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KBW Community BankInvestor Conference Presentation July 28 and 29, 2015 NASDAQ: FBNK
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Forward Looking Statements Disclaimer & Forward-Looking StatementsStatements in this document and presented orally at the conference, if any, concerning future results, performance, expectations or intentions are forward-looking statements. Actual results, performance or developments may differ materially from forward-looking statements as a result of known or unknown risks, uncertainties and other factors, including those identified from time to time in the Company’s filings with the Securities and Exchange Commission, press releases and other communications. Actual results also may differ based on the Company’s ability to successfully maintain and integrate customers from acquisitions.The Company intends any forward-looking statements to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers and attendees are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation. Except as required by applicable law or regulation, the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made.The Company’s capital strategy includes deployment of excess capital, the success of which efforts cannot be guaranteed.
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Who We Are Assets: $2.6 billion Loans: $2.3 billion Deposits: $1.9 billionCapital: $239 millionBranches: 22Headquarters: Farmington, ConnecticutNASDAQ: FBNK A Community Bank in central Connecticut and western Massachusetts which has delivered double digit organic loan growth with a focus on increasing earnings and building long-term shareholder value. As of June 30, 2015
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Franchise Overview Retail Growth MarketWestern MA Core MarketConnecticut 22 full service branch offices1 commercial loan production office2 branches opening in western Mass. in 2015 Farmington Bank, founded in 1851, a wholly owned subsidiary of First Connecticut Bancorp Lending Growth Market New Haven, CT
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Strategic Direction Focus on Fundamentals Prudently controlled growth – Commercial focusDeposits – growing footprintBalance sheet management – Exploring potential securitizationAsset sensitive balance sheetExpense control/ EfficienciesCapital managementAsset qualityBuilding shareholder value
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Q2 Strategic Highlights Diversified the balance sheet while maintaining strong interest rate risk positionGrew total assets by $77 millionOptimizing branch footprintOpening two branches in western MassachusettsClosing Westfarms Mall branch in West Hartford, ConnecticutRepurchased 115,117 shares in stock buybackIncreased Tangible Book Value by 5% annualized
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Strong Capital Structure Common shares outstanding: 15,922,888Market capitalization: $252.7 millionMarket value per share: $15.87Tangible book value per share: $15.01Repurchased 2,684,138 shares of FBNK stock (since IPO 6/29/11) at an average cost of $14.27 As of June 30, 2015 unless otherwise noted.
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ROA, ROE & EPS
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Financial Highlights
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Financial Highlights
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Outstanding Credit Quality *Excluding restructured loans. Strong credit cultureRobust portfolio monitoring
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Solid Loan Growth $ millions As of June 30, 2015 *Annualized Commercial loan growth up 16.7%*Residential loan growth up 13.3%* Growth Rate 17.1% 18.4% 17.5% 13.9%* 11.4%
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Diversified Loan Portfolio As of June 30, 2015 Commercial 53%Residential 39%Consumer 8% 100%
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Total Deposit Growth Deposit Growth increased $151 million y-t-d2,508 net new checking accounts y-t-d $ millions As of June 30, 2015 Includes repurchased liabilities & excludes mortgagors escrow accounts *Annualized Growth Rate 11.4% 12.9% 14.0% 17.1%* 3.1%
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Diversified Deposit Base As of June 30, 2015 Includes repurchased liabilities & excludes mortgagors escrow accounts
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Why First Connecticut? Attractive growing franchise in central Connecticut and western MassachusettsIncreasing EPS while growing organicallyAsset sensitive balance sheetDiverse delivery channels Track record of building Tangible Book ValueExpense control/efficienciesPaid fifteen consecutive quarterly dividends Scalable platform built for long-term growthStrong capital positionSolid asset qualityRobust enterprise risk management program
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Appendix Supplemental Information
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Select Financial Data Statement of Income 2011 – 2Q 2015 $ thousands
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Select Financial Data Statement of Income Rolling Five Quarters $ thousands
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Select Financial Data Selected Annual Financial Data $ millions
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Select Financial Data Selected Annual Financial Data $ thousands except share amounts
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Select Financial Data Quarterly Net Interest Income and Core Revenue* Annual YTD/Net Interest Income and Core Revenue* $ millions *Excludes prepayment penalty fees, net gain on sales of investments and Bank-owned life insurance proceeds.
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Select Financial Data Annual / YTD Average Earning Assets and NIM Quarterly Average Earning Assets and NIM $ billions
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Asset Sensitivity As of June 30, 2015
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Commercial Loan Growth $ millions *Annualized Growth Rate 9.4% 10.8% 16.7%* 27.3% 17.4%
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Residential Loan Growth $ millions *Annualized
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Residential Portfolio Composition Fixed Variable $ thousands
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Consumer Loan Growth $ millions *Annualized
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Asset Quality Metrics Non-Performing Loans / Total Loans Loan Loss Reserves / Non-Accrual Loans
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Asset Quality Metrics Loan Loss Reserves / Total Loans Net Charge-Offs / Average Net Loans *Annualized
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Deposit Market Share Source: SNL Financial* includes limited service branchesNote: Deposit data as of 6/30/2014; Pro forma for pending and recently completed transactions
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Consumer Checking Growth $ thousands
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Business Checking Growth $ thousands
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De Novo Branch Growth Total Deposit Growth Total Checking Balances # Checking Accounts (Cons. & Bus.) # Branch Growth $ millions
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Leadership Team Name Title Years in Industry Prior Experience John J. Patrick, Jr. Chairman, President and Chief Executive Officer 35 TD Banknorth CT, President and CEO Gregory A. White Executive Vice President, Chief Financial Officer and Treasurer 28 Rockville Bank, Chief Financial Officer and Treasurer Michael T. Schweighoffer Executive Vice President, Chief Lending Officer 27 TD Banknorth, CT State President Kenneth F. Burns Executive Vice President, Director of Retail Banking & Marketing 26 Eagle Bank - EVP, Retail Banking & Marketing Catherine M. Burns Executive Vice President,Chief Risk Officer 34 TD Banknorth, Head of Community BankingCommercial Lending; Credit Manager
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Corporate Contacts John J. Patrick, Jr. Chairman, President and Chief Executive OfficerGregory A. White Executive Vice President, Chief Financial OfficerInvestor Information:Jennifer H. Daukas Vice President, Investor Relations Officer 860-284-6359 or jdaukas@farmingtonbankct.com