People's United Financial (PBCT) 8-K People’s United Financial Reports Fourth Quarter Operating Earnings and Net Income of $0.20 Per Share

EXHIBIT 99.2

Investor Presentation dated January 16, 2014

4

th

Quarter

2013

Earnings

Conference

Call

January 16, 2014

1

Forward-Looking Statement

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.

2

Loans grew $2.7 billion, or 12%, to $24.4 billion

Deposits increased $0.8 billion, or 4%, to $22.6 billion

Net interest income decreased $40 million, or 4%, to $889 million

Net interest margin declined 55 basis points to 3.31%

Fee income increased $19 million, or 6%, to $333 million

Operating

expenses

held

relatively

flat

at

$826

million

vs.

$818

million

in

2012

Asset quality remained strong

NPAs as a percentage of originated loans, REO and repossessed assets improved to 1.08%

from 1.48% in 2012

NCOs to average loans remained low at 19 basis points

Solid capital levels

Tier 1 Common ratio at 10.2%

Tangible common equity to tangible assets ratio at 7.8%

2013 Results

Overview / 2013 vs. 2012

3

2013 Guidance

Operating Performance Review

Guidance Range

Actual

Loan Growth

“Grow at high single digits –

mid teens”

12%

Deposit Growth

“Grow at mid-single digits”

4%

Net Interest Margin

3.30 –

3.40%

3.31%

Net Interest Income

$900 –

$940MM

$889MM

Non-Interest Income

“Grow at mid-single digits”

6%

Non-Interest Expense

$815 –

$825MM

$826MM

Asset Quality

“Excellent credit quality”

Orig. Non-Perf. Assets, 1.08%;

Net Charge-Offs, 0.19%

Capital Levels

“Strong capital levels”

Tier 1 Common, 10.2%; TCE/TA, 7.8%

4

Net Interest Income

Linked Annual Change

(in $ millions)

929

(80)

(19)

37

12

10

889

2012

Acquired

Loans

Borrowing

Costs

Originated

Loans

Investments

Deposits

2013

5

Total

Non-Operating

Operating

Non-Interest Expense

Linked Annual Change

(in $ millions)

830.6

839.0

817.9

826.3

12.7

12.7

(1.7)

(4.3)

17.0

3.5

(1.9)

(4.2)

2012

Operating

Expense -

S. NY

Branches (1)

Compliance (2)

Improved Use of

Technology

Comp. &

Benefits (3)

Net Branch

Consolidations/

Openings (4)

Other

2013

(3)

Excludes

the

impact

of

the

Operating

Expense

–

S.

NY

branches,

Net

Branch

Consolidations

/

Openings and Compliance categories

(4)

Excludes consolidations and openings in southern New York

(2)

Reflects direct costs of incremental Compliance related personnel and system investments

(1)  Includes the Park Avenue branch opened in December 2012  

6

2014 Goals

Grow loans in the high-single digits to mid-teens

Increase deposits in the mid-teens

Including $2 billion of brokered deposits

Net interest income target range of $930 to $960 million

Implies net interest income growth of 5-8%

Expect net interest margin in the 3.10-3.20% range

Maintain fee income levels despite weaker mortgage banking and prepayment fees

Wealth management revenue is expected to grow 10% to $56 million

Insurance and cash management revenues are expected to grow 10% to $34 million, and 13%

to $23 million, respectively

Full year operating expense target range of $830 to $840 million

Maintain a fortress balance sheet with continued excellent credit quality and strong

capital levels

Gains

on

sales

of

residential

mortgages

are

expected

to

fall

45% to $8 million; Commercial

banking fees are expected to fall 24% or $7 million

7

Fourth Quarter 2013 Results

Overview / 4Q 2013 vs. 3Q 2013

Operating earnings of $60.0 million or $0.20 per share, versus $0.20 per share

in the prior quarter

Net interest margin of 3.24%, down 6 basis points

Loan growth of $1,163 million, 20% annualized growth rate

Deposit growth of $367 million, 7% annualized growth rate

Non-interest income decreased $3.8 million to $80.2 million

Efficiency ratio was 64.3% compared to 63.6% last quarter

Net charge-offs were 18 basis points in line with 17 basis points last quarter

Completed the share repurchase program

Repurchased 8.9 million shares, or $131 million, at a weighted average price of $14.72

per share

8

Net Interest Income

Linked Quarter Change

(in $ millions)

223.5

(3.1)

(0.2)

3.4

0.9

0.4

224.9

3Q 2013

Acquired

Loans

Borrowing

Costs

Originated

Loans

Investments

Deposits

4Q 2013

9

Net Interest Margin (%)

Linked Quarter Change

3.30%

3.24%

(0.04%)

(0.04%)

0.01%

0.01%

3Q 2013

Acquired

Loans

Originated Loan

Volume / Mix

Investments

Deposit

Rates / Mix

4Q 2013

10

Loans

Linked Quarter Change

(in $ millions)

Annualized Linked QTD change

20.0%

23,227

217

(137)

24,390

Sep 30, 2013

Commercial

Retail

Acquired

Dec 31, 2013

1,083

11

Deposits

Linked Quarter Change

(in $ millions)

Total

22,190

22,557

Retail

Annualized Linked QTD change

6.6%

Commercial

15,897

16,195

6,293

6,362

69

298  

Sep 30, 2013

Retail

Commercial

Dec 31, 2013

12

Non-Interest Income

Linked Quarter Change

(in $ millions)

84.0

80.2

0.7

0.7

0.4

(2.9)

(2.4)

(1.5)

0.4

0.8

3Q 2013

Customer

Interest Rate

Swaps

Operating

Leases

Investment

Management

Fees

Brokerage

Commissions

Gain on Resi

Mtg Loan

Sales

Insurance

Bank Service

Charges

Other

4Q 2013

13

Total

Non-Operating

Operating

Non-Interest Expense

Linked Quarter Change

(in $ millions)

212.5

208.7

209.2

(2.3)

(2.4)

(1.0)

1.0

0.6

0.3

207.7

3.3

1.0

3Q 2013

Non-

Operating

REO

Adv. &

Promotion

Comp. &

Benefits

Operating

Leases

Other

4Q 2013

14

Efficiency Ratio (%)

Last Five Quarters

63.0%

64.1%

62.7%

63.6%

64.3%

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

15

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

1.08

1.61

2.17

1.00

1.50

2.00

2.50

3.00

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

PBCT

Peer Group Median

Top 50 Banks by Assets

Last Five Quarters

16

Asset Quality

Net Charge-Offs / Avg. Loans (%)

Source: SNL Financial and Company filings

*

Excluding

acquired

loan

charge-offs,

PBCT’s

charge-off

ratio

was

0.17%,

0.16%,

0.18%

and

0.18%

in

4Q

2013,

3Q

2013,

2Q

2013 and

1Q 2013, respectively

*

*

*

*

0.18

0.25

0.31

0.00

0.20

0.40

0.60

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

PBCT

Peer Group Median

Top 50 Banks

Last Five Quarters

17

Growing Future Earnings Per Share

Last Five Quarters

$80.72

$40

$45

$50

$55

$60

$65

$70

$75

$80

$85

$15

$16

$17

$18

$19

$20

$21

$22

$23

$24

$25

4Q12

1Q13

2Q13

3Q13

4Q13

Gross Loans ($BN)

Deposits ($BN)

Deposits per Share

Loans per Share

$40

$45

$50

$55

$60

$65

$70

$75

$80

$85

$15

$16

$17

$18

$19

$20

$21

$22

$23

$24

$25

4Q12

1Q13

2Q13

3Q13

4Q13

Loans

Deposits

$74.65

18

Operating ROAA (%)

Last Five Quarters

0.87%

0.77%

0.81%

0.78%

0.75%

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

19

Operating ROATE (%)

Last Five Quarters

8.6%

8.1%

9.3%

9.8%

9.8%

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

20

Capital Ratios

Last Five Quarters

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

People’s United Financial

Tang. Com. Equity/Tang. Assets

10.2%

9.6%

8.7%

8.5%

7.8%

Leverage Ratio

1, 5

10.6%

10.0%

9.3%

9.2%

8.3%

Tier 1 Common

13.1%

12.4%

11.6%

11.4%

10.2%

Tier 1 Risk-Based Capital

3, 5

13.2%

12.5%

11.6%

11.4%

10.2%

Total Risk-Based Capital

4, 5

14.7%

13.7%

12.8%

12.6%

11.3%

People’s United Bank

Leverage Ratio

1, 5

9.8%

9.7%

9.5%

9.5%

9.0%

Tier 1 Risk-Based Capital

3, 5

12.2%

12.1%

11.9%

11.8%

11.1%

Total Risk-Based Capital

4,5

13.1%

13.5%

13.2%

13.2%

12.3%

2

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 Common Equity Tier 1 Capital (calculated in accordance with the Basel III Final Rule issued in July 2013) 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%

21

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

23

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

1

-0.4%

0.7%

2.7%

-3.7%

2.3%

4.7%

-0.3%

2.3%

5.8%

-3.2%

2.6%

5.7%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

Short End -25

Short End +100

Short End +200

Long End -100

Long End +100

Long End +200

Yield Curve Twist

12/31/13

9/30/13

-1.2%

3.1%

7.3%

10.7%

14.1%

-1.0%

4.7%

11.1%

16.0%

20.9%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Dn25

Up100

Up200

Up300

Up400

Immediate Parallel Shock

12/31/13

9/30/13

24

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 12/31/13

(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)

$753.2

$253.8

$13.9

$32.5

43%

$23.0

Smithtown (11/30/10)

496.2

305.0

100.1

83.1

120%

128.1

Others (various dates)

275.7

80.9

23.0

26.9

86%

30.5

Total

$1,525.1

$639.7

$137.0

$142.5

(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 $7.2MM of charge-offs applied against reserves established subsequent to acquisition.

c

25

Acquired Loan Portfolio

Amortization of Original Discount on Acquired Loan Portfolio

$ in millions, except per share data

Impact on Net Interest Margin

Impact on Earnings Per Share

4Q13 Total Accretion (All interest income on acquired loans)

26

Interest Income from Amortization of Original Discount on Acq. Loan Portfolio

7.7

3Q13 Acquired Loan Portfolio Carrying Amount

1,662

4Q13 Effective Tax Rate

31.4%

4Q13 Acquired Loan Portfolio Carrying Amount

1,525

4Q13 Average Acquired Loan Portfolio

1,594

4Q13 Earnings from Amortiz. of Original Discount on Acq. Loan Portfolio

5.3

Effective Yield on Acquired Loan Portfolio

6.60%

4Q13 Weighted Average Shares Outstanding

302.2

Weighted Average Coupon on Acquired Loan Portfolio

1

4.67%

4Q13 EPS Impact from Amortiz. of Discount on Acq. Loan Portfolio

$0.02

Incremental Yield Attributable to Amortiz. of Discount on Acq. Loan Portfolio

1.93%

Incremental Interest Income from Amortiz. of Discount on Acq. Loan Portfolio

7.7

4Q13 Average Earning Assets

28,294

Add: Average unamortized loan discount

2

26

Adjusted 4Q13 Average Earning Assets

28,320

Impact on Overall Net Interest Margin (bps)

11

Operating Net Interest Margin

3.24%

Adjusted Net Interest Margin

3.13%

Amortization of Original Discount on 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 4.44%

2.

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

acquired loan portfolio

26

Allowance for Loan Losses

Originated Portfolio Coverage Detail

(in $ millions)

Commercial ALLL -

$158.5 million

115% of Commercial NPLs

Retail ALLL -

$19.0 million

24% of Retail NPLs

Total ALLL -

$177.5 million

82% of Total NPLs

0.95%

0.78%

0.00%

0.50%

1.00%

1.50%

NPLs:Loans

ALLL:Loans

Total

1.26%

0.30%

0.00%

0.50%

1.00%

1.50%

NPLs:Loans

ALLL:Loans

Retail Banking

0.83%

0.95%

0.00%

0.50%

1.00%

1.50%

NPLs:Loans

ALLL:Loans

Commercial

Banking

27

Operating Dividend Payout Ratio (%)

Last Five Quarters

85%

91%

83%

83%

83%

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

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