QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of registrant as specified in its charter) | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
(Registrant's telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | Smaller reporting company | |||||||||||||||||
Non-accelerated filer | ☐ | Emerging growth company |
Part I – Financial Information | Page | ||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Part II – Other Information | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
(in millions) | September 30, 2020 | December 31, 2019 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Short-term investments | |||||||||||
Total cash and cash equivalents (note 2) | |||||||||||
Securities (note 2): | |||||||||||
Trading debt securities, at fair value | |||||||||||
Equity securities, at fair value | |||||||||||
Debt securities available-for-sale, at fair value | |||||||||||
Debt securities held-to-maturity, at amortized cost and net of allowance for credit losses of $ | |||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | |||||||||||
Total securities | |||||||||||
Loans held-for-sale (note 3) | |||||||||||
Loans (notes 3, 4 and 5): | |||||||||||
Commercial and industrial | |||||||||||
Commercial real estate | |||||||||||
Equipment financing | |||||||||||
Total Commercial Portfolio | |||||||||||
Residential mortgage | |||||||||||
Home equity and other consumer | |||||||||||
Total Retail Portfolio | |||||||||||
Total loans | |||||||||||
Less allowance for credit losses on loans | ( | ( | |||||||||
Total loans, net | |||||||||||
Goodwill (note 8) | |||||||||||
Bank-owned life insurance | |||||||||||
Premises and equipment, net | |||||||||||
Other acquisition-related intangible assets (note 8) | |||||||||||
Other assets (notes 1, 3, 5 and 13) | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing | $ | $ | |||||||||
Savings | |||||||||||
Interest-bearing checking and money market | |||||||||||
Time | |||||||||||
Total deposits | |||||||||||
Borrowings: | |||||||||||
Federal Home Loan Bank advances | |||||||||||
Customer repurchase agreements | |||||||||||
Federal funds purchased | |||||||||||
Total borrowings | |||||||||||
Notes and debentures | |||||||||||
Other liabilities (notes 1, 4, 5 and 13) | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (notes 1, 5 and 10) | |||||||||||
Stockholders’ Equity (notes 6, 9 and 15) | |||||||||||
Preferred stock ($ issued and outstanding at both dates) | |||||||||||
Common stock ($ and | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Unallocated common stock of Employee Stock Ownership Plan, at cost ( and | ( | ( | |||||||||
Treasury stock, at cost ( | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions, except per common share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Interest and dividend income: | |||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Equipment financing | |||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||
Home equity and other consumer | |||||||||||||||||||||||
Total interest on loans | |||||||||||||||||||||||
Securities | |||||||||||||||||||||||
Loans held-for-sale | |||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
Total interest and dividend income | |||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Notes and debentures | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for credit losses on loans (notes 3 and 4) | |||||||||||||||||||||||
Provision for credit losses on securities (note 2) | ( | ( | |||||||||||||||||||||
Net interest income after provision for credit losses | |||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Bank service charges | |||||||||||||||||||||||
Investment management fees | |||||||||||||||||||||||
Operating lease income (note 5) | |||||||||||||||||||||||
Commercial banking lending fees | |||||||||||||||||||||||
Insurance revenue | |||||||||||||||||||||||
Cash management fees | |||||||||||||||||||||||
Other non-interest income (notes 2 and 3) | |||||||||||||||||||||||
Total non-interest income | |||||||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||
Professional and outside services | |||||||||||||||||||||||
Amortization of other acquisition-related intangible assets (note 8) | |||||||||||||||||||||||
Operating lease expense | |||||||||||||||||||||||
Regulatory assessments | |||||||||||||||||||||||
Other non-interest expense | |||||||||||||||||||||||
Total non-interest expense | |||||||||||||||||||||||
Income before income tax expense | |||||||||||||||||||||||
Income tax expense (note 1) | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Preferred stock dividend | |||||||||||||||||||||||
Net income available to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share (note 7): | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Net actuarial gains and losses related to pension and other postretirement plans | |||||||||||||||||||||||
Net unrealized gains and losses on debt securities available-for-sale | ( | ||||||||||||||||||||||
Amortization of unrealized losses on debt securities transferred to held-to-maturity | |||||||||||||||||||||||
Net unrealized gains and losses on derivatives accounted for as cash flow hedges | ( | ( | |||||||||||||||||||||
Total other comprehensive income (loss), net of tax (note 6) | ( | ||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
Three months ended September 30, 2020 (in millions, except per common share data) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Unallocated ESOP (1) Common Stock | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss, net of tax (note 6) | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Cash dividend on common stock ($ | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Cash dividend on preferred stock | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Restricted stock and performance-based share awards | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
ESOP common stock committed to be released (note 9) | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 (in millions, except per common share data) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Unallocated ESOP Common Stock | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income, net of tax (note 6) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock ($ | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Cash dividends on preferred stock | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Restricted stock and performance-based share awards | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock repurchased (note 6) | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
ESOP common stock committed to be released (note 9) | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock repurchased and retired upon vesting of restricted stock awards | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Transition adjustment related to adoption of new accounting standard (note 15) | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Three months ended September 30, 2019 (in millions, except per common share data) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Unallocated ESOP Common Stock | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income, net of tax (note 6) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash dividend on common stock ($ | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Cash dividend on preferred stock | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Restricted stock and performance-based share awards | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
ESOP common stock committed to be released (note 9) | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock repurchased and retired upon vesting of restricted stock awards | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 (in millions, except per common share data) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Unallocated ESOP Common Stock | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income, net of tax (note 6) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock issued in BSB Bancorp acquisition | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock ($ | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Cash dividends on preferred stock | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Restricted stock and performance-based share awards | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
ESOP common stock committed to be released (note 9) | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock repurchased and retired upon vesting of restricted stock awards | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
(in millions) | 2020 | 2019 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | |||||||||||
Depreciation and amortization of premises and equipment | |||||||||||
Amortization of other acquisition-related intangible assets | |||||||||||
Expense related to operating leases | |||||||||||
Expense related to share-based awards | |||||||||||
ESOP common stock committed to be released | |||||||||||
Net gains on sales of loans | ( | ||||||||||
Net gains on sales of residential mortgage loans held-for-sale | ( | ( | |||||||||
Originations of loans held-for-sale | ( | ( | |||||||||
Proceeds from sales of loans held-for-sale | |||||||||||
Net decrease (increase) in trading debt securities | ( | ||||||||||
Excess income tax benefits from stock option exercises | |||||||||||
Net changes in other assets and other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from sales of equity securities | |||||||||||
Proceeds from principal repayments and maturities of debt securities available-for-sale | |||||||||||
Proceeds from sales of debt securities available-for-sale | |||||||||||
Proceeds from principal repayments and maturities of debt securities held-to-maturity | |||||||||||
Purchases of debt securities available-for-sale | ( | ( | |||||||||
Purchases of debt securities held-to-maturity | ( | ( | |||||||||
Net (purchases) redemptions of Federal Reserve Bank stock | ( | ||||||||||
Net redemptions (purchases) of Federal Home Loan Bank stock | ( | ||||||||||
Proceeds from sales of loans | |||||||||||
Net principal disbursements of loans | ( | ( | |||||||||
Purchases of loans | ( | ( | |||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Purchases of leased equipment, net | ( | ( | |||||||||
Proceeds from sales of real estate owned | |||||||||||
Return of premium on bank-owned life insurance, net | |||||||||||
Net cash acquired in acquisitions | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Net increase in deposits | |||||||||||
Net (decrease) increase in borrowings with terms of three months or less | ( | ||||||||||
Repayments of borrowings with terms of more than three months | ( | ( | |||||||||
Cash dividends paid on common stock | ( | ( | |||||||||
Cash dividends paid on preferred stock | ( | ( | |||||||||
Repurchases of common stock | ( | ( | |||||||||
Proceeds from stock options exercised | |||||||||||
Contingent consideration payments | ( | ||||||||||
Net cash provided by financing activities | |||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental Information: | |||||||||||
Interest payments | $ | $ | |||||||||
Income tax payments | |||||||||||
Significant non-cash transactions: | |||||||||||
Unsettled purchases of securities | |||||||||||
Right-of-use assets obtained in exchange for lessee operating lease liabilities | |||||||||||
Real estate properties acquired by foreclosure | |||||||||||
Assets acquired and liabilities assumed in acquisitions: | |||||||||||
Non-cash assets, excluding goodwill and other acquisition-related intangibles | |||||||||||
Liabilities | |||||||||||
Common stock issued in BSB Bancorp acquisition |
NOTE 1. GENERAL |
NOTE 2. CASH AND CASH EQUIVALENTS AND SECURITIES |
As of September 30, 2020 (in millions) | Amortized Cost | ACL (1) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury and agency | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
GSE (2) mortgage-backed and CMO (3) securities | ( | ||||||||||||||||||||||||||||
Total debt securities available-for-sale | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Debt securities held-to-maturity: | |||||||||||||||||||||||||||||
State and municipal | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
GSE mortgage-backed securities | |||||||||||||||||||||||||||||
Corporate | ( | ( | |||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | $ | ( | $ | $ | ( | $ |
As of December 31, 2019 (in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||
U.S. Treasury and agency | $ | $ | $ | ( | $ | ||||||||||||||||||
GSE mortgage-backed and CMO securities | ( | ||||||||||||||||||||||
Total debt securities available-for-sale | $ | $ | $ | ( | $ | ||||||||||||||||||
Debt securities held-to-maturity: | |||||||||||||||||||||||
State and municipal | $ | $ | $ | ( | $ | ||||||||||||||||||
GSE mortgage-backed securities | ( | ||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total debt securities held-to-maturity | $ | $ | $ | ( | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
(in millions) | Corporate | State and municipal | Total | Corporate | State and municipal | Total | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Balance at beginning of period, adjusted | |||||||||||||||||||||||||||||||||||
Provision charged (credited) to income | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ |
As of September 30, 2020 (in millions) | Investment Grade | Non-Investment Grade | Total | ||||||||||||||
State and municipal | $ | $ | $ | ||||||||||||||
GSE mortgage-backed securities | |||||||||||||||||
Corporate | |||||||||||||||||
Other | |||||||||||||||||
Total | $ | $ | $ |
Continuous Unrealized Loss Position | |||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months Or Longer | Total | |||||||||||||||||||||||||||||||||
As of September 30, 2020 (in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||||||||||||||
GSE mortgage-backed and CMO securities | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | ( |
Continuous Unrealized Loss Position | |||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months Or Longer | Total | |||||||||||||||||||||||||||||||||
As of December 31, 2019 (in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||||||||||||||
GSE mortgage-backed and CMO securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
U.S. Treasury and agency | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Debt securities held-to-maturity: | |||||||||||||||||||||||||||||||||||
GSE mortgage-backed securities | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
State and municipal | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||
(in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
U.S. Treasury and agency: | |||||||||||||||||||||||
Within 1 year | $ | $ | $ | $ | |||||||||||||||||||
After 1 but within 5 years | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
GSE mortgage-backed and CMO securities: | |||||||||||||||||||||||
After 1 but within 5 years | |||||||||||||||||||||||
After 5 but within 10 years | |||||||||||||||||||||||
After 10 years | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
State and municipal: | |||||||||||||||||||||||
Within 1 year | |||||||||||||||||||||||
After 1 but within 5 years | |||||||||||||||||||||||
After 5 but within 10 years | |||||||||||||||||||||||
After 10 years | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||
After 1 but within 5 years | |||||||||||||||||||||||
After 5 but within 10 years | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Other: | |||||||||||||||||||||||
After 1 but within 5 years | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Total: | |||||||||||||||||||||||
Within 1 year | |||||||||||||||||||||||
After 1 but within 5 years | |||||||||||||||||||||||
After 5 but within 10 years | |||||||||||||||||||||||
After 10 years | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
NOTE 3. LOANS |
(in millions) | September 30, 2020 | December 31, 2019 | ||||||||||||
Commercial: | ||||||||||||||
Commercial real estate (1) | $ | $ | ||||||||||||
Commercial and industrial (1) | ||||||||||||||
Equipment financing | ||||||||||||||
MW/ABL | ||||||||||||||
Total Commercial Portfolio | ||||||||||||||
Retail: | ||||||||||||||
Residential mortgage: | ||||||||||||||
Adjustable-rate | ||||||||||||||
Fixed-rate | ||||||||||||||
Total residential mortgage | ||||||||||||||
Home equity and other consumer: | ||||||||||||||
Home equity | ||||||||||||||
Other consumer | ||||||||||||||
Total home equity and other consumer | ||||||||||||||
Total Retail Portfolio | ||||||||||||||
Total loans | $ | $ |
Past Due | |||||||||||||||||||||||||||||
As of September 30, 2020 (in millions) | Current | 30-89 Days | 90 Days or More | Total | Total | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Equipment financing | |||||||||||||||||||||||||||||
MW/ABL | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ |
Past Due | |||||||||||||||||||||||||||||
As of December 31, 2019 (in millions) | Current | 30-89 Days | 90 Days or More | Total | Total | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Equipment financing | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ |
Non-Accrual Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2020 (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | Non-Accrual Loans With No ACL | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment financing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MW/ABL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
As of December 31, 2019 (in millions) | Non-Accrual Loans | ||||
Commercial: | |||||
Commercial real estate | $ | ||||
Commercial and industrial | |||||
Equipment financing | |||||
MW/ABL | |||||
Total (1) | |||||
Retail: | |||||
Residential mortgage | |||||
Home equity | |||||
Other consumer | |||||
Total (2) | |||||
Total | $ |
Three Months Ended September 30, 2020 | |||||||||||||||||
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||
Commercial: | |||||||||||||||||
Commercial real estate (1) | $ | $ | |||||||||||||||
Commercial and industrial (2) | |||||||||||||||||
Equipment financing (3) | |||||||||||||||||
MW/ABL (4) | |||||||||||||||||
Total | |||||||||||||||||
Retail: | |||||||||||||||||
Residential mortgage (5) | |||||||||||||||||
Home equity (6) | |||||||||||||||||
Other consumer | |||||||||||||||||
Total | |||||||||||||||||
Total | $ | $ |
Nine Months Ended September 30, 2020 | |||||||||||||||||
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||
Commercial: | |||||||||||||||||
Commercial real estate (1) | $ | $ | |||||||||||||||
Commercial and industrial (2) | |||||||||||||||||
Equipment financing (3) | |||||||||||||||||
MW/ABL (4) | |||||||||||||||||
Total | |||||||||||||||||
Retail: | |||||||||||||||||
Residential mortgage (5) | |||||||||||||||||
Home equity (6) | |||||||||||||||||
Other consumer | |||||||||||||||||
Total | |||||||||||||||||
Total | $ | $ |
Three Months Ended September 30, 2019 | |||||||||||||||||
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||
Commercial: | |||||||||||||||||
Commercial real estate (1) | $ | $ | |||||||||||||||
Commercial and industrial (2) | |||||||||||||||||
Equipment financing (3) | |||||||||||||||||
MW/ABL | |||||||||||||||||
Total | |||||||||||||||||
Retail: | |||||||||||||||||
Residential mortgage (4) | |||||||||||||||||
Home equity (5) | |||||||||||||||||
Other consumer | |||||||||||||||||
Total | |||||||||||||||||
Total | $ | $ |
Nine Months Ended September 30, 2019 | |||||||||||||||||
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||
Commercial: | |||||||||||||||||
Commercial real estate (1) | $ | $ | |||||||||||||||
Commercial and industrial (2) | |||||||||||||||||
Equipment financing (3) | |||||||||||||||||
MW/ABL | |||||||||||||||||
Total | |||||||||||||||||
Retail: | |||||||||||||||||
Residential mortgage (4) | |||||||||||||||||
Home equity (5) | |||||||||||||||||
Other consumer | |||||||||||||||||
Total | |||||||||||||||||
Total | $ | $ |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
(dollars in millions) | Number of Contracts | Recorded Investment as of Period End | Number of Contracts | Recorded Investment as of Period End | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | $ | $ | |||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Equipment financing | |||||||||||||||||||||||
MW/ABL | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||
Home equity | |||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Total | $ | $ | |||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
(dollars in millions) | Number of Contracts | Recorded Investment as of Period End | Number of Contracts | Recorded Investment as of Period End | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial real estate | $ | $ | |||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Equipment financing | |||||||||||||||||||||||
MW/ABL | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||
Home equity | |||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Total | $ | $ |
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Equipment financing: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
MW/ABL: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Low Risk | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Moderate Risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||
High Risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Low Risk | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Moderate Risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||
High Risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Low Risk | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Moderate Risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||
High Risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(in millions) | Commercial Real Estate | Commercial and Industrial | Equipment Financing | Total | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Pass | $ | $ | $ | $ | |||||||||||||||||||
Special mention | |||||||||||||||||||||||
Substandard | |||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
(in millions) | Residential Mortgage | Home Equity | Other Consumer | Total | |||||||||||||||||||
Retail: | |||||||||||||||||||||||
Low risk | $ | $ | $ | $ | |||||||||||||||||||
Moderate risk | |||||||||||||||||||||||
High risk | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||
(in millions) | September 30, 2020 | September 30, 2020 | |||||||||
Commercial: | |||||||||||
Commercial real estate | $ | $ | |||||||||
Commercial and industrial | |||||||||||
Equipment financing | |||||||||||
MW/ABL | |||||||||||
Total | |||||||||||
Retail: | |||||||||||
Residential mortgage | |||||||||||
Home equity | |||||||||||
Other consumer | |||||||||||
Total | |||||||||||
Total | $ | $ |
NOTE 4. ALLOWANCE FOR CREDIT LOSSES |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(in millions) | Commercial | Retail | Total | Commercial | Retail | Total | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||
Net loan charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Provision for credit losses | ( | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(in millions) | Commercial | Retail | Total | Commercial | Retail | Total | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
( | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Balance at beginning of period, adjusted | ||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||
Net loan charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Provision for credit losses | ( | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ |
(in millions) | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||
Balance at beginning of period | $ | $ | |||||||||
Balance at beginning of period, adjusted | |||||||||||
Provision charged (credited) to income | |||||||||||
Balance at end of period | $ | $ |
NOTE 5. LEASES |
(in millions) | September 30, 2020 | December 31, 2019 | |||||||||
Lease payments receivable | $ | $ | |||||||||
Estimated residual value of leased assets | |||||||||||
Gross investment in lease financing receivables | |||||||||||
Plus: Deferred origination costs | |||||||||||
Less: Unearned income | ( | ( | |||||||||
Total net investment in lease financing receivables | $ | $ |
(in millions) | September 30, 2020 | ||||
2020 (1) | $ | ||||
2021 | |||||
2022 | |||||
2023 | |||||
2024 | |||||
Later years | |||||
Total | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Lease financing receivables | $ | $ | $ | $ | |||||||||||||||||||
Operating leases | |||||||||||||||||||||||
Total lease income | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | ||||||||||||||||||||||
Variable lease cost | ||||||||||||||||||||||||||
Finance lease cost | ||||||||||||||||||||||||||
Sublease income | ( | ( | ( | ( | ||||||||||||||||||||||
Net lease cost | $ | $ | $ | $ |
(dollars in millions) | September 30, 2020 | December 31, 2019 | |||||||||
Lease ROU assets: | |||||||||||
Operating leases | $ | $ | |||||||||
Finance leases | |||||||||||
Lease liabilities: | |||||||||||
Operating leases | |||||||||||
Finance leases | |||||||||||
Weighted-average discount rate: | |||||||||||
Operating leases | % | % | |||||||||
Finance leases | |||||||||||
Weighted-average remaining lease term (in years): | |||||||||||
Operating leases | |||||||||||
Finance leases |
Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2020 | 2019 | ||||||||||||
Cash payments included in the measurement of lease liabilities: | ||||||||||||||
Reported in operating cash from operating leases | $ | $ | ||||||||||||
Reported in financing cash from finance leases | ||||||||||||||
ROU assets obtained in exchange for lessee: | ||||||||||||||
Operating lease liabilities (1) | ||||||||||||||
Finance lease liabilities |
(in millions) | Operating Leases | Finance Leases | |||||||||
2020 (1) | $ | $ | |||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
Later years | |||||||||||
Total lease payments | |||||||||||
Less: Interest | ( | ( | |||||||||
Total lease liabilities | $ | $ |
NOTE 6. STOCKHOLDERS' EQUITY |
(in millions) | Pension and Other Postretirement Plans | Net Unrealized Gains (Losses) on Debt Securities Available-for-Sale | Net Unrealized Gains (Losses) on Debt Securities Transferred to Held-to-Maturity | Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges | Total AOCL | ||||||||||||||||||||||||
Balance at December 31, 2019 | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||||||||
Amounts reclassified from AOCL (1) | ( | ||||||||||||||||||||||||||||
Current period other comprehensive income (loss) | ( | ||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | ( | $ | $ | ( | $ | ( | $ | ( |
(in millions) | Pension and Other Postretirement Plans | Net Unrealized Gains (Losses) on Debt Securities Available-for-Sale | Net Unrealized Gains (Losses) on Debt Securities Transferred to Held-to-Maturity | Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges | Total AOCL | ||||||||||||||||||||||||
Balance at December 31, 2018 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||||||||
Amounts reclassified from AOCL (1) | |||||||||||||||||||||||||||||
Current period other comprehensive income | |||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | ( | $ | $ | ( | $ | $ | ( |
Amounts Reclassified from AOCL | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Details about components of AOCL: | |||||||||||||||||||||||||||||
Amortization of pension and other postretirement plans items: | |||||||||||||||||||||||||||||
Net actuarial loss | $ | ( | $ | ( | $ | ( | $ | ( | (1) | ||||||||||||||||||||
( | ( | ( | ( | Income before income tax expense | |||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||
( | ( | ( | ( | Net income | |||||||||||||||||||||||||
Reclassification adjustment for net realized gains (losses) on debt securities available-for-sale | Income before income tax expense (2) | ||||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Amortization of unrealized losses on debt securities transferred to held-to-maturity | ( | ( | ( | ( | Income before income tax expense (3) | ||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||
( | ( | ( | ( | Net income | |||||||||||||||||||||||||
Amortization of unrealized gains and losses on cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate swaps | ( | ( | (4) | ||||||||||||||||||||||||||
Interest rate locks | (4) | ||||||||||||||||||||||||||||
( | ( | Income before income tax expense | |||||||||||||||||||||||||||
( | ( | Income tax expense | |||||||||||||||||||||||||||
( | ( | Net income | |||||||||||||||||||||||||||
Total reclassifications for the period | $ | ( | $ | ( | $ | ( | $ | ( |
NOTE 7. EARNINGS PER COMMON SHARE |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions, except per common share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net income available to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Dividends paid on and undistributed earnings allocated to participating securities | ( | ( | |||||||||||||||||||||
Earnings attributable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding for basic EPS | |||||||||||||||||||||||
Effect of dilutive equity-based awards | |||||||||||||||||||||||
Weighted average common shares and common-equivalent shares for diluted EPS | |||||||||||||||||||||||
EPS: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted |
NOTE 8. GOODWILL AND OTHER ACQUISITION-RELATED INTANGIBLE ASSETS |
NOTE 9. EMPLOYEE BENEFIT PLANS |
Pension Plans | Other Postretirement Plan | ||||||||||||||||||||||
Three months ended September 30 (in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net periodic benefit (income) expense: | |||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Recognized net actuarial loss | |||||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Net periodic benefit (income) expense | $ | ( | $ | ( | $ | $ | |||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||
Nine months ended September 30 (in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net periodic benefit (income) expense: | |||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Recognized net actuarial loss | |||||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Net periodic benefit (income) expense | ( | ( | |||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||||||||||||||||||||||
Net actuarial loss | ( | ( | ( | ( | |||||||||||||||||||
Total pre-tax changes recognized in other comprehensive income (loss) | ( | ( | ( | ( | |||||||||||||||||||
Total recognized in net periodic benefit (income) expense and other comprehensive income (loss) | $ | ( | $ | ( | $ | $ |
NOTE 10. LEGAL PROCEEDINGS |
NOTE 11. SEGMENT INFORMATION |
NOTE 12. FAIR VALUE MEASUREMENTS |
Fair Value Measurements Using | |||||||||||||||||||||||
As of September 30, 2020 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||
U.S. Treasury and agency | $ | $ | $ | $ | |||||||||||||||||||
GSE mortgage-backed and CMO securities | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Exchange-traded funds | |||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||
Interest rate caps | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Forward commitments to sell residential mortgage loans | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
Interest rate caps | |||||||||||||||||||||||
Risk participation agreements | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value Measurements Using | |||||||||||||||||||||||
As of December 31, 2019 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Trading debt securities: | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | |||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||
U.S. Treasury and agency | |||||||||||||||||||||||
GSE mortgage-backed and CMO securities | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Exchange-traded funds | |||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||
Interest rate caps | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Forward commitments to sell residential mortgage loans | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
Interest rate caps | |||||||||||||||||||||||
Risk participation agreements | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value Measurements Using | |||||||||||||||||||||||
As of September 30, 2020 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Loans held-for-sale (1) | $ | $ | $ | $ | |||||||||||||||||||
Collateral dependent loans (2) | |||||||||||||||||||||||
REO and repossessed assets (3) | |||||||||||||||||||||||
Mortgage servicing rights (4) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||
As of December 31, 2019 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Loans held-for-sale: | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | |||||||||||||||||||
Other consumer | |||||||||||||||||||||||
Residential (1) | |||||||||||||||||||||||
Impaired loans (5) | |||||||||||||||||||||||
REO and repossessed assets (3) | |||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Carrying Amount | Estimated Fair Value Measurements Using | ||||||||||||||||||||||||||||
As of September 30, 2020 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||
Debt securities held-to-maturity, net | |||||||||||||||||||||||||||||
FHLB and FRB stock | |||||||||||||||||||||||||||||
Total loans, net (1) | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||||||||
Other deposits | |||||||||||||||||||||||||||||
FHLB advances | |||||||||||||||||||||||||||||
Customer repurchase agreements | |||||||||||||||||||||||||||||
Federal funds purchased | |||||||||||||||||||||||||||||
Notes and debentures |
Carrying Amount | Estimated Fair Value Measurements Using | ||||||||||||||||||||||||||||
As of December 31, 2019 (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||||||
FHLB and FRB stock | |||||||||||||||||||||||||||||
Total loans, net (1) | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||||||||
Other deposits | |||||||||||||||||||||||||||||
FHLB advances | |||||||||||||||||||||||||||||
Federal funds purchased | |||||||||||||||||||||||||||||
Customer repurchase agreements | |||||||||||||||||||||||||||||
Notes and debentures |
NOTE 13. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES |
Fair Values (1) | |||||||||||||||||||||||||||||||||||||||||
Notional Amounts | Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||
(in millions) | Type of Hedge | Sept. 30, 2020 | Dec 31, 2019 | Sept. 30, 2020 | Dec 31, 2019 | Sept. 30, 2020 | Dec 31, 2019 | ||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
Commercial customers | N/A | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Institutional counterparties | N/A | ||||||||||||||||||||||||||||||||||||||||
Interest rate caps: | |||||||||||||||||||||||||||||||||||||||||
Commercial customers | N/A | ||||||||||||||||||||||||||||||||||||||||
Institutional counterparties | N/A | ||||||||||||||||||||||||||||||||||||||||
Risk participation agreements | N/A | ||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | N/A | ||||||||||||||||||||||||||||||||||||||||
Forward commitments to sell residential mortgage loans | N/A | ||||||||||||||||||||||||||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | N/A | ||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
FHLB advances | Cash flow | ||||||||||||||||||||||||||||||||||||||||
Subordinated notes | Fair value | ||||||||||||||||||||||||||||||||||||||||
Loans | Cash flow | ||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Total fair value of derivatives | $ | $ | $ | $ |
Type of Hedge | Amount of Pre-Tax Gain (Loss) Recognized in Earnings (1) | Amount of Pre-Tax Gain (Loss) Recognized in AOCL | |||||||||||||||||||||||||||
Nine months ended September 30 (in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||
Commercial customers | N/A | $ | $ | $ | $ | ||||||||||||||||||||||||
Institutional counterparties | N/A | ( | ( | ||||||||||||||||||||||||||
Interest rate caps: | |||||||||||||||||||||||||||||
Commercial customers | N/A | ||||||||||||||||||||||||||||
Institutional counterparties | N/A | ( | ( | ||||||||||||||||||||||||||
Foreign exchange contracts | N/A | ||||||||||||||||||||||||||||
Risk participation agreements | N/A | ( | |||||||||||||||||||||||||||
Forward commitments to sell residential mortgage loans | N/A | ||||||||||||||||||||||||||||
Interest rate-lock commitments on residential mortgage loans | N/A | ( | ( | ||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||||||||||
Interest rate swaps | Fair value | ( | |||||||||||||||||||||||||||
Interest rate swaps | Cash flow | ( | ( | ||||||||||||||||||||||||||
Interest rate locks | Cash flow | ||||||||||||||||||||||||||||
Total | ( | ( | |||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
NOTE 14. BALANCE SHEET OFFSETTING |
Gross Amount Recognized | Gross Amount Offset | Net Amount Presented | Gross Amounts Not Offset | ||||||||||||||||||||||||||||||||
Financial Instruments | Net Amount | ||||||||||||||||||||||||||||||||||
As of September 30, 2020 (in millions) | Collateral | ||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||
Counterparty A | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Counterparty B | |||||||||||||||||||||||||||||||||||
Counterparty C | |||||||||||||||||||||||||||||||||||
Counterparty D | |||||||||||||||||||||||||||||||||||
Counterparty E | |||||||||||||||||||||||||||||||||||
Other counterparties | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||
Counterparty A | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Counterparty B | ( | ||||||||||||||||||||||||||||||||||
Counterparty C | ( | ||||||||||||||||||||||||||||||||||
Counterparty D | ( | ||||||||||||||||||||||||||||||||||
Counterparty E | — | ||||||||||||||||||||||||||||||||||
Other counterparties | ( | ||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | ||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ( | $ |
Gross Amount Recognized | Gross Amount Offset | Net Amount Presented | Gross Amounts Not Offset | ||||||||||||||||||||||||||||||||
Financial Instruments | Net Amount | ||||||||||||||||||||||||||||||||||
As of December 31, 2019 (in millions) | Collateral | ||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||
Counterparty A | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Counterparty B | ( | ||||||||||||||||||||||||||||||||||
Counterparty C | ( | ||||||||||||||||||||||||||||||||||
Counterparty D | ( | ||||||||||||||||||||||||||||||||||
Counterparty E | |||||||||||||||||||||||||||||||||||
Other counterparties | ( | ||||||||||||||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||
Counterparty A | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Counterparty B | ( | ( | |||||||||||||||||||||||||||||||||
Counterparty C | ( | ( | |||||||||||||||||||||||||||||||||
Counterparty D | ( | ( | |||||||||||||||||||||||||||||||||
Counterparty E | |||||||||||||||||||||||||||||||||||
Other counterparties | ( | ( | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ |
As of September 30, 2020 (in millions) | Gross Amount Recognized | Gross Amount Offset | Net Amount Presented | ||||||||||||||
Total resale agreements | $ | $ | ( | $ | |||||||||||||
Total repurchase agreements | $ | $ | ( | $ | |||||||||||||
As of December 31, 2019 (in millions) | Gross Amount Recognized | Gross Amount Offset | Net Amount Presented | ||||||||||||||
Total resale agreements | $ | $ | ( | $ | |||||||||||||
Total repurchase agreements | $ | $ | ( | $ |
NOTE 15. NEW ACCOUNTING STANDARDS |
NOTE 16. SUBSEQUENT EVENT |
Forward Looking Statements |
Recent Developments |
Sale of Business |
Critical Accounting Estimates |
Selected Consolidated Financial Information | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(dollars in millions, except per common share data) | Sept. 30, 2020 | June 30, 2020 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2019 | ||||||||||||||||||||||||
Earnings Data: | |||||||||||||||||||||||||||||
Net interest income (fully taxable equivalent) | $ | 398.7 | $ | 413.0 | $ | 356.0 | $ | 1,215.4 | $ | 1,051.4 | |||||||||||||||||||
Net interest income | 391.4 | 405.6 | 348.7 | 1,193.0 | 1,029.6 | ||||||||||||||||||||||||
Provision for credit losses (1) | 26.8 | 80.8 | 7.8 | 141.1 | 21.0 | ||||||||||||||||||||||||
Non-interest income | 101.1 | 89.6 | 106.0 | 314.5 | 306.9 | ||||||||||||||||||||||||
Non-interest expense (2) | 293.6 | 304.0 | 281.4 | 917.7 | 837.0 | ||||||||||||||||||||||||
Income before income tax expense | 172.1 | 110.4 | 165.5 | 448.7 | 478.5 | ||||||||||||||||||||||||
Net income | 144.6 | 89.9 | 135.1 | 364.9 | 383.0 | ||||||||||||||||||||||||
Net income available to common shareholders (2) | 141.1 | 86.4 | 131.6 | 354.4 | 372.5 | ||||||||||||||||||||||||
Selected Statistical Data: | |||||||||||||||||||||||||||||
Net interest margin (3) | 2.97 | % | 3.05 | % | 3.12 | % | 3.05 | % | 3.14 | % | |||||||||||||||||||
Return on average assets (2), (3) | 0.94 | 0.58 | 1.05 | 0.80 | 1.02 | ||||||||||||||||||||||||
Return on average common equity (3) | 7.5 | 4.6 | 7.7 | 6.3 | 7.5 | ||||||||||||||||||||||||
Return on average tangible common equity (2), (3) | 13.1 | 8.1 | 14.0 | 11.0 | 13.7 | ||||||||||||||||||||||||
Efficiency ratio (2) | 53.8 | 53.5 | 56.8 | 53.8 | 56.6 | ||||||||||||||||||||||||
Common Share Data: | |||||||||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||
Basic | $ | 0.34 | $ | 0.21 | $ | 0.34 | $ | 0.84 | $ | 0.97 | |||||||||||||||||||
Diluted (2) | 0.34 | 0.21 | 0.33 | 0.84 | 0.96 | ||||||||||||||||||||||||
Dividends paid per common share | 0.1800 | 0.1800 | 0.1775 | 0.5375 | 0.5300 | ||||||||||||||||||||||||
Common dividend payout ratio (2) | 53.6 | % | 87.4 | % | 53.1 | % | 64.5 | % | 55.0 | % | |||||||||||||||||||
Book value per common share (end of period) | $ | 18.11 | $ | 17.95 | $ | 17.54 | $ | 18.11 | $ | 17.54 | |||||||||||||||||||
Tangible book value per common share (end of period) (2) | 10.37 | 10.18 | 9.74 | 10.37 | 9.74 | ||||||||||||||||||||||||
Stock price: | |||||||||||||||||||||||||||||
High | 12.36 | 13.99 | 17.10 | 17.00 | 18.03 | ||||||||||||||||||||||||
Low | 9.74 | 9.37 | 13.81 | 9.37 | 13.81 | ||||||||||||||||||||||||
Close (end of period) | 10.31 | 11.57 | 15.64 | 10.31 | 15.64 |
As of and for the Three Months Ended | |||||||||||||||||||||||||||||
(dollars in millions) | Sept. 30, 2020 | June 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sept. 30, 2019 | ||||||||||||||||||||||||
Financial Condition Data: | |||||||||||||||||||||||||||||
Total assets | $ | 60,871 | $ | 61,510 | $ | 60,433 | $ | 58,590 | $ | 52,072 | |||||||||||||||||||
Loans | 45,231 | 45,452 | 44,284 | 43,596 | 38,781 | ||||||||||||||||||||||||
Securities | 8,270 | 8,233 | 8,552 | 7,790 | 7,135 | ||||||||||||||||||||||||
Short-term investments | 439 | 987 | 744 | 317 | 158 | ||||||||||||||||||||||||
Allowance for credit losses (1) | 424 | 414 | 342 | 247 | 246 | ||||||||||||||||||||||||
Goodwill and other acquisition-related intangible assets | 3,244 | 3,254 | 3,264 | 3,275 | 3,065 | ||||||||||||||||||||||||
Deposits | 49,637 | 49,934 | 44,741 | 43,590 | 38,574 | ||||||||||||||||||||||||
Borrowings | 1,237 | 1,782 | 5,911 | 5,155 | 4,629 | ||||||||||||||||||||||||
Notes and debentures | 1,012 | 1,015 | 1,013 | 993 | 916 | ||||||||||||||||||||||||
Stockholders’ equity | 7,831 | 7,763 | 7,726 | 7,947 | 7,131 | ||||||||||||||||||||||||
Total risk-weighted assets: | |||||||||||||||||||||||||||||
People’s United | 45,756 | 45,657 | 46,408 | 45,208 | 39,794 | ||||||||||||||||||||||||
People’s United Bank, National Association | 45,685 | 45,615 | 46,397 | 45,174 | 39,742 | ||||||||||||||||||||||||
Non-accrual loans | 306 | 296 | 240 | 224 | 176 | ||||||||||||||||||||||||
Net loan charge-offs | 17.3 | 8.5 | 10.6 | 6.7 | 5.8 | ||||||||||||||||||||||||
Average Balances: | |||||||||||||||||||||||||||||
Loans | $ | 44,853 | $ | 45,153 | $ | 43,460 | $ | 42,006 | $ | 38,317 | |||||||||||||||||||
Securities (2) | 7,922 | 8,240 | 8,022 | 7,372 | 7,041 | ||||||||||||||||||||||||
Short-term investments | 842 | 774 | 289 | 294 | 219 | ||||||||||||||||||||||||
Total earning assets | 53,617 | 54,168 | 51,772 | 49,673 | 45,577 | ||||||||||||||||||||||||
Total assets | 61,293 | 61,841 | 58,604 | 56,130 | 51,524 | ||||||||||||||||||||||||
Deposits | 49,542 | 48,447 | 44,163 | 42,195 | 38,657 | ||||||||||||||||||||||||
Borrowings | 1,283 | 2,911 | 4,353 | 4,146 | 3,855 | ||||||||||||||||||||||||
Notes and debentures | 1,014 | 1,014 | 1,000 | 974 | 914 | ||||||||||||||||||||||||
Total funding liabilities | 51,839 | 52,372 | 49,515 | 47,314 | 43,427 | ||||||||||||||||||||||||
Stockholders’ equity | 7,801 | 7,757 | 7,804 | 7,654 | 7,079 | ||||||||||||||||||||||||
Ratios: | |||||||||||||||||||||||||||||
Net loan charge-offs to average total loans (annualized) | 0.15 | % | 0.08 | % | 0.10 | % | 0.06 | % | 0.06 | % | |||||||||||||||||||
Non-performing assets to total loans, real estate owned and repossessed assets (1) | 0.71 | 0.69 | 0.59 | 0.57 | 0.52 | ||||||||||||||||||||||||
Allowance for credit losses to (1): | |||||||||||||||||||||||||||||
Total loans | 0.94 | 0.91 | 0.77 | 0.57 | 0.63 | ||||||||||||||||||||||||
Non-accrual loans | 138.4 | 139.8 | 142.2 | 110.0 | 139.5 | ||||||||||||||||||||||||
Average stockholders’ equity to average total assets | 12.7 | 12.5 | 13.3 | 13.6 | 13.7 | ||||||||||||||||||||||||
Stockholders’ equity to total assets | 12.9 | 12.6 | 12.8 | 13.6 | 13.7 | ||||||||||||||||||||||||
Tangible common equity to tangible assets (3) | 7.5 | 7.3 | 7.4 | 8.0 | 7.8 | ||||||||||||||||||||||||
Total risk-based capital: | |||||||||||||||||||||||||||||
People’s United | 11.8 | 11.8 | 11.3 | 12.0 | 12.0 | ||||||||||||||||||||||||
People’s United Bank, National Association | 12.3 | 12.3 | 12.0 | 12.1 | 12.2 |
Non-GAAP Financial Measures and Reconciliation to GAAP |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(dollars in millions) | Sept. 30, 2020 | June 30, 2020 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2019 | ||||||||||||||||||||||||
Total non-interest expense | $ | 293.6 | $ | 304.0 | $ | 281.4 | $ | 917.7 | $ | 837.0 | |||||||||||||||||||
Adjustments to arrive at operating non-interest expense: | |||||||||||||||||||||||||||||
Merger-related expenses | (4.6) | (18.5) | (5.0) | (41.0) | (26.5) | ||||||||||||||||||||||||
Total | (4.6) | (18.5) | (5.0) | (41.0) | (26.5) | ||||||||||||||||||||||||
Operating non-interest expense | 289.0 | 285.5 | 276.4 | 876.7 | 810.5 | ||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Amortization of other acquisition-related intangible assets | (10.2) | (10.2) | (8.0) | (31.1) | (22.7) | ||||||||||||||||||||||||
Operating lease expense | (9.3) | (8.8) | (9.9) | (27.9) | (29.2) | ||||||||||||||||||||||||
Other (1) | (5.1) | (1.9) | (1.4) | (8.9) | (4.6) | ||||||||||||||||||||||||
Total non-interest expense for efficiency ratio | $ | 264.4 | $ | 264.6 | $ | 257.1 | $ | 808.8 | $ | 754.0 | |||||||||||||||||||
Net interest income (FTE basis) | $ | 398.7 | $ | 413.0 | $ | 356.0 | $ | 1,215.4 | $ | 1,051.4 | |||||||||||||||||||
Total non-interest income | 101.1 | 89.6 | 106.0 | 314.5 | 306.9 | ||||||||||||||||||||||||
Total revenues | 499.8 | 502.6 | 462.0 | 1,529.9 | 1,358.3 | ||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Operating lease expense | (9.3) | (8.8) | (9.9) | (27.9) | (29.2) | ||||||||||||||||||||||||
BOLI FTE adjustment | 0.8 | 1.0 | 0.5 | 2.6 | 1.8 | ||||||||||||||||||||||||
Net security gains | — | — | — | — | (0.1) | ||||||||||||||||||||||||
Other (2) | (0.1) | — | 0.1 | (0.4) | 0.4 | ||||||||||||||||||||||||
Total revenues for efficiency ratio | $ | 491.2 | $ | 494.8 | $ | 452.7 | $ | 1,504.2 | $ | 1,331.2 | |||||||||||||||||||
Efficiency ratio | 53.8 | % | 53.5 | % | 56.8 | % | 53.8 | % | 56.6 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(in millions) | Sept. 30, 2020 | June 30, 2020 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2019 | ||||||||||||||||||||||||
Net interest income | $ | 391.4 | $ | 405.6 | $ | 348.7 | $ | 1,193.0 | $ | 1,029.6 | |||||||||||||||||||
Non-interest income | 101.1 | 89.6 | 106.0 | 314.5 | 306.9 | ||||||||||||||||||||||||
Non-interest expense | (293.6) | (304.0) | (281.4) | (917.7) | (837.0) | ||||||||||||||||||||||||
Pre-provision net revenue | 198.9 | 191.2 | 173.3 | 589.8 | 499.5 | ||||||||||||||||||||||||
Non-operating expense | 4.6 | 18.5 | 5.0 | 41.0 | 26.5 | ||||||||||||||||||||||||
Operating pre-provision net revenue | $ | 203.5 | $ | 209.7 | $ | 178.3 | $ | 630.8 | $ | 526.0 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(dollars in millions, except per common share data) | Sept. 30, 2020 | June 30, 2020 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2019 | ||||||||||||||||||||||||
Net income available to common shareholders | $ | 141.1 | $ | 86.4 | $ | 131.6 | $ | 354.4 | $ | 372.5 | |||||||||||||||||||
Adjustments to arrive at operating earnings: | |||||||||||||||||||||||||||||
Merger-related expenses | 4.6 | 18.5 | 5.0 | 41.0 | 26.5 | ||||||||||||||||||||||||
Total pre-tax adjustments | 4.6 | 18.5 | 5.0 | 41.0 | 26.5 | ||||||||||||||||||||||||
Tax effect | (1.0) | (3.9) | (1.1) | (8.6) | (5.6) | ||||||||||||||||||||||||
Total adjustments, net of tax | 3.6 | 14.6 | 3.9 | 32.4 | 20.9 | ||||||||||||||||||||||||
Operating earnings | $ | 144.7 | $ | 101.0 | $ | 135.5 | $ | 386.8 | $ | 393.4 | |||||||||||||||||||
Diluted EPS, as reported | $ | 0.34 | $ | 0.21 | $ | 0.33 | $ | 0.84 | $ | 0.96 | |||||||||||||||||||
Adjustments to arrive at operating EPS: | |||||||||||||||||||||||||||||
Merger-related expenses | — | 0.03 | 0.01 | 0.07 | 0.05 | ||||||||||||||||||||||||
Total adjustments per common share | — | 0.03 | 0.01 | 0.07 | 0.05 | ||||||||||||||||||||||||
Operating EPS | $ | 0.34 | $ | 0.24 | $ | 0.34 | $ | 0.91 | $ | 1.01 | |||||||||||||||||||
Average total assets | $ | 61,293 | $ | 61,841 | $ | 51,524 | $ | 60,582 | $ | 50,151 | |||||||||||||||||||
Operating return on average assets (annualized) | 0.94 | % | 0.65 | % | 1.05 | % | 0.85 | % | 1.05 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(dollars in millions) | Sept. 30, 2020 | June 30, 2020 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2019 | ||||||||||||||||||||||||
Operating earnings | $ | 144.7 | $ | 101.0 | $ | 135.5 | $ | 386.8 | $ | 393.4 | |||||||||||||||||||
Average stockholders’ equity | $ | 7,801 | $ | 7,757 | $ | 7,079 | $ | 7,788 | $ | 6,875 | |||||||||||||||||||
Less: Average preferred stock | 244 | 244 | 244 | 244 | 244 | ||||||||||||||||||||||||
Average common equity | 7,557 | 7,513 | 6,835 | $ | 7,544 | $ | 6,631 | ||||||||||||||||||||||
Less: Average goodwill and average other acquisition-related intangible assets | 3,249 | 3,259 | 3,069 | 3,259 | 3,005 | ||||||||||||||||||||||||
Average tangible common equity | $ | 4,308 | $ | 4,254 | $ | 3,766 | $ | 4,285 | $ | 3,626 | |||||||||||||||||||
Operating return on average tangible common equity (annualized) | 13.4 | % | 9.5 | % | 14.4 | % | 12.0 | % | 14.5 | % | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(dollars in millions) | Sept. 30, 2020 | June 30, 2020 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2019 | ||||||||||||||||||||||||
Common dividends paid | $ | 75.7 | $ | 75.5 | $ | 69.9 | $ | 228.5 | $ | 204.9 | |||||||||||||||||||
Operating earnings | $ | 144.7 | $ | 101.0 | $ | 135.5 | $ | 386.8 | $ | 393.4 | |||||||||||||||||||
Operating common dividend payout ratio | 52.3 | % | 74.8 | % | 51.6 | % | 59.1 | % | 52.1 | % |
(dollars in millions) | Sept. 30, 2020 | June 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sept. 30, 2019 | ||||||||||||||||||||||||
Total stockholders’ equity | $ | 7,831 | $ | 7,763 | $ | 7,726 | $ | 7,947 | $ | 7,131 | |||||||||||||||||||
Less: Preferred stock | 244 | 244 | 244 | 244 | 244 | ||||||||||||||||||||||||
Common equity | 7,587 | 7,519 | 7,482 | 7,703 | 6,887 | ||||||||||||||||||||||||
Less: Goodwill and other acquisition-related intangible assets | 3,244 | 3,254 | 3,264 | 3,275 | 3,065 | ||||||||||||||||||||||||
Tangible common equity | $ | 4,343 | $ | 4,265 | $ | 4,218 | $ | 4,428 | $ | 3,822 | |||||||||||||||||||
Total assets | $ | 60,871 | $ | 61,510 | $ | 60,433 | $ | 58,590 | $ | 52,072 | |||||||||||||||||||
Less: Goodwill and other acquisition-related intangible assets | 3,244 | 3,254 | 3,264 | 3,275 | 3,065 | ||||||||||||||||||||||||
Tangible assets | $ | 57,627 | $ | 58,256 | $ | 57,169 | $ | 55,315 | $ | 49,007 | |||||||||||||||||||
Tangible common equity ratio | 7.5 | % | 7.3 | % | 7.4 | % | 8.0 | % | 7.8 | % | |||||||||||||||||||
(in millions, except per common share data) | Sept. 30, 2020 | June 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sept. 30, 2019 | ||||||||||||||||||||||||
Tangible common equity | $ | 4,343 | $ | 4,265 | $ | 4,218 | $ | 4,428 | $ | 3,822 | |||||||||||||||||||
Common shares issued | 533.67 | 533.59 | 533.47 | 532.83 | 487.59 | ||||||||||||||||||||||||
Less: Shares classified as treasury shares | 109.00 | 109.00 | 109.00 | 89.17 | 89.01 | ||||||||||||||||||||||||
Common shares outstanding | 424.67 | 424.59 | 424.47 | 443.66 | 398.58 | ||||||||||||||||||||||||
Less: Unallocated ESOP shares | 5.66 | 5.75 | 5.84 | 5.92 | 6.01 | ||||||||||||||||||||||||
Common shares | 419.01 | 418.84 | 418.63 | 437.74 | 392.57 | ||||||||||||||||||||||||
Tangible book value per common share | $ | 10.37 | $ | 10.18 | $ | 10.07 | $ | 10.12 | $ | 9.74 |
Financial Overview |
Segment Results |
Segment Performance Summary |
Three months ended September 30, 2020 | Commercial Banking | Retail Banking | Total Reportable Segments | Treasury | Other | Total Consolidated | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 283.7 | $ | 165.5 | $ | 449.2 | $ | (41.8) | $ | (16.0) | $ | 391.4 | ||||||||||||||||||||||||||
Provision for credit losses | 13.8 | 2.8 | 16.6 | (0.3) | 10.5 | 26.8 | ||||||||||||||||||||||||||||||||
Total non-interest income | 49.6 | 46.2 | 95.8 | 2.7 | 2.6 | 101.1 | ||||||||||||||||||||||||||||||||
Total non-interest expense | 122.9 | 169.6 | 292.5 | 0.7 | 0.4 | 293.6 | ||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | 196.6 | 39.3 | 235.9 | (39.5) | (24.3) | 172.1 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 31.3 | 6.2 | 37.5 | (6.3) | (3.7) | 27.5 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 165.3 | $ | 33.1 | $ | 198.4 | $ | (33.2) | $ | (20.6) | $ | 144.6 | ||||||||||||||||||||||||||
Average total assets | $ | 36,741.2 | $ | 13,381.1 | $ | 50,122.3 | $ | 9,519.7 | $ | 1,651.4 | $ | 61,293.4 | ||||||||||||||||||||||||||
Average total liabilities | 17,162.0 | 27,601.2 | 44,763.2 | 7,906.8 | 822.1 | 53,492.1 |
Nine months ended September 30, 2020 | Commercial Banking | Retail Banking | Total Reportable Segments | Treasury | Other | Total Consolidated | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 815.8 | $ | 474.2 | $ | 1,290.0 | $ | (65.1) | $ | (31.9) | $ | 1,193.0 | ||||||||||||||||||||||||||
Provision for credit losses | 39.1 | 7.3 | 46.4 | (0.3) | 95.0 | 141.1 | ||||||||||||||||||||||||||||||||
Total non-interest income | 169.2 | 134.5 | 303.7 | 3.8 | 7.0 | 314.5 | ||||||||||||||||||||||||||||||||
Total non-interest expense | 366.0 | 491.6 | 857.6 | 4.2 | 55.9 | 917.7 | ||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | 579.9 | 109.8 | 689.7 | (65.2) | (175.8) | 448.7 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 108.0 | 20.2 | 128.2 | (11.1) | (33.3) | 83.8 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 471.9 | $ | 89.6 | $ | 561.5 | $ | (54.1) | $ | (142.5) | $ | 364.9 | ||||||||||||||||||||||||||
Average total assets | $ | 35,809.1 | $ | 13,709.0 | $ | 49,518.1 | $ | 9,395.9 | $ | 1,668.1 | $ | 60,582.1 | ||||||||||||||||||||||||||
Average total liabilities | 15,901.5 | 26,722.4 | 42,623.9 | 9,309.0 | 861.7 | 52,794.6 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net interest income | $ | 283.7 | $ | 200.7 | $ | 815.8 | $ | 577.5 | |||||||||||||||
Provision for credit losses | 13.8 | 11.3 | 39.1 | 32.6 | |||||||||||||||||||
Total non-interest income | 49.6 | 53.2 | 169.2 | 151.4 | |||||||||||||||||||
Total non-interest expense | 122.9 | 111.6 | 366.0 | 330.1 | |||||||||||||||||||
Income before income tax expense | 196.6 | 131.0 | 579.9 | 366.2 | |||||||||||||||||||
Income tax expense | 31.3 | 24.1 | 108.0 | 73.1 | |||||||||||||||||||
Net income | $ | 165.3 | $ | 106.9 | $ | 471.9 | $ | 293.1 | |||||||||||||||
Average total assets | $ | 36,741.2 | $ | 29,886.6 | $ | 35,809.1 | $ | 28,800.9 | |||||||||||||||
Average total liabilities | 17,162.0 | 11,397.3 | 15,901.5 | 10,839.6 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net interest income | $ | 165.5 | $ | 136.9 | $ | 474.2 | $ | 405.4 | |||||||||||||||
Provision for credit losses | 2.8 | 2.3 | 7.3 | 6.7 | |||||||||||||||||||
Total non-interest income | 46.2 | 49.7 | 134.5 | 144.2 | |||||||||||||||||||
Total non-interest expense | 169.6 | 150.0 | 491.6 | 445.7 | |||||||||||||||||||
Income before income tax expense | 39.3 | 34.3 | 109.8 | 97.2 | |||||||||||||||||||
Income tax expense | 6.2 | 6.3 | 20.2 | 19.4 | |||||||||||||||||||
Net income | $ | 33.1 | $ | 28.0 | $ | 89.6 | $ | 77.8 | |||||||||||||||
Average total assets | $ | 13,381.1 | $ | 12,410.2 | $ | 13,709.0 | $ | 12,120.7 | |||||||||||||||
Average total liabilities | 27,601.2 | 23,066.4 | 26,722.4 | 22,982.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net interest income (loss) | $ | (41.8) | $ | 15.0 | $ | (65.1) | $ | 58.7 | |||||||||||||||
Provision for credit losses | (0.3) | — | (0.3) | — | |||||||||||||||||||
Total non-interest income | 2.7 | 2.9 | 3.8 | 9.2 | |||||||||||||||||||
Total non-interest expense | 0.7 | 2.4 | 4.2 | 11.3 | |||||||||||||||||||
Income (loss) before income tax expense (benefit) | (39.5) | 15.5 | (65.2) | 56.6 | |||||||||||||||||||
Income tax expense (benefit) | (6.3) | 2.9 | (11.1) | 11.4 | |||||||||||||||||||
Net income (loss) | $ | (33.2) | $ | 12.6 | $ | (54.1) | $ | 45.2 | |||||||||||||||
Average total assets | $ | 9,519.7 | $ | 7,686.1 | $ | 9,395.9 | $ | 7,784.2 | |||||||||||||||
Average total liabilities | 7,906.8 | 9,329.5 | 9,309.0 | 8,788.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net interest loss | $ | (16.0) | $ | (3.9) | $ | (31.9) | $ | (12.0) | |||||||||||||||
Provision for credit losses | 10.5 | (5.8) | 95.0 | (18.3) | |||||||||||||||||||
Total non-interest income | 2.6 | 0.2 | 7.0 | 2.1 | |||||||||||||||||||
Total non-interest expense | 0.4 | 17.4 | 55.9 | 49.9 | |||||||||||||||||||
Loss before income tax benefit | (24.3) | (15.3) | (175.8) | (41.5) | |||||||||||||||||||
Income tax benefit | (3.7) | (2.9) | (33.3) | (8.4) | |||||||||||||||||||
Net loss | $ | (20.6) | $ | (12.4) | $ | (142.5) | $ | (33.1) | |||||||||||||||
Average total assets | $ | 1,651.4 | $ | 1,541.4 | $ | 1,668.1 | $ | 1,445.2 | |||||||||||||||
Average total liabilities | 822.1 | 652.5 | 861.7 | 666.0 |
Net Interest Income |
Average Balance Sheet, Interest and Yield/Rate Analysis (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended (dollars in millions) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | $ | 841.5 | $ | 0.4 | 0.19 | % | $ | 774.0 | $ | 0.2 | 0.14 | % | $ | 218.7 | $ | 1.3 | 2.33 | % | ||||||||||||||||||||||||||||||||||||||
Securities (2) | 7,922.4 | 52.5 | 2.65 | 8,240.4 | 54.8 | 2.66 | 7,041.3 | 49.4 | 2.80 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 13,853.1 | 110.5 | 3.19 | 14,095.2 | 122.4 | 3.48 | 12,194.8 | 136.6 | 4.48 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 14,419.8 | 113.0 | 3.13 | 13,895.6 | 114.8 | 3.30 | 10,059.2 | 116.0 | 4.61 | |||||||||||||||||||||||||||||||||||||||||||||||
Equipment financing | 4,876.4 | 65.4 | 5.37 | 4,933.8 | 67.6 | 5.48 | 4,640.6 | 65.3 | 5.63 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 9,408.0 | 82.4 | 3.51 | 9,821.4 | 85.1 | 3.46 | 9,392.7 | 84.9 | 3.62 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity and other consumer | 2,296.0 | 19.9 | 3.47 | 2,407.1 | 20.1 | 3.34 | 2,029.2 | 24.7 | 4.88 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 44,853.3 | 391.2 | 3.49 | 45,153.1 | 410.0 | 3.63 | 38,316.5 | 427.5 | 4.46 | |||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | 53,617.2 | $ | 444.1 | 3.31 | % | 54,167.5 | $ | 465.0 | 3.43 | % | 45,576.5 | $ | 478.2 | 4.20 | % | |||||||||||||||||||||||||||||||||||||||||
Other assets | 7,676.2 | 7,673.9 | 5,947.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 61,293.4 | $ | 61,841.4 | $ | 51,524.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing | $ | 13,753.8 | $ | — | — | % | $ | 12,852.8 | $ | — | — | % | $ | 8,777.3 | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||
Savings, interest-bearing checking and money market | 28,970.0 | 16.4 | 0.23 | 27,402.5 | 17.0 | 0.25 | 21,758.5 | 53.4 | 0.98 | |||||||||||||||||||||||||||||||||||||||||||||||
Time | 6,817.8 | 20.1 | 1.18 | 8,191.4 | 24.7 | 1.21 | 8,121.6 | 38.8 | 1.91 | |||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | 49,541.6 | 36.5 | 0.29 | 48,446.7 | 41.7 | 0.34 | 38,657.4 | 92.2 | 0.95 | |||||||||||||||||||||||||||||||||||||||||||||||
Borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 640.5 | 1.3 | 0.79 | 1,858.8 | 1.5 | 0.32 | 2,363.0 | 14.1 | 2.39 | |||||||||||||||||||||||||||||||||||||||||||||||
Customer repurchase agreements | 382.6 | 0.2 | 0.18 | 357.2 | 0.2 | 0.24 | 290.1 | 0.6 | 0.86 | |||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 260.1 | — | 0.08 | 695.5 | 0.3 | 0.15 | 1,202.3 | 6.8 | 2.26 | |||||||||||||||||||||||||||||||||||||||||||||||
Total borrowings | 1,283.2 | 1.5 | 0.46 | 2,911.5 | 2.0 | 0.27 | 3,855.4 | 21.5 | 2.23 | |||||||||||||||||||||||||||||||||||||||||||||||
Notes and debentures | 1,014.0 | 7.4 | 2.92 | 1,013.8 | 8.3 | 3.29 | 913.8 | 8.5 | 3.73 | |||||||||||||||||||||||||||||||||||||||||||||||
Total funding liabilities | 51,838.8 | $ | 45.4 | 0.35 | % | 52,372.0 | $ | 52.0 | 0.40 | % | 43,426.6 | $ | 122.2 | 1.13 | % | |||||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,653.3 | 1,712.6 | 1,019.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 53,492.1 | 54,084.6 | 44,445.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 7,801.3 | 7,756.8 | 7,078.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 61,293.4 | $ | 61,841.4 | $ | 51,524.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/spread (3) | $ | 398.7 | 2.96 | % | $ | 413.0 | 3.03 | % | $ | 356.0 | 3.07 | % | ||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 2.97 | % | 3.05 | % | 3.12 | % |
Average Balance Sheet, Interest and Yield/Rate Analysis (1) | |||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
Nine months ended (dollars in millions) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Short-term investments | $ | 635.9 | $ | 2.6 | 0.55 | % | $ | 211.9 | $ | 3.8 | 2.37 | % | |||||||||||||||||||||||
Securities (2) | 8,061.0 | 163.3 | 2.70 | 7,165.4 | 152.6 | 2.84 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Commercial real estate | 14,219.8 | 382.5 | 3.59 | 12,037.6 | 409.2 | 4.53 | |||||||||||||||||||||||||||||
Commercial and industrial | 13,065.7 | 337.6 | 3.44 | 9,561.1 | 336.6 | 4.69 | |||||||||||||||||||||||||||||
Equipment financing | 4,908.5 | 201.2 | 5.47 | 4,504.1 | 187.0 | 5.54 | |||||||||||||||||||||||||||||
Residential mortgage | 9,820.4 | 258.0 | 3.50 | 9,077.5 | 241.5 | 3.55 | |||||||||||||||||||||||||||||
Home equity and other consumer | 2,475.7 | 70.7 | 3.81 | 2,029.1 | 75.4 | 4.95 | |||||||||||||||||||||||||||||
Total loans | 44,490.1 | 1,250.0 | 3.75 | 37,209.4 | 1,249.7 | 4.48 | |||||||||||||||||||||||||||||
Total earning assets | 53,187.0 | $ | 1,415.9 | 3.55 | % | 44,586.7 | $ | 1,406.1 | 4.20 | % | |||||||||||||||||||||||||
Other assets | 7,395.1 | 5,564.3 | |||||||||||||||||||||||||||||||||
Total assets | $ | 60,582.1 | $ | 50,151.0 | |||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Non-interest-bearing | $ | 12,233.7 | $ | — | — | % | $ | 8,563.2 | $ | — | — | % | |||||||||||||||||||||||
Savings, interest-bearing checking and money market | 27,111.2 | 77.5 | 0.38 | 21,708.6 | 159.6 | 0.98 | |||||||||||||||||||||||||||||
Time | 8,046.8 | 79.6 | 1.32 | 7,842.4 | 110.4 | 1.88 | |||||||||||||||||||||||||||||
Total deposits | 47,391.7 | 157.1 | 0.44 | 38,114.2 | 270.0 | 0.94 | |||||||||||||||||||||||||||||
Borrowings: | |||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 1,639.6 | 12.6 | 1.02 | 2,034.1 | 38.7 | 2.54 | |||||||||||||||||||||||||||||
Federal funds purchased | 847.7 | 5.4 | 0.85 | 1,005.6 | 18.2 | 2.41 | |||||||||||||||||||||||||||||
Customer repurchase agreements | 356.0 | 0.9 | 0.35 | 272.1 | 1.6 | 0.76 | |||||||||||||||||||||||||||||
Other borrowings | — | — | — | 4.4 | 0.1 | 1.86 | |||||||||||||||||||||||||||||
Total borrowings | 2,843.3 | 18.9 | 0.89 | 3,316.2 | 58.6 | 2.35 | |||||||||||||||||||||||||||||
Notes and debentures | 1,009.1 | 24.5 | 3.24 | 904.7 | 26.1 | 3.85 | |||||||||||||||||||||||||||||
Total funding liabilities | 51,244.1 | $ | 200.5 | 0.52 | % | 42,335.1 | $ | 354.7 | 1.12 | % | |||||||||||||||||||||||||
Other liabilities | 1,550.5 | 941.0 | |||||||||||||||||||||||||||||||||
Total liabilities | 52,794.6 | 43,276.1 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 7,787.5 | 6,874.9 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 60,582.1 | $ | 50,151.0 | |||||||||||||||||||||||||||||||
Net interest income/spread (3) | $ | 1,215.4 | 3.03 | % | $ | 1,051.4 | 3.08 | % | |||||||||||||||||||||||||||
Net interest margin | 3.05 | % | 3.14 | % |
Volume and Rate Analysis |
Three Months Ended September 30, 2020 Compared To | |||||||||||||||||||||||||||||||||||
September 30, 2019 Increase (Decrease) | June 30, 2020 Increase (Decrease) | ||||||||||||||||||||||||||||||||||
(in millions) | Volume | Rate | Total | Volume | Rate | Total | |||||||||||||||||||||||||||||
Interest and dividend income: | |||||||||||||||||||||||||||||||||||
Short-term investments | $ | 1.1 | $ | (2.0) | $ | (0.9) | $ | — | $ | 0.2 | $ | 0.2 | |||||||||||||||||||||||
Securities | 6.0 | (2.9) | 3.1 | (2.1) | (0.2) | (2.3) | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Commercial real estate | 16.9 | (43.0) | (26.1) | (2.1) | (9.8) | (11.9) | |||||||||||||||||||||||||||||
Commercial and industrial | 41.0 | (44.0) | (3.0) | 4.2 | (6.0) | (1.8) | |||||||||||||||||||||||||||||
Equipment financing | 3.2 | (3.1) | 0.1 | (0.8) | (1.4) | (2.2) | |||||||||||||||||||||||||||||
Residential mortgage | 0.1 | (2.6) | (2.5) | (3.6) | 0.9 | (2.7) | |||||||||||||||||||||||||||||
Home equity and other consumer | 3.0 | (7.8) | (4.8) | (0.9) | 0.7 | (0.2) | |||||||||||||||||||||||||||||
Total loans | 64.2 | (100.5) | (36.3) | (3.2) | (15.6) | (18.8) | |||||||||||||||||||||||||||||
Total change in interest and dividend income | 71.3 | (105.4) | (34.1) | (5.3) | (15.6) | (20.9) | |||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Savings, interest-bearing checking and money market | 13.6 | (50.6) | (37.0) | 0.9 | (1.5) | (0.6) | |||||||||||||||||||||||||||||
Time | (5.5) | (13.2) | (18.7) | (4.1) | (0.5) | (4.6) | |||||||||||||||||||||||||||||
Total deposits | 8.1 | (63.8) | (55.7) | (3.2) | (2.0) | (5.2) | |||||||||||||||||||||||||||||
Borrowings: | |||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | (6.7) | (6.1) | (12.8) | (1.4) | 1.2 | (0.2) | |||||||||||||||||||||||||||||
Federal funds purchased | (3.0) | (3.8) | (6.8) | (0.1) | (0.2) | (0.3) | |||||||||||||||||||||||||||||
Customer repurchase agreements | 0.1 | (0.5) | (0.4) | — | — | — | |||||||||||||||||||||||||||||
Total borrowings | (9.6) | (10.4) | (20.0) | (1.5) | 1.0 | (0.5) | |||||||||||||||||||||||||||||
Notes and debentures | 0.9 | (2.0) | (1.1) | — | (0.9) | (0.9) | |||||||||||||||||||||||||||||
Total change in interest expense | (0.6) | (76.2) | (76.8) | (4.7) | (1.9) | (6.6) | |||||||||||||||||||||||||||||
Change in net interest income | $ | 71.9 | $ | (29.2) | $ | 42.7 | $ | (0.6) | $ | (13.7) | $ | (14.3) |
Volume and Rate Analysis | ||||||||||||||||||||
Nine Months Ended September 30, 2020 Compared To September 30, 2019 Increase (Decrease) | ||||||||||||||||||||
(in millions) | Volume | Rate | Total | |||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Short-term investments | $ | 3.4 | $ | (4.6) | $ | (1.2) | ||||||||||||||
Securities | 18.4 | (7.7) | 10.7 | |||||||||||||||||
Loans: | ||||||||||||||||||||
Commercial real estate | 67.0 | (93.7) | (26.7) | |||||||||||||||||
Commercial and industrial | 104.3 | (103.3) | 1.0 | |||||||||||||||||
Equipment financing | 16.6 | (2.4) | 14.2 | |||||||||||||||||
Residential mortgage | 19.5 | (3.0) | 16.5 | |||||||||||||||||
Home equity and other consumer | 14.7 | (19.4) | (4.7) | |||||||||||||||||
Total loans | 222.1 | (221.8) | 0.3 | |||||||||||||||||
Total change in interest and dividend income | 243.9 | (234.1) | 9.8 | |||||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Savings, interest-bearing checking and money market | 32.7 | (114.8) | (82.1) | |||||||||||||||||
Time | 2.8 | (33.6) | (30.8) | |||||||||||||||||
Total deposits | 35.5 | (148.4) | (112.9) | |||||||||||||||||
Borrowings: | ||||||||||||||||||||
Federal Home Loan Bank advances | (6.4) | (19.7) | (26.1) | |||||||||||||||||
Federal funds purchased | (2.5) | (10.3) | (12.8) | |||||||||||||||||
Customer repurchase agreements | 0.4 | (1.1) | (0.7) | |||||||||||||||||
Other borrowings | (0.1) | — | (0.1) | |||||||||||||||||
Total borrowings | (8.6) | (31.1) | (39.7) | |||||||||||||||||
Notes and debentures | 2.8 | (4.4) | (1.6) | |||||||||||||||||
Total change in interest expense | 29.7 | (183.9) | (154.2) | |||||||||||||||||
Change in net interest income | $ | 214.2 | $ | (50.2) | $ | 164.0 |
Non-Interest Income | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(in millions) | Sept. 30, 2020 | June 30, 2020 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2019 | ||||||||||||||||||||||||
Bank service charges | $ | 24.5 | $ | 20.3 | $ | 27.0 | $ | 72.8 | $ | 78.6 | |||||||||||||||||||
Investment management fees | 18.8 | 17.4 | 19.9 | 54.3 | 58.9 | ||||||||||||||||||||||||
Operating lease income | 12.4 | 11.8 | 12.9 | 36.8 | 38.1 | ||||||||||||||||||||||||
Commercial banking lending fees | 12.7 | 10.6 | 11.8 | 35.4 | 29.8 | ||||||||||||||||||||||||
Insurance revenue | 9.7 | 9.0 | 10.3 | 29.6 | 29.5 | ||||||||||||||||||||||||
Cash management fees | 8.8 | 8.1 | 7.3 | 24.3 | 21.2 | ||||||||||||||||||||||||
Other non-interest income: | |||||||||||||||||||||||||||||
Customer interest rate swap income, net | 1.2 | 2.7 | 5.5 | 12.7 | 15.6 | ||||||||||||||||||||||||
BOLI | 2.9 | 3.8 | 2.2 | 9.6 | 8.0 | ||||||||||||||||||||||||
Net gains on sales of residential mortgage loans held-for-sale | 0.8 | 0.8 | 0.6 | 2.4 | 1.1 | ||||||||||||||||||||||||
Other | 9.3 | 5.1 | 8.5 | 36.7 | 26.1 | ||||||||||||||||||||||||
Total other non-interest income | 14.2 | 12.4 | 16.8 | 61.4 | 50.8 | ||||||||||||||||||||||||
Total non-interest income | $ | 101.1 | $ | 89.6 | $ | 106.0 | $ | 314.6 | $ | 306.9 |
Non-Interest Expense | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(dollars in millions) | Sept. 30, 2020 | June 30, 2020 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2019 | ||||||||||||||||||||||||
Compensation and benefits | $ | 166.5 | $ | 167.8 | $ | 158.1 | $ | 508.2 | $ | 474.8 | |||||||||||||||||||
Occupancy and equipment | 49.1 | 48.0 | 45.0 | 148.1 | 133.7 | ||||||||||||||||||||||||
Professional and outside services | 24.1 | 25.7 | 23.7 | 88.3 | 68.6 | ||||||||||||||||||||||||
Amortization of other acquisition-related intangible assets | 10.2 | 10.2 | 8.0 | 31.1 | 22.7 | ||||||||||||||||||||||||
Operating lease expense | 9.3 | 8.8 | 9.9 | 27.9 | 29.2 | ||||||||||||||||||||||||
Regulatory assessments | 8.4 | 8.7 | 5.3 | 25.8 | 18.8 | ||||||||||||||||||||||||
Other non-interest expense: | |||||||||||||||||||||||||||||
Stationary, printing, postage and telephone | 6.6 | 6.6 | 6.9 | 20.1 | 19.8 | ||||||||||||||||||||||||
Advertising and promotion | 2.6 | 2.5 | 4.4 | 8.9 | 11.9 | ||||||||||||||||||||||||
Other | 16.8 | 25.7 | 20.1 | 59.3 | 57.5 | ||||||||||||||||||||||||
Total other non-interest expense | 26.0 | 34.8 | 31.4 | 88.3 | 89.2 | ||||||||||||||||||||||||
Total non-interest expense | $ | 293.6 | $ | 304.0 | $ | 281.4 | $ | 917.7 | $ | 837.0 | |||||||||||||||||||
Efficiency ratio | 53.8 | % | 53.5 | % | 56.8 | % | 53.8 | % | 56.6 | % |
Income Taxes |
General |
Loans |
(in millions) | September 30, 2020 | December 31, 2019 | |||||||||
Property Type: | |||||||||||
Residential (multifamily) | $ | 4,371.7 | $ | 5,140.2 | |||||||
Retail | 3,737.7 | 3,843.8 | |||||||||
Office buildings | 2,459.7 | 2,689.6 | |||||||||
Hospitality/entertainment | 984.4 | 948.4 | |||||||||
Industrial/manufacturing | 802.2 | 784.2 | |||||||||
Health care | 518.3 | 561.3 | |||||||||
Mixed/special use | 339.8 | 287.2 | |||||||||
Self storage | 213.6 | 209.8 | |||||||||
Land | 90.0 | 73.8 | |||||||||
Other | 195.9 | 224.0 | |||||||||
Total commercial real estate | $ | 13,713.3 | $ | 14,762.3 |
(in millions) | September 30, 2020 | December 31, 2019 | |||||||||
Industry: | |||||||||||
Finance and insurance | $ | 4,289.1 | $ | 2,521.8 | |||||||
Service | 2,797.9 | 1,975.0 | |||||||||
Health services | 1,534.0 | 960.1 | |||||||||
Manufacturing | 1,435.6 | 1,175.1 | |||||||||
Wholesale trade | 1,286.9 | 1,286.6 | |||||||||
Real estate, rental and leasing | 1,193.0 | 1,131.0 | |||||||||
Retail trade | 916.9 | 694.0 | |||||||||
Construction | 570.7 | 314.3 | |||||||||
Transportation and utilities | 471.0 | 384.3 | |||||||||
Arts, entertainment and recreation | 237.7 | 159.3 | |||||||||
Information and media | 189.4 | 141.8 | |||||||||
Printing | 88.3 | 91.0 | |||||||||
Packaging | 74.0 | 65.5 | |||||||||
Public administration | 66.9 | 64.6 | |||||||||
Other | 143.6 | 77.2 | |||||||||
Total commercial and industrial | $ | 15,295.0 | $ | 11,041.6 |
(in millions) | September 30, 2020 | December 31, 2019 | |||||||||
Industry: | |||||||||||
Transportation and utilities | $ | 1,141.7 | $ | 1,213.3 | |||||||
Service | 699.7 | 694.2 | |||||||||
Construction | 679.3 | 689.9 | |||||||||
Rental and leasing | 525.2 | 580.2 | |||||||||
Manufacturing | 390.2 | 306.4 | |||||||||
Wholesale trade | 264.1 | 256.8 | |||||||||
Health services | 244.0 | 219.4 | |||||||||
Waste management | 200.9 | 196.8 | |||||||||
Printing | 181.4 | 191.8 | |||||||||
Retail trade | 134.1 | 121.3 | |||||||||
Packaging | 110.3 | 114.3 | |||||||||
Mining, oil and gas | 67.0 | 74.7 | |||||||||
Other | 249.7 | 251.3 | |||||||||
Total equipment financing | $ | 4,887.6 | $ | 4,910.4 |
(in millions) | September 30, 2020 | December 31, 2019 | |||||||||
Adjustable-rate | $ | 5,970.3 | $ | 7,064.8 | |||||||
Fixed-rate | 3,125.3 | 3,253.3 | |||||||||
Total residential mortgage | $ | 9,095.6 | $ | 10,318.1 |
(in millions) | September 30, 2020 | December 31, 2019 | |||||||||
Home equity lines of credit | $ | 1,925.3 | $ | 2,153.2 | |||||||
Home equity loans | 199.5 | 253.3 | |||||||||
Other | 114.3 | 157.2 | |||||||||
Total home equity and other consumer | $ | 2,239.1 | $ | 2,563.7 |
Asset Quality |
December 31, (in millions) | Credit Lines | ||||
2020 | $ | 40.2 | |||
2021 | 248.5 | ||||
2022 | 413.9 | ||||
2023 | 434.8 | ||||
2024 | 484.1 | ||||
2025 | 488.8 | ||||
Later years | 2,182.8 | ||||
Total | $ | 4,293.1 |
Portfolio Balance | Delinquencies | ||||||||||||||||
(dollars in millions) | Amount | Percent | |||||||||||||||
HELOC status: | |||||||||||||||||
Still in draw period | $ | 1,908.9 | $ | 13.7 | 0.81 | % | |||||||||||
Amortizing payment | 215.9 | 14.8 | 6.84 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(dollars in millions) | Sept. 30, 2020 | June 30, 2020 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2019 | ||||||||||||||||||||||||
ACL: | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 414.0 | $ | 341.7 | $ | 244.0 | $ | 246.6 | $ | 240.4 | |||||||||||||||||||
CECL transition adjustment | — | — | N/A | 72.2 | NA | ||||||||||||||||||||||||
Balance at beginning of period, adjusted | 414.0 | 341.7 | 244.0 | 318.8 | 240.4 | ||||||||||||||||||||||||
Charge-offs | (19.3) | (10.3) | (8.2) | (42.2) | (23.0) | ||||||||||||||||||||||||
Recoveries | 2.0 | 1.8 | 2.4 | 5.8 | 7.6 | ||||||||||||||||||||||||
Net loan charge-offs | (17.3) | (8.5) | (5.8) | (36.4) | (15.4) | ||||||||||||||||||||||||
Provision for credit losses | 27.1 | 80.8 | 7.8 | 141.4 | 21.0 | ||||||||||||||||||||||||
Balance at end of period | $ | 423.8 | $ | 414.0 | $ | 246.0 | $ | 423.8 | $ | 246.0 | |||||||||||||||||||
ACL as a percentage of (1): | |||||||||||||||||||||||||||||
Total loans | 0.94 | % | 0.91 | % | 0.63 | % | 0.94 | % | 0.63 | % | |||||||||||||||||||
Non-accrual loans | 138.4 | 139.8 | 139.5 | 138.4 | 139.5 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
(in millions) | Sept. 30, 2020 | June 30, 2020 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2019 | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 4.1 | $ | 1.8 | $ | (0.2) | $ | 9.3 | $ | 1.0 | |||||||||||||||||||
Commercial and industrial | 6.9 | — | 1.6 | 7.9 | 3.5 | ||||||||||||||||||||||||
Equipment financing | 6.2 | 5.2 | 4.2 | 15.3 | 10.3 | ||||||||||||||||||||||||
MW/ABL | — | — | — | — | — | ||||||||||||||||||||||||
Total | 17.2 | 7.0 | 5.6 | 32.5 | 14.8 | ||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||
Residential mortgage | (0.2) | — | — | 0.6 | 0.2 | ||||||||||||||||||||||||
Home equity | — | 0.6 | — | 0.7 | (0.2) | ||||||||||||||||||||||||
Other consumer | 0.3 | 0.9 | 0.2 | 2.6 | 0.6 | ||||||||||||||||||||||||
Total | 0.1 | 1.5 | 0.2 | 3.9 | 0.6 | ||||||||||||||||||||||||
Total net loan charge-offs | $ | 17.3 | $ | 8.5 | $ | 5.8 | $ | 36.4 | $ | 15.4 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Sept. 30, 2020 | June 30, 2020 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2019 | |||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial real estate | 0.12 | % | 0.05 | % | (0.01) | % | 0.09 | % | 0.01 | % | |||||||||||||||||||
Commercial and industrial | 0.25 | — | 0.06 | 0.10 | 0.05 | ||||||||||||||||||||||||
Equipment financing | 0.50 | 0.42 | 0.37 | 0.41 | 0.31 | ||||||||||||||||||||||||
MW/ABL | — | — | — | (0.01) | — | ||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||
Residential mortgage | (0.01) | — | — | 0.01 | — | ||||||||||||||||||||||||
Home equity | — | 0.11 | — | 0.05 | (0.01) | ||||||||||||||||||||||||
Other consumer | 1.03 | 2.85 | 1.32 | 2.65 | 1.55 | ||||||||||||||||||||||||
Total portfolio | 0.15 | % | 0.08 | % | 0.06 | % | 0.11 | % | 0.06 | % |
(dollars in millions) | Sept. 30, 2020 | June 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sept. 30, 2019 | ||||||||||||||||||||||||
Non-accrual loans: | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 85.3 | $ | 73.6 | $ | 53.5 | $ | 53.8 | $ | 28.6 | |||||||||||||||||||
Commercial and industrial | 85.7 | 87.8 | 54.5 | 38.5 | 39.0 | ||||||||||||||||||||||||
Equipment financing | 49.0 | 48.6 | 42.5 | 47.7 | 43.2 | ||||||||||||||||||||||||
MW/ABL | 1.0 | 1.0 | 1.1 | — | — | ||||||||||||||||||||||||
Total Commercial | 221.0 | 211.0 | 151.6 | 140.0 | 110.8 | ||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||
Residential mortgage | 62.9 | 62.6 | 66.6 | 63.3 | 48.8 | ||||||||||||||||||||||||
Home equity | 22.1 | 22.5 | 22.1 | 20.8 | 16.7 | ||||||||||||||||||||||||
Other consumer | 0.2 | 0.1 | 0.1 | — | 0.1 | ||||||||||||||||||||||||
Total Retail | 85.2 | 85.2 | 88.8 | 84.1 | 65.6 | ||||||||||||||||||||||||
Total non-accrual loans (1) | 306.2 | 296.2 | 240.4 | 224.1 | 176.4 | ||||||||||||||||||||||||
REO: | |||||||||||||||||||||||||||||
Commercial | 3.6 | 7.3 | 7.3 | 7.3 | 7.7 | ||||||||||||||||||||||||
Residential | 1.9 | 4.9 | 9.5 | 11.9 | 12.3 | ||||||||||||||||||||||||
Total REO | 5.5 | 12.2 | 16.8 | 19.2 | 20.0 | ||||||||||||||||||||||||
Repossessed assets | 9.7 | 6.2 | 4.6 | 4.2 | 6.3 | ||||||||||||||||||||||||
Total non-performing assets | $ | 321.4 | $ | 314.6 | $ | 261.8 | $ | 247.5 | $ | 202.7 | |||||||||||||||||||
Non-accrual loans as a percentage of total loans | 0.68 | % | 0.65 | % | 0.54 | % | 0.51 | % | 0.45 | % | |||||||||||||||||||
Non-performing assets as a percentage of: | |||||||||||||||||||||||||||||
Total loans, REO and repossessed assets | 0.71 | 0.69 | 0.59 | 0.57 | 0.52 | ||||||||||||||||||||||||
Tangible stockholders’ equity and ACL | 6.41 | 6.39 | 5.45 | 5.03 | 4.70 |
Liquidity |
Stockholders' Equity and Dividends |
Regulatory Capital Requirements |
Minimum Capital Required | Classification as Well-Capitalized | ||||||||||||||||||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||||||||||||||
(dollars in millions) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
Tier 1 Leverage Capital (1): | |||||||||||||||||||||||||||||||||||
People’s United | $ | 4,786.4 | 8.2 | % | $ | 2,327.4 | 4.0 | % | N/A | N/A | |||||||||||||||||||||||||
Bank | 5,046.6 | 8.7 | 2,326.8 | 4.0 | $ | 2,908.4 | 5.0 | % | |||||||||||||||||||||||||||
CET 1 Risk-Based Capital (2): | |||||||||||||||||||||||||||||||||||
People’s United | 4,542.3 | 9.9 | 3,202.9 | 7.0 | N/A | N/A | |||||||||||||||||||||||||||||
Bank | 5,046.6 | 11.0 | 3,198.0 | 7.0 | 2,969.6 | 6.5 | |||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital (3): | |||||||||||||||||||||||||||||||||||
People’s United | 4,786.4 | 10.5 | 3,889.2 | 8.5 | 2,745.3 | 6.0 | |||||||||||||||||||||||||||||
Bank | 5,046.6 | 11.0 | 3,883.3 | 8.5 | 3,654.8 | 8.0 | |||||||||||||||||||||||||||||
Total Risk-Based Capital (4): | |||||||||||||||||||||||||||||||||||
People’s United | 5,420.5 | 11.8 | 4,804.4 | 10.5 | 4,575.6 | 10.0 | |||||||||||||||||||||||||||||
Bank | 5,620.6 | 12.3 | 4,797.0 | 10.5 | 4,568.5 | 10.0 |
Minimum Capital Required | Classification as | ||||||||||||||||||||||||||||||||||
At December 31, 2019 | Well-Capitalized | ||||||||||||||||||||||||||||||||||
(dollars in millions) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
Tier 1 Leverage Capital (1): | |||||||||||||||||||||||||||||||||||
People's United | $ | 4,846.1 | 9.1 | % | $ | 2,119.7 | 4.0 | % | N/A | N/A | |||||||||||||||||||||||||
Bank | 4,902.0 | 9.3 | 2,119.1 | 4.0 | $ | 2,648.8 | 5.0 | % | |||||||||||||||||||||||||||
CET 1 Risk-Based Capital (2): | |||||||||||||||||||||||||||||||||||
People's United | 4,602.1 | 10.2 | 3,164.5 | 7.0 | N/A | N/A | |||||||||||||||||||||||||||||
Bank | 4,902.0 | 10.9 | 3,162.2 | 4.0 | 2,936.3 | 6.5 | |||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital (3): | |||||||||||||||||||||||||||||||||||
People's United | 4,846.1 | 10.7 | 3,842.6 | 8.5 | 2,712.5 | 6.0 | |||||||||||||||||||||||||||||
Bank | 4,902.0 | 10.9 | 3,839.8 | 8.5 | 3,614.0 | 8.0 | |||||||||||||||||||||||||||||
Total Risk-Based Capital (4): | |||||||||||||||||||||||||||||||||||
People's United | 5,435.6 | 12.0 | 4,746.8 | 10.5 | 4,520.8 | 10.0 | |||||||||||||||||||||||||||||
Bank | 5,474.2 | 12.1 | 4,743.3 | 10.5 | 4,517.4 | 10.0 |
Market Risk Management |
Estimated Percent Change in Net Interest Income | |||||||||||
Parallel Shock Rate Change (basis points) | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
+300 | 13.4 | % | 4.8 | % | |||||||
+200 | 9.6 | 3.5 | |||||||||
+100 | 4.8 | 2.0 | |||||||||
-25 | (1.0) | N/A | |||||||||
-100 | N/A | (2.1) | |||||||||
Estimated Percent Change in Net Interest Income | |||||||||||
Yield Curve Twist Rate Change (basis points) | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
Short End -25 | (0.4) | % | N/A | ||||||||
Short End +100 | 2.6 | 0.6 % | |||||||||
Long End -25 | (0.7) | N/A | |||||||||
Long End +100 | 2.5 | 1.6 |
Estimated Percent Change in Economic Value of Equity | |||||||||||
Parallel Shock Rate Change (basis points) | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
+300 | 10.5 | % | (12.6) | % | |||||||
+200 | 12.8 | (6.6) | |||||||||
+100 | 9.8 | (1.6) | |||||||||
-25 | (3.8) | N/A | |||||||||
-100 | N/A | (3.3) | |||||||||
Interest Rate Swaps | Foreign Exchange Contracts | ||||||||||||||||||||||
As of September 30, 2020 (dollars in millions) | Cash Flow Hedge | Fair Value Hedge | Cash Flow Hedge | ||||||||||||||||||||
Notional principal amounts | $ | 210.0 | $ | 375.0 | $ | 550.0 | $ | 320.2 | |||||||||||||||
Weighted average interest rates: | |||||||||||||||||||||||
Pay floating (receive fixed) | 0.16%(1.72%) | Libor + 1.265% (4.00%) | N/A | N/A | |||||||||||||||||||
Pay fixed (receive floating) | N/A | N/A | 0.53% (0.23%) | N/A | |||||||||||||||||||
Weighted average remaining term to maturity (in months) | 1 | 46 | 23 | 4 | |||||||||||||||||||
Fair value: | |||||||||||||||||||||||
Recognized as an asset | $ | — | $ | — | $ | — | $ | 9.7 | |||||||||||||||
Recognized as a liability | — | — | — | 7.9 |
Interest Rate Swaps | Interest Rate Caps | ||||||||||||||||||||||
As of September 30, 2020 (dollars in millions) | Commercial Customers | Institutional Counterparties | Commercial Customers | Institutional Counterparties | |||||||||||||||||||
Notional principal amounts | $ | 9,073.9 | $ | 9,076.9 | $ | 224.2 | $ | 224.2 | |||||||||||||||
Weighted average interest rates: | |||||||||||||||||||||||
Pay floating (receive fixed) | 0.40% (2.40%) | — | N/A | N/A | |||||||||||||||||||
Pay fixed (receive floating) | — | 2.27% (0.40%) | N/A | N/A | |||||||||||||||||||
Weighted average strike rate | N/A | N/A | 3.24 | % | 3.24 | % | |||||||||||||||||
Weighted average remaining term to maturity (in months) | 79 | 79 | 21 | 21 | |||||||||||||||||||
Fair value: | |||||||||||||||||||||||
Recognized as an asset | $ | 893.0 | $ | 23.3 | $ | 3.4 | $ | — | |||||||||||||||
Recognized as a liability | — | 176.0 | — | 3.4 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | ||||||||||||||||||||||
July 1 - 31, 2020 | ||||||||||||||||||||||||||
Tendered by employees (1) | — | $ | — | — | — | |||||||||||||||||||||
August 1 - 31, 2020 | ||||||||||||||||||||||||||
Tendered by employees (1) | 538 | $ | 10.91 | — | — | |||||||||||||||||||||
September 1 - 30, 2020 | ||||||||||||||||||||||||||
Tendered by employees (1) | 4,829 | $ | 10.58 | 1 | — | — | ||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Tendered by employees (1) | 5,367 | $ | 10.61 | — | — | |||||||||||||||||||||
Designation | Description | |||||||
31.1 | Rule 13a-14(a)/15d-14(a) Certifications | |||||||
31.2 | Rule 13a-14(a)/15d-14(a) Certifications | |||||||
32 | Section 1350 Certifications | |||||||
101.1 | The following financial information from People’s United Financial, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 formatted in Inline XBRL: (i) Consolidated Statements of Condition as of September 30, 2020 and December 31, 2019; (ii) Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019; (iii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019; (iv) Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2020 and 2019; (v) Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019; and (vi) Notes to Consolidated Financial Statements. |
Designation | Description | |||||||
Rule 13a-14(a)/15d-14(a) Certifications | ||||||||
Rule 13a-14(a)/15d-14(a) Certifications | ||||||||
Section 1350 Certifications | ||||||||
101.1 | The following financial information from People’s United Financial, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 formatted in Inline XBRL: (i) Consolidated Statements of Condition as of September 30, 2020 and December 31, 2019; (ii) Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019; (iii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019; (iv) Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2020 and 2019; (v) Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019; and (vi) Notes to Consolidated Financial Statements. |
PEOPLE’S UNITED FINANCIAL, INC. | ||||||||||||||
Date: November 6, 2020 | By: | /s/ John P. Barnes | ||||||||||||
John P. Barnes | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: November 6, 2020 | By: | /s/ R. David Rosato | ||||||||||||
R. David Rosato | ||||||||||||||
Senior Executive Vice President and | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||
Date: November 6, 2020 | By: | /s/ Jeffrey Hoyt | ||||||||||||
Jeffrey Hoyt | ||||||||||||||
Senior Vice President and | ||||||||||||||
Chief Accounting Officer | ||||||||||||||
(Principal Accounting Officer) |
Date: November 6, 2020 | /s/ John P. Barnes | ||||||||||
John P. Barnes | |||||||||||
Principal Executive Officer |
Date: November 6, 2020 | /s/ R. David Rosato | |||||||
R. David Rosato | ||||||||
Principal Financial Officer |
Date: November 6, 2020 | /s/ John P. Barnes | |||||||
John P. Barnes | ||||||||
Principal Executive Officer |
Date: November 6, 2020 | /s/ R. David Rosato | |||||||
R. David Rosato | ||||||||
Principal Financial Officer |
Consolidated Statements of Condition - (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Debt securities, allowance for credit loss | $ 1.6 | $ 0.0 |
Securities held to maturity, at fair value | $ 4,173.5 | $ 4,020.0 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000.0 | 50,000,000.0 |
Preferred stock, shares issued (in shares) | 10,000,000.0 | 10,000,000.0 |
Preferred stock, shares outstanding (in shares) | 10,000,000.0 | 10,000,000.0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,950,000,000 | 1,950,000,000 |
Common stock, shares issued (in shares) | 533,700,000 | 532,800,000 |
Unallocated common stock of Employee Stock Ownership Plan (in shares) | 5,662,353 | 5,900,000 |
Treasury stock (in shares) | 109,000,000.0 | 89,200,000 |
Consolidated Statements of Comprehensive Income - (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 144.6 | $ 135.1 | $ 364.9 | $ 383.0 |
Other comprehensive income (loss), net of tax: | ||||
Net actuarial gains and losses related to pension and other postretirement plans | 1.5 | 1.0 | 4.7 | 3.9 |
Net unrealized gains and losses on debt securities available-for-sale | (5.9) | 8.6 | 84.1 | 66.2 |
Amortization of unrealized losses on debt securities transferred to held-to-maturity | 0.7 | 0.8 | 2.7 | 2.0 |
Net unrealized gains and losses on derivatives accounted for as cash flow hedges | (0.3) | 0.3 | (2.5) | 2.4 |
Total other comprehensive income (loss), net of tax (note 6) | (4.0) | 10.7 | 89.0 | 74.5 |
Total comprehensive income | $ 140.6 | $ 145.8 | $ 453.9 | $ 457.5 |
Consolidated Statements of Changes in Stockholders' Equity - (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Retained Earnings | ||||
Cash dividends on common stock (USD per share) | $ 0.18 | $ 0.1775 | $ 0.5375 | $ 0.53 |
Consolidated Statements of Cash Flows - (Unaudited) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Cash Flows from Operating Activities: | ||
Net income | $ 364.9 | $ 383.0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 141.1 | 21.0 |
Depreciation and amortization of premises and equipment | 32.7 | 29.0 |
Amortization of other acquisition-related intangible assets | 31.1 | 22.7 |
Expense related to operating leases | 27.9 | 29.2 |
Expense related to share-based awards | 20.0 | 18.5 |
ESOP common stock committed to be released | 3.3 | 4.2 |
Net gains on sales of loans | (16.0) | 0.0 |
Net gains on sales of residential mortgage loans held-for-sale | (2.4) | (1.5) |
Originations of loans held-for-sale | (136.6) | (124.8) |
Proceeds from sales of loans held-for-sale | 628.9 | 120.6 |
Net decrease (increase) in trading debt securities | 7.1 | (0.9) |
Excess income tax benefits from stock option exercises | 0.0 | 0.3 |
Net changes in other assets and other liabilities | (453.5) | (495.0) |
Net cash provided by operating activities | 648.5 | 6.3 |
Cash Flows from Investing Activities: | ||
Proceeds from sales of equity securities | 0.9 | 0.9 |
Proceeds from principal repayments and maturities of debt securities available-for-sale | 969.9 | 350.0 |
Proceeds from sales of debt securities available-for-sale | 0.0 | 311.8 |
Proceeds from principal repayments and maturities of debt securities held-to-maturity | 219.3 | 121.3 |
Purchases of debt securities available-for-sale | (1,363.3) | (305.1) |
Purchases of debt securities held-to-maturity | (275.5) | (153.5) |
Net (purchases) redemptions of Federal Reserve Bank stock | (24.4) | 26.1 |
Net redemptions (purchases) of Federal Home Loan Bank stock | 98.3 | (25.0) |
Proceeds from sales of loans | 83.0 | 23.6 |
Net principal disbursements of loans | (1,633.4) | (881.9) |
Purchases of loans | (30.6) | (50.7) |
Purchases of premises and equipment | (27.2) | (19.7) |
Purchases of leased equipment, net | (9.5) | (34.6) |
Proceeds from sales of real estate owned | 11.4 | 10.4 |
Return of premium on bank-owned life insurance, net | 1.8 | 1.2 |
Net cash acquired in acquisitions | 0.0 | 48.7 |
Net cash used in investing activities | (1,979.3) | (576.5) |
Cash Flows from Financing Activities: | ||
Net increase in deposits | 6,047.0 | 295.8 |
Net (decrease) increase in borrowings with terms of three months or less | (3,872.4) | 417.5 |
Repayments of borrowings with terms of more than three months | (45.2) | (76.8) |
Cash dividends paid on common stock | (228.5) | (204.9) |
Cash dividends paid on preferred stock | (10.5) | (10.5) |
Repurchases of common stock | (305.9) | (1.9) |
Proceeds from stock options exercised | 0.7 | 12.9 |
Contingent consideration payments | 0.0 | (0.9) |
Net cash provided by financing activities | 1,585.2 | 431.2 |
Net increase (decrease) in cash and cash equivalents | 254.4 | (139.0) |
Cash and cash equivalents at beginning of period | 801.0 | 932.0 |
Cash and cash equivalents at end of period | 1,055.4 | 793.0 |
Supplemental Information: | ||
Interest payments | 207.4 | 356.6 |
Income tax payments | 77.3 | 86.5 |
Significant non-cash transactions: | ||
Right-of-use assets obtained in exchange for lessee operating lease liabilities | 15.3 | 30.3 |
Real estate properties acquired by foreclosure | 2.8 | 17.1 |
Unsettled purchases of securities | 38.3 | 2.1 |
Assets acquired and liabilities assumed in acquisitions: | ||
Non-cash assets, excluding goodwill and other acquisition-related intangibles | 0.0 | 2,893.6 |
Liabilities | 0.0 | 2,862.2 |
Common stock issued in BSB Bancorp acquisition | $ 0.0 | $ 324.5 |
General |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
General |
In the opinion of management, the accompanying unaudited consolidated financial statements of People’s United Financial, Inc. (“People’s United” or the “Company”) have been prepared to reflect all adjustments necessary to present fairly the financial position and results of operations as of the dates and for the periods shown. All significant intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current period 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 credit losses (“ACL”) and asset impairment judgments, such as the recoverability of goodwill and other intangible assets. These accounting estimates are reviewed with the Audit Committee of the Board of Directors. The Financial Accounting Standards Board (the “FASB”) has issued changes to several accounting standards, some of which govern key aspects of the Company’s financial statements. Most notably, the FASB’s standard on accounting for credit losses (the “CECL standard”), removes from U.S. generally accepted accounting principles (“GAAP”) the existing “probable” threshold for recognizing credit losses and, instead, utilizes an “expected credit loss” measurement principle. The CECL standard, which was adopted by the Company on January 1, 2020, is applied in the recognition of credit losses for loans and held-to-maturity securities and other receivables at the time the financial asset is originated or acquired and adjusted each period for changes in expected credit losses. This standard represents a significant change in GAAP and may result in material changes to the Company’s Consolidated Financial Statements. See Note 2, “Securities”, Note 3, “Loans”, Note 4, “Allowance for Credit Losses” and Note 15, “New Accounting Pronouncements” for more information. 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 ACL in future periods, and the inability to collect outstanding principal may result in increased credit losses. Certain information and footnote disclosures normally included in consolidated financial statements prepared in conformity with U.S. GAAP have been omitted or condensed. As a result, the accompanying consolidated financial statements should be read in conjunction with People’s United’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of operations that may be expected for the entire year or any other interim period. Note 1 to People’s United’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019, as supplemented by the Quarterly Reports for the periods ended March 31, 2020 and June 30, 2020, and this Quarterly Report for the period ended September 30, 2020, provides disclosure of People’s United’s significant accounting policies. People’s United holds ownership interests in limited partnerships formed to develop and operate affordable housing units for lower income tenants throughout its franchise area. The underlying partnerships, which are considered variable interest entities, are not consolidated into the Company’s Consolidated Financial Statements. These investments have historically played a role in enabling People’s United Bank, National Association (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 ($460.9 million and $383.9 million at September 30, 2020 and December 31, 2019, respectively). Included in other liabilities in the Consolidated Statements of Condition is a liability for all legally binding unfunded commitments to fund future investments ($188.2 million and $141.1 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 10 years). Amortization expense, which is included as a component of income tax expense, totaled $8.0 million and $6.4 million for the three months ended September 30, 2020 and 2019, respectively, and $23.2 million and $18.5 million for the nine months ended September 30, 2020 and 2019, respectively. On March 11, 2020, the World Health Organization declared the outbreak of a strain of novel coronavirus disease (“COVID-19”) a global pandemic. Economic activity in many countries, including the United States, began to deteriorate rapidly as the COVID-19 pandemic spread across the globe. In the United States, which has been operating under a presidentially-declared national emergency since March 13, 2020, the COVID-19 pandemic continues to cause severe disruption to the capital markets as well as business and economic activity. Since March, individual municipalities and entire states adopted travel and work location restrictions, social distancing requirements, and in some cases, shelter-in-place protocols in order to slow the spread of the virus. These measures resulted in the closure of many schools, stores, offices, restaurants and manufacturing facilities, causing a decline in spending and an increase in layoffs. While some re-opening measures have been initiated on a limited scale, negative trends in both U.S. Gross Domestic Product ("GDP") and unemployment are expected to persist throughout the remainder of 2020. In response, the Federal government introduced several measures to mitigate the magnitude of the pandemic’s effects. Most notably, on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), which provides financial assistance for businesses and individuals as well as targeted regulatory relief for financial institutions, was signed into law. The impact of the COVID-19 pandemic on economic conditions, both in the United States and abroad, has created global uncertainty about the future economic environment including the length and depth of any global recession that may occur. Concerns over interest rates, domestic and global policy issues, U.S. trade policy and geopolitical events, and the influence of those factors on the markets in general, further add to this uncertainty.
|
Cash and Cash Equivalents and Securities |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Securities |
Included in short-term investments are interest-bearing deposits at the Federal Reserve Bank of New York (the “FRB-NY”) totaling $245.5 million at September 30, 2020 and $219.4 million at December 31, 2019. These deposits represent an alternative to overnight federal funds sold and yielded 0.10% and 1.55% at September 30, 2020 and December 31, 2019, respectively. In connection with the Company’s adoption of the CECL standard, selected accounting policies related to securities have been revised and/or certain accounting policy elections have been implemented. These policies are described below. Allowance for Credit Losses – Available-for-Sale Securities For available-for sale securities in an unrealized loss position, management first assesses whether (i) the Company intends to sell, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either criteria are met, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither criteria are met, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. Adjustments to the allowance are reported as a component of credit loss expense. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. At September 30, 2020, accrued interest receivable associated with debt securities available-for-sale totaled $10.3 million and is reported in other assets in the Consolidated Statements of Condition. Allowance for Credit Losses – Held-to-Maturity Securities Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Held-to-maturity securities are charged-off against the allowance when deemed to be uncollectible and adjustments to the allowance are reported as a component of credit loss expense. The Company has made the accounting policy election to exclude accrued interest receivable on held-to-maturity securities from the estimate of credit losses. Accrued interest receivable associated with debt securities held-to-maturity totaling $29.2 million at September 30, 2020 is reported in other assets in the Consolidated Statements of Condition. With regard to U.S. Treasury and residential mortgage-backed securities issued by the U.S. government, or agencies thereof, it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no ACL has been recorded for these securities. With regard to securities issued by corporations, states and/or political subdivisions and other held-to-maturity securities, management considers a number of factors, including: (i) issuer bond ratings; (ii) historical loss rates for given bond ratings; and (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities. The amortized cost, ACL, gross unrealized gains and losses, and fair value of People’s United’s debt securities available-for-sale and debt securities held-to-maturity are as follows:
(1)As discussed in Note 15, beginning January 1, 2020, an ACL is required to be recognized (as appropriate) for debt securities. (2)Government sponsored enterprise (3)Collateralized mortgage obligation
At September 30, 2020, no debt securities held-to-maturity were past due or in non-accrual status. The following table summarizes the changes in the ACL on debt securities held-to-maturity:
Credit Quality Indicators Credit ratings, which are updated monthly, are a key measure for estimating the probability of a bond's default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organizations such as Moody's, S&P, Fitch or Kroll are considered in conjunction with an assessment by the Company's risk management department. In the case of multiple ratings, generally the lower rating prevails. Investment grade reflects a credit rating of BBB- or above. The table below indicates the credit profile of the Company's debt securities held-to-maturity at amortized cost:
The following table summarizes those debt securities available-for-sale with unrealized losses at September 30, 2020, classified as to the length of time the losses have existed and, for which no ACL has been recognized.
At September 30, 2020, 12 of the 2,343 debt securities available-for-sale owned by the Company had gross unrealized losses totaling $0.4 million. The GSE mortgage-backed and CMO securities with unrealized losses had AAA credit ratings and an average contractual maturity of 29 years. As of September 30, 2020, no ACL has been recognized on debt securities available-for-sale in an unrealized loss position as management does not believe any of those securities are impaired due to reasons of credit quality. Rather, 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. No credit impairment losses were recorded in the Consolidated Statements of Income during the three or nine months ended September 30, 2020 and 2019. The following table summarizes those debt securities with unrealized losses at December 31, 2019, classified as to the length of time the unrealized losses have existed. Certain unrealized losses totaled less than $0.1 million.
At September 30, 2020 and December 31, 2019, debt securities available-for-sale with fair values of $4.08 billion and $2.43 billion, respectively, and debt securities held-to-maturity with amortized costs of $2.01 billion and $1.47 billion, respectively, were pledged as collateral for public deposits and for other purposes. The following table is a summary of the amortized cost and fair value of debt securities as of September 30, 2020, based on remaining period to contractual maturity. Information for GSE mortgage-backed and CMO securities is based on the final contractual maturity dates without considering repayments and prepayments.
Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification method and reported in non-interest income. Equity investments (other than equity method investments) are measured at fair value with changes in fair value recognized in net income. People’s United recorded unrealized losses of $0.3 million and $0.5 million for the three months ended September 30, 2020 and 2019, respectively, and unrealized losses of $1.8 million and unrealized gains of $0.4 million for the nine months ended September 30, 2020 and 2019, respectively (included in other non-interest income in the Consolidated Statements of Income) relating to the change in fair value of its equity securities during the respective periods. The Bank, as a member of the Federal Home Loan Bank (the “FHLB”) of Boston, is currently required to purchase and hold shares of capital stock in the FHLB of Boston (total cost of $39.0 million and $136.6 million at September 30, 2020 and December 31, 2019, 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, which matured in April 2020 (total cost of $0.7 million at December 31, 2019). Based on the current capital adequacy and liquidity position of the FHLB of Boston, management believes there is no impairment in the Company’s investment at September 30, 2020 and the cost of the investment approximates fair value. 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 (total cost of $228.1 million and $203.8 million at September 30, 2020 and December 31, 2019, respectively) in an amount equal to 6% of its capital and surplus. Based on the current capital adequacy and liquidity position of the FRB-NY, management believes there is no impairment in the Company’s investment at September 30, 2020 and the cost of the investment approximates fair value.
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Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans |
As a result of adopting the CECL standard on January 1, 2020, the Company’s prior distinction between the originated loan portfolio and the acquired loan portfolio is no longer necessary. Accordingly, prior period disclosures have been revised to conform to the current period presentation. People’s United has identified two loan portfolio segments, Commercial and Retail, which are comprised of the following loan classes: •Commercial Portfolio: commercial real estate; commercial and industrial; equipment financing; and mortgage warehouse/asset based lending ("MW/ABL"). •Retail Portfolio: residential mortgage; home equity; and other consumer. These portfolio segments and loan classes are unchanged following adoption of the CECL standard, with the exception of MW/ABL which, prior to January 1, 2020, was included in commercial and industrial. The following table summarizes People’s United’s loans by loan portfolio segment and class:
(1)In connection with the United Bank core system conversion in April 2020, approximately $400 million of loans secured by owner-occupied commercial properties were prospectively reclassified, at that time, from commercial real estate loans to commercial and industrial loans. Prior period loan balances were not restated to conform to the current period presentation. In connection with the Company’s adoption of the CECL standard, selected accounting policies related to loans have been revised and/or certain accounting policy elections have been implemented. These policies are described below. Basis of Accounting Loans are reported at amortized cost less the ACL. 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. Net deferred loan costs, which are included in loans by respective class and exclude deferred fees on loans issued under the Paycheck Protection Program (see page 26), totaled $68.4 million at September 30, 2020 and $87.5 million at December 31, 2019. Allowance for Credit Losses The ACL on loans, calculated in accordance with the CECL standard, is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The amount of the allowance represents management’s best estimate of current expected credit losses on loans considering available information, from both internal and external sources, deemed relevant to assessing collectability over the loans' contractual terms, adjusted for anticipated prepayments, as appropriate. Accrued interest on loans is excluded from the calculation of the ACL due to the Bank’s established non-accrual policy, which results in the reversal of uncollectible accrued interest on non-accrual loans against interest income in a timely manner (see below). At September 30, 2020, accrued interest receivable associated with loans totaled $156.7 million and is reported in other assets in the Consolidated Statements of Condition. See Note 4, “Allowance for Credit Losses” for a further discussion on the Company's ACL. Purchased Credit Deteriorated Loans In addition to originating loans, the Company may acquire loans through portfolio purchases or acquisitions of other companies. Purchased loans that have evidence of more than insignificant credit deterioration since origination are deemed purchased credit deteriorated (“PCD”) loans. In connection with its adoption of the CECL standard, the Company did not reassess whether previously recognized purchased credit impaired (“PCI”) loans accounted for under prior accounting guidance met the criteria of a PCD loan as of the date of adoption. PCD loans are initially recorded at fair value along with an ACL determined using the same methodology as originated loans. The sum of the loan's purchase price and ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through provision for credit losses. Past Due and Non-Accrual Loans Loans are considered past due if required principal and interest payments have not been received as of the date such payments were contractually due. A loan is generally considered “non-performing” when it is placed on non-accrual status. A loan is generally placed on non-accrual status when it becomes 90 days past due as to interest or principal payments. A loan may be placed on non-accrual status before it reaches 90 days past due if such loan has been identified as presenting uncertainty with respect to the collectability of interest and principal. A loan past due 90 days or more may remain on accruing status if such loan is both well secured and in the process of collection. All previously accrued but unpaid interest on non-accrual loans is reversed from interest income in the period in which the accrual of interest is discontinued. Interest payments received on non-accrual loans are generally applied as a reduction of principal if future collections are doubtful, although such interest payments may be recognized as income. Interest income recognized on non-accrual loans for the three and nine months ended September 30, 2020 totaled $0.6 million and $2.2 million, respectively. A loan remains on non-accrual status until the factors that indicated doubtful collectability no longer exist or until a loan is determined to be uncollectible and is charged-off against the ACL. There were no loans past due 90 days or more and still accruing interest at September 30, 2020 or December 31, 2019. The following tables summarize aging information by class of loan:
Included in the “Current” and “30-89 Days” categories above are early non-performing commercial real estate loans, commercial and industrial loans, equipment financing loans and MW/ABL loans totaling $44.6 million, $42.0 million, $32.7 million and $1.0 million, respectively, and $34.1 million of retail loans in the process of foreclosure or bankruptcy. These loans are less than 90 days past due but have been placed on non-accrual status as a result of having been identified as presenting uncertainty with respect to the collectability of interest and principal.
Included in the “Current” and “30-89 Days” categories above are early non-performing commercial real estate loans, commercial and industrial loans, and equipment financing loans totaling $27.6 million, $23.0 million and $26.2 million, respectively, and $36.8 million of retail loans in the process of foreclosure or bankruptcy. These loans are less than 90 days past due but have been placed on non-accrual status as a result of having been identified as presenting uncertainty with respect to the collectability of interest and principal. The recorded investment in non-accrual loans, by class of loan and year of origination, is summarized as follows:
(1)Reported net of government guarantees totaling $2.4 million and $1.3 million at September 30, 2020 and December 31, 2019, respectively. These government guarantees relate, almost entirely, to guarantees provided by the Small Business Administration (“SBA”) 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 September 30, 2020, all of the government guarantees related to commercial and industrial loans. (2)Includes $23.3 million and $17.0 million of loans in the process of foreclosure at September 30, 2020 and December 31, 2019, respectively. Collateral Dependent Loans Loans for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral are considered to be collateral dependent loans. Collateral can have a significant financial effect in mitigating exposure to credit risk and, where there is sufficient collateral, an allowance for expected credit losses is not recognized or is minimal. For collateral dependent commercial loans, the allowance for expected credit losses is individually assessed based on the fair value of the collateral. Various types of collateral are used, including real estate, inventory, equipment, accounts receivable, securities and cash, among others. For commercial real estate loans, collateral values are generally based on appraisals which are updated based on management judgment under the specific circumstances on a case-by-case basis. The collateral value for other financial assets is generally based on quoted market prices or broker quotes (in the case of securities) or appraisals. Commercial loan balances are charged-off at the time all or a portion of the balance is deemed uncollectible. At September 30, 2020, the Company had collateral dependent commercial loans totaling $88.7 million. Collateral dependent residential mortgage and home equity loans are carried at the lower of amortized cost or fair value of the collateral less costs to sell, with any excess in the carrying amount of the loan representing the related ACL. Collateral values are based on broker price opinions or appraisals. At September 30, 2020, the Company had collateral dependent residential mortgage and home equity loans totaling $43.2 million. Troubled Debt Restructurings Troubled Debt Restructurings (“TDRs”), which, beginning in 2020, also includes loans reasonably expected to become TDRs, represent loans for which the original contractual terms have been modified to provide for terms that are less than what the Company would be willing to accept for new loans with comparable risk because of deterioration in the borrower's financial condition. Such loan modifications are handled on a case-by-case basis and are negotiated to achieve mutually agreeable terms that maximize loan collectability and meet the borrower’s financial needs. Modifications may include changes to one or more terms of the loan, including, but not limited to: (i) payment deferral; (ii) a reduction in 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 status (and reported as non-accrual loans) depending upon the loan’s specific circumstances, including the nature and extent of the related modifications. TDRs on non-accrual status remain classified as such until the loan qualifies for return to accrual status. Loans qualify for return to accrual status once they have demonstrated performance with the restructured terms of the loan agreement for a minimum of six months in the case of a commercial loan or, in the case of a retail loan, when the loan is less than 90 days past due. Loans may continue to be reported as TDRs after they are returned to accrual status. In accordance with regulatory guidance, residential mortgage and home equity loans restructured in connection with the borrower’s bankruptcy and meeting certain criteria are also required to be classified as TDRs, included in non-accrual loans and written down to the estimated collateral value, regardless of delinquency status. At September 30, 2020 and December 31, 2019, People’s United’s recorded investment in loans classified as TDRs totaled $220.1 million and $177.0 million, respectively, and the related ACL was $17.2 million and $4.3 million at the respective dates. Interest income recognized on TDRs totaled $1.2 million and $1.5 million for the three months ended September 30, 2020 and 2019, respectively, and $3.7 million and $4.3 million for the nine months ended September 30, 2020 and 2019, respectively. Funding under commitments to lend additional amounts to borrowers with loans classified as TDRs was immaterial for the three and nine months ended September 30, 2020 and 2019. Loans that were modified and classified as TDRs during the three and nine months ended September 30, 2020 and 2019 principally involve reduced payment and/or payment deferral, extension of term (generally no more than two years for commercial loans and nine years for retail loans) and/or a temporary reduction of interest rate (generally less than 200 basis points). The CARES Act and guidance issued by the Federal banking agencies provides that certain loan modifications to borrowers experiencing financial distress as a result of the economic impacts created by the COVID-19 pandemic are not required to be treated as TDRs under GAAP. As such, the Company suspended TDR accounting for COVID-19 related loan modifications meeting the loan modification criteria set forth under the CARES Act or as specified in the regulatory guidance. Further, loans granted payment deferrals related to COVID-19 are not required to be reported as past due or placed on non-accrual status (provided the loans were not past due or on non-accrual status prior to the deferral). The following tables summarize, by class of loan, the recorded investments in loans modified as TDRs during the three and nine months ended September 30, 2020 and 2019. For purposes of this disclosure, recorded investments represent amounts immediately prior to and subsequent to the restructuring.
(1)Represents the following concessions: extension of term (3 contracts; recorded investment of $2.8 million) and reduced payment and/or payment deferral (1 contract recorded investment of $3.4 million). (2)Represents the following concessions: extension of term (5 contracts; recorded investment of $9.8 million); reduced payment and/or payment deferral (2 contracts; recorded investment of $2.7 million); or a combination of concessions (2 contracts; recorded investment of $1.0 million). (3)Represents the following concessions: extension of term (7 contracts; recorded investment of $1.2 million); reduced payment and/or payment deferral (1 contract; recorded investment of $0.2 million); or a combination of concessions (1 contract; recorded investment of $2.4 million). (4)Represents the following concessions: extension of term (3 contracts; recorded investment of $1.9 million). (5)Represents the following concessions: loans restructured through bankruptcy (3 contracts; recorded investment of $0.3 million); reduced payment and/or payment deferral (2 contracts; recorded investment of $1.0 million); or a combination of concessions (4 contracts; recorded investment of $1.6 million). (6)Represents the following concessions: loans restructured through bankruptcy (3 contracts; recorded investment of $0.4 million); or a combination of concessions (3 contracts; recorded investment of $0.3 million).
(1)Represents the following concessions: extension of term (10 contracts; recorded investment of $7.1 million); or a reduced payment and/or payment deferral (2 contracts; recorded investment of $3.9 million). (2)Represents the following concessions: extension of term (20 contracts; recorded investment of $28.7 million); reduced payment and/or payment deferral (8 contracts; recorded investment of $30.2 million); temporary rate reduction (2 contracts; recorded investment of $0.9 million); or a combination of concessions (7 contracts; recorded investment of $3.7 million). (3)Represents the following concessions: extension of term (18 contracts; recorded investment of $4.3 million); reduced payment and/or payment deferral (13 contracts; recorded investment of $3.4 million); or a combination of concessions (6 contracts; recorded investment of $4.2 million). (4)Represents the following concessions: extension of term (8 contracts; recorded investment of $6.6 million). (5)Represents the following concessions: loans restructured through bankruptcy (9 contracts; recorded investment of $2.3 million); reduced payment and/or payment deferral (11 contracts; recorded investment of $6.5 million); or a combination of concessions (9 contracts; recorded investment of $2.8 million). (6)Represents the following concessions: loans restructured through bankruptcy (15 contracts; recorded investment of $1.1 million); reduced payment and/or payment deferral (2 contracts; recorded investment of $0.2 million); or a combination of concessions (21 contracts; recorded investment of $2.4 million).
(1)Represents the following concessions: extension of term (5 contracts; recorded investment of $1.7 million); or a combination of concessions (2 contracts; recorded investment of $11.4 million). (2)Represents the following concessions: extension of term (5 contracts; recorded investment of $1.9 million); reduced payment and/or payment deferral (2 contracts; recorded investment of $0.3 million); or a combination of concessions (1 contract; recorded investment of $1.9 million). (3)Represents the following concessions: extension of term (1 contract; recorded investment of $0.4 million); reduced payment and/or payment deferral (5 contracts; recorded investment of $5.1 million); or a combination of concessions (4 contracts; recorded investment of $4.0 million). (4)Represents the following concessions: loans restructured through bankruptcy (4 contracts; recorded investment of $1.6 million); reduced payment and/or payment deferral (9 contracts; recorded investment of $3.7 million); or a combination of concessions (2 contracts; recorded investment of $1.2 million). (5)Represents the following concessions: loans restructured through bankruptcy (6 contracts; recorded investment of $0.4 million); reduced payment and/or payment deferral (5 contracts; recorded investment of $0.6 million); or a combination of concessions (4 contracts; recorded investment of $0.3 million).
(1)Represents the following concessions: extension of term (5 contracts; recorded investment of $1.7 million); reduced payment and/or payment deferral (1 contract; recorded investment of $0.6 million); or a combination of concessions (2 contracts; recorded investment of $11.4 million). (2)Represents the following concessions: extension of term (22 contracts; recorded investment of $24.3 million); reduced payment and/or payment deferral (2 contracts; recorded investment of $0.3 million); or a combination of concessions (3 contracts; recorded investment of $2.9 million). (3)Represents the following concessions: extension of term (5 contracts; recorded investment of $1.6 million); reduced payment and/or payment deferral (22 contracts; recorded investment of $16.9 million); or a combination of concessions (6 contracts; recorded investment of $4.4 million). (4)Represents the following concessions: loans restructured through bankruptcy (39 contracts; recorded investment of $8.2 million); reduced payment and/or payment deferral (21 contracts; recorded investment of $8.4 million); or a combination of concessions (13 contracts; recorded investment of $5.6 million). (5)Represents the following concessions: loans restructured through bankruptcy (48 contracts; recorded investment of $2.6 million); reduced payment and/or payment deferral (16 contracts; recorded investment of $2.8 million); or a combination of concessions (19 contracts; recorded investment of $1.6 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 three and nine months ended September 30, 2020 and 2019. For purposes of this disclosure, the previous 12 months is measured from October 1 of the respective prior year and a default represents a previously-modified loan that became past due 30 days or more during the nine months ended September 30, 2020 or 2019.
Loan Charge-Offs The Company’s charge-off policies, which comply with standards established by banking regulators, are consistently applied from period to period. Charge-offs are recorded on a monthly basis. Partially charged-off loans continue to be evaluated on a monthly basis and additional charge-offs or credit loss provisions may be recorded on the remaining loan balance based on the same criteria. For unsecured consumer loans, charge-offs are generally recorded when the loan is deemed to be uncollectible or 120 days past due, whichever occurs first. For consumer loans secured by real estate, including residential mortgage loans, charge-offs are generally recorded when the loan is deemed to be uncollectible or 180 days past due, whichever occurs first, unless it can be clearly demonstrated that repayment will occur regardless of the delinquency status. Factors that demonstrate an ability to repay may include: (i) a loan that is secured by adequate collateral and is in the process of collection; (ii) a loan supported by a valid guarantee or insurance; or (iii) a loan supported by a valid claim against a solvent estate. For commercial loans, a charge-off is recorded when the Company determines that it will not collect all amounts contractually due based on the fair value of the collateral less cost to sell. The decision whether to charge-off all or a portion of a loan rather than to record a specific or general loss allowance is based on an assessment of all available information that aids in determining the loan’s net realizable value. Typically, this involves consideration of both (i) the fair value of any collateral securing the loan, including whether the estimate of fair value has been derived from an appraisal or other market information and (ii) other factors affecting the likelihood of repayment, including the existence of guarantees and insurance. If the amount by which the Company’s recorded investment in the loan exceeds its net realizable value is deemed to be a confirmed loss, a charge-off is recorded. Otherwise, a specific or general reserve is established, as applicable. The comparatively low level of net loan charge-offs in recent years, in terms of absolute dollars and as a percentage of average total loans, may not be sustainable in the future. Credit Quality Indicators As part of the on-going monitoring of the credit quality of the loan portfolio, management tracks certain credit quality indicators including trends related to: (i) internal Commercial loan risk ratings; (ii) internal Retail loan risk classification; and (iii) non-accrual loans (see details above). 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. The following table presents Commercial loan risk ratings, by class of loan and year of origination, as of September 30, 2020:
Retail Credit Quality Indicators Pools of Retail loans with similar risk and loss characteristics are also assessed for 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-accrual loans and portfolio concentrations, and portfolio-specific risk characteristics, the combination of which determines whether a loan is classified as “High”, “Moderate” or “Low” risk. The portfolio-specific risk characteristics considered include: (i) collateral values/loan-to-value (“LTV”) ratios (above and below 70%); (ii) borrower credit scores under the FICO scoring system (above and below a score of 680); and (iii) other relevant portfolio risk elements such as income verification at the time of underwriting (stated income vs. non-stated income) and the property’s intended use (owner-occupied, non-owner occupied, second home, etc.). In classifying a loan as either “High”, “Moderate” or “Low” risk, the combination of each of the aforementioned risk characteristics is considered for that loan, resulting, effectively, in a “matrix approach” to its risk classification. These risk classifications are reviewed quarterly to ensure that they continue to be appropriate in light of changes within the portfolio and/or economic indicators as well as other industry developments. For example, to the extent LTV ratios exceed 70% (reflecting a weaker collateral position for the Company) or borrower FICO scores are less than 680 (reflecting weaker financial standing and/or credit history of the customer), the loans are considered to have an increased level of inherent loss. As a result, a loan with a combination of these characteristics would generally be classified as “High” risk. Conversely, as LTV ratios decline (reflecting a stronger collateral position for the Company) or borrower FICO scores exceed 680 (reflecting stronger financial standing and/or credit history of the customer), the loans are considered to have a decreased level of inherent loss. A loan with a combination of these characteristics would generally be classified as “Low” risk. This analysis also considers (i) the extent of underwriting that occurred at the time of origination (direct income verification provides further support for credit decisions) and (ii) the property’s intended use (owner-occupied properties are less likely to default compared to ‘investment-type’ non-owner occupied properties, second homes, etc.). Loans not otherwise deemed to be “High” or “Low” risk are classified as “Moderate” risk. LTV ratios and FICO scores are determined at origination and updated periodically throughout the life of the loan. LTV ratios are updated for loans 90 days past due and FICO scores are updated for the entire portfolio quarterly. The portfolio stratification (“High”, “Moderate” and “Low” risk) and identification of the corresponding credit quality indicators also occurs quarterly. The following table presents Retail loan risk classification, by class of loan and year of origination, as of September 30, 2020:
The following tables present Commercial and Retail credit quality indicators as of December 31, 2019:
The following table is a summary of revolving loans that converted to term during the three and nine months ended September 30, 2020:
Paycheck Protection Program The CARES Act created a new loan guarantee program known as the Paycheck Protection Program (“PPP”), the objective of which is to provide small businesses with financial support to cover payroll and certain other qualifying expenses. Loans made under the PPP are fully guaranteed by the SBA, whose guarantee is backed by the full faith and credit of the United States. PPP loans also afford borrowers forgiveness up to the principal amount of the loan, plus accrued interest, provided the loan proceeds are used to retain workers and maintain payroll or to make certain mortgage interest, lease and utility payments, and certain other criteria are satisfied. The SBA will reimburse PPP lenders for any amount of a PPP loan that is forgiven, and PPP lenders will not be held liable for any representations made by PPP borrowers in connection with their requests for loan forgiveness. Included in commercial and industrial loans at September 30, 2020 are PPP loans totaling $2.6 billion and associated deferred loan fees totaling $61.3 million. For regulatory capital purposes, PPP loans are assigned a zero risk-weighting as a result of the related SBA guarantee. Other Real Estate Owned and Repossessed Assets (included in Other Assets) Other real estate owned (“REO”) was comprised of commercial and residential properties totaling $3.6 million and $1.9 million, respectively, at September 30, 2020, and $7.3 million and $11.9 million, respectively, at December 31, 2019. Repossessed assets totaled $9.7 million and $4.2 million at September 30, 2020 and December 31, 2019, respectively. Loans Held for Sale Loans held-for-sale at September 30, 2020 and December 31, 2019 included newly-originated residential mortgage loans with carrying amounts of $21.4 million and $19.7 million, respectively. At December 31, 2019, loans held-for-sale also included $333.7 million of consumer loans and $157.9 million of commercial loans previously acquired in the United Financial
Bancorp, Inc. acquisition. All of the consumer and commercial loans were sold during the first quarter of 2020, resulting in a gain, net of expenses, of $16.9 million, which is included in other non-interest income in the Consolidated Statements of Income. |
Allowance For Credit Losses |
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Allowance for Credit Losses |
On January 1, 2020, the Company adopted the CECL standard, which requires the measurement of expected credit losses for financial assets measured at amortized cost, including loans, and certain off-balance-sheet credit exposures. Allowance for Credit Losses – Loans Under the CECL standard, the Company determines the ACL on loans based upon a consideration of its historical portfolio loss experience, current borrower-specific risk characteristics, forecasts of future economic conditions and other relevant factors. The allowance is measured on a collective (pool) basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. At September 30, 2020, the collective ACL totaled $404.3 million and the specific allocations of the ACL for loans evaluated on an individual basis totaled $19.5 million. The Company’s loan portfolio segments include Commercial and Retail and each of these segments comprises multiple loan classes, which are characterized by similarities in initial measurement, risk attributes, and the manner in which credit risk is monitored and assessed. The Commercial loan portfolio segment is comprised of the commercial real estate, commercial and industrial, equipment financing and MW/ABL loan classes. The Retail loan portfolio segment is comprised of the residential mortgage, home equity and other consumer loan classes. Common characteristics and risk profiles include the type/purpose of loan and historical/expected credit loss patterns. The Company periodically reassesses each pool to ensure the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. The ACL on loans represents management’s current estimate of lifetime expected credit losses inherent in the loan portfolio at the balance sheet date. As such, the estimate of expected credit losses is dependent upon portfolio size, composition and credit quality, as well as economic conditions and forecasts existing at that time. Expected future losses are estimated for the loan's entire contractual term adjusted for anticipated prepayments, as appropriate. The contractual term excludes expected extensions, renewals, and modifications unless (i) management has a reasonable expectation that a TDR will be executed with an individual borrower or (ii) such extension or renewal options are not unconditionally cancellable by the Company and, in such cases, the borrower is likely to meet applicable conditions and likely to request extension or renewal. Credit loss expense related to loans reflects the totality of actions taken on all loans for a particular period including any necessary increases or decreases in the allowance related to changes in credit loss expectations associated with specific loans or pools of loans. Portions of the allowance may be allocated for specific credits; however, the entire allowance is available for any credit that, in management’s judgment, should be charged-off. While management utilizes its best judgment and information available, the ultimate appropriateness of the allowance is dependent upon a variety of factors beyond management's control, including the performance of the loan portfolio, changes in interest rates and the broader economy. The ACL on loans is comprised of three components: (i) quantitative (formulaic) reserves; (ii) qualitative (judgmental) reserves; and (iii) individual loan reserves. Quantitative Component Management estimates the quantitative component by projecting (i) probability-of-default, representing the likelihood that a loan will stop performing/default (“PD”), (ii) loss-given-default, representing the expected loss rate for loans in default (“LGD”) and (iii) exposure-at-default (“EAD”), representing the estimated outstanding principal balance of the loans upon default, adjusted for anticipated prepayments, as appropriate, based on economic parameters for each month of a loan’s remaining contractual term. Expected credit losses for the quantitative component are calculated as the product of the PD, LGD and EAD. Historical credit experience provides the basis for the estimation of expected credit losses, with adjustments made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in the economic environment over a reasonable and supportable forecast period. The Company utilizes a two-year reasonable and supportable forecast period followed by a one-year period over which estimated losses revert, on a straight-line basis, to average historical loss experience, determined over the historical observation period, for the remaining life of the loan. PDs are estimated by analyzing internal data related to the historical performance of each loan pool over an economic cycle. PDs are adjusted to reflect the current impact of certain macroeconomic variables as well as their expected changes over the reasonable and supportable forecast period. The LGD is based on historical losses for each loan pool, adjusted to reflect the current impact of certain macroeconomic variables as well as their expected changes over a two-year forecast period. EAD is estimated using a linear regression model that estimates the average percentage of the loan balance that remains at the time of a default event. The macroeconomic variables utilized as inputs in the Company’s quantitative modeling process were selected primarily based on their relevance and correlation to historical credit losses. The Company’s quantitative models yield a measurement of expected credit losses reflective of average historical loss rates for periods subsequent to the reasonable and supportable forecast period by reverting such modeling inputs to their historical mean while also considering loan/borrower specific attributes. This same forecast/reversion period is used for all macroeconomic variables employed in all of the Company’s models. The measurement of expected credit losses is impacted by loan/borrower attributes and certain macroeconomic variables. Significant loan/borrower attributes utilized in the Company’s quantitative modeling include, among other things: (i) origination date; (ii) maturity date; (iii) payment type; (iv) collateral type and amount; (v) current risk rating (as applicable); (vi) current unpaid balance and commitment utilization rate; and (vii) payment status/delinquency history. Significant macroeconomic variables utilized in the Company’s quantitative modeling include, among other things: (i) U.S. Gross Domestic Product; (ii) selected market interest rates including U.S. Treasury rates, Prime rate, 30-year fixed mortgage rate, BBB corporate bond rate (spread), among others; (iii) unemployment rates; and (iv) commercial and residential property prices. In establishing its estimate of expected credit losses, the Company typically employs three separate, externally-sourced forward-looking economic scenarios. Those scenarios, which range from more benign to more severe, represent a ‘most likely outcome’ (the “Baseline” scenario) and two less likely scenarios referred to as the “Upside” scenario and the “Downside” scenario. Each scenario is assigned a weighting with a majority of the weighting placed on the Baseline scenario and lower weights placed on both the Upside and Downside scenarios. The weighting assigned by management is based on the economic outlook and available information at the reporting date. The resultant weighted estimate of expected credit losses is compared to the result of the Baseline scenario with the difference included as an element of the qualitative component (see below). The Company recognizes an approach using three scenarios may be insufficient in certain economic environments. This may result in a change to the weighting assigned to the three scenarios or the inclusion of additional scenarios. For instance, as a result of a deterioration in U.S. economic conditions caused by the emergence, in March 2020, of the COVID-19 pandemic, and the corresponding increase in economic uncertainty, a fourth forward-looking economic scenario (the “Severe Downside” scenario) has also been considered for purposes of estimating expected credit losses since that time. All four scenarios reflect the effects of the COVID-19 pandemic as well as the United States government’s monetary and fiscal response. Each scenario is assigned a weighting with the majority of the weighting placed on the Baseline scenario and lower weights placed on each of the Upside, Downside and Severe Downside scenarios. The weightings assigned by management are based on the economic outlook and available information at each reporting date. Qualitative Component The ACL on loans also includes qualitative considerations related to idiosyncratic risk factors, changes in current economic conditions that may not be reflected in quantitatively-derived results, and other relevant factors. These qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making qualitative adjustments include, among other things, the impact of: (i) changes in lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries; (ii) actual and expected changes in international, national, regional, and local economic and business conditions and developments that affect collectability of the loan pools; (iii) changes in the nature and volume of the loan pools and in the terms of the underlying loans; (iv) changes in the experience, ability, and depth of our lending management and staff; (v) changes in volume and severity of past due financial assets, the volume of non-accrual assets, and the volume and severity of adversely classified or graded assets; (vi) changes in the quality of our credit review function; (vii) changes in the value of the underlying collateral for loans that are non-collateral dependent; (viii) the existence, growth, and effect of any concentrations of credit; and (ix) other external factors such as the regulatory, legal and technological environments, competition and events, such as natural disasters or health pandemics. While the Company’s loss estimation methodologies strive to reflect all relevant risk factors, uncertainty exists associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between estimates and actual outcomes, including with respect to forward-looking economic forecasts. The qualitative component is designed to adjust the ACL to reflect such risk factors. Individual Component In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate that loan from other loans within the pool. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific allocations of the ACL are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk of the loan and economic conditions affecting the borrower’s industry, among other things. For collateral dependent loans, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The Company reevaluates the fair value of collateral supporting collateral dependent loans on a quarterly basis. The following tables present a summary, by loan portfolio segment, of activity in the ACL during the three and nine months ended September 30, 2020 and 2019:
Allowance for Credit Losses – Off-Balance-Sheet Exposures An ACL on off-balance-sheet exposures is reported in other liabilities in the Consolidated Statements of Condition. This liability represents an estimate of expected credit losses arising from off-balance-sheet exposures such as letters of credit, guarantees and unfunded commitments to extend credit. The process for measuring lifetime expected credit losses on such exposures is consistent with that for Commercial and Retail loans as discussed above (as applicable), but is subject to an additional estimate reflecting the likelihood that funding will occur. Adjustments to the liability are reported as a component of credit loss expense. No liability is recognized for off-balance-sheet credit exposures that are unconditionally cancellable. The following table summarizes the changes in the ACL on off-balance-sheet credit exposures:
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Leases |
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Leases |
Effective January 1, 2019, People's United adopted new accounting guidance relating to real estate (primarily branch locations) and office equipment subject to non-cancelable operating lease agreements entered into by the Company as lessee. The amount of the right-of-use ("ROU") assets and corresponding lease liabilities recorded upon adoption were based, primarily, on the present value of unpaid future minimum lease payments, the amount of which is dependent upon the population of leases in effect at the date of adoption, as well as assumptions with respect to renewals and/or extensions and the interest rate used to discount the future lease obligations. 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 initial direct costs ("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. Upon adoption, the Company recognized (i) operating lease liabilities totaling $268.8 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 ROU assets totaling $248.5 million, based upon the operating lease liabilities, adjusted for prepaid and deferred rent, and liabilities associated with lease termination costs. Lessor Arrangements People's United provides equipment financing to its customers through a variety of lessor arrangements, some of which may include options to renew and/or for the lessee to purchase the leased equipment at the end of the lease term. Direct financing leases and sales-type leases (collectively, "lease financing receivables") are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income, which is accreted to interest income over the lease term using the interest method. The residual value component of a lease financing receivable represents the estimated fair value of the leased equipment at the end of the lease term. In establishing residual value estimates, the Company may rely on industry data, historical experience, independent appraisals and, where appropriate, information regarding product life cycle, product upgrades and competing products. Upon expiration of a lease, residual assets are remarketed, resulting in an extension of the lease by the lessee, a lease to a new customer or purchase of the residual asset by the lessee or another party. Impairment of residual values arises if the expected fair value is less than the carrying amount. The Company assesses its net investment in lease financing receivables (including residual values) for impairment on a quarterly basis with any impairment losses recognized in accordance with the impairment guidance for financial instruments. As such, net investment in lease financing receivables may be reduced by an ACL with changes recognized as provision expense. The composition of the Company’s total net investment in lease financing receivables included within equipment financing loans in the Consolidated Statements of Condition was as follows:
The contractual maturities of the Company's lease financing receivables were as follows:
(1)Contractual maturities for the remaining three months in 2020. Operating lease income, generated in connection with operating leases for which the Company acts as a lessor, is recognized on a straight-line basis over the lease term as a component of non-interest income in the Consolidated Statements of Income. Depreciation expense for assets under operating leases, which are included in other assets in the Consolidated Statements of Condition, is generally recorded on a straight-line basis over the lease term as a component of non-interest expense in the Consolidated Statements of Income. The following table summarizes People's United's total lease income:
Lessee Arrangements Substantially all of the Company’s lessee arrangements represent non-cancelable operating leases for real estate (primarily branch locations) and office equipment with terms extending through 2054. Under these arrangements, People's United records ROU assets and corresponding lease liabilities at lease commencement. Lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate for borrowings of similar term. ROU assets initially equal the related lease liability, adjusted for any lease payments made prior to the lease commencement and any lease incentives. Portions of certain properties are subleased for terms extending through 2028. At lease commencement, the Company considers renewal or termination options in the determination of the term of the lease. If it is reasonably certain that a renewal or termination option will be exercised, the effects of such options are included in the determination of the expected lease term. All leases are recorded with the exception of leases with an initial term of twelve months or less for which the Company made the short-term lease election. Within the Consolidated Statements of Condition, ROU assets are reported in other assets and the related lease liabilities are reported in other liabilities. In recognizing ROU assets and related lease liabilities, lease and non-lease components (such as taxes, insurance and common area maintenance costs) are accounted for separately as such amounts are generally readily determinable under the Company's lease contracts. Lease expense is recognized on a straight-line basis over the lease term and is recorded within occupancy and equipment expense in the Consolidated Statements of Income. Variable lease payments, which generally relate to the non-lease components noted above, are expensed as incurred. The following tables provide the components of lease cost and supplemental information:
(1)Excludes the related transition adjustment recorded during the nine months ended September 30, 2019 (see above). The contractual maturities of the Company's lease liabilities as of September 30, 2020 were as follows:
(1)Contractual maturities for the remaining three months in 2020.
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Leases |
Effective January 1, 2019, People's United adopted new accounting guidance relating to real estate (primarily branch locations) and office equipment subject to non-cancelable operating lease agreements entered into by the Company as lessee. The amount of the right-of-use ("ROU") assets and corresponding lease liabilities recorded upon adoption were based, primarily, on the present value of unpaid future minimum lease payments, the amount of which is dependent upon the population of leases in effect at the date of adoption, as well as assumptions with respect to renewals and/or extensions and the interest rate used to discount the future lease obligations. 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 initial direct costs ("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. Upon adoption, the Company recognized (i) operating lease liabilities totaling $268.8 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 ROU assets totaling $248.5 million, based upon the operating lease liabilities, adjusted for prepaid and deferred rent, and liabilities associated with lease termination costs. Lessor Arrangements People's United provides equipment financing to its customers through a variety of lessor arrangements, some of which may include options to renew and/or for the lessee to purchase the leased equipment at the end of the lease term. Direct financing leases and sales-type leases (collectively, "lease financing receivables") are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income, which is accreted to interest income over the lease term using the interest method. The residual value component of a lease financing receivable represents the estimated fair value of the leased equipment at the end of the lease term. In establishing residual value estimates, the Company may rely on industry data, historical experience, independent appraisals and, where appropriate, information regarding product life cycle, product upgrades and competing products. Upon expiration of a lease, residual assets are remarketed, resulting in an extension of the lease by the lessee, a lease to a new customer or purchase of the residual asset by the lessee or another party. Impairment of residual values arises if the expected fair value is less than the carrying amount. The Company assesses its net investment in lease financing receivables (including residual values) for impairment on a quarterly basis with any impairment losses recognized in accordance with the impairment guidance for financial instruments. As such, net investment in lease financing receivables may be reduced by an ACL with changes recognized as provision expense. The composition of the Company’s total net investment in lease financing receivables included within equipment financing loans in the Consolidated Statements of Condition was as follows:
The contractual maturities of the Company's lease financing receivables were as follows:
(1)Contractual maturities for the remaining three months in 2020. Operating lease income, generated in connection with operating leases for which the Company acts as a lessor, is recognized on a straight-line basis over the lease term as a component of non-interest income in the Consolidated Statements of Income. Depreciation expense for assets under operating leases, which are included in other assets in the Consolidated Statements of Condition, is generally recorded on a straight-line basis over the lease term as a component of non-interest expense in the Consolidated Statements of Income. The following table summarizes People's United's total lease income:
Lessee Arrangements Substantially all of the Company’s lessee arrangements represent non-cancelable operating leases for real estate (primarily branch locations) and office equipment with terms extending through 2054. Under these arrangements, People's United records ROU assets and corresponding lease liabilities at lease commencement. Lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate for borrowings of similar term. ROU assets initially equal the related lease liability, adjusted for any lease payments made prior to the lease commencement and any lease incentives. Portions of certain properties are subleased for terms extending through 2028. At lease commencement, the Company considers renewal or termination options in the determination of the term of the lease. If it is reasonably certain that a renewal or termination option will be exercised, the effects of such options are included in the determination of the expected lease term. All leases are recorded with the exception of leases with an initial term of twelve months or less for which the Company made the short-term lease election. Within the Consolidated Statements of Condition, ROU assets are reported in other assets and the related lease liabilities are reported in other liabilities. In recognizing ROU assets and related lease liabilities, lease and non-lease components (such as taxes, insurance and common area maintenance costs) are accounted for separately as such amounts are generally readily determinable under the Company's lease contracts. Lease expense is recognized on a straight-line basis over the lease term and is recorded within occupancy and equipment expense in the Consolidated Statements of Income. Variable lease payments, which generally relate to the non-lease components noted above, are expensed as incurred. The following tables provide the components of lease cost and supplemental information:
(1)Excludes the related transition adjustment recorded during the nine months ended September 30, 2019 (see above). The contractual maturities of the Company's lease liabilities as of September 30, 2020 were as follows:
(1)Contractual maturities for the remaining three months in 2020.
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Leases |
Effective January 1, 2019, People's United adopted new accounting guidance relating to real estate (primarily branch locations) and office equipment subject to non-cancelable operating lease agreements entered into by the Company as lessee. The amount of the right-of-use ("ROU") assets and corresponding lease liabilities recorded upon adoption were based, primarily, on the present value of unpaid future minimum lease payments, the amount of which is dependent upon the population of leases in effect at the date of adoption, as well as assumptions with respect to renewals and/or extensions and the interest rate used to discount the future lease obligations. 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 initial direct costs ("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. Upon adoption, the Company recognized (i) operating lease liabilities totaling $268.8 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 ROU assets totaling $248.5 million, based upon the operating lease liabilities, adjusted for prepaid and deferred rent, and liabilities associated with lease termination costs. Lessor Arrangements People's United provides equipment financing to its customers through a variety of lessor arrangements, some of which may include options to renew and/or for the lessee to purchase the leased equipment at the end of the lease term. Direct financing leases and sales-type leases (collectively, "lease financing receivables") are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income, which is accreted to interest income over the lease term using the interest method. The residual value component of a lease financing receivable represents the estimated fair value of the leased equipment at the end of the lease term. In establishing residual value estimates, the Company may rely on industry data, historical experience, independent appraisals and, where appropriate, information regarding product life cycle, product upgrades and competing products. Upon expiration of a lease, residual assets are remarketed, resulting in an extension of the lease by the lessee, a lease to a new customer or purchase of the residual asset by the lessee or another party. Impairment of residual values arises if the expected fair value is less than the carrying amount. The Company assesses its net investment in lease financing receivables (including residual values) for impairment on a quarterly basis with any impairment losses recognized in accordance with the impairment guidance for financial instruments. As such, net investment in lease financing receivables may be reduced by an ACL with changes recognized as provision expense. The composition of the Company’s total net investment in lease financing receivables included within equipment financing loans in the Consolidated Statements of Condition was as follows:
The contractual maturities of the Company's lease financing receivables were as follows:
(1)Contractual maturities for the remaining three months in 2020. Operating lease income, generated in connection with operating leases for which the Company acts as a lessor, is recognized on a straight-line basis over the lease term as a component of non-interest income in the Consolidated Statements of Income. Depreciation expense for assets under operating leases, which are included in other assets in the Consolidated Statements of Condition, is generally recorded on a straight-line basis over the lease term as a component of non-interest expense in the Consolidated Statements of Income. The following table summarizes People's United's total lease income:
Lessee Arrangements Substantially all of the Company’s lessee arrangements represent non-cancelable operating leases for real estate (primarily branch locations) and office equipment with terms extending through 2054. Under these arrangements, People's United records ROU assets and corresponding lease liabilities at lease commencement. Lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate for borrowings of similar term. ROU assets initially equal the related lease liability, adjusted for any lease payments made prior to the lease commencement and any lease incentives. Portions of certain properties are subleased for terms extending through 2028. At lease commencement, the Company considers renewal or termination options in the determination of the term of the lease. If it is reasonably certain that a renewal or termination option will be exercised, the effects of such options are included in the determination of the expected lease term. All leases are recorded with the exception of leases with an initial term of twelve months or less for which the Company made the short-term lease election. Within the Consolidated Statements of Condition, ROU assets are reported in other assets and the related lease liabilities are reported in other liabilities. In recognizing ROU assets and related lease liabilities, lease and non-lease components (such as taxes, insurance and common area maintenance costs) are accounted for separately as such amounts are generally readily determinable under the Company's lease contracts. Lease expense is recognized on a straight-line basis over the lease term and is recorded within occupancy and equipment expense in the Consolidated Statements of Income. Variable lease payments, which generally relate to the non-lease components noted above, are expensed as incurred. The following tables provide the components of lease cost and supplemental information:
(1)Excludes the related transition adjustment recorded during the nine months ended September 30, 2019 (see above). The contractual maturities of the Company's lease liabilities as of September 30, 2020 were as follows:
(1)Contractual maturities for the remaining three months in 2020.
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity |
Preferred Stock and Common Stock 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 issued at both September 30, 2020 and December 31, 2019, and (ii) 1.95 billion shares of common stock, par value of $0.01 per share, of which 533.7 million shares and 532.8 million shares were issued at September 30, 2020 and December 31, 2019, respectively. Treasury Stock 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 (106.4 million shares and 86.6 million shares at September 30, 2020 and December 31, 2019, respectively) 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 both September 30, 2020 and December 31, 2019). Following shareholder approval of the People’s United Financial, Inc. 2014 Long-Term Incentive Plan in 2014, no new awards may be granted under the RRP. In June 2019, the Company’s Board of Directors authorized the repurchase of up to 20.0 million shares of People’s United’s outstanding common stock. Such shares may be repurchased, either directly or through agents, in the open market at prices and terms satisfactory to management. During the first quarter of 2020, the Company completed the repurchase authorization by purchasing 19.8 million shares of People's United common stock at a total cost of $304.4 million. Comprehensive Income Comprehensive income represents the sum of net income and items of “other comprehensive income or loss,” including (on an after-tax basis): (i) net actuarial gains and losses, prior service credits and costs, and transition assets and obligations related to People’s United’s pension and other postretirement plans; (ii) net unrealized gains and losses on debt securities available-for-sale; (iii) net unrealized gains and losses on debt securities transferred to held-to-maturity; and (iv) net unrealized gains and losses on derivatives accounted for as cash flow hedges. People’s United’s total comprehensive income for the three and nine months ended September 30, 2020 and 2019 is reported in the Consolidated Statements of Comprehensive Income. The following is a summary of the changes in the components of accumulated other comprehensive income (loss) ("AOCL"), which are included in People’s United’s stockholders’ equity on an after-tax basis:
(1)See the following table for details about these reclassifications. The following is a summary of the amounts reclassified from AOCL:
(1)Included in the computation of net periodic benefit income (expense) reflected in other non-interest expense (see Note 9 for additional details). (2)Included in other non-interest income. (3)Included in interest and dividend income - securities. (4)Included in interest expense - notes and debentures.
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Earnings Per Common Share |
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Earnings Per Common Share |
The following is an analysis of People’s United’s basic and diluted earnings per common share (“EPS”), reflecting the application of the two-class method, as described below:
Unvested share-based payment awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered to participate with common stock in undistributed earnings for purposes of computing EPS. Companies that have such participating securities, including People’s United, are required to calculate basic and diluted EPS using the two-class method. Restricted stock awards granted by People’s United prior to 2017 are considered participating securities. Calculations of EPS under the two-class method (i) exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities and (ii) exclude from the denominator the dilutive impact of the participating securities. 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 18.2 million shares and 7.2 million shares for the three months ended September 30, 2020 and 2019, respectively, and 18.1 million shares and 7.1 million shares for the nine months ended September 30, 2020 and 2019, respectively, have also been excluded from the calculation of diluted EPS.
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Goodwill and Other Acquisition-Related Intangible Assets |
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Sep. 30, 2020 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||
Goodwill and Other Acquisition-Related Intangible Assets |
People’s United’s goodwill totaled $3.07 billion at both September 30, 2020 and December 31, 2019, and was allocated to its operating segments as follows: Commercial Banking ($1.97 billion); Retail Banking ($1.01 billion); and Wealth Management ($88.5 million). Recent acquisitions have been undertaken with the objective of expanding the Company’s business, both geographically and through product offerings, as well as realizing synergies and economies of scale by combining with the acquired entities. For these reasons, a market-based premium was paid for the acquired entities which, in turn, resulted in the recognition of goodwill, representing the excess of the respective purchase prices over the estimated fair value of the net assets acquired. All of People’s United’s tax deductible goodwill was created in transactions in which the Company purchased the assets of the target (as opposed to purchasing the issued and outstanding stock of the target). At September 30, 2020 and December 31, 2019, tax deductible goodwill totaled $126.0 million and $134.4 million, respectively. People’s United’s other acquisition-related intangible assets totaled $178.0 million and $209.1 million at September 30, 2020 and December 31, 2019, respectively. At September 30, 2020, the carrying amounts of other acquisition-related intangible assets were as follows: core deposit intangible ($104.3 million); trade name intangible ($45.9 million); client relationships intangible ($16.4 million); trust relationships intangible ($5.7 million); insurance relationships intangible ($3.4 million); favorable lease agreements ($2.1 million); and non-compete agreements ($0.2 million). Amortization expense of other acquisition-related intangible assets totaled $10.2 million and $8.0 million for the three months ended September 30, 2020 and 2019, respectively, and $31.1 million and $22.7 million for the nine months ended September 30, 2020 and 2019, respectively. Scheduled amortization expense attributable to other acquisition-related intangible assets for the full-year of 2020 and each of the next five years is as follows: $40.9 million in 2020; $36.1 million in 2021; $31.7 million in 2022; $24.0 million in 2023; $20.3 million in 2024; and $17.3 million in 2025. There were no impairment losses relating to goodwill or other acquisition-related intangible assets recorded in the Consolidated Statements of Income during the nine months ended September 30, 2020 and 2019. |
Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 ten years that produce the highest average. consecutive years of the last 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, People’s United continues to maintain qualified defined benefit pension plans that cover (i) former First Connecticut Bancorp, Inc. employees who meet certain eligibility requirements (the “First Connecticut Qualified Plan”) and (ii) former United Financial Bancorp, Inc. employees who meet certain eligibility requirements (the “United Financial Qualified Plan”). All benefits under these plans were frozen effective February 28, 2013 and December 31, 2012, respectively. 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. 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: (1) for certain eligible former First Connecticut Bancorp, Inc. 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”); (2) for certain eligible former BSB Bancorp, Inc. employees (i) an unfunded, nonqualified supplemental retirement plan (the “BSB Bancorp Supplemental Plan”) and (ii) unfunded plans that provide life insurance benefits (the “BSB Bancorp Post Retirement Welfare (Life Insurance) Plan”); and (3) for certain former United Financial Bancorp, Inc. employees (i) an unfunded, nonqualified supplemental retirement plan (the “United Financial Supplemental Plan”) and (ii) unfunded plans that provide medical, dental and life insurance benefits (the “United Financial Postretirement Benefit Plan”). Components of net periodic benefit (income) expense and other amounts recognized in other comprehensive income (loss) for (i) the People’s Qualified Plan, the First Connecticut Qualified Plan, the People's Supplemental Plans, the First Connecticut Supplemental Plan, the BSB Bancorp Supplemental Plan and the United Financial Supplemental Plan (together the “Pension Plans”) and (ii) the People’s Postretirement Plan, the First Connecticut Postretirement Plans, the BSB Bancorp Post Retirement Welfare (Life Insurance) Plan and the United Financial Postretirement Plan (together the "Other Postretirement Plans") are as follows:
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, for the nine months ended September 30, 2020, totaled $3.2 million. At September 30, 2020, the loan balance totaled $171.8 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 4,791,222 shares of People’s United common stock have been allocated or committed to be released to participants’ accounts. At Compensation expense related to the ESOP is recognized at an amount equal to the number of common shares committed to be released by the ESOP for allocation to participants’ accounts multiplied by the average fair value of People’s United’s common stock during the reporting period. The difference between the fair value of the shares of People’s United’s common stock committed to be released and the cost of those common shares is recorded as a credit to additional paid-in capital (if fair value exceeds cost) or, to the extent that no such credits remain in additional paid-in capital, as a charge to retained earnings (if fair value is less than cost). Expense recognized for the ESOP totaled $3.3 million and $4.2 million for the nine months ended September 30, 2020 and 2019, respectively
September 30, 2020, 5,662,353 shares of People’s United common stock, with a fair value of $58.4 million at that date, have not been allocated or committed to be released. |
Legal Proceedings |
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Sep. 30, 2020 | |||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||
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.
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Segment Information |
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Sep. 30, 2020 | |||||||
Segment Reporting [Abstract] | |||||||
Segment Information |
See “Segment Results” included in Item 2 for segment information for the three and nine months ended
September 30, 2020 and 2019. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Described below are the valuation methodologies used by People’s United and the resulting fair values for those financial instruments measured at fair value on both a recurring and a non-recurring basis. For those financial instruments not measured at fair value either on a recurring or non-recurring basis, disclosure of each instrument’s carrying amount and estimated fair value has been provided. 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 and CMO securities, all of which are included in Level 2. The Company’s available-for-sale debt securities are primarily comprised of GSE mortgage-backed securities. The fair value of these securities is based on prices obtained from the independent pricing service. The pricing service uses various techniques to determine pricing for the Company’s mortgage-backed securities, including option pricing and discounted cash flow analysis. The inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, reference data, monthly payment information and collateral performance. At both September 30, 2020 and December 31, 2019, the entire available-for-sale mortgage-backed securities portfolio was comprised of GSE mortgage-backed and CMO securities with original final maturities ranging from 10 to 40 years. An active market exists for securities that are similar to the Company’s GSE mortgage-backed and CMO securities, making observable inputs readily available. Changes in the prices obtained from the pricing service are analyzed from month to month, taking into consideration changes in market conditions including changes in mortgage spreads, changes in U.S. Treasury security yields and changes in generic pricing of securities with similar duration. As a further point of validation, the Company generates its own month-end fair value estimate for all mortgage-backed securities, and state and municipal securities. While the Company has not adjusted the prices obtained from the independent pricing service, any notable differences between those prices and the Company’s estimates are subject to further analysis. This additional analysis may include a review of prices provided by other independent parties, a yield analysis, a review of average life changes using Bloomberg analytics and a review of historical pricing for the particular security. Based on management’s review of the prices provided by the pricing service, the fair values incorporate observable market inputs used by market participants at the measurement date and, as such, are classified as Level 2 securities. Other Assets As discussed in Note 9, 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:
Non-Recurring Fair Value Measurements Loans Held-for-Sale Loans held-for-sale are recorded at the lower of amortized cost or fair value and are therefore measured at fair value on a non-recurring basis. When available, People’s United uses observable secondary market data, including pricing on recent closed market transactions for loans with similar characteristics. Accordingly, such loans are classified as Level 2 measurements. When observable data is unavailable, valuation methodologies using current market interest rate data adjusted for inherent credit risk are used, and such loans are included in Level 3. Collateral Dependent / Impaired Loans (periods prior to January 1, 2020) The Company’s approach to determining the fair value of collateral dependent loans is described in Note 3, “Loans”. Prior to the Company's adoption of the CECL standard, loan impairment was deemed to exist when full repayment of principal and interest according to the contractual terms of the loan was no longer probable. Impaired loans were 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 have been subject to measurement at fair value on a non-recurring basis. People’s United has estimated the fair values of these assets using Level 3 inputs, such as discounted cash flows based on inputs that are largely unobservable and, instead, reflect management’s own estimates of the assumptions a market participant would use in pricing such loans and/or the fair value of collateral based on independent third-party appraisals for collateral dependent loans. Such appraisals are based on the market and/or income approach to value and are subject to a discount (to reflect estimated cost to sell) that generally approximates 10%. REO and Repossessed Assets REO and repossessed assets are recorded at the lower of cost or fair value, less estimated selling costs, and are therefore measured at fair value on a non-recurring basis. People’s United has estimated the fair values of these assets using Level 3 inputs, such as independent third-party appraisals and price opinions. Such appraisals are based on the market and/or income approach to value and are subject to a discount (to reflect estimated cost to sell) that generally approximates 10%. Assets that are acquired through loan default are recorded as held-for-sale initially at the lower of the recorded investment in the loan or fair value (less estimated selling costs) upon the date of foreclosure/repossession. Subsequent to foreclosure/repossession, valuations are updated periodically and the carrying amounts of these assets may be reduced further. Mortgage Servicing Rights Mortgage servicing rights are evaluated for impairment based upon the fair value of the servicing rights as compared to their amortized cost. The fair value of mortgage servicing rights is based on a valuation model that calculates the present value of estimated net servicing income. This model incorporates certain assumptions that market participants would likely use in estimating future net servicing income, such as interest rates, prepayment speeds and the cost to service (including delinquency and foreclosure costs), all of which require a degree of management judgment. Adjustments are only recorded when the discounted cash flows derived from the valuation model are less than the carrying value of the asset. As such, mortgage servicing rights are subject to measurement at fair value on a non-recurring basis and are classified as Level 3 assets. The following tables summarize People’s United’s assets that are measured at fair value on a non-recurring basis:
(1)Consists of residential mortgage loans; no fair value adjustments were recorded for the nine months ended September 30, 2020 and 2019. (2)Represents the recorded investment in collateral dependent loans with a related ACL totaling $19.5 million measured in accordance with applicable accounting guidance at September 30, 2020. The provision for credit losses on collateral dependent loans totaled $16.5 million for the nine months ended September 30, 2020. (3)Represents: (i) $3.6 million of commercial REO; (ii) $1.9 million of residential REO; and (iii) $9.7 million of repossessed assets at September 30, 2020. Charge-offs to the ACL related to loans that were transferred to REO or repossessed assets totaled $3.9 million and $2.1 million for the nine months ended September 30, 2020 and 2019, respectively. Write downs and net (gains) loss on sale of foreclosed/repossessed assets charged to non-interest expense totaled $4.8 million and $(0.3) million for the same periods. (4)Fair value adjustments in the form of write-downs totaling $5.2 million were recorded for the nine months ended September 30, 2020. (5)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 $5.3 million for the nine months ended September 30, 2019. 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 basis:
(1)Excludes collateral dependent loans totaling $43.0 million at September 30, 2020 and impaired loans totaling $61.9 million at December 31, 2019, both measured at fair value on a non-recurring basis.
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Derivative Financial Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 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 14), 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 that were in a net liability position at September 30, 2020. 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 LIBOR interest payments received on the commercial loans to a fixed rate and consequently reduce the Bank’s exposure to variability in short-term interest rates. These swaps are accounted for as cash flow hedges. 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. The Bank has entered into two-year and three-year pay fixed/receive floating interest rate swaps to reduce its interest rate exposure by hedging the variability in interest cash flows on certain rolling three-month funding liabilities, which may consist of FHLB advances. 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 an aggregate notional amount of $550 million. The interest rate swaps effectively convert a short-term benchmark interest rate (LIBOR) into a fixed-rate. These swaps are accounted for as cash flow hedges. 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 share of the derivative contracts, consistent with its share of the related loans. Forward Commitments to Sell Residential Mortgage Loans and Related Interest Rate-Lock Commitments People’s United enters into forward commitments to sell adjustable-rate and fixed-rate residential mortgage loans (all to be sold servicing released) in order to reduce the market risk associated with originating loans for sale in the secondary market. In order to fulfill a forward commitment, People’s United delivers originated loans at prices or yields specified by the contract. The risks associated with such contracts arise from the possible inability of counterparties to meet the contract terms or People’s United’s inability to originate the necessary loans. Gains and losses realized on the forward contracts are reported in the Consolidated Statements of Income as a component of the net gains on sales of residential mortgage loans. In the normal course of business, People’s United will commit to an interest rate on a mortgage loan application at the time of application, or anytime thereafter. The risks associated with these interest rate-lock commitments arise if market interest rates change prior to the closing of these loans. Both forward sales commitments and interest rate-lock commitments made to borrowers on held-for-sale loans are accounted for as derivatives, with changes in fair value recognized in current earnings. Interest Rate Locks In connection with its planned issuance of senior notes in the fourth quarter of 2012, People’s United entered into U.S. Treasury forward interest rate locks (“T-Locks”) to hedge the risk that the 10-year U.S. Treasury yield component of the underlying coupon of the fixed-rate senior notes would rise prior to establishing the fixed interest rate on the senior notes. Upon pricing the senior notes, the T-Locks were terminated and the unrealized gain of $0.9 million was included (on a net-of-tax basis) as a component of AOCL. The gain is being recognized as a reduction of interest expense over the ten-year period during which the hedged item ($500 million senior note issuance) affects earnings. The table below provides a summary of the notional amounts and fair values (presented on a gross basis) of derivatives outstanding:
(1)Assets are recorded in other assets and liabilities are recorded in other liabilities. The following table summarizes the impact of People’s United’s derivatives on pre-tax income and AOCL:
(1)Amounts recognized in earnings are recorded in interest income, interest expense or other non-interest income for derivatives designated as hedging instruments and in other non-interest income for derivatives not designated as hedging instruments.
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Balance Sheet Offsetting |
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Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Offsetting |
Assets and liabilities relating to certain financial instruments, including derivatives, may be eligible for offset in the Consolidated Statements of Condition and/or subject to enforceable master netting arrangements or similar agreements. People’s United’s derivative transactions with institutional counterparties are generally executed under International Swaps and Derivative Association (“ISDA”) master agreements, which include “right of set-off” provisions that provide for a single net settlement of all interest rate swap positions, as well as collateral, in the event of default on, or the termination of, any one contract. Nonetheless, the Company does not, except as indicated below, offset asset and liabilities under such arrangements in the Consolidated Statements of Condition. The Chicago Mercantile Exchange (“CME”) legally characterizes variation margin payments for over-the-counter derivatives that clear as settlements rather than collateral. Accordingly, the Company’s accounting policies classify, for accounting and presentation purposes, variation margin payments deemed to be legal settlements as a single unit of account with the related derivative(s). At both September 30, 2020 and December 31, 2019, this presentation impacted one of the Company’s institutional counterparties. As such, People’s United has, subject to the corresponding enforceable master netting arrangement, netted the institutional counterparty’s CME derivative position and offset the counterparty’s variation margin payments in the Consolidated Statement of Condition as of both dates. 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. 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 13. 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.
Resale and repurchase agreements represent agreements to purchase/sell securities subject to an obligation to resell/repurchase the same or similar securities. 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. 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 September 30, 2020 and December 31, 2019, the Company posted as collateral marketable securities with fair values of $258.8 million and $462.4 million, respectively, and, in turn, accepted as collateral marketable securities with fair values of $253.7 million and $457.5 million, respectively.
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New Accounting Standards |
9 Months Ended | ||||||
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Sep. 30, 2020 | |||||||
Accounting Changes and Error Corrections [Abstract] | |||||||
New Accounting Standards |
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 carried at amortized cost, as well as available-for-sale debt securities and purchased financial assets with credit deterioration (“PCD assets”). The amendment is to be applied through a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). For certain assets (such as debt securities for which other-than-temporary impairment has been recognized before the effective date and PCD assets), a prospective transition approach is required. For existing purchased credit impaired assets, upon adoption, the amortized cost basis is adjusted to reflect the addition of the ACL. This transition relief avoids the need for a reporting entity to reassess its purchased financial assets that exist as of the date of adoption in order to determine whether they would have met, at acquisition, the new criteria of 'more-than insignificant' credit deterioration since origination. The transition relief also allows an entity to accrete the remaining noncredit discount (based on the revised amortized cost basis) into interest income over the life of the related asset using the interest method. Under the standard, the Company will determine the based upon a consideration of its historical loss experience, current borrower-specific risk characteristics, forecasts of future economic conditions and other relevant factors. In doing so, the method for determining estimated credit losses will move from an “incurred loss” model to a “life of loan” model. For public business entities, this new amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company’s adoption of this guidance as of January 1, 2020, which was based upon forecasted economic conditions and portfolio balances existing as of December 31, 2019, resulted in the following: •an increase in the ACL on funded loans of $72 million: ◦amount includes a $28 million adjustment to the amortized cost basis of PCD loans; •an increase in the ACL on off-balance-sheet commitments of $15 million; •the establishment of an ACL on debt securities held-to-maturity of $2 million; and •a decrease in retained earnings of $46 million, net of tax. The increase in aggregate loan allowance levels was driven, primarily, by higher reserve requirements associated with the Company’s retail portfolios (i.e. residential mortgage and home equity) due to the difference between the loss emergence periods of these portfolios under the prior incurred loss model and the expected remaining life of such loans as required by the standard, partially offset by lower reserve requirements associated with certain of the Company’s commercial portfolios, which generally have shorter contractual maturities. The liability for off-balance sheet commitments reflects the inclusion of lifetime losses for expected funding over the remaining life of such exposures. The Company’s held-to-maturity debt securities portfolio consists primarily of agency-backed securities and highly-rated municipal and corporate bonds, all of which inherently have minimal non-payment risk. In accordance with the amended guidance, the Company elected the practical expedients related to (i) the presentation of accrued interest receivable, net of the ACL, in other assets within the Consolidated Statements of Condition and (ii) the exclusion, for disclosure purposes, of accrued interest balances from the amortized cost basis of the loan portfolio. The adjustments noted above served to reduce regulatory capital ratios for both the Holding Company and the Bank by approximately 10 basis points. In December 2018, the Federal banking agencies approved a final rule allowing an option to phase-in, over three years, the day one regulatory capital effects of the standard. In March 2020, the Federal banking agencies issued an interim final rule providing an alternative option to delay, for two years, an estimate of the standard’s effect on regulatory capital (relative to incurred loss methodology's effect on regulatory capital), followed by a three-year transition period. The Company has elected the alternative option provided in the March 2020 interim final rule. The amended guidance also requires expanded disclosures. See Note 2, "Securities", Note 3, "Loans" and Note 4, "Allowance for Credit Losses" for the new disclosures required by the standard, including further discussion of the Company’s accounting policies and methodologies used to estimate expected credit losses beginning in 2020. 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 required 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 impact the Company’s Consolidated Financial Statements as of and for the period ended September 30, 2020. 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 12 (as applicable) and did not have a significant impact on the Company’s Consolidated Financial Statements. Reference Rate Reform In 2017, the United Kingdom’s Financial Conduct Authority announced that it will cease to compel its panel banks to submit LIBOR rates after December 31, 2021 as a result of the steadily decreasing number of transaction-based borrowing observations between banks in interbank funding markets. LIBOR is widely used by the Company as it serves as the primary index rate for approximately 45% of its loan portfolio. As a result of LIBOR cessation, a Company-wide initiative was introduced to assess all applicable loan, deposit and borrowing categories, and develop a comprehensive plan for the transition away from LIBOR. The Company expects to follow recommendations from the Federal Reserve’s Alternative Reference Rate Committee and the International Swaps and Derivatives Association, along with industry-led solutions, in establishing a replacement index, or indices, for LIBOR. In March 2020, the FASB issued a new standard providing temporary optional expedients and exceptions to existing U.S. GAAP on contract modifications and hedge accounting in order to ease the financial reporting burdens associated with transitioning away from LIBOR and other interbank offered rates to acceptable alternative rates. Under the new guidance, an entity can elect, by accounting topic or industry subtopic, to account for the modification of a contract affected by reference rate reform as a continuation of the existing contract, if certain conditions are met. In addition, the new guidance allows an entity to elect, on a hedge-by-hedge basis, to continue to apply hedge accounting for hedging relationships in which the critical terms change due to reference rate reform, if certain conditions are met. A one-time election to sell and/or transfer held-to-maturity debt securities that reference a rate affected by reference rate reform is also permitted under the new guidance. While the standard is effective upon issuance, the Company continues to evaluate the impact and which optional expedients and exceptions might be elected. These optional elections will generally cease to apply to contract modifications or existing hedging relationships after December 31, 2022. 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 9 (as applicable) and did not have a significant impact on the Company’s Consolidated Financial Statements. Simplifying the Accounting for Income Taxes In December 2019, the FASB amended its standards with respect to income taxes, simplifying the accounting in several areas, including intra-period tax allocation, deferred tax liabilities related to outside basis differences, and year-to-date losses in interim periods, among others. For public business entities, this new guidance is effective in fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 (January 1, 2021 for People’s United) and early adoption is permitted. If an entity elects to early adopt, it must adopt all changes as a result of the guidance. Adoption of this standard is not expected to have a significant impact on the Company’s Consolidated Financial Statements.
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Subsequent Event |
9 Months Ended | ||||||
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Sep. 30, 2020 | |||||||
Subsequent Events [Abstract] | |||||||
Subsequent Event |
Sale of Business On November 2, 2020, the Bank completed its sale of People's United Insurance Agency, Inc. (“PUIA”) to AssuredPartners in an all-cash transaction for $120 million. PUIA is a full-service insurance brokerage providing commercial, personal and employee benefit insurance solutions. The decision to sell PUIA was a result of the Bank’s continued reassessment of its business model in an effort to identify opportunities to improve its core banking products and services and to further enhance digital offerings across markets. The assets of PUIA total approximately $46.5 million and consist of cash and short-term receivables as well as related goodwill and other acquisition-related intangible assets (insurance customer relationships). The liabilities of PUIA total approximately $18.0 million and consist of short-term payables and other accrued expenses. Prior to the sale, the activities of PUIA were included in the Wealth Management operating segment which, for reporting purposes, was allocated among the Commercial Banking and Retail Banking reportable segments (see “Segment Results” in Item 2 for additional information). The sale is expected to result in a pre-tax gain, net of expenses, of approximately $75 to $80 million and will be recorded within other non-interest income in the Consolidated Statements of Income in the fourth quarter of 2020. As a result of the sale, the capital ratios for both the Holding Company and the Bank are expected to improve by approximately 15 basis points.
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Employee Benefit Plans (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
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 ten years that produce the highest average. consecutive years of the last 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, People’s United continues to maintain qualified defined benefit pension plans that cover (i) former First Connecticut Bancorp, Inc. employees who meet certain eligibility requirements (the “First Connecticut Qualified Plan”) and (ii) former United Financial Bancorp, Inc. employees who meet certain eligibility requirements (the “United Financial Qualified Plan”). All benefits under these plans were frozen effective February 28, 2013 and December 31, 2012, respectively. 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. 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: (1) for certain eligible former First Connecticut Bancorp, Inc. 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”); (2) for certain eligible former BSB Bancorp, Inc. employees (i) an unfunded, nonqualified supplemental retirement plan (the “BSB Bancorp Supplemental Plan”) and (ii) unfunded plans that provide life insurance benefits (the “BSB Bancorp Post Retirement Welfare (Life Insurance) Plan”); and (3) for certain former United Financial Bancorp, Inc. employees (i) an unfunded, nonqualified supplemental retirement plan (the “United Financial Supplemental Plan”) and (ii) unfunded plans that provide medical, dental and life insurance benefits (the “United Financial Postretirement Benefit Plan”).
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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, for the nine months ended September 30, 2020, totaled $3.2 million. At September 30, 2020, the loan balance totaled $171.8 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 4,791,222 shares of People’s United common stock have been allocated or committed to be released to participants’ accounts. At Compensation expense related to the ESOP is recognized at an amount equal to the number of common shares committed to be released by the ESOP for allocation to participants’ accounts multiplied by the average fair value of People’s United’s common stock during the reporting period. The difference between the fair value of the shares of People’s United’s common stock committed to be released and the cost of those common shares is recorded as a credit to additional paid-in capital (if fair value exceeds cost) or, to the extent that no such credits remain in additional paid-in capital, as a charge to retained earnings (if fair value is less than cost). Expense recognized for the ESOP totaled $3.3 million and $4.2 million for the nine months ended September 30, 2020 and 2019, respectively
September 30, 2020, 5,662,353 shares of People’s United common stock, with a fair value of $58.4 million at that date, have not been allocated or committed to be released. |
Recurring | |
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 and CMO securities, all of which are included in Level 2. The Company’s available-for-sale debt securities are primarily comprised of GSE mortgage-backed securities. The fair value of these securities is based on prices obtained from the independent pricing service. The pricing service uses various techniques to determine pricing for the Company’s mortgage-backed securities, including option pricing and discounted cash flow analysis. The inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, reference data, monthly payment information and collateral performance. At both September 30, 2020 and
December 31, 2019, the entire available-for-sale mortgage-backed securities portfolio was comprised of GSE mortgage-backed and CMO securities with original final maturities ranging from 10 to 40 years. An active market exists for securities that are similar to the Company’s GSE mortgage-backed and CMO securities, making observable inputs readily available. |
Nonrecurring | |
Fair Value Measurements | Non-Recurring Fair Value Measurements Loans Held-for-Sale Loans held-for-sale are recorded at the lower of amortized cost or fair value and are therefore measured at fair value on a non-recurring basis. When available, People’s United uses observable secondary market data, including pricing on recent closed market transactions for loans with similar characteristics. Accordingly, such loans are classified as Level 2 measurements. When observable data is unavailable, valuation methodologies using current market interest rate data adjusted for inherent credit risk are used, and such loans are included in Level 3. Collateral Dependent / Impaired Loans (periods prior to January 1, 2020) The Company’s approach to determining the fair value of collateral dependent loans is described in Note 3, “Loans”. Prior to the Company's adoption of the CECL standard, loan impairment was deemed to exist when full repayment of principal and interest according to the contractual terms of the loan was no longer probable. Impaired loans were 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 have been subject to measurement at fair value on a non-recurring basis. People’s United has estimated the fair values of these assets using Level 3 inputs, such as discounted cash flows based on inputs that are largely unobservable and, instead, reflect management’s own estimates of the assumptions a market participant would use in pricing such loans and/or the fair value of collateral based on independent third-party appraisals for collateral dependent loans. Such appraisals are based on the market and/or income approach to value and are subject to a discount (to reflect estimated cost to sell) that generally approximates 10%. REO and Repossessed Assets REO and repossessed assets are recorded at the lower of cost or fair value, less estimated selling costs, and are therefore measured at fair value on a non-recurring basis. People’s United has estimated the fair values of these assets using Level 3 inputs, such as independent third-party appraisals and price opinions. Such appraisals are based on the market and/or income approach to value and are subject to a discount (to reflect estimated cost to sell) that generally approximates 10%. Assets that are acquired through loan default are recorded as held-for-sale initially at the lower of the recorded investment in the loan or fair value (less estimated selling costs) upon the date of foreclosure/repossession. Subsequent to foreclosure/repossession, valuations are updated periodically and the carrying amounts of these assets may be reduced further. Mortgage Servicing Rights Mortgage servicing rights are evaluated for impairment based upon the fair value of the servicing rights as compared to their amortized cost. The fair value of mortgage servicing rights is based on a valuation model that calculates the present value of estimated net servicing income. This model incorporates certain assumptions that market participants would likely use in estimating future net servicing income, such as interest rates, prepayment speeds and the cost to service (including delinquency and foreclosure costs), all of which require a degree of management judgment. Adjustments are only recorded when the discounted cash flows derived from the valuation model are less than the carrying value of the asset. As such, mortgage servicing rights are subject to measurement at fair value on a non-recurring basis and are classified as Level 3 assets.
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Cash and Cash Equivalents and Securities (Tables) |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale and Held-to-Maturity Debt Securities Gains (Losses) | The amortized cost, ACL, gross unrealized gains and losses, and fair value of People’s United’s debt securities available-for-sale and debt securities held-to-maturity are as follows:
(1)As discussed in Note 15, beginning January 1, 2020, an ACL is required to be recognized (as appropriate) for debt securities. (2)Government sponsored enterprise (3)Collateralized mortgage obligation
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Summary of Activity in ACL on Held-To-Maturity Securities | The following table summarizes the changes in the ACL on debt securities held-to-maturity:
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Summary of debt securities, held to maturity, credit quality | The table below indicates the credit profile of the Company's debt securities held-to-maturity at amortized cost:
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Continuous Unrealized Loss Position on Available-for-Sale and Held-to-Maturity Securities | The following table summarizes those debt securities available-for-sale with unrealized losses at September 30, 2020, classified as to the length of time the losses have existed and, for which no ACL has been recognized.
The following table summarizes those debt securities with unrealized losses at December 31, 2019, classified as to the length of time the unrealized losses have existed. Certain unrealized losses totaled less than $0.1 million.
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Summary of Amortized Cost and Fair Value of Debt Securities Based on Remaining Period to Contractual Maturity | The following table is a summary of the amortized cost and fair value of debt securities as of September 30, 2020, based on remaining period to contractual maturity. Information for GSE mortgage-backed and CMO securities is based on the final contractual maturity dates without considering repayments and prepayments.
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Loans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(1)In connection with the United Bank core system conversion in April 2020, approximately $400 million of loans secured by owner-occupied commercial properties were prospectively reclassified, at that time, from commercial real estate loans to commercial and industrial loans. Prior period loan balances were not restated to conform to the current period presentation.
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Summary of Aging Information by Class of Loan | The following tables summarize aging information by class of loan:
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Summarized Recorded Investments, by Class of Loan, in Originated Non-Performing Loans | The recorded investment in non-accrual loans, by class of loan and year of origination, is summarized as follows:
(1)Reported net of government guarantees totaling $2.4 million and $1.3 million at September 30, 2020 and December 31, 2019, respectively. These government guarantees relate, almost entirely, to guarantees provided by the Small Business Administration (“SBA”) 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 September 30, 2020, all of the government guarantees related to commercial and industrial loans. (2)Includes $23.3 million and $17.0 million of loans in the process of foreclosure at September 30, 2020 and December 31, 2019, respectively.
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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 three and nine months ended September 30, 2020 and 2019. For purposes of this disclosure, recorded investments represent amounts immediately prior to and subsequent to the restructuring.
(1)Represents the following concessions: extension of term (3 contracts; recorded investment of $2.8 million) and reduced payment and/or payment deferral (1 contract recorded investment of $3.4 million). (2)Represents the following concessions: extension of term (5 contracts; recorded investment of $9.8 million); reduced payment and/or payment deferral (2 contracts; recorded investment of $2.7 million); or a combination of concessions (2 contracts; recorded investment of $1.0 million). (3)Represents the following concessions: extension of term (7 contracts; recorded investment of $1.2 million); reduced payment and/or payment deferral (1 contract; recorded investment of $0.2 million); or a combination of concessions (1 contract; recorded investment of $2.4 million). (4)Represents the following concessions: extension of term (3 contracts; recorded investment of $1.9 million). (5)Represents the following concessions: loans restructured through bankruptcy (3 contracts; recorded investment of $0.3 million); reduced payment and/or payment deferral (2 contracts; recorded investment of $1.0 million); or a combination of concessions (4 contracts; recorded investment of $1.6 million). (6)Represents the following concessions: loans restructured through bankruptcy (3 contracts; recorded investment of $0.4 million); or a combination of concessions (3 contracts; recorded investment of $0.3 million).
(1)Represents the following concessions: extension of term (10 contracts; recorded investment of $7.1 million); or a reduced payment and/or payment deferral (2 contracts; recorded investment of $3.9 million). (2)Represents the following concessions: extension of term (20 contracts; recorded investment of $28.7 million); reduced payment and/or payment deferral (8 contracts; recorded investment of $30.2 million); temporary rate reduction (2 contracts; recorded investment of $0.9 million); or a combination of concessions (7 contracts; recorded investment of $3.7 million). (3)Represents the following concessions: extension of term (18 contracts; recorded investment of $4.3 million); reduced payment and/or payment deferral (13 contracts; recorded investment of $3.4 million); or a combination of concessions (6 contracts; recorded investment of $4.2 million). (4)Represents the following concessions: extension of term (8 contracts; recorded investment of $6.6 million). (5)Represents the following concessions: loans restructured through bankruptcy (9 contracts; recorded investment of $2.3 million); reduced payment and/or payment deferral (11 contracts; recorded investment of $6.5 million); or a combination of concessions (9 contracts; recorded investment of $2.8 million). (6)Represents the following concessions: loans restructured through bankruptcy (15 contracts; recorded investment of $1.1 million); reduced payment and/or payment deferral (2 contracts; recorded investment of $0.2 million); or a combination of concessions (21 contracts; recorded investment of $2.4 million).
(1)Represents the following concessions: extension of term (5 contracts; recorded investment of $1.7 million); or a combination of concessions (2 contracts; recorded investment of $11.4 million). (2)Represents the following concessions: extension of term (5 contracts; recorded investment of $1.9 million); reduced payment and/or payment deferral (2 contracts; recorded investment of $0.3 million); or a combination of concessions (1 contract; recorded investment of $1.9 million). (3)Represents the following concessions: extension of term (1 contract; recorded investment of $0.4 million); reduced payment and/or payment deferral (5 contracts; recorded investment of $5.1 million); or a combination of concessions (4 contracts; recorded investment of $4.0 million). (4)Represents the following concessions: loans restructured through bankruptcy (4 contracts; recorded investment of $1.6 million); reduced payment and/or payment deferral (9 contracts; recorded investment of $3.7 million); or a combination of concessions (2 contracts; recorded investment of $1.2 million). (5)Represents the following concessions: loans restructured through bankruptcy (6 contracts; recorded investment of $0.4 million); reduced payment and/or payment deferral (5 contracts; recorded investment of $0.6 million); or a combination of concessions (4 contracts; recorded investment of $0.3 million).
(1)Represents the following concessions: extension of term (5 contracts; recorded investment of $1.7 million); reduced payment and/or payment deferral (1 contract; recorded investment of $0.6 million); or a combination of concessions (2 contracts; recorded investment of $11.4 million). (2)Represents the following concessions: extension of term (22 contracts; recorded investment of $24.3 million); reduced payment and/or payment deferral (2 contracts; recorded investment of $0.3 million); or a combination of concessions (3 contracts; recorded investment of $2.9 million). (3)Represents the following concessions: extension of term (5 contracts; recorded investment of $1.6 million); reduced payment and/or payment deferral (22 contracts; recorded investment of $16.9 million); or a combination of concessions (6 contracts; recorded investment of $4.4 million). (4)Represents the following concessions: loans restructured through bankruptcy (39 contracts; recorded investment of $8.2 million); reduced payment and/or payment deferral (21 contracts; recorded investment of $8.4 million); or a combination of concessions (13 contracts; recorded investment of $5.6 million). (5)Represents the following concessions: loans restructured through bankruptcy (48 contracts; recorded investment of $2.6 million); reduced payment and/or payment deferral (16 contracts; recorded investment of $2.8 million); or a combination of concessions (19 contracts; recorded investment of $1.6 million).
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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 three and nine months ended September 30, 2020 and 2019. For purposes of this disclosure, the previous 12 months is measured from October 1 of the respective prior year and a default represents a previously-modified loan that became past due 30 days or more during the nine months ended September 30, 2020 or 2019.
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Summary of Credit Quality Indicators by Class of Loan | The following table presents Commercial loan risk ratings, by class of loan and year of origination, as of September 30, 2020:
The following table presents Retail loan risk classification, by class of loan and year of origination, as of September 30, 2020:
The following tables present Commercial and Retail credit quality indicators as of December 31, 2019:
The following table is a summary of revolving loans that converted to term during the three and nine months ended September 30, 2020:
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Allowance For Credit Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary, by Loan Portfolio Segment, of Activity in Allowance for Loan Losses | The following tables present a summary, by loan portfolio segment, of activity in the ACL during the three and nine months ended September 30, 2020 and 2019:
The following table summarizes the changes in the ACL on off-balance-sheet credit exposures:
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Total Net Investment in Lease Financing Receivables | The composition of the Company’s total net investment in lease financing receivables included within equipment financing loans in the Consolidated Statements of Condition was as follows:
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Contractual Maturities of Lease Financing Receivables | The contractual maturities of the Company's lease financing receivables were as follows:
(1)Contractual maturities for the remaining three months in 2020.
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Lease Income | The following table summarizes People's United's total lease income:
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Lease Costs | The following tables provide the components of lease cost and supplemental information:
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Lease Right-of-use Assets and Liabilities |
(1)Excludes the related transition adjustment recorded during the nine months ended September 30, 2019 (see above).
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Schedule of Contractual Maturities of Lease Liabilities | The contractual maturities of the Company's lease liabilities as of September 30, 2020 were as follows:
(1)Contractual maturities for the remaining three months in 2020.
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The following is a summary of the changes in the components of accumulated other comprehensive income (loss) ("AOCL"), which are included in People’s United’s stockholders’ equity on an after-tax basis:
(1)See the following table for details about these reclassifications.
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Summary of Amounts Reclassified from AOCL | The following is a summary of the amounts reclassified from AOCL:
(1)Included in the computation of net periodic benefit income (expense) reflected in other non-interest expense (see Note 9 for additional details). (2)Included in other non-interest income. (3)Included in interest and dividend income - securities. (4)Included in interest expense - notes and debentures.
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Earnings Per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 earnings per common share (“EPS”), reflecting the application of the two-class method, as described below:
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Employee Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) for (i) the People’s Qualified Plan, the First Connecticut Qualified Plan, the People's Supplemental Plans, the First Connecticut Supplemental Plan, the BSB Bancorp Supplemental Plan and the United Financial Supplemental Plan (together the “Pension Plans”) and (ii) the People’s Postretirement Plan, the First Connecticut Postretirement Plans, the BSB Bancorp Post Retirement Welfare (Life Insurance) Plan and the United Financial Postretirement Plan (together the "Other Postretirement Plans") are as follows:
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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:
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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:
(1)Consists of residential mortgage loans; no fair value adjustments were recorded for the nine months ended September 30, 2020 and 2019. (2)Represents the recorded investment in collateral dependent loans with a related ACL totaling $19.5 million measured in accordance with applicable accounting guidance at September 30, 2020. The provision for credit losses on collateral dependent loans totaled $16.5 million for the nine months ended September 30, 2020. (3)Represents: (i) $3.6 million of commercial REO; (ii) $1.9 million of residential REO; and (iii) $9.7 million of repossessed assets at September 30, 2020. Charge-offs to the ACL related to loans that were transferred to REO or repossessed assets totaled $3.9 million and $2.1 million for the nine months ended September 30, 2020 and 2019, respectively. Write downs and net (gains) loss on sale of foreclosed/repossessed assets charged to non-interest expense totaled $4.8 million and $(0.3) million for the same periods. (4)Fair value adjustments in the form of write-downs totaling $5.2 million were recorded for the nine months ended September 30, 2020. (5)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 $5.3 million for the nine months ended September 30, 2019.
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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:
(1)Excludes collateral dependent loans totaling $43.0 million at September 30, 2020 and impaired loans totaling $61.9 million at December 31, 2019, both measured at fair value on a non-recurring basis.
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Derivative Financial Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1)Assets are recorded in other assets and liabilities are recorded in other liabilities.
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Impact of Derivatives on Pre-Tax Income and Accumulated Other Comprehensive Loss | The following table summarizes the impact of People’s United’s derivatives on pre-tax income and AOCL:
(1)Amounts recognized in earnings are recorded in interest income, interest expense or other non-interest income for derivatives designated as hedging instruments and in other non-interest income for derivatives not designated as hedging instruments.
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Balance Sheet Offsetting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Offsetting [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 13. 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.
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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 September 30, 2020 and December 31, 2019, the Company posted as collateral marketable securities with fair values of $258.8 million and $462.4 million, respectively, and, in turn, accepted as collateral marketable securities with fair values of $253.7 million and $457.5 million, respectively.
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General (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
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Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Affordable housing investments | $ 460.9 | $ 460.9 | $ 383.9 | ||
Future contingent commitments | 188.2 | $ 188.2 | $ 141.1 | ||
Amortization period | 10 years | ||||
Income tax expense | $ 8.0 | $ 6.4 | $ 23.2 | $ 18.5 |
Cash and Cash Equivalents and Securities - Additional Information (Detail) |
3 Months Ended | 9 Months Ended | ||||
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Sep. 30, 2020
USD ($)
Security
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Sep. 30, 2019
USD ($)
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Sep. 30, 2020
USD ($)
Security
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Sep. 30, 2019
USD ($)
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Jun. 30, 2020
USD ($)
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Dec. 31, 2019
USD ($)
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Schedule of Investments [Line Items] | ||||||
Accrued interest receivable, available-for-sale | $ 10,300,000 | $ 10,300,000 | ||||
Accrued interest receivable, held-to-maturity | 29,200,000 | 29,200,000 | ||||
Debt securities, allowance for credit loss | 1,600,000 | 1,600,000 | $ 1,900,000 | $ 0 | ||
Debt securities, held-to-maturity nonaccrual | $ 0 | $ 0 | ||||
Number of debt securities classified as available-for-sale | Security | 12 | 12 | ||||
Number of debt securities owned | Security | 2,343 | 2,343 | ||||
Gross unrealized losses | $ (400,000) | $ (400,000) | (6,900,000) | |||
Other-than-temporary impairment losses recognized in earnings | 0 | $ 0 | 0 | $ 0 | ||
Unrealized losses | 400,000 | 400,000 | 6,900,000 | |||
Debt security available for sale with a fair value pledged with collateral for public deposits | 4,080,000,000.00 | 4,080,000,000.00 | 2,430,000,000 | |||
Debt security available for sale with a held-to-maturity pledged with collateral for public deposits | 2,010,000,000.00 | 2,010,000,000.00 | 1,470,000,000 | |||
Unrealized (losses) gains due to change in fair value of equity securities | (300,000) | $ (500,000) | (1,800,000) | $ 400,000 | ||
Impairment of investments | $ 0 | |||||
Federal Reserve Bank stock percentage | 6.00% | |||||
Maximum | ||||||
Schedule of Investments [Line Items] | ||||||
Unrealized losses | 100,000 | |||||
Federal Reserve Bank of New York | ||||||
Schedule of Investments [Line Items] | ||||||
Interest-bearing deposits | $ 245,500,000 | $ 245,500,000 | $ 219,400,000 | |||
Investment interest rate | 0.10% | 0.10% | 1.55% | |||
Acquired shares of capital stock | $ 228,100,000 | $ 228,100,000 | $ 203,800,000 | |||
FHLB of New York | ||||||
Schedule of Investments [Line Items] | ||||||
Acquired shares of capital stock | 700,000 | |||||
FHLB of Boston | ||||||
Schedule of Investments [Line Items] | ||||||
Acquired shares of capital stock | 39,000,000.0 | 39,000,000.0 | 136,600,000 | |||
GSE mortgage-backed securities | ||||||
Schedule of Investments [Line Items] | ||||||
Debt securities, allowance for credit loss | 0 | 0 | ||||
Gross unrealized losses | (400,000) | $ (400,000) | (4,100,000) | |||
Available for sale securities average maturity period | 29 years | |||||
Unrealized losses | 400,000 | $ 400,000 | 4,100,000 | |||
State and municipal | ||||||
Schedule of Investments [Line Items] | ||||||
Debt securities, allowance for credit loss | 100,000 | 100,000 | 100,000 | 0 | ||
Corporate | ||||||
Schedule of Investments [Line Items] | ||||||
Debt securities, allowance for credit loss | $ 1,500,000 | $ 1,500,000 | $ 1,800,000 | $ 0 |
Cash and Cash Equivalents and Securities - Available-for-Sale and Held-to-Maturity Debt Securities Gains (Losses) (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Debt securities available-for-sale: | |||
Amortized Cost | $ 3,952.2 | $ 3,545.8 | |
Allowance for Credit Losses | 0.0 | ||
Gross Unrealized Gains | 128.9 | 25.4 | |
Gross Unrealized Losses | (0.4) | (6.9) | |
Fair Value | 4,080.7 | 3,564.3 | |
Debt securities held-to-maturity: | |||
Amortized Cost | 3,918.1 | 3,869.2 | |
Allowance for Credit Losses | (1.6) | $ (1.9) | 0.0 |
Gross Unrealized Gains | 258.9 | 151.5 | |
Gross Unrealized Losses | (1.9) | (0.7) | |
Fair Value | 4,173.5 | 4,020.0 | |
U.S. Treasury and agency | |||
Debt securities available-for-sale: | |||
Amortized Cost | 530.4 | 689.5 | |
Allowance for Credit Losses | 0.0 | ||
Gross Unrealized Gains | 13.4 | 0.4 | |
Gross Unrealized Losses | 0.0 | (2.8) | |
Fair Value | 543.8 | 687.1 | |
Debt securities held-to-maturity: | |||
Amortized Cost | 0.0 | ||
Fair Value | 0.0 | ||
GSE mortgage-backed securities | |||
Debt securities available-for-sale: | |||
Amortized Cost | 3,421.8 | 2,856.3 | |
Allowance for Credit Losses | 0.0 | ||
Gross Unrealized Gains | 115.5 | 25.0 | |
Gross Unrealized Losses | (0.4) | (4.1) | |
Fair Value | 3,536.9 | 2,877.2 | |
Debt securities held-to-maturity: | |||
Amortized Cost | 1,117.6 | 1,271.4 | |
Allowance for Credit Losses | 0.0 | ||
Gross Unrealized Gains | 42.5 | 8.0 | |
Gross Unrealized Losses | 0.0 | (0.3) | |
Fair Value | 1,160.1 | 1,279.1 | |
State and municipal | |||
Debt securities available-for-sale: | |||
Amortized Cost | 0.0 | ||
Fair Value | 0.0 | ||
Debt securities held-to-maturity: | |||
Amortized Cost | 2,709.4 | 2,503.9 | |
Allowance for Credit Losses | (0.1) | (0.1) | 0.0 |
Gross Unrealized Gains | 215.4 | 142.0 | |
Gross Unrealized Losses | (1.6) | (0.4) | |
Fair Value | 2,923.1 | 2,645.5 | |
Corporate | |||
Debt securities available-for-sale: | |||
Amortized Cost | 0.0 | ||
Fair Value | 0.0 | ||
Debt securities held-to-maturity: | |||
Amortized Cost | 89.6 | 92.4 | |
Allowance for Credit Losses | (1.5) | $ (1.8) | 0.0 |
Gross Unrealized Gains | 1.0 | 1.5 | |
Gross Unrealized Losses | (0.3) | 0.0 | |
Fair Value | 88.8 | 93.9 | |
Other | |||
Debt securities available-for-sale: | |||
Amortized Cost | 0.0 | ||
Fair Value | 0.0 | ||
Debt securities held-to-maturity: | |||
Amortized Cost | 1.5 | 1.5 | |
Allowance for Credit Losses | 0.0 | ||
Gross Unrealized Gains | 0.0 | 0.0 | |
Gross Unrealized Losses | 0.0 | 0.0 | |
Fair Value | $ 1.5 | $ 1.5 |
Cash and Cash Equivalents and Securities - Debt Securities Held-to-maturity Allowance for Credit Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | $ 1.9 | $ 0.0 | |||
Provision for credit losses on securities (note 2) | (0.3) | $ 0.0 | (0.3) | $ 0.0 | |
Balance at end of period | 1.6 | $ 1.6 | $ 0.0 | ||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | |||
Corporate | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 1.8 | $ 0.0 | |||
Provision for credit losses on securities (note 2) | (0.3) | (0.3) | |||
Balance at end of period | 1.5 | 1.5 | $ 0.0 | ||
State and municipal | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 0.1 | 0.0 | |||
Provision for credit losses on securities (note 2) | 0.0 | 0.0 | |||
Balance at end of period | 0.1 | 0.1 | 0.0 | ||
Cumulative Effect, Period Of Adoption, Adjustment | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 0.0 | 1.9 | |||
Balance at end of period | 1.9 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | Corporate | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 0.0 | 1.8 | |||
Balance at end of period | 1.8 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | State and municipal | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 0.0 | 0.1 | |||
Balance at end of period | 0.1 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 1.9 | 1.9 | |||
Balance at end of period | 1.9 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Corporate | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 1.8 | 1.8 | |||
Balance at end of period | 1.8 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | State and municipal | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | $ 0.1 | $ 0.1 | |||
Balance at end of period | $ 0.1 |
Cash and Cash Equivalents and Securities - Debt Securities Held-to-maturity Credit Quality (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | $ 3,918.1 | $ 3,869.2 |
Investment Grade | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 3,912.9 | |
Non-Investment Grade | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 5.2 | |
State and municipal | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 2,709.4 | 2,503.9 |
State and municipal | Investment Grade | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 2,709.2 | |
State and municipal | Non-Investment Grade | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 0.2 | |
GSE mortgage-backed securities | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 1,117.6 | 1,271.4 |
GSE mortgage-backed securities | Investment Grade | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 1,117.6 | |
GSE mortgage-backed securities | Non-Investment Grade | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 0.0 | |
Corporate | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 89.6 | 92.4 |
Corporate | Investment Grade | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 84.6 | |
Corporate | Non-Investment Grade | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 5.0 | |
Other | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 1.5 | $ 1.5 |
Other | Investment Grade | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | 1.5 | |
Other | Non-Investment Grade | ||
Schedule of Investments [Line Items] | ||
Debt securities held-to-maturity | $ 0.0 |
Cash and Cash Equivalents and Securities - Continuous Unrealized Loss Positions (Detail) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Available-for-sale, Fair Value | ||
Less Than 12 Months | $ 308,600,000 | $ 746,400,000 |
12 Months Or Longer | 0 | 871,700,000 |
Total | 308,600,000 | 1,618,100,000 |
Available-for-sale, Unrealized Losses | ||
Less Than 12 Months | (400,000) | (3,500,000) |
12 Months Or Longer | 0 | (3,400,000) |
Total | (400,000) | (6,900,000) |
Held-to-maturity, Fair Value | ||
Less Than 12 Months | 137,400,000 | |
12 Months Or Longer | 29,100,000 | |
Total | 166,500,000 | |
Held-to-maturity, Unrealized Loss | ||
Less Than 12 Months | (500,000) | |
12 Months Or Longer | (200,000) | |
Total | (700,000) | |
Maximum | ||
Available-for-sale, Unrealized Losses | ||
Total | (100,000) | |
U.S. Treasury and agency | ||
Available-for-sale, Fair Value | ||
Less Than 12 Months | 181,000,000.0 | |
12 Months Or Longer | 362,400,000 | |
Total | 543,400,000 | |
Available-for-sale, Unrealized Losses | ||
Less Than 12 Months | (400,000) | |
12 Months Or Longer | (2,400,000) | |
Total | (2,800,000) | |
GSE mortgage-backed securities | ||
Available-for-sale, Fair Value | ||
Less Than 12 Months | 308,600,000 | 565,400,000 |
12 Months Or Longer | 0 | 509,300,000 |
Total | 308,600,000 | 1,074,700,000 |
Available-for-sale, Unrealized Losses | ||
Less Than 12 Months | (400,000) | (3,100,000) |
12 Months Or Longer | 0 | (1,000,000.0) |
Total | $ (400,000) | (4,100,000) |
Held-to-maturity, Fair Value | ||
Less Than 12 Months | 100,900,000 | |
12 Months Or Longer | 9,100,000 | |
Total | 110,000,000.0 | |
Held-to-maturity, Unrealized Loss | ||
Less Than 12 Months | (300,000) | |
12 Months Or Longer | 0 | |
Total | (300,000) | |
State and municipal | ||
Held-to-maturity, Fair Value | ||
Less Than 12 Months | 33,000,000.0 | |
12 Months Or Longer | 11,400,000 | |
Total | 44,400,000 | |
Held-to-maturity, Unrealized Loss | ||
Less Than 12 Months | (200,000) | |
12 Months Or Longer | (200,000) | |
Total | (400,000) | |
Corporate | ||
Held-to-maturity, Fair Value | ||
Less Than 12 Months | 3,500,000 | |
12 Months Or Longer | 8,600,000 | |
Total | 12,100,000 | |
Held-to-maturity, Unrealized Loss | ||
Less Than 12 Months | 0 | |
12 Months Or Longer | 0 | |
Total | $ 0 |
Cash and Cash Equivalents and Securities - Summary of Amortized Cost and Fair Value to Contractual Maturity (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost, Within 1 year | $ 21.0 | |
Available for Sale, Amortized Cost, After 1 but within 5 years | 602.4 | |
Available for Sale, Amortized Cost, After 5 but within 10 years | 1,017.5 | |
Available for Sale, Amortized Cost, After 10 years | 2,311.3 | |
Amortized Cost | 3,952.2 | $ 3,545.8 |
Available for Sale, Fair Value, Within 1 year | 21.2 | |
Available for Sale, Fair Value, After 1 but within 5 years | 619.8 | |
Available for Sale, Fair Value, After 5 but within 10 years | 1,066.2 | |
Available for Sale, Fair Value, After 10 years | 2,373.5 | |
Available for Sale, Fair Value, Total | 4,080.7 | 3,564.3 |
Held to Maturity, Amortized Cost, Within 1 year | 7.4 | |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 1,146.1 | |
Held to Maturity, Amortized Cost, After 5 but within 10 years | 782.4 | |
Held to Maturity, Amortized Cost, After 10 years | 1,982.2 | |
Amortized Cost | 3,918.1 | 3,869.2 |
Held to Maturity, Fair Value, Within 1 year | 7.5 | |
Held to Maturity, Fair Value, After 1 but within 5 years | 1,195.4 | |
Held to Maturity, Fair Value, After 5 but within 10 years | 831.9 | |
Held to Maturity, Fair Value, After 10 years | 2,138.7 | |
Held to Maturity, Fair Value, Total | 4,173.5 | 4,020.0 |
U.S. Treasury and agency | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost, Within 1 year | 21.0 | |
Available for Sale, Amortized Cost, After 1 but within 5 years | 509.4 | |
Amortized Cost | 530.4 | 689.5 |
Available for Sale, Fair Value, Within 1 year | 21.2 | |
Available for Sale, Fair Value, After 1 but within 5 years | 522.6 | |
Available for Sale, Fair Value, Total | 543.8 | 687.1 |
Held to Maturity, Amortized Cost, Within 1 year | 0.0 | |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 0.0 | |
Amortized Cost | 0.0 | |
Held to Maturity, Fair Value, Within 1 year | 0.0 | |
Held to Maturity, Fair Value, After 1 but within 5 years | 0.0 | |
Held to Maturity, Fair Value, Total | 0.0 | |
GSE mortgage-backed securities | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost, After 1 but within 5 years | 93.0 | |
Available for Sale, Amortized Cost, After 5 but within 10 years | 1,017.5 | |
Available for Sale, Amortized Cost, After 10 years | 2,311.3 | |
Amortized Cost | 3,421.8 | 2,856.3 |
Available for Sale, Fair Value, After 1 but within 5 years | 97.2 | |
Available for Sale, Fair Value, After 5 but within 10 years | 1,066.2 | |
Available for Sale, Fair Value, After 10 years | 2,373.5 | |
Available for Sale, Fair Value, Total | 3,536.9 | 2,877.2 |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 882.8 | |
Held to Maturity, Amortized Cost, After 5 but within 10 years | 164.8 | |
Held to Maturity, Amortized Cost, After 10 years | 70.0 | |
Amortized Cost | 1,117.6 | 1,271.4 |
Held to Maturity, Fair Value, After 1 but within 5 years | 918.4 | |
Held to Maturity, Fair Value, After 5 but within 10 years | 169.4 | |
Held to Maturity, Fair Value, After 10 years | 72.3 | |
Held to Maturity, Fair Value, Total | 1,160.1 | 1,279.1 |
State and municipal | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost, Within 1 year | 0.0 | |
Available for Sale, Amortized Cost, After 1 but within 5 years | 0.0 | |
Available for Sale, Amortized Cost, After 5 but within 10 years | 0.0 | |
Available for Sale, Amortized Cost, After 10 years | 0.0 | |
Amortized Cost | 0.0 | |
Available for Sale, Fair Value, Within 1 year | 0.0 | |
Available for Sale, Fair Value, After 1 but within 5 years | 0.0 | |
Available for Sale, Fair Value, After 5 but within 10 years | 0.0 | |
Available for Sale, Fair Value, After 10 years | 0.0 | |
Available for Sale, Fair Value, Total | 0.0 | |
Held to Maturity, Amortized Cost, Within 1 year | 7.4 | |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 255.0 | |
Held to Maturity, Amortized Cost, After 5 but within 10 years | 534.8 | |
Held to Maturity, Amortized Cost, After 10 years | 1,912.2 | |
Amortized Cost | 2,709.4 | 2,503.9 |
Held to Maturity, Fair Value, Within 1 year | 7.5 | |
Held to Maturity, Fair Value, After 1 but within 5 years | 268.7 | |
Held to Maturity, Fair Value, After 5 but within 10 years | 580.5 | |
Held to Maturity, Fair Value, After 10 years | 2,066.4 | |
Held to Maturity, Fair Value, Total | 2,923.1 | 2,645.5 |
Corporate | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost, After 1 but within 5 years | 0.0 | |
Available for Sale, Amortized Cost, After 5 but within 10 years | 0.0 | |
Amortized Cost | 0.0 | |
Available for Sale, Fair Value, After 1 but within 5 years | 0.0 | |
Available for Sale, Fair Value, After 5 but within 10 years | 0.0 | |
Available for Sale, Fair Value, Total | 0.0 | |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 6.8 | |
Held to Maturity, Amortized Cost, After 5 but within 10 years | 82.8 | |
Amortized Cost | 89.6 | 92.4 |
Held to Maturity, Fair Value, After 1 but within 5 years | 6.8 | |
Held to Maturity, Fair Value, After 5 but within 10 years | 82.0 | |
Held to Maturity, Fair Value, Total | 88.8 | 93.9 |
Other | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost, After 1 but within 5 years | 0.0 | |
Amortized Cost | 0.0 | |
Available for Sale, Fair Value, After 1 but within 5 years | 0.0 | |
Available for Sale, Fair Value, Total | 0.0 | |
Held to Maturity, Amortized Cost, After 1 but within 5 years | 1.5 | |
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 |
Loans - Additional Information (Detail) |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
Segment
Rating
|
Sep. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Number of segments | Segment | 2 | ||||||||
Net deferred loan costs | $ 68,400,000 | $ 68,400,000 | $ 87,500,000 | ||||||
Nonaccrual interest income | 600,000 | 2,200,000 | |||||||
Loans past due and accruing | 0 | 0 | 0 | ||||||
Allowance for loan losses | $ 423,800,000 | $ 246,000,000.0 | $ 423,800,000 | $ 246,000,000.0 | $ 414,000,000.0 | 246,600,000 | $ 244,000,000.0 | $ 240,400,000 | |
Temporary reduction of interest rate for TDRs, basis points | 2.00% | 2.00% | 2.00% | 2.00% | |||||
Collateral values/LTV ratios, minimum | 70.00% | ||||||||
Borrower credit scores, minimum | Rating | 680 | ||||||||
Repossessed assets | $ 9,700,000 | $ 9,700,000 | 4,200,000 | ||||||
Loans held-for-sale | 21,400,000 | 21,400,000 | 511,300,000 | ||||||
Nonrecurring | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-sale | 21,400,000 | 21,400,000 | |||||||
Other Assets | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing receivable accrued interest | 156,700,000 | 156,700,000 | |||||||
Commercial real estate | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Early non-performing loans | 44,600,000 | 44,600,000 | 27,600,000 | ||||||
Real estate owned | 3,600,000 | 3,600,000 | 7,300,000 | ||||||
Commercial and industrial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Early non-performing loans | 42,000,000.0 | 42,000,000.0 | 23,000,000.0 | ||||||
Commercial and industrial | Nonrecurring | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-sale | 157,900,000 | ||||||||
Equipment financing | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Early non-performing loans | 32,700,000 | 32,700,000 | 26,200,000 | ||||||
MW/ABL | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Early non-performing loans | 1,000,000.0 | 1,000,000.0 | |||||||
Residential mortgage | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Real estate owned | 1,900,000 | 1,900,000 | 11,900,000 | ||||||
Residential mortgage | Nonrecurring | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-sale | 21,400,000 | 21,400,000 | 19,700,000 | ||||||
Other consumer | Nonrecurring | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-sale | 333,700,000 | ||||||||
Other consumer | Nonrecurring | United Financial Bancorp, Inc | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-sale | 333,700,000 | ||||||||
Commercial Loan | Nonrecurring | United Financial Bancorp, Inc | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-sale | 157,900,000 | ||||||||
Consumer And Commercial Loans | Other Non-Interest Income | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gain (loss) on sale of loans | $ 16,900,000 | ||||||||
Commercial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses | 291,300,000 | $ 216,800,000 | 291,300,000 | $ 216,800,000 | 277,400,000 | 217,900,000 | 214,600,000 | 209,500,000 | |
Commercial | Collateral Pledged | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Collateral dependent loans | 88,700,000 | 88,700,000 | |||||||
Commercial | Commercial and industrial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing receivable, CARES Act | 2,600,000,000 | 2,600,000,000 | |||||||
Deferred loan fees, CARES Act | 61,300,000 | 61,300,000 | |||||||
Retail | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan losses | 132,500,000 | $ 29,200,000 | 132,500,000 | $ 29,200,000 | $ 136,600,000 | 28,700,000 | $ 29,400,000 | $ 30,900,000 | |
Retail | Collateral Pledged | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Collateral dependent loans | $ 43,200,000 | $ 43,200,000 | |||||||
Maximum | Commercial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Duration of extension for payment deferral on TDRs, years | 2 years | 2 years | 2 years | 2 years | |||||
Maximum | Retail | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Duration of extension for payment deferral on TDRs, years | 9 years | 9 years | 9 years | 9 years | |||||
Minimum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loan agreement | 6 months | ||||||||
Troubled Debt Restructurings | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Recorded investment in originated loans classified as TDRs | $ 220,100,000 | $ 220,100,000 | 177,000,000.0 | ||||||
Allowance for loan losses | 17,200,000 | 17,200,000 | 4,300,000 | ||||||
Interest income recognized | 1,200,000 | $ 1,500,000 | 3,700,000 | $ 4,300,000 | |||||
Foreclosure or Bankruptcy | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Early non-performing loans | $ 34,100,000 | $ 34,100,000 | $ 36,800,000 |
Loans - Summary of Loans by Loan Portfolio Segment and Class (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 45,230.6 | $ 43,596.1 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 33,895.9 | 30,714.3 |
Commercial | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 13,713.3 | 14,762.3 |
Commercial | Commercial real estate | Reclassification | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | (400.0) | |
Commercial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 11,242.2 | 8,693.2 |
Commercial | Commercial and industrial | Reclassification | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 400.0 | |
Commercial | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,887.6 | 4,910.4 |
Commercial | MW/ABL | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,052.8 | 2,348.4 |
Retail | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 11,334.7 | 12,881.8 |
Retail | Adjustable-rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,970.3 | 7,064.8 |
Retail | Fixed-rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,125.3 | 3,253.3 |
Retail | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 9,095.6 | 10,318.1 |
Retail | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,124.8 | 2,406.5 |
Retail | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 114.3 | 157.2 |
Retail | Home equity and other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 2,239.1 | $ 2,563.7 |
Loans - Summary of Aging Information by Class of Loan (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 44,906.0 | $ 43,274.5 |
Total Past Due | 324.6 | 321.6 |
Total | 45,230.6 | 43,596.1 |
30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 170.4 | 209.8 |
90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 154.2 | 111.8 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 33,663.0 | 30,516.5 |
Total Past Due | 232.9 | 197.8 |
Total | 33,895.9 | 30,714.3 |
Commercial | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 13,640.6 | 14,713.8 |
Total Past Due | 72.7 | 48.5 |
Total | 13,713.3 | 14,762.3 |
Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 11,162.2 | |
Total Past Due | 80.0 | |
Total | 11,242.2 | 8,693.2 |
Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 11,011.7 | |
Total Past Due | 29.9 | |
Total | 15,295.0 | 11,041.6 |
Commercial | Equipment financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 4,807.4 | 4,791.0 |
Total Past Due | 80.2 | 119.4 |
Total | 4,887.6 | 4,910.4 |
Commercial | MW/ABL | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 4,052.8 | |
Total Past Due | 0.0 | |
Total | 4,052.8 | 2,348.4 |
Commercial | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 129.8 | 133.3 |
Commercial | 30-89 Days | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32.0 | 22.3 |
Commercial | 30-89 Days | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33.9 | |
Commercial | 30-89 Days | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13.1 | |
Commercial | 30-89 Days | Equipment financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 63.9 | 97.9 |
Commercial | 30-89 Days | MW/ABL | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0.0 | |
Commercial | 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 103.1 | 64.5 |
Commercial | 90 Days or More | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 40.7 | 26.2 |
Commercial | 90 Days or More | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 46.1 | |
Commercial | 90 Days or More | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 16.8 | |
Commercial | 90 Days or More | Equipment financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 16.3 | 21.5 |
Commercial | 90 Days or More | MW/ABL | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0.0 | |
Retail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 11,243.0 | 12,758.0 |
Total Past Due | 91.7 | 123.8 |
Total | 11,334.7 | 12,881.8 |
Retail | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 9,027.1 | 10,216.2 |
Total Past Due | 68.5 | 101.9 |
Total | 9,095.6 | 10,318.1 |
Retail | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,102.5 | 2,385.7 |
Total Past Due | 22.3 | 20.8 |
Total | 2,124.8 | 2,406.5 |
Retail | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 113.4 | 156.1 |
Total Past Due | 0.9 | 1.1 |
Total | 114.3 | 157.2 |
Retail | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 40.6 | 76.5 |
Retail | 30-89 Days | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30.4 | 65.5 |
Retail | 30-89 Days | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9.5 | 9.9 |
Retail | 30-89 Days | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0.7 | 1.1 |
Retail | 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 51.1 | 47.3 |
Retail | 90 Days or More | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 38.1 | 36.4 |
Retail | 90 Days or More | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12.8 | 10.9 |
Retail | 90 Days or More | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0.2 | $ 0.0 |
Loans - Summarized Recorded Investments, by Class of Loan, in Originated Non-Performing Loans (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | $ 6.7 | |
2019 | 38.1 | |
2018 | 25.7 | |
2017 | 34.0 | |
2016 | 20.0 | |
Prior | 128.0 | |
Revolving Loans | 21.1 | |
Revolving Loans Converted to Term | 32.6 | |
Total | 306.2 | $ 224.1 |
Non-Accrual Loans With No ACL | 132.5 | |
Government guarantees | 2.4 | 1.3 |
Foreclosure | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 23.3 | 17.0 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 6.7 | |
2019 | 35.5 | |
2018 | 20.3 | |
2017 | 31.2 | |
2016 | 18.5 | |
Prior | 73.7 | |
Revolving Loans | 21.1 | |
Revolving Loans Converted to Term | 14.0 | |
Total | 221.0 | 140.0 |
Non-Accrual Loans With No ACL | 90.2 | |
Retail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0.0 | |
2019 | 2.6 | |
2018 | 5.4 | |
2017 | 2.8 | |
2016 | 1.5 | |
Prior | 54.3 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 18.6 | |
Total | 85.2 | 84.1 |
Non-Accrual Loans With No ACL | 42.3 | |
Commercial real estate | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0.0 | |
2019 | 22.8 | |
2018 | 3.3 | |
2017 | 3.2 | |
2016 | 2.1 | |
Prior | 51.8 | |
Revolving Loans | 0.3 | |
Revolving Loans Converted to Term | 1.8 | |
Total | 85.3 | 53.8 |
Non-Accrual Loans With No ACL | 43.5 | |
Commercial and industrial | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0.1 | |
2019 | 3.1 | |
2018 | 0.9 | |
2017 | 17.0 | |
2016 | 14.2 | |
Prior | 18.4 | |
Revolving Loans | 20.8 | |
Revolving Loans Converted to Term | 11.2 | |
Total | 85.7 | 38.5 |
Non-Accrual Loans With No ACL | 45.3 | |
Equipment financing | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 6.6 | |
2019 | 9.6 | |
2018 | 16.1 | |
2017 | 11.0 | |
2016 | 2.2 | |
Prior | 3.5 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 49.0 | 47.7 |
Non-Accrual Loans With No ACL | 1.4 | |
MW/ABL | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0.0 | |
2019 | 0.0 | |
2018 | 0.0 | |
2017 | 0.0 | |
2016 | 0.0 | |
Prior | 0.0 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 1.0 | |
Total | 1.0 | 0.0 |
Non-Accrual Loans With No ACL | 0.0 | |
Residential mortgage | Retail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0.0 | |
2019 | 2.5 | |
2018 | 5.0 | |
2017 | 2.6 | |
2016 | 1.2 | |
Prior | 51.6 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 62.9 | 63.3 |
Non-Accrual Loans With No ACL | 32.9 | |
Home equity | Retail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0.0 | |
2019 | 0.0 | |
2018 | 0.3 | |
2017 | 0.2 | |
2016 | 0.3 | |
Prior | 2.7 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 18.6 | |
Total | 22.1 | 20.8 |
Non-Accrual Loans With No ACL | 9.4 | |
Other consumer | Retail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0.0 | |
2019 | 0.1 | |
2018 | 0.1 | |
2017 | 0.0 | |
2016 | 0.0 | |
Prior | 0.0 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 0.2 | $ 0.0 |
Non-Accrual Loans With No ACL | $ 0.0 |
Loans - Summary of Recorded Investments in TDRs by Class of Loan (Detail) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
USD ($)
contract
|
Sep. 30, 2019
USD ($)
contract
|
Sep. 30, 2020
USD ($)
contract
|
Sep. 30, 2019
USD ($)
branch
contract
|
|
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 40 | 55 | 161 | 224 |
Pre-Modification Outstanding Recorded Investment | $ 29.0 | $ 34.5 | $ 108.3 | $ 93.3 |
Post-Modification Outstanding Recorded Investment | $ 29.0 | $ 34.5 | $ 108.3 | $ 93.3 |
Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 25 | 25 | 94 | 68 |
Pre-Modification Outstanding Recorded Investment | $ 25.4 | $ 26.7 | $ 93.0 | $ 64.1 |
Post-Modification Outstanding Recorded Investment | $ 25.4 | $ 26.7 | $ 93.0 | $ 64.1 |
Retail | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 15 | 30 | 67 | 156 |
Pre-Modification Outstanding Recorded Investment | $ 3.6 | $ 7.8 | $ 15.3 | $ 29.2 |
Post-Modification Outstanding Recorded Investment | $ 3.6 | $ 7.8 | $ 15.3 | $ 29.2 |
Commercial real estate | Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 4 | 7 | 12 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 6.2 | $ 13.1 | $ 11.0 | $ 13.7 |
Post-Modification Outstanding Recorded Investment | $ 6.2 | $ 13.1 | $ 11.0 | $ 13.7 |
Commercial real estate | Commercial | Extended Maturity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 3 | 5 | 10 | 5 |
Post-Modification Outstanding Recorded Investment | $ 2.8 | $ 1.7 | $ 7.1 | $ 1.7 |
Commercial real estate | Commercial | Payment Deferral | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 1 | 2 | 1 | |
Post-Modification Outstanding Recorded Investment | $ 3.4 | $ 3.9 | $ 0.6 | |
Commercial real estate | Commercial | Combination of Concessions | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 2 | 2 | ||
Post-Modification Outstanding Recorded Investment | $ 11.4 | $ 11.4 | ||
Commercial and industrial | Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 9 | 8 | 37 | 27 |
Pre-Modification Outstanding Recorded Investment | $ 13.5 | $ 4.1 | $ 63.5 | $ 27.5 |
Post-Modification Outstanding Recorded Investment | $ 13.5 | $ 4.1 | $ 63.5 | $ 27.5 |
Commercial and industrial | Commercial | Extended Maturity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 5 | 5 | 20 | 22 |
Post-Modification Outstanding Recorded Investment | $ 9.8 | $ 1.9 | $ 28.7 | $ 24.3 |
Commercial and industrial | Commercial | Payment Deferral | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 2 | 2 | 8 | 2 |
Post-Modification Outstanding Recorded Investment | $ 2.7 | $ 0.3 | $ 30.2 | $ 0.3 |
Commercial and industrial | Commercial | Temporary Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 2 | |||
Post-Modification Outstanding Recorded Investment | $ 0.9 | |||
Commercial and industrial | Commercial | Combination of Concessions | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 2 | 1 | 7 | 3 |
Post-Modification Outstanding Recorded Investment | $ 1.0 | $ 1.9 | $ 3.7 | $ 2.9 |
Equipment financing | Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 9 | 10 | 37 | 33 |
Pre-Modification Outstanding Recorded Investment | $ 3.8 | $ 9.5 | $ 11.9 | $ 22.9 |
Post-Modification Outstanding Recorded Investment | $ 3.8 | $ 9.5 | $ 11.9 | $ 22.9 |
Equipment financing | Commercial | Extended Maturity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 7 | 1 | 18 | 5 |
Post-Modification Outstanding Recorded Investment | $ 1.2 | $ 0.4 | $ 4.3 | $ 1.6 |
Equipment financing | Commercial | Payment Deferral | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 1 | 5 | 13 | 22 |
Post-Modification Outstanding Recorded Investment | $ 0.2 | $ 5.1 | $ 3.4 | $ 16.9 |
Equipment financing | Commercial | Combination of Concessions | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 1 | 4 | 6 | 6 |
Post-Modification Outstanding Recorded Investment | $ 2.4 | $ 4.0 | $ 4.2 | $ 4.4 |
MW/ABL | Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 3 | 0 | 8 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 1.9 | $ 0.0 | $ 6.6 | $ 0.0 |
Post-Modification Outstanding Recorded Investment | $ 1.9 | $ 0.0 | $ 6.6 | $ 0.0 |
MW/ABL | Commercial | Extended Maturity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 3 | 8 | ||
Post-Modification Outstanding Recorded Investment | $ 1.9 | $ 6.6 | ||
Residential mortgage | Retail | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 9 | 15 | 29 | 73 |
Pre-Modification Outstanding Recorded Investment | $ 2.9 | $ 6.5 | $ 11.6 | $ 22.2 |
Post-Modification Outstanding Recorded Investment | $ 2.9 | $ 6.5 | $ 11.6 | $ 22.2 |
Residential mortgage | Retail | Payment Deferral | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 2 | 9 | 11 | 21 |
Post-Modification Outstanding Recorded Investment | $ 1.0 | $ 3.7 | $ 6.5 | $ 8.4 |
Residential mortgage | Retail | Combination of Concessions | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 4 | 2 | 9 | 13 |
Post-Modification Outstanding Recorded Investment | $ 1.6 | $ 1.2 | $ 2.8 | $ 5.6 |
Residential mortgage | Retail | Bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 3 | 4 | 9 | 39 |
Post-Modification Outstanding Recorded Investment | $ 0.3 | $ 1.6 | $ 2.3 | $ 8.2 |
Home equity | Retail | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 6 | 15 | 38 | 83 |
Pre-Modification Outstanding Recorded Investment | $ 0.7 | $ 1.3 | $ 3.7 | $ 7.0 |
Post-Modification Outstanding Recorded Investment | $ 0.7 | $ 1.3 | $ 3.7 | $ 7.0 |
Home equity | Retail | Payment Deferral | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 5 | 2 | 16 | |
Post-Modification Outstanding Recorded Investment | $ 0.6 | $ 0.2 | $ 2.8 | |
Home equity | Retail | Combination of Concessions | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 3 | 4 | 21 | 19 |
Post-Modification Outstanding Recorded Investment | $ 0.3 | $ 0.3 | $ 2.4 | $ 1.6 |
Home equity | Retail | Bankruptcy | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 3 | 6 | 15 | 48 |
Post-Modification Outstanding Recorded Investment | $ 0.4 | $ 0.4 | $ 1.1 | $ 2.6 |
Other consumer | Retail | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Post-Modification Outstanding Recorded Investment | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Loans - Summary of Recorded Investments in TDRs by Class of Loan, Subsequently Defaulted (Detail) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
USD ($)
contract
|
Sep. 30, 2019
USD ($)
contract
|
Sep. 30, 2020
USD ($)
contract
|
Sep. 30, 2019
USD ($)
contract
|
|
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 16 | 7 | 19 | 24 |
Recorded Investment as of Period End | $ | $ 5.9 | $ 1.2 | $ 6.2 | $ 11.4 |
Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 14 | 2 | 16 | 9 |
Recorded Investment as of Period End | $ | $ 5.7 | $ 0.5 | $ 6.0 | $ 8.4 |
Commercial | Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 1 | 1 | 1 |
Recorded Investment as of Period End | $ | $ 1.1 | $ 0.2 | $ 1.1 | $ 0.2 |
Commercial | Commercial and industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 7 | 0 | 8 | 0 |
Recorded Investment as of Period End | $ | $ 3.2 | $ 0.0 | $ 3.5 | $ 0.0 |
Commercial | Equipment financing | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 6 | 1 | 7 | 8 |
Recorded Investment as of Period End | $ | $ 1.4 | $ 0.3 | $ 1.4 | $ 8.2 |
Commercial | MW/ABL | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Recorded Investment as of Period End | $ | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Retail | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 2 | 5 | 3 | 15 |
Recorded Investment as of Period End | $ | $ 0.2 | $ 0.7 | $ 0.2 | $ 3.0 |
Retail | Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 2 | 1 | 6 |
Recorded Investment as of Period End | $ | $ 0.1 | $ 0.6 | $ 0.1 | $ 2.4 |
Retail | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 3 | 2 | 9 |
Recorded Investment as of Period End | $ | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.6 |
Retail | Other consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Recorded Investment as of Period End | $ | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Loans - Schedule of Commercial Loans By Risk Ratings (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 45,230.6 | $ 43,596.1 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 33,895.9 | 30,714.3 |
Commercial | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 695.6 | |
2019 | 1,894.8 | |
2018 | 1,826.1 | |
2017 | 1,610.2 | |
2016 | 1,433.3 | |
Prior | 6,068.7 | |
Revolving Loans | 158.9 | |
Revolving Loans Converted to Term | 25.7 | |
Total | 13,713.3 | 14,762.3 |
Commercial | Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 693.5 | |
2019 | 1,796.7 | |
2018 | 1,600.4 | |
2017 | 1,477.0 | |
2016 | 1,363.2 | |
Prior | 5,541.1 | |
Revolving Loans | 156.1 | |
Revolving Loans Converted to Term | 21.1 | |
Total | 12,649.1 | |
Commercial | Commercial real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.0 | |
2019 | 58.2 | |
2018 | 173.6 | |
2017 | 88.4 | |
2016 | 67.1 | |
Prior | 297.0 | |
Revolving Loans | 0.5 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 684.8 | |
Commercial | Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 2.1 | |
2019 | 39.9 | |
2018 | 52.1 | |
2017 | 44.8 | |
2016 | 3.0 | |
Prior | 229.7 | |
Revolving Loans | 2.3 | |
Revolving Loans Converted to Term | 4.6 | |
Total | 378.5 | |
Commercial | Commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.0 | |
2019 | 0.0 | |
2018 | 0.0 | |
2017 | 0.0 | |
2016 | 0.0 | |
Prior | 0.9 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 0.9 | |
Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 3,226.6 | |
2019 | 1,408.6 | |
2018 | 1,005.7 | |
2017 | 737.0 | |
2016 | 624.3 | |
Prior | 1,977.7 | |
Revolving Loans | 2,183.5 | |
Revolving Loans Converted to Term | 78.8 | |
Total | 11,242.2 | 8,693.2 |
Commercial | Commercial and industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 3,137.2 | |
2019 | 1,328.4 | |
2018 | 895.1 | |
2017 | 623.6 | |
2016 | 544.4 | |
Prior | 1,705.3 | |
Revolving Loans | 2,034.8 | |
Revolving Loans Converted to Term | 51.6 | |
Total | 10,320.4 | |
Commercial | Commercial and industrial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 66.1 | |
2019 | 20.7 | |
2018 | 34.4 | |
2017 | 72.1 | |
2016 | 45.7 | |
Prior | 118.0 | |
Revolving Loans | 67.2 | |
Revolving Loans Converted to Term | 5.3 | |
Total | 429.5 | |
Commercial | Commercial and industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 23.3 | |
2019 | 59.5 | |
2018 | 76.2 | |
2017 | 40.7 | |
2016 | 32.9 | |
Prior | 152.9 | |
Revolving Loans | 81.5 | |
Revolving Loans Converted to Term | 21.1 | |
Total | 488.1 | |
Commercial | Commercial and industrial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.0 | |
2019 | 0.0 | |
2018 | 0.0 | |
2017 | 0.6 | |
2016 | 1.3 | |
Prior | 1.5 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.8 | |
Total | 4.2 | |
Commercial | Equipment financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 1,375.3 | |
2019 | 1,705.7 | |
2018 | 965.4 | |
2017 | 495.8 | |
2016 | 224.6 | |
Prior | 120.8 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 4,887.6 | 4,910.4 |
Commercial | Equipment financing | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 1,219.6 | |
2019 | 1,542.6 | |
2018 | 866.8 | |
2017 | 444.2 | |
2016 | 209.9 | |
Prior | 97.1 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 4,380.2 | |
Commercial | Equipment financing | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 16.4 | |
2019 | 34.6 | |
2018 | 14.7 | |
2017 | 9.3 | |
2016 | 4.0 | |
Prior | 1.2 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 80.2 | |
Commercial | Equipment financing | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 139.3 | |
2019 | 128.5 | |
2018 | 83.9 | |
2017 | 42.3 | |
2016 | 10.7 | |
Prior | 22.5 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 427.2 | |
Commercial | Equipment financing | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.0 | |
2019 | 0.0 | |
2018 | 0.0 | |
2017 | 0.0 | |
2016 | 0.0 | |
Prior | 0.0 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 0.0 | |
Commercial | MW/ABL | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 92.5 | |
2019 | 32.3 | |
2018 | 20.9 | |
2017 | 12.6 | |
2016 | 20.3 | |
Prior | 20.2 | |
Revolving Loans | 3,853.0 | |
Revolving Loans Converted to Term | 1.0 | |
Total | 4,052.8 | $ 2,348.4 |
Commercial | MW/ABL | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 92.5 | |
2019 | 22.3 | |
2018 | 20.9 | |
2017 | 11.1 | |
2016 | 20.3 | |
Prior | 20.2 | |
Revolving Loans | 3,794.1 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 3,981.4 | |
Commercial | MW/ABL | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.0 | |
2019 | 7.0 | |
2018 | 0.0 | |
2017 | 0.0 | |
2016 | 0.0 | |
Prior | 0.0 | |
Revolving Loans | 40.8 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 47.8 | |
Commercial | MW/ABL | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.0 | |
2019 | 3.0 | |
2018 | 0.0 | |
2017 | 1.5 | |
2016 | 0.0 | |
Prior | 0.0 | |
Revolving Loans | 18.1 | |
Revolving Loans Converted to Term | 1.0 | |
Total | 23.6 | |
Commercial | MW/ABL | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.0 | |
2019 | 0.0 | |
2018 | 0.0 | |
2017 | 0.0 | |
2016 | 0.0 | |
Prior | 0.0 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | $ 0.0 |
Loans - Schedule of Retail Loans By Risk Ratings (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 45,230.6 | $ 43,596.1 |
Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 11,334.7 | 12,881.8 |
Retail | Residential mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 1,102.4 | |
2019 | 965.0 | |
2018 | 1,027.6 | |
2017 | 1,290.9 | |
2016 | 1,805.4 | |
Prior | 2,904.3 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 9,095.6 | 10,318.1 |
Retail | Residential mortgage | Low risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 427.9 | |
2019 | 389.5 | |
2018 | 372.0 | |
2017 | 547.5 | |
2016 | 1,105.3 | |
Prior | 1,973.2 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 4,815.4 | |
Retail | Residential mortgage | Moderate risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 583.5 | |
2019 | 516.0 | |
2018 | 550.2 | |
2017 | 621.7 | |
2016 | 605.6 | |
Prior | 620.9 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 3,497.9 | |
Retail | Residential mortgage | High risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 91.0 | |
2019 | 59.5 | |
2018 | 105.4 | |
2017 | 121.7 | |
2016 | 94.5 | |
Prior | 310.2 | |
Revolving Loans | 0.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 782.3 | |
Retail | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 5.1 | |
2019 | 36.9 | |
2018 | 76.5 | |
2017 | 63.2 | |
2016 | 27.0 | |
Prior | 64.2 | |
Revolving Loans | 1,612.5 | |
Revolving Loans Converted to Term | 239.4 | |
Total | 2,124.8 | 2,406.5 |
Retail | Home equity | Low risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 1.7 | |
2019 | 8.4 | |
2018 | 23.4 | |
2017 | 26.3 | |
2016 | 11.7 | |
Prior | 28.0 | |
Revolving Loans | 594.4 | |
Revolving Loans Converted to Term | 41.2 | |
Total | 735.1 | |
Retail | Home equity | Moderate risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.6 | |
2019 | 4.4 | |
2018 | 10.3 | |
2017 | 12.7 | |
2016 | 6.5 | |
Prior | 14.5 | |
Revolving Loans | 562.3 | |
Revolving Loans Converted to Term | 47.5 | |
Total | 658.8 | |
Retail | Home equity | High risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 2.8 | |
2019 | 24.1 | |
2018 | 42.8 | |
2017 | 24.2 | |
2016 | 8.8 | |
Prior | 21.7 | |
Revolving Loans | 455.8 | |
Revolving Loans Converted to Term | 150.7 | |
Total | 730.9 | |
Retail | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 5.3 | |
2019 | 33.8 | |
2018 | 23.6 | |
2017 | 4.3 | |
2016 | 1.5 | |
Prior | 12.7 | |
Revolving Loans | 32.8 | |
Revolving Loans Converted to Term | 0.3 | |
Total | 114.3 | $ 157.2 |
Retail | Other consumer | Low risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.6 | |
2019 | 2.1 | |
2018 | 1.9 | |
2017 | 1.2 | |
2016 | 0.4 | |
Prior | 3.0 | |
Revolving Loans | 10.9 | |
Revolving Loans Converted to Term | 0.1 | |
Total | 20.2 | |
Retail | Other consumer | Moderate risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 0.0 | |
2019 | 0.0 | |
2018 | 0.0 | |
2017 | 0.0 | |
2016 | 0.0 | |
Prior | 0.1 | |
Revolving Loans | 5.0 | |
Revolving Loans Converted to Term | 0.0 | |
Total | 5.1 | |
Retail | Other consumer | High risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 4.7 | |
2019 | 31.7 | |
2018 | 21.7 | |
2017 | 3.1 | |
2016 | 1.1 | |
Prior | 9.6 | |
Revolving Loans | 16.9 | |
Revolving Loans Converted to Term | 0.2 | |
Total | $ 89.0 |
Loans - Summary of Credit Quality Indicators by Class of Loan (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 45,230.6 | $ 43,596.1 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 33,895.9 | 30,714.3 |
Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,334.7 | 12,881.8 |
Originated | Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 29,047.5 | |
Originated | Commercial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 741.2 | |
Originated | Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 918.8 | |
Originated | Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6.8 | |
Originated | Retail | Low risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,182.2 | |
Originated | Retail | Moderate risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,512.7 | |
Originated | Retail | High risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,186.9 | |
Commercial real estate | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,713.3 | 14,762.3 |
Commercial real estate | Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,649.1 | |
Commercial real estate | Commercial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 684.8 | |
Commercial real estate | Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 378.5 | |
Commercial real estate | Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0.9 | |
Commercial real estate | Originated | Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,222.3 | |
Commercial real estate | Originated | Commercial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 334.3 | |
Commercial real estate | Originated | Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 202.6 | |
Commercial real estate | Originated | Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3.1 | |
Commercial and industrial | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15,295.0 | 11,041.6 |
Commercial and industrial | Originated | Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,391.7 | |
Commercial and industrial | Originated | Commercial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 330.4 | |
Commercial and industrial | Originated | Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 315.8 | |
Commercial and industrial | Originated | Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3.7 | |
Equipment financing | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,887.6 | 4,910.4 |
Equipment financing | Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,380.2 | |
Equipment financing | Commercial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 80.2 | |
Equipment financing | Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 427.2 | |
Equipment financing | Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0.0 | |
Equipment financing | Originated | Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,433.5 | |
Equipment financing | Originated | Commercial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 76.5 | |
Equipment financing | Originated | Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 400.4 | |
Equipment financing | Originated | Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0.0 | |
Residential mortgage | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,095.6 | 10,318.1 |
Residential mortgage | Retail | Low risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,815.4 | |
Residential mortgage | Retail | Moderate risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,497.9 | |
Residential mortgage | Retail | High risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 782.3 | |
Residential mortgage | Originated | Retail | Low risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,410.0 | |
Residential mortgage | Originated | Retail | Moderate risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,958.3 | |
Residential mortgage | Originated | Retail | High risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 949.8 | |
Home equity | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,124.8 | 2,406.5 |
Home equity | Retail | Low risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 735.1 | |
Home equity | Retail | Moderate risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 658.8 | |
Home equity | Retail | High risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 730.9 | |
Home equity | Originated | Retail | Low risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 747.3 | |
Home equity | Originated | Retail | Moderate risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 548.5 | |
Home equity | Originated | Retail | High risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,110.7 | |
Other consumer | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 114.3 | 157.2 |
Other consumer | Retail | Low risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 20.2 | |
Other consumer | Retail | Moderate risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5.1 | |
Other consumer | Retail | High risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 89.0 | |
Other consumer | Originated | Retail | Low risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 24.9 | |
Other consumer | Originated | Retail | Moderate risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5.9 | |
Other consumer | Originated | Retail | High risk | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 126.4 |
Loans - Summary of Revolving Loans Converted to Term (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2020 |
|
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving loans converted to term during period | $ 18.2 | $ 50.1 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving loans converted to term during period | 8.7 | 25.6 |
Commercial | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving loans converted to term during period | 0.4 | 1.7 |
Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving loans converted to term during period | 8.3 | 23.9 |
Commercial | Equipment financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving loans converted to term during period | 0.0 | 0.0 |
Commercial | MW/ABL | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving loans converted to term during period | 0.0 | 0.0 |
Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving loans converted to term during period | 9.5 | 24.5 |
Retail | Residential mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving loans converted to term during period | 0.0 | 0.0 |
Retail | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving loans converted to term during period | 9.5 | 24.4 |
Retail | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving loans converted to term during period | $ 0.0 | $ 0.1 |
Allowance For Credit Losses (Details) $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Allowance for Credit Loss [Abstract] | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | $ 404.3 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | $ 19.5 |
Schedule of Allowance For Credit Losses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | $ 414.0 | $ 244.0 | $ 246.6 | $ 240.4 | $ 240.4 |
Charge-offs | (19.3) | (8.2) | (42.2) | (23.0) | |
Recoveries | 2.0 | 2.4 | 5.8 | 7.6 | |
Net loan charge-offs | (17.3) | (5.8) | (36.4) | (15.4) | |
Provision for credit losses | 27.1 | 7.8 | 141.4 | 21.0 | |
Balance at end of period | 423.8 | 246.0 | 423.8 | 246.0 | 246.6 |
Commercial | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 277.4 | 214.6 | 217.9 | 209.5 | 209.5 |
Charge-offs | (18.4) | (7.5) | (36.4) | (20.1) | |
Recoveries | 1.2 | 1.9 | 3.9 | 5.3 | |
Net loan charge-offs | (17.2) | (5.6) | (32.5) | (14.8) | |
Provision for credit losses | 31.1 | 7.8 | 123.2 | 22.1 | |
Balance at end of period | 291.3 | 216.8 | 291.3 | 216.8 | 217.9 |
Retail | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 136.6 | 29.4 | 28.7 | 30.9 | 30.9 |
Charge-offs | (0.9) | (0.7) | (5.8) | (2.9) | |
Recoveries | 0.8 | 0.5 | 1.9 | 2.3 | |
Net loan charge-offs | (0.1) | (0.2) | (3.9) | (0.6) | |
Provision for credit losses | (4.0) | 0.0 | 18.2 | (1.1) | |
Balance at end of period | $ 132.5 | $ 29.2 | 132.5 | $ 29.2 | 28.7 |
Cumulative Effect, Period Of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 72.2 | ||||
Balance at end of period | 72.2 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | Commercial | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | (17.3) | ||||
Balance at end of period | (17.3) | ||||
Cumulative Effect, Period Of Adoption, Adjustment | Retail | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 89.5 | ||||
Balance at end of period | 89.5 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 318.8 | ||||
Balance at end of period | 318.8 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Commercial | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 200.6 | ||||
Balance at end of period | 200.6 | ||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Retail | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | $ 118.2 | ||||
Balance at end of period | $ 118.2 |
Allowance For Credit Losses - Off-Balance Sheet (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | $ 21.8 | $ 5.6 | |
Provision charged (credited) to income | 2.9 | 4.6 | |
Balance at end of period | 24.7 | 24.7 | $ 5.6 |
Cumulative Effect, Period Of Adoption, Adjustment | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | 0.0 | 14.5 | |
Balance at end of period | 14.5 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | $ 21.8 | $ 20.1 | |
Balance at end of period | $ 20.1 |
Leases - Additional Information (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
---|---|---|---|
Leases [Abstract] | |||
Total lease liabilities | $ 278.6 | $ 307.9 | $ 268.8 |
Operating leases | $ 242.9 | $ 276.6 | $ 248.5 |
Leases - Net Investment in Lease Financing Receivables (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
Lease payments receivable | $ 1,425.0 | $ 1,417.1 |
Estimated residual value of leased assets | 132.5 | 128.0 |
Total | 1,557.5 | 1,545.1 |
Plus: Deferred origination costs | 11.7 | 13.4 |
Less: Unearned income | (151.5) | (156.9) |
Total net investment in lease financing receivables | $ 1,417.7 | $ 1,401.6 |
Leases - Contractual Maturities of Lease Financing Receivables (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
2020 | $ 154.9 | |
2021 | 501.5 | |
2022 | 396.6 | |
2023 | 258.5 | |
2024 | 153.9 | |
Later years | 92.1 | |
Total | $ 1,557.5 | $ 1,545.1 |
Leases - Schedule of Lease Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Leases [Abstract] | ||||
Lease financing receivables | $ 17.4 | $ 17.2 | $ 52.5 | $ 49.2 |
Operating leases | 12.4 | 12.9 | 36.8 | 38.1 |
Total lease income | $ 29.8 | $ 30.1 | $ 89.3 | $ 87.3 |
Leases - Cost and Supplemental Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Jan. 01, 2019 |
|
Leases [Abstract] | ||||||
Operating lease cost | $ 16.1 | $ 15.0 | $ 49.2 | $ 45.4 | ||
Variable lease cost | 2.7 | 2.0 | 7.4 | 6.4 | ||
Finance lease cost | 0.1 | 0.0 | 0.3 | 0.0 | ||
Sublease income | (0.5) | (0.3) | (1.5) | (1.0) | ||
Net lease cost | 18.4 | $ 16.7 | 55.4 | 50.8 | ||
Lease ROU assets: | ||||||
Operating leases | 242.9 | 242.9 | $ 276.6 | $ 248.5 | ||
Finance leases | 2.4 | 2.4 | 2.6 | |||
Lease liabilities: | ||||||
Operating leases | 278.6 | 278.6 | 307.9 | $ 268.8 | ||
Finance leases | $ 5.0 | $ 5.0 | $ 5.3 | |||
Weighted-average discount rate: | ||||||
Operating leases | 3.12% | 3.12% | 3.13% | |||
Finance leases | 2.59% | 2.59% | 2.58% | |||
Weighted-average remaining lease term (in years): | ||||||
Operating leases | 7 years 8 months 12 days | 7 years 8 months 12 days | 7 years 8 months 12 days | |||
Finance leases | 11 years 6 months | 11 years 6 months | 12 years 2 months 12 days | |||
Cash payments included in the measurement of lease liabilities: | ||||||
Reported in operating cash from operating leases | $ 51.0 | 45.8 | ||||
Reported in financing cash from finance leases | 0.3 | 0.0 | ||||
ROU assets obtained in exchange for lessee: | ||||||
Operating lease liabilities | 15.3 | 30.3 | ||||
Finance lease liabilities | $ 0.0 | $ 0.0 |
Leases - Contractual Maturities of Lease Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
---|---|---|---|
Operating Leases | |||
2020 | $ 16.6 | ||
2021 | 65.3 | ||
2022 | 47.5 | ||
2023 | 36.6 | ||
2024 | 30.0 | ||
Later years | 120.8 | ||
Total lease payments | 316.8 | ||
Less: Interest | (38.2) | ||
Total lease liabilities | 278.6 | $ 307.9 | $ 268.8 |
Finance Leases | |||
2020 | 0.2 | ||
2021 | 0.5 | ||
2022 | 0.5 | ||
2023 | 0.5 | ||
2024 | 0.5 | ||
Later years | 3.6 | ||
Total lease payments | 5.8 | ||
Less: Interest | (0.8) | ||
Total lease liabilities | $ 5.0 | $ 5.3 |
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|
Schedule Of Stockholders Equity [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 50,000,000.0 | 50,000,000.0 | ||
Preferred stock par value, per share (USD per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, shares issued (in shares) | 10,000,000.0 | 10,000,000.0 | ||
Common stock, shares authorized (in shares) | 1,950,000,000 | 1,950,000,000 | ||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares issued (in shares) | 533,700,000 | 532,800,000 | ||
Common stock purchased (in shares) | 109,000,000.0 | 89,200,000 | ||
Number of shares authorized for repurchase (in shares) | 20,000,000.0 | |||
Treasury stock shares acquired (in shares) | 19,800,000 | |||
Treasury stock acquired | $ 304.4 | |||
People's United Financial, Inc. | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 50,000,000.0 | 50,000,000.0 | ||
Preferred stock par value, per share (USD per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, shares issued (in shares) | 10,000,000.0 | 10,000,000.0 | ||
Common stock, shares authorized (in shares) | 1,950,000,000 | 1,950,000,000 | ||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares issued (in shares) | 533,700,000 | 532,800,000 | ||
Repurchases Authorized by Board of Directors | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock purchased (in shares) | 106,400,000 | 86,600,000 | ||
2007 Recognition and Retention Plan | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock purchased (in shares) | 2,600,000 | 2,600,000 | ||
2014 Long-Term Incentive Plan | 2007 Recognition and Retention Plan | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Additional awards under RRP (in shares) | 0 |
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 7,763.0 | $ 7,046.2 | $ 7,947.2 | $ 6,533.9 |
Other comprehensive income (loss) before reclassifications | 83.3 | 67.8 | ||
Amounts reclassified from AOCL | 5.7 | 6.7 | ||
Current period other comprehensive income (loss) | (4.0) | 10.7 | 89.0 | 74.5 |
Ending Balance | 7,831.5 | 7,130.7 | 7,831.5 | 7,130.7 |
Pension and Other Postretirement Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (176.2) | (192.5) | ||
Other comprehensive income (loss) before reclassifications | 0.0 | 0.0 | ||
Amounts reclassified from AOCL | 4.7 | 3.9 | ||
Current period other comprehensive income (loss) | 4.7 | 3.9 | ||
Ending Balance | (171.5) | (188.6) | (171.5) | (188.6) |
Net Unrealized Gains (Losses) on Debt Securities Available-for-Sale | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 20.8 | (47.0) | ||
Other comprehensive income (loss) before reclassifications | 84.1 | 66.2 | ||
Amounts reclassified from AOCL | 0.0 | 0.0 | ||
Current period other comprehensive income (loss) | 84.1 | 66.2 | ||
Ending Balance | 104.9 | 19.2 | 104.9 | 19.2 |
Net Unrealized Gains (Losses) on Debt Securities Transferred to Held-to-Maturity | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (11.8) | (15.3) | ||
Other comprehensive income (loss) before reclassifications | 0.0 | 0.0 | ||
Amounts reclassified from AOCL | 2.7 | 2.0 | ||
Current period other comprehensive income (loss) | 2.7 | 2.0 | ||
Ending Balance | (9.1) | (13.3) | (9.1) | (13.3) |
Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 0.3 | (2.0) | ||
Other comprehensive income (loss) before reclassifications | (0.8) | 1.6 | ||
Amounts reclassified from AOCL | (1.7) | 0.8 | ||
Current period other comprehensive income (loss) | (2.5) | 2.4 | ||
Ending Balance | (2.2) | 0.4 | (2.2) | 0.4 |
Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (73.9) | (193.0) | (166.9) | (256.8) |
Current period other comprehensive income (loss) | (4.0) | 10.7 | 89.0 | 74.5 |
Ending Balance | $ (77.9) | $ (182.3) | $ (77.9) | $ (182.3) |
Stockholders' Equity - Summary of Amounts Reclassified from AOCL (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other non-interest expense | $ 26.0 | $ 31.4 | $ 88.3 | $ 89.2 |
Interest expense - notes and debentures | 7.4 | 8.5 | 24.5 | 26.1 |
Income before income tax expense | (172.1) | (165.5) | (448.7) | (478.5) |
Income tax expense | 27.5 | 30.4 | 83.8 | 95.5 |
Net Income (Loss) Attributable to Parent | (144.6) | (135.1) | (364.9) | (383.0) |
Reclassification out of AOCL | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net Income (Loss) Attributable to Parent | (1.0) | (2.0) | (5.7) | (6.7) |
Reclassification out of AOCL | Net Actuarial Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other non-interest expense | (2.0) | (1.4) | (6.1) | (4.1) |
Reclassification out of AOCL | Pension and Other Postretirement Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income before income tax expense | (2.0) | (1.4) | (6.1) | (4.1) |
Income tax expense | 0.5 | 0.4 | 1.4 | 0.2 |
Net Income (Loss) Attributable to Parent | (1.5) | (1.0) | (4.7) | (3.9) |
Reclassification out of AOCL | Net Unrealized Gains (Losses) on Debt Securities Available-for-Sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income before income tax expense | 0.0 | 0.0 | 0.0 | 0.0 |
Income tax expense | 0.0 | 0.0 | 0.0 | 0.0 |
Net Income (Loss) Attributable to Parent | 0.0 | 0.0 | 0.0 | 0.0 |
Reclassification out of AOCL | Net Unrealized Gains (Losses) on Debt Securities Transferred to Held-to-Maturity | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income before income tax expense | (0.9) | (1.1) | (3.6) | (2.7) |
Income tax expense | 0.2 | 0.3 | 0.9 | 0.7 |
Net Income (Loss) Attributable to Parent | (0.7) | (0.8) | (2.7) | (2.0) |
Reclassification out of AOCL | Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income before income tax expense | 1.5 | (0.2) | 2.2 | (1.0) |
Income tax expense | (0.3) | 0.0 | (0.5) | 0.2 |
Net Income (Loss) Attributable to Parent | 1.2 | (0.2) | 1.7 | (0.8) |
Reclassification out of AOCL | Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense - notes and debentures | 1.4 | (0.3) | 2.1 | (1.1) |
Reclassification out of AOCL | Net Unrealized Gains (Losses) on Derivatives Accounted for as Cash Flow Hedges | Interest rate locks | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense - notes and debentures | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 141.1 | $ 131.6 | $ 354.4 | $ 372.5 |
Dividends paid on and undistributed earnings allocated to participating securities | 0.0 | (0.1) | 0.0 | (0.2) |
Earnings attributable to common shareholders | $ 141.1 | $ 131.5 | $ 354.4 | $ 372.3 |
Weighted average common shares outstanding for basic EPS (in shares) | 418.0 | 391.7 | 421.0 | 384.6 |
Effect of dilutive equity-based awards (in shares) | 2.2 | 2.8 | 2.2 | 3.2 |
Weighted average common shares and common-equivalent shares for diluted EPS (in shares) | 420.2 | 394.5 | 423.2 | 387.8 |
EPS: | ||||
Basic (USD per share) | $ 0.34 | $ 0.34 | $ 0.84 | $ 0.97 |
Diluted (USD per share) | $ 0.34 | $ 0.33 | $ 0.84 | $ 0.96 |
Anti-dilutive equity-based awards excluded from calculation of diluted EPS (in shares) | 18.2 | 7.2 | 18.1 | 7.1 |
Goodwill and Other Acquisition-Related Intangible Assets - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Goodwill And Other Intangible Assets [Line Items] | |||||
Goodwill | $ 3,065,500,000 | $ 3,065,500,000 | $ 3,065,500,000 | ||
Tax deductible goodwill amount | 126,000,000.0 | 126,000,000.0 | 134,400,000 | ||
Other acquisition-related intangible assets | 178,000,000.0 | 178,000,000.0 | 209,100,000 | ||
Amortization of other acquisition-related intangible assets | 10,200,000 | $ 8,000,000.0 | 31,100,000 | $ 22,700,000 | |
Amortization expense attributable to other acquisition-related intangible assets, 2020 | 40,900,000 | 40,900,000 | |||
Amortization expense attributable to other acquisition-related intangible assets, 2021 | 36,100,000 | 36,100,000 | |||
Amortization expense attributable to other acquisition-related intangible assets, 2022 | 31,700,000 | 31,700,000 | |||
Amortization expense attributable to other acquisition-related intangible assets, 2023 | 24,000,000.0 | 24,000,000.0 | |||
Amortization expense attributable to other acquisition-related intangible assets, 2024 | 20,300,000 | 20,300,000 | |||
Amortization expense attributable to other acquisition-related intangible assets, 2025 | 17,300,000 | 17,300,000 | |||
Impairment losses relating to goodwill or other acquisition-related intangible assets | 0 | $ 0 | |||
Commercial Banking | |||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Goodwill | 1,970,000,000 | 1,970,000,000 | 1,970,000,000 | ||
Retail Banking | |||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Goodwill | 1,010,000,000.00 | 1,010,000,000.00 | 1,010,000,000.00 | ||
Wealth Management | |||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Goodwill | 88,500,000 | 88,500,000 | $ 88,500,000 | ||
Core Deposit Intangibles | |||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Other acquisition-related intangible assets | 104,300,000 | 104,300,000 | |||
Trade Name | |||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Other acquisition-related intangible assets | 45,900,000 | 45,900,000 | |||
Client Relationship | |||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Other acquisition-related intangible assets | 16,400,000 | 16,400,000 | |||
Trust relationships | |||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Other acquisition-related intangible assets | 5,700,000 | 5,700,000 | |||
Insurance Relationships | |||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Other acquisition-related intangible assets | 3,400,000 | 3,400,000 | |||
Favorable Lease Agreement | |||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Other acquisition-related intangible assets | 2,100,000 | 2,100,000 | |||
Noncompete Agreements | |||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Other acquisition-related intangible assets | $ 200,000 | $ 200,000 |
Employee Benefit Plans - Employee Pension and Other Postretirement Plans (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
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 |
People's Qualified Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of covered employee's eligible compensation | 3.00% |
Employee Benefit Plans - Components of Net Periodic Benefit (Income) Expense and Other Amounts (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 5.0 | $ 5.7 | $ 14.8 | $ 17.1 |
Expected return on plan assets | (12.4) | (11.4) | (37.2) | (34.3) |
Recognized net actuarial loss | 1.9 | 1.3 | 5.9 | 4.0 |
Settlements | 0.8 | 0.4 | 2.5 | 1.3 |
Net periodic benefit (income) expense | (4.7) | (4.0) | (14.0) | (11.9) |
Net actuarial loss | (5.9) | (4.0) | ||
Total pre-tax changes recognized in other comprehensive income (loss) | (5.9) | (4.0) | ||
Total recognized in net periodic benefit (income) expense and other comprehensive income (loss) | (19.9) | (15.9) | ||
Other Postretirement Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 0.2 | 0.2 | 0.7 | 0.7 |
Expected return on plan assets | 0.0 | 0.0 | 0.0 | 0.0 |
Recognized net actuarial loss | 0.1 | 0.1 | 0.2 | 0.1 |
Settlements | 0.0 | 0.0 | 0.0 | 0.0 |
Net periodic benefit (income) expense | $ 0.3 | $ 0.3 | 0.9 | 0.8 |
Net actuarial loss | (0.2) | (0.1) | ||
Total pre-tax changes recognized in other comprehensive income (loss) | (0.2) | (0.1) | ||
Total recognized in net periodic benefit (income) expense and other comprehensive income (loss) | $ 0.7 | $ 0.7 |
Employee Benefit Plans - Employee Stock Ownership Plan (Detail) - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2007 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Retirement Benefits [Abstract] | ||||
ESOP loan | $ 216.8 | $ 171.8 | ||
ESOP, shares to be purchased | 10,453,575 | |||
Loan repayments expected annual through 2036 | $ 18.8 | |||
Cash dividends paid on unallocated ESOP shares | $ 3.2 | |||
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 (in shares) | 4,791,222 | |||
Unallocated common stock of Employee Stock Ownership Plan (in shares) | 5,662,353 | 5,900,000 | ||
Fair value of deferred ESOP shares | $ 58.4 | |||
ESOP compensation expense | $ 3.3 | $ 4.2 |
Fair Value Measurements - Additional Information (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
GSE mortgage-backed securities | Minimum | |
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 |
GSE mortgage-backed securities | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Maturity period of available-for-sale residential mortgage-backed securities portfolio | 40 years |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount to impaired loans | 10.00% |
Fair Value Measurements - Assets and Liabilities on Recurring Basis (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading debt securities | $ 0.0 | $ 7.1 |
Debt securities available-for-sale, at fair value | 4,080.7 | 3,564.3 |
Equity securities | 5.6 | 8.2 |
Derivative assets | 33.0 | 18.4 |
Fair value of total assets measured at fair value on a recurring basis | 5,068.5 | 3,971.6 |
Financial liabilities | 187.3 | 81.6 |
Fair value of total liabilities measured at fair value on a recurring basis | 189.6 | 96.2 |
Exchange-traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 46.8 | 47.7 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 4.3 | 3.3 |
U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading debt securities | 7.1 | |
U.S. Treasury and agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale, at fair value | 543.8 | 687.1 |
GSE mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale, at fair value | 3,536.9 | 2,877.2 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5.6 | 8.2 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 916.3 | 337.6 |
Financial liabilities | 176.0 | 92.1 |
Interest rate caps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 3.4 | 1.7 |
Financial liabilities | 3.4 | 1.7 |
Risk Participation Agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.5 | 0.1 |
Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 9.7 | 1.2 |
Financial liabilities | 7.9 | 1.8 |
Forward commitments to sell residential mortgage loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1.7 | 0.5 |
Interest rate-lock commitments on residential mortgage loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 1.8 | 0.5 |
Level 1 | ||
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 | 600.5 | 753.4 |
Fair value of total liabilities measured at fair value on a recurring basis | 0.0 | 0.0 |
Level 1 | Exchange-traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 46.8 | 47.7 |
Level 1 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 4.3 | 3.3 |
Level 1 | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading debt securities | 7.1 | |
Level 1 | U.S. Treasury and agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale, at fair value | 543.8 | 687.1 |
Level 1 | GSE mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale, at fair value | 0.0 | 0.0 |
Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 5.6 | 8.2 |
Level 1 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0.0 | 0.0 |
Financial liabilities | 0.0 | 0.0 |
Level 1 | Interest rate caps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0.0 | 0.0 |
Financial liabilities | 0.0 | 0.0 |
Level 1 | Risk Participation Agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.0 | 0.0 |
Level 1 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0.0 | 0.0 |
Financial liabilities | 0.0 | 0.0 |
Level 1 | Forward commitments to sell residential mortgage loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0.0 | 0.0 |
Level 1 | Interest rate-lock commitments on residential mortgage loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.0 | 0.0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of total assets measured at fair value on a recurring basis | 4,468.0 | 3,218.2 |
Fair value of total liabilities measured at fair value on a recurring basis | 189.6 | 96.2 |
Level 2 | Exchange-traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0.0 | 0.0 |
Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0.0 | 0.0 |
Level 2 | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading debt securities | 0.0 | |
Level 2 | U.S. Treasury and agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale, at fair value | 0.0 | 0.0 |
Level 2 | GSE mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale, at fair value | 3,536.9 | 2,877.2 |
Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0.0 | 0.0 |
Level 2 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 916.3 | 337.6 |
Financial liabilities | 176.0 | 92.1 |
Level 2 | Interest rate caps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 3.4 | 1.7 |
Financial liabilities | 3.4 | 1.7 |
Level 2 | Risk Participation Agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.5 | 0.1 |
Level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 9.7 | 1.2 |
Financial liabilities | 7.9 | 1.8 |
Level 2 | Forward commitments to sell residential mortgage loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1.7 | 0.5 |
Level 2 | Interest rate-lock commitments on residential mortgage loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 1.8 | 0.5 |
Level 3 | ||
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 | 0.0 | 0.0 |
Fair value of total liabilities measured at fair value on a recurring basis | 0.0 | 0.0 |
Level 3 | Exchange-traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0.0 | 0.0 |
Level 3 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0.0 | 0.0 |
Level 3 | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading debt securities | 0.0 | |
Level 3 | U.S. Treasury and agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale, at fair value | 0.0 | 0.0 |
Level 3 | GSE mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale, at fair value | 0.0 | 0.0 |
Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0.0 | 0.0 |
Level 3 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0.0 | 0.0 |
Financial liabilities | 0.0 | 0.0 |
Level 3 | Interest rate caps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0.0 | 0.0 |
Financial liabilities | 0.0 | 0.0 |
Level 3 | Risk Participation Agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.0 | 0.0 |
Level 3 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0.0 | 0.0 |
Financial liabilities | 0.0 | 0.0 |
Level 3 | Forward commitments to sell residential mortgage loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0.0 | 0.0 |
Level 3 | Interest rate-lock commitments on residential mortgage loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | $ 0.0 | $ 0.0 |
Fair Value Measurements - Assets on Non-Recurring Basis (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | $ 21,400,000 | $ 21,400,000 | $ 511,300,000 | |||||
Fair value of total assets measured at fair value on a recurring basis | 5,068,500,000 | 5,068,500,000 | 3,971,600,000 | |||||
Allowance for loan losses | 423,800,000 | $ 246,000,000.0 | 423,800,000 | $ 246,000,000.0 | $ 414,000,000.0 | 246,600,000 | $ 244,000,000.0 | $ 240,400,000 |
Provision for credit losses | 27,100,000 | $ 7,800,000 | 141,400,000 | 21,000,000.0 | ||||
Repossessed assets | 9,700,000 | 9,700,000 | 4,200,000 | |||||
Impaired Loans | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Provision for credit losses | 5,300,000 | |||||||
REO and Repossessed Assets | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Provision for credit losses | 3,900,000 | 2,100,000 | ||||||
Nonoperating Income (Expense) | ||||||||
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 | 4,800,000 | (300,000) | ||||||
Commercial real estate | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Real estate owned | 3,600,000 | 3,600,000 | 7,300,000 | |||||
Residential mortgage | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair value adjustments | 0 | $ 0 | ||||||
Real estate owned | 1,900,000 | 1,900,000 | 11,900,000 | |||||
Level 1 | ||||||||
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 | 600,500,000 | 600,500,000 | 753,400,000 | |||||
Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair value of total assets measured at fair value on a recurring basis | 4,468,000,000.0 | 4,468,000,000.0 | 3,218,200,000 | |||||
Level 3 | ||||||||
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 | 0 | 0 | 0 | |||||
Nonrecurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 21,400,000 | 21,400,000 | ||||||
Impaired loans | 61,900,000 | |||||||
REO and repossessed assets | 15,200,000 | 15,200,000 | 23,400,000 | |||||
Servicing asset | 5,400,000 | 5,400,000 | 10,600,000 | |||||
Fair value of total assets measured at fair value on a recurring basis | 85,000,000.0 | 85,000,000.0 | 607,200,000 | |||||
Fair value adjustments | 5,200,000 | |||||||
Nonrecurring | Collateral Pledged | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impaired loans | 43,000,000.0 | 43,000,000.0 | ||||||
Collateral dependent loans | 43,000,000.0 | 43,000,000.0 | ||||||
Nonrecurring | Other consumer | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 333,700,000 | |||||||
Nonrecurring | Residential mortgage | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 21,400,000 | 21,400,000 | 19,700,000 | |||||
Nonrecurring | Commercial and industrial | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 157,900,000 | |||||||
Nonrecurring | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 0 | 0 | ||||||
Impaired loans | 0 | |||||||
REO and repossessed assets | 0 | 0 | 0 | |||||
Servicing asset | 0 | 0 | 0 | |||||
Fair value of total assets measured at fair value on a recurring basis | 0 | 0 | 0 | |||||
Nonrecurring | Level 1 | Collateral Pledged | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Collateral dependent loans | 0 | 0 | ||||||
Nonrecurring | Level 1 | Other consumer | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 0 | |||||||
Nonrecurring | Level 1 | Residential mortgage | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 0 | |||||||
Nonrecurring | Level 1 | Commercial and industrial | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 0 | |||||||
Nonrecurring | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 21,400,000 | 21,400,000 | ||||||
Impaired loans | 0 | |||||||
REO and repossessed assets | 0 | 0 | 0 | |||||
Servicing asset | 0 | 0 | 0 | |||||
Fair value of total assets measured at fair value on a recurring basis | 21,400,000 | 21,400,000 | 19,700,000 | |||||
Nonrecurring | Level 2 | Collateral Pledged | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Collateral dependent loans | 0 | 0 | ||||||
Nonrecurring | Level 2 | Other consumer | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 0 | |||||||
Nonrecurring | Level 2 | Residential mortgage | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 19,700,000 | |||||||
Nonrecurring | Level 2 | Commercial and industrial | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 0 | |||||||
Nonrecurring | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 0 | 0 | ||||||
Impaired loans | 61,900,000 | |||||||
REO and repossessed assets | 15,200,000 | 15,200,000 | 23,400,000 | |||||
Servicing asset | 5,400,000 | 5,400,000 | 10,600,000 | |||||
Fair value of total assets measured at fair value on a recurring basis | 63,600,000 | 63,600,000 | 587,500,000 | |||||
Nonrecurring | Level 3 | Collateral Pledged | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Collateral dependent loans | 43,000,000.0 | 43,000,000.0 | ||||||
Allowance for loan losses | $ 19,500,000 | 19,500,000 | ||||||
Provision for credit losses | $ 16,500,000 | |||||||
Nonrecurring | Level 3 | Other consumer | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 333,700,000 | |||||||
Nonrecurring | Level 3 | Residential mortgage | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | 0 | |||||||
Nonrecurring | Level 3 | Commercial and industrial | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Loans held-for-sale | $ 157,900,000 |
Fair Value Measurements - Financial Instruments (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 616.8 | $ 484.2 |
Short-term investments | 438.6 | 316.8 |
Debt securities held-to-maturity | 3,918.1 | 3,869.2 |
FHLB and FRB stock | 267.1 | 341.1 |
Time deposits | 6,326.5 | 9,205.5 |
FHLB advances | 579.8 | 3,125.4 |
Federal funds purchased | 225.0 | 1,620.0 |
Customer repurchase agreements | 432.5 | 409.1 |
Notes and debentures | 1,012.0 | 993.1 |
Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 61.9 | |
Collateral Pledged | Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 43.0 | |
Level 1 | Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 0.0 | |
Level 2 | Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 0.0 | |
Level 3 | Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 61.9 | |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 616.8 | 484.2 |
Short-term investments | 438.6 | 316.8 |
Debt securities held-to-maturity | 3,916.5 | 3,869.2 |
FHLB and FRB stock | 267.1 | 341.1 |
Total loans, net | 44,763.8 | 43,287.6 |
Time deposits | 6,326.5 | 9,205.5 |
Other deposits | 43,310.0 | 34,384.0 |
FHLB advances | 579.8 | 3,125.4 |
Federal funds purchased | 225.0 | 1,620.0 |
Customer repurchase agreements | 432.5 | 409.1 |
Notes and debentures | 1,012.0 | 993.1 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 616.8 | 484.2 |
Short-term investments | 438.6 | 316.8 |
Debt securities held-to-maturity | 4,173.5 | 4,020.0 |
FHLB and FRB stock | 267.1 | 341.1 |
Total loans, net | 45,310.6 | 43,355.0 |
Time deposits | 6,384.5 | 9,218.1 |
Other deposits | 43,310.0 | 34,384.0 |
FHLB advances | 580.5 | 3,125.5 |
Federal funds purchased | 225.0 | 1,620.0 |
Customer repurchase agreements | 432.5 | 409.1 |
Notes and debentures | 1,034.4 | 1,021.3 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 616.8 | 484.2 |
Short-term investments | 0.0 | 0.0 |
Debt securities held-to-maturity | 0.0 | 0.0 |
FHLB and FRB stock | 0.0 | 0.0 |
Total loans, net | 0.0 | 0.0 |
Time deposits | 0.0 | 0.0 |
Other deposits | 0.0 | 0.0 |
FHLB advances | 0.0 | 0.0 |
Federal funds purchased | 0.0 | 0.0 |
Customer repurchase agreements | 0.0 | 0.0 |
Notes and debentures | 0.0 | 0.0 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0.0 | 0.0 |
Short-term investments | 438.6 | 316.8 |
Debt securities held-to-maturity | 4,172.0 | 4,018.5 |
FHLB and FRB stock | 267.1 | 341.1 |
Total loans, net | 9,103.5 | 10,072.1 |
Time deposits | 6,384.5 | 9,218.1 |
Other deposits | 43,310.0 | 34,384.0 |
FHLB advances | 580.5 | 3,125.5 |
Federal funds purchased | 225.0 | 1,620.0 |
Customer repurchase agreements | 432.5 | 409.1 |
Notes and debentures | 1,034.4 | 1,021.3 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0.0 | 0.0 |
Short-term investments | 0.0 | 0.0 |
Debt securities held-to-maturity | 1.5 | 1.5 |
FHLB and FRB stock | 0.0 | 0.0 |
Total loans, net | 36,207.1 | 33,282.9 |
Time deposits | 0.0 | 0.0 |
Other deposits | 0.0 | 0.0 |
FHLB advances | 0.0 | 0.0 |
Federal funds purchased | 0.0 | 0.0 |
Customer repurchase agreements | 0.0 | 0.0 |
Notes and debentures | $ 0.0 | $ 0.0 |
Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Treasury Forward Interest Rate Locks (T-Locks) | ||
Derivative [Line Items] | ||
Period hedged items affected earnings, years | 10 years | |
Derivative instruments hedge description | to hedge the risk that the 10-year U.S. Treasury yield would rise | |
Unrealized gain (loss) on derivatives | $ 900,000 | |
Treasury Forward Interest Rate Locks (T-Locks) | Subordinated notes | ||
Derivative [Line Items] | ||
Senior notes issuance | 500,000,000 | |
Derivatives Designated as Hedging Instruments | Interest rate swaps | Cash flow | Loans | ||
Derivative [Line Items] | ||
Notional amounts of derivatives | $ 210,000,000.0 | $ 210,000,000.0 |
LIBOR basis points | one-month LIBOR | |
Derivatives Designated as Hedging Instruments | Interest rate swaps | Subordinated notes | Fair value | ||
Derivative [Line Items] | ||
Notional amounts of derivatives | $ 375,000,000 | |
LIBOR basis points | three-month LIBOR | |
Subordinated notes | $ 400,000,000 | |
Basis points | 1.265% | |
Derivatives Designated as Hedging Instruments | Interest rate swaps | FHLB advances | Cash flow | ||
Derivative [Line Items] | ||
Notional amounts of derivatives | $ 550,000,000.0 | $ 0 |
Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amount and Fair Value (Detail) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Financial assets | $ 33,000,000.0 | $ 18,400,000 |
Financial assets | 931,100,000 | 341,000,000.0 |
Financial liabilities | 187,300,000 | 81,600,000 |
Financial liabilities | 189,600,000 | 96,200,000 |
Forward commitments to sell residential mortgage loans | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Financial assets | 1,700,000 | 500,000 |
Interest rate-lock commitments on residential mortgage loans | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Financial liabilities | 1,800,000 | 500,000 |
Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Financial assets | 931,100,000 | 341,000,000.0 |
Financial liabilities | 189,600,000 | 96,200,000 |
Derivatives Not Designated as Hedging Instruments | Forward commitments to sell residential mortgage loans | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 68,800,000 | 23,300,000 |
Financial assets | 1,700,000 | 500,000 |
Financial liabilities | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Interest rate-lock commitments on residential mortgage loans | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 84,800,000 | 33,600,000 |
Financial assets | 0 | 0 |
Financial liabilities | 1,800,000 | 500,000 |
Derivatives Designated as Hedging Instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Financial assets | 0 | 0 |
Financial liabilities | 0 | 0 |
Interest rate swaps | Derivatives Not Designated as Hedging Instruments | Commercial customers | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 9,073,900,000 | 8,847,700,000 |
Financial assets | 893,000,000.0 | 320,500,000 |
Financial liabilities | 0 | 13,900,000 |
Interest rate swaps | Derivatives Not Designated as Hedging Instruments | Institutional counterparties | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 9,076,900,000 | 8,851,800,000 |
Financial assets | 23,300,000 | 17,100,000 |
Financial liabilities | 176,000,000.0 | 78,200,000 |
Interest rate swaps | Derivatives Designated as Hedging Instruments | Cash flow | FHLB advances | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 550,000,000.0 | 0 |
Financial assets | 0 | 0 |
Financial liabilities | 0 | 0 |
Interest rate swaps | Derivatives Designated as Hedging Instruments | Cash flow | Loans | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 210,000,000.0 | 210,000,000.0 |
Financial assets | 0 | 0 |
Financial liabilities | 0 | 0 |
Interest rate swaps | Derivatives Designated as Hedging Instruments | Subordinated notes | Fair value | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 375,000,000.0 | 375,000,000.0 |
Financial assets | 0 | 0 |
Financial liabilities | 0 | 0 |
Interest rate caps | Derivatives Not Designated as Hedging Instruments | Commercial customers | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 224,200,000 | 246,000,000.0 |
Financial assets | 3,400,000 | 1,600,000 |
Financial liabilities | 0 | 100,000 |
Interest rate caps | Derivatives Not Designated as Hedging Instruments | Institutional counterparties | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 224,200,000 | 246,000,000.0 |
Financial assets | 0 | 100,000 |
Financial liabilities | 3,400,000 | 1,600,000 |
Risk Participation Agreements | Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 947,900,000 | 882,800,000 |
Financial assets | 0 | 0 |
Financial liabilities | 500,000 | 100,000 |
Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Financial assets | 9,700,000 | 1,200,000 |
Financial liabilities | 7,900,000 | 1,800,000 |
Foreign exchange contracts | Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amounts | 320,200,000 | 180,400,000 |
Financial assets | 9,700,000 | 1,200,000 |
Financial liabilities | $ 7,900,000 | $ 1,800,000 |
Derivative Financial Instruments and Hedging Activities - Impact on Income and AOCI (Detail) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | $ 19.1 | $ 14.9 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | (1.2) | 2.1 |
Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 13.3 | 16.1 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | 0.0 | 0.0 |
Derivatives Not Designated as Hedging Instruments | Forward commitments to sell residential mortgage loans | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 1.2 | 0.3 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | 0.0 | 0.0 |
Derivatives Not Designated as Hedging Instruments | Interest rate-lock commitments on residential mortgage loans | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | (1.3) | (0.3) |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | 0.0 | 0.0 |
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Commercial customers | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 684.6 | 466.8 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | 0.0 | 0.0 |
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Institutional counterparties | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | (671.5) | (451.3) |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | 0.0 | 0.0 |
Derivatives Not Designated as Hedging Instruments | Interest rate caps | Commercial customers | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 1.8 | 2.0 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | 0.0 | 0.0 |
Derivatives Not Designated as Hedging Instruments | Interest rate caps | Institutional counterparties | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | (1.8) | (2.0) |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | 0.0 | 0.0 |
Derivatives Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 0.7 | 0.5 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | 0.0 | 0.0 |
Derivatives Not Designated as Hedging Instruments | Risk Participation Agreements | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | (0.4) | 0.1 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | 0.0 | 0.0 |
Derivatives Designated as Hedging Instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 5.8 | (1.2) |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | (1.2) | 2.1 |
Derivatives Designated as Hedging Instruments | Cash flow | Interest rate-lock commitments on residential mortgage loans | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 0.1 | 0.1 |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | 0.0 | 0.0 |
Derivatives Designated as Hedging Instruments | Interest rate swaps | Fair value | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 3.6 | (0.2) |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | 0.0 | 0.0 |
Derivatives Designated as Hedging Instruments | Interest rate swaps | Cash flow | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Pre-Tax Gain (Loss) Recognized in Earnings | 2.1 | (1.1) |
Amount of Pre-Tax Gain (Loss) Recognized in AOCL | $ (1.2) | $ 2.1 |
Balance Sheet Offsetting - Summary of Gross Presentation, Instruments Offset (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financial assets: | ||
Financial assets | $ 33.0 | $ 18.4 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 33.0 | 18.4 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (1.9) |
Gross Amounts Not Offset, Collateral | 0.0 | 0.0 |
Net Amount | 33.0 | 16.5 |
Financial liabilities: | ||
Gross Amount Recognized | 187.3 | 81.6 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 187.3 | 81.6 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (1.9) |
Gross Amounts Not Offset, Collateral | (173.2) | (77.9) |
Net Amount | 14.1 | 1.8 |
Foreign exchange contracts | ||
Financial assets: | ||
Financial assets | 9.7 | 1.2 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 9.7 | 1.2 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | 0.0 |
Gross Amounts Not Offset, Collateral | 0.0 | 0.0 |
Net Amount | 9.7 | 1.2 |
Financial liabilities: | ||
Gross Amount Recognized | 7.9 | 1.8 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 7.9 | 1.8 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | 0.0 |
Gross Amounts Not Offset, Collateral | 0.0 | |
Net Amount | 7.9 | 1.8 |
Counterparty A | Interest Rate Swaps/Caps | ||
Financial assets: | ||
Financial assets | 0.0 | 0.2 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 0.0 | 0.2 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (0.2) |
Gross Amounts Not Offset, Collateral | 0.0 | 0.0 |
Net Amount | 0.0 | 0.0 |
Financial liabilities: | ||
Gross Amount Recognized | 6.2 | 2.3 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 6.2 | 2.3 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (0.2) |
Gross Amounts Not Offset, Collateral | (6.2) | (2.1) |
Net Amount | 0.0 | 0.0 |
Counterparty B | Interest Rate Swaps/Caps | ||
Financial assets: | ||
Financial assets | 0.0 | 0.1 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 0.0 | 0.1 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (0.1) |
Gross Amounts Not Offset, Collateral | 0.0 | 0.0 |
Net Amount | 0.0 | 0.0 |
Financial liabilities: | ||
Gross Amount Recognized | 8.6 | 5.5 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 8.6 | 5.5 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (0.1) |
Gross Amounts Not Offset, Collateral | (8.6) | (5.4) |
Net Amount | 0.0 | 0.0 |
Counterparty C | Interest Rate Swaps/Caps | ||
Financial assets: | ||
Financial assets | 0.0 | 0.4 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 0.0 | 0.4 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (0.4) |
Gross Amounts Not Offset, Collateral | 0.0 | 0.0 |
Net Amount | 0.0 | 0.0 |
Financial liabilities: | ||
Gross Amount Recognized | 63.4 | 28.2 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 63.4 | 28.2 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (0.4) |
Gross Amounts Not Offset, Collateral | (63.4) | (27.8) |
Net Amount | 0.0 | 0.0 |
Counterparty D | Interest Rate Swaps/Caps | ||
Financial assets: | ||
Financial assets | 0.0 | 0.1 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 0.0 | 0.1 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (0.1) |
Gross Amounts Not Offset, Collateral | 0.0 | 0.0 |
Net Amount | 0.0 | 0.0 |
Financial liabilities: | ||
Gross Amount Recognized | 23.7 | 10.9 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 23.7 | 10.9 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (0.1) |
Gross Amounts Not Offset, Collateral | (17.5) | (10.8) |
Net Amount | 6.2 | 0.0 |
Counterparty E | Interest Rate Swaps/Caps | ||
Financial assets: | ||
Financial assets | 23.3 | 15.3 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 23.3 | 15.3 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | 0.0 |
Gross Amounts Not Offset, Collateral | 0.0 | 0.0 |
Net Amount | 23.3 | 15.3 |
Financial liabilities: | ||
Gross Amount Recognized | 0.0 | 0.0 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 0.0 | 0.0 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | 0.0 |
Gross Amounts Not Offset, Collateral | 0.0 | |
Net Amount | 0.0 | 0.0 |
Other Counterparties | Interest Rate Swaps/Caps | ||
Financial assets: | ||
Financial assets | 0.0 | 1.1 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 0.0 | 1.1 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (1.1) |
Gross Amounts Not Offset, Collateral | 0.0 | 0.0 |
Net Amount | 0.0 | 0.0 |
Financial liabilities: | ||
Gross Amount Recognized | 77.5 | 32.9 |
Gross Amount Offset | 0.0 | 0.0 |
Net Amount Presented | 77.5 | 32.9 |
Gross Amounts Not Offset, Financial Instruments | 0.0 | (1.1) |
Gross Amounts Not Offset, Collateral | (77.5) | (31.8) |
Net Amount | $ 0.0 | $ 0.0 |
Balance Sheet Offsetting - Additional Information (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
U.S. Treasury | ||
Offsettting Assets and Liabilities [Line Items] | ||
Fair value of treasury securities | $ 258.8 | $ 462.4 |
Mortgage-Backed Securities | ||
Offsettting Assets and Liabilities [Line Items] | ||
Fair value of treasury securities | $ 253.7 | $ 457.5 |
Balance Sheet Offsetting - Summary of Collateral Swaps (Detail) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Total repurchase agreements | ||
Net Amount Presented | $ 432.5 | $ 409.1 |
Collateral Swaps | ||
Total resale agreements | ||
Gross Amount Recognized | 250.0 | 450.0 |
Gross Amount Offset | (250.0) | (450.0) |
Net Amount Presented | 0.0 | 0.0 |
Total repurchase agreements | ||
Gross Amount Recognized | 250.0 | 450.0 |
Gross Amount Offset | (250.0) | (450.0) |
Net Amount Presented | $ 0.0 | $ 0.0 |
New Accounting Standards (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jan. 01, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Summary Of Significant Accounting Policies [Line Items] | |||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | |||||
Allowance for loan losses | $ 423.8 | $ 246.6 | $ 414.0 | $ 246.0 | $ 244.0 | $ 240.4 | |
Off-Balance Sheet, Credit Loss, Liability | 24.7 | 5.6 | 21.8 | ||||
Debt securities, allowance for credit loss | 1.6 | 0.0 | 1.9 | ||||
Retained earnings | $ 1,589.1 | 1,512.8 | |||||
Percent of loans using LIBOR | 45.00% | ||||||
Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for loan losses | 72.2 | ||||||
Off-Balance Sheet, Credit Loss, Liability | 14.5 | 0.0 | |||||
Debt securities, allowance for credit loss | $ 1.9 | $ 0.0 | |||||
Accounting Standards Update 2016-13 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Decrease in risk-based capital ratios | 0.10% | ||||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for loan losses | $ 72.0 | ||||||
Adjustment to amortized cost basis | 28.0 | ||||||
Off-Balance Sheet, Credit Loss, Liability | 15.0 | ||||||
Debt securities, allowance for credit loss | 2.0 | ||||||
Accounting Standards Update 2016-13 | Retained Earnings | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Retained earnings | $ (46.0) |
Subsequent Event (Details) - Subsequent Event - PUIA $ in Millions |
Nov. 02, 2020
USD ($)
|
---|---|
Subsequent Event [Line Items] | |
Transaction amount | $ 120.0 |
Value of assets | 46.5 |
Value of liabilities | $ 18.0 |
Increase in capital ratio | 0.15% |
Minimum | |
Subsequent Event [Line Items] | |
Approximate gain on sale | $ 75.0 |
Maximum | |
Subsequent Event [Line Items] | |
Approximate gain on sale | $ 80.0 |
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