People's United Financial Reports First Quarter Operating Earnings Of $0.18 Per Share And Net Income Of $0.16 Per Share;

 People's United Financial Reports First Quarter Operating Earnings Of $0.18
   Per Share And Net Income Of $0.16 Per Share; Announces Dividend Increase

PR Newswire

BRIDGEPORT, Conn., April 18, 2013

BRIDGEPORT, Conn., April 18, 2013 /PRNewswire/ --People's United Financial,
Inc. (NASDAQ: PBCT) today reported net income of $52.5 million, or $0.16 per
share, for the first quarter of 2013, compared to $57.3 million, or $0.17 per
share, for the first quarter of 2012, and $61.2 million, or $0.18 per share,
for the fourth quarter of 2012. Operating earnings were $57.9 million, or
$0.18 per share, for the first quarter of 2013, compared to $59.3 million, or
$0.18 per share, for the first quarter of 2012 and $63.2 million, or $0.19 per
share, for the fourth quarter of 2012.

The Board of Directors of People's United Financial voted to increase the
common stock dividend to an annual rate of $0.65 per share. Based on the
closing stock price on April 17, 2013, the dividend yield on People's United
Financial common stock is 5.1 percent. The quarterly dividend of $0.1625 per
share is payable May 15, 2013 to shareholders of record on May 1, 2013.

During the first quarter of 2013 the Company repurchased 11.1 million shares
of People's United Financial common stock at a total cost of $144 million.
Under the existing share repurchase authorization, 22.3 million shares of
common stock remain available for repurchase.

"In the first quarter of 2013, we continued to grow our franchise and upgrade
our capabilities while efficiently deploying capital," stated Jack Barnes,
President and Chief Executive Officer. "In what is typically a seasonally
slower quarter for loan growth, we saw the benefits of our expanded footprint
and strengthened product line-up, which resulted in annualized linked quarter
loan growth of 8 percent."

Barnes continued, "Importantly, we believe that our net interest margin has
now largely stabilized, which should allow net interest income to increase at
a pace more closely aligned with our earning asset growth in the quarters
ahead. We also took actions this quarter that will assist us in achieving our
operating expense goals in 2013. The prolonged period of low interest rates,
combined with our above industry capital levels, provides us with the
continued opportunity to repurchase shares at a discount to our earnings power
in a more normalized rate environment."

Barnes concluded, "We are pleased to announce our 21^st consecutive annual
dividend increase. Our strong business fundamentals, ongoing ability to
leverage our brand in attractive markets, and prospects for growth continue to
be the foundations of our strength relative to others in the industry."

"On an operating basis, earnings were $58 million, or 18 cents per share, this
quarter," stated Kirk W. Walters, Senior Executive Vice President and Chief
Financial Officer. "The net interest margin reflects the impact of strong
loan originations, higher average balances in the investment portfolio and a
full quarter of interest expense on the senior notes issued in December
2012.Non-interest income reflects ongoing improvement in most of our
fee-based businesses as well as continued contributions from gains on sales of
residential mortgage loans and loan prepayment fees."

Walters added, "Cost control continues to remain an important area of focus,
as evidenced by the decline in operating expenses this quarter, which reflects
the benefits from several cost-saving initiatives taken over the past several
quarters. This quarter's decline in operating expenses is particularly
noteworthy given that expenses in the first quarter are generally higher than
in subsequent quarters due to payroll-related costs."

Walters concluded, "We certainly are pleased with the continued improvement in
asset quality. Our low loan charge-off ratio is a reflection of the Company's
historically strong underwriting standards, the economic strength of the
geography in which we operate and the resilience of our customers. Of
particular note, non-performing loans in the acquired portfolio have declined
$179 million, or 50 percent, since December 31, 2010."

For the originated loan portfolio, non-performing loans equaled 1.25 percent
of loans at March 31, 2013, compared to 1.30 percent at December 31, 2012 and
1.67 percent at March 31, 2012. Non-performing assets (excluding acquired
non-performing loans) equaled 1.42 percent of originated loans, REO and
repossessed assets at March 31, 2013, compared to 1.48 percent at December 31,
2012 and 1.85 percent at March 31, 2012.

Net loan charge-offs as a percentage of average loans on an annualized basis
were 0.24 percent in the first quarter of 2013 compared to 0.19 percent in the
fourth quarter of 2012. Excluding $3.3 million of acquired loan charge-offs,
net loan charge-offs as a percentage of average loans on an annualized basis
were 0.18 percent in the first quarter of 2013.

Operating return on average assets was 0.77 percent for the first quarter of
2013, compared to 0.86 percent for the first quarter of 2012 and 0.87 percent
for the fourth quarter of 2012. Operating return on average tangible
stockholders' equity was 8.1 percent for the first quarter of 2013, compared
to 7.8 percent for the first quarter of 2012 and 8.6 percent for the fourth
quarter of 2012.

At March 31, 2013, People's United Financial's tier 1 common and total
risk-based capital ratios were 12.0 percent and 13.7 percent, respectively,
and the tangible equity ratio stood at 9.6 percent. People's United Bank's
tier 1 risk-based capital and total risk-based capital ratios were 12.1
percent and 13.5 percent, respectively, at March 31, 2013.

People's United Financial, a diversified financial services company with $31
billion in assets, provides commercial and retail banking, as well as wealth
management services through a network of 417 branches in Connecticut, New
York, Massachusetts, Vermont, New Hampshire and Maine. Through its
subsidiaries, People's United Financial provides equipment financing,
brokerage and insurance services. Assets managed and administered, which are
not reported as assets of People's United Financial, totaled $15.4 billion at
March 31, 2013.

Conference Call
On April 18, 2013, at 8 a.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.

1Q 2013 Financial Highlights

Summary

  oNet income was $52.5 million, or $0.16 per share.

       oOperating earnings were $57.9 million, or $0.18 per share.

  oNet interest income totaled $219.3 million in 1Q13 compared to $225.1
    million in 4Q12.

       oInterest income on acquired loans decreased $4.7 million from 4Q12 to
         $37.1 million.

  oNet interest margin decreased 25 basis points from 4Q12 to 3.38%.

       oAn increase in average investment balances reduced the margin by 7
         basis points.
       oThe effects of twofewer calendar days in 1Q13, new loan volume at
         lower rates and lower interest income on acquired loans reduced the
         margin by 5, 4 and 3 basis points, respectively.
       oThe impact from a full quarter of senior notes interest expense
         reduced the margin by 5 basis points.
       oLower deposit rates and improved mix benefited the margin by 1 basis
         point.

  oProvision for loan losses totaled $12.4 million.

       oNet loan charge-offs totaled $13.1 million, of which $9.6 million
         related to loans with specific reserves established in prior periods.
       oReflects a $6.3 million increase in the originated allowance for loan
         losses due to loan growth.
       oIncludes a provision for loan losses on acquired loans of $2.6
         million, relating almost entirely to a single credit.

  oNon-interest income was $82.9 million in 1Q13 compared to $84.3 million in
    4Q12.

       oInsurance revenue increased $1.6 million from 4Q12, primarily
         reflecting the seasonal nature of insurance renewals.
       oBrokerage commissions increased $0.4 million from 4Q12.
       oBank service charges decreased $1.3 million from 4Q12, in part due to
         the seasonal nature of certain fee categories.
       oAssets under administration and those under full discretionary
         management, neither of which are reported as assets of People's
         United Financial, totaled $10.7 billion and $4.7 billion,
         respectively, at March 31, 2013.

  oNon-interest expense totaled $212.0 million in 1Q13 compared to $207.4
    million in 4Q12.

       oOperating non-interest expense was $204.0 million in 1Q13 compared to
         $204.5 million in 4Q12. Excluding operating lease expense and
         amortization of acquisition-related intangible assets, operating
         non-interest expense totaled $190.0 million in 1Q13 compared to
         $190.3 million in 4Q12.
       oCompensation and benefits expense increased $10.8 million from 4Q12,
         primarily reflecting higher payroll-related costs in 1Q13 and lower
         incentive costs in 4Q12.
       oReal estate owned expenses increased $1.1 million from 4Q12.
       oEfficiency ratio in 1Q13 increased to 64.1% from 63.1% in 4Q12,
         primarily reflecting the decrease in net interest income.

  oEffective income tax rate was 32.5% for 1Q13 and 32.4% for the full year
    of 2012.

Commercial Banking 

  oCommercial banking loans, excluding acquired loans, increased $498 million
    from December 31, 2012.
  oAverage commercial banking loans totaled $15.6 billion in 1Q13, an
    increase of $518 million, or 14% annualized, from 4Q12.
  oThe ratio of originated non-performing commercial banking loans to
    originated commercial banking loans was 1.13% at March 31, 2013 compared
    to 1.20% at December 31, 2012.

       oNon-performing commercial banking assets, excluding acquired
         non-performing loans, totaled $179.0 million at March 31, 2013
         compared to $186.1 million at December 31, 2012.

  oNet loan charge-offs totaled $9.4 million, or 0.24% annualized, of average
    commercial banking loans in 1Q13, compared to $6.2 million, or 0.16%
    annualized, in 4Q12.

       oExcluding acquired loan charge-offs, net loan charge-offs totaled
         $6.4 million, or 0.16% annualized, in 1Q13.

  oFor the originated commercial banking portfolio, the allowance for loan
    losses as a percentage of loans was 1.11% at March 31, 2013 compared to
    1.13% at December 31, 2012.
  oThe commercial banking originated allowance for loan losses represented
    98% of originated non-performing commercial banking loans at March 31,
    2013, compared to 95% at December 31, 2012.
  oCommercial deposits totaled $5.6 billion at March 31, 2013 compared to
    $5.8 billion at December 31, 2012.

Retail Banking 

  oResidential mortgage loans, excluding acquired loans, increased $96
    million from December 31, 2012.
  oAverage residential mortgage loans totaled $3.9 billion in 1Q13, an $11
    million increase from 4Q12.
  oThe ratio of originated non-performing residential mortgage loans to
    originated residential mortgage loans was 1.84% at both March 31, 2013 and
    December 31, 2012.
  oNet loan charge-offs totaled $1.9 million, or 0.19% annualized, of average
    residential mortgage loans in 1Q13, compared to $1.7 million, or 0.18%
    annualized, in 4Q12.

       oExcluding acquired loan charge-offs, net loan charge-offs totaled
         $1.6 million, or 0.16% annualized, in 1Q13.

  oHome equity loans, excluding acquired loans, remained flat to December 31,
    2012.
  oAverage home equity loans totaled $2.0 billion in 1Q13, unchanged from
    4Q12.
  oThe ratio of originated non-performing home equity loans to originated
    home equity loans was 1.13% at March 31, 2013 compared to 1.07% at
    December 31, 2012.
  oNet loan charge-offs totaled $1.5 million, or 0.30% annualized, of average
    home equity loans in 1Q13, compared to $1.7 million, or 0.32% annualized,
    in 4Q12.
  oRetail deposits totaled $16.2 billion at March 31, 2013 compared to $16.0
    billion at December 31, 2012.

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,
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) residential mortgage and secondary market activity;
(7) changes in accounting and regulatory guidance applicable to banks; (8)
price levels and conditions in the public securities markets generally; (9)
competition and its effect on pricing, spending, third-party relationships and
revenues; (10) the successful integration of acquisitions; and (11) changes in
regulation resulting from or relating to financial reform legislation.
People's United Financial does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.

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





People's United Financial,
Inc.
FINANCIAL HIGHLIGHTS
                              Three Months Ended
                              March 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions, except  2013      2012     2012      2012     2012
per share data)
Earnings Data:
 Net interest income         $ 219.3   $ 225.1  $ 234.8   $ 235.6  $ 233.2
 Provision for loan losses   12.4      12.0     15.1      10.6     11.5
 Non-interest income         82.9      84.3     81.4      75.7     72.4
 Non-interest expense        212.0     207.4    208.9     205.7    208.6
 Operating non-interest      204.0     204.5    205.7     202.1    205.6
expense (1)
 Income before income tax    77.8      90.0     92.2      95.0     85.5
expense
 Net income                  52.5      61.2     62.2      64.6     57.3
 Operating earnings (1)      57.9      63.2     64.4      67.0     59.3
Selected Statistical Data:
 Net interest margin (2)     3.38%     3.63%    3.89%     3.96%    3.97%
 Operating net interest      3.38      3.63     3.82      3.88     3.97
margin (1), (2)
 Return on average assets    0.70      0.85     0.88      0.93     0.83
(2)
 Operating return on average 0.77      0.87     0.91      0.97     0.86
assets (1), (2)
 Return on average tangible  0.75      0.91     0.95      1.01     0.91
assets (2)
 Return on average           4.2       4.8      4.8       5.0      4.4
stockholders' equity (2)
 Return on average tangible  7.4       8.3      8.3       8.5      7.5
stockholders' equity (2)
 Operating return on average
tangible
stockholders' equity (1), (2) 8.1       8.6      8.6       8.9      7.8
 Efficiency ratio (1)        64.1      63.1     61.4      61.5     63.6
Common Share Data:
 Basic and diluted earnings  $ 0.16    $ 0.18   $ 0.18    $ 0.19   $ 0.17
per share
 Operating earnings per      0.18      0.19     0.19      0.20     0.18
share (1)
 Dividends paid per share    0.1600    0.1600   0.1600    0.1600   0.1575
 Dividend payout ratio       100.6%    87.6%    87.3%     85.4%    95.9%
 Operating dividend payout   91.2      84.8     84.3      82.2     92.6
ratio (1)
 Book value per share (end   $ 15.24   $ 15.21  $ 15.20   $ 15.09  $ 15.00
of period)
 Tangible book value per     8.54      8.71     8.77      8.72     8.71
share (end of period) (1)
 Stock price:
 High                      13.61     12.50    12.55     13.50    13.79
 Low                       12.22     11.36    11.20     11.25    12.20
 Close (end of period)     13.42     12.09    12.14     11.61    13.23
 Common shares (end of       320.65    331.27   335.95    340.33   344.73
period) (in millions)
 Weighted average diluted    325.21    331.39   336.48    340.67   344.97
common shares (in millions)
(1) See Non-GAAP financial measures and
reconciliation to GAAP.
(2) Annualized.
People's United Financial,
Inc.
FINANCIAL HIGHLIGHTS -
Continued
                              As of and for the Three Months Ended
                              March 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions)         2013      2012     2012      2012     2012
Financial Condition Data:
 General:
 Total assets                $ 30,598  $ 30,324 $ 28,576  $ 28,137 $ 27,797
 Loans                       22,161    21,737   21,040    20,588   20,472
 Securities                  4,716     4,669    3,787     3,702    2,895
 Short-term investments      127       131      64        73       767
 Allowance for loan losses   187       188      186       180      183
 Goodwill and other
acquisition-related           2,147     2,154    2,160     2,166    2,169
intangible assets
 Deposits                    21,792    21,751   21,363    21,458   21,268
 Borrowings                  2,849     2,386    1,524     960      811
 Notes and debentures        659       659      160       160      160
 Stockholders' equity        4,886     5,039    5,107     5,135    5,170
 Non-performing assets (1)   285       290      294       295      316
 Net loan charge-offs        13.1      10.0     9.4       13.5     11.2
Average Balances:
 Loans                       $ 21,702  $ 21,183 $ 20,727  $ 20,488 $ 20,407
 Securities                  4,548     3,867    3,608     2,964    2,751
 Short-term investments      146       128      108       562      536
 Loans held for sale         25        28       31        26       39
 Total earning assets        26,421    25,206   24,474    24,040   23,733
 Total assets                30,178    28,991   28,234    27,753   27,463
 Deposits                    21,558    21,557   21,372    21,190   20,843
 Total funding liabilities   24,726    23,487   22,709    22,184   21,862
 Stockholders' equity        5,005     5,107    5,161     5,188    5,217
Ratios:
 Net loan charge-offs to     0.24%     0.19%    0.18%     0.26%    0.22%
average loans (annualized)
 Non-performing assets to
originated loans,
real estate owned and         1.42      1.48     1.59      1.67     1.85
repossessed assets (1)
 Originated allowance for
loan losses to:
 Originated loans (1)      0.88      0.91     0.95      1.00     1.03
 Originated non-performing 70.6      70.3     66.0      65.6     61.5
loans (1)
 Average stockholders'
equity to average total       16.6      17.6     18.3      18.7     19.0
assets
 Stockholders' equity to     16.0      16.6     17.9      18.3     18.6
total assets
 Tangible stockholders'      9.6       10.2     11.2      11.4     11.7
equity to tangible assets (2)
 Total risk-based capital    13.7      14.7     15.6      15.6     16.0
(3)
(1) Excludes acquired loans.
(2) See Non-GAAP financial measures and
reconciliation to GAAP.
(3) Consolidated.



People's United Financial, Inc.
CONSOLIDATED STATEMENTS OF CONDITION
                                            March 31,  Dec. 31,   March 31,
(in millions)                               2013       2012       2012
Assets
Cash and due from banks                     $ 320.5    $ 470.0    $ 341.1
Short-term investments                      127.2      131.4      767.4
 Total cash and cash equivalents           447.7      601.4      1,108.5
Securities:
 Trading account securities, at fair value 6.4        6.5        22.6
 Securities available for sale, at fair    4,570.6    4,532.3    2,742.3
value
 Securities held to maturity, at amortized 56.1       56.2       56.4
cost
 Federal Home Loan Bank stock, at cost     83.0       73.7       73.7
 Total securities                        4,716.1    4,668.7    2,895.0
Loans held for sale                         50.7       77.0       56.7
Loans:
 Commercial                                8,469.5    8,400.0    7,473.9
 Commercial real estate                    7,599.2    7,294.2    7,063.1
 Residential mortgage                      3,958.8    3,886.1    3,755.1
 Consumer                                  2,133.4    2,156.3    2,180.3
 Total loans                             22,160.9   21,736.6   20,472.4
 Less allowance for loan losses            (187.3)    (188.0)    (183.2)
 Total loans, net                        21,973.6   21,548.6   20,289.2
 Goodwill and other acquisition-related    2,147.0    2,153.5    2,169.2
intangible assets
 Premises and equipment                    327.0      330.4      330.4
 Bank-owned life insurance                 336.3      336.5      334.1
 Other assets                              599.8      608.3      613.9
 Total assets                            $ 30,598.2 $ 30,324.4 $ 27,797.0
Liabilities
Deposits:
 Non-interest-bearing                      $ 4,994.3  $ 5,084.3  $ 4,636.9
 Savings, interest-bearing checking and    12,210.8   11,959.8   11,477.9
money market
 Time                                      4,586.5    4,706.4    5,152.7
 Total deposits                          21,791.6   21,750.5   21,267.5
Borrowings:
 Federal Home Loan Bank advances           1,407.4    1,178.3    331.4
 Federal funds purchased                   934.0      619.0      -
 Retail repurchase agreements              506.9      588.2      452.8
 Other borrowings                          1.0        1.0        26.8
 Total borrowings                        2,849.3    2,386.5    811.0
 Notes and debentures                      659.3      659.0      159.9
 Other liabilities                         411.9      489.6      388.9
 Total liabilities                       25,712.1   25,285.6   22,627.3
Stockholders' Equity
Common stock                                3.9        3.9        3.9
Additional paid-in capital                  5,265.2    5,261.3    5,252.3
Retained earnings                           753.6      756.2      734.6
Treasury stock, at cost                     (856.4)    (712.2)    (549.1)
Accumulated other comprehensive loss        (108.5)    (96.9)     (93.1)
Unallocated common stock of Employee Stock  (171.7)    (173.5)    (178.9)
Ownership Plan, at cost
 Total stockholders' equity              4,886.1    5,038.8    5,169.7
 Total liabilities and stockholders'     $ 30,598.2 $ 30,324.4 $ 27,797.0
equity

People's United Financial,
Inc.
CONSOLIDATED STATEMENTS OF INCOME
                             Three Months Ended
                             March 31,  Dec. 31,  Sept. 30, June 30, March 31,
(in millions, except per     2013       2012      2012      2012     2012
share data)
Interest and dividend
income:
 Commercial                 $ 86.7     $ 90.7    $ 91.3    $ 91.1   $ 92.8
 Commercial real estate     85.5       86.0      91.3      96.4     91.7
 Residential mortgage       34.5       34.6      37.1      35.8     36.2
 Consumer                   18.8       19.5      19.8      20.0     20.7
 Total interest on loans  225.5      230.8     239.5     243.3    241.4
 Securities                 22.7       20.7      20.3      18.3     18.0
 Loans held for sale        0.4        0.4       0.5       0.4      0.5
 Short-term investments     0.1        0.1       -         0.4      0.3
 Total interest and       248.7      252.0     260.3     262.4    260.2
dividend income
 Interest expense:
 Deposits                 20.8       21.9      22.1      23.6     23.1
 Borrowings               2.3        2.0       1.8       1.6      1.7
 Notes and debentures     6.3        3.0       1.6       1.6      2.2
 Total interest expense 29.4       26.9      25.5      26.8     27.0
 Net interest income    219.3      225.1     234.8     235.6    233.2
 Provision for loan losses  12.4       12.0      15.1      10.6     11.5
 Net interest income after  206.9      213.1     219.7     225.0    221.7
provision for loan losses
Non-interest income:
Bank service charges       30.1       31.4      33.0      32.5     30.3
 Investment management fees 9.0        8.9       8.7       8.7      8.6
Insurance revenue          8.3        6.7       9.5       7.2      8.4
 Brokerage commissions      3.3        2.9       2.8       3.4      3.1
 Operating lease income     8.3        8.5       8.3       7.7      6.7
 Net gains on sales of      5.7        6.1       3.6       2.8      3.6
residential mortgage loans
 Net gains on sales of      -          0.3       -         0.7      -
acquired loans
 Merchant services income,  1.2        1.3       1.2       1.3      1.1
net
 Bank-owned life insurance  0.9        1.1       1.3       1.2      1.8
 Other non-interest income  16.1       17.1      13.0      10.2     8.8
 Total non-interest       82.9       84.3      81.4      75.7     72.4
income
Non-interest expense:
 Compensation and benefits  108.2      97.4      106.7     104.5    110.3
 Occupancy and equipment    37.9       37.9      36.5      34.1     33.4
 Professional and outside   13.9       16.8      15.8      17.5     15.3
service fees
 Operating lease expense    7.5        7.5       6.8       6.4      5.6
 Amortization of other
acquisition-related          6.5        6.7       6.7       6.8      6.6
intangible assets
 Other non-interest expense 38.0       41.1      36.4      36.4     37.4
 Total non-interest       212.0      207.4     208.9     205.7    208.6
expense (1)
 Income before income tax 77.8       90.0      92.2      95.0     85.5
expense
Income tax expense           25.3       28.8      30.0      30.4     28.2
 Net income                 $ 52.5     $ 61.2    $ 62.2    $ 64.6   $ 57.3
Basic and diluted earnings   $ 0.16     $ 0.18    $ 0.18    $ 0.19   $ 0.17
per common share
(1) Total non-interest expense includes $8.0 million, $2.9 million, $3.2
million, $3.6 million and $3.0 million of non-operating expenses for the three
months ended March 31, 2013, Dec. 31, 2012, Sept. 30, 2012, June 30, 2012 and
March 31, 2012, respectively. See Non-GAAP financial measures and
reconciliation to GAAP.

People's United
Financial, Inc.
AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)
                       March 31, 2013             December 31, 2012
Three months ended     Average             Yield/ Average            Yield/
(dollars in millions)  Balance    Interest Rate   Balance   Interest Rate
Assets:
Short-term investments $ 146.3    $ 0.1    0.21%  $ 127.5   $ 0.1    0.22%
Securities (2)         4,548.2    24.5     2.15   3,866.8   22.2     2.29
Loans held for sale    24.7       0.4      7.00   28.2      0.4      6.40
Loans:
 Commercial (3)       8,244.1    88.9     4.31   8,081.5   92.7     4.59
 Commercial real      7,399.5    85.5     4.62   7,043.8   86.0     4.89
estate
 Residential mortgage 3,909.8    34.5     3.53   3,898.5   34.6     3.55
 Consumer             2,148.1    18.8     3.50   2,159.3   19.5     3.61
 Total loans        21,701.5   227.7    4.20   21,183.1  232.8    4.40
 Total earning      26,420.7   $ 252.7  3.83%  25,205.6  $ 255.5  4.05%
assets
Other assets           3,757.3                    3,785.2
 Total assets         $ 30,178.0                 $
                                                  28,990.8
Liabilities and
stockholders' equity:
Deposits:
 Non-interest-bearing $ 4,879.0  $ -      - %    $ 4,895.7 $ -      - %
 Savings,
interest-bearing
checking
and money market       12,042.2   8.0      0.27   11,863.1  8.6      0.29
 Time                 4,637.2    12.8     1.10   4,798.2   13.3     1.11
 Total deposits     21,558.4   20.8     0.39   21,557.0  21.9     0.41
Borrowings:
 Federal Home Loan    1,344.0    1.7      0.52   622.8     1.4      0.91
Bank advances
 Federal funds        603.3      0.3      0.20   465.2     0.3      0.24
purchased
 Retail repurchase    559.6      0.3      0.20   539.3     0.3      0.23
agreements
 Other borrowings     1.1        -        1.60   1.1       -        1.53
 Total borrowings   2,508.0    2.3      0.37   1,628.4   2.0      0.50
Notes and debentures   659.1      6.3      3.81   301.4     3.0      3.89
 Total funding      24,725.5   $ 29.4   0.48%  23,486.8  $ 26.9   0.45%
liabilities
Other liabilities      448.0                      397.3
 Total liabilities  25,173.5                   23,884.1
Stockholders' equity   5,004.5                    5,106.7
 Total liabilities
and
stockholders' equity   $ 30,178.0                 $
                                                  28,990.8
Net interest                      $ 223.3  3.35%            $ 228.6  3.60%
income/spread (4)
Net interest margin                        3.38%                     3.63%
Operating net interest                     3.38%                     3.63%
margin (5)
(1) Average yields earned and rates paid are
annualized.
(2) Average balances and yields for securities available for sale
are based on amortized cost.
(3) Includes commercial and industrial loans and equipment
financing loans.
(4) The fully taxable equivalent adjustment was $4.0 million, $3.5 million
and $2.5 million for the three months ended
March 31, 2013, December 31, 2012 and March 31, 2012, respectively.
(5) See Non-GAAP financial measures and
reconciliation to GAAP.

People's United Financial, Inc.
AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS
(1)
                                         March 31, 2012
Three months ended                       Average                     Yield/
(dollars in millions)                    Balance         Interest    Rate
Assets:
Short-term investments                   $ 535.9         $ 0.3       0.24%
Securities (2)                           2,750.7         18.7        2.72
Loans held for sale                      39.1            0.5         4.96
Loans:
 Commercial (3)                         7,373.6         94.6        5.14
 Commercial real estate                 7,118.7         91.7        5.15
 Residential mortgage                   3,713.1         36.2        3.89
 Consumer                               2,201.5         20.7        3.77
 Total loans                          20,406.9        243.2       4.77
 Total earning assets                 23,732.6        $ 262.7     4.43%
Other assets                             3,729.9
 Total assets                         $ 27,462.5
Liabilities and stockholders' equity:
Deposits:
 Non-interest-bearing                   $ 4,406.8       $ -         - %
 Savings, interest-bearing checking
and money market                         11,186.5        11.0        0.39
 Time                                   5,250.0         12.1        0.92
 Total deposits                       20,843.3        23.1        0.44
Borrowings:
 Federal Home Loan Bank advances        331.9           1.2         1.48
 Federal funds purchased                5.3             -           0.15
 Retail repurchase agreements           494.6           0.4         0.30
 Other borrowings                       26.9            0.1         0.97
 Total borrowings                     858.7           1.7         0.78
Notes and debentures                     159.7           2.2         5.47
 Total funding liabilities            21,861.7        $ 27.0      0.49%
Other liabilities                        383.8
 Total liabilities                    22,245.5
Stockholders' equity                     5,217.0
 Total liabilities and
stockholders' equity                     $ 27,462.5
Net interest income/spread (4)                           $ 235.7     3.94%
Net interest margin                                                  3.97%
Operating net interest margin (5)                                    3.97%
(1) Average yields earned and rates paid
are annualized.
(2) Average balances and yields for securities available for sale are based
on amortized cost.
(3) Includes commercial and industrial loans and equipment financing
loans.
(4) The fully taxable equivalent adjustment was $4.0 million, $3.5 million
and $2.5 million for the three months ended
March 31, 2013, December 31, 2012 and March 31, 2012, respectively.
(5) See Non-GAAP financial measures and reconciliation to GAAP.

People's United
Financial, Inc.
Loans acquired in connection with business combinations are initially recorded
at fair value, determined based
upon an estimate of expected cash flows, including a reduction for estimated
credit losses, and without carryover
of the respective portfolio's historical allowance for loan losses. A decrease
in expected cash flows in subsequent
periods may indicate that a loan is impaired, which would require the
establishment of an allowance for loan
losses. As such, selected asset quality metrics have been highlighted to
distinguish between the 'originated'
portfolio and the 'acquired' portfolio.
NON-PERFORMING ASSETS
                          March 31,  Dec. 31,  Sept. 30,  June 30,  March 31,
(dollars in millions)     2013       2012      2012       2012      2012
Originated non-performing
loans:
Commercial Banking:
 Commercial real estate  $ 86.5     $ 84.4    $ 88.5     $ 90.5    $ 97.3
 Commercial and          50.9       54.8      64.6       62.2      63.0
industrial
 Equipment financing     24.8       27.2      37.4       37.3      39.6
 Total                 162.2      166.4     190.5      190.0     199.9
Retail:
 Residential mortgage    66.8       65.0      60.6       63.7      70.0
 Home equity             22.2       21.0      14.6       13.7      15.3
 Other consumer          0.2        0.3       0.3        0.2       0.2
 Total                 89.2       86.3      75.5       77.6      85.5
 Total originated      251.4      252.7     266.0      267.6     285.4
non-performing loans (1)
REO                       26.5       28.6      19.8       19.7      21.9
Repossessed assets        7.2        8.3       8.2        7.2       9.1
 Total non-performing  $ 285.1    $ 289.6   $ 294.0    $ 294.5   $ 316.4
assets
Acquired non-performing
loans (contractual        $ 180.7    $ 181.6   $ 202.0    $ 236.6   $ 247.2
amount) (2)
Originated non-performing
loans as a percentage
of originated loans       1.25%      1.30%     1.45%      1.52%     1.67%
Non-performing assets as
a percentage of:
 Originated loans, REO   1.42       1.48      1.59       1.67      1.85
and repossessed assets
 Tangible stockholders'
equity and originated
allowance for loan losses 9.78       9.45      9.41       9.37      9.96
(1) Reported net of government guarantees totaling $9.9 million at March 31,
2013, $9.7 million at Dec. 31, 2012,
$14.1 million at Sept. 30, 2012, $14.8 million at June 30, 2012 and $15.6
million at March 31, 2012.
(2) Represents acquired loans that meet People's United Financial's definition
of a non-performing loan but are not,
under the accounting model for acquired loans, subject to classification as
non-accrual in the same manner as
originated loans. Because acquired loans are initially recorded at an amount
estimated to be collectible, losses on
such loans, when incurred, are first applied against the non-accretable
difference established in purchase accounting
and then to any allowance for loan losses recognized subsequent to
acquisition.
People's United
Financial, Inc.
PROVISION AND ALLOWANCE
FOR LOAN LOSSES
                          Three Months Ended
                          March 31,  Dec. 31,  Sept. 30,  June 30,  March 31,
(dollars in millions)     2013       2012      2012       2012      2012
Allowance for loan losses
on originated loans:
 Balance at beginning of $ 177.5    $ 175.5   $ 175.5    $ 175.5   $ 175.5
period
 Charge-offs             (11.3)     (11.6)    (11.1)     (12.3)    (12.9)
 Recoveries              1.5        1.6       1.7        1.5       1.7
 Net loan charge-offs  (9.8)      (10.0)    (9.4)      (10.8)    (11.2)
 Provision for loan      9.8        12.0      9.4        10.8      11.2
losses
 Balance at end of     177.5      177.5     175.5      175.5     175.5
period
Allowance for loan losses
on acquired loans:
 Balance at beginning of 10.5       10.5      4.8        7.7       7.4
period
 Charge-offs             (3.3)      -         -          (2.7)     -
 Provision for loan      2.6        -         5.7        (0.2)     0.3
losses
 Balance at end of     9.8        10.5      10.5       4.8       7.7
period
 Total allowance for   $ 187.3    $ 188.0   $ 186.0    $ 180.3   $ 183.2
loan losses
Originated allowance for
loan losses as a
percentage of:
 Originated loans        0.88%      0.91%     0.95%      1.00%     1.03%
 Originated              70.6       70.3      66.0       65.6      61.5
non-performing loans
Commercial banking
originated allowance
for loan losses as a
percentage of
originated commercial     1.11       1.13      1.22       1.29      1.34
banking loans
Retail originated
allowance for loan losses
as a percentage of        0.32       0.36      0.35       0.37      0.34
originated retail loans
NET LOAN CHARGE-OFFS
(RECOVERIES)
                          Three Months Ended
                          March 31,  Dec. 31,  Sept. 30,  June 30,  March 31,
(dollars in millions)     2013       2012      2012       2012      2012
Commercial Banking:
 Commercial real estate  $ 6.1      $ 2.5     $ 3.5      $ 6.1     $ 5.0
 Commercial and          3.7        2.7       2.6        3.1       1.6
industrial
 Equipment financing     (0.4)      1.0       1.1        1.2       0.6
 Total                 9.4        6.2       7.2        10.4      7.2
Retail:
 Residential mortgage    1.9        1.7       1.3        1.4       2.0
 Home equity             1.5        1.7       0.6        1.4       1.7
 Other consumer          0.3        0.4       0.3        0.3       0.3
 Total                 3.7        3.8       2.2        3.1       4.0
 Total                 $ 13.1     $ 10.0    $ 9.4      $ 13.5    $ 11.2
Net loan charge-offs to
average loans             0.24%      0.19%     0.18%      0.26%     0.22%
(annualized)

People's United Financial, Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP
 In addition to evaluating People's United Financial's results of operations
in accordance with U.S. generally accepted accounting principles ("GAAP"),
management routinely supplements their evaluation with an analysis of certain
non-GAAP financial measures, such as the efficiency and tangible equity
ratios, tangible book value per share and operating earnings metrics.
Management believes these non-GAAP financial measures provide information
useful to investors in understanding People's United Financial's underlying
operating performance and trends, and facilitates comparisons with the
performance of other banks and thrifts. 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 equity ratio and tangible book value per share are used to analyze
the relative strength of People's United Financial's capital position. 
 The efficiency ratio, which represents an approximate measure of the cost
required by People's United Financial

to generate a dollar of revenue, is the ratio of (i) total non-interest
expense (excluding 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, and excluding

gains and losses on sales of assets other than residential mortgage loans, and
non-recurring income) (the

denominator). People's United Financial 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 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 Financial'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) merger-related expenses, including
acquisition integration and other costs;

(ii) charges related to executive-level management separation costs; (iii)
severance-related costs; and

(iv) writedowns of banking house assets, are generally also excluded when
calculating the efficiency ratio.

Operating earnings per share is derived by determining the per share impact of
the respective adjustments to

arrive at operating earnings and adding (subtracting) such amounts to (from)
GAAP earnings per share. Operating

return on average assets is calculated by dividing operating earnings
(annualized) by average assets. Operating

return on average tangible stockholders' equity is calculated by dividing
operating earnings (annualized) by average

tangible stockholders' equity. The operating dividend payout ratio is
calculated by dividing dividends paid by

operating earnings for the respective period.
 Operating net interest margin excludes from the net interest margin those
items that management considers to

be of such a discrete nature that, by excluding such items, People's United
Financial's net interest margin can be

measured and assessed on a more consistent basis from period to period.
Excluded from operating net interest

margin is cost recovery income on acquired loans. Operating net interest
margin is calculated by dividing

operating net interest income (annualized) by average earning assets.
 The tangible equity ratio is the ratio of (i) tangible stockholders' equity
(total stockholders' equity less 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 share is calculated by

dividing tangible stockholders' 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

Financial 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
                               March 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions)          2013      2012     2012      2012     2012
Total non-interest expense     $ 212.0   $ 207.4  $ 208.9   $ 205.7  $ 208.6
Adjustments to arrive at
operating
non-interest expense:
 Writedowns of banking house  (6.2)     -        -         -        -
assets
 Severance-related costs      (1.5)     (2.9)    (0.9)     (1.1)    (2.4)
 Acquisition integration and  (0.3)     -        (2.3)     (2.5)    (0.6)
other costs
 Total                      (8.0)     (2.9)    (3.2)     (3.6)    (3.0)
 Operating non-interest     204.0     204.5    205.7     202.1    205.6
expense
 Amortization of other
acquisition-related
intangible assets              (6.5)     (6.7)    (6.7)     (6.8)    (6.6)
 Other (1)                    (1.5)     (0.6)    (2.7)     (2.1)    (2.4)
 Total                      $ 196.0   $ 197.2  $ 196.3   $ 193.2  $ 196.6
Net interest income (FTE       $ 223.3   $ 228.6  $ 237.8   $ 238.3  $ 235.7
basis)
Total non-interest income      82.9      84.3     81.4      75.7     72.4
 Total revenues               306.2     312.9    319.2     314.0    308.1
Adjustments:
 BOLI FTE adjustment          0.4       0.6      0.7       0.6      0.9
 Net gains on sales of        -         (0.3)    -         (0.7)    -
acquired loans
 Other (2)                    (0.7)     (0.7)    -         -        -
 Total                      $ 305.9   $ 312.5  $ 319.9   $ 313.9  $ 309.0
 Efficiency ratio           64.1%     63.1%    61.4%     61.5%    63.6%
(1) Items classified as "other" and deducted from non-interest expense for
purposes of calculating the
efficiency ratio include, as applicable, certain franchise taxes, real estate
owned expenses, contract
termination costs and non-recurring 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
associated with the sale of
branch locations.
People's United Financial,
Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP -
continued
OPERATING EARNINGS
                               Three Months Ended
                               March 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions, except   2013      2012     2012      2012     2012
per share data)
Net income, as reported        $ 52.5    $ 61.2   $ 62.2    $ 64.6   $ 57.3
Adjustments to arrive at
operating earnings:
 Writedowns of banking house  6.2       -        -         -        -
assets
 Severance-related costs      1.5       2.9      0.9       1.1      2.4
 Acquisition integration and  0.3       -        2.3       2.5      0.6
other costs
 Total pre-tax adjustments  8.0       2.9      3.2       3.6      3.0
Tax effect                     (2.6)     (0.9)    (1.0)     (1.2)    (1.0)
 Total adjustments, net of  5.4       2.0      2.2       2.4      2.0
tax
 Operating earnings         $ 57.9    $ 63.2   $ 64.4    $ 67.0   $ 59.3
Earnings per share, as         $ 0.16    $ 0.18   $ 0.18    $ 0.19   $ 0.17
reported
Adjustments to arrive at
operating earnings per share:
 Writedowns of banking house  0.02      -        -         -        -
assets
 Severance-related costs      -         0.01     -         -        0.01
 Acquisition integration and  -         -        0.01      0.01     -
other costs
 Total adjustments per      0.02      0.01     0.01      0.01     0.01
share
 Operating earnings per     $ 0.18    $ 0.19   $ 0.19    $ 0.20   $ 0.18
share
Average total assets           $ 30,178  $ 28,991 $ 28,234  $ 27,753 $ 27,463
Operating return on
average assets (annualized)    0.77%     0.87%    0.91%     0.97%    0.86%
OPERATING NET INTEREST MARGIN
                               Three Months Ended
                               March 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions)          2013      2012     2012      2012     2012
Net interest income (FTE       $ 223.3   $ 228.6  $ 237.8   $ 238.3  $ 235.7
basis)
Adjustments to arrive at
operating
net interest income:
 Cost recovery income         -         -        (4.1)     (4.7)    -
 Total adjustments          -         -        (4.1)     (4.7)    -
 Operating net interest     $ 223.3   $ 228.6  $ 233.7   $ 233.6  $ 235.7
income
Net interest margin, as        3.38%     3.63%    3.89%     3.96%    3.97%
reported (1)
Adjustments to arrive at
operating
net interest income: (1)
 Cost recovery income         -         -        (0.07)    (0.08)   -
 Total adjustments          -         -        (0.07)    (0.08)   -
 Operating net interest     3.38%     3.63%    3.82%     3.88%    3.97%
margin (1)
Average total earning assets   $ 26,421  $ 25,206 $ 24,474  $ 24,040 $ 23,733
(1) Annualized

People's United Financial,
Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP -
continued
OPERATING RETURN ON AVERAGE TANGIBLE STOCKHOLDERS' EQUITY
                               Three Months Ended
                               March 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions)          2013      2012     2012      2012     2012
Operating earnings             $ 57.9    $ 63.2   $ 64.4    $ 67.0   $ 59.3
Average stockholders' equity   $ 5,005   $ 5,107  $ 5,161   $ 5,188  $ 5,217
Less: Average goodwill and
average other
acquisition-related intangible 2,151     2,157    2,164     2,166    2,171
assets
Average tangible stockholders' $ 2,854   $ 2,950  $ 2,997   $ 3,022  $ 3,046
equity
Operating return on average
tangible
stockholders' equity           8.1%      8.6%     8.6%      8.9%     7.8%
(annualized)
OPERATING DIVIDEND PAYOUT
RATIO
                               Three Months Ended
                               March 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions)          2013      2012     2012      2012     2012
Dividends paid                 $ 52.8    $ 53.6   $ 54.3    $ 55.1   $ 54.9
Operating earnings             $ 57.9    $ 63.2   $ 64.4    $ 67.0   $ 59.3
Operating dividend payout      91.2%     84.8%    84.3%     82.2%    92.6%
ratio
TANGIBLE EQUITY RATIO
                               March 31, Dec. 31, Sept. 30, June 30, March 31,
(dollars in millions)          2013      2012     2012      2012     2012
Total stockholders' equity     $ 4,886   $ 5,039  $ 5,107   $ 5,135  $ 5,170
Less: Goodwill and other
acquisition-related intangible 2,147     2,154    2,160     2,166    2,169
assets
Tangible stockholders' equity  $ 2,739   $ 2,885  $ 2,947   $ 2,969  $ 3,001
Total assets                   $ 30,598  $ 30,324 $ 28,576  $ 28,137 $ 27,797
Less: Goodwill and other
acquisition-related intangible 2,147     2,154    2,160     2,166    2,169
assets
Tangible assets                $ 28,451  $ 28,170 $ 26,416  $ 25,971 $ 25,628
Tangible equity ratio          9.6%      10.2%    11.2%     11.4%    11.7%
TANGIBLE BOOK VALUE PER SHARE
                               March 31, Dec. 31, Sept. 30, June 30, March 31,
(in millions, except per share 2013      2012     2012      2012     2012
data)
Tangible stockholders' equity  $ 2,739   $ 2,885  $ 2,947   $ 2,969  $ 3,001
Common shares issued           396.24    395.81   395.88    395.87   395.84
Less: Shares classified as     67.31     56.18    51.48     47.00    42.49
treasury shares
Unallocated ESOP shares        8.28      8.36     8.45      8.54     8.62
Common shares                  320.65    331.27   335.95    340.33   344.73
Tangible book value per share  $ 8.54    $ 8.71   $ 8.77    $ 8.72   $ 8.71



SOURCE People's United Financial, Inc.

Website: http://www.peoples.com
Contact: INVESTOR CONTACT: Peter Goulding, CFA, Investor Relations,
203.338.6799, peter.goulding@peoples.com; MEDIA CONTACT: Valerie Carlson,
Corporate Communications, 203.338.2351, valerie.carlson@peoples.com
 
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