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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 September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-33326
People's United Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware20-8447891
(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)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per sharePBCTNASDAQ Global Select Market
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per sharePBCTPNASDAQ Global Select Market
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  
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    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             Accelerated filer Smaller reporting company
Non-accelerated filer   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  
As of October 31, 2021, there were 428,020,009 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)September 30,
2021
December 31,
2020
Assets
Cash and due from banks$410.6 $477.3 
Short-term investments7,723.0 3,766.0 
Total cash and cash equivalents (note 2)8,133.6 4,243.3 
Securities (note 2):
Debt securities available-for-sale, at fair value6,257.0 4,925.5 
Debt securities held-to-maturity, at amortized cost and net of allowance for credit losses
   of $1.6 million at both dates (fair value of $4.13 billion and $4.27 billion)
3,929.8 3,993.8 
Federal Reserve Bank and Federal Home Loan Bank stock, at cost264.7 266.6 
Equity securities, at fair value 5.3 
Total securities10,451.5 9,191.2 
Loans held-for-sale9.8 26.5 
Loans (notes 3, 4 and 5):
Commercial and industrial12,769.0 14,982.3 
Commercial real estate12,662.6 13,336.9 
Equipment financing5,040.3 4,930.0 
Total Commercial Portfolio30,471.9 33,249.2 
Residential mortgage7,269.8 8,518.9 
Home equity and other consumer1,784.1 2,101.4 
Total Retail Portfolio9,053.9 10,620.3 
Total loans39,525.8 43,869.5 
Less allowance for credit losses on loans(352.4)(425.1)
Total loans, net39,173.4 43,444.4 
Goodwill (note 8)2,680.8 2,680.8 
Bank-owned life insurance716.5 711.6 
Premises and equipment, net249.9 276.7 
Other acquisition-related intangible assets (note 8)136.1 165.1 
Other assets (notes 1, 2, 3, 5 and 13)2,121.0 2,352.2 
Total assets$63,672.6 $63,091.8 
Liabilities
Deposits:
Non-interest-bearing$16,334.6 $15,881.7 
Savings6,685.4 6,029.7 
Interest-bearing checking and money market25,614.7 24,567.5 
Time4,236.6 5,658.8 
Total deposits52,871.3 52,137.7 
Borrowings:
Federal Home Loan Bank advances569.6 569.7 
Customer repurchase agreements407.8 452.9 
Federal funds purchased 125.0 
Total borrowings977.4 1,147.6 
Notes and debentures999.4 1,009.6 
Other liabilities (notes 1, 4, 5 and 13)1,041.5 1,194.1 
Total liabilities55,889.6 55,489.0 
Commitments and contingencies (notes 1, 5 and 10)
Stockholders’ Equity (notes 1, 6 and 9)
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;
   536.8 million shares and 533.7 million shares issued)
5.4 5.3 
Additional paid-in capital7,714.9 7,663.6 
Retained earnings1,574.7 1,363.6 
Unallocated common stock of Employee Stock Ownership Plan, at cost
   (5.3 million shares and 5.6 million shares)
(110.2)(115.6)
Accumulated other comprehensive loss(176.9)(89.2)
Treasury stock, at cost (109.0 million shares at both dates)
(1,469.0)(1,469.0)
Total stockholders’ equity7,783.0 7,602.8 
Total liabilities and stockholders’ equity$63,672.6 $63,091.8 
See accompanying notes to consolidated financial statements.
1


People’s United Financial, Inc.
Consolidated Statements of Income - (Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per common share data)2021202020212020
Interest and dividend income:
Commercial and industrial$104.3 $110.7 $328.3 $329.5 
Commercial real estate96.5 110.5 296.9 382.5 
Equipment financing62.3 65.4 187.6 201.2 
Residential mortgage58.8 82.1 193.1 257.3 
Home equity and other consumer15.2 19.9 47.9 68.0 
Total interest on loans337.1 388.6 1,053.8 1,238.5 
Securities53.8 47.5 157.6 148.5 
Short-term investments2.8 0.4 5.3 2.6 
Loans held-for-sale0.1 0.3 0.4 3.9 
Total interest and dividend income393.8 436.8 1,217.1 1,393.5 
Interest expense:
Deposits15.1 36.5 54.9 157.1 
Borrowings1.2 7.4 3.5 24.5 
Notes and debentures7.2 1.5 21.6 18.9 
Total interest expense23.5 45.4 80.0 200.5 
Net interest income370.3 391.4 1,137.1 1,193.0 
Provision for credit losses on loans (note 4)12.0 27.1 (42.3)141.4 
Provision for credit losses on securities (note 2)0.1 (0.3) (0.3)
Net interest income after provision for credit losses358.2 364.6 1,179.4 1,051.9 
Non-interest income:
Bank service charges25.9 24.5 74.3 72.8 
Investment management fees21.1 18.8 62.5 54.3 
Commercial banking lending fees11.8 12.7 39.5 35.4 
Operating lease income (note 5)10.6 12.4 33.1 36.8 
Cash management fees9.6 8.8 28.4 24.3 
Other non-interest income (notes 2 and 5)21.4 23.9 56.2 90.9 
Total non-interest income100.4 101.1 294.0 314.5 
Non-interest expense:
Compensation and benefits 167.7 166.5 518.1 508.2 
Occupancy and equipment50.2 49.1 149.3 148.1 
Professional and outside services27.6 24.1 91.2 88.3 
Amortization of other acquisition-related intangible assets (note 8)8.9 10.2 28.7 31.1 
Regulatory assessments6.6 8.4 22.5 25.8 
Operating lease expense7.0 9.3 22.4 27.9 
Other non-interest expense 21.2 26.0 73.9 88.3 
Total non-interest expense289.2 293.6 906.1 917.7 
Income before income tax expense169.4 172.1 567.3 448.7 
Income tax expense (note 1)29.7 27.5 112.3 83.8 
Net income139.7 144.6 455.0 364.9 
Preferred stock dividend3.5 3.5 10.5 10.5 
Net income available to common shareholders$136.2 $141.1 $444.5 $354.4 
Earnings per common share (note 7):
Basic$0.32 $0.34 $1.06 $0.84 
Diluted0.32 0.34 1.05 0.84 
See accompanying notes to consolidated financial statements.
2


People’s United Financial, Inc.
Consolidated Statements of Comprehensive Income - (Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2021202020212020
Net income$139.7 $144.6 $455.0 $364.9 
Other comprehensive income (loss), net of tax:
Net actuarial gains and losses related to pension and other
   postretirement plans
2.0 1.5 7.5 4.7 
Net unrealized gains and losses on debt securities
   available-for-sale
(35.0)(5.9)(99.2)84.1 
Amortization of unrealized losses on debt securities
   transferred to held-to-maturity
0.7 0.7 2.9 2.7 
Net unrealized gains and losses on derivatives accounted
   for as cash flow hedges
0.2 (0.3)1.1 (2.5)
Total other comprehensive income (loss),
   net of tax (note 6)
(32.1)(4.0)(87.7)89.0 
Total comprehensive income$107.6 $140.6 $367.3 $453.9 
See accompanying notes to consolidated financial statements.

3


People’s United Financial, Inc.
Consolidated Statements of Changes in Stockholders’ Equity - (Unaudited) 
Three months ended September 30, 2021
(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, 2021$244.1 $5.4 $7,709.4 $1,516.5 $(112.0)$(144.8)$(1,469.0)$7,749.6 
Net income— — — 139.7 — — — 139.7 
Total other comprehensive loss,
   net of tax (note 6)
— — — — — (32.1)— (32.1)
Cash dividend on common stock
   ($0.1825 per share)
— — — (77.4)— — — (77.4)
Cash dividend on preferred stock— — — (3.5)— — — (3.5)
Restricted stock and performance-based
   share awards
— — 4.1 — — — — 4.1 
ESOP common stock committed to be
   released (note 9)
— — — (0.3)1.8 — — 1.5 
Common stock repurchased and
   retired upon vesting of restricted
   stock awards
— — — (0.3)— — — (0.3)
Stock options exercised— — 1.4 — — — — 1.4 
Balance at September 30, 2021$244.1 $5.4 $7,714.9 $1,574.7 $(110.2)$(176.9)$(1,469.0)$7,783.0 
Nine months ended September 30, 2021
(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, 2020$244.1 $5.3 $7,663.6 $1,363.6 $(115.6)$(89.2)$(1,469.0)$7,602.8 
Net income— — — 455.0 — — — 455.0 
Total other comprehensive loss,
   net of tax (note 6)
— — — — — (87.7)— (87.7)
Cash dividends on common stock
   ($0.545 per share)
— — — (230.4)— — — (230.4)
Cash dividends on preferred stock— — — (10.5)— — — (10.5)
Restricted stock and performance-based
   share awards
— — 12.5 — — — — 12.5 
ESOP common stock committed to be
   released (note 9)
— — — (1.0)5.4 — — 4.4 
Common stock repurchased and
   retired upon vesting of restricted
   stock awards
— — — (2.0)— — — (2.0)
Stock options exercised— 0.1 38.8 — — — — 38.9 
Balance at September 30, 2021$244.1 $5.4 $7,714.9 $1,574.7 $(110.2)$(176.9)$(1,469.0)$7,783.0 
(1) Employee Stock Ownership Plan
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
Common
Stock
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Stockholders’
Equity
Balance at June 30, 2020$244.1 $5.3 $7,651.2 $1,524.6 $(119.3)$(73.9)$(1,469.0)$7,763.0 
Net income— — — 144.6 — — — 144.6 
Total other comprehensive loss,
   net of tax (note 6)
— — — — — (4.0)— (4.0)
Cash dividend on common stock
   ($0.18 per share)
— — — (75.7)— — — (75.7)
Cash dividend on preferred stock— — — (3.5)— — — (3.5)
Restricted stock and performance-based
   share awards
— — 4.6 — — — 4.6 
ESOP common stock committed to be
   released (note 9)
— — — (0.9)1.9 — — 1.0 
Stock options exercised— — 1.5 — — — — 1.5 
Balance at September 30, 2020$244.1 $5.3 $7,657.3 $1,589.1 $(117.4)$(77.9)$(1,469.0)$7,831.5 
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$244.1 $5.3 $7,639.4 $1,512.8 $(122.9)$(