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) April 24, 2020 (April 23, 2020) People’s United Financial, Inc. (Exact name of registrant as specified in its charter) Delaware 001-33326 20-8447891 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) 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: Trading Name of each exchange Title of each class Symbol on which registered Common Stock, $0.01 par value per share PBCT NASDAQ Global Select Market Fixed-to-Floating Rate Non-Cumulative PBCTP NASDAQ Global Select Market Perpetual Preferred Stock, Series A, $0.01 par value per share 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 April 23, 2020, People’s United Financial, Inc. (the “Company”) issued a press release announcing its results of operations for the three-month period ended March 31, 2020. A copy of that press release is being furnished herewith as Exhibit 99.1. The information contained in and accompanying this Form 8-K with respect to Item 2.02 (including Exhibit 99.1 hereto) is being furnished to, and not filed with, the Securities and Exchange Commission in accordance with General Instruction B.2 to Form 8-K. Item 7.01. Regulation FD Disclosure. The Company hereby furnishes the Investor Presentation attached hereto as Exhibit 99.2. The information contained in and accompanying this Form 8-K with respect to Item 7.01 (including Exhibit 99.2 hereto) is being furnished to, and not filed with, the Securities and Exchange Commission in accordance with General Instruction B.2 to Form 8-K. Item 9.01. Financial Statements and Exhibits (d) The following Exhibits are submitted herewith. Exhibit No. Description 99.1 Earnings Press Release dated April 23, 2020 99.2 Investor Presentation dated April 23, 2020 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL
EXHIBIT INDEX Exhibit No. Description Page 99.1 Earnings Press Release dated April 23, 2020 99.1-1 99.2 Investor Presentation dated April 23, 2020 99.2-1 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. People’s United Financial, Inc. (Registrant) Date: April 24, 2020 By: /s/ Andrew S. Hersom (Signature) Name: Andrew S. Hersom Title: Senior Vice President, Investor Relations
Exhibit 99.1 People’s United Financial Reports First Quarter Net Income of $130.4 Million, or $0.30 per Common Share Operating Earnings of $0.33 per Common Share • Announced initiatives to support individuals, businesses and communities affected by COVID-19, including $3.5 million in charitable support. • Accepted approximately 11,000 applications as part of the CARES Act Paycheck Protection Program, of which over 9,600 loans totaling more than $2.1 billion have been submitted to the SBA and approved as of April 21st. • Sustained excellent asset quality as evidenced by net loan charge-offs to average total loans of 10 basis points and a provision of $33.5 million, which reflects the application of CECL and the impact of COVID-19. • Successfully completed the core system conversion and full integration for United Bank at the beginning of April. BRIDGEPORT, CT., April 23, 2020 – People’s United Financial, Inc. (NASDAQ: PBCT) today reported results for the first quarter 2020. These results along with comparison periods are summarized below: ($ in millions, except per common share data) Three Months Ended Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2019 Net income $ 130.4 $ 137.5 $ 114.6 Net income available to common shareholders 126.9 134.0 111.1 Per common share 0.30 0.31 0.30 Operating earnings 1 141.1 158.8 123.0 Per common share 0.33 0.37 0.33 Net interest income $ 396.0 $ 382.7 $ 332.8 Net interest margin 3.12% 3.14% 3.20% Non-interest income 123.8 124.2 94.6 Operating non-interest income 1 123.8 116.6 94.6 Non-interest expense $ 320.1 $ 325.7 $ 277.2 Operating non-interest expense 1 302.2 286.6 262.2 Efficiency ratio 54.0% 53.7% 57.3% Average balances Loans $ 43,460 $ 42,006 $ 35,046 Deposits 44,163 42,195 36,450 Period-end balances Loans 44,284 43,596 35,515 Deposits 44,741 43,590 36,901 1 See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13. “The nation is facing significant challenges from the spread of COVID-19,” said Jack Barnes, Chairman and Chief Executive Officer. “People’s United is committed to supporting those experiencing hardship due to the pandemic. We are in this together, and difficult times often bring forth the very best in all of us. We have witnessed this each day through the dedication of our employees, including our branch and call center personnel continuing to serve customers despite unprecedented conditions, and our IT group who successfully enabled the majority of our workforce to do their jobs remotely. The Company has always had a long-term view, predicated on a conservative underwriting philosophy, superior service, a diversified business mix and prudent liquidity and capital management,
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