Company Quick10K Filing
Quick10K
People's United Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$17.03 398 $6,770
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-05-16 Shareholder Vote
8-K 2019-05-01 Regulation FD, Exhibits
8-K 2019-04-18 Earnings, Regulation FD, Exhibits
8-K 2019-02-14 Regulation FD, Exhibits
8-K 2019-01-17 Earnings, Regulation FD, Exhibits
8-K 2018-11-26 Enter Agreement, Exhibits
8-K 2018-11-05 Regulation FD, Exhibits
8-K 2018-10-18 Earnings, Regulation FD, Exhibits
8-K 2018-10-01 M&A, Officers, Regulation FD, Exhibits
8-K 2018-08-01 Regulation FD, Exhibits
8-K 2018-07-19 Earnings, Regulation FD, Exhibits
8-K 2018-06-21 Amend Bylaw, Exhibits
8-K 2018-06-19 Other Events, Exhibits
8-K 2018-06-18 Enter Agreement, Exhibits
8-K 2018-05-03 Officers, Exhibits
8-K 2018-05-02 Regulation FD, Exhibits
8-K 2018-04-19 Shareholder Vote
8-K 2018-02-08 Regulation FD, Exhibits
8-K 2018-01-18 Earnings, Regulation FD, Exhibits
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PBCT 2019-03-31
Part 1 - Financial Information
Item 1 - Financial Statements
Note 1. General
Note 2. Cash and Cash Equivalents and Securities
Note 3. Loans
Note 4. Stockholders' Equity
Note 5. Earnings per Common Share
Note 6. Goodwill and Other Acquisition-Related Intangible Assets
Note 7. Employee Benefit Plans
Note 8. Legal Proceedings
Note 9. Segment Information
Note 10. Fair Value Measurements
Note 11. Derivative Financial Instruments and Hedging Activities
Note 12. Balance Sheet Offsetting
Note 13. Leases
Note 14. New Accounting Standards
Note 15. Subsequent Event
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 q12019exhibit311nextgen.htm
EX-31.2 q12019-exhibit312nextg.htm
EX-32 q12019-exhibit32nextgen.htm

People's United Financial Earnings 2019-03-31

PBCT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019 
Commission File Number 001-33326

PEOPLE’S UNITED FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

Delaware 20-8447891
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
850 Main Street, Bridgeport, Connecticut 06604
(Address of principal executive offices) (Zip Code)
(203) 338-7171
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x  No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer x  Accelerated filer ¨
Non-accelerated filer ¨(Do not check if a smaller reporting company)  Smaller reporting company ¨
   Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ¨    No  x
As of April 30, 2019, there were 398,360,442 shares of the registrant’s common stock outstanding.





People’s United Financial Inc.
Form 10-Q
Table of Contents
Part I – Financial InformationPage
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.




Part 1 - Financial Information
Item 1 - Financial Statements
People’s United Financial, Inc.
Consolidated Statements of Condition - (Unaudited)
(in millions)March 31,
2019
December 31,
2018
Assets
Cash and due from banks$508.5 $665.7 
Short-term investments106.0 266.3 
Total cash and cash equivalents (note 2)614.5 932.0 
Securities (note 2):
Trading debt securities, at fair value8.3 8.4 
Equity securities, at fair value8.2 8.1 
Debt securities available-for-sale, at fair value3,060.0 3,121.0 
Debt securities held-to-maturity, at amortized cost (fair value of $3.89 billion and $3.78 billion)3,823.4 3,792.3 
Federal Home Loan Bank and Federal Reserve Bank stock, at cost275.6 303.4 
Total securities7,175.5 7,233.2 
Loans held-for-sale7.8 19.5 
Loans (notes 3 and 13):
Commercial real estate11,591.2 11,649.6 
Commercial and industrial9,354.7 9,088.9 
Equipment financing4,466.1 4,339.2 
Total Commercial Portfolio25,412.0 25,077.7 
Residential mortgage8,163.1 8,154.2 
Home equity and other consumer1,940.1 2,009.5 
Total Retail Portfolio10,103.2 10,163.7 
Total loans35,515.2 35,241.4 
Less allowance for loan losses(240.9)(240.4)
Total loans, net35,274.3 35,001.0 
Goodwill (note 6)2,723.2 2,685.7 
Bank-owned life insurance467.8 467.0 
Premises and equipment, net255.8 267.3 
Other acquisition-related intangible assets (note 6)173.3 180.0 
Other assets (notes 1, 3, 11 and 13)1,399.7 1,091.6 
Total assets$48,091.9 $47,877.3 
Liabilities
Deposits:
Non-interest-bearing$8,315.6 $8,543.0 
Savings4,159.1 4,116.5 
Interest-bearing checking and money market17,130.0 16,583.3 
Time7,296.2 6,916.2 
Total deposits36,900.9 36,159.0 
Borrowings:
Federal Home Loan Bank advances1,573.2 2,404.5 
Federal funds purchased1,020.0 845.0 
Customer repurchase agreements264.8 332.9 
Other borrowings1.6 11.0 
Total borrowings2,859.6 3,593.4 
Notes and debentures901.6 895.8 
Other liabilities (notes 1, 11 and 13)808.6 695.2 
Total liabilities41,470.7 41,343.4 
Commitments and contingencies (notes 1, 8 and 13)
Stockholders’ Equity (notes 4, 7 and 14)
Preferred stock ($0.01 par value; 50.0 million shares authorized; 10.0 million shares
 issued and outstanding at both dates)
244.1 244.1 
Common stock ($0.01 par value; 1.95 billion shares authorized; 467.3 million shares
and 466.3 million shares issued)
4.7 4.7 
Additional paid-in capital6,558.8 6,549.3 
Retained earnings1,328.6 1,284.8 
Unallocated common stock of Employee Stock Ownership Plan, at cost (6.2 million shares
and 6.3 million shares)
(128.3)(130.1)
Accumulated other comprehensive loss(224.6)(256.8)
Treasury stock, at cost (89.0 million shares at both dates)(1,162.1)(1,162.1)
Total stockholders’ equity6,621.2 6,533.9 
Total liabilities and stockholders’ equity$48,091.9 $47,877.3 
See accompanying notes to consolidated financial statements.
1


People’s United Financial, Inc.
Consolidated Statements of Income - (Unaudited)
 Three Months Ended
March 31,
(in millions, except per common share data)2019 2018 
Interest and dividend income:
Commercial real estate$132.7 $107.0 
Commercial and industrial103.9 82.3 
Equipment financing59.0 48.9 
Residential mortgage70.7 54.7 
Home equity and other consumer24.9 20.8 
Total interest on loans391.2 313.7 
Securities47.8 44.0 
Short-term investments1.3 1.2 
Loans held-for-sale
0.2 0.2 
Total interest and dividend income440.5 359.1 
Interest expense:
Deposits81.2 41.3 
Borrowings17.7 14.2 
Notes and debentures8.8 7.8 
Total interest expense107.7 63.3 
Net interest income332.8 295.8 
Provision for loan losses (note 3)5.6 5.4 
Net interest income after provision for loan losses327.2 290.4 
Non-interest income:
Bank service charges25.2 23.8 
Investment management fees16.5 17.7 
Operating lease income12.7 10.7 
Insurance revenue10.5 9.8 
Commercial banking lending fees7.8 10.4 
Cash management fees6.8 6.6 
Brokerage commissions2.8 3.1 
Other non-interest income (note 2)12.3 8.2 
Total non-interest income
94.6 90.4 
Non-interest expense:
Compensation and benefits155.4 140.7 
Occupancy and equipment44.3 41.2 
Professional and outside services20.0 18.6 
Operating lease expense9.4 9.0 
Regulatory assessments7.0 10.6 
Amortization of other acquisition-related intangible assets (note 6)6.7 5.1 
Other non-interest expense34.4 18.3 
Total non-interest expense277.2 243.5 
Income before income tax expense144.6 137.3 
Income tax expense (note 1)30.0 29.4 
Net income114.6 107.9 
Preferred stock dividend3.5 3.5 
Net income available to common shareholders$111.1 $104.4 
Earnings per common share (note 5):
Basic$0.30 $0.31 
Diluted0.30 0.30 
See accompanying notes to consolidated financial statements.
2


People’s United Financial, Inc.
Consolidated Statements of Comprehensive Income - (Unaudited)
 Three Months Ended
March 31,
(in millions)2019 2018 
Net income$114.6 $107.9 
Other comprehensive income (loss), net of tax:
Net actuarial loss and prior service credit related to pension and other postretirement plans
1.8 1.7 
Net unrealized gains and losses on debt securities available-for-sale
29.0 (37.7)
Amortization of unrealized losses on debt securities transferred to held-to-maturity
0.6 0.7 
Net unrealized gains and losses on derivatives accounted for as cash flow hedges
0.8 (1.5)
Total other comprehensive income (loss), net of tax (note 4)
32.2 (36.8)
Total comprehensive income$146.8 $71.1 
See accompanying notes to consolidated financial statements.

3


People’s United Financial, Inc.
Consolidated Statements of Changes in Stockholders’ Equity - (Unaudited) 
Three months ended March 31, 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$244.1 $4.7 $6,549.3 $1,284.8 $(130.1)$(256.8)$(1,162.1)$6,533.9 
Net income— — — 114.6 — — — 114.6 
Total other comprehensive income,
 net of tax (note 4)
— — — — — 32.2 — 32.2 
Cash dividend on common stock
($0.1750 per share)
— — — (65.2)— — — (65.2)
Cash dividend on preferred stock— — — (3.5)— — — (3.5)
Restricted stock and performance-based
share awards
— — 1.0 — — — — 1.0 
Employee Stock Ownership Plan
 common committed to be
 released (note 7)
— — — (0.4)1.8 — — 1.4 
Common stock repurchased and
 retired upon vesting of restricted
 stock awards
— — — (1.7)— — — (1.7)
Stock options exercised— — 8.5 — — — — 8.5 
Balance at March 31, 2019$244.1 $4.7 $6,558.8 $1,328.6 $(128.3)$(224.6)$(1,162.1)$6,621.2 
Three months ended March 31, 2018
(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, 2017$244.1 $4.4 $6,012.3 $1,040.2 $(137.3)$(181.7)$(1,162.1)$5,819.9 
Net income— — — 107.9 — — — 107.9 
Total other comprehensive loss,
 net of tax (note 4)
— — — — — (36.8)— (36.8)
Cash dividend on common stock
($0.1725 per share)
— — — (58.8)— — — (58.8)
Cash dividend on preferred stock— — — (3.5)— — — (3.5)
Restricted stock and performance-based
share awards
— — 3.8 — — — 3.8 
Employee Stock Ownership Plan
 common committed to be
 released (note 7)
— — — (0.1)1.8 — — 1.7 
Common stock repurchased and
 retired upon vesting of restricted
 stock awards
— — — (2.2)— — — (2.2)
Stock options exercised— — 12.9 — — — — 12.9 
Transition adjustments related to
adoption of new accounting
standards (note 4)
— — — 37.9 — (37.3)— 0.6 
Balance at March 31, 2018$244.1 $4.4 $6,029.0 $1,121.4 $(135.5)$(255.8)$(1,162.1)$5,845.5 
See accompanying notes to consolidated financial statements.

4


People’s United Financial, Inc.
Consolidated Statements of Cash Flows - (Unaudited)
 Three Months Ended
March 31,
(in millions)2019 2018 
Cash Flows from Operating Activities:
Net income$114.6 $107.9 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of premises and equipment9.5 9.1 
Expense related to operating leases9.4 9.0 
Amortization of other acquisition-related intangible assets6.7 5.1 
Expense related to share-based awards6.2 5.6 
Provision for loan losses5.6 5.4 
Employee Stock Ownership Plan common stock committed to be released1.4 1.7 
Net security gains (0.1)
Net gains on sales of residential mortgage loans(0.2)(0.3)
Net gains on sales of acquired loans(0.4) 
Originations of loans held-for-sale(23.5)(28.5)
Proceeds from sales of loans held-for-sale35.4 35.0 
Net decrease in trading debt securities0.1  
Excess income tax benefits from stock option exercises0.3 0.8 
Net changes in other assets and other liabilities(186.6)3.7 
Net cash (used in) provided by operating activities(21.5)154.4 
Cash Flows from Investing Activities:
Proceeds from sales of equity securities0.2  
Proceeds from principal repayments and maturities of debt securities available-for-sale105.8 106.3 
Proceeds from sales of debt securities available-for-sale170.4  
Proceeds from principal repayments and maturities of debt securities held-to-maturity33.0 30.3 
Purchases of debt securities available-for-sale(184.4)(189.3)
Purchases of debt securities held-to-maturity(59.1)(133.7)
Net (purchases) redemptions of Federal Reserve Bank stock(15.0)