8-K

Exhibit
No.

Description

Earnings Press Release dated January 20, 2022

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

0001193125-22-014357.txt : 20220121 0001193125-22-014357.hdr.sgml : 20220121 20220121073100 ACCESSION NUMBER: 0001193125-22-014357 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20220120 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220121 DATE AS OF CHANGE: 20220121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: People's United Financial, Inc. CENTRAL INDEX KEY: 0001378946 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33326 FILM NUMBER: 22544139 BUSINESS ADDRESS: STREET 1: C/O PEOPLE'S BANK STREET 2: 850 MAIN STREET CITY: BRIDGEPORT STATE: CT ZIP: 06604 BUSINESS PHONE: 203-338-4114 MAIL ADDRESS: STREET 1: C/O PEOPLE'S BANK STREET 2: 850 MAIN STREET CITY: BRIDGEPORT STATE: CT ZIP: 06604 8-K 1 d244958d8k.htm 8-K 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 21, 2022 (January 20, 2022)

People’s United Financial, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-33326

20-8447891

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


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

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

Not Applicable

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

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

☐

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

☐

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

☐

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

☐

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

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


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

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

Emerging growth company ☐

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

Item 2.02.

Results of Operations and Financial Condition.

On January 20, 2022, People’s United Financial, Inc. (the “Company”) issued a press release announcing its results of operations for the three- and twelve-month periods ended December 31, 2021. 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 9.01.

Financial Statements and Exhibits

(d)	The following Exhibits are submitted herewith.


Exhibit No.		Description

99.1		Earnings Press Release dated January 20, 2022

104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

EXHIBIT INDEX

SIGNATURES

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


		People’s United Financial, Inc.
		(Registrant)

Date: January 21, 2022	By:	/s/ Andrew S. Hersom
		(Signature)

	Name:	Andrew S. Hersom
	Title:	Senior Vice President, Investor Relations

EX-99.1 2 d244958dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

People’s United Financial Reports Fourth Quarter Net Income of $149.9 Million, or

$0.34 per Common Share

Operating Earnings of $0.36 per Common Share

•

Received approval from the New York State Department of Financial Services and Connecticut Department of Banking for the announced merger with M&T Bank Corporation. Approval remains pending from the Board of Governors of the Federal Reserve.

•

Sustained excellent asset quality as evidenced by net loan charge-offs to average total loans of three basis points, and a provision for credit losses on loans of ($5.9) million.

•

Generated positive operating leverage reflected by a 270-basis point linked quarter improvement in the efficiency ratio to 54.1 percent due to lower expenses.

•

Declared quarterly dividend of $0.1825 per common share payable February 15, 2022, to shareholders of record on February 1, 2022.

BRIDGEPORT, CT., January 20, 2022 – People’s United Financial, Inc. (NASDAQ: PBCT) today reported results for the fourth quarter and full year of 2021. These results along with comparison periods are summarized below:


($ in millions, except per common share data)
	Three Months Ended									Twelve Months Ended
	Dec. 31, 2021			Sep. 30, 2021			Dec. 31, 2020			Dec. 31, 2021			Dec. 31, 2020
Net income (loss)	$	149.9		$	139.7		$	(145.3	)	$	604.9		$	219.6
Net income (loss) available to common shareholders		146.4			136.2			(148.8	)		590.8			205.5
Per common share		0.34			0.32			(0.35	)		1.39			0.49
Operating earnings¹		154.9			141.1			147.7			628.6			534.6
Per common share		0.36			0.33			0.35			1.48			1.27

Net interest income	$	362.0		$	370.3		$	382.8		$	1,499.1		$	1,575.8
Net interest margin		2.51	%		2.64	%		2.84	%		2.65	%		2.99	%
Non-interest income		99.6			100.4			178.2			393.6			492.7
Operating non-interest income¹		99.6			100.4			102.3			393.6			416.8

Non-interest expense	$	277.7		$	289.2		$	646.4		$	1,183.8		$	1,564.1
Operating non-interest expense¹		267.0			282.9			288.5			1,136.0			1,165.2
Efficiency ratio		54.1	%		56.8	%		55.5	%		56.2	%		54.2	%

Average balances
Loans	$	38,110		$	39,934		$	44,061		$	40,630		$	44,382
Deposits		54,084			52,822			50,674			53,208			48,217
Period-end balances
Loans		37,851			39,526			43,870
Deposits		53,755			52,871			52,138

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

“Our performance in 2021 was strong, particularly given the low interest rate environment and ongoing impact of the pandemic,” said Jack Barnes, Chairman and Chief Executive Officer. “We are pleased to report record full year operating earnings of $628.6 million, which increased 18 percent from a year ago and generated an operating return on average tangible common equity of 13.6 percent. These results are a testament to the resiliency of the People’s United business model, which is built upon a conservative underwriting philosophy, an unwavering commitment to servicing the financial needs of customers, and steadfast community support. As we wait for the approval of the merger from the Federal Reserve, we continue to work diligently with our M&T partners on integration planning. As such, a seamless transition is expected for our clients and colleagues once the transaction is closed. Finally, I want to express my gratitude to all our employees for their efforts and dedication as we move towards our next chapter and further build upon the impressive legacy forged by People’s United over 179 years.

“Our fourth quarter financial performance delivered a solid finish to the year,” said David Rosato, Senior Executive Vice President and Chief Financial Officer. “Operating earnings of $154.9 million increased ten percent from the third quarter, or nine percent on a per common share basis. These results benefited from a negative provision for credit losses driven by better credit metrics and improved economic outlook. In addition, operating pre-provision net revenue grew four percent linked quarter due to lower expenses and stable fee income, partially offset by a modest decline in net interest income. Net interest margin of 2.51 percent was 13 basis points lower than the third quarter, mostly attributable to a further increase in excess liquidity resulting from continued strong deposit inflows. Conversely, the margin benefited from improved loan yields and a slight reduction in deposit costs.”

Rosato continued, “The loan-to-deposit ratio concluded the quarter at 70 percent as the total loan portfolio decreased $1.7 billion or four percent from September 30, while deposits grew $884 million or two percent. Loan growth continued to experience headwinds during the quarter as period-end loans, excluding forgiveness of PPP balances, declined approximately $1.2 billion, primarily due to lower commercial real estate and mortgage warehouse balances of $726 million and $365 million, respectively, as well as a $335 million reduction in the retail portfolio. These decreases were partially offset by strong results in LEAF and certain specialty businesses. Deposits ended the quarter at a record level, and linked quarter growth was driven by an increase in non-interest-bearing balances of $1.6 billion, or ten percent. Finally, capital ratios remain strong for both the Bank and Holding Company.”


	As of and for the Three Months Ended
	Dec. 31, 2021			Sep. 30, 2021			Dec. 31, 2020
Asset Quality
Net loan charge-offs to average total loans		0.03	%		0.08	%		0.12	%
Non-performing loans as a percentage of total loans		0.76	%		0.81	%		0.75	%

Returns
Return on average assets¹		0.92	%		0.87	%		(0.93	%)
Return on average tangible common equity¹		12.4	%		11.6	%		(13.4	%)

Capital Ratios
People’s United Financial, Inc.
Tangible common equity / tangible assets		7.8	%		7.8	%		7.5	%
Tier 1 leverage		8.5	%		8.6	%		8.3	%
Common equity tier 1		12.2	%		11.7	%		10.5	%
Tier 1 risk-based		12.7	%		12.3	%		11.0	%
Total risk-based		13.9	%		13.4	%		12.4	%
People’s United Bank, N.A.
Tier 1 leverage		8.6	%		8.8	%		8.7	%
Common equity tier 1		12.9	%		12.6	%		11.5	%
Tier 1 risk-based		12.9	%		12.6	%		11.5	%
Total risk-based		14.0	%		13.6	%		12.8	%

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

The Board of Directors declared a $0.1825 per common share quarterly dividend payable February 15, 2022, to shareholders of record on February 1, 2022. Based on the closing stock price on January 19, 2022, the dividend yield on People’s United Financial common stock is 3.6 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 $65 billion in assets. Founded in 1842, People’s United Bank offers commercial and retail banking through a network of nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire, and Maine, as well as wealth management solutions. The company also provides specialized commercial services to customers nationwide.

4Q 2021 Financial Highlights

Summary

•

Net income totaled $149.9 million, or $0.34 per common share.

•

Net income available to common shareholders totaled $146.4 million.

•

Operating earnings totaled $154.9 million, or $0.36 per common share (see page 16).

•

Net interest income totaled $362.0 million in 4Q21 compared to $370.3 million in 3Q21.

•

Includes $22.4 million associated with PPP loans in 4Q21 ($21.0 million in net fees and $1.4 million in net interest income).

•

Net interest margin decreased 13 basis points from 3Q21 to 2.51% reflecting:

•

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

•

Lower rates on deposits (increase of one basis point).

•

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

•

Excess liquidity resulting from deposits at the Federal Reserve Bank had a 14 basis point negative impact on the net interest margin in 4Q21.

•

PPP loans had a 13 basis point favorable impact on the net interest margin in 4Q21.

•

Provision for credit losses on loans totaled $(5.9) million.

•

Allowance for credit losses on loans decreased $8.8 million.

•

Net loan charge-offs totaled $2.9 million.

•

Net loan charge-off ratio of 0.03%.

•

Non-interest income totaled $99.6 million in 4Q21 compared to $100.4 million in 3Q21.

•

Commercial banking lending fees increased $4.5 million.

•

Customer interest rate swap income decreased $0.6 million.

•

Other non-interest income in 3Q21 includes $3.9 million of net gains on building sales.

•

At December 31, 2021, assets under discretionary management totaled $9.4 billion.

•

Non-interest expense totaled $277.7 million in 4Q21 compared to $289.2 million in 3Q21.

•

Operating non-interest expense totaled $267.0 million in 4Q21 and $282.9 million in 3Q21 (see page 16).

•

Compensation and benefits expense decreased $6.2 million, primarily reflecting lower payroll and benefit-related costs in 4Q21.

•

Professional and outside services expense, excluding $2.4 million and $4.1 million of non-operating expenses in 4Q21 and 3Q21, respectively, increased $2.2 million.

•

Regulatory assessments expense decreased $0.9 million.

•

Other non-interest expense includes non-operating expenses totaling $8.4 million in 4Q21 and $1.6 million in 3Q21.

•

The efficiency ratio was 54.1% for 4Q21 compared to 56.8% for 3Q21 and 55.5% for 4Q20 (see page 16).

•

The effective income tax rate was 21.1% for 4Q21 and 20.1% for the full-year of 2021, compared to 37.0% for the full-year of 2020.

•

The full-year 2020 effective income tax rate reflects the impact of a non-deductible goodwill impairment charge for which no tax benefit was realized. Excluding non-deductible goodwill impairment, the effective income tax rate was 18.4% for the full-year of 2020.

Commercial Banking

•

Commercial loans totaled $29.1 billion at December 31, 2021, a $1.3 billion decrease from September 30, 2021.

•

PPP loans decreased $504 million.

•

The mortgage warehouse portfolio decreased $365 million.

•

The New York multifamily portfolio decreased $69 million.

•

The equipment financing portfolio increased $103 million.

•

Average commercial loans totaled $29.2 billion in 4Q21, a $1.4 billion decrease from 3Q21.

•

Average PPP loans decreased $653 million.

•

The average mortgage warehouse portfolio decreased $287 million.

•

The average New York multifamily portfolio decreased $71 million.

•

The average equipment financing portfolio increased $54 million.

•

Commercial deposits totaled $26.6 billion at December 31, 2021 compared to $25.9 billion at September 30, 2021.

•

The ratio of non-accrual commercial loans to total commercial loans was 0.80% at December 31, 2021 compared to 0.84% at September 30, 2021.

•

Non-performing commercial assets totaled $235.6 million at December 31, 2021 compared to $262.1 million at September 30, 2021.

•

For the commercial loan portfolio, the allowance for credit losses as a percentage of commercial loans was 0.69% at December 31, 2021 compared to 0.75% at September 30, 2021.

•

The commercial allowance for credit losses represented 87% of non-accrual commercial loans at December 31, 2021 compared to 90% at September 30, 2021.

Retail Banking

•

Residential mortgage loans totaled $7.0 billion at December 31, 2021, a $266 million decrease from September 30, 2021.

•

Average residential mortgage loans totaled $7.1 billion in 4Q21, a $310 million decrease from 3Q21.

•

Home equity loans totaled $1.6 billion at December 31, 2021, a $65 million decrease from September 30, 2021.

•

Average home equity loans totaled $1.7 billion in 4Q21, a $76 million decrease from 3Q21.

•

Retail deposits totaled $27.2 billion at December 31, 2021 compared to $27.0 billion at September 30, 2021.

•

The ratio of non-accrual residential mortgage loans to residential mortgage loans was 0.60% at December 31, 2021 compared to 0.68% at September 30, 2021.

•

The ratio of non-accrual home equity loans to home equity loans was 0.89% at December 31, 2021 compared to 0.96% at September 30, 2021.

•

For the retail loan portfolio, the allowance for credit losses as a percentage of retail loans was 1.63% at December 31, 2021 compared to 1.36% at September 30, 2021.

•

The retail allowance for credit losses represented 251% of non-accrual retail loans at December 31, 2021 compared to 187% at September 30, 2021.

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 pending merger with M&T Bank Corporation; (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

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS


	As of and for the Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
(dollars in millions, except per common share data)	2021			2021			2021			2021			2020
Earnings Data:
Net interest income (fully taxable equivalent)	$	369.6		$	377.9		$	388.7		$	393.5		$	390.2
Net interest income		362.0			370.3			380.9			385.9			382.8
Provision for credit losses		(6.0	)		12.1			(40.8	)		(13.6	)		14.7
Non-interest income (1)		99.6			100.4			99.0			94.6			178.2
Non-interest expense (1)		277.7			289.2			305.0			311.9			646.4
Income (loss) before income tax expense		189.9			169.4			215.7			182.2			(100.1	)
Net income (loss)		149.9			139.7			170.8			144.5			(145.3	)
Net income (loss) available to common shareholders (1)		146.4			136.2			167.3			141.0			(148.8	)

Selected Statistical Data:
Net interest margin (2)		2.51	%		2.64	%		2.70	%		2.74	%		2.84	%
Return on average assets (1), (2)		0.92			0.87			1.07			0.90			(0.93	)
Return on average common equity (2)		7.8			7.2			9.1			7.7			(7.8	)
Return on average tangible common equity (1), (2)		12.4			11.6			14.7			12.5			(13.4	)
Efficiency ratio (1)		54.1			56.8			57.4			56.6			55.5

Common Share Data:
Earnings (loss) per common share:
Basic	$	0.35		$	0.32		$	0.40		$	0.34		$	(0.36	)
Diluted (1)		0.34			0.32			0.39			0.33			(0.35	)
Dividends paid per common share		0.1825			0.1825			0.1825			0.1800			0.1800
Common dividend payout ratio (1)		52.9	%		56.8	%		46.2	%		53.7	%		(50.8	)%
Book value per common share	$	18.12		$	17.85		$	17.77		$	17.42		$	17.56
Tangible book value per common share (1)		11.47			11.18			11.08			10.70			10.77
Stock price:
High		19.05			18.08			19.62			19.40			13.58
Low		16.20			15.18			16.75			12.66			9.98
Close		17.82			17.47			17.14			17.90			12.93
Common shares outstanding (in millions) (1)		427.92			427.77			427.77			427.22			424.68
Weighted average diluted common shares (in millions)		425.45			424.77			425.08			422.58			420.39

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

(2)	Annualized.

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS


	As of and for the Twelve Months Ended December 31,
(dollars in millions, except per common share data)	2021			2020
Earnings Data:
Net interest income (fully taxable equivalent)	$	1,529.7		$	1,605.6
Net interest income		1,499.1			1,575.8
Provision for credit losses		(48.3	)		155.8
Non-interest income (1)		393.6			492.7
Non-interest expense (1)		1,183.8			1,564.1
Income before income tax expense		757.2			348.6
Net income		604.9			219.6
Net income available to common shareholders (1)		590.8			205.5

Selected Statistical Data:
Net interest margin		2.65	%		2.99	%
Return on average assets (1)		0.94			0.36
Return on average common equity		7.9			2.7
Return on average tangible common equity (1)		12.8			4.8
Efficiency ratio (1)		56.2			54.2

Common Share Data:
Earnings per common share:
Basic	$	1.40		$	0.49
Diluted (1)		1.39			0.49
Dividends paid per common share		0.7275			0.7175
Common dividend payout ratio (1)		52.1	%		148.0	%
Book value per common share	$	18.12		$	17.56
Tangible book value per common share (1)		11.47			10.77
Stock price:
High		19.62			17.00
Low		12.66			9.37
Close		17.82			12.93
Common shares oustanding (in millions) (1)		427.92			424.68
Weighted average diluted common shares (in millions)		424.54			422.55

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

People’s United Financial, Inc.

FINANCIAL HIGHLIGHTS - Continued


	As of and for the Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
(dollars in millions)	2021			2021			2021			2021			2020
Financial Condition Data:
Total assets	$	64,642		$	63,673		$	63,341		$	64,172		$	63,092
Loans		37,851			39,526			41,366			42,770			43,870
Securities		10,751			10,541			10,597			10,445			9,191
Short-term investments		10,269			7,723			5,249			4,992			3,766
Allowance for credit losses on loans		344			352			348			399			425
Goodwill and other acquisition-related intangible assets		2,809			2,817			2,826			2,835			2,846
Deposits		53,755			52,871			52,581			53,475			52,138
Borrowings		958			977			952			1,156			1,148
Notes and debentures		993			999			1,002			1,003			1,010
Stockholders’ equity		7,902			7,783			7,750			7,592			7,603
Total risk-weighted assets (1):
People’s United Financial, Inc.		41,810			42,721			43,654			43,833			45,075
People’s United Bank, N.A.		41,801			42,716			43,623			43,812			45,016
Non-accrual loans		289			321			328			353			329
Net loan charge-offs		2.9			7.7			10.3			12.4			13.4

Average Balances:
Loans	$	38,110		$	39,934		$	41,683		$	42,854		$	44,061
Securities (2)		10,422			10,432			10,418			9,561			8,390
Short-term investments		10,417			6,999			5,469			5,000			2,582
Total earning assets		58,949			57,365			57,570			57,415			55,034
Total assets		65,142			63,876			63,930			64,057			62,396
Deposits		54,084			52,822			53,041			52,876			50,674
Borrowings		974			940			1,012			1,143			1,233
Notes and debentures		996			1,002			1,003			1,008			1,011
Total funding liabilities		56,054			54,764			55,056			55,027			52,918
Stockholders’ equity		7,790			7,779			7,634			7,606			7,884

Ratios:
Net loan charge-offs to average total loans (annualized)		0.03	%		0.08	%		0.10	%		0.12	%		0.12	%
Non-performing assets to total loans, real estate owned and repossessed assets		0.78			0.83			0.82			0.85			0.78
Allowance for credit losses on loans to:
Total loans		0.91			0.89			0.84			0.93			0.97
Non-accrual loans		119.1			109.9			106.1			113.0			129.1
Average stockholders’ equity to average total assets		12.0			12.9			11.9			11.9			12.6
Stockholders’ equity to total assets		12.2			12.2			12.2			11.8			12.1
Tangible common equity to tangible assets (3)		7.8			7.8			7.7			7.4			7.5
Total risk-based capital (1):
People’s United Financial, Inc.		13.9			13.4			13.1			12.9			12.4
People’s United Bank, N.A.		14.0			13.6			13.5			13.5			12.8

(1)	December 31, 2021 amounts and ratios are preliminary.

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

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

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF CONDITION


(in millions)	Dec. 31, 2021			Sept. 30, 2021			June 30, 2021			Dec. 31, 2020
Assets
Cash and due from banks	$	320.5		$	410.6		$	516.3		$	477.3
Short-term investments		10,268.8			7,723.0			5,249.4			3,766.0
Securities:
Debt securities available-for-sale, at fair value		6,644.0			6,257.0			6,328.6			4,925.5
Debt securities held-to-maturity, at amortized cost		3,841.5			3,929.8			4,003.1			3,993.8
Federal Reserve Bank and Federal Home Loan Bank stock, at cost		264.6			264.7			264.9			266.6
Equity securities, at fair value		—			—			—			5.3

Total securities		10,750.1			10,451.5			10,596.6			9,191.2

Loans held-for-sale		8.8			9.8			5.4			26.5
Loans:
Commercial and industrial (1)		12,052.1			12,769.0			13,627.4			14,982.3
Commercial real estate (1)		11,936.7			12,662.6			13,243.2			13,336.9
Equipment financing		5,143.1			5,040.3			4,990.9			4,930.0

Total Commercial Portfolio		29,131.9			30,471.9			31,861.5			33,249.2

Residential mortgage		7,004.3			7,269.8			7,626.2			8,518.9
Home equity and other consumer		1,715.1			1,784.1			1,877.9			2,101.4

Total Retail Portfolio		8,719.4			9,053.9			9,504.1			10,620.3

Total loans		37,851.3			39,525.8			41,365.6			43,869.5
Less allowance for credit losses on loans		(343.6	)		(352.4	)		(348.1	)		(425.1	)

Total loans, net		37,507.7			39,173.4			41,017.5			43,444.4

Goodwill and other acquisition-related intangible assets		2,808.6			2,816.9			2,825.8			2,845.9
Bank-owned life insurance		710.7			716.5			713.7			711.6
Premises and equipment, net		241.8			249.9			261.8			276.7
Other assets		2,025.4			2,121.0			2,154.2			2,352.2

Total assets	$	64,642.4		$	63,672.6		$	63,340.7		$	63,091.8

Liabilities
Deposits:
Non-interest-bearing	$	17,941.1		$	16,334.6		$	16,722.8		$	15,881.7
Savings		6,733.7			6,685.4			6,710.2			6,029.7
Interest-bearing checking and money market		25,383.8			25,614.7			24,705.9			24,567.5
Time		3,696.7			4,236.6			4,442.3			5,658.8

Total deposits		53,755.3			52,871.3			52,581.2			52,137.7

Borrowings:
Federal Home Loan Bank advances		562.6			569.6			569.7			569.7
Customer repurchase agreements		395.2			407.8			382.5			452.9
Federal funds purchased		—			—			—			125.0

Total borrowings		957.8			977.4			952.2			1,147.6

Notes and debentures		992.8			999.4			1,001.6			1,009.6
Other liabilities		1,034.7			1,041.5			1,056.1			1,194.1

Total liabilities		56,740.6			55,889.6			55,591.1			55,489.0

Stockholders’ Equity
Preferred stock		244.1			244.1			244.1			244.1
Common stock		5.4			5.4			5.4			5.3
Additional paid-in capital		7,723.3			7,714.9			7,709.4			7,663.6
Retained earnings		1,643.2			1,574.7			1,516.5			1,363.6
Unallocated common stock of ESOP, at cost		(108.4	)		(110.2	)		(112.0	)		(115.6	)
Accumulated other comprehensive loss		(136.8	)		(176.9	)		(144.8	)		(89.2	)
Treasury stock, at cost		(1,469.0	)		(1,469.0	)		(1,469.0	)		(1,469.0	)

Total stockholders’ equity		7,901.8			7,783.0			7,749.6			7,602.8

Total liabilities and stockholders’ equity	$	64,642.4		$	63,672.6		$	63,340.7		$	63,091.8

(1)

In the first quarter of 2021, the Company completed a portfolio review to ensure consistent classification of certain commercial loans across the Company’s franchise and conformity to industry practice for such loans. As a result, approximately $350 million of loans secured by non-owner-occupied commercial properties were prospectively reclassified, in March 2021, from commercial and industrial loans to commercial real estate loans. Prior period balances were not restated to conform to the current presentation.

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME


	Three Months Ended
(in millions, except per common share data)	Dec. 31, 2021			Sept. 30, 2021		June 30, 2021			March 31, 2021			Dec. 31, 2020
Interest and dividend income:
Commercial and industrial	$	103.3		$	104.3	$	107.9		$	116.1		$	111.3
Commercial real estate		90.2			96.5		101.6			98.8			106.1
Equipment financing		62.9			62.3		62.5			62.8			62.1
Residential mortgage		57.2			58.8		64.4			69.9			74.9
Home equity and other consumer		14.3			15.2		16.2			16.5			18.7

Total interest on loans		327.9			337.1		352.6			364.1			373.1
Securities		52.1			53.8		52.4			51.4			47.2
Short-term investments		4.2			2.8		1.3			1.2			0.8
Loans held-for-sale		—			0.1		—			0.3			0.4

Total interest and dividend income		384.2			393.8		406.3			417.0			421.5

Interest expense:
Deposits		13.8			15.1		17.1			22.7			30.1
Borrowings		1.2			1.2		1.1			1.2			1.3
Notes and debentures		7.2			7.2		7.2			7.2			7.3

Total interest expense		22.2			23.5		25.4			31.1			38.7

Net interest income		362.0			370.3		380.9			385.9			382.8
Provision for credit losses on loans		(5.9	)		12.0		(40.7	)		(13.6	)		14.7
Provision for credit losses on securities		(0.1	)		0.1		(0.1	)		—			—

Net interest income after provision for credit losses		368.0			358.2		421.7			399.5			368.1

Non-interest income:
Bank service charges		25.8			25.9		24.9			23.5			24.7
Investment management fees		20.5			21.1		21.5			19.9			18.9
Commercial banking lending fees		16.3			11.8		14.1			13.6			15.5
Operating lease income		11.6			10.6		11.2			11.3			12.9
Cash management fees		9.3			9.6		9.6			9.2			9.1
Customer interest rate swap income, net		1.2			1.8		2.4			0.1			2.2
Gain on sale of business, net of expenses (1)		—			—		—			—			75.9
Other non-interest income		14.9			19.6		15.3			17.0			19.0

Total non-interest income		99.6			100.4		99.0			94.6			178.2

Non-interest expense:
Compensation and benefits		161.5			167.7		177.6			172.8			166.6
Occupancy and equipment		47.2			50.2		50.0			49.1			50.9
Professional and outside services		28.1			27.6		30.0			33.6			24.9
Amortization of other acquisition-related intangible assets		8.3			8.9		8.8			11.0			9.7
Operating lease expense		6.9			7.0		7.6			7.8			8.5
Regulatory assessments		5.7			6.6		7.8			8.1			6.9
Goodwill impairment (1)		—			—		—			—			353.0
Other non-interest expense		20.0			21.2		23.2			29.5			25.9

Total non-interest expense (1)		277.7			289.2		305.0			311.9			646.4

Income (loss) before income tax expense		189.9			169.4		215.7			182.2			(100.1	)
Income tax expense		40.0			29.7		44.9			37.7			45.2

Net income (loss)		149.9			139.7		170.8			144.5			(145.3	)
Preferred stock dividend		3.5			3.5		3.5			3.5			3.5

Net income (loss) available to common shareholders	$	146.4		$	136.2	$	167.3		$	141.0		$	(148.8	)

Earnings (loss) per common share:
Basic	$	0.35		$	0.32	$	0.40		$	0.34		$	(0.36	)
Diluted		0.34			0.32		0.39			0.33			(0.35	)

(1)

The gain on sale of business, net of expenses, is considered non-operating income and goodwill impairment is considered a non-operating expense. Total non-interest expense also includes $10.7 million, $6.3 million, $11.2 million, $19.6 million and $4.9 million of non-operating expenses for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

People’s United Financial, Inc.

CONSOLIDATED STATEMENTS OF INCOME


	Twelve Months Ended December 31,
(in millions, except per common share data)	2021			2020
Interest and dividend income:
Commercial and industrial	$	431.6		$	440.8
Commercial real estate		387.1			488.6
Equipment financing		250.5			263.3
Residential mortgage		250.3			332.2
Home equity and other consumer		62.2			86.7

Total interest on loans		1,381.7			1,611.6
Securities		209.7			195.7
Short-term investments		9.5			3.4
Loans held-for-sale		0.4			4.3

Total interest and dividend income		1,601.3			1,815.0

Interest expense:
Deposits		68.7			187.2
Borrowings		4.7			20.2
Notes and debentures		28.8			31.8

Total interest expense		102.2			239.2

Net interest income		1,499.1			1,575.8
Provision for credit losses on loans		(48.2	)		156.1
Provision for credit losses on securities		(0.1	)		(0.3	)

Net interest income after provision for credit losses		1,547.4			1,420.0

Non-interest income:
Bank service charges		100.1			97.5
Investment management fees		83.0			73.2
Commercial banking lending fees		55.8			50.9
Operating lease income		44.7			49.7
Cash management fees		37.7			33.4
Customer interest rate swap income, net		5.5			14.9
Gain on sale of business, net of expenses (1)		—			75.9
Other non-interest income		66.8			97.2

Total non-interest income		393.6			492.7

Non-interest expense:
Compensation and benefits		679.6			674.8
Occupancy and equipment		196.5			199.0
Professional and outside services		119.3			113.2
Amortization of other acquisition-related intangible assets		37.0			40.8
Operating lease expense		29.3			36.4
Regulatory assessments		28.2			32.7
Goodwill impairment (1)		—			353.0
Other non-interest expense		93.9			114.2

Total non-interest expense (1)		1,183.8			1,564.1

Income before income tax expense		757.2			348.6
Income tax expense		152.3			129.0

Net income		604.9			219.6
Preferred stock dividend		14.1			14.1

Net income available to common shareholders	$	590.8		$	205.5

Earnings per common share:
Basic	$	1.40		$	0.49
Diluted		1.39			0.49

(1)

The gain on sale of business, net of expenses, is considered non-operating income and goodwill impairment is considered a non-operating expense. Total non-interest expense also includes $47.8 million and $45.9 million of non-operating expenses for the twelve months ended December 31, 2021 and 2020, respectively. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 16.

People’s United Financial, Inc.

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


	December 31, 2021							September 30, 2021							December 31, 2020
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	$	10,417.1	$	4.2		0.16	%	$	6,999.3	$	2.8		0.16	%	$	2,582.1	$	0.8		0.12	%
Securities (2)		10,422.1		57.3		2.20			10,432.0		59.1		2.27			8,390.2		52.3		2.50
Loans:
Commercial real estate		12,278.8		90.2		2.94			12,906.9		96.5		2.99			13,574.3		106.1		3.13
Commercial and industrial		11,898.3		105.7		3.55			12,759.6		106.6		3.34			14,621.8		113.6		3.11
Equipment financing		5,055.6		62.9		4.97			5,001.7		62.3		4.99			4,867.5		62.1		5.10
Residential mortgage		7,127.8		57.2		3.21			7,437.6		58.9		3.16			8,821.0		75.3		3.41
Home equity and other consumer		1,749.3		14.3		3.28			1,828.2		15.2		3.32			2,176.6		18.7		3.44

Total loans		38,109.8		330.3		3.47			39,934.0		339.5		3.40			44,061.2		375.8		3.41

Total earning assets		58,949.0	$	391.8		2.66	%		57,365.3	$	401.4		2.80	%		55,033.5	$	428.9		3.12	%

Other assets		6,192.5							6,511.1							7,362.6

Total assets	$	65,141.5						$	63,876.4						$	62,396.1

Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	17,849.1	$	—		—	%	$	16,469.5	$	—		—	%	$	14,742.6	$	—		—	%
Savings, interest-bearing checking and money market		32,218.9		8.6		0.11			32,030.8		8.9		0.11			29,978.3		14.7		0.20
Time		4,015.7		5.2		0.51			4,322.2		6.2		0.57			5,953.5		15.4		1.03

Total deposits		54,083.7		13.8		0.10			52,822.5		15.1		0.11			50,674.4		30.1		0.24

Borrowings:
Federal Home Loan Bank advances		569.5		1.1		0.78			569.6		1.1		0.79			571.8		1.1		0.77
Customer repurchase agreements		404.8		0.1		0.10			370.5		0.1		0.10			447.6		0.2		0.15
Federal funds purchased		—		—		—			—		—		—			213.3		—		0.09

Total borrowings		974.3		1.2		0.50			940.1		1.2		0.52			1,232.7		1.3		0.43

Notes and debentures		996.4		7.2		2.89			1,001.7		7.2		2.85			1,010.8		7.3		2.89

Total funding liabilities		56,054.4	$	22.2		0.16	%		54,764.3	$	23.5		0.17	%		52,917.9	$	38.7		0.29	%

Other liabilities		1,297.2							1,332.8							1,594.2

Total liabilities		57,351.6							56,097.1							54,512.1
Stockholders’ equity		7,789.9							7,779.3							7,884.0

Total liabilities and stockholders’ equity	$	65,141.5						$	63,876.4						$	62,396.1

Net interest income/spread (3)			$	369.6		2.50	%			$	377.9		2.63	%			$	390.2		2.83	%

Net interest margin						2.51	%						2.64	%						2.84	%

(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 $7.6 million, $7.6 million and $7.4 million for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

People’s United Financial, Inc.

AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS


	December 31, 2021							December 31, 2020
Twelve months ended (dollars in millions)	Average Balance		Interest		Yield/ Rate			Average Balance		Interest		Yield/ Rate
Assets:
Short-term investments	$	6,986.1	$	9.5		0.14	%	$	1,125.1	$	3.4		0.31	%
Securities (1)		10,211.3		230.7		2.26			8,143.7		215.7		2.65
Loans:
Commercial real estate		12,972.5		387.1		2.98			14,057.6		488.6		3.48
Commercial and industrial		13,129.2		441.2		3.36			13,456.8		451.0		3.35
Equipment financing		4,970.2		250.5		5.04			4,898.2		263.3		5.38
Residential mortgage		7,676.5		250.7		3.27			9,569.2		333.3		3.48
Home equity and other consumer		1,881.8		62.2		3.31			2,400.5		89.5		3.73

Total loans		40,630.2		1,391.7		3.43			44,382.3		1,625.7		3.66

Total earning assets		57,827.6	$	1,631.9		2.82	%		53,651.1	$	1,844.8		3.44	%

Other assets		6,425.5							7,387.0

Total assets	$	64,253.1						$	61,038.1

Liabilities and stockholders’ equity:
Deposits:
Non-interest-bearing	$	16,621.0	$	—		—	%	$	12,864.4	$	—		—	%
Savings, interest-bearing checking and money market		32,040.6		40.4		0.13			27,831.9		92.2		0.33
Time		4,546.5		28.3		0.62			7,520.6		95.0		1.26

Total deposits		53,208.1		68.7		0.13			48,216.9		187.2		0.39

Borrowings:
Federal Home Loan Bank advances		569.6		4.3		0.75			1,371.2		13.7		1.00
Customer repurchase agreements		394.3		0.4		0.11			379.0		1.1		0.29
Federal funds purchased		52.8		—		0.09			688.2		5.4		0.79

Total borrowings		1,016.7		4.7		0.47			2,438.4		20.2		0.83

Notes and debentures		1,002.3		28.8		2.87			1,009.5		31.8		3.15

Total funding liabilities		55,227.1	$	102.2		0.19	%		51,664.8	$	239.2		0.46	%

Other liabilities		1,323.0							1,561.5

Total liabilities		56,550.1							53,226.3
Stockholders’ equity		7,703.0							7,811.8

Total liabilities and stockholders’ equity	$	64,253.1						$	61,038.1

Net interest income/spread (2)			$	1,529.7		2.63	%			$	1,605.6		2.98	%

Net interest margin						2.65	%						2.99	%

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

(2)	The fully taxable equivalent adjustment was $30.6 million and $29.8 million for the twelve months ended December 31, 2021 and 2020, respectively.

People’s United Financial, Inc.

NON-PERFORMING ASSETS


(dollars in millions)	Dec. 31, 2021			Sept. 30, 2021			June 30, 2021			March 31, 2021			Dec. 31, 2020
Non-accrual loans:
Commercial:
Commercial real estate	$	104.8		$	98.7		$	96.1		$	90.2		$	60.4
Commercial and industrial		43.9			57.2			57.0			69.2			76.4
Equipment financing		83.3			99.2			107.2			118.1			109.3

Total Commercial		232.0			255.1			260.3			277.5			246.1

Retail:
Residential mortgage		41.8			49.1			49.5			56.9			62.3
Home equity		14.6			16.3			18.1			18.7			20.5
Other consumer		0.1			—			0.1			0.2			0.2

Total Retail		56.5			65.4			67.7			75.8			83.0

Total non-accrual loans (1)		288.5			320.5			328.0			353.3			329.1

Real estate owned:
Residential		1.4			1.6			1.6			1.5			3.2
Commercial		—			—			3.5			3.5			3.6

Total real estate owned		1.4			1.6			5.1			5.0			6.8

Repossessed assets		3.7			7.4			5.6			5.4			5.7

Total non-performing assets	$	293.6		$	329.5		$	338.7		$	363.7		$	341.6

Non-accrual loans as a percentage of total loans		0.76	%		0.81	%		0.79	%		0.83	%		0.75	%
Non-performing assets as a percentage of:
Total loans, real estate owned and repossessed assets		0.78			0.83			0.82			0.85			0.78
Tangible stockholders’ equity and allowance for credit losses		5.40			6.20			6.43			7.05			6.59

(1)	Reported net of government guarantees totaling $2.9 million at December 31, 2021, $1.1 million at September 30, 2021, $1.2 million at June 30, 2021, $2.5 million at March 31, 2021 and $2.5 million at December 31, 2020.

People’s United Financial, Inc.

PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS


	Three Months Ended
(dollars in millions)	Dec. 31, 2021			Sept. 30, 2021			June 30, 2021			March 31, 2021			Dec. 31, 2020
Allowance for credit losses on loans:
Balance at beginning of period	$	352.4		$	348.1		$	399.1		$	425.1		$	423.8

Charge-offs		(6.5	)		(13.2	)		(13.9	)		(17.8	)		(16.7	)
Recoveries		3.6			5.5			3.6			5.4			3.3

Net loan charge-offs		(2.9	)		(7.7	)		(10.3	)		(12.4	)		(13.4	)
Provision for credit losses on loans		(5.9	)		12.0			(40.7	)		(13.6	)		14.7

Balance at end of period	$	343.6		$	352.4		$	348.1		$	399.1		$	425.1

Allowance for credit losses on loans as a percentage of:
Total loans		0.91	%		0.89	%		0.84	%		0.93	%		0.97	%
Non-accrual loans		119.1			109.9			106.1			113.0			129.1

NET LOAN CHARGE-OFFS (RECOVERIES)


	Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
(dollars in millions)	2021			2021			2021			2021			2020
Commercial:
Commercial real estate	$	0.2		$	3.7		$	0.8		$	5.8		$	0.1
Commercial and industrial		(0.3	)		0.3			3.0			(0.5	)		6.6
Equipment financing		4.2			4.2			6.9			7.2			6.8

Total		4.1			8.2			10.7			12.5			13.5

Retail:
Residential mortgage		(0.6	)		(0.7	)		(0.4	)		(0.3	)		(0.3	)
Home equity		(0.8	)		(0.1	)		(0.2	)		(0.2	)		—
Other consumer		0.2			0.3			0.2			0.4			0.2

Total		(1.2	)		(0.5	)		(0.4	)		(0.1	)		(0.1	)

Total net loan charge-offs	$	2.9		$	7.7		$	10.3		$	12.4		$	13.4

Net loan charge-offs to average total loans (annualized)		0.03	%		0.08	%		0.10	%		0.12	%		0.12	%

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP

In addition to evaluating People’s United Financial Inc. (“People’s United”) results of operations in accordance with U.S. generally accepted accounting principles (“GAAP”), management routinely supplements its evaluation with an analysis of certain non-GAAP financial measures, such as the efficiency and tangible common equity ratios, tangible book value per common share and operating earnings metrics. Management believes these non-GAAP financial measures provide information useful to investors in understanding People’s United’s underlying operating performance and trends, and facilitates comparisons with the performance of other financial institutions. Further, the efficiency ratio and operating earnings metrics are used by management in its assessment of financial performance, including non-interest expense control, while the tangible common equity ratio and tangible book value per common share are used to analyze the relative strength of People’s United’s capital position.

The efficiency ratio, which represents an approximate measure of the cost required by People’s United to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding operating lease expense, goodwill impairment charges, amortization of other acquisition-related intangible assets, losses on real estate assets and non-recurring expenses) (the numerator) to (ii) net interest income on a fully taxable equivalent (“FTE”) basis plus total non-interest income (including the FTE adjustment on bank-owned life insurance (“BOLI”) income, the netting of operating lease expense and excluding gains and losses on sales of assets other than residential mortgage loans and acquired loans, and non-recurring income) (the denominator). People’s United generally considers an item of income or expense to be non-recurring if it is not similar to an item of income or expense of a type incurred within the last two years and is not similar to an item of income or expense of a type reasonably expected to be incurred within the following two years.

Operating earnings exclude from net income available to common shareholders those items that management considers to be of such a non-recurring or infrequent nature that, by excluding such items (net of income taxes), People’s United’s results can be measured and assessed on a more consistent basis from period to period. Items excluded from operating earnings, which include, but are not limited to: (i) non-recurring gains/losses; (ii) merger-related expenses, including acquisition integration and other costs; (iii) writedowns of banking house assets and related lease termination costs; (iv) severance-related costs; and (v) charges related to executive-level management separation costs, are generally also excluded when calculating the efficiency ratio. Operating earnings per common share (“EPS”) is derived by determining the per common share impact of the respective adjustments to arrive at operating earnings and adding (subtracting) such amounts to (from) diluted EPS, as reported. Operating return on average assets is calculated by dividing operating earnings (annualized) by average total assets. Operating return on average tangible common equity is calculated by dividing operating earnings (annualized) by average tangible common equity. The operating common dividend payout ratio is calculated by dividing common dividends paid by operating earnings for the respective period.

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.

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

OPERATING NON-INTEREST EXPENSE AND EFFICIENCY RATIO


	Three Months Ended															Twelve Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,			Dec. 31,
(dollars in millions)	2021			2021			2021			2021			2020			2021			2020
Total non-interest expense	$	277.7		$	289.2		$	305.0		$	311.9		$	646.4		$	1,183.8		$	1,564.1

Adjustments to arrive at operating non-interest expense:
Stop & Shop contract termination costs		(8.5	)		(1.6	)		(2.0	)		(12.1	)		—			(24.2	)		—
Merger-related expenses		(2.2	)		(4.7	)		(9.2	)		(7.5	)		(4.9	)		(23.6	)		(45.9	)
Goodwill impairment charge		—			—			—			—			(353.0	)		—			(353.0	)

Total		(10.7	)		(6.3	)		(11.2	)		(19.6	)		(357.9	)		(47.8	)		(398.9	)

Operating non-interest expense		267.0			282.9			293.8			292.3			288.5			1,136.0			1,165.2

Adjustments:
Amortization of other acquisition-related intangible assets		(8.3	)		(8.9	)		(8.8	)		(11.0	)		(9.7	)		(37.0	)		(40.8	)
Operating lease expense		(6.9	)		(7.0	)		(7.6	)		(7.8	)		(8.5	)		(29.3	)		(36.4	)
Other (1)		(1.2	)		(1.2	)		(1.3	)		(1.7	)		(1.3	)		(5.4	)		(10.2	)

Total non-interest expense for efficiency ratio	$	250.6		$	265.8		$	276.1		$	271.8		$	269.0		$	1,064.3		$	1,077.8

Net interest income (FTE basis)	$	369.6		$	377.9		$	388.7		$	393.5		$	390.2		$	1,529.7		$	1,605.6
Total non-interest income		99.6			100.4			99.0			94.6			178.2			393.6			492.7

Total revenues		469.2			478.3			487.7			488.1			568.4			1,923.3			2,098.3
Adjustments:
Operating lease expense		(6.9	)		(7.0	)		(7.6	)		(7.8	)		(8.5	)		(29.3	)		(36.4	)
BOLI FTE adjustment		0.7			1.0			0.7			0.6			0.9			3.0			3.5
Gain on sale of business, net of expenses		—			—			—			—			(75.9	)		—			(75.9	)
Other (2)		0.2			(4.0	)		—			(1.1	)		—			(4.9	)		(0.4	)

Total revenues for efficiency ratio	$	463.2		$	468.3		$	480.8		$	479.8		$	484.9		$	1,892.1		$	1,989.1

Efficiency ratio		54.1	%		56.8	%		57.4	%		56.6	%		55.5	%		56.2	%		54.2	%

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

PRE-PROVISION NET REVENUE


	Three Months Ended															Twelve Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,			Dec. 31,
(in millions)	2021			2021			2021			2021			2020			2021			2020
Net interest income	$	362.0		$	370.3		$	380.9		$	385.9		$	382.8		$	1,499.1		$	1,575.8
Non-interest income		99.6			100.4			99.0			94.6			178.2			393.6			492.7
Non-interest expense		(277.7	)		(289.2	)		(305.0	)		(311.9	)		(646.4	)		(1,183.8	)		(1,564.1	)

Pre-provision net revenue		183.9			181.5			174.9			168.6			(85.4	)		708.9			504.4
Non-operating income		—			—			—			—			(75.9	)		—			(75.9	)
Non-operating expense		10.7			6.3			11.2			19.6			357.9			47.8			398.9

Operating pre-provision net revenue	$	194.6		$	187.8		$	186.1		$	188.2		$	196.6		$	756.7		$	827.4

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

OPERATING EARNINGS


	Three Months Ended															Twelve Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,			Dec. 31,
(dollars in millions, except per common share data)	2021			2021			2021			2021			2020			2021 (1)			2020
Net income (loss) available to common shareholders	$	146.4		$	136.2		$	167.3		$	141.0		$	(148.8	)	$	590.8		$	205.5

Adjustments to arrive at operating earnings:
Stop & Shop contract termination costs		8.5			1.6			2.0			12.1			—			24.2			—
Merger-related expenses		2.2			4.7			9.2			7.5			4.9			23.6			45.9
Goodwill impairment charge (2)		—			—			—			—			353.0			—			353.0
Gain on sale of business, net of expenses		—			—			—			—			(75.9	)		—			(75.9	)

Total pre-tax adjustments		10.7			6.3			11.2			19.6			282.0			47.8			323.0
Tax effect (2)		(2.2	)		(1.4	)		(2.4	)		(4.1	)		14.5			(10.0	)		6.1

Total adjustments, net of tax		8.5			4.9			8.8			15.5			296.5			37.8			329.1

Operating earnings	$	154.9		$	141.1		$	176.1		$	156.5		$	147.7		$	628.6		$	534.6

Diluted EPS, as reported	$	0.34		$	0.32		$	0.39		$	0.33		$	(0.35	)	$	1.39		$	0.49

Adjustments to arrive at operating EPS:
Stop & Shop contract termination costs		0.02			—			—			0.02			—			0.04			—
Merger-related expenses		—			0.01			0.02			0.02			0.01			0.05			0.09
Goodwill impairment charge (2)		—			—			—			—			0.83			—			0.83
Gain on sale of business, net of expenses		—			—			—			—			(0.14	)		—			(0.14	)

Total adjustments per common share		0.02			0.01			0.02			0.04			0.70			0.09			0.78

Operating EPS	$	0.36		$	0.33		$	0.41		$	0.37		$	0.35		$	1.48		$	1.27

Average total assets	$	65,142		$	63,876		$	63,930		$	64,057		$	62,396		$	64,253		$	61,038

Operating return on average assets (annualized)		0.95	%		0.88	%		1.10	%		0.98	%		0.95	%		0.98	%		0.88	%

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

(2)	The goodwill impairment charge for the three and twelve months ended December 31, 2020 is non-tax-deductible.

OPERATING RETURN ON AVERAGE TANGIBLE COMMON EQUITY


	Three Months Ended															Twelve Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,			Dec. 31,
(dollars in millions)	2021			2021			2021			2021			2020			2021			2020
Operating earnings	$	154.9		$	141.1		$	176.1		$	156.5		$	147.7		$	628.6		$	534.6

Average stockholders’ equity	$	7,790		$	7,779		$	7,634		$	7,606		$	7,884		$	7,703		$	7,812
Less: Average preferred stock		244			244			244			244			244			244			244

Average common equity		7,546			7,535			7,390			7,362			7,640			7,459			7,568
Less: Average goodwill and average other acquisition-related intangible assets		2,813			2,822			2,831			2,842			3,213			2,827			3,247

Average tangible common equity	$	4,733		$	4,713		$	4,559		$	4,520		$	4,427		$	4,632		$	4,321

Operating return on average tangible common equity (annualized)		13.1	%		12.0	%		15.4	%		13.8	%		13.3	%		13.6	%		12.4	%

People’s United Financial, Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - Continued

OPERATING COMMON DIVIDEND PAYOUT RATIO


	Three Months Ended															Twelve Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,			Dec. 31,
(dollars in millions)	2021			2021			2021			2021			2020			2021			2020
Common dividends paid	$	77.4		$	77.4		$	77.3		$	75.7		$	75.6		$	307.8		$	304.1

Operating earnings	$	154.9		$	141.1		$	176.1		$	156.5		$	147.7		$	628.6		$	534.6

Operating common dividend payout ratio		50.0	%		54.8	%		43.9	%		48.4	%		51.2	%		49.0	%		56.9	%

TANGIBLE COMMON EQUITY RATIO


	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
(dollars in millions)	2021			2021			2021			2021			2020
Total stockholders’ equity	$	7,902		$	7,783		$	7,750		$	7,592		$	7,603
Less: Preferred stock		244			244			244			244			244

Common equity		7,658			7,539			7,506			7,348			7,359
Less: Goodwill and other acquisition-related intangible assets		2,809			2,817			2,826			2,835			2,846

Tangible common equity	$	4,849		$	4,722		$	4,680		$	4,513		$	4,513

Total assets	$	64,642		$	63,673		$	63,341		$	64,172		$	63,092
Less: Goodwill and other acquisition-related intangible assets		2,809			2,817			2,826			2,835			2,846

Tangible assets	$	61,833		$	60,856		$	60,515		$	61,337		$	60,246

Tangible common equity ratio		7.8	%		7.8	%		7.7	%		7.4	%		7.5	%

TANGIBLE BOOK VALUE PER COMMON SHARE


	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
(in millions, except per common share data)	2021		2021		2021		2021		2020
Tangible common equity	$	4,849	$	4,722	$	4,680	$	4,513	$	4,513

Common shares issued		536.90		536.75		536.75		536.20		533.68
Less: Shares classified as treasury shares		108.98		108.98		108.98		108.98		109.00

Common shares outstanding		427.92		427.77		427.77		427.22		424.68
Less: Unallocated ESOP shares		5.23		5.31		5.40		5.49		5.57

Common shares		422.69		422.46		422.37		421.73		419.11

Tangible book value per common share	$	11.47	$	11.18	$	11.08	$	10.70	$	10.77

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Document and Entity Information	Jan. 20, 2022
Document And Entity Information [Line Items]
Entity Registrant Name	People's United Financial, Inc.
Amendment Flag	false
Entity Central Index Key	0001378946
Document Type	8-K
Document Period End Date	Jan. 20, 2022
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

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