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) October 23, 2020 (October 22, 2020)

People’s United Financial, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-33326	20-8447891
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

850 Main Street, Bridgeport, CT	06604
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (203) 338-7171

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

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

Emerging growth company  ☐

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

Item 2.02. Results of Operations and Financial Condition.

On October 22, 2020, People’s United Financial, Inc. (the “Company”) issued a press release announcing its results of operations for the three- and nine-month periods ended September 30, 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 October 22, 2020
99.2	Investor Presentation dated October 22, 2020
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

EXHIBIT INDEX

Exhibit No.	Description	Page
99.1	Earnings Press Release dated October 22, 2020		99.1-1
99.2	Investor Presentation dated October 22, 2020		99.2-1
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

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

		People’s United Financial, Inc. (Registrant)
Date: October 23, 2020	By:	/s/ Andrew S. Hersom (Signature)
	Name:	Andrew S. Hersom
	Title:	Senior Vice President, Investor Relations

EX-99.1

Exhibit 99.1

People’s United Financial Reports Third Quarter Net Income of $144.6 Million, or $0.34 per Common Share

• Pre-provision net revenue of $198.9 million, increased 4 percent linked-quarter and 15 percent from a year ago.

• Efficiency ratio of 53.8 percent, improved 300 basis points year-over-year, reflecting continued thoughtful expense management and realization of projected cost savings from acquisitions.

• Provision for credit losses on loans of $27.1 million, decreased $53.7 million linked-quarter, and further strengthens the allowance for credit losses to total loans by 3 basis points to 0.94 percent, or 0.99 percent excluding PPP loans.

• Sale of People’s United Insurance Agency to AssuredPartners announced; expected to close in the fourth quarter.

BRIDGEPORT, CT., October 22, 2020 – People’s United Financial, Inc. (NASDAQ: PBCT) today reported results for the third quarter 2020. These results along with comparison periods are summarized below:

($ in millions, except per common share data)
	Three Months Ended
	Sep. 30, 2020			Jun. 30, 2020			Sep. 30, 2019
Net income	$	144.6		$	89.9		$	135.1
Net income available to common shareholders		141.1			86.4			131.6
Per common share		0.34			0.21			0.33
Operating earnings1		144.7			101.0			135.5
Per common share		0.34			0.24			0.34
Net interest income	$	391.4		$	405.6		$	348.7
Net interest margin		2.97	%		3.05	%		3.12	%
Non-interest income		101.1			89.6			106.0
Non-interest expense	$	293.6		$	304.0		$	281.4
Operating non-interest expense1		289.0			285.5			276.4
Efficiency ratio		53.8	%		53.5	%		56.8	%
Average balances
Loans	$	44,853		$	45,153		$	38,317
Deposits		49,542			48,447			38,657
Period-end balances
Loans		45,231			45,452			38,781
Deposits		49,637			49,934			38,574

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

“We are pleased with the Company’s third quarter financial and operating performance, which is reflective of strong execution throughout the franchise,” said Jack Barnes, Chairman and Chief Executive Officer. “Our employees have successfully adapted to the pandemic-driven environment and its many challenges. This has enabled them to effectively meet customer needs, introduce AlwaysChecking our new free digital identity protection service, and advance strategic initiatives. Specifically, we remain focused on investing in digital capabilities and we strengthened this commitment with the recent creation of the Business Transformation Office. This specialized unit will lead our efforts related to digitization, process automation, and Fintech relationships. We are excited about the enhancements and efficiencies this team will deliver moving forward.”

Barnes continued, “The total impact of the pandemic on the long-term economy is unknown. However, improvements in economic activity during the quarter provide us a level of cautious optimism as we look ahead. We are particularly pleased with the significant reduction in customers needing relief as total loan deferrals were approximately $1.6 billion at September 30, down from more than $7.1 billion at the end of June. Our relationship managers have continued to maintain a high level of contact to help borrowers navigate their specific situations. We remain confident the strength of our long-held, conservative underwriting philosophy and approach to supporting customers will continue to serve the Company well.”

“Third quarter operating earnings of $144.7 million, increased 43 percent linked-quarter and benefited from higher fee income, well-maintained expenses, reduced provision, and a lower effective tax rate,” stated David Rosato, Senior Executive Vice President and Chief Financial Officer. “We remain disciplined managing deposit costs, which were down for the fifth consecutive quarter. Our net interest margin of 3.00%, excluding the unfavorable impact of PPP loans, was approximately five basis points lower from the second quarter, primarily due to downward pressure on loan yields. Commercial period-end loans grew $422 million or one percent from June 30 as a result of record mortgage warehouse balances and solid growth by LEAF. Conversely, retail period-end loans decreased $643 million or five percent mostly attributable to our planned reduction of residential mortgages. Period-end deposits were down $298 million or one percent linked-quarter as strong commercial growth was more than offset by runoff of higher cost wholesale funding and a decline in municipal balances.”

	As of and for the Three Months Ended
	Sep. 30, 2020			Jun. 30, 2020			Sep. 30, 2019
Asset Quality
Net loan charge-offs to average total loans		0.15	%		0.08	%		0.06	%
Non-performing loans as a percentage of total loans1		0.68	%		0.65	%		0.45	%
Returns
Return on average assets2		0.94	%		0.58	%		1.05	%
Return on average tangible common equity2		13.1	%		8.1	%		14.0	%
Capital Ratios
People’s United Financial, Inc.
Tangible common equity / tangible assets		7.5	%		7.3	%		7.8	%
Tier 1 leverage		8.2	%		8.0	%		8.7	%
Common equity tier 1		10.0	%		9.8	%		10.1	%
Tier 1 risk-based		10.5	%		10.3	%		10.7	%
Total risk-based		11.9	%		11.8	%		12.0	%
People’s United Bank, N.A.
Tier 1 leverage		8.7	%		8.5	%		8.8	%
Common equity tier 1		11.1	%		10.9	%		10.8	%
Tier 1 risk-based		11.1	%		10.9	%		10.8	%
Total risk-based		12.3	%		12.3	%		12.2	%

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 November 15, 2020 to shareholders of record on November 2, 2020. Based on the closing stock price on October 21, 2020, the dividend yield on People’s United Financial common stock is 6.8 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 approximately $61 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.

2

3Q 2020 Financial Highlights

Summary

• Net income totaled $144.6 million, or $0.34 per common share.

• Net income available to common shareholders totaled $141.1 million.

• Operating earnings totaled $144.7 million, or $0.34 per common share (see page 16).

• Net interest income totaled $391.4 million in 3Q20 compared to $405.6 million in 2Q20.

• Net interest margin decreased eight basis points from 2Q20 to 2.97% reflecting:

• Lower yields on the loan portfolio (decrease of 15 basis points).

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

• Lower rates on borrowings (increase of one basis point).

• One additional calendar day in 3Q20 (increase of two basis points).

• Provision for credit losses on loans totaled $27.1 million.

• Allowance for credit losses on loans increased $9.8 million.

• Net loan charge-offs totaled $17.3 million.

• Net loan charge-off ratio of 0.15% in 3Q20.

• Non-interest income totaled $101.1 million in 3Q20 compared to $89.6 million in 2Q20.

• Bank service charges increased $4.2 million.

• Commercial banking lending fees increased $2.1 million.

• Investment management fees increased $1.4 million.

• Customer interest rate swap income decreased $1.5 million.

• At September 30, 2020, assets under discretionary management totaled $8.9 billion.

• Non-interest expense totaled $293.6 million in 3Q20 compared to $304.0 million in 2Q20.

• Operating non-interest expense totaled $289.0 million in 3Q20 and $285.5 million in 2Q20 (see page 16).

• Compensation and benefits expense, excluding $0.3 million and $1.0 million of merger-related expenses in 3Q20 and 2Q20, respectively, decreased $0.6 million.

• Occupancy and equipment expense, excluding $0.9 million and $0.2 million of merger-related expenses in 3Q20 and 2Q20, respectively, increased $0.4 million.

• Professional and outside services expense, excluding $1.4 million and $3.6 million of merger-related expenses in 3Q20 and 2Q20, respectively, increased $0.6 million.

• Other non-interest expense includes merger-related expenses of $2.0 million in 3Q20 and $13.7 million in 2Q20.

• The efficiency ratio was 53.8% for 3Q20 compared to 53.5% for 2Q20 and 56.8% for 3Q19 (see page 16).

• The effective income tax rate was 16.0% for 3Q20 and 18.7% for the first nine months of 2020, compared to 20.2% for the full-year of 2019.

3

Commercial Banking

• Commercial loans totaled $33.9 billion at September 30, 2020, a $422 million increase from June 30, 2020.

• Paycheck Protection Plan loans totaled $2.6 billion at September 30, 2020.

• The mortgage warehouse portfolio increased $768 million.

• The equipment financing portfolio increased $7 million.

• The New York multifamily portfolio decreased $62 million.

• Average commercial loans totaled $33.1 billion in 3Q20, a $225 million increase from 2Q20.

• Paycheck Protection Plan loans averaged $2.5 billion in 3Q20.

• The average mortgage warehouse portfolio increased $344 million.

• The average equipment financing portfolio decreased $57 million.

• The average New York multifamily portfolio decreased $62 million.

• Commercial deposits totaled $21.6 billion at September 30, 2020 compared to $21.0 billion at June 30, 2020.

• The ratio of non-accrual commercial loans to total commercial loans was 0.65% at September 30, 2020 compared to 0.63% at June 30, 2020.

• Non-performing commercial assets totaled $234.1 million at September 30, 2020 compared to $224.4 million at June 30, 2020.

• For the commercial loan portfolio, the allowance for credit losses as a percentage of commercial loans was 0.86% at September 30, 2020 compared to 0.83% at June 30, 2020.

• The commercial allowance for credit losses represented 132% of non-accrual commercial loans at September 30, 2020 compared to 131% at June 30, 2020.

Retail Banking

• Residential mortgage loans totaled $9.1 billion at September 30, 2020, a $528 million decrease from June 30, 2020.

• Average residential mortgage loans totaled $9.4 billion in 3Q20, a $413 million decrease from 2Q20.

• Home equity loans totaled $2.1 billion at September 30, 2020, a $103 million decrease from June 30, 2020.

• Average home equity loans totaled $2.2 billion in 3Q20, a $101 million decrease from 2Q20.

• Retail deposits totaled $28.0 billion at September 30, 2020 compared to $28.9 billion at June 30, 2020.

• The ratio of non-accrual residential mortgage loans to residential mortgage loans was 0.69% at September 30, 2020 compared to 0.65% at June 30, 2020.

• The ratio of non-accrual home equity loans to home equity loans was 1.04% at September 30, 2020 compared to 1.01% at June 30, 2020.

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

• The retail allowance for credit losses represented 155% of non-accrual retail loans at September 30, 2020 compared to 160% at June 30, 2020.

4

Conference Call

On October 22, 2020, at 5 p.m., Eastern Time, People’s United Financial will host a conference call to discuss this earnings announcement. The call may be heard through www.peoples.com by selecting “Investor Relations” in the “About Us” section on the home page, and then selecting “Conference Calls” in the “News and Events” section. Additional materials relating to the call may also be accessed at People’s United Bank’s web site. The call will be archived on the web site and available for approximately 90 days.

Certain statements contained in this release are forward-looking in nature. These include all statements about People’s United Financial’s plans, objectives, expectations and other statements that are not historical facts, and usually use words such as “expect,” “anticipate,” “believe,” “should” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause People’s United Financial’s actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People’s United Financial include, but are not limited to: (1) changes in general, international, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) changes in accounting and regulatory guidance applicable to banks; (7) price levels and conditions in the public securities markets generally; (8) competition and its effect on pricing, spending, third-party relationships and revenues; (9) the successful integration of acquisitions; (10) changes in regulation resulting from or relating to financial reform legislation; and (11) the COVID-19 pandemic and its effect on the economic and business environment in which we operate. People’s United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

###

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

INVESTOR CONTACT:

Andrew S. Hersom

Investor Relations

203.338.4581

Andrew.Hersom@peoples.com

MEDIA CONTACT:

Steven Bodakowski

Corporate Communications

203.338.4202

Steven.Bodakowski@peoples.com

5

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS

	As of and for the Three Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
(dollars in millions, except per common share data)	2020			2020			2020			2019			2019
Earnings Data:
Net interest income (fully taxable equivalent)	$	398.7		$	413.0		$	403.7		$	390.3		$	356.0
Net interest income		391.4			405.6			396.0			382.7			348.7
Provision for credit losses (1)		26.8			80.8			33.5			7.3			7.8
Non-interest income (2)		101.1			89.6			123.8			124.2			106.0
Non-interest expense (2)		293.6			304.0			320.1			325.7			281.4
Income before income tax expense		172.1			110.4			166.2			173.9			165.5
Net income		144.6			89.9			130.4			137.5			135.1
Net income available to common shareholders (2)		141.1			86.4			126.9			134.0			131.6
Selected Statistical Data:
Net interest margin (3)		2.97	%		3.05	%		3.12	%		3.14	%		3.12	%
Return on average assets (2), (3)		0.94			0.58			0.89			0.98			1.05
Return on average common equity (3)		7.5			4.6			6.7			7.2			7.7
Return on average tangible common equity (2), (3)		13.1			8.1			11.8			12.8			14.0
Efficiency ratio (2)		53.8			53.5			54.0			53.7			56.8
Common Share Data:
Earnings per common share:
Basic	$	0.34		$	0.21		$	0.30		$	0.31		$	0.34
Diluted (2)		0.34			0.21			0.30			0.31			0.33
Dividends paid per common share		0.1800			0.1800			0.1775			0.1775			0.1775
Common dividend payout ratio (2)		53.6	%		87.4	%		60.9	%		52.2	%		53.1	%
Book value per common share	$	18.11		$	17.95		$	17.87		$	17.60		$	17.54
Tangible book value per common share (2)		10.37			10.18			10.07			10.12			9.74
Stock price:
High		12.36			13.99			17.00			17.22			17.10
Low		9.74			9.37			10.40			14.73			13.81
Close		10.31			11.57			11.05			16.90			15.64
Common shares oustanding (in millions) (2)		424.67			424.59			424.47			443.66			398.58
Weighted average diluted common shares (in millions)		420.29			420.15			429.77			424.98			394.45

(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 Nine Months Ended September 30,
(dollars in millions, except per common share data)	2020			2019
Earnings Data:
Net interest income (fully taxable equivalent)	$	1,215.4		$	1,051.4
Net interest income		1,193.0			1,029.6
Provision for credit losses (1)		141.1			21.0
Non-interest income		314.5			306.9
Non-interest expense (2)		917.7			837.0
Income before income tax expense		448.7			478.5
Net income		364.9			383.0
Net income available to common shareholders (2)		354.4			372.5
Selected Statistical Data:
Net interest margin (3)		3.05	%		3.14	%
Return on average assets (2), (3)		0.80			1.02
Return on average common equity (3)		6.3			7.5
Return on average tangible common equity (2), (3)		11.0			13.7
Efficiency ratio (2)		53.8			56.6
Common Share Data:
Earnings per common share:
Basic	$	0.84		$	0.97
Diluted (2)		0.84			0.96
Dividends paid per common share		0.5375			0.5300
Common dividend payout ratio (2)		64.5	%		55.0	%
Book value per common share	$	18.11		$	17.54
Tangible book value per common share (2)		10.37			9.74
Stock price:
High		17.00			18.03
Low		9.37			13.81
Close		10.31			15.64
Common shares oustanding (in millions) (2)		424.67			398.58
Weighted average diluted common shares (in millions)		423.28			387.78

(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.

7

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS - Continued

	As of and for the Three Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
(dollars in millions)	2020			2020			2020			2019			2019
Financial Condition Data:
Total assets	$	60,871		$	61,510		$	60,433		$	58,590		$	52,072
Loans		45,231			45,452			44,284			43,596			38,781
Securities		8,270			8,233			8,552			7,790			7,135
Short-term investments		439			987			744			317			158
Allowance for credit losses (1)		424			414			342			247			246
Goodwill and other acquisition-related intangible assets		3,244			3,254			3,264			3,275			3,065
Deposits		49,637			49,934			44,741			43,590			38,574
Borrowings		1,237			1,782			5,911			5,155			4,629
Notes and debentures		1,012			1,015			1,013			993			916
Stockholders’ equity		7,831			7,763			7,726			7,947			7,131
Total risk-weighted assets (2):
People’s United Financial, Inc.		45,647			45,657			46,408			45,208			39,794
People’s United Bank, N.A.		45,577			45,615			46,397			45,174			39,742
Non-accrual loans		306			296			240			224			176
Net loan charge-offs		17.3			8.5			10.6			6.7			5.8
Average Balances:
Loans	$	44,853		$	45,153		$	43,460		$	42,006		$	38,317
Securities (3)		7,922			8,240			8,022			7,372			7,041
Short-term investments		842			774			289			294			219
Total earning assets		53,617			54,168			51,772			49,673			45,577
Total assets		61,293			61,841			58,604			56,130			51,524
Deposits		49,542			48,447			44,163			42,195			38,657
Borrowings		1,283			2,911			4,353			4,146			3,855
Notes and debentures		1,014			1,014			1,000			974			914
Total funding liabilities		51,839			52,372			49,515			47,314			43,427
Stockholders’ equity		7,801			7,757			7,804			7,654			7,079
Ratios:
Net loan charge-offs to average total loans (annualized)		0.15	%		0.08	%		0.10	%		0.06	%		0.06	%
Non-performing assets to total loans, real estate owned and repossessed assets		0.71			0.69			0.59			0.57			0.52
Allowance for credit losses to (1):
Total loans		0.94			0.91			0.77			0.57			0.63
Non-accrual loans		138.4			139.8			142.2			110.0			139.5
Average stockholders’ equity to average total assets		12.7			12.5			13.3			13.6			13.7
Stockholders’ equity to total assets		12.9			12.6			12.8			13.6			13.7
Tangible common equity to tangible assets (4)		7.5			7.3			7.4			8.0			7.8
Total risk-based capital (2):
People’s United Financial, Inc.		11.9			11.8			11.3			12.0			12.0
People’s United Bank, N.A.		12.3			12.3			12.0			12.1			12.2

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

(2) September 30, 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

	Sept. 30,			June 30,			Dec. 31,			Sept. 30,
(in millions)	2020			2020			2019			2019
Assets
Cash and due from banks	$	616.8		$	491.9		$	484.2		$	635.2
Short-term investments		438.6			987.4			316.8			157.8
Securities:
Trading debt securities, at fair value		—			—			7.1			9.3
Equity securities, at fair value		5.6			5.8			8.2			7.8
Debt securities available-for-sale, at fair value		4,080.7			4,080.3			3,564.3			2,978.7
Debt securities held-to-maturity, at amortized cost		3,916.5			3,848.6			3,869.2			3,805.4
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		267.1			298.3			341.1			334.0
Total securities		8,269.9			8,233.0			7,789.9			7,135.2
Loans held-for-sale		21.4			12.2			511.3			24.8
Loans:
Commercial and industrial (1)		15,295.0			14,593.9			11,041.6			10,545.9
Commercial real estate (1)		13,713.3			13,999.5			14,762.3			12,186.9
Equipment financing		4,887.6			4,880.1			4,910.4			4,735.6
Total Commercial Portfolio		33,895.9			33,473.5			30,714.3			27,468.4
Residential mortgage		9,095.6			9,623.7			10,318.1			9,308.7
Home equity and other consumer		2,239.1			2,354.3			2,563.7			2,004.3
Total Retail Portfolio		11,334.7			11,978.0			12,881.8			11,313.0
Total loans		45,230.6			45,451.5			43,596.1			38,781.4
Less allowance for credit losses		(423.8	)		(414.0	)		(246.6	)		(246.0	)
Total loans, net		44,806.8			45,037.5			43,349.5			38,535.4
Goodwill and other acquisition-related intangible assets		3,243.5			3,253.7			3,274.6			3,064.9
Bank-owned life insurance		710.5			708.1			705.0			505.6
Premises and equipment, net		281.3			285.7			305.5			258.5
Other assets		2,482.4			2,500.2			1,853.0			1,754.4
Total assets	$	60,871.2		$	61,509.7		$	58,589.8		$	52,071.8
Liabilities
Deposits:
Non-interest-bearing	$	14,101.9		$	13,656.9		$	9,803.7		$	9,129.3
Savings		5,846.3			5,759.4			4,987.7			4,616.6
Interest-bearing checking and money market		23,361.8			22,943.6			19,592.6			16,727.2
Time		6,326.5			7,574.4			9,205.5			8,100.4
Total deposits		49,636.5			49,934.3			43,589.5			38,573.5
Borrowings:
Federal Home Loan Bank advances		579.8			1,289.7			3,125.4			2,948.5
Customer repurchase agreements		432.5			342.1			409.1			315.6
Federal funds purchased		225.0			150.0			1,620.0			1,365.0
Total borrowings		1,237.3			1,781.8			5,154.5			4,629.1
Notes and debentures		1,012.0			1,014.5			993.1			915.7
Other liabilities		1,153.9			1,016.1			905.5			822.8
Total liabilities		53,039.7			53,746.7			50,642.6			44,941.1
Stockholders’ Equity
Preferred stock		244.1			244.1			244.1			244.1
Common stock		5.3			5.3			5.3			4.9
Additional paid-in capital		7,657.3			7,651.2			7,639.4			6,901.5
Retained earnings		1,589.1			1,524.6			1,512.8			1,449.3
Accumulated other comprehensive loss		(77.9	)		(73.9	)		(166.9	)		(182.3	)
Unallocated common stock of Employee Stock Ownership Plan, at cost		(117.4	)		(119.3	)		(122.9	)		(124.7	)
Treasury stock, at cost		(1,469.0	)		(1,469.0	)		(1,164.6	)		(1,162.1	)
Total stockholders’ equity		7,831.5			7,763.0			7,947.2			7,130.7
Total liabilities and stockholders’ equity	$	60,871.2		$	61,509.7		$	58,589.8		$	52,071.8

(1) 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

	Three Months Ended
	Sept. 30,			June 30,		March 31,		Dec. 31,		Sept. 30,
(in millions, except per common share data)	2020			2020		2020		2019		2019
Interest and dividend income:
Commercial real estate (1)	$	110.5		$	122.4	$	149.6	$	147.2	$	136.6
Commercial and industrial (1)		110.7			112.4		106.4		114.9		113.4
Equipment financing		65.4			67.6		68.2		66.7		65.3
Residential mortgage		82.1			84.8		90.4		88.2		84.7
Home equity and other consumer		19.9			20.1		28.0		30.8		24.7
Total interest on loans		388.6			407.3		442.6		447.8		424.7
Securities		47.5			49.8		51.2		47.8		44.7
Short-term investments		0.4			0.2		2.0		1.0		1.3
Loans held-for-sale		0.3			0.3		3.3		0.3		0.2
Total interest and dividend income		436.8			457.6		499.1		496.9		470.9
Interest expense:
Deposits		36.5			41.7		78.9		86.9		92.2
Borrowings		1.5			2.0		15.4		18.5		21.5
Notes and debentures		7.4			8.3		8.8		8.8		8.5
Total interest expense		45.4			52.0		103.1		114.2		122.2
Net interest income		391.4			405.6		396.0		382.7		348.7
Provision for credit losses on loans (2)		27.1			80.8		33.5		7.3		7.8
Provision for credit losses on securities (2)		(0.3	)		—		—		—		—
Net interest income after provision for credit losses		364.6			324.8		362.5		375.4		340.9
Non-interest income:
Bank service charges		24.5			20.3		28.0		28.9		27.0
Investment management fees		18.8			17.4		18.1		19.3		19.9
Commercial banking lending fees		12.7			10.6		12.1		12.9		11.8
Operating lease income		12.4			11.8		12.6		12.7		12.9
Insurance revenue		9.7			9.0		10.9		7.5		10.3
Cash management fees		8.8			8.1		7.4		7.1		7.3
Customer interest rate swap income, net		1.2			2.7		8.8		8.5		5.5
Other non-interest income (3)		13.0			9.7		25.9		27.3		11.3
Total non-interest income		101.1			89.6		123.8		124.2		106.0
Non-interest expense:
Compensation and benefits		166.5			167.8		173.9		171.4		158.1
Occupancy and equipment		49.1			48.0		51.0		52.2		45.0
Professional and outside services		24.1			25.7		38.5		29.6		23.7
Amortization of other acquisition-related intangible assets		10.2			10.2		10.7		9.8		8.0
Operating lease expense		9.3			8.8		9.8		9.6		9.9
Regulatory assessments		8.4			8.7		8.7		7.3		5.3
Other non-interest expense		26.0			34.8		27.5		45.8		31.4
Total non-interest expense (3)		293.6			304.0		320.1		325.7		281.4
Income before income tax expense		172.1			110.4		166.2		173.9		165.5
Income tax expense		27.5			20.5		35.8		36.4		30.4
Net income		144.6			89.9		130.4		137.5		135.1
Preferred stock dividend		3.5			3.5		3.5		3.5		3.5
Net income available to common shareholders	$	141.1		$	86.4	$	126.9	$	134.0	$	131.6
Earnings per common share:
Basic	$	0.34		$	0.21	$	0.30	$	0.31	$	0.34
Diluted		0.34			0.21		0.30		0.31		0.33

(1) 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.

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

(3) 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 $4.6 million, $18.5 million, $17.9 million, $39.1 million and $5.0 million of non-operating expenses for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 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

	Nine Months Ended September 30,
(in millions, except per common share data)	2020			2019
Interest and dividend income:
Commercial real estate	$	382.5		$	409.2
Commercial and industrial		329.5			328.7
Equipment financing		201.2			187.0
Residential mortgage		257.3			240.9
Home equity and other consumer		68.0			75.4
Total interest on loans		1,238.5			1,241.2
Securities		148.5			138.7
Loans held-for-sale		3.9			0.6
Short-term investments		2.6			3.8
Total interest and dividend income		1,393.5			1,384.3
Interest expense:
Deposits		157.1			270.0
Borrowings		18.9			58.6
Notes and debentures		24.5			26.1
Total interest expense		200.5			354.7
Net interest income		1,193.0			1,029.6
Provision for credit losses on loans (1)		141.4			21.0
Provision for credit losses on securities (1)		(0.3	)		—
Net interest income after provision for credit losses		1,051.9			1,008.6
Non-interest income:
Bank service charges		72.8			78.6
Investment management fees		54.3			58.9
Operating lease income		36.8			38.1
Commercial banking lending fees		35.4			29.8
Insurance revenue		29.6			29.5
Cash management fees		24.3			21.2
Customer interest rate swap income, net		12.7			16.2
Other non-interest income		48.6			34.6
Total non-interest income		314.5			306.9
Non-interest expense:
Compensation and benefits		508.2			474.8
Occupancy and equipment		148.1			133.7
Professional and outside services		88.3			68.6
Amortization of other acquisition-related intangible assets		31.1			22.7
Operating lease expense		27.9			29.2
Regulatory assessments		25.8			18.8
Other non-interest expense		88.3			89.2
Total non-interest expense (2)		917.7			837.0
Income before income tax expense		448.7			478.5
Income tax expense		83.8			95.5
Net income		364.9			383.0
Preferred stock dividend		10.5			10.5
Net income available to common shareholders	$	354.4		$	372.5
Earnings per common share:
Basic	$	0.84		$	0.97
Diluted		0.84			0.96

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

(2) Total non-interest expense includes $41.0 million and $26.5 million of non-operating expenses for the nine months ended September 30, 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)

	September 30, 2020							June 30, 2020							September 30, 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	$	841.5	$	0.4		0.19	%	$	774.0	$	0.2		0.14	%	$	218.7	$	1.3		2.33	%
Securities (2)		7,922.4		52.5		2.65			8,240.4		54.8		2.66			7,041.3		49.4		2.80
Loans:
Commercial real estate		13,853.1		110.5		3.19			14,095.2		122.4		3.48			12,194.8		136.6		4.48
Commercial and industrial		14,419.8		113.0		3.13			13,895.6		114.8		3.30			10,059.2		116.0		4.61
Equipment financing		4,876.4		65.4		5.37			4,933.8		67.6		5.48			4,640.6		65.3		5.63
Residential mortgage		9,408.0		82.4		3.51			9,821.4		85.1		3.46			9,392.7		84.9		3.62
Home equity and other consumer		2,296.0		19.9		3.47			2,407.1		20.1		3.34			2,029.2		24.7		4.88
Total loans		44,853.3		391.2		3.49			45,153.1		410.0		3.63			38,316.5		427.5		4.46
Total earning assets		53,617.2	$	444.1		3.31	%		54,167.5	$	465.0		3.43	%		45,576.5	$	478.2		4.20	%
Other assets		7,676.2							7,673.9							5,947.8
Total assets	$	61,293.4						$	61,841.4						$	51,524.3
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	13,753.8	$	—		—	%	$	12,852.8	$	—		—	%	$	8,777.3	$	—		—	%
Savings, interest-bearing checking and money market		28,970.0		16.4		0.23			27,402.5		17.0		0.25			21,758.5		53.4		0.98
Time		6,817.8		20.1		1.18			8,191.4		24.7		1.21			8,121.6		38.8		1.91
Total deposits		49,541.6		36.5		0.29			48,446.7		41.7		0.34			38,657.4		92.2		0.95
Borrowings:
Federal Home Loan Bank advances		640.5		1.3		0.79			1,858.8		1.5		0.32			2,363.0		14.1		2.39
Customer repurchase agreements		382.6		0.2		0.18			357.2		0.2		0.24			290.1		0.6		0.86
Federal funds purchased		260.1		—		0.08			695.5		0.3		0.15			1,202.3		6.8		2.26
Total borrowings		1,283.2		1.5		0.46			2,911.5		2.0		0.27			3,855.4		21.5		2.23
Notes and debentures		1,014.0		7.4		2.92			1,013.8		8.3		3.29			913.8		8.5		3.73
Total funding liabilities		51,838.8	$	45.4		0.35	%		52,372.0	$	52.0		0.40	%		43,426.6	$	122.2		1.13	%
Other liabilities		1,653.3							1,712.6							1,019.1
Total liabilities		53,492.1							54,084.6							44,445.7
Stockholders’ equity		7,801.3							7,756.8							7,078.6
Total liabilities and stockholders’ equity	$	61,293.4						$	61,841.4						$	51,524.3
Net interest income/spread (3)			$	398.7		2.96	%			$	413.0		3.03	%			$	356.0		3.07	%
Net interest margin						2.97	%						3.05	%						3.12	%

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

12

People’s United Financial, Inc.

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

	September 30, 2020							September 30, 2019
Nine months ended (dollars in millions)	Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate
Assets:
Short-term investments	$	635.9	$	2.6		0.55	%	$	211.9	$	3.8		2.37	%
Securities (2)		8,061.0		163.3		2.70			7,165.4		152.6		2.84
Loans:
Commercial real estate		14,219.8		382.5		3.59			12,037.6		409.2		4.53
Commercial and industrial		13,065.7		337.6		3.44			9,561.1		336.6		4.69
Equipment financing		4,908.5		201.2		5.47			4,504.1		187.0		5.54
Residential mortgage		9,820.4		258.0		3.50			9,077.5		241.5		3.55
Home equity and other consumer		2,475.7		70.7		3.81			2,029.1		75.4		4.95
Total loans		44,490.1		1,250.0		3.75			37,209.4		1,249.7		4.48
Total earning assets		53,187.0	$	1,415.9		3.55	%		44,586.7	$	1,406.1		4.20	%
Other assets		7,395.1							5,564.3
Total assets	$	60,582.1						$	50,151.0
Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	12,233.7	$	—		—	%	$	8,563.2	$	—		—	%
Savings, interest-bearing checking and money market		27,111.2		77.5		0.38			21,708.6		159.6		0.98
Time		8,046.8		79.6		1.32			7,842.4		110.4		1.88
Total deposits		47,391.7		157.1		0.44			38,114.2		270.0		0.94
Borrowings:
Federal Home Loan Bank advances		1,639.6		12.6		1.02			2,034.1		38.7		2.54
Federal funds purchased		847.7		5.4		0.85			1,005.6		18.2		2.41
Customer repurchase agreements		356.0		0.9		0.35			272.1		1.6		0.76
Other borrowings		—		—		—			4.4		0.1		1.86
Total borrowings		2,843.3		18.9		0.89			3,316.2		58.6		2.35
Notes and debentures		1,009.1		24.5		3.24			904.7		26.1		3.85
Total funding liabilities		51,244.1	$	200.5		0.52	%		42,335.1	$	354.7		1.12	%
Other liabilities		1,550.5							941.0
Total liabilities		52,794.6							43,276.1
Stockholders’ equity		7,787.5							6,874.9
Total liabilities and stockholders’ equity	$	60,582.1						$	50,151.0
Net interest income/spread (3)			$	1,215.4		3.03	%			$	1,051.4		3.08	%
Net interest margin						3.05	%						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 $22.4 million and $21.8 million for the nine months ended September 30, 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)	Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Sept. 30, 2019
Non-accrual loans:
Commercial:
Commercial real estate	$	85.3		$	73.6		$	53.5		$	53.8		$	28.6
Commercial and industrial		86.7			88.8			55.6			38.5			39.0
Equipment financing		49.0			48.6			42.5			47.7			43.2
Total Commercial		221.0			211.0			151.6			140.0			110.8
Retail:
Residential mortgage		62.9			62.6			66.6			63.3			48.8
Home equity		22.1			22.5			22.1			20.8			16.7
Other consumer		0.2			0.1			0.1			—			0.1
Total Retail		85.2			85.2			88.8			84.1			65.6
Total non-accrual loans (1)		306.2			296.2			240.4			224.1			176.4
Real estate owned:
Commercial		3.6			7.3			7.3			7.3			7.7
Residential		1.9			4.9			9.5			11.9			12.3
Total real estate owned		5.5			12.2			9.5			11.9			12.3
Repossessed assets		9.7			6.2			4.6			4.2			6.3
Total non-performing assets	$	321.4		$	314.6		$	254.5		$	240.2		$	195.0
Non-accrual loans as a percentage of total loans		0.68	%		0.65	%		0.54	%		0.51	%		0.45	%
Non-performing assets as a percentage of:
Total loans, real estate owned and repossessed assets		0.71			0.69			0.59			0.57			0.52
Tangible stockholders’ equity and allowance for credit losses		6.41			6.39			5.45			5.03			4.70

(1) Reported net of government guarantees totaling $2.4 million at September 30, 2020, $2.9 million at June 30, 2020, $1.2 million at March 31, 2020, $1.3 million at December 31, 2019 and $1.4 million at September 30, 2019.

14

People’s United Financial, Inc.

PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

	Three Months Ended
(dollars in millions)	Sept 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Sept. 30, 2019
Allowance for credit losses:
Balance at beginning of period	$	414.0		$	341.7		$	246.6		$	246.0		$	244.0
Charge-offs		(19.3	)		(10.3	)		(12.6	)		(8.5	)		(8.2	)
Recoveries		2.0			1.8			2.0			1.8			2.4
Net loan charge-offs		(17.3	)		(8.5	)		(10.6	)		(6.7	)		(5.8	)
Provision for credit losses		27.1			80.8			33.5			7.3			7.8
CECL transition adjustment		—			—			72.2			N/A			N/A
Balance at end of period	$	423.8		$	414.0		$	341.7		$	246.6		$	246.0
Allowance for credit losses as a percentage of:
Total loans		0.94	%		0.91	%		0.77	%		0.57	%		0.63	%
Non-accrual loans		138.4			139.8			142.2			110.0			139.5

N/A - not applicable

NET LOAN CHARGE-OFFS (RECOVERIES)

	Three Months Ended
(dollars in millions)	Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Sept. 30, 2019
Commercial:
Commercial real estate	$	4.1		$	1.8		$	3.4		$	(0.1	)	$	(0.2	)
Commercial and industrial		6.9			—			1.0			2.3			1.6
Equipment financing		6.2			5.2			3.9			4.2			4.2
Total		17.2			7.0			8.3			6.4			5.6
Retail:
Residential mortgage		(0.2	)		—			0.8			(0.2	)		—
Home equity		—			0.6			0.1			0.3			—
Other consumer		0.3			0.9			1.4			0.2			0.2
Total		0.1			1.5			2.3			0.3			0.2
Total net loan charge-offs	$	17.3		$	8.5		$	10.6		$	6.7		$	5.8
Net loan charge-offs to average total loans (annualized)		0.15	%		0.08	%		0.10	%		0.06	%		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															Nine Months Ended
(dollars in millions)	Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Sept. 30, 2019			Sept. 30, 2020			Sept. 30, 2019
Total non-interest expense	$	293.6		$	304.0		$	320.1		$	325.7		$	281.4		$	917.7		$	837.0
Adjustments to arrive at operating non-interest expense:
Merger-related expenses		(4.6	)		(18.5	)		(17.9	)		(22.6	)		(5.0	)		(41.0	)		(26.5	)
Intangible asset write-down		—			—			—			(16.5	)		—			—			—
Total		(4.6	)		(18.5	)		(17.9	)		(39.1	)		(5.0	)		(41.0	)		(26.5	)
Operating non-interest expense		289.0			285.5			302.2			286.6			276.4			876.7			810.5
Adjustments:
Amortization of other acquisition-related intangible assets		(10.2	)		(10.2	)		(10.7	)		(9.8	)		(8.0	)		(31.1	)		(22.7	)
Operating lease expense		(9.3	)		(8.8	)		(9.8	)		(9.6	)		(9.9	)		(27.9	)		(29.2	)
Other (1)		(5.1	)		(1.9	)		(1.9	)		(1.6	)		(1.4	)		(8.9	)		(4.6	)
Total non-interest expense for efficiency ratio	$	264.4		$	264.6		$	279.8		$	265.6		$	257.1		$	808.8		$	754.0
Net interest income (FTE basis)	$	398.7		$	413.0		$	403.7		$	390.3		$	356.0		$	1,215.4		$	1,051.4
Total non-interest income		101.1			89.6			123.8			124.2			106.0			314.5			306.9
Total revenues		499.8			502.6			527.5			514.5			462.0			1,529.9			1,358.3
Adjustments:
Operating lease expense		(9.3	)		(8.8	)		(9.8	)		(9.6	)		(9.9	)		(27.9	)		(29.2	)
BOLI FTE adjustment		0.8			1.0			0.8			0.7			0.5			2.6			1.8
Gain on sale of branches, net of expenses		—			—			—			(7.6	)		—			—			—
Net security gains		—			—			—			(0.1	)		—			—			(0.1	)
Other (2)		(0.1	)		—			(0.3	)		(3.2	)		0.1			(0.4	)		0.4
Total revenues for efficiency ratio	$	491.2		$	494.8		$	518.2		$	494.7		$	452.7		$	1,504.2		$	1,331.2
Efficiency ratio		53.8	%		53.5	%		54.0	%		53.7	%		56.8	%		53.8	%		56.6	%

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

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

PRE-PROVISION NET REVENUE

	Three Months Ended															Nine Months Ended
(in millions)	Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Sept. 30, 2019			Sept. 30, 2020			Sept. 30, 2019
Net interest income	$	391.4		$	405.6		$	396.0		$	382.7		$	348.7		$	1,193.0		$	1,029.6
Non-interest income		101.1			89.6			123.8			124.2			106.0			314.5			306.9
Non-interest expense		(293.6	)		(304.0	)		(320.1	)		(325.7	)		(281.4	)		(917.7	)		(837.0	)
Pre-provision net revenue		198.9			191.2			199.7			181.2			173.3			589.8			499.5
Non-operating income		—			—			—			(7.6	)		—			—			—
Non-operating expense		4.6			18.5			17.9			39.1			5.0			41.0			26.5
Operating pre-provision net revenue	$	203.5		$	209.7		$	217.6		$	212.7		$	178.3		$	630.8		$	526.0

17

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

OPERATING EARNINGS

	Three Months Ended															Nine Months Ended
(dollars in millions, except per common share data)	Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Sept. 30, 2019			Sept. 30, 2020 (1)			Sept. 30, 2019
Net income available to common shareholders	$	141.1		$	86.4		$	126.9		$	134.0		$	131.6		$	354.4		$	372.5
Adjustments to arrive at operating earnings:
Merger-related expenses		4.6			18.5			17.9			22.6			5.0			41.0			26.5
Intangible asset write-down		—			—			—			16.5			—			—			—
Gain on sale of branches, net of expenses		—			—			—			(7.6	)		—			—			—
Total pre-tax adjustments		4.6			18.5			17.9			31.5			5.0			41.0			26.5
Tax effect		(1.0	)		(3.9	)		(3.7	)		(6.7	)		(1.1	)		(8.6	)		(5.6	)
Total adjustments, net of tax		3.6			14.6			14.2			24.8			3.9			32.4			20.9
Operating earnings	$	144.7		$	101.0		$	141.1		$	158.8		$	135.5		$	386.8		$	393.4
Diluted EPS, as reported	$	0.34		$	0.21		$	0.30		$	0.31		$	0.33		$	0.84		$	0.96
Adjustments to arrive at operating EPS:
Merger-related expenses		—			0.03			0.03			0.04			0.01			0.07			0.05
Intangible asset write-down		—			—			—			0.03			—			—			—
Gain on sale of branches, net of expenses		—			—			—			(0.01	)		—			—			—
Total adjustments per common share		—			0.03			0.03			0.06			0.01			0.07			0.05
Operating EPS	$	0.34		$	0.24		$	0.33		$	0.37		$	0.34		$	0.91		$	1.01
Average total assets	$	61,293		$	61,841		$	58,603		$	56,130		$	51,524		$	60,582		$	50,151
Operating return on average assets (annualized)		0.94	%		0.65	%		0.96	%		1.13	%		1.05	%		0.85	%		1.05	%

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

OPERATING RETURN ON AVERAGE TANGIBLE COMMON EQUITY

	Three Months Ended															Nine Months Ended
(dollars in millions)	Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Sept. 30, 2019			Sept. 30, 2020			Sept. 30, 2019
Operating earnings	$	144.7		$	101.0		$	141.1		$	158.8		$	135.5		$	386.8		$	393.4
Average stockholders’ equity	$	7,801		$	7,757		$	7,804		$	7,654		$	7,079		$	7,788		$	6,875
Less: Average preferred stock		244			244			244			244			244			244			244
Average common equity		7,557			7,513			7,560			7,410			6,835			7,544			6,631
Less: Average goodwill and average other acquisition-related intangible assets		3,249			3,259			3,269			3,226			3,069			3,259			3,005
Average tangible common equity	$	4,308		$	4,254		$	4,291		$	4,184		$	3,766		$	4,285		$	3,626
Operating return on average tangible common equity (annualized)		13.4	%		9.5	%		13.2	%		15.2	%		14.4	%		12.0	%		14.5	%

18

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

OPERATING COMMON DIVIDEND PAYOUT RATIO

	Three Months Ended															Nine Months Ended
(dollars in millions)	Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Sept. 30, 2019			Sept. 30, 2020			Sept. 30, 2019
Common dividends paid	$	75.7		$	75.5		$	77.3		$	69.9		$	69.9		$	228.5		$	204.9
Operating earnings	$	144.7		$	101.0		$	141.1		$	158.8		$	135.5		$	386.8		$	393.4
Operating common dividend payout ratio		52.3	%		74.8	%		54.8	%		44.0	%		51.6	%		59.1	%		52.1	%

TANGIBLE COMMON EQUITY RATIO

(dollars in millions)	Sept. 30, 2020			June 30, 2020			March 31, 2020			Dec. 31, 2019			Sept. 30, 2019
Total stockholders’ equity	$	7,831		$	7,763		$	7,726		$	7,947		$	7,131
Less: Preferred stock		244			244			244			244			244
Common equity		7,587			7,519			7,482			7,703			6,887
Less: Goodwill and other acquisition-related intangible assets		3,244			3,254			3,264			3,275			3,065
Tangible common equity	$	4,343		$	4,265		$	4,218		$	4,428		$	3,822
Total assets	$	60,871		$	61,510		$	60,433		$	58,590		$	52,072
Less: Goodwill and other acquisition-related intangible assets		3,244			3,254			3,264			3,275			3,065
Tangible assets	$	57,627		$	58,256		$	57,169		$	55,315		$	49,007
Tangible common equity ratio		7.5	%		7.3	%		7.4	%		8.0	%		7.8	%

TANGIBLE BOOK VALUE PER COMMON SHARE

(in millions, except per common share data)	Sept. 30, 2020		June 30, 2020		March 31, 2020		Dec. 31, 2019		Sept. 30, 2019
Tangible common equity	$	4,343	$	4,265	$	4,218	$	4,428	$	3,822
Common shares issued		533.67		533.59		533.47		532.83		487.59
Less: Shares classified as treasury shares		109.00		109.00		109.00		89.17		89.01
Common shares oustanding		424.67		424.59		424.47		443.66		398.58
Less: Unallocated ESOP shares		5.66		5.75		5.84		5.92		6.01
Common shares		419.01		418.84		418.63		437.74		392.57
Tangible book value per common share	$	10.36	$	10.18	$	10.07	$	10.12	$	9.74

19

EX-99.2

Third Quarter 2020 Results October 22, 2020 Exhibit 99.2

Forward-Looking Statement Certain statements contained in this presentation are forward-looking in nature. These include all statements about People's United Financial, Inc. (“People’s United”) plans, objectives, expectations and other statements that are not historical facts, and usually use words such as "expect," "anticipate," "believe," "should" and similar expressions. Such statements represent management's current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause People's United’s actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People’s United include, but are not limited to: (1) changes in general, international, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) changes in accounting and regulatory guidance applicable to banks; (7) price levels and conditions in the public securities markets generally; (8) competition and its effect on pricing, spending, third-party relationships and revenues; (9) the successful integration of acquisitions; (10) changes in regulation resulting from or relating to financial reform legislation; and (11) the COVID-19 pandemic and its effect on the economic and business environments in which we operate. People's United does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

1 Net interest income on a fully taxable equivalent basis was $398.7 million, a decrease of $14.3 million or 3%. Third Quarter 2020 Overview Net Income of $144.6 Million, or $0.34 per Common Share Operating earnings: $144.7 million, or $0.34 per common share, an increase of $43.7 million or $0.10 per common share Net interest margin: 2.97%, a decrease of 8 basis points - (ex. impact of PPP loans: 3.00%, a decrease of approximately 5 basis points) Net interest income1: $391.4 million, a decrease of $14.2 million or 4% Non-interest income: $101.1 million, an increase of $11.5 million or 13% Non-interest expense (operating): $289.0 million, an increase of $3.5 million or 1% Pre-provision net revenue (operating): $203.5 million, a decrease of $6.2 million or 3% - (an increase of $25.2 million or 14% from 3Q 2019) Efficiency ratio: 53.8%, an increase of 30 basis points - (an improvement of 300 basis points from 3Q 2019) Average loans: $44.9 billion, a decrease of $300 million or 1% Period-end loans: $45.2 billion, a decrease of $221 million or 1% Runoff of the transactional portion of New York multifamily portfolio and certain acquired portfolios collectively lowered balances by $119 million Planned reduction of residential mortgages lowered balances by $528 million Average deposits: $49.5 billion, an increase of $1.1 billion or 2% Period-end deposits: $49.6 billion, a decrease of $298 million or 1% Net loan charge-offs to average total loans: 0.15%, an increase of 7 basis points Provision for credit losses on loans: $27.1 million, a decrease of $53.7 million Allowance for credit losses to total loans: 0.94%, increase of 3 basis points - (ex. PPP loans: 0.99%) (Comparisons versus second quarter 2020, unless noted otherwise)

Allowance for Credit Losses (ACL) 3Q 2020 ACL reflects consideration of a baseline economic forecast and a more adverse scenario, each prepared as of late September. Baseline scenario includes modest improvement in most key economic variables compared to the baseline scenario employed at the end of 2Q 2020. More adverse scenario includes continued uncertainty associated with the status and extent of further economic stimulus, and the upcoming election. Cumulative, year-to-date ACL build is approximately $177 million, which increased the ACL/Total Loans ratio by 37 basis points since year-end 2019 (or 42 basis points, ex. PPP balances). Total loan deferrals were $1.6 billion or 3.5% of total loans at Sept. 30, down from more than $7.1 billion or 15.8% of total loans at the end of June. 1 Excluding PPP loans, 3Q 2020 C&I ACL/Loans = 1.04% and Total ACL/Loans = 0.99% 2 MW / ABL = Mortgage Warehouse / Asset Based Lending

Net Interest Income1 ($ in millions) $405.6 $391.4 1 Net interest income on a fully taxable equivalent basis for 2Q 2020 and 3Q 2020 was $413.0 million and $398.7 million, respectively. ($14.2) or (4%) Linked-Quarter Change ($21.6) $5.7 $2.5 $1.4 ($2.2)

Net Interest Margin 3.05% 2.97% (8) bps Linked-Quarter Change 4 bps 2 bps 1 bp (15 bps)

Loans: Average Balances $44,853 ($ in millions) $45,153 Linked-Quarter Change Linked-quarter change ($300) million or (1%) $524 ($413) ($242) ($111) ($58)

Deposits: Average Balances ($ in millions) $49,542 $48,447 Linked-quarter change +$1.1 billion or 2% Average Deposits Linked-Quarter Change $1,270 ($1,374) $901 $298

Non-Interest Income ($ in millions) $89.6 $101.1 +$11.5 or 13% Linked-Quarter Change ($1.5) $2.1 $4.2 $1.4 $0.7 $0.7 $0.6 $3.3

Non-Interest Expense ($ in millions) $293.6 $304.0 ($10.4) or (3%) Ex. Merger-Related Expenses: $3.5 or 1% Linked-Quarter Change ($13.9) ($0.6) $0.6 $0.4 $0.5 ($0.3) $2.9

Efficiency Ratio Quarterly Trend

Asset Quality 1 PBCT ratios for periods prior to January 1, 2020 have been restated to reflect the total loan portfolio (originated & acquired) Notes: Source: SNL Financial Top 50 Banks represents the largest 50 banks by total assets in each respective quarter. PBCT Peer Group (Median) Top 50 Banks (Median) PBCT Peer Group (Median) Top 50 Banks (Median) Non-Performing Assets / Loans & REO (%)1 Net Charge-offs / Average Loans

Returns Return on Average Assets Return on Average Tangible Common Equity Returns calculated on an operating basis 14.4% 1.13% 15.2% 13.2% 0.96% 9.5% 0.65% 13.4%

Capital Ratios Sep. 30, 2019 Dec. 31, 2019 Mar. 31, 2020 Jun. 30, 2020 Sep. 30, 2020 People’s United Financial, Inc. Tang. Com. Equity/Tang. Assets 7.8% 8.0% 7.4% 7.3% (2) 7.5% (2) Tier 1 Leverage 8.7% 9.1% (1) 8.4% 8.0% (3) 8.2% (3) Common Equity Tier 1 10.1% 10.2% 9.5% 9.8% 10.0% Tier 1 Risk-Based 10.7% 10.7% 10.0% 10.3% 10.5% Total Risk-Based 12.0% 12.0% 11.3% 11.8% 11.9% People’s United Bank, N.A. Tier 1 Leverage 8.8% 9.3% (1) 8.9% 8.5% (3) 8.7% (3) Common Equity Tier 1 10.8% 10.9% 10.7% 10.9% 11.1% Tier 1 Risk-Based 10.8% 10.9% 10.7% 10.9% 11.1% Total Risk-Based 12.2% 12.1% 12.0% 12.3% 12.3% 1 Adjusting for a full quarter of United assets, the pro forma Tier 1 Leverage Ratio at December 31, 2019 is 8.9%. 2 Adjusting for the Paycheck Protection Program (PPP) loans, the pro forma TCE/TA ratio is 7.6% at June 30, 2020 and 7.9% at September 30, 2020. 3 Adjusting for PPP loans, the pro forma Tier 1 Leverage Ratio is 8.3% for the Holding Company and 8.7% for the Bank at June 30, 2020 and 8.6% for the Holding Company and 9.1% for the Bank at September 30, 2020.

Appendix

Total Loan Forbearance (incl. First & Second Deferrals) (Balances at September 30, 2020; $ in millions) Loan Forbearance By Business Segment Loan Forbearance By Commercial Property Type / Industry Note: Commercial real estate retail balances include Business Banking loans

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 Sep. 30, 2020 Jun. 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 $45,231

Deposits By State $26,138 $29,861 $33,056 $28,417 ($ in millions, end of period balances) Breakdown $36,159 $43,590 $49,637

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

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

XML

Document and Entity Information	Oct. 22, 2020
Document And Entity Information [Line Items]
Entity Registrant Name	People's United Financial, Inc.
Amendment Flag	false
Entity Central Index Key	0001378946
Document Type	8-K
Document Period End Date	Oct. 22, 2020
Entity Incorporation State Country Code	DE
Entity File Number	001-33326
Entity Tax Identification Number	20-8447891
Entity Address, Address Line One	850 Main Street
Entity Address, City or Town	Bridgeport
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06604
City Area Code	(203)
Local Phone Number	338-7171
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, $0.01 par value per share
Trading Symbol	PBCT
Security Exchange Name	NASDAQ
Series A Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share
Trading Symbol	PBCTP
Security Exchange Name	NASDAQ