People's United Financial 8K People’s United Financial Reports Fourth Quarter Operating Earnings of $0.19 Per Share; Net Income of $0.18 Per Share | PBCT 18 Jan 13

Quarter

2012

Earnings

Conference

Call

January 17, 2013

Exhibit 99.2

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

risks

and

uncertainties

that

could

cause

People's

United

Financial's

actual

results

financial

condition

differ

materially

from

those

expressed

implied

such

statements.

Factors

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

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

Balance Sheet Performance

2011 -

2012

$20.4

$21.7

2011

2012

Loans ($BN)

$20.8

$21.8

2011

2012

Deposits ($BN)

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

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

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

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

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

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

NPLs

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.

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)

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

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

Adjusted 4Q12 Average Earning Assets

25,278

Impact on Overall Net Interest Margin (bps)

Operating Net Interest Margin

3.63%

Adjusted Net Interest Margin

3.48%

Amortization of Original Discount on Acquired Loan Portfolio

Excluding FinFed, the weighted average coupon on the acquired loan portfolio is 4.98%

Represents the difference between the outstanding balance of the acquired loan portfolio and the carrying amount of the

acquired loan portfolio

Loans

Linked Quarter Change

(in $ millions)

Annualized Linked QTD change

13.3%

1,075

(396)

21,040

21,737

Sep 30, 2012

Commercial Banking

Retail

Acquired

Dec 31, 2012

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

Non-Interest Income

Linked Quarter Change

(in $ millions)

81.4

84.3

(1.6)

(2.8)

0.8

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

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

0.9

63.1

(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:

Expense

items

classified

“other”

and

deducted

from

non-interest

expense

for

purposes

calculating

the

efficiency ratio include, as applicable, certain franchise taxes, REO expenses, contract termination

costs and non-recurring expenses

Revenue

items

classified

“other”

and

added

(deducted

from)

total

revenues

for

purposes

calculating

the

efficiency ratio include, as applicable, asset write-offs and gains associated with the sale of branch locations

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%

2010

2011

2012

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)

percentage

originated

loans

plus

all

REO

and

repossessed

assets;

acquired

non-performing

loans

excluded

risk

loss

has

been

considered

virtue

(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

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

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

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

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%

2010

2011

2012

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%

2010

2011

2012

Operating Dividend Payout Ratio

Since 1Q 2010

175%

180%

209%

157%

104%

98%

87%

96%

93%

82%

84%

85%

2010

2011

2012

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

Common

23.1%

17.1%

13.9%

13.6%

12.7%

Tier 1 Risk-Based Capital

3, 5

23.9%

17.9%

14.4%

14.1%

13.2%

Total Risk-Based Capital

4, 5

25.6%

19.4%

16.0%

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%

14.1%

13.1%

Notes:

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)

Tier 1 Common represents total stockholder’s equity, excluding goodwill and other acquisition-related intangibles, divided by Total Risk-Weighted Assets

Tier 1 Risk-Based Capital represents Tier 1 Capital divided by Total Risk-Weighted Assets

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

Well capitalized limits for the Bank are: Leverage Ratio, 5%; Tier 1 Risk-Based Capital, 6%; and Total Risk-Based Capital, 10%

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

two

the

largest

MSAs

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

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:

Analysis is as of 9/30/12 filings

Data as of 9/30/12 SEC filings; where exact +100bps shock up scenario data was not provided, PBCT interpolated based on data disclosed

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

Risk

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

-3.6%

6.7%

2.7%

2.8x

Shock Up

200bps

-6.2%

13.4%

4.5%

3.4x

Peer Group

Firm

Ticker

City

State

Associated

ASBC

Green Bay

BancorpSouth

BXS

Tupelo

City National

CYN

Los Angeles

Comerica

CMA

Dallas

Commerce

CBSH

Kansas City

Cullen/Frost

CFR

San Antonio

East West

EWBC

Pasadena

First Niagara

FNFG

Buffalo

FirstMerit

FMER

Akron

Fulton

FULT

Lancaster

Huntington

HBAN

Columbus

M&T

MTB

Buffalo

New York Community

NYCB

Westbury

Signature

SBNY

New York

Susquehanna

SUSQ

Lititz

Synovus

SNV

Columbus

Valley National

VLY

Wayne

Webster

WBS

Waterbury

Wintrust

WTFC

Lake Forest

Zions

ZION

Salt Lake City

For more information, investors may contact:

Peter Goulding, CFA

203-338-6799

peter.goulding@peoples.com

People's United Financial (PBCT) 8-KPeople’s United Financial Reports Fourth Quarter Operating Earnings of $0.19 Per Share; Net Income of $0.18 Per Share