EXHIBIT 99.1
Investor Presentation dated June 6, 2011
 2 nd Quarter 2011 Investor Presentation June 6, 2011 * * * * * * * * * * * * * * * * * * * * |
 1 Corporate Overview Snapshot, as of March 31, 2011 People’s United Financial, Inc. NASDAQ (PBCT) Market Capitalization (6/6/11) $4.6 billion Assets: $25.0 billion Loans: $17.5 billion Deposits: $18.1 billion Branches: 341 ATMs: 518 Founded: 1842 |
 2 Primary Objectives Optimize the existing business + Deploy capital in high risk-adjusted return initiatives Return the franchise to >1.25% Operating ROAA |
 3 The Northeast Region is Best Commercial Banking Market in the United States Population density Limited amount of land available for development Construction entitlements are difficult to win Deep educational and healthcare sectors provide long-lasting infrastructure, attract talented young people, consistently spawn new businesses Significant “quiet wealth” which adds credit strength to the region Mega bank acquisitions of mid-size banks have left a void of relationship- based, service focused banks |
 4 Deepening Presence in NYC Metro and Boston MSA People’s United (PBCT) Danvers Bancorp (DNBK) |
 5 Strong Pro Forma Deposit Market Position Connecticut Branches $BN % 1 B of A 166 20.7 21.7 2 Webster 136 11.5 12.1 3 People's United 162 9.7 10.1 4 Wells Fargo 76 8.3 8.6 5 TD Bank 80 5.2 5.5 6 First Niagara 74 4.9 5.1 7 JPM Chase 49 3.9 4.0 8 Liberty 42 2.7 2.8 9 RBS 51 2.6 2.8 10 Citi 20 2.2 2.3 Massachusetts Vermont New York New Hampshire Maine Branches $BN % 1 B of A 280 44.2 24.2 2 RBS 257 24.5 13.4 3 Santander 230 13.6 7.4 4 TD Bank 159 8.7 4.8 5 Eastern 96 6.2 3.4 6 Independent 70 3.7 2.0 7 People's United 59 3.6 2.0 8 Middlesex 33 3.6 2.0 9 Boston Private 9 2.4 1.3 10 Berkshire Hills 37 2.0 1.2 Branches $BN % 1 People's United 46 2.6 24.3 2 TD Bank 37 2.0 18.5 3 Merchants 34 1.0 9.8 4 RBS 24 0.8 8.0 5 KeyCorp 13 0.8 7.7 6 Northfield 13 0.5 4.4 7 Community 14 0.4 3.6 8 Union 13 0.3 3.3 9 Passumpsic 7 0.3 3.1 10 Berkshire Hills 7 0.3 2.8 Branches $BN % 1 JPM Chase 811 287.4 34.3 2 Citi 261 66.6 7.9 3 HSBC 377 65.9 7.9 4 B of A 380 55.2 6.6 5 Capital One 290 32.6 3.9 6 M&T 278 23.5 2.8 7 Wells Fargo 87 20.4 2.4 8 TD Bank 203 18.9 2.3 9 KeyCorp 229 15.2 1.8 10 Astoria 85 11.2 1.3 37 People's United 38 2.2 0.3 Branches $BN % 1 RBS 82 6.9 26.3 2 TD Bank 74 4.8 18.2 3 B of A 35 4.6 17.5 4 People's United 33 1.4 5.2 5 LSB Financial 20 0.8 3.2 6 Santander 20 0.8 3.1 7 Northway 19 0.6 2.5 8 New Hamp. Thrift 19 0.6 2.3 9 Centrix 6 0.5 2.1 10 Meredith Village 11 0.5 1.8 Branches $BN % 1 TD Bank 57 3.2 15.0 2 KeyCorp 61 2.7 12.7 3 B of A 35 1.7 8.0 4 Bangor Bancorp 57 1.7 7.9 5 Camden National 38 1.6 7.3 6 First Bancorp 14 0.9 4.5 7 Machias 13 0.8 3.9 8 People's United 31 0.8 3.9 9 Norway 21 0.7 3.3 10 Bar Harbor 13 0.7 3.1 Deposits of $20.2BN #1 in Fairfield County, CT, 64 branches, $5.4BN, 17.8% market share #2 in Essex County, MA, 24 branches, $2.0BN, 12.3% market share Source: SNL Financial |
 6 6 Low Cost of Deposits Publicly Traded Northeast Banks, $5BN < Assets <$100BN Source: SNL Financial Total Cost of Assets ($BN) Deposits (%) Company Name City State 2011Q1 2011Q1 1 M&T Bank Corporation Buffalo NY 67.9 0.31 2 First Niagara Financial Group, Inc. Buffalo NY 21.4 0.48 3 Boston Private Financial Holdings, Inc. Boston MA 6.0 0.58 4 People's United Financial, Inc. Bridgeport CT 25.0 0.59 5 NBT Bancorp Inc. Norwich NY 5.5 0.60 6 Community Bank System, Inc. De Witt NY 5.5 0.60 7 Webster Financial Corporation Waterbury CT 18.0 0.65 8 Valley National Bancorp Wayne NJ 14.4 0.71 9 Fulton Financial Corporation Lancaster PA 16.0 0.75 10 National Penn Bancshares, Inc. Boyertown PA 8.5 0.77 11 New York Community Bancorp, Inc. Westbury NY 41.0 0.78 12 F.N.B. Corporation Hermitage PA 9.8 0.80 13 Provident Financial Services, Inc. Iselin NJ 6.8 0.81 14 First Commonwealth Financial Corporation Indiana PA 5.8 0.83 15 Signature Bank New York NY 12.4 0.89 16 Susquehanna Bancshares, Inc. Lititz PA 14.0 0.91 17 Northwest Bancshares, Inc. Warren PA 8.1 1.11 18 CapitalSource Inc. Chevy Chase MD 9.3 1.15 19 Investors Bancorp, Inc. (MHC) Short Hills NJ 9.8 1.18 20 Astoria Financial Corporation Lake Success NY 17.7 1.29 21 Hudson City Bancorp, Inc. Paramus NJ 52.4 1.33 |
 7 < 20 Employees Commercial Market Opportunity by MSA Source: SBA firms and employment by MSA 2007 * NY Metro area includes New York, Northern New Jersey, and Long Island MSA ** Central Connecticut includes New Haven and Hartford MSAs > 500 Employees < 500 Employees Pro Forma Deposit Market Share Overall within identified MSA Number of firms by size People’s United is growing in NYC Metro and Boston Metro, areas rich with potential commercial, non-commodity relationships |
 8 Capital Deployment Primary focus is to deploy capital via organic growth – “new markets, new products, cross-sell” Announced an increase to our dividend (19th consecutive annual dividend increase), our pro forma dividend yield is ~4.9% Repurchased $191MM of stock in 2010 at a weighted average price of $13.35 Repurchased an additional $61MM of stock in 1Q11 at an average price of $13.09 Prohibited from repurchasing shares until the Danvers Bancorp deal closes Acquisitions Closed 4 deals in 2010: Financial Federal, Butler Bank, RiverBank, Smithtown Danvers Bancorp shareholders approved the merger with People’s United on May 13 th Building relationships with banks $1BN - $20BN in asset size Maintaining price discipline in light of challenging industry conditions |
 9 Loans Deposits Growing Future Earnings Per Share Loans and Deposits per Share * Pro forma for FIF acquisition * *Pro forma for SMTB & LSBX acquisitions ** *Pro forma for DNBK acquisitions $12.5 $14.0 $15.5 $17.0 $18.5 $20.0 $21.5 1Q09 2Q09 3Q09 4Q09* 1Q10 2Q10** 3Q10** 4Q10*** 1Q11*** $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 Gross Loans ($Bn) Loans per share $12.5 $14.0 $15.5 $17.0 $18.5 $20.0 $21.5 1Q09 2Q09 3Q09 4Q09* 1Q10 2Q10** 3Q10** 4Q10*** 1Q11*** $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 Deposits ($Bn) Deposits per share |
 10 Operating earnings of $53.8 million, or $0.15 per share Net interest margin of 4.16%; up 29 bps from Q4 2010 Total loan growth of $195MM or 4.5% linked-quarter annualized Deposit growth of $177MM or 3.9% linked-quarter annualized Strong non-interest income – wealth management income improvement of 9% linked-quarter annualized Efficiency ratio improved to 66.2% NPAs as a percentage of originated loans, REO and repossessed assets fell to 1.96% from 2.09% as of Q4 2010 First Quarter 2011 Results Overview |
 11 Net Interest Margin Linked Quarter Change 11 3.87% 4.16% -0.08% -0.06% 0.16% 0.12% 0.15% Q4 2010 Margin Hedge Income Decrease Calendar Days PUEF Accretion Adjustment Investment Mix & Yield Full Quarter Smithtown & River Q1 2011 Margin |
 12 Net Interest Margin Last Five Quarters 12 3.49% 3.69% 3.74% 3.87% 4.16% 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 |
 13 Last Five Quarters 4.16 3.43 3.54 2.00 3.00 4.00 5.00 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 PBCT Peer Group Mean Top 50 Banks Net Interest Margin Compared to Peers and Top 50 Banks Source: SNL Financial and Company filings |
 14 We do not expect short-term interest rates to rise in 2011, however, we do expect Fed tightening to begin in 2012 Given short-term interest rates are very low and are expected to remain low for the near term, we have continued to accumulate securities For Q1 2011 we were 4.5x – 5.0x as asset sensitive as the estimated median of our peers depending on scenario For an immediate parallel increase of 100bps, our net interest income is projected to increase by ~$40MM on an annualized basis Yield curve twist scenarios confirm that we are reasonably well protected from bull flattener and benefit considerably from bear flattener environments Notes: 1. Analysis is as of 3/31/11 filings 2. Data as of 3/31/11 SEC filings, where exact +100bps shock up scenario data was not provided PBCT interpolated based on data disclosed 3. Data as of 3/31/11 filings, where exact +200bps shock up scenario data was not provided PBCT interpolated based on data disclosed Current Asset Sensitivity Net Interest Income at Risk ¹ Analysis involves PBCT estimates, see notes below Change in Net Interest Income Scenario Lowest Amongst Peers Highest Amongst Peers Peer Median PBCT Multiple to Peer Median Shock Up 100bps ² -0.6% 5.6% 0.9% 5.0x Shock Up 200bps ³ -0.1% 11.2% 2.5% 4.5x |
 15 Loans Linked Quarter Change (in $ millions) 15 Annualized Linked Quarter Change: 11.0% 12.3% (30.3%) Originated Annualized Linked Quarter Change: 11.4% Total Annualized Linked Quarter Change: 4.5% 17,328 277 136 (218) 17,523 Dec 31, 2010 Commercial Banking Retail & Business Banking Acquired Mar 31, 2011 |
 16 Deposits Linked Quarter Change (in $ millions) 16 Annualized Linked Quarter Change: 2.1% 64.9% 5.9% Total Annualized Linked Quarter Change: 3.9% 17,933 18,110 34 63 80 Dec 31, 2010 Legacy De Novo Acquired Mar 31, 2011 |
 17 (1.1) 0.3 0.3 0.3 1.0 5.5 0.2 74.6 68.1 4Q 2010 Gain on Smithtown Loan Sales Insurance Investment Management Brokerage Bank Service Charges Gain on Residential Loan Sales Other 1Q 2011 Non-interest income Linked Quarter Change (in $ millions) 17 Includes a $5.5MM gain on sale of non-performing Smithtown loans |
 18 Non-interest expense Linked Quarter Change (in $ millions) 18 199.1 202.8 (2.8) (1.7) ( 3.9) 5.0 7.1 4Q 2010 Compensation & Benefits Occupancy & Equipment Professional & Outside Svc Merger-related expenses Other 1Q 2011 Expenses essentially flat despite full quarter impact of Smithtown and RiverBank |
 19 Efficiency Ratio Historical Trend 75% 72% 71% 71% 66% 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 |
 20 Last Five Quarters 1.96 3.33 3.33 0.00 1.00 2.00 3.00 4.00 5.00 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 PBCT Peer Group Median Top 50 Banks by Assets Asset Quality NPAs / Loans & REO* (%) * Non-performing assets (excluding acquired non-performing loans) as a percentage of originated loans plus all REO and repossessed assets; acquired non-performing loans excluded as risk of loss has been considered by virtue of our estimate of acquisition-date fair value and/or the existence of an FDIC loss sharing agreement Source: SNL Financial and Company filings |
 21 Last Five Quarters 0.22 1.02 1.41 0.00 0.50 1.00 1.50 2.00 2.50 3.00 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 PBCT Peer Group Mean Top 50 Banks Asset Quality Net Charge-Offs / Avg. Loans (%) Source: SNL Financial and Company filings |
 22 Allowance for Loan Losses Coverage Detail (in $ millions) 1.50% 1.55% 1.60% 1.65% NPLs:Loans ALLL:Loans Commercial Banking 0.00% 0.50% 1.00% 1.50% 2.00% NPLs:Loans ALLL:Loans Retail Banking Commercial ALLL - $165.7 million 104% of Commercial NPLs Retail ALLL - $11.8 million 15% of Retail NPLs Total ALLL - $177.5 million 74% of Total NPLs 0.00% 0.50% 1.00% 1.50% 2.00% NPLs:Loans ALLL:NPLs Total |
 23 Acquired Loan Portfolio Actual Credit Experience vs. Expectations Acquired loans initially recorded at fair value (inclusive of related credit mark) without carryover of historical ALLL Accounting model is cash-flow based: Contractual cash flows (principal & interest) less Expected cash flows (principal & interest) = non-accretable difference (utilized to absorb actual portfolio losses) Expected cash flows (principal & interest) less fair value = accretable yield Cash flows are both acquisition and pool specific Expected cash flows are regularly reassessed and compared to actual cash collections Better than expected credit experience results in reclass of non-accretable difference to accretable yield (prospective yield adjustment over the life of the loans) As of 3/31/2011 (in $ millions) Carrying Amount NPLs a Remaining Non-Accretable Difference Remaining Non-Accretable Difference:NPLs Charge-offs Incurred Since Acquisition FinFed (2/18/10) $ 574.6 $ 59.2 $ 28.2 47.6% $ 8.5 Butler (4/16/10) 99.9 14.3 35.3 246.9% 2.9 RiverBank (11/30/10) 484.3 8.3 16.8 202.4% - Smithtown (11/30/10) b 1,516.1 242.6 329.1 135.7% 48.6 Total $2,674.9 $324.4 $409.4 (a) Represent contractual amounts; loans meet People’s United Financial’s definition of a non-performing loan but are not subject to classification as non-accrual in the same manner as originated loans. Rather, these loans are considered to be accruing loans because their interest income relates to the accretable yield recognized at the pool level and not to contractual interest payments at the loan level. (b) Smithtown charge-offs include $17.7M incurred upon Q1 2011 sale of non-performing loans. |
 24 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q1 2011 Pro Forma PEOPLE’S UNITED FINANCIAL Leverage (core) Capital 2 19.2% 18.2% 18.0% 14.5% 14.3% 12.9% Tier 1 Common 3 23.1% 22.1% 22.3% 17.0% 17.1% 15.6% Tier 1 Risk-Based Capital 4 23.9% 22.5% 22.7% 17.5% 17.6% 16.0% Total Risk-Based Capital 5 24.9% 23.4% 23.6% 19.3% 19.4% 17.7% Tang. Com. Equity/Tang. Assets 18.7% 18.0% 17.8% 14.1% 13.9% 12.6% PEOPLE’S UNITED BANK Leverage (core) Capital 2 12.3% 12.8% 13.0% 11.4% 11.5% 10.1% Tier 1 Common 3 14.6% 15.3% 15.1% 13.1% 13.4% 12.1% Tier 1 Risk-Based Capital 4 15.4% 15.7% 15.4% 13.6% 13.9% 12.6% Total Risk-Based Capital 5 16.3% 16.6% 16.4% 14.5% 14.8% 13.4% Capital Ratios Notes: 1. Pro forma for Danvers acquisition 2. Leverage (core) Capital represents Tier 1 capital (total stockholder’s equity, excluding: (i) after-tax net unrealized gains (losses) on certain securities classified as available for sale; (ii) goodwill and other acquisition-related intangibles; and (iii) the amount recorded in accumulated other comprehensive income (loss) relating to pension and other postretirement benefits), divided by total adjusted assets (period end total assets less goodwill and other acquisition-related intangibles) 3. Tier 1 Common represents total stockholder’s equity, excluding goodwill and other acquisition-related intangibles, divided by total risk-weighted assets 4. Tier 1 Risk-Based Capital represents Tier 1 capital divided by total risk-weighted assets. 5. Total Risk-Based Capital represents Tier 1 capital plus subordinated notes and debentures, up to certain limits, and the allowance for loan losses up to 1.25% of total risk weighted assets, divided by total risk-weighted assets. 1 |
 25 Operating ROAA Progress Last Five Quarters 0.55% 0.58% 0.50% 0.64% 0.87% 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 |
 26 Summary Premium brand built over 169 years High quality Northeast footprint characterized by wealth, density and commercial activity Strengthened leadership team Low cost of deposits Strong net interest margin Superior asset quality Focus on non-commodity/relationship based lending Growing loans and deposits within footprint - in two of the largest MSAs in the country (New York City, #1 and Boston, #10) Efficiently growing loans and deposits per share Significantly more asset sensitive than peers Pro forma tangible common equity ratio of 12.6% Sustainable Competitive Advantage |
 Appendix * * * * * * * * * * * * * * * * * * |
 28 Peer Group Company Name Ticker State 1 Associated Banc-Corp ASBC WI 2 Astoria Financial Corporation AF NY 3 BOK Financial Corporation BOKF OK 4 City National Corporation CYN CA 5 Comerica Incorporated CMA TX 6 Commerce Bancshares, Inc. CBSH MO 7 Cullen/Frost Bankers, Inc. CFR TX 8 First Horizon National Corporation FHN TN 9 Flagstar Bancorp, Inc. FBC MI 10 Fulton Financial Corporation FULT PA 11 Hudson City Bancorp, Inc. HCBK NJ 12 M&T Bank Corporation MTB NY 13 Marshall & Ilsley Corporation MI WI 14 New York Community Bancorp, Inc. NYB NY 15 Synovus Financial Corp. SNV GA 16 TCF Financial Corporation TCB MN 17 Valley National Bancorp VLY NJ 18 Webster Financial Corporation WBS CT 19 Zions Bancorporation ZION UT |
 For more information, investors may contact: Peter Goulding, CFA 203-338-6799 peter.goulding@peoples.com * * * * * * * * * * * * * * * * * * 29 |