Acquisition and divestitures (Tables)

12 Months Ended

Dec. 31, 2024

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

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(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

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(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