 Investor Presentation
May 2013
Investor Contact:
Peter Goulding, CFA
203-338-6799
peter.goulding@peoples.com
Exhibit 99.1
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 1
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," "should" and similar
expressions. Such statements represent management's current beliefs, based upon
information available at the time the statements are made, with regard to
the matters addressed. All forward-looking statements are
subject
to
risks
and
uncertainties
that
could
cause
People's
United
Financial's
actual
results
or
financial
condition
to
differ
materially
from
those
expressed
in
or
implied
by
such
statements.
Factors
of
particular importance to People’s United Financial include, but are not
limited to: (1) changes in general, national or regional economic
conditions; (2) changes in interest rates; (3) changes in loan default and
charge-off rates; (4) changes in deposit levels; (5) changes in levels of
income and expense in non- interest income and expense related
activities; (6) 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 acquisitions; 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.
Forward-Looking Statement |
 2
Table of Contents
1.
First Quarter 2013 Overview
2.
Strategic Position
3.
Retail Banking
4.
Balance Sheet Management
5.
Appendix |
 First
Quarter 2013 Overview
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 4
First Quarter 2013 Results
Overview / 1Q 2013 vs. 4Q 2012
Operating earnings of $57.9 million or $0.18 per share
Operating net interest margin of 3.38%, down 25 bps
Loan growth of $424 million, 8% annualized growth rate
Deposit growth of $41 million, 1% annualized growth rate
Non-interest income decreased $1.4 million to $82.9 million
Operating non-interest expense decreased $0.5 million to $204.0 million
Efficiency ratio was 64.1% compared to 63.1% last quarter
Net charge-offs were 24 bps compared to 19 bps last quarter
Continued optimization of capital
Repurchased 11.1 million shares, or $144 million, at a weighted average
price of $12.96 per share
22.3 million shares of common stock remain available for repurchase
TCE/TA ratio decreased to 9.6% from 10.2% as we continued to efficiently
deploy capital |
 Strategic Position
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 6
Average Annual Net Charge Offs / Average Loans (%)
Peer Group Comparison, 2008-2012
Conservative underwriting is a hallmark of this institution
Source: SNL Financial |
 7
Efficiency Ratio
Peer Group Comparison, Last Twelve Months Ending 1Q 2013
Low cost producers tend to yield the best returns to shareholders.
Efficiency
progress
requires
both
revenue
growth
AND
expense
discipline
Source: SNL Financial |
 |
 9
Large and Attractive Markets
NYC-Northern NJ-LI
Population: 19.0MM
Median HH Income: $60,512
Businesses: 781,444
Population Density (#/sq miles): 2,847
Unemployment Rate (%): 8.1
$100K+ Households (%): 30.8
Boston, MA
Population: 4.6MM
Median HH Income: $67,700
Businesses: 203,770
Population Density (#/sq miles): 1,319
Unemployment Rate (%): 5.9
$100K+ Households (%): 33.8
Hartford, CT
Population: 1.2MM
Median HH Income: $63,997
Businesses: 52,315
Population Density (#/sq miles): 803
Unemployment Rate (%): 8.2
$100K+ Households (%): 30.4
Bridgeport-Stamford, CT
Population: 922,000
Median HH Income: $80,342
Businesses: 49,392
Population Density (#/sq miles): 1,476
Unemployment Rate (%): 7.7
$100K+ Households (%): 41.5
New Haven, CT
Population: 863,000
Median HH Income: $58,598
Businesses: 36,800
Population Density (#/sq miles): 1,427
Unemployment Rate (%): 8.5
$100K+ Households (%): 28.1
Burlington, VT
Population: 215,000
Median HH Income: $55,875
Businesses: 10,846
Population Density (#/sq miles): 171
Unemployment Rate (%): 3.6
$100K+ Households (%): 21.9
Notes: The current national unemployment rate is 7.5%
The current national population density is 89 (#/sq miles)
The population densities of NYC, Boston, Bridgeport and New Haven MSAs are over
ten times the national average |
 10
Strong Market Demographic Profile
Source: SNL Financial, US Census data for 2012
Weighted Average Median Household Income |
 11
Revenue Opportunities
Continue to deepen our presence in heritage markets such as Connecticut and
Vermont
Substantial growth prospects in larger markets such as New York metro and the
Boston market
Under-represented asset classes ramping up
Asset-based lending: focused on in-footprint companies with sales of
$15MM-$250MM; credit needs range from $5MM-$35MM; $600BN market,
70% of which is located in the Northeast Mortgage Warehouse lending: $1.2BN
in commitments and $659MM in outstandings; estimated market size is over
$28BN in outstandings New York Commercial Real Estate: hiring talent in the
New York metro area, which is a $30BN annual market with a population of
19.0MM, 6.9MM housing units and 3.4MM rental units Private Banking: hired
senior executive from mega-cap bank with ~20 years managing private
banking in the Northeast with initial focus on CT, metro New York and metro
Boston |
 12
Revenue Opportunities
Enhancing wealth management offering
Proprietary asset allocation and risk management strategies are implemented with a
suite of external managers who represent our "best in class"
recommendations •
Proprietary
asset
allocation
allows
us
to
“rent”
intellectual
capital
–
no
customer
funds
leave
the
bank
Hired executive from PNC as Senior Vice President and Chief Investment
Officer Increasing momentum in other fee income businesses with a focus on
cross-sell Commercial
insurance:
revamped
systems
and
combined
all
agencies
into
a
single
entity;
focused
on
our deep commercial customer base as well as the education sector
Hired executive from TD to lead cash management business
Growing merchant and payroll services |
 Growing Future Earnings Per Share
Loans and Deposits per Share
Over the past two years, loans per share and deposits per share have grown at
compound annual rates of 16% and 13% |
 14
EMOC has been fully operational since November 2011
Three person committee comprised of the CFO, Chief Administrative Officer and
Chief HR Officer EMOC oversees PBCT’s noninterest expense management,
implements strategies to ensure attainment of expense management targets and
oversees revenue initiatives that require expenditures
Provides a horizontal view of the organization
Expense Management Units (EMUs) established to facilitate EMOC functions
Defined EMUs include:
•
Technology
•
Operations
•
Real Estate Services
Spending requests above $25,000 are submitted by EMU owners for approval
Staffing models, staffing replacements and additions for mid-level positions and
above require approval by the Committee
Introduction to EMOC
Expense Management Oversight Committee (EMOC)
•
Employment/Benefits
•
Marketing
•
Regulatory/Institutional
•
Depreciation/Equipment
•
Decentralized
•
Intangible Amortization |
 15
Expense Progress
Estimated Cost Savings Analysis
Our Q1 2013 operating expense base of $204MM reflects $29MM (~$114MM annualized)
savings from successfully-executed expense initiatives
Source: SNL Financial
Note: “Pro Forma / Actual”
represents PBCT operating noninterest expense and the actual expenses at the
acquired institutions. Acquisition target costs fall away as the
acquisitions are completed. “Without
Expense
Initiatives”
represents
PBCT
operating
noninterest
expense
and
the
actual
expenses
at
the
acquired
institutions
in
4Q09,
and
then
applies
the
peer
median
expense
growth
rate
in
each
subsequent
quarter. |
 16
233
204
7
22
$0
$50
$100
$150
$200
$250
Without Expense
Initiatives
Announced Acquisition
Savings
Other Initiatives
Pro Forma / Actual
Operating Noninterest Expense ($MM)
Expense Progress
Estimated Cost Savings Analysis
The $29MM in quarterly cost reductions is attributable to efforts related to
acquisition cost savings and other initiatives
Source: SNL Financial
Note: “Pro Forma / Actual”
represents PBCT operating noninterest expense and the actual expenses at the
acquired institutions. Acquisition target costs fall away as the
acquisitions are completed “Without
Expense
Initiatives”
represents
PBCT
operating
noninterest
expense
and
the
actual
expenses
at
the
acquired
institutions in 4Q09, and then applies the peer median expense growth rate in each
subsequent quarter |
 Retail Banking
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 18
Retail & Business Banking Franchise
Distribution
400+ branches over 6 states
•
~33% of branches are in-store
600+ ATMs
Online & mobile banking
Call center operations located in Bridgeport,
CT and Burlington, VT
Scale
5 in deposit market share in New England
Customer base
Approximately 800,000 commercial, business
banking and consumer relationships
th |
 19
Strategic Focus of Deposit Franchise
Growth
Core customers and deposits
Multiple product households
Leverage employee expertise to drive sales
Brand execution
Employee expertise
Superior customer experience
In-store supermarket strategy
Leveraging the Citizen’s branch acquisition
Navigating a low rate environment
Balancing growth, retention and cost of funds
Constant evaluation of branch-level profitability
•
Consolidated 18 branches in 2011 and 2012, or ~5% of our franchise, which is
in-line with peers •
Selective de novo branches in key markets: Prudential Center in Boston, MA;
Lexington, MA; Wellesley, MA; and Park Ave in Manhattan
|
 20
Deepening Market Presence
Connecticut
Massachusetts
Vermont
New York
New Hampshire
Maine
Leading
market
position
in
the
best
commercial
banking
market
in
the
US
#1 in Fairfield County, CT, 65 branches, $6.1BN, 18.2% market share
Source: SNL Financial
Branches
$BN
%
1
B of A
155
24.5
24.0
2
Webster
124
12.1
11.8
3
People's United
165
10.9
10.7
4
Wells Fargo
76
7.3
7.2
5
TD Bank
81
5.9
5.8
6
First Niagara
86
4.6
4.5
7
JPM Chase
52
4.5
4.4
8
Citi
20
3.0
2.9
9
Liberty
48
2.9
2.8
10
RBS
50
2.6
2.5
Branches
$BN
%
1
B of A
262
54.6
25.0
2
RBS
254
30.9
14.1
3
Santander
229
18.9
8.6
4
TD Bank
157
10.8
5.0
5
Eastern Bank
99
6.8
3.1
6
Independent Bank
78
4.5
2.0
7
Middlesex
30
3.5
1.6
8
People's United
56
3.2
1.5
9
Boston Private
11
2.9
1.3
10
Century
28
2.4
1.1
Branches
$BN
%
1
People's United
42
2.6
22.4
2
TD Bank
34
2.6
22.0
3
Merchants
33
1.2
10.6
4
RBS
21
0.9
7.3
5
KeyCorp
13
0.8
6.7
6
Northfield
13
0.5
4.3
7
Community
14
0.4
3.7
8
Union
13
0.4
3.4
9
Passumpsic
7
0.3
2.9
10
Berkshire Hills
7
0.3
2.8
Branches
$BN
%
1
JPM Chase
804
393.1
38.3
2
Citi
268
69.6
6.8
3
B of A
365
60.6
5.9
4
HSBC
164
57.3
5.6
5
Capital One
277
39.0
3.8
6
M&T
299
33.3
3.3
7
TD Bank
222
22.4
2.2
8
KeyCorp
269
18.3
1.8
9
Wells Fargo
87
18.0
1.8
10
First Niagara
212
16.1
1.6
35
People's United
97
2.5
0.2
Branches
$BN
%
1
RBS
80
6.8
24.3
2
TD Bank
72
5.4
19.3
3
B of A
29
4.9
17.5
4
People's United
29
1.4
4.9
5
Merrimack
18
1.0
3.6
6
BNH
23
0.9
3.2
7
Santander
20
0.8
2.9
8
NH Thrift
20
0.8
2.8
9
Northway
17
0.7
2.4
10
Centrix
6
0.7
2.3
Branches
$BN
%
1
TD Bank
55
3.7
16.4
2
KeyCorp
60
2.7
11.7
3
Bangor Bancorp
58
2.0
8.9
4
Camden National
50
1.8
8.1
5
B of A
19
1.4
6.0
6
First Bancorp
15
1.0
4.6
7
Machias
14
0.8
3.6
8
People's United
28
0.8
3.5
9
Bar Harbor
16
0.8
3.4
10
Norway
21
0.7
3.2 |
 21
Total Deposits ($MM)
6,053
2,926
2,479
2,063
1,970
1,241
Market Total Deposits ($MM)
33,334
117,089
556,863
25,508
17,111
4,499
Branch Count
65
51
91
45
34
12
18.2
2.5
0.5
8.1
11.5
27.6
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Bridgeport-
Stamford, CT
Boston, MA
NYC-Northern
NJ-LI
Hartford, CT
New Haven,
CT
Burlington, VT
Deposit Market Share by MSA (%) *
We hold significant market share in several key northeast MSAs and are
building our presence in areas with substantial growth potential, such as
the Boston and New York City MSAs
Source: SNL Financial
* Excludes deposits from trust institutions and branches with over $750MM
deposits ** Excludes six of the acquired Citizens branches located outside
the NYC MSA **
**
Large New Markets |
 22
Connecticut
In-store
Versus
Traditional
Branch
Business
(Last
Twelve
Months
Through
3/31/13)
In-store Versus Traditional Branches
Connecticut
On average, in-store locations are open 37% more hours per week than traditional
branches (56 hours vs. 41 hours) but are 30% less expensive to operate
Partnership allows us to leverage our brand with the ~1.8 million shoppers who
visit Connecticut Stop & Shop stores every week
In-store locations operate under the same business model as traditional branches
and sell all the Bank’s products and services
Mortgages, Home Equity Loans, Business Loans and Investments
Connecticut in-store branches accounted for a significant portion of the new
branch
business
booked
in
the
market |
 23
Business Banking Overview
Business Banking target customer has credit needs up to $1.5 million and/or annual
sales up to $5 million
Over 60 Business Banking professionals currently serving customers across the
6- state footprint
Comprehensive credit, deposit, insurance, investment and specialized services
available (includes payroll, merchant, cash management, retirement)
Credit products include business lines of credit and term loans plus commercial
real estate-secured mortgage loans, typically secured and personally
guaranteed Leverage the combination of local, executive-level line
leadership (i.e., Market Presidents), strong lending & relationship
management capability, and market- leading retail banking focus to solidify
our reputation with small business customers |
 Balance Sheet Management
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 25
Securities Portfolio Summary
The duration of the securities portfolio as of 3/31/13 is approximately 3.7 years,
up slightly from prior quarters in conjunction with the addition
of municipal
bonds to the portfolio
In 3Q 2011, we took action to reduce the premium on our books and protect
against prepayment exposure
82% of the securities portfolio is in MBS and CMOs with a book price of $100.71
An additional 12% of the securities portfolio is invested in municipal bonds with a
book price of $111.90. While the book price is well above par, these bonds do
not have
pre-payment
risk
and
represent
attractive
value
with
a
book
yield
of
3.78%
on a tax-equivalent basis |
 26
Strong Sources of Liquidity
PBCT maintains high levels of liquidity and is over 90% funded by deposits, retail
repurchase agreements, senior debt and common equity
Strong branch franchise and commercial customer base predominantly funds loan base
without use of brokered borrowings
Citizens transaction provides a significant long-term opportunity to grow
deposits and customer relationships in southern New York, specifically on Long
Island and in Westchester County
Additional liquidity of $2.5BN exists in the form of unpledged U.S. Agency MBS &
CMO’s
Federal Home Loan Bank (FHLB) relationship enables up to $2.4BN of additional
borrowings |
 27
For 4Q 2012 we were more than twice as asset sensitive as the estimated median of our
peer group
Currently for an immediate parallel increase of 100bps, our net interest income is
projected to increase by ~$49MM 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) Notes:
1.
Analysis is as of 12/31/12 filings
2.
Data as of 12/31/12 SEC filings; where exact +100bps shock up scenario data was
not provided, PBCT interpolated based on data disclosed 3.
Data as of 12/31/12 SEC filings; where exact +200bps shock up scenario data was
not provided, PBCT interpolated based on data disclosed Current Asset
Sensitivity Net Interest Income at Risk ¹
Analysis involves PBCT estimates, see notes below
Change in Net Interest Income
Scenario
Lowest
Amongst Peers
Highest
Amongst Peers
Peer Median
PBCT Multiple to
Peer Median
Shock Up
100bps ²
-2.9%
5.5%
2.0%
2.6x
Shock Up
200bps ³
-4.8%
11.0%
4.5%
2.6x |
 28
Share Repurchase Activity
The prolonged period of near zero short-term interest rates and above average
capital levels presents us with the opportunity to repurchase shares at a
discount to earnings power in a normalized rate environment
Share
repurchases
also
help
normalize
both
dividend
payout
ratio
and
ROATE
Repurchased 11.1 million shares, or $144 million, at a weighted average price of
$12.96 per share in 1Q 2013
Increased share repurchase activity from 4.7 million shares in 4Q 2012
Expect
to
complete
latest
share
repurchase
authorization
(10%
of
shares
outstanding)
within
2013
Over the last five years PBCT has repurchased over $800 million of shares
Share repurchases at the current stock price have a tangible book value dilution
earnback period of ~5 years and no execution risk
Year to date through May 6, 2013, 14.3 million shares, or $186 million, have been
repurchased |
 Appendix
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 30
Allowance for Loan Losses
Originated Portfolio Coverage Detail
(in $ millions)
1.13%
1.11%
0.00%
0.50%
1.00%
1.50%
2.00%
NPLs:Loans
ALLL:Loans
Commercial
Banking
1.57%
0.32%
0.00%
0.50%
1.00%
1.50%
2.00%
NPLs:Loans
ALLL:Loans
Retail Banking
Commercial ALLL -
$159.5 million
98% of Commercial NPLs
Retail ALLL -
$18.0 million
20% of Retail NPLs
Total
ALLL
-
$177.5
million
71% of Total NPLs
1.25%
0.88%
0.00%
0.50%
1.00%
1.50%
2.00%
NPLs:Loans
ALLL:Loans
Total |
 Capital Ratios
Since 1Q 2010
1Q
2010
1Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
People’s United Financial
Tang.
Com.
Equity/Tang.
Assets
18.7%
13.9%
11.7%
11.4%
11.2%
10.2%
9.6%
Leverage Ratio
1, 5
19.2%
14.5%
12.1%
11.8%
11.5%
10.6%
10.0%
Tier 1 Common ²
23.1%
17.1%
13.9%
13.6%
13.6%
12.7%
12.0%
Tier
1
Risk-Based
Capital
3,
5
23.9%
17.9%
14.4%
14.1%
14.1%
13.2%
12.5%
Total
Risk-Based
Capital
4,
5
25.6%
19.4%
16.0%
15.6%
15.6%
14.7%
13.7%
People’s United Bank
Leverage
Ratio
1,
5
12.3%
11.4%
11.0%
10.9%
10.8%
9.8%
9.7%
Tier
1
Risk-Based
Capital
3,
5
15.4%
13.9%
13.1%
13.0%
13.2%
12.2%
12.1%
Total
Risk-Based
Capital
4,5
16.3%
14.8%
14.0%
14.0%
14.1%
13.1%
13.5% |
 32
Name
Position
Years in
Banking
Professional
Experience
Jack Barnes
President & CEO, Director
30+
People’s United Bank (SEVP, CAO),
Chittenden, FDIC
Kirk Walters
SEVP & CFO, Director
25+
People’s United Bank, Santander, Sovereign,
Chittenden, Northeast Financial
Jeff Tengel
SEVP Commercial Banking
30+
People’s United Bank, PNC, National City
Bob D’Amore
SEVP Retail & Business Banking
30+
People’s United Bank
Louise Sandberg
SEVP Wealth Management
30+
People’s United Bank, Chittenden
Lee Powlus
SEVP & Chief Administrative Officer
25+
People’s United Bank, Chittenden, Alltel
Chantal Simon
SEVP & Chief Risk Officer
20+
People’s United Bank, Merrill Lynch US Bank,
Lazard Freres & Co.
Dave Norton
SEVP & Chief HR Officer
2+
People’s United Bank, New York Times,
Starwood, PepsiCo
Bob Trautmann
SEVP & General Counsel
20+
People’s United Bank, Tyler Cooper & Alcorn
Management Committee |
 33
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
NYCB
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 |
 34
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 this 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 intangible
assets, 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.
Non-GAAP Financial Measures and Reconciliation to GAAP
|
 35
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
derived by determining the per share impact of the respective adjustments to arrive
at operating earnings and adding (subtracting) such amounts to (from) GAAP
earnings per share. 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.
Non-GAAP Financial Measures and Reconciliation to GAAP
|
 36
The
tangible
equity
ratio
is
the
ratio
of
(i)
tangible
stockholders’
equity
(total
stockholders’
equity
less
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
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. Please refer to People’s United Financial’s
latest Form 10-Q regulatory filing for detailed reconciliations to GAAP
figures. Non-GAAP Financial Measures and Reconciliation to GAAP
|
 For
more information, investors may contact: Peter Goulding, CFA
203-338-6799
peter.goulding@peoples.com
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