People United Financial : 4th Quarter 2020 Conference Call

Fourth Quarter and Full Year 2020 Results

January 21, 2021

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; (11) the outcome of the ongoing goodwill impairment analysis; and (12) the COVID-19 pandemic and its effect on the economic and business environments in which we operate. People's United does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

1

Full Year 2020 Overview

(Comparisons versus full year 2019)

Net Income of $573 Million, or $1.32 per Common Share

Operating Earnings of $1.27 per Common Share

• Net interest margin: 2.99%, a decrease of 15 basis points
• Net interest income1: $1.58 billion, an increase of $164 million or 12%
• Non-interestincome (operating): $417 million, a decrease of $7 million or 2%
• Non-interestexpense (operating): $1.17 billion, an increase of $68 million or 6%
• Pre-provisionnet revenue (operating): $827 million, an increase of $89 million or 12%
• Efficiency ratio: 54.2%, an improvement of 160 basis points
• • Seventh consecutive year of improvement
• Average loans: $44.4 billion, an increase of $6.0 billion or 16%
• Period-endloans: $43.9 billion, an increase of $273 million or 1%
• • Includes $2.3 billion of Paycheck Protection Program (PPP) loans
  • Planned reduction of residential mortgages lowered balances by $1.8 billion
  • Runoff of the transactional portion of New York multifamily portfolio and certain acquired portfolios collectively lowered balances by $493 million
• Average deposits: $48.2 billion, an increase of $9.1 billion or 23%
• Period-enddeposits: $52.1 billion, an increase of $8.5 billion or 20%
• • Non-interestbearing balances increased $6.1 billion
• Net loan charge-offs to average total loans: 0.11%, an increase of 5 basis points
• Provision for credit losses on loans: $156 million, an increase of $128 million
• • Reflects the application of CECL and the impact of COVID-19

1 Net interest income on a fully taxable equivalent basis was $1.61 billion, an increase of $164 million or 11%.

2

In-Store Branch Relationship With Stop & Shop

• People's United has decided not to renew its existing in-store branch contracts with Stop & Shop in Connecticut and New York upon expiration in 2022

• Connecticut

1. 84 Stop & Shop branches (Total Branches: 172)

• 1. Contract expiration: January 31, 2022
• New York
• 1. 56 Stop & Shop branches (Total Branches: 101)

• 1. Contract expiration: June 30, 2022
• Discussions with Stop & Shop on non-renewal terms are ongoing

PBCT Branch Footprint (CT & NY)

Traditional Branch

In-Store Branch

Rationale for Decision

• Customers are increasingly utilizing our online and mobile platforms
• • Year-overyear increases: mobile logins: +40%, digital enrollments: +25%, mobile wallet transactions: +162%, active mobile deposit customers: +66%
  • In-storebranch customers are 13% more digitally active than traditional branch customers
• Recent acquisitions have expanded and better optimized traditional branch footprint as well as provided customers more convenient drive-up facilities
• Strength of our "hub & spoke" model created high branch overlap
• • 75% of our Stop & Shop branches and 77% of Stop & Shop branch deposits are within 5 miles of a traditional branch
• Cost savings over time will enable further investment in digital capabilities and traditional branch network
• Changing retail shopping behavior by consumers
• • Home delivery and curbside pick-up options impacting foot traffic inside stores
  • Discount stores / wholesale clubs and convenience stores have increased share of grocery spend

3

Fourth Quarter 2020 Overview

(Comparisons versus third quarter 2020, unless noted otherwise)

Net Income of $207.7 Million, or $0.49 per Common Share

Operating Earnings of $0.35 per Common Share

• Sale of People's United Insurance Agency: completed Nov. 2; realized a pre-tax gain, net of expense, of $75.9 million or $0.14 per common share
• Net interest margin: 2.84%, a decrease of 13 basis points - (increased excess liquidity unfavorably impacted the margin by 9 basis points)
• Net interest income1: $382.8 million, a decrease of $8.6 million or 2%
• Non-interestincome (operating): $102.3 million, an increase of $1.2 million or 1%
• Non-interestexpense (operating): $288.5 million, a decrease of $500,000 or 0.2%
• Pre-provisionnet revenue (operating): $196.6 million, a decrease of $6.9 million or 3%
• Efficiency ratio: 55.5%, an increase of 170 basis points
• Average loans: $44.1 billion, a decrease of $792 million or 2%
• Period-endloans: $43.9 billion, a decrease of $1.4 billion or 3%
• • Planned reduction of residential mortgages lowered balances by $577 million
  • Forgiveness of PPP loans lowered balances by $289 million
  • Runoff of the transactional portion of New York multifamily portfolio and certain acquired portfolios collectively lowered balances by $107 million
• Average deposits: $50.7 billion, an increase of $1.1 billion or 2%
• Period-enddeposits: $52.1 billion, an increase of $2.5 billion or 5%
• Net loan charge-offs to average total loans: 0.12%, a decrease of 3 basis points
• Provision for credit losses on loans: $14.7 million, a decrease of $12.1 million
• Allowance for credit losses to total loans: 0.97%, increase of 3 basis points - (ex. PPP loans: 1.02%)

1 Net interest income on a fully taxable equivalent basis was $390.2 million, a decrease of $8.5 million or 2%.

4

Net Interest Income1

($ in millions)

Linked-Quarter Change

($8.6) or (2%)

$6.4	$0.3	$0.2

($15.5)

$391.4	$382.8

3Q 2020

Deposits

Borrowings

Investments

Loans

4Q 2020

1 Net interest income on a fully taxable equivalent basis for 3Q 2020 and 4Q 2020 was $398.7 million and $390.2 million, respectively.

5

Net Interest Margin

Linked-Quarter Change

(13) bps

5 bps

(9) bps	(7) bps	(2) bps

2.97%

2.84%

3Q 2020

Deposits

Excess Liquidity

Loans

Investments1

4Q 2020

1 Excludes short-term investments, which is mostly comprised of deposits at the Federal Reserve Bank.	6

Loans: Average Balances

($ in millions)

Linked-Quarter Change

Commercial & Industrial

Commercial Real Estate

Equipment Finance

Residential Mortgage

Home Equity & Other Consumer

$44,853	$202				$44,061
$2,296	($587)	($279)	($119)		$2,177
($9)
$9,408					$8,821
$4,876					$4,867
$13,853					$13,574

14,420						$14,622
	3Q 2020	Commercial	Residential	Commercial	Home Equity	Equipment	4Q 2020
		& Industrial	Mortgage	Real Estate	& Other Consumer	Finance

Linked-quarterchange($792) million or (2%)

7

Deposits: Average Balances

($ in millions)

Linked-Quarter Change

Interest-Bearing Checking & Money Market

Non-Interest-Bearing

Savings

Time

$49,542	$989	$799	$209	$50,674
$6,818			($865)	$5,953

$5,974

$5,765
$13,754	$14,743

$23,205

$24,004

3Q 2020	Non-Interest	Interest-Bearing	Savings	Time	4Q 2020
	Bearing	Checking &
		Money Market

Linked-quarter change

+$1.1 billion or 2%

8

Non-Interest Income

($ in millions)

Linked-Quarter Change

+$77.1 or 76%

		Ex. Non-OperatingNon-Interest Income: $1.2 or 1%
$75.9	$2.8	$1.0	$0.5	$0.3	$2.2
					($5.6)

$178.2

$101.1

3Q 2020	Non-Operating1	Commercial	Customer	Operating	Cash	Insurance	Other	4Q 2020
		Banking	Interest Rate	Lease	Management	Revenue
		Lending Fees	Swap Income	Income	Fees

1 Non-operating represents a 4Q 2020 gain, net of expenses, on the sale of People's United Insurance Agency (completed Nov. 2, 2020).

9

Non-Interest Expense

($ in millions)

Linked-Quarter Change

($0.2) or (0.1%)

Ex. Merger-Related Expenses: ($0.5) or (0.2%)

$0.3			$2.4	$1.4	$0.4
($1.5)	($0.8)	($0.5)			($1.9)

$293.6

$293.4

3Q 2020	Non-Operating	Regulatory	Operating	Amortization of	Occupancy	Professional &	Compensation	Other	4Q 2020
		Assessments	Lease	Other Acquisition-	& Equipment	Outside Services	& Benefits
			Expense	Related Intangible
				Assets

10

Efficiency Ratio

Quarterly Trend

55.5%

53.7%	54.0%	53.5%	53.8%

4Q 2019

1Q 2020

2Q 2020

3Q 2020

4Q 2020

11

Asset Quality

Non-Performing Assets / Loans & REO (%)1

1.5	Peer Group (Median)	Top 50 Banks (Median)
PBCT
1.0			1.01	1.04
	0.91
	0.75	0.86	0.86	0.88
				0.78
	0.73			0.71
			0.69
0.5
0.57	0.59
0.0
	4Q 2019	1Q 2020	2Q 2020	3Q 2020	4Q 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	0.27	0.28
			0.24	0.26
0.2	0.18
		0.13		0.15
	0.12			0.12
	0.10
0.1		0.08
0.06
0.0
	4Q 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020

Notes:

Source: SNL Financial12 Top 50 Banks represents the largest 50 banks by total assets in each respective quarter.

Returns

Quarterly Trend

				1.33%
	1.13%
0.98%	0.96%	0.94%	0.94%	0.95%
	0.89%

0.65%

0.58%

4Q 2019

1Q 2020

2Q 2020

3Q 2020

4Q 2020

Return on Average Assets

Operating Return on Average Assets

		18.4%
15.2%
13.2%	13.4%	13.3%
12.8%	13.1%
11.8%

9.5%

8.1%

4Q 2019

1Q 2020

2Q 2020

3Q 2020

4Q 2020

Return on Average Tangible Common Equity Operating Return on Average Tangible Common Equity

13

Capital Ratios

		Dec. 31, 2019	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020
	People's United Financial, Inc.
	Tang. Com. Equity/Tang. Assets	8.0%	7.4%	7.3% (2)	7.5% (2)	7.5% (2)
	Tier 1 Leverage	9.1% (1)	8.4%	8.0% (3)	8.2% (3)	8.4% (3)
	Common Equity Tier 1	10.2%	9.5%	9.8%	9.9%	10.5%
	Tier 1 Risk-Based	10.7%	10.0%	10.3%	10.5%	11.0%
	Total Risk-Based	12.0%	11.3%	11.8%	11.8%	12.4%
	People's United Bank, N.A.
	Tier 1 Leverage	9.3% (1)	8.9%	8.5% (3)	8.7% (3)	8.7% (3)
	Common Equity Tier 1	10.9%	10.7%	10.9%	11.0%	11.5%
	Tier 1 Risk-Based	10.9%	10.7%	10.9%	11.0%	11.5%
	Total Risk-Based	12.1%	12.0%	12.3%	12.3%	12.8%

1. Adjusting for a full quarter of United assets, the pro forma Tier 1 Leverage Ratio at Dec. 31, 2019 is 8.9%.
2. Adjusting for the Paycheck Protection Program (PPP) loans, the pro forma TCE/TA ratio at Dec. 31, 2020: 7.8% , at Sep. 30, 2020: 7.9%, at Jun.
   30, 2020: 7.6%.

3 Adjusting for PPP loans, the pro forma Tier 1 Leverage Ratio at Dec. 31, 2020: 8.7% for the Holding Co. & 9.1% for the Bank, at Sep. 30, 2020:	14
8.6% for the Holding Co. & 9.1% for the Bank, and at Jun, 30, 2020: 8.3% for the Holding Co. & 8.7% for the Bank.

Full Year 2021 Outlook1

Loans

(End of Period)

Deposits

(End of Period)

Net Interest Income

Net Interest Margin

Non-Interest Income

(Operating)

Non-Interest Expense

(Operating)

Credit

Effective Tax Rate

Capital

• Growth range of 0% - 3%
  - Excludes PPP loans (December 31, 2020 balance: $2.3 billion)
• Growth range of (2%) - 2%
• Growth range: (2%) - (4%)
• 2.85% - 2.95%
  ‒ Assumes no change in the fed funds rate
• Growth range of 1% - 3%

• Adjusted 2020 operating base: $372 million

• 1. Excludes $28 million of revenue from People's United Insurance Agency (sold Nov. 2020) o Excludes $17 million gain related to sale of loans acquired in the United transaction
• $1.150 billion - $1.180 billion
• Maintain excellent credit quality
• • Provision: $60 million - $80 million
• 20% - 22%
• Maintain strong capital levels
• • Common equity tier 1 capital ratio: 10.0% - 10.5%

15

1Outlook reflects impact of the sale of People's United Insurance Agency, which was completed November 2, 2020.

Appendix

Allowance for Credit Losses (ACL)

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

	($ in millions)						At December 31, 2020					At Sept. 30, 2020		At June 30, 2020		At March 30, 2020
									ACL/					ACL/		ACL/	ACL/		ACL/	ACL/		ACL/	ACL/
	Loan Portfolio Segment	Balance		%			ACL	Loans				NPLs	NPLs		Loans	NPLs		Loans	NPLs		Loans	NPLs
	CRE	$	13,337	30%	$	122.9	0.92%			$	60.4	203%		0.72%	115%		0.68%	129%		0.59%	162%
	C&I		10,764	25%			79.0	0.73%				75.4	105%		0.80%	105%		0.70%	91%		0.81%	135%
	Equipment Finance		4,930	11%			97.9	1.99%				109.3	90%		2.01%	200%		2.01%	201%		0.98%	115%
	MW / ABL 1		4,218	10%			3.8	0.09%				1.0	380%		0.11%	460%		0.16%	510%		0.08%	218%
	Total Commercial	$	33,249	76%	$	303.6	0.91%			$	246.1	123%		0.86%	132%		0.83%	131%		0.67%	140%
	Residential Mortgage	$	8,519	19%	$	66.2	0.78%			$	62.3	106%		0.86%	124%		0.87%	134%		0.83%	126%
	Home Equity		1,997	5%			52.4	2.62%				20.5	256%		2.39%	230%		2.13%	211%		1.75%	186%
	Other Consumer		104	0%			2.9	2.79%				0.2	1450%		2.98%	1700%		4.21%	5300%		3.59%	5100%
	Total Retail	$	10,620	24%	$	121.5	1.14%			$	83.0	146%		1.17%	156%		1.14%	160%		1.03%	146%
	Total	$	43,869	100%	$	425.1	0.97%			$	329.1	129%		0.94%	138%		0.91%	140%		0.77%	142%

1 Excluding PPP loans, 4Q 2020 C&I ACL/Loans = 0.93% and Total ACL/Loans = 1.02%	17
2 MW / ABL = Mortgage Warehouse / Asset Based Lending

Loan Risk Profile

($ in millions)

						At December 31, 2020
					Balance	Total Delinquency	2	Non-Accruals	YTD Net-Charge-Offs	Deferrals
	Loan Portfolio Segment		Balance	(% of Portfolio)	(% of Loans)		(% of Loans)	(Annual % of Average Loans)	(% of Loans)
	CRE		$	13,337	30%	0.65%		0.45%	0.07%	1.1%
	C&I			10,764	25%	0.86%		0.70%	0.14%	0.2%
	Equipment Finance		4,930	11%	3.40%		2.22%	0.45%	0.7%
	MW / ABL	1		4,218	10%	0.03%		0.02%	-	-
	Total Commercial	$	33,249	76%	1.05%		0.74%	0.14%	0.6%
	Residential Mortgage	$	8,519	19%	1.08%		0.73%	-	0.7%
	Home Equity		1,997	5%	1.43%		1.03%	0.03%	0.3%
	Other Consumer		104	0%	0.77%		0.15%	2.21%	-
	Total Retail	$	10,620	24%	1.14%		0.78%	0.03%	0.6%
	Total		$	43,869	100%	1.07%		0.75%	0.11%	0.6%

1 MW / ABL = Mortgage Warehouse / Asset Based Lending

18

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

Interest Rate Risk Profile

Dec. 31, 2020 Sep. 30, 2020

Net Interest Income (NII) Sensitivity

			Immediate Parallel Shock		22.6%
				Est. Change in NII
				16.0%				13.4%
		8.2%					9.6%
		4.8%
-1.7%	-1.0%
Down 25		Up 100				Up 200		Up 300
				Yield Curve Twist1
				Est. Change in NII
		6.1%
		2.6%						2.4%	2.5%
-1.0%	-0.4%			-0.7%	-0.7%

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.	19
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

$8,861

$2,187 $4,228

$7,788

$9,622

$10,910

$43,869

$10,365

$1,925 $4,368

$7,736

$8,729

$10,746

Dec. 31, 2014

Dec. 31, 2015

Dec. 31, 2016

Dec. 31, 2017

Dec. 31, 2018

Dec. 31, 2019

Dec. 31, 2020

20

Deposits By State

($ in millions, end of period balances)

Breakdown

Connecticut Massachusetts New York Northern New England

$52,138

$7,607

						$43,590
						$5,893	$6,257
					$36,159
				$33,056	$6,107	$5,493	$8,888
			$29,861
		$28,417
$26,138		$6,208		$5,936
			$5,371
	$5,905
		$5,569
			$5,195
$5,098			$4,451
	$3,527
		$3,456
$3,205		$4,013
$3,299	$3,357
$3,067
					$29,386
						$26,268
			$17,072	$17,640	$20,230
$14,768	$16,093
	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2020

21

Peer Group

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

22

For more information, investors may contact:

Andrew S. Hersom

1. 338-4581
   [e-mail]