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 19, 2018

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02. Results of Operations and Financial Condition.

On July 19, 2018, 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, 2018. 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 19, 2018
99.2	Investor Presentation dated July 19, 2018

EXHIBIT INDEX

Exhibit     No.	Description	Page
99.1	Earnings Press Release dated July 19, 2018		99.1-1
99.2	Investor Presentation dated July 19, 2018		99.2-1

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 19, 2018	By:	/s/ Andrew S. Hersom (Signature)
	Name:	Andrew S. Hersom
	Title:	Senior Vice President, Investor Relations

EX-99.1

Exhibit 99.1

People’s United Financial Reports Second Quarter Net Income of $110.2 Million, or

$0.31 per Common Share

Operating Earnings of $0.32 per Common Share

• Announced the acquisition of First Connecticut Bancorp and acquired Vend Lease Company in the quarter.

• Return on average assets of 1.00 percent and return on average tangible common equity of 13.9 percent.

• Efficiency ratio of 58.4 percent, an improvement of 100 basis points linked quarter reflecting continued revenue growth and well-controlled expenses.

• Net interest margin of 3.10 percent, expanded five basis points linked quarter and benefited from an increase in loan yields that continue to outpace the rise in deposit costs.

• Board of Directors declared a common stock dividend for the 100^th consecutive quarter.

BRIDGEPORT, CT., July 19, 2018 – People’s United Financial, Inc. (NASDAQ: PBCT) today reported results for the second quarter 2018. Results for the second quarter and comparison periods are summarized below:

($ in millions, except per common share data)
	As of and for the Three Months Ended
	Jun. 30, 2018			Mar. 31, 2018			Jun. 30, 2017
Net income	$	110.2		$	107.9		$	69.3
Net income available to common shareholders		106.7			104.4			65.8
Per common share		0.31			0.30			0.19
Operating earnings1		109.0			104.4			82.6
Per common share		0.32			0.30			0.24
Net interest income	$	301.2		$	295.8		$	274.9
Net interest margin		3.10	%		3.05	%		2.96	%
Non-interest income		94.9			90.4			91.6
Non-interest expense	$	248.6		$	243.5		$	257.3
Operating non-interest expense1		245.7			243.5			232.5
Efficiency ratio1		58.4	%		59.4	%		58.4	%
Average balances
Loans	$	32,116		$	32,096		$	31,400
Deposits		32,536			32,824			32,024
End of period balances
Loans		32,512			32,104			31,611
Deposits		32,468			32,894			31,815

¹  See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

“Our commitment to enhancing profitability was further demonstrated by reporting another quarter of record net income,” said Jack Barnes, Chairman and Chief Executive Officer. “These results reflect the continued benefits of investments in revenue producing initiatives, sustained excellent asset quality and recent successful acquisitions. Consistent with our strategy of balancing organic growth with thoughtful M&A, we announced

today the all-cash acquisition of Vend Lease, a Baltimore-based equipment finance company established in 1979 that operates primarily in the hospitality industry. Vend Lease shares our client-centric approach, has a highly specialized skill set and is a recognized brand in the markets it serves. The company will become a division of LEAF Commercial Capital, enabling it to leverage LEAF’s leading automation capabilities to further accelerate growth. We are excited about the transaction as it deepens our network of specialty finance experts and bolsters our nationwide businesses.”

“Higher revenues and well-controlled expenses generated a second quarter efficiency ratio of 58.4 percent, an improvement of 100 basis points linked quarter,” said David Rosato, Senior Executive Vice President and Chief Financial Officer. “Revenues of $396 million grew three percent due to increases in both net interest income and non-interest income. Net interest margin of 3.10 percent expanded five basis points and benefited from new business yields exceeding the total portfolio yield for the sixth consecutive quarter and the upward repricing of floating rate loans. Operating expenses of $246 million, which includes $4 million in costs related to ten branch closures, were up only one percent. Loan growth from the end of the first quarter was driven by solid results in middle market C&I, equipment financing and mortgage warehouse lending. These increases were partially offset by the ongoing run-off of the transactional portion of the New York multi-family portfolio. Deposit balances were lower as a result of seasonal declines in our municipal and retail businesses. However, we expect deposits to rebound in the third and fourth quarters in line with historical seasonal trends.”

	As of and for the Three Months Ended
	Jun. 30, 2018			Mar. 31, 2018			Jun. 30, 2017
Asset Quality
Net loan charge-offs to average total loans		0.06	%		0.06	%		0.09	%
Originated non-performing loans as a percentage of originated loans		0.56	%		0.52	%		0.60	%
Returns
Return on average assets1		1.00	%		0.98	%		0.65	%
Return on average tangible common equity1		13.9	%		13.8	%		8.7	%
Capital Ratios
People’s United Financial, Inc.
Tangible common equity / tangible assets		7.3	%		7.3	%		7.5	%
Tier 1 leverage		8.6	%		8.5	%		8.6	%
Common equity tier 1		10.0	%		10.1	%		10.1	%
Tier 1 risk-based		10.8	%		10.8	%		10.9	%
Total risk-based		12.5	%		12.6	%		12.6	%
People’s United Bank, N.A.
Tier 1 leverage		9.1	%		8.6	%		9.0	%
Common equity tier 1		11.4	%		11.0	%		11.3	%
Tier 1 risk-based		11.4	%		11.0	%		11.3	%
Total risk-based		13.4	%		12.9	%		13.3	%

¹  See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.    

The Company’s Board of Directors declared a $0.1750 per common share quarterly dividend payable August 15, 2018 to shareholders of record on August 1, 2018. Based on the closing stock price on July 18, 2018, the dividend yield on People’s United Financial common stock is 3.8 percent.

People’s United Financial, Inc., a diversified financial services company with approximately $45 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.

Page 2

2Q 2018 Financial Highlights

Summary

• Net income totaled $110.2 million, or $0.31 per common share.

• Net income available to common shareholders totaled $106.7 million.

• Operating earnings totaled $109.0 million, or $0.32 per common share (see page 16).

• Net interest income totaled $301.2 million in 2Q18 compared to $295.8 million in 1Q18.

• Net interest margin increased five basis points from 1Q18 to 3.10% reflecting:

• Higher yields on the loan portfolio (increase of 13 basis points).

• Higher yields on the securities portfolio (increase of one basis point).

• Higher rates on deposits and borrowings (decrease of 11 basis points).

• One additional calendar day in 2Q18 (increase of two basis points).

• Provision for loan losses totaled $6.5 million.

• Net loan charge-offs totaled $5.0 million.

• Net loan charge-off ratio of 0.06% in 2Q18.

• Non-interest income totaled $94.9 million in 2Q18 compared to $90.4 million in 1Q18.

• Customer interest rate swap income increased $2.5 million.

• Bank service charges increased $0.5 million.

• Other non-interest income in 2Q18 includes $2.0 million in gains related to certain legacy investments.

• Insurance revenue decreased $1.5 million, reflecting the seasonality of commercial insurance renewals.

• Commercial banking lending fees decreased $1.0 million.

• At June 30, 2018, assets under administration, which are not reported as assets of People’s United Financial, totaled $23.6 billion, of which $9.0 billion are under discretionary management, compared to $23.6 billion and $9.0 billion, respectively, at March 31, 2018.

• Non-interest expense totaled $248.6 million in 2Q18 compared to $243.5 million in 1Q18.

• Operating non-interest expense totaled $245.7 million in 2Q18 (see page 16).

• Compensation and benefits expense decreased $5.7 million, primarily reflecting lower payroll and benefit-related costs in 2Q18.

• Professional and outside services expense, excluding $2.1 million of merger-related expenses in 2Q18, decreased $0.1 million.

• Regulatory assessment expense decreased $0.7 million.

• Other non-interest expense in 2Q18 includes a $4.1 million charge relating to the closing of 10 branches and $0.8 million of merger-related expenses.

• The efficiency ratio was 58.4% for 2Q18 compared to 59.4% for 1Q18 and 58.4% for 2Q17 (see page 16).

• The effective income tax rate was 21.8% for 2Q18 and 21.6% for the first six months of 2018, compared to 27.8% for the full-year of 2017.

• The lower rates in 2018 primarily reflect the benefit from a reduction in the U.S. federal corporate income tax rate from 35% to 21%, effective January 1, 2018.

Page 3

Commercial Banking

• Commercial loans totaled $23.7 billion at June 30, 2018, an increase of $416 million from March 31, 2018.

• The mortgage warehouse portfolio increased $95 million from March 31, 2018.

• The New York multi-family portfolio decreased $79 million from March 31, 2018.

• Equipment financing includes $68 million in loans and leases acquired in connection with the Vend Lease acquisition.

• Average commercial loans totaled $23.3 billion in 2Q18, an increase of $61 million from 1Q18.

• The average mortgage warehouse portfolio increased $150 million from 1Q18.

• The average New York multi-family portfolio decreased $154 million from 1Q18.

• Commercial deposits totaled $11.4 billion at June 30, 2018 compared to $12.0 billion at March 31, 2018.

• The ratio of originated non-performing commercial loans to originated commercial loans was 0.55% at June 30, 2018 compared to 0.49% at March 31, 2018.

• Non-performing commercial assets, excluding acquired non-performing loans, totaled $132.6 million at June 30, 2018 compared to $115.7 million at March 31, 2018.

• For the originated commercial loan portfolio, the allowance for loan losses as a percentage of loans was 0.93% at June 30, 2018 compared to 0.94% at March 31, 2018.

• The originated commercial allowance for loan losses represented 169% of originated non-performing commercial loans at June 30, 2018 compared to 194% at March 31, 2018.

Retail Banking

• Residential mortgage loans totaled $6.9 billion at June 30, 2018, an increase of $32 million from March 31, 2018.

• Average residential mortgage loans totaled $6.8 billion in 2Q18, an increase of $17 million from 1Q18.

• Home equity loans totaled $1.9 billion at March 31, 2018, a decrease of $41 million from March 31, 2018.

• Average home equity loans totaled $1.9 billion in 2Q18, a decrease of $56 million from 1Q18.

• Retail deposits totaled $21.1 billion at June 30, 2018 compared to $20.9 billion at March 31, 2018.

• The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 0.50% at June 30, 2018 compared to 0.54% at March 31, 2018.

• The ratio of originated non-performing home equity loans to originated home equity loans was 0.81% at June 30, 2018 compared to 0.85% at March 31, 2018.

Conference Call

On July 19, 2018, 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.

Page 4

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, international, 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.

INVESTOR CONTACT:

Andrew S. Hersom

Investor Relations

203.338.4581

Andrew.Hersom@peoples.com

MEDIA CONTACT:

Steven Bodakowski

Corporate Communications

203.338.4202

Steven.Bodakowski@peoples.com

Page 5

People’s United Financial, Inc.    

FINANCIAL HIGHLIGHTS    

	Three Months Ended
(dollars in millions, except per common share data)	June 30, 2018			March 31, 2018			Dec. 31, 2017			Sept. 30, 2017			June 30, 2017
Earnings Data:
Net interest income (fully taxable equivalent)	$	307.8		$	302.1		$	304.1		$	295.8		$	285.2
Net interest income		301.2			295.8			292.3			284.6			274.9
Provision for loan losses		6.5			5.4			7.5			7.0			7.1
Non-interest income (1)		94.9			90.4			87.3			89.3			91.6
Non-interest expense (1)		248.6			243.5			239.7			237.1			257.3
Income before income tax expense		141.0			137.3			132.4			129.8			102.1
Net income		110.2			107.9			106.2			90.8			69.3
Net income available to common shareholders (1)		106.7			104.4			102.7			87.3			65.8
Selected Statistical Data:
Net interest margin (2)		3.10	%		3.05	%		3.07	%		3.04	%		2.96	%
Return on average assets (1), (2)		1.00			0.98			0.96			0.84			0.65
Return on average common equity (2)		7.6			7.5			7.4			6.4			4.8
Return on average tangible common equity (1), (2)		13.9			13.8			13.8			11.8			8.7
Efficiency ratio (1)		58.4			59.4			56.1			57.3			58.4
Common Share Data:
Earnings per common share:
Basic	$	0.31		$	0.31		$	0.30		$	0.26		$	0.20
Diluted (1)		0.31			0.30			0.30			0.26			0.19
Dividends paid per common share		0.1750			0.1725			0.1725			0.1725			0.1725
Common dividend payout ratio (1)		56.2	%		56.3	%		57.1	%		66.8	%		88.6	%
Book value per common share (end of period)	$	16.56		$	16.43		$	16.40		$	16.29		$	16.18
Tangible book value per common share (end of period) (1)		9.02			8.93			8.87			8.68			8.99
Stock price:
High		19.37			20.26			19.50			18.26			18.21
Low		18.00			18.18			17.58			15.97			16.44
Close (end of period)		18.09			18.66			18.70			18.14			17.66
Common shares (end of period) (in millions)		341.59			341.01			339.98			337.84			337.51
Weighted average diluted common shares (in millions)		344.47			344.00			341.11			338.82			338.51

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

(2) Annualized.

6

People’s United Financial, Inc.    

FINANCIAL HIGHLIGHTS    

	Six Months Ended
	June 30,
(dollars in millions, except per common share data)	2018			2017
Earnings Data:
Net interest income (fully taxable equivalent)	$	609.9		$	543.3
Net interest income		597.0			523.5
Provision for loan losses		11.9			11.5
Non-interest income		185.3			176.3
Non-interest expense (1)		492.1			483.4
Income before income tax expense		278.3			204.9
Net income		218.1			140.1
Net income available to common shareholders (1)		211.1			133.1
Selected Statistical Data:
Net interest margin (2)		3.07	%		2.90	%
Return on average assets (1), (2)		0.99			0.68
Return on average common equity (2)		7.5			5.1
Return on average tangible common equity (1), (2)		13.9			9.1
Efficiency ratio (1)		58.9			58.9
Common Share Data:
Earnings per common share:
Basic	$	0.62		$	0.42
Diluted (1)		0.61			0.41
Dividends paid per common share		0.3475			0.3425
Common dividend payout ratio (1)		56.2	%		83.4	%
Book value per common share (end of period)	$	16.56		$	16.18
Tangible book value per common share (end of period) (1)		9.02			8.99
Stock price:
High		20.26			19.85
Low		18.00			16.44
Close (end of period)		18.09			17.66
Common shares (end of period) (in millions)		341.59			337.51
Weighted average diluted common shares (in millions)		344.23			324.89

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

(2) Annualized.    

7

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS - Continued

	As of and for the Three Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(dollars in millions)	2018			2018			2017			2017			2017
Financial Condition Data:
Total assets	$	44,575		$	44,101		$	44,453		$	43,998		$	43,023
Loans		32,512			32,104			32,575			32,384			31,611
Securities		7,324			7,173			7,043			6,914			6,880
Short-term investments		253			470			378			303			216
Allowance for loan losses		237			235			234			233			232
Goodwill and other acquisition-related intangible assets		2,574			2,555			2,560			2,568			2,426
Deposits		32,468			32,894			33,056			32,547			31,815
Borrowings		4,639			3,877			4,104			4,144			4,084
Notes and debentures		889			892			902			906			907
Stockholders’ equity		5,900			5,846			5,820			5,746			5,704
Total risk-weighted assets (1):
People’s United Financial, Inc.		33,371			32,833			33,256			33,029			32,095
People’s United Bank, N.A.		33,323			32,784			33,202			32,981			32,050
Non-performing assets (2)		187			174			168			191			198
Net loan charge-offs		5.0			4.5			6.5			5.2			6.8
Average Balances:
Loans	$	32,116		$	32,096		$	32,271		$	31,994		$	31,400
Securities (3)		7,302			7,186			7,023			6,559			6,728
Short-term investments		267			366			361			347			355
Total earning assets		39,685			39,648			39,654			38,900			38,483
Total assets		44,110			44,011			44,039			43,256			42,666
Deposits		32,536			32,824			32,879			32,065			32,024
Borrowings		4,031			3,752			3,836			4,010			3,498
Notes and debentures		890			895			904			909			907
Total funding liabilities		37,456			37,471			37,619			36,984			36,429
Stockholders’ equity		5,870			5,821			5,774			5,722			5,696
Ratios:
Net loan charge-offs to average total loans (annualized)		0.06	%		0.06	%		0.08	%		0.06	%		0.09	%
Non-performing assets to originated loans, real estate owned and repossessed assets (2)		0.62			0.58			0.56			0.64			0.67
Originated allowance for loan losses to:
Originated loans (2)		0.77			0.78			0.77			0.77			0.77
Originated non-performing loans (2)		138.4			149.3			155.2			131.6			128.1
Average stockholders’ equity to average total assets		13.3			13.2			13.1			13.2			13.4
Stockholders’ equity to total assets		13.2			13.3			13.1			13.1			13.3
Tangible common equity to tangible assets (4)		7.3			7.3			7.2			7.1			7.5
Total risk-based capital (1):
People’s United Financial, Inc.		12.5			12.6			12.2			12.0			12.6
People’s United Bank, N.A.		13.4			12.9			12.6			12.6			13.3

(1) June 30, 2018 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.

8

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF CONDITION

(in millions)	June 30, 2018			March 31, 2018			Dec. 31, 2017			June 30, 2017
Assets
Cash and due from banks	$	462.7		$	402.2		$	505.1		$	455.9
Short-term investments		253.1			470.3			377.5			216.3
Securities:
Trading debt securities, at fair value		8.2			8.2			8.2			7.8
Equity securities, at fair value		9.9			9.5			8.7			9.0
Debt securities available-for-sale, at fair value		3,245.1			3,153.8			3,125.3			3,673.3
Debt securities held-to-maturity, at amortized cost		3,718.7			3,696.3			3,588.1			2,875.6
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		342.2			305.2			312.3			314.3
Total securities		7,324.1			7,173.0			7,042.6			6,880.0
Loans held-for-sale		17.1			10.4			16.6			26.5
Loans:
Commercial real estate		10,761.1			10,810.4			11,068.7			11,164.2
Commercial and industrial		8,823.3			8,574.1			8,731.1			8,709.7
Equipment financing		4,103.9			3,887.9			3,905.4			2,918.3
Total Commercial Portfolio		23,688.3			23,272.4			23,705.2			22,792.2
Residential mortgage		6,866.2			6,834.2			6,805.7			6,687.7
Home equity and other consumer		1,957.5			1,997.8			2,064.4			2,131.3
Total Retail Portfolio		8,823.7			8,832.0			8,870.1			8,819.0
Total loans		32,512.0			32,104.4			32,575.3			31,611.2
Less allowance for loan losses		(236.8	)		(235.3	)		(234.4	)		(231.6	)
Total loans, net		32,275.2			31,869.1			32,340.9			31,379.6
Goodwill and other acquisition-related intangible assets		2,573.8			2,554.9			2,560.0			2,426.3
Bank-owned life insurance		407.2			406.0			405.0			404.7
Premises and equipment, net		246.3			250.0			253.0			270.2
Other assets		1,015.0			964.6			952.7			963.7
Total assets	$	44,574.5		$	44,100.5		$	44,453.4		$	43,023.2
Liabilities
Deposits:
Non-interest-bearing	$	8,002.4		$	7,938.6		$	8,002.4		$	7,566.4
Savings		4,184.9			4,442.1			4,410.5			4,668.6
Interest-bearing checking and money market		14,659.4			15,257.6			15,189.1			14,887.0
Time		5,621.5			5,255.5			5,454.3			4,692.7
Total deposits		32,468.2			32,893.8			33,056.3			31,814.7
Borrowings:
Federal Home Loan Bank advances		3,510.1			2,610.7			2,774.4			3,130.8
Federal funds purchased		855.0			805.0			820.0			629.0
Customer repurchase agreements		254.9			265.8			301.6			324.0
Other borrowings		19.1			195.4			207.8			0.6
Total borrowings		4,639.1			3,876.9			4,103.8			4,084.4
Notes and debentures		888.7			891.9			901.6			906.5
Other liabilities		678.3			592.4			571.8			514.1
Total liabilities		38,674.3			38,255.0			38,633.5			37,319.7
Stockholders’ Equity
Preferred stock		244.1			244.1			244.1			244.1
Common stock		4.4			4.4			4.4			4.3
Additional paid-in capital		6,040.3			6,029.0			6,012.3			5,965.0
Retained earnings		1,167.9			1,121.4			1,040.2			967.8
Unallocated common stock of Employee Stock Ownership Plan, at cost		(133.7	)		(135.5	)		(137.3	)		(141.0	)
Accumulated other comprehensive loss		(260.7	)		(255.8	)		(181.7	)		(174.6	)
Treasury stock, at cost		(1,162.1	)		(1,162.1	)		(1,162.1	)		(1,162.1	)
Total stockholders’ equity		5,900.2			5,845.5			5,819.9			5,703.5
Total liabilities and stockholders’ equity	$	44,574.5		$	44,100.5		$	44,453.4		$	43,023.2

9

People’s United Financial, Inc.    

CONSOLIDATED STATEMENTS OF INCOME    

	Three Months Ended
	June 30,		March 31,		Dec. 31,			Sept. 30,		June 30,
(in millions, except per common share data)	2018		2018		2017			2017		2017
Interest and dividend income:
Commercial real estate	$	111.5	$	107.0	$	106.2		$	105.6	$	105.3
Commercial and industrial		90.1		82.3		80.1			80.0		74.1
Equipment financing		50.5		48.9		47.4			41.5		31.5
Residential mortgage		55.3		54.7		53.4			52.5		52.3
Home equity and other consumer		21.4		20.8		20.7			21.0		19.9
Total interest on loans		328.8		313.7		307.8			300.6		283.1
Securities		45.1		44.0		41.6			37.2		37.9
Short-term investments		1.3		1.2		1.0			1.1		0.9
Loans held-for-sale		0.2		0.2		0.2			0.3		0.1
Total interest and dividend income		375.4		359.1		350.6			339.2		322.0
Interest expense:
Deposits		47.3		41.3		38.3			34.4		30.9
Borrowings		18.5		14.2		12.4			12.7		8.9
Notes and debentures		8.4		7.8		7.6			7.5		7.3
Total interest expense		74.2		63.3		58.3			54.6		47.1
Net interest income		301.2		295.8		292.3			284.6		274.9
Provision for loan losses		6.5		5.4		7.5			7.0		7.1
Net interest income after provision for loan losses		294.7		290.4		284.8			277.6		267.8
Non-interest income:
Bank service charges		24.3		23.8		24.7			25.3		25.0
Investment management fees		17.2		17.7		17.3			16.9		16.3
Operating lease income		11.2		10.7		11.7			10.9		11.0
Commercial banking lending fees		9.4		10.4		8.8			7.0		11.5
Insurance revenue		8.3		9.8		6.9			9.7		7.5
Cash management fees		7.0		6.6		6.5			6.8		6.5
Brokerage commissions		3.2		3.1		2.9			2.8		3.4
Customer interest rate swap income, net		4.0		1.5		5.2			1.9		2.4
Net security gains (losses) (1)		—		0.1		(9.8	)		—		0.1
Other non-interest income		10.3		6.7		13.1			8.0		7.9
Total non-interest income		94.9		90.4		87.3			89.3		91.6
Non-interest expense:
Compensation and benefits (2)		135.0		140.7		132.7			129.9		132.1
Occupancy and equipment		40.8		41.2		41.0			40.2		39.8
Professional and outside services		20.6		18.6		18.7			19.2		28.1
Regulatory assessments		9.9		10.6		11.9			10.3		9.9
Operating lease expense		8.7		9.0		8.9			8.8		8.7
Amortization of other acquisition-related intangible assets		4.9		5.1		7.9			7.9		7.9
Other non-interest expense (2)		28.7		18.3		18.6			20.8		30.8
Total non-interest expense (1)		248.6		243.5		239.7			237.1		257.3
Income before income tax expense		141.0		137.3		132.4			129.8		102.1
Income tax expense (1)		30.8		29.4		26.2			39.0		32.8
Net income		110.2		107.9		106.2			90.8		69.3
Preferred stock dividend		3.5		3.5		3.5			3.5		3.5
Net income available to common shareholders	$	106.7	$	104.4	$	102.7		$	87.3	$	65.8
Earnings per common share:
Basic	$	0.31	$	0.31	$	0.30		$	0.26	$	0.20
Diluted		0.31		0.30		0.30			0.26		0.19

(1) Includes $10.0 million of security losses incurred as a tax planning strategy in response to tax reform enacted on December 22, 2017, which are considered non-operating, for the three months ended December 31, 2017. Total non-interest expense includes $2.9 million, $1.6 million, $3.0 million and $24.8 million of non-operating expenses for the three months ended June 30, 2018, December 31, 2017, September 30, 2017 and June 30, 2017, respectively. Income tax expense includes a $6.5 million benefit realized in connection with tax reform, which is considered non-operating, for the three months ended December 31, 2017. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

(2) In accordance with GAAP, effective January 1, 2018, net periodic pension and postretirement benefit costs are reported within other non-interest expense rather than compensation and benefits. Prior period amounts have been reclassified to conform to this presentation.

10

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME

	Six Months Ended June 30,
(in millions, except per common share data)	2018		2017
Interest and dividend income:
Commercial real estate	$	218.5	$	193.9
Commercial and industrial		172.4		138.7
Equipment financing		99.4		63.1
Residential mortgage		110.0		101.6
Home equity and other consumer		42.2		38.3
Total interest on loans		642.5		535.6
Securities		89.1		74.9
Short-term investments		2.5		1.6
Loans held for sale		0.4		0.4
Total interest and dividend income		734.5		612.5
Interest expense:
Deposits		88.6		58.0
Borrowings		32.7		16.2
Notes and debentures		16.2		14.8
Total interest expense		137.5		89.0
Net interest income		597.0		523.5
Provision for loan losses		11.9		11.5
Net interest income after provision for loan losses		585.1		512.0
Non-interest income:
Bank service charges		48.1		48.5
Investment management fees		34.9		32.3
Operating lease income		21.9		21.2
Commercial banking lending fees		19.8		19.7
Insurance revenue		18.1		16.6
Cash management fees		13.6		12.8
Brokerage commissions		6.3		6.4
Customer interest rate swap income, net		5.5		5.2
Net security gains (losses)		0.1		(15.6	)
Other non-interest income		17.0		29.2
Total non-interest income		185.3		176.3
Non-interest expense:
Compensation and benefits (1)		275.7		260.0
Occupancy and equipment		82.0		78.4
Professional and outside services		39.2		43.6
Regulatory assessments		20.5		19.5
Operating lease expense		17.7		17.5
Amortization of other acquisition-related intangible assets		10.0		14.2
Other non-interest expense (1)		47.0		50.2
Total non-interest expense (2)		492.1		483.4
Income before income tax expense		278.3		204.9
Income tax expense		60.2		64.8
Net income		218.1		140.1
Preferred stock dividend		7.0		7.0
Net income available to common shareholders	$	211.1	$	133.1
Earnings per common share:
Basic	$	0.62	$	0.42
Diluted		0.61		0.41

(1) In accordance with GAAP, effective January 1, 2018, net periodic pension and postretirement benefit costs are reported within other non-interest expense rather than compensation and benefits. Prior period amounts have been reclassified to conform to this presentation.

(2) Total non-interest expense includes $2.9 million and $26.0 million of non-operating expenses for the six months ended June 30, 2018 and 2017, 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, 2018							March 31, 2018							June 30, 2017
	Average				Yield/			Average				Yield/			Average				Yield/
Three months ended (dollars in millions)	Balance		Interest		Rate			Balance		Interest		Rate			Balance		Interest		Rate
Assets:
Short-term investments	$	266.7	$	1.3		2.02	%	$	366.4	$	1.2		1.35	%	$	354.8	$	0.9		0.97	%
Securities (2)		7,302.1		49.2		2.69			7,186.1		48.0		2.67			6,727.5		44.6		2.65
Loans:
Commercial real estate		10,802.9		111.5		4.13			10,934.2		107.0		3.91			11,371.4		105.3		3.70
Commercial and industrial		8,558.3		92.6		4.32			8,418.6		84.6		4.02			8,276.1		77.7		3.75
Equipment financing		3,923.6		50.5		5.14			3,870.6		48.9		5.06			2,924.8		31.5		4.31
Residential mortgage		6,853.6		55.5		3.24			6,837.1		54.9		3.21			6,693.3		52.4		3.14
Home equity and other consumer		1,977.6		21.4		4.33			2,035.0		20.8		4.09			2,134.8		19.9		3.73
Total loans		32,116.0		331.5		4.13			32,095.5		316.2		3.94			31,400.4		286.8		3.65
Total earning assets		39,684.8	$	382.0		3.85	%		39,648.0	$	365.4		3.69	%		38,482.7	$	332.3		3.45	%
Other assets		4,425.0							4,363.3							4,183.1
Total assets	$	44,109.8						$	44,011.3						$	42,665.8
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	7,872.7	$	—		—	%	$	7,796.7	$	—		—	%	$	7,399.5	$	—		—	%
Savings, interest-bearing checking and money market		19,220.6		28.2		0.59			19,642.6		24.9		0.51			19,895.8		19.6		0.39
Time		5,442.3		19.1		1.40			5,384.5		16.4		1.22			4,728.7		11.3		0.96
Total deposits		32,535.6		47.3		0.58			32,823.8		41.3		0.50			32,024.0		30.9		0.39
Borrowings:
Federal Home Loan Bank advances		3,009.3		14.8		1.97			2,677.1		10.9		1.63			2,546.6		7.1		1.11
Federal funds purchased		634.5		3.0		1.86			608.3		2.3		1.53			625.2		1.6		1.04
Customer repurchase agreements		228.7		0.1		0.31			262.6		0.1		0.18			313.9		0.1		0.19
Other borrowings		158.5		0.6		1.45			203.7		0.9		1.65			11.8		0.1		1.94
Total borrowings		4,031.0		18.5		1.84			3,751.7		14.2		1.51			3,497.5		8.9		1.02
Notes and debentures		889.6		8.4		3.79			895.2		7.8		3.48			907.2		7.3		3.24
Total funding liabilities		37,456.2	$	74.2		0.79	%		37,470.7	$	63.3		0.68	%		36,428.7	$	47.1		0.52	%
Other liabilities		784.0							720.1							541.0
Total liabilities		38,240.2							38,190.8							36,969.7
Stockholders’ equity		5,869.6							5,820.5							5,696.1
Total liabilities and stockholders’ equity	$	44,109.8						$	44,011.3						$	42,665.8
Net interest income/spread (3)			$	307.8		3.06	%			$	302.1		3.01	%			$	285.2		2.93	%
Net interest margin						3.10	%						3.05	%						2.96	%

(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 $6.6 million, $6.3 million and $10.3 million for the three months ended June 30, 2018, March 31, 2018 and June 30, 2017, respectively.    

12

People’s United Financial, Inc.

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

	June 30, 2018							June 30, 2017
Six months ended (dollars in millions)	Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate
Assets:
Short-term investments	$	316.3	$	2.5		1.63	%	$	362.6	$	1.6		0.89	%
Securities (2)		7,244.4		97.2		2.68			6,779.2		87.8		2.59
Loans:
Commercial real estate		10,868.2		218.5		4.02			10,783.8		193.9		3.60
Commercial and industrial		8,488.8		177.2		4.18			7,996.0		145.6		3.64
Equipment financing		3,897.3		99.4		5.10			2,948.5		63.1		4.28
Residential mortgage		6,845.4		110.4		3.22			6,534.9		102.0		3.12
Home equity and other consumer		2,006.2		42.2		4.20			2,120.2		38.3		3.62
Total loans		32,105.9		647.7		4.03			30,383.4		542.9		3.57
Total earning assets		39,666.6	$	747.4		3.77	%		37,525.2	$	632.3		3.37	%
Other assets		4,394.2							3,972.8
Total assets	$	44,060.8						$	41,498.0
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	7,834.9	$	—		—	%	$	6,919.9	$	—		—	%
Savings, interest-bearing checking and money market		19,430.4		53.1		0.55			19,404.6		36.0		0.37
Time		5,413.6		35.5		1.31			4,654.9		22.0		0.95
Total deposits		32,678.9		88.6		0.54			30,979.4		58.0		0.37
Borrowings:
Federal Home Loan Bank advances		2,844.1		25.7		1.81			2,628.7		12.9		0.98
Federal funds purchased		621.5		5.3		1.70			616.4		2.8		0.91
Customer repurchase agreements		245.5		0.3		0.24			311.7		0.2		0.19
Other borrowings		181.0		1.4		1.57			45.7		0.3		0.79
Total borrowings		3,892.1		32.7		1.68			3,602.5		16.2		0.90
Notes and debentures		892.5		16.2		3.63			936.3		14.8		3.17
Total funding liabilities		37,463.5	$	137.5		0.73	%		35,518.2	$	89.0		0.50	%
Other liabilities		752.1							547.4
Total liabilities		38,215.6							36,065.6
Stockholders’ equity		5,845.2							5,432.4
Total liabilities and stockholders’ equity	$	44,060.8						$	41,498.0
Net interest income/spread (3)			$	609.9		3.04	%			$	543.3		2.87	%
Net interest margin						3.07	%						2.90	%

(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 $12.9 million and $19.8 million for the six months ended June 30, 2018 and 2017, respectively.

13

People’s United Financial, Inc.

Loans acquired in a business combination are initially recorded at fair value with no carryover of an acquired entity’s previous

established allowance for loan losses. Accordingly, 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, 2018			March 31, 2018			Dec. 31, 2017			Sept. 30, 2017			June 30, 2017
Originated non-performing loans:
Commercial:
Commercial real estate	$	20.3		$	21.0		$	23.7		$	36.7		$	42.9
Commercial and industrial		50.1			34.6			32.6			34.9			40.2
Equipment financing		49.2			47.7			44.3			54.1			48.2
Total		119.6			103.3			100.6			125.7			131.3
Retail:
Residential mortgage		33.5			35.4			32.7			33.8			30.8
Home equity		15.1			16.1			15.4			14.8			15.8
Other consumer		—			—			—			—			—
Total		48.6			51.5			48.1			48.6			46.6
Total originated non-performing loans (1)		168.2			154.8			148.7			174.3			177.9
REO:
Commercial		9.3			10.6			9.3			6.3			4.3
Residential		5.8			6.8			7.6			4.7			6.7
Total REO		15.1			17.4			16.9			11.0			11.0
Repossessed assets		3.7			1.8			2.5			5.4			9.2
Total non-performing assets	$	187.0		$	174.0		$	168.1		$	190.7		$	198.1
Acquired non-performing loans (contractual amount)	$	26.7		$	30.1		$	29.7		$	26.6		$	26.4
Originated non-performing loans as a percentage of originated loans		0.56	%		0.52	%		0.49	%		0.59	%		0.60	%
Non-performing assets as a percentage of:
Originated loans, REO and repossessed assets		0.62			0.58			0.56			0.64			0.67
Tangible stockholders’ equity and originated allowance for loan losses		5.25			4.94			4.81			5.60			5.65

(1) Reported net of government guarantees totaling $2.6 million at June 30, 2018, $3.0 million at March 31, 2018, $3.1 million at December 31, 2017, $4.0 million at September 30, 2017 and $4.2 million at June 30, 2017.

14

People’s United Financial, Inc.

PROVISION AND ALLOWANCE FOR LOAN LOSSES

	Three Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(dollars in millions)	2018			2018			2017			2017			2017
Allowance for loan losses on originated loans:
Balance at beginning of period	$	231.3		$	230.8		$	229.2		$	227.9		$	225.0
Charge-offs		(4.7	)		(4.4	)		(6.4	)		(5.8	)		(6.7	)
Recoveries		1.9			1.4			1.2			1.5			1.8
Net loan charge-offs		(2.8	)		(3.0	)		(5.2	)		(4.3	)		(4.9	)
Provision for loan losses		4.3			3.5			6.8			5.6			7.8
Balance at end of period		232.8			231.3			230.8			229.2			227.9
Allowance for loan losses on acquired loans:
Balance at beginning of period		4.0			3.6			4.2			3.7			6.3
Charge-offs		(2.5	)		(1.8	)		(1.5	)		(1.0	)		(1.9	)
Recoveries		0.3			0.3			0.2			0.1			—
Net loan charge-offs		(2.2	)		(1.5	)		(1.3	)		(0.9	)		(1.9	)
Provision for loan losses		2.2			1.9			0.7			1.4			(0.7	)
Balance at end of period		4.0			4.0			3.6			4.2			3.7
Total allowance for loan losses	$	236.8		$	235.3		$	234.4		$	233.4		$	231.6
Originated commercial allowance for loan losses as a percentage of originated commercial loans		0.93	%		0.94	%		0.93	%		0.94	%		0.94	%
Originated retail allowance for loan losses as a percentage of originated retail loans		0.36			0.36			0.35			0.35			0.35
Total originated allowance for loan losses as a percentage of:
Originated loans		0.77			0.78			0.77			0.77			0.77
Originated non-performing loans		138.4			149.3			155.2			131.6			128.1
NET LOAN CHARGE-OFFS (RECOVERIES)
	Three Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(dollars in millions)	2018			2018			2017			2017			2017
Commercial:
Commercial real estate	$	0.7		$	0.5		$	1.5		$	1.5		$	1.2
Commercial and industrial		1.7			1.7			2.1			2.0			1.8
Equipment financing		2.6			1.6			2.0			0.5			2.7
Total		5.0			3.8			5.6			4.0			5.7
Retail:
Residential mortgage		(0.1	)		0.2			0.2			0.1			0.1
Home equity		—			0.4			0.5			0.9			0.7
Other consumer		0.1			0.1			0.2			0.2			0.3
Total		—			0.7			0.9			1.2			1.1
Total net loan charge-offs	$	5.0		$	4.5		$	6.5		$	5.2		$	6.8
Net loan charge-offs to average total loans (annualized)		0.06	%		0.06	%		0.08	%		0.06	%		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 common 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 common 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) (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. Operating earnings per common share (“EPS”) is derived by determining the per common share impact of the respective adjustments to arrive at operating earnings and adding (subtracting) such amounts to (from) diluted EPS, 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 common dividend payout ratio is calculated by dividing common 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 common 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

OPERATING NON-INTEREST EXPENSE AND EFFICIENCY RATIO

	Three Months Ended															Six Months Ended
(dollars in millions)	June 30, 2018			March 31, 2018			Dec. 31, 2017			Sept. 30, 2017			June 30, 2017			June 30, 2018			June 30, 2017
Total non-interest expense	$	248.6		$	243.5		$	239.7		$	237.1		$	257.3		$	492.1		$	483.4
Adjustments to arrive at operating non-interest expense:
Merger-related expenses		(2.9	)		—			(1.6	)		(3.0	)		(24.8	)		(2.9	)		(26.0	)
Total		(2.9	)		—			(1.6	)		(3.0	)		(24.8	)		(2.9	)		(26.0	)
Operating non-interest expense		245.7			243.5			238.1			234.1			232.5			489.2			457.4
Operating lease expense		(8.7	)		(9.0	)		(8.9	)		(8.8	)		(8.7	)		(17.7	)		(17.5	)
Amortization of other acquisition-related intangible assets		(4.9	)		(5.1	)		(7.9	)		(7.9	)		(7.9	)		(10.0	)		(14.2	)
Other (1)		(1.7	)		(1.3	)		(1.4	)		(1.5	)		(0.4	)		(3.0	)		(2.2	)
Total non-interest expense for efficiency ratio	$	230.4		$	228.1		$	219.9		$	215.9		$	215.5		$	458.5		$	423.5
Net interest income (FTE basis)	$	307.8		$	302.1		$	304.1		$	295.8		$	285.2		$	609.9		$	543.3
Total non-interest income		94.9			90.4			87.3			89.3			91.6			185.3			176.3
Total revenues		402.7			392.5			391.4			385.1			376.8			795.2			719.6
Adjustments:
Operating lease expense		(8.7	)		(9.0	)		(8.9	)		(8.8	)		(8.7	)		(17.7	)		(17.5	)
BOLI FTE adjustment		0.4			0.4			0.8			1.2			1.0			0.8			1.4
Net security (gains) losses		—			(0.1	)		9.8			—			(0.1	)		(0.1	)		15.6
Other (2)		—			—			(1.3	)		(0.2	)		—			—			0.2
Total revenues for efficiency ratio	$	394.4		$	383.8		$	391.8		$	377.3		$	369.0		$	778.2		$	719.3
Efficiency ratio		58.4	%		59.4	%		56.1	%		57.3	%		58.4	%		58.9	%		58.9	%

(1) Items classified as “other” and deducted from non-interest expense for purposes of calculating the efficiency ratio include certain franchise taxes and real estate owned expenses.

(2) Items classified as “other” and (deducted from) added to 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 common share data)	June 30, 2018			March 31, 2018			Dec. 31, 2017			Sept. 30, 2017			June 30, 2017			June 30, 2018			June 30, 2017
Net income available to common shareholders	$	106.7		$	104.4		$	102.7		$	87.3		$	65.8		$	211.1		$	133.1
Adjustments to arrive at operating earnings:
Merger-related expenses		2.9			—			1.6			3.0			24.8			2.9			26.0
Security losses associated with tax reform (1)		—			—			10.0			—			—			—			—
Total pre-tax adjustments		2.9			—			11.6			3.0			24.8			2.9			26.0
Tax effect (2)		(0.6	)		—			(9.8	)		(1.0	)		(8.0	)		(0.6	)		(8.4	)
Total adjustments, net of tax		2.3			—			1.8			2.0			16.8			2.3			17.6
Operating earnings	$	109.0		$	104.4		$	104.5		$	89.3		$	82.6		$	213.4		$	150.7
Diluted EPS, as reported	$	0.31		$	0.30		$	0.30		$	0.26		$	0.19		$	0.61		$	0.41
Adjustments to arrive at operating EPS:
Merger-related expenses		0.01			—			0.01			—			0.05			0.01			0.05
Security losses associated with tax reform		—			—			0.02			—			—
Tax benefit associated with tax reform		—			—			(0.02	)		—			—			—			—
Total adjustments per common share		0.01			—			0.01			—			0.05			0.01			0.05
Operating EPS	$	0.32		$	0.30		$	0.31		$	0.26		$	0.24		$	0.62		$	0.46
Average total assets	$	44,110		$	44,011		$	44,039		$	43,256		$	42,666		$	44,061		$	41,498
Operating return on average assets (annualized)		0.99	%		0.95	%		0.95	%		0.83	%		0.77	%		0.97	%		0.73	%

(1) Security losses incurred as a tax planning strategy in response to tax reform enacted on December 22, 2017 are considered non-operating.

(2) Includes a $6.5 million benefit realized in connection with tax reform enacted on December 22, 2017.

OPERATING RETURN ON AVERAGE TANGIBLE COMMON EQUITY    

	Three Months Ended															Six Months Ended
(dollars in millions)	June 30, 2018			March 31, 2018			Dec. 31, 2017			Sept. 30, 2017			June 30, 2017			June 30, 2018			June 30, 2017
Operating earnings	$	109.0		$	104.4		$	104.5		$	89.3		$	82.6		$	213.4		$	150.7
Average stockholders’ equity	$	5,870		$	5,820		$	5,774		$	5,722		$	5,696		$	5,845		$	5,432
Less: Average preferred stock		244			244			244			244			244			244			244
Average common equity		5,626			5,576			5,530			5,478			5,452			5,601			5,188
Less: Average goodwill and average other acquisition-related intangible assets		2,554			2,558			2,564			2,524			2,415			2,556			2,275
Average tangible common equity	$	3,072		$	3,018		$	2,966		$	2,954		$	3,037		$	3,045		$	2,913
Operating return on average tangible common equity (annualized)		14.2	%		13.8	%		14.1	%		12.1	%		10.9	%		14.0	%		10.3	%

18

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

OPERATING COMMON DIVIDEND PAYOUT RATIO

	Three Months Ended															Six Months Ended
(dollars in millions)	June 30, 2018			March 31, 2018			Dec. 31, 2017			Sept. 30, 2017			June 30, 2017			June 30, 2018			June 30, 2017
Common dividends paid	$	59.9		$	58.8		$	58.6		$	58.3		$	58.3		$	118.7		$	111.0
Operating earnings	$	109.0		$	104.4		$	104.5		$	89.3		$	82.6		$	213.4		$	150.7
Operating common dividend payout ratio		55.0	%		56.3	%		56.1	%		65.3	%		70.6	%		55.6	%		73.7	%
TANGIBLE COMMON EQUITY RATIO
(dollars in millions)	June 30, 2018			March 31, 2018			Dec. 31, 2017			Sept. 30, 2017			June 30, 2017
Total stockholders’ equity	$	5,900		$	5,845		$	5,820		$	5,746		$	5,704
Less: Preferred stock		244			244			244			244			244
Common equity		5,656			5,601			5,576			5,502			5,460
Less: Goodwill and other acquisition-related intangible assets		2,574			2,555			2,560			2,568			2,426
Tangible common equity	$	3,082		$	3,046		$	3,016		$	2,934		$	3,034
Total assets	$	44,575		$	44,101		$	44,453		$	43,998		$	43,023
Less: Goodwill and other acquisition-related intangible assets		2,574			2,555			2,560			2,568			2,426
Tangible assets	$	42,001		$	41,546		$	41,893		$	41,430		$	40,597
Tangible common equity ratio		7.3	%		7.3	%		7.2	%		7.1	%		7.5	%
TANGIBLE BOOK VALUE PER COMMON SHARE
(in millions, except per common share data)	June 30, 2018			March 31, 2018			Dec. 31, 2017			Sept. 30, 2017			June 30, 2017
Tangible common equity	$	3,082		$	3,046		$	3,016		$	2,934		$	3,034
Common shares issued		437.06			436.56			435.64			433.59			433.34
Less: Shares classified as treasury shares		89.02			89.02			89.04			89.04			89.04
Unallocated ESOP shares		6.45			6.53			6.62			6.71			6.79
Common shares		341.59			341.01			339.98			337.84			337.51
Tangible book value per common share	$	9.02		$	8.93		$	8.87		$	8.68		$	8.99

19

EX-99.2

Second Quarter 2018 Results July 19, 2018 Exhibit 99.2

Forward-Looking Statement Certain statements contained in this presentation are forward-looking in nature. These include all statements about People's United Financial, Inc. (“People’s United”) 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’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 include, but are not limited to: (1) changes in general, international, 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 does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

1 Net interest income on a fully taxable equivalent basis was $307.8 million, an increase of $6 million or 2%. (Comparisons versus first quarter 2018, unless noted otherwise) Second Quarter 2018 Overview Record Quarterly Net income of $110 million, or $0.31 per Common Share Operating Earnings of $0.32 per Common Share Announced the acquisition of First Connecticut Bancorp and acquired Vend Lease Company in the quarter Net interest income1 of $301 million, an increase of $5 million or 2% Net interest margin of 3.10%, an increase of 5 basis points Average loan balances of $32.1 billion, an increase of $20 million or <1% Period-end balances of $32.5 billion, an increase $408 million or 1% Average deposit balances of $32.5 billion, a decrease of $288 million or 1% Period-end balances of $32.5 billion, a decrease of $426 million or 1% Deposit balances impacted by seasonal declines in the municipal and retail businesses Non-interest income of $95 million, an increase of $5 million or 5% Non-interest expense (ex. merger-related expenses of $3 million) of $246 million, an increase of $2 million or 1% Includes $4 million in costs related to ten branch closures Efficiency ratio of 58.4%, an improvement of 100 basis points Net loan charge-offs of 0.06%, no change from the first quarter

Net Interest Income1 ($ in millions) $295.8 $301.2 1 Net interest income on a fully taxable equivalent basis for 1Q 2018 and 2Q 2018 was $302.1 million and $307.8 million, respectively. +$5.4 or 2% Linked-Quarter Change $12.6 ($5.4) ($4.8) $1.9 $1.1

Net Interest Margin 3.05% 3.10% +5 bps Linked-Quarter Change 13 bps (6 bps) (5 bps) 2 bps 1 bp

Loans $32,116 ($ in millions, average balances) $32,096 Linked-Quarter Change Linked-quarter change: +$20 million or <1% $139 $53 $17 ($131) ($58)

Deposits ($ in millions, average balances) $32,536 $32,824 Linked-Quarter Change Linked-quarter change: ($288 million) or (1%) $76 $58 ($268) ($154)

Non-Interest Income ($ in millions) $90.4 $94.9 ($1.5) $2.5 +$4.5 or 5% Linked-Quarter Change $0.5 $0.4 ($1.0) $3.6

Non-Interest Expense ($ in millions) $248.6 $243.5 Ex. Merger-Related Expenses: +$2.2 or 1% Linked-Quarter Change $2.9 $4.1 ($5.7) $1.6 $2.2

Efficiency Ratio Quarterly Trend Note: The efficiency ratio, beginning with the 1st quarter of 2018 reflects the unfavorable impact of lower FTE adjustments on net interest income due to tax reform.

Asset Quality 1Non-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 Top 50 Banks represents the largest 50 banks by total assets in each respective quarter. 2Ex. acquired loan charge-offs, PBCT’s charge-off ratio was 0.03%, 0.04%, 0.06%, 0.05% & 0.06% in 2Q 2018, 1Q 2018, 4Q 2017, 3Q 2017 & 2Q 2017, respectively PBCT Peer Group (Median) Top 50 Banks (Median) PBCT Peer Group (Median) Top 50 Banks (Median) Non-Performing Assets / Loans & REO (%)1 Net Charge-offs / Average Loans2

Returns Return on Average Assets Return on Average Tangible Common Equity 0.77% 10.9% Returns calculated on an operating basis 2nd quarter 2017 returns were significantly impacted by merger-related expenses of $24.8 million ($16.8 million after-tax).

Capital Ratios Jun. 30, 2017 Sep. 30, 2017 Dec. 31, 2017 Mar. 31, 2018 Jun. 30, 2018 People’s United Financial, Inc. Tang. Com. Equity/Tang. Assets 7.5% 7.1% 7.2% 7.3% 7.3% Tier 1 Leverage 8.6% 8.3% 8.3% 8.5% 8.6% Common Equity Tier 1 10.1% 9.5% 9.7% 10.1% 10.0% Tier 1 Risk-Based 10.9% 10.2% 10.4% 10.8% 10.8% Total Risk-Based 12.6% 12.0% 12.2% 12.6% 12.5% People’s United Bank, N.A. Tier 1 Leverage 9.0% 8.6% 8.5% 8.6% 9.1% Common Equity Tier 1 11.3% 10.6% 10.7% 11.0% 11.4% Tier 1 Risk-Based 11.3% 10.6% 10.7% 11.0% 11.4% Total Risk-Based 13.3% 12.6% 12.6% 12.9% 13.4% Note: Capital ratios beginning March 31, 2018 reflect the reclassification of approximately $38 million from AOCI to retained earnings representing the stranded tax effects arising as a result of the enactment of the Tax Cuts and Jobs Act. The reclassification favorably impacted capital ratios by approximately 11 basis points.

Interest Rate Risk Profile 1Yield 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. Immediate Parallel Shock Est. Change in NII Yield Curve Twist1 Est. Change in NII Jun. 30, 2018 Mar. 31, 2018 Net Interest Income (NII) Sensitivity

Announced in January Update (Includes Vend Lease, Excludes First Connecticut Bancorp) Loans (average & period-end) Growth range: 4% - 6% Growth range: 3% - 5% Deposits (average & period-end) Growth range: 3% - 5% Growth range: 2% - 4% Net Interest Income Growth range: 10% - 12% No change Net Interest Margin 3.05% - 3.15% Assumes two 25bp rate increases in fed funds Includes unfavorable impact of tax reform on the municipal bond & IRB portfolios of approximately 5bps No change Non-Interest Income (Operating) Growth range: 3% - 5% No change Total Expenses (Ex. merger-related expenses) $975 million - $995 million $975 million - $985 million Credit Maintain excellent credit quality Provision in the range of $35 million - $45 million Maintain excellent credit quality Provision in the range of $25 million - $35 million Effective Tax Rate 21% - 23% No change Capital Maintain strong capital levels Common equity tier 1 capital ratio in the range of 9.5% - 10.0% No change Full Year 2018 Goals

Appendix

Loans $21,737 $24,390 $26,592 $29,745 $32,575 $28,411 ($ in millions, end of period balances) State Breakdown $32,512

Deposits $21,751 $22,557 $26,138 $29,861 $33,056 $28,417 ($ in millions, end of period balances) State Breakdown $32,468

Asset Quality Originated Portfolio Coverage Detail as of June 30, 2018 Note – ALLLs: Commercial: $202 million, Retail: $31 million, Total: $233 million. ALLLs / Loans NPLs / Loans ALLLs / NPLs

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