People's United Financial (PBCT) 8-K Certain statements contained in this release are forward-looking in nature. These include all statements

Investor Presentation

August 2014

Investor Contact:

Peter Goulding, CFA

203-338-6799

peter.goulding@peoples.com

XXXXXXXXXXXXX

XXXXXXXXXXXXX

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.

Financial Performance

3.

Summary

4.

Appendix

Strategic Position

XXXXXXXXXXXXX

4

Corporate Overview

Snapshot as of June 30, 2014

People’s United Financial, Inc.

NASDAQ (PBCT)

Headquarters:

Bridgeport, CT

Chief Executive Officer:

Jack Barnes

Chief Financial Officer:

(1)

Kirk Walters

Market Capitalization (8/4/14):

$4.4 billion

Assets:

$33.9 billion

Loans:

$25.5 billion

Deposits:

$24.1 billion

Branches:

407

In-store Branches:

(2)

142

ATMs:

616

Standalone ATMs:

(3)

113

Founded:

1842

Notes:

1.

On

April

16,

2014

People’s

United

announced

the

transition

of

CFO

Kirk

Walters’

role

with

the

company.

Walters

will

continue

as

CFO of People’s United Financial, Inc., the bank’s holding company, and former Treasurer David Rosato was appointed CFO

of  People’s United Bank. Walters will continue to serve as CFO of People’s United Financial, Inc. through December 31, 2014,

when Rosato is expected to assume that position

2.

Exclusive relationship with Stop & Shop, a subsidiary of Ahold (ENXTAM:AH)

3.

Includes 21 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 of ~4.5%

Ability

to

maintain

pristine

credit

quality

–

no

credit

“events”

Improving profitability

Strong liquidity

Continued capital deployment via organic growth and dividends

6

th

Retail & Business Banking Franchise

Distribution

400+ branches over 6 states

•

~35% of branches are in-store

600+ ATMs

Online & mobile banking

Call center operations located in Bridgeport,

CT and Burlington, VT

Scale

5

in deposit market share in New England *

Customer base

Approximately 850,000 commercial, business

banking, consumer and wealth management

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 35 branches since the beginning of 2011, or ~9% of our franchise

8

Branches

$BN

%

1

TD Bank

51

3.6

15.8

2

KeyCorp

53

2.5

10.8

3

Bangor Bancorp

60

2.2

9.4

4

Camden National

44

1.8

8.0

5

B of A

18

1.4

6.0

6

First Bancorp

16

1.0

4.5

7

Machias

18

0.9

3.8

8

People's United

26

0.9

3.7

9

Bar Harbor

16

0.9

3.7

10

Norway

22

0.8

3.3

Branches

$BN

%

1

B of A

242

57.4

19.9

2

RBS

252

29.0

10.1

3

Santander

225

18.1

6.3

4

TD Bank

152

11.5

4.0

5

Eastern Bank

95

6.9

2.4

6

Independent Bank

83

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

Strong Deposit Market Positions

Connecticut

Massachusetts

Vermont

New York

New Hampshire

Maine

#1 in Fairfield County, CT, 65 branches, $6.3BN deposits, 18.7% market share

Source: SNL Financial; FDIC data as of June 30, 2013; excludes trust institutions

Notes: PBCT branch count updated as of June 30, 2014

Branches

$BN

%

1

B of A

147

25.9

24.5

2

Webster

124

12.7

12.1

3

People's United

162

11.3

10.7

4

Wells Fargo

75

7.8

7.4

5

TD Bank

76

6.1

5.8

6

JPM Chase

54

4.8

4.5

7

First Niagara

85

4.3

4.1

8

Citi

21

3.0

2.9

9

Liberty

49

2.9

2.7

10

RBS

46

2.5

2.4

Branches

$BN

%

1

People's United

42

2.6

22.6

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

NH Thrift

17

0.3

2.5

Branches

$BN

%

1

RBS

74

6.7

23.9

2

TD Bank

73

5.8

20.5

3

B of A

27

4.6

16.3

4

People's United

28

1.3

4.6

5

NH Mutual

18

1.0

3.7

6

BNH

22

0.9

3.2

7

Santander

20

0.9

3.0

8

NH Thrift

21

0.8

2.8

9

Mascoma

19

0.7

2.6

10

Eastern Bank

7

0.7

2.6

Branches

$BN

%

1

JPM Chase

803

424.5

37.5

2

Citi

269

76.1

6.7

3

B of A

315

60.5

5.4

4

HSBC

155

58.9

5.2

5

Capital One

267

40.8

3.6

6

M&T

288

35.2

3.1

7

TD Bank

238

24.2

2.1

8

KeyCorp

250

19.4

1.7

9

First Niagara

201

17.2

1.5

10

Signature

28

15.3

1.4

28

People's United

95

2.7

0.2

9

Large and Attractive Markets

NYC-Northern NJ-PA

Population: 20.0MM

Median HH Income: $64,538

Businesses: 810,883

Population Density (#/sq miles): 2,411

Unemployment Rate (%): 6.6

$100K+ Households (%): 31.5

Boston, MA

Population: 4.7MM

Median HH Income: $71,190

Businesses: 203,770

Population Density (#/sq miles): 1,347

Unemployment Rate (%): 5.2

$100K+ Households (%): 34.8

Hartford, CT

Population: 1.2MM

Median HH Income: $67,457

Businesses: 52,315

Population Density (#/sq miles): 802

Unemployment Rate (%): 6.4

$100K+ Households (%): 31.0

Bridgeport-Stamford, CT

Population: 944,000

Median HH Income: $78,095

Businesses: 49,392

Population Density (#/sq miles): 1,511

Unemployment Rate (%): 5.8

$100K+ Households (%): 39.6

New Haven, CT

Population: 862,000

Median HH Income: $61,762

Businesses: 36,800

Population Density (#/sq miles): 1,428

Unemployment Rate (%): 7.1

$100K+ Households (%): 28.0

Burlington, VT

Population: 215,000

Median HH Income: $65,440

Businesses: 10,846

Population Density (#/sq miles): 172

Unemployment Rate (%): 3.6

$100K+ Households (%): 27.4

Notes: The current national unemployment rate is 6.2%

The current national population density is 90 (#/sq miles)

Source: SNL Financial, US Census data

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

Weighted Average Median Household Income

$69,806

$57,693

$51,314

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

PBCT

Peer Median

US

11

Attractive Market Demographics

Source: SNL Financial; Nielsen; FDIC data as of June 30, 2013

1.

Excludes deposits from trust institutions and branches with over

$750MM deposits;

excludes branches and deposits located outside each MSA

2.

Rank weighted by percentage of franchise deposits

75% of People’s United’s franchise deposits are in its top 5 MSAs, which are some of the

most densely populated and wealthy markets in the US

People's Franchise Metrics

1

MSA Rank out of 917 Nationwide MSAs

Market Size

Population

Median

% Households

Total Deposits

Market

% Deposit

Number of

Deposits

% of

Density

Household

with $200k+

People's United Top 5 MSAs

($MM)

Rank

Market Share

Branches

($MM)

Franchise

(# / sq. mile)

Income

Income

Bridgeport-Stamford-Norwalk, CT

$33,816

1

18.5%

65

$6,241

29.7

6

7

2

Boston-Cambridge-Newton, MA-NH

124,503

10

2.2

52

2,772

13.2

8

18

9

New York-Newark-Jersey City, NY-NJ-PA

592,790

30

0.4

95

2,657

12.6

2

34

12

Hartford-West Hartford-East Hartford, CT

26,118

4

8.1

45

2,119

10.1

20

26

21

New Haven-Milford, CT

17,801

4

11.2

32

1,987

9.5

7

49

34

Top 5 MSAs

$795,028

–

2.0%

289

$15,776

75.1

–

–

–

Weighted Average Rank ²

–

–

–

–

–

8

21

11

Rank / Nationwide MSAs (917 MSAs)

–

–

–

–

–

0.8%

2.3%

1.3%

12

Connecticut In-store Versus Traditional Branch Business (Last Twelve Months Through 6/30/14)

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

58%

56%

42%

30%

29%

28%

27%

42%

44%

58%

70%

71%

72%

73%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Consumer

Checking Accounts

Opened

Savings Accounts

Opened

Business Checking

Accounts Opened

Mortgage Loan

Originations

Home Equity Loan

Originations

Investment Sales

Business Banking

Loan Originations

In-store Branches

Traditional  Branches

Financial Performance

XXXXXXXXXXXXXXX

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

Top 50 banks by assets as of most recent year end; includes People’s United, First Niagara, First Republic, Signature,

UMB and Investors

2

Reflects completion of Danvers Bancorp acquisition in 2Q 2011

3

Based on 45 of the top 50 banks reporting

Quarterly Loan Growth Since 1Q 2011

PBCT Median = 1.67%

Top 50 Median = 1.27%

-1.23%

0.64%

1.04%

1.97%

0.78%

1.86%

1.38%

1.97%

-0.35%

1.28%

0.90%

1.51%

1.27%

2.65%

0.75%

1.04%

1.52%

0.21%

0.57%

2.20%

3.38%

1.82%

3.25%

1.40%

4.98%

0.95%

3.42%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

Top 50 Median

PBCT

13.86%

2

3

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:¹

•

19 commercial relationship managers up from zero in 1Q 2010

•

95 branches up from 5 in 1Q 2010; 59 branches, or ~60%, are in-store locations

•

Total deposit growth of $2.8BN, or 72% compound annual growth, since 1Q 2010

Massachusetts:¹

•

33 commercial relationship managers up from 14 since 2010

•

54 branches up from 19 in 1Q 2010

•

Total deposit growth of $2.3BN, or 35% compound annual growth, since 1Q 2010

Notes:

1

Data as of June 30, 2014

16

Under-represented asset classes ramping up

Bolstered

commercial

banking

presence

in

greater

Boston

and

Long

Island

Building mid-corporate and government banking productivity

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

Steady asset-based lending and mortgage warehouse lending progress

Enhancing wealth management offering

Added seasoned wealth management team in Hartford area

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

•

Unified Managed Account 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

Delivering interest rate swaps and foreign exchange products to corporate customers

Expanding international trade finance with the recent hire of a senior executive

Merchant services joint venture highlights commitment to better serve customers and drive growth

Growing commercial banking lending fees

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 year, growing loans and deposits

per share at compound annual growth rates of 17% and 15%, respectively

$85.35

$40

$45

$50

$55

$60

$65

$70

$75

$80

$85

$90

$16

$17

$18

$19

$20

$21

$22

$23

$24

$25

$26

2Q13

3Q13

4Q13

1Q14

2Q14

Loans ($BN)

Loans per Share

$80.77

$40

$45

$50

$55

$60

$65

$70

$75

$80

$85

$90

$16

$17

$18

$19

$20

$21

$22

$23

$24

$25

$26

2Q13

3Q13

4Q13

1Q14

2Q14

Deposits ($BN)

Deposits per Share

18

EMOC has been fully operational since November 2011

Three person committee comprised of the CFO of the Bank, Chief Administrative Officer and Chief

HR Officer

EMOC oversees PBCT’s non-interest 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

19

Expense Progress

Estimated Cost Savings Analysis

Source:

SNL Financial

Notes:

“Pro Forma / Actual”

represents PBCT operating non-interest 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 non-interest expense and the actual expenses at the acquired

institutions in 4Q09, and then applies the peer median expense growth rate in each subsequent quarter

Our 2Q 2014 operating expense base of $207MM reflects $30MM (~$120MM annualized)

savings from successfully-executed expense initiatives

207

237

200

210

220

230

240

250

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

Operating Noninterest Expense ($MM)

Pro Forma / Actual

Without Expense Initiatives

$30MM

Cost

Savings

20

237

207

7

23

$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 $30MM 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 non-interest 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 non-interest expense and the actual expenses at the acquired

institutions in 4Q09, and then applies the peer median expense growth rate in each subsequent quarter

21

Average Annual Net Charge Offs / Average Loans (%)

Peer Group Comparison, 2009-2013

Conservative underwriting is a hallmark of this institution

Median, excluding PBCT = 0.95%

Source: SNL Financial

0.28

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

PBCT

22

P/TBV vs. ROATE

Peer Group Regression Analysis

Improved profitability, predictability of earnings and a strong dividend will create

additional shareholder value

PBCT

Source: SNL Financial

Note: Analysis utilizes SNL 3 Year Betas, as of August 4, 2014

R²

= 0.73

0

50

100

150

200

250

300

350

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

2015E Return on Average Tangible Equity Less Cost of Equity

Summary

XXXXXXXXXXXXXXXXXXXXXXX

24

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

XXXXXXXXXXXXXXXXXXXXXX

X

26

Net Interest Income (Fully Taxable Equivalent)

Linked Quarter Change

(in $ millions)

231.8

232.8

(1.6)

(1.0)

1.8

0.1

1.7

1Q 2014

Acquired

Loans

Investments

Originated

Loans

Calendar

Day

Borrowings

2Q 2014

27

Net Interest Margin (%)

Linked Quarter Change

3.17%

3.13%

(0.07%)

(0.01%)

0.03%

0.01%

1Q 2014

New Loan

Volume

Investments

Calendar

Day

Loan

Mix

2Q 2014

28

Agency MBS and Agency CMOs comprised of 10 year and 15 year collateral

constitute ~80% of the portfolio.  $600MM municipal bond portfolio has an

underlying weighted average credit rating above AA

Securities Portfolio Detail

2Q14 Total Securities Portfolio

$4.6 BN

($ in billions)

Note:

Duration of the securities portfolio is ~4 years

Securities portfolio does not contain CLOs, CDOs, trust preferred, or private-label mortgage-backed securities

Held to maturity (HTM) securities reported on an amortized cost basis (book value).  Available for sale (AFS) securities

reported at fair value

Agency CMO's, $2.2,

48%

Agency MBS, $1.4, 31%

Municipal

-

HTM, $0.6,

13%

FHLB Stock, $0.2, 4%

Bonds, Notes and

Debentures

-

AFS, $0.1,

3%

Corporate

-

HTM, $0.1,

1%

29

Loans

Linked Quarter Change

(in $ millions)

13.4%

24,629

881

78

(133)

25,455

March 31, 2014

Commercial

Retail

Acquired

June 30, 2014

Annualized linked quarter change

30

Commercial

$9.5

37%

CRE

$9.2

36%

Residential

Mortgage

$4.6

18%

Consumer

$2.2

9%

Loans by Business Line

Note:

Commercial represents Commercial & Industrial and Equipment Finance

2Q14 Total Loan Portfolio

$25.5 BN

31

Loans by Geography

Excluding equipment

finance loans, ~95%

of our 2Q14 loan

portfolio is within the

Northeast

2Q14 Total Loan Portfolio

$25.5 BN

Connecticut

$7.0

28%

New York

$4.7

18%

Massachusetts

$4.4

17%

Vermont

$1.8

7%

New Hampshire

$1.4

5%

Maine

$1.0

4%

New Jersey

$0.9

3%

Other

$4.3

18%

32

Commercial Real Estate,

$9.2BN, 36% of Total

Equipment Financing,

$2.7BN, 10% of Total

Commercial & Industrial,

$6.8BN, 27% of Total

($ in billions)

($ in billions)

($ in billions)

Commercial Loan Portfolio Detail

2Q 2014

73% of total loan portfolio

Residential, $3.1, 33%

Retail, $2.4, 26%

Office Buildings,

$2.2, 24%

Industrial/Manufact.,

$0.5, 6%

Hosp. &

Entertainment, $0.4,

5%

Mixed/Special

Use, $0.2, 2%

Self Storage, $0.2, 2%

Land, $0.1, 1%

Other Properties, $0.1,

1%

Finance, Ins. & RE,

$1.8, 27%

Service, $1.3, 18%

Manufacturing,

$0.9, 14%

Health, $0.8,

11%

Wholesale Dist.,

$0.7, 10%

Retail

Sales,

$0.6, 9%

Construction, $0.2, 3%

Transp/Utility, $0.2,

3%

Arts/Ent./Recr., $0.1,

2%

Public Admin, $0.1,

1%

Other, $0.1, 2%

Transp/Utility, $0.9,

34%

Construction,

$0.4, 14%

Finance, Ins. & RE,

$0.3, 11%

Printing,

$0.2, 8%

Waste, $0.2, 7%

Manufacturing, $0.2,

6%

Packaging, $0.1 5%

Wholesale Dist., $0.1,

5%

Mining, Oil & Gas,

$0.1, 4%

Service, $0.1, 2%

Other, $0.1, 4%

33

Residential Mortgage,

$4.6BN, 18% of Total

2Q 2014 originated weighted average LTV of 71%

2Q 2014 originated weighted average FICO score of 756

Hybrid ARMs represent ~90% of the portfolio

($ in billions)

Retail Loan Portfolio Detail

2Q 2014

Consumer,

$2.2BN, 9% of Total

2Q 2014 originated weighted average CLTV of 58%

2Q 2014 originated weighted average FICO score of 769

~60% of originations during last 3 years are in a first lien position

($ in billions)

27% of total loan portfolio

CT, $2.2, 49%

MA, $1.3, 27%

NY, $0.4, 9%

VT,

$0.3,

7%

NH, $0.2, 4%

ME, $0.1, 3%

Other, $0.1, 1%

CT, $1.3, 60%

VT, $0.3, 11%

NY, $0.2, 9%

MA, $0.2,

8%

NH, $0.1, 6%

ME, $0.1, 6%

34

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)

-1.4%

4.3%

9.2%

13.2%

17.2%

-1.0%

3.4%

7.5%

10.9%

14.3%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Dn25

Up100

Up200

Up300

Up400

Immediate Parallel Shock

6/30/14

3/31/14

-0.4%

1.8%

4.5%

-3.8%

2.7%

5.1%

-0.1%

1.0%

2.9%

-3.7%

2.5%

4.8%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

Short End -25

Short End +100

Short End +200

Long End -100

Long End +100

Long End +200

Yield Curve Twist

6/30/14

3/31/14

35

c

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 6/30/14

(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)

$651.5

$182.2

$10.1

$38.5

26%

$26.8

Smithtown (11/30/10)

400.5

195.8

94.6

62.0

153%

128.5

Others (various dates)

225.5

69.7

20.7

17.8

116%

33.2

Total

$1,277.5

$447.7

$125.4

$118.3

(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 $9.5MM of charge-offs applied against reserves established subsequent to acquisition.

36

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 4.33%

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

2Q14 Total Accretion (All interest income on acquired loans)

22

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

6.4

2Q14 Average Acquired Loan Portfolio

1,355

2Q14 Effective Tax Rate

35.0%

Effective Yield on Acquired Loan Portfolio

6.40%

2Q14 Earnings from Amortiz. of Original Discount on Acq. Loan Portfolio

4.2

Weighted Average Coupon on Acquired Loan Portfolio

1

4.51%

2Q14 Weighted Average Shares Outstanding

298.2

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

1.89%

2Q14 EPS Impact from Amortiz. of Discount on Acq. Loan Portfolio

$0.01

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

6.4

2Q14 Average Earning Assets

29,736

Add: Average unamortized loan discount

2

152

Adjusted 2Q14 Average Earning Assets 2

29,888

Impact on Overall Net Interest Margin (bps)

9

Operating Net Interest Margin

3.13%

Adjusted Net Interest Margin

3.04%

Amortization of Original Discount on Acquired Loan Portfolio

Amortization of Original Discount on Acquired Loan Portfolio

37

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

Q4

0.2

(0.1)

0.1

0.2

2014

Q1

0.0

0.0

(1.5)

(1.5)

Q2

0.1

(0.4)

(0.8)

(1.1)

Total

$17.1

$13.8

($19.7)

$11.2

Since 2010, we have acquired $5.4BN of loans, approximately 24% 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 +$11.2MM

38

Balance Sheet Funding Detail

2Q14 Balance Sheet Funding

$33.9 BN

($ in billions)

82% funded by organic deposits, customer repurchase agreements and

common equity

Retail Deposits, $16.2,

48%

Commercial Deposits,

$6.6, 19%

Stockholders' Equity,

$4.6, 14%

Fed Funds & FHLB

Borrowings, $3.1, 9%

Brokered Deposits, $1.3,

4%

Subordinated

Borrowings & Sr Notes,

$1.0, 3%

Customer Repurchase

Agreements, $0.4, 1%

Other Liabilities, $0.7,

2%

39

Deposits

Linked Quarter Change

(in $ millions)

Notes: 

(1) 

Commercial includes municipal deposits of $1,330MM at 03/2014 and $1,150MM at 06/2014

(2) 

Retail includes brokered deposits of $663MM at 03/2014 and $1,328MM at 06/2014

Annualized

linked

quarter

change

Total

24,089

Commercial

(1)

Retail

(2)

7.2%

23,666

17,029

17,526

6,637

6,563

(74)

497  

March 31, 2014

Retail

Commercial

June 30, 2014

40

Non-Interest Income

Linked Quarter Change

(in $ millions)

Note:

(1)

Non-operating income represents the gain on the merchant services joint venture, net of related expenses

Total

Non-Operating

Operating

79.9

100.1

79.9

20.6

2.3

0.8

0.8

(1.4)

(1.4)

(0.9)

(0.8)

0.2

79.5

-

20.6

1Q 2014

Non-

Operating

Bank

Service

Charges

Investment

Mgmt.

Fees

Customer

Int. Rate

Swap

Income

Operating

Leases

Commercial

Banking

Lending

Fees

Insurance

Gain on

Resi. Mtg

Loan

Sales

Other

2Q 2014

(1)

41

Non-Interest Income by Category

(in $ millions)

Note:

(1)

Excludes $20.6MM gain on formation of the merchant services joint venture, net of related expenses

2Q14 Non-Interest Income

(1)

$79.5MM

Bank Service

Charges

$32.8

41%

Investment

Management Fees

$10.6

13%

Operating Lease

Income

$9.9

12%

Commercial

Banking Lending

Fees

$7.4

9%

Insurance

Revenue

$6.8

9%

Brokerage

Commissions

$3.6

5%

Customer Interest

Rate Swap

Income, Net

$2.2

3%

Other

$6.2

8%

42

Total

Non-Operating

Operating

Non-Interest Expense

Linked Quarter Change

(in $ millions)

Note:

(1)

Non-operating expense change primarily reflects the 1Q 2014 write-down on certain branch assets

216.7

208.3

211.5

(3.6)

(2.4)

(1.8)

(1.4)

0.8

206.7

5.2

1.6

1Q 2014

Non-

Operating

Operating

Leases

Comp. &

Benefits

Occ. &

Equip.

Other

2Q 2014

(1)

43

Non-Interest Expense by Category

(in $ millions)

2Q14 Non-Interest Expense

Total: $208.3MM; Operating: $206.7MM

Comp. & Benefits

$109.3

53%

Occupancy &

Equipment

$36.6

18%

Professional &

Outside Services

$14.9

7%

Regulatory

Assessments

$9.0

4%

Operating Lease

Expense

$8.7

4%

Amort. Of Acq.-

related Intangible

Assets

$6.2

3%

Other

$23.6

11%

44

Efficiency Ratio (%)

Last Five Quarters

61.4%

62.2%

62.8%

63.9%

61.8%

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

45

Operating ROAA (%)

Last Five Quarters

0.81%

0.78%

0.75%

0.69%

0.72%

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

46

Operating ROATE (%)

Last Five Quarters

9.3%

9.8%

9.8%

9.3%

9.6%

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

47

Operating Dividend Payout Ratio (%)

Last Five Quarters

83%

83%

83%

86%

82%

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

48

Substantial Progress Over the Last Five Years

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 $2.2BN to shareholders

during this period.   Returns of capital were in the form of both

dividends ($1.1BN) and share repurchases ($1.1BN) which represents

approximately 50% of our current market capitalization

Line Item

PBCT

Peer

Median

PBCT Vs.

Peers

5-Year Loans Per Share CAGR

15.5%

0.1%

+15.4%

5-Year Deposits Per Share CAGR

13.3%

1.1%

+12.2%

Notes:

5-Year CAGR figures based on 2Q 2009 to 2Q 2014 data

49

Attractive Risk Profile

Ability to maintain strong credit quality

Conservative credit culture marked by absence of credit “events”

Median net charge-offs / average loans since 2007 have been 19 bps

Well-diversified commercial and retail banking portfolios

Low operating risk profile

Consistently profitable throughout the credit cycle

Straightforward portfolio of products –

no complex financial exposures

Credit ratings of Baa1 / BBB+ / A-

/ A (low) as rated by Moody’s, S&P, Fitch and DBRS, respectively

Robust liquidity

Strong deposit market share in most core markets

Unused FHLB of Boston borrowing capacity of $4.5BN at 2Q 2014

2Q 2014 net loan-to-deposit ratio of 104.9%

50

Commercial Credit Culture and Approval Process

Well-defined credit culture and underwriting standards

Cash flow –

deal specific and global

Collateral / limited unsecured exposure with equity investment requirements and guarantees

No speculative real estate projects

Credit

structure

includes

meaningful

covenants,

appropriate

LTVs

and

monitored

advance

rates

Industry knowledge and expertise (i.e. basic industries and property types)

Seasoned relationship managers with considerable local market knowledge

Experienced senior credit officers (SCO) average 25+ years of commercial banking experience

Approval authority

Local, regional and corporate credit committee structure

>$25MM also requires Executive Risk Oversight Committee (EROC) approval

Due diligence begins prior to the issuance of a proposal (market

manager & SCO) and

independent credit associates in Risk Management are utilized

Credit analyst / relationship manager complete detailed loan submission

Stress test cash flow for interest rate sensitivities, vacancy and rental rates

Independent field exams and appraisal review

51

0.96

1.44

1.63

0.50

1.00

1.50

2.00

2.50

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

PBCT

Peer Group - Median

Top 50 Banks - Median

Last Five Quarters

Asset Quality

NPAs / Loans & REO (%)

(1)

(1)

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

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

52

0.10

0.22

0.23

0.00

0.10

0.20

0.30

0.40

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

PBCT

Peer Group - Median

Top 50 Banks - Median

Asset Quality

Net Charge-Offs / Avg. Loans (%)

(1)

(1)

Excluding acquired loan charge-offs, PBCT’s charge-off ratio was 0.09%, 0.09%, 0.17%, 0.16% and 0.18% in 2Q 2014, 1Q 2014, 4Q 2013,

3Q 2013 and 2Q 2013, respectively

Last Five Quarters

Source: SNL Financial and Company filings

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

53

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

accordancewith

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%

Capital Ratios

Last Five Quarters

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

People’s United Financial

Tang. Com. Equity/Tang. Assets

8.7%

8.5%

7.9%

8.0%

7.9%

Leverage Ratio

1, 5

9.3%

9.2%

8.3%

8.4%

8.3%

Tier 1 Common ²

11.6%

11.4%

10.2%

10.1%

10.0%

Tier 1 Risk-Based Capital

3, 5

11.6%

11.4%

10.2%

10.1%

10.0%

Total Risk-Based Capital

4, 5

12.8%

12.6%

11.3%

11.2%

12.5%

People’s United Bank

Leverage Ratio

1, 5

9.5%

9.5%

9.1%

9.1%

9.0%

Tier 1 Risk-Based Capital

3, 5

11.9%

11.8%

11.1%

11.0%

10.8%

Total Risk-Based Capital

4, 5

13.2%

13.2%

12.4%

12.2%

13.5%

54

Allowance for Loan Losses

Originated Portfolio Coverage Detail as of June 30, 2014

(in $ millions)

0.77%

0.92%

0.00%

0.50%

1.00%

1.50%

NPLs:Loans

ALLL:Loans

Commercial

Banking

0.98%

0.30%

0.00%

0.50%

1.00%

1.50%

NPLs:Loans

ALLL:Loans

Retail Banking

Commercial ALLL -

$163.5 million

120% of Commercial NPLs

Retail ALLL -

$19.0 million

30% of Retail NPLs

Total ALLL -

$182.5 million

92% of Total NPLs

0.82%

0.75%

0.00%

0.50%

1.00%

1.50%

NPLs:Loans

ALLL:Loans

Total

55

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 (People’s United

Financial, Inc.), Director

25+

People’s United Bank, Santander, Sovereign,

Chittenden, Northeast Financial

Galan Daukas

SEVP Wealth Management

25+

Washington Trust, The Managers Funds,

Harbor Capital Mgmt

Sara Longobardi

SEVP Retail Banking

20+

People’s United Bank

Dave Norton

SEVP & Chief HR Officer

3+

People’s United Bank, New York Times,

Starwood, PepsiCo

Lee Powlus

SEVP & Chief Administrative Officer

25+

People’s United Bank, Chittenden, Alltel

David Rosato

SEVP & CFO (People’s United Bank)

25+

People’s United Bank, Webster, Allfirst

Chantal Simon

SEVP & Chief Risk Officer

25+

People’s United Bank, Merrill Lynch US Bank,

Lazard Freres & Co.

Jeff Tengel

SEVP Commercial Banking

30+

People’s United Bank, PNC, National City

Bob Trautmann

SEVP & General Counsel

20+

People’s United Bank, Tyler Cooper & Alcorn

Management Committee

56

Solid Governance Structure

Board of Directors

People’s United

Financial, Inc.

Board of Directors

People’s United Bank

The Management

Committee

Management

Committees

Enterprise

Risk

Committee

Compensation,

Nominating &

Governance Committee

Audit

Committee

Treasury &

Finance

Committee

Regulatory

Steering

Committee

Executive Risk

Oversight Committee

Asset and Liability

Committee

Capital Management

Committee

Credit Policy

Committee

Asset

Quality

Committee

Expense Management

Oversight

Committee

Model Risk

Management

Committee

Disclosure

Committee

New Product

Approval

Committee

Senior Trust

Management

Committee

Transactions with

Affiliates Committee

HR

Administrative

Committee

CRA and Community

Development

Committee

Executive Technology

Committee

Real Estate

Committee

Marketing

Committee

Loan Review

Committee

Trust

Committee

Fraud Risk

Management

Committee

57

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

58

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). In addition, operating lease expense is excluded from total non-interest expense and netted against

operating lease income within non-interest income to conform with the reporting approach applied to our other fee-

based businesses that are already presented on a net basis. 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

59

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, non-recurring gains/losses, merger-related expenses (including acquisition

integration and other costs), 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.

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

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