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) April 24, 2020 (April 23, 2020)

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value per share	PBCT	NASDAQ Global Select Market
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share	PBCTP	NASDAQ Global Select Market

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 April 23, 2020, People’s United Financial, Inc. (the “Company”) issued a press release announcing its results of operations for the three-month period ended March 31, 2020. 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 April 23, 2020
	99.2	Investor Presentation dated April 23, 2020
	104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

EXHIBIT INDEX

Exhibit No.		Description	Page
	99.1	Earnings Press Release dated April 23, 2020		99.1-1
	99.2	Investor Presentation dated April 23, 2020		99.2-1
	104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

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: April 24, 2020	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 First Quarter Net Income of $130.4 Million, or $0.30 per Common Share

Operating Earnings of $0.33 per Common Share

• Announced initiatives to support individuals, businesses and communities affected by COVID-19, including $3.5 million in charitable support.

• Accepted approximately 11,000 applications as part of the CARES Act Paycheck Protection Program, of which over 9,600 loans totaling more than $2.1 billion have been submitted to the SBA and approved as of April 21st.

• Sustained excellent asset quality as evidenced by net loan charge-offs to average total loans of 10 basis points and a provision of $33.5 million, which reflects the application of CECL and the impact of COVID-19.

• Successfully completed the core system conversion and full integration for United Bank at the beginning of April.

BRIDGEPORT, CT., April 23, 2020 – People’s United Financial, Inc. (NASDAQ: PBCT) today reported results for the first quarter 2020. These results along with comparison periods are summarized below:

($ in millions, except per common share data)
	Three Months Ended
	Mar. 31, 2020			Dec. 31, 2019			Mar. 31, 2019
Net income	$	130.4		$	137.5		$	114.6
Net income available to common shareholders		126.9			134.0			111.1
Per common share		0.30			0.31			0.30
Operating earnings1		141.1			158.8			123.0
Per common share		0.33			0.37			0.33
Net interest income	$	396.0		$	382.7		$	332.8
Net interest margin		3.12	%		3.14	%		3.20	%
Non-interest income		123.8			124.2			94.6
Operating non-interest income1		123.8			116.6			94.6
Non-interest expense	$	320.1		$	325.7		$	277.2
Operating non-interest expense1		302.2			286.6			262.2
Efficiency ratio		54.0	%		53.7	%		57.3	%
Average balances
Loans	$	43,460		$	42,006		$	35,046
Deposits		44,163			42,195			36,450
Period-end balances
Loans		44,284			43,596			35,515
Deposits		44,741			43,590			36,901

¹  See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13.    

“The nation is facing significant challenges from the spread of COVID-19,” said Jack Barnes, Chairman and Chief Executive Officer. “People’s United is committed to supporting those experiencing hardship due to the pandemic. We are in this together, and difficult times often bring forth the very best in all of us. We have witnessed this each day through the dedication of our employees, including our branch and call center personnel continuing to serve customers despite unprecedented conditions, and our IT group who successfully enabled the majority of our workforce to do their jobs remotely. The Company has always had a long-term view, predicated on a conservative underwriting philosophy, superior service, a diversified business mix and prudent liquidity and capital management,

which has served it well through various operating environments. We are confident this strategy will once again show the strength of the franchise as it plays a critical role in supporting the financial health of individuals, businesses and communities throughout this crisis and beyond.”

“While the economic impact of COVID-19 will have a meaningful effect on results for the remainder of 2020, our first quarter performance marked a strong start to the year,” stated David Rosato, Senior Executive Vice President and Chief Financial Officer. “Operating income of $141 million increased 15 percent from a year ago and generated an operating return on tangible common equity of 13.2 percent. We continued to produce positive operating leverage as evidenced by a 330 basis point improvement year-over-year in the efficiency ratio to 54.0 percent. Total revenues of $520 million were up 22 percent driven by both recent acquisitions and organic growth. Non-interest income had another good quarter primarily due to a $16.9 million gain related to the sale of $492 million of loans held-for-sale previously acquired in the United transaction as well as a continued high-level of customer interest rate swap income. Period-end loans and deposits increased two percent and three percent, respectively, from year-end. Loans benefited from strong results in mortgage warehouse lending and large corporate, partially offset by our planned reduction in residential mortgages. Deposit growth was driven primarily by solid results in both our municipal and commercial businesses and overall deposit costs decreased 11 basis points linked-quarter.”

	As of and for the Three Months Ended
	Mar. 31, 2020			Dec. 31, 2019			Mar. 31, 2019
Asset Quality
Net loan charge-offs to average total loans		0.10	%		0.06	%		0.06	%
Non-performing loans as a percentage of total loans1		0.54	%		0.51	%		0.54	%
Returns
Return on average assets2		0.89	%		0.98	%		0.96	%
Return on average tangible common equity2		11.8	%		12.8	%		13.0	%
Capital Ratios
People’s United Financial, Inc.
Tangible common equity / tangible assets		7.4	%		8.0	%		7.7	%
Tier 1 leverage		8.4	%		9.1	%		8.8	%
Common equity tier 1		9.5	%		10.2	%		10.2	%
Tier 1 risk-based		10.0	%		10.7	%		10.8	%
Total risk-based		11.3	%		12.0	%		12.4	%
People’s United Bank, N.A.
Tier 1 leverage		8.9	%		9.3	%		9.0	%
Common equity tier 1		10.7	%		10.9	%		11.2	%
Tier 1 risk-based		10.7	%		10.9	%		11.2	%
Total risk-based		12.0	%		12.1	%		12.9	%

¹  Ratios for periods prior to January 1, 2020 have been restated to reflect the total loan portfolio (originated & acquired)

²  See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13

During the quarter, the Company repurchased 19.8 million common shares through March 9^th at a total cost of $304 million, completing the common stock repurchase program authorized by the Company’s Board of Directors in 2019. In addition, the Board voted to increase the common stock dividend for the 27^th consecutive year to an annual rate of $0.72 per share. Based on the closing stock price on April 22, 2020, the dividend yield on People’s United Financial common stock is 6.6 percent. The quarterly dividend of $0.18 per share is payable May 15, 2020 to shareholders of record on May 1, 2020.

People’s United Bank, N.A. is a subsidiary of People’s United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with over $60 billion in assets. Founded in 1842, People’s United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to customers nationwide.

2

1Q 2020 Financial Highlights

Summary

• Net income totaled $130.4 million, or $0.30 per common share.

• Net income available to common shareholders totaled $126.9 million.

• Operating earnings totaled $141.1 million, or $0.33 per common share (see page 13).

• Net interest income totaled $396.0 million in 1Q20 compared to $382.7 million in 4Q19.

• Net interest margin decreased two basis points from 4Q19 to 3.12% reflecting:

• Lower rates on deposits (increase of six basis points).

• Lower rates on borrowings (increase of two basis points).

• Lower yields on the loan portfolio (decrease of eight basis points).

• One less calendar day in 1Q20 (decrease of two basis points).

• Provision for credit losses totaled $33.5 million.

• Provision increase of $22.9 million reflects the application of CECL and the impact of COVID-19.

• Net loan charge-offs totaled $10.6 million.

• Net loan charge-off ratio of 0.10% in 1Q20.

• Non-interest income totaled $123.8 million in 1Q20 compared to $124.2 million in 4Q19.

• Insurance revenue increased $3.4 million.

• Investment management fees decreased $1.2 million.

• Bank service charges decreased $0.9 million.

• Commercial banking lending fees decreased $0.8 million.

• Other non-interest income includes net gains on loans held-for-sale of $16.9 million in 1Q20 and a $7.6 million net gain on the sale of eight branches in 4Q19.

• At March 31, 2020, assets under discretionary management totaled $7.8 billion.

• Non-interest expense totaled $320.1 million in 1Q20 compared to $325.7 million in 4Q19.

• Operating non-interest expense totaled $302.2 million in 1Q20 and $286.6 million in 4Q19 (see page 13).

• Compensation and benefits expense, excluding $0.4 million and $7.5 million of merger-related expenses in 1Q20 and 4Q19, respectively, increased $9.6 million, primarily reflecting seasonally higher payroll and benefit-related costs in 1Q20.

• Regulatory assessment expense increased $1.4 million.

• Professional and outside services expense, excluding $15.1 million and $5.6 million of merger-related expenses in 1Q20 and 4Q19, respectively, decreased $0.6 million.

• Other non-interest expense includes merger-related expenses of $1.9 million in 1Q20 and $8.9 million in 4Q19. Also included in 4Q19 is a $16.5 million charge associated with the complete write-down of an intangible asset (see page 13).

• The efficiency ratio was 54.0% for 1Q20 compared to 53.7% for 4Q19 and 57.3% for 1Q19 (see page 13).

• The effective income tax rate was 21.5% for 1Q20 compared to 20.2% for the full-year of 2019.

3

Commercial Banking

• Commercial loans totaled $31.7 billion at March 31, 2020, an increase of $1.0 billion from December 31, 2019.

• The mortgage warehouse portfolio increased $596 million.

• The equipment financing portfolio increased $102 million.

• The New York multifamily portfolio decreased $45 million.

• Average commercial loans totaled $30.5 billion in 1Q20, an increase of $1.1 billion from 4Q19.

• The average equipment financing portfolio increased $131 million.

• The average mortgage warehouse portfolio decreased $227 million.

• The average New York multifamily portfolio decreased $42 million.

• Commercial deposits totaled $17.7 billion at March 31, 2020 compared to $16.6 billion at December 31, 2019.

• The ratio of non-performing commercial loans to commercial loans was 0.48% at March 31, 2020.

• Non-performing commercial assets totaled $163.5 million at March 31, 2020.

• For the commercial loan portfolio, the allowance for credit losses as a percentage of commercial loans was 0.67% at March 31, 2020.

• The commercial allowance for credit losses represented 140% of non-performing commercial loans at March 31, 2020.

Retail Banking

• Residential mortgage loans totaled $10.1 billion at March 31, 2020, a decrease of $236 million from December 31, 2019.

• Average residential mortgage loans totaled $10.2 billion in 1Q20, an increase of $217 million from 4Q19.

• Home equity loans totaled $2.3 billion at March 31, 2020, a decrease of $57 million from December 31, 2019.

• Average home equity loans totaled $2.4 billion in 1Q20, an increase of $108 million from 4Q19.

• Retail deposits totaled $27.0 billion at both March 31, 2020 and December 31, 2019.

• The ratio of non-performing residential mortgage loans to residential mortgage loans was 0.66% at March 31, 2020.

• The ratio of non-performing home equity loans to home equity loans was 0.94% at March 31, 2020.

• For the retail loan portfolio, the allowance for credit losses as a percentage of retail loans was 1.03% at March 31, 2020.

• The retail allowance for credit losses represented 146% of non-performing retail loans at March 31, 2020.

4

Conference Call

On April 23, 2020, 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, 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; (10) changes in regulation resulting from or relating to financial reform legislation; and (11) the COVID-19 pandemic and its effect on the economic and business environment in which we operate. 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

5

People’s United Financial, Inc.    

FINANCIAL HIGHLIGHTS    

	As of and for the Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(dollars in millions, except per common share data)	2020			2019			2019			2019			2019
Earnings Data:
Net interest income (fully taxable equivalent)	$	403.7		$	390.3		$	356.0		$	355.4		$	340.0
Net interest income		396.0			382.7			348.7			348.1			332.8
Provision for credit losses (1)		33.5			7.3			7.8			7.6			5.6
Non-interest income (2)		123.8			124.2			106.0			106.3			94.6
Non-interest expense (2)		320.1			325.7			281.4			278.4			277.2
Income before income tax expense		166.2			173.9			165.5			168.4			144.6
Net income		130.4			137.5			135.1			133.2			114.6
Net income available to common shareholders (2)		126.9			134.0			131.6			129.7			111.1
Selected Statistical Data:
Net interest margin (3)		3.12	%		3.14	%		3.12	%		3.12	%		3.20	%
Return on average assets (2), (3)		0.89			0.98			1.05			1.04			0.96
Return on average common equity (3)		6.7			7.2			7.7			7.7			7.0
Return on average tangible common equity (2), (3)		11.8			12.8			14.0			14.1			13.0
Efficiency ratio (2)		54.0			53.7			56.8			55.8			57.3
Common Share Data:
Earnings per common share:
Basic	$	0.30		$	0.31		$	0.34		$	0.33		$	0.30
Diluted (2)		0.30			0.31			0.33			0.33			0.30
Dividends paid per common share		0.1775			0.1775			0.1775			0.1775			0.1750
Common dividend payout ratio (2)		60.9	%		52.2	%		53.1	%		53.8	%		58.6	%
Book value per common share	$	17.67		$	17.60		$	17.54		$	17.34		$	17.13
Tangible book value per common share (2)		9.96			10.12			9.74			9.51			9.35
Stock price:
High		17.00			17.22			17.10			17.66			18.03
Low		10.40			14.73			13.81			15.24			14.25
Close		11.05			16.90			15.64			16.78			16.44
Common shares oustanding (in millions) (2)		429.38			443.66			398.58			398.34			378.37
Weighted average diluted common shares (in millions)		429.77			424.98			394.45			394.57			374.09

(1) First quarter 2020 provision for credit losses reflects the application of CECL and the impact of COVID-19.    

(2) See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13.    

(3) Annualized.

6

People’s United Financial, Inc.    

FINANCIAL HIGHLIGHTS - Continued    

	As of and for the Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(dollars in millions)	2020			2019			2019			2019			2019
Financial Condition Data:
Total assets	$	60,433		$	58,590		$	52,072		$	51,622		$	48,092
Loans		44,284			43,596			38,781			38,557			35,515
Securities		8,552			7,790			7,135			7,086			7,176
Short-term investments		744			317			158			275			106
Allowance for credit losses (1)		342			247			246			244			241
Goodwill and other acquisition-related intangible assets		3,264			3,275			3,065			3,073			2,897
Deposits		44,741			43,590			38,574			39,467			36,901
Borrowings		5,911			5,155			4,629			3,400			2,860
Notes and debentures		1,013			993			916			912			902
Stockholders’ equity		7,726			7,947			7,131			7,046			6,621
Total risk-weighted assets (2):
People’s United Financial, Inc.		46,414			45,208			39,794			39,026			36,466
People’s United Bank, N.A.		46,403			45,174			39,742			38,976			36,447
Non-performing loans (3)		240			224			176			198			193
Net loan charge-offs		10.6			6.7			5.8			4.5			5.1
Average Balances:
Loans	$	43,460		$	42,006		$	38,317		$	38,229		$	35,046
Securities (4)		8,018			7,372			7,041			7,147			7,311
Short-term investments		290			294			219			214			203
Total earning assets		51,768			49,673			45,577			45,591			42,560
Total assets		58,604			56,130			51,524			51,088			47,800
Deposits		44,163			42,195			38,657			39,211			36,450
Borrowings		4,353			4,146			3,855			3,146			2,937
Notes and debentures		1,000			974			914			904			896
Total funding liabilities		49,515			47,314			43,427			43,261			40,284
Stockholders’ equity		7,804			7,654			7,079			6,978			6,562
Ratios:
Net loan charge-offs to average total loans (annualized)		0.10	%		0.06	%		0.06	%		0.05	%		0.06	%
Non-performing assets to total loans, real estate owned and repossessed assets (1)		0.59			0.57			0.52			0.55			0.59
Allowance for credit losses to (1):
Total loans		0.77			0.57			0.63			0.63			0.68
Non-performing loans		142.2			110.0			139.5			122.9			124.5
Average stockholders’ equity to average total assets		13.3			13.6			13.7			13.7			13.7
Stockholders’ equity to total assets		12.8			13.6			13.7			13.6			13.8
Tangible common equity to tangible assets (5)		7.4			8.0			7.8			7.7			7.7
Total risk-based capital (2):
People’s United Financial, Inc.		11.3			12.0			12.0			12.0			12.4
People’s United Bank, N.A.		12.0			12.1			12.2			12.4			12.9

(1) Allowance for credit losses and asset quality ratios for March 31, 2020 reflect the initial adoption and application of CECL. Ratios for periods prior to January 1, 2020 have been restated to reflect the total loan portfolio (originated and acquired).

(2) March 31, 2020 amounts and ratios are preliminary.

(3) See page 11.

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

(5) See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13.

7

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF CONDITION

	March 31,			Dec. 31,			March 31,
(in millions)	2020			2019			2019
Assets
Cash and due from banks	$	507.6		$	484.2		$	508.5
Short-term investments		744.3			316.8			106.0
Securities:
Trading debt securities, at fair value		—			7.1			8.3
Equity securities, at fair value		6.2			8.2			8.2
Debt securities available-for-sale, at fair value		4,276.6			3,564.3			3,060.0
Debt securities held-to-maturity, at amortized cost		3,861.5			3,869.2			3,823.4
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		407.2			341.1			275.6
Total securities		8,551.5			7,789.9			7,175.5
Loans held-for-sale		19.2			511.3			7.8
Loans:
Commercial real estate		14,651.6			14,762.3			11,591.2
Commercial and industrial		12,045.7			11,041.6			9,354.7
Equipment financing		5,012.7			4,910.4			4,466.1
Total Commercial Portfolio		31,710.0			30,714.3			25,412.0
Residential mortgage		10,081.9			10,318.1			8,163.1
Home equity and other consumer		2,492.1			2,563.7			1,940.1
Total Retail Portfolio		12,574.0			12,881.8			10,103.2
Total loans		44,284.0			43,596.1			35,515.2
Less allowance for credit losses		(341.7	)		(246.6	)		(240.9	)
Total loans, net		43,942.3			43,349.5			35,274.3
Goodwill and other acquisition-related intangible assets		3,264.0			3,274.6			2,896.5
Bank-owned life insurance		707.6			705.0			467.8
Premises and equipment, net		300.8			305.5			255.8
Other assets		2,396.0			1,853.0			1,399.7
Total assets	$	60,433.3		$	58,589.8		$	48,091.9
Liabilities
Deposits:
Non-interest-bearing	$	10,526.0		$	9,803.7		$	8,315.6
Savings		5,136.0			4,987.7			4,159.1
Interest-bearing checking and money market		20,238.9			19,592.6			17,130.0
Time		8,840.2			9,205.5			7,296.2
Total deposits		44,741.1			43,589.5			36,900.9
Borrowings:
Federal Home Loan Bank advances		4,489.7			3,125.4			1,573.2
Federal funds purchased		1,120.0			1,620.0			1,020.0
Customer repurchase agreements		301.1			409.1			264.8
Other borrowings		—			—			1.6
Total borrowings		5,910.8			5,154.5			2,859.6
Notes and debentures		1,012.6			993.1			901.6
Other liabilities		1,043.3			905.5			808.6
Total liabilities		52,707.8			50,642.6			41,470.7
Stockholders’ Equity
Preferred stock		244.1			244.1			244.1
Common stock		5.3			5.3			4.7
Additional paid-in capital		7,644.4			7,639.4			6,558.8
Retained earnings		1,514.5			1,512.8			1,328.6
Unallocated common stock of Employee Stock Ownership Plan, at cost		(121.1	)		(122.9	)		(128.3	)
Accumulated other comprehensive loss		(92.7	)		(166.9	)		(224.6	)
Treasury stock, at cost		(1,469.0	)		(1,164.6	)		(1,162.1	)
Total stockholders’ equity		7,725.5			7,947.2			6,621.2
Total liabilities and stockholders’ equity	$	60,433.3		$	58,589.8		$	48,091.9

8

People’s United Financial, Inc.    

CONSOLIDATED STATEMENTS OF INCOME    

	Three Months Ended
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
(in millions, except per common share data)	2020		2019		2019		2019		2019
Interest and dividend income:
Commercial real estate	$	149.6	$	147.2	$	136.6	$	139.9	$	132.7
Commercial and industrial		106.4		114.9		113.4		111.4		103.9
Equipment financing		68.2		66.7		65.3		62.8		59.0
Residential mortgage		90.4		88.2		84.7		85.5		70.7
Home equity and other consumer		28.0		30.8		24.7		25.7		24.9
Total interest on loans		442.6		447.8		424.7		425.3		391.2
Securities		51.2		47.8		44.7		46.2		47.8
Loans held-for-sale		3.3		0.3		0.2		0.1		0.2
Short-term investments		2.0		1.0		1.3		1.2		1.3
Total interest and dividend income		499.1		496.9		470.9		472.8		440.5
Interest expense:
Deposits		78.9		86.9		92.2		96.6		81.2
Borrowings		15.4		18.5		21.5		19.3		17.7
Notes and debentures		8.8		8.8		8.5		8.8		8.8
Total interest expense		103.1		114.2		122.2		124.7		107.7
Net interest income		396.0		382.7		348.7		348.1		332.8
Provision for credit losses (1)		33.5		7.3		7.8		7.6		5.6
Net interest income after provision for credit losses		362.5		375.4		340.9		340.5		327.2
Non-interest income:
Bank service charges		28.0		28.9		27.0		26.4		25.2
Investment management fees		18.1		19.3		19.9		19.7		19.3
Operating lease income		12.6		12.7		12.9		12.6		12.7
Commercial banking lending fees		12.1		12.9		11.8		10.2		7.8
Insurance revenue		10.9		7.5		10.3		8.7		10.5
Customer interest rate swap income, net		8.8		8.5		5.5		7.3		2.8
Cash management fees		7.4		7.1		7.3		7.2		6.8
Other non-interest income (2)		25.9		27.3		11.3		14.2		9.5
Total non-interest income		123.8		124.2		106.0		106.3		94.6
Non-interest expense:
Compensation and benefits		173.9		171.4		158.1		161.3		155.4
Occupancy and equipment		51.0		52.2		45.0		44.4		44.3
Professional and outside services		38.5		29.6		23.7		24.9		20.0
Amortization of other acquisition-related intangible assets		10.7		9.8		8.0		8.0		6.7
Operating lease expense		9.8		9.6		9.9		9.9		9.4
Regulatory assessments		8.7		7.3		5.3		6.5		7.0
Other non-interest expense		27.5		45.8		31.4		23.4		34.4
Total non-interest expense (2)		320.1		325.7		281.4		278.4		277.2
Income before income tax expense		166.2		173.9		165.5		168.4		144.6
Income tax expense		35.8		36.4		30.4		35.2		30.0
Net income		130.4		137.5		135.1		133.2		114.6
Preferred stock dividend		3.5		3.5		3.5		3.5		3.5
Net income available to common shareholders	$	126.9	$	134.0	$	131.6	$	129.7	$	111.1
Earnings per common share:
Basic	$	0.30	$	0.31	$	0.34	$	0.33	$	0.30
Diluted		0.30		0.31		0.33		0.33		0.30

(1) Provision for credit losses for the three months ended March 31, 2020 reflects the application of CECL and the impact of COVID-19.

(2) Other non-interest income includes $7.6 million of non-operating income for the three months ended December 31, 2019. Total non-interest expense includes $17.9 million, $39.1 million, $5.0 million, $6.5 million and $15.0 million of non-operating expenses for the three months ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, respectively. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13.

9

People’s United Financial, Inc.    

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

	March 31, 2020							December 31, 2019							March 31, 2019
Three months ended	Average				Yield/			Average				Yield/			Average				Yield/
(dollars in millions)	Balance		Interest		Rate			Balance		Interest		Rate			Balance		Interest		Rate
Assets:
Short-term investments	$	289.8	$	2.0		2.70	%	$	294.4	$	1.0		1.39	%	$	202.8	$	1.3		2.60	%
Securities (2)		8,018.0		56.0		2.80			7,372.2		52.6		2.85			7,310.6		52.4		2.87
Loans:
Commercial real estate		14,715.3		149.6		4.07			13,793.2		147.2		4.27			11,588.3		132.7		4.58
Commercial and industrial		10,866.6		109.8		4.04			10,805.1		117.7		4.36			8,974.0		106.5		4.74
Equipment financing		4,915.6		68.2		5.55			4,785.0		66.7		5.58			4,357.7		59.0		5.42
Residential mortgage		10,236.3		90.5		3.54			10,019.0		88.5		3.53			8,153.6		70.9		3.48
Home equity and other consumer		2,726.1		30.7		4.51			2,603.8		30.8		4.72			1,972.9		24.9		5.05
Total loans		43,459.9		448.8		4.13			42,006.1		450.9		4.29			35,046.5		394.0		4.50
Total earning assets		51,767.7	$	506.8		3.92	%		49,672.7	$	504.5		4.06	%		42,559.9	$	447.7		4.21	%
Other assets		6,836.0							6,457.2							5,240.3
Total assets	$	58,603.7						$	56,129.9						$	47,800.2
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	10,077.8	$	—		—	%	$	9,593.6	$	—		—	%	$	8,301.3	$	—		—	%
Savings, interest-bearing checking and money market		24,940.7		44.1		0.71			23,674.3		49.7		0.84			21,018.0		48.8		0.93
Time		9,144.6		34.8		1.52			8,926.8		37.2		1.67			7,130.8		32.4		1.82
Total deposits		44,163.1		78.9		0.71			42,194.7		86.9		0.82			36,450.1		81.2		0.89
Borrowings:
Federal Home Loan Bank advances		2,430.6		9.8		1.61			2,287.7		11.4		1.99			1,890.1		12.4		2.64
Federal funds purchased		1,593.9		5.1		1.28			1,489.3		6.4		1.73			751.9		4.7		2.52
Customer repurchase agreements		328.0		0.5		0.67			369.2		0.7		0.73			286.2		0.5		0.65
Other borrowings		—		—		—			—		—		—			9.0		0.1		2.43
Total borrowings		4,352.5		15.4		1.42			4,146.2		18.5		1.78			2,937.2		17.7		2.41
Notes and debentures		999.5		8.8		3.51			973.5		8.8		3.61			896.3		8.8		3.93
Total funding liabilities		49,515.1	$	103.1		0.83	%		47,314.4	$	114.2		0.96	%		40,283.6	$	107.7		1.07	%
Other liabilities		1,284.3							1,161.3							954.3
Total liabilities		50,799.4							48,475.7							41,237.9
Stockholders’ equity		7,804.3							7,654.2							6,562.3
Total liabilities and stockholders’ equity	$	58,603.7						$	56,129.9						$	47,800.2
Net interest income/spread (3)			$	403.7		3.09	%			$	390.3		3.10	%			$	340.0		3.14	%
Net interest margin						3.12	%						3.14	%						3.20	%

(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 $7.7 million, $7.6 million and $7.2 million for the three months ended March 31, 2020, December 31, 2019 and March 31, 2019, respectively.

10

People’s United Financial, Inc.    

As a result of People’s United Financial’s adoption of CECL effective January 1, 2020, the distinction between the originated and acquired loan portfolios is no longer necessary.    

NON-PERFORMING ASSETS    

	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(dollars in millions)	2020			2019			2019			2019			2019
Non-performing loans:
Commercial:
Commercial real estate	$	53.5		$	29.8		$	25.1		$	23.2		$	33.6
Commercial and industrial		55.6			32.1			37.7			45.4			30.3
Equipment financing		42.5			46.2			41.5			42.7			37.5
Total Commercial		151.6			108.1			104.3			111.3			101.4
Retail:
Residential mortgage		66.6			36.3			36.6			38.4			35.4
Home equity		22.1			12.6			14.3			14.7			14.1
Other consumer		0.1			—			0.1			—			—
Total Retail		88.8			48.9			51.0			53.1			49.5
Subtotal		240.4			157.0			155.3			164.4			150.9
Acquired non-performing loans (contractual amount)		—			67.1			21.1			34.1			42.6
Total non-performing loans (1), (2)	$	240.4		$	224.1		$	176.4		$	198.5		$	193.5
REO:
Residential	$	9.5		$	11.9		$	12.3		$	8.1		$	6.9
Commercial		7.3			7.3			7.7			0.6			4.1
Total REO	$	16.8		$	19.2		$	20.0		$	8.7		$	11.0
Repossessed assets	$	4.6		$	4.2		$	6.3		$	5.7		$	5.6
Total non-performing assets (2)	$	261.8		$	247.5		$	202.7		$	212.9		$	210.1
Non-performing loans as a percentage of total loans (3)		0.54	%		0.51	%		0.45	%		0.51	%		0.54	%
Non-performing assets as a percentage of (3):
Total loans, REO and repossessed assets		0.59			0.57			0.52			0.55			0.59
Tangible stockholders’ equity and allowance for credit losses		5.45			5.03			4.70			5.05			5.30

(1) Reported net of government guarantees totaling $1.2 million at March 31, 2020, $1.3 million at December 31, 2019, $1.4 million at September 30, 2019, $1.6 million at June 30, 2019 and $1.4 million at March 31, 2019.

(2) Total non-performing loans and non-performing assets for periods prior to January 1, 2020 have been restated to include acquired loans.

(3) Ratios for periods prior to January 1, 2020 have been restated to reflect the total loan portfolio (originated and acquired).

11

People’s United Financial, Inc.    

PROVISION AND ALLOWANCE FOR CREDIT LOSSES    

	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(dollars in millions)	2020			2019			2019			2019			2019
Allowance for credit losses:
Balance at beginning of period (1)	$	246.6		$	242.3		$	240.1		$	236.9		$	236.3
Charge-offs (1)		(12.6	)		(7.2	)		(6.8	)		(4.4	)		(5.6	)
Recoveries (1)		2.0			1.6			2.1			2.2			2.2
Net loan charge-offs (1)		(10.6	)		(5.6	)		(4.7	)		(2.2	)		(3.4	)
Provision for credit losses (1)		33.5			8.8			6.9			5.4			4.0
CECL transition adjustment		72.2			N/A			N/A			N/A			N/A
Balance at end of period (1)		341.7			245.5			242.3			240.1			236.9
Allowance for credit losses on acquired loans:
Balance at beginning of period		N/A			3.7			3.9			4.0			4.1
Charge-offs		N/A			(1.3	)		(1.4	)		(2.9	)		(1.9	)
Recoveries		N/A			0.2			0.3			0.6			0.2
Net loan charge-offs		N/A			(1.1	)		(1.1	)		(2.3	)		(1.7	)
Provision for loan losses		N/A			(1.5	)		0.9			2.2			1.6
Balance at end of period		N/A			1.1			3.7			3.9			4.0
Total allowance for credit losses	$	341.7		$	246.6		$	246.0		$	244.0		$	240.9
Allowance for credit losses as a percentage of (2):
Total loans		0.77	%		0.57	%		0.63	%		0.63	%		0.68	%
Non-performing loans		142.2			110.0			139.5			122.9			124.5

N/A - not applicable    

(1) Amounts for periods prior to January 1, 2020 reflect only the originated loan portfolio.    

(2) Ratios for periods prior to January 1, 2020 have been restated to reflect the total loan portfolio (originated and acquired).

NET LOAN CHARGE-OFFS (RECOVERIES)    

	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(dollars in millions)	2020			2019			2019			2019			2019
Commercial:
Commercial real estate	$	3.4		$	(0.1	)	$	(0.2	)	$	0.1		$	1.1
Commercial and industrial		1.0			2.3			1.6			0.2			1.7
Equipment financing		3.9			4.2			4.2			3.9			2.2
Total		8.3			6.4			5.6			4.2			5.0
Retail:
Residential mortgage		0.8			(0.2	)		—			0.1			0.1
Home equity		0.1			0.3			—			—			(0.2	)
Other consumer		1.4			0.2			0.2			0.2			0.2
Total		2.3			0.3			0.2			0.3			0.1
Total net loan charge-offs	$	10.6		$	6.7		$	5.8		$	4.5		$	5.1
Net loan charge-offs to average total loans (annualized)		0.10	%		0.06	%		0.06	%		0.05	%		0.06	%

12

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.

13

People’s United Financial, Inc.    

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued    

OPERATING NON-INTEREST EXPENSE AND EFFICIENCY RATIO    

	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(dollars in millions)	2020			2019			2019			2019			2019
Total non-interest expense	$	320.1		$	325.7		$	281.4		$	278.4		$	277.2
Adjustments to arrive at operating non-interest expense:
Merger-related expenses		(17.9	)		(22.6	)		(5.0	)		(6.5	)		(15.0	)
Intangible asset write-down		—			(16.5	)		—			—			—
Total		(17.9	)		(39.1	)		(5.0	)		(6.5	)		(15.0	)
Operating non-interest expense		302.2			286.6			276.4			271.9			262.2
Adjustments:
Amortization of other acquisition-related intangible assets		(10.7	)		(9.8	)		(8.0	)		(8.0	)		(6.7	)
Operating lease expense		(9.8	)		(9.6	)		(9.9	)		(9.9	)		(9.4	)
Other (1)		(1.9	)		(1.6	)		(1.4	)		(1.4	)		(1.8	)
Total non-interest expense for efficiency ratio	$	279.8		$	265.6		$	257.1		$	252.6		$	244.3
Net interest income (FTE basis)	$	403.7		$	390.3		$	356.0		$	355.4		$	340.0
Total non-interest income		123.8			124.2			106.0			106.3			94.6
Total revenues		527.5			514.5			462.0			461.7			434.6
Adjustments:
Operating lease expense		(9.8	)		(9.6	)		(9.9	)		(9.9	)		(9.4	)
BOLI FTE adjustment		0.8			0.7			0.5			0.7			0.6
Gain on sale of branches, net of expenses		—			(7.6	)		—			—			—
Net security gains		—			(0.1	)		—			(0.1	)		—
Other (2)		(0.3	)		(3.2	)		0.1			—			0.3
Total revenues for efficiency ratio	$	518.2		$	494.7		$	452.7		$	452.4		$	426.1
Efficiency ratio		54.0	%		53.7	%		56.8	%		55.8	%		57.3	%

(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/losses associated with the sale of branch locations.

14

People’s United Financial, Inc.    

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued    

OPERATING EARNINGS    

	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(dollars in millions, except per common share data)	2020			2019			2019			2019			2019
Net income available to common shareholders	$	126.9		$	134.0		$	131.6		$	129.7		$	111.1
Adjustments to arrive at operating earnings:
Merger-related expenses		17.9			22.6			5.0			6.5			15.0
Intangible asset write-down		—			16.5			—			—			—
Gain on sale of branches, net of expenses		—			(7.6	)		—			—			—
Total pre-tax adjustments		17.9			31.5			5.0			6.5			15.0
Tax effect		(3.7	)		(6.7	)		(1.1	)		(1.4	)		(3.1	)
Total adjustments, net of tax		14.2			24.8			3.9			5.1			11.9
Operating earnings	$	141.1		$	158.8		$	135.5		$	134.8		$	123.0
Diluted EPS, as reported	$	0.30		$	0.31		$	0.33		$	0.33		$	0.30
Adjustments to arrive at operating EPS:
Merger-related expenses		0.03			0.04			0.01			0.01			0.03
Intangible asset write-down		—			0.03			—			—			—
Gain on sale of branches, net of expenses		—			(0.01	)		—			—			—
Total adjustments per common share		0.03			0.06			0.01			0.01			0.03
Operating EPS	$	0.33		$	0.37		$	0.34		$	0.34		$	0.33
Average total assets	$	58,604		$	56,130		$	51,524		$	51,088		$	47,800
Operating return on average assets (annualized)		0.96	%		1.13	%		1.05	%		1.06	%		1.03	%
OPERATING RETURN ON AVERAGE TANGIBLE COMMON EQUITY
	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(dollars in millions)	2020			2019			2019			2019			2019
Operating earnings	$	141.1		$	158.8		$	135.5		$	134.8		$	123.0
Average stockholders’ equity	$	7,804		$	7,654		$	7,079		$	6,978		$	6,562
Less: Average preferred stock		244			244			244			244			244
Average common equity		7,560			7,410			6,835			6,734			6,318
Less: Average goodwill and average other acquisition-related intangible assets		3,269			3,226			3,069			3,043			2,900
Average tangible common equity	$	4,291		$	4,184		$	3,766		$	3,691		$	3,418
Operating return on average tangible common equity (annualized)		13.2	%		15.2	%		14.4	%		14.6	%		14.4	%

15

People’s United Financial, Inc.    

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued    

OPERATING COMMON DIVIDEND PAYOUT RATIO    

	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(dollars in millions)	2020			2019			2019			2019			2019
Common dividends paid	$	77.3		$	69.9		$	69.9		$	69.8		$	65.2
Operating earnings	$	141.1		$	158.8		$	135.5		$	134.8		$	123.0
Operating common dividend payout ratio		54.8	%		44.0	%		51.6	%		51.8	%		53.0	%
TANGIBLE COMMON EQUITY RATIO
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(dollars in millions)	2020			2019			2019			2019			2019
Total stockholders’ equity	$	7,726		$	7,947		$	7,131		$	7,046		$	6,621
Less: Preferred stock		244			244			244			244			244
Common equity		7,481			7,703			6,887			6,802			6,377
Less: Goodwill and other acquisition-related intangible assets		3,264			3,275			3,065			3,073			2,896
Tangible common equity	$	4,217		$	4,428		$	3,822		$	3,730		$	3,481
Total assets	$	60,433		$	58,590		$	52,072		$	51,622		$	48,092
Less: Goodwill and other acquisition-related intangible assets		3,264			3,275			3,065			3,073			2,896
Tangible assets	$	57,169		$	55,315		$	49,007		$	48,549		$	45,196
Tangible common equity ratio		7.4	%		8.0	%		7.8	%		7.7	%		7.7	%
TANGIBLE BOOK VALUE PER COMMON SHARE
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(in millions, except per common share data)	2020			2019			2019			2019			2019
Tangible common equity	$	4,217		$	4,428		$	3,822		$	3,730		$	3,481
Common shares issued		533.26			532.83			487.59			487.35			467.38
Less: Shares classified as treasury shares		103.88			89.17			89.01			89.01			89.01
Common shares oustanding		429.38			443.66			398.58			398.34			378.37
Less: Unallocated ESOP shares		5.87			5.92			6.01			6.10			6.19
Common shares		423.51			437.74			392.57			392.24			372.18
Tangible book value per common share	$	9.96		$	10.12		$	9.74		$	9.51		$	9.35

16

EX-99.2

First Quarter 2020 Results April 23, 2020 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; (10) changes in regulation resulting from or relating to financial reform legislation; and (11) the COVID-19 pandemic and its effect on the economic and business environments in which we operate. 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.

Response to COVID-19 Supporting Our Customers Waiving certain fees on case-by-case basis Offering loan forbearance Granted forbearance on 7,654 loans1 Commercial: 1,280 Equipment finance: 4,244 Retail: 2,130 Participating in the CARES Act Paycheck Protection Program (PPP) Over 9,600 loans totaling more than $2.1 billion submitted to the SBA and approved1 Providing individualized support for customers with consumer and business loans Issuing a 90-day foreclosure moratorium on eligible consumer residential loans Postponed planned fee changes previously scheduled for April 1st Caring For Our Communities Engaging with community organizations and government officials to ensure coordinated approach to relief efforts Distributing, through the Bank and its charitable foundations, funding for COVID-19 relief efforts. Granted more than $3.5 million in support Providing monetary support to response funds and non-profits that are meeting the basic needs of vulnerable populations, including low-income residents, first responders, healthcare workers, and small businesses Donated more than 1,000 N95 face masks to local hospitals in need Protecting Our Employees Instituted a Company-wide prevention and social distancing policy Reduced branch hours and implemented appointment only banking to reduce potential spread of COVID-19 Enabled non-branch employees to work from home Providing additional paid-time-off for front line employees and those in positions where telecommuting is not possible Covering 100% of the cost for COVID-19 testing and related treatment for employees and dependents covered under the Company’s health plan Enhanced cleaning of facilities 1 As of April 21, 2020

1 Net interest income on a fully taxable equivalent basis was $404 million, an increase of $13 million or 3%. Note: acquisition of United Financial closed on Nov. 1, 2019. 1Q 2020 includes a full quarter of United’s results. First Quarter 2020 Overview Net income of $130.4 million, or $0.30 per Common Share Operating Earnings of $0.33 per Common Share Net interest income1 of $396 million, an increase of $13 million or 3% Net interest margin of 3.12%, a decrease of 2 basis points Average loans of $43.5 billion, an increase of $1.5 billion or 3% Period-end loans of $44.3 billion, an increase of $688 million or 2% Average deposits of $44.2 billion, an increase of $2.0 billion or 5% Period-end deposits of $44.7 billion, an increase of $1.2 billion or 3% Non-interest income of $124 million, a decrease of <$ 1 million or <1% On an operating basis, non-interest income increased $7 million or 6% Non-interest expense of $320 million, a decrease of $6 million or 2% On an operating basis, non-interest expense increased $16 million or 5% Efficiency ratio of 54.0%, an increase of 30 basis points Compared to the prior year quarter, the efficiency ratio improved 330 basis points Net loan charge-offs of 0.10%, an increase of 4 basis points Provision of $33.5 million, reflecting the application of CECL and the impact of COVID-19 (Comparisons versus fourth quarter 2019, unless noted otherwise)

c 0.16% PBCT Median, excluding PBCT = 0.53% Source: SNL Financial Average Annual Net Charge-Offs / Average Loans Peer Group Comparison (2008-2019) Loans: Long History of Exceptional Asset Quality Franchise-wide focus on sustaining exceptional asset quality As we have grown People’s United, our conservative and well-defined underwriting approach has not changed Average tenure of our senior credit officers is over 30 years High quality, cycle-tested customer base Our local market expertise helps to identify and develop long-term relationships with highly coveted, strong business owners/operators Many of our customers were with People’s United during the financial crisis. Average tenure of our top 25 largest relationships is over 17 years Driven by our unwavering commitment to sustaining exceptional asset quality, regardless of the credit environment, People’s United entered the COVID-19 crisis in a position of strength

c Home Equity Loans 10% Other 6% Packaging 2% Manufacturing 7% Wholesale Trade 5% Hospitality & Entertainment 7% Health Services 5% Other 7% Transportation/Utility 3% (At March 31, 2020, end of period balances) Residential (Multi-Family) 35% Retail 26% Office Buildings 17% Other 6% Health Care 4% Industrial / Manufacturing 5% Finance & Insurance 26% Service 17% Manufacturing 10% Wholesale Trade 11% Retail Trade 6% Transportation / Utility 24% Construction 14% Rental & Leasing 11% Service 14% RE, Rental & Leasing 9% Commercial Real Estate: $14.7 billion Commercial & Industrial: $12.0 billion Equipment Financing: $5.0 billion Residential Mortgage: $10.1 billion Home Equity & Other Consumer: $2.5 billion Health Services 9% Other 6% Originated weighted average FICO score – 1Q 2020 Residential mortgage: 757 Home equity: 770 Originated weighted average LTV – 1Q 2020 Residential mortgage: 68% Home equity: 60% 58% of home equity originations during past 3 years in first lien position Fixed Rate 32% Adjustable Rate 68% Commercial Retail Home Equity Lines of Credit 84% Printing 4% Waste Management 4% Retail Trade 3% Loans: Diversified Portfolio Construction 3%

c Loans: Exposure to Sectors Significantly Impacted by COVID-19 (Data as of March 31, 2020, end of period balances) Hospitality: $1.0 billion Majority of the portfolio is flagged by major hotel brands Most of the properties in the hotel portfolio are managed/owned by operators in this space as their primary business Portfolio is primarily located in the main cities within our footprint: e.g. NYC, Boston, Portsmouth, Burlington Top 10 clients account for over 70% of Commercial Real Estate hotel exposure. Each cycle-tested and have extensive hotel experience Restaurants: $540 million Half of the portfolio is managed in the Franchise Finance specialized industry vertical within C&I Traditional C&I manages 35% of restaurant exposure Equipment Finance manages 15% of restaurant exposure Nearly half of total restaurant exposure is quick service restaurants, which have experienced a lesser degree of disruption Retail: $4.7 billion No material exposure to enclosed retail malls More than half of total retail exposure is grocery anchored, pharmacy, big box home improvement and gas stations / convenience stores Airlines, Cruise Lines, Casinos, Energy, Student Loans, Auto Lending, Consumer Credit Cards: immaterial or no exposure

Adoption & Application of CECL Day 1 - Adoption of CECL effective January 1, 2020 increased the ACL by $72.2 million, or 29%, and the reserve for unfunded commitments by $14.5 million Due to CECL: PCD loans that meet the definition of nonperforming are now included in nonperforming disclosures resulting in a $67 million increase in reported NPLs in 1Q 2020 All loans (originated and acquired) are now included in reported credit quality ratios (pro-forma comparable ACL/Loans coverage ratio at 12/31/19 = 57 bps) Day 2 - Application of CECL for the quarter ended March 31, 2020 further increased the ACL by $22.9 million, or 9% 1 MWL = Mortgage Warehouse Lending and ABL = Asset Based Lending, included in C&I portfolio segment prior to January 1, 2020. ------- Reserve Build ------- Allowance for Credit Losses (ACL) ($ in millions)

Adoption & Application of CECL Key drivers underlying the 1Q 2020 ACL: Quantitative modeling reflects a Baseline economic forecast as of late March and is reflective of a “U” shaped recovery in the second half of 2020 Forecast is inclusive of COVID-19 pandemic and government response at that time Reasonable & supportable forecast period: 2 years 1-year straight-line reversion to historical losses Regulatory capital: elected to delay the impact of the transition for 2 years (phased in over 3 years beginning in 2022) 1 MWL = Mortgage Warehouse Lending and ABL = Asset Based Lending. Allowance for Credit Losses (ACL) ($ in millions, at March 31, 2020)

Net Interest Income1 ($ in millions) $382.7 $396.0 1 Net interest income on a fully taxable equivalent basis for 4Q 2019 and 1Q 2020 was $390.3 million and $403.7 million, respectively. +$13.3 or 3% Linked-Quarter Change $6.9 $4.4 $2.8 $1.4 ($2.2)

Net Interest Margin 3.14% 3.12% (2) bps Linked-Quarter Change 6 bps 2 bps (8 bps) (2 bps)

Loans: Average Balances $43,460 ($ in millions) $42,006 Linked-Quarter Change Linked-quarter change +$1.454 billion or 3% $922 $217 $131 $122 $62

Funding & Liquidity ($ in millions) $44,163 $42,195 Linked-quarter change +$1.968 billion or 5% $1,159 $483 $218 $108 Average Deposits Linked-Quarter Change Strong funding and liquidity profile Secured borrowing capacity1 Federal Home Loan Bank:$4,184 Unpledged Securities:$3,800 Total Capacity: $7,984 Since the end of the first quarter 2020, deposit balances have increased $2.61 billion1 1 As of April 20, 2020

Non-Interest Income ($ in millions) $124.2 $123.8 ($0.4) or <(1%) Linked-Quarter Change 1 Non-operating represents a 4Q 2019 gain, net of expenses, on the sale of eight branches in central Maine. 2 Net gains on sales of loans is primarily driven by the 1Q 2020 sale of loans held-for-sale previously acquired in the United Financial transaction. 1 $15.3 $3.4 ($0.9) ($0.8) ($7.6) ($1.2) ($8.9) 2 $0.3

Non-Interest Expense ($ in millions) $320.1 $325.7 Ex. Non-Operating Expenses: +$15.6 or 5% Linked-Quarter Change 1 1 Non-operating expenses include: - Merger-related costs in 4Q 2019 and 1Q 2020 of $22.6 million and $17.9 million, respectively. - Intangible asset write-off in 4Q 2019 of $16.5 million related to the liquidation of the Company’s public mutual funds. ($21.2) $1.4 $0.9 ($1.1) $9.6 $4.8

Efficiency Ratio Quarterly Trend

Asset Quality 1 PBCT ratios for periods prior to January 1, 2020 have been restated to reflect the total loan portfolio (originated & acquired) Notes: Source: SNL Financial Top 50 Banks represents the largest 50 banks by total assets in each respective quarter. 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 Loans

Returns Return on Average Assets Return on Average Tangible Common Equity Returns calculated on an operating basis 14.4% 1.03% 14.6% 1.06% 14.4% 1.13% 15.2% 13.2% 0.96%

Capital Ratios Mar. 31, 2019 Jun. 30, 2019 Sep. 30, 2019 Dec. 31, 2019 Mar. 31, 2020 People’s United Financial, Inc. Tang. Com. Equity/Tang. Assets 7.7% 7.7% 7.8% 8.0% 7.4% Tier 1 Leverage 8.8% 8.7% 8.7% 9.1%1 8.4% Common Equity Tier 1 10.2% 10.1% 10.1% 10.2% 9.5% Tier 1 Risk-Based 10.8% 10.7% 10.7% 10.7% 10.0% Total Risk-Based 12.4% 12.0% 12.0% 12.0% 11.3% People’s United Bank, N.A. Tier 1 Leverage 9.0% 8.9% 8.8% 9.3%1 8.9% Common Equity Tier 1 11.2% 11.0% 10.8% 10.9% 10.7% Tier 1 Risk-Based 11.2% 11.0% 10.8% 10.9% 10.7% Total Risk-Based 12.9% 12.4% 12.2% 12.1% 12.0% 1 Adjusting for a full quarter of United assets, the pro forma Tier 1 Leverage Ratio at December 31, 2019 is 8.9%.

Appendix

Response to COVID-19 (Data as of April 21, 2020; $ in millions) Loan Forbearance By Business Segment Loan Forbearance By Commercial Property Type / Industry

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 Mar. 31, 2020 Dec. 31, 2019 Net Interest Income (NII) Sensitivity

Loans By State $26,592 $29,745 $32,575 $28,411 ($ in millions, end of period balances) Breakdown $35,241 $43,596 $44,284

Deposits By State $26,138 $29,861 $33,056 $28,417 ($ in millions, end of period balances) Breakdown $36,159 $43,590 $44,741

Peer Group Firm Ticker City State 1 Associated Banc-Corp ASB Green Bay WI 2 BankUnited Inc. BKU Miami Lakes FL 3 Citizens Financial Group, Inc. CFG Providence RI 4 Comerica Inc. CMA Dallas TX 5 First Horizon National Corp. FHN Memphis TN 6 F.N.B. Corp. FNB Pittsburgh PA 7 Huntington Bancshares, Inc. HBAN Columbus OH 8 KeyCorp KEY Cleveland OH 9 M&T Bank Corp. MTB Buffalo NY 10 New York Community Bancorp NYCB Westbury NY 11 Signature Bank SBNY New York NY 12 Sterling Bancorp STL Montebello NY 13 Valley National Bancorp VLY Wayne NJ 14 Webster Financial Corp. WBS Waterbury CT 15 Zions Bancorp. ZION Salt Lake City UT

For more information, investors may contact: Andrew S. Hersom (203) 338-4581 andrew.hersom@peoples.com

XML

Document and Entity Information	Apr. 23, 2020
Document And Entity Information [Line Items]
Entity Registrant Name	People's United Financial, Inc.
Amendment Flag	false
Entity Central Index Key	0001378946
Document Type	8-K
Document Period End Date	Apr. 23, 2020
Entity Incorporation State Country Code	DE
Entity File Number	001-33326
Entity Tax Identification Number	20-8447891
Entity Address, Address Line One	850 Main Street
Entity Address, City or Town	Bridgeport
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06604
City Area Code	(203)
Local Phone Number	338-7171
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, $0.01 par value per share
Trading Symbol	PBCT
Security Exchange Name	NASDAQ
Series A Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share
Trading Symbol	PBCTP
Security Exchange Name	NASDAQ