 4 th Quarter 2012 Earnings Conference Call January 17, 2013 Exhibit 99.2 |
 1 Certain statements contained in this release are forward-looking in nature. These include all statements about People's United Financial's plans, objectives, expectations and other statements that are not historical facts, and usually use words such as "expect," "anticipate," "believe," "should" and similar expressions. Such statements represent management's current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause People's United Financial's actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People’s United Financial include, but are not limited to: (1) changes in general, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non- interest income and expense related activities; (6) residential mortgage and secondary market activity; (7) changes in accounting and regulatory guidance applicable to banks; (8) price levels and conditions in the public securities markets generally; (9) competition and its effect on pricing, spending, third-party relationships and revenues; (10) the successful integration of acquisitions; and (11) changes in regulation resulting from or relating to financial reform legislation. People's United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-Looking Statement |
 2 2012 Results Overview / 2012 vs. 2011 Operating earnings grew 10% to $254 million Operating EPS grew 14% to $0.75 Operating return on average assets was 90 basis points, up 1 basis point Operating return on average tangible equity was 8.5%, up 130 basis points Efficiency ratio improved to 62.4% from 64.0% Asset quality remained strong NPAs as a percentage of originated loans, REO and repossessed assets improved to 1.48% NCOs to average loans remained low at 21 basis points Dividend yield of 5% in 2012* * Using average stock price in 2012 |
 3 Balance Sheet Performance 2011 - 2012 $20.4 $21.7 2011 2012 Loans ($BN) 7% $20.8 $21.8 2011 2012 Deposits ($BN) 4% |
 4 64.0% 62.4% 2011 2012 Income Statement Performance 2011 - 2012 $913 $929 2011 2012 Net Interest Income ($MM) $1,221 $1,243 2011 2012 Revenue ($MM) Efficiency Ratio (%) $0.66 $0.75 2011 2012 Operating EPS |
 5 2013 Goals Execution Driving Performance Grow loans in the high single digits to mid-teens Continued momentum from current initiatives combined with slower run-off from the acquired loan portfolio Increase deposits in the mid single digits Net interest income target range of $900 to $940 million Implies net interest margin in the 3.30-3.40% range Fee income growth in the mid single digits Full year operating expense target range of $815 to $825 million Maintain a fortress balance sheet with continued excellent credit quality and strong capital levels |
 6 Fourth Quarter 2012 Results Overview / 4Q 2012 vs. 3Q 2012 Operating earnings of $63.2 million or $0.19 per share, versus $0.19 per share in the prior quarter Operating net interest margin of 3.63%, down 19 bps Loan growth of $697 million, 13.3% annualized growth rate Deposit growth of $388 million, 7.3% annualized growth rate Non-interest income increased $2.9 million to $84.3 million Efficiency ratio was 63.1% compared to 61.4% last quarter Net charge-offs were 19bps in line with 18bps last quarter Continued optimization of capital Repurchased 4.7 million shares, or $56.3 million, at a weighted average price of $11.95 per share Announced 10% share repurchase authorization Issued $500 million in senior notes at a coupon of 3.65% TCE/TA ratio decreased to 10.2% from 11.2% as we continued to efficiently deploy capital |
 7 Net Interest Margin (%) 4.03 3.97 3.88 3.82 3.63 4.12 3.97 3.96 3.89 3.63 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 Margin- Operating Margin- GAAP |
 8 Operating Net Interest Margin (%) - Decrease from 3Q 2012 3.82% 3.63% (0.07%) (0.02%) 0.03% (0.02%) (0.05%) (0.04%) (0.02%) 3Q 2012 Margin New loan volume Acquired loan accretion Loan repricing/ amortization Investments Senior Notes Danvers CD FV Adj Deposit Rates/ Mix 4Q 2012 Margin |
 9 Acquired Loan Portfolio 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 (effectively utilized to absorb actual portfolio losses) Expected cash flows (principal & interest) less fair value = accretable yield Expected cash flows are regularly reassessed and compared to actual cash collections As of 12/31/2012 (in $ millions) Carrying Amount a, b Carrying Amount Component b NPLs c Non-Accretable Difference/NPLs Charge-offs Incurred Since Acquisition Accretable Yield Non-Accretable Difference FinFed (2/18/10) $150.5 $11.8 $7.7 $28.2 27% $11.3 Butler (4/16/10) 60.4 22.6 13.7 8.0 171% 7.9 RiverBank (11/30/10) 237.8 98.2 10.5 22.9 46% 4.5 Smithtown (11/30/10) 768.5 428.6 117.3 74.7 157% 126.1 Danvers (7/1/11) 1,020.9 329.0 18.6 47.8 39% 17.5 Total $2,238.1 $890.2 $167.8 $181.6 (a) Initial carrying amounts of acquired portfolios are as follows: FinFed, $1.2BN; Butler, $141MM; RiverBank, $518MM; Smithtown, $1.6BN; and Danvers, $1.9BN. (b) Carrying amount and related components reflect loan sale, settlement and payoff activity which have occurred since acquisition. (c) 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. |
 10 Acquired Loan Portfolio Amortization of Original Discount on Acquired Loan Portfolio Note: $ in millions, except per share data Impact on Net Interest Margin Impact on Earnings Per Share 4Q12 Total Accretion (All interest income on acquired loans) 42 Interest Income from Amortization of Original Discount on Acq. Loan Portfolio 9.7 3Q12 Acquired Loan Portfolio Carrying Amount 2,634 4Q12 Effective Tax Rate 32% 4Q12 Acquired Loan Portfolio Carrying Amount 2,238 4Q12 Average Acquired Loan Portfolio 2,436 4Q12 Earnings from Amortiz. of Original Discount on Acq. Loan Portfolio 6.6 Effective Yield on Acquired Loan Portfolio 6.86% 4Q12 Weighted Average Shares Outstanding 331.4 Weighted Average Coupon on Acquired Loan Portfolio 1 5.27% 4Q12 EPS Impact from Amortiz. of Discount on Acq. Loan Portfolio $0.02 Incremental Yield Attributable to Amortiz. of Discount on Acq. Loan Portfolio 1.59% Incremental Interest Income from Amortiz. of Discount on Acq. Loan Portfolio 9.7 4Q12 Average Earning Assets 25,206 Add: Average unamortized loan discount 2 72 Adjusted 4Q12 Average Earning Assets 25,278 Impact on Overall Net Interest Margin (bps) 15 Operating Net Interest Margin 3.63% Adjusted Net Interest Margin 3.48% Amortization of Original Discount on Acquired Loan Portfolio Amortization of Original Discount on Acquired Loan Portfolio 1. Excluding FinFed, the weighted average coupon on the acquired loan portfolio is 4.98% 2. Represents the difference between the outstanding balance of the acquired loan portfolio and the carrying amount of the acquired loan portfolio |
 11 Loans Linked Quarter Change (in $ millions) Annualized Linked QTD change 13.3% 1,075 (396) 18 21,040 21,737 Sep 30, 2012 Commercial Banking Retail Acquired Dec 31, 2012 |
 12 Deposits Linked Quarter Change (in $ millions) Total 21,363 21,751 Commercial Retail Annualized linked QTD change 6.7% 8.8% Annualized Linked QTD change- Total 7.3% 15,742 16,006 5,745 5,621 264 124 Sep 30, 2012 Retail Commercial Dec 31, 2012 |
 13 Non-Interest Income Linked Quarter Change (in $ millions) 81.4 84.3 (1.6) (2.8) 0.3 0.7 2.7 2.8 3Q 2012 Insurance Bank Service Charges Gain on Loan Sales Loan Prepayment Fees Gain on Branch Sale Trust & Brokerage Fees Other 4Q 2012 |
 14 Non-Operating Operating Total Non-Interest Expense Linked Quarter Change (in $ millions) 208.9 207.4 (0.3) 205.7 (2.4) (1.8) 1.9 1.5 (0.4) 204.5 2.9 3.2 3Q 2012 Non- Operating REO Expense Vesting- Initial RRP/SOP Grant Occupancy & Equip Prof & Outside Svc Other 4Q 2012 |
 15 0.9 63.1 (0.4) (0.4) 0.8 1.4 (0.6) 61.4 3Q 2012 Acquired Loan Accretion Cost Recovery Income Other net interest income Non interest income Operating expense REO/ Gains/ other adjs 4Q 2012 Efficiency Ratio (%) Linked Quarter Change Notes: 1. Expense items classified as “other” and deducted from non-interest expense for purposes of calculating the efficiency ratio include, as applicable, certain franchise taxes, REO expenses, contract termination costs and non-recurring expenses Revenue items classified as “other” and added to (deducted from) total revenues for purposes of calculating the efficiency ratio include, as applicable, asset write-offs and gains associated with the sale of branch locations 1 |
 16 Efficiency Ratio (%) Since 1Q 2010 76.1% 73.1% 72.4% 71.9% 66.0% 65.5% 62.4% 62.3% 63.6% 61.5% 61.4% 63.1% 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 |
 17 1.59 1.48 1.98 2.70 1.00 2.00 3.00 4.00 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 PBCT Peer Group Median Top 50 Banks by Assets Since 1Q 2010 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 (i) our estimate of acquisition-date fair value, (ii) the existence of an FDIC loss sharing agreement, and/or (iii) allowance for loan losses established subsequent to acquisition Source: SNL Financial and Company filings |
 18 Since 1Q 2010 0.18 0.19 0.41 0.59 0.00 0.50 1.00 1.50 2.00 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 PBCT Peer Group Median Top 50 Banks Asset Quality Net Charge-Offs / Avg. Loans (%) Source: SNL Financial and Company filings |
 19 Allowance for Loan Losses Originated Portfolio Coverage Detail (in $ millions) 1.20% 1.13% 0.00% 0.50% 1.00% 1.50% 2.00% NPLs:Loans ALLL:Loans Commercial Banking 1.54% 0.36% 0.00% 0.50% 1.00% 1.50% 2.00% NPLs:Loans ALLL:Loans Retail Banking Commercial ALLL - $157.5 million 95% of Commercial NPLs Retail ALLL - $20.0 million 23% of Retail NPLs Total ALLL - $177.5 million 70% of Total NPLs 1.30% 0.91% 0.00% 0.50% 1.00% 1.50% 2.00% NPLs:Loans ALLL:Loans Total |
 20 Loans Deposits Growing Future Earnings Per Share Loans and Deposits per Share $65.59 $14 $15 $16 $17 $18 $19 $20 $21 $22 $23 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 $40 $45 $50 $55 $60 $65 $70 Gross Loans ($BN) Loans per Share $65.64 $14 $15 $16 $17 $18 $19 $20 $21 $22 $23 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 $40 $45 $50 $55 $60 $65 $70 Deposits ($BN) Deposits per Share |
 21 Operating ROAA Progress Since 1Q 2010 0.60% 0.57% 0.48% 0.61% 0.85% 0.90% 0.96% 0.84% 0.86% 0.97% 0.91% 0.87% 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 |
 22 Operating ROATE Progress Since 1Q 2010 3.5% 3.4% 2.9% 4.0% 6.4% 6.9% 7.8% 7.2% 7.8% 8.9% 8.6% 8.6% 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 |
 23 Operating Dividend Payout Ratio Since 1Q 2010 175% 180% 209% 157% 104% 98% 87% 96% 93% 82% 84% 85% 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 |
 24 Capital Ratios Since 1Q 2010 1Q 2010 1Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 People’s United Financial Tang. Com. Equity/Tang. Assets 18.7% 13.9% 11.7% 11.4% 11.2% 10.2% Leverage Ratio 1, 5 19.2% 14.5% 12.1% 11.8% 11.5% 10.6% Tier 1 Common 2 23.1% 17.1% 13.9% 13.6% 13.6% 12.7% Tier 1 Risk-Based Capital 3, 5 23.9% 17.9% 14.4% 14.1% 14.1% 13.2% Total Risk-Based Capital 4, 5 25.6% 19.4% 16.0% 15.6% 15.6% 14.7% People’s United Bank Leverage Ratio 1, 5 12.3% 11.4% 11.0% 10.9% 10.8% 9.8% Tier 1 Risk-Based Capital 3, 5 15.4% 13.9% 13.1% 13.0% 13.2% 12.2% Total Risk-Based Capital 4,5 16.3% 14.8% 14.0% 14.0% 14.1% 13.1% Notes: 1. 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 Adjusted Total Assets (period end total assets less goodwill and other acquisition-related intangibles) 2. Tier 1 Common represents total stockholder’s equity, excluding goodwill and other acquisition-related intangibles, divided by Total Risk-Weighted Assets 3. Tier 1 Risk-Based Capital represents Tier 1 Capital divided by Total Risk-Weighted Assets 4. 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 5. Well capitalized limits for the Bank are: Leverage Ratio, 5%; Tier 1 Risk-Based Capital, 6%; and Total Risk-Based Capital, 10% |
 25 Summary Sustainable Competitive Advantage Premium brand built over 170 years High quality Northeast footprint characterized by wealth, density and commercial activity Strong leadership team Solid net interest margin Superior asset quality Focus on relationship-based banking Growing loans and deposits within footprint - in two of the largest MSAs in the country (New York City, #1 and Boston, #10) Improving profitability Returning capital to shareholders Strong capital base as evidenced by robust Tier 1 Risk-Based and Tier 1 Common ratios |
 Appendix |
 27 For 3Q 2012 we were more than twice as asset sensitive as the estimated median of our peer group Currently for an immediate parallel increase of 100bps, our net interest income is projected to increase by ~$48MM on an annualized basis Yield curve twist scenarios confirm that we are reasonably well protected from bull flattener (short rates are unchanged, long rates fall) and benefit considerably from bear flattener environments (short rates rise, long rates are unchanged) Notes: 1. Analysis is as of 9/30/12 filings 2. Data as of 9/30/12 SEC filings; where exact +100bps shock up scenario data was not provided, PBCT interpolated based on data disclosed 3. Data as of 9/30/12 SEC 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 -3.6% 6.7% 2.7% 2.8x Shock Up 200bps 3 -6.2% 13.4% 4.5% 3.4x |
 28 Peer Group Firm Ticker City State 1 Associated ASBC Green Bay WI 2 BancorpSouth BXS Tupelo MS 3 City National CYN Los Angeles CA 4 Comerica CMA Dallas TX 5 Commerce CBSH Kansas City MO 6 Cullen/Frost CFR San Antonio TX 7 East West EWBC Pasadena CA 8 First Niagara FNFG Buffalo NY 9 FirstMerit FMER Akron OH 10 Fulton FULT Lancaster PA 11 Huntington HBAN Columbus OH 12 M&T MTB Buffalo NY 13 New York Community NYCB Westbury NY 14 Signature SBNY New York NY 15 Susquehanna SUSQ Lititz PA 16 Synovus SNV Columbus GA 17 Valley National VLY Wayne NJ 18 Webster WBS Waterbury CT 19 Wintrust WTFC Lake Forest IL 20 Zions ZION Salt Lake City UT |
 For more information, investors may contact: Peter Goulding, CFA 203-338-6799 peter.goulding@peoples.com |