8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 19, 2019 (July 18, 2019)

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 July 18, 2019, People’s United Financial, Inc. (the “Company”) issued a press release announcing its results of operations for the three- and six-month periods ended June 30, 2019. A copy of that press release is being furnished herewith as Exhibit 99.1.

The information contained in and accompanying this Form 8-K with respect to Item 2.02 (including Exhibit 99.1 hereto) is being furnished to, and not filed with, the Securities and Exchange Commission in accordance with General Instruction B.2 to Form 8-K.

Item 7.01. Regulation FD Disclosure.

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

The information contained in and accompanying this Form 8-K with respect to Item 7.01 (including Exhibit 99.2 hereto) is being furnished to, and not filed with, the Securities and Exchange Commission in accordance with General Instruction B.2 to Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d) The following Exhibits are submitted herewith.

Exhibit No.	Description
99.1	Earnings Press Release dated July 18, 2019
99.2	Investor Presentation dated July 18, 2019

EXHIBIT INDEX

Exhibit No.	Description	Page
99.1	Earnings Press Release dated July 18, 2019		99.1-1
99.2	Investor Presentation dated July 18, 2019		99.2-1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		People’s United Financial, Inc.
		(Registrant)
Date: July 19, 2019	By:	/s/ Andrew S. Hersom
		(Signature)
	Name:	Andrew S. Hersom
	Title:	Senior Vice President, Investor Relations

EX-99.1

Exhibit 99.1

People’s United Financial Reports Second Quarter Net Income of $133.2 Million, or $0.33 per Common Share

Operating Earnings of $0.34 per Common Share

Board of Directors Approves Share Repurchase Program

• Announced the acquisition of United Financial Bancorp on July 15^th.

• Return on average assets of 1.04 percent and return on average tangible common equity of 14.1 percent.

• Efficiency ratio of 55.8 percent, an improvement of 150 basis points linked-quarter and 260 basis points year-over-year, reflecting continued focus on enhancing operating leverage.

• Non-interest income of $106.3 million, an increase of 12 percent both linked-quarter and year-over-year.

• Period-end loans and deposits increased nine percent and seven percent, respectively, from March 31^st, driven by the BSB Bancorp acquisition and organic growth.

BRIDGEPORT, CT., July 18, 2019 – People’s United Financial, Inc. (NASDAQ: PBCT) today reported results for the second quarter 2019. These results along with comparison periods are summarized below:

($ in millions, except per common share data)
	Three Months Ended
	Jun. 30, 2019			Mar. 31, 2019			Jun. 30, 2018
Net income	$	133.2		$	114.6		$	110.2
Net income available to common shareholders		129.7			111.1			106.7
Per common share		0.33			0.30			0.31
Operating earnings1		134.8			123.0			109.0
Per common share		0.34			0.33			0.32
Net interest income	$	348.1		$	332.8		$	301.2
Net interest margin		3.12	%		3.20	%		3.10	%
Non-interest income		106.3			94.6			94.9
Non-interest expense	$	278.4		$	277.2		$	248.6
Operating non-interest expense1		271.9			262.2			245.7
Efficiency ratio		55.8	%		57.3	%		58.4	%
Average balances
Loans	$	38,229		$	35,046		$	32,116
Deposits		39,211			36,450			32,535
Period-end balances
Loans		38,557			35,515			32,512
Deposits		39,467			36,901			32,468

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

“We are pleased with the Company’s performance in the second quarter,” said Jack Barnes, Chairman and Chief Executive Officer. “Operating earnings of $135 million increased 24 percent from a year ago and operating return on average common tangible equity of 14.6 percent improved 40 basis points. These strong results reflect the success of our strategy of balancing organic growth with thoughtful M&A. The integration of BSB Bancorp continues

to progress very well and we were excited to announce earlier this week the financially attractive acquisition of United Financial Bancorp, which strengthens our well-established presence in central Connecticut and western Massachusetts. We are also pleased to announce the Company’s Board of Directors approved the repurchase of up to 20 million common shares, which further demonstrates our commitment to returning capital to shareholders.”

“Higher revenues and our continued emphasis on controlling costs generated a second quarter efficiency ratio of 55.8 percent, an improvement of 260 basis points from the prior year quarter,” stated David Rosato, Senior Executive Vice President and Chief Financial Offer. “Total revenues of $454 million grew 15 percent year-over-year due to increases in both net interest income and non-interest income. Net interest margin of 3.12 percent improved two basis points from a year ago, but declined eight basis points linked-quarter. While new business yields remained greater than the total loan portfolio yield, the margin contracted due to higher deposit costs and the addition of BSB Bancorp. Organic loan and deposit period-end balances grew one percent and two percent respectively, from March 31^st. Loan growth was driven by strong results in mortgage warehouse lending, healthcare and equipment finance, partially offset by continued headwinds in commercial real estate and planned reductions in residential mortgage balances. Deposits benefited from higher than expected municipal balances and a large short-term deposit from a commercial customer.”

	As of and for the Three Months Ended
	Jun. 30, 2019			Mar. 31, 2019			Jun. 30, 2018
Asset Quality
Net loan charge-offs to average total loans		0.05	%		0.06	%		0.06	%
Originated non-performing loans as a percentage of originated loans		0.52	%		0.49	%		0.56	%
Returns
Return on average assets1		1.04	%		0.96	%		1.00	%
Return on average tangible common equity1		14.1	%		13.0	%		13.9	%
Capital Ratios
People’s United Financial, Inc.
Tangible common equity / tangible assets		7.7	%		7.7	%		7.3	%
Tier 1 leverage		8.7	%		8.8	%		8.6	%
Common equity tier 1		10.0	%		10.2	%		10.0	%
Tier 1 risk-based		10.7	%		10.8	%		10.8	%
Total risk-based		12.0	%		12.4	%		12.5	%
People’s United Bank, N.A.
Tier 1 leverage		8.9	%		9.0	%		9.1	%
Common equity tier 1		10.9	%		11.2	%		11.4	%
Tier 1 risk-based		10.9	%		11.2	%		11.4	%
Total risk-based		12.4	%		12.9	%		13.4	%

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

The Company’s Board of Directors approved the repurchase of up to 20 million shares of common stock. The share repurchases will be made at the discretion of the Company following the close of the United Financial Bancorp acquisition. The Board of Directors also declared a $0.1775 per common share quarterly dividend payable August 15, 2019 to shareholders of record on August 1, 2019. Based on the closing stock price on July 17, 2019, the dividend yield on People’s United Financial common stock is 4.4 percent.

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 more than $51 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.

Page 2

2Q 2019 Financial Highlights

Summary

• Net income totaled $133.2 million, or $0.33 per common share.

• Net income available to common shareholders totaled $129.7 million.

• Operating earnings totaled $134.8 million, or $0.34 per common share (see page 16).

• Net interest income totaled $348.1 million in 2Q19 compared to $332.8 million in 1Q19.

• Net interest margin decreased eight basis points from 1Q19 to 3.12% reflecting:

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

• One additional calendar day in 2Q19 (increase of two basis points).

• Higher rates on deposits and borrowings (decrease of 15 basis points).

• Lower yields on the securities portfolio (decrease of one basis point).

• Provision for loan losses totaled $7.6 million.

• Net loan charge-offs totaled $4.5 million.

• Net loan charge-off ratio of 0.05% in 2Q19.

• Non-interest income totaled $106.3 million in 2Q19 compared to $94.6 million in 1Q19.

• Customer interest rate swap income increased $4.6 million.

• Commercial banking lending fees increased $2.4 million.

• Bank service charges increased $1.2 million.

• Insurance revenue decreased $1.8 million.

• At June 30, 2019, assets under discretionary management totaled $9.3 billion.

• Non-interest expense totaled $278.4 million in 2Q19 compared to $277.2 million in 1Q19.

• Operating non-interest expense totaled $271.9 million in 2Q19 (see page 16).

• Compensation and benefits expense, excluding $1.5 million of merger-related expenses in both 2Q19 and 1Q 19, increased $5.9 million, primarily reflecting additional personnel costs resulting from the BSB Bancorp acquisition, partially offset by lower payroll and benefit-related costs in 2Q19.

• Professional and outside services expense, excluding $4.7 million and $1.2 million of merger-related expenses in 2Q19 and 1Q19, respectively, increased $1.4 million.

• Intangible amortization expense increased $1.3 million.

• Other non-interest expense includes merger-related expenses of $0.2 million and $11.9 million in 2Q19 and 1Q19, respectively.

• The efficiency ratio was 55.8% for 2Q19 compared to 57.3% for 1Q19 and 58.4% for 2Q18 (see page 16).

• The effective income tax rate was 20.9% for 2Q19 and 20.8% for the first six months of 2019, compared to 18.8% for the full-year of 2018.

• The rate in 2018 reflects a $9.2 million benefit recognized in connection with tax reform.

Page 3

Commercial Banking

• Commercial loans totaled $27.0 billion at June 30, 2019, an increase of $1.6 billion from March 31, 2019.

• Organic growth of $620 million.

• The mortgage warehouse portfolio increased $340 million.

• The equipment financing portfolio increased $145 million.

• The New York multifamily portfolio decreased $59 million.

• Average commercial loans totaled $26.5 billion in 2Q19, an increase of $1.6 billion from 1Q19.

• The average mortgage warehouse portfolio increased $320 million.

• The average equipment financing portfolio increased $153 million.

• The average New York multifamily portfolio decreased $44 million.

• Commercial deposits totaled $15.1 billion at June 30, 2019 compared to $13.5 billion at March 31, 2019.

• Increase reflects, in part, a $500 million short-term deposit.

• The ratio of originated non-performing commercial loans to originated commercial loans was 0.48% at June 30, 2019 compared to 0.45% at March 31, 2019.

• Non-performing commercial assets, excluding acquired non-performing loans, totaled $117.6 million at June 30, 2019 compared to $111.1 million at March 31, 2019.

• For the originated commercial loan portfolio, the allowance for loan losses as a percentage of loans was 0.91% at both June 30, 2019 and March 31, 2019.

• The originated commercial allowance for loan losses represented 190% of originated non-performing commercial loans at June 30, 2019 compared to 202% at March 31, 2019.

Retail Banking

• Residential mortgage loans totaled $9.5 billion at June 30, 2019, an increase of $1.4 billion from March 31, 2019.

• Average residential mortgage loans totaled $9.7 billion in 2Q19, an increase of $1.5 billion from 1Q19.

• Home equity loans totaled $2.0 billion at June 30, 2019, an increase of $114 million from March 31, 2019.

• Average home equity loans totaled $2.0 billion in 2Q19, an increase of $105 million from 1Q19.

• Retail deposits totaled $24.4 billion at June 30, 2019 compared to $23.4 billion at March 31, 2019.

• The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 0.57% at June 30, 2019 compared to 0.52% at March 31, 2019.

• The ratio of originated non-performing home equity loans to originated home equity loans was 0.86% at June 30, 2019 compared to 0.81% at March 31, 2019.

Page 4

Conference Call

On July 18, 2019, 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; and (10) changes in regulation resulting from or relating to financial reform legislation. People’s United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

###

Access Information About People’s United Financial at www.peoples.com.

INVESTOR CONTACT:

Andrew S. Hersom

Investor Relations

203.338.4581

Andrew.Hersom@peoples.com

MEDIA CONTACT:

Steven Bodakowski

Corporate Communications

203.338.4202

Steven.Bodakowski@peoples.com

Page 5

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS

People’s United Financial completed its acquisition of BSB Bancorp, Inc. effective April 1, 2019. Accordingly, BSB Bancorp’s results of operations are included beginning with the effective date, and prior period results have not been restated to include BSB Bancorp.

	Three Months Ended
(dollars in millions, except per common share data)	June 30, 2019			March 31, 2019			Dec. 31, 2018			Sept. 30, 2018			June 30, 2018
Earnings Data:
Net interest income (fully taxable equivalent)	$	355.4		$	340.0		$	339.5		$	313.0		$	307.8
Net interest income		348.1			332.8			332.6			306.4			301.2
Provision for loan losses		7.6			5.6			9.9			8.2			6.5
Non-interest income (1)		106.3			94.6			88.7			92.3			94.9
Non-interest expense (1)		278.4			277.2			262.7			241.3			248.6
Income before income tax expense		168.4			144.6			148.7			149.2			141.0
Net income		133.2			114.6			132.9			117.0			110.2
Net income available to common shareholders (1)		129.7			111.1			129.4			113.5			106.7
Selected Statistical Data:
Net interest margin (2)		3.12	%		3.20	%		3.17	%		3.15	%		3.10	%
Return on average assets (1), (2)		1.04			0.96			1.11			1.06			1.00
Return on average common equity (2)		7.7			7.0			8.3			8.0			7.6
Return on average tangible common equity (1), (2)		14.1			13.0			14.9			14.5			13.9
Efficiency ratio (1)		55.8			57.3			55.1			56.7			58.4
Common Share Data:
Earnings per common share:
Basic	$	0.33		$	0.30		$	0.35		$	0.33		$	0.31
Diluted (1)		0.33			0.30			0.35			0.33			0.31
Dividends paid per common share		0.1775			0.1750			0.1750			0.1750			0.1750
Common dividend payout ratio (1)		53.8	%		58.6	%		50.3	%		52.9	%		56.2	%
Book value per common share (end of period)	$	17.34		$	17.13		$	16.95		$	16.69		$	16.56
Tangible book value per common share (end of period) (1)		9.51			9.35			9.23			9.19			9.02
Stock price:
High		17.66			18.03			17.46			19.00			19.37
Low		15.24			14.25			13.66			16.95			18.00
Close (end of period)		16.78			16.44			14.43			17.12			18.09
Common shares (end of period) (in millions)		392.24			372.18			371.02			342.36			341.59
Weighted average diluted common shares (in millions)		394.57			374.09			372.83			345.04			344.47

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

(2) Annualized.

6

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS

People’s United Financial completed its acquisition of BSB Bancorp, Inc. effective April 1, 2019. Accordingly, BSB Bancorp’s results of operations are included beginning with the effective date, and prior period results have not been restated to include BSB Bancorp.

	Six Months Ended June 30,
(dollars in millions, except per common share data)	2019			2018
Earnings Data:
Net interest income (fully taxable equivalent)	$	695.4		$	609.9
Net interest income		680.9			597.0
Provision for loan losses		13.2			11.9
Non-interest income		200.9			185.3
Non-interest expense (1)		555.6			492.1
Income before income tax expense		313.0			278.3
Net income		247.8			218.1
Net income available to common shareholders (1)		240.8			211.1
Selected Statistical Data:
Net interest margin (2)		3.15	%		3.07	%
Return on average assets (1), (2)		1.00			0.99
Return on average common equity (2)		7.4			7.5
Return on average tangible common equity (1), (2)		13.5			13.9
Efficiency ratio (1)		56.6			58.9
Common Share Data:
Earnings per common share:
Basic	$	0.63		$	0.62
Diluted (1)		0.63			0.61
Dividends paid per common share		0.3525			0.3475
Common dividend payout ratio (1)		56.0	%		56.2	%
Book value per common share (end of period)	$	17.34		$	16.56
Tangible book value per common share (end of period) (1)		9.51			9.02
Stock price:
High		18.03			20.26
Low		14.25			18.00
Close (end of period)		16.78			18.09
Common shares (end of period) (in millions)		392.24			341.59
Weighted average diluted common shares (in millions)		384.39			344.23

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

(2) Annualized.

7

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS - Continued

People’s United Financial completed its acquisition of BSB Bancorp, Inc. effective April 1, 2019. Accordingly, BSB Bancorp’s results of operations are included beginning with the effective date, and prior period results have not been restated to include BSB Bancorp.

	As of and for the Three Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(dollars in millions)	2019			2019			2018			2018			2018
Financial Condition Data:
Total assets	$	51,622		$	48,092		$	47,877		$	44,133		$	44,575
Loans		38,557			35,515			35,241			32,199			32,512
Securities		7,086			7,176			7,233			7,385			7,324
Short-term investments		275			106			266			128			253
Allowance for loan losses		244			241			240			238			237
Goodwill and other acquisition-related intangible assets		3,073			2,897			2,866			2,569			2,574
Deposits		39,467			36,901			36,159			33,210			32,468
Borrowings		3,400			2,860			3,593			3,392			4,639
Notes and debentures		911			902			896			886			889
Stockholders’ equity		7,046			6,621			6,534			5,959			5,900
Total risk-weighted assets (1):
People’s United Financial, Inc.		39,128			36,466			35,910			33,181			33,369
People’s United Bank, N.A.		39,078			36,447			35,875			33,132			33,317
Non-performing assets (2)		179			167			186			173			187
Net loan charge-offs		4.5			5.1			7.5			7.0			5.0
Average Balances:
Loans	$	38,229		$	35,046		$	35,016		$	32,166		$	32,116
Securities (3)		7,147			7,311			7,479			7,404			7,302
Short-term investments		214			203			292			193			267
Total earning assets		45,591			42,560			42,786			39,763			39,685
Total assets		51,088			47,800			47,721			44,245			44,110
Deposits		39,211			36,450			35,959			33,058			32,535
Borrowings		3,146			2,937			3,456			3,539			4,031
Notes and debentures		904			896			886			888			890
Total funding liabilities		43,261			40,284			40,302			37,485			37,456
Stockholders’ equity		6,978			6,562			6,515			5,937			5,870
Ratios:
Net loan charge-offs to average total loans (annualized)		0.05	%		0.06	%		0.09	%		0.09	%		0.06	%
Non-performing assets to originated loans, real estate owned and repossessed assets (2)		0.56			0.54			0.61			0.57			0.62
Originated allowance for loan losses to:
Originated loans (2)		0.76			0.76			0.77			0.78			0.77
Originated non-performing loans (2)		146.0			157.0			140.9			147.9			138.4
Average stockholders’ equity to average total assets		13.7			13.7			13.7			13.4			13.3
Stockholders’ equity to total assets		13.6			13.8			13.6			13.5			13.2
Tangible common equity to tangible assets (4)		7.7			7.7			7.6			7.6			7.3
Total risk-based capital (1):
People’s United Financial, Inc.		12.0			12.4			12.5			12.8			12.5
People’s United Bank, N.A.		12.4			12.9			13.2			13.6			13.4

(1) June 30, 2019 amounts and ratios are preliminary.

(2) Excludes acquired loans.

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

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

8

People’s United Financial, Inc.    

CONSOLIDATED STATEMENTS OF CONDITION    

(in millions)	June 30, 2019			March 31, 2019			Dec. 31, 2018			June 30, 2018
Assets
Cash and due from banks	$	505.9		$	508.5		$	665.7		$	462.7
Short-term investments		274.8			106.0			266.3			253.1
Securities:
Trading debt securities, at fair value		9.3			8.3			8.4			8.2
Equity securities, at fair value		8.5			8.2			8.1			9.9
Debt securities available-for-sale, at fair value		2,971.2			3,060.0			3,121.0			3,245.1
Debt securities held-to-maturity, at amortized cost		3,807.5			3,823.4			3,792.3			3,718.7
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		289.4			275.6			303.4			342.2
Total securities		7,085.9			7,175.5			7,233.2			7,324.1
Loans held-for-sale		17.4			7.8			19.5			17.1
Loans:
Commercial real estate		12,230.7			11,591.2			11,649.6			10,761.1
Commercial and industrial		10,121.8			9,354.7			9,088.9			8,823.3
Equipment financing		4,611.0			4,466.1			4,339.2			4,103.9
Total Commercial Portfolio		26,963.5			25,412.0			25,077.7			23,688.3
Residential mortgage		9,532.6			8,163.1			8,154.2			6,866.2
Home equity and other consumer		2,060.6			1,940.1			2,009.5			1,957.5
Total Retail Portfolio		11,593.2			10,103.2			10,163.7			8,823.7
Total loans		38,556.7			35,515.2			35,241.4			32,512.0
Less allowance for loan losses		(244.0	)		(240.9	)		(240.4	)		(236.8	)
Total loans, net		38,312.7			35,274.3			35,001.0			32,275.2
Goodwill and other acquisition-related intangible assets		3,072.9			2,896.5			2,865.7			2,573.8
Bank-owned life insurance		504.4			467.8			467.0			407.2
Premises and equipment, net		261.0			255.8			267.3			246.3
Other assets		1,587.5			1,399.7			1,091.6			1,015.0
Total assets	$	51,622.5		$	48,091.9		$	47,877.3		$	44,574.5
Liabilities
Deposits:
Non-interest-bearing	$	8,747.2		$	8,315.6		$	8,543.0		$	8,002.4
Savings		4,847.4			4,159.1			4,116.5			4,184.9
Interest-bearing checking and money market		17,424.8			17,130.0			16,583.3			14,659.4
Time		8,447.9			7,296.2			6,916.2			5,621.5
Total deposits		39,467.3			36,900.9			36,159.0			32,468.2
Borrowings:
Federal Home Loan Bank advances		2,054.4			1,573.2			2,404.5			3,510.1
Federal funds purchased		1,110.0			1,020.0			845.0			855.0
Customer repurchase agreements		235.2			264.8			332.9			254.9
Other borrowings		—			1.6			11.0			19.1
Total borrowings		3,399.6			2,859.6			3,593.4			4,639.1
Notes and debentures		911.5			901.6			895.8			888.7
Other liabilities		797.9			808.6			695.2			678.3
Total liabilities		44,576.3			41,470.7			41,343.4			38,674.3
Stockholders’ Equity
Preferred stock		244.1			244.1			244.1			244.1
Common stock		4.9			4.7			4.7			4.4
Additional paid-in capital		6,890.7			6,558.8			6,549.3			6,040.3
Retained earnings		1,388.1			1,328.6			1,284.8			1,167.9
Unallocated common stock of Employee Stock Ownership Plan, at cost		(126.5	)		(128.3	)		(130.1	)		(133.7	)
Accumulated other comprehensive loss		(193.0	)		(224.6	)		(256.8	)		(260.7	)
Treasury stock, at cost		(1,162.1	)		(1,162.1	)		(1,162.1	)		(1,162.1	)
Total stockholders’ equity		7,046.2			6,621.2			6,533.9			5,900.2
Total liabilities and stockholders’ equity	$	51,622.5		$	48,091.9		$	47,877.3		$	44,574.5

9

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended
(in millions, except per common share data)	June 30, 2019		March 31, 2019		Dec. 31, 2018			Sept. 30, 2018		June 30, 2018
Interest and dividend income:
Commercial real estate	$	139.9	$	132.7	$	130.2		$	114.7	$	111.5
Commercial and industrial		111.4		103.9		100.1			93.2		90.1
Equipment financing		62.8		59.0		56.7			56.2		50.5
Residential mortgage		85.5		70.7		70.2			56.0		55.3
Home equity and other consumer		25.7		24.9		24.4			22.0		21.4
Total interest on loans		425.3		391.2		381.6			342.1		328.8
Securities		46.2		47.8		48.5			46.6		45.1
Short-term investments		1.2		1.3		1.4			1.1		1.3
Loans held-for-sale		0.1		0.2		0.3			0.2		0.2
Total interest and dividend income		472.8		440.5		431.8			390.0		375.4
Interest expense:
Deposits		96.6		81.2		70.6			56.9		47.3
Borrowings		19.3		17.7		20.0			18.2		18.5
Notes and debentures		8.8		8.8		8.6			8.5		8.4
Total interest expense		124.7		107.7		99.2			83.6		74.2
Net interest income		348.1		332.8		332.6			306.4		301.2
Provision for loan losses		7.6		5.6		9.9			8.2		6.5
Net interest income after provision for loan losses		340.5		327.2		322.7			298.2		294.7
Non-interest income:
Bank service charges		26.4		25.2		26.9			24.9		24.3
Investment management fees		17.1		16.5		16.4			17.4		17.2
Operating lease income		12.7		12.7		12.0			11.0		11.2
Commercial banking lending fees		10.2		7.8		9.6			7.9		9.4
Insurance revenue		8.7		10.5		6.7			9.8		8.3
Customer interest rate swap income, net		7.6		3.0		6.3			2.8		4.0
Cash management fees		7.2		6.8		6.6			7.0		7.0
Brokerage commissions		2.6		2.8		3.3			3.2		3.2
Net security gains (losses) (1)		0.1		—		(10.0	)		0.1		—
Other non-interest income		13.7		9.3		10.9			8.2		10.3
Total non-interest income		106.3		94.6		88.7			92.3		94.9
Non-interest expense:
Compensation and benefits		161.3		155.4		151.5			135.7		135.0
Occupancy and equipment		44.4		44.3		44.6			41.6		40.8
Professional and outside services		24.9		20.0		21.4			17.0		20.6
Operating lease expense		9.9		9.4		9.8			8.9		8.7
Amortization of other acquisition-related intangible assets		8.0		6.7		6.9			4.9		4.9
Regulatory assessments		6.5		7.0		7.4			10.0		9.9
Other non-interest expense		23.4		34.4		21.1			23.2		28.7
Total non-interest expense (1)		278.4		277.2		262.7			241.3		248.6
Income before income tax expense		168.4		144.6		148.7			149.2		141.0
Income tax expense (1)		35.2		30.0		15.8			32.2		30.8
Net income		133.2		114.6		132.9			117.0		110.2
Preferred stock dividend		3.5		3.5		3.5			3.5		3.5
Net income available to common shareholders	$	129.7	$	111.1	$	129.4		$	113.5	$	106.7
Earnings per common share:
Basic	$	0.33	$	0.30	$	0.35		$	0.33	$	0.31
Diluted		0.33		0.30		0.35			0.33		0.31

(1) Includes $10.0 million of security losses for the three months ended December 31, 2018, which are considered non-operating, incurred as a tax planning strategy in response to tax reform-related benefits recognized in the period. Total non-interest expense includes $6.5 million, $15.0 million, $8.0 million, $0.5 million and $2.9 million of non-operating expenses for the three months ended June 30 ,2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, respectively. Income tax expense includes a $9.2 million benefit recognized in connection with tax reform, which is considered non-operating, for the three months ended December 31, 2018. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on on page 16.

10

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME

	Six Months Ended June 30,
(in millions, except per common share data)	2019		2018
Interest and dividend income:
Commercial real estate	$	272.6	$	218.5
Commercial and industrial		215.3		172.4
Equipment financing		121.8		99.4
Residential mortgage		156.2		110.0
Home equity and other consumer		50.6		42.2
Total interest on loans		816.5		642.5
Securities		94.0		89.1
Short-term investments		2.5		2.5
Loans held for sale		0.3		0.4
Total interest and dividend income		913.3		734.5
Interest expense:
Deposits		177.8		88.6
Borrowings		37.0		32.7
Notes and debentures		17.6		16.2
Total interest expense		232.4		137.5
Net interest income		680.9		597.0
Provision for loan losses		13.2		11.9
Net interest income after provision for loan losses		667.7		585.1
Non-interest income:
Bank service charges		51.6		48.1
Investment management fees		33.6		34.9
Operating lease income		25.4		21.9
Insurance revenue		19.2		18.1
Commercial banking lending fees		18.0		19.8
Cash management fees		14.0		13.6
Customer interest rate swap income, net		10.6		5.5
Brokerage commissions		5.4		6.3
Other non-interest income		23.1		17.1
Total non-interest income		200.9		185.3
Non-interest expense:
Compensation and benefits		316.7		275.7
Occupancy and equipment		88.7		82.0
Professional and outside services		44.9		39.2
Operating lease expense		19.3		17.7
Amortization of other acquisition-related intangible assets		14.7		10.0
Regulatory assessments		13.5		20.5
Other non-interest expense		57.8		47.0
Total non-interest expense (1)		555.6		492.1
Income before income tax expense		313.0		278.3
Income tax expense		65.2		60.2
Net income		247.8		218.1
Preferred stock dividend		7.0		7.0
Net income available to common shareholders	$	240.8	$	211.1
Earnings per common share:
Basic	$	0.63	$	0.62
Diluted		0.63		0.61

(1) Total non-interest expense includes $21.5 million and $2.9 million of non-operating expenses for the six months ended June 30, 2019 and 2018, respectively. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

11

People’s United Financial, Inc.    

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

	June 30, 2019							March 31, 2019							June 30, 2018
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	$	214.1	$	1.2		2.21	%	$	202.8	$	1.3		2.60	%	$	266.7	$	1.3		2.02	%
Securities (2)		7,147.1		50.8		2.85			7,310.6		52.4		2.87			7,302.1		49.2		2.69
Loans:
Commercial real estate		12,323.2		139.9		4.54			11,588.3		132.7		4.58			10,802.9		111.5		4.13
Commercial and industrial		9,638.2		114.1		4.74			8,974.0		106.5		4.74			8,558.3		92.6		4.32
Equipment financing		4,510.8		62.8		5.56			4,357.7		59.0		5.42			3,923.6		50.5		5.14
Residential mortgage		9,672.6		85.6		3.54			8,153.6		70.9		3.48			6,853.6		55.5		3.24
Home equity and other consumer		2,084.6		25.7		4.94			1,972.9		24.9		5.05			1,977.6		21.4		4.33
Total loans		38,229.4		428.1		4.48			35,046.5		394.0		4.50			32,116.0		331.5		4.13
Total earning assets		45,590.6	$	480.1		4.21	%		42,559.9	$	447.7		4.21	%		39,684.8	$	382.0		3.85	%
Other assets		5,496.9							5,240.3							4,425.0
Total assets	$	51,087.5						$	47,800.2						$	44,109.8
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	8,605.6	$	—		—	%	$	8,301.3	$	—		—	%	$	7,872.7	$	—		—	%
Savings, interest-bearing checking and money market		22,341.3		57.4		1.03			21,018.0		48.8		0.93			19,220.6		28.2		0.59
Time		8,263.8		39.2		1.90			7,130.8		32.4		1.82			5,442.3		19.1		1.40
Total deposits		39,210.7		96.6		0.99			36,450.1		81.2		0.89			32,535.6		47.3		0.58
Borrowings:
Federal Home Loan Bank advances		1,844.0		12.2		2.64			1,890.1		12.4		2.64			3,009.3		14.8		1.97
Federal funds purchased		1,057.8		6.7		2.53			751.9		4.7		2.52			634.5		3.0		1.86
Customer repurchase agreements		240.0		0.4		0.77			286.2		0.5		0.65			228.7		0.1		0.31
Other borrowings		4.3		—		0.64			9.0		0.1		2.43			158.5		0.6		1.45
Total borrowings		3,146.1		19.3		2.46			2,937.2		17.7		2.41			4,031.0		18.5		1.84
Notes and debentures		903.8		8.8		3.89			896.3		8.8		3.93			889.6		8.4		3.79
Total funding liabilities		43,260.6	$	124.7		1.15	%		40,283.6	$	107.7		1.07	%		37,456.2	$	74.2		0.79	%
Other liabilities		848.8							954.3							784.0
Total liabilities		44,109.4							41,237.9							38,240.2
Stockholders’ equity		6,978.1							6,562.3							5,869.6
Total liabilities and stockholders’ equity	$	51,087.5						$	47,800.2						$	44,109.8
Net interest income/spread (3)			$	355.4		3.06	%			$	340.0		3.14	%			$	307.8		3.06	%
Net interest margin						3.12	%						3.20	%						3.10	%

(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 $7.3 million, $7.2 million and $6.6 million for the three months ended June 30, 2019, March 31, 2019 and June 30, 2018, respectively.

12

People’s United Financial, Inc.

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

	June 30, 2019							June 30, 2018
Six months ended (dollars in millions)	Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate
Assets:
Short-term investments	$	208.5	$	2.5		2.40	%	$	316.3	$	2.5		1.63	%
Securities (2)		7,228.4		103.2		2.86			7,244.4		97.2		2.68
Loans:
Commercial real estate		11,957.8		272.6		4.56			10,868.2		218.5		4.02
Commercial and industrial		9,307.9		220.6		4.74			8,488.8		177.2		4.18
Equipment financing		4,434.7		121.8		5.49			3,897.3		99.4		5.10
Residential mortgage		8,917.3		156.5		3.51			6,845.4		110.4		3.22
Home equity and other consumer		2,029.0		50.6		4.99			2,006.2		42.2		4.20
Total loans		36,646.7		822.1		4.49			32,105.9		647.7		4.03
Total earning assets		44,083.6	$	927.8		4.21	%		39,666.6	$	747.4		3.77	%
Other assets		5,369.3							4,394.2
Total assets	$	49,452.9						$	44,060.8
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	8,454.3	$	—		—	%	$	7,834.9	$	—		—	%
Savings, interest-bearing checking and money market		21,683.3		106.2		0.98			19,430.4		53.1		0.55
Time		7,700.5		71.6		1.86			5,413.6		35.5		1.31
Total deposits		37,838.1		177.8		0.94			32,678.9		88.6		0.54
Borrowings:
Federal Home Loan Bank advances		1,866.9		24.6		2.64			2,844.1		25.7		1.81
Federal funds purchased		905.7		11.4		2.52			621.5		5.3		1.70
Customer repurchase agreements		263.0		0.9		0.71			245.5		0.3		0.24
Other borrowings		6.6		0.1		1.85			181.0		1.4		1.57
Total borrowings		3,042.2		37.0		2.43			3,892.1		32.7		1.68
Notes and debentures		900.1		17.6		3.91			892.5		16.2		3.63
Total funding liabilities		41,780.4	$	232.4		1.11	%		37,463.5	$	137.5		0.73	%
Other liabilities		901.1							752.1
Total liabilities		42,681.5							38,215.6
Stockholders’ equity		6,771.4							5,845.2
Total liabilities and stockholders’ equity	$	49,452.9						$	44,060.8
Net interest income/spread (3)			$	695.4		3.10	%			$	609.9		3.04	%
Net interest margin						3.15	%						3.07	%

(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 $14.5 million and $12.9 million for the six months ended June 30, 2019 and 2018, respectively.    

13

People’s United Financial, Inc.    

Loans acquired in a business combination are initially recorded at fair value with no carryover of an acquired entity’s previous established allowance for loan losses. Accordingly, selected asset quality metrics have been highlighted to distinguish between the ‘originated’ portfolio and the ‘acquired’ portfolio.    

NON-PERFORMING ASSETS    

(dollars in millions)	June 30, 2019			March 31, 2019			Dec. 31, 2018			Sept. 30, 2018			June 30, 2018
Originated non-performing loans:
Commercial:
Commercial real estate	$	23.2		$	33.6		$	33.5		$	17.2		$	20.3
Commercial and industrial		45.4			30.3			38.0			44.9			50.1
Equipment financing		42.7			37.5			42.0			49.3			49.2
Total		111.3			101.4			113.5			111.4			119.6
Retail:
Residential mortgage		38.4			35.4			38.9			32.0			33.5
Home equity		14.7			14.1			15.3			14.6			15.1
Other consumer		—			—			—			0.1			—
Total		53.1			49.5			54.2			46.7			48.6
Total originated non-performing loans (1)		164.4			150.9			167.7			158.1			168.2
REO:
Residential		8.1			6.9			5.5			4.4			5.8
Commercial		0.6			4.1			8.7			8.7			9.3
Total REO		8.7			11.0			14.2			13.1			15.1
Repossessed assets		5.7			5.6			3.9			2.0			3.7
Total non-performing assets	$	178.8		$	167.5		$	185.8		$	173.2		$	187.0
Acquired non-performing loans (contractual amount)	$	34.1		$	42.6		$	50.1		$	32.3		$	26.7
Originated non-performing loans as a percentage of originated loans		0.52	%		0.49	%		0.55	%		0.53	%		0.56	%
Non-performing assets as a percentage of:
Originated loans, REO and repossessed assets		0.56			0.54			0.61			0.57			0.62
Tangible stockholders’ equity and originated allowance for loan losses		4.24			4.23			4.76			4.78			5.25

(1) Reported net of government guarantees totaling $1.6 million at June 30, 2019, $1.4 million at March 31, 2019, $1.9 million at December 31, 2018, $2.5 million at September 30, 2018 and $2.6 million at June 30, 2018.    

14

People’s United Financial, Inc.    

PROVISION AND ALLOWANCE FOR LOAN LOSSES    

	Three Months Ended
(dollars in millions)	June 30, 2019			March 31, 2019			Dec. 31, 2018			Sept. 30, 2018			June 30, 2018
Allowance for loan losses on originated loans:
Balance at beginning of period	$	236.9		$	236.3		$	233.9		$	232.8		$	231.3
Charge-offs		(4.4	)		(5.6	)		(7.3	)		(6.4	)		(4.7	)
Recoveries		2.2			2.2			1.3			1.0			1.9
Net loan charge-offs		(2.2	)		(3.4	)		(6.0	)		(5.4	)		(2.8	)
Provision for loan losses		5.4			4.0			8.4			6.5			4.3
Balance at end of period		240.1			236.9			236.3			233.9			232.8
Allowance for loan losses on acquired loans:
Balance at beginning of period		4.0			4.1			4.1			4.0			4.0
Charge-offs		(2.9	)		(1.9	)		(1.8	)		(2.0	)		(2.5	)
Recoveries		0.6			0.2			0.3			0.4			0.3
Net loan charge-offs		(2.3	)		(1.7	)		(1.5	)		(1.6	)		(2.2	)
Provision for loan losses		2.2			1.6			1.5			1.7			2.2
Balance at end of period		3.9			4.0			4.1			4.1			4.0
Total allowance for loan losses	$	244.0		$	240.9		$	240.4		$	238.0		$	236.8
Originated commercial allowance for loan losses as a percentage of originated commercial loans		0.91	%		0.91	%		0.93	%		0.94	%		0.93	%
Originated retail allowance for loan losses as a percentage of originated retail loans		0.34			0.37			0.36			0.36			0.36
Total originated allowance for loan losses as a percentage of:
Originated loans		0.76			0.76			0.77			0.78			0.77
Originated non-performing loans		146.0			157.0			140.9			147.9			138.4

NET LOAN CHARGE-OFFS (RECOVERIES)

	Three Months Ended
(dollars in millions)	June 30, 2019			March 31, 2019			Dec. 31, 2018			Sept. 30, 2018			June 30, 2018
Commercial:
Commercial real estate	$	0.1		$	1.1		$	1.4		$	1.7		$	0.7
Commercial and industrial		0.2			1.7			1.4			2.2			1.7
Equipment financing		3.9			2.2			4.4			2.9			2.6
Total		4.2			5.0			7.2			6.8			5.0
Retail:
Residential mortgage		0.1			0.1			—			0.1			(0.1	)
Home equity		—			(0.2	)		0.1			(0.1	)		—
Other consumer		0.2			0.2			0.2			0.2			0.1
Total		0.3			0.1			0.3			0.2			—
Total net loan charge-offs	$	4.5		$	5.1		$	7.5		$	7.0		$	5.0
Net loan charge-offs to average total loans (annualized)		0.05	%		0.06	%		0.09	%		0.09	%		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.

The tangible common equity ratio is the ratio of (i) tangible common equity (total stockholders’ equity less preferred stock, goodwill and other acquisition-related intangible assets) (the numerator) to (ii) tangible assets (total assets less goodwill and other acquisition-related intangible assets) (the denominator). Tangible book value per common share is calculated by dividing tangible common equity by common shares (total common shares issued, less common shares classified as treasury shares and unallocated Employee Stock Ownership Plan (“ESOP”) common shares).

In light of diversity in presentation among financial institutions, the methodologies used by People’s United for determining the non-GAAP financial measures discussed above may differ from those used by other financial institutions.

16

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

OPERATING NON-INTEREST EXPENSE AND EFFICIENCY RATIO

	Three Months Ended															Six Months Ended
(dollars in millions)	June 30, 2019			March 31, 2019			Dec. 31, 2018			Sept. 30, 2018			June 30, 2018			June 30, 2019			June 30, 2018
Total non-interest expense	$	278.4		$	277.2		$	262.7		$	241.3		$	248.6		$	555.6		$	492.1
Adjustments to arrive at operating non-interest expense:
Merger-related expenses		(6.5	)		(15.0	)		(8.0	)		(0.5	)		(2.9	)		(21.5	)		(2.9	)
Total		(6.5	)		(15.0	)		(8.0	)		(0.5	)		(2.9	)		(21.5	)		(2.9	)
Operating non-interest expense		271.9			262.2			254.7			240.8			245.7			534.1			489.2
Operating lease expense		(9.9	)		(9.4	)		(9.8	)		(8.9	)		(8.7	)		(19.3	)		(17.7	)
Amortization of other acquisition-related intangible assets		(8.0	)		(6.7	)		(6.9	)		(4.9	)		(4.9	)		(14.7	)		(10.0	)
Other (1)		(1.4	)		(1.8	)		(1.6	)		(1.8	)		(1.7	)		(3.2	)		(3.0	)
Total non-interest expense for efficiency ratio	$	252.6		$	244.3		$	236.4		$	225.2		$	230.4		$	496.9		$	458.5
Net interest income (FTE basis)	$	355.4		$	340.0		$	339.5		$	313.0		$	307.8		$	695.4		$	609.9
Total non-interest income		106.3			94.6			88.7			92.3			94.9			200.9			185.3
Total revenues		461.7			434.6			428.2			405.3			402.7			896.3			795.2
Adjustments:
Operating lease expense		(9.9	)		(9.4	)		(9.8	)		(8.9	)		(8.7	)		(19.3	)		(17.7	)
BOLI FTE adjustment		0.7			0.6			0.5			0.6			0.4			1.3			0.8
Net security (gains) losses		(0.1	)		—			10.0			(0.1	)		—			(0.1	)		(0.1	)
Other (2)		—			0.3			—			—			—			0.3			—
Total revenues for efficiency ratio	$	452.4		$	426.1		$	428.9		$	396.9		$	394.4		$	878.5		$	778.2
Efficiency ratio		55.8	%		57.3	%		55.1	%		56.7	%		58.4	%		56.6	%		58.9%

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

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

17

People’s United Financial, Inc.    

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

OPERATING EARNINGS

	Three Months Ended															Six Months Ended
(dollars in millions, except per common share data)	June 30, 2019			March 31, 2019			Dec. 31, 2018			Sept. 30, 2018			June 30, 2018			June 30, 2019			June 30, 2018
Net income available to common shareholders	$	129.7		$	111.1		$	129.4		$	113.5		$	106.7		$	240.8		$	211.1
Adjustments to arrive at operating earnings:
Merger-related expenses		6.5			15.0			8.0			0.5			2.9			21.5			2.9
Security losses associated with tax reform (1)		—			—			10.0			—			—			—			—
Total pre-tax adjustments		6.5			15.0			18.0			0.5			2.9			21.5			2.9
Tax effect (2)		(1.4	)		(3.1	)		(13.2	)		(0.2	)		(0.6	)		(4.5	)		(0.6	)
Total adjustments, net of tax		5.1			11.9			4.8			0.3			2.3			17.0			2.3
Operating earnings	$	134.8		$	123.0		$	134.2		$	113.8		$	109.0		$	257.8		$	213.4
Diluted EPS, as reported	$	0.33		$	0.30		$	0.35		$	0.33		$	0.31		$	0.63		$	0.61
Adjustments to arrive at operating EPS:
Merger-related expenses		0.01			0.03			0.01			—			0.01			0.04			0.01
Security losses associated with tax reform		—			—			0.02			—			—			—			—
Tax benefit associated with tax reform		—			—			(0.02	)		—			—			—			—
Total adjustments per common share		0.01			0.03			0.01			—			0.01			0.04			0.01
Operating EPS	$	0.34		$	0.33		$	0.36		$	0.33		$	0.32		$	0.67		$	0.62
Average total assets	$	51,088		$	47,800		$	47,721		$	44,245		$	44,110		$	49,453		$	44,061
Operating return on average assets (annualized)		1.06	%		1.03	%		1.12	%		1.03	%		0.99	%		1.04	%		0.97	%

(1) Security losses incurred as a tax planning strategy in response to a tax reform-related benefit are considered non-operating.

(2) Includes a $9.2 million benefit recognized in connection with tax reform for the three months ended December 31, 2018.

OPERATING RETURN ON AVERAGE TANGIBLE COMMON EQUITY

	Three Months Ended															Six Months Ended
(dollars in millions)	June 30, 2019			March 31, 2019			Dec. 31, 2018			Sept. 30, 2018			June 30, 2018			June 30, 2019			June 30, 2018
Operating earnings	$	134.8		$	123.0		$	134.2		$	113.8		$	109.0		$	257.8		$	213.4
Average stockholders’ equity	$	6,978		$	6,562		$	6,515		$	5,937		$	5,870		$	6,771		$	5,845
Less: Average preferred stock		244			244			244			244			244			244			244
Average common equity		6,734			6,318			6,271			5,693			5,626			6,527			5,601
Less: Average goodwill and average other acquisition-related intangible assets		3,043			2,900			2,807			2,572			2,554			2,972			2,556
Average tangible common equity	$	3,691		$	3,418		$	3,464		$	3,121		$	3,072		$	3,556		$	3,045
Operating return on average tangible common equity (annualized)		14.6	%		14.4	%		15.5	%		14.6	%		14.2	%		14.5	%		14.0	%

18

People’s United Financial, Inc.    

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

OPERATING COMMON DIVIDEND PAYOUT RATIO

	Three Months Ended															Six Months Ended
(dollars in millions)	June 30, 2019			March 31, 2019			Dec. 31, 2018			Sept. 30, 2018			June 30, 2018			June 30, 2019			June 30, 2018
Common dividends paid	$	69.8		$	65.2		$	65.1		$	60.0		$	59.9		$	135.0		$	118.7
Operating earnings	$	134.8		$	123.0		$	134.2		$	113.8		$	109.0		$	257.8		$	213.4
Operating common dividend payout ratio		51.8	%		53.0	%		48.5	%		52.7	%		55.0	%		52.4	%		55.6	%

TANGIBLE COMMON EQUITY RATIO

(dollars in millions)	June 30, 2019			March 31, 2019			Dec. 31, 2018			Sept. 30, 2018			June 30, 2018
Total stockholders’ equity	$	7,046		$	6,621		$	6,534		$	5,959		$	5,900
Less: Preferred stock		244			244			244			244			244
Common equity		6,802			6,377			6,290			5,715			5,656
Less: Goodwill and other acquisition-related intangible assets		3,073			2,896			2,866			2,569			2,574
Tangible common equity	$	3,730		$	3,481		$	3,424		$	3,146		$	3,082
Total assets	$	51,622		$	48,092		$	47,877		$	44,133		$	44,575
Less: Goodwill and other acquisition-related intangible assets		3,073			2,896			2,866			2,569			2,574
Tangible assets	$	48,549		$	45,196		$	45,011		$	41,564		$	42,001
Tangible common equity ratio		7.7	%		7.7	%		7.6	%		7.6	%		7.3	%

TANGIBLE BOOK VALUE PER COMMON SHARE

(in millions, except per common share data)	June 30, 2019		March 31, 2019		Dec. 31, 2018		Sept. 30, 2018		June 30, 2018
Tangible common equity	$	3,730	$	3,481	$	3,424	$	3,146	$	3,082
Common shares issued		487.35		467.38		466.32		437.74		437.06
Less: Shares classified as treasury shares		89.01		89.01		89.03		89.02		89.02
Unallocated ESOP shares		6.10		6.19		6.27		6.36		6.45
Common shares		392.24		372.18		371.02		342.36		341.59
Tangible book value per common share	$	9.51	$	9.35	$	9.23	$	9.19	$	9.02

19

EX-99.2

Second Quarter 2019 Results July 18, 2019 Exhibit 99.2

Forward-Looking Statement Certain statements contained in this presentation are forward-looking in nature. These include all statements about People's United Financial, Inc. (“People’s United”) plans, objectives, expectations and other statements that are not historical facts, and usually use words such as "expect," "anticipate," "believe," "should" and similar expressions. Such statements represent management's current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause People's United’s actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People’s United include, but are not limited to: (1) changes in general, international, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) changes in accounting and regulatory guidance applicable to banks; (7) price levels and conditions in the public securities markets generally; (8) competition and its effect on pricing, spending, third-party relationships and revenues; (9) the successful integration of acquisitions; and (10) changes in regulation resulting from or relating to financial reform legislation. People's United does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

1 Net interest income on a fully taxable equivalent basis was $355 million, an increase of $15 million or 5%. Second Quarter 2019 Overview Net income of $133.2 million, or $0.33 per Common Share Operating Earnings of $0.34 per Common Share Board of Directors Approves Share Repurchase Plan Announced the acquisition of United Financial Bancorp on July 15th Net interest income1 of $348 million, an increase of $15 million or 5% Net interest margin of 3.12%, a decrease of 8 basis points New business yields remained higher than the total portfolio loan yield, but margin contracted due to increased deposits costs and the addition of BSB Bancorp Average loan balances of $38.2 billion, an increase of $3.2 billion or 9% - (Ex. BSB Bancorp, an increase of $490 million or 1%) Period-end loan balances of $38.6 billion, an increase of $3.0 billion or 9% - (Ex. BSB Bancorp, an increase of $383 million or 1%) Runoff of the transactional portion of the New York multifamily portfolio lowered balances by $59 million Average deposit balances of $39.2 billion, an increase of $2.8 billion or 8% - (Ex. BSB Bancorp, an increase of $713 million or 2%) Period-end deposit balances of $39.5 billion, an increase of $2.6 billion or 7% - (Ex. BSB Bancorp, an increase of $600 million or 2%) Non-interest income of $106 million, an increase of $12 million or 12% Non-interest expense (ex. merger-related expenses of $6.5 million) of $272 million, an increase of $10 million or 4% Efficiency ratio of 55.8%, an improvement of 150 basis points Net loan charge-offs of 0.05%, an improvement of 1 basis point (Comparisons versus first quarter 2019, unless noted otherwise)

Net Interest Income1 ($ in millions) $332.8 $348.1 1 Net interest income on a fully taxable equivalent basis for 1Q 2019 and 2Q 2019 was $340.0 million and $355.4 million, respectively. +$15.3 or 5% Linked-Quarter Change $30.8 ($14.4) $2.1 ($1.8) ($1.4)

Net Interest Margin 3.20% 3.12% (8) bps Linked-Quarter Change 6 bps (14 bps) 2 bps (1 bp) (1 bp)

Loans: Average Balances $38,229 ($ in millions) $35,046 Linked-Quarter Change Linked-quarter change +$3.183 billion or 9% (Ex. BSB Bancorp Acquisition: +$490 million or 1%) $1,519 $735 $664 $153 $112

Deposits: Average Balances ($ in millions) $39,211 $36,450 Linked-Quarter Change Linked-quarter change +$2.761 billion or 8% (Ex. BSB Bancorp Acquisition: +$713 million or 2%) $1,133 $898 $425 $305

Non-Interest Income ($ in millions) $94.6 $106.3 +$11.7 or 12% Linked-Quarter Change $4.6 $2.4 $1.2 $0.6 $0.4 $4.3 ($1.8)

Non-Interest Expense ($ in millions) $278.4 $277.2 Ex. Merger-Related Expenses: +$9.7 or 4% Linked-Quarter Change ($8.5) $5.9 $1.4 $1.3 $0.5 $0.6

Efficiency Ratio Quarterly Trend

Asset Quality 1Non-performing assets (excluding acquired non-performing loans) as a percentage of originated loans plus all REO and repossessed assets; acquired non-performing loans excluded as risk of loss has been considered by virtue of (i) our estimate of acquisition-date fair value, (ii) the existence of an FDIC loss sharing agreement, and/or (iii) allowance for loan losses established subsequent to acquisition Notes: Source: SNL Financial Top 50 Banks represents the largest 50 banks by total assets in each respective quarter. 2Ex. acquired loan charge-offs, PBCT’s charge-off ratio was 0.02%, 0.04%, 0.07%, 0.07% & 0.03% in 2Q 2019, 1Q 2019, 4Q 2018, 3Q 2018 & 2Q 2018, respectively PBCT Peer Group (Median) Top 50 Banks (Median) PBCT Peer Group (Median) Top 50 Banks (Median) Non-Performing Assets / Loans & REO (%)1 Net Charge-offs / Average Loans2

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

Capital Ratios Jun. 30, 2018 Sep. 30, 2018 Dec. 31, 2018 Mar. 31, 2019 Jun. 30, 2019 People’s United Financial, Inc. Tang. Com. Equity/Tang. Assets 7.3% 7.6% 7.6% 7.7% 7.7% Tier 1 Leverage 8.6% 8.7% 8.7% 8.8% 8.7% Common Equity Tier 1 10.0% 10.3% 10.3% 10.2% 10.0% Tier 1 Risk-Based 10.8% 11.1% 10.9% 10.8% 10.7% Total Risk-Based 12.5% 12.8% 12.5% 12.4% 12.0% People’s United Bank, N.A. Tier 1 Leverage 9.1% 9.2% 9.0% 9.0% 8.9% Common Equity Tier 1 11.4% 11.6% 11.4% 11.2% 10.9% Tier 1 Risk-Based 11.4% 11.6% 11.4% 11.2% 10.9% Total Risk-Based 13.4% 13.6% 13.2% 12.9% 12.4%

Announced in January April Update Updated to include acquisition of BSB Bancorp; No change to People’s United stand-alone goals Update Excludes acquisition of United Financial Bancorp Loans1 (average & period-end) Growth range: 3% - 5% Growth range: 10% - 12% No Change Deposits (average & period-end) Growth range: 3% - 5% Growth range: 10% - 12% No Change Net Interest Income Growth range: 10% - 12% Growth range: 13% - 15% Growth range: 11% - 13% Net Interest Margin 3.15% - 3.25% Assumed no change in the fed funds rate 3.10% - 3.20% Assumed no change in the fed funds rate 3.05% - 3:15% Assumes two 25bp decreases in the fed funds rate Non-Interest Income (Operating) Growth range: 2% - 4% No Change No Change Non-Interest Expense2 (Operating) $1.040 billion - $1.060 billion $1.060 billion - $1.080 billion No Change Credit Maintain excellent credit quality Provision in the range of $35 million - $45 million No Change No Change Effective Tax Rate 20% - 22% No Change No Change Capital Maintain strong capital levels Common equity tier 1 capital ratio in the range of 10.0% - 10.5% No Change No Change Full Year 2019 Goals 1 Excludes the transactional portion of the New York multifamily portfolio which is in runoff mode. 2 Assumes an increase of approximately $12 million in expenses as a result of adopting the new lease accounting standard on January 1, 2019, which limits the type of lease origination costs eligible for deferral in the Company’s equipment financing businesses.

Appendix

Interest Rate Risk Profile 1Yield curve twist pivot point is 18 month point on yield curve. Short End defined as overnight to 18 months. Long End defined as terms greater than 18 months. Immediate Parallel Shock Est. Change in NII Yield Curve Twist1 Est. Change in NII Jun. 30, 2019 Mar. 31, 2019 Net Interest Income (NII) Sensitivity

Loans By State $24,390 $26,592 $29,745 $32,575 $28,411 ($ in millions, end of period balances) State Breakdown $35,241 $38,557

Deposits By State $22,557 $26,138 $29,861 $33,056 $28,417 ($ in millions, end of period balances) State Breakdown $36,159 $39,467

Asset Quality Originated Portfolio Coverage Detail as of June 30, 2019 Note – ALLLs: Commercial: $211 million, Retail: $29 million, Total: $240 million. ALLLs / Loans NPLs / Loans ALLLs / NPLs

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