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) July 17, 2014

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 July 17, 2014, People’s United Financial, Inc. (the “Company”) issued a press release announcing its results of operations for the three- and six-month periods ended June 30, 2014. 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 7.01. Regulation FD Disclosure.

The Company hereby furnishes the Investor Presentation attached hereto as Exhibit 99.2.

The information contained in and accompanying this Form 8-K with respect to Item 7.01 (including Exhibit 99.2 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 9.01. Financial Statements and Exhibits

(d) The following Exhibits are submitted herewith.

Exhibit No.	Description
99.1	Earnings Press Release dated July 17, 2014
99.2	Investor Presentation dated July 17, 2014

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: July 17, 2014	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 July 17, 2014		99.1-1
99.2	Investor Presentation dated July 17, 2014		99.2-1

EX-99.1

EXHIBIT 99.1

Earnings Press Release dated July 17, 2014

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

July 17, 2014

PEOPLE’S UNITED FINANCIAL REPORTS SECOND QUARTER NET INCOME OF $0.24 PER SHARE AND OPERATING EARNINGS OF $0.20 PER SHARE

BRIDGEPORT, CT – People’s United Financial, Inc. (NASDAQ: PBCT) today reported net income of $72.3 million, or $0.24 per share, for the second quarter of 2014, compared to $62.1 million, or $0.20 per share, for the second quarter of 2013, and $53.1 million, or $0.18 per share, for the first quarter of 2014. Included in this quarter’s results is a net after-tax gain of $13.4 million ($0.04 per share) resulting from the formation of a merchant services joint venture discussed below. Operating earnings were $59.9 million, or $0.20 per share, for the second quarter of 2014, compared to $62.4 million, or $0.20 per share, for the second quarter of 2013, and $56.5 million, or $0.19 per share, for the first quarter of 2014.

The Company’s Board of Directors declared a $0.165 per share quarterly dividend, payable August 15, 2014 to shareholders of record on August 1, 2014. Based on the closing stock price on July 16, 2014, the dividend yield on People’s United Financial common stock is 4.4 percent.

“Our results this quarter demonstrate continued momentum in growing our businesses, fueled by ongoing strategic investments in people, products and services,” said Jack Barnes, President and Chief Executive Officer. “This quarter we experienced annualized deposit growth of seven percent and loan growth of 13 percent, reflecting our strong commitment to fostering customer relationships. At the same time we continue to maintain superior asset quality metrics. The increase in net interest income over the past several quarters primarily reflects growth in the loan portfolio despite a challenging rate environment and less income on acquired loans.”

Barnes continued, “We are pleased to announce today the formation of People’s United Merchant Services, a joint venture between People’s United Bank and Vantiv, Inc. The new company will offer customers a comprehensive suite of payment solutions by combining People’s United’s strong reputation and broad access to commercial merchants with Vantiv’s deep payments expertise, innovative products, security tools, technology and processing scale. This new partnership with Vantiv reflects our ongoing commitment to strengthen our products and services and should provide long-term growth for both companies.”

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People’s United Financial, Inc. Reports 2Q Earnings

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Barnes concluded, “Our strong business fundamentals, ongoing ability to leverage our brand in attractive markets, and prospects for growth continue to be the foundations of our operating strength relative to others in the industry.”

“The net interest margin reflects the impact of strong loan originations and the benefit of one more calendar day in this quarter,” stated Kirk W. Walters, Senior Executive Vice President and Chief Financial Officer. “We certainly are pleased with our ability to maintain operating expenses at a relatively flat level over the past several quarters. This is quite an achievement, considering the number of strategic investments we continue to make in people and services, along with the increasing cost of regulatory compliance, and reflects our ongoing commitment to cost control.”

Walters concluded, “Our results this quarter include a $21 million pre-tax gain resulting from the formation of the merchant services joint venture in which we have retained a 49 percent minority interest. The gain represents the fair value of our entire portfolio of merchant contracts which was contributed to the joint venture and had a zero book basis under GAAP. Also in the second quarter, People’s United Bank issued $400 million of fixed-rate subordinated notes that were converted to a floating interest rate using an interest rate swap. The notes qualify as Tier 2 capital for regulatory purposes, which will serve to bolster total risk-based capital ratios.”

Net loan charge-offs as a percentage of average total loans on an annualized basis were 0.10 percent in the second quarter of 2014, compared to 0.12 percent in the first quarter of 2014 and 0.19 percent in the second quarter of 2013. For the originated loan portfolio, non-performing loans equaled 0.82 percent of loans at June 30, 2014, compared to 0.84 percent at March 31, 2014 and 1.18 percent at June 30, 2013. Of note, both the loan charge-off and non-performing loans to originated loans ratios this quarter were the lowest each has been in six years.

Operating return on average assets was 0.72 percent for the second quarter of 2014, compared to 0.69 percent for the first quarter of 2014 and 0.81 percent for the second quarter of 2013. Operating return on average tangible stockholders’ equity was 9.6 percent for the second quarter of 2014, compared to 9.3 percent for the first quarter of 2014 and 9.3 percent for the second quarter of 2013.

At June 30, 2014, People’s United Financial’s tier 1 common and total risk-based capital ratios were 10.0 percent and 12.5 percent, respectively, and the tangible equity ratio stood at 7.9 percent. People’s United Bank’s tier 1 and total risk-based capital ratios were 10.8 percent and 13.5 percent, respectively, at June 30, 2014.

People’s United Financial, a diversified financial services company with $34 billion in assets, provides commercial and retail banking, as well as wealth management services through a network of 407 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 managed and administered, which are not reported as assets of People’s United Financial, totaled $16.2 billion at June 30, 2014 compared to $15.9 billion at March 31, 2014.

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People’s United Financial, Inc. Reports 2Q Earnings

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2Q 2014 Financial Highlights

Summary

• Net income was $72.3 million, or $0.24 per share.

• Operating earnings were $59.9 million, or $0.20 per share.

• Net interest income on a fully taxable equivalent basis increased $1.0 million from 1Q14 and totaled $232.8 million in 2Q14.

• Interest income on acquired loans decreased $1.6 million from 1Q14 to $21.7 million.

• Net interest margin decreased four basis points from 1Q14 to 3.13%.

• The effect of one more calendar day in 2Q14 benefitted the margin by three basis points.

• The effect of new loan volume at lower rates reduced the margin by seven basis points.

• Provision for loan losses totaled $8.8 million.

• Net loan charge-offs totaled $6.5 million, of which $5.2 million related to loans with previously-established specific reserves. Net loan charge-off ratio of 0.10% in 2Q14.

• Reflects a $6.7 million increase in the originated allowance for loan losses due to loan growth.

• Includes a provision for loan losses on acquired loans of $0.8 million.

• Non-interest income was $100.1 million in 2Q14 compared to $79.9 million in 1Q14.

• Gain on formation of merchant services joint venture, net of related expenses totaled $20.6 million in 2Q14.

• Bank service charges increased $2.3 million from 1Q14, in part due to the seasonal nature of certain transaction-related fee categories.

• Operating lease income decreased $1.4 million from 1Q14.

• Insurance revenue decreased $0.9 million from 1Q14, primarily reflecting the seasonal nature of insurance renewals.

• Investment management fees increased $0.8 million from 1Q14.

• Assets under administration and those under full discretionary management, neither of which are reported as assets of People’s United Financial, totaled $10.7 billion and $5.5 billion, respectively, at June 30, 2014, compared to $10.8 billion and $5.1 billion, respectively, at March 31, 2014.

• Non-interest expense totaled $208.3 million in 2Q14 compared to $216.7 million in 1Q14.

• Operating non-interest expense was $206.7 million in 2Q14 compared to $211.5 million in 1Q14.

• Compensation and benefits expense decreased $1.1 million from 1Q14, primarily reflecting lower payroll and benefit-related costs in 2Q14.

• Compared to 1Q14, operating lease expense decreased $2.4 million and occupancy and equipment expense decreased $1.4 million.

• The efficiency ratio in 2Q14 decreased to 61.8% from 63.9% in 1Q14, reflecting both the increase in adjusted total revenues and the decrease in adjusted total expenses.

• Non-operating expenses totaled $1.6 million in 2Q14 compared to $5.2 million in 1Q14.

• The effective income tax rate was 35.0% for 2Q14 and 33.1% for the full-year of 2013.

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Commercial Banking

• Commercial banking loans increased $762 million, or 17% annualized, from March 31, 2014.

• Average commercial banking loans totaled $18.2 billion in 2Q14, an increase of $552 million, or 13% annualized, from 1Q14.

• The ratio of originated non-performing commercial banking loans to originated commercial banking loans was 0.77% at June 30, 2014 compared to 0.73% at March 31, 2014.

• Non-performing commercial banking assets, excluding acquired non-performing loans, totaled $154.9 million at June 30, 2014 compared to $144.0 million at March 31, 2014.

• Net loan charge-offs totaled $4.9 million, or 0.11% annualized, of average commercial banking loans in 2Q14, compared to $4.0 million, or 0.09% annualized, in 1Q14.

• For the originated commercial banking portfolio, the allowance for loan losses as a percentage of loans was 0.92% at June 30, 2014 compared to 0.95% at March 31, 2014.

• The commercial banking originated allowance for loan losses represented 120% of originated non-performing commercial banking loans at June 30, 2014, compared to 129% at March 31, 2014.

• Commercial deposits totaled $6.6 billion at both June 30, 2014 and March 31, 2014.

Retail Banking

• Residential mortgage loans increased $47 million, or 4% annualized, from March 31, 2014.

• Average residential mortgage loans totaled $4.5 billion in 2Q14, an increase of $54 million, or 5% annualized, from 1Q14.

• The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 1.04% at June 30, 2014 compared to 1.21% at March 31, 2014.

• Net loan charge-offs totaled $0.5 million, or 0.05% annualized, of average residential mortgage loans in 2Q14, compared to $1.0 million, or 0.08% annualized, in 1Q14.

• Home equity loans increased $18 million, or 3% annualized, from March 31, 2014.

• Average home equity loans totaled $2.1 billion in 2Q14, unchanged from 1Q14.

• The ratio of originated non-performing home equity loans to originated home equity loans was 0.88% at June 30, 2014 compared to 0.94% at March 31, 2014.

• Net loan charge-offs totaled $0.8 million, or 0.14% annualized, of average home equity loans in 2Q14, compared to $1.7 million, or 0.33% annualized, in 1Q14.

• Retail deposits (excluding brokered deposits) totaled $16.2 billion at June 30, 2014 compared to $16.4 billion at March 31, 2014.

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People’s United Financial, Inc. Reports 2Q Earnings

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Conference Call

On July 17, 2014, 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.

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.

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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)	June 30, 2014			March 31, 2014			Dec. 31, 2013			Sept. 30, 2013			June 30, 2013
Earnings Data:
Net interest income (fully taxable equivalent)	$	232.8		$	231.8		$	229.5		$	227.8		$	225.2
Net interest income		228.2			227.1			224.9			223.5			220.9
Provision for loan losses		8.8			9.5			10.0			12.1			9.2
Non-interest income (1)		100.1			79.9			82.5			86.1			88.2
Non-interest expense		208.3			216.7			208.7			212.5			205.8
Operating non-interest expense (2)		206.7			211.5			207.7			209.2			205.4
Income before income tax expense		111.2			80.8			88.7			85.0			94.1
Net income		72.3			53.1			59.3			58.5			62.1
Operating earnings (2)		59.9			56.5			60.0			60.8			62.4
Selected Statistical Data:
Net interest margin (3)		3.13	%		3.17	%		3.24	%		3.30	%		3.33	%
Return on average assets (3)		0.87			0.65			0.75			0.75			0.81
Operating return on average assets (2), (3)		0.72			0.69			0.75			0.78			0.81
Return on average tangible assets (3)		0.93			0.69			0.80			0.80			0.87
Return on average stockholders’ equity (3)		6.3			4.7			5.2			5.1			5.2
Return on average tangible stockholders’ equity (3)		11.6			8.7			9.7			9.4			9.3
Operating return on average tangible stockholders’ equity (2), (3)		9.6			9.3			9.8			9.8			9.3
Efficiency ratio (2)		61.8			63.9			62.8			62.2			61.4
Common Share Data:
Basic and diluted earnings per share	$	0.24		$	0.18		$	0.20		$	0.19		$	0.20
Operating earnings per share (2)		0.20			0.19			0.20			0.20			0.20
Dividends paid per share		0.165			0.1625			0.1625			0.1625			0.1625
Dividend payout ratio		68.4	%		91.5	%		84.1	%		86.0	%		83.6	%
Operating dividend payout ratio (2)		82.5			86.0			83.0			82.7			83.2
Book value per share (end of period)	$	15.46		$	15.35		$	15.28		$	15.07		$	15.11
Tangible book value per share (end of period) (2)		8.41			8.26			8.17			8.14			8.20
Stock price:
High		15.23			15.70			15.25			15.67			15.00
Low		14.00			13.73			14.09			14.07			12.62
Close (end of period)		15.17			14.87			15.12			14.38			14.90
Common shares (end of period) (in millions)		299.79			299.49			298.90			307.72			309.59
Weighted average diluted common shares (in millions)		298.24			297.72			302.17			307.56			313.52

(1) Three months ended June 30, 2014 includes a $20.6 million net gain resulting from the formation of a merchant services joint venture.

(2) See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

(3) Annualized.

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People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS—Continued

	Six Months Ended June 30,
(dollars in millions, except per share data)	2014			2013
Earnings Data:
Net interest income (fully taxable equivalent)	$	464.6		$	448.5
Net interest income		455.3			440.2
Provision for loan losses		18.3			21.6
Non-interest income (1)		180.0			173.1
Non-interest expense		425.0			417.8
Operating non-interest expense (2)		418.2			409.4
Income before income tax expense		192.0			173.9
Net income		125.4			114.6
Operating earnings (2)		116.4			120.3
Selected Statistical Data:
Net interest margin (3)		3.15	%		3.35	%
Return on average assets (3)		0.76			0.75
Operating return on average assets (2), (3)		0.71			0.79
Return on average tangible assets (3)		0.81			0.81
Return on average stockholders’ equity (3)		5.5			4.7
Return on average tangible stockholders’ equity (3)		10.2			8.3
Operating return on average tangible stockholders’ equity (2), (3)		9.4			8.7
Efficiency ratio (2)		62.8			62.0
Common Share Data:
Basic and diluted earnings per share	$	0.42		$	0.36
Operating earnings per share (2)		0.39			0.38
Dividends paid per share		0.3275			0.3225
Dividend payout ratio		78.1	%		91.3	%
Operating dividend payout ratio (2)		84.2			87.0
Book value per share (end of period)	$	15.46		$	15.11
Tangible book value per share (end of period) (2)		8.41			8.20
Stock price:
High		15.70			15.00
Low		13.73			12.22
Close (end of period)		15.17			14.90
Common shares (end of period) (in millions)		299.79			309.59
Weighted average diluted common shares (in millions)		297.98			319.33

(1) Six months ended June 30, 2014 includes a $20.6 million net gain resulting from the formation of a merchant services joint venture.

(2) See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

(3) Annualized.

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People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS—Continued

	As of and for the Three Months Ended
(dollars in millions)	June 30, 2014			March 31, 2014			Dec. 31, 2013			Sept. 30, 2013			June 30, 2013
Financial Condition Data:
General:
Total assets	$	33,921		$	33,112		$	33,214		$	31,511		$	31,345
Loans		25,455			24,629			24,390			23,227			22,866
Securities		4,580			4,690			5,033			4,379			4,618
Short-term investments		99			73			124			148			120
Allowance for loan losses		193			190			188			188			186
Goodwill and other acquisition-related intangible assets		2,115			2,121			2,127			2,134			2,140
Deposits		24,089			23,666			22,557			22,190			21,982
Borrowings		3,773			3,887			5,057			3,621			3,626
Notes and debentures		1,040			639			639			639			639
Stockholders’ equity		4,636			4,596			4,568			4,638			4,678
Total risk-weighted assets (1)		26,590			25,749			25,386			23,731			23,506
Non-performing assets (2)		233			231			248			271			281
Net loan charge-offs		6.5			7.0			10.4			9.6			10.8
Average Balances:
Loans	$	24,856		$	24,248		$	23,598		$	22,916		$	22,369
Securities (3)		4,674			4,908			4,550			4,529			4,557
Short-term investments		206			121			146			179			153
Total earning assets		29,736			29,277			28,294			27,624			27,079
Total assets		33,273			32,799			31,822			31,216			30,799
Deposits		23,851			22,863			22,379			22,066			21,835
Total funding liabilities		28,305			27,850			26,817			26,168			25,548
Stockholders’ equity		4,609			4,564			4,574			4,622			4,825
Ratios:
Net loan charge-offs to average total loans (annualized)		0.10	%		0.12	%		0.18	%		0.17	%		0.19	%
Non-performing assets to originated loans, real estate owned and repossessed assets (2)		0.96			1.00			1.08			1.26			1.33
Originated allowance for loan losses to:
Originated loans (2)		0.75			0.78			0.78			0.82			0.85
Originated non-performing loans (2)		91.7			92.7			81.9			74.8			71.8
Average stockholders’ equity to average total assets		13.9			13.9			14.4			14.8			15.7
Stockholders’ equity to total assets		13.7			13.9			13.8			14.7			14.9
Tangible stockholders’ equity to tangible assets (4)		7.9			8.0			7.9			8.5			8.7
Total risk-based capital (1)		12.5			11.2			11.3			12.6			12.8

(1) Consolidated.

(2) Excludes acquired loans.

(3) Average balances for securities are based on amortized cost.

(4) See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

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People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF CONDITION

(in millions)	June 30, 2014			March 31, 2014			Dec. 31, 2013			June 30, 2013
Assets
Cash and due from banks	$	464.1		$	427.7		$	350.8		$	379.6
Short-term investments		98.9			72.7			123.6			119.5
Total cash and cash equivalents		563.0			500.4			474.4			499.1
Securities:
Trading account securities, at fair value		8.3			8.3			8.3			6.4
Securities available for sale, at fair value		3,724.0			3,848.1			4,208.2			4,439.9
Securities held to maturity, at amortized cost		672.1			658.1			640.5			56.1
Federal Home Loan Bank stock, at cost		175.7			175.7			175.7			115.4
Total securities		4,580.1			4,690.2			5,032.7			4,617.8
Loans held for sale		34.4			17.4			23.3			68.3
Loans:
Commercial real estate		9,193.2			9,003.7			8,921.6			8,077.3
Commercial		9,544.4			8,971.6			8,895.2			8,560.8
Residential mortgage		4,552.0			4,505.4			4,416.6			4,084.2
Consumer		2,165.4			2,148.5			2,156.9			2,143.9
Total loans		25,455.0			24,629.2			24,390.3			22,866.2
Less allowance for loan losses		(192.6	)		(190.3	)		(187.8	)		(185.7	)
Total loans, net		25,262.4			24,438.9			24,202.5			22,680.5
Goodwill and other acquisition-related intangible assets		2,114.9			2,121.1			2,127.3			2,140.4
Premises and equipment		289.3			292.5			304.1			320.1
Bank-owned life insurance		341.3			340.3			339.4			337.2
Other assets		735.8			711.6			710.0			681.5
Total assets	$	33,921.2		$	33,112.4		$	33,213.7		$	31,344.9
Liabilities
Deposits:
Non-interest-bearing	$	5,542.3		$	5,372.8		$	5,312.2		$	5,116.0
Savings, interest-bearing checking and money market		14,115.0			13,858.1			12,862.2			12,278.6
Time		4,431.4			4,434.6			4,382.9			4,587.2
Total deposits		24,088.7			23,665.5			22,557.3			21,981.8
Borrowings:
Federal Home Loan Bank advances		2,798.2			2,619.0			3,719.8			2,206.4
Federal funds purchased		331.0			775.0			825.0			931.0
Customer repurchase agreements		441.6			486.6			501.2			487.7
Repurchase agreements		199.7			1.0			1.0			1.0
Other borrowings		2.5			5.8			10.0			—
Total borrowings		3,773.0			3,887.4			5,057.0			3,626.1
Notes and debentures		1,040.0			639.3			639.1			638.9
Other liabilities		384.0			324.4			391.9			420.2
Total liabilities		29,285.7			28,516.6			28,645.3			26,667.0
Stockholders’ Equity
Common stock		3.9			3.9			3.9			3.9
Additional paid-in capital		5,281.1			5,276.4			5,277.0			5,268.8
Retained earnings		800.6			778.2			779.0			763.1
Accumulated other comprehensive loss		(126.2	)		(137.5	)		(155.1	)		(178.8	)
Unallocated common stock of Employee Stock Ownership Plan, at cost		(162.6	)		(164.4	)		(166.2	)		(169.8	)
Treasury stock, at cost		(1,161.3	)		(1,160.8	)		(1,170.2	)		(1,009.3	)
Total stockholders’ equity		4,635.5			4,595.8			4,568.4			4,677.9
Total liabilities and stockholders’ equity	$	33,921.2		$	33,112.4		$	33,213.7		$	31,344.9

9

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended
(in millions, except per share data)	June 30, 2014			March 31, 2014		Dec. 31, 2013			Sept. 30, 2013		June 30, 2013
Interest and dividend income:
Commercial real estate	$	88.6		$	88.7	$	88.5		$	90.0	$	87.2
Commercial		87.5			85.3		86.7			86.4		87.2
Residential mortgage		37.8			37.8		36.4			34.7		34.3
Consumer		18.4			18.3		18.7			18.6		18.7
Total interest on loans		232.3			230.1		230.3			229.7		227.4
Securities		24.1			25.1		22.8			22.0		22.2
Loans held for sale		0.2			0.1		0.2			0.5		0.4
Short-term investments		0.1			0.1		0.1			—		0.1
Total interest and dividend income		256.7			255.4		253.4			252.2		250.1
Interest expense:
Deposits		19.7			19.3		19.7			20.1		20.5
Borrowings		2.8			3.1		2.9			2.7		2.6
Notes and debentures		6.0			5.9		5.9			5.9		6.1
Total interest expense		28.5			28.3		28.5			28.7		29.2
Net interest income		228.2			227.1		224.9			223.5		220.9
Provision for loan losses		8.8			9.5		10.0			12.1		9.2
Net interest income after provision for loan losses		219.4			217.6		214.9			211.4		211.7
Non-interest income:
Bank service charges		32.8			30.5		31.8			33.3		32.1
Investment management fees		10.6			9.8		9.6			9.2		9.4
Operating lease income		9.9			11.3		9.4			8.7		8.1
Commercial banking lending fees		7.4			8.8		9.5			9.2		8.3
Insurance revenue		6.8			7.7		6.7			9.1		7.1
Brokerage commissions		3.6			3.2		3.7			3.3		3.4
Customer interest rate swap income, net		2.2			1.4		3.9			3.2		2.4
Net gains on sales of residential mortgage loans		—			0.8		1.0			3.9		4.2
Net (losses) gains on sales of acquired loans		(0.4	)		—		(0.1	)		—		5.8
Gain on merchant services joint venture, net of expenses		20.6			—		—			—		—
Other non-interest income		6.6			6.4		7.0			6.2		7.4
Total non-interest income		100.1			79.9		82.5			86.1		88.2
Non-interest expense:
Compensation and benefits		109.3			110.4		107.6			106.9		104.4
Occupancy and equipment		36.6			38.0		36.5			36.7		36.9
Professional and outside service fees		14.9			15.3		15.7			16.1		14.9
Regulatory assessments		9.0			8.7		8.4			8.6		8.6
Operating lease expense		8.7			11.1		8.4			7.8		7.6
Amortization of other acquisition-related intangible assets		6.2			6.2		6.6			6.5		6.6
Other non-interest expense		23.6			27.0		25.5			29.9		26.8
Total non-interest expense (1)		208.3			216.7		208.7			212.5		205.8
Income before income tax expense		111.2			80.8		88.7			85.0		94.1
Income tax expense		38.9			27.7		29.4			26.5		32.0
Net income	$	72.3		$	53.1	$	59.3		$	58.5	$	62.1
Basic and diluted earnings per common share	$	0.24		$	0.18	$	0.20		$	0.19	$	0.20

(1) Total non-interest expense includes $1.6 million, $5.2 million, $1.0 million, $3.3 million and $0.4 million of non-operating expenses for the three months ended June 30, 2014, March 31, 2014, Dec. 31, 2013, Sept. 30, 2013 and June 30, 2013, respectively. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

10

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME

	Six Months Ended June 30,
(in millions, except per share data)	2014			2013
Interest and dividend income:
Commercial real estate	$	177.3		$	172.7
Commercial		172.8			173.9
Residential mortgage		75.6			68.8
Consumer		36.7			37.5
Total interest on loans		462.4			452.9
Securities		49.2			44.9
Loans held for sale		0.3			0.8
Short-term investments		0.2			0.2
Total interest and dividend income		512.1			498.8
Interest expense:
Deposits		39.0			41.3
Borrowings		5.9			4.9
Notes and debentures		11.9			12.4
Total interest expense		56.8			58.6
Net interest income		455.3			440.2
Provision for loan losses		18.3			21.6
Net interest income after provision for loan losses		437.0			418.6
Non-interest income:
Bank service charges		63.3			62.2
Operating lease income		21.2			16.4
Investment management fees		20.4			18.4
Commercial banking lending fees		16.2			20.5
Insurance revenue		14.5			15.4
Brokerage commissions		6.8			6.7
Customer interest rate swap income, net		3.6			3.7
Net gains on sales of residential mortgage loans		0.8			9.9
Net (losses) gains on sales of acquired loans		(0.4	)		5.8
Gain on merchant services joint venture, net of expenses		20.6			—
Other non-interest income		13.0			14.1
Total non-interest income		180.0			173.1
Non-interest expense:
Compensation and benefits		219.7			212.6
Occupancy and equipment		74.6			74.8
Professional and outside service fees		30.2			28.8
Regulatory assessments		17.7			16.8
Operating lease expense		19.8			15.1
Amortization of other acquisition-related intangible assets		12.4			13.1
Other non-interest expense		50.6			56.6
Total non-interest expense (1)		425.0			417.8
Income before income tax expense		192.0			173.9
Income tax expense		66.6			59.3
Net income	$	125.4		$	114.6
Basic and diluted earnings per common share	$	0.42		$	0.36

(1) Total non-interest expense includes $6.8 million and $8.4 million of non-operating expenses for the six months ended June 30, 2014 and 2013, respectively. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

11

People’s United Financial, Inc.

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

	June 30, 2014							March 31, 2014							June 30, 2013
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	$	206.3	$	0.1		0.21	%	$	120.9	$	0.1		0.19	%	$	152.4	$	0.1		0.18	%
Securities (2)		4,673.5		26.4		2.26			4,907.9		27.3		2.23			4,556.9		24.3		2.13
Loans:
Commercial (3)		9,087.1		89.8		3.95			8,702.7		87.8		4.04			8,424.6		89.4		4.25
Commercial real estate		9,072.3		88.6		3.91			8,904.5		88.7		3.98			7,757.5		87.2		4.50
Residential mortgage		4,539.5		38.0		3.35			4,482.4		37.9		3.38			4,048.5		34.7		3.43
Consumer		2,157.1		18.4		3.41			2,158.7		18.3		3.40			2,138.6		18.7		3.49
Total loans		24,856.0		234.8		3.78			24,248.3		232.7		3.84			22,369.2		230.0		4.11
Total earning assets		29,735.8	$	261.3		3.52	%		29,277.1	$	260.1		3.55	%		27,078.5	$	254.4		3.76	%
Other assets		3,537.0							3,521.7							3,720.3
Total assets	$	33,272.8						$	32,798.8						$	30,798.8
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	5,299.7	$	—		—	%	$	5,187.5	$	—		—	%	$	4,960.8	$	—		—	%
Savings, interest-bearing checking and money market		14,138.0		9.1		0.26			13,278.3		8.6		0.26			12,316.4		8.3		0.27
Time		4,413.3		10.6		0.96			4,397.6		10.7		0.98			4,558.2		12.2		1.07
Total deposits		23,851.0		19.7		0.33			22,863.4		19.3		0.34			21,835.4		20.5		0.38
Borrowings:
Federal Home Loan Bank advances		2,770.6		2.3		0.33			3,221.6		2.6		0.32			1,778.3		2.0		0.44
Federal funds purchased		405.9		0.2		0.19			610.3		0.3		0.17			788.0		0.4		0.19
Customer repurchase agreements		472.8		0.2		0.20			507.6		0.2		0.19			492.3		0.2		0.19
Repurchase agreements		138.8		0.1		0.24			1.0		—		1.75			1.0		—		1.75
Other borrowings		4.2		—		—			7.3		—		0.05			—		—		—
Total borrowings		3,792.3		2.8		0.30			4,347.8		3.1		0.28			3,059.6		2.6		0.34
Notes and debentures		661.2		6.0		3.64			639.2		5.9		3.69			653.1		6.1		3.75
Total funding liabilities		28,304.5	$	28.5		0.40	%		27,850.4	$	28.3		0.41	%		25,548.1	$	29.2		0.46	%
Other liabilities		359.8							384.3							425.8
Total liabilities		28,664.3							28,234.7							25,973.9
Stockholders’ equity		4,608.5							4,564.1							4,824.9
Total liabilities and stockholders’ equity	$	33,272.8						$	32,798.8						$	30,798.8
Net interest income/spread (4)			$	232.8		3.12	%			$	231.8		3.14	%			$	225.2		3.30	%
Net interest margin						3.13	%						3.17	%						3.33	%

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

(2) Average balances and yields for securities are based on amortized cost.

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

(4) Fully taxable equivalent adjustment was $4.6 million, $4.7 million and $4.3 million for the three months ended June 30, 2014, March 31, 2014 and June 30, 2013, respectively.

12

People’s United Financial, Inc.

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

	June 30, 2014							June 30, 2013
Six months ended (dollars in millions)	Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate
Assets:
Short-term investments	$	163.8	$	0.2		0.20	%	$	149.4	$	0.2		0.19	%
Securities (2)		4,790.1		53.7		2.24			4,552.5		48.8		2.14
Loans:
Commercial (3)		8,896.0		177.6		3.99			8,334.8		178.3		4.28
Commercial real estate		8,988.8		177.3		3.94			7,579.5		172.7		4.56
Residential mortgage		4,511.1		75.9		3.37			3,991.8		69.6		3.49
Consumer		2,157.9		36.7		3.40			2,143.3		37.5		3.50
Total loans		24,553.8		467.5		3.81			22,049.4		458.1		4.16
Total earning assets		29,507.7	$	521.4		3.53	%		26,751.3	$	507.1		3.79	%
Other assets		3,529.4							3,738.8
Total assets	$	33,037.1						$	30,490.1
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	5,243.9	$	—		—	%	$	4,920.1	$	—		—	%
Savings, interest-bearing checking and money market		13,710.5		17.7		0.26			12,180.0		16.3		0.27
Time		4,405.5		21.3		0.97			4,597.5		25.0		1.09
Total deposits		23,359.9		39.0		0.33			21,697.6		41.3		0.38
Borrowings:
Federal Home Loan Bank advances		2,994.9		4.9		0.33			1,562.3		3.7		0.48
Federal funds purchased		507.5		0.4		0.18			696.2		0.7		0.19
Customer repurchase agreements		490.1		0.5		0.20			525.8		0.5		0.20
Repurchase agreements		70.3		0.1		0.25			1.0		—		1.75
Other borrowings		5.8		—		0.03			—		—		—
Total borrowings		4,068.6		5.9		0.29			2,785.3		4.9		0.35
Notes and debentures		650.3		11.9		3.66			656.1		12.4		3.78
Total funding liabilities		28,078.8	$	56.8		0.40	%		25,139.0	$	58.6		0.47	%
Other liabilities		371.9							436.9
Total liabilities		28,450.7							25,575.9
Stockholders’ equity		4,586.4							4,914.2
Total liabilities and stockholders’ equity	$	33,037.1						$	30,490.1
Net interest income/spread (4)			$	464.6		3.13	%			$	448.5		3.32	%
Net interest margin						3.15	%						3.35	%

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

(2) Average balances and yields for securities are based on amortized cost.

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

(4) Fully taxable equivalent adjustment was $9.3 million and $8.3 million for the six months ended June 30, 2014 and 2013, respectively.

13

People’s United Financial, Inc.

Loans acquired in connection with business combinations are initially recorded at fair value, determined based upon an 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)	June 30, 2014			March 31, 2014			Dec. 31, 2013			Sept. 30, 2013			June 30, 2013
Originated non-performing loans:
Commercial:
Commercial real estate	$	59.7		$	60.1		$	70.8		$	69.8		$	70.2
Commercial and industrial		45.8			41.7			43.8			66.7			68.6
Equipment financing		30.7			22.0			23.2			21.2			27.8
Total		136.2			123.8			137.8			157.7			166.6
Retail:
Residential mortgage		44.8			51.3			58.9			59.5			59.6
Home equity		18.0			19.0			19.8			19.9			21.0
Other consumer		0.1			0.2			0.1			0.1			0.1
Total		62.9			70.5			78.8			79.5			80.7
Total originated non-performing loans (1)		199.1			194.3			216.6			237.2			247.3
REO:
Residential		14.9			17.0			13.6			14.6			16.0
Commercial		13.9			16.5			13.1			13.3			10.9
Total REO		28.8			33.5			26.7			27.9			26.9
Repossessed assets		4.8			3.7			4.5			6.1			6.3
Total non-performing assets	$	232.7		$	231.5		$	247.8		$	271.2		$	280.5
Acquired non-performing loans (contractual amount) (2)	$	118.3		$	145.7		$	142.5		$	154.2		$	159.0
Originated non-performing loans as a percentage of originated loans		0.82	%		0.84	%		0.95	%		1.10	%		1.18	%
Non-performing assets as a percentage of:
Originated loans, REO and repossessed assets		0.96			1.00			1.08			1.26			1.33
Tangible stockholders’ equity and originated allowance for loan losses		8.61			8.72			9.47			10.12			10.33

(1) Reported net of government guarantees totaling $18.4 million at June 30, 2014, $19.2 million at March 31, 2014, $19.4 million at Dec. 31, 2013, $19.8 million at Sept. 30, 2013 and $20.4 million at June 30, 2013.

(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.

14

People’s United Financial, Inc.

PROVISION AND ALLOWANCE FOR LOAN LOSSES

	Three Months Ended
(dollars in millions)	June 30, 2014			March 31, 2014			Dec. 31, 2013			Sept. 30, 2013			June 30, 2013
Allowance for loan losses on originated loans:
Balance at beginning of period	$	180.0		$	177.5		$	177.5		$	177.5		$	177.5
Charge-offs		(8.1	)		(6.4	)		(11.4	)		(10.7	)		(12.0	)
Recoveries		2.6			0.9			1.3			1.2			1.9
Net loan charge-offs		(5.5	)		(5.5	)		(10.1	)		(9.5	)		(10.1	)
Provision for loan losses		8.0			8.0			10.1			9.5			10.1
Balance at end of period		182.5			180.0			177.5			177.5			177.5
Allowance for loan losses on acquired loans:
Balance at beginning of period		10.3			10.3			10.7			8.2			9.8
Charge-offs		(1.0	)		(1.5	)		(0.3	)		(0.1	)		(0.7	)
Provision for loan losses		0.8			1.5			(0.1	)		2.6			(0.9	)
Balance at end of period		10.1			10.3			10.3			10.7			8.2
Total allowance for loan losses	$	192.6		$	190.3		$	187.8		$	188.2		$	185.7
Commercial originated allowance for loan loss as a percentage of originated commercial loans		0.92	%		0.95	%		0.95	%		1.02	%		1.05	%
Retail originated allowance for loan losses as a percentage of originated retail loans		0.30			0.32			0.30			0.31			0.31
Total originated allowance for loan losses as a percentage of:
Originated loans		0.75			0.78			0.78			0.82			0.85
Originated non-performing loans		91.7			92.7			81.9			74.8			71.8
NET LOAN CHARGE-OFFS (RECOVERIES)
	Three Months Ended
(dollars in millions)	June 30, 2014			March 31, 2014			Dec. 31, 2013			Sept. 30, 2013			June 30, 2013
Commercial:
Commercial real estate	$	3.0		$	2.9		$	2.1		$	(0.1	)	$	4.7
Commercial and industrial		1.8			0.6			3.7			6.4			1.5
Equipment financing		0.1			0.5			0.8			0.9			0.7
Total		4.9			4.0			6.6			7.2			6.9
Retail:
Residential mortgage		0.5			1.0			1.5			0.4			2.3
Home equity		0.8			1.7			2.0			1.6			1.4
Other consumer		0.3			0.3			0.3			0.4			0.2
Total		1.6			3.0			3.8			2.4			3.9
Total	$	6.5		$	7.0		$	10.4		$	9.6		$	10.8
Net loan charge-offs to average total loans (annualized)		0.10	%		0.12	%		0.18	%		0.17	%		0.19	%

15

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 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 acquired loans, and non-recurring income) (the denominator). In addition, operating lease expense is excluded from total non-interest expense and netted against operating lease income within non-interest income to conform with the reporting approach applied to our other fee-based businesses that are already presented on a net basis. 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: (i) non-recurring gains/losses; (ii) merger-related expenses, including acquisition integration and other costs; (iii) charges related to executive-level management separation costs; (iv) severance-related costs; and (v) 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 total 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.

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.

16

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP—continued

OPERATING NON-INTEREST EXPENSE AND EFFICIENCY RATIO

	Three Months Ended															Six Months Ended
(dollars in millions)	June 30, 2014			March 31, 2014			Dec. 31, 2013			Sept. 30, 2013			June 30, 2013			June 30, 2014			June 30, 2013
Total non-interest expense	$	208.3		$	216.7		$	208.7		$	212.5		$	205.8		$	425.0		$	417.8
Adjustments to arrive at operating non-interest expense:
Writedowns of banking house assets		—			(4.4	)		—			(2.8	)		—			(4.4	)		(6.2	)
Severance-related costs		(1.6	)		(0.8	)		(0.4	)		(0.5	)		(0.4	)		(2.4	)		(1.9	)
Acquisition integration and other costs		—			—			(0.6	)		—			—			—			(0.3	)
Total		(1.6	)		(5.2	)		(1.0	)		(3.3	)		(0.4	)		(6.8	)		(8.4	)
Operating non-interest expense		206.7			211.5			207.7			209.2			205.4			418.2			409.4
Operating lease expense (1)		(8.7	)		(11.1	)		(8.4	)		(7.8	)		(7.6	)		(19.8	)		(15.1	)
Amortization of other acquisition-related intangible assets		(6.2	)		(6.2	)		(6.6	)		(6.5	)		(6.6	)		(12.4	)		(13.1	)
Other (2)		(3.7	)		(2.0	)		(1.4	)		(4.0	)		(3.5	)		(5.7	)		(5.0	)
Total non-interest expense for efficiency ratio	$	188.1		$	192.2		$	191.3		$	190.9		$	187.7		$	380.3		$	376.2
Net interest income (FTE basis)	$	232.8		$	231.8		$	229.5		$	227.8		$	225.2		$	464.6		$	448.5
Total non-interest income		100.1			79.9			82.5			86.1			88.2			180.0			173.1
Total revenues		332.9			311.7			312.0			313.9			313.4			644.6			621.6
Adjustments:
Gain on merchant services joint venture, net of expenses		(20.6	)		—			—			—			—			(20.6	)		—
Operating lease expense (1)		(8.7	)		(11.1	)		(8.4	)		(7.8	)		(7.6	)		(19.8	)		(15.1	)
BOLI FTE adjustment		0.6			0.6			0.7			0.6			0.4			1.2			0.8
Net security gains		—			(0.1	)		—			—			—			(0.1	)		—
Other (3)		—			(0.1	)		0.1			—			(0.3	)		(0.1	)		(1.0	)
Total revenues for efficiency ratio	$	304.2		$	301.0		$	304.4		$	306.7		$	305.9		$	605.2		$	606.3
Efficiency ratio		61.8	%		63.9	%		62.8	%		62.2	%		61.4	%		62.8	%		62.0	%

(1) Operating lease expense is excluded from total non-interest expense and netted against operating lease income within non-interest income to conform with the reporting approach applied to our other fee-based businesses that are already presented on a net basis.

(2) Items classified as “other” and deducted from non-interest expense for purposes of calculating the efficiency ratio include, as applicable, certain franchise taxes, real estate owned expenses, contract termination costs and non-recurring expenses.

(3) Items classified as “other” and added to (deducted from) total revenues for purposes of calculating the efficiency ratio include, as applicable, asset write-offs and gains associated with the sale of branch locations.

17

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP—continued

OPERATING EARNINGS

	Three Months Ended															Six Months Ended
(dollars in millions, except per share data)	June 30, 2014			March 31, 2014			Dec. 31, 2013			Sept. 30, 2013			June 30, 2013			June 30, 2014			June 30, 2013
Net income, as reported	$	72.3		$	53.1		$	59.3		$	58.5		$	62.1		$	125.4		$	114.6
Adjustments to arrive at operating earnings:
Gain on merchant services joint venture, net of expenses		(20.6	)		—			—			—			—			(20.6	)		—
Writedowns of banking house assets		—			4.4			—			2.8			—			4.4			6.2
Severance-related costs		1.6			0.8			0.4			0.5			0.4			2.4			1.9
Acquisition integration and other costs		—			—			0.6			—			—			—			0.3
Total pre-tax adjustments		(19.0	)		5.2			1.0			3.3			0.4			(13.8	)		8.4
Tax effect		6.6			(1.8	)		(0.3	)		(1.0	)		(0.1	)		4.8			(2.7	)
Total adjustments, net of tax		(12.4	)		3.4			0.7			2.3			0.3			(9.0	)		5.7
Operating earnings	$	59.9		$	56.5		$	60.0		$	60.8		$	62.4		$	116.4		$	120.3
Earnings per share, as reported	$	0.24		$	0.18		$	0.20		$	0.19		$	0.20		$	0.42		$	0.36
Adjustments to arrive at operating earnings per share:
Gain on merchant services joint venture, net of expenses		(0.04	)		—			—			—			—			(0.04	)		—
Writedowns of banking house assets		—			0.01			—			0.01			—			0.01			0.02
Severance-related costs		—			—			—			—			—			—			—
Acquisition integration and other costs		—			—			—			—			—			—			—
Total adjustments per share		(0.04	)		0.01			—			0.01			—			(0.03	)		0.02
Operating earnings per share	$	0.20		$	0.19		$	0.20		$	0.20		$	0.20		$	0.39		$	0.38
Average total assets	$	33,273		$	32,799		$	31,822		$	31,216		$	30,799		$	33,037		$	30,490
Operating return on average assets (annualized)		0.72	%		0.69	%		0.75	%		0.78	%		0.81	%		0.71	%		0.79	%
OPERATING RETURN ON AVERAGE TANGIBLE STOCKHOLDERS’ EQUITY
	Three Months Ended															Six Months Ended
(dollars in millions)	June 30, 2014			March 31, 2014			Dec. 31, 2013			Sept. 30, 2013			June 30, 2013			June 30, 2014			June 30, 2013
Operating earnings	$	59.9		$	56.5		$	60.0		$	60.8		$	62.4		$	116.4		$	120.3
Average stockholders’ equity	$	4,609		$	4,564		$	4,574		$	4,622		$	4,825		$	4,586		$	4,914
Less: Average goodwill and average other acquisition-related intangible assets		2,118			2,125			2,131			2,137			2,144			2,121			2,147
Average tangible stockholders’ equity	$	2,491		$	2,439		$	2,443		$	2,485		$	2,681		$	2,465		$	2,767
Operating return on average tangible stockholders’ equity (annualized)		9.6	%		9.3	%		9.8	%		9.8	%		9.3	%		9.4	%		8.7	%

18

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP—continued

OPERATING DIVIDEND PAYOUT RATIO

	Three Months Ended															Six Months Ended
(dollars in millions)	June 30, 2014			March 31, 2014			Dec. 31, 2013			Sept. 30, 2013			June 30, 2013			June 30, 2014			June 30, 2013
Dividends paid	$	49.4		$	48.6		$	49.8		$	50.3		$	51.9		$	98.0		$	104.7
Operating earnings	$	59.9		$	56.5		$	60.0		$	60.8		$	62.4		$	116.4		$	120.3
Operating dividend payout ratio		82.5	%		86.0	%		83.0	%		82.7	%		83.2	%		84.2	%		87.0	%
TANGIBLE EQUITY RATIO
(dollars in millions)	June 30, 2014			March 31, 2014			Dec. 31, 2013			Sept. 30, 2013			June 30, 2013
Total stockholders’ equity	$	4,636		$	4,596		$	4,568		$	4,638		$	4,678
Less: Goodwill and other acquisition-related intangible assets		2,115			2,121			2,127			2,134			2,140
Tangible stockholders’ equity	$	2,521		$	2,475		$	2,441		$	2,504		$	2,538
Total assets	$	33,921		$	33,112		$	33,214		$	31,511		$	31,345
Less: Goodwill and other acquisition-related intangible assets		2,115			2,121			2,127			2,134			2,140
Tangible assets	$	31,806		$	30,991		$	31,087		$	29,377		$	29,205
Tangible equity ratio		7.9	%		8.0	%		7.9	%		8.5	%		8.7	%
TANGIBLE BOOK VALUE PER SHARE
(in millions, except per share data)	June 30, 2014			March 31, 2014			Dec. 31, 2013			Sept. 30, 2013			June 30, 2013
Tangible stockholders’ equity	$	2,521		$	2,475		$	2,441		$	2,504		$	2,538
Common shares issued		396.66			396.45			396.45			396.44			396.32
Less: Shares classified as treasury shares		89.03			89.03			89.54			80.62			78.54
Unallocated ESOP shares		7.84			7.93			8.01			8.10			8.19
Common shares		299.79			299.49			298.90			307.72			309.59
Tangible book value per share	$	8.41		$	8.26		$	8.17		$	8.14		$	8.20

19

EX-99.2

EXHIBIT 99.2

Investor Presentation dated July 17, 2014

2

nd

Quarter 2014 Earnings Conference Call

July 17, 2014

**********************

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 2014 Results

Overview / 2Q 2014 vs. 1Q 2014

Operating earnings of $59.9 million or $0.20 per share, versus $0.19 per share in

the prior quarter

Net interest income on a fully taxable equivalent basis of $232.8 million,

2% annualized growth rate

Net interest margin of 3.13%, down 4 basis points from 1Q 2014

Loan growth of $826 million, 13% annualized growth rate

Deposit growth of $423 million, 7% annualized growth rate

Non-interest income, excluding the $20.6 million merchant services joint venture

gain, was in-line with 1Q 2014 at $79.5 million

Operating expenses declined $4.8 million to $206.7 million

Efficiency ratio was 61.8% compared to 63.9% last quarter

Net charge-offs were 0.10% compared to 0.12% last quarter

Strengthened total risk-based capital levels

Bank issued $400 million of 10-year subordinated notes

3

Net Interest Income (Fully Taxable Equivalent)

Linked Quarter Change

(in $ millions)

231.8

232.8

(1.6)

(1.0)

1.8

0.1

1.7

1Q 2014

Acquired

Loans

Investments

Originated

Loans

Calendar

Day

Borrowings

2Q 2014

4

Net Interest Margin (%)

Linked Quarter Change

3.17%

3.13%

(0.07%)

(0.01%)

0.03%

0.01%

1Q 2014

New Loan

Volume

Investments

Calendar

Day

Loan

Mix

2Q 2014

5

Loans

Linked Quarter Change

(in $ millions)

Annualized Linked QTD change

13.4%

24,629

881

78

(133)

25,455

March 31, 2014

Commercial

Retail

Acquired

June 30, 2014

6

Deposits

Linked Quarter Change

(in $ millions)

Total

24,089

Commercial

(1)

Retail

(2)

Annualized Linked QTD change

7.2%

23,666

17,029

17,526

6,637

6,563

(74)

497  

March 31, 2014

Retail

Commercial

June 30, 2014

7

Non-Interest Income

Linked Quarter Change

(in $ millions)

Note:

(1)

Non-operating income represents the gain on the merchant services joint venture, net of related expenses

Total

Non-Operating

Operating

79.9

100.1

79.9

20.6

2.3

0.8

0.8

(1.4)

(1.4)

(0.9)

(0.8)

0.2

79.5

-

20.6

1Q 2014

Non-

Operating

Bank

Service

Charges

Investment

Mgmt.

Fees

Customer

Int. Rate

Swap

Income

Operating

Leases

Commercial

Banking

Lending

Fees

Insurance

Gain on

Resi. Mtg

Loan

Sales

Other

2Q 2014

(1)

8

Total

Non-Operating

Operating

Non-Interest Expense

Linked Quarter Change

(in $ millions)

Note:

(1)

Non-operating expense change primarily reflects the 1Q 2014 write-down on certain branch assets

216.7

208.3

211.5

(3.6)

(2.4)

(1.8)

(1.4)

0.8

206.7

5.2

1.6

1Q 2014

Non-

Operating

Operating

Leases

Comp. &

Benefits

Occ. &

Equip.

Other

2Q 2014

(1)

9

Efficiency Ratio (%)

Last Five Quarters

61.4%

62.2%

62.8%

63.9%

61.8%

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

10

0.96

1.44

1.63

0.50

1.00

1.50

2.00

2.50

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

PBCT

Peer Group - Median

Top 50 Banks - Median

Last Five Quarters

Asset Quality

NPAs / Loans & REO (%)

(1)

(1)

Non-performing

assets

(excluding

acquired

non-performing

loans)

as

a

percentage

of

originated

loans

plus

all

REO

and

repossessed

assets;

acquired

non-performing

loans

excluded

as

risk

of

loss

has

been

considered

by

virtue

of

(i)

our

estimate

of

acquisition-date

fair

value,

(ii)

the

existence

of

an

FDIC

loss

sharing

agreement,

and/or

(iii)

allowance

for

loan

losses

established

subsequent

to

acquisition

Source: SNL Financial and Company filings

Notes: Top 50 Banks represents the largest 50 banks by total assets in each respective quarter

11

0.10

0.22

0.23

0.00

0.10

0.20

0.30

0.40

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

PBCT

Peer Group - Median

Top 50 Banks - Median

Asset Quality

Net Charge-Offs / Avg. Loans (%)

(1)

(1)

Excluding acquired loan charge-offs, PBCT’s charge-off ratio was 0.09%, 0.09%, 0.17%, 0.16% and 0.18% in 2Q 2014, 1Q 2014, 4Q 2013,

3Q 2013 and 2Q 2013, respectively

Last Five Quarters

Source: SNL Financial and Company filings

Notes: Top 50 Banks represents the largest 50 banks by total assets in each respective quarter

12

Loans

Deposits

Growing Future Earnings Per Share

Last Five Quarters

13

Operating ROAA (%)

Last Five Quarters

0.81%

0.78%

0.75%

0.69%

0.72%

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

14

Operating ROATE (%)

Last Five Quarters

9.3%

9.8%

9.8%

9.3%

9.6%

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

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

Common

Equity

Tier

1

Capital

(calculated

in

accordancewith

the

Basel

III

Final

Rule

issued

in

July

2013)

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

under

current

capital

rules

for

the

Bank

are:

Leverage

Ratio,

5%;

Tier

1

Risk-Based

Capital,

6%;

and

Total

Risk-Based

Capital,

10%

Capital Ratios

Last Five Quarters

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

People’s United Financial

Tang. Com. Equity/Tang. Assets

8.7%

8.5%

7.9%

8.0%

7.9%

Leverage Ratio

1, 5

9.3%

9.2%

8.3%

8.4%

8.3%

Tier 1 Common

2

11.6%

11.4%

10.2%

10.1%

10.0%

Tier 1 Risk-Based Capital

3, 5

11.6%

11.4%

10.2%

10.1%

10.0%

Total Risk-Based Capital

4, 5

12.8%

12.6%

11.3%

11.2%

12.5%

People’s United Bank

Leverage Ratio

1, 5

9.5%

9.5%

9.1%

9.1%

9.0%

Tier 1 Risk-Based Capital

3, 5

11.9%

11.8%

11.1%

11.0%

10.8%

Total Risk-Based Capital

4, 5

13.2%

13.2%

12.4%

12.2%

13.5%

16

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

17

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

***********************************

*

*

*

*

*

*

*

*

19

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 6/30/14

(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)

$651.5

$182.2

$10.1

$38.5

26%

$26.8

Smithtown (11/30/10)

400.5

195.8

94.6

62.0

153%

128.5

Others (various dates)

225.5

69.7

20.7

17.8

116%

33.2

Total

$1,277.5

$447.7

$125.4

$118.3

(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 $9.5MM of charge-offs applied against reserves established subsequent to acquisition.

20

Acquired Loan Portfolio

Amortization of Original Discount on Acquired Loan Portfolio

Notes:

1.

Excluding FinFed, the weighted average coupon on the acquired loan portfolio is 4.33%

2.

Adjusted to include the discount on acquired loans (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

2Q14 Total Accretion (All interest income on acquired loans)

22

Interest Income from Amortization of Original Discount on Acq. Loan Portfolio

6.4

2Q14 Average Acquired Loan Portfolio

1,355

2Q14 Effective Tax Rate

35.0%

Effective Yield on Acquired Loan Portfolio

6.40%

2Q14 Earnings from Amortiz. of Original Discount on Acq. Loan Portfolio

4.2

Weighted Average Coupon on Acquired Loan Portfolio

1

4.51%

2Q14 Weighted Average Shares Outstanding

298.2

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

1.89%

2Q14 EPS Impact from Amortiz. of Discount on Acq. Loan Portfolio

$0.01

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

6.4

2Q14 Average Earning Assets

29,736

Add: Average unamortized loan discount

2

152

Adjusted 2Q14 Average Earning Assets

2

29,888

Impact on Overall Net Interest Margin (bps)

9

Operating Net Interest Margin

3.13%

Adjusted Net Interest Margin

3.04%

Amortization of Original Discount on Acquired Loan Portfolio

Amortization of Original Discount on Acquired Loan Portfolio

21

Allowance for Loan Losses

Originated Portfolio Coverage Detail as of June 30, 2014

(in $ millions)

0.77%

0.92%

0.00%

0.50%

1.00%

1.50%

NPLs:Loans

ALLL:Loans

Commercial

Banking

Commercial ALLL -

$163.5 million

120% of Commercial NPLs

Retail ALLL -

$19.0 million

30% of Retail NPLs

Total ALLL -

$182.5 million

92% of Total NPLs

0.82%

0.75%

0.00%

0.50%

1.00%

1.50%

NPLs:Loans

ALLL:Loans

Total

22

Operating Dividend Payout Ratio (%)

Last Five Quarters

83%

83%

83%

86%

82%

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

23

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

**********************