 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 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 |