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Acquisition and divestitures (Tables) | 12 Months Ended
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Dec. 31, 2024
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.
(Dollars in millions) |
Consideration: |
Common stock issued (50,325,004 shares) | $ | 8,286 |
Common stock awards converted | 105 |
Cash | 2 |
Total consideration | 8,393 |
Net assets acquired: |
Identifiable assets: |
Cash and due from banks | 396 |
Interest-bearing deposits at banks | 9,193 |
Investment securities | 11,575 |
Loans and leases | 35,841 |
Core deposit and other intangible assets | 261 |
Other assets | 2,979 |
Total identifiable assets acquired | 60,245 |
Liabilities and preferred stock: |
Deposits | 52,968 |
Borrowings | 1,389 |
Other liabilities | 1,142 |
Total liabilities assumed | 55,499 |
Preferred stock | 261 |
Total liabilities and preferred stock | 55,760 |
Net assets acquired | 4,485 |
Goodwill | $ | 3,908 |
Financing Receivable, Purchased With Credit Deterioration | The following table reconciles the unpaid principal balance to the fair value of loans and leases at April 1, 2022:
(Dollars in millions) | PCD |  | Non-PCD |
Unpaid principal balance | $ | 3,411 |  | (a) | $ | 32,896 |  |
Allowance for credit losses at acquisition | (99) |  | (a) | — |  |
Other discount | (107) |  |  | (260) |  | (b)
Fair value | $ | 3,205 |  |  | $ | 32,636 |  |
__________________________________________________________________________________ (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 | Additionally, the Company expects to achieve operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts that follow:
| Pro forma (Unaudited)
(Dollars in millions) | 2022 |  |
Total revenues (a) | $ | 8,631 |  |  |
Net income | 2,158 |  |  |
__________________________________________________________________________________ (a)Represents the total of net interest income and other income.
Summary of Merger Related Expenses | A summary of merger-related expenses included in the Consolidated Statement of Income in 2022 follows.
(Dollars in millions) | 2022 |  |
Salaries and employee benefits | $ | 102 |  |  |
Equipment and net occupancy | 7 |  |  |
Outside data processing and software | 5 |  |  |
Professional and other services | 72 |  |  |
Advertising and marketing | 9 |  |  |
Other cost of operations | 143 |  |  |
Other expense | $ | 338 |  |  |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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