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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2019 (in millions)Level 1Level 2Level 3Total
Financial assets:
Trading debt securities:
U.S. Treasury$7.1  $—  $—  $7.1  
Debt securities available-for-sale:
U.S. Treasury and agency687.1  —  —  687.1  
GSE mortgage-backed and CMO securities—  2,877.2  —  2,877.2  
Equity securities8.2  —  —  8.2  
Other assets:
Exchange-traded funds47.7  —  —  47.7  
Mutual funds3.3  —  —  3.3  
Interest rate swaps—  337.6  —  337.6  
Interest rate caps—  1.7  —  1.7  
Foreign exchange contracts—  1.2  —  1.2  
Forward commitments to sell residential mortgage loans—  0.5  —  0.5  
Total$753.4  $3,218.2  $—  $3,971.6  
Financial liabilities:
Interest rate swaps$—  $92.1  $—  $92.1  
Interest rate caps—  1.7  —  1.7  
Risk participation agreements—  0.1  —  0.1  
Foreign exchange contracts—  1.8  —  1.8  
Interest rate-lock commitments on residential mortgage loans—  0.5  —  0.5  
Total$—  $96.2  $—  $96.2  
Fair Value Measurements Using
As of December 31, 2018 (in millions)Level 1Level 2Level 3Total
Financial assets:
Trading debt securities:
U.S. Treasury$8.4  $—  $—  $8.4  
Debt securities available-for-sale:
U.S. Treasury and agency678.0  —  —  678.0  
GSE mortgage-backed securities—  2,443.0  —  2,443.0  
Equity securities8.1  —  —  8.1  
Other assets:
Exchange-traded funds35.5  —  —  35.5  
Mutual funds20.6  —  —  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  
(1)At December 31, 2018, the fair value of risk participation agreements totaled less than $0.1 million (see Note 22).
Assets Measured at Fair Value on Non-Recurring Basis
The following tables summarize People’s United’s assets that are measured at fair value on a non-recurring basis:
Fair Value Measurements Using
As of December 31, 2019 (in millions)Level 1Level 2Level 3Total
Loans held-for-sale:
Commercial (1)$—  $—  $157.9  $157.9  
Other consumer (1)—  —  333.7  333.7  
Residential (2)—  19.7  —  19.7  
Impaired loans (3)—  —  61.9  61.9  
REO and repossessed assets (4)—  —  23.4  23.4  
Mortgage servicing rights (1)—  —  10.3  10.3  
Total$—  $19.7  $587.2  $606.9  

Fair Value Measurements Using 
As of December 31, 2018 (in millions)Level 1Level 2Level 3Total
Loans held-for-sale - Residential (2)$—  $19.5  $—  $19.5  
Impaired loans (3)—  —  55.2  55.2  
REO and repossessed assets (4)—  —  18.1  18.1  
Total$—  $19.5  $73.3  $92.8  
(1)Fair value adjustments recorded for the year ended December 31, 2019 were immaterial.
(2)No fair value adjustments were recorded for the years ended December 31, 2019 and 2018.
(3)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 $49.0 million of Commercial loans and $12.9 million of Retail loans at December 31, 2019. The provision for loan losses on impaired loans totaled $9.3 million and $8.6 million for the years ended December 31, 2019 and 2018, respectively.
(4)Represents: (i) $11.9 million of residential REO; (ii) $7.3 million of commercial REO; and (iii) $4.2 million of repossessed assets at December 31, 2019. Charge-offs to the allowance for loan losses related to loans that were transferred to REO or repossessed assets totaled $2.8 million and $1.7 million for the years ended December 31, 2019 and 2018, respectively. Write downs and net loss on sale of foreclosed/repossessed assets charged to non-interest expense totaled $1.1 million and $0.2 million for the same periods.
Carrying Amounts and Estimated Fair Values of Financial Instruments
The following tables summarize the carrying amounts, estimated fair values and placement in the fair value hierarchy of People’s United’s financial instruments that are not measured at fair value either on a recurring or non-recurring basis:
Carrying
Amount		Estimated Fair Value
Measurements Using
As of December 31, 2019 (in millions)Level 1Level 2Level 3Total
Financial assets:
Cash and due from banks$484.2  $484.2  $—  $—  $484.2  
Short-term investments316.8  —  316.8  —  316.8  
Debt securities held-to-maturity3,869.2  —  4,018.5  1.5  4,020.0  
FHLB and FRB stock341.1  —  341.1  —  341.1  
Total loans, net (1)43,287.6  —  10,072.1  33,282.9  43,355.0  
Financial liabilities:
Time deposits9,205.5  —  9,218.1  —  9,218.1  
Other deposits34,384.0  —  34,384.0  —  34,384.0  
FHLB advances3,125.4  —  3,125.5  —  3,125.5  
Federal funds purchased1,620.0  —  1,620.0  —  1,620.0  
Customer repurchase agreements409.1  —  409.1  —  409.1  
Notes and debentures993.1  —  1,021.3  —  1,021.3  
(1)Excludes impaired loans totaling $61.9 million measured at fair value on a non-recurring basis.
Carrying
Amount		Estimated Fair Value
Measurements Using
As of December 31, 2018 (in millions)Level 1Level 2Level 3Total
Financial assets:
Cash and due from banks$665.7  $665.7  $—  $—  $665.7  
Short-term investments266.3  —  266.3  —  266.3  
Debt securities held-to-maturity3,792.3  —  3,774.4  1.5  3,775.9  
FHLB and FRB stock303.4  —  303.4  —  303.4  
Total loans, net (1)34,945.8  —  7,806.1  26,800.2  34,606.3  
Financial liabilities:
Time deposits6,916.2  —  6,884.0  —  6,884.0  
Other deposits29,242.8  —  29,242.8  —  29,242.8  
FHLB advances2,404.5  —  2,404.5  —  2,404.5  
Federal funds purchased845.0  —  845.0  —  845.0  
Customer repurchase agreements332.9  —  332.9  —  332.9  
Other borrowings11.0  —  11.0  —  11.0  
Notes and debentures895.8  —  893.4  —  893.4  
(1)Excludes impaired loans totaling $55.2 million measured at fair value on a non-recurring basis.