People's United Bank (merged into Manufacturers and Traders Trust Company)
People's United Bank reported total assets of $62.8 bn at Q1 2022, its last Call Report before it merged into Manufacturers and Traders Trust Company. The CET1 capital ratio at People's United Bank was 12.91%, and the uninsured share of People's United Bank was 47.52%. Source: FDIC Call Reports.
Key takeaways
- Since , People's United Bank has taken over 4 institutions; the latest was United Bank on (FDIC Call Reports).
What sets People's United Bank apart
How large is People's United Bank?
The balance sheet of People's United Bank at : assets $62.8 bn, deposits $53.5 bn, net loans $36.0 bn (loans equal to 67.18% of deposits). Securities make up 18.1% of total assets at People's United Bank. Since , when People's United Bank held $38.9 bn, its assets grew 61.4%. In the year to , deposits at People's United Bank fell 0.4% while its total assets fell 1.8%. At , People's United Bank employed 5,320 full-time equivalent staff across 360 offices, about $11.8 mn of assets per employee and $148.7 mn of deposits per office.
How much funding at People's United Bank is uninsured?
At People's United Bank, uninsured deposits (above the FDIC limit) made up 47.52% of domestic deposits at (+6.33 pp on a year earlier). In dollars, People's United Bank estimated $25.4 bn of uninsured deposits.
Key facts, Q1 2022
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $53.5 bn | $53.8 bn (Q1 2021) | |
| Net loans and leases | $36.0 bn | $42.4 bn (Q1 2021) | |
| Loan-to-deposit ratio | 67.18% | 78.90% (Q1 2021) | |
| Tier 1 leverage ratio | 8.53% | 8.69% (Q1 2021) | |
| Total risk-based capital ratio | 14.04% | 13.45% (Q1 2021) | |
| Net interest margin | 2.55% | 2.81% (Q1 2021) | |
| Return on assets (ROA) | 0.14% | 0.97% (Q1 2021) | |
| Efficiency ratio | 88.85% | 60.44% (Q1 2021) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $26.4 mn | Turned from a gain into a loss | |
| Unrealized gain/loss on available-for-sale securities | Loss of $485.2 mn | Widened by $461.9 mn | |
| Noncurrent loans to total loans | 0.85% | 0.83% (Q1 2021) | |
| Net charge-offs to average loans | 0.01% | 0.11% (Q1 2021) |
US rank of People's United Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
People's United Bank: assets, deposits and loans
- Total assets $62.8bn
- Deposits $53.5bn
- Net loans $36.0bn
Capital and securities
The CET1 ratio of People's United Bank stood at 12.91% in , +0.73 pp year on year. Low and high at People's United Bank since : 10.64% () to 12.93% (). Equity capital of People's United Bank at : $7.3 bn, or 11.7% of total assets. People's United Bank also reported a total capital ratio of 14.04% for , and a tier 1 leverage ratio of 8.53%.
On held-to-maturity securities, People's United Bank carried an unrealized loss of $26.4 mn at , equal to 0.4% of equity capital. The loss turned from a gain into a loss over the year. Its deepest point: $76.0 mn in . The available-for-sale portfolio of People's United Bank showed an unrealized loss of $485.2 mn at ; the loss widened by $461.9 mn over the year.
People's United Bank: capital ratios
- Total capital 14%
- CET1 13%
- Tier 1 leverage 8.5%
People's United Bank: unrealized securities gains and losses
- Available for sale -$485mn
- Held to maturity -$26mn
Profitability and loan quality
For the year to , People's United Bank earned a return on equity of 1.17%; return on assets: 0.14%. Net interest margin at People's United Bank: 2.55%, -0.27 pp in a year. People's United Bank net income: $22.0 mn, down 85.7% year on year. The efficiency ratio of People's United Bank was 88.85%: about 89 cents cost per revenue dollar, against 42 cents at the median peer.
At , noncurrent loans were 0.85% of total loans at People's United Bank; net charge-offs: 0.01% of average loans. Gross loans and leases at People's United Bank: $36.3 bn at , against $42.8 bn at .
People's United Bank: profitability
- Return on equity 1.2%
- Net interest margin 2.5%
- Return on assets 0.1%
Peer group of People's United Bank
The peer group of People's United Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 1 shares the charter type of People's United Bank (national bank) and 1 has its head office in Connecticut. Against them, People's United Bank shows CET1 ratio 12.91% against a peer median of 11.89%, return on equity 1.17% against a peer median of 13.76% and uninsured deposit share 47.52% against a peer median of 45.67%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| First Horizon Bank | State member bank | TN | $88.3 bn | 10.64% | 10.26% | 49.19% | |
| Synchrony Bank | Federal savings bank | UT | $86.1 bn | 16.69% | 29.71% | 11.97% | |
| Webster Bank | National bank | CT | $65.0 bn | 13.28% | 1.41% | 42.15% | |
| People's United Bank | National bank | CT | $62.8 bn | 12.91% | 1.17% | 47.52% | |
| East West Bank | State member bank | CA | $62.2 bn | 12.13% | 17.26% | 67.11% | |
| New York Community Bank | State-chartered stock savings bank | NY | $61.0 bn | 11.65% | 8.79% | 30.51% | |
| Western Alliance Bank | State member bank | AZ | $60.5 bn | 10.28% | 17.66% | 55.18% | |
. FDIC Call Reports.
Last eight quarters
Two years at People's United Bank, to : assets $61.3 bn to $62.8 bn, deposits $50.2 bn to $53.5 bn, equity $7.8 bn to $7.3 bn. Staff 6,115 to 5,320; offices 420 to 360.
| Metric | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $61.3 bn | $60.6 bn | $62.9 bn | $63.9 bn | $63.1 bn | $63.5 bn | $64.5 bn | $62.8 bn |
| Total deposits | $50.2 bn | $50.0 bn | $52.5 bn | $53.8 bn | $53.0 bn | $53.4 bn | $54.3 bn | $53.5 bn |
| Bank equity capital | $7.8 bn | $7.9 bn | $7.6 bn | $7.7 bn | $7.8 bn | $7.7 bn | $7.8 bn | $7.3 bn |
| CET1 ratio | 10.89% | 11.05% | 11.48% | 12.18% | 12.35% | 12.58% | 12.93% | 12.91% |
| Return on equity (ROE) | 5.94% | 6.50% | 3.10% | 8.09% | 8.63% | 8.29% | 8.22% | 1.17% |
| Uninsured share of domestic deposits | 38.71% | 40.32% | 41.59% | 41.19% | 44.94% | 47.00% | 48.07% | 47.52% |
| Full-time equivalent employees | 6,115 | 6,014 | 5,940 | 5,797 | 5,621 | 5,419 | 5,377 | 5,320 |
| Number of offices | 420 | 420 | 418 | 418 | 417 | 403 | 389 | 360 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of People's United Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed The Suffolk County National Bank of Riverhead (FDIC certificate 7278).
- . Absorbed Farmington Bank (FDIC certificate 18208).
- . Absorbed Belmont Savings Bank (FDIC certificate 23901).
- . Absorbed United Bank (FDIC certificate 18203).
- . Merged into Manufacturers and Traders Trust Company (FDIC certificate 588).
Questions and identifiers
What were the total assets of People's United Bank?
People's United Bank reported $62.8 bn at in its Call Report.
Is People's United Bank the same as its holding company?
No. This page covers People's United Bank, FDIC certificate 27334; PEOPLES UNITED FINANCIAL INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is People's United Bank profitable?
People's United Bank reported net income of $22.0 mn for the year to ; annualized return on equity: 1.17%. So yes: People's United Bank made a profit over these months.
When is data for People's United Bank next updated?
People's United Bank no longer files Call Reports; its data ends at .
Where can I check the figures for People's United Bank?
In the FDIC BankFind Suite record for certificate 27334, and in the Call Reports of People's United Bank (RSSD ID 613307) at the FFIEC Central Data Repository.