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

Investor Presentation

February 2017

NASDAQ: PBCT

Exhibit  99.1

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,

international, 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

PBCT: Compelling Investment Opportunity

•

Leading market position in one of the best commercial banking markets in the U.S.

•

Significant growth runway within existing markets –

expanding in two of the largest MSAs in the U.S.

–

New York City #1 and Boston #10

•

Ability to maintain pristine credit quality

–

Average annual net charge-offs/average loans since 2007 have been 18bps

•

Improving profitability

–

Six consecutive years of growth in earnings per common share (2011-2016)

–

2016 net income of $281 million, up 8% vs. prior year period, or 7% on a per common share basis

•

Low operating risk profile

–

Consistently profitable throughout the credit cycle

–

Straightforward

and

diversified

portfolio

of

products

–

no

complex

financial

exposures

•

Robust liquidity

–

Strong deposit market share in most core markets

–

Unused FHLB of Boston borrowing capacity of $6.8 billion at December 31, 2016

•

Continued capital deployment via organic growth and dividends

–

Twenty-five consecutive quarters of loan growth

–

Dividend yield of approximately 3.6%

3

Premium Brand Built Over 170 Years

Corporate Overview

People’s United Financial, Inc.

NASDAQ (PBCT)

Headquarters

Bridgeport, CT

Chief Executive Officer

Jack Barnes

Chief Financial Officer

David Rosato

Market Capitalization (2.3.2017)

$5.8 billion

Assets

$40.6 billion

Loans

$29.7 billion

Deposits

$29.9 billion

Branches

387

In-store Branches

(2)

146

ATMs

593

Standalone ATMs

(3)

110

Founded

1842

1

Statistics as of December 31, 2016, unless noted otherwise

2

Exclusive relationship with Stop & Shop

3

Includes 36 ATMs in Stop & Shop locations where a branch is not present

2016

2010

2011

2012

2008

4

Premium Brand Built Over 170 Years

Acquired:

Chittenden Corp.

which comprised:

Chittenden Bank

Burlington, VT

Ocean Bank

Portsmouth, NH

Maine Bank & Trust

Portland, ME

Merrill Bank

Bangor, ME

Flagship Bank

Worcester, MA

Bank of West. Mass.

Springfield, MA

Acquired:

57 branches in greater

New York metro area

from RBS Citizens –

including 53 branches in

Stop & Shop

supermarkets

Since 1995, PBCT has

had an exclusive

relationship with Stop &

Shop to operate

branches in Connecticut

stores

Acquired:

Danversbank

Danvers, MA

Geographic Expansion in Recent Years

Acquired:

Financial Federal

New York, NY

Acquired:

Butler Bank

Lowell, MA

RiverBank

North Andover, MA

Bank of Smithtown

Smithtown, NY

June 27

Announced

acquisition of:

Suffolk Bancorp

Riverhead, NY

Premium Brand Built Over 170 Years

In-Store Branches Versus Traditional Branches

•

Partnership allows us to leverage People’s United brand with the ~3.3 million shoppers who visit Connecticut and New

York Stop & Shop stores every week

•

In-store locations operate under the same business model as traditional branches and sell all of the Bank’s products

and services

•

Connecticut and New York in-store branches accounted for a significant portion of the new branch business booked

Note: statistics represent Connecticut and New York branches only

Last twelve months through December 31, 2016

In-Store Branches

Traditional Branches

100%

-

%

60%

42%

31%

25%

26%

30%

40%

43%

58%

69%

75%

74%

70%

Consumer Checking

Accounts Opened

Savings Accounts

Opened

Business Checking

Accounts Opened

Home Equity Loans

Originations

Mortgage Loan

Originations

Business Banking Loan

Originations

Investment Sales

57%

On average, in-store locations are open 37% more hours per week (56 hours vs.

41 hours), but are approximately 30% less expensive to operate.

5

Jack Barnes

President & CEO, Director

30+

People’s United Bank (SEVP, CAO),

Chittenden, FDIC

Galan Daukas

SEVP Wealth Management

30+

People’s United Bank, Washington Trust, The

Managers Funds, Harbor Capital Mgmt

Sara Longobardi

SEVP Retail Banking

25+

People’s United Bank

Dave Norton

SEVP & Chief HR Officer

5+

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

30+

People’s United Bank, Webster, M&T

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

Kirk Walters

SEVP Corporate Development,

Director

25+

People’s United Bank, Santander, Sovereign,

Chittenden, Northeast Financial

Name

Position

Years in Banking

Professional Experience

Experienced Leadership Team

6

7

Operate in Large & Attractive Northeast Markets

NYC-Northern NJ-PA

•

Population: 20.3 million

•

Median HH Income: $66,610

•

Businesses: 810,883

•

Population Density (#/sq miles): 2,426

•

Unemployment Rate (%): 4.5

•

$100K+ Households (%): 33.0

Boston, MA

•

Population: 4.7 million

•

Median HH Income: $73,624

•

Businesses: 203,770

•

Population Density (#/sq miles): 1,361

•

Unemployment Rate (%): 2.4

•

$100K+ Households (%): 36.6

Hartford, CT

•

Population: 1.2 million

•

Median HH Income: $68,692

•

Businesses: 52,315

•

Population Density (#/sq miles): 803

•

Unemployment Rate (%): 3.7

•

$100K+ Households (%): 32.1

Bridgeport-Stamford, CT

•

Population: 953,000

•

Median HH Income: $80,998

•

Businesses: 49,392

•

Population Density (#/sq miles): 1,520

•

Unemployment Rate (%): 3.6

•

$100K+ Households (%): 41.6

New Haven, CT

•

Population: 860,000

•

Median HH Income: $62,420

•

Businesses: 36,800

•

Population Density (#/sq miles): 1,426

•

Unemployment Rate (%): 4.1

•

$100K+ Households (%): 29.5

Burlington, VT

•

Population: 218,000

•

Median HH Income: $65,925

•

Businesses: 10,846

•

Population Density (#/sq miles): 173

•

Unemployment Rate (%): 2.4

•

$100K+ Households (%): 28.3

Notes: The current national unemployment rate is 4.8%

The

current

national

population

density

is

91

(#/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

8

Operate in Large & Attractive Northeast Markets

People’s United’s Franchise Metrics

MSA Rank

(Out of 933 MSAs Nationwide)

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

most densely

populated and wealthy markets in the U.S.

Source: SNL Financial; FDIC data as of June 30, 2016

1.

Excludes deposits from trust institutions and branches with over $750 million deposits;

excludes branches and deposits located outside each MSA

2.

Rank weighted by percentage of franchise deposits

Market Size

Population

Median

% Households

People's United Top 5 MSAs

Total Deposits

Market

% Deposit

Deposits

% of

Density

Household

with $200k+

($ in millions)

Rank

Market Share

($ in millions)

Franchise

(# / sq. mile)

Income

Income

Bridgeport-Stamford-Norwalk, CT

$40,283

1

17%

$6,860

28%

6

8

2

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

691,368

24

1%

3,534

15%

2

35

12

Boston-Cambridge-Newton, MA-NH

150,184

8

2%

3,120

13%

8

13

9

Hartford-West Hartford-East Hartford, CT

30,010

5

8%

2,478

10%

20

26

23

New Haven-Milford, CT

20,106

4

11%

2,309

9%

7

60

41

Top 5 MSAs

$931,951

–

2%

$18,301

75%

–

–

–

Weighted Average Rank

2

8

23

13

Rank / Nationwide MSAs (933 MSAs)

0.8%

2.5%

1.4%

1

9

Total Loan Portfolio: $29.7 Billion

At December 31, 2016

($ in billions)

Connecticut

$7.8 / 26%

Massachusetts

$5.4 / 18%

New Hampshire

$1.4 / 5%

Other

$5.2 / 18%

New York

$5.7 / 19%

Vermont

$1.8 / 6%

New Jersey

$1.5 / 5%

Maine

$0.9 / 3%

Operate in Large & Attractive Northeast Markets

Excluding equipment finance loans, ~91% of PBCT’s loan portfolio is within the Northeast

10

Source: SNL Financial; FDIC data as of June 30, 2016; excludes trust institutions; excludes non-retail branches

Notes:

PBCT

branch

count

updated

as

of

December

31,

2016

Operate in Large & Attractive Northeast Markets

Connecticut

Massachusetts

Vermont

New York

New Hampshire

Maine

4

th

in deposit market share in New England

# 1 in Fairfield County, CT., 64 branches, ~$11 billion in deposits, ~ 24% market share

Strong deposit market positions

Branches

$BN

%

1

Bank of America

138

30.0

23.8

2

People's United

149

16.5

13.1

3

Webster

118

16.3

12.9

4

Wells Fargo

76

9.0

7.1

5

TD Bank

71

6.8

5.4

6

JP Morgan Chase

50

5.5

4.4

7

Citi

14

4.2

3.3

8

KeyCorp

75

4.1

3.3

9

Liberty

55

3.5

2.7

10

United Financial

32

3.2

2.5

Branches

$BN

%

1

JP Morgan Chase

754

536.2

37.6

2

HSBC

146

114.7

8.0

3

Citi

243

88.1

6.2

4

Bank of America

303

83.7

5.9

5

M&T

282

44.9

3.2

6

Capital One

229

44.8

3.1

7

KeyCorp

403

36.1

2.5

8

TD Bank

262

33.7

2.4

9

Signature

30

29.5

2.1

10

Wells Fargo

85

23.3

1.6

29

People's United

97

3.4

0.3

Branches

$BN

%

1

People's United

40

2.9

23.0

2

TD Bank

32

2.5

20.1

3

Merchants

31

1.4

10.8

4

KeyCorp

12

0.8

6.5

5

Citizens

20

0.8

6.4

6

Northfield

13

0.6

4.9

7

Union

12

0.5

3.8

8

Community

12

0.5

3.7

9

Passumpsic

6

0.4

2.9

10

Mascoma

10

0.3

2.8

Branches

$BN

%

1

Citizens

72

7.9

24.8

2

TD Bank

70

6.7

21.0

3

Bank of America

23

4.6

14.3

4

People's United

26

1.5

4.7

5

NH Mutual

19

1.2

3.8

6

BNH Financial

25

1.2

3.6

7

Santander

18

1.0

3.0

8

Lake Sunapee

21

0.9

2.7

9

Mascoma

17

0.9

2.7

10

Northway

17

0.7

2.4

Branches

$BN

%

1

TD Bank

48

3.5

12.9

2

KeyCorp

50

3.4

12.5

3

Camden National

63

2.8

10.4

4

Bangor Bancorp

56

2.5

9.2

5

Bank of America

17

1.8

6.7

6

First Bancorp

16

1.1

4.3

7

People's United

27

1.1

4.2

8

Bar Harbor

14

1.0

3.7

9

Machias Bancorp

18

1.0

3.6

10

Norway

24

0.9

3.3

Branches

$BN

%

1

Bank of America

230

67.8

27.2

2

Citizens

245

31.3

12.6

3

Santander

221

18.3

7.3

4

TD Bank

144

13.1

5.3

5

Eastern Bank

89

8.0

3.2

6

Independent Bank

84

6.2

2.5

7

First Republic

4

5.6

2.3

8

Boston Private

11

3.9

1.6

9

Middlesex

32

3.8

1.5

10

People's United

48

3.6

1.4

11

Commitment to Relationship-Based Banking

Long history of focusing on relationship management at the local level…

•

Long-term relationships with customers

•

Customers relationships are with local management

•

Single

point

of

contact

with

customers

–

break

down

silos

to

present

full

suite

of

products

&

services

•

Senior management frequently interacts with customers

•

Reputation and word-of-mouth referrals often drive new business

•

Broad distribution: 387 branches across six states, 593 ATMs, online and mobile banking

•

Call center operations locally located in Bridgeport, CT and Burlington, VT

12

Breadth of Products & Services

Commercial

Banking

Retail

Banking

Wealth

Management

…while providing the same full breadth of solutions as larger banks

•

Commercial Lending: commercial finance, real estate financing, equipment loans & leasing, asset based

lending, mortgage warehouse lending

•

Deposit Products: checking accounts, savings and money market accounts

•

Treasury Management: cash management services, Online banking eTreasury+, ACH services, lockbox

services, remote deposit capture, merchant card processing, payroll services, fraud protection services,

liquidity and investment solutions

•

Specialty Services: government banking, healthcare & non-profit banking, interest rate risk management,

international services, business aircraft finance

•

Insurance: commercial coverage, employee benefits, bonding, risk management services, specialized

industry insurance

•

Retail Lending: residential mortgages, home equity loans and lines of credit, personal loans

•

Deposit Products: checking accounts, savings and money market accounts

•

Services: mobile banking, online banking, credit cards

•

Wealth Services & Solutions: financial planning, trust & estate solutions, investment management, private

banking, self-directed investing, retirement plan services, institutional trust services

13

Total Loan Portfolio: $29.7 Billion

At December 31, 2016

Commercial

$21.4 Billion / 72%

Breadth of Products & Services

Retail

$8.3 Billion / 28%

Packaging

4%

Service

3%

Other

5%

Health

Services

2%

Manufact.

5%

Transp. / Utility

3%

Arts/Ent./Rec.

2%

Construction

2%

Information

1%

Public Admin.

1%

Hosp. & Entertain.

5%

Wholesale 

Dist.

5%

Other

1%

14

Commercial Real Estate

$10.3 Billion / 35% of Total Portfolio

(At December 31, 2016)

Residential

(Multi-Family)

37%

Commercial & Industrial

$8.1 Billion / 27% of Total Portfolio

Equipment Financing

$3.0 Billion / 10% of Total Portfolio

Commercial Loans: $21.4 Billion /  72% of Total Portfolio

($ in billions)

($ in billions)

($ in billions)

Retail

25%

Office Buildings

21%

Health care

1%

Self Storage

2%

Special Use

2%

Industrial /

Manufacturing

6%

Finance &

Insurance

19%

Service

17%

Manufacturing

14%

Wholesale

Dist.

14%

Health

11%

Retail

Sales

9%

Transportation

/ Utility

36%

Construction

14%

Finance,

Insurance

& Real Estate

14%

Waste

6%

Printing

6%

Breadth of Products & Services

Broadly diversified commercial loan portfolio

Real Estate

7%

15

Residential Mortgage

$6.2 Billion / 21% of Total Portfolio

(At December 31, 2016)

Retail Loans: $8.3 Billion / 28% of Total Portfolio

($ in billions)

($ in billions)

Home Equity and Other Consumer

$2.1 Billion / 7% of Total Portfolio

2016 originated weighted average LTV of 68%

2016 originated weighted average FICO score of 763

Hybrid ARMs represent 89% of the portfolio

2016 originated weighted average CLTV of 59%

2016 originated weighted average FICO score of 766

61% of originations during last 3 years are in a first lien position

New York

$0.6 / 10%

Vermont

$0.3 / 5%

Massachusetts

$1.8 / 28%

Connecticut

$2.7 / 44%

Connecticut

$1.3 / 59%

Vermont

$0.2 / 10%

New York

$0.3 / 13%

Massachusetts

$0.2 / 7%

New Hampshire

$0.2 / 3%

Maine

$0.1 / 2%

New Jersey

$0.5 / 8%

New Hampshire

$0.1 / 6%

Maine

$0.1 / 5%

Breadth of Products & Services

16

Conservative & Well-Defined Underwriting Culture

•

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

>$25 million also requires Executive Risk Oversight Committee 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

Commercial Credit Culture & Approval Process

17

Conservative & Well-Defined Underwriting Culture

Conservative underwriting is a hallmark of People’s United

Average Annual Net Charge-Offs / Average Loans

Peer Group Comparison 2007-2016

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

0.18%

PBCT

Median, excluding PBCT = 0.90%

Source: SNL Financial

18

Deep Focus on Expense Management

•

EMOC has been fully operational since November 2011

Committee comprised of the CEO, CFO, Chief Administrative Officer and Chief HR Officer

•

EMOC oversees:

Non-interest expense management and implements strategies to attain targeted goals

Revenue initiatives that require expenditures and conducts periodic progress reviews

•

Spending requests above $25,000 (or annual spending with a vendor of $75,000 or more) are submitted for

approval by business owners and/or finance divisional resources

For the purpose of spending limit calculation, all common expenditures are aggregated for approval purposes

•

Staffing models, staffing replacements and additions for mid-level positions and above require approval

by the Committee

Expense Management Oversight Committee (EMOC)

Proactive expense management approach

19

Deep Focus on Expense Management

•

People’s United has proactively managed expenses while also making significant investments in:

Talent and systems amidst a regulatory environment of heightened expectations

Revenue and deposit gathering initiatives

Improving customer experiences via enhanced delivery of products and services

Non-Interest Expense

1

$208

$218

$212

$214

$217

$217

$213

$218

$216

4Q'14

1Q'15

2Q'15

3Q'15

4Q'15

1Q'16

2Q'16

3Q'16

4Q'16

Continued execution of strong cost controls

($ in millions)

1

Excludes merger-related expenses of $3.1 million in 3Q’16 and $1.6 million in 4Q’16

20

•

Bolstering commercial banking presence in Massachusetts and New York

•

Building large-corporate and government banking productivity

•

Continuing to leverage investment in asset-based lending

•

Focusing on deposit gathering capabilities

•

Growing insurance and wealth management fee income

•

Increasing momentum in other fee income businesses

Delivering interest rate swaps and foreign exchange products to corporate customers

Expanding international trade finance

Growing commercial banking lending fees

Investing in competitive cash management products

These significant opportunities expected to provide earnings growth for years to come

Significant Opportunities

Continuing to grow in our expanded footprint, while deepening presence across heritage markets

21

Building the Franchise for the Long-Term

Committed to delivering value to both customers and shareholders

•

Increase focus on relationship profitability

Continue to build deep, multi-product relationships

Deposit gathering remains a key focus and is reflected in incentive structure

•

Maintain pristine asset quality

•

Tightly control expenses while investing in key infrastructure

•

Maintain asset sensitivity to position People’s United for eventual increase in

interest rates

Fourth Quarter and Full Year 2016 Results

23

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%.

24

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

Loans

Net Interest Income

25

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

$258

$207

$127

$81

$55

$39

2011

2012

2013

2014

2015

2016

NII, Ex. Accretion

Accretion

Deposits

26

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

Time

Savings

Interest-Bearing Checking & Money Market

Non-Interest-Bearing

27

($ 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

28

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.

$829

$831

$839

$842

$861

$864

2011

2012

2013

2014

2015

2016

29

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

30

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.

31

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.

32

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

33

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)

34

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)

35

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

36

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

37

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)

38

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

39

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.

40

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)

0.66

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

1.0

1.5

2.0

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

0.09

0.09

0.07

0.04

0.06

0.17

0.19

0.22

0.22

0.18

0.24

0.23

0.22

0.0

0.1

0.2

0.3

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

41

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

42

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%

8.4%

Common Equity Tier 1 Capital 

2, 5

9.8%

9.7%

9.7%

9.7%

9.8%

Tier 1 Risk-Based Capital 

3, 5

9.8%

9.7%

9.7%

9.7%

10.6%

Total Risk-Based Capital 

4, 5

11.7%

11.5%

11.5%

11.5%

12.4%

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%

11.2%

Tier 1 Risk-Based Capital

3, 5

10.2%

10.9%

10.8%

10.8%

11.2%

Total Risk-Based Capital

4, 5

12.6%

12.9%

12.8%

12.8%

13.3%

43

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

45

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.

Agency MBS -

HTM

$0.5 / 8%

Bonds, Notes &

Debentures

$0.9 / 13%

46

Securities Portfolio Detail

Note:

Duration of the securities portfolio is ~4.7 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 MBS &

Agency CMOs comprised of 10-yr & 15-yr collateral constitute ~60% of the portfolio.

Municipal bond portfolio has an underlying weighted average credit rating above AA

.

Securities Portfolio: $6.7 Billion

At December 31, 2016

($ in billions)

FHLB & Federal

Reserve Bank Stock

$0.3 / 5%

Agency MBS -

AFS

$2.9 / 43%

Agency CMO’s

$0.6 / 9%

Municipal -

HTM

$1.5 / 22%

Customer Repurchase

Agreements

$0.3 / 1%

47

Balance Sheet Funding

87% funded by deposits, customer repurchase agreements and stockholders’ equity

Balance Sheet Funding: $40.6 Billion

At December 31, 2016

($ in billions)

Retail Deposits

$19.6 / 48%

Commercial Deposits

$10.3 / 25%

Stockholders’

Equity

$5.1 / 13%

Fed Funds

& FHLB

Advances

$3.7 / 9%

Subordinated Borrowings

& Senior Notes

$1.0 / 2%

Other Liabilities

$0.6 / 2%

48

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

49

Non-GAAP Financial Measures and Reconciliation to GAAP

In addition to evaluating People’s United Financial Inc. ("People's United") results of operations in

accordance with U.S. generally accepted accounting principles (“GAAP”), management routinely

supplements its evaluation with an analysis of certain non-GAAP financial measures, such as the

efficiency and tangible common 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’s underlying operating performance and trends, and

facilitates comparisons with the performance of other financial institutions. 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 common equity ratio and tangible book value

per share are used to analyze the relative strength of People’s United’s capital position. 

The efficiency ratio, which represents an approximate measure of the cost required by People’s United

to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding operating lease

expense, goodwill impairment charges, amortization of other acquisition-related intangible assets, losses

on real estate assets and non-recurring expenses, which are also excluded in arriving at operating 

non-interest expense) (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, the netting of operating lease expense and excluding gains and losses on sales of

assets other than residential mortgage loans and acquired loans, and non-recurring income) (the

denominator). People’s United 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. 

50

Non-GAAP Financial Measures and Reconciliation to GAAP

Operating earnings exclude from net income available to common shareholders 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’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: (i) non-recurring gains/losses; (ii) merger-related expenses, including acquisition integration and

other costs; (iii) writedowns of banking house assets and related lease termination costs; (iv) severance-

related costs; and (v) charges related to executive-level management separation costs, are generally

also excluded when calculating the efficiency ratio. Effective with the quarter ended March 31, 2016,

recurring writedowns of banking house assets and certain severance-related costs are no longer

considered to be non-operating expenses. Operating earnings per common 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) earnings per common share, as reported. Operating return

on average assets is calculated by dividing operating earnings (annualized) by average total assets.

Operating return on average tangible common equity is calculated by dividing operating earnings

(annualized) by average tangible common equity. The operating dividend payout ratio is calculated by

dividing dividends paid by operating earnings for the respective period.

The tangible common equity ratio is the ratio of (i) tangible common equity (total stockholders’ equity

less preferred stock, 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 common 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 for determining the non-GAAP financial measures discussed above may differ from those used

by other financial institutions.

For more information, investors may contact:

Andrew S. Hersom

(203) 338-4581

andrew.hersom@ peoples.com

NASDAQ: PBCT