Company Quick10K Filing
People's United Financial
Price15.69 EPS1
Shares394 P/E12
MCap6,190 P/FCF982
Net Debt123 EBIT1,081
TEV6,312 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
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PBCT 10Q Quarterly Report

Part 1 - Financial Information
Item 1 - Financial Statements
Note 1. General
Note 2. Cash and Cash Equivalents and Securities
Note 3. Loans
Note 4. Allowance for Credit Losses
Note 5. Leases
Note 6. Stockholders' Equity
Note 7. Earnings per Common Share
Note 8. Goodwill and Other Acquisition - Related Intangible Assets
Note 9. Employee Benefit Plans
Note 10. Legal Proceedings
Note 11. Segment Information
Note 12. Fair Value Measurements
Note 13. Derivative Financial Instruments and Hedging Activities
Note 14. Balance Sheet Offsetting
Note 15. New Accounting Standards
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 q12020exhibit311.htm
EX-31.2 q12020-exhibit312.htm
EX-32 q12020-exhibit32.htm

People's United Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

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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, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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
Non-accelerated filer   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  
As of April 30, 2020, there were 424,657,609 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,
2020
December 31,
2019
Assets
Cash and due from banks$507.6  $484.2  
Short-term investments744.3  316.8  
Total cash and cash equivalents (note 2)1,251.9  801.0  
Securities (note 2):
Trading debt securities, at fair value  7.1  
Equity securities, at fair value6.2  8.2  
Debt securities available-for-sale, at fair value4,276.6  3,564.3  
Debt securities held-to-maturity, at amortized cost and net of allowance for credit losses
   of $1.9 million at March 31, 2020 (fair value of $4.07 billion and $4.02 billion)
3,861.5  3,869.2  
Federal Home Loan Bank and Federal Reserve Bank stock, at cost407.2  341.1  
Total securities8,551.5  7,789.9  
Loans held-for-sale (note 3)19.2  511.3  
Loans (notes 3, 4 and 5):
Commercial real estate14,651.6  14,762.3  
Commercial and industrial12,045.7  11,041.6  
Equipment financing5,012.7  4,910.4  
Total Commercial Portfolio31,710.0  30,714.3  
Residential mortgage10,081.9  10,318.1  
Home equity and other consumer2,492.1  2,563.7  
Total Retail Portfolio12,574.0  12,881.8  
Total loans44,284.0  43,596.1  
Less allowance for credit losses(341.7) (246.6) 
Total loans, net43,942.3  43,349.5  
Goodwill (note 8)3,065.5  3,065.5  
Bank-owned life insurance707.6  705.0  
Premises and equipment, net300.8  305.5  
Other acquisition-related intangible assets (note 8)198.5  209.1  
Other assets (notes 1, 3, 5 and 13)2,396.0  1,853.0  
Total assets$60,433.3  $58,589.8  
Liabilities
Deposits:
Non-interest-bearing$10,526.0  $9,803.7  
Savings5,136.0  4,987.7  
Interest-bearing checking and money market20,238.9  19,592.6  
Time8,840.2  9,205.5  
Total deposits44,741.1  43,589.5  
Borrowings:
Federal Home Loan Bank advances4,489.7  3,125.4  
Federal funds purchased1,120.0  1,620.0  
Customer repurchase agreements301.1  409.1  
Total borrowings5,910.8  5,154.5  
Notes and debentures1,012.6  993.1  
Other liabilities (notes 1, 4, 5 and 13)1,043.3  905.5  
Total liabilities52,707.8  50,642.6  
Commitments and contingencies (notes 1, 5 and 10)
Stockholders’ Equity (notes 6, 9 and 15)
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; 533.5 million shares
   and 532.8 million shares issued)
5.3  5.3  
Additional paid-in capital7,644.4  7,639.4  
Retained earnings1,514.5  1,512.8  
Unallocated common stock of Employee Stock Ownership Plan, at cost (5.8 million shares
   and 5.9 million shares)
 
(121.1) (122.9) 
Accumulated other comprehensive loss(92.7) (166.9) 
Treasury stock, at cost (109.0 million shares and 89.2 million shares)
(1,469.0) (1,164.6) 
Total stockholders’ equity7,725.5  7,947.2  
Total liabilities and stockholders’ equity$60,433.3  $58,589.8  
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)20202019
Interest and dividend income:
Commercial real estate$149.6  $132.7  
Commercial and industrial106.4  103.9  
Equipment financing68.2  59.0  
Residential mortgage90.4  70.7  
Home equity and other consumer28.0  24.9  
Total interest on loans442.6  391.2  
Securities51.2  47.8  
Loans held-for-sale3.3  0.2  
Short-term investments2.0  1.3  
Total interest and dividend income499.1  440.5  
Interest expense:
Deposits78.9  81.2  
Borrowings15.4  17.7  
Notes and debentures8.8  8.8  
Total interest expense103.1  107.7  
Net interest income396.0  332.8  
Provision for credit losses (notes 3 and 4)33.5  5.6  
Net interest income after provision for credit losses362.5  327.2  
Non-interest income:
Bank service charges28.0  25.2  
Investment management fees18.1  19.3  
Operating lease income (note 5)12.6  12.7  
Commercial banking lending fees12.1  7.8  
Insurance revenue10.9  10.5  
Cash management fees7.4  6.8  
Other non-interest income (note 2)34.7  12.3  
Total non-interest income123.8  94.6  
Non-interest expense:
Compensation and benefits 173.9  155.4  
Occupancy and equipment51.0  44.3  
Professional and outside services38.5  20.0  
Amortization of other acquisition-related intangible assets (note 8)10.7  6.7  
Operating lease expense9.8  9.4  
Regulatory assessments8.7  7.0  
Other non-interest expense 27.5  34.4  
Total non-interest expense320.1  277.2  
Income before income tax expense166.2  144.6  
Income tax expense (note 1)35.8  30.0  
Net income130.4  114.6  
Preferred stock dividend3.5  3.5  
Net income available to common shareholders$126.9  $111.1  
Earnings per common share (note 7):
Basic$0.30  $0.30  
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)20202019
Net income$130.4  $114.6  
Other comprehensive income, net of tax:
Net actuarial gains and losses related to pension and other postretirement plans1.6  1.8  
Net unrealized gains and losses on debt securities available-for-sale71.6  29.0  
Amortization of unrealized losses on debt securities transferred to held-to-maturity1.0  0.6  
Net unrealized gains and losses on derivatives accounted for as cash flow hedges  0.8  
Total other comprehensive income, net of tax (note 6)74.2  32.2  
Total comprehensive income$204.6  $146.8  
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, 2020
(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 December 31, 2019$244.1  $5.3  $7,639.4  $1,512.8  $(122.9) $(166.9) $(1,164.6) $7,947.2  
Net income—  —  —  130.4  —  —  —  130.4  
Total other comprehensive income,
net of tax (note 6)
—  —  —  —  —  74.2  —  74.2  
Cash dividend on common stock
   ($0.1775 per share)
—  —  —  (77.3) —  —  —  (77.3) 
Cash dividend on preferred stock—  —  —  (3.5) —  —  —  (3.5) 
Restricted stock and performance-based
share awards
—  —  2.4  —  —  —  —  2.4  
Common stock repurchased (note 6)—  —  —  —  —  —  (304.4) (304.4) 
ESOP common stock committed to be
released (note 9)
—  —  —  (0.6) 1.8  —  —  1.2  
Common stock repurchased and
retired upon vesting of restricted
stock awards
—  —  —  (1.4) —  —  —  (1.4) 
Stock options exercised—  —  2.6  —  —  —  —  2.6  
Transition adjustment related to
adoption of new accounting
standard (note 15)
—  —  —  (45.9) —  —  —  (45.9) 
Balance at March 31, 2020$244.1  $5.3  $