Acquisition (Tables)

6 Months Ended

Jun. 30, 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.

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

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

	Total
Unpaid principal balance (a)	$	3,410,506
Allowance for credit losses at acquisition (a)		(99,000	)
Non-credit discount		(106,814	)
Fair value	$	3,204,692

(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.

Summary of Allocation of Goodwill

The preliminary allocation of goodwill recorded as a result of the acquisition to the Company’s reportable segments is as follows:

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.

Summary of Merger Related Expenses

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

	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Salaries and employee benefits	$	85,299	$	4	$	85,386	$	4
Equipment and net occupancy		502		—		2,309		—
Outside data processing software		716		244		968		244
Advertising and marketing		1,199		24		1,827		24
Printing, postage and supplies		2,460		2,049		3,182		2,049
Other cost of operations		132,633		1,572		146,509		11,523
Other expense	$	222,809	$	3,893	$	240,181	$	13,844