EX-99.3 4 q125financialsupplement.htm EX-99.3

Financial Supplement

First Quarter 2025

1

---

Table of Contents						Page
Consolidated Financial Highlights						3
Consolidated Statements of Operations (unaudited)						5
Consolidated Balance Sheets (unaudited)						6
Loans and Deposits						7
Average Balance Sheets, Annualized Yields and Rates						8
Mortgage Banking Fees						9
Segment Financial Highlights						10
Credit-Related Information:
Nonaccrual loans and leases						14
Loans and Leases 90 Days or More Past Due and Accruing						15
Charge-offs, Recoveries, and Related Ratios						16
Summary of Changes in the Components of the Allowance for Credit Losses						18
Capital and Ratios						19
Non-GAAP Financial Measures and Reconciliations						20
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.

2

---

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share data)

						QUARTERLY TRENDS
																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$/bps						%						$/bps						%
SELECTED OPERATING DATA
Total revenue						$1,935						$1,986						$1,901						$1,963						$1,959						($51)						(3		%)				($24)						(1		%)
Noninterest expense						1,314						1,316						1,259						1,301						1,358						(2)						—						(44)						(3)
Pre-provision profit1						621						670						642						662						601						(49)						(7)						20						3
Provision (benefit) for credit losses						153						162						172						182						171						(9)						(6)						(18)						(11)
NET INCOME						373						401						382						392						334						(28)						(7)						39						12
Net income, Underlying1						373						412						392						408						395						(39)						(9)						(22)						(6)
Net income available to common stockholders						340						367						344						357						304						(27)						(7)						36						12
Net income available to common stockholders, Underlying1						340						378						354						373						365						(38)						(10)						(25)						(7)
PER COMMON SHARE DATA
Basic earnings						$0.78						$0.83						$0.77						$0.79						$0.66						($0.05)						(6		%)				$0.12						18		%
Diluted earnings						0.77						0.83						0.77						0.78						0.65						(0.06)						(7)						0.12						18
Basic earnings, Underlying1						0.78						0.86						0.79						0.82						0.79						(0.08)						(9)						(0.01)						(1)
Diluted earnings, Underlying1						0.77						0.85						0.79						0.82						0.79						(0.08)						(9)						(0.02)						(3)
Cash dividends declared and paid per common share						0.42						0.42						0.42						0.42						0.42						—						—						—						—
Book value per common share						51.99						50.26						51.25						48.03						47.43						1.73						3						4.56						10
Tangible book value per common share1						33.97						32.34						33.54						30.61						30.19						1.63						5						3.78						13
Dividend payout ratio						54		%				51		%				55		%				53		%				64		%				325		bps										(979)		bps
Dividend payout ratio, Underlying1						54						49						53						51						53						500		bps										100		bps
COMMON SHARES OUTSTANDING
Average: Basic						438,320,757						440,802,738						446,561,996						454,142,489						461,358,681						(2,481,981)						(1		%)				(23,037,924)						(5		%)
Diluted						442,200,180						444,836,786						449,913,467						456,561,022						463,797,964						(2,636,606)						(1)						(21,597,784)						(5)
Common shares at period-end						437,668,127						440,543,381						445,216,549						452,961,853						458,485,032						(2,875,254)						(1)						(20,816,905)						(5)

1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

---

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS
																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$/bps						%						$/bps						%
FINANCIAL RATIOS
Net interest margin						2.89		%				2.86		%				2.76		%				2.86		%				2.90		%				3 bps												(1) bps
Net interest margin, FTE1,2						2.90						2.87						2.77						2.87						2.91						3												(1)
Return on average common equity						6.21						6.64						6.12						6.70						5.63						(43)												58
Return on average common equity, Underlying2						6.21						6.84						6.29						7.00						6.77						(63)												(56)
Return on average tangible common equity2						9.64						10.36						9.45						10.61						8.86						(72)												78
Return on average tangible common equity, Underlying2						9.64						10.66						9.71						11.09						10.65						(102)												(101)
Return on average total assets						0.70						0.73						0.70						0.72						0.61						(3)												9
Return on average total assets, Underlying2						0.70						0.75						0.71						0.75						0.72						(5)												(2)
Return on average total tangible assets2						0.73						0.76						0.72						0.75						0.63						(3)												10
Return on average total tangible assets, Underlying2						0.73						0.78						0.74						0.78						0.75						(5)												(2)
Effective income tax rate						20.26						21.04						18.56						18.49						22.28						(78)												(202)
Effective income tax rate, Underlying2						20.26						21.17						18.75						20.33						22.84						(91)												(258)
Efficiency ratio						67.91						66.27						66.23						66.27						69.33						164												(142)
Efficiency ratio, Underlying2						67.91						65.36						65.61						64.59						65.05						255												286
Noninterest income as a % of total revenue						28.14						28.90						27.95						28.16						26.41						(76)												173
Noninterest income as a % of total revenue, Underlying2						28.14						28.54						28.05						28.00						26.32						(40)												182
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio						10.6		%				10.8		%				10.6		%				10.7		%				10.6		%
Tier 1 capital ratio						11.9						12.1						11.9						12.0						11.8
Total capital ratio						13.9						14.0						13.9						14.0						13.8
Tier 1 leverage ratio						9.4						9.4						9.4						9.4						9.3
Common equity ratio						10.3						10.2						10.4						9.9						9.9
Tangible common equity ratio2						7.0						6.8						7.0						6.5						6.5
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)						77.51		%				79.65		%				80.85		%				80.43		%				81.16		%				(214)		bps										(365)		bps
Loan-to-deposit ratio (average balances)						80.89						80.88						81.59						82.38						82.24						1		bps										(135)		bps
Full-time equivalent colleagues (period-end)						17,315						17,287						17,329						17,510						17,354						28						—						(39)						—

1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company.

2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

4

---

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(dollars in millions)

						QUARTERLY TRENDS
																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$						%						$						%
INTEREST INCOME
Interest and fees on loans and leases						$1,829						$1,910						$1,976						$2,011						$2,051						($81)						(4		%)				($222)						(11		%)
Interest and fees on loans held for sale						16						21						19						17						20						(5)						(24)						(4)						(20)
Investment securities						418						419						423						417						399						(1)						—						19						5
Interest-bearing deposits in banks						89						112						121						130						140						(23)						(21)						(51)						(36)
Total interest income						2,352						2,462						2,539						2,575						2,610						(110)						(4)						(258)						(10)
INTEREST EXPENSE
Deposits						795						883						990						965						987						(88)						(10)						(192)						(19)
Short-term borrowed funds						8						1						3						4						7						7						NM						1						14
Long-term borrowed funds						158						166						177						196						174						(8)						(5)						(16)						(9)
Total interest expense						961						1,050						1,170						1,165						1,168						(89)						(8)						(207)						(18)
Net interest income						1,391						1,412						1,369						1,410						1,442						(21)						(1)						(51)						(4)
NONINTEREST INCOME
Service charges and fees						109						109						109						106						96						—						—						13						14
Capital markets fees						100						121						94						134						118						(21)						(17)						(18)						(15)
Card fees						83						97						93						92						86						(14)						(14)						(3)						(3)
Wealth fees						81						75						76						75						68						6						8						13						19
Mortgage banking fees						59						60						46						54						49						(1)						(2)						10						20
Foreign exchange and derivative products						39						35						36						39						36						4						11						3						8
Letter of credit and loan fees						44						45						45						43						42						(1)						(2)						2						5
Securities gains, net						7						4						9						—						5						3						75						2						40
Other income						22						28						24						10						17						(6)						(21)						5						29
Total noninterest income						544						574						532						553						517						(30)						(5)						27						5
TOTAL REVENUE						1,935						1,986						1,901						1,963						1,959						(51)						(3)						(24)						(1)
Provision (benefit) for credit losses						153						162						172						182						171						(9)						(6)						(18)						(11)
NONINTEREST EXPENSE
Salaries and employee benefits						696						674						647						645						691						22						3						5						1
Equipment and software						194						193						194						190						192						1						1						2						1
Outside services						155						170						146						165						158						(15)						(9)						(3)						(2)
Occupancy						112						112						108						113						114						—						—						(2)						(2)
Other operating expense						157						167						164						188						203						(10)						(6)						(46)						(23)
Total noninterest expense						1,314						1,316						1,259						1,301						1,358						(2)						—						(44)						(3)
Income before income tax expense						468						508						470						480						430						(40)						(8)						38						9
Income tax expense						95						107						88						88						96						(12)						(11)						(1)						(1)
Net income						$373						$401						$382						$392						$334						($28)						(7		%)				$39						12		%
Net income, Underlying1						$373						$412						$392						$408						$395						($39)						(9		%)				($22)						(6		%)
Net income available to common stockholders						$340						$367						$344						$357						$304						($27)						(7		%)				$36						12		%
Net income available to common stockholders, Underlying1						$340						$378						$354						$373						$365						($38)						(10		%)				($25)						(7		%)

1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

5

---

CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in millions, except par value)

PERIOD-END BALANCES						AS OF																														MARCH 31, 2025 CHANGE
						Mar 31, 2025						Dec 31, 2024						Sept 30, 2024						June 30, 2024						Mar 31, 2024						December 31, 2024												March 31, 2024
																																				$						%						$						%
ASSETS
Cash and due from banks						$1,082						$1,409						$979						$1,191						$1,098						($327)						(23		%)				($16)						(1		%)
Interest-bearing cash and due from banks						10,459						9,192						9,936						10,580						10,501						1,267						14						(42)						—
Interest-bearing deposits in banks						685						635						648						559						392						50						8						293						75
Debt securities available for sale, at fair value						34,208						32,765						32,835						31,938						31,187						1,443						4						3,021						10
Debt securities held to maturity						8,469						8,599						8,738						8,895						9,054						(130)						(2)						(585)						(6)
Loans held for sale						2,820						858						663						683						555						1,962						229						2,265						NM
Loans and leases						137,635						139,203						141,632						141,842						143,188						(1,568)						(1)						(5,553)						(4)
Less: Allowance for loan and lease losses						(2,014)						(2,061)						(2,079)						(2,125)						(2,086)						47						(2)						72						(3)
Net loans and leases						135,621						137,142						139,553						139,717						141,102						(1,521)						(1)						(5,481)						(4)
Derivative assets						760						408						586						367						469						352						86						291						62
Premises and equipment						855						875						862						863						872						(20)						(2)						(17)						(2)
Bank-owned life insurance						3,386						3,364						3,346						3,325						3,311						22						1						75						2
Goodwill						8,187						8,187						8,187						8,187						8,188						—						—						(1)						—
Other intangible assets						137						146						137						139						148						(9)						(6)						(11)						(7)
Other assets						13,479						13,941						13,236						13,494						13,571						(462)						(3)						(92)						(1)
TOTAL ASSETS						$220,148						$217,521						$219,706						$219,938						$220,448						$2,627						1		%				($300)						—		%
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing						$37,556						$36,920						$35,978						$36,927						$36,593						$636						2		%				$963						3		%
Interest-bearing						140,020						137,856						139,210						139,425						139,835						2,164						2						185						—
Total deposits						177,576						174,776						175,188						176,352						176,428						2,800						2						1,148						1
Short-term borrowed funds						47						—						15						2						9						47						100						38						NM
Derivative liabilities						883						1,220						1,012						1,547						1,705						(337)						(28)						(822)						(48)
Long-term borrowed funds:
FHLB advances						42						53						553						553						2,036						(11)						(21)						(1,994)						(98)
Senior debt						7,568						7,168						7,766						6,512						6,414						400						6						1,154						18
Subordinated debt and other debt						4,657						5,180						5,625						6,017						5,354						(523)						(10)						(697)						(13)
Total long-term borrowed funds						12,267						12,401						13,944						13,082						13,804						(134)						(1)						(1,537)						(11)
Other liabilities						4,509						4,870						4,615						5,086						4,741						(361)						(7)						(232)						(5)
TOTAL LIABILITIES						195,282						193,267						194,774						196,069						196,687						2,015						1						(1,405)						(1)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented						2,113						2,113						2,112						2,112						2,014						—						—						99						5
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented						7						7						6						6						6						—						—						1						17
Additional paid-in capital						22,370						22,364						22,327						22,299						22,272						6						—						98						—
Retained earnings						10,566						10,412						10,233						10,079						9,923						154						1						643						6
Treasury stock, at cost						(7,249)						(7,047)						(6,820)						(6,492)						(6,290)						(202)						(3)						(959)						(15)
Accumulated other comprehensive income (loss)						(2,941)						(3,595)						(2,926)						(4,135)						(4,164)						654						18						1,223						29
TOTAL STOCKHOLDERS' EQUITY						24,866						24,254						24,932						23,869						23,761						612						3						1,105						5
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY						$220,148						$217,521						$219,706						$219,938						$220,448						$2,627						1		%				($300)						—		%
Memo: Total tangible common equity1						$14,867						$14,246						$14,931						$13,866						$13,844						$621						4		%				$1,023						7		%

1 Represents a non-GAAP financial measure. For further information on this measure, refer to "Non-GAAP Financial Measures and Reconciliations."

6

---

LOANS AND DEPOSITS

(dollars in millions)

PERIOD-END BALANCES						AS OF																														MARCH 31, 2025 CHANGE
						Mar 31, 2025						Dec 31, 2024						Sept 30, 2024						June 30, 2024						Mar 31, 2024						Dec 31, 2024												March 31, 2024
																																				$						%						$						%
LOANS AND LEASES
Commercial and industrial						$43,781						$42,551						$43,825						$43,623						$43,951						$1,230						3		%				($170)						—		%
Commercial real estate						26,727						27,225						27,983						28,311						28,872						(498)						(2)						(2,145)						(7)
Total commercial						70,508						69,776						71,808						71,934						72,823						732						1						(2,315)						(3)
Residential mortgages						33,114						32,726						32,379						31,890						31,512						388						1						1,602						5
Home equity						16,853						16,495						15,992						15,534						15,113						358						2						1,740						12
Automobile						4,044						4,744						5,540						6,383						7,277						(700)						(15)						(3,233)						(44)
Education						8,779						10,812						11,118						11,265						11,646						(2,033)						(19)						(2,867)						(25)
Other retail						4,337						4,650						4,795						4,836						4,817						(313)						(7)						(480)						(10)
Total retail						67,127						69,427						69,824						69,908						70,365						(2,300)						(3)						(3,238)						(5)
Total loans and leases						$137,635						$139,203						$141,632						$141,842						$143,188						($1,568)						(1		%)				($5,553)						(4		%)
Loans held for sale						2,820						858						663						683						555						1,962						229						2,265						NM
Loans and leases and loans held for sale						$140,455						$140,061						$142,295						$142,525						$143,743						$394						—		%				($3,288)						(2		%)
DEPOSITS
Noninterest-bearing demand						$37,556						$36,920						$35,978						$36,927						$36,593						$636						2		%				$963						3		%
Money market						55,996						55,321						54,654						52,599						52,182						675						1						3,814						7
Checking with interest						34,456						33,246						33,680						34,421						34,487						1,210						4						(31)						—
Savings						25,765						25,976						26,489						27,240						27,912						(211)						(1)						(2,147)						(8)
Time						23,803						23,313						24,387						25,165						25,254						490						2						(1,451)						(6)
Total deposits						$177,576						$174,776						$175,188						$176,352						$176,428						$2,800						2		%				$1,148						1		%

7

---

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
						QUARTERLY TRENDS																																																						1Q25 Change
						1Q25																		4Q24																		1Q24																		4Q24																		1Q24
						Average Balance						Interest						Rate						Average Balance						Interest						Rate						Average Balance						Interest						Rate						Average Balance						Interest						Rate						Average Balance						Interest						Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks						$8,092						$89						4.42		%				$9,459						$112						4.65		%				$10,268						$140						5.39		%				($1,367)						($23)						(23) bps						($2,176)						($51)						(97) bps
Taxable investment securities						46,068						418						3.63						44,822						419						3.73						43,904						399						3.63						1,246						(1)						(10)						2,164						19						—
Non-taxable investment securities						1						—						2.60						1						—						2.60						1						—						2.60						—						—						—						—						—						—
Total investment securities						46,069						418						3.63						44,823						419						3.73						43,905						399						3.63						1,246						(1)						(10)						2,164						19						—
Commercial and industrial						43,599						515						4.72						43,674						538						4.82						44,577						635						5.64						(75)						(23)						(10)						(978)						(120)						(92)
Commercial real estate						27,013						387						5.74						27,681						419						5.93						29,265						468						6.32						(668)						(32)						(19)						(2,252)						(81)						(58)
Total commercial						70,612						902						5.11						71,355						957						5.25						73,842						1,103						5.91						(743)						(55)						(14)						(3,230)						(201)						(80)
Residential mortgages						32,872						318						3.86						32,520						310						3.81						31,384						283						3.60						352						8						5						1,488						35						26
Home equity						16,647						293						7.13						16,246						311						7.61						15,080						298						7.94						401						(18)						(48)						1,567						(5)						(81)
Automobile						4,394						47						4.38						5,129						56						4.29						7,758						82						4.25						(735)						(9)						9						(3,364)						(35)						13
Education						10,690						148						5.61						10,949						150						5.48						11,816						156						5.31						(259)						(2)						13						(1,126)						(8)						30
Other retail						4,495						121						10.91						4,748						126						10.60						4,942						129						10.54						(253)						(5)						31						(447)						(8)						37
Total retail						69,098						927						5.41						69,592						953						5.46						70,980						948						5.36						(494)						(26)						(5)						(1,882)						(21)						5
Total loans and leases						139,710						1,829						5.26						140,947						1,910						5.35						144,822						2,051						5.64						(1,237)						(81)						(9)						(5,112)						(222)						(38)
Loans held for sale						1,187						16						5.34						1,384						21						6.04						1,073						20						7.27						(197)						(5)						(70)						114						(4)						(193)
Total interest-earning assets						195,058						2,352						4.84						196,613						2,462						4.96						200,068						2,610						5.20						(1,555)						(110)						(12)						(5,010)						(258)						(36)
Noninterest-earning assets						21,251																		20,935																		20,702																		316																		549
TOTAL ASSETS						$216,309																		$217,548																		$220,770																		($1,239)																		($4,461)
INTEREST-BEARING LIABILITIES
Checking with interest						$32,693						$110						1.36		%				$32,720						$123						1.49		%				$32,302						$109						1.35		%				($27)						($13)						(13)						$391						$1						1
Money market						54,432						357						2.66						54,548						385						2.81						52,926						445						3.38						(116)						(28)						(15)						1,506						(88)						(72)
Savings						25,760						89						1.39						26,237						107						1.63						27,745						121						1.76						(477)						(18)						(24)						(1,985)						(32)						(37)
Time						23,277						239						4.17						24,053						268						4.42						26,447						312						4.74						(776)						(29)						(25)						(3,170)						(73)						(57)
Total interest-bearing deposits						136,162						795						2.37						137,558						883						2.55						139,420						987						2.85						(1,396)						(88)						(18)						(3,258)						(192)						(48)
Short-term borrowed funds						675						8						4.53						41						1						7.88						498						7						5.53						634						7						(335)						177						1						(100)
FHLB advances						595						7						4.57						172						2						4.55						2,272						32						5.60						423						5						2						(1,677)						(25)						(103)
Senior debt						7,133						86						4.85						7,316						90						4.92						6,113						70						4.56						(183)						(4)						(7)						1,020						16						29
Subordinated debt and other debt						4,929						65						5.30						5,401						74						5.49						5,279						72						5.45						(472)						(9)						(19)						(350)						(7)						(15)
Total long-term borrowed funds						12,657						158						5.01						12,889						166						5.16						13,664						174						5.08						(232)						(8)						(15)						(1,007)						(16)						(7)
Total borrowed funds						13,332						166						4.99						12,930						167						5.17						14,162						181						5.09						402						(1)						(18)						(830)						(15)						(10)
Total interest-bearing liabilities						149,494						961						2.60						150,488						1,050						2.78						153,582						1,168						3.05						(994)						(89)						(18)						(4,088)						(207)						(45)
Noninterest-bearing demand deposits						36,543																		36,704																		36,684																		(161)																		(141)
Other noninterest-bearing liabilities						5,971																		6,235																		6,791																		(264)																		(820)
TOTAL LIABILITIES						192,008																		193,427																		197,057																		(1,419)																		(5,049)
STOCKHOLDERS' EQUITY						24,301																		24,121																		23,713																		180																		588
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY						$216,309																		$217,548																		$220,770																		($1,239)																		($4,461)
INTEREST RATE SPREAD																		2.24		%																2.18		%																2.15		%																6																		9
NET INTEREST MARGIN AND NET INTEREST INCOME												$1,391						2.89		%										$1,412						2.86		%										$1,442						2.90		%										($21)						3												($51)						(1)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1												$1,395						2.90		%										$1,416						2.87		%										$1,446						2.91		%										($21)						3												($51)						(1)
Memo: Total deposits (interest-bearing and noninterest-bearing demand)						$172,705						$795						1.87		%				$174,262						$883						2.02		%				$176,104						$987						2.25		%				($1,557)						($88)						(15) bps						($3,399)						($192)						(38) bps

1Net interest income and net interest margin are presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company and are considered non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

8

---

MORTGAGE BANKING FEES SUMMARY

(dollars in millions)

						QUARTERLY TRENDS
																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$/bps						%						$/bps						%
MORTGAGE BANKING FEES
Production revenue						$15						$14						$15						$14						$15						$1						7		%				$—						—		%
Mortgage servicing revenue						32						33						33						35						33						(1)						(3)						(1)						(3)
MSR valuation changes, net of hedge impact						12						13						(2)						5						1						(1)						(8)						11						NM
Total mortgage banking fees						$59						$60						$46						$54						$49						($1)						(2		%)				$10						20		%
Pull-through adjusted locks						$2,112						$1,543						$1,996						$1,930						$1,404						$569						37		%				$708						50		%
Production revenue as a percentage of Pull-through adjusted locks						0.71		%				0.90		%				0.76		%				0.74		%				1.05		%				(19)		bps										(34)		bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail						$1,444						$1,680						$1,749						$1,584						$1,045						($236)						(14		%)				$399						38		%
Third Party						1,474						1,341						1,504						1,323						892						133						10						582						65
Total						$2,918						$3,021						$3,253						$2,907						$1,937						($103)						(3		%)				$981						51		%
Originated for sale						$1,916						$1,948						$2,148						$1,872						$1,296						($32)						(2		%)				$620						48		%
Originated for investment						1,002						1,073						1,105						1,035						641						(71)						(7)						361						56
Total						$2,918						$3,021						$3,253						$2,907						$1,937						($103)						(3		%)				$981						51		%
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others						$95,203						$95,600						$96,120						$96,439						$96,952						($397)						—		%				($1,749)						(2		%)
Owned loans serviced						33,737						33,064						32,655						32,118						31,659						673						2						2,078						7
Total						$128,940						$128,664						$128,775						$128,557						$128,611						$276						—		%				$329						—		%
MSR at fair value						$1,397						$1,491						$1,501						$1,568						$1,564						($94)						(6		%)				($167)						(11		%)

    

9

---

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)

						QUARTERLY TRENDS
CONSUMER BANKING																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$/bps						%						$/bps						%
Net interest income						$1,193						$1,196						$1,156						$1,120						$1,093						($3)						—		%				$100						9		%
Noninterest income						297						311						285						277						258						(14)						(5)						39						15
Total revenue						1,490						1,507						1,441						1,397						1,351						(17)						(1)						139						10
Noninterest expense						954						944						916						915						903						10						1						51						6
Profit (loss) before credit losses						536						563						525						482						448						(27)						(5)						88						20
Net charge-offs						86						82						84						84						81						4						5						5						6
Income (loss) before income tax expense (benefit)						450						481						441						398						367						(31)						(6)						83						23
Income tax expense (benefit)						114						123						114						102						95						(9)						(7)						19						20
Net income (loss)						$336						$358						$327						$296						$272						($22)						(6		%)				$64						24		%
AVERAGE BALANCES
Total assets						$77,534						$76,608						$75,392						$74,295						$73,833						$926						1		%				$3,701						5		%
Total loans and leases1						71,054						70,274						69,021						67,960						67,448						780						1						3,606						5
Deposits						125,728						124,552						121,899						120,478						120,019						1,176						1						5,709						5
Interest-earning assets						71,635						70,857						69,608						68,552						68,050						778						1						3,585						5
KEY METRICS
Net interest margin						6.76		%				6.72		%				6.60		%				6.57		%				6.46		%				4		bps										30		bps
Efficiency ratio						64.06						62.60						63.53						65.49						66.87						146		bps										(281)		bps
Loan-to-deposit ratio (period-end balances)						54.97						55.85						56.34						55.73						55.25						(88)		bps										(28)		bps
Loan-to-deposit ratio (average balances)						56.04						55.88						56.05						55.97						55.80						16		bps										24		bps

1 Includes loans held for sale.

10

---

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)

						QUARTERLY TRENDS
COMMERCIAL BANKING																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$/bps						%						$/bps						%
Net interest income						$441						$464						$478						$494						$514						($23)						(5		%)				($73)						(14		%)
Noninterest income						215						232						207						242						227						(17)						(7)						(12)						(5)
Total revenue						656						696						685						736						741						(40)						(6)						(85)						(11)
Noninterest expense						327						313						300						311						317						14						4						10						3
Profit (loss) before credit losses						329						383						385						425						424						(54)						(14)						(95)						(22)
Net charge-offs						77						91						91						90						81						(14)						(15)						(4)						(5)
Income (loss) before income tax expense (benefit)						252						292						294						335						343						(40)						(14)						(91)						(27)
Income tax expense (benefit)						56						68						63						76						84						(12)						(18)						(28)						(33)
Net income (loss)						$196						$224						$231						$259						$259						($28)						(13		%)				($63)						(24		%)
AVERAGE BALANCES
Total assets						$65,366						$66,787						$68,092						$68,958						$70,100						($1,421)						(2		%)				($4,734)						(7		%)
Total loans and leases1						62,437						63,789						64,974						65,997						67,187						(1,352)						(2)						(4,750)						(7)
Deposits						42,178						43,597						44,190						44,203						45,912						(1,419)						(3)						(3,734)						(8)
Interest-earning assets						63,018						64,419						65,550						66,447						67,536						(1,401)						(2)						(4,518)						(7)
KEY METRICS
Net interest margin						2.83		%				2.86		%				2.90		%				2.99		%				3.07		%				(3)		bps										(24)		bps
Efficiency ratio						49.77						44.78						43.84						42.28						42.80						499		bps										697		bps
Loan-to-deposit ratio (period-end balances)						142.21						139.43						140.42						141.41						143.98						278		bps										(177)		bps
Loan-to-deposit ratio (average balances)						146.86						144.70						145.93						148.15						145.05						216		bps										181		bps

1 Includes loans held for sale.

11

---

SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE

(dollars in millions)

						QUARTERLY TRENDS
NON-CORE																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$/bps						%						$/bps						%
Net interest income						($15)						($21)						($28)						($31)						($37)						$6						29		%				$22						59		%
Noninterest income						—						—						—						—						—						—						—						—						—
Total revenue						(15)						(21)						(28)						(31)						(37)						6						29						22						59
Noninterest expense						16						24						23						26						25						(8)						(33)						(9)						(36)
Profit (loss) before credit losses						(31)						(45)						(51)						(57)						(62)						14						31						31						50
Net charge offs						37						15						17						10						19						22						147						18						95
Income (loss) before income tax expense (benefit)						(68)						(60)						(68)						(67)						(81)						(8)						(13)						13						16
Income tax expense (benefit)						(17)						(15)						(17)						(17)						(21)						(2)						(13)						4						19
Net income (loss)						($51)						($45)						($51)						($50)						($60)						($6)						(13		%)				$9						15		%
AVERAGE BALANCES
Total assets						$6,536						$7,428						$8,389						$9,418						$10,554						($892)						(12		%)				($4,018)						(38		%)
Total loans and leases1						6,510						7,394						8,352						9,376						10,507						(884)						(12)						(3,997)						(38)
Interest-earning assets						6,510						7,394						8,352						9,376						10,507						(884)						(12)						(3,997)						(38)
KEY METRICS
Net interest margin						(0.90)		%				(1.12)		%				(1.30)		%				(1.36)		%				(1.41)		%				22		bps										51		bps

1 Includes loans held for sale.

12

---

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)

						QUARTERLY TRENDS
OTHER1																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$						%						$						%
Net interest income						($228)						($227)						($237)						($173)						($128)						($1)						—		%				($100)						(78		%)
Noninterest income						32						31						40						34						32						1						3						—						—
Total revenue						(196)						(196)						(197)						(139)						(96)						—						—						(100)						(104)
Noninterest expense						17						35						20						49						113						(18)						(51)						(96)						(85)
Profit (loss) before provision (benefit) for credit losses						(213)						(231)						(217)						(188)						(209)						18						8						(4)						(2)
Provision (benefit) for credit losses						(47)						(26)						(20)						(2)						(10)						(21)						(81)						(37)						NM
Income (loss) before income tax expense (benefit)						(166)						(205)						(197)						(186)						(199)						39						19						33						17
Income tax expense (benefit)						(58)						(69)						(72)						(73)						(62)						11						16						4						6
Net income (loss)						($108)						($136)						($125)						($113)						($137)						$28						21		%				$29						21		%
AVERAGE BALANCES
Total assets						$66,873						$66,725						$66,705						$66,551						$66,283						$148						—		%				$590						1		%
Total loans and leases2						896						874						837						789						754						22						3						142						19
Deposits						4,799						6,113						7,962						8,989						10,173						(1,314)						(21)						(5,374)						(53)
Interest-earning assets						53,896						53,944						53,654						54,089						53,976						(48)						—						(80)						—

1 Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer Banking, Commercial Banking, or Non-Core segments as well as treasury and community development.

2 Includes loans held for sale.

13

---

CREDIT-RELATED INFORMATION

(dollars in millions)

						AS OF																														MARCH 31, 2025 CHANGE
						Mar 31, 2025						Dec 31, 2024						Sept 30, 2024						June 30, 2024						Mar 31, 2024						Dec 31, 2024												March 31, 2024
																																				$/bps/%						%						$/bps/%						%
NONACCRUAL LOANS AND LEASES
Commercial and industrial						$283						$241						$219						$261						$294						$42						17		%				($11)						(4		%)
Commercial real estate						700						776						852						678						597						(76)						(10)						103						17
Total commercial						983						1,017						1,071						939						891						(34)						(3)						92						10
Residential mortgages1						198						192						169						153						174						6						3						24						14
Home equity						282						283						281						279						288						(1)						—						(6)						(2)
Automobile						39						48						46						44						47						(9)						(19)						(8)						(17)
Education						20						56						59						52						29						(36)						(64)						(9)						(31)
Other retail						60						68						61						60						40						(8)						(12)						20						50
Total retail						599						647						616						588						578						(48)						(7)						21						4
Total nonaccrual loans and leases						1,582						1,664						1,687						1,527						1,469						(82)						(5)						113						8
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases						1.46		%				1.48		%				1.47		%				1.50		%				1.46		%				(2)		bps										—		bps
Allowance for credit losses to loans and leases						1.61						1.62						1.61						1.63						1.61						(1)		bps										—		bps
Allowance for loan and lease losses to nonaccrual loans and leases						127						124						123						139						142						3		%										(15		%)
Allowance for credit losses to nonaccrual loans and leases						140						136						136						151						157						4		%										(17		%)
Nonaccrual loans and leases to loans and leases						1.15						1.20						1.19						1.08						1.02						(5)		bps										13		bps

1 Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.

14

---

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						AS OF																														MARCH 31, 2025 CHANGE
						Mar 31, 2025						Dec 31, 2024						Sept 30, 2024						June 30, 2024						Mar 31, 2024						Dec 31, 2024												March 31, 2024
																																				$/bps						%						$/bps						%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial						$9						$8						$5						$7						$23						$1						13		%				($14)						(61		%)
Commercial real estate						4						6						15						36						39						(2)						(33)						(35)						(90)
Total commercial						13						14						20						43						62						(1)						(7)						(49)						(79)
Residential mortgages1						138						179						146						182						209						(41)						(23)						(71)						(34)
Home equity						—						—						—						—						—						—						—						—						—
Automobile						—						—						—						—						—						—						—						—						—
Education						3						2						2						2						2						1						50						1						50
Other retail						1						1						1						1						27						—						—						(26)						(96)
Total retail						142						182						149						185						238						(40)						(22)						(96)						(40)
Total loans and leases						$155						$196						$169						$228						$300						($41)						(21		%)				($145)						(48		%)

1 90+ days past due and accruing includes $137 million, $172 million, $145 million, $168 million, and $202 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

15

---

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS
																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$						%						$						%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial						$34						$22						$57						$14						$14						$12						55		%				$20						143		%
Commercial real estate						51						89						49						86						88						(38)						(43)						(37)						(42)
Total commercial						85						111						106						100						102						(26)						(23)						(17)						(17)
Residential mortgages						1						—						1						1						2						1						100						(1)						(50)
Home equity						5						6						4						4						4						(1)						(17)						1						25
Automobile						20						22						25						19						28						(2)						(9)						(8)						(29)
Education						56						33						30						31						32						23						70						24						75
Other retail						67						66						65						68						63						1						2						4						6
Total retail						149						127						125						123						129						22						17						20						16
Total gross charge-offs						$234						$238						$231						$223						$231						($4)						(2		%)				$3						1		%
GROSS RECOVERIES
Commercial and industrial						$4						$7						$3						$4						$17						($3)						(43		%)				($13)						(76		%)
Commercial real estate						—						7						5						—						—						(7)						(100)						—						—
Total commercial						4						14						8						4						17						(10)						(71)						(13)						(76)
Residential mortgages						1						1						1						1						1						—						—						—						—
Home equity						5						7						5						7						6						(2)						(29)						(1)						(17)
Automobile						12						12						12						15						14						—						—						(2)						(14)
Education						5						5						6						5						5						—						—						—						—
Other retail						7						10						7						7						7						(3)						(30)						—						—
Total retail						30						35						31						35						33						(5)						(14)						(3)						(9)
Total gross recoveries						$34						$49						$39						$39						$50						($15)						(31		%)				($16)						(32		%)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial						$30						$15						$54						$10						($3)						$15						100		%				$33						NM
Commercial real estate						51						82						44						86						88						(31)						(38)						(37)						(42)
Total commercial						81						97						98						96						85						(16)						(16)						(4)						(5)
Residential mortgages						—						(1)						—						—						1						1						100						(1)						(100)
Home equity						—						(1)						(1)						(3)						(2)						1						100						2						100
Automobile						8						10						13						4						14						(2)						(20)						(6)						(43)
Education						51						28						24						26						27						23						82						24						89
Other retail						60						56						58						61						56						4						7						4						7
Total retail						119						92						94						88						96						27						29						23						24
Total net charge-offs						$200						$189						$192						$184						$181						$11						6		%				$19						10		%

16

---

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS
																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$/bps						%						$/bps						%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial						0.28		%				0.14		%				0.49		%				0.09		%				(0.03		%)				14		bps										31		bps
Commercial real estate						0.77						1.17						0.62						1.20						1.22						(40)												(45)
Total commercial						0.47						0.54						0.54						0.53						0.47						(7)												—
Residential mortgages						0.01						—						—						—						0.01						1												—
Home equity						(0.01)						(0.01)						(0.03)						(0.07)						(0.06)						—												5
Automobile						0.73						0.83						0.81						0.27						0.73						(10)												—
Education						1.92						1.01						0.85						0.93						0.92						91												100
Other retail						5.46						4.54						4.93						4.98						4.56						92												90
Total retail						0.70						0.53						0.54						0.51						0.54						17												16
Total loans and leases						0.58		%				0.53		%				0.54		%				0.52		%				0.50		%				5		bps										8		bps
Memo: Average loans
Commercial and industrial						$43,599						$43,674						$44,071						$44,381						$44,577						($75)						—		%				($978)						(2		%)
Commercial real estate						27,013						27,681						28,209						28,574						29,265						(668)						(2)						(2,252)						(8)
Total commercial						70,612						71,355						72,280						72,955						73,842						(743)						(1)						(3,230)						(4)
Residential mortgages						32,872						32,520						32,117						31,633						31,384						352						1						1,488						5
Home equity						16,647						16,246						15,733						15,343						15,080						401						2						1,567						10
Automobile						4,394						5,129						5,942						6,807						7,758						(735)						(14)						(3,364)						(43)
Education						10,690						10,949						11,155						11,447						11,816						(259)						(2)						(1,126)						(10)
Other retail						4,495						4,748						4,776						4,882						4,942						(253)						(5)						(447)						(9)
Total retail						69,098						69,592						69,723						70,112						70,980						(494)						(1)						(1,882)						(3)
Total loans and leases						$139,710						$140,947						$142,003						$143,067						$144,822						($1,237)						(1		%)				($5,112)						(4		%)

17

---

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS
																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$						%						$						%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning						$2,061						$2,079						$2,125						$2,086						$2,098						($18)						(1		%)				($37)						(2		%)
Charge-offs:
Commercial						85						111						106						100						102						(26)						(23)						(17)						(17)
Retail						149						127						125						123						129						22						17						20						16
Total charge-offs						234						238						231						223						231						(4)						(2)						3						1
Recoveries:
Commercial						4						14						8						4						17						(10)						(71)						(13)						(76)
Retail						30						35						31						35						33						(5)						(14)						(3)						(9)
Total recoveries						34						49						39						39						50						(15)						(31)						(16)						(32)
Net charge-offs						200						189						192						184						181						11						6						19						10
Provision (benefit) for loan and lease losses:
Commercial						89						50						3						144						69						39						78						20						29
Retail						64						121						143						79						100						(57)						(47)						(36)						(36)
Total provision (benefit) for loan and lease losses						153						171						146						223						169						(18)						(11)						(16)						(9)
Allowance for loan and lease losses - ending						$2,014						$2,061						$2,079						$2,125						$2,086						($47)						(2		%)				($72)						(3		%)
Allowance for unfunded lending commitments - beginning						$198						$207						$181						$222						$220						($9)						(4		%)				($22)						(10		%)
Provision (benefit) for unfunded lending commitments						—						(9)						26						(41)						2						9						100		%				(2)						(100)
Allowance for unfunded lending commitments - ending						$198						$198						$207						$181						$222						$—						—		%				($24)						(11		%)
Total allowance for credit losses - ending						$2,212						$2,259						$2,286						$2,306						$2,308						($47)						(2		%)				($96)						(4		%)
Memo: Total allowance for credit losses by product
Commercial						$1,312						$1,295						$1,351						$1,429						$1,425						$17						1		%				($113)						(8		%)
Retail						900						964						935						877						883						(64)						(7)						17						2
Total allowance for credit losses						$2,212						$2,259						$2,286						$2,306						$2,308						($47)						(2		%)				($96)						(4		%)

18

---

CAPITAL AND RATIOS

(dollars in millions)

						AS OF
																																				MARCH 31, 2025 CHANGE
						Mar 31, 2025						Dec 31, 2024						Sept 30, 2024						June 30, 2024						Mar 31, 2024						Dec 31, 2024												March 31, 2024
																																				$						%						$						%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital						$17,751						$17,900						$17,941						$18,086						$18,090						($149)						(1		%)				($339)						(2		%)
Tier 1 capital						19,864						20,013						20,053						20,198						20,104						(149)						(1)						(240)						(1)
Total capital						23,156						23,232						23,352						23,551						23,466						(76)						—						(310)						(1)
Risk-weighted assets						166,908						165,699						168,552						168,393						170,125						1,209						1						(3,217)						(2)
Adjusted average assets1						211,119						212,555						213,274						214,574						216,001						(1,436)						(1)						(4,882)						(2)
CET1 capital ratio						10.6		%				10.8		%				10.6		%				10.7		%				10.6		%
Tier 1 capital ratio						11.9						12.1						11.9						12.0						11.8
Total capital ratio						13.9						14.0						13.9						14.0						13.8
Tier 1 leverage ratio						9.4						9.4						9.4						9.4						9.3
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity						$22,753						$22,141						$22,820						$21,757						$21,747						$612						3		%				$1,006						5		%
Less: Goodwill						8,187						8,187						8,187						8,187						8,188						—						—						(1)						—
Less: Other intangible assets						137						146						137						139						148						(9)						(6)						(11)						(7)
Add: Deferred tax liabilities2						438						438						435						435						433						—						—						5						1
Total tangible common equity3						$14,867						$14,246						$14,931						$13,866						$13,844						$621						4		%				$1,023						7		%
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity						$22,188						$22,009						$22,380						$21,427						$21,700						$179						1		%				$488						2		%
Less: Goodwill						8,187						8,187						8,187						8,188						8,188						—						—						(1)						—
Less: Other intangible assets						142						136						140						144						153						6						4						(11)						(7)
Add: Deferred tax liabilities2						438						436						435						432						433						2						—						5						1
Total tangible common equity3						$14,297						$14,122						$14,488						$13,527						$13,792						$175						1		%				$505						4		%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill						$8,187						$8,187						$8,187						$8,187						$8,188						$—						—		%				($1)						—		%
Other intangible assets						137						146						137						139						148						(9)						(6)						(11)						(7)
Total intangible assets						$8,324						$8,333						$8,324						$8,326						$8,336						($9)						—		%				($12)						—		%

1 Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred taxes, and the accumulated other comprehensive
income impact related to the adoption of post-retirement benefit plan guidance under GAAP.

2 Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.

3 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

19

---

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(dollars in millions, except per share data)

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, with those denoted as Underlying for any given reporting period excluding certain items that may occur in that period which management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe those measures denoted as Underlying in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

20

---

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS
																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$						%						$						%
Noninterest income, Underlying:
Noninterest income (GAAP)			A			$544						$574						$532						$553						$517						($30)						(5		%)				$27						5		%
Less: Notable items						—						10						(2)						4						3						(10)						(100)						(3)						(100)
Noninterest income, Underlying (non-GAAP)			B			$544						$564						$534						$549						$514						($20)						(4		%)				$30						6		%
Total revenue, Underlying:
Total revenue (GAAP)			C			$1,935						$1,986						$1,901						$1,963						$1,959						($51)						(3		%)				($24)						(1		%)
Less: Notable items						—						10						(2)						4						3						(10)						(100)						(3)						(100)
Total revenue, Underlying (non-GAAP)			D			$1,935						$1,976						$1,903						$1,959						$1,956						($41)						(2		%)				($21)						(1		%)
Noninterest expense, Underlying:
Noninterest expense (GAAP)			E			$1,314						$1,316						$1,259						$1,301						$1,358						($2)						—		%				($44)						(3		%)
Less: Notable items						—						24						11						36						85						(24)						(100)						(85)						(100)
Noninterest expense, Underlying (non-GAAP)			F			$1,314						$1,292						$1,248						$1,265						$1,273						$22						2		%				$41						3		%
Pre-provision profit:
Total revenue (GAAP)			C			$1,935						$1,986						$1,901						$1,963						$1,959						($51)						(3		%)				($24)						(1		%)
Less: Noninterest expense (GAAP)			E			1,314						1,316						1,259						1,301						1,358						(2)						—						(44)						(3)
Pre-provision profit (non-GAAP)						$621						$670						$642						$662						$601						($49)						(7		%)				$20						3		%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)			D			$1,935						$1,976						$1,903						$1,959						$1,956						($41)						(2		%)				($21)						(1		%)
Less: Noninterest expense, Underlying (non-GAAP)			F			1,314						1,292						1,248						1,265						1,273						22						2						41						3
Pre-provision profit, Underlying (non-GAAP)						$621						$684						$655						$694						$683						($63)						(9		%)				($62)						(9		%)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)			G			$468						$508						$470						$480						$430						($40)						(8		%)				$38						9		%
Less: Income (expense) before income tax expense (benefit) related to notable items						—						(14)						(13)						(32)						(82)						14						100						82						100
Income before income tax expense, Underlying (non-GAAP)			H			$468						$522						$483						$512						$512						($54)						(10		%)				($44)						(9		%)
Income tax expense, Underlying:
Income tax expense (GAAP)			I			$95						$107						$88						$88						$96						($12)						(11		%)				($1)						(1		%)
Less: Income tax expense (benefit) related to notable items						—						(3)						(3)						(16)						(21)						3						100						21						100
Income tax expense, Underlying (non-GAAP)			J			$95						$110						$91						$104						$117						($15)						(14		%)				($22)						(19		%)
Net income, Underlying:
Net income (GAAP)			K			$373						$401						$382						$392						$334						($28)						(7		%)				$39						12		%
Add: Notable items, net of income tax benefit						—						11						10						16						61						(11)						(100)						(61)						(100)
Net income, Underlying (non-GAAP)			L			$373						$412						$392						$408						$395						($39)						(9		%)				($22)						(6		%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)			M			$340						$367						$344						$357						$304						($27)						(7		%)				$36						12		%
Add: Notable items, net of income tax benefit						—						11						10						16						61						(11)						(100)						(61)						(100)
Net income available to common stockholders, Underlying (non-GAAP)			N			$340						$378						$354						$373						$365						($38)						(10		%)				($25)						(7		%)

21

---

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS
																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$/bps						%						$/bps						%
Operating leverage:
Total revenue (GAAP)			C			$1,935						$1,986						$1,901						$1,963						$1,959						($51)						(2.65		%)				($24)						(1.23		%)
Less: Noninterest expense (GAAP)			E			1,314						1,316						1,259						1,301						1,358						(2)						(0.24)						(44)						(3.25)
Operating leverage																																										(2.41		%)										2.02		%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)			D			$1,935						$1,976						$1,903						$1,959						$1,956						($41)						(2.16		%)				($21)						(1.10		%)
Less: Noninterest expense, Underlying (non-GAAP)			F			1,314						1,292						1,248						1,265						1,273						22						1.66						41						3.25
Operating leverage, Underlying (non-GAAP)																																										(3.82		%)										(4.35		%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio			E/C			67.91		%				66.27		%				66.23		%				66.27		%				69.33		%				164		bps										(142)		bps
Efficiency ratio, Underlying (non-GAAP)			F/D			67.91						65.36						65.61						64.59						65.05						255		bps										286		bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue			A/C			28.14		%				28.90		%				27.95		%				28.16		%				26.41		%				(76)		bps										173		bps
Noninterest income as a % of total revenue, Underlying (non-GAAP)			B/D			28.14						28.54						28.05						28.00						26.32						(40)		bps										182		bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate			I/G			20.26		%				21.04		%				18.56		%				18.49		%				22.28		%				(78)		bps										(202)		bps
Effective income tax rate, Underlying (non-GAAP)			J/H			20.26						21.17						18.75						20.33						22.84						(91)		bps										(258)		bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)			O			$22,188						$22,009						$22,380						$21,427						$21,700						$179						1		%				$488						2		%
Return on average common equity			M/O			6.21		%				6.64		%				6.12		%				6.70		%				5.63		%				(43)		bps										58		bps
Return on average common equity, Underlying (non-GAAP)			N/O			6.21						6.84						6.29						7.00						6.77						(63)		bps										(56)		bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)			O			$22,188						$22,009						$22,380						$21,427						$21,700						$179						1		%				$488						2		%
Less: Average goodwill (GAAP)						8,187						8,187						8,187						8,188						8,188						—						—						(1)						—
Less: Average other intangibles (GAAP)						142						136						140						144						153						6						4						(11)						(7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						436						435						432						433						2						—						5						1
Average tangible common equity (non-GAAP)			P			$14,297						$14,122						$14,488						$13,527						$13,792						$175						1		%				$505						4		%
Return on average tangible common equity (non-GAAP)			M/P			9.64		%				10.36		%				9.45		%				10.61		%				8.86		%				(72)		bps										78		bps
Return on average tangible common equity, Underlying (non-GAAP)			N/P			9.64						10.66						9.71						11.09						10.65						(102)		bps										(101)		bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)			Q			$216,309						$217,548						$218,578						$219,222						$220,770						($1,239)						(1		%)				($4,461)						(2		%)
Return on average total assets			K/Q			0.70		%				0.73		%				0.70		%				0.72		%				0.61		%				(3)		bps										9		bps
Return on average total assets, Underlying (non-GAAP)			L/Q			0.70						0.75						0.71						0.75						0.72						(5)		bps										(2)		bps

22

---

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS
																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$/bps						%						$/bps						%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)			Q			$216,309						$217,548						$218,578						$219,222						$220,770						($1,239)						(1		%)				($4,461)						(2		%)
Less: Average goodwill (GAAP)						8,187						8,187						8,187						8,188						8,188						—						—						(1)						—
Less: Average other intangibles (GAAP)						142						136						140						144						153						6						4						(11)						(7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						436						435						432						433						2						—						5						1
Average tangible assets (non-GAAP)			R			$208,418						$209,661						$210,686						$211,322						$212,862						($1,243)						(1		%)				($4,444)						(2		%)
Return on average total tangible assets (non-GAAP)			K/R			0.73		%				0.76		%				0.72		%				0.75		%				0.63		%				(3)		bps										10		bps
Return on average total tangible assets, Underlying (non-GAAP)			L/R			0.73						0.78						0.74						0.78						0.75						(5)		bps										(2)		bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)			S			437,668,127						440,543,381						445,216,549						452,961,853						458,485,032						(2,875,254)						(1		%)				(20,816,905)						(5		%)
Common stockholders' equity (GAAP)			T			$22,753						$22,141						$22,820						$21,757						$21,747						$612						3						$1,006						5
Less: Goodwill (GAAP)						8,187						8,187						8,187						8,187						8,188						—						—						(1)						—
Less: Other intangible assets (GAAP)						137						146						137						139						148						(9)						(6)						(11)						(7)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						438						435						435						433						—						—						5						1
Tangible common equity (non-GAAP)			U			$14,867						$14,246						$14,931						$13,866						$13,844						$621						4		%				$1,023						7		%
Book value per common share (GAAP)			T/S			$51.99						$50.26						$51.25						$48.03						$47.43						$1.73						3		%				$4.56						10		%
Tangible book value per common share (non-GAAP)			U/S			33.97						32.34						33.54						30.61						30.19						1.63						5						3.78						13
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)			V			438,320,757						440,802,738						446,561,996						454,142,489						461,358,681						(2,481,981)						(1		%)				(23,037,924)						(5		%)
Average common shares outstanding - diluted (GAAP)			W			442,200,180						444,836,786						449,913,467						456,561,022						463,797,964						(2,636,606)						(1)						(21,597,784)						(5)
Net income per average common share - basic (GAAP)			M/V			$0.78						$0.83						$0.77						$0.79						$0.66						($0.05)						(6)						$0.12						18
Net income per average common share - diluted (GAAP)			M/W			0.77						0.83						0.77						0.78						0.65						(0.06)						(7)						0.12						18
Net income per average common share - basic, Underlying (non-GAAP)			N/V			0.78						0.86						0.79						0.82						0.79						(0.08)						(9)						(0.01)						(1)
Net income per average common share - diluted, Underlying (non-GAAP)			N/W			0.77						0.85						0.79						0.82						0.79						(0.08)						(9)						(0.02)						(3)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share			X			$0.42						$0.42						$0.42						$0.42						$0.42						$—						—		%				$—						—		%
Dividend payout ratio			X/(M/V)			54		%				51		%				55		%				53		%				64		%				325 bps												(979) bps
Dividend payout ratio, Underlying (non-GAAP)			X/(N/V)			54						49						53						51						53						500 bps												100 bps
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)			Y			$220,148						$217,521						$219,706						$219,938						$220,448						$2,627						1		%				($300)						—		%
Less: Goodwill (GAAP)						8,187						8,187						8,187						8,187						8,188						—						—						(1)						—
Less: Other intangible assets (GAAP)						137						146						137						139						148						(9)						(6)						(11)						(7)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						438						435						435						433						—						—						5						1
Tangible assets (non-GAAP)			Z			$212,262						$209,626						$211,817						$212,047						$212,545						$2,636						1		%				($283)						—		%
Common equity ratio (GAAP)			T/Y			10.3		%				10.2		%				10.4		%				9.9		%				9.9		%				14 bps												44 bps
Tangible common equity ratio (non-GAAP)			U/Z			7.0						6.8						7.0						6.5						6.5						20 bps												50 bps

23

---

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS
																																				1Q25 Change
						1Q25						4Q24						3Q24						2Q24						1Q24						4Q24												1Q24
																																				$/bps						%						$/bps						%
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)			AA			$5,637						$5,620						$5,447						$5,674						$5,796						$17						—		%				($159)						(3		%)
Average interest-earning assets (GAAP)			BB			195,058						196,613						197,164						198,465						200,068						(1,555)						(1)						(5,010)						(3)
Net interest margin (GAAP)			AA/BB			2.89		%				2.86		%				2.76		%				2.86		%				2.90		%				3		bps										(1)		bps
Net interest income (GAAP)						$1,391						$1,412						$1,369						$1,410						$1,442						($21)						(1		%)				($51)						(4		%)
FTE adjustment						4						4						4						5						4						—						—						—						—
Net interest income on an FTE basis (non-GAAP)						1,395						1,416						1,373						1,415						1,446						(21)						(1)						(51)						(4)
Net interest income on an FTE basis (annualized) (non-GAAP)			CC			5,653						5,637						5,465						5,692						5,814						16						—						(161)						(3)
Net interest margin on an FTE basis (non-GAAP)			CC/BB			2.90		%				2.87		%				2.77		%				2.87		%				2.91		%				3		bps										(1)		bps
Card fees, Underlying:
Card fees (GAAP)						$83						$97						$93						$92						$86						($14)						(14		%)				($3)						(3		%)
Less: Notable items						—						11						6						4						3						(11)						(100)						(3)						(100)
Card fees, Underlying (non-GAAP)						$83						$86						$87						$88						$83						($3)						(3		%)				$—						—		%
Other income, Underlying:
Other income (GAAP)						$22						$28						$24						$10						$17						($6)						(21		%)				$5						29		%
Less: Notable items						—						(1)						(8)						—						—						1						100						—						—
Other income, Underlying (non-GAAP)						$22						$29						$32						$10						$17						($7)						(24		%)				$5						29		%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)						$696						$674						$647						$645						$691						$22						3		%				$5						1		%
Less: Notable items						—						17						4						8						17						(17)						(100)						(17)						(100)
Salaries and employee benefits, Underlying (non-GAAP)						$696						$657						$643						$637						$674						$39						6		%				$22						3		%
Equipment and software, Underlying:
Equipment and software (GAAP)						$194						$193						$194						$190						$192						$1						1		%				$2						1		%
Less: Notable items						—						3						2						4						8						(3)						(100)						(8)						(100)
Equipment and software, Underlying (non-GAAP)						$194						$190						$192						$186						$184						$4						2		%				$10						5		%
Outside services, Underlying:
Outside services (GAAP)						$155						$170						$146						$165						$158						($15)						(9		%)				($3)						(2		%)
Less: Notable items						—						4						2						10						12						(4)						(100)						(12)						(100)
Outside services, Underlying (non-GAAP)						$155						$166						$144						$155						$146						($11)						(7		%)				$9						6		%
Occupancy, Underlying:
Occupancy (GAAP)						$112						$112						$108						$113						$114						$—						—		%				($2)						(2		%)
Less: Notable items						—						5						1						6						7						(5)						(100)						(7)						(100)
Occupancy, Underlying (non-GAAP)						$112						$107						$107						$107						$107						$5						5		%				$5						5		%
Other operating expense, Underlying:
Other operating expense (GAAP)						$157						$167						$164						$188						$203						($10)						(6		%)				($46)						(23		%)
Less: Notable items						—						(5)						2						8						41						5						100						(41)						(100)
Other operating expense, Underlying (non-GAAP)						$157						$172						$162						$180						$162						($15)						(9		%)				($5)						(3		%)

24