People's United Financial (PBCT) 8-K Quarter 2014 Earnings Conference Call

EXHIBIT 99.1

Investor Presentation dated April 17, 2014

1

Quarter 2014 Earnings Conference Call

April 17, 2014

st

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

First Quarter 2014 Results

Overview / 1Q 2014 vs. 4Q 2013

Operating earnings of $56.5 million or $0.19 per share, versus $0.20 per share in

the prior quarter

Net interest income on a fully taxable equivalent basis of $231.8 million, 4%

annualized growth rate and also up 4% from 1Q 2013

Net interest margin of 3.17%, down 7 basis points

Loan growth of $239 million, 4% annualized growth rate

Deposit growth of $1.1 billion, 20% annualized growth rate

Non-interest income decreased $2.6 million to $79.9 million

Efficiency

ratio

was

63.9%

compared

to

62.8%

last

quarter

(1)

Net charge-offs were 12 basis points compared to 18 basis points last quarter

Note: (1) Operating lease expense excluded from non-interest expense and offset against operating lease income within

non-interest income. Amortization of investments in affordable housing projects excluded from non-interest income

and included as a component of income tax expense

Excluding brokered deposits, deposit growth of $561 million, 10% annualized growth rate

3

Net Interest Income (Fully Taxable Equivalent)

Linked Quarter Change

(in $ millions)

229.5

231.8

(3.4)

(3.1)

(0.3)

2.4

6.7

4Q 2013

Calendar

Days

Acquired

Loans

Borrowings

Originated

Loans

Investments

1Q 2014

3

4

Net Interest Margin (%)

Linked Quarter Change

3.24%

(0.05%)

(0.05%)

(0.01%)

0.03%

0.01%

3.17%

4Q 2013

Calendar

Days

New Loan

Volume

Loan

Mix

Investments

Deposits

1Q 2014

5

Loans

Linked Quarter Change

(in $ millions)

Annualized Linked QTD change

3.9%

24,390

257

96

(114)

24,629

Dec 31, 2013

Commercial

Retail

Acquired

Mar 31, 2014

6

Deposits

Linked Quarter Change

(in $ millions)

^   Retail includes brokered deposits of $115MM and $663MM at December 31, 2013 and March 31, 2014, respectively

Total

23,666

Retail ^

Annualized Linked QTD change

19.7%

Commercial

22,557

16,195

17,029

6,362

6,637

275

834  

Dec 31, 2013

Retail

Commercial

Mar 31, 2014

7

Non-Interest Income

Linked Quarter Change

(in $ millions)

82.5

79.9

1.9

1.0

(2.4)

(0.9)

(0.5)

(0.2)

(1.3)

(0.2)

4Q 2013

Operating

Lease

Income

Insurance

Customer Int.

Rate Swap

Income

Bank Service

Charges

Loan

Prepayment

Fees

Brokerage

Commissions

Gain on Resi

Mtg Loan

Sales

Other

1Q 2014

8

Total

Non-Operating

Operating

Non-Interest Expense

Linked Quarter Change

(in $ millions)

208.7

216.7

207.7

4.2

(0.4)

2.7

2.3

1.5

(2.3)

211.5

1.0

5.2

4Q 2013

Non-

Operating

Prof. &

Outside

Operating

Lease

Comp. &

Benefits

Occ. &

Equip.

Other

1Q 2014

9

Efficiency Ratio* (%)

Last Five Quarters

62.7%

61.4%

62.2%

62.8%

63.9%

1Q 2013

2Q 2013

3Q 2013

4Q 2013

1Q 2014

Note: * Operating lease expense excluded from non-interest expense and offset against operating lease income within

non-interest income. Amortization of investments in affordable housing projects excluded from non-interest income and

included as a component of income tax expense

10

Last Five Quarters

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

Note: Top 50 Banks represents the largest 50 banks by total assets in each respective quarter

1.00

1.54

1.68

0.50

1.00

1.50

2.00

2.50

1Q 2013

2Q 2013

3Q 2013

4Q 2013

1Q 2014

PBCT

Peer Group Median

Top 50 Banks

11

Asset Quality

Net Charge-Offs / Avg. Loans* (%)

Source: SNL Financial and Company filings

Note: Top 50 Banks represents the largest 50 banks by total assets in each respective quarter

*

Excluding acquired loan charge-offs, PBCT’s charge-off ratio was 0.09%, 0.17%, 0.16%, 0.18% and 0.18% in 1Q 2014, 4Q 2013, 3Q 2013,

2Q 2013 and 1Q 2013, respectively

Last Five Quarters

0.12

0.23

0.28

0.00

0.10

0.20

0.30

0.40

1Q 2013

2Q 2013

3Q 2013

4Q 2013

1Q 2014

PBCT

Peer Group Median

Top 50 Banks

12

Loans

Deposits

Growing Future Earnings Per Share

Last Five Quarters

$82.73

$40

$45

$50

$55

$60

$65

$70

$75

$80

$85

$15

$16

$17

$18

$19

$20

$21

$22

$23

$24

$25

1Q13

2Q13

3Q13

4Q13

1Q14

Loans ($BN)

Loans per Share

$79.49

$40

$45

$50

$55

$60

$65

$70

$75

$80

$85

$15

$16

$17

$18

$19

$20

$21

$22

$23

$24

$25

1Q13

2Q13

3Q13

4Q13

1Q14

Deposits ($BN)

Deposits per Share

13

Operating ROAA (%)

Last Five Quarters

0.77%

0.81%

0.78%

0.75%

0.69%

1Q 2013

2Q 2013

3Q 2013

4Q 2013

1Q 2014

14

Operating ROATE (%)

Last Five Quarters

8.1%

9.3%

9.8%

9.8%

9.3%

1Q 2013

2Q 2013

3Q 2013

4Q 2013

1Q 2014

15

Capital Ratios

Last Five Quarters

1Q 2013

2Q 2013

3Q 2013

4Q 2013

1Q 2014

People’s United Financial

Tang. Com. Equity/Tang. Assets

9.6%

8.7%

8.5%

7.9%

8.0%

Leverage Ratio

1, 5

10.0%

9.3%

9.2%

8.3%

8.4%

Tier 1 Common

2

12.4%

11.6%

11.4%

10.2%

10.1%

Tier 1 Risk-Based Capital

3, 5

12.5%

11.6%

11.4%

10.2%

10.1%

Total Risk-Based Capital

4, 5

13.7%

12.8%

12.6%

11.3%

11.2%

People’s United Bank

Leverage Ratio

1, 5

9.7%

9.5%

9.5%

9.1%

9.1%

Tier 1 Risk-Based Capital

3, 5

12.1%

11.9%

11.8%

11.1%

11.0%

Total Risk-Based Capital

4, 5

13.5%

13.2%

13.2%

12.4%

12.2%

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 under current capital rules for the Bank are: Leverage Ratio, 5%; Tier 1 Risk-Based Capital, 6%; and Total Risk-Based Capital, 10%

16

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

*

*

*

*

*

*

*

*

*********************************

18

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

19

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 3/31/14

(in $ millions)

Carrying

Amount

a, b

Carrying Amount Component

b

NPLs

c

Non-Accretable

Difference/NPLs

Charge-offs

Incurred Since

Acquisition

d

Accretable

Yield

Non-Accretable

Difference

Danvers (7/1/11)

$712.8

$245.1

$13.2

$46.1

29%

$23.9

Smithtown (11/30/10)

445.9

203.9

95.2

76.3

125%

128.4

Others (various dates)

252.0

75.4

21.2

23.3

91%

32.4

Total

$1,410.7

$524.4

$129.6

$145.7

(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 $8.7MM of charge-offs applied against reserves established subsequent to acquisition.

20

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 4.39%

2.

Adjusted to include the discount on acquired loans (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

Impact on Net Interest Margin

Impact on Earnings Per Share

1Q14 Total Accretion (All interest income on acquired loans)

23

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

6.4

4Q13 Acquired Loan Portfolio Carrying Amount

1,525

1Q14 Effective Tax Rate

34.3%

1Q14 Acquired Loan Portfolio Carrying Amount

1,411

1Q14 Average Acquired Loan Portfolio

1,468

1Q14 Earnings from Amortiz. of Original Discount on Acq. Loan Portfolio

4.2

Effective Yield on Acquired Loan Portfolio

6.35%

1Q14 Weighted Average Shares Outstanding

297.7

Weighted Average Coupon on Acquired Loan Portfolio

1

4.61%

1Q14 EPS Impact from Amortiz. of Discount on Acq. Loan Portfolio

$0.01

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

1.74%

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

6.4

1Q14 Average Earning Assets

29,277

Adjusted 1Q14 Average Earning Assets

2

29,440

Impact on Overall Net Interest Margin (bps)

9

Operating Net Interest Margin

3.17%

Adjusted Net Interest Margin

3.08%

Amortization of Original Discount on Acquired Loan Portfolio

Amortization of Original Discount on Acquired Loan Portfolio

21

Allowance for Loan Losses

Originated Portfolio Coverage Detail as of March 31, 2014

(in $ millions)

0.73%

0.95%

0.00%

0.50%

1.00%

1.50%

NPLs:Loans

ALLL:Loans

Commercial

Banking

1.11%

0.32%

0.00%

0.50%

1.00%

1.50%

NPLs:Loans

ALLL:Loans

Retail Banking

Commercial ALLL -

$160.0 million

129% of Commercial NPLs

Retail ALLL -

$20.0 million

28% of Retail NPLs

Total ALLL -

$180.0 million

93% of Total NPLs

0.84%

0.78%

0.00%

0.50%

1.00%

1.50%

NPLs:Loans

ALLL:Loans

Total

22

Operating Dividend Payout Ratio (%)

Last Five Quarters

91%

83%

83%

83%

86%

1Q 2013

2Q 2013

3Q 2013

4Q 2013

1Q 2014

23

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