8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 22, 2021 (January 21, 2021)

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 January 21, 2021, People’s United Financial, Inc. (the “Company”) issued a press release announcing its results of operations for the three- and twelve-month periods ended December 31, 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 January 21, 2021
99.2	Investor Presentation dated January 21, 2021
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 January 21, 2021		99.1-1
99.2	Investor Presentation dated January 21, 2021		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: January 22, 2021	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 Fourth Quarter Net Income of $207.7 Million, or $0.49 per Common Share

Operating Earnings of $0.35 per Common Share

• Sustained excellent asset quality as evidenced by net loan charge-offs to average total loans of 12 basis points and provision for credit losses of $14.7 million, both of which improved from the third quarter.

• Increased period-end deposits $2.5 billion or 5 percent from September 30, primarily due to continued strong growth in non-interest bearing balances.

• Completed the sale of People’s United Insurance Agency on November 2; realized a pre-tax gain, net of expenses, of $75.9 million or $0.14 per common share.

BRIDGEPORT, CT., January 21, 2021 – People’s United Financial, Inc. (NASDAQ: PBCT) today reported results for the fourth quarter and full year 2020. These results along with comparison periods are summarized below:

($ in millions, except per common share data)
	Three Months Ended									Twelve Months Ended
	Dec. 31, 2020			Sep. 30, 2020			Dec. 31, 2019			Dec. 31, 2020			Dec. 31, 2019
Net income	$	207.7		$	144.6		$	137.5		$	572.6		$	520.4
Net income available to common shareholders		204.2			141.1			134.0			558.5			506.3
Per common share		0.49			0.34			0.31			1.32			1.27
Operating earnings1		147.7			144.7			158.8			534.6			552.1
Per common share		0.35			0.34			0.37			1.27			1.39
Net interest income	$	382.8		$	391.4		$	382.7		$	1,575.8		$	1,412.3
Net interest margin		2.84	%		2.97	%		3.14	%		2.99	%		3.14	%
Non-interest income		178.2			101.1			124.2			492.7			431.1
Operating non-interest income1		102.3			101.1			116.6			416.8			423.5
Non-interest expense	$	293.4		$	293.6		$	325.7		$	1,211.1		$	1,162.7
Operating non-interest expense1		288.5			289.0			286.6			1,165.2			1,097.1
Efficiency ratio		55.5	%		53.8	%		53.7	%		54.2	%		55.8	%
Average balances
Loans	$	44,061		$	44,853		$	42,006		$	44,382		$	38,419
Deposits		50,674			49,542			42,195			48,217			39,143
Period-end balances
Loans		43,869			45,231			43,596
Deposits		52,138			49,637			43,590

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

“We are pleased with our performance in 2020, especially in light of the uncertain economic environment caused by the pandemic,” said Jack Barnes, Chairman and Chief Executive Officer. “Full year financial and operating results were strong and reflect the resilience of People’s United, its employees and customers. Pre-provision net revenue of $827 million, on an operating basis, increased 12 percent from the prior year, reflecting the success of recent acquisitions and solid execution across core operations. Higher revenues and continued emphasis on controlling costs lowered the efficiency ratio 160 basis points to 54.2 percent, marking the seventh consecutive year of improvement. Asset quality remained excellent, indicative of the Company’s conservative approach to underwriting, diversified loan portfolio, and deep customer relationships. We are particularly pleased by the continued reduction in loan deferrals, which ended the year at $271 million or 0.6 percent of total loans, down from $1.6 billion or 3.5 percent of total loans at the close of the third quarter.”

Barnes continued, “As consumer preferences evolve to more digitally-driven experiences, we have continually enhanced our technology capabilities to deliver value, provide convenience and create efficiencies. As a result, customers are increasingly utilizing our online and mobile platforms for their banking needs. Given these accelerating digital banking trends and shifts in retail shopping behavior, we announced today the decision not to renew our existing in-store branch contracts with Stop & Shop in Connecticut and New York upon expiration in 2022. This decision enables us to further optimize our branch network, while providing the same level of personalized service across each of our channels.”

“We concluded the year with a solid financial performance in the fourth quarter,” stated David Rosato, Senior Executive Vice President and Chief Financial Officer. “Operating earnings of $147.7 million increased two percent linked-quarter and benefited from a lower provision, higher fee income and well-controlled expenses. Net interest margin of 2.84 percent was 13 basis points lower than the third quarter, primarily due to increased excess liquidity and lower yields in both the loan and securities portfolios. These headwinds were partially offset by our continued discipline managing deposit pricing as costs declined for the sixth consecutive quarter. The loan-to-deposit ratio at quarter-end was 84 percent as loans decreased nearly $1.4 billion or three percent from September 30, while deposits grew $2.5 billion or five percent. The decline in period-end loans was primarily driven by $715 million in lower retail balances, $289 million in forgiven PPP loans, and a combined $107 million reduction in our runoff portfolios. Conversely, we continued to achieve strong growth in our mortgage warehouse and LEAF businesses. Period-end deposit growth reflected a $1.8 billion increase in non-interest bearing balances, partially offset by the roll-off of higher cost time deposits.”

	As of and for the Three Months Ended
	Dec. 31, 2020			Sep. 30, 2020			Dec. 31, 2019
Asset Quality
Net loan charge-offs to average total loans		0.12	%		0.15	%		0.06	%
Non-performing loans as a percentage of total loans1		0.75	%		0.68	%		0.51	%
Returns
Return on average assets2		1.33	%		0.94	%		0.98	%
Return on average tangible common equity2		18.4	%		13.1	%		12.8	%
Capital Ratios
People’s United Financial, Inc.
Tangible common equity / tangible assets		7.5	%		7.5	%		8.0	%
Tier 1 leverage		8.4	%		8.2	%		9.1	%
Common equity tier 1		10.5	%		9.9	%		10.2	%
Tier 1 risk-based		11.0	%		10.5	%		10.7	%
Total risk-based		12.4	%		11.8	%		12.0	%
People’s United Bank, N.A.
Tier 1 leverage		8.7	%		8.7	%		9.3	%
Common equity tier 1		11.5	%		11.0	%		10.9	%
Tier 1 risk-based		11.5	%		11.0	%		10.9	%
Total risk-based		12.8	%		12.3	%		12.1	%

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 16

The Board of Directors declared a $0.18 per common share quarterly dividend payable February 15, 2021 to shareholders of record on February 1, 2021. Based on the closing stock price on January 20, 2021, the dividend yield on People’s United Financial common stock is 5.0 percent.

2

The Company is currently in the process of performing its annual goodwill impairment assessment. Additional time is necessary to complete the analysis given the complexities brought about by the macroeconomic effects of the Covid-19 pandemic, particularly the current and projected low interest rate environment and a decline in bank stock valuations last fall, including on the date of the Company’s annual assessment (October 1^st). Any potential goodwill impairment charge could be material to reported earnings, but would represent a non-cash charge and have no effect on the Company’s cash balances, liquidity or tangible equity. In addition, because goodwill and other intangible assets are not included in the calculation of regulatory capital, the Company’s well-capitalized regulatory capital ratios would not be affected by this potential non-cash expense. The analysis will be completed prior to filing the Annual Report on Form 10-K with the Securities and Exchange Commission.

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 $63 billion in assets. Founded in 1842, People’s United Bank offers commercial and retail banking through a network of more than 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management solutions. The company also provides specialized commercial services to customers nationwide.

4Q 2020 Financial Highlights

Summary

• Net income totaled $207.7 million, or $0.49 per common share.

• Net income available to common shareholders totaled $204.2 million.

• Operating earnings totaled $147.7 million, or $0.35 per common share (see page 16).

• Net interest income totaled $382.8 million in 4Q20 compared to $391.4 million in 3Q20.

• Net interest margin decreased 13 basis points from 3Q20 to 2.84% reflecting:

• Excess liquidity resulting from deposits at the Federal Reserve Bank (decrease of nine basis points).

• Lower yields on the loan and securities portfolios (decrease of nine basis points).

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

• Provision for credit losses on loans totaled $14.7 million.

• Allowance for credit losses on loans increased $1.3 million.

• Net loan charge-offs totaled $13.4 million.

• Net loan charge-off ratio of 0.12% in 4Q20.

• Non-interest income totaled $178.2 million in 4Q20 compared to $101.1 million in 3Q20.

• Commercial banking lending fees increased $2.8 million.

• Customer interest rate swap income increased $1.0 million.

• Insurance revenue decreased $5.6 million.

• Included in non-interest income in 4Q20 is a $75.9 million net gain on the sale of People’s United Insurance Agency (see page 16).

• At December 31, 2020, assets under discretionary management totaled $9.5 billion.

• Non-interest expense totaled $293.4 million in 4Q20 compared to $293.6 million in 3Q20.

• Operating non-interest expense totaled $288.5 million in 4Q20 and $289.0 million in 3Q20 (see page 16).

• Compensation and benefits expense, excluding $0.3 million of merger-related expenses in 3Q20, increased $0.4 million.

• Occupancy and equipment expense, excluding $0.3 million and $0.9 million of merger-related expenses in 4Q20 and 3Q20, respectively, increased $2.4 million.

3

• Professional and outside services expense, excluding $0.8 million and $1.4 million of merger-related expenses in 4Q20 and 3Q20, respectively, increased $1.4 million.

• Regulatory assessment expense decreased $1.5 million.

• Other non-interest expense includes merger-related expenses of $3.8 million in 4Q20 and $2.0 million in 3Q20.

• The efficiency ratio was 55.5% for 4Q20 compared to 53.8% for 3Q20 and 53.7% for 4Q19 (see page 16).

• The effective income tax rate was 17.9% for 4Q20 and 18.4% for the full-year of 2020, compared to 20.2% for the full-year of 2019.

• The 4Q20 and full-year 2020 effective tax rates reflect a $7.1 million benefit related to the revaluation of certain state deferred tax assets.

Commercial Banking

• Commercial loans totaled $33.2 billion at December 31, 2020, a $647 million decrease from September 30, 2020.

• Paycheck Protection Plan loans totaled $2.3 billion at December 31, 2020, a $289 million decrease from September 30, 2020.

• The mortgage warehouse portfolio increased $161 million.

• The New York multifamily portfolio decreased $47 million.

• The equipment financing portfolio decreased $42 million.

• Average commercial loans totaled $33.1 billion in 4Q20, an $86 million decrease from 3Q20.

• Paycheck Protection Plan loans averaged $2.5 billion in 4Q20, a $69 million decrease from 3Q20.

• The average mortgage warehouse portfolio increased $455 million.

• The average New York multifamily portfolio decreased $53 million.

• The average equipment financing portfolio decreased $9 million.

• Commercial deposits totaled $22.9 billion at December 31, 2020 compared to $21.6 billion at September 30, 2020.

• The ratio of non-accrual commercial loans to total commercial loans was 0.74% at December 31, 2020 compared to 0.65% at September 30, 2020.

• Non-performing commercial assets totaled $255.2 million at December 31, 2020 compared to $234.1 million at September 30, 2020.

• For the commercial loan portfolio, the allowance for credit losses as a percentage of commercial loans was 0.91% at December 31, 2020 compared to 0.86% at September 30, 2020.

• The commercial allowance for credit losses represented 123% of non-accrual commercial loans at December 31, 2020 compared to 132% at September 30, 2020.

Retail Banking

• Residential mortgage loans totaled $8.5 billion at December 31, 2020, a $577 million decrease from September 30, 2020.

• Average residential mortgage loans totaled $8.8 billion in 4Q20, a $587 million decrease from 3Q20.

• Home equity loans totaled $2.0 billion at December 31, 2020, a $128 million decrease from September 30, 2020.

• Average home equity loans totaled $2.1 billion in 4Q20, a $110 million decrease from 3Q20.

• Retail deposits totaled $29.2 billion at December 31, 2020 compared to $28.0 billion at September 30, 2020.

4

• The ratio of non-accrual residential mortgage loans to residential mortgage loans was 0.73% at December 31, 2020 compared to 0.69% at September 30, 2020.

• The ratio of non-accrual home equity loans to home equity loans was 1.03% at December 31, 2020 compared to 1.04% at September 30, 2020.

• For the retail loan portfolio, the allowance for credit losses as a percentage of retail loans was 1.14% at December 31, 2020 compared to 1.17% at September 30, 2020.

• The retail allowance for credit losses represented 146% of non-accrual retail loans at December 31, 2020 compared to 155% at September 30, 2020.

Conference Call

On January 21, 2021, 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; (11) the outcome of the ongoing goodwill impairment analysis; and (12) 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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
(dollars in millions, except per common share data)	2020			2020			2020			2020			2019
Earnings Data:
Net interest income (fully taxable equivalent)	$	390.2		$	398.7		$	413.0		$	403.7		$	390.3
Net interest income		382.8			391.4			405.6			396.0			382.7
Provision for credit losses (1)		14.7			26.8			80.8			33.5			7.3
Non-interest income (2)		178.2			101.1			89.6			123.8			124.2
Non-interest expense (2)		293.4			293.6			304.0			320.1			325.7
Income before income tax expense		252.9			172.1			110.4			166.2			173.9
Net income		207.7			144.6			89.9			130.4			137.5
Net income available to common shareholders (2)		204.2			141.1			86.4			126.9			134.0
Selected Statistical Data:
Net interest margin (3)		2.84	%		2.97	%		3.05	%		3.12	%		3.14	%
Return on average assets (2), (3)		1.33			0.94			0.58			0.89			0.98
Return on average common equity (3)		10.7			7.5			4.6			6.7			7.2
Return on average tangible common equity (2), (3)		18.4			13.1			8.1			11.8			12.8
Efficiency ratio (2)		55.5			53.8			53.5			54.0			53.7
Common Share Data:
Earnings per common share:
Basic	$	0.49		$	0.34		$	0.21		$	0.30		$	0.31
Diluted (2)		0.49			0.34			0.21			0.30			0.31
Dividends paid per common share		0.1800			0.1800			0.1800			0.1775			0.1775
Common dividend payout ratio (2)		37.1	%		53.6	%		87.4	%		60.9	%		52.2	%
Book value per common share	$	18.40		$	18.11		$	17.95		$	17.87		$	17.60
Tangible book value per common share (2)		10.77			10.37			10.18			10.07			10.12
Stock price:
High		13.58			12.36			13.99			17.00			17.22
Low		9.98			9.74			9.37			10.40			14.73
Close		12.93			10.31			11.57			11.05			16.90
Common shares outstanding (in millions) (2)		424.68			424.67			424.59			424.47			443.66
Weighted average diluted common shares (in millions)		420.39			420.29			420.15			429.77			424.98

(1) Provision for credit losses in 2020 reflects the application of the CECL standard and the impact of COVID-19.

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

(3) Annualized.

6

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS

	As of and for the Twelve Months Ended December 31,
(dollars in millions, except per common share data)	2020			2019
Earnings Data:
Net interest income (fully taxable equivalent)	$	1,605.6		$	1,441.7
Net interest income		1,575.8			1,412.3
Provision for credit losses (1)		155.8			28.3
Non-interest income (2)		492.7			431.1
Non-interest expense (2)		1,211.1			1,162.5
Income before income tax expense		701.6			652.4
Net income		572.6			520.4
Net income available to common shareholders (2)		558.5			506.3
Selected Statistical Data:
Net interest margin		2.99	%		3.14	%
Return on average assets (2)		0.94			1.01
Return on average common equity		7.4			7.4
Return on average tangible common equity (2)		12.9			13.4
Efficiency ratio (2)		54.2			55.8
Common Share Data:
Earnings per common share:
Basic	$	1.33		$	1.28
Diluted (2)		1.32			1.27
Dividends paid per common share		0.7175			0.7075
Common dividend payout ratio (2)		54.5	%		54.3	%
Book value per common share	$	18.40		$	17.60
Tangible book value per common share (2)		10.77			10.12
Stock price:
High		17.00			18.03
Low		9.37			13.81
Close		12.93			16.90
Common shares outstanding (in millions) (2)		424.68			443.66
Weighted average diluted common shares (in millions)		422.55			397.15

(1) Provision for credit losses in 2020 reflects the application of the CECL standard and the impact of COVID-19.

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

7

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS - Continued

	As of and for the Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
(dollars in millions)	2020			2020			2020			2020			2019
Financial Condition Data:
Total assets	$	63,445		$	60,871		$	61,510		$	60,433		$	58,590
Loans		43,444			45,231			45,452			44,284			43,596
Securities		9,191			8,270			8,233			8,552			7,790
Short-term investments		3,766			439			987			744			317
Allowance for credit losses on loans (1)		425			424			414			342			247
Goodwill and other acquisition-related intangible assets		3,199			3,244			3,254			3,264			3,275
Deposits		52,138			49,637			49,934			44,741			43,590
Borrowings		1,148			1,237			1,782			5,911			5,155
Notes and debentures		1,010			1,012			1,015			1,013			993
Stockholders’ equity		7,956			7,831			7,763			7,726			7,947
Total risk-weighted assets (2):
People’s United Financial, Inc.		45,056			45,756			45,657			46,408			45,208
People’s United Bank, N.A.		44,996			45,685			45,615			46,397			45,174
Non-accrual loans		329			306			296			240			224
Net loan charge-offs		13.4			17.3			8.5			10.6			6.7
Average Balances:
Loans	$	44,061		$	44,853		$	45,153		$	43,460		$	42,006
Securities (3)		8,390			7,922			8,240			8,022			7,372
Short-term investments		2,582			842			774			289			294
Total earning assets		55,034			53,617			54,168			51,772			49,673
Total assets		62,396			61,293			61,841			58,604			56,130
Deposits		50,674			49,542			48,447			44,163			42,195
Borrowings		1,233			1,283			2,911			4,353			4,146
Notes and debentures		1,011			1,014			1,014			1,000			974
Total funding liabilities		52,918			51,839			52,372			49,515			47,314
Stockholders’ equity		7,884			7,801			7,757			7,804			7,654
Ratios:
Net loan charge-offs to average total loans (annualized)		0.12	%		0.15	%		0.08	%		0.10	%		0.06	%
Non-performing assets to total loans, real estate owned and repossessed assets		0.78			0.71			0.69			0.59			0.57
Allowance for credit losses on loans to (1):
Total loans		0.97			0.94			0.91			0.77			0.57
Non-accrual loans		129.1			138.4			139.8			142.2			110.0
Average stockholders’ equity to average total assets		12.6			12.7			12.5			13.3			13.6
Stockholders’ equity to total assets		12.5			12.9			12.6			12.8			13.6
Tangible common equity to tangible assets (4)		7.5			7.5			7.3			7.4			8.0
Total risk-based capital (2):
People’s United Financial, Inc.		12.4			11.8			11.8			11.3			12.0
People’s United Bank, N.A.		12.8			12.3			12.3			12.0			12.1

(1) Allowance for credit losses on loans and asset quality ratios for 2020 reflect the initial adoption and application of the CECL standard.

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

(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 (1)

	Dec. 31,			Sept. 30,			June 30,			Dec. 31,
(in millions)	2020			2020			2020			2019
Assets
Cash and due from banks	$	477.3		$	616.8		$	491.9		$	484.2
Short-term investments		3,766.0			438.6			987.4			316.8
Securities:
Trading debt securities, at fair value		—			—			—			7.1
Equity securities, at fair value		5.3			5.6			5.8			8.2
Debt securities available-for-sale, at fair value		4,925.5			4,080.7			4,080.3			3,564.3
Debt securities held-to-maturity, at amortized cost		3,993.8			3,916.5			3,848.6			3,869.2
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		266.6			267.1			298.3			341.1
Total securities		9,191.2			8,269.9			8,233.0			7,789.9
Loans held-for-sale		26.5			21.4			12.2			511.3
Loans:
Commercial and industrial (2)		14,982.3			15,295.0			14,593.9			11,041.6
Commercial real estate (2)		13,336.9			13,713.3			13,999.5			14,762.3
Equipment financing		4,930.0			4,887.6			4,880.1			4,910.4
Total Commercial Portfolio		33,249.2			33,895.9			33,473.5			30,714.3
Residential mortgage		8,518.9			9,095.6			9,623.7			10,318.1
Home equity and other consumer		2,101.4			2,239.1			2,354.3			2,563.7
Total Retail Portfolio		10,620.3			11,334.7			11,978.0			12,881.8
Total loans		43,869.5			45,230.6			45,451.5			43,596.1
Less allowance for credit losses on loans		(425.1	)		(423.8	)		(414.0	)		(246.6	)
Total loans, net		43,444.4			44,806.8			45,037.5			43,349.5
Goodwill and other acquisition-related intangible assets		3,198.9			3,243.5			3,253.7			3,274.6
Bank-owned life insurance		711.6			710.5			708.1			705.0
Premises and equipment, net		276.7			281.3			285.7			305.5
Other assets		2,352.2			2,482.4			2,500.2			1,853.0
Total assets	$	63,444.8		$	60,871.2		$	61,509.7		$	58,589.8
Liabilities
Deposits:
Non-interest-bearing	$	15,881.7		$	14,101.9		$	13,656.9		$	9,803.7
Savings		6,029.7			5,846.3			5,759.4			4,987.7
Interest-bearing checking and money market		24,567.5			23,361.8			22,943.6			19,592.6
Time		5,658.8			6,326.5			7,574.4			9,205.5
Total deposits		52,137.7			49,636.5			49,934.3			43,589.5
Borrowings:
Federal Home Loan Bank advances		569.7			579.8			1,289.7			3,125.4
Customer repurchase agreements		452.9			432.5			342.1			409.1
Federal funds purchased		125.0			225.0			150.0			1,620.0
Total borrowings		1,147.6			1,237.3			1,781.8			5,154.5
Notes and debentures		1,009.6			1,012.0			1,014.5			993.1
Other liabilities		1,194.1			1,153.9			1,016.1			905.5
Total liabilities		55,489.0			53,039.7			53,746.7			50,642.6
Stockholders’ Equity
Preferred stock		244.1			244.1			244.1			244.1
Common stock		5.3			5.3			5.3			5.3
Additional paid-in capital		7,663.6			7,657.3			7,651.2			7,639.4
Retained earnings		1,716.6			1,589.1			1,524.6			1,512.8
Accumulated other comprehensive loss		(89.2	)		(77.9	)		(73.9	)		(166.9	)
Unallocated common stock of Employee Stock Ownership Plan, at cost		(115.6	)		(117.4	)		(119.3	)		(122.9	)
Treasury stock, at cost		(1,469.0	)		(1,469.0	)		(1,469.0	)		(1,164.6	)
Total stockholders’ equity		7,955.8			7,831.5			7,763.0			7,947.2
Total liabilities and stockholders’ equity	$	63,444.8		$	60,871.2		$	61,509.7		$	58,589.8

(1) The Consolidated Statement of Condition for December 31, 2020 is preliminary and does not reflect any estimated goodwill impairment that the Company is in the process of evaluating.

(2) In connection with the United Bank core system conversion in April 2020, approximately $400 million of loans secured by owner-occupied commercial properties were prospectively reclassified, at that time, from commercial real estate loans to commercial and industrial loans. Prior period loan balances were not restated to conform to the current presentation.

9

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME (1)

	Three Months Ended
	Dec. 31,		Sept. 30,			June 30,		March 31,		Dec. 31,
(in millions, except per common share data)	2020		2020			2020		2020		2019
Interest and dividend income:
Commercial real estate (2)	$	106.1	$	110.5		$	122.4	$	149.6	$	147.2
Commercial and industrial (2)		111.3		110.7			112.4		106.4		114.9
Equipment financing		62.1		65.4			67.6		68.2		66.7
Residential mortgage		74.9		82.1			84.8		90.4		88.2
Home equity and other consumer		18.7		19.9			20.1		28.0		30.8
Total interest on loans		373.1		388.6			407.3		442.6		447.8
Securities		47.2		47.5			49.8		51.2		47.8
Short-term investments		0.8		0.4			0.2		2.0		1.0
Loans held-for-sale		0.4		0.3			0.3		3.3		0.3
Total interest and dividend income		421.5		436.8			457.6		499.1		496.9
Interest expense:
Deposits		30.1		36.5			41.7		78.9		86.9
Borrowings		1.3		1.5			2.0		15.4		18.5
Notes and debentures		7.3		7.4			8.3		8.8		8.8
Total interest expense		38.7		45.4			52.0		103.1		114.2
Net interest income		382.8		391.4			405.6		396.0		382.7
Provision for credit losses on loans (3)		14.7		27.1			80.8		33.5		7.3
Provision for credit losses on securities (3)		—		(0.3	)		—		—		—
Net interest income after provision for credit losses		368.1		364.6			324.8		362.5		375.4
Non-interest income:
Bank service charges		24.7		24.5			20.3		28.0		28.9
Investment management fees		18.9		18.8			17.4		18.1		19.3
Commercial banking lending fees		15.5		12.7			10.6		12.1		12.9
Operating lease income		12.9		12.4			11.8		12.6		12.7
Insurance revenue		4.1		9.7			9.0		10.9		7.5
Cash management fees		9.1		8.8			8.1		7.4		7.1
Customer interest rate swap income, net		2.2		1.2			2.7		8.8		8.5
Gain on sale of business, net of expenses (4)		75.9		—			—		—		—
Other non-interest income (4)		14.9		13.0			9.7		25.9		27.3
Total non-interest income		178.2		101.1			89.6		123.8		124.2
Non-interest expense:
Compensation and benefits		166.6		166.5			167.8		173.9		171.4
Occupancy and equipment		50.9		49.1			48.0		51.0		52.2
Professional and outside services		24.9		24.1			25.7		38.5		29.6
Amortization of other acquisition-related intangible assets		9.7		10.2			10.2		10.7		9.8
Operating lease expense		8.5		9.3			8.8		9.8		9.6
Regulatory assessments		6.9		8.4			8.7		8.7		7.3
Other non-interest expense		25.9		26.0			34.8		27.5		45.8
Total non-interest expense (4)		293.4		293.6			304.0		320.1		325.7
Income before income tax expense		252.9		172.1			110.4		166.2		173.9
Income tax expense		45.2		27.5			20.5		35.8		36.4
Net income		207.7		144.6			89.9		130.4		137.5
Preferred stock dividend		3.5		3.5			3.5		3.5		3.5
Net income available to common shareholders	$	204.2	$	141.1		$	86.4	$	126.9	$	134.0
Earnings per common share:
Basic	$	0.49	$	0.34		$	0.21	$	0.30	$	0.31
Diluted		0.49		0.34			0.21		0.30		0.31

(1) The Consolidated Statement of Income for December 31, 2020 is preliminary and does not reflect any estimated goodwill impairment that the Company is in the process of evaluating.

(2) In connection with the United Bank core system conversion in April 2020, approximately $400 million of loans secured by owner-occupied commercial properties were prospectively reclassified, at that time, from commercial real estate loans to commercial and industrial loans. Prior period interest income amounts were not restated to conform to the current presentation.

(3) Provision for credit losses in 2020 reflects the application of the CECL standard and the impact of COVID-19.

(4) The gain on sale of business, net of expenses, is considered non-operating income. 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 $4.9 million, $4.6 million, $18.5 million, $17.9 million and $39.1 million of non-operating expenses for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

10

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME (1)

	Twelve Months Ended December 31,
(in millions, except per common share data)	2020			2019
Interest and dividend income:
Commercial real estate	$	488.6		$	556.4
Commercial and industrial		440.8			443.6
Equipment financing		263.3			253.8
Residential mortgage		332.2			329.1
Home equity and other consumer		86.7			106.1
Total interest on loans		1,611.6			1,689.0
Securities		195.7			186.5
Loans held-for-sale		4.3			0.8
Short-term investments		3.4			4.8
Total interest and dividend income		1,815.0			1,881.1
Interest expense:
Deposits		187.2			356.9
Borrowings		20.2			77.0
Notes and debentures		31.8			34.9
Total interest expense		239.2			468.8
Net interest income		1,575.8			1,412.3
Provision for credit losses on loans (2)		156.1			28.3
Provision for credit losses on securities (2)		(0.3	)		—
Net interest income after provision for credit losses		1,420.0			1,384.0
Non-interest income:
Bank service charges		97.5			107.5
Investment management fees		73.2			78.2
Commercial banking lending fees		50.9			42.7
Operating lease income		49.7			50.8
Insurance revenue		33.7			37.0
Cash management fees		33.4			28.4
Customer interest rate swap income, net		14.9			24.0
Gain on sale of business, net of expenses (3)		75.9			—
Other non-interest income (3)		63.5			62.5
Total non-interest income		492.7			431.1
Non-interest expense:
Compensation and benefits		674.8			646.2
Occupancy and equipment		199.0			185.9
Professional and outside services		113.2			98.2
Amortization of other acquisition-related intangible assets		40.8			32.5
Operating lease expense		36.4			38.8
Regulatory assessments		32.7			26.1
Other non-interest expense		114.2			135.0
Total non-interest expense (3)		1,211.1			1,162.7
Income before income tax expense		701.6			652.4
Income tax expense		129.0			132.0
Net income		572.6			520.4
Preferred stock dividend		14.1			14.1
Net income available to common shareholders	$	558.5		$	506.3
Earnings per common share:
Basic	$	1.33		$	1.28
Diluted		1.32			1.27

(1) The Consolidated Statement of Income for December 31, 2020 is preliminary and does not reflect any estimated goodwill impairment that the Company is in the process of evaluating.

(2) Provision for credit losses in 2020 reflects the application of the CECL standard and the impact of COVID-19.

(3) The gain on sale of business, net of expenses, is considered non-operating income. Other non-interest income includes $7.6 million of non-operating income for the twelve months ended December 31, 2019. Total non-interest expense includes $45.9 million and $65.6 million of non-operating expenses for the twelve months ended December 31, 2020 and 2019, respectively. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

11

People’s United Financial, Inc.

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

	December 31, 2020							September 30, 2020							December 31, 2019
Three months ended (dollars in millions)	Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate
Assets:
Short-term investments	$	2,582.1	$	0.8		0.12	%	$	841.5	$	0.4		0.19	%	$	294.4	$	1.0		1.39	%
Securities (2)		8,390.2		52.3		2.50			7,922.4		52.5		2.65			7,372.2		52.6		2.85
Loans:
Commercial real estate		13,574.3		106.1		3.13			13,853.1		110.5		3.19			13,793.2		147.2		4.27
Commercial and industrial		14,621.8		113.6		3.11			14,419.8		113.0		3.13			10,805.1		117.7		4.36
Equipment financing		4,867.5		62.1		5.10			4,876.4		65.4		5.37			4,785.0		66.7		5.58
Residential mortgage		8,821.0		75.3		3.41			9,408.0		82.4		3.51			10,019.0		88.5		3.53
Home equity and other consumer		2,176.6		18.7		3.44			2,296.0		19.9		3.47			2,603.8		30.8		4.72
Total loans		44,061.2		375.8		3.41			44,853.3		391.2		3.49			42,006.1		450.9		4.29
Total earning assets		55,033.5	$	428.9		3.12	%		53,617.2	$	444.1		3.31	%		49,672.7	$	504.5		4.06	%
Other assets		7,362.6							7,676.2							6,457.2
Total assets	$	62,396.1						$	61,293.4						$	56,129.9
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	14,742.6	$	—		—	%	$	13,753.8	$	—		—	%	$	9,593.6	$	—		—	%
Savings, interest-bearing checking and money market		29,978.3		14.7		0.20			28,970.0		16.4		0.23			23,674.3		49.7		0.84
Time		5,953.5		15.4		1.03			6,817.8		20.1		1.18			8,926.8		37.2		1.67
Total deposits		50,674.4		30.1		0.24			49,541.6		36.5		0.29			42,194.7		86.9		0.82
Borrowings:
Federal Home Loan Bank advances		571.8		1.1		0.77			640.5		1.3		0.79			2,287.7		11.4		1.99
Customer repurchase agreements		447.6		0.2		0.15			382.6		0.2		0.18			1,489.3		6.4		1.73
Federal funds purchased		213.3		—		0.09			260.1		—		0.08			369.2		0.7		0.73
Total borrowings		1,232.7		1.3		0.43			1,283.2		1.5		0.46			4,146.2		18.5		1.78
Notes and debentures		1,010.8		7.3		2.89			1,014.0		7.4		2.92			973.5		8.8		3.61
Total funding liabilities		52,917.9	$	38.7		0.29	%		51,838.8	$	45.4		0.35	%		47,314.4	$	114.2		0.96	%
Other liabilities		1,594.2							1,653.3							1,161.3
Total liabilities		54,512.1							53,492.1							48,475.7
Stockholders’ equity		7,884.0							7,801.3							7,654.2
Total liabilities and stockholders’ equity	$	62,396.1						$	61,293.4						$	56,129.9
Net interest income/spread (3)			$	390.2		2.83	%			$	398.7		2.96	%			$	390.3		3.10	%
Net interest margin						2.84	%						2.97	%						3.14	%

(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 $7.4 million, $7.3 million and $7.6 million for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019, respectively.

12

People’s United Financial, Inc.

AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS

	December 31, 2020							December 31, 2019
Twelve months ended (dollars in millions)	Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate
Assets:
Short-term investments	$	1,125.1	$	3.4		0.31	%	$	232.7	$	4.8		2.06	%
Securities (1)		8,143.7		215.7		2.65			7,217.5		205.2		2.84
Loans:
Commercial real estate		14,057.6		488.6		3.48			12,480.1		556.4		4.46
Commercial and industrial		13,456.8		451.0		3.35			9,874.7		454.3		4.60
Equipment financing		4,898.2		263.3		5.38			4,574.9		253.8		5.55
Residential mortgage		9,569.2		333.3		3.48			9,314.8		329.9		3.54
Home equity and other consumer		2,400.5		89.5		3.73			2,174.0		106.1		4.88
Total loans		44,382.3		1,625.7		3.66			38,418.5		1,700.5		4.43
Total earning assets		53,651.1	$	1,844.8		3.44	%		45,868.7	$	1,910.5		4.17	%
Other assets		7,387.0							5,789.3
Total assets	$	61,038.1						$	51,658.0
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	12,864.4	$	—		—	%	$	8,822.9	$	—		—	%
Savings, interest-bearing checking and money market		27,831.9		92.2		0.33			22,204.1		209.3		0.94
Time		7,520.6		95.0		1.26			8,115.7		147.6		1.82
Total deposits		48,216.9		187.2		0.39			39,142.7		356.9		0.91
Borrowings:
Federal Home Loan Bank advances		1,371.2		13.7		1.00			2,098.0		50.1		2.39
Federal funds purchased		688.2		5.4		0.79			1,127.5		24.6		2.18
Customer repurchase agreements		379.0		1.1		0.29			296.6		2.2		0.75
Other borrowings		—		—		—			3.3		0.1		1.87
Total borrowings		2,438.4		20.2		0.83			3,525.4		77.0		2.18
Notes and debentures		1,009.5		31.8		3.15			922.1		34.9		3.78
Total funding liabilities		51,664.8	$	239.2		0.46	%		43,590.2	$	468.8		1.08	%
Other liabilities		1,561.5							996.5
Total liabilities		53,226.3							44,586.7
Stockholders’ equity		7,811.8							7,071.3
Total liabilities and stockholders’ equity	$	61,038.1						$	51,658.0
Net interest income/spread (2)			$	1,605.6		2.98	%			$	1,441.7		3.09	%
Net interest margin						2.99	%						3.14	%

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

(2) The fully taxable equivalent adjustment was $29.8 million and $29.4 million for the twelve months ended December 31, 2020 and 2019, respectively.

13

People’s United Financial, Inc.

As a result of adopting the CECL standard on January 1, 2020, People’s United’s prior distinction between the originated loan portfolio and the acquired loan portfolio is no longer necessary. Accordingly, prior period disclosures have been revised to conform to the current period presentation.

NON-PERFORMING ASSETS

(dollars in millions)	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019
Non-accrual loans:
Commercial:
Commercial real estate	$	60.4		$	85.3		$	73.6		$	53.5		$	53.8
Commercial and industrial		76.4			86.7			88.8			55.6			38.5
Equipment financing		109.3			49.0			48.6			42.5			47.7
Total Commercial		246.1			221.0			211.0			151.6			140.0
Retail:
Residential mortgage		62.3			62.9			62.6			66.6			63.3
Home equity		20.5			22.1			22.5			22.1			20.8
Other consumer		0.2			0.2			0.1			0.1			—
Total Retail		83.0			85.2			85.2			88.8			84.1
Total non-accrual loans (1)		329.1			306.2			296.2			240.4			224.1
Real estate owned:
Commercial		3.6			3.6			7.3			7.3			7.3
Residential		3.2			1.9			4.9			9.5			11.9
Total real estate owned		6.8			5.5			12.2			9.5			11.9
Repossessed assets		5.7			9.7			6.2			4.6			4.2
Total non-performing assets	$	341.6		$	321.4		$	314.6		$	254.5		$	240.2
Non-accrual loans as a percentage of total loans		0.75	%		0.68	%		0.65	%		0.54	%		0.51	%
Non-performing assets as a percentage of:
Total loans, real estate owned and repossessed assets		0.78			0.71			0.69			0.59			0.57
Tangible stockholders’ equity and allowance for credit losses		6.59			6.41			6.39			5.45			5.03

(1) Reported net of government guarantees totaling $2.5 million at December 31, 2020, $2.4 million at September 30, 2020, $2.9 million at June 30, 2020, $1.2 million at March 31, 2020 and $1.3 million at December 31, 2019.    

14

People’s United Financial, Inc.    

PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS    

	Three Months Ended
(dollars in millions)	Dec. 31, 2020			Sept 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019
Allowance for credit losses on loans:
Balance at beginning of period	$	423.8		$	414.0		$	341.7		$	246.6		$	246.0
CECL transition adjustment		—			—			—			72.2			N/A
Balance at beginning of period, adjusted		423.8			414.0			341.7			318.8			246.0
Charge-offs		(16.7	)		(19.3	)		(10.3	)		(12.6	)		(8.5	)
Recoveries		3.3			2.0			1.8			2.0			1.8
Net loan charge-offs		(13.4	)		(17.3	)		(8.5	)		(10.6	)		(6.7	)
Provision for credit losses on loans		14.7			27.1			80.8			33.5			7.3
Balance at end of period	$	425.1		$	423.8		$	414.0		$	341.7		$	246.6
Allowance for credit losses on loans as a percentage of:
Total loans		0.97	%		0.94	%		0.91	%		0.77	%		0.57	%
Non-accrual loans		129.1			138.4			139.8			142.2			110.0

N/A - not applicable

NET LOAN CHARGE-OFFS (RECOVERIES)

	Three Months Ended
(dollars in millions)	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019
Commercial:
Commercial real estate	$	0.1		$	4.1		$	1.8		$	3.4		$	(0.1	)
Commercial and industrial		6.6			6.9			—			1.0			2.3
Equipment financing		6.8			6.2			5.2			3.9			4.2
Total		13.5			17.2			7.0			8.3			6.4
Retail:
Residential mortgage		(0.3	)		(0.2	)		—			0.8			(0.2	)
Home equity		—			—			0.6			0.1			0.3
Other consumer		0.2			0.3			0.9			1.4			0.2
Total		(0.1	)		0.1			1.5			2.3			0.3
Total net loan charge-offs	$	13.4		$	17.3		$	8.5		$	10.6		$	6.7
Net loan charge-offs to average total loans (annualized)		0.12	%		0.15	%		0.08	%		0.10	%		0.06	%

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.

Pre-provision net revenue is a useful financial measure as it enables an assessment of the Company’s ability to generate earnings to cover credit losses through a credit cycle as well as providing an additional basis for comparing the Company’s results of operation between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.    

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															Twelve Months Ended
(dollars in millions)	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Dec. 31, 2020			Dec. 31, 2019
Total non-interest expense	$	293.4		$	293.6		$	304.0		$	320.1		$	325.7		$	1,211.1		$	1,162.7
Adjustments to arrive at operating non-interest expense:
Merger-related expenses		(4.9	)		(4.6	)		(18.5	)		(17.9	)		(22.6	)		(45.9	)		(49.1	)
Intangible asset write-down		—			—			—			—			(16.5	)		—			(16.5	)
Total		(4.9	)		(4.6	)		(18.5	)		(17.9	)		(39.1	)		(45.9	)		(65.6	)
Operating non-interest expense		288.5			289.0			285.5			302.2			286.6			1,165.2			1,097.1
Adjustments:
Amortization of other acquisition-related intangible assets		(9.7	)		(10.2	)		(10.2	)		(10.7	)		(9.8	)		(40.8	)		(32.5	)
Operating lease expense		(8.5	)		(9.3	)		(8.8	)		(9.8	)		(9.6	)		(36.4	)		(38.8	)
Other (1)		(1.3	)		(5.1	)		(1.9	)		(1.9	)		(1.6	)		(10.2	)		(6.2	)
Total non-interest expense for efficiency ratio	$	269.0		$	264.4		$	264.6		$	279.8		$	265.6		$	1,077.8		$	1,019.6
Net interest income (FTE basis)	$	390.2		$	398.7		$	413.0		$	403.7		$	390.3		$	1,605.6		$	1,441.7
Total non-interest income		178.2			101.1			89.6			123.8			124.2			492.7			431.1
Total revenues		568.4			499.8			502.6			527.5			514.5			2,098.3			1,872.8
Adjustments:
Gain on sale of business, net of expenses		(75.9	)		—			—			—			—			(75.9	)		—
Operating lease expense		(8.5	)		(9.3	)		(8.8	)		(9.8	)		(9.6	)		(36.4	)		(38.8	)
BOLI FTE adjustment		0.9			0.8			1.0			0.8			0.7			3.5			2.5
Gain on sale of branches, net of expenses		—			—			—			—			(7.6	)		—			(7.6	)
Net security gains		—			—			—			—			(0.1	)		—			(0.2	)
Other (2)		—			(0.1	)		—			(0.3	)		(3.2	)		(0.4	)		(2.8	)
Total revenues for efficiency ratio	$	484.9		$	491.2		$	494.8		$	518.2		$	494.7		$	1,989.1		$	1,825.9
Efficiency ratio		55.5	%		53.8	%		53.5	%		54.0	%		53.7	%		54.2	%		55.8	%

(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 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.     

PRE-PROVISION NET REVENUE

	Three Months Ended															Twelve Months Ended
(in millions)	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Dec. 31, 2020			Dec. 31, 2019
Net interest income	$	382.8		$	391.4		$	405.6		$	396.0		$	382.7		$	1,575.8		$	1,412.3
Non-interest income		178.2			101.1			89.6			123.8			124.2			492.7			431.1
Non-interest expense		(293.4	)		(293.6	)		(304.0	)		(320.1	)		(325.7	)		(1,211.1	)		(1,162.7	)
Pre-provision net revenue		267.6			198.9			191.2			199.7			181.2			857.4			680.7
Non-operating income		(75.9	)		—			—			—			(7.6	)		(75.9	)		(7.6	)
Non-operating expense		4.9			4.6			18.5			17.9			39.1			45.9			65.6
Operating pre-provision net revenue	$	196.6		$	203.5		$	209.7		$	217.6		$	212.7		$	827.4		$	738.7

17

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

OPERATING EARNINGS    

	Three Months Ended															Twelve Months Ended
(dollars in millions, except per common share data)	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Dec. 31, 2020 (1)			Dec. 31, 2019
Net income available to common shareholders	$	204.2		$	141.1		$	86.4		$	126.9		$	134.0		$	558.5		$	506.3
Adjustments to arrive at operating earnings:
Merger-related expenses		4.9			4.6			18.5			17.9			22.6			45.9			49.1
Gain on sale of business, net of expenses		(75.9	)		—			—			—			—			(75.9	)		—
Intangible asset write-down		—			—			—			—			16.5			—			16.5
Gain on sale of branches, net of expenses		—			—			—			—			(7.6	)		—			(7.6	)
Total pre-tax adjustments		(71.0	)		4.6			18.5			17.9			31.5			(30.0	)		58.0
Tax effect		14.5			(1.0	)		(3.9	)		(3.7	)		(6.7	)		6.1			(12.2	)
Total adjustments, net of tax		(56.5	)		3.6			14.6			14.2			24.8			(23.9	)		45.8
Operating earnings	$	147.7		$	144.7		$	101.0		$	141.1		$	158.8		$	534.6		$	552.1
Diluted EPS, as reported	$	0.49		$	0.34		$	0.21		$	0.30		$	0.31		$	1.32		$	1.27
Adjustments to arrive at operating EPS:
Merger-related expenses		—			—			0.03			0.03			0.04			0.09			0.10
Gain on sale of business, net of expenses		(0.14	)		—			—			—			—			(0.14	)		—
Intangible asset write-down		—			—			—			—			0.03			—			0.03
Gain on sale of branches, net of expenses		—			—			—			—			(0.01	)		—			(0.01	)
Total adjustments per common share		(0.14	)		—			0.03			0.03			0.06			(0.05	)		0.12
Operating EPS	$	0.35		$	0.34		$	0.24		$	0.33		$	0.37		$	1.27		$	1.39
Average total assets	$	62,396		$	61,293		$	61,841		$	58,603		$	56,130		$	61,038		$	51,658
Operating return on average assets (annualized)		0.95	%		0.94	%		0.65	%		0.96	%		1.13	%		0.88	%		1.07	%

(1) The sum of the quarterly amounts for certain line items may not equal twelve months amounts due to rounding.    

OPERATING RETURN ON AVERAGE TANGIBLE COMMON EQUITY

	Three Months Ended															Twelve Months Ended
(dollars in millions)	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Dec. 31, 2020			Dec. 31, 2019
Operating earnings	$	147.7		$	144.7		$	101.0		$	141.1		$	158.8		$	534.6		$	552.1
Average stockholders’ equity	$	7,884		$	7,801		$	7,757		$	7,804		$	7,654		$	7,812		$	7,071
Less: Average preferred stock		244			244			244			244			244			244			244
Average common equity		7,640			7,557			7,513			7,560			7,410			7,568			6,827
Less: Average goodwill and average other acquisition-related intangible assets		3,213			3,249			3,259			3,269			3,226			3,247			3,060
Average tangible common equity	$	4,427		$	4,308		$	4,254		$	4,291		$	4,184		$	4,321		$	3,767
Operating return on average tangible common equity (annualized)		13.3	%		13.4	%		9.5	%		13.2	%		15.2	%		12.4	%		14.7	%

18

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

OPERATING COMMON DIVIDEND PAYOUT RATIO    

	Three Months Ended															Twelve Months Ended
(dollars in millions)	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Dec. 31, 2020 (1)			Dec. 31, 2019
Common dividends paid	$	75.6		$	75.7		$	75.5		$	77.3		$	69.9		$	304.1		$	274.8
Operating earnings	$	147.7		$	144.7		$	101.0		$	141.1		$	158.8		$	534.6		$	552.1
Operating common dividend payout ratio		51.2	%		52.3	%		74.8	%		54.8	%		44.0	%		56.9	%		49.8	%

(1) The sum of the quarterly amounts for certain line items may not equal twelve months amounts due to rounding.    

TANGIBLE COMMON EQUITY RATIO

(dollars in millions)	Dec. 31, 2020			Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019
Total stockholders’ equity	$	7,956		$	7,831		$	7,763		$	7,726		$	7,947
Less: Preferred stock		244			244			244			244			244
Common equity		7,712			7,587			7,519			7,482			7,703
Less: Goodwill and other acquisition-related intangible assets		3,199			3,244			3,254			3,264			3,275
Tangible common equity	$	4,513		$	4,343		$	4,265		$	4,218		$	4,428
Total assets	$	63,445		$	60,871		$	61,510		$	60,433		$	58,590
Less: Goodwill and other acquisition-related intangible assets		3,199			3,244			3,254			3,264			3,275
Tangible assets	$	60,246		$	57,627		$	58,256		$	57,169		$	55,315
Tangible common equity ratio		7.5	%		7.5	%		7.3	%		7.4	%		8.0	%

TANGIBLE BOOK VALUE PER COMMON SHARE

(in millions, except per common share data)	Dec. 31, 2020		Sept. 30, 2020		June 30, 2020		March 31, 2020		Dec. 31, 2019
Tangible common equity	$	4,513	$	4,343	$	4,265	$	4,218	$	4,428
Common shares issued		533.68		533.67		533.59		533.47		532.83
Less: Shares classified as treasury shares		109.00		109.00		109.00		109.00		89.17
Common shares outstanding		424.68		424.67		424.59		424.47		443.66
Less: Unallocated ESOP shares		5.57		5.66		5.75		5.84		5.92
Common shares		419.11		419.01		418.84		418.63		437.74
Tangible book value per common share	$	10.77	$	10.36	$	10.18	$	10.07	$	10.12

19

EX-99.2

Fourth Quarter and Full Year 2020 Results January 21, 2021 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; (11) the outcome of the ongoing goodwill impairment analysis; and (12) 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.

1 Net interest income on a fully taxable equivalent basis was $1.61 billion, an increase of $164 million or 11%. Full Year 2020 Overview Net Income of $573 Million, or $1.32 per Common Share Operating Earnings of $1.27 per Common Share Net interest margin: 2.99%, a decrease of 15 basis points Net interest income1: $1.58 billion, an increase of $164 million or 12% Non-interest income (operating): $417 million, a decrease of $7 million or 2% Non-interest expense (operating): $1.17 billion, an increase of $68 million or 6% Pre-provision net revenue (operating): $827 million, an increase of $89 million or 12% Efficiency ratio: 54.2%, an improvement of 160 basis points Seventh consecutive year of improvement Average loans: $44.4 billion, an increase of $6.0 billion or 16% Period-end loans: $43.9 billion, an increase of $273 million or 1% Includes $2.3 billion of Paycheck Protection Program (PPP) loans Planned reduction of residential mortgages lowered balances by $1.8 billion Runoff of the transactional portion of New York multifamily portfolio and certain acquired portfolios collectively lowered balances by $493 million Average deposits: $48.2 billion, an increase of $9.1 billion or 23% Period-end deposits: $52.1 billion, an increase of $8.5 billion or 20% Non-interest bearing balances increased $6.1 billion Net loan charge-offs to average total loans: 0.11%, an increase of 5 basis points Provision for credit losses on loans: $156 million, an increase of $128 million Reflects the application of CECL and the impact of COVID-19 (Comparisons versus full year 2019)

In-Store Branch Relationship With Stop & Shop People’s United has decided not to renew its existing in-store branch contracts with Stop & Shop in Connecticut and New York upon expiration in 2022 Connecticut 84 Stop & Shop branches (Total Branches: 172) Contract expiration: January 31, 2022 New York 56 Stop & Shop branches (Total Branches: 101) Contract expiration: June 30, 2022 Discussions with Stop & Shop on non-renewal terms are ongoing Customers are increasingly utilizing our online and mobile platforms Year-over year increases: mobile logins: +40%, digital enrollments: +25%, mobile wallet transactions: +162%, active mobile deposit customers: +66% In-store branch customers are 13% more digitally active than traditional branch customers Recent acquisitions have expanded and better optimized traditional branch footprint as well as provided customers more convenient drive-up facilities Strength of our “hub & spoke” model created high branch overlap 75% of our Stop & Shop branches and 77% of Stop & Shop branch deposits are within 5 miles of a traditional branch Cost savings over time will enable further investment in digital capabilities and traditional branch network Changing retail shopping behavior by consumers Home delivery and curbside pick-up options impacting foot traffic inside stores Discount stores / wholesale clubs and convenience stores have increased share of grocery spend PBCT Branch Footprint (CT & NY) Rationale for Decision Traditional Branch In-Store Branch

1 Net interest income on a fully taxable equivalent basis was $390.2 million, a decrease of $8.5 million or 2%. Fourth Quarter 2020 Overview Net Income of $207.7 Million, or $0.49 per Common Share Operating Earnings of $0.35 per Common Share Sale of People’s United Insurance Agency: completed Nov. 2; realized a pre-tax gain, net of expense, of $75.9 million or $0.14 per common share Net interest margin: 2.84%, a decrease of 13 basis points - (increased excess liquidity unfavorably impacted the margin by 9 basis points) Net interest income1: $382.8 million, a decrease of $8.6 million or 2% Non-interest income (operating): $102.3 million, an increase of $1.2 million or 1% Non-interest expense (operating): $288.5 million, a decrease of $500,000 or 0.2% Pre-provision net revenue (operating): $196.6 million, a decrease of $6.9 million or 3% Efficiency ratio: 55.5%, an increase of 170 basis points Average loans: $44.1 billion, a decrease of $792 million or 2% Period-end loans: $43.9 billion, a decrease of $1.4 billion or 3% Planned reduction of residential mortgages lowered balances by $577 million Forgiveness of PPP loans lowered balances by $289 million Runoff of the transactional portion of New York multifamily portfolio and certain acquired portfolios collectively lowered balances by $107 million Average deposits: $50.7 billion, an increase of $1.1 billion or 2% Period-end deposits: $52.1 billion, an increase of $2.5 billion or 5% Net loan charge-offs to average total loans: 0.12%, a decrease of 3 basis points Provision for credit losses on loans: $14.7 million, a decrease of $12.1 million Allowance for credit losses to total loans: 0.97%, increase of 3 basis points - (ex. PPP loans: 1.02%) (Comparisons versus third quarter 2020, unless noted otherwise)

Net Interest Income1 ($ in millions) $391.4 $382.8 1 Net interest income on a fully taxable equivalent basis for 3Q 2020 and 4Q 2020 was $398.7 million and $390.2 million, respectively. ($8.6) or (2%) Linked-Quarter Change ($15.5) $6.4 $0.3 $0.2

Net Interest Margin 2.97% 2.84% (13) bps Linked-Quarter Change (9) bps 5 bps (7) bps (2) bps 1 Excludes short-term investments, which is mostly comprised of deposits at the Federal Reserve Bank. 1

Loans: Average Balances $44,061 ($ in millions) $44,853 Linked-Quarter Change Linked-quarter change ($792) million or (2%) $202 ($587) ($279) ($119) ($9)

Deposits: Average Balances ($ in millions) $50,674 $49,542 Linked-quarter change +$1.1 billion or 2% ($865) $989 $799 $209 Linked-Quarter Change

Non-Interest Income ($ in millions) $101.1 $178.2 Linked-Quarter Change +$77.1 or 76% Ex. Non-Operating Non-Interest Income: $1.2 or 1% $75.9 ($5.6) $2.8 $1.0 $0.5 $0.3 $2.2 1 Non-operating represents a 4Q 2020 gain, net of expenses, on the sale of People’s United Insurance Agency (completed Nov. 2, 2020). 1

Non-Interest Expense ($ in millions) $293.4 $293.6 ($0.2) or (0.1%) Ex. Merger-Related Expenses: ($0.5) or (0.2%) Linked-Quarter Change ($1.5) ($0.8) ($0.5) ($1.9) $1.4 $2.4 $0.3 $0.4

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 Operating Return on Average Assets Return on Average Tangible Common Equity Operating Return on Average Tangible Common Equity Quarterly Trend

Capital Ratios Dec. 31, 2019 Mar. 31, 2020 Jun. 30, 2020 Sep. 30, 2020 Dec. 31, 2020 People’s United Financial, Inc. Tang. Com. Equity/Tang. Assets 8.0% 7.4% 7.3% (2) 7.5% (2) 7.5% (2) Tier 1 Leverage 9.1% (1) 8.4% 8.0% (3) 8.2% (3) 8.4% (3) Common Equity Tier 1 10.2% 9.5% 9.8% 9.9% 10.5% Tier 1 Risk-Based 10.7% 10.0% 10.3% 10.5% 11.0% Total Risk-Based 12.0% 11.3% 11.8% 11.8% 12.4% People’s United Bank, N.A. Tier 1 Leverage 9.3% (1) 8.9% 8.5% (3) 8.7% (3) 8.7% (3) Common Equity Tier 1 10.9% 10.7% 10.9% 11.0% 11.5% Tier 1 Risk-Based 10.9% 10.7% 10.9% 11.0% 11.5% Total Risk-Based 12.1% 12.0% 12.3% 12.3% 12.8% 1 Adjusting for a full quarter of United assets, the pro forma Tier 1 Leverage Ratio at Dec. 31, 2019 is 8.9%. 2 Adjusting for the Paycheck Protection Program (PPP) loans, the pro forma TCE/TA ratio at Dec. 31, 2020: 7.8% , at Sep. 30, 2020: 7.9%, at Jun. 30, 2020: 7.6%. 3 Adjusting for PPP loans, the pro forma Tier 1 Leverage Ratio at Dec. 31, 2020: 8.7% for the Holding Co. & 9.1% for the Bank, at Sep. 30, 2020: 8.6% for the Holding Co. & 9.1% for the Bank, and at Jun, 30, 2020: 8.3% for the Holding Co. & 8.7% for the Bank.

Full Year 2021 Outlook1 Net Interest Income Net Interest Margin Non-Interest Expense (Operating) Credit Capital Growth range: (2%) – (4%) $1.150 billion - $1.180 billion Maintain excellent credit quality Provision: $60 million - $80 million Maintain strong capital levels Common equity tier 1 capital ratio: 10.0% - 10.5% Growth range of 0% - 3% Excludes PPP loans (December 31, 2020 balance: $2.3 billion) Effective Tax Rate 20% - 22% Growth range of (2%) - 2% Non-Interest Income (Operating) 1Outlook reflects impact of the sale of People’s United Insurance Agency, which was completed November 2, 2020. Loans (End of Period) Deposits (End of Period) 2.85% - 2.95% Assumes no change in the fed funds rate Growth range of 1% - 3% Adjusted 2020 operating base: $372 million Excludes $28 million of revenue from People’s United Insurance Agency (sold Nov. 2020) Excludes $17 million gain related to sale of loans acquired in the United transaction

Appendix

Allowance for Credit Losses (ACL) 4Q 2020 ACL reflects consideration of a baseline economic forecast and a more adverse scenario, each prepared as of late December. Baseline scenario reflects general improvement in most key economic variables and recently approved government stimulus measures. More adverse scenario includes the U.S. economy contracting again in 1Q 2021 with only a moderate recovery thereafter. Cumulative, full year ACL build is approximately $179 million, which increased the ACL/Total Loans ratio by 40 basis points since year-end 2019 (or 45 basis points, ex. PPP balances). Total loan deferrals were $271 million or 0.6% of total loans at December 31, down from $1.6 billion or 3.5% of total loans at the end of September. 1 Excluding PPP loans, 4Q 2020 C&I ACL/Loans = 0.93% and Total ACL/Loans = 1.02% 2 MW / ABL = Mortgage Warehouse / Asset Based Lending

Loan Risk Profile ($ in millions) 1 MW / ABL = Mortgage Warehouse / Asset Based Lending 2 Includes loans 30-89 days past due and non-performing loans

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 Dec. 31, 2020 Sep. 30, 2020 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 $43,869

Deposits By State $26,138 $29,861 $33,056 $28,417 ($ in millions, end of period balances) Breakdown $36,159 $43,590 $52,138

Peer Group Firm Ticker City State 1 Citizens Financial Group, Inc. CFG Providence RI 2 Comerica Inc. CMA Dallas TX 3 First Horizon National Corp. FHN Memphis TN 4 F.N.B. Corp. FNB Pittsburgh PA 5 Huntington Bancshares, Inc. HBAN Columbus OH 6 KeyCorp KEY Cleveland OH 7 M&T Bank Corp. MTB Buffalo NY 8 New York Community Bancorp NYCB Westbury NY 9 Signature Bank SBNY New York NY 10 Sterling Bancorp STL Montebello NY 11 Synovus Financial Corp. SNV Columbus GA 12 TCF Financial Corp. TCF Detroit MI 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	Jan. 21, 2021
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	Jan. 21, 2021
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