8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 18, 2012

People’s United Financial, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-33326	20-8447891
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
850 Main Street, Bridgeport, CT		06604
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (203) 338-7171

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On October 18, 2012, People’s United Financial, Inc. (the “Company”) issued a press release announcing its results of operations for the three- and nine-month periods ended September 30, 2012. A copy of that press release is being furnished herewith as Exhibit 99.1.

The information contained in and accompanying this Form 8-K with respect to Item 2.02 (including Exhibit 99.1 hereto) is being furnished to, and not filed with, the Securities and Exchange Commission in accordance with General Instruction B.2 to Form 8-K.

Item 8.01. Other Events

(a) The Company announced that the Board of Directors has approved amendments to the Company’s Certificate of Incorporation to declassify the Board, and will seek shareholder approval of those amendments at the 2013 annual meeting of shareholders. If approved by the requisite vote, the amendments will become effective and directors will be elected or re-elected for one-year terms beginning with the 2013 annual meeting. Directors elected at the 2011 and 2012 annual meetings will continue to serve for the balance of their current three-year terms, which expire in 2014 and 2015, respectively.

(b) The Company hereby files the Investor Presentation attached hereto as Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits

(d) The following Exhibits are submitted herewith.

Exhibit No.	Description
99.1	Earnings Press Release dated October 18, 2012
99.2	Investor Presentation dated October 18, 2012

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		People’s United Financial, Inc.
		(Registrant)
Date: October 18, 2012	By:	/s/ Eric J. Appellof
		(Signature)
	Name:	Eric J. Appellof
	Title:	Assistant Secretary

EXHIBIT INDEX

Exhibit No.	Description	Page
99.1	Earnings Press Release dated October 18, 2012	99.1-1
99.2	Investor Presentation dated October 18, 2012	99.2-1

EX-99.1

Exhibit 99.1

INVESTOR CONTACT:	Peter Goulding, CFA
	Investor Relations
	203.338.6799
	peter.goulding@peoples.com
MEDIA CONTACT:	Valerie Carlson
	Corporate Communications
	203.338.2351
	valerie.carlson@peoples.com

FOR IMMEDIATE RELEASE

October 18, 2012

PEOPLE’S UNITED FINANCIAL REPORTS THIRD QUARTER OPERATING EARNINGS OF $0.19 PER SHARE; NET INCOME OF $0.18 PER SHARE

BRIDGEPORT, CT. – People’s United Financial, Inc. (NASDAQ: PBCT) today reported net income of $62.2 million, or $0.18 per share, for the third quarter of 2012, compared to $51.5 million, or $0.14 per share, for the third quarter of 2011, and $64.6 million, or $0.19 per share, for the second quarter of 2012. Operating earnings were $64.4 million, or $0.19 per share, for the third quarter of 2012, compared to $65.9 million, or $0.18 per share, for the third quarter of 2011 and $67.0 million, or $0.20 per share, for the second quarter of 2012.

The Company’s Board of Directors declared a $0.16 per share quarterly dividend, payable November 15, 2012 to shareholders of record on November 1, 2012. Based on the closing stock price on October 17, 2012, the dividend yield on People’s United Financial common stock is 5.3 percent.

During the third quarter of 2012 the Company repurchased 4.5 million shares of People’s United Financial common stock at a total cost of $54 million and, during the first nine months of 2012, the Company repurchased 13.5 million shares of common stock at a total cost of $164 million. Under the existing stock repurchase authorization, 4.5 million shares of common stock remain available for repurchase.

“Our performance in the third quarter of 2012 continues to build on the execution of our primary objectives – optimizing existing businesses and efficiently deploying capital,” stated Jack Barnes, President and Chief Executive Officer. “Our third quarter financial results reflect another quarter of solid operating metrics in a challenging economic environment, supported by significant loan growth, ongoing strength in our fee income businesses and meaningful cost control, all of which contributed to an improvement in our efficiency ratio.

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People’s United Financial, Inc. Reports 3Q Earnings

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“We anticipate continued momentum in loan growth based on our retail and commercial lending pipelines and remain encouraged by the significant opportunity for growth throughout the franchise, particularly within the Boston and New York City MSAs,” added Barnes. “In addition, strategic revenue initiatives in commercial and retail banking, wealth management and insurance are positively impacting our operating results. Moreover, we are pleased with the continued progress in managing the overall level of operating expenses despite absorbing a full quarter of costs related to the 57 branches we acquired late in the second quarter.”

Barnes concluded, “Our strong business fundamentals, ongoing ability to leverage our brand in attractive markets, dedicated and customer-focused employees, and prospects for growth continue to be the foundations of our strength relative to others in the industry. We have demonstrated our ability to prudently and effectively deploy capital through organic loan and deposit growth, a consistent dividend policy, continued share repurchases and a thoughtful acquisition strategy.”

“On an operating basis, earnings were $64 million, or 19 cents per share, this quarter,” stated Kirk W. Walters, Senior Executive Vice President and Chief Financial Officer. “The Company’s performance in the third quarter reflects our continued focus on improving operating leverage by increasing fee-based income and ongoing expense control.”

Walters continued, “The decline in the net interest margin this quarter on both a GAAP and operating basis reflects continued repricing pressure within the loan portfolios partially offset by a reduction in our cost of deposits. Non-interest income reflects ongoing improvement in most of our fee-based businesses, the seasonal increase in insurance revenue and higher loan prepayment fees. The efficiency ratio improved to 61.4 percent this quarter, as revenue growth and the progress we are making as a result of cost savings initiatives offset the increase in the level of operating non-interest expense this quarter attributable to our recent purchase of 57 branches.”

Walters concluded, “We certainly are pleased with the continued improvement in asset quality. Our loan charge-off ratio of 18 basis points this quarter, which represents less than one-half of our peers’, is the Company’s lowest in over three years. This is a reflection of the Company’s historically strong underwriting standards, the economic strength of the geography in which we operate and the resilience of our customers. Of note, non-performing loans in the acquired portfolio have declined $158 million, or 44 percent, since December 31, 2010.”

For the originated loan portfolio, non-performing loans equaled 1.45 percent of loans at September 30, 2012, compared to 1.52 percent at June 30, 2012 and 1.60 percent at September 30, 2011. Non-performing assets (excluding acquired non-performing loans) equaled 1.59 percent of originated loans, REO and repossessed assets at September 30, 2012, compared to 1.67 percent at June 30, 2012 and 1.88 percent at September 30, 2011. Net loan charge-offs as a percentage of average loans on an annualized basis were 0.18 percent in the third quarter of 2012 compared to 0.26 percent in this year’s second quarter.

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Non-performing loans in the acquired portfolio, which represent the contractual balances of loans acquired that meet our definition of non-performing but are not, under the accounting model for acquired loans, subject to classification as non-accrual in the same manner as originated loans, totaled $202.0 million at September 30, 2012, compared to $236.6 million at June 30, 2012 and $241.6 million at September 30, 2011.

Operating return on average assets was 0.91 percent for the third quarter of 2012, compared to 0.96 percent for the third quarter of 2011 and 0.97 percent for the second quarter of 2012. Operating return on average tangible stockholders’ equity was 8.6 percent for the third quarter of 2012, compared to 7.8 percent for the third quarter of 2011 and 8.9 percent for the second quarter of 2012.

At September 30, 2012, People’s United Financial’s tier 1 common and total risk-based capital ratios were 13.6 percent and 15.6 percent, respectively, and the tangible equity ratio stood at 11.2 percent. People’s United Bank’s tier 1 and total risk-based capital ratios were 13.2 percent and 14.1 percent, respectively, at September 30, 2012.

Previously reported results for (i) the first two quarters of 2012, (ii) all four quarters of 2011, and (iii) the fourth quarter of 2010 have been revised to reflect a reduction in interest income on certain acquired loans relating to an unintentional overstatement of interest income. The effect of these revisions was immaterial to each period (no change in basic and diluted earnings per share for the first and second quarters of 2012 and the first and fourth quarters of 2011, and a one cent reduction in basic and diluted earnings per share for the second and third quarters of 2011 and the fourth quarter of 2010). Net income for the three months ended June 30, 2012, March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010 was reduced by $0.2 million, $1.3 million, $1.6 million, $1.4 million, $1.7 million, $1.7 million and $3.2 million, respectively, reflecting the after-tax decreases in total interest on loans and net interest income in each period.

People’s United Financial, a diversified financial services company with $29 billion in assets, provides commercial and retail banking, as well as wealth management services through a network of 417 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. Through its subsidiaries, People’s United Financial provides equipment financing, brokerage and insurance services. Assets under administration and those under full discretionary management, neither of which are reported as assets of People’s United Financial, totaled $12.0 billion and $4.5 billion, respectively, at September 30, 2012.

Conference Call

On October 18, 2012, at 5 p.m., Eastern Time, People’s United Financial will host a conference call to discuss this earnings announcement. The call may be heard through www.peoples.com by selecting “Investor Relations” in the “About Us” section on the home page, and then selecting “Conference Calls” in the “News and Events” section. Additional materials relating to the call may also be accessed at People’s United Bank’s web site. The call will be archived on the web site and available for approximately 90 days.

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3Q 2012 Financial Highlights

Summary

• Net income was $62.2 million, or $0.18 per share.

• Operating earnings were $64.4 million, or $0.19 per share.

• Net interest income totaled $234.8 million compared to $235.6 million in 2Q12.

• Cost recovery income on acquired loans, representing cash receipts in excess of carrying amount, totaled $4.1 million in 3Q12 ($4.7 million in 2Q12).

• Operating net interest margin decreased 6 basis points from 2Q12 to 3.82%.

• Loan yields reduced the net interest margin by 9 basis points.

• Lower funding costs in 3Q12 benefited the net interest margin by 3 basis points.

• Provision for loan losses totaled $15.1 million.

• Net loan charge-offs totaled $9.4 million, of which $4.8 million related to loans with specific reserves established in prior periods.

• Reflects a $4.8 million increase in the allowance for loan losses due to loan growth.

• Includes a provision for loan losses on acquired loans of $5.7 million.

• Non-interest income was $81.4 million in 3Q12 compared to $75.7 million in 2Q12.

• Loan prepayment fees increased $2.5 million from 2Q12.

• Insurance revenue increased $2.3 million from 2Q12, primarily reflecting the seasonal nature of insurance renewals.

• Net gains on sales of residential mortgage loans increased $0.8 million from 2Q12.

• Bank service charges increased $0.5 million from 2Q12 to $33.0 million.

• Non-interest expense totaled $208.9 million in 3Q12 compared to $205.7 million in 2Q12.

• Operating non-interest expense was $205.7 million in 3Q12 compared to $202.1 million in 2Q12.

• 3Q12 includes a full quarter of non-interest expense (approximately $7.6 million) related to the purchase of 57 branches late in 2Q12.

• Efficiency ratio in 3Q12 decreased to 61.4% from 61.5% in 2Q12, reflecting a $6.0 million increase in operating revenues and a $3.1 million increase in operating expenses.

• Effective income tax rate was 32.5% for 3Q12 compared to 32.0% for 2Q12.

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Commercial Banking

• Commercial banking loans, excluding acquired loans, increased $722 million from June 30, 2012.

• Average commercial banking loans totaled $14.7 billion in 3Q12, an increase of $184 million, or 5% annualized, from 2Q12.

• The ratio of originated non-performing commercial banking loans to originated commercial banking loans was 1.49% at September 30, 2012 compared to 1.57% at June 30, 2012.

• Non-performing commercial banking assets, excluding acquired non-performing loans, totaled $211.3 million at September 30, 2012 compared to $211.2 million at June 30, 2012.

• Net loan charge-offs totaled $7.2 million, or 0.20% annualized, of average commercial banking loans in 3Q12, compared to $10.4 million, or 0.29% annualized, in 2Q12.

• For the originated commercial banking portfolio, the allowance for loan losses as a percentage of loans was 1.22% at September 30, 2012 compared to 1.29% at June 30, 2012.

• The commercial banking originated allowance for loan losses represented 82% of originated non-performing commercial banking loans at both September 30, 2012 and at June 30, 2012.

• Commercial deposits totaled $5.6 billion at September 30, 2012 compared to $5.4 billion at June 30, 2012.

Retail Banking

• Residential mortgage loans, excluding acquired loans, increased $97 million from June 30, 2012.

• Average residential mortgage loans totaled $3.9 billion in 3Q12, an increase of $68 million, or 7% annualized, from 2Q12.

• The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 1.73% at September 30, 2012 compared to 1.87% at June 30, 2012.

• Net loan charge-offs totaled $1.3 million, or 0.13% annualized, of average residential mortgage loans in 3Q12, compared to $1.4 million, or 0.14% annualized, in 2Q12.

• Home equity loans, excluding acquired loans, increased $27 million from June 30, 2012.

• Average home equity loans totaled $2.0 billion in 3Q12, unchanged from 2Q12.

• The ratio of originated non-performing home equity loans to originated home equity loans was 0.74% at September 30, 2012 compared to 0.71% at June 30, 2012.

• Net loan charge-offs totaled $0.6 million, or 0.13% annualized, of average home equity loans in 3Q12, compared to $1.4 million, or 0.28% annualized, in 2Q12.

• Retail deposits totaled $15.8 billion at September 30, 2012 compared to $16.1 billion at June 30, 2012.

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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” 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 acquired companies; 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.

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Access Information About People’s United Financial at www.peoples.com.

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS

	Three Months Ended
(dollars in millions, except per share data)	Sept. 30, 2012			June 30, 2012 (1)			March 31, 2012 (1)			Dec. 31, 2011 (1)			Sept. 30, 2011 (1)
Earnings Data:
Net interest income	$	234.8		$	235.6		$	233.2		$	239.6		$	237.7
Provision for loan losses		15.1			10.6			11.5			20.7			14.4
Non-interest income (2)		81.4			75.7			72.4			71.7			84.7
Non-interest expense (3)		208.9			205.7			208.6			230.2			231.9
Income before income tax expense		92.2			95.0			85.5			60.4			76.1
Net income		62.2			64.6			57.3			41.4			51.5
Operating earnings (4)		64.4			67.0			59.3			57.1			65.9
Selected Statistical Data:
Net interest margin (5)		3.89	%		3.96	%		3.97	%		4.12	%		4.07	%
Operating net interest margin (4), (5)		3.82			3.88			3.97			4.03			4.07
Return on average assets (5)		0.88			0.93			0.83			0.61			0.75
Operating return on average assets (4), (5)		0.91			0.97			0.86			0.84			0.96
Return on average tangible assets (5)		0.95			1.01			0.91			0.66			0.82
Return on average stockholders’ equity (5)		4.8			5.0			4.4			3.1			3.7
Return on average tangible stockholders’ equity (5)		8.3			8.5			7.5			5.2			6.1
Operating return on average tangible stockholders’ equity (4), (5)		8.6			8.9			7.8			7.2			7.8
Efficiency ratio (4)		61.4			61.5			63.6			62.3			62.4
Common Share Data:
Basic and diluted earnings per share	$	0.18		$	0.19		$	0.17		$	0.12		$	0.14
Operating earnings per share (4)		0.19			0.20			0.18			0.17			0.18
Dividends paid per share		0.1600			0.1600			0.1575			0.1575			0.1575
Dividend payout ratio		87.3	%		85.4	%		95.9	%		132.6	%		111.5	%
Operating dividend payout ratio (4)		84.3			82.2			92.6			96.0			87.1
Book value per share (end of period)	$	15.20		$	15.09		$	15.00		$	14.96		$	15.15
Tangible book value per share (end of period) (4)		8.77			8.72			8.71			8.72			8.98
Stock price:
High		12.55			13.50			13.79			13.07			13.96
Low		11.20			11.25			12.20			10.91			10.50
Close (end of period)		12.14			11.61			13.23			12.85			11.40
Common shares (end of period) (in millions)		335.95			340.33			344.73			348.68			348.59
Weighted average diluted common shares (in millions)		336.48			340.67			344.97			346.68			358.28

(1) Previously reported amounts for the three months ended June 30, 2012, March 31, 2012, Dec. 31, 2011 and Sept. 30, 2011 have been revised to reflect a reduction in net interest income, which, after taxes, reduced net income by $0.2 million, $1.3 million, $1.6 million and $1.4 million, respectively. Basic and diluted earnings per share were reduced by $0.01 for the three months ended Sept. 30, 2011 (no change for the three months ended June 30, 2012, March 31, 2012 and Dec. 31, 2011). Certain statistical data and other per common share data have been revised accordingly.

(2) Includes net security gains of $8.6 million for the three months ended Sept. 30, 2011.

(3) Includes a total of $3.2 million, $3.6 million, $3.0 million, $23.0 million and $21.5 million of merger-related expenses and one-time charges for the three months ended Sept. 30, 2012, June 30, 2012, March 31, 2012, Dec. 31, 2011 and Sept. 30, 2011, respectively.

(4) See Non-GAAP financial measures and reconciliation to GAAP beginning on page 17.

(5) Annualized.

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People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS - Continued

	Nine Months Ended September 30,
(dollars in millions, except per share data)	2012			2011 (1)
Earnings Data:
Net interest income	$	703.6		$	673.9
Provision for loan losses		37.2			43.0
Non-interest income		229.5			235.9
Non-interest expense (2)		623.2			641.7
Income before income tax expense		272.7			225.1
Net income		184.1			151.0
Operating earnings (3)		190.7			173.6
Selected Statistical Data:
Net interest margin (4)		3.94	%		4.09	%
Operating net interest margin (3), (4)		3.89			4.02
Return on average assets (4)		0.88			0.79
Operating return on average assets (3), (4)		0.91			0.90
Return on average tangible assets (4)		0.96			0.85
Return on average stockholders’ equity (4)		4.7			3.8
Return on average tangible stockholders’ equity (4)		8.1			6.2
Operating return on average tangible stockholders’ equity (3), (4)		8.4			7.1
Efficiency ratio (3)		62.2			64.5
Common Share Data:
Basic and diluted earnings per share	$	0.54		$	0.43
Operating earnings per share (3)		0.57			0.49
Dividends paid per share		0.4775			0.4700
Dividend payout ratio		89.3	%		110.0	%
Operating dividend payout ratio (3)		86.2			95.7
Book value per share (end of period)	$	15.20		$	15.15
Tangible book value per share (end of period) (3)		8.77			8.98
Stock price:
High		13.79			14.49
Low		11.20			10.50
Close (end of period)		12.14			11.40
Common shares (end of period) (in millions)		335.95			348.59
Weighted average diluted common shares (in millions)		340.69			349.43

(1) Previously reported amounts for the nine months ended September 30, 2011 have been revised to reflect a reduction in net interest income, which, after taxes, reduced net income by $4.8 million and basic and diluted earnings per share by $0.02. Certain statistical data and other per common share data have been revised accordingly.

(2) Includes a total of $9.8 million and $33.8 million of merger-related expenses and one-time charges for the nine months ended September 30, 2012 and 2011, respectively.

(3) See Non-GAAP financial measures and reconciliation to GAAP beginning on page 17.

(4) Annualized.

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People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS - Continued

	As of and for the Three Months Ended
(dollars in millions)	Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011
Financial Condition Data:
General:
Total assets	$	28,576		$	28,137		$	27,791		$	27,553		$	27,200
Loans		21,040			20,588			20,472			20,385			20,136
Securities		3,787			3,702			2,895			2,931			2,540
Short-term investments (1)		64			73			767			411			779
Allowance for loan losses		186			180			183			183			177
Goodwill and other acquisition-related intangibles		2,160			2,166			2,169			2,174			2,151
Deposits		21,363			21,458			21,268			20,816			20,487
Borrowings		1,524			960			811			857			881
Subordinated notes and debentures		160			160			160			160			159
Stockholders’ equity		5,107			5,135			5,170			5,215			5,282
Non-performing assets (2)		294			295			316			337			305
Net loan charge-offs		9.4			13.5			11.2			14.8			13.4
Average Balances:
Loans	$	20,727		$	20,488		$	20,407		$	20,217		$	19,856
Securities		3,608			2,964			2,751			2,411			2,976
Short-term investments (1)		108			562			536			854			756
Loans held for sale		31			26			39			60			26
Total earning assets		24,474			24,040			23,733			23,542			23,614
Total assets		28,234			27,753			27,463			27,285			27,355
Deposits		21,372			21,190			20,843			20,597			20,259
Total funding liabilities		22,709			22,184			21,862			21,653			21,499
Stockholders’ equity		5,161			5,188			5,217			5,302			5,515
Ratios:
Net loan charge-offs to average loans (annualized)		0.18	%		0.26	%		0.22	%		0.29	%		0.27	%
Non-performing assets to originated loans, real estate owned and repossessed assets (2)		1.59			1.67			1.85			2.00			1.88
Originated allowance for loan losses to:
Originated loans (2)		0.95			1.00			1.03			1.05			1.09
Originated non-performing loans (2)		66.0			65.6			61.5			59.7			68.5
Average stockholders’ equity to average total assets		18.3			18.7			19.0			19.4			20.2
Stockholders’ equity to total assets		17.9			18.3			18.6			18.9			19.4
Tangible stockholders’ equity to tangible assets (3)		11.2			11.4			11.7			12.0			12.5
Total risk-based capital (4)		15.6			15.6			16.0			16.2			16.7

(1) Includes securities purchased under agreements to resell.

(2) Excludes acquired loans.

(3) See Non-GAAP financial measures and reconciliation to GAAP beginning on page 17.

(4) Consolidated.

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People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF CONDITION

(in millions)	Sept. 30, 2012			June 30, 2012			Dec. 31, 2011			Sept. 30, 2011
Assets
Cash and due from banks	$	358.3		$	415.1		$	370.2		$	370.9
Short-term investments		63.7			72.8			410.7			779.1
Total cash and cash equivalents		422.0			487.9			780.9			1,150.0
Securities:
Trading account securities, at fair value		6.3			12.0			71.8			69.9
Securities available for sale, at fair value		3,651.0			3,560.0			2,725.5			2,336.0
Securities held to maturity, at amortized cost		56.2			56.4			56.4			56.4
Federal Home Loan Bank stock, at cost		73.7			73.7			77.7			77.7
Total securities		3,787.2			3,702.1			2,931.4			2,540.0
Loans held for sale		60.0			57.1			101.9			45.4
Loans:
Commercial		7,951.7			7,590.1			7,366.8			7,249.8
Commercial real estate		7,032.8			6,999.7			7,172.2			7,142.9
Residential mortgage		3,891.3			3,831.9			3,628.4			3,502.0
Consumer		2,164.2			2,166.7			2,217.4			2,240.8
Total loans		21,040.0			20,588.4			20,384.8			20,135.5
Less allowance for loan losses		(186.0	)		(180.3	)		(182.9	)		(177.0	)
Total loans, net		20,854.0			20,408.1			20,201.9			19,958.5
Goodwill and other acquisition-related intangibles		2,160.3			2,166.4			2,174.2			2,151.2
Premises and equipment		334.7			337.4			339.6			363.1
Bank-owned life insurance		335.5			334.6			332.7			330.7
Other assets		622.3			643.0			690.1			661.4
Total assets	$	28,576.0		$	28,136.6		$	27,552.7		$	27,200.3
Liabilities
Deposits:
Non-interest-bearing	$	4,746.9		$	4,799.2		$	4,506.2		$	4,217.5
Savings, interest-bearing checking and money market		11,729.0			11,617.9			10,970.4			10,789.5
Time		4,886.7			5,040.7			5,339.2			5,479.7
Total deposits		21,362.6			21,457.8			20,815.8			20,486.7
Borrowings:
Federal Home Loan Bank advances		629.3			330.3			332.4			333.4
Retail repurchase agreements		479.0			452.7			497.2			519.8
Federal funds purchased		415.0			150.0			—			—
Other borrowings		1.0			26.6			27.1			27.3
Total borrowings		1,524.3			959.6			856.7			880.5
Subordinated notes and debentures		160.4			160.1			159.6			159.4
Other liabilities		421.3			423.7			505.2			391.3
Total liabilities		23,468.6			23,001.2			22,337.3			21,917.9
Stockholders’ Equity
Common stock		3.9			3.9			3.9			3.9
Additional paid-in capital		5,263.9			5,258.5			5,247.0			5,242.5
Retained earnings		750.1			743.2			734.5			749.6
Treasury stock, at cost		(656.2	)		(602.9	)		(493.5	)		(494.3	)
Accumulated other comprehensive loss		(79.0	)		(90.2	)		(95.8	)		(36.8	)
Unallocated common stock of Employee Stock Ownership Plan, at cost		(175.3	)		(177.1	)		(180.7	)		(182.5	)
Total stockholders’ equity		5,107.4			5,135.4			5,215.4			5,282.4
Total liabilities and stockholders’ equity	$	28,576.0		$	28,136.6		$	27,552.7		$	27,200.3

10

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended
(in millions, except per share data)	Sept. 30, 2012		June 30, 2012 (1)		March 31, 2012 (1)		Dec. 31, 2011 (1)			Sept. 30, 2011 (1)
Interest and dividend income:
Commercial real estate	$	91.3	$	96.4	$	91.7	$	100.3		$	98.0
Commercial		91.3		91.1		92.8		94.4			95.1
Residential mortgage		37.1		35.8		36.2		35.6			34.5
Consumer		19.8		20.0		20.7		21.2			21.5
Total interest on loans		239.5		243.3		241.4		251.5			249.1
Securities		20.3		18.3		18.0		17.3			21.7
Loans held for sale		0.5		0.4		0.5		0.7			0.4
Short-term investments		—		0.4		0.3		0.5			0.5
Total interest and dividend income		260.3		262.4		260.2		270.0			271.7
Interest expense:
Deposits		22.1		23.6		23.1		25.9			28.5
Borrowings		1.8		1.6		1.7		1.7			2.4
Subordinated notes and debentures		1.6		1.6		2.2		2.8			3.1
Total interest expense		25.5		26.8		27.0		30.4			34.0
Net interest income		234.8		235.6		233.2		239.6			237.7
Provision for loan losses		15.1		10.6		11.5		20.7			14.4
Net interest income after provision for loan losses		219.7		225.0		221.7		218.9			223.3
Non-interest income:
Bank service charges		33.0		32.5		30.3		31.6			35.8
Investment management fees		8.7		8.7		8.6		8.3			8.4
Insurance revenue		9.5		7.2		8.4		7.2			9.0
Brokerage commissions		2.8		3.4		3.1		2.6			2.8
Net gains on sales of residential mortgage loans		3.6		2.8		3.6		2.1			1.3
Net gains (losses) on sales of acquired loans		—		0.7		—		(0.4	)		(4.8	)
Bank-owned life insurance		1.3		1.2		1.8		1.7			2.0
Merchant services income, net		1.2		1.3		1.1		1.1			1.1
Net security gains		—		—		—		—			8.6
Other non-interest income		21.3		17.9		15.5		17.5			20.5
Total non-interest income		81.4		75.7		72.4		71.7			84.7
Non-interest expense:
Compensation and benefits		106.7		104.5		110.3		111.0			110.1
Occupancy and equipment		36.5		34.1		33.4		34.4			34.9
Professional and outside service fees		15.8		17.5		15.3		18.7			18.6
Amortization of other acquisition-related intangibles		6.7		6.8		6.6		6.9			7.0
Merger-related expenses		—		—		—		13.3			20.1
Other non-interest expense		43.2		42.8		43.0		45.9			41.2
Total non-interest expense (2)		208.9		205.7		208.6		230.2			231.9
Income before income tax expense		92.2		95.0		85.5		60.4			76.1
Income tax expense		30.0		30.4		28.2		19.0			24.6
Net income	$	62.2	$	64.6	$	57.3	$	41.4		$	51.5
Basic and diluted earnings per common share	$	0.18	$	0.19	$	0.17	$	0.12		$	0.14

(1) See Financial Highlights footnote 1 on page 7.

(2) In addition to merger-related expenses, total non-interest expense includes $3.2 million, $3.6 million, $3.0 million, $9.7 million and $1.4 million of non-operating expenses for the three months ended Sept. 30, 2012, June 30, 2012, March 31, 2012, Dec. 31, 2011 and Sept. 30, 2011, respectively. See Non-GAAP financial measures and reconciliation to GAAP beginning on page 17.

11

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME

	Nine Months Ended September 30,
(in millions, except per share data)	2012		2011 (1)
Interest and dividend income:
Commercial real estate	$	279.4	$	292.1
Commercial		275.2		254.3
Residential mortgage		109.1		93.5
Consumer		60.5		63.0
Total interest on loans		724.2		702.9
Securities		56.6		66.1
Loans held for sale		1.4		1.4
Short-term investments		0.7		1.6
Total interest and dividend income		782.9		772.0
Interest expense:
Deposits		68.8		81.5
Borrowings		5.1		7.3
Subordinated notes and debentures		5.4		9.3
Total interest expense		79.3		98.1
Net interest income		703.6		673.9
Provision for loan losses		37.2		43.0
Net interest income after provision for loan losses		666.4		630.9
Non-interest income:
Bank service charges		95.8		99.7
Investment management fees		26.0		24.9
Insurance revenue		25.1		23.5
Brokerage commissions		9.3		9.3
Net gains on sales of residential mortgage loans		10.0		5.5
Net gains on sales of acquired loans		0.7		7.9
Bank-owned life insurance		4.3		4.6
Merchant services income, net		3.6		3.2
Net security gains		—		8.8
Other non-interest income		54.7		48.5
Total non-interest income		229.5		235.9
Non-interest expense:
Compensation and benefits		321.5		318.0
Occupancy and equipment		104.0		98.9
Professional and outside service fees		48.6		51.9
Amortization of other acquisition-related intangibles		20.1		18.9
Merger-related expenses		—		29.6
Other non-interest expense		129.0		124.4
Total non-interest expense (2)		623.2		641.7
Income before income tax expense		272.7		225.1
Income tax expense		88.6		74.1
Net income	$	184.1	$	151.0
Basic and diluted earnings per common share	$	0.54	$	0.43

(1) See Financial Highlights footnote 1 on page 8.

(2) In addition to merger-related expenses, total non-interest expense includes $9.8 million and $4.2 million of non-operating expenses for the nine months ended September 30, 2012 and 2011, respectively. See Non-GAAP financial measures and reconciliation to GAAP beginning on page 17.

12

People’s United Financial, Inc.

AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)

	September 30, 2012							June 30, 2012 (2)							September 30, 2011 (2)
Three months ended (dollars in millions)	Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate
Assets:
Short-term investments	$	107.7	$	—		0.17	%	$	561.6	$	0.4		0.25	%	$	755.9	$	0.5		0.29	%
Securities (3)		3,607.7		21.5		2.38			2,964.4		19.1		2.58			2,976.3		22.2		2.99
Loans held for sale		31.4		0.5		6.05			25.9		0.4		6.63			25.6		0.4		5.80
Loans:
Commercial (4)		7,737.6		93.1		4.81			7,493.5		93.0		4.97			7,102.3		97.3		5.48
Commercial real estate (5)		6,952.2		91.3		5.25			7,011.9		96.4		5.50			7,157.0		98.0		5.48
Residential mortgage (6)		3,874.6		37.1		3.83			3,806.6		35.8		3.76			3,356.4		34.5		4.10
Consumer		2,163.2		19.8		3.67			2,176.0		20.0		3.68			2,240.7		21.5		3.84
Total loans		20,727.6		241.3		4.66			20,488.0		245.2		4.79			19,856.4		251.3		5.06
Total earning assets		24,474.4	$	263.3		4.30	%		24,039.9	$	265.1		4.41	%		23,614.2	$	274.4		4.65	%
Other assets		3,759.9							3,713.2							3,740.5
Total assets	$	28,234.3						$	27,753.1						$	27,354.7
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	4,724.6	$	—		—	%	$	4,596.5	$	—		—	%	$	4,094.5	$	—		—	%
Savings, interest-bearing checking and money market		11,661.7		9.0		0.31			11,511.4		10.1		0.35			10,642.9		14.1		0.53
Time		4,985.9		13.1		1.05			5,081.8		13.5		1.06			5,522.0		14.4		1.04
Total deposits		21,372.2		22.1		0.41			21,189.7		23.6		0.45			20,259.4		28.5		0.58
Borrowings:
Retail repurchase agreements		478.4		0.2		0.23			465.9		0.3		0.27			520.6		0.5		0.43
Federal Home Loan Bank advances		390.7		1.3		1.31			330.8		1.2		1.48			514.6		1.8		1.39
Federal funds purchased		295.9		0.2		0.23			10.5		—		0.21			—		—		—
Other borrowings		11.1		0.1		1.03			26.8		0.1		0.98			27.9		0.1		0.95
Total borrowings		1,176.1		1.8		0.54			834.0		1.6		0.77			1,063.1		2.4		0.91
Subordinated notes and debentures		160.3		1.6		4.07			160.0		1.6		4.05			176.0		3.1		6.86
Total funding liabilities		22,708.6	$	25.5		0.45	%		22,183.7	$	26.8		0.48	%		21,498.5	$	34.0		0.63	%
Other liabilities		364.9							381.4							341.0
Total liabilities		23,073.5							22,565.1							21,839.5
Stockholders’ equity		5,160.8							5,188.0							5,515.2
Total liabilities and stockholders’ equity	$	28,234.3						$	27,753.1						$	27,354.7
Net interest income/spread (7)			$	237.8		3.85	%			$	238.3		3.93	%			$	240.4		4.02	%
Net interest margin						3.89	%						3.96	%						4.07	%
Operating net interest margin (8)						3.82	%						3.88	%						4.07	%

(1) Average yields earned and rates paid are annualized.

(2) See Financial Highlights footnote 1 on page 7.

(3) Average balances and yields for securities available for sale are based on amortized cost.

(4) Includes commercial and industrial loans and equipment financing loans.

(5) Interest income for the three months ended September 30, 2012 and June 30, 2012 includes $3.3 million and $4.7 million, respectively, of cost recovery income; yield of 5.06% and 5.23%, respectively, without cost recovery income.

(6) Interest income for the three months ended September 30, 2012 includes $0.8 million of cost recovery income; yield of 3.75% without cost recovery income.

(7) The fully taxable equivalent adjustment was $3.0 million, $2.7 million and $2.7 million for the three months ended September 30, 2012, June 30, 2012 and September 30, 2011, respectively.

(8) See Non-GAAP financial measures and reconciliation to GAAP beginning on page 17.

13

People’s United Financial, Inc.

AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)

	September 30, 2012							September 30, 2011 (2)
Nine months ended (dollars in millions)	Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate
Assets:
Short-term investments	$	400.7	$	0.7		0.24	%	$	705.8	$	1.5		0.29	%
Securities purchased under agreements to resell		—		—		—			36.4		0.1		0.17
Securities (3)		3,109.4		59.3		2.54			3,109.3		67.2		2.88
Loans held for sale		32.1		1.4		5.77			31.5		1.4		5.96
Loans:
Commercial (4)		7,535.6		280.7		4.97			6,199.1		258.4		5.56
Commercial real estate (5)		7,027.3		279.4		5.30			6,923.5		292.1		5.63
Residential mortgage		3,798.4		109.1		3.83			2,976.9		93.5		4.19
Consumer		2,180.2		60.5		3.71			2,176.6		63.0		3.86
Total loans		20,541.5		729.7		4.74			18,276.1		707.0		5.16
Total earning assets		24,083.7	$	791.1		4.38	%		22,159.1	$	777.2		4.68	%
Other assets		3,734.5							3,460.9
Total assets	$	27,818.2						$	25,620.0
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	4,576.5	$	—		—	%	$	3,915.0	$	—		—	%
Savings, interest-bearing checking and money market		11,454.0		30.1		0.35			9,676.5		38.6		0.53
Time		5,105.5		38.7		1.01			5,226.6		42.9		1.09
Total deposits		21,136.0		68.8		0.43			18,818.1		81.5		0.58
Borrowings:
Retail repurchase agreements		479.6		1.0		0.27			472.8		1.5		0.43
Federal Home Loan Bank advances		351.3		3.7		1.42			497.7		5.5		1.48
Federal funds purchased		104.6		0.2		0.23			8.5		—		0.11
Other borrowings		21.6		0.2		0.99			28.3		0.3		0.93
Total borrowings		957.1		5.1		0.70			1,007.3		7.3		0.96
Subordinated notes and debentures		160.0		5.4		4.53			174.0		9.3		7.09
Total funding liabilities		22,253.1	$	79.3		0.48	%		19,999.4	$	98.1		0.65	%
Other liabilities		376.6							326.8
Total liabilities		22,629.7							20,326.2
Stockholders’ equity		5,188.5							5,293.8
Total liabilities and stockholders’ equity	$	27,818.2						$	25,620.0
Net interest income/spread (6)			$	711.8		3.90	%			$	679.1		4.03	%
Net interest margin						3.94	%						4.09	%
Operating net interest margin (7)						3.89	%						4.02	%

(1) Average yields earned and rates paid are annualized.

(2) See Financial Highlights footnote 1 on page 9.

(3) Average balances and yields for securities available for sale are based on amortized cost.

(4) Includes commercial and industrial loans and equipment financing loans.

(5) Interest income for the nine months ended September 30, 2012 includes $8.0 million of cost recovery income; yield of 5.15% without cost recovery income.

(6) The fully taxable equivalent adjustment was $8.2 million and $5.2 million for the nine months ended September 30, 2012 and 2011, respectively.

(7) See Non-GAAP financial measures and reconciliation to GAAP beginning on page 17.

14

People’s United Financial, Inc.

Loans acquired in connection with acquisitions have been recorded at fair value based on an initial estimate of expected cash flows, including a reduction for estimated credit losses, and without carryover of the respective portfolio’s historical allowance for loan losses. A decrease in expected cash flows in subsequent periods may indicate that a loan is impaired, which would require the establishment of an allowance for loan losses. As such, selected asset quality metrics have been highlighted to distinguish between the ‘originated’ portfolio and the ‘acquired’ portfolio.

NON-PERFORMING ASSETS

(dollars in millions)	Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011
Originated non-performing loans:
Commercial Banking:
Commercial real estate	$	88.5		$	90.5		$	97.3		$	106.7		$	91.0
Commercial and industrial		64.6			62.2			63.0			59.2			49.2
Equipment financing		37.4			37.3			39.6			42.9			37.9
Total		190.5			190.0			199.9			208.8			178.1
Retail:
Residential mortgage		60.6			63.7			70.0			68.9			65.5
Home equity		14.6			13.7			15.3			15.8			14.2
Other consumer		0.3			0.2			0.2			0.3			0.5
Total		75.5			77.6			85.5			85.0			80.2
Total originated non-performing loans (1)		266.0			267.6			285.4			293.8			258.3
REO		19.8			19.7			21.9			26.8			27.7
Repossessed assets		8.2			7.2			9.1			16.1			19.2
Total non-performing assets	$	294.0		$	294.5		$	316.4		$	336.7		$	305.2
Acquired non-performing loans (contractual amount) (2)	$	202.0		$	236.6		$	247.2		$	249.0		$	241.6
Originated non-performing loans as a percentage of originated loans		1.45	%		1.52	%		1.67	%		1.75	%		1.60	%
Non-performing assets as a percentage of:
Originated loans, REO and repossessed assets		1.59			1.67			1.85			2.00			1.88
Tangible stockholders’ equity and originated allowance for loan losses		9.41			9.37			9.96			10.47			9.22

(1) Reported net of government guarantees totaling $14.1 million at Sept. 30, 2012, $14.8 million at June 30, 2012, $15.6 million at March 31, 2012, $12.1 million at Dec. 31, 2011 and $11.3 million at Sept. 30, 2011.

(2) Represents acquired loans that meet People’s United Financial’s definition of a non-performing loan but are not, under the accounting model for acquired loans, subject to classification as non-accrual in the same manner as originated loans. Because acquired loans are initially recorded at an amount estimated to be collectible, losses on such loans, when incurred, are first applied against the non-accretable difference established in purchase accounting and then to any allowance for loan losses recognized subsequent to acquisition.

15

People’s United Financial, Inc.

PROVISION AND ALLOWANCE FOR LOAN LOSSES

	Three Months Ended
(dollars in millions)	Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011
Allowance for loan losses on originated loans:
Balance at beginning of period	$	175.5		$	175.5		$	175.5		$	177.0		$	176.0
Charge-offs		(11.1	)		(12.3	)		(12.9	)		(15.7	)		(14.6	)
Recoveries		1.7			1.5			1.7			0.9			1.2
Net loan charge-offs		(9.4	)		(10.8	)		(11.2	)		(14.8	)		(13.4	)
Provision for loan losses		9.4			10.8			11.2			13.3			14.4
Balance at end of period		175.5			175.5			175.5			175.5			177.0
Allowance for loan losses on acquired loans:
Balance at beginning of period		4.8			7.7			7.4			—			—
Charge-offs		—			(2.7	)		—			—			—
Provision for loan losses		5.7			(0.2	)		0.3			7.4			—
Balance at end of period		10.5			4.8			7.7			7.4			—
Total allowance for loan losses	$	186.0		$	180.3		$	183.2		$	182.9		$	177.0
Originated allowance for loan losses as a percentage of:
Originated loans		0.95	%		1.00	%		1.03	%		1.05	%		1.09	%
Originated non-performing loans		66.0			65.6			61.5			59.7			68.5
Commercial banking originated allowance for loan losses as a percentage of originated commercial banking loans		1.22			1.29			1.34			1.39			1.48
Retail originated allowance for loan losses as a percentage of originated retail loans		0.35			0.37			0.34			0.29			0.26

NET LOAN CHARGE-OFFS

	Three Months Ended
(dollars in millions)	Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011
Commercial Banking:
Commercial real estate	$	3.5		$	6.1		$	5.0		$	3.9		$	4.6
Commercial and industrial		2.6			3.1			1.6			3.4			4.4
Equipment financing		1.1			1.2			0.6			4.5			0.8
Total		7.2			10.4			7.2			11.8			9.8
Retail:
Residential mortgage		1.3			1.4			2.0			1.6			2.1
Home equity		0.6			1.4			1.7			0.7			1.1
Other consumer		0.3			0.3			0.3			0.7			0.4
Total		2.2			3.1			4.0			3.0			3.6
Total	$	9.4		$	13.5		$	11.2		$	14.8		$	13.4
Net loan charge-offs to average loans (annualized)		0.18	%		0.26	%		0.22	%		0.29	%		0.27	%

16

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP

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 their 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 intangibles, 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 non-recurring income) (the denominator). 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.

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, merger-related expenses, 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 calculated by dividing operating earnings by the weighted average number of dilutive common shares outstanding for the respective period. 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.

Operating net interest margin excludes from the net interest margin those items that management considers to be of such a discrete nature that, by excluding such items, People’s United Financial’s net interest margin can be measured and assessed on a more consistent basis from period to period. Items excluded from operating net interest margin include cost recovery income on acquired loans and changes in the accretable yield on acquired loans stemming from periodic cash flow reassessments. Operating net interest margin is calculated by dividing operating net interest income (annualized) by average earning assets.

The tangible equity ratio is the ratio of (i) tangible stockholders’ equity (total stockholders’ equity less goodwill and other acquisition-related intangibles) (the numerator) to (ii) tangible assets (total assets less goodwill and other acquisition-related intangibles) (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.

17

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - continued

EFFICIENCY RATIO

	Three Months Ended															Nine Months Ended
(dollars in millions)	Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			Sept. 30, 2012			Sept. 30, 2011
Total non-interest expense	$	208.9		$	205.7		$	208.6		$	230.2		$	231.9		$	623.2		$	641.7
Adjustments:
Amortization of other acquisition-related intangibles		(6.7	)		(6.8	)		(6.6	)		(6.9	)		(7.0	)		(20.1	)		(18.9	)
Severance-related costs		(0.9	)		(1.1	)		(2.4	)		(3.9	)		(1.4	)		(4.4	)		(1.4	)
Merger-related expenses		—			—			—			(13.3	)		(20.1	)		—			(29.6	)
Executive-level separation costs		—			—			—			(1.0	)		—			—			(2.8	)
Writedowns of banking house assets		—			—			—			(4.8	)		—			—			—
Other (1)		(5.0	)		(4.6	)		(3.0	)		(4.0	)		(2.3	)		(12.6	)		(6.3	)
Total	$	196.3		$	193.2		$	196.6		$	196.3		$	201.1		$	586.1		$	582.7
Net interest income (FTE basis)	$	237.8		$	238.3		$	235.7		$	242.2		$	240.4		$	711.8		$	679.1
Total non-interest income		81.4			75.7			72.4			71.7			84.7			229.5			235.9
Total revenues		319.2			314.0			308.1			313.9			325.1			941.3			915.0
Adjustments:
BOLI FTE adjustment		0.7			0.6			0.9			0.8			0.9			2.2			2.3
Net security gains		—			—			—			—			(8.6	)		—			(8.8	)
Net (gains) losses on sales of acquired loans		—			(0.7	)		—			0.4			4.8			(0.7	)		(7.9	)
Other (2)		—			—			—			(0.1	)		0.1			—			2.3
Total	$	319.9		$	313.9		$	309.0		$	315.0		$	322.3		$	942.8		$	902.9
Efficiency ratio		61.4	%		61.5	%		63.6	%		62.3	%		62.4	%		62.2	%		64.5	%

(1) Items classified as “other” and deducted from non-interest expense include, as applicable, certain franchise taxes, real estate

owned expenses, contract termination costs and non-recurring expenses.

(2) Items classified as “other” and added to (deducted from) total revenues include, as applicable, asset write-offs, gains associated with the sale of branch locations and mortgage servicing rights, and interest on an income tax refund.

18

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - continued

OPERATING EARNINGS

	Three Months Ended															Nine Months Ended
(dollars in millions, except per share data)	Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			Sept. 30, 2012			Sept. 30, 2011
Net income, as reported	$	62.2		$	64.6		$	57.3		$	41.4		$	51.5		$	184.1		$	151.0
Adjustments to arrive at operating earnings:
Severance-related costs		0.9			1.1			2.4			3.9			1.4			4.4			1.4
Other non-operating expenses		2.3			2.5			0.6			—			—			5.4			—
Merger-related expenses		—			—			—			13.3			20.1			—			29.6
Executive-level separation costs		—			—			—			1.0			—			—			2.8
Writedowns of banking house assets		—			—			—			4.8			—			—			—
Total pre-tax adjustments		3.2			3.6			3.0			23.0			21.5			9.8			33.8
Tax effect		(1.0	)		(1.2	)		(1.0	)		(7.3	)		(7.1	)		(3.2	)		(11.2	)
Total adjustments, net of tax		2.2			2.4			2.0			15.7			14.4			6.6			22.6
Operating earnings	$	64.4		$	67.0		$	59.3		$	57.1		$	65.9		$	190.7		$	173.6
Earnings per share, as reported	$	0.18		$	0.19		$	0.17		$	0.12		$	0.14		$	0.54		$	0.43
Adjustments to arrive at operating earnings per share:
Severance-related costs		—			—			0.01			0.01			—			0.01			—
Other non-operating expenses		0.01			0.01			—			—			—			0.02			—
Merger-related expenses		—			—			—			0.03			0.04			—			0.06
Executive-level separation costs		—			—			—			—			—			—			—
Writedowns of banking house assets		—			—			—			0.01			—			—			—
Total adjustments per share		0.01			0.01			0.01			0.05			0.04			0.03			0.06
Operating earnings per share	$	0.19		$	0.20		$	0.18		$	0.17		$	0.18		$	0.57		$	0.49
Average total assets	$	28,234		$	27,753		$	27,463		$	27,285		$	27,355		$	27,818		$	25,620
Operating return on average assets (annualized)		0.91	%		0.97	%		0.86	%		0.84	%		0.96	%		0.91	%		0.90	%

OPERATING NET INTEREST MARGIN

	Three Months Ended															Nine Months Ended
(dollars in millions)	Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			Sept. 30, 2012			Sept. 30, 2011
Net interest income (FTE basis)	$	237.8		$	238.3		$	235.7		$	242.2		$	240.4		$	711.8		$	679.1
Adjustments to arrive at operating net interest income:
Cost recovery income		(4.1	)		(4.7	)		—			(5.0	)		—			(8.8	)		—
Changes in accretable yield		—			—			—			—			—			—			(11.2	)
Total adjustments		(4.1	)		(4.7	)		—			(5.0	)		—			(8.8	)		(11.2	)
Operating net interest income	$	233.7		$	233.6		$	235.7		$	237.2		$	240.4		$	703.0		$	667.9
Net interest margin, as reported (1)		3.89	%		3.96	%		3.97	%		4.12	%		4.07	%		3.94	%		4.09	%
Adjustments to arrive at operating net interest margin: (1)
Cost recovery income		(0.07	)		(0.08	)		—			(0.09	)		—			(0.05	)		—
Changes in accretable yield		—			—			—			—			—			—			(0.07	)
Total adjustments		(0.07	)		(0.08	)		—			(0.09	)		—			(0.05	)		(0.07	)
Operating net interest margin (1)		3.82	%		3.88	%		3.97	%		4.03	%		4.07	%		3.89	%		4.02	%
Total earning assets	$	24,474		$	24,040		$	23,733		$	23,542		$	23,614		$	24,084		$	22,159

(1) Annualized

19

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - continued

OPERATING RETURN ON AVERAGE TANGIBLE STOCKHOLDERS’ EQUITY

	Three Months Ended															Nine Months Ended
(dollars in millions)	Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			Sept. 30, 2012			Sept. 30, 2011
Operating earnings	$	64.4		$	67.0		$	59.3		$	57.1		$	65.9		$	190.7		$	173.6
Average stockholders’ equity	$	5,161		$	5,188		$	5,217		$	5,302		$	5,515		$	5,188		$	5,294
Less: Average goodwill and average other acquisition-related intangibles		2,164			2,166			2,171			2,148			2,154			2,167			2,021
Average tangible stockholders’ equity	$	2,997		$	3,022		$	3,046		$	3,154		$	3,361		$	3,021		$	3,273
Operating return on average tangible stockholders’ equity (annualized)		8.6	%		8.9	%		7.8	%		7.2	%		7.8	%		8.4	%		7.1	%

OPERATING DIVIDEND PAYOUT RATIO

	Three Months Ended															Nine Months Ended
(dollars in millions)	Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			Sept. 30, 2012			Sept. 30, 2011
Dividends paid	$	54.3		$	55.1		$	54.9		$	54.8		$	57.4		$	164.3		$	166.1
Operating earnings	$	64.4		$	67.0		$	59.3		$	57.1		$	65.9		$	190.7		$	173.6
Operating dividend payout ratio		84.3	%		82.2	%		92.6	%		96.0	%		87.1	%		86.2	%		95.7	%

TANGIBLE EQUITY RATIO

(dollars in millions)	Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011
Total stockholders’ equity	$	5,107		$	5,135		$	5,170		$	5,215		$	5,282
Less: Goodwill and other acquisition-related intangibles		2,160			2,166			2,169			2,174			2,151
Tangible stockholders’ equity	$	2,947		$	2,969		$	3,001		$	3,041		$	3,131
Total assets	$	28,576		$	28,137		$	27,791		$	27,553		$	27,200
Less: Goodwill and other acquisition-related intangibles		2,160			2,166			2,169			2,174			2,151
Tangible assets	$	26,416		$	25,971		$	25,622		$	25,379		$	25,049
Tangible equity ratio		11.2	%		11.4	%		11.7	%		12.0	%		12.5	%

TANGIBLE BOOK VALUE PER SHARE

(in millions, except per share data)	Sept. 30, 2012		June 30, 2012		March 31, 2012		Dec. 31, 2011		Sept. 30, 2011
Tangible stockholders’ equity	$	2,947	$	2,969	$	3,001	$	3,041	$	3,131
Common shares issued		395.88		395.87		395.84		395.42		395.46
Less: Shares classified as treasury shares		51.48		47.00		42.49		38.03		38.07
Unallocated ESOP shares		8.45		8.54		8.62		8.71		8.80
Common shares		335.95		340.33		344.73		348.68		348.59
Tangible book value per share	$	8.77	$	8.72	$	8.71	$	8.72	$	8.98

20

EX-99.2

Exhibit 99.2

People’s United Financial, Inc.

3rd Quarter 2012 Earnings Conference Call October 18, 2012

Forward-Looking Statement

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” 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 acquired companies; 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.

1

Third Quarter 2012 Results

Overview / 3Q 2012 vs. 2Q 2012

Operating earnings of $64.4 million or $0.19 per share, versus $0.20 per share in the prior quarter

Operating net interest margin of 3.82%, down 6 bps

Loan growth of $452 million, 8.8% annualized growth rate

Non-interest income increased $5.7 million to $81.4 million

Efficiency ratio improved to 61.4% from 61.5% including the impact of the Citizens branch acquisition

Net charge-offs fell to 18bps, lowest level since 2Q 2009

Repurchased 4.5 million shares, or $53.5 million, at a weighted average price of $11.90 per share

TCE/TA ratio decreased to 11.2% from 11.4% as we continued to efficiently deploy capital

2

Net Interest Margin- Decrease from 2Q 2012

0.03%

(0.09%) (0.01%)

3.96%

3.89%

2Q 2012 Margin

Lower Loan Yields

Lower Cost Recovery Income

Lower Funding Rates/ Mix

3Q 2012 Margin

3

Net Interest Margin

3.89

4.07

4.12

3.97

3.96

4.03

4.07

3.97

3.88

3.82

3Q 2012

3Q 2011

4Q 2011

1Q 2012

2Q 2012

Margin- Operating

Margin- Reported

4

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

Carrying Amount Component b Charge-offs As of 9/30/2012 Carrying Accretable Non-Accretable Non-Accretable Incurred Since

(in $ millions) Amount a, b Yield Difference NPLs c Difference/NPLs Acquisition

FinFed (2/18/10) $178.1 $4.6 $7.9 $33.8 23% $11.4

Butler (4/16/10) 65.1 24.9 15.7 11.2 140% 5.9

RiverBank (11/30/10) 264.8 101.4 10.9 23.2 47% 4.1

Smithtown (11/30/10) 848.3 444.5 122.3 91.9 133% 121.1

Danvers (7/1/11) 1, 277.3 341.6 19.5 41.9 47% 16.6

Total $2,633.6 $917.0 $176.3 $202.0

Initial carrying amounts of acquired portfolios are as follows: FinFed, $1.2BN; Butler, $141MM; RiverBank, $518MM; Smithtown, $1.6BN; and Danvers, $1.9BN.

Carrying amount and related components reflect loan sale, settlement and payoff activity which have occurred since acquisition.

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.

5

Acquired Loan Portfolio

Amortization of Original Discount on Acquired Loan Portfolio

$ in millions, except per share data

Amortization of Original Discount on Acquired Loan Portfolio Impact on Net Interest Margin

3Q12 Total Accretion (All interest income on acquired loans)

2Q12 Acquired Loan Portfolio Carrying Amount 3Q12 Acquired Loan Portfolio Carrying Amount 3Q12 Average Acquired Loan Portfolio

Effective Yield on Acquired Loan Portfolio

Weighted Average Coupon on Acquired Loan Portfolio 1

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

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

3Q12 Average Earning Assets

Add: Average unamortized loan discount 2 Adjusted 3Q12 Average Earning Assets

49

3,017 2,634 2,825

6.90% 5.39% 1.51% 10.6

24,474

88

24,562

Impact on Overall Net Interest Margin (bps) 17

Operating Net Interest Margin 3.82% Adjusted Net Interest Margin 3.65%

Amortization of Original Discount on Acquired Loan Portfolio Impact on Earnings Per Share

Interest Income from Amortization of Original Discount on Acq. Loan Portfolio 3Q12 Effective Tax Rate 3Q12 Earnings from Amortiz. of Original Discount on Acq. Loan Portfolio 3Q12 Weighted Average Shares Outstanding

10.6

32.5%

7.2

336.5

3Q12 EPS Impact from Amortiz. of Discount on Acq. Loan Portfolio $0.02

Note:

1. Excluding FinFed, the weighted average coupon on the acquired loan portfolio is 5.07%

2. Represents the difference between the outstanding balance of the acquired loan portfolio and the carrying amount of the acquired loan portfolio

6

Loans

Linked Quarter Change

(in $ millions)

722

113

(383)

20,588

21,040

Jun 30, 2012

Commercial Banking

Retail

Acquired

Sep 30, 2012

8.8%

Annualized Linked QTD change- Total

7

Deposits

Linked Quarter Change

(in $ millions)

Total

Commercial

Retail

21,458

5,353

16,105

Jun 30, 2012

(363)

Retail

268

Commercial

21,363

5,621

15,742

Sep 30, 2012

Annualized Linked QTD change- Total

-1.8%

8

Growing Future Earnings Per Share

Loans and Deposits per Share

Growing Future Earnings Per Share

Loans and Deposits per Share

Loans

Loans ($Bn)

$22 $21 $20 $19 $18 $17 $16 $15 $14

$62.53

$65

$60

$55

$50

$45

$40

Loans per Share

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12

Loans per Share

Gross Loans ($BN)

$22 $21 $20 $19 $18 $17 $16 $15 $14

$63.49

$65

$60

$55

$50

$45

$40

Deposits per Share

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12

Deposits ($BN)

Deposits per share

9

Non-Interest Income

Linked Quarter Change

(in $ millions)

2.5

2.3

0.8

0.7

0.5

(0.6)

(0.5)

75.7

81.4

2Q 2012

Loan Prepayment Fees

Insurance

Gain on Sale, Residential Loans

Operating Lease Income

Bank Service Charges

Brokerage

Other

3Q 2012

10

Non-Interest Expense

Linked Quarter Change

(in $ millions)

Total

Non-Operating

Operating

205.7

3.6

(0.4)

(1.7)

(1.3)

(0.3)

6.9

208.9

3.2

202.1

205.7

2Q 2012

Non-Operating

Professional

& Outside Svc

Comp & Benefits

Other

Op Exp- Acqd Citizens

3Q 2012

11

Efficiency Ratio

Since 1Q 2010

76.1%

73.1% 72.4% 71.9%

66.0% 65.5%

63.6% 62.4% 62.3% 61.5% 61.4%

1Q 2010

2Q 2010

3Q 2010

4Q 2010

1Q 2011

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

3Q 2012

12

Asset Quality

NPAs / Loans & REO* (%)

Asset Quality

NPAs / Loans & REO* (%)

Since 1Q 2010

4.00

3.00

2.00

1.00

1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012

2.82

2.07

1.67 1.59

PBCT Peer Group Median Top 50 Banks by Assets

* 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

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Asset Quality

Net Charge-Offs / Avg. Loans (%)

Asset Quality

Net Charge-Offs / Avg. Loans (%)

Since 1Q 2010

2.00

1.50

1.00

0.50

0.00

0.62

0.44

0.26

0.18

1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012

PBCT Peer Group Median Top 50 Banks

Source: SNL Financial and Company filings

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Allowance for Loan Losses

Originated Portfolio Coverage Detail

(in $ millions)

2.00%

1.50%

1.00%

0.50%

0.00%

1.49%

1.22%

Commercial Banking

NPLs:Loans ALLL:Loans

Commercial ALLL—$156.0 million

82% of Commercial NPLs

2.00% 1.50% 1.00% 0.50% 0.00%

1.35%

0.35%

Retail Banking

NPLs:Loans ALLL:Loans

Retail ALLL—$19.5 million

26% of Retail NPLs

2.00% 1.50% 1.00% 0.50% 0.00%

1.45%

0.95%

Total

NPLs:Loans ALLL:Loans

Total ALLL—$175.5 million

66% of Total NPLs

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Operating ROAA Progress

Since 1Q 2010

0.96% 0.97%

0.90% 0.91%

0.85% 0.84% 0.86%

0.60% 0.61%

0.57%

0.48%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012

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Operating ROATE Progress

Since 1Q 2010

8.9% 8.6%

7.8% 7.8%

6.9% 7.2%

6.4%

4.0%

3.5% 3.4%

2.9%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012

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Operating Dividend Payout Ratio

Since 1Q 2010

209%

175% 180%

157%

104% 98% 96% 93%

87% 82% 84%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012

18

Capital Ratios

Since 1Q 2010

1Q 2010 1Q 2011 1Q 2012 2Q 2012 3Q 2012

People’s United Financial

Tang. Com. Equity/Tang. Assets 18.7% 13.9% 11.7% 11.4% 11.2%

Leverage Ratio 1, 5 19.2% 14.5% 12.1% 11.8% 11.5%

Tier 1 Common 2 23.1% 17.1% 13.9% 13.6% 13.6%

Tier 1 Risk-Based Capital 3, 5 23.9% 17.9% 14.4% 14.1% 14.1%

Total Risk-Based Capital 4, 5 25.6% 19.4% 16.0% 15.6% 15.6%

People’s United Bank

Leverage Ratio 1, 5 12.3% 11.4% 11.0% 10.9% 10.8%

Tier 1 Risk-Based Capital 3, 5 15.4% 13.9% 13.1% 13.0% 13.2%

Total Risk-Based Capital 4,5 16.3% 14.8% 14.0% 14.0% 14.1%

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 total stockholder’s equity, excluding goodwill and other acquisition-related intangibles, 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 for the Bank are: Leverage Ratio, 5%; Tier 1 Risk-Based Capital, 6%; and Total Risk-Based Capital, 10%

19

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 as evidenced by robust Tier 1 Risk-Based and Tier 1 Common ratios

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Appendix

Current Asset Sensitivity

For 2Q 2012 we were more than twice as asset sensitive as the estimated median of our peer group

For an immediate parallel increase of 100bps, our net interest income is projected to increase by ~$60MM on an annualized basis

Yield curve twist scenarios confirm that we are reasonably well protected from bull flattener (short rates are unchanged, long rates fall) and benefit considerably from bear flattener environments (short rates rise, long rates are unchanged)

Net Interest Income at Risk 1

Analysis involves PBCT estimates, see notes below

Change in Net Interest Income

Lowest Highest PBCT Multiple to

Scenario Amongst Peers Amongst Peers Peer Median Peer Median

Shock Up -4.0% 6.1% 2.7% 2.2x

100bps 2

Shock Up -7.1% 12.2% 5.2% 2.5x

200bps 3

Notes:

1. Analysis is as of 6/30/12 filings

2. Data as of 6/30/12 SEC filings, where exact +100bps shock up scenario data was not provided PBCT interpolated based on data disclosed

3. Data as of 6/30/12 filings, where exact +200bps shock up scenario data was not provided PBCT interpolated based on data disclosed

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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 NYB 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

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People’s United Financial, Inc.

For more information, investors may contact: Peter Goulding, CFA

203-338-6799 peter.goulding@peoples.com