 Investor Presentation October 2013 Investor Contact: Peter Goulding, CFA 203-338-6799 peter.goulding@peoples.com ************************* Exhibit 99.1 |
 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 Table of Contents 1. Strategic Position 2. Income Statement Improvements 3. Interest Rate Risk Profile 4. Summary 5. Appendix |
 Strategic Position ************************************ |
 4 Corporate Overview Snapshot as of September 30, 2013 People’s United Financial, Inc. NASDAQ (PBCT) Headquarters: Bridgeport, CT Chief Executive Officer: Jack Barnes Chief Financial Officer: Kirk Walters Market Capitalization (10/28/13): $4.6 billion Assets: $31.5 billion Loans: $23.2 billion Deposits: $22.2 billion Branches: 410 ATMs: 629 Standalone ATMs:* 109 Founded: 1842 * Includes 18 ATMs in Stop & Shop locations where a branch is not present |
 5 Compelling Investment Opportunity Leading market position in the best commercial banking market in the US Significant growth runway within existing markets – expanding in two of the largest MSAs in the US (New York City, #1, Boston, #10) Dividend yield in excess of 4% Ability to maintain pristine credit quality – no credit “events” Improving profitability High levels of liquidity Capital deployment (organic growth, dividends, share repurchases, M&A) – TCE/TA 8.5% vs. ~8.0% for peers |
 6 Retail & Business Banking Franchise Distribution 400+ branches over 6 states • ~33% of branches are in-store 600+ ATMs Online & mobile banking Call center operations located in Bridgeport, CT and Burlington, VT Scale 5 th in deposit market share in New England * Customer base Approximately 800,000 commercial, business banking and consumer relationships * Source: SNL Financial |
 7 Strategic Focus of Deposit Franchise Growth Core customers and deposits Multiple product households Leverage employee expertise to drive sales Brand execution Employee expertise Superior customer experience In-store supermarket strategy Leveraging the Citizen’s branch acquisition Navigating a low rate environment Balancing growth, retention and cost of funds Constant evaluation of branch-level profitability • Consolidated 31 branches since the beginning of 2011, or ~8% of our franchise |
 8 Branches $BN % 1 B of A 151 26.0 24.3 2 Webster 124 12.7 11.9 3 People's United 163 11.3 10.6 4 Wells Fargo 76 8.6 8.1 5 TD Bank 78 6.2 5.8 6 JPM Chase 53 4.8 4.5 7 First Niagara 85 4.3 4.0 8 Citi 21 3.0 2.9 9 Liberty 48 2.9 2.7 10 RBS 47 2.6 2.4 Branches $BN % 1 TD Bank 54 18.2 48.2 2 KeyCorp 58 2.6 6.8 3 Bangor Bancorp 60 2.2 5.7 4 Camden National 44 1.8 4.9 5 B of A 19 1.4 3.7 6 First Bancorp 16 1.0 2.7 7 Machias 20 0.9 2.4 8 People's United 26 0.9 2.3 9 Bar Harbor 16 0.9 2.3 10 Norway 22 0.8 2.0 Branches $BN % 1 RBS 80 6.8 24.0 2 TD Bank 73 5.8 20.4 3 B of A 28 4.6 16.3 4 People's United 28 1.3 4.7 5 NH Mutual 18 1.0 3.7 6 BNH 22 0.9 3.1 7 Santander 20 0.9 3.0 8 NH Thrift 20 0.8 2.7 9 Centrix 6 0.7 2.6 10 Northway 18 0.7 2.4 Branches $BN % 1 People's United 42 2.6 22.5 2 TD Bank 35 2.6 22.0 3 Merchants 32 1.3 10.8 4 RBS 21 0.8 7.0 5 KeyCorp 13 0.7 6.1 6 Northfield 13 0.5 4.4 7 Community 14 0.4 3.8 8 Union 12 0.4 3.5 9 Passumpsic 6 0.3 2.8 10 Berkshire Hills 7 0.3 2.7 Branches $BN % 1 JPM Chase 802 425.0 37.4 2 Citi 270 76.1 6.7 3 B of A 331 60.9 5.4 4 HSBC 159 59.2 5.2 5 Capital One 274 41.4 3.6 6 M&T 299 35.5 3.1 7 TD Bank 229 24.3 2.1 8 KeyCorp 257 19.7 1.7 9 First Niagara 209 17.4 1.5 10 Signature 28 15.3 1.3 35 People's United 97 2.7 0.2 Branches $BN % 1 B of A 253 57.8 20.0 2 RBS 252 29.0 10.0 3 Santander 226 18.1 6.2 4 TD Bank 157 11.7 4.0 5 Eastern Bank 98 7.0 2.4 6 Independent Bank 85 4.9 1.7 7 Middlesex 30 3.5 1.2 8 People's United 54 3.1 1.1 9 Boston Private 11 3.0 1.0 10 First Republic 4 3.0 1.0 Deepening Market Presence Connecticut Massachusetts Vermont New York New Hampshire Maine Leading market position in the best commercial banking market in the US #1 in Fairfield County, CT, 65 branches, $6.3BN deposits, 18.3% market share Source: SNL Financial; FDIC data as of June 30, 2013 Notes: PBCT branch count updated as of September 30, 2013 |
 9 Large and Attractive Markets NYC-Northern NJ-LI Population: 19.0MM Median HH Income: $60,512 Businesses: 781,444 Population Density (#/sq miles): 2,847 Unemployment Rate (%): 7.9 $100K+ Households (%): 30.8 Boston, MA Population: 4.6MM Median HH Income: $67,700 Businesses: 203,770 Population Density (#/sq miles): 1,319 Unemployment Rate (%): 6.2 $100K+ Households (%): 33.8 Hartford, CT Population: 1.2MM Median HH Income: $63,997 Businesses: 52,315 Population Density (#/sq miles): 803 Unemployment Rate (%): 8.3 $100K+ Households (%): 30.4 Bridgeport-Stamford, CT Population: 922,000 Median HH Income: $80,342 Businesses: 49,392 Population Density (#/sq miles): 1,476 Unemployment Rate (%): 7.6 $100K+ Households (%): 41.5 New Haven, CT Population: 863,000 Median HH Income: $58,598 Businesses: 36,800 Population Density (#/sq miles): 1,427 Unemployment Rate (%): 8.6 $100K+ Households (%): 28.1 Burlington, VT Population: 215,000 Median HH Income: $55,875 Businesses: 10,846 Population Density (#/sq miles): 171 Unemployment Rate (%): 3.4 $100K+ Households (%): 21.9 Notes: The current national unemployment rate is 7.2% The current national population density is 89 (#/sq miles) Source: SNL Financial, US Census data for 2012 The population densities of NYC, Boston, Bridgeport and New Haven MSAs are each over ten times the national average |
 10 Strong Market Demographic Profile Source: SNL Financial, US Census data for 2012 Weighted Average Median Household Income |
 11 Total Deposits ($MM) 6,241 2,772 2,679 2,119 2,032 1,217 Market Total Deposits ($MM) 34,635 125,864 590,131 26,355 17,868 4,538 Branch Count 65 52 94 45 34 12 18.0 2.2 0.5 8.0 11.4 26.8 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Bridgeport- Stamford, CT Boston, MA NYC-Northern NJ-LI Hartford, CT New Haven, CT Burlington, VT Deposit Market Share by MSA (%) * We hold significant market share in several key northeast MSAs and are building our presence in areas with substantial growth potential, such as the Boston and New York City MSAs Source: SNL Financial; FDIC data as of June 30, 2013 * Excludes deposits from trust institutions and branches with over $750MM deposits; excludes branches and deposits located outside each MSA Large New Markets |
 12 Connecticut In-store Versus Traditional Branch Business (Last Twelve Months Through 9/30/13) In-store Versus Traditional Branches Connecticut On average, in-store locations are open 37% more hours per week than traditional branches (56 hours vs. 41 hours) but are 30% less expensive to operate Partnership allows us to leverage our brand with the ~1.8 million shoppers who visit Connecticut Stop & Shop stores every week In-store locations operate under the same business model as traditional branches and sell all the Bank’s products and services Mortgages, Home Equity Loans, Business Loans and Investments* Connecticut in-store branches accounted for a significant portion of the new branch business booked in the market * Sold by employees who are also licensed representatives of our brokerage affiliate |
 Income Statement Improvements ********************** |
 14 Consistent Loan Growth Since the end of 2010, People’s United is one of only six banks within the top 50 by assets that have grown loans in each quarter 1 Source: SNL Financial. Excludes trust banks. Statements based on Total Gross Loans and Finance Leases, as reported, net of unearned discounts and gross of loss reserves. Does not include accrued interest on loans Notes: 1 Includes People’s United, First Niagara, First Republic, Signature, UMB and Prosperity 2 Reflects completion of Danvers Bancorp acquisition in 2Q 2011 3 Based on 41 of the top 50 banks reporting Quarterly Loan Growth Since 1Q 2011 PBCT Median = 1.52% Top 50 Median = 1.03% |
 15 Revenue Opportunities Continue to deepen our presence in heritage markets such as Connecticut and Vermont Substantial growth prospects in larger markets such as New York metro and greater Boston New York: • 17 commercial relationship managers up from zero in 1Q 2010 • 97 branches up from 5 in 1Q 2010; 58 branches, or 60%, are in-store locations • 2 de novo branches with over $40MM deposits: Bronxville, NY (opened April 2011); Park Avenue (opened December 2012) Massachusetts: • 32 commercial relationship managers up from 14 since 2010 • 54 branches up from 19 in 1Q 2010 • 3 de novo branches with over $40MM deposits: Prudential Center in Boston (opened November 2010); Milk Street in Boston (opened December 2010); Lexington, MA (opened July 2011) Notes: 1 Data as of September 30, 2013 1 1 |
 16 Under-represented asset classes ramping up Recently hired senior professionals to lead large corporate and government banking businesses New York Commercial Real Estate gaining traction as evidenced by strong growth Increased Private Banking activity with initial focus on CT, metro New York and greater Boston Significant progress within asset-based and mortgage warehouse lending teams Enhancing wealth management offering Proprietary asset allocation and risk management strategies are implemented both internally and with a suite of external managers who represent our "best in class" recommendations • UMA technology allows us to “rent” intellectual capital – no customer funds leave the bank Increasing momentum in other fee income businesses with a focus on cross-sell Commercial insurance: revamped systems and combined all agencies into a single entity Delivering interest rate swaps and foreign exchange products to existing corporate customers Expanding international trade finance with the recent hire of a senior executive Growing cash management, merchant and payroll services Revenue Opportunities Multiple Levers for Growth |
 17 Growing Future Earnings Per Share Loans and Deposits per Share We have made substantial progress over the past two years, growing loans and deposits at compound annual growth rates of 16% and 12%, respectively |
 18 Efficiency Ratio Peer Group Comparison, Last Twelve Months Ending 3Q 2013 Low cost producers tend to yield the best returns to shareholders. Efficiency progress requires both revenue growth AND expense discipline Median, excluding PBCT = 62.2% Source: SNL Financial Notes: Represents 19 of 20 peers reporting in 3Q 2013 |
 19 EMOC has been fully operational since November 2011 Three person committee comprised of the CFO, Chief Administrative Officer and Chief HR Officer EMOC oversees PBCT’s noninterest expense management, implements strategies to ensure attainment of expense management targets and oversees revenue initiatives that require expenditures Provides a horizontal view of the organization Expense Management Units (EMUs) established to facilitate EMOC functions Defined EMUs include: • Technology • Operations • Real Estate Services Spending requests above $25,000 are submitted by EMU owners for approval Staffing models, staffing replacements and additions for mid-level positions and above require approval by the Committee Introduction to EMOC Expense Management Oversight Committee (EMOC) • Employment/Benefits • Marketing • Regulatory/Institutional • Depreciation/Equipment • Decentralized • Intangible Amortization |
 20 Expense Progress Estimated Cost Savings Analysis Source: SNL Financial Notes: “Pro Forma / Actual” represents PBCT operating noninterest expense and the actual expenses at the acquired institutions Acquisition target costs fall away as the acquisitions are completed “Without Expense Initiatives” represents PBCT operating noninterest expense and the actual expenses at the acquired institutions in 4Q09, and then applies the peer median expense growth rate in each subsequent quarter (19 of 20 peers reporting in 3Q 2013) Our 3Q 2013 operating expense base of $209MM reflects $24MM (~$96MM annualized) savings from successfully-executed expense initiatives |
 21 233 209 7 17 $0 $50 $100 $150 $200 $250 Without Expense Initiatives Announced Acquisition Savings Other Initiatives Pro Forma / Actual Operating Noninterest Expense ($MM) Expense Progress Estimated Cost Savings Analysis The $24MM in quarterly cost reductions is attributable to efforts related to acquisition cost savings and other initiatives Source: SNL Financial Notes: “Pro Forma / Actual” represents PBCT operating noninterest expense and the actual expenses at the acquired institutions Acquisition target costs fall away as the acquisitions are completed “Without Expense Initiatives” represents PBCT operating noninterest expense and the actual expenses at the acquired institutions in 4Q09, and then applies the peer median expense growth rate in each subsequent quarter (19 of 20 peers reporting in 3Q 2013) |
 22 Average Annual Net Charge Offs / Average Loans (%) Peer Group Comparison, 2008-2012 Conservative underwriting is a hallmark of this institution Median, excluding PBCT = 0.98% Source: SNL Financial |
 23 P/TBV vs. ROATE Peer Group Regression Analysis Improved profitability, enhanced predictability of earnings and transparent capital allocation will create additional shareholder value Source: SNL Financial Note: Analysis utilizes SNL 3 Year Betas, as of October 28, 2013 |
 Interest Rate Risk Profile ************************** |
 25 Net Interest Income (NII) Sensitivity Interest Rate Risk Profile Notes: 1. Yield curve twist pivot point is 18 month point on yield curve. Short End defined as overnight to 18 months. Long End defined as terms greater than 18 months |
 26 For 2Q 2013 we were more than twice as asset sensitive as the estimated median of our peer group Notes: 1. Analysis is as of 06/30/13 filings 2. Data as of 06/30/13 SEC filings; where exact +100bps shock up scenario data was not provided, PBCT interpolated based on data disclosed 3. Data as of 06/30/13 SEC filings; where exact +200bps shock up scenario data was not provided, PBCT interpolated based on data disclosed Interest Rate Sensitivity vs. Peers 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 -3.4% 8.4% 1.9% 2.3x Shock Up 200bps ³ -6.0% 16.8% 3.8% 2.9x |
 Summary ***************************************** |
 28 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 |
 Appendix **************************************** |
 30 Net Interest Margin Linked Quarter Change (%) |
 31 Loans Linked Quarter Change (in $ millions) Annualized Linked QTD change 6.3% 22,866 406 175 (220) 23,227 Jun 30, 2013 Commercial Retail Acquired Sep 30, 2013 |
 32 CRE $8.0 34% C&I $5.3 23% Residential Mortgage $4.2 18% Home Equity & Other $2.1 9% PCLC $1.6 7% Business Banking $1.1 5% PUEFC $0.9 4% 3Q13 Total Loan Portfolio $23.2 BN Loans by Business Line |
 33 Loans by Geography Notes: Reporting is based on the collateral property address for the following: SNE Residential Mortgage, Consumer Home equity, Consumer Other and CRE. Reporting is based on borrower address for the following: C&I, Residential construction and NNE loans. Excluding equipment finance loans, ~95% of our 3Q13 loan portfolio is within the Northeast 3Q13 Total Loan Portfolio $23.2 BN |
 34 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 9/30/13 (in $ millions) Carrying Amount a, b Carrying Amount Component b NPLs Non-Accretable Difference/NPLs Charge-offs Incurred Since Acquisition d Accretable Yield Non-Accretable Difference Danvers (7/1/11) $826.4 $263.4 $14.0 $32.9 43% $22.9 Smithtown (11/30/10) 520.7 314.5 101.3 90.3 112% 126.9 Others (various dates) 315.0 88.2 23.3 30.9 75% 29.9 Total $1,662.1 $666.1 $138.6 $154.1 (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. (d) Includes approximately $6.9MM of charge-offs applied against reserves established subsequent to acquisition. c |
 35 Acquired Loan Portfolio Amortization of Original Discount on Acquired Loan Portfolio Notes: 1. Excluding FinFed, the weighted average coupon on the acquired loan portfolio is 4.55% 2. Represents the difference between the outstanding balance of the acquired loan portfolio and the carrying amount of the acquired loan portfolio $ in millions, except per share data |
 36 Summary of Acquired Loan Accounting Events (in $ millions) Period Cost Recovery Income Gain (Loss) on Sale of Acquired Loans Acquired Loan Impairment Net Impact 2011 Q1 0.0 5.5 0.0 5.5 Q2 0.0 7.2 0.0 7.2 Q3 0.0 (4.8) 0.0 (4.8) Q4 5.0 (0.4) (7.4) (2.8) 2012 Q1 0.0 0.0 (0.3) (0.3) Q2 4.7 0.7 0.2 5.6 Q3 4.1 0.0 (5.7) (1.6) Q4 0.0 0.3 0.0 0.3 2013 Q1 0.0 0.0 (2.6) (2.6) Q2 0.0 5.8 0.9 6.7 Q3 3.0 0.0 (2.6) 0.4 Total $16.8 $14.3 ($17.5) $13.6 Since 2010, we have acquired $5.4BN of loans, over 30% of which remain in our portfolio. We did not recognize cost recovery income, gains (losses) on sale or impairment in 2010. Since 1Q 2011, the net impact of such activity is +$13.6MM |
 37 Deposits Linked Quarter Change (in $ millions) Total 21,982 22,190 Retail Annualized Linked QTD change 3.8% Commercial 16,196 15,897 5,786 6,293 507 (299) Jun 30, 2013 Retail Commercial Sep 30, 2013 |
 38 Non-Interest Income Linked Quarter Change (in $ millions) 86.1 84.0 2.0 1.2 0.8 (0.3) (5.8) 2Q 2013 Insurance Bank Service Charges Customer Derivative Income Gain on Acq Loan Sales Gain on Resi Mtg Loan Sales 3Q 2013 |
   39 Total Non-Operating Operating Non-Interest Expense Linked Quarter Change (in $ millions) 205.8 212.5 205.4 2.9 2.3 1.1 0.5 (0.1) 209.2 0.4 3.3 2Q 2013 Non- Operating Comp. & Benefits Prof. & Outside Services REO Other 3Q 2013 |
 40 Efficiency Ratio (%) Since 1Q 2010 76.1% 73.1% 72.4% 71.9% 64.7% 63.9% 63.3% 62.4% 63.6% 61.4%61.4% 63.0% 64.1% 62.7% 63.6% 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 |
 41 1.33 1.26 1.70 2.25 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 1Q 2013 2Q 2013 3Q 2013 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 |
 42 0.19 0.17 0.26 0.34 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 1Q 2013 2Q 2013 3Q 2013 PBCT Peer Group Median Top 50 Banks Asset Quality Net Charge-Offs / Avg. Loans (%) Source: SNL Financial and Company filings * Excluding acquired loan charge-offs, PBCT’s charge-off ratio was 0.16% in 3Q 2013 and 0.18% in both 2Q 2013 and 1Q 2013 * Since 1Q 2010 * * |
 43 Operating ROAA (%) 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% 0.77% 0.81% 0.78% 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 |
 44 Operating ROATE (%) 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% 8.1% 9.3% 9.8% 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 |
 45 Operating Dividend Payout Ratio (%) Since 1Q 2010 175% 180% 209% 157% 104% 98% 87% 96% 93% 82% 84% 85% 91% 83% 83% 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 |
 46 Substantial Progress in the Midst of a Financial Crisis Growing Loans, Deposits and Returning Capital to Shareholders Growth has outpaced peers on the key metrics of loans per share and deposits per share This has occurred while we have returned $2.1BN to shareholders during this period. Returns of capital were in the form of both dividends ($1.1BN) and share repurchases ($1.0BN) which represents approximately 45% of our current market capitalization Line Item PBCT Peer Median PBCT Vs. Peers 5-Year Loans Per Share CAGR 11.8% -1.1% +12.9% 5-Year Deposits Per Share CAGR 11.1% 2.2% +8.9% Notes: 5-Year CAGR figures based on 3Q 2008 to 3Q 2013 data; represents 19 of 20 peers reporting in 3Q 2013 |
 47 Notes: 1. Calculated on a Basel I basis 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 Adjusted Total Assets (period end total assets less goodwill and other acquisition-related intangibles) 3. Tier 1 Common represents Common Equity Tier 1 Capital (calculated for 3Q 2013 and all prior periods in accordance with the Basel III Final Rule issued in July 2013) divided by Total Risk-Weighted Assets on a Basel I basis 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 6. Well capitalized limits for the Bank are: Leverage Ratio, 5%; Tier 1 Risk-Based Capital, 6%; and Total Risk-Based Capital, 10% Capital Ratios Since 1Q 2010 1Q 2010 1Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 People’s United Financial Tang. Com. Equity/Tang. Assets 18.7% 13.9% 11.7% 11.4% 11.2% 10.2% 9.6% 8.7% 8.5% Leverage Ratio 1, 2, 6 19.2% 14.5% 12.1% 11.8% 11.5% 10.6% 10.0% 9.3% 9.2% Tier 1 Common ³ 23.9% 17.7% 14.3% 14.0% 14.0% 13.1% 12.4% 11.6% 11.4% Tier 1 Risk-Based Capital 1, 4, 6 23.9% 17.9% 14.4% 14.1% 14.1% 13.2% 12.5% 11.6% 11.4% Total Risk-Based Capital 1, 5, 6 25.6% 19.4% 16.0% 15.6% 15.6% 14.7% 13.7% 12.8% 12.6% People’s United Bank Leverage Ratio 1, 2, 6 12.3% 11.4% 11.0% 10.9% 10.8% 9.8% 9.7% 9.5% 9.5% Tier 1 Risk-Based Capital 1, 4, 6 15.4% 13.9% 13.1% 13.0% 13.2% 12.2% 12.1% 11.9% 11.8% Total Risk-Based Capital 1, 5, 6 16.3% 14.8% 14.0% 14.0% 14.1% 13.1% 13.5% 13.2% 13.2% |
 48 Allowance for Loan Losses Originated Portfolio Coverage Detail (in $ millions) 1.01% 1.02% 0.00% 0.50% 1.00% 1.50% NPLs:Loans ALLL:Loans Commercial Banking 1.32% 0.31% 0.00% 0.50% 1.00% 1.50% NPLs:Loans ALLL:Loans Retail Banking Commercial ALLL - $159.0 million 101% of Commercial NPLs Retail ALLL - $18.5 million 23% of Retail NPLs Total ALLL - $177.5 million 75% of Total NPLs 1.10% 0.82% 0.00% 0.50% 1.00% 1.50% NPLs:Loans ALLL:Loans Total |
 49 Name Position Years in Banking Professional Experience Jack Barnes President & CEO, Director 30+ People’s United Bank (SEVP, CAO), Chittenden, FDIC Kirk Walters SEVP & CFO, Director 25+ People’s United Bank, Santander, Sovereign, Chittenden, Northeast Financial Jeff Tengel SEVP Commercial Banking 30+ People’s United Bank, PNC, National City Bob D’Amore SEVP Retail & Business Banking 30+ People’s United Bank Lee Powlus SEVP & Chief Administrative Officer 25+ People’s United Bank, Chittenden, Alltel Chantal Simon SEVP & Chief Risk Officer 20+ People’s United Bank, Merrill Lynch US Bank, Lazard Freres & Co. Dave Norton SEVP & Chief HR Officer 3+ People’s United Bank, New York Times, Starwood, PepsiCo Bob Trautmann SEVP & General Counsel 20+ People’s United Bank, Tyler Cooper & Alcorn Management Committee |
 50 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 |
 51 In addition to evaluating People’s United Financial’s results of operations in accordance with U.S. generally accepted accounting principles (“GAAP”), management routinely supplements this evaluation with an analysis of certain non-GAAP financial measures, such as the efficiency and tangible equity ratios, tangible book value per share and operating earnings metrics. Management believes these non-GAAP financial measures provide information useful to investors in understanding People’s United Financial’s underlying operating performance and trends, and facilitates comparisons with the performance of other banks and thrifts. Further, the efficiency ratio and operating earnings metrics are used by management in its assessment of financial performance, including non-interest expense control, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength of People’s United Financial’s capital position. The efficiency ratio, which represents an approximate measure of the cost required by People’s United Financial to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding goodwill impairment charges, amortization of other acquisition-related intangible assets, losses on real estate assets and non-recurring expenses) (the numerator) to (ii) net interest income on a fully taxable equivalent ("FTE") basis plus total non-interest income (including the FTE adjustment on bank-owned life insurance ("BOLI") income, and excluding gains and losses on sales of assets other than residential mortgage loans and acquired loans, and non-recurring income) (the denominator). People’s United Financial generally considers an item of income or expense to be non-recurring if it is not similar to an item of income or expense of a type incurred within the last two years and is not similar to an item of income or expense of a type reasonably expected to be incurred within the following two years. Non-GAAP Financial Measures and Reconciliation to GAAP |
 52 Operating earnings exclude from net income those items that management considers to be of such a non- recurring or infrequent nature that, by excluding such items (net of income taxes), People’s United Financial’s results can be measured and assessed on a more consistent basis from period to period. Items excluded from operating earnings, which include, but are not limited to, merger-related expenses, charges related to executive-level management separation costs, severance-related costs and writedowns of banking house assets, are generally also excluded when calculating the efficiency ratio. Operating earnings per share is derived by determining the per share impact of the respective adjustments to arrive at operating earnings and adding (subtracting) such amounts to (from) GAAP earnings per share. Operating return on average assets is calculated by dividing operating earnings (annualized) by average assets. Operating return on average tangible stockholders' equity is calculated by dividing operating earnings (annualized) by average tangible stockholders' equity. The operating dividend payout ratio is calculated by dividing dividends paid by operating earnings for the respective period. Operating net interest margin excludes from the net interest margin those items that management considers to be of such a discrete nature that, by excluding such items, People’s United Financial’s net interest margin can be measured and assessed on a more consistent basis from period to period. Items excluded from operating net interest margin include cost recovery income on acquired loans and changes in the accretable yield on acquired loans stemming from periodic cash flow reassessments. Operating net interest margin is calculated by dividing operating net interest income (annualized) by average earning assets. Non-GAAP Financial Measures and Reconciliation to GAAP |
 53 The tangible equity ratio is the ratio of (i) tangible stockholders’ equity (total stockholders’ equity less goodwill and other acquisition-related intangible assets) (the numerator) to (ii) tangible assets (total assets less goodwill and other acquisition-related intangible assets) (the denominator). Tangible book value per share is calculated by dividing tangible stockholders’ equity by common shares (total common shares issued, less common shares classified as treasury shares and unallocated Employee Stock Ownership Plan ("ESOP") common shares). In light of diversity in presentation among financial institutions, the methodologies used by People’s United Financial for determining the non-GAAP financial measures discussed above may differ from those used by other financial institutions. Please refer to People’s United Financial’s latest Form 10-Q regulatory filing for detailed reconciliations to GAAP figures. Non-GAAP Financial Measures and Reconciliation to GAAP |
 For more information, investors may contact: Peter Goulding, CFA 203-338-6799 peter.goulding@peoples.com ************************* |