EX-99.2 3 d568487dex992.htm EX-99.2 EX-99.2
2
nd
Quarter 2013 Earnings Conference Call
July 18, 2013
Exhibit 99.2

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
Second Quarter 2013 Results
Overview / 2Q 2013 vs. 1Q 2013
Operating earnings of $62.4 million or $0.20 per share
Operating net interest margin of 3.33%, down 5 bps
Loan growth of $705 million, 13% annualized growth rate
Deposit growth of $190 million, 4% annualized growth rate
Non-interest income increased $3.2 million to $86.1 million
Operating non-interest expense increased $1.4 million to $205.4 million
Efficiency ratio improved to 62.7% compared to 64.1% last quarter
Net charge-offs declined to 19 bps compared to 24 bps last quarter
Continued optimization of capital
Repurchased 11.2 million shares, or $153 million, at a weighted average
price of $13.63 per share
11.0 million shares of common stock remain available for repurchase
TCE/TA ratio decreased to 8.7% from 9.6%

3
Operating Net Interest Margin
Linked Quarter Change
(%)
3.38%
3.33%
(0.05%)
(0.01%)
(0.01%)
0.02%
1Q 2013
New Loan
Volume
Loan Repricing /
Amort
Increased
Borrowings
Calendar
Days
2Q 2013

4
Loans
Linked Quarter Change
(in $ millions)
Annualized Linked QTD change
12.7%
22,161
746
160
(201)
22,866
Mar 31, 2013
Commercial Banking
Retail
Acquired
Jun 30, 2013

5
Deposits
Linked Quarter Change
(in $ millions)
Total
21,792
       
21,982
Commercial
Retail
Annualized Linked QTD change
3.5%
16,178
16,196
5,614
5,786
172
18  
Mar 31, 2013
Retail
Commercial
Jun 30, 2013

6
$4
$9
$44
$0
$10
$20
$30
$40
$50
Average Deposits Per Branch ($MM)
Southern New York Branch Update
One Year Performance Review
Deposits as of 6/30/13 totaled $591 million, up $269 million or 84% since close
Branches provide significant support to our commercial and retail banking efforts
Strengthened brand awareness in the New York market is also accelerating the
expansion of fee income businesses
“Break-even”
Originally
Forecast to
Occur at
6/30/14
The acquired Southern New York branches have surpassed expectations
Acquired NY In-store
Branches at 6/25/12
Acquired NY In-store
Branches at 6/30/13
PBCT CT In-store
Branches at 6/30/13
Note: Represents an activity-based approach versus a branch of origination approach as reported by the FDIC

7
Non-Interest Income
Linked Quarter Change
(in $ millions)
82.9
86.1
5.8
2.0
1.1
(1.5)
(1.2)
0.2
(3.2)
1Q 2013
Gain on Acq
Loan Sales
Bank Service
Charges
Customer
Derivative
Income
Loan
Prepayment
Fees
Gain on Resi
Mtg Loan
Sales
Insurance
Other
2Q 2013

8
Total
Non-Operating
Operating
Non-Interest Expense
Linked Quarter Change
(in $ millions)
212.0
205.8
204.0
(7.6)
(2.8)
(1.0)
2.0
1.9
1.2
0.1
205.4
8.0
0.4
1Q 2013
Non-
Operating
Comp &
Bene
Occ &
Equip
REO
Adv &
Pro
Prof &
Outside
Other
2Q 2013

9
Efficiency Ratio (%)
Since 1Q 2010
76.1%
73.1%
72.4%
71.9%
64.7%
63.9%
63.3%
62.4%
63.6%
61.4%61.4%
63.0%
64.1%
62.7%
1Q
2010
2Q
2010
3Q
2010
4Q
2010
1Q
2011
2Q
2011
3Q
2011
4Q
2011
1Q
2012
2Q
2012
3Q
2012
4Q
2012
1Q
2013
2Q
2013

10
1.42
1.33
1.89
2.42
1.00
2.00
3.00
4.00
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
PBCT
Peer Group Median
Top 50 Banks by Assets
Since 1Q 2010
Asset Quality
NPAs / Loans & REO* (%)
*
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

11
0.24
0.19
0.29
0.38
0.00
0.50
1.00
1.50
2.00
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
PBCT
Peer Group Median
Top 50 Banks
Asset Quality
Net Charge-Offs / Avg. Loans (%)
Source: SNL Financial and Company filings
*
Excluding acquired loan charge-offs, PBCT’s charge-off ratio was 0.18% in both 2Q 2013 and 1Q 2013
*
Since 1Q 2010
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12
Loans
Deposits
Growing Future Earnings Per Share
Loans and Deposits per Share

13
Operating ROAA Progress
Since 1Q 2010
0.60%
0.57%
0.48%
0.61%
0.85%
0.90%
0.96%
0.84%
0.86%
0.97%
0.91%
0.87%
0.77%
0.81%
1Q
2010
2Q
2010
3Q
2010
4Q
2010
1Q
2011
2Q
2011
3Q
2011
4Q
2011
1Q
2012
2Q
2012
3Q
2012
4Q
2012
1Q
2013
2Q
2013

14
Operating ROATE Progress
Since 1Q 2010
3.5%
3.4%
2.9%
4.0%
6.4%
6.9%
7.8%
7.2%
7.8%
8.9%
8.6%
8.6%
8.1%
9.3%
1Q
2010
2Q
2010
3Q
2010
4Q
2010
1Q
2011
2Q
2011
3Q
2011
4Q
2011
1Q
2012
2Q
2012
3Q
2012
4Q
2012
1Q
2013
2Q
2013

15
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%
Capital Ratios
Since 1Q 2010
1Q 2010
1Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
People’s United Financial
Tang. Com. Equity/Tang. Assets
18.7%
13.9%
11.7%
11.4%
11.2%
10.2%
9.6%
8.7%
Leverage Ratio
1, 5
19.2%
14.5%
12.1%
11.8%
11.5%
10.6%
10.0%
9.3%
Tier 1 Common ²
23.1%
17.1%
13.9%
13.6%
13.6%
12.7%
12.0%
10.8%
Tier 1 Risk-Based Capital
3, 5
23.9%
17.9%
14.4%
14.1%
14.1%
13.2%
12.5%
11.6%
Total Risk-Based Capital
4, 5
25.6%
19.4%
16.0%
15.6%
15.6%
14.7%
13.7%
12.8%
People’s United Bank
Leverage Ratio
1, 5
12.3%
11.4%
11.0%
10.9%
10.8%
9.8%
9.7%
9.5%
Tier 1 Risk-Based Capital
3, 5
15.4%
13.9%
13.1%
13.0%
13.2%
12.2%
12.1%
11.9%
Total Risk-Based Capital
4,5
16.3%
14.8%
14.0%
14.0%
14.1%
13.1%
13.5%
13.2%

16
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

Appendix
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18
Net Interest Income (NII) Sensitivity
Interest Rate Risk Profile
Notes:
1.
Yield curve twist pivot point is 18 month point on yield curve.
Short End defined as overnight to 18 months.  Long End defined
as terms greater than 18 months

19
For 1Q 2013 we were twice as asset sensitive as the estimated median of our peer group
Notes:
1.
Analysis is as of 03/31/13 filings
2.
Data as of 03/31/13 SEC filings; where exact +100bps shock up scenario data was not provided, PBCT interpolated based on data disclosed
3.
Data as of 03/31/13 SEC filings; where exact +200bps shock up scenario data was not provided, PBCT interpolated based on data disclosed
Interest Rate Sensitivity vs. Peers
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
-2.5%
7.9%
2.7%
1.8x
Shock Up
200bps ³
-4.0%
15.8%
5.2%
2.1x

20
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
As of 6/30/13
(in $ millions)
Carrying
Amount
a, b
Carrying Amount Component
b
NPLs c
Non-Accretable
Difference/NPLs
Charge-offs
Incurred Since
Acquisition
d
Accretable
Yield
Non-Accretable
Difference
Danvers (7/1/11)
$884.7
$273.7
$14.2
$42.1
34%
$22.7
Smithtown (11/30/10)
645.5
325.4
104.4
74.7
140%
126.9
Others (various dates)
351.4
85.3
23.7
42.2
56%
29.6
Total
$1,881.6
$684.4
$142.3
$159.0
(a)
Initial
carrying
amounts
of
acquired
portfolios
are
as
follows:
FinFed,
$1.2BN;
Butler,
$141MM;
RiverBank,
$518MM;
Smithtown,
$1.6BN;
and
Danvers,
$1.9BN.
(b)
Carrying
amount
and
related
components
reflect
loan
sale,
settlement
and
payoff
activity
which
have
occurred
since
acquisition.
(c)
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.
(d)
Includes
approximately
$6.7MM
of
charge-offs
applied
against
reserves
established
subsequent
to
acquisition.

21
Acquired Loan Portfolio
Amortization of Original Discount on Acquired Loan Portfolio
Note:
1.
Excluding
FinFed,
the
weighted
average
coupon
on
the
acquired
loan
portfolio
is
4.76%
2.
Represents
the
difference
between
the
outstanding
balance
of
the
acquired
loan
portfolio
and
the
carrying
amount
of
the
acquired
loan
portfolio
$ in millions, except per share data
Impact on Net Interest Margin
Impact on Earnings Per Share
2Q13 Total Accretion (All interest income on acquired loans)
34
Interest Income from Amortization of Original Discount on Acq. Loan Portfolio
9.2
1Q13 Acquired Loan Portfolio Carrying Amount
2,083
2Q13 Effective Tax Rate
32.5%
2Q13 Acquired Loan Portfolio Carrying Amount
1,882
2Q13 Average Acquired Loan Portfolio
1,982
2Q13 Earnings from Amortiz. of Original Discount on Acq. Loan Portfolio
6.2
Effective Yield on Acquired Loan Portfolio
6.86%
2Q13 Weighted Average Shares Outstanding
313.5
Weighted Average Coupon on Acquired Loan Portfolio
1
5.01%
2Q13 EPS Impact from Amortiz. of Discount on Acq. Loan Portfolio
$0.02
Incremental Yield Attributable to Amortiz. of Discount on Acq. Loan Portfolio
1.85%
Incremental Interest Income from Amortiz. of Discount on Acq. Loan Portfolio
9.2
2Q13 Average Earning Assets
27,079
Add: Average unamortized loan discount
2
42
Adjusted 2Q13 Average Earning Assets
27,121
Impact on Overall Net Interest Margin (bps)
14
Operating Net Interest Margin
3.33%
Adjusted Net Interest Margin
3.19%
Amortization of Original Discount on Acquired Loan Portfolio
Amortization of Original Discount on Acquired Loan Portfolio

22
Allowance for Loan Losses
Originated Portfolio Coverage Detail
(in $ millions)
1.10%
1.05%
0.00%
0.50%
1.00%
1.50%
2.00%
NPLs:Loans
ALLL:Loans
Commercial
Banking
1.38%
0.31%
0.00%
0.50%
1.00%
1.50%
2.00%
NPLs:Loans
ALLL:Loans
Retail Banking
Commercial ALLL -
$159.3 million
96% of Commercial NPLs
Retail ALLL -
$18.2 million
23% of Retail NPLs
Total ALLL -
$177.5 million
72% of Total NPLs
1.18%
0.85%
0.00%
0.50%
1.00%
1.50%
2.00%
NPLs:Loans
ALLL:Loans
Total

23
Operating Dividend Payout Ratio
Since 1Q 2010
175%
180%
209%
157%
104%
98%
87%
96%
93%
82%
84%
85%
91%
83%
1Q
2010
2Q
2010
3Q
2010
4Q
2010
1Q
2011
2Q
2011
3Q
2011
4Q
2011
1Q
2012
2Q
2012
3Q
2012
4Q
2012
1Q
2013
2Q
2013

24
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

For more information, investors may contact:
Peter Goulding, CFA
203-338-6799
peter.goulding@peoples.com
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