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) January 20, 2017 (January 19, 2017)

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 January 19, 2017, People’s United Financial, Inc. (the “Company”) issued a press release announcing its results of operations for the three- and twelve-month periods ended December 31, 2016. 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 January 19, 2017
99.2	Investor Presentation dated January 19, 2017

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: January 20, 2017	By:	/s/ Andrew S. Hersom (Signature)
	Name:	Andrew S. Hersom
	Title:	Senior Vice President, Investor Relations

EXHIBIT INDEX

Exhibit No.	Description	Page
99.1	Earnings Press Release dated January 19, 2017		99.1-1
99.2	Investor Presentation dated January 19, 2017		99.2-1

EX-99.1

Exhibit 99.1

INVESTOR CONTACT:	Andrew S. Hersom
	Investor Relations
	203.338.4581
	Andrew.Hersom@peoples.com
MEDIA CONTACT:	Liza Montgomery
	Corporate Communications
	203.338.5280
	Elizabeth.Montgomery@peoples.com

FOR IMMEDIATE RELEASE

January 19, 2017

People’s United Financial Reports Fourth Quarter Net Income of $75.9 Million, or $0.24 Per Common Share

BRIDGEPORT, CT – People’s United Financial, Inc. (NASDAQ: PBCT) today reported net income of $75.9 million, or $0.24 per common share, for the fourth quarter of 2016, compared to $70.8 million, or $0.23 per common share, for the fourth quarter of 2015, and $73.7 million, or $0.24 per common share, for the third quarter of 2016.

Included in this quarter’s results were merger-related and acquisition integration costs of $1.6 million ($1.0 million after-tax), or less than $0.01 per common share, compared to $3.1 million ($2.1 million after-tax), or $0.01 per common share, for the third quarter of 2016. Fourth quarter 2015 results included a gain of $9.2 million ($6.1 million after-tax), or $0.02 per common share, resulting from the sale of the Company’s payroll services business.

For the year ended December 31, 2016, net income totaled $281.0 million, or $0.92 per common share, compared to $260.1 million, or $0.86 per common share, for 2015.

The Company’s Board of Directors declared a $0.17 per share quarterly dividend, payable February 15, 2017 to shareholders of record on February 1, 2017. Based on the closing stock price on January 18, 2017, the dividend yield on People’s United Financial common stock is 3.5 percent.

“We are pleased with the Company’s financial and operating performance this year,” commented Jack Barnes, President and Chief Executive Officer. “Full year net income of $281 million is the highest in the Company’s history and return on average tangible common equity was 10.2 percent. Our straightforward, solutions-oriented approach to banking enabled us to further expand client relationships and forge new ones as demonstrated by another year of growth in loans, deposits and wealth management assets. We continued to improve operating leverage during the year through revenue growth as well as proactive expense management which has limited the increase in expenses to an average annual rate of less than one percent over the last five years.”

Barnes continued, “We strengthened fee income generating capabilities over the course of the year through infrastructure investments and acquisitions, most notably the addition of Gerstein Fisher which closed in early November. We also continued to strategically add talent across the organization to further drive revenue growth. Earlier in the year, we announced the acquisition of Suffolk Bancorp which upon closing will deepen our presence in the New York metro area.”

People’s United Financial, Inc. Reports 4Q Earnings

Page 2

Barnes concluded, “We continually strive to balance and utilize six levers to create shareholder value: enhancing client-focused capabilities, growing the balance sheet, maintaining excellent asset quality, diversifying revenues, controlling costs and deploying capital efficiently. As such, we enter 2017 well-positioned across our diverse portfolio of businesses and attractive Northeast footprint to further deliver exceptional service to clients and profitable growth to shareholders.”

“Our fourth quarter performance provided a strong finish to the year as evidenced by record quarterly net income of $75.9 million and a return on average tangible common equity of 10.7 percent,” stated David Rosato, Senior Executive Vice President and Chief Financial Officer. “Net income increased seven percent from the prior year quarter due to higher net interest income and continued expense control. As a result, the efficiency ratio was 59.3 percent, an improvement of 170 basis points from a year ago.”

Rosato concluded, “Loans grew five percent on an annualized basis, marking the 25^th consecutive quarter of growth. The increase was driven by strong results in commercial real estate and residential mortgage, partially offset by lower mortgage warehouse lending balances. We maintained excellent asset quality across each portfolio, reflected by net charge-offs as a percentage of average loans of only six basis points for the quarter. Deposit growth was three percent annualized, while the overall cost of deposits remained consistent with the third quarter. Furthermore, we issued $250 million of preferred stock which enhanced our already strong capital position.”

At December 31, 2016, People’s United Financial’s common equity tier 1 capital and total risk-based capital ratios were 9.9 percent and 12.5 percent, respectively, and the tangible common equity ratio stood at 7.2 percent. For People’s United Bank, N.A., common equity tier 1 capital and total risk-based capital ratios were 11.3 percent and 13.4 percent, respectively, at December 31, 2016.

Net loan charge-offs as a percentage of average total loans on an annualized basis were 0.06 percent in the fourth quarter of 2016, a slight increase from 0.04 percent in the third quarter of 2016, but lower than 0.09 percent in the fourth quarter of 2015. For the originated loan portfolio, non-performing loans equaled 0.51 percent of loans at December 31, 2016, a decrease from 0.54 percent at September 30, 2016 and 0.58 percent at December 31, 2015.

Return on average assets of 0.75 percent for the fourth quarter of 2016 was an increase from 0.73 percent in the third quarter of 2016 and unchanged from the fourth quarter of 2015. Return on average tangible common equity of 10.7 percent in the fourth quarter of 2016 was unchanged from both the third quarter of 2016 and fourth quarter of 2015.

People’s United Financial, Inc., a diversified financial services company with $41 billion in total assets, provides commercial and retail banking, as well as wealth management services through a network of approximately 400 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.

People’s United Financial, Inc. Reports 4Q Earnings

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4Q 2016 Financial Highlights

Summary

• Net income totaled $75.9 million, or $0.24 per common share.

• Net income available to common shareholders totaled $74.1 million.

• Operating earnings totaled $75.1 million, or $0.24 per common share (see page 16).

• Net interest income totaled $246.8 million in 4Q16 compared to $245.3 million in 3Q16.

• Net interest margin decreased two basis points from 3Q16 to 2.78% reflecting:

• Higher yield on the securities portfolio (increase of two basis points).

• New loan volume at rates lower than the existing portfolio (decrease of three basis points).

• Higher rate on borrowings (decrease of one basis point).

• Provision for loan losses totaled $7.7 million.

• Net loan charge-offs totaled $4.7 million.

• Net loan charge-off ratio of 0.06% in 4Q16.

• Non-interest income was $84.2 million in 4Q16 compared to $90.8 million in 3Q16.

• Investment management fees increased $2.6 million, primarily reflecting the benefit from the addition of Gerstein Fisher in early November.

• Net gains on sales of residential mortgages increased $0.7 million.

• Recorded a $6.3 million gain in 4Q16 (included in other non-interest income) from the sale of an ownership interest in a legacy privately-held investment.

• Insurance revenue decreased $3.0 million, reflecting the seasonal nature of commercial insurance renewals.

• Operating lease income decreased $1.7 million.

• Bank service charges decreased $1.1 million.

• Net security losses in 4Q16 totaled $6.0 million.

• At December 31, 2016, assets under administration, which are not reported as assets of People’s United Financial, totaled $21.3 billion, of which $8.0 billion are under discretionary management, compared to $18.2 billion and $5.7 billion, respectively, at September 30, 2016.

• Non-interest expense totaled $217.2 million in 4Q16 compared to $221.4 million in 3Q16.

• Operating non-interest expense totaled $215.6 million in 4Q16 (see page 16).

• Compensation and benefits expense, excluding $0.7 million of acquisition integration costs in 4Q16, decreased $2.8 million, primarily reflecting lower payroll and benefit-related costs in 4Q16.

• Professional and outside services expense, excluding $0.9 million and $3.1 million of merger-related expenses in 4Q16 and 3Q16, respectively, increased $0.8 million.

• Regulatory assessments expense increased $0.5 million.

• The efficiency ratio was 59.3% in 4Q16 compared to 59.9% in 3Q16 (see page 16).

• The effective income tax rate was 28.5% for 4Q16 and 31.4% for the full-year of 2016, compared to 33.4% for the full-year of 2015 (32.8% for 4Q15).

• The lower full-year rate reflects an increase in tax advantaged investments as well as the effects of certain tax planning strategies.

People’s United Financial, Inc. Reports 4Q Earnings

Page 4

Commercial Banking

• Commercial loans totaled $21.4 billion at December 31, 2016, an increase of $214 million, or 4% annualized, from September 30, 2016.

• The mortgage warehouse portfolio decreased $107 million from September 30, 2016.

• Average commercial loans totaled $21.1 billion in 4Q16, a $57 million increase from 3Q16.

• The average mortgage warehouse portfolio decreased $18 million in 4Q16.

• Commercial deposits totaled $10.4 billion at December 31, 2016 compared to $10.3 billion at September 30, 2016.

• The ratio of originated non-performing commercial loans to originated commercial loans was 0.49% at December 31, 2016 compared to 0.53% at September 30, 2016.

• Non-performing commercial assets, excluding acquired non-performing loans, totaled $114.4 million at December 31, 2016 compared to $127.4 million at September 30, 2016.

• For the originated commercial portfolio, the allowance for loan losses as a percentage of loans was 0.95% at December 31, 2016 compared to 0.94% at September 30, 2016.

• The commercial originated allowance for loan losses represented 193% of originated non-performing commercial loans at December 31, 2016 compared to 178% at September 30, 2016.

Retail Banking

• Residential mortgage loans totaled $6.2 billion at December 31, 2016, an increase of $189 million, or 13% annualized, from September 30, 2016.

• Average residential mortgage loans totaled $6.1 billion in 4Q16, an increase of $201 million, or 14% annualized, from 3Q16.

• Home equity loans totaled $2.1 billion at December 31, 2016, a $27 million decrease from September 30, 2016.

• Average home equity loans totaled $2.1 billion in 4Q16, a $21 million decrease from 3Q16.

• Retail deposits totaled $19.5 billion at December 31, 2016 compared to $19.4 billion at September 30, 2016.

• The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 0.45% at December 31, 2016 compared to 0.48% at September 30, 2016.

• The ratio of originated non-performing home equity loans to originated home equity loans was 0.85% at December 31, 2016 compared to 0.80% at September 30, 2016.

People’s United Financial, Inc. Reports 4Q Earnings

Page 5

Conference Call

On January 19, 2017, 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) changes in accounting and regulatory guidance applicable to banks; (7) price levels and conditions in the public securities markets generally; (8) competition and its effect on pricing, spending, third-party relationships and revenues; (9) the successful integration of acquisitions; and (10) 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.

###

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)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016			March 31, 2016			Dec. 31, 2015
Earnings Data:
Net interest income (fully taxable equivalent)	$	255.2		$	254.2		$	247.7		$	247.4		$	245.3
Net interest income		246.8			245.3			240.0			240.1			238.8
Provision for loan losses		7.7			8.4			10.0			10.5			9.7
Non-interest income (1)		84.2			90.8			85.4			82.3			93.3
Non-interest expense (2)		217.2			221.4			212.9			217.3			217.0
Income before income tax expense		106.1			106.3			102.5			94.6			105.4
Net income		75.9			73.7			68.5			62.9			70.8
Net income available to common shareholders (2)		74.1			73.7			68.5			62.9			70.8
Selected Statistical Data:
Net interest margin (3)		2.78	%		2.80	%		2.79	%		2.83	%		2.87	%
Return on average assets (2), (3)		0.75			0.73			0.70			0.65			0.75
Return on average common equity (3)		6.1			6.1			5.7			5.3			6.0
Return on average tangible common equity (2), (3)		10.7			10.7			10.1			9.4			10.7
Efficiency ratio (2)		59.3			59.9			60.4			62.7			61.0
Common Share Data:
Basic and diluted earnings per common share (2)	$	0.24		$	0.24		$	0.23		$	0.21		$	0.23
Dividends paid per share		0.17			0.17			0.17			0.1675			0.1675
Dividend payout ratio (2)		69.8	%		70.1	%		75.4	%		80.6	%		71.5	%
Book value per share (end of period)	$	15.85		$	15.99		$	15.91		$	15.80		$	15.62
Tangible book value per share (end of period) (2)		8.92			9.18			9.07			8.94			8.73
Stock price:
High		20.13			16.40			16.68			16.27			16.93
Low		15.28			14.22			13.80			13.62			15.00
Close (end of period)		19.36			15.82			14.66			15.93			16.15
Common shares (end of period) (in millions)		308.97			304.02			303.55			303.27			302.86
Weighted average diluted common shares (in millions)		306.23			303.24			302.48			301.86			301.38

(1) Three months ended December 31, 2015 includes a $9.2 million net gain resulting from the sale of People’s United Bank’s payroll services business.

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

(3) Annualized.

6

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS - Continued

	Twelve Months Ended December 31,
(dollars in millions, except per share data)	2016			2015
Earnings Data:
Net interest income (fully taxable equivalent)	$	1,004.5		$	957.3
Net interest income		972.2			932.1
Provision for loan losses		36.6			33.4
Non-interest income (1)		342.7			352.4
Non-interest expense (2)		868.8			860.6
Income before income tax expense		409.5			390.5
Net income		281.0			260.1
Net income available to common shareholders (2)		279.2			260.1
Selected Statistical Data:
Net interest margin		2.80	%		2.88	%
Return on average assets (2)		0.71			0.71
Return on average common equity		5.8			5.5
Return on average tangible common equity (2)		10.2			10.0
Efficiency ratio (2)		60.5			61.5
Common Share Data:
Basic and diluted earnings per common share (2)	$	0.92		$	0.86
Dividends paid per share		0.6775			0.6675
Dividend payout ratio (2)		73.7	%		77.3	%
Book value per share (end of period)	$	15.85		$	15.62
Tangible book value per share (end of period) (2)		8.92			8.73
Stock price:
High		20.13			16.95
Low		13.62			13.97
Close (end of period)		19.36			16.15
Common shares (end of period) (in millions)		308.97			302.86
Weighted average diluted common shares (in millions)		303.99			300.41

(1) Twelve months ended December 31, 2015 includes a $9.2 million net gain resulting from the sale of People’s United Bank’s payroll services business.

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

7

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS - Continued

	As of and for the Three Months Ended
(dollars in millions)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016			March 31, 2016			Dec. 31, 2015
Financial Condition Data:
Total assets	$	40,610		$	40,692		$	40,150		$	39,264		$	38,947
Loans		29,745			29,368			29,038			28,511			28,411
Securities		6,738			7,046			6,785			6,732			6,449
Short-term investments		182			373			364			251			380
Allowance for loan losses		229			226			220			216			211
Goodwill and other acquisition-related intangible assets		2,142			2,070			2,076			2,079			2,088
Deposits		29,861			29,656			28,999			29,105			28,417
Borrowings		4,057			4,437			4,563			3,717			4,307
Notes and debentures		1,030			1,054			1,058			1,050			1,033
Stockholders’ equity		5,142			4,862			4,830			4,791			4,732
Total risk-weighted assets (1):
People’s United Financial, Inc.		30,508			30,451			30,267			29,832			29,646
People’s United Bank, N.A.		30,440			30,415			30,232			29,826			29,621
Non-performing assets (2)		167			180			182			189			182
Net loan charge-offs		4.7			2.5			5.1			6.0			6.2
Average Balances:
Loans	$	29,346		$	29,107		$	28,558		$	28,159		$	27,853
Securities (3)		7,074			6,873			6,699			6,498			6,133
Short-term investments		308			361			298			348			247
Total earning assets		36,728			36,341			35,555			35,005			34,233
Total assets		40,623			40,304			39,422			38,773			37,955
Deposits		29,773			29,437			29,079			28,721			28,481
Borrowings		4,148			4,296			3,895			3,664			3,187
Notes and debentures		1,045			1,056			1,049			1,044			1,037
Total funding liabilities		34,966			34,789			34,023			33,429			32,705
Stockholders’ equity		5,039			4,841			4,795			4,761			4,736
Ratios:
Net loan charge-offs to average total loans (annualized)		0.06	%		0.04	%		0.07	%		0.09	%		0.09	%
Non-performing assets to originated loans, real estate owned and repossessed assets (2)		0.57			0.63			0.64			0.68			0.66
Originated allowance for loan losses to:
Originated loans (2)		0.77			0.76			0.75			0.75			0.73
Originated non-performing loans (2)		150.6			142.0			135.3			123.3			127.3
Average stockholders’ equity to average total assets		12.4			12.0			12.2			12.3			12.5
Stockholders’ equity to total assets		12.7			11.9			12.0			12.2			12.2
Tangible common equity to tangible assets (4)		7.2			7.2			7.2			7.3			7.2
Total risk-based capital (1):
People’s United Financial, Inc.		12.5			11.5			11.5			11.5			11.7
People’s United Bank, N.A.		13.4			12.8			12.8			12.9			12.6

(1) December 31, 2016 amounts and ratios are preliminary.

(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)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016			Dec. 31, 2015
Assets
Cash and due from banks	$	432.4		$	347.5		$	343.9		$	334.8
Short-term investments		181.7			372.8			363.9			380.5
Total cash and cash equivalents		614.1			720.3			707.8			715.3
Securities:
Trading account securities, at fair value		6.8			6.8			6.8			6.7
Securities available for sale, at fair value		4,409.9			4,906.5			4,711.8			4,527.7
Securities held to maturity, at amortized cost		2,005.4			1,817.5			1,749.4			1,609.6
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		315.8			315.5			317.4			305.4
Total securities		6,737.9			7,046.3			6,785.4			6,449.4
Loans held for sale		39.3			46.5			61.4			34.5
Loans:
Commercial real estate		10,247.3			10,001.7			10,011.3			10,028.8
Commercial and industrial		8,125.1			8,201.2			8,066.1			7,748.7
Equipment financing (1)		3,032.5			2,987.6			3,005.9			2,973.3
Total Commercial Portfolio		21,404.9			21,190.5			21,083.3			20,750.8
Residential mortgage		6,216.7			6,028.0			5,789.0			5,457.0
Home equity and other consumer		2,123.3			2,149.3			2,166.0			2,203.1
Total Retail Portfolio		8,340.0			8,177.3			7,955.0			7,660.1
Total loans		29,744.9			29,367.8			29,038.3			28,410.9
Less allowance for loan losses		(229.3	)		(226.3	)		(220.4	)		(211.0	)
Total loans, net		29,515.6			29,141.5			28,817.9			28,199.9
Goodwill and other acquisition-related intangible assets		2,142.0			2,070.3			2,076.1			2,087.8
Bank-owned life insurance		349.1			347.8			346.8			346.5
Premises and equipment		244.5			245.1			249.5			257.8
Other assets		967.3			1,074.3			1,105.1			855.5
Total assets	$	40,609.8		$	40,692.1		$	40,150.0		$	38,946.7
Liabilities
Deposits:
Non-interest-bearing	$	6,660.8		$	6,521.8		$	6,226.8		$	6,178.6
Savings		4,397.7			4,391.4			4,474.2			4,199.9
Interest-bearing checking and money market		14,260.1			14,055.5			13,566.0			13,220.8
Time		4,542.2			4,686.8			4,732.1			4,818.1
Total deposits		29,860.8			29,655.5			28,999.1			28,417.4
Borrowings:
Federal Home Loan Bank advances		3,061.1			3,261.8			3,562.4			3,463.8
Federal funds purchased and other borrowings		652.4			844.0			680.0			374.0
Customer repurchase agreements		343.3			330.7			320.8			469.5
Total borrowings		4,056.8			4,436.5			4,563.2			4,307.3
Notes and debentures		1,030.1			1,053.9			1,058.2			1,033.1
Other liabilities		520.2			683.9			699.8			457.3
Total liabilities		35,467.9			35,829.8			35,320.3			34,215.1
Stockholders’ Equity
Preferred stock		244.1			—			—			—
Common stock		4.0			4.0			3.9			3.9
Additional paid-in capital		5,446.1			5,359.8			5,350.4			5,337.7
Retained earnings		949.3			927.3			905.8			880.8
Accumulated other comprehensive loss		(195.0	)		(120.4	)		(120.3	)		(177.2	)
Unallocated common stock of Employee Stock Ownership Plan, at cost		(144.6	)		(146.4	)		(148.1	)		(151.8	)
Treasury stock, at cost		(1,162.0	)		(1,162.0	)		(1,162.0	)		(1,161.8	)
Total stockholders’ equity		5,141.9			4,862.3			4,829.7			4,731.6
Total liabilities and stockholders’ equity	$	40,609.8		$	40,692.1		$	40,150.0		$	38,946.7

(1) Represents loans and leases held by People’s Capital and Leasing Corp. and People’s United Equipment Finance Corp.

9

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended
(in millions, except per share data)	Dec. 31, 2016			Sept. 30, 2016		June 30, 2016		March 31, 2016		Dec. 31, 2015
Interest and dividend income:
Commercial real estate	$	86.8		$	85.7	$	85.3	$	86.8	$	86.1
Commercial and industrial		65.0			66.9		62.8		60.3		59.6
Equipment financing (1)		31.8			32.8		33.0		33.3		33.1
Residential mortgage		47.0			45.7		43.8		43.9		43.0
Consumer		18.1			18.4		18.4		18.6		18.1
Total interest on loans		248.7			249.5		243.3		242.9		239.9
Securities		36.9			34.2		34.7		34.5		33.8
Loans held for sale		0.3			0.4		0.2		0.2		0.3
Short-term investments		0.4			0.4		0.3		0.4		0.2
Total interest and dividend income		286.3			284.5		278.5		278.0		274.2
Interest expense:
Deposits		25.1			25.2		25.4		25.2		24.6
Borrowings		6.4			6.1		5.3		5.0		3.3
Notes and debentures		8.0			7.9		7.8		7.7		7.5
Total interest expense		39.5			39.2		38.5		37.9		35.4
Net interest income		246.8			245.3		240.0		240.1		238.8
Provision for loan losses		7.7			8.4		10.0		10.5		9.7
Net interest income after provision for loan losses		239.1			236.9		230.0		229.6		229.1
Non-interest income:
Bank service charges		24.2			25.3		24.7		23.8		25.0
Investment management fees		14.2			11.6		11.4		11.1		10.8
Operating lease income		9.5			11.2		10.1		10.4		10.5
Commercial banking lending fees		7.2			7.1		9.2		8.1		9.2
Insurance revenue		6.8			9.8		7.0		9.3		7.5
Cash management fees		6.2			6.5		6.3		6.0		6.1
Customer interest rate swap income, net		3.8			3.7		3.6		3.3		3.6
Brokerage commissions		2.8			3.2		3.2		3.0		3.1
Net gains on sales of residential mortgage loans		2.6			1.9		0.9		0.9		1.3
Bank-owned life insurance		1.5			1.2		2.0		1.0		1.0
Net security (losses) gains		(6.0	)		—		—		0.1		—
Gain on sale of business, net of expenses		—			—		—		—		9.2
Other non-interest income		11.4			9.3		7.0		5.3		6.0
Total non-interest income (2)		84.2			90.8		85.4		82.3		93.3
Non-interest expense:
Compensation and benefits		114.0			116.1		111.4		114.1		112.0
Occupancy and equipment		37.8			37.7		37.4		37.5		37.0
Professional and outside services		16.3			17.7		16.4		17.4		17.9
Regulatory assessments		10.4			9.9		9.2		8.0		7.1
Operating lease expense		8.3			9.7		9.1		9.2		9.4
Amortization of other acquisition-related intangible assets		6.2			5.8		5.8		5.8		6.1
Other non-interest expense		24.2			24.5		23.6		25.3		27.5
Total non-interest expense (2)		217.2			221.4		212.9		217.3		217.0
Income before income tax expense		106.1			106.3		102.5		94.6		105.4
Income tax expense		30.2			32.6		34.0		31.7		34.6
Net income		75.9			73.7		68.5		62.9		70.8
Preferred stock dividend		1.8			—		—		—		—
Net income available to common shareholders	$	74.1		$	73.7	$	68.5	$	62.9	$	70.8
Basic and diluted earnings per common share	$	0.24		$	0.24	$	0.23	$	0.21	$	0.23

(1) Represents loans and leases held by People’s Capital and Leasing Corp. and People’s United Equipment Finance Corp.

(2) Total non-interest income includes $9.2 million of non-operating income for the three months ended December 31, 2015. Total non-interest expense includes $1.6 million, $3.1 million and $3.8 million of non-operating expenses for the three months ended December 31, 2016, September 30, 2016 and December 31, 2015, respectively. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

10

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME

	Twelve Months Ended December 31,
(in millions, except per share data)	2016			2015
Interest and dividend income:
Commercial real estate	$	344.6		$	343.5
Commercial and industrial		255.0			234.8
Equipment financing (1)		130.9			129.6
Residential mortgage		180.4			165.4
Consumer		73.5			72.3
Total interest on loans		984.4			945.6
Securities		140.3			121.5
Loans held for sale		1.1			1.3
Short-term investments		1.5			0.5
Total interest and dividend income		1,127.3			1,068.9
Interest expense:
Deposits		100.9			95.5
Borrowings		22.8			11.5
Notes and debentures		31.4			29.8
Total interest expense		155.1			136.8
Net interest income		972.2			932.1
Provision for loan losses		36.6			33.4
Net interest income after provision for loan losses		935.6			898.7
Non-interest income:
Bank service charges		98.0			100.7
Investment management fees		48.3			43.7
Operating lease income		41.2			42.3
Insurance revenue		32.9			30.7
Commercial banking lending fees		31.6			42.6
Cash management fees		25.0			24.5
Customer interest rate swap income, net		14.4			14.5
Brokerage commissions		12.2			12.6
Net gains on sales of residential mortgage loans		6.3			5.5
Bank-owned life insurance		5.7			4.6
Net security losses		(5.9	)		—
Gain on sale of business, net of expenses		—			9.2
Net gains on sales of acquired loans		—			1.7
Other non-interest income		33.0			19.8
Total non-interest income (2)		342.7			352.4
Non-interest expense:
Compensation and benefits		455.6			449.5
Occupancy and equipment		150.4			149.5
Professional and outside services		67.8			68.0
Regulatory assessments		37.5			35.1
Operating lease expense		36.3			37.1
Amortization of other acquisition-related intangible assets		23.6			23.9
Other non-interest expense		97.6			97.5
Total non-interest expense (2)		868.8			860.6
Income before income tax expense		409.5			390.5
Income tax expense		128.5			130.4
Net income		281.0			260.1
Preferred stock dividend		1.8			—
Net income available to common shareholders	$	279.2		$	260.1
Basic and diluted earnings per common share	$	0.92		$	0.86

(1) Represents loans and leases held by People’s Capital and Leasing Corp. and People’s United Equipment Finance Corp.

(2) Total non-interest income includes $9.2 million of non-operating income for the twelve months ended December 31, 2015. Total non-interest expense includes $4.7 million and $12.9 million of non-operating expenses for the twelve months ended December 31, 2016 and 2015, 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)

	December 31, 2016							September 30, 2016							December 31, 2015
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	$	307.9	$	0.4		0.44	%	$	361.0	$	0.4		0.47	%	$	247.1	$	0.2		0.21	%
Securities (2)		7,073.5		42.1		2.38			6,872.5		38.9		2.26			6,133.1		37.7		2.46
Loans:
Commercial real estate		10,079.4		86.8		3.44			9,978.8		85.7		3.44			9,911.1		86.1		3.48
Commercial and industrial		8,023.3		68.2		3.40			8,053.2		71.1		3.53			7,426.5		62.2		3.35
Equipment financing		2,971.4		31.8		4.29			2,984.7		32.8		4.39			2,874.3		33.1		4.61
Residential mortgage		6,136.2		47.3		3.09			5,935.3		46.1		3.11			5,440.6		43.3		3.17
Home equity and other consumer		2,135.9		18.1		3.39			2,155.4		18.4		3.41			2,200.7		18.1		3.31
Total loans		29,346.2		252.2		3.44			29,107.4		254.1		3.49			27,853.2		242.8		3.49
Total earning assets		36,727.6	$	294.7		3.21	%		36,340.9	$	293.4		3.23	%		34,233.4	$	280.7		3.28	%
Other assets		3,895.4							3,963.1							3,721.8
Total assets	$	40,623.0						$	40,304.0						$	37,955.2
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	6,524.5	$	—		—	%	$	6,325.3	$	—		—	%	$	6,049.3	$	—		—	%
Savings, interest-bearing checking and money market		18,614.5		14.1		0.30			18,356.6		13.3		0.29			17,453.7		11.6		0.27
Time		4,634.4		11.0		0.95			4,755.1		11.9		1.00			4,977.6		13.0		1.05
Total deposits		29,773.4		25.1		0.34			29,437.0		25.2		0.34			28,480.6		24.6		0.35
Borrowings:
Federal Home Loan Bank advances		3,028.8		5.1		0.67			3,306.7		5.1		0.62			2,353.8		2.8		0.47
Federal funds purchased and other borrowings		790.3		1.1		0.54			674.1		0.9		0.51			398.5		0.3		0.23
Customer repurchase agreements		328.8		0.2		0.20			314.8		0.1		0.19			434.9		0.2		0.20
Total borrowings		4,147.9		6.4		0.61			4,295.6		6.1		0.57			3,187.2		3.3		0.40
Notes and debentures		1,045.0		8.0		3.08			1,056.4		7.9		2.97			1,037.6		7.5		2.90
Total funding liabilities		34,966.3	$	39.5		0.45	%		34,789.0	$	39.2		0.45	%		32,705.4	$	35.4		0.43	%
Other liabilities		617.4							674.5							513.8
Total liabilities		35,583.7							35,463.5							33,219.2
Stockholders’ equity		5,039.3							4,840.5							4,736.0
Total liabilities and stockholders’ equity	$	40,623.0						$	40,304.0						$	37,955.2
Net interest income/spread (3)			$	255.2		2.76	%			$	254.2		2.78	%			$	245.3		2.85	%
Net interest margin						2.78	%						2.80	%						2.87	%

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

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

(3) The fully taxable equivalent adjustment was $8.4 million, $8.9 million and $6.5 million for the three months ended December 31, 2016, September 30, 2016 and December 31, 2015, respectively.

12

People’s United Financial, Inc.

AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS

	December 31, 2016							December 31, 2015
Twelve months ended (dollars in millions)	Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate
Assets:
Short-term investments	$	328.7	$	1.5		0.45	%	$	247.8	$	0.5		0.20	%
Securities (1)		6,786.7		158.8		2.34			5,731.5		135.7		2.37
Loans:
Commercial real estate		10,013.3		344.6		3.44			9,643.9		343.5		3.56
Commercial and industrial		7,821.8		268.8		3.44			7,357.8		245.8		3.34
Equipment financing		2,972.3		130.9		4.40			2,831.7		129.6		4.58
Residential mortgage		5,824.1		181.5		3.12			5,222.4		166.7		3.19
Home equity and other consumer		2,163.8		73.5		3.40			2,193.1		72.3		3.30
Total loans		28,795.3		999.3		3.47			27,248.9		957.9		3.52
Total earning assets		35,910.7	$	1,159.6		3.23	%		33,228.2	$	1,094.1		3.29	%
Other assets		3,873.6							3,698.7
Total assets	$	39,784.3						$	36,926.9
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	6,236.1	$	—		—	%	$	5,801.9	$	—		—	%
Savings, interest-bearing checking and money market		18,258.2		53.0		0.29			16,489.3		43.5		0.26
Time		4,760.4		47.9		1.01			5,241.4		52.0		0.99
Total deposits		29,254.7		100.9		0.34			27,532.6		95.5		0.35
Borrowings:
Federal Home Loan Bank advances		3,093.7		19.2		0.62			2,306.6		9.8		0.42
Federal funds purchased and other borrowings		570.9		2.9		0.50			464.2		0.9		0.19
Customer repurchase agreements		337.2		0.7		0.19			411.0		0.8		0.19
Total borrowings		4,001.8		22.8		0.57			3,181.8		11.5		0.34
Notes and debentures		1,048.5		31.4		3.00			1,033.4		29.8		2.88
Total funding liabilities		34,305.0	$	155.1		0.45	%		31,747.8	$	136.8		0.43	%
Other liabilities		619.9							481.8
Total liabilities		34,924.9							32,229.6
Stockholders’ equity		4,859.4							4,697.3
Total liabilities and stockholders’ equity	$	39,784.3						$	36,926.9
Net interest income/spread (2)			$	1,004.5		2.78	%			$	957.3		2.86	%
Net interest margin						2.80	%						2.88	%

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

(2) The fully taxable equivalent adjustment was $32.3 million and $25.2 million for the years ended December 31, 2016 and 2015, 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)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016			March 31, 2016			Dec. 31, 2015
Originated non-performing loans:
Commercial:
Commercial real estate	$	22.3		$	23.4		$	35.4		$	35.9		$	30.2
Commercial and industrial		41.5			40.0			34.7			41.5			44.9
Equipment financing		39.4			46.0			40.0			41.1			27.5
Total		103.2			109.4			110.1			118.5			102.6
Retail:
Residential mortgage		27.4			28.2			29.9			31.1			37.2
Home equity		17.4			16.5			17.4			18.9			19.5
Other consumer		—			—			—			—			0.1
Total		44.8			44.7			47.3			50.0			56.8
Total originated non-performing loans (1)		148.0			154.1			157.4			168.5			159.4
REO:
Commercial		4.0			11.2			3.3			5.4			5.5
Residential		8.1			7.9			9.7			8.2			7.1
Total REO		12.1			19.1			13.0			13.6			12.6
Repossessed assets		7.2			6.9			11.6			7.3			9.5
Total non-performing assets	$	167.3		$	180.1		$	182.0		$	189.4		$	181.5
Acquired non-performing loans (contractual amount) (2)	$	24.7		$	24.6		$	25.5		$	27.4		$	30.0
Originated non-performing loans as a percentage of originated loans		0.51	%		0.54	%		0.56	%		0.61	%		0.58	%
Non-performing assets as a percentage of:
Originated loans, REO and repossessed assets		0.57			0.63			0.64			0.68			0.66
Tangible stockholders’ equity and originated allowance for loan losses		5.19			5.98			6.14			6.49			6.38

(1) Reported net of government guarantees totaling $13.1 million at December 31, 2016, $13.0 million at September 30, 2016, $15.8 million at June 30, 2016, $16.2 million at March 31, 2016 and $16.9 million at December 31, 2015.

(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)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016			March 31, 2016			Dec. 31, 2015
Allowance for loan losses on originated loans:
Balance at beginning of period	$	219.0		$	213.0		$	207.6		$	202.9		$	198.1
Charge-offs		(4.7	)		(3.8	)		(6.1	)		(7.4	)		(7.8	)
Recoveries		1.0			1.4			1.0			1.7			1.6
Net loan charge-offs		(3.7	)		(2.4	)		(5.1	)		(5.7	)		(6.2	)
Provision for loan losses		7.7			8.4			10.5			10.4			11.0
Balance at end of period		223.0			219.0			213.0			207.6			202.9
Allowance for loan losses on acquired loans:
Balance at beginning of period		7.3			7.4			7.9			8.1			9.4
Charge-offs		(1.0	)		(0.1	)		—			(0.3	)		—
Provision for loan losses		—			—			(0.5	)		0.1			(1.3	)
Balance at end of period		6.3			7.3			7.4			7.9			8.1
Total allowance for loan losses	$	229.3		$	226.3		$	220.4		$	215.5		$	211.0
Commercial originated allowance for loan loss as a percentage of originated commercial loans		0.95	%		0.94	%		0.92	%		0.92	%		0.90	%
Retail originated allowance for loan losses as a percentage of originated retail loans		0.30			0.30			0.30			0.30			0.28
Total originated allowance for loan losses as a percentage of:
Originated loans		0.77			0.76			0.75			0.75			0.73
Originated non-performing loans		150.6			142.0			135.3			123.3			127.3

NET LOAN CHARGE-OFFS (RECOVERIES)

	Three Months Ended
(dollars in millions)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016			March 31, 2016			Dec. 31, 2015
Commercial:
Commercial real estate	$	0.9		$	0.2		$	(0.1	)	$	0.7		$	(0.1	)
Commercial and industrial		1.1			0.4			1.1			2.2			3.5
Equipment financing		1.3			1.3			2.1			1.6			1.4
Total		3.3			1.9			3.1			4.5			4.8
Retail:
Residential mortgage		—			0.4			0.7			—			0.1
Home equity		1.3			0.1			1.2			1.4			1.1
Other consumer		0.1			0.1			0.1			0.1			0.2
Total		1.4			0.6			2.0			1.5			1.4
Total net loan charge-offs	$	4.7		$	2.5		$	5.1		$	6.0		$	6.2
Net loan charge-offs to average total loans (annualized)		0.06	%		0.04	%		0.07	%		0.09	%		0.09	%

15

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP

In addition to evaluating People’s United Financial Inc. (“People’s United”) results of operations in accordance with U.S. generally accepted accounting principles (“GAAP”), management routinely supplements its evaluation with an analysis of certain non-GAAP financial measures, such as the efficiency and tangible common 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’s underlying operating performance and trends, and facilitates comparisons with the performance of other financial institutions. 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 common equity ratio and tangible book value per share are used to analyze the relative strength of People’s United’s capital position.

The efficiency ratio, which represents an approximate measure of the cost required by People’s United to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding operating lease expense, goodwill impairment charges, amortization of other acquisition-related intangible assets, losses on real estate assets and non-recurring expenses, which are also excluded in arriving at operating non-interest expense) (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, the netting of operating lease expense and excluding gains and losses on sales of assets other than residential mortgage loans and acquired loans, and non-recurring income) (the denominator). People’s United 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 available to common shareholders 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’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) writedowns of banking house assets and related lease termination costs; (iv) severance-related costs; and (v) charges related to executive-level management separation costs, are generally also excluded when calculating the efficiency ratio. Effective with the quarter ended March 31, 2016, recurring writedowns of banking house assets and certain severance-related costs are no longer considered to be non-operating expenses. Operating earnings per common 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) earnings per common share, as reported. Operating return on average assets is calculated by dividing operating earnings (annualized) by average total assets. Operating return on average tangible common equity is calculated by dividing operating earnings (annualized) by average tangible common equity. The operating dividend payout ratio is calculated by dividing dividends paid by operating earnings for the respective period.

The tangible common equity ratio is the ratio of (i) tangible common equity (total stockholders’ equity less preferred stock, 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 common 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 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

EFFICIENCY RATIO AND OPERATING NON-INTEREST EXPENSE

	Three Months Ended															Twelve Months Ended
(dollars in millions)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016			March 31, 2016			Dec. 31, 2015			Dec. 31, 2016			Dec. 31, 2015
Total non-interest expense	$	217.2		$	221.4		$	212.9		$	217.3		$	217.0		$	868.8		$	860.6
Adjustments to arrive at operating non-interest expense:
Merger-related expenses		(0.9	)		(3.1	)		—			—			—			(4.0	)		—
Acquisition integration and other costs		(0.7	)		—			—			—			—			(0.7	)		—
Writedowns of banking house assets		—			—			—			—			(2.5	)		—			(10.5	)
Severance-related costs		—			—			—			—			(1.3	)		—			(2.4	)
Total		(1.6	)		(3.1	)		n/a			n/a			(3.8	)		(4.7	)		(12.9	)
Operating non-interest expense		215.6			218.3			n/a			n/a			213.2			864.1			847.7
Operating lease expense		(8.3	)		(9.7	)		(9.1	)		(9.2	)		(9.4	)		(36.3	)		(37.1	)
Amortization of other acquisition-related intangible assets		(6.2	)		(5.8	)		(5.8	)		(5.8	)		(6.1	)		(23.6	)		(23.9	)
Other (1)		(0.6	)		(1.8	)		(1.8	)		(1.5	)		(2.2	)		(5.7	)		(7.8	)
Total non-interest expense for efficiency ratio	$	200.5		$	201.0		$	196.2		$	200.8		$	195.5		$	798.5		$	778.9
Net interest income (FTE basis)	$	255.2		$	254.2		$	247.7		$	247.4		$	245.3		$	1,004.5		$	957.3
Total non-interest income		84.2			90.8			85.4			82.3			93.3			342.7			352.4
Total revenues		339.4			345.0			333.1			329.7			338.6			1,347.2			1,309.7
Adjustments:
Operating lease expense		(8.3	)		(9.7	)		(9.1	)		(9.2	)		(9.4	)		(36.3	)		(37.1	)
BOLI FTE adjustment		0.7			0.6			1.0			0.5			0.5			2.8			2.4
Net security losses (gains)		6.0			—			—			(0.1	)		—			5.9			—
Gain on sale of business, net of expenses		—			—			—			—			(9.2	)		—			(9.2	)
Other (2)		0.2			(0.3	)		—			(0.7	)		—			(0.8	)		(0.1	)
Total revenues for efficiency ratio	$	338.0		$	335.6		$	325.0		$	320.2		$	320.5		$	1,318.8		$	1,265.7
Efficiency ratio		59.3	%		59.9	%		60.4	%		62.7	%		61.0	%		60.5	%		61.5	%

n/a For the three months ended June 30, 2016 and March 31, 2016, no expenses were considered to be non-operating expenses. Accordingly, operating metrics were not applicable.

(1) 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.

(2) 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													Twelve Months Ended
(dollars in millions, except per share data)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016		March 31, 2016		Dec. 31, 2015			Dec. 31, 2016			Dec. 31, 2015
Net income available to common shareholders	$	74.1		$	73.7		$	68.5	$	62.9	$	70.8		$	279.2		$	260.1
Adjustments to arrive at operating earnings:
Merger-related expenses		0.9			3.1			—		—		—			4.0			—
Acquisition integration and other costs		0.7			—			—		—		—			0.7			—
Writedowns of banking house assets		—			—			—		—		2.5			—			10.5
Severance-related costs		—			—			—		—		1.3			—			2.4
Gain on sale of business, net of expenses		—			—			—		—		(9.2	)		—			(9.2	)
Total pre-tax adjustments		1.6			3.1			n/a		n/a		(5.4	)		4.7			3.7
Tax effect		(0.6	)		(1.0	)		n/a		n/a		1.8			(1.6	)		(1.3	)
Total adjustments, net of tax		1.0			2.1			n/a		n/a		(3.6	)		3.1			2.4
Operating earnings	$	75.1		$	75.8			n/a		n/a	$	67.2		$	282.3		$	262.5
Earnings per common share, as reported	$	0.24		$	0.24		$	0.23	$	0.21	$	0.23		$	0.92		$	0.86
Adjustments to arrive at operating earnings per common share:
Merger-related expenses		—			0.01			—		—		—			0.01			—
Acquisition integration and other costs		—			—			—		—		—			—			—
Writedowns of banking house assets		—			—			—		—		0.01			—			0.03
Severance-related costs		—			—			—		—		—			—			—
Gain on sale of business, net of expenses		—			—			—		—		(0.02	)		—			(0.02	)
Total adjustments per share		—			0.01			n/a		n/a		(0.01	)		0.01			0.01
Operating earnings per common share	$	0.24		$	0.25			n/a		n/a	$	0.22		$	0.93		$	0.87
Average total assets	$	40,623		$	40,304		$	39,422	$	38,773	$	37,955		$	39,784		$	36,894
Operating return on average assets (annualized)		0.74	%		0.75	%		n/a		n/a		0.71	%		0.71	%		0.71	%
OPERATING RETURN ON AVERAGE TANGIBLE COMMON EQUITY
	Three Months Ended													Twelve Months Ended
(dollars in millions)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016		March 31, 2016		Dec. 31, 2015			Dec. 31, 2016			Dec. 31, 2015
Operating earnings	$	75.1		$	75.8			n/a		n/a	$	67.2		$	282.3		$	262.5
Average stockholders’ equity	$	5,039		$	4,841		$	4,795	$	4,761	$	4,736		$	4,859		$	4,697
Less: Average preferred stock		165			—			—		—		—			41			—
Average common equity		4,874			4,841			4,795		4,761		4,736			4,818			4,697
Less: Average goodwill and average other       acquisition-related intangible assets		2,094			2,073			2,079		2,085		2,092			2,083			2,094
Average tangible common equity	$	2,780		$	2,768		$	2,716	$	2,676	$	2,644		$	2,735		$	2,603
Operating return on average tangible common equity (annualized)		10.8	%		11.0	%		n/a		n/a		10.2	%		10.3	%		10.1	%
OPERATING DIVIDEND PAYOUT RATIO
	Three Months Ended													Twelve Months Ended
(dollars in millions)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016		March 31, 2016		Dec. 31, 2015			Dec. 31, 2016			Dec. 31, 2015
Dividends paid	$	51.7		$	51.7		$	51.7	$	50.6	$	50.6		$	205.7		$	201.2
Operating earnings	$	75.1		$	75.8			n/a		n/a	$	67.2		$	282.3		$	262.5
Operating dividend payout ratio		68.8	%		68.2	%		n/a		n/a		75.3	%		72.9	%		76.6	%

n/a For the three months ended June 30, 2016 and March 31, 2016, no expenses were considered to be non-operating expenses. Accordingly, operating metrics were not applicable.

18

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

TANGIBLE COMMON EQUITY RATIO

(dollars in millions)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016			March 31, 2016			Dec. 31, 2015
Total stockholders’ equity	$	5,142		$	4,862		$	4,830		$	4,791		$	4,732
Less: Preferred stock		244			—			—			—			—
Common equity		4,898			4,862			4,830			4,791			4,732
Less: Goodwill and other       acquisition-related intangible assets		2,142			2,070			2,076			2,079			2,088
Tangible common equity	$	2,756		$	2,792		$	2,754		$	2,712		$	2,644
Total assets	$	40,610		$	40,692		$	40,150		$	39,264		$	38,947
Less: Goodwill and other       acquisition-related intangible assets		2,142			2,070			2,076			2,079			2,088
Tangible assets	$	38,468		$	38,622		$	38,074		$	37,185		$	36,859
Tangible common equity ratio		7.2	%		7.2	%		7.2	%		7.3	%		7.2	%
TANGIBLE BOOK VALUE PER SHARE
(in millions, except per share data)	Dec. 31, 2016			Sept. 30, 2016			June 30, 2016			March 31, 2016			Dec. 31, 2015
Tangible common equity	$	2,756		$	2,792		$	2,754		$	2,712		$	2,644
Common shares issued		405.00			400.13			399.74			399.54			399.24
Less: Shares classified as treasury shares		89.06			89.05			89.05			89.04			89.06
Unallocated ESOP shares		6.97			7.06			7.14			7.23			7.32
Common shares		308.97			304.02			303.55			303.27			302.86
Tangible book value per share	$	8.92		$	9.18		$	9.07		$	8.94		$	8.73

19

EX-99.2

Fourth Quarter and Full Year 2016 Results

January 19, 2017

NASDAQ: PBCT

Exhibit 99.2

1

Forward-Looking Statement

Certain statements contained in this presentation 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) changes in accounting and regulatory guidance

applicable to banks; (7) price levels and conditions in the public securities markets generally; (8)

competition and its effect on pricing, spending, third-party relationships and revenues; (9) the successful

integration of acquisitions; and (10) 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.

2

Full Year 2016 Overview

•

Net income of $281 million, an increase of $20 million or 8%

—

Earnings per common share of $0.92, an increase of $0.06 or 7%

•

Net interest income

1

of $972 million, an increase of $40 million or 4%

•

Net interest margin of 2.80%, a decrease of 8 basis points

•

Loan growth of $1.3 billion, 5% growth rate

•

Deposit

growth

of

$1.4

billion,

5%

growth

rate

•

Non-interest

income

of

$343

million,

consistent

with

prior

year

(adj.

for

the

2015

gain

on

sale

of

payroll

services

business)

•

Non-interest expense of $869 million, an increase of $8 million or 1%

—

Includes merger-related costs of $5 million

•

Efficiency ratio of 60.5%, an improvement of 100 basis points

•

Net loan charge-offs of 0.06%, an improvement of 2 basis points

(Comparisons versus full year 2015)

1

Net interest income on a fully taxable equivalent basis was $1.0 billion, an increase of 5%.

Loans

3

End of Period Balances

Growing a broadly diversified portfolio

$21.7

$24.4

$26.6

$28.4

$29.7

($ in billions)

$20.4

$7.2

$7.3

$8.9

$9.4

$10.0

$10.3

$5.4

$6.0

$6.3

$7.2

$7.7

$8.1

$2.0

$2.3

$2.6

$2.9

$3.0

$3.0

$3.6

$3.9

$4.4

$4.9

$5.5

$6.2

$2.2

$2.2

$2.2

$2.2

$2.2

$2.1

2011

2012

2013

2014

2015

2016

Commercial Real Estate

Commercial & Industrial

Equipment Financing

Residential Mortgage

Consumer

Net Interest Income

4

Net interest income has increased as loan growth has outweighed significant              

net interest margin compression

5-Year CAGR: +1% (Ex. Accretion: +7%)

($ in millions)

$913

$929

$889

$912

$932

$972

Net Interest Income 

$655

$722

$762

$831

$877

$933

2011

2012

2013

2014

2015

2016

NII, Ex. Accretion

Accretion

$258

$207

$127

$81

$55

$39

Deposits

5

End of Period Balances

$21.6

$22.6

$26.1

$28.4

$29.9

($ in billions)

$20.8

Emphasizing deposit gathering across the franchise

$8.1

$8.7

$9.2

$11.4

$13.2

$14.3

$4.5

$5.1

$5.3

$5.6

$6.2

$6.7

$5.3

$4.7

$4.4

$5.2

$4.8

$4.5

$2.9

$3.3

$3.7

$3.9

$4.2

$4.4

2011

2012

2013

2014

2015

2016

Interest-Bearing Checking & Money Market

Non-Interest-Bearing

Time

Savings

6

($ in millions)

$314

$320

$342

$330

$343

$343

Non-Interest Income

1

Non-Interest Income

Strengthening fee income organically and via acquisition, despite industry-wide headwinds

related to bank service charges

1

Excludes gains of $9.2 million in 2015 (payroll services sale) and $20.6 million in 2014 (merchant services  joint venture).

$196

$212

$235

$224

$242

$245

2011

2012

2013

2014

2015

2016

Non-Interest Income ex. Bank Service Charges

Bank Service Charges

$118

$108

$107

$106

$101

$98

7

$829

$831

$839

$842

$861

$864

2011

2012

2013

2014

2015

2016

5-Year CAGR: <1%

Non-Interest Expenses

Controlling costs while still making significant investments in the franchise

Non-Interest Expenses

(excl. merger-related costs)

($ in millions)

Merger-related costs were $42.9 million in 2011 and $4.7 million in 2016.

8

Profitability

Continuing to enhance profitability

Earnings Per Common Share

$0.55

$0.72

$0.74

$0.84

$0.86

$0.92

2011

2012

2013

2014

2015

2016

9

Full Year 2016: Goals vs. Actual Results

Goals

1

Actual Results

Loans

Growth

range:

4%

-

6%

5%

Deposits

Growth

range:

4%

-

6%

5%

Net

Interest Income

2

Growth

range:

5%

-

7%

4%

Net

Interest Margin

2.75%

-

2.85%

2.80%

Non-Interest

Income

3

Maintain

non-interest income levels

$343

million in both 2016 & 2015

Non-Interest Expense                 

(ex. merger-related costs)

$860

million

-

$870

million

$864 million

Credit

Maintain

excellent

credit

quality

Provision

in

the

range

of

$40

million

-

$50

million

Excellent

credit

quality

Provision: $37 million

Capital

Maintain

strong

capital

levels

TCE

/

TA

in

the

range

of

7.0%

-

7.2%

Expect preferred offering in second half of year

Strong capital levels

TCE

/ TA: 7.2%

Completed

preferred

offering

in

4

th

quarter

1

Goals updated on July 21, 2016.

2

Net interest income on a fully taxable equivalent basis was $1.0 billion, an increase of 5%.

3

Adjusted for the 2015 gain on sale of payroll services business.

10

Full Year 2017 Goals

1

Loans

Deposits

Net Interest Income

Net Interest Margin

Non-Interest Income

Non-Interest Expense

(Excludes Merger-Related Costs)

Credit

Capital

•

Growth

in

the

range

of

4%

-

6%

•

Growth

in

the

range

of

5%

-

7%

•

Range

of

2.80%

-

2.90%

—

Assumes one 25 basis point rate increase in fed funds (mid-year 2017)

—

Essentially no change to current slope of the yield curve 

•

Growth

in

the

range

of

5%

-

7%

•

Range

of

$895

million

-

$915

million

•

Maintain excellent credit quality

—

Provision

in

the

range

of

$40

million

-

$50

million

•

Maintain strong capital levels

—

Tier

1

leverage

ratio

in

the

range

of

8.0%

-

8.5%

—

Common

equity

tier

1

capital

ratio

in

the

range

of

9.5%

-

9.7%

•

Growth

in

the

range

of

5%

-

7%

1

Goals reflect full year of Gerstein Fisher results (acquisition closed November 2016),

but does not include the pending acquisition of Suffolk Bancorp.

11

Fourth Quarter 2016 Overview

•

Net

income

of

$75.9

million,

increases

of

3%

and

7%

from

the

3

rd

quarter

and

prior

year

quarter

—

Earnings

per

common

share

of

$0.24,

consistent

with

the

3

rd

quarter

and

up

$0.01

from

prior

year

quarter

•

Net interest income

1

of $247 million, an increase of $2 million or 1%

•

Net interest margin of 2.78%, a decrease of 2 basis points

•

Loan growth of $377 million, 5% annualized growth rate

•

Deposit

growth

of

$205

million,

3%

annualized

growth

rate

•

Non-interest income of $84 million, a decrease of $7 million or 7%

•

Non-interest expense of $217 million, a decrease of $4 million or 2%

Includes

$1.6

million

of

merger-related

costs

compared

to

$3.1

million

in

the

3

rd

quarter

•

Efficiency ratio of 59.3%, an improvement of 60 basis points

•

Net loan charge-offs of 0.06%, an increase of 2 basis points

(Comparisons versus third quarter 2016, unless noted otherwise)

1

Net interest income on a fully taxable equivalent basis was $255 million, an increase of <1%.

3Q 2016

Investments

Originated

Loans

Deposits

Acquired

Loans

Borrowings

4Q 2016

12

Net Interest Income

1

($ in millions)

Linked Quarter Change

$245.3

$246.8

($1.2)

$2.7

1

Net interest income on a fully taxable equivalent basis for 3Q 2016 and 4Q 2016 was $254 million and $255 million, respectively.

$0.3

$0.1

($0.4)

13

Net Interest Margin

3Q 2016

Loan

Yield & Mix

Borrowings

Investments

4Q 2016

Linked Quarter Change

2.80%

2.78%

(1 bp)

2

bps

(3 bps)

14

Loans

($ in millions, end of period balances)

Sep. 30, 2016

Commercial

Retail

Acquired

Dec. 31, 2016

Linked Quarter Change

$238

$29,368

$29,745

Annualized linked quarter change: +5%

($35)

$174

15

Deposits

$14,056

$14,260

$6,522

$6,661

$4,687

$4,542

$4,391

$4,398

Sep. 30, 2016

Interest-Bearing

Checking &

Money Market

Non-Interest

Bearing

Savings

Time

Dec. 31, 2016

Linked Quarter Change

($ in millions, end of period balances)

Annualized linked quarter change: +3%

$29,861

$204

$29,656

$7

$139

($145)

Interest-Bearing Checking & Money Market

Non-Interest-Bearing

Time

Savings

16

Non-Interest Income

($ in millions)

3Q 2016

Insurance

Revenue

Operating

Lease

Income

Bank

Service

Charges

Net

Security

Losses

Gain from Sale

of Ownership

Interest in

Privately-Held

Investment

Investment

Management

Fees

Other

4Q 2016

$90.8

$84.2

Linked Quarter Change

$6.3

($3.0)

($1.7)

($1.1)

($6.0)

$2.6

($3.7)

17

Non-Interest Expense

($ in millions)

3Q 2016

Compensation

& Benefits

Merger-Related

Costs

Operating Lease

Expense

Professional &

Outside Services

Regulatory

Assessments

Other

4Q 2016

($2.8)

$217.2

$221.4

Linked Quarter Change

$0.5

($1.5)

($1.4)

$0.2

$0.8

18

Efficiency Ratio

61.0%

62.7%

60.4%

59.9%

59.3%

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

61.8%

Beginning

with

first

quarter

2016

results,

the

Company

no

longer

classifies

expenses

related

to

ordinary

and

recurring

branch

closures

and

severance

as

non-operating. In prior quarters, these expenses were excluded from the calculation of the Company’s efficiency ratio. For comparison purposes above,

efficiency ratios for prior quarters also display what the metric would have been had these expenses been included.

19

Asset Quality

Non-Performing Assets / 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

Notes:

Source: SNL Financial and Company filings.

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

Net Charge-Offs / Average Loans (%)

2

2

Ex. acquired loan charge-offs, PBCT’s charge-off ratio was  0.05%, 0.03%, 0.07%, 0.08%, & 0.09% in 4Q 2016, 3Q 2016, 2Q 2016, 1Q 2016 & 4Q 2015, respectively

PBCT

Peer Group (Median)

Top 50 Banks (Median)

PBCT

Peer Group (Median)

Top 50 Banks (Median)

0.09

0.09

0.07

0.04

0.06

0.17

0.19

0.22

0.22

0.18

0.23

0.22

0.0

0.1

0.2

0.3

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

0.66

0.68

0.64

0.63

0.57

1.32

1.79

1.54

1.62

1.21

1.38

1.36

1.25

0.5

1.5

2.0

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

0.24

1.0

20

Returns

0.75%

0.65%

0.70%

0.73%

0.75%

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

10.7%

9.4%

10.1%

10.7%

10.7%

4Q 2015

1Q 2016

2Q 2016

3Q 2016

4Q 2016

Return on Average Assets

Return on Average Tangible Common Equity

21

Capital Ratios

Basel III Notes:

1.

Tier 1 Leverage ratio represents Tier 1 Capital divided by Average Total Assets (less goodwill, other acquisition-related intangibles and other deductions from Common Equity Tier 1 Capital).

2.

Common

Equity

Tier

1

Capital

ratio

represents

total

stockholder’s

equity,

excluding:

(i)

after-tax

net

unrealized

gains

(losses)

on

certain

securities

classified

as

available

for

sale;

(ii)

after-tax

net

unrealized

gains

(losses)

on

securities

transferred

to

held

to

maturity;

(iii)

goodwill

and

other

acquisition-related

intangibles;

and

(iv)

the

amount

recorded

in

accumulated

other

comprehensive

income

(loss)

relating

to

pension

and

other

postretirement benefits divided by Total Risk-Weighted Assets.

3.

Tier 1 Risk-Based Capital ratio represents Common Equity Tier 1 Capital plus additional Tier 1 Capital (together, "Tier 1 Capital") divided by Total Risk-Weighted Assets.

4.

Total Risk-Based Capital ratio 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 Basel III capital rules are: Tier 1 Leverage Ratio, 5%; Common Equity Tier 1 Capital Ratio, 6.5%; Tier 1 Risk-Based Capital Ratio, 8%; and Total Risk-Based Capital Ratio, 10%.

Dec. 31,

2015

Mar. 31,

2016

Jun. 30,

2016

Sep. 30,

2016

Dec. 31,

2016

People’s United Financial, Inc.

Tang. Com. Equity/Tang. Assets

7.2%

7.3%

7.2%

7.2%

7.2%

Tier 1 Leverage

1, 5

8.0%

7.9%

7.8%

7.7%

8.5%

Common

Equity

Tier

1

Capital

2,

5

9.8%

9.7%

9.7%

9.7%

9.9%

Tier

1

Risk-Based

Capital

3,

5

9.8%

9.7%

9.7%

9.7%

10.7%

Total

Risk-Based

Capital

4,

5

11.7%

11.5%

11.5%

11.5%

12.5%

People’s United Bank, N.A.

Tier 1 Leverage

1, 5

8.4%

8.8%

8.7%

8.6%

8.9%

Common

Equity

Tier

1

Capital

2,

5

10.2%

10.9%

10.8%

10.8%

11.3%

Tier

1

Risk-Based

Capital

3,

5

10.2%

10.9%

10.8%

10.8%

11.3%

Total

Risk-Based

Capital

4,

5

12.6%

12.9%

12.8%

12.8%

13.4%

22

Interest Rate Risk Profile

Net Interest Income (NII) Sensitivity

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.

-5.0%

4.0%

7.3%

10.1%

12.8%

4.5%

7.9%

10.7%

13.3%

Down 75

Up 100

Up 200

Up 300

Up 400

-2.6%

1.7%

3.3%

-3.4%

2.3%

4.3%

1.9%

4.0%

-5.1%

2.7%

4.6%

Short End -75

Short End +100

Short End +200

Long End -100

Long End +100

Long End +200

Immediate Parallel Shock

Est. Change in NII

Yield Curve Twist

1

Est. Change in NII

Dec. 31, 2016

Sep. 30, 2016

Appendix

24

Asset Quality

Originated Portfolio Coverage Detail as of December 31, 2016

0.95%

0.30%

0.77%

Commercial

Retail

Total

ALLLs / Loans

NPLs / Loans

ALLLs / NPLs

0.49%

0.55%

0.51%

Commercial

Retail

Total

193%

54%

151%

Commercial

Retail

Total

Note –

ALLLs: Commercial: $199 million, Retail: $24 million, Total: $223 million.

25

Peer Group

Firm

Ticker

City

State

1

Associated

ASB

Green Bay

WI

2

Citizens

CFG

Providence

RI

3

Comerica

CMA

Dallas

TX

4

Cullen/Frost

CFR

San Antonio

TX

5

East West

EWBC

Pasadena

CA

6

First Horizon

FHN

Memphis

TN

7

Huntington

HBAN

Columbus

OH

8

KeyCorp

KEY

Cleveland

OH

9

M&T

MTB

Buffalo

NY

10

New York Community

NYCB

Westbury

NY

11

Signature

SBNY

New York

NY

12

Synovus

SNV

Columbus

GA

13

Umpqua

UMPQ

Portland

OR

14

Webster

WBS

Waterbury

CT

15

Zions

ZION

Salt Lake City

UT

For more information, investors may contact:

Andrew S. Hersom

(203) 338-4581

andrew.hersom@ peoples.com

NASDAQ: PBCT