People's United Financial (PBCT) 8-K People’s United Financial Reports Fourth Quarter Net Income of $75.9 Million, or $0.24 Per Common Share

Fourth Quarter and Full Year 2016 Results

January 19, 2017

NASDAQ: PBCT

Exhibit 99.2

1

Forward-Looking Statement

Certain statements contained in this presentation 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) changes in accounting and regulatory guidance

applicable to banks; (7) price levels and conditions in the public securities markets generally; (8)

competition and its effect on pricing, spending, third-party relationships and revenues; (9) the successful

integration of acquisitions; and (10) 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

Full Year 2016 Overview

•

Net income of $281 million, an increase of $20 million or 8%

—

Earnings per common share of $0.92, an increase of $0.06 or 7%

•

Net interest income

1

of $972 million, an increase of $40 million or 4%

•

Net interest margin of 2.80%, a decrease of 8 basis points

•

Loan growth of $1.3 billion, 5% growth rate

•

Deposit

growth

of

$1.4

billion,

5%

growth

rate

•

Non-interest

income

of

$343

million,

consistent

with

prior

year

(adj.

for

the

2015

gain

on

sale

of

payroll

services

business)

•

Non-interest expense of $869 million, an increase of $8 million or 1%

—

Includes merger-related costs of $5 million

•

Efficiency ratio of 60.5%, an improvement of 100 basis points

•

Net loan charge-offs of 0.06%, an improvement of 2 basis points

(Comparisons versus full year 2015)

1

Net interest income on a fully taxable equivalent basis was $1.0 billion, an increase of 5%.

Loans

3

End of Period Balances

Growing a broadly diversified portfolio

$21.7

$24.4

$26.6

$28.4

$29.7

($ in billions)

$20.4

$7.2

$7.3

$8.9

$9.4

$10.0

$10.3

$5.4

$6.0

$6.3

$7.2

$7.7

$8.1

$2.0

$2.3

$2.6

$2.9

$3.0

$3.0

$3.6

$3.9

$4.4

$4.9

$5.5

$6.2

$2.2

$2.2

$2.2

$2.2

$2.2

$2.1

2011

2012

2013

2014

2015

2016

Commercial Real Estate

Commercial & Industrial

Equipment Financing

Residential Mortgage

Consumer

Net Interest Income

4

Net interest income has increased as loan growth has outweighed significant              

net interest margin compression

5-Year CAGR: +1% (Ex. Accretion: +7%)

($ in millions)

$913

$929

$889

$912

$932

$972

Net Interest Income 

$655

$722

$762

$831

$877

$933

2011

2012

2013

2014

2015

2016

NII, Ex. Accretion

Accretion

$258

$207

$127

$81

$55

$39

Deposits

5

End of Period Balances

$21.6

$22.6

$26.1

$28.4

$29.9

($ in billions)

$20.8

Emphasizing deposit gathering across the franchise

$8.1

$8.7

$9.2

$11.4

$13.2

$14.3

$4.5

$5.1

$5.3

$5.6

$6.2

$6.7

$5.3

$4.7

$4.4

$5.2

$4.8

$4.5

$2.9

$3.3

$3.7

$3.9

$4.2

$4.4

2011

2012

2013

2014

2015

2016

Interest-Bearing Checking & Money Market

Non-Interest-Bearing

Time

Savings

6

($ in millions)

$314

$320

$342

$330

$343

$343

Non-Interest Income

1

Non-Interest Income

Strengthening fee income organically and via acquisition, despite industry-wide headwinds

related to bank service charges

1

Excludes gains of $9.2 million in 2015 (payroll services sale) and $20.6 million in 2014 (merchant services  joint venture).

$196

$212

$235

$224

$242

$245

2011

2012

2013

2014

2015

2016

Non-Interest Income ex. Bank Service Charges

Bank Service Charges

$118

$108

$107

$106

$101

$98

7

$829

$831

$839

$842

$861

$864

2011

2012

2013

2014

2015

2016

5-Year CAGR: <1%

Non-Interest Expenses

Controlling costs while still making significant investments in the franchise

Non-Interest Expenses

(excl. merger-related costs)

($ in millions)

Merger-related costs were $42.9 million in 2011 and $4.7 million in 2016.

8

Profitability

Continuing to enhance profitability

Earnings Per Common Share

$0.55

$0.72

$0.74

$0.84

$0.86

$0.92

2011

2012

2013

2014

2015

2016

9

Full Year 2016: Goals vs. Actual Results

Goals

1

Actual Results

Loans

Growth

range:

4%

-

6%

5%

Deposits

Growth

range:

4%

-

6%

5%

Net

Interest Income

2

Growth

range:

5%

-

7%

4%

Net

Interest Margin

2.75%

-

2.85%

2.80%

Non-Interest

Income

3

Maintain

non-interest income levels

$343

million in both 2016 & 2015

Non-Interest Expense                 

(ex. merger-related costs)

$860

million

-

$870

million

$864 million

Credit

Maintain

excellent

credit

quality

Provision

in

the

range

of

$40

million

-

$50

million

Excellent

credit

quality

Provision: $37 million

Capital

Maintain

strong

capital

levels

TCE

/

TA

in

the

range

of

7.0%

-

7.2%

Expect preferred offering in second half of year

Strong capital levels

TCE

/ TA: 7.2%

Completed

preferred

offering

in

4

th

quarter

1

Goals updated on July 21, 2016.

2

Net interest income on a fully taxable equivalent basis was $1.0 billion, an increase of 5%.

3

Adjusted for the 2015 gain on sale of payroll services business.

10

Full Year 2017 Goals

1

Loans

Deposits

Net Interest Income

Net Interest Margin

Non-Interest Income

Non-Interest Expense

(Excludes Merger-Related Costs)

Credit

Capital

•

Growth

in

the

range

of

4%

-

6%

•

Growth

in

the

range

of

5%

-

7%

•

Range

of

2.80%

-

2.90%

—

Assumes one 25 basis point rate increase in fed funds (mid-year 2017)

—

Essentially no change to current slope of the yield curve 

•

Growth

in

the

range

of

5%

-

7%

•

Range

of

$895

million

-

$915

million

•

Maintain excellent credit quality

—

Provision

in

the

range

of

$40

million

-

$50

million

•

Maintain strong capital levels

—

Tier

1

leverage

ratio

in

the

range

of

8.0%

-

8.5%

—

Common

equity

tier

1

capital

ratio

in

the

range

of

9.5%

-

9.7%

•

Growth

in

the

range

of

5%

-

7%

1

Goals reflect full year of Gerstein Fisher results (acquisition closed November 2016),

but does not include the pending acquisition of Suffolk Bancorp.

11

Fourth Quarter 2016 Overview

•

Net

income

of

$75.9

million,

increases

of

3%

and

7%

from

the

3

rd

quarter

and

prior

year

quarter

—

Earnings

per

common

share

of

$0.24,

consistent

with

the

3

rd

quarter

and

up

$0.01

from

prior

year

quarter

•

Net interest income

1

of $247 million, an increase of $2 million or 1%

•

Net interest margin of 2.78%, a decrease of 2 basis points

•

Loan growth of $377 million, 5% annualized growth rate

•

Deposit

growth

of

$205

million,

3%

annualized

growth

rate

•

Non-interest income of $84 million, a decrease of $7 million or 7%

•

Non-interest expense of $217 million, a decrease of $4 million or 2%

Includes

$1.6

million

of

merger-related

costs

compared

to

$3.1

million

in

the

3

rd

quarter

•

Efficiency ratio of 59.3%, an improvement of 60 basis points

•

Net loan charge-offs of 0.06%, an increase of 2 basis points

(Comparisons versus third quarter 2016, unless noted otherwise)

1

Net interest income on a fully taxable equivalent basis was $255 million, an increase of <1%.

3Q 2016

Investments

Originated

Loans

Deposits

Acquired

Loans

Borrowings

4Q 2016

12

Net Interest Income

1

($ in millions)

Linked Quarter Change

$245.3

$246.8

($1.2)

$2.7

1

Net interest income on a fully taxable equivalent basis for 3Q 2016 and 4Q 2016 was $254 million and $255 million, respectively.

$0.3

$0.1

($0.4)

13

Net Interest Margin

3Q 2016

Loan

Yield & Mix

Borrowings

Investments

4Q 2016

Linked Quarter Change

2.80%

2.78%

(1 bp)

2

bps

(3 bps)

14

Loans

($ in millions, end of period balances)

Sep. 30, 2016

Commercial

Retail

Acquired

Dec. 31, 2016

Linked Quarter Change

$238

$29,368

$29,745

Annualized linked quarter change: +5%

($35)

$174

15

Deposits

$14,056

$14,260

$6,522

$6,661

$4,687

$4,542

$4,391

$4,398

Sep. 30, 2016

Interest-Bearing

Checking &

Money Market

Non-Interest

Bearing

Savings

Time

Dec. 31, 2016

Linked Quarter Change

($ in millions, end of period balances)

Annualized linked quarter change: +3%

$29,861

$204

$29,656

$7

$139

($145)

Interest-Bearing Checking & Money Market

Non-Interest-Bearing

Time

Savings

16

Non-Interest Income

($ in millions)

3Q 2016

Insurance

Revenue

Operating

Lease

Income

Bank

Service

Charges

Net

Security

Losses

Gain from Sale

of Ownership

Interest in

Privately-Held

Investment

Investment

Management

Fees

Other

4Q 2016

$90.8

$84.2

Linked Quarter Change

$6.3

($3.0)

($1.7)

($1.1)

($6.0)

$2.6

($3.7)

17

Non-Interest Expense

($ in millions)

3Q 2016

Compensation

& Benefits

Merger-Related

Costs

Operating Lease

Expense

Professional &

Outside Services

Regulatory

Assessments

Other

4Q 2016

($2.8)

$217.2

$221.4

Linked Quarter Change

$0.5

($1.5)

($1.4)

$0.2

$0.8

18

Efficiency Ratio

61.0%

62.7%

60.4%

59.9%

59.3%

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

61.8%

Beginning

with

first

quarter

2016

results,

the

Company

no

longer

classifies

expenses

related

to

ordinary

and

recurring

branch

closures

and

severance

as

non-operating. In prior quarters, these expenses were excluded from the calculation of the Company’s efficiency ratio. For comparison purposes above,

efficiency ratios for prior quarters also display what the metric would have been had these expenses been included.

19

Asset Quality

Non-Performing Assets / 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

Notes:

Source: SNL Financial and Company filings.

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

Net Charge-Offs / Average Loans (%)

2

2

Ex. acquired loan charge-offs, PBCT’s charge-off ratio was  0.05%, 0.03%, 0.07%, 0.08%, & 0.09% in 4Q 2016, 3Q 2016, 2Q 2016, 1Q 2016 & 4Q 2015, respectively

PBCT

Peer Group (Median)

Top 50 Banks (Median)

PBCT

Peer Group (Median)

Top 50 Banks (Median)

0.09

0.09

0.07

0.04

0.06

0.17

0.19

0.22

0.22

0.18

0.23

0.22

0.0

0.1

0.2

0.3

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

0.66

0.68

0.64

0.63

0.57

1.32

1.79

1.54

1.62

1.21

1.38

1.36

1.25

0.5

1.5

2.0

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

0.24

1.0

20

Returns

0.75%

0.65%

0.70%

0.73%

0.75%

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

10.7%

9.4%

10.1%

10.7%

10.7%

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

Return on Average Assets

Return on Average Tangible Common Equity

21

Capital Ratios

Basel III Notes:

1.

Tier 1 Leverage ratio represents Tier 1 Capital divided by Average Total Assets (less goodwill, other acquisition-related intangibles and other deductions from Common Equity Tier 1 Capital).

2.

Common

Equity

Tier

1

Capital

ratio

represents

total

stockholder’s

equity,

excluding:

(i)

after-tax

net

unrealized

gains

(losses)

on

certain

securities

classified

as

available

for

sale;

(ii)

after-tax

net

unrealized

gains

(losses)

on

securities

transferred

to

held

to

maturity;

(iii)

goodwill

and

other

acquisition-related

intangibles;

and

(iv)

the

amount

recorded

in

accumulated

other

comprehensive

income

(loss)

relating

to

pension

and

other

postretirement benefits divided by Total Risk-Weighted Assets.

3.

Tier 1 Risk-Based Capital ratio represents Common Equity Tier 1 Capital plus additional Tier 1 Capital (together, "Tier 1 Capital") divided by Total Risk-Weighted Assets.

4.

Total Risk-Based Capital ratio 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 Basel III capital rules are: Tier 1 Leverage Ratio, 5%; Common Equity Tier 1 Capital Ratio, 6.5%; Tier 1 Risk-Based Capital Ratio, 8%; and Total Risk-Based Capital Ratio, 10%.

Dec. 31,

2015

Mar. 31,

2016

Jun. 30,

2016

Sep. 30,

2016

Dec. 31,

2016

People’s United Financial, Inc.

Tang. Com. Equity/Tang. Assets

7.2%

7.3%

7.2%

7.2%

7.2%

Tier 1 Leverage

1, 5

8.0%

7.9%

7.8%

7.7%

8.5%

Common

Equity

Tier

1

Capital

2,

5

9.8%

9.7%

9.7%

9.7%

9.9%

Tier

1

Risk-Based

Capital

3,

5

9.8%

9.7%

9.7%

9.7%

10.7%

Total

Risk-Based

Capital

4,

5

11.7%

11.5%

11.5%

11.5%

12.5%

People’s United Bank, N.A.

Tier 1 Leverage

1, 5

8.4%

8.8%

8.7%

8.6%

8.9%

Common

Equity

Tier

1

Capital

2,

5

10.2%

10.9%

10.8%

10.8%

11.3%

Tier

1

Risk-Based

Capital

3,

5

10.2%

10.9%

10.8%

10.8%

11.3%

Total

Risk-Based

Capital

4,

5

12.6%

12.9%

12.8%

12.8%

13.4%

22

Interest Rate Risk Profile

Net Interest Income (NII) Sensitivity

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.

-5.0%

4.0%

7.3%

10.1%

12.8%

4.5%

7.9%

10.7%

13.3%

Down 75

Up 100

Up 200

Up 300

Up 400

-2.6%

1.7%

3.3%

-3.4%

2.3%

4.3%

1.9%

4.0%

-5.1%

2.7%

4.6%

Short End -75

Short End +100

Short End +200

Long End -100

Long End +100

Long End +200

Immediate Parallel Shock

Est. Change in NII

Yield Curve Twist

1

Est. Change in NII

Dec. 31, 2016

Sep. 30, 2016

Appendix

24

Asset Quality

Originated Portfolio Coverage Detail as of December 31, 2016

0.95%

0.30%

0.77%

Commercial

Retail

Total

ALLLs / Loans

NPLs / Loans

ALLLs / NPLs

0.49%

0.55%

0.51%

Commercial

Retail

Total

193%

54%

151%

Commercial

Retail

Total

Note –

ALLLs: Commercial: $199 million, Retail: $24 million, Total: $223 million.

25

Peer Group

Firm

Ticker

City

State

1

Associated

ASB

Green Bay

WI

2

Citizens

CFG

Providence

RI

3

Comerica

CMA

Dallas

TX

4

Cullen/Frost

CFR

San Antonio

TX

5

East West

EWBC

Pasadena

CA

6

First Horizon

FHN

Memphis

TN

7

Huntington

HBAN

Columbus

OH

8

KeyCorp

KEY

Cleveland

OH

9

M&T

MTB

Buffalo

NY

10

New York Community

NYCB

Westbury

NY

11

Signature

SBNY

New York

NY

12

Synovus

SNV

Columbus

GA

13

Umpqua

UMPQ

Portland

OR

14

Webster

WBS

Waterbury

CT

15

Zions

ZION

Salt Lake City

UT

For more information, investors may contact:

Andrew S. Hersom

(203) 338-4581

andrew.hersom@ peoples.com

NASDAQ: PBCT