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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
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 March 31, 2020 (in millions)Level 1Level 2Level 3Total
Financial assets:
Debt securities available-for-sale:
U.S. Treasury and agency$747.2  $—  $—  $747.2  
GSE mortgage-backed and CMO securities—  3,529.4  —  3,529.4  
Equity securities6.2  —  —  6.2  
Other assets:
Exchange-traded funds39.8  —  —  39.8  
Mutual funds2.9  —  —  2.9  
Interest rate swaps—  932.9  —  932.9  
Interest rate caps—  3.6  —  3.6  
Foreign exchange contracts—  8.6  —  8.6  
Forward commitments to sell residential mortgage loans—  0.6  —  0.6  
Total$796.1  $4,475.1  $—  $5,271.2  
Financial liabilities:
Interest rate swaps$—  $184.5  $—  $184.5  
Interest rate caps—  3.6  —  3.6  
Risk participation agreements —  0.5  —  0.5  
Foreign exchange contracts—  9.2  —  9.2  
Interest rate-lock commitments on residential mortgage loans—  0.7  —  0.7  
Total$—  $198.5  $—  $198.5  
 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  
Fixed income securities—  —  —  —  
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  $—  $96.2  
Assets Measured at Fair Value on Non-Recurring Basis
The following tables summarize People’s United’s assets that are measured at fair value on a non-recurring basis:
 Fair Value Measurements Using     
As of March 31, 2020 (in millions)Level 1Level 2Level 3Total
Loans held-for-sale (1)$—  $19.2  $—  $19.2  
REO and repossessed assets (2)—  —  21.4  21.4  
Mortgage servicing rights (3)—  —  7.7  7.7  
Total$—  $19.2  $29.1  $48.3  
 Fair Value Measurements Using 
As of December 31, 2019 (in millions)Level 1Level 2Level 3Total
Loans held-for-sale:
   Commercial$—  $—  $157.9  $157.9  
   Other consumer—  —  333.7  333.7  
   Residential (1)—  19.7  —  19.7  
Impaired loans (4)—  —  61.9  61.9  
REO and repossessed assets (2)—  —  23.4  23.4  
Mortgage servicing rights—  —  10.3  10.3  
Total$—  $19.7  $587.2  $606.9  


(1)Consists of residential mortgage loans; no fair value adjustments were recorded for the 
three months ended March 31, 2020 and 2019.
(2)Represents: (i) $9.5 million of residential REO; (ii) $7.3 million of commercial REO; and (iii) $4.6 million of repossessed assets at March 31, 2020. Charge-offs to the ACL related to loans that were transferred to REO or repossessed assets totaled $1.2 million and $0.3 million for the three months ended March 31, 2020 and 2019, respectively. Write downs and net (gains) loss on sale of foreclosed/repossessed assets charged to non-interest expense totaled $0.4 million and $0.1 million for the same periods.
(3)A fair value adjustment totaling $3.0 million was recorded for the three months ended March 31, 2020.
(4)Represents the recorded investment in impaired loans with a related ACL measured in accordance with applicable accounting guidance. The provision for credit losses on impaired loans totaled $0.6 million for the three months ended March 31, 2019.
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 March 31, 2020 (in millions)Level 1Level 2Level 3Total
Financial assets:
Cash and due from banks$507.6  $507.6  $—  $—  $507.6  
Short-term investments744.3  —  744.3  —  744.3  
Debt securities held-to-maturity, net3,861.5  —  4,063.7  1.5  4,065.2  
FHLB and FRB stock407.2  —  407.2  —  407.2  
Total loans, net (1)43,927.1  —  9,999.3  34,597.9  44,597.2  
Financial liabilities:
Time deposits8,840.2  —  8,891.5  —  8,891.5  
Other deposits35,900.9  —  35,900.9  —  35,900.9  
FHLB advances4,489.7  —  4,490.7  —  4,490.7  
Federal funds purchased1,120.0  —  1,120.0  —  1,120.0  
Customer repurchase agreements301.1  —  301.1  —  301.1  
Notes and debentures1,012.6  —  995.8  —  995.8  

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  
Other borrowings—  11.0  —  11.0  
Notes and debentures993.1  —  1,021.3  —  1,021.3  
 
(1)Excludes collateral dependent loans totaling $15.2 million at March 31, 2020 and impaired loans totaling $61.9 million measured at fair value on a non-recurring basis at December 31, 2019.