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Acquisition and divestiture (Tables)
9 Months Ended
Sep. 30, 2023
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 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

 

 

 

Nine months ended September 30, 2022

 

 

 

(In thousands)

 

Total revenues (a)

 

$

6,134,400

 

Net income

 

 

1,399,913

 

 

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