Acquisition and divestitures (Tables)

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Summary of Identifiable Assets Acquired, Liabilities Assumed and Preferred Stock Exchanged as of Acquisition

The consideration paid for People’s United common equity and the preliminary amounts of identifiable assets acquired, liabilities assumed and preferred stock converted as of the acquisition date follows.

	(In thousands)
Consideration:
Common stock issued (50,325,004 shares)	$	8,286,515
Common stock awards converted		104,810
Cash		1,824
Total consideration		8,393,149
Net assets acquired:
Identifiable assets
Cash and due from banks		395,747
Interest-bearing deposits at banks		9,193,346
Investment securities		11,574,689
Loans and leases		35,840,648
Core deposit and other intangible assets		261,000
Other assets		2,979,388
Total identifiable assets acquired		60,244,818
Liabilities and preferred stock
Deposits		52,967,915
Borrowings		1,389,012
Other liabilities		1,142,387
Total liabilities assumed		55,499,314
Preferred stock		260,600
Total liabilities and preferred stock		55,759,914
Net assets acquired		4,484,904
Goodwill	$	3,908,245

Summary of Unpaid Principal Balance to Fair Value of Loans and Leases by Portfolio Segment

The following table reconciles the unpaid principal balance to the fair value of loans and leases at April 1, 2022:

	PCD				Non-PCD
	(in thousands)
Unpaid principal balance	$	3,410,506		(a)	$	32,896,454
Allowance for credit losses at acquisition		(99,000	)	(a)		—
Other discount		(106,814	)			(260,498	)	(b)
Fair value	$	3,204,692			$	32,635,956

(a)The unpaid principal balance and allowance for credit losses at acquisition is net of charge-offs of $33 million recognized on the PCD loans.

(b)Includes approximately $242 million of principal balances not expected to be collected.

Summary of Acquisition, Pro Forma Information

The following table presents certain pro forma information as if People’s United had been acquired on January 1, 2021.

	Pro forma (Unaudited)
	2022		2021
	(In thousands)
Total revenues (a)	$	8,631,283	$	8,075,955
Net income		2,158,047		2,391,034

(a)Represents the total of net interest income and other income.

Summary of Merger Related Expenses

A summary of merger-related expenses included in the consolidated statement of income follows.

	2022		2021
	(In thousands)
Salaries and employee benefits	$	102,150	$	176
Equipment and net occupancy		6,709		341
Outside data processing software		5,438		1,119
Advertising and marketing		9,262		866
Printing, postage and supplies		6,786		2,965
Other cost of operations		207,976		38,393
Other expense	$	338,321	$	43,860