People United Financial : 3rd Quarter 2020 Conference Call

Third Quarter 2020 Results

October 22, 2020

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;

1. 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

Third Quarter 2020 Overview

(Comparisons versus second quarter 2020, unless noted otherwise)

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-interestincome: $101.1 million, an increase of $11.5 million or 13%
• Non-interestexpense (operating): $289.0 million, an increase of $3.5 million or 1%
• Pre-provisionnet 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-endloans: $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-enddeposits: $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%)

1 Net interest income on a fully taxable equivalent basis was $398.7 million, a decrease of $14.3 million or 3%.

2

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.

	($ in millions)						At September 30, 2020							At June 30, 2020		At March 31, 2020
	Loan Portfolio Segment		Balance		%			ACL		ACL/Loans			NPLs		ACL/NPLs		ACL/Loans	ACL/NPLs		ACL/Loans	ACL/NPLs
	CRE	$	13,713	30%	$	98.5		0.72%	$	85.3		115%		0.68%	129%		0.59%	162%
	C&I		11,242	25%			90.0		0.80%			85.7		105%		0.70%	91%		0.81%	135%
	Equipment Finance		4,888	11%			98.2		2.01%			49.0		200%		2.01%	201%		0.98%	115%
	MW / ABL 1		4,053	9%			4.6		0.11%			1.0		460%		0.16%	510%		0.08%	218%
	Total Commercial	$	33,896	75%	$	291.3		0.86%	$	221.0		132%		0.83%	131%		0.67%	140%
	Residential Mortgage	$	9,096	20%	$	78.3		0.86%	$	62.9		124%		0.87%	134%		0.83%	126%
	Home Equity		2,125	5%			50.8		2.39%			22.1		230%		2.13%	211%		1.75%	186%
	Other Consumer		114	0%			3.4		2.98%			0.2		1700%		4.21%	5300%		3.59%	5100%
	Total Retail	$	11,335	25%	$	132.5		1.17%	$	85.2		156%		1.14%	160%		1.03%	146%
	Total	$	45,231	100%	$	423.8		0.94%	$	306.2		138%		0.91%	140%		0.77%	142%

1 Excluding PPP loans, 3Q 2020 C&I ACL/Loans = 1.04% and Total ACL/Loans = 0.99%	3
2 MW / ABL = Mortgage Warehouse / Asset Based Lending

Net Interest Income1

($ in millions)

Linked-Quarter Change

($14.2) or (4%)

$5.7$2.5 $1.4

($21.6) ($2.2)

$405.6	$391.4

2Q 2020

Deposits

Calendar Day

Borrowings

Loans

Investments

3Q 2020

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.

4

Net Interest Margin

Linked-Quarter Change

(8) bps

4 bps

2 bps

1 bp

(15 bps)

3.05%	2.97%

2Q 2020

Deposits

Calendar Day

Borrowings

Loans

3Q 2020

5

Loans: Average Balances

($ in millions)

Linked-Quarter Change

Commercial Real Estate

Commercial & Industrial

Equipment Finance

Residential Mortgage

Home Equity & Other Consumer

$45,153	$524				$44,853
$2,407	($413)	($242)	($111)	($58)	$2,296
$9,821					$9,408
$4,934					$4,876
$13,896					$14,420

$14,095						$13,853
	2Q 2020	Commercial	Residential	Commercial	Home Equity	Equipment	3Q 2020
		& Industrial	Mortgage	Real Estate	& Other Consumer	Finance

Linked-quarterchange($300) million or (1%)

6

Deposits: Average Balances

($ in millions)

Average Deposits

Linked-Quarter Change

Interest-Bearing Checking & Money Market

Non-Interest-Bearing

Time

Savings

$48,447	$1,270	$901	$298	($1,374)	$49,542

$5,467	$5,765
$8,192	$6,818
$12,853	$13,754

$21,935	$23,205

2Q 2020	Interest-Bearing	Non-Interest	Savings	Time	3Q 2020
	Checking &	Bearing
	Money Market

Linked-quarter change

+$1.1 billion or 2%

7

Non-Interest Income

($ in millions)

Linked-Quarter Change

+$11.5 or 13%

		$1.4	$0.7	$0.7	$0.6	$3.3
$4.2	$2.1
						($1.5)

$101.1

$89.6

2Q 2020	Bank	Commercial	Investment	Cash	Insurance	Operating	Customer	Other	3Q 2020
	Service	Banking	Management	Management		Lease	Interest Rate
	Charges	Lending Fees	Fees	Fees		Income	Swap Income

8

Non-Interest Expense

($ in millions)

Linked-Quarter Change

($10.4) or (3%)

Ex. Merger-Related Expenses: $3.5 or 1%

$0.6

$0.5

$0.4

$2.9

($13.9) ($0.6) ($0.3)

$304.0

$293.6

2Q 2020	Merger-Related	Compensation	Regulatory	Professional &	Operating Lease	Occupancy &	Other	3Q 2020
	Expenses	& Benefits	Assessments	Outside Services	Expense	Equipment

9

Efficiency Ratio

Quarterly Trend

56.8%

53.7%	54.0%		53.8%
	53.5%

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

10

Asset Quality

1.5									Non-Performing Assets / Loans & REO (%)1
		PBCT		Peer Group (Median)	Top 50 Banks (Median)				0.98
1.0				0.91
			0.78			0.80	0.86
										0.86
								0.75
				0.78						0.69
0.5														0.71
			0.52			0.57	0.59
0.0
					3Q 2019	4Q 2019			1Q 2020		2Q 2020		3Q 2020

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

Net Charge-offs / Average Loans

0.4	Peer Group (Median)
PBCT	Top 50 Banks (Median)
0.3	0.26			0.29
			0.26	0.27
0.2	0.19	0.18
		0.16	0.13		0.15
0.1			0.10	0.08
0.06	0.06
0.0
	3Q 2019	4Q 2019	1Q 2020	2Q 2020	3Q 2020

Notes:

Source: SNL Financial11 Top 50 Banks represents the largest 50 banks by total assets in each respective quarter.

Returns

Return on Average Assets

1.13%

0.96%

Return on Average Tangible Common Equity

15.2%

14.4%

13.2%13.4%

0.65%

1.05% 0.98%

0.89%0.94%

0.58%

14.0% 12.8%

9.5%

11.8%13.1%

8.1%

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

Returns calculated on an operating basis

12

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	13
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

	Number of Loans	$	- Outstanding
Commercial Real Estate	170	$	1,043
Commercial & Industrial	109		143
Equipment Finance	874		140
Total Commercial	1,153	$	1,326
Residential Mortgage	485	$	239
Home Equity	141		21
Other Consumer	32		-
Total Retail	658	$	260
Total	1,811	$	1,586

Loan Forbearance

By Commercial Property Type / Industry

	Number of Loans	$	- Outstanding
By Property Type
Hospitality/Entertainment	65	$	665
Residential	47		151
Retail	35		142
Office Building	16		66
Healthcare	1		10
Other	6		9
Subtotal	170	$	1,043
By Industry
Transportation & Utilities	224	$	87
Services	320		81
Arts, Entertainment & Recreation	53		40
Manufacturing	78		23
Real Estate, Rental & Leasing	59		15
Printing	24		8
Construction	39		6
Packaging	3		6
Wholesale Trade	29		5
Agri., Forestry, Fishing & Hunting	21		4
Other	133		8
Subtotal	983	$	283
Total Commercial	1,153	$	1,326

15

Note: Commercial real estate retail balances include Business Banking loans

Loan Risk Profile

($ in millions)

								At September 30, 2020
						Balance		Total Delinquency2		Non-Accruals		YTD Net-Charge-Offs		Deferrals
	Loan Portfolio Segment			Balance		(% of Portfolio)		(% of Loans)		(% of Loans)		(Annual % of Average Loans)		(% of Loans)
	CRE	$	13,713	30%	0.84%	0.62%	0.09%	7.6%
	C& I		11,242	25%	1.06%	0.76%	0.10%	1.3%
	Equipment Finance		4,888	11%	2.19%	1.00%	0.41%	2.9%
	MW / ABL 1		4,053	9%	0.03%	0.03%	-	-
	Total Commercial	$	33,896	75%	1.01%	0.65%	0.13%	3.9%
	Residential Mortgage	$	9,096	20%	1.00%	0.69%	0.01%	2.6%
	Home Equity		2,125	5%	1.47%	1.04%	0.05%	1.0%
	Other Consumer		114	0%	0.77%	0.17%	2.65%	-
	Total Retail	$	11,335	25%	1.08%	0.75%	0.04%	2.3%
	Total	$	45,231	100%	1.03%	0.68%	0.11%	3.5%

1 MW / ABL = Mortgage Warehouse / Asset Based Lending

16

2 Includes loans 30-89 days past due and non-performing loans

Interest Rate Risk Profile

Sep. 30, 2020 Jun. 30, 2020

Net Interest Income (NII) Sensitivity

	Immediate Parallel Shock	13.4%
	Est. Change in NII
	9.8%
	9.6%
	6.8%
4.8%
3.5%

-1.0%-0.7%

Down 25

Up 100

Up 200

Up 300

					Yield Curve Twist1
					Est. Change in NII
	2.6%	2.1%				2.5%	1.6%
-0.4%	-0.4%				-0.7%	-0.3%

Short End -25

Short End +100

Long End -25

Long End +100

1Yield curve twist pivot point is 18 month point on yield curve. Short End defined as overnight to 18 months.	17
Long End defined as terms greater than 18 months.

Loans By State

($ in millions, end of period balances)

Breakdown

Connecticut

Massachusetts

New York

Northern New England

New Jersey

Other

$32,575

	$28,411	$29,745
$26,592		$5,988
	$5,171
	$5,014	$1,649
$4,486
$1,155	$1,503	$4,163
$904
$4,164	$4,167
$4,123
		$5,762	$7,378
$5,146	$5,578
$4,728	$4,954	$5,363	$5,616
$7,205	$7,546	$7,779	$7,781

$35,241

$6,558

$1,921 $4,160

$7,168

$6,212

$9,222

$43,596	$45,231
$8,861	$10,263
$2,187	$2,106
$4,228	$4,543
$7,788	$7,820

$9,622$9,239

$10,910$11,260

Dec. 31, 2014

Dec. 31, 2015

Dec. 31, 2016

Dec. 31, 2017

Dec. 31, 2018

Dec. 31, 2019

Sep. 30, 2020

18

Deposits By State

($ in millions, end of period balances)

Breakdown

	Connecticut	Massachusetts	New York	Northern New England
					$49,637
				$43,590	$7,528
				$5,893	$6,202
			$36,159
			$33,056	$5,493
		$29,861	$6,107		$8,416
	$28,417
		$6,208	$5,936
$26,138
$5,569	$5,905	$5,371
		$5,195
$5,098
	$3,527	$4,451
	$3,456
$3,205		$4,013
$3,299	$3,357
$3,067
				$26,268	$27,491
			$20,230
$14,768	$16,093	$17,072	$17,640

Dec. 31, 2014

Dec. 31, 2015

Dec. 31, 2016

Dec. 31, 2017

Dec. 31, 2018

Dec. 31, 2019

Sep. 30, 2020

19

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

20

For more information, investors may contact:

Andrew S. Hersom

1. 338-4581
   [e-mail]