Parent Company Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Information

NOTE 25 – 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)	2019		2018
Assets:
Cash at bank subsidiary	$	455.2	$	291.6
Total cash and cash equivalents	455.2		291.6
Equity securities, at fair value	8.2		8.1
Investments in subsidiaries:
Bank subsidiary	7,800.0		6,485.3
Non-bank subsidiaries	4.8		2.8
Goodwill	203.0		197.1
Due from bank subsidiary	4.6		5.5
Other assets	56.0		45.9
Total assets	$	8,531.8	$	7,036.3
Liabilities and Stockholders’ Equity:
Notes and debentures	$	579.9	$	497.7
Other liabilities	4.7		4.7
Stockholders’ equity	7,947.2		6,533.9
Total liabilities and stockholders’ equity	$	8,531.8	$	7,036.3

CONDENSED STATEMENTS OF INCOME

Years ended December 31(in millions)	2019		2018		2017
Revenues:
Interest income:
Securities	$	0.4	$	0.4	$	1.1
Total interest income	0.4		0.4		1.1
Dividend income from bank subsidiary	457.0		342.0		292.0
Net security losses	—		—		(1.2)
Other non-interest income	1.7		2.3		16.9
Total revenues	459.1		344.7		308.8
Expenses:
Interest on notes and debentures	19.2		18.7		19.0
Non-interest expense	14.1		11.4		13.9
Total expenses	33.3		30.1		32.9
Income before income tax benefit and subsidiaries undistributed income	425.8		314.6		275.9
Income tax benefit	(6.2)		(5.5)		(5.7)
Income before subsidiaries undistributed income	432.0		320.1		281.6
Subsidiaries undistributed income	88.4		148.0		55.6
Net income	$	520.4	$	468.1	$	337.2

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Years ended December 31 (in millions)	2019		2018		2017
Net income	$	520.4	$	468.1	$	337.2
Other comprehensive income (loss), net of tax:
Net unrealized losses on securities available-for-sale	—		—		(0.1)
Net unrealized losses on derivatives accounted for as cash flow hedges	(0.1)		—		—
Other comprehensive income (loss) of bank subsidiary	90.0		(37.8)		13.4
Total other comprehensive income (loss), net of tax	89.9		(37.8)		13.3
Total comprehensive income	$	610.3	$	430.3	$	350.5

CONDENSED STATEMENTS OF CASH FLOWS

Years ended December 31 (in millions)	2019		2018		2017
Cash Flows from Operating Activities:
Net income	$	520.4	$	468.1	$	337.2
Adjustments to reconcile net income to net cash provided by operating activities:
Subsidiaries undistributed income	(88.4)		(148.0)		(55.6)
Net security losses	—		—		1.2
Net change in other assets and other liabilities	(0.7)		23.1		20.1
Net cash provided by operating activities	431.3		343.2		302.9
Cash Flows from Investing Activities:
Proceeds from sales of equity securities	1.6		2.3		—
Proceeds from sales of debt securities available-for-sale	—		—		75.6
Increase in investment in bank subsidiary	—		(200.0)		—
Net cash provided by (used in) investing activities	1.6		(197.7)		75.6
Cash Flows from Financing Activities:
Repayment of notes and debentures	—		—		(125.0)
Cash dividends paid on common stock	(274.8)		(243.8)		(227.9)
Cash dividends paid on preferred stock	(14.1)		(14.1)		(14.1)
Common stock repurchases	(4.5)		(2.5)		(3.4)
Proceeds from stock options exercised	24.1		27.9		61.8
Net cash used in financing activities	(269.3)		(232.5)		(308.6)
Net increase (decrease) in cash and cash equivalents	163.6		(87.0)		69.9
Cash and cash equivalents at beginning of year	291.6		378.6		308.7
Cash and cash equivalents at end of year	$	455.2	$	291.6	$	378.6