuarial gain (loss) and prior service credit, After Tax | (18.4) | 1.5 | (5.6) |
Net unrealized holding gains (losses) arising during the year, After Tax | (29) | (5.3) | (18.3) |
Reclassification adjustment for net realized gains included in net income, After Tax | 7.5 | 16 | 3.7 |
Net unrealized gains (losses), After Tax | (21.5) | 10.7 | (14.6) |
Reclassification adjustment for amortization of unrealized losses on securities transferred to held to maturity included in net income, After Tax | 3 | 2.3 | 2.1 |
Net unrealized gains (losses), After Tax | 3 | 2.3 | 2.1 |
Net unrealized gains (losses) arising during the year, After Tax | (1.3) | (0.6) | (0.1) |
Reclassification adjustment for net realized losses included in net income, After Tax | 0.4 | (0.6) | 0.4 |
Net unrealized gains (losses), After Tax | (0.9) | (1.2) | 0.3 |
Total other comprehensive income (loss), After Tax | $ (37.8) | $ 13.3 | $ (17.8) |
Employee Benefit Plans - People
Employee Benefit Plans - People's United Employee Pension and Other Postretirement Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | ||||
Trust assets | $ 56,400,000 | $ 56,400,000 | $ 41,300,000 | ||
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% | ||||
Qualified Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit income | $ 20,400,000 | ||||
Discount rate | 4.41% | ||||
Defined benefit plan, mortality rate impact to benefit obligations | 1,700,000 | $ 1,700,000 | |||
Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated unrecognized gain or loss percentage for amortization of actuarial gain loss | 10.00% | ||||
People's Qualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of covered employee's eligible compensation | 3.00% | ||||
Amortization of unrecognized gain loss over average remaining life of plan participants | 27 years | ||||
Expected employer contributions | 40,000,000 | $ 40,000,000 | |||
People's Qualified Plan [Member] | Qualified Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension plan assets measured at fair value | 575,100,000 | 575,100,000 | |||
Defined benefit plan, projected benefit obligations | $ 497,100,000 | $ 497,100,000 | |||
Discount rate used to determine benefit obligation | 4.41% | 4.41% | 3.74% | 4.41% | |
Discount rate used to calculate net periodic benefit cost | 4.34% | 3.74% | 4.41% | 4.64% | |
Expected long-term rate of return assumption | 7.25% | 7.25% | 7.25% | ||
Expected long-term rate of return assumption | 7.25% | ||||
Other Pension Plan, Postretirement or Supplemental Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, expected future benefit payments in year one | $ 300,000 | ||||
Expected employer contributions | $ 14,900,000 | 14,900,000 | |||
Pension Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension plan assets measured at fair value | 596,400,000 | 596,400,000 | $ 584,900,000 | $ 478,000,000 | |
Defined benefit plan, projected benefit obligations | 562,700,000 | 562,700,000 | 584,800,000 | 489,300,000 | |
Defined benefit plan, expected future benefit payments in year one | 42,300,000 | 42,300,000 | |||
Defined benefit plan, expected future benefit payments in year two | 31,900,000 | 31,900,000 | |||
Defined benefit plan, expected future benefit payments in year three | 34,100,000 | 34,100,000 | |||
Defined benefit plan, expected future benefit payments in year four | 34,000,000 | 34,000,000 | |||
Defined benefit plan, expected future benefit payments in year five | 36,400,000 | 36,400,000 | |||
Defined benefit plan, expected future benefit payments after five years | 202,500,000 | 202,500,000 | |||
Pension Plans [Member] | Qualified Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, projected benefit obligations | 518,700,000 | 518,700,000 | 547,000,000 | ||
Pension Plans [Member] | Supplemental Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, projected benefit obligations | 44,000,000 | 44,000,000 | $ 37,800,000 | ||
Trust assets | $ 39,900,000 | $ 39,900,000 | |||
Pension Plans [Member] | Minimum [Member] | Supplemental Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate used to determine benefit obligation | 4.00% | 4.00% | 3.32% | ||
Discount rate used to calculate net periodic benefit cost | 3.32% | 3.60% | |||
Pension Plans [Member] | Maximum [Member] | Supplemental Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate used to determine benefit obligation | 4.40% | 4.40% | 3.70% | ||
Discount rate used to calculate net periodic benefit cost | 4.30% | 4.60% | |||
First Connecticut Qualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of unrecognized gain loss over average remaining life of plan participants | 11 years | ||||
First Connecticut Qualified Plan [Member] | Qualified Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension plan assets measured at fair value | $ 21,300,000 | $ 21,300,000 | |||
Defined benefit plan, projected benefit obligations | $ 21,600,000 | $ 21,600,000 | |||
Discount rate used to determine benefit obligation | 4.41% | 4.41% | |||
Discount rate used to calculate net periodic benefit cost | 4.35% | ||||
Expected long-term rate of return assumption | 6.00% | ||||
Expected long-term rate of return assumption | 6.00% | ||||
Other Postretirement Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, projected benefit obligations | $ 15,300,000 | $ 15,300,000 | $ 14,600,000 | $ 13,600,000 | |
Defined benefit plan, expected future benefit payments in year one | 800,000 | 800,000 | |||
Defined benefit plan, expected future benefit payments in year two | 800,000 | 800,000 | |||
Defined benefit plan, expected future benefit payments in year three | 800,000 | 800,000 | |||
Defined benefit plan, expected future benefit payments in year four | 800,000 | 800,000 | |||
Defined benefit plan, expected future benefit payments in year five | 800,000 | 800,000 | |||
Defined benefit plan, expected future benefit payments after five years | 3,600,000 | 3,600,000 | |||
Chittenden Qualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected employer contributions | 10,000,000 | 10,000,000 | |||
Chittenden Qualified Plan [Member] | Qualified Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate used to determine benefit obligation | 3.62% | 4.16% | |||
Discount rate used to calculate net periodic benefit cost | 4.16% | 4.45% | |||
Suffolk Qualified Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected employer contributions | $ 0 | $ 0 | |||
Suffolk Qualified Plan [Member] | Qualified Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate used to determine benefit obligation | 3.72% | ||||
Discount rate used to calculate net periodic benefit cost | 4.24% |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes in Benefit Obligations and Plan Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 50 | ||
Other assets | 1,091.6 | $ 1,091.6 | $ 952.7 |
Other liabilities | (695.2) | (695.2) | (571.8) |
Other Postretirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning of year | 14.6 | 13.6 | |
Service cost | 0.3 | 0.2 | |
Interest cost | 0.5 | 0.6 | |
Actuarial (gain) loss | (1.7) | 1.2 | |
Benefits paid | (0.8) | (1) | |
Acquisitions | 2.4 | ||
End of year | 15.3 | 15.3 | 14.6 |
Employer contributions | 0.8 | 1 | |
Benefits paid | (0.8) | (1) | |
Funded status at end of year | (15.3) | (15.3) | (14.6) |
Other liabilities | (15.3) | (15.3) | (14.6) |
Funded status at end of year | (15.3) | (15.3) | (14.6) |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning of year | 584.8 | 489.3 | |
Interest cost | 20.2 | 19.1 | |
Actuarial (gain) loss | (51) | 50.7 | |
Benefits paid | (21.4) | (19.5) | |
Settlements | (2.7) | (6.5) | |
Acquisitions | 35.2 | 51.7 | |
Plan revaluations | (2.4) | ||
End of year | 562.7 | 562.7 | 584.8 |
Beginning of year | 584.9 | 478 | |
Actual return on assets | (40.9) | 84.3 | |
Employer contributions | 52.7 | 5.9 | |
Benefits paid | (21.4) | (19.5) | |
Settlements | 2.7 | 6.5 | |
Acquisitions | 23.8 | 42.7 | |
End of year | 596.4 | 596.4 | 584.9 |
Funded status at end of year | 33.7 | 33.7 | 0.1 |
Other assets | 78 | 78 | 46.4 |
Other liabilities | (44.3) | (44.3) | (46.3) |
Funded status at end of year | $ 33.7 | $ 33.7 | $ 0.1 |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated and Projected Benefit Obligations (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, accumulated benefit obligations | $ 86.6 | $ 68.4 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, accumulated benefit obligations | 562.3 | 584.8 | |
Defined benefit plan, projected benefit obligations | 562.7 | 584.8 | $ 489.3 |
Qualified Plans [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, accumulated benefit obligations | 518.7 | 547 | |
Defined benefit plan, projected benefit obligations | 518.7 | 547 | |
Supplemental Plans [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, accumulated benefit obligations | 43.6 | 37.8 | |
Defined benefit plan, projected benefit obligations | $ 44 | $ 37.8 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit (Income) Expense and Other Amounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss (gain) | $ 32.6 | $ 5.5 | $ 15.5 |
Total pre-tax changes recognized in other comprehensive (loss) income | 24.3 | (3) | 9.1 |
Other Postretirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 0.8 | 0.8 | 0.9 |
Recognized net actuarial loss | 0.3 | 0.2 | 0.2 |
Net periodic benefit (income) expense | 1.1 | 1 | 1.1 |
Net actuarial loss (gain) | (2) | 1 | (0.4) |
Total pre-tax changes recognized in other comprehensive (loss) income | (2) | 1 | (0.4) |
Total recognized in net periodic benefit expense (income) and other comprehensive (loss) income | (0.9) | 2 | 0.7 |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 20.2 | 19.1 | 18.6 |
Expected return on plan assets | (44.3) | (37.9) | (34.6) |
Recognized net actuarial loss | 7.3 | 6.5 | 6.1 |
Recognized prior service credit | (0.3) | (0.8) | (0.8) |
Settlements | 1 | 2.6 | 0.8 |
Net periodic benefit (income) expense | (16.1) | (10.5) | (9.9) |
Net actuarial loss (gain) | 26 | (4.8) | 8.7 |
Prior service credit | 0.3 | 0.8 | 0.8 |
Total pre-tax changes recognized in other comprehensive (loss) income | 26.3 | (4) | 9.5 |
Total recognized in net periodic benefit expense (income) and other comprehensive (loss) income | $ 10.2 | $ (14.5) | $ (0.4) |
Employee Benefit Plans - Pre-Ta
Employee Benefit Plans - Pre-Tax Amounts in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Postretirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 2.8 | $ 4.8 |
Total pre-tax amounts included in AOCL | 2.8 | 4.8 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 249 | 223.1 |
Prior service credit | (0.3) | |
Total pre-tax amounts included in AOCL | $ 249 | $ 222.8 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Expense (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Postretirement Plans [Member] | |||||
Assumed health care cost trend rates at December 31: | |||||
Health care cost trend rate assumed for next year | 6.00% | 6.00% | 6.20% | 6.50% | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% | 4.50% | 4.50% | |
Year that the rate reaches the ultimate trend rate | 2,037 | 2,037 | 2,037 | ||
Other Postretirement Plans [Member] | People's Qualified Plan [Member] | |||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||
Discount rate | 4.40% | 4.40% | 3.70% | 4.40% | |
Weighted-average assumptions used to determine net periodic benefit (income) expense for the years ended December 31: | |||||
Discount rate | 3.70% | 4.40% | 4.60% | ||
People's Qualified Plan [Member] | Qualified Plans [Member] | |||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||
Discount rate | 4.41% | 4.41% | 3.74% | 4.41% | |
Weighted-average assumptions used to determine net periodic benefit (income) expense for the years ended December 31: | |||||
Discount rate | 4.34% | 3.74% | 4.41% | 4.64% | |
Expected return on plan assets | 7.25% | 7.25% | 7.25% | ||
First Connecticut Qualified Plan [Member] | Qualified Plans [Member] | |||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||
Discount rate | 4.41% | 4.41% | |||
Weighted-average assumptions used to determine net periodic benefit (income) expense for the years ended December 31: | |||||
Discount rate | 4.35% | ||||
Expected return on plan assets | 6.00% | ||||
Chittenden Qualified Plan [Member] | Qualified Plans [Member] | |||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||
Discount rate | 3.62% | 4.16% | |||
Weighted-average assumptions used to determine net periodic benefit (income) expense for the years ended December 31: | |||||
Discount rate | 4.16% | 4.45% | |||
Suffolk Qualified Plan [Member] | Qualified Plans [Member] | |||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||
Discount rate | 3.72% | ||||
Weighted-average assumptions used to determine net periodic benefit (income) expense for the years ended December 31: | |||||
Discount rate | 4.24% |
Employee Benefit Plans - Assu_2
Employee Benefit Plans - Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Expense (Parenthetical) (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
People's Qualified Plan [Member] | Qualified Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 4.34% | 3.74% | 4.41% | 4.64% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Impact in 2016 Due to Change in Accounting Estimate for Qualified Plans (Detail) - Adjustments for New Accounting Pronouncement [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
People's Qualified Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 4.03% |
Discount rates that would have been used to measure net periodic benefit income under prior actuarial methodology, Interest cost | 4.64% |
Increase in net periodic benefit income in 2016 using specific spot rates, Interest cost | $ 2.5 |
Chittenden Qualified Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 3.70% |
Discount rates that would have been used to measure net periodic benefit income under prior actuarial methodology, Interest cost | 4.45% |
Increase in net periodic benefit income in 2016 using specific spot rates, Interest cost | $ 0.3 |
Employee Benefit Plans - Assets
Employee Benefit Plans - Assets Allocation (Detail) | Dec. 31, 2018 |
Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Range Rate | 1.00% |
Cash Equivalents [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Range Rate | 20.00% |
Cash Equivalents [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Range Rate | 0.00% |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Range Rate | 75.00% |
Equity Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Range Rate | 95.00% |
Equity Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Range Rate | 55.00% |
Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Range Rate | 24.00% |
Fixed Income Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Range Rate | 40.00% |
Fixed Income Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Policy Range Rate | 10.00% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Assets in Qualified Plans (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
People's Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 100.00% | 100.00% |
Chittenden Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 100.00% | 100.00% |
Suffolk Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 100.00% | |
Equity Securities [Member] | People's Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 70.00% | 69.00% |
Equity Securities [Member] | Chittenden Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 73.00% | 70.00% |
Equity Securities [Member] | Suffolk Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 69.00% | |
Cash and Fixed Income Securities [Member] | People's Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 30.00% | 31.00% |
Cash and Fixed Income Securities [Member] | Chittenden Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 27.00% | 30.00% |
Cash and Fixed Income Securities [Member] | Suffolk Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 31.00% |
Employee Benefit Plans - Plan A
Employee Benefit Plans - Plan Assets Measured at Fair Value (Detail) - Pension Plans [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | $ 596.4 | $ 584.9 | $ 478 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 15.2 | 17.7 | |
Corporate, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 216.6 | 229.8 | |
Equity Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 201.1 | 174.4 | |
Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 68.5 | 88.3 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 58.6 | 34.8 | |
U.S. Treasury and Agency [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 32.9 | 34.4 | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 3.5 | 5.5 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 231.8 | 247.5 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 15.2 | 17.7 | |
Level 1 [Member] | Corporate, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 216.6 | 229.8 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 364.6 | 337.4 | |
Level 2 [Member] | Equity Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 201.1 | 174.4 | |
Level 2 [Member] | Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 68.5 | 88.3 | |
Level 2 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 58.6 | 34.8 | |
Level 2 [Member] | U.S. Treasury and Agency [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 32.9 | 34.4 | |
Level 2 [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | $ 3.5 | $ 5.5 |
Employee Benefit Plans - Employ
Employee Benefit Plans - Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) $ in Millions | Apr. 30, 2007 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
ESOP, shares to be purchased | 10,453,575 | |||
ESOP loan | $ 216.8 | $ 176.5 | ||
Loan repayments expected annual through 2036 | 18.8 | |||
Cash dividends paid on unallocated ESOP shares | $ 4.6 | $ 4.8 | $ 5 | |
Minimum age requirement to participate in ESOP | 18 years | |||
Minimum work experience within 12 months of hire needed to participate in ESOP | 1000 hours | |||
ESOP common stock allocated | 4,181,430 | |||
Unallocated common stock of Employee Stock Ownership Plan, shares | 6,272,145 | 6,600,000 | ||
Fair value of deferred ESOP shares | $ 90.5 | |||
ESOP compensation expense | $ 6.2 | $ 6.4 | $ 5.5 |
Employee Benefit Plans - Empl_2
Employee Benefit Plans - Employee Savings Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
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% | ||
Trust assets | $ 56.4 | $ 41.3 | |
Related benefit obligation | 42.6 | ||
Employee savings plan expense | 562.9 | 522.7 | $ 464.1 |
Employee Savings Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Trust assets | 16.5 | ||
Employee savings plan expense | $ 29.1 | $ 25.4 | $ 22.9 |
Employee Savings Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum percentage employer will match on pre-tax compensation | 4.00% |
Stock Based Compensation Plans
Stock Based Compensation Plans - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | 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 | ||||
Expense related to share-based awards | $ 22,400,000 | $ 19,800,000 | $ 15,200,000 | ||
Long-term incentive plan | shares | 2,450,861 | 2,261,586 | 3,187,500 | ||
Total cost of shares repurchased and retired | $ 2,500,000 | $ 3,400,000 | $ 3,400,000 | ||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expense related to share-based awards | $ 5,200,000 | 5,500,000 | 5,700,000 | ||
Unamortized cost for share-based awards estimated forfeiture rate | 5.00% | ||||
Unamortized cost for unvested options and awards | $ 5,000,000 | ||||
Weighted-average vesting period, years | 1 year 6 months | ||||
Intrinsic value of stock options exercised | $ 8,700,000 | 11,200,000 | 15,600,000 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expense related to share-based awards | $ 5,800,000 | 6,400,000 | 6,500,000 | ||
Unamortized cost for share-based awards estimated forfeiture rate | 5.00% | ||||
Unamortized cost for unvested options and awards | $ 7,600,000 | ||||
Weighted-average vesting period, years | 1 year 7 months 6 days | ||||
Fair value of restricted stock awards | $ 7,500,000 | $ 9,300,000 | $ 9,800,000 | ||
Minimum tax withholding obligations upon the vesting of restricted stock awards granted | shares | 136,426 | 216,969 | 289,992 | ||
Total cost of shares repurchased and retired | $ 2,500,000 | $ 3,300,000 | $ 3,400,000 | ||
Share based compensation arrangement by share based payment award grants in period weighted average grant date fair value | $ / shares | $ 18.50 | $ 18.84 | $ 14.66 | ||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expense related to share-based awards | $ 10,500,000 | $ 7,000,000 | $ 2,100,000 | ||
Unamortized cost for share-based awards estimated forfeiture rate | 5.00% | ||||
Unamortized cost for unvested options and awards | $ 9,700,000 | ||||
Weighted-average vesting period, years | 1 year 9 months 18 days | 1 year 9 months 18 days | |||
Maximum [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of restricted stock awards | $ 100,000 | $ 100,000 | |||
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 | shares | 0 | ||||
Long-term incentive plan | shares | 2,450,861 | 2,261,586 | 3,187,500 | ||
Weighted-average grant-date fair value of options | $ / shares | $ 2.31 | $ 1.97 | $ 1.33 | ||
Dividend yield | 3.50% | 3.60% | 4.60% | ||
Expected volatility rate | 18.00% | 18.00% | 20.00% | ||
Risk-free interest rate | 2.60% | 1.90% | 1.30% | ||
Expected option life, years | 4 years | 4 years | 5 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 | shares | 1,192,500 | ||||
Reserved shares remaining, available for future awards | shares | 92,321 | ||||
Expense related to share-based awards | $ 900,000 | $ 900,000 | $ 900,000 | ||
New awards granted | shares | 51,680 | 49,050 | 58,020 | ||
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 | $ / shares | $ 18.21 | $ 17.65 | $ 16.24 | ||
2014 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock reserved for issuance under the Directors' Equity Plan | shares | 75,850,000 | ||||
Reserved shares remaining, available for future awards | shares | 42,754,315 | ||||
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, by 5.32 shares for each restricted stock award and by 7.98 shares for each performance share. | ||||
2014 Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares depleted for every share subject to award other than option or stock appreciation right | 5.32 | ||||
2014 Plan [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares depleted for every share subject to award other than option or stock appreciation right | 7.98 | ||||
Options granted, vesting period | 3 years | ||||
Share based compensation arrangement by share based payment award grants in period weighted average grant date fair value | $ / shares | $ 19.78 | $ 18.61 | $ 15.22 | ||
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% |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Summary of Performance Share Activity (Detail) - 2014 Plan [Member] - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | |||
Unvested shares outstanding, beginning balance | 984,835 | 551,985 | |
Shares, granted | 532,740 | 466,923 | 568,596 |
Shares, forfeited | (62,124) | (34,073) | (15,664) |
Shares, Vested | (2,079) | (947) | |
Unvested shares outstanding, ending balance | 1,453,372 | 984,835 | 551,985 |
Weighted-average grant date fair value | |||
Unvested shares outstanding, weighted-average grant date fair value, beginning balance | $ 16.80 | $ 15.22 | |
Weighted-average grant date fair value, granted | 19.78 | 18.61 | $ 15.22 |
Weighted-average grant date fair value, forfeited | 17.82 | 16.28 | 15.22 |
Weighted-average grant date fair value, Vested | 16.70 | 15.22 | |
Unvested shares outstanding, Weighted-Average Grant Date Fair Value, Ending balance | $ 17.85 | $ 16.80 | $ 15.22 |
Stock Based Compensation Plan_2
Stock Based Compensation Plans - Summary of Stock Option Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options outstanding Beginning Balance | 14,437,641 | 16,555,925 | 19,677,424 |
Granted | 2,450,861 | 2,261,586 | 3,187,500 |
Forfeited | (294,474) | (459,576) | (632,869) |
Exercised | (1,916,961) | (3,920,294) | (5,676,130) |
Options outstanding at Ending Balance | 14,677,067 | 14,437,641 | 16,555,925 |
Options Exercisable Ending Balance | 10,155,649 | ||
Options outstanding Weighted Exercise Price Beginning Balance | $ 15.11 | $ 14.84 | $ 15.13 |
Granted | 19.61 | 19.14 | 14.57 |
Forfeited | 17.87 | 17.87 | 15.65 |
Exercised | 14.55 | 15.97 | 15.60 |
Options outstanding Weighted Average Exercise Price Ending Balance Years | 15.87 | $ 15.11 | $ 14.84 |
Options Exercisable Weighted Average Exercise Price | $ 14.72 | ||
Options Outstanding Weighted Average Remaining Contractual Term, in years | 6 years 3 months 18 days | ||
Options Exercisable Weighted Average Remaining Contractual Term | 5 years 3 months 18 days | ||
Options Outstanding Aggregate Intrinsic Value | $ 3.5 | ||
Options Exercisable Aggregate Intrinsic Value | $ 3.5 |
Stock Based Compensation Plan_3
Stock Based Compensation Plans - Summary of Option Outstanding and Exercisable (Detail) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
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 | $ 14.01 |
Number of options outstanding | shares | 3,650,777 |
Remaining Life | 4 years 4 months 24 days |
Exercise Price | $ 13.49 |
Number of options exercisable | shares | 3,642,149 |
Weighted Average Exercise Price | $ 13.49 |
13.42 - 15.80 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Exercise Price minimum | 14.02 |
Options Exercise Price maximum | $ 14.79 |
Number of options outstanding | shares | 2,782,312 |
Remaining Life | 6 years 10 months 24 days |
Exercise Price | $ 14.51 |
Number of options exercisable | shares | 1,848,360 |
Weighted Average Exercise Price | $ 14.49 |
16.07 - 17.76 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Exercise Price minimum | 14.80 |
Options Exercise Price maximum | $ 18.68 |
Number of options outstanding | shares | 3,913,035 |
Remaining Life | 5 years 3 months 18 days |
Exercise Price | $ 15.08 |
Number of options exercisable | shares | 3,875,877 |
Weighted Average Exercise Price | $ 15.07 |
18.10 - 21.63 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Exercise Price minimum | 18.69 |
Options Exercise Price maximum | $ 19.71 |
Number of options outstanding | shares | 4,330,943 |
Remaining Life | 8 years 4 months 24 days |
Exercise Price | $ 19.45 |
Number of options exercisable | shares | 789,263 |
Weighted Average Exercise Price | $ 19.21 |
Stock Based Compensation Plan_4
Stock Based Compensation Plans - Summary of Stock Award Incentive Plans (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 489,789 | 303,090 | 344,812 | |
Forfeited | (29,426) | (31,828) | (41,684) | |
Vested | (402,134) | (485,023) | (649,363) | |
Unvested restricted shares outstanding | 730,550 | 672,321 | 886,082 | 1,232,317 |
Granted | $ 18.50 | $ 18.84 | $ 14.66 | |
Forfeited | 17.81 | 15.56 | 14.34 | |
Vested | 16.04 | 14.49 | 13.79 | |
Unvested restricted shares outstanding, Weighted-Average Grant Date Fair Value | $ 18.03 | $ 16.53 | $ 14.59 | $ 14.14 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
GSE Mortgage-Backed Securities [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 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount to impaired loans | 10.00% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | $ 1,091.6 | $ 952.7 |
Fair Values, Assets | 103 | 77.9 |
Fair Values, Liabilities | 139 | 88.3 |
Fair value of total assets measured at fair value on a recurring basis | 3,296.9 | 3,261.4 |
Fair value of total liabilities measured at fair value on a recurring basis | 139 | 88.3 |
Exchange Traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 35.5 | 36.5 |
Equity Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 20.6 | 3.5 |
Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0.3 | 1.3 |
US Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading debt securities | 8.4 | 8.2 |
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 | 678 | 668.8 |
GSE Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 2,443 | 2,456.5 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 8.1 | 8.7 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 98.9 | 74.8 |
Fair Values, Liabilities | 135 | 84.9 |
Interest Rate Caps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 3.1 | 2.8 |
Fair Values, Liabilities | 3.1 | 2.8 |
Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 0.9 | 0.1 |
Fair Values, Liabilities | 0.8 | 0.4 |
Forward Commitments to Sell Residential Mortgage Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 0.1 | 0.2 |
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 | 0.1 | 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 | 750.6 | 725.7 |
Level 1 [Member] | Exchange Traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 35.5 | 36.5 |
Level 1 [Member] | Equity Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 20.6 | 3.5 |
Level 1 [Member] | US Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading debt securities | 8.4 | 8.2 |
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 | 678 | 668.8 |
Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 8.1 | 8.7 |
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 | 2,546.3 | 2,535.7 |
Fair value of total liabilities measured at fair value on a recurring basis | 139 | 88.3 |
Level 2 [Member] | Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0.3 | 1.3 |
Level 2 [Member] | GSE Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 2,443 | 2,456.5 |
Level 2 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 98.9 | 74.8 |
Fair Values, Liabilities | 135 | 84.9 |
Level 2 [Member] | Interest Rate Caps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 3.1 | 2.8 |
Fair Values, Liabilities | 3.1 | 2.8 |
Level 2 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values, Assets | 0.9 | 0.1 |
Fair Values, Liabilities | 0.8 | 0.4 |
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 | 0.1 | 0.2 |
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 | $ 0.1 | $ 0.2 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Risk Participation Agreements [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value of Derivatives, Net | $ 100,000 | $ 100,000 |
Fair Value Measurements - Ass_3
Fair Value Measurements - Assets Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale | $ 19.5 | $ 16.6 |
Impaired loans | 55.2 | 59.6 |
Fair value of total assets measured at fair value on a recurring basis | 3,296.9 | 3,261.4 |
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 | 2,546.3 | 2,535.7 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale | 19.5 | 16.6 |
Impaired loans | 55.2 | 59.6 |
REO and repossessed assets | 18.1 | 19.4 |
Fair value of total assets measured at fair value on a recurring basis | 92.8 | 95.6 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale | 19.5 | 16.6 |
Fair value of total assets measured at fair value on a recurring basis | 19.5 | 16.6 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 55.2 | 59.6 |
REO and repossessed assets | 18.1 | 19.4 |
Fair value of total assets measured at fair value on a recurring basis | $ 73.3 | $ 79 |
Fair Value Measurements - Ass_4
Fair Value Measurements - Assets Measured at Fair Value on Non-Recurring Basis (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impaired loans | $ 55,200,000 | $ 59,600,000 | $ 55,200,000 | $ 59,600,000 | |||||||
Charge-offs to the allowance for loan losses related to loans | 9,900,000 | $ 8,200,000 | $ 6,500,000 | $ 5,400,000 | 7,500,000 | $ 7,000,000 | $ 7,100,000 | $ 4,400,000 | 30,000,000 | 26,000,000 | $ 36,600,000 |
Repossessed assets | 3,900,000 | 2,500,000 | 3,900,000 | 2,500,000 | |||||||
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 | 8,600,000 | 5,000,000 | |||||||||
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 | 1,700,000 | 2,600,000 | |||||||||
Nonoperating Income (Expense) [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 | 200,000 | 500,000 | |||||||||
Commercial Real Estate Loan [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Real estate owned | 8,700,000 | 9,300,000 | 8,700,000 | 9,300,000 | |||||||
Residential Mortgage Loan [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Fair value adjustments | 0 | 0 | |||||||||
Real estate owned | 5,500,000 | 7,600,000 | 5,500,000 | 7,600,000 | |||||||
Commercial [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impaired loans | 44,800,000 | 44,800,000 | |||||||||
Charge-offs to the allowance for loan losses related to loans | 27,800,000 | 16,200,000 | 28,000,000 | ||||||||
Commercial [Member] | Commercial Real Estate Loan [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impaired loans | 21,800,000 | 9,900,000 | 21,800,000 | 9,900,000 | |||||||
Retail Loans [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impaired loans | 10,400,000 | 10,400,000 | |||||||||
Charge-offs to the allowance for loan losses related to loans | 2,200,000 | 9,800,000 | $ 8,600,000 | ||||||||
Retail Loans [Member] | Residential Mortgage Loan [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impaired loans | $ 8,800,000 | $ 11,400,000 | $ 8,800,000 | $ 11,400,000 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | $ 665.7 | $ 505.1 | |
Short-term investments | 266.3 | 377.5 | |
Debt securities held-to-maturity | 3,792.3 | 3,588.1 | |
FHLB and FRB stock | 303.4 | 312.3 | |
Time deposits | 6,916.2 | 5,454.3 | |
FHLB advances | 2,404.5 | 2,774.4 | $ 3,061.1 |
Federal funds purchased | 845 | 820 | 617 |
Customer repurchase agreements | 332.9 | 301.6 | 343.3 |
Other borrowings | 11 | 207.8 | $ 35.4 |
Notes and debentures | 895.8 | 901.6 | |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 665.7 | 505.1 | |
Short-term investments | 266.3 | 377.5 | |
Debt securities held-to-maturity | 3,792.3 | 3,588.1 | |
FHLB and FRB stock | 303.4 | 312.3 | |
Total loans, net | 34,945.8 | 32,281.3 | |
Time deposits | 6,916.2 | 5,454.3 | |
Other deposits | 29,242.8 | 27,602 | |
FHLB advances | 2,404.5 | 2,774.4 | |
Federal funds purchased | 845 | 820 | |
Customer repurchase agreements | 332.9 | 301.6 | |
Other borrowings | 11 | 207.8 | |
Notes and debentures | 895.8 | 901.6 | |
Estimated Fair Value Measurements [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 665.7 | 505.1 | |
Short-term investments | 266.3 | 377.5 | |
Debt securities held-to-maturity | 3,775.9 | 3,633.7 | |
FHLB and FRB stock | 303.4 | 312.3 | |
Total loans, net | 34,606.3 | 32,127.5 | |
Time deposits | 6,884 | 5,441.1 | |
Other deposits | 29,242.8 | 27,602 | |
FHLB advances | 2,404.5 | 2,775.3 | |
Federal funds purchased | 845 | 820 | |
Customer repurchase agreements | 332.9 | 301.6 | |
Other borrowings | 11 | 207.2 | |
Notes and debentures | 893.4 | 910.1 | |
Estimated Fair Value Measurements [Member] | Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 665.7 | 505.1 | |
Estimated Fair Value Measurements [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | 266.3 | 377.5 | |
Debt securities held-to-maturity | 3,774.4 | 3,632.2 | |
FHLB and FRB stock | 303.4 | 312.3 | |
Total loans, net | 7,806.1 | 6,632.2 | |
Time deposits | 6,884 | 5,441.1 | |
Other deposits | 29,242.8 | 27,602 | |
FHLB advances | 2,404.5 | 2,775.3 | |
Federal funds purchased | 845 | 820 | |
Customer repurchase agreements | 332.9 | 301.6 | |
Other borrowings | 11 | 207.2 | |
Notes and debentures | 893.4 | 910.1 | |
Estimated Fair Value Measurements [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt securities held-to-maturity | 1.5 | 1.5 | |
Total loans, net | $ 26,800.2 | $ 25,495.3 |
Fair Value Measurements - Car_2
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Impaired loans | $ 55.2 | $ 59.6 |
Legal Proceedings and Lease C_2
Legal Proceedings and Lease Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
2,019 | $ 65.4 | ||
2,020 | 60.1 | ||
2,021 | 56.4 | ||
2,022 | 37.8 | ||
2,023 | 26.1 | ||
2024 through 2054 | 88.5 | ||
Rent expense under operating leases | $ 64.2 | $ 62.5 | $ 59.8 |
Financial Instruments - Summary
Financial Instruments - Summary of Contractual or Notional Amounts of Financial Instruments (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Commercial and Industrial [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Loan origination commitments and unadvanced of credit | $ 4,937,100,000 | $ 4,282,400,000 |
Home Equity and Other Consumer [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Loan origination commitments and unadvanced of credit | 2,646,600,000 | 2,472,900,000 |
Commercial Real Estate [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Loan origination commitments and unadvanced of credit | 1,095,400,000 | 890,900,000 |
Equipment Financing [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Loan origination commitments and unadvanced of credit | 459,700,000 | 369,400,000 |
Residential Mortgage [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Loan origination commitments and unadvanced of credit | 78,700,000 | 40,800,000 |
Forward Commitments to Sell Residential Mortgage Loans [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 9,500,000 | 16,400,000 |
Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 13,600,000 | 18,300,000 |
Stand-By Letters of Credit [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Lending-Related Financial Instruments | 139,400,000 | 138,800,000 |
Commercial Letters of Credit [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Lending-Related Financial Instruments | 5,000,000 | 4,500,000 |
Interest Rate Swaps [Member] | Subordinated Notes [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 585,000,000 | 585,000,000 |
Interest Rate Swaps [Member] | Customer [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 7,455,900,000 | 5,769,100,000 |
Interest Rate Swaps [Member] | Counterparty [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 7,161,300,000 | 5,775,900,000 |
Interest Rate Caps [Member] | Customer [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 329,100,000 | 649,200,000 |
Interest Rate Caps [Member] | Counterparty [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 329,100,000 | 649,200,000 |
Risk Participation Agreements [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | 576,500,000 | 439,400,000 |
Foreign Exchange Contracts [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Derivative Financial Instruments | $ 145,200,000 | $ 46,500,000 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Average period extended for letter of credit | 1 year | ||
Loan commitments and letters of credit | $ 2,700,000 | $ 2,300,000 | |
Unrealized gain on derivatives | (1,700,000) | (1,000,000) | $ (200,000) |
Interest Rate Swaps [Member] | Subordinated Notes [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 585,000,000 | $ 585,000,000 | |
Interest Rate Swaps [Member] | Fair Value [Member] | |||
Derivative [Line Items] | |||
LIBOR basis points | Three-month LIBOR | ||
Notional amount of derivatives | $ 375,000,000 | ||
Subordinated notes | $ 400,000,000 | ||
Basis points | 1.265% | ||
Interest Rate Swaps [Member] | Cash Flow [Member] | Loans [Member] | |||
Derivative [Line Items] | |||
LIBOR basis points | One-monthLIBOR | ||
Notional amount of derivatives | $ 210,000,000 | ||
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 | $ 900,000 | ||
Period hedged items affected earnings, years | 10 years | ||
Total unrecognized gain | $ 100,000 | ||
Treasury Forward Interest Rate Locks ("T-Locks") [Member] | Subordinated Notes [Member] | |||
Derivative [Line Items] | |||
Senior notes issuance | $ 500,000,000 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Notional Amounts and Fair Values of Derivatives Outstanding (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Values, Liabilities | $ 139,000,000 | $ 88,300,000 |
Fair value, Assets | 103,000,000 | 77,900,000 |
Forward Commitments to Sell Residential Mortgage Loans [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 9,500,000 | 16,400,000 |
Fair value, Assets | 100,000 | 200,000 |
Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 13,600,000 | 18,300,000 |
Fair Values, Liabilities | 100,000 | 200,000 |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Values, Liabilities | 139,000,000 | 88,300,000 |
Fair value, Assets | 103,000,000 | 77,900,000 |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 9,500,000 | 16,400,000 |
Fair value, Assets | 100,000 | 200,000 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 13,600,000 | 18,300,000 |
Fair Values, Liabilities | 100,000 | 200,000 |
Interest Rate Swaps [Member] | Fair Value [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 375,000,000 | |
Interest Rate Swaps [Member] | Cash Flow [Member] | Loans [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 210,000,000 | |
Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Commercial Customers [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 7,455,900,000 | 5,769,100,000 |
Fair Values, Liabilities | 102,600,000 | 61,200,000 |
Fair value, Assets | 76,300,000 | 64,700,000 |
Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Institutional Counterparties [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 7,161,300,000 | 5,775,900,000 |
Fair Values, Liabilities | 32,400,000 | 23,700,000 |
Fair value, Assets | 22,600,000 | 10,100,000 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow [Member] | Loans [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 210,000,000 | 210,000,000 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Subordinated Notes [Member] | Fair Value [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 375,000,000 | 375,000,000 |
Interest Rate Caps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Commercial Customers [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 329,100,000 | 649,200,000 |
Fair Values, Liabilities | 2,500,000 | 2,800,000 |
Fair value, Assets | 600,000 | |
Interest Rate Caps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Institutional Counterparties [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 329,100,000 | 649,200,000 |
Fair Values, Liabilities | 600,000 | |
Fair value, Assets | 2,500,000 | 2,800,000 |
Risk Participation Agreements [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 576,500,000 | 439,400,000 |
Risk Participation Agreements [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 576,500,000 | 439,400,000 |
Foreign Exchange Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 145,200,000 | 46,500,000 |
Fair Values, Liabilities | 800,000 | 400,000 |
Fair value, Assets | 900,000 | 100,000 |
Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 145,200,000 | 46,500,000 |
Fair Values, Liabilities | 800,000 | 400,000 |
Fair value, Assets | $ 900,000 | $ 100,000 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Notional Amounts and Fair Values of Derivatives Outstanding (Parenthetical) (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Risk Participation Agreements [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives, Net | $ 100,000 | $ 100,000 |
Financial Instruments - Impact
Financial Instruments - Impact of Derivatives on Pre-Tax Income and Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | $ 16.3 | $ 19.2 | $ 20.5 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | (1.7) | (1) | (0.2) |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 14.7 | 12.4 | 13.7 |
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 | (0.1) | (0.2) | (0.2) |
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 | 0.1 | 0.3 | 0.3 |
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 | (3.6) | 5.3 | (8.7) |
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 | 17.1 | 6.1 | 22.7 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Caps [Member] | Commercial Customers [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 1.1 | 0.7 | (2.4) |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Caps [Member] | Institutional Counterparties [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | (1) | (0.3) | 2.1 |
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 | 0.9 | 0.5 | (0.6) |
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 | 0.2 | 0.5 | |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 1.6 | 6.8 | 6.8 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | (1.7) | (1) | (0.2) |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow [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 | 0.1 | 0.1 | 0.1 |
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 | 2.1 | 5.9 | 7.5 |
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 | (0.6) | 0.8 | (0.8) |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | $ (1.7) | $ (1) | $ (0.2) |
Balance Sheet Offsetting - Summ
Balance Sheet Offsetting - Summary of Gross Presentation, Financial Instruments that are Eligible for Offset in Consolidated Statement of Condition (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Offsetting Assets And Liabilities [Line Items] | ||
Financial assets, Gross Amount Recognized | $ 103 | $ 77.9 |
Financial liabilities, Gross Amount Recognized | 139 | 88.3 |
Financial assets, Gross Amount Recognized | 26 | 13 |
Financial assets, Gross Amount Offset | 0 | 0 |
Financial assets, Net Amount Presented | 26 | 13 |
Financial assets, Financial Instruments | (15.7) | (10.4) |
Financial assets, Collateral | (8.6) | (2.4) |
Financial assets, Net Amount | 1.7 | 0.2 |
Financial liabilities, Gross Amount Recognized | 33.8 | 24.1 |
Financial liabilities, Gross Amount Offset | 0 | 0 |
Financial liabilities, Net Amount Presented | 33.8 | 24.1 |
Financial liabilities, Financial Instruments | (15.7) | (10.4) |
Financial liabilities, Collateral | (1.2) | (6) |
Financial liabilities, Net Amount | 16.9 | 7.7 |
Foreign Exchange Contracts [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Financial assets, Gross Amount Recognized | 0.9 | 0.1 |
Financial assets, Gross Amount Offset | 0 | 0 |
Financial assets, Net Amount Presented | 0.9 | 0.1 |
Financial assets, Net Amount | 0.9 | 0.1 |
Financial liabilities, Gross Amount Recognized | 0.8 | 0.4 |
Financial liabilities, Gross Amount Offset | 0 | 0 |
Financial liabilities, Net Amount Presented | 0.8 | 0.4 |
Financial liabilities, Net Amount | 0.8 | 0.4 |
Counterparty A [Member] | Interest Rate Swaps/Caps [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Financial assets, Gross Amount Recognized | 3.1 | 2.6 |
Financial assets, Gross Amount Offset | 0 | 0 |
Financial assets, Net Amount Presented | 3.1 | 2.6 |
Financial assets, Financial Instruments | (1.4) | (2.5) |
Financial assets, Collateral | (1.7) | |
Financial assets, Net Amount | 0.1 | |
Financial liabilities, Gross Amount Recognized | 1.4 | 2.5 |
Financial liabilities, Gross Amount Offset | 0 | 0 |
Financial liabilities, Net Amount Presented | 1.4 | 2.5 |
Financial liabilities, Financial Instruments | (1.4) | (2.5) |
Counterparty B [Member] | Interest Rate Swaps/Caps [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Financial assets, Gross Amount Recognized | 2.5 | 1.6 |
Financial assets, Gross Amount Offset | 0 | 0 |
Financial assets, Net Amount Presented | 2.5 | 1.6 |
Financial assets, Financial Instruments | (2.5) | (1.6) |
Financial liabilities, Gross Amount Recognized | 3.8 | 5.6 |
Financial liabilities, Gross Amount Offset | 0 | 0 |
Financial liabilities, Net Amount Presented | 3.8 | 5.6 |
Financial liabilities, Financial Instruments | (2.5) | (1.6) |
Financial liabilities, Collateral | (1.2) | (4) |
Financial liabilities, Net Amount | 0.1 | |
Counterparty C [Member] | Interest Rate Swaps/Caps [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Financial assets, Gross Amount Recognized | 4.8 | 2.6 |
Financial assets, Gross Amount Offset | 0 | 0 |
Financial assets, Net Amount Presented | 4.8 | 2.6 |
Financial assets, Financial Instruments | (3.7) | (2.6) |
Financial assets, Collateral | (1.1) | |
Financial liabilities, Gross Amount Recognized | 3.7 | 2.8 |
Financial liabilities, Gross Amount Offset | 0 | 0 |
Financial liabilities, Net Amount Presented | 3.7 | 2.8 |
Financial liabilities, Financial Instruments | (3.7) | (2.6) |
Financial liabilities, Collateral | (0.2) | |
Counterparty D [Member] | Interest Rate Swaps/Caps [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Financial assets, Gross Amount Recognized | 3.6 | 3.5 |
Financial assets, Gross Amount Offset | 0 | 0 |
Financial assets, Net Amount Presented | 3.6 | 3.5 |
Financial assets, Financial Instruments | (2.7) | (3.5) |
Financial assets, Collateral | (0.1) | |
Financial assets, Net Amount | 0.8 | |
Financial liabilities, Gross Amount Recognized | 2.7 | 4.7 |
Financial liabilities, Gross Amount Offset | 0 | 0 |
Financial liabilities, Net Amount Presented | 2.7 | 4.7 |
Financial liabilities, Financial Instruments | (2.7) | (3.5) |
Financial liabilities, Collateral | (1.2) | |
Counterparty E [Member] | Interest Rate Swaps/Caps [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Financial assets, Gross Amount Offset | 0 | 0 |
Financial liabilities, Gross Amount Recognized | 16 | 7.3 |
Financial liabilities, Gross Amount Offset | 0 | 0 |
Financial liabilities, Net Amount Presented | 16 | 7.3 |
Financial liabilities, Net Amount | 16 | 7.3 |
Other Counterparties [Member] | Interest Rate Swaps/Caps [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Financial assets, Gross Amount Recognized | 11.1 | 2.6 |
Financial assets, Gross Amount Offset | 0 | 0 |
Financial assets, Net Amount Presented | 11.1 | 2.6 |
Financial assets, Financial Instruments | (5.4) | (0.2) |
Financial assets, Collateral | (5.7) | (2.4) |
Financial liabilities, Gross Amount Recognized | 5.4 | 0.8 |
Financial liabilities, Gross Amount Offset | 0 | 0 |
Financial liabilities, Net Amount Presented | 5.4 | 0.8 |
Financial liabilities, Financial Instruments | $ (5.4) | (0.2) |
Financial liabilities, Collateral | $ (0.6) |
Balance Sheet Offsetting - Addi
Balance Sheet Offsetting - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
US Treasury [Member] | ||
Offsettting Assets and Liabilities [Line Items] | ||
Fair value of treasury securities | $ 461.3 | $ 453.8 |
Mortgage-Backed Securities [Member] | ||
Offsettting Assets and Liabilities [Line Items] | ||
Fair value of treasury securities | $ 457.2 | $ 461.9 |
Balance Sheet Offsetting - Su_2
Balance Sheet Offsetting - Summary of Collateral Swaps (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Offsettting Assets and Liabilities [Line Items] | |||
Total repurchase agreements, Net amounts Presented in the Balance Sheet | $ 332.9 | $ 301.6 | $ 343.3 |
Collateral Swaps [Member] | |||
Offsettting Assets and Liabilities [Line Items] | |||
Total resale agreements, Gross Amount Recognized | 450 | 450 | |
Total resale agreements, Gross Amount Offset in the Balance Sheet | (450) | (450) | |
Total resale agreements, Net amount Presented in the Balance Sheet | 0 | 0 | |
Total repurchase agreements, Gross Amount Recognized | 450 | 450 | |
Total repurchase agreements, Gross Amounts Offset in the Balance Sheet | (450) | (450) | |
Total repurchase agreements, Net amounts Presented in the Balance Sheet | $ 0 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of primary operating segments | Segment | 3 | ||
Number of operating reportable segments | Segment | 2 | ||
Other non-interest expense | $ 11.4 | $ 30.6 | $ 4.7 |
Other non-interest income | 7.5 | ||
Net security losses | (9.8) | (25.4) | $ (5.9) |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net security losses | $ (10) | $ (10) |
Segment Information - Selected
Segment Information - Selected Financial Information Business Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | $ 332.6 | $ 306.4 | $ 301.2 | $ 295.8 | $ 292.3 | $ 284.6 | $ 274.9 | $ 248.6 | $ 1,236 | $ 1,100.5 | $ 972.2 |
Provision for loan losses | 9.9 | 8.2 | 6.5 | 5.4 | 7.5 | 7 | 7.1 | 4.4 | 30 | 26 | 36.6 |
Total non-interest income | 88.7 | 92.3 | 94.9 | 90.4 | 87.3 | 89.3 | 91.6 | 84.7 | 366.4 | 352.9 | 342.7 |
Total non-interest expense | 262.7 | 241.3 | 248.6 | 243.5 | 239.7 | 237.1 | 257.3 | 226.1 | 996.1 | 960.3 | 868.8 |
Income (loss) before income tax expense (benefit) | 576.3 | 467.1 | 409.5 | ||||||||
Income tax expense (benefit) | 15.8 | 32.2 | 30.8 | 29.4 | 26.2 | 39 | 32.8 | 32 | 108.2 | 129.9 | 128.5 |
Net income | $ 132.9 | $ 117 | $ 110.2 | $ 107.9 | $ 106.2 | $ 90.8 | $ 69.3 | $ 70.8 | 468.1 | 337.2 | 281 |
Average total assets | 45,029.7 | 42,581.6 | 39,784.3 | ||||||||
Average total liabilities | 38,992.5 | 36,990 | 34,924.9 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | 1,166.4 | 1,034.9 | 914 | ||||||||
Provision for loan losses | 47.7 | 57.1 | 52.3 | ||||||||
Total non-interest income | 364.5 | 348.4 | 325.4 | ||||||||
Total non-interest expense | 949 | 904.1 | 831.7 | ||||||||
Income (loss) before income tax expense (benefit) | 534.2 | 422.1 | 355.4 | ||||||||
Income tax expense (benefit) | 99.9 | 117.5 | 111.7 | ||||||||
Net income | 434.3 | 304.6 | 243.7 | ||||||||
Average total assets | 36,060 | 34,229 | 31,636.9 | ||||||||
Average total liabilities | 30,004.1 | 28,141.4 | 25,941 | ||||||||
Operating Segments [Member] | Commercial Banking Loan [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | 699.2 | 631 | 566.5 | ||||||||
Provision for loan losses | 38.7 | 43.7 | 39.3 | ||||||||
Total non-interest income | 177.8 | 165 | 156.4 | ||||||||
Total non-interest expense | 383.7 | 357.1 | 322.8 | ||||||||
Income (loss) before income tax expense (benefit) | 454.6 | 395.2 | 360.8 | ||||||||
Income tax expense (benefit) | 85 | 110 | 113.4 | ||||||||
Net income | 369.6 | 285.2 | 247.4 | ||||||||
Average total assets | 25,956.7 | 24,533.9 | 22,691.1 | ||||||||
Average total liabilities | 9,305 | 7,938.6 | 6,733.7 | ||||||||
Operating Segments [Member] | Retail Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | 467.2 | 403.9 | 347.5 | ||||||||
Provision for loan losses | 9 | 13.4 | 13 | ||||||||
Total non-interest income | 186.7 | 183.4 | 169 | ||||||||
Total non-interest expense | 565.3 | 547 | 508.9 | ||||||||
Income (loss) before income tax expense (benefit) | 79.6 | 26.9 | (5.4) | ||||||||
Income tax expense (benefit) | 14.9 | 7.5 | (1.7) | ||||||||
Net income | 64.7 | 19.4 | (3.7) | ||||||||
Average total assets | 10,103.3 | 9,695.1 | 8,945.8 | ||||||||
Average total liabilities | 20,699.1 | 20,202.8 | 19,207.3 | ||||||||
Treasury [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | 93 | 107.4 | 87.6 | ||||||||
Total non-interest income | 8.3 | 11.2 | 9.2 | ||||||||
Total non-interest expense | 17.8 | 15.6 | 9.8 | ||||||||
Income (loss) before income tax expense (benefit) | 83.5 | 103 | 87 | ||||||||
Income tax expense (benefit) | 15.8 | 28.6 | 27.5 | ||||||||
Net income | 67.7 | 74.4 | 59.5 | ||||||||
Average total assets | 7,955.8 | 7,512.1 | 7,443.1 | ||||||||
Average total liabilities | 8,544.3 | 8,450.6 | 8,628.7 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (loss) | (23.4) | (41.8) | (29.4) | ||||||||
Provision for loan losses | (17.7) | (31.1) | (15.7) | ||||||||
Total non-interest income | (6.4) | (6.7) | 8.1 | ||||||||
Total non-interest expense | 29.3 | 40.6 | 27.3 | ||||||||
Income (loss) before income tax expense (benefit) | (41.4) | (58) | (32.9) | ||||||||
Income tax expense (benefit) | (7.5) | (16.2) | (10.7) | ||||||||
Net income | (33.9) | (41.8) | (22.2) | ||||||||
Average total assets | 1,013.9 | 840.5 | 704.3 | ||||||||
Average total liabilities | $ 444.1 | $ 398 | $ 355.2 |
Parent Company Financial Info_3
Parent Company Financial Information - Condensed Statements of Condition (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||||
Cash at bank subsidiary | $ 665.7 | $ 505.1 | ||
Total cash and cash equivalents | 932 | 882.6 | ||
Goodwill | 2,685.7 | 2,411.4 | $ 1,992.7 | |
Other assets | 1,091.6 | 952.7 | ||
Total assets | 47,877.3 | 44,453.4 | ||
Liabilities and Stockholders' Equity: | ||||
Notes and debentures | 895.8 | 901.6 | ||
Other liabilities | 695.2 | 571.8 | ||
Stockholders' equity | 6,533.9 | 5,819.9 | $ 5,141.9 | $ 4,731.6 |
Total liabilities and stockholders' equity | 47,877.3 | 44,453.4 | ||
People's United Financial, Inc. [Member] | ||||
Assets: | ||||
Cash at bank subsidiary | 291.6 | 378.6 | ||
Total cash and cash equivalents | 291.6 | 378.6 | ||
Equity securities, at fair value | 8.1 | 8.7 | ||
Goodwill | 197.1 | 197.1 | ||
Due from bank subsidiary | 5.5 | 8.4 | ||
Other assets | 45.9 | 35.6 | ||
Total assets | 7,036.3 | 6,320.8 | ||
Liabilities and Stockholders' Equity: | ||||
Notes and debentures | 497.7 | 497.1 | ||
Other liabilities | 4.7 | 3.8 | ||
Stockholders' equity | 6,533.9 | 5,819.9 | ||
Total liabilities and stockholders' equity | 7,036.3 | 6,320.8 | ||
People's United Financial, Inc. [Member] | Bank Subsidiary [Member] | ||||
Assets: | ||||
Bank subsidiary | 6,485.3 | 5,690.8 | ||
People's United Financial, Inc. [Member] | Non Bank Subsidiaries [Member] | ||||
Assets: | ||||
Bank subsidiary | $ 2.8 | $ 1.6 |
Parent Company Financial Info_4
Parent Company Financial Information - Condensed Statements of Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||||||
Securities | $ 184.2 | $ 153.7 | $ 140.3 | ||||||||
Advances to bank subsidiary | 1,366.2 | 1,144.1 | 984.4 | ||||||||
Total interest and dividend income | $ 431.8 | $ 390 | $ 375.4 | $ 359.1 | $ 350.6 | $ 339.2 | $ 322 | $ 290.5 | 1,556.3 | 1,302.4 | 1,127.3 |
Dividend income from bank subsidiary | 342 | 292 | 271 | ||||||||
Net security losses | (9.8) | (25.4) | (5.9) | ||||||||
Other non-interestincome | 50.9 | 62.6 | 59.4 | ||||||||
Expenses: | |||||||||||
Interest on notes and debentures | 33.3 | 29.9 | 31.4 | ||||||||
Non-interest expense | 262.7 | 241.3 | 248.6 | 243.5 | 239.7 | 237.1 | 257.3 | 226.1 | 996.1 | 960.3 | 868.8 |
Income before income tax benefit and subsidiaries undistributed income | 576.3 | 467.1 | 409.5 | ||||||||
Income tax benefit | 15.8 | 32.2 | 30.8 | 29.4 | 26.2 | 39 | 32.8 | 32 | 108.2 | 129.9 | 128.5 |
Net income | $ 132.9 | $ 117 | $ 110.2 | $ 107.9 | $ 106.2 | $ 90.8 | $ 69.3 | $ 70.8 | 468.1 | 337.2 | 281 |
People's United Financial, Inc. [Member] | |||||||||||
Revenues: | |||||||||||
Securities | 0.4 | 1.1 | 3.4 | ||||||||
Advances to bank subsidiary | 1 | ||||||||||
Total interest and dividend income | 0.4 | 1.1 | 4.4 | ||||||||
Dividend income from bank subsidiary | 342 | 292 | 271 | ||||||||
Net security losses | (1.2) | ||||||||||
Other non-interestincome | 2.3 | 16.9 | 14.8 | ||||||||
Total revenues | 344.7 | 308.8 | 290.2 | ||||||||
Expenses: | |||||||||||
Interest on notes and debentures | 18.7 | 19 | 22.5 | ||||||||
Non-interest expense | 11.4 | 13.9 | 9.6 | ||||||||
Total expenses | 30.1 | 32.9 | 32.1 | ||||||||
Income before income tax benefit and subsidiaries undistributed income | 314.6 | 275.9 | 258.1 | ||||||||
Income tax benefit | (5.5) | (5.7) | (5) | ||||||||
Income before subsidiaries undistributed income | 320.1 | 281.6 | 263.1 | ||||||||
Subsidiaries undistributed income | 148 | 55.6 | 17.9 | ||||||||
Net income | $ 468.1 | $ 337.2 | $ 281 |
Parent Company Financial Info_5
Parent Company Financial Information - Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | $ 132.9 | $ 117 | $ 110.2 | $ 107.9 | $ 106.2 | $ 90.8 | $ 69.3 | $ 70.8 | $ 468.1 | $ 337.2 | $ 281 |
Other comprehensive (loss) income, net of tax: | |||||||||||
Net unrealized losses on securities available-for-sale | (21.5) | 10.7 | (14.6) | ||||||||
Net unrealized gains on derivatives accounted for as cash flow hedges | (0.9) | (1.2) | 0.3 | ||||||||
Total other comprehensive (loss) income, net of tax | (37.8) | 13.3 | (17.8) | ||||||||
Total comprehensive income | 430.3 | 350.5 | 263.2 | ||||||||
People's United Financial, Inc. [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 468.1 | 337.2 | 281 | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Net unrealized losses on securities available-for-sale | (0.1) | (0.1) | |||||||||
Net unrealized gains on derivatives accounted for as cash flow hedges | 0.3 | ||||||||||
Other comprehensive (loss) income of bank subsidiary | (37.8) | 13.4 | (18) | ||||||||
Total other comprehensive (loss) income, net of tax | (37.8) | 13.3 | (17.8) | ||||||||
Total comprehensive income | $ 430.3 | $ 350.5 | $ 263.2 |
Parent Company Financial Info_6
Parent Company Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net income | $ (468.1) | $ (337.2) | $ (281) |
Net security losses | 9.8 | 25.4 | 5.9 |
Net change in other assets and other liabilities | (40) | 38.1 | (103.8) |
Cash Flows from Investing Activities: | |||
Proceeds from sales of equity securities | 2.3 | ||
Proceeds from principal repayments and maturities of debt securities available-for-sale | 465.5 | 562.6 | 925 |
Cash Flows from Financing Activities: | |||
Repayment of notes and debentures | (125) | ||
Proceeds from issuance of preferred stock, net | 244.1 | ||
Cash dividends paid on common stock | (243.8) | (227.9) | (205.7) |
Cash dividends paid on preferred stock | (14.1) | (14.1) | (1.8) |
Common stock repurchases | (2.5) | (3.4) | (3.4) |
Proceeds from stock options exercised | 27.9 | 61.8 | 87.9 |
Cash, cash equivalents and restricted cash at beginning of year | 882.6 | 614.1 | 715.3 |
Cash, cash equivalents and restricted cash at end of year | 932 | 882.6 | 614.1 |
People's United Financial, Inc. [Member] | |||
Cash Flows from Operating Activities: | |||
Net income | 468.1 | 337.2 | 281 |
Subsidiaries undistributed income | (148) | (55.6) | (17.9) |
Net security losses | 1.2 | ||
Net change in other assets and other liabilities | 23.1 | 20.1 | (21.5) |
Net cash provided by operating activities | 343.2 | 302.9 | 241.6 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of equity securities | 2.3 | ||
Proceeds from principal repayments and maturities of debt securities available-for-sale | 1.4 | ||
Proceeds from sales of debt securities available-for-sale | 75.6 | 200.4 | |
Purchases of debt securities available-for-sale | (76) | ||
Increase in investment in bank subsidiary | (200) | (450) | |
Decrease in advances to bank subsidiary | 100 | ||
Net cash (used in) provided by investing activities | (197.7) | 75.6 | (224.2) |
Cash Flows from Financing Activities: | |||
Repayment of notes and debentures | (125) | ||
Proceeds from issuance of preferred stock, net | 244.1 | ||
Cash dividends paid on common stock | (243.8) | (227.9) | (205.7) |
Cash dividends paid on preferred stock | (14.1) | (14.1) | (1.8) |
Common stock repurchases | (2.5) | (3.4) | (3.4) |
Proceeds from stock options exercised | 27.9 | 61.8 | 87.9 |
Net cash (used in) provided by financing activities | (232.5) | (308.6) | 121.1 |
Net (decrease) increase in cash and cash equivalents | (87) | 69.9 | 138.5 |
Cash, cash equivalents and restricted cash at beginning of year | 378.6 | 308.7 | 170.2 |
Cash, cash equivalents and restricted cash at end of year | $ 291.6 | $ 378.6 | $ 308.7 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | Jan. 02, 2019USD ($) | Dec. 31, 2018USD ($)Branches |
Bsb Bancorp [Member] | ||
Subsequent Event [Line Items] | ||
Stock conversion ratio | 200.00% | |
Total transaction value | $ 296 | |
Total assets of acquiring company | 3,000 | |
Payment to acquire lease and loan portfolio | $ 2,000 | |
Number of branches acquired | Branches | 6 | |
Merger-related expenses | $ 0.5 | |
VAR Technology Finance [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Business acquisition cash consideration transferred | $ 60 | |
Business acquisition, date of acquisition agreement | Jan. 2, 2019 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data - Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information [Line Items] | |||||||||||
Interest and dividend income | $ 431.8 | $ 390 | $ 375.4 | $ 359.1 | $ 350.6 | $ 339.2 | $ 322 | $ 290.5 | $ 1,556.3 | $ 1,302.4 | $ 1,127.3 |
Interest expense | 99.2 | 83.6 | 74.2 | 63.3 | 58.3 | 54.6 | 47.1 | 41.9 | 320.3 | 201.9 | 155.1 |
Net interest income | 332.6 | 306.4 | 301.2 | 295.8 | 292.3 | 284.6 | 274.9 | 248.6 | 1,236 | 1,100.5 | 972.2 |
Provision for loan losses | 9.9 | 8.2 | 6.5 | 5.4 | 7.5 | 7 | 7.1 | 4.4 | 30 | 26 | 36.6 |
Net interest income after provision for loan losses | 322.7 | 298.2 | 294.7 | 290.4 | 284.8 | 277.6 | 267.8 | 244.2 | 1,206 | 1,074.5 | 935.6 |
Non-interest income | 88.7 | 92.3 | 94.9 | 90.4 | 87.3 | 89.3 | 91.6 | 84.7 | 366.4 | 352.9 | 342.7 |
Non-interest expense | 262.7 | 241.3 | 248.6 | 243.5 | 239.7 | 237.1 | 257.3 | 226.1 | 996.1 | 960.3 | 868.8 |
Income before income tax expense | 148.7 | 149.2 | 141 | 137.3 | 132.4 | 129.8 | 102.1 | 102.8 | 576.3 | 467.1 | 409.5 |
Income tax expense | 15.8 | 32.2 | 30.8 | 29.4 | 26.2 | 39 | 32.8 | 32 | 108.2 | 129.9 | 128.5 |
Net income | 132.9 | 117 | 110.2 | 107.9 | 106.2 | 90.8 | 69.3 | 70.8 | 468.1 | 337.2 | 281 |
Preferred stock dividend | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 14.1 | 14.1 | 1.8 |
Net income available to common shareholders | $ 129.4 | $ 113.5 | $ 106.7 | $ 104.4 | $ 102.7 | $ 87.3 | $ 65.8 | $ 67.3 | $ 454 | $ 323.1 | $ 279.2 |
EPS: | |||||||||||
Basic | $ 0.35 | $ 0.33 | $ 0.31 | $ 0.31 | $ 0.30 | $ 0.26 | $ 0.20 | $ 0.22 | $ 1.30 | $ 0.98 | $ 0.92 |
Diluted | $ 0.35 | $ 0.33 | $ 0.31 | $ 0.30 | $ 0.30 | $ 0.26 | $ 0.19 | $ 0.22 | $ 1.29 | $ 0.97 | $ 0.92 |
Common dividends paid | $ 65.1 | $ 60 | $ 59.9 | $ 58.8 | $ 58.6 | $ 58.3 | $ 58.3 | $ 52.7 | $ 243.8 | $ 227.9 | $ 205.7 |
Dividends paid per common share | $ 0.1750 | $ 0.1750 | $ 0.1750 | $ 0.1725 | $ 0.1725 | $ 0.1725 | $ 0.1725 | $ 0.1700 | $ 0.1750 | $ 0.1725 | |
Common dividend payout ratio | 50.30% | 52.90% | 56.20% | 56.30% | 57.10% | 66.80% | 88.60% | 78.30% | 53.70% | 70.60% | 73.70% |
Basic | 370,220 | 341,430 | 340,640 | 339,760 | 338,530 | 336,930 | 336,580 | 308,850 | 348,100 | 330,300 | 303,100 |
Diluted | 372,830 | 345,040 | 344,470 | 344,000 | 341,110 | 338,820 | 338,510 | 311,080 | 351,700 | 332,900 | 304,000 |
Maximum [Member] | |||||||||||
EPS: | |||||||||||
Stock price | $ 17.46 | $ 19 | $ 19.37 | $ 20.26 | $ 19.50 | $ 18.26 | $ 18.21 | $ 19.85 | $ 17.46 | $ 19.50 | |
Minimum [Member] | |||||||||||
EPS: | |||||||||||
Stock price | $ 13.66 | $ 16.95 | $ 18 | $ 18.18 | $ 17.58 | $ 15.97 | $ 16.44 | $ 17.47 | $ 13.66 | $ 17.58 |